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From YouTube: Inter Protocol Community Call #10 (March 2023)
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A
Why
don't
we
just?
Why?
Don't
we
just
kick
off
and
freestyle
this
without
the
the
admirable
leadership
of
okay.
B
Yeah
it
looks
like
Twitter
spaces
is
having
a
few
more
issues
than
normal
today,
so
we're
going
to
punt
and
Rick
we'll
join.
Have
you
joined
when
you
when
you
can,
but
for
now
Chris?
Why
don't
you
give
us
a
little
introduction
for
the
call
and
then
we'll
go
through
the
some
agenda
items.
A
Yeah,
fantastic
thanks
Fred,
so
I'm
really
excited
to
pretend
to
be
the
leader
of
the
community
call
today.
So
there's
a
whole
bunch
of
things
to
talk
about,
and
normally
with
these
Community
calls.
We
go
through
a
range
of
things
and
I
know
Fred
on
the
agenda.
A
There's
a
whole
bunch
of
things
from
the
interop
updates,
including
Denver
I,
know
that
on
the
agenda
there's
also,
some
Roland
will
be
giving
us
some
updates
about
the
vaults
as
well,
but
one
of
the
obviously
most
important
things
and
I'm
glad
that
Yusuf
is
also
on
the
call
today,
and
hopefully
we
can
get
him
up,
as
a
speaker
too,
is
to
to
Really
debrief
and
talk
about
the
what
occurred
with
after
the
collapse
of
the
Silicon
Valley
Bank
and
the
attendant
depegging
of
usdc
against
the
US
dollar
and
the
implications
that
that
had
for
ISD
and
the
implications
that
that
that
event
has
for
the
way
that
the
economic
committee
has
been
obviously
how
we
responded,
but
but
also
how
the
economic
committee
is
thinking
about.
A
The
role
of
stable
coins
for
your
backstable
coins,
it
for
IST
and
and
a
path
going
forward.
As
well
so
really
Keen
to
talk
about
that,
ideally,
once
Yusuf
gets
on
board
in
that
absence,
why
don't
why
don't
I
hand
over
to
you
Fred
you're,
on
the
list
of
the
next
to
speak
with
the
summary
of
updates
from
IST
and
we'll
we'll
move
through
those
and.
B
Yeah
sounds
good
thanks,
so
much
Chris,
so
yeah
I'll
talk
talk
to
for
a
couple
of
minutes
but,
as
you
said,
whatever
everyone's
getting
more
excited
about
vaults
and
the
the
talk
to
you
and
and
youth
are
going
to
talk
about,
but
there's
been
a
lot
of
things
that
have
happened
over
the
last
month,
and
this
is
a
monthly
Community
call.
So
let's
just
give
a
a
quick
update
and
you
you're
up
here.
Yusuf
is
up
here,
Rick
we're
trying
to
get
up
here.
B
That
doesn't
mean
that
we're
that
we're
the
only
people
that
should
be
up
here
speaking
so
for
future
events,
if
you
would
like
to
co-host
or
ask
questions,
please
tweet
or
talk
to
us
on
Discord
or
discourse
and
happy
to
have
you
up
here
to
involve
you
in
the
community
as
well.
So
let's
talk
about
a
quick
summary
of
what
happened
with
inner
protocol
in
the
last
month.
There
was
a
few
things
that
happened
on
on
Twitter
that
were
pretty
interesting.
B
We
ran
a
AI
art
contest
on
Twitter.
What
does
that
mean
so
using
the
prompts
into
some
of
the
AI
art
programs
come
up
with
some
interesting
visuals
of
inner
protocol,
so,
if
you're
have
been
following
that
AI
space
at
all
check
out
the
the
contest
entries
and
winners
for
the
the
Twitter
contests
that
happen
there.
Another
Twitter
item
that
happened
was
we
held
a
our
Twitter
space
with
and
we
joined
the
into
the
umiverse.
B
This
is
because
we
IST
was
recently
listed
on
Yumi
as
on
the
lending
platform
Yumi
as
one
of
the
collaterals
that
can
be
borrowed
and
lent
against,
so
we
joined
the
in
into
the
universe.
So
that's
always
a
good
one
when
you,
when
you
have
a
the
ugoric
team
on
that
one,
another
tweet
that
you
might
have
seen
is
IST
will
be
coming
to
the
say:
Network
as
the
first
Cosmos
Naval
native
stable
coin.
B
So
what's
interesting
here
is
that
the
same
network
is
part
of
the
cosmos,
Network
and
so
IST
is
readily
available
to
them,
and
their
test
net
is
having
a
lot
of
other
apps
as
testers
as
beta
testers
on
it,
and
so
they're
testing
everything
from
perps
to
nfts.
B
To
dexes
and
I
see
what
will
be
available
as
a
native
stable
token
to
use
in
all
of
those
environments
and
and
there's
there's
even
some
contests
that
they're
running
so
look
at
look
out
for
how
to
obtain
IST
via
their
test
net
to
to
play
with
it.
Another
thing
on
the
agoric
test
net
that
the
the
vaults
is
coming
and
there
was
applications
open
to
beta
test
the
vaults
they're
closed
now,
but
look
for
that,
as
is
starts
to
get
rolled
out
a
little
bit
more
broadly,
have
more
opportunities
to
see.
B
What's
going
on
with
vaults,
get
familiar
with
it
and
then
start
playing
with
it
last
little
item
I
wanted
to
throw
out
there
before
we
talk
about.
Interop
is,
if
you
don't
know,
DCF
is
hiring
for
a
grant
program
manager.
So
if
you
have
experience
running
Brands
and
are
interested
in
expanding
that
into
the
crypto
space
or
if
you
have
experience
in
that
space
already,
let
us
know,
let's
see
if
we
can
start
expanding
the
the
DCF
team
as
well
as
far
as
interop
goes.
B
It
was
held
at
the
first
two
days
and
the
main
East
Denver.
There
was
a
build
section
of
East
Denver
that
happened
first
and
then
there
was
some
some
presentations
and
conferences.
The
interop
event
is
all
about
interoperability,
not
specifically
Cosmos
and
had
1300
attendees.
So
it's
pretty
good
sized.
We
did
hold
a
cosmos.
B
Peak
event
gave
away
some
cool
swag
that
again
the
community
came
forward
and
did
the
design
for
which
was
really
great
to
see
all
the
participation
from
you
guys
out
there,
and
there
was
a
nice
panel
that
Dean
was
on
Dean
trouble
from
agoric,
and
if
you
missed
it
you,
you
also
missed
a
lot
of
getting
sick.
B
A
lot
of
people
got
sick
in
Denver,
but
you
can
watch
the
videos
online,
and
so
you
can
see
the
events
without
having
to
go
through
the
the
little
chilly
weather
that
was
in
Denver
we're
a
little
bit
behind
schedule.
So
I'm
not
going
to
pause
too
long
here
and
turn
it
over
to
Roland
to
give
us
the
the
vaults
update,
as
probably
one
of
the
more
interesting
things
we
need
to
talk
about
today.
So
Roland
tell
us:
where
are
we.
C
Thanks
Fred
Hey
everybody,
so,
as
you
likely
know,
if
you've
been
joining,
these
Community
calls.
The
vaults
contracts
have
been
in
test
net
for
a
little
while
now,
but
we
have
been
waiting
on
liquidation
and
so
liquidation
is
now
this
week
entering
testnet
I'm.
C
Actually,
if
I
pop
over
to
slack
I'm
sort
of
seeing
the
first
end-to-end
test
sort
of
happening
right
now,
we
we
still
have
some
functionality
that
will
come
in
over
the
next
week
or
two,
and
we
need
to
heavily
test
that,
as
you
might
expect,
with
a
vaults
protocol.
The
successful
liquidation
really
is
the
most
important
part.
C
As
a
reminder,
our
liquidation
model
is
a
Dutch
auction
or
a
descending
clock
auction
for
collateral
that
got
liquidated,
which
means
that
sort
of
similar
to
maker,
Dao
or
or
a
few
other
Vault
protocols
we'll
be
looking
for
third-party
bidders.
So
that's
something
that
that
we're
we're
testing
on
our
end,
but
we're
definitely
Keen
to
speak
to
anybody
in
the
community
that
has
done
liquidations
on
other
their
protocols
in
the
past
and
is
sort
of
familiar
with
how
you
do
that.
C
Programmatically
as
when
we
launch
it'll,
be
sort
of
CLI
focused
first
before
there's
a
front
end
I
think
for
for
those
of
you
that
are
interested
in
participating
in
liquidation,
bidding
down
the
road
and
and
maybe
are
a
little
less
technically
capable.
We
will
have
a
front
end
available
and
there's
a
model
that
some
folks
have
have
likely
seen
from
kujira
and
other
places
where
you
can
place
a
bid
at
a
percent
discount
to
the
kind
of
Oracle
price.
We
will
have
that
in
place
as
well.
C
So
if
you're,
someone
that
just
would
like
to
park
some
IST
and
be
able
to
accumulate
assets
at
a
discount
when
you
buy
them
over
time,
that's
something
that
we
hope
will
be
attractive
to
people
in
the
community.
So
not
sure.
We've
really
spoken
about
that
publicly
before
so,
maybe
that's
a
little
bit
of
an
alpha
drop
so
that
that's
all
coming
getting
tested
over
the
next
several
weeks.
C
In
addition
to
our
sort
of
normal
performance,
functional
ux
testing,
we
also
organ
are
going
to
be
putting
that
through
a
little
bit
more
of
an
economic
testing
model
as
well,
where
we're
going
to
attempt
some
agent-based
simulations,
we're
going
to
attempt
to
run
sort
of
a
price
declines
like
you've
seen
in
the
market
over
the
over
the
past
year
and
make
sure
that
that
liquidation
holds
up.
So
that's
all
sort
of
moving
forward
and
we're
we're
really
excited
to
see
everything
come
together
as
an
end
to
end
there.
C
We
also
will
have
an
update
on
Security
reviews.
So
once
once
we
are
code
complete
and
sort
of
relatively
confident
that
we
aren't
going
to
see
changes
in
in
the
code.
Security
reviews
and
audits
will
get
started,
we'll
get
scheduled
for
for
those
contracts.
C
Okay,
so
I
I
think
that's,
that's
largely
it
really.
It
is
just
the
the
progression
of
all
these
contracts.
So,
as
a
reminder,
the
the
vaults
release
on
the
contract
side
includes
vaults,
which
has
a
bunch
of
contracts
that
sort
of
work
in
concert
to
to
produce
and
manage
vaults.
It
has
liquidation
contracts
which
include
an
Auctioneer
and
bidding
has
the
reserve
contract.
C
It
has
a
contract
to
manage
oracles,
so
all
of
that
is
sort
of
coming
together
all
at
the
same
time
and
just
excited
to
see
this
come
together
for
the
next
Community
call,
I
hope
to
have
a
lot
of
detailed
updates
about
our
liquidation
testing
so
excited
for
that.
B
B
Thanks
for
that,
it's
exciting
to
finally
have
some
of
this
come
together.
After
all,
the
thoughtful
work
that's
been
done
on
it
and
the
concept
of
Vault
and
getting
it
out
there
will
alleviate
the
need
for
the
PSM
is
the
only
minting
mechanism
and
Chris
is
going
to
talk
to
us
a
little
bit
about
well
what
what's?
What's
going
on?
B
What's
kind
of
happened
where,
where
we
are
now
and
represent
kind
of
the
EC
we're
going
to
have
a
couple
other
people
up
there,
but
it
doesn't
look
like
that's
going
to
happen
from
a
technical
standpoint
with
Twitter
spaces
today,
so
Chris,
you
and
I
are
gonna,
have
a
little
conversation
now
and
I'm
not
going
to
start
with
general
questions,
I'm
going
to
kind
of
get
a
little
bit
more
specific
and
focus
on
the
facts
around
inner
protocol,
and
things
like
that
is.
B
Exactly
so,
I
noticed
that
the
economic
committee
reacted
pretty
quickly,
but
what
was
the
first
sign
of
concern?
Where
did
you
really
start
seeing
you,
as
the
economic
committee.
A
Yeah
look
I
mean
so
so,
obviously,
we've
been
tracking,
like
everybody
else,
in
the
space
being
tracked.
What
what
what
has
been
happening
in
the
markets
more
generally
but
like
I,
think
most
of
us,
the
the
sudden
collapse
of
the
or
selling
the
run
of
the
bank
and
the
implication
that
that
had
for
usdc,
particularly
was
very
surprised,
was
a
real
surprise.
A
I'm,
very
pleased
that
the
economic
committee
was
able
to
to
both
get
together
or
coordinate
and
then
get
together
within
just
a
couple
of
hours
of
the
the
pegging
of
usdc.
A
The
the
upshot
is
that
that,
when
we
were
able
to
see
that
this
had
implications
of
us
for
IST,
the
usdc
Vault
had
actually
hadn't
hadn't
been
filled,
but
but
a
lot
of
people
had
traded
out
of
usdt
tether
and
into
usdc
on
the
parity
stability
module
that
we
have
with
ISP.
So
we
were
sitting
on
a
big
big
Bank
of
usdc
and,
as
a
result,
the
price
of
ist
was
was
cracking
with.
A
The
usdc
price,
which
is,
we
all
know,
went
down
for
a
very
short
amount
of
time
below
below
even
90
cents,
so
we
were
able.
We
were
obviously
able
to
track
that.
A
But
the
question
then
became
well,
you
know.
So
what
do
we
get?.
B
Yeah
I
thought
it
was
very
interesting
that
the
PSM
kind
of
operated,
the
way
it
was
supposed
to
which
was
to
allow
Arbitrage
to
be
parody
with
the
assets
that
are
backing
it,
which
in
this
case,
as
you
said,
kind
of
became
usdc
quite
quickly.
And
so
what
was
the
reaction
that
the
the
EC
had
when
he
started
to
see?
Some
changes
like
like
that.
A
Yeah,
of
course,
I
mean
so
so
you
you
one
of
the
things
that
we
want
to
make
sure
that
the
EC-
and
we
don't
want
to
you
know
this
is
the
first.
We
are
setting
precedence
here.
We
hope
and
we
don't
want
to
be
extensively
reactive
and
we
don't
want
to
move
faster
than
information,
allows
us
to
move,
because
you
can
do
a
lot
of
damage
or
or
you
can
you,
you
can
harm
the
reputation
of
a
a
project
by
by
reacting
overly
quickly.
A
You
know
now,
there's
only
so
many
things
that
the
EC
has
the
ability
to
do
so.
The
EC.
While
we're
in
the
parity
stability
module
only
stage,
we
can
set
minting
limits
for
individual
collateral
types
in
the
PSM
and
we
can
set
fees.
A
That's
really
the
only
capacity
that
the
the
EC
has
to
respond
to
anything
good
or
bad.
The
decision
with
the
the
esteem
Aid
just
a
couple
of
hours
after
the
de-pegging,
was
to
basically
hold
the
line.
So
we
voted
to
reduce
the
minting
limits
on
usdc
to
just
at
where
they
had
the
the
total.
A
Some
had
been
minted
already
so
there's
approximately
or
at
that
stage
there
was
approximately
a
million
dollars
of
usdc
through
the
axillar
bridge
and
a
million
dollars
worth
of
USBC
or
a
million
IST
I
should
say
a
million
IST
through
the
through
the
gravity
bridge,
and
we
voted
to
hold
it
at
that
under
the
justification
that
we
didn't
want
there
to
be
further
minting
above
where
we
were.
But
it
was
also
very
important
because
IST
is
used
through
the
into
product
through
the
interchain
economic
Community.
A
We
wanted
ISP
to
still
be
available
and
be
available
as
a
resource
for
the
community
if
it
needed
it,
it's
being
used
on
lots
of
different
chains,
as
we
know,
and
as
as
Fred
as
you
you've
detailed
throughout
these
Community
calls.
We
want
to
make
sure
that
it
was
still
still
available
for
use,
and
so
that
was
the
decision
we
made.
A
B
Yeah,
hindsight
is
always
20
20,
but
it's
it's
great
when
you're
you're
validated
for
what
what
you're
working
on
but
but
you're
right
90
of
IST
has
always
been
pretty
much
on
out
on
the
chain
and
IBC
land,
and
so
that
that
is
something
to
always
take
into
account,
and
it's
really
amazing
how
how
well
that
worked.
So
different
chains
deal
with
governance,
different
ways
and
there's
not
a
lot
of
chains
that
have
this
on-chain
governance
from
an
economic
committee
that
that
works.
A
Oh
look,
it
was
very
effective,
I
I
think
the
the
the
the
the
the
the
infrastructure
that's
been
built
up
to
support
the
economic
committee,
so
that
these
decisions
can
be
made
is
actually
very
effective
and
efficient
infrastructure.
A
The
the
challenge
with
all
of
these
things
is
that
the
economic
Community
is
a
is
a
is
a
collection
of
humans.
So
we
we,
the
coordination
once
you've
got
those
tools
and
Technologies.
The
coordination
becomes.
A
human
coordination
challenge
much
more
than
much
more
than
a
technical
yeah
back
to
the.
B
A
Exactly
I
mean
because
and
and
that's
not
a
problem-
and
that's
certainly
not
a
problem
in
you
know
in
a
fast
reaction
and
and
part
of
the
reason
that
I
think
that
the
community
was
happy
with
the
the
the
the
the
nominations
for
the
economic
committee
is
because
it's
globally
spread
so
that
we
do
have
24-hour
a
24-hour
watch
across
the
planet.
A
But
it's
also
really
important
I.
Think
for
us
to
to
to
be
able
to
consider
significant
policy
decisions
with
space
and
time
so
that
you
can
make
emergency
calls
and
the
and
the
infrastructure
is
there
and
really
effective
for
us
to
make
emergency
calls
when
and
if
necessary.
But
but
again
we
we,
we
need
to
and
I
think
I
think
the
community
would
expect
us
to
be
making
decisions
carefully
in
the
light
of
as
much
information
as.
B
Possible,
yeah,
absolutely
and
I
think
it
was
surprising
for
most
people
that
usdc
had
a
problem
in
that
it.
It
didn't
really
deal
with
censorship,
which
is
something
that's
been
brought
up
as
a
usdc
problem
or
potential
problem
in
the
future
in
the
past.
But
a
lot
of
things
did
work.
Well,
you
want
to
tell
us
a
little
bit
about
what
you
felt
from
the
the
inner
protocol
as
a
whole.
That
did
work
well
in
here
and
didn't
have
issues
during
this
event.
A
Oh
absolutely
so,
I'm
I,
look
a
lot
of
things
works
really
well,
and
a
lot
of
things
worked
exactly
as
we
had
predicted.
So
look.
It
wasn't
great
that
everybody
was
trading
out
of
usdt
to
usdc,
but
that
was
that
that
powered
the
the
PSM
is
designed,
and
that
was
actually
an
opportunity
for
people
in
The
Interchange
to
make
that
Arbitrage,
trade
and
and
and
very
effectively
and-
and
it
seems
to
have
worked
really
well
on
on
the
interpretical
infrastructure.
A
I
was
very
pleased
and,
and
I
was
worried
that
you
know
there
are
unpredictable
things
that
could
happen
with
when
you
have
events
like
this,
like
what?
What
does
this
mean
for
the
bridges?
What
does
this
mean?
For
you
know
the
dexes
Across
The
Interchange
ecosystem.
What
does
this
mean
for
defy
generally,
given
how
important
usdc
is
to
to
Define?
A
It
seems
like
not
just
in
The
Interchange,
but
also
across
across
the
blockchain
ecosystems
that
things
things
seem
to
have
have
held
up
really
really
well,
not
not
just
not
just
into
protocol,
but
but
in
fact,
across
the
economy.
B
Yeah
yeah
definitely
I.
Yes,
some
of
the
the
the
chains
are
more
directly
in
affected
by
usdc.
I
think
had
more
issues,
it
seems,
like
specifically,
inner
protocol
really
actually
just
did
what
it
was
supposed
to
do,
but
was
there
any
room
for
Improvement?
B
Hindsight
is
2020.
We
did.
We
saw
a
lot
of
good
things,
but
you
always
learn
something
from
these
events.
You
know
failure
is
just
an
opportunity.
A
We've
learned:
we've
learned
it
a
lot
and
obviously
I'm
I'm
dwelling
on
human
factors,
because
I
think
that's
actually
a
really
interesting
thing
when
you've
got
a
when
you've
got
a
risk
committee.
An
economic
committee
like
us,
but
but
look
I
mean
what
what
have
we
learned.
We've
learned,
how
excited
we
are
for
volts
and-
and
it's
really
exciting,
to
see
and
and
to
hear
from
Roland
about
the
progress
towards
the
vaults
happened.
When
there
were
vaults,
the
range
of
choices
would
have
been
would
have
been
much
larger.
A
The
menu
of
Alternatives
would
have
been
much
larger,
but
but
it
would
also
have
still
been
quite
difficult
and
we've
seen
with
similar,
like
so.
For
example,
megadeau's
diet
has
volts
and
has
what
they
call
a
text-
stability
module
which
operates
very
similarly
to
ours,
but
they
also
lost
the
pig
as
well
and
I.
Think
there's
a
lot
of
conversation
going
on
I
know
in
the
inter-protocol
community.
A
I
know
in
that
I
definitely
know
in
the
maker
Dao
Community
about
whether
Peg
stability
modules
as
they
have
come
to
be
designed
or
exactly
as
they
should
be
designed.
I.
Think
it's
really
important
to
have
them
because
they
provide
a
degree
of
stability
to
the
protocol
in
normal
times
that
you
don't
normally
get,
but
that
doesn't
mean
that
we're
in
the
end
of
History,
for
psms
or
for
stable
token
design,
I
think
I.
A
Think
we've
got
an
opportunity
to
think
about
think
very
sophisticated
and
and
that's
what
I'm
hoping
that
the
community
can
engage
on
about
you
know.
So
what
is
the?
What
are
the
long-term
implications
of
this?
This
deepegging
look
like
because
you
know,
as
you
say
well,
a
lot
of
people
would
assume
that
the
risk
from
usdc
with
censorship
that
usdt
was
the
one
that
was
more
likely
to
be
less
stable.
But
obviously
what
we've
seen
is
that
you
know
the
crypto
economy.
It
can
be
susceptible
to
bankrupts,
which
is
you
know
very.
B
Traditional
yeah
remember
311
yeah,
as
as
Dean
says
so.
B
You
mentioned
long
term,
so
I
think
that
that's
really
an
interesting
point
about
inner
protocol.
A
lot
of
different
chains
and
protocols
and
and
stuff
can
be
reactionary
and
some
have
longer
term
views,
but
it
I
really
feel
that
the
long-term
vision
is
really
the
most
important
vision
for
a
lot
of
what
inner
protocol
is.
This
comes
up
often
about
well
when
vaults.
What
is
the
first
asset
and
I
think
that
the
has
been
said
before?
B
A
Yeah,
of
course,
so
this
is,
this
is
obviously
this
is
what
we're
most
excited
about,
and
this
is
what
we're
thinking
the
most
about
right
now.
So
we
expect
that
in
the
short
term,
there
will
be
a
fairly
limited
number
of
collateral
early
on
because
we
want
to.
We
want
to
run
the
economic
committee's
view.
Generally
speaking
is
that
we
want
to
make
sure
that
everything
is
working
really
well
before
we
bring
on
a
very
large
range
of
assets.
A
So
we
expect
a
small
number
say:
you
know
the
atom
is
an
obvious
one,
one
to
begin
with,
but
you
know,
maybe
maybe
there'll
be
certain
some
others
as
well.
More
importantly,
though,
we're
building
out
right
now
the
a
proposal
for
a
collateral
onboarding
process,
that'll
that
will,
we
will
be
submitting
to
the
Builder
now
for
its
views
and
for
feedback
and
so
forth.
But
we
want
a
collateral
onboarding
process
so
that
anyone
with
any
collateral
type
can
can
propose
their
their
their
their
their
preferred
token.
We
can
run
it
through
independent
analysis.
A
The
economic
committee
can
make
some
recommendations
about
about
the
viability
of
that,
but,
of
course,
the
Builder
Dow
itself
is
the
final
decision
maker
on
on
on
on
what
collateral
types
should
be
used
in
into
protocol.
We're
going
to
come
up
with
some
proposals
about
what
that
process
would
be
for
feedback
and
for
the
Builder
now
ultimately
to
endorse.
A
So
that's
that's
where
we
are
with
that
that
with
that
is
being
timed,
in
fact,
that
I
I'm
literally
going
to
be
turning
my
mind
to
that
after
this
call,
but
but
we
want
to
make
sure
that
that
is
timed
so
that
it's
ready
to
roll
by
the
time
that
vaults
are
live
so
that
we
haven't
got
much
of
a
delay
or
anything,
and
so
that
so
the
true
potential
of
inter-protocol
can
be
really
seen
live
into
the
world.
B
Exciting
I
know
for
those
of
us
spent
to
years
on
this.
It's
it's
really
a.
A
It's
incredibly,
it's
incredibly
exciting
and
just
such
a
weird
such
a
weird
thing
so
close
to
vaults
yeah,
for
this
incredible
Market
thing
to
have
occurred,
but
I
think
I
think
it's
really
it
it.
It
has
tested
some
assumptions
about
the
role
of
stable
tokens
and,
and
it's
been
been,
you
know
it's
been
stressful,
but
it's
been
very
useful
right.
Yeah.
B
As
you
said,
it's
it's
a
coincidence.
It's
it's
so
close
together,
because
I
heard
that
you
have
an
upcoming
economic
committee,
Retreat
that
you'll
be
discussing
some
of
these
types
of
processes
in
just
at
the
end
of
this
month.
A
Yeah
yeah
so
I
mean
to
talk
about
what
happens
if
your
DC
breaks
it's
big
yeah
so
so
look
look.
The
the
inter-protocol
is
because
we're
just
about
to
launch
volts,
there's
a
lot
of
things
that
we
need
to
think
about
as
a
group
and
that
we
need
to
share
with
the
builder
now
and
the
inter-protocol
community
more
generally
about
risk
management
when
we've
got
the
full-fledged
vaults,
because
you
know
early
in
this
call,
I
described
the
we've
got
a
couple
of
couple
of
parameters
that
we
can.
A
We
can
use
to
to
manage
risk
on
under
the
PSM
model.
There's
going
to
be
a
lot
more
with
the
Vault
system
as
well.
A
There's
a
lot
of
practical
risk
management
that
we
need
to
think
about,
and
what
I'm
looking
forward
to
sharing
with
the
the
inter-protocol
community
and
the
Builder
Towers,
where
we
think
that
some
of
those,
some
of
those
structures
need
to
be
in
order
for
you
know
for
for,
for
this
particular
economic
committee,
the
economic
committees
down
and
into
the
future
that
are
that
are
nominated
and
elected
by
the
Builder.
A
Now
we're
going
to
try
to
set
up
some
systems
and
processes
so
that
the
inter-protocol
can
can
can
grow
and
can
deliver
the
benefits
that
we
know
that
it
can
to
the
inter
Community.
B
Yeah
definitely
so
normally
we'll
open
up.
These
calls
for
questions
in
chat.
However,
we're
experiencing
some
Twitter
spaces
problems,
so
we're
probably
going
to
skip
that
for
day
for
today.
Please
do
engage
us
on
Discord
and
discourse,
but
I
do
have
one
final
question
and
if
you,
your
answer
is
no
I
can't
I
don't
want
to
comment.
That's
the
second
best
answer,
but
if
you
had
a
magic
wand,
how
would
you
mitigate
this
kind
of
risk
in
the
future?
B
If
this
type
of
thing
was
to
happen
again
and
you
can
be
as
creative
as
saying?
Oh,
you
know
it's
outside
of
the
you
know:
we're
gonna
Peg
stable
coins
to
dollars
or
we're
gonna
unpeg,
the
dollar
whatever.
But
what?
What?
How
would
you
mitigate
this
in
the
future
if
you
had
a
magic
wand
and
again
I'm
putting
you
on
the
spot?
So
if,
if
you.
A
A
Look
I,
I
think
that's
in
a
funny
way,
I
think
that's
an
unknown
at
this
stage.
What
we
saw
was
I
think
many
in
the
crypto
communities
across
you
know.
Lots
of
protocols
saw
this
as
a
bit
of
a
Black
Swan
event,
and,
and
probably
we
shouldn't
have
done
so
because
it
is,
it
is
really
a
known
risk.
A
So
I
think
that
there's
going
to
be
some
really
fascinating
conversations
about
crypto
economic
design
for
stable
tokens
that
go
on
over
the
next
couple
of
weeks,
months
and
years,
and
what
I'm
hoping
is
that
the
inter-protocol
can
build
on
and
Advance
the
best
of
those
ideas
you
know,
but
we're
not
at
the
end
of
History
the
stable
coins
and
and
and
stable
tokens,
so
I'm
I'm,
looking
forward
to
us
participating
in
an
and
ideally
leading
those
conversations
about
the
best
way
to
build
the
most
useful
stable
token
for
for
all
of
us.
B
That's
great
and
we'll
look
out
to
the
community
for
those
suggestions
on
what
we
can
do
to
Implement
that
magic
wand
and
get
it
out
there
with
distributed.
B
Yeah
I
love
that
so
again
engage
on
Discord
and
the
community
forum
and
reply
on
Twitter
and
I
think
we'll
go
ahead
and
wrap
it
up
for
today
we're
about
five
minutes
over,
but
we
did
get
a
little
bit
of
a
a
tough
start.
Sorry
about
that
and
Twitter
spaces,
but
any
closing
comments
or
anything
or
are
we
ready
to
wrap
it
up
for
today?
No.
A
B
Great
well
with
that,
let's
go
ahead
and
wrap
it
up
for
today,
and
thanks
so
much
for
joining
us
and
getting
grilled
I
know.
I
asked
a
lot
of
questions
quickly,
but
ask
some
more
questions
from
the
community.
You
know
Community
come
on
up
and
let's
do
more
next
month.
B
So
with
that
we're
all
out
for
today.
Thank
you.