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Description
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00:00 — What is IST?
02:17 — Contract Elements
03:34 — Vaults
04:56 — Parity Stability Module (PSM)
07:37 — BLD Boost
10:28 — Automated Market Maker (AMM)
12:33 — Extensibility
15:41 — Liquidation
17:48 — Rewards
18:50 — Vault Shortfall Protection
19:25 — Oracle Network
20:23 — Governance
21:37 — How to get involved?
24:59 – Audience questions
A
Cool
all
right,
what
is
ist
ist
is
a
stable
coin.
Why
do
we
care
about
stable
coins?
There
you
may
have
heard
there
was
a
thing
that
happened
to
this:
the
stable
coin
that
was
sort
of
dominant
across
the
ibc
ecosystem.
We've
been
working
on
ist
as
sort
for
all
more
than
a
year.
It
is
what
you
would
imagine
as
like
the
first
use
case
of
the
agorak
platform.
A
So
agorik
is
an
ibc
connected
smart
contract
layer
that
lets
you
write
smart
contracts
in
javascript,
and
so
you
can
build
arbitrary
d5
things.
On
top
of
it,
part
of
the
plan
for
gorick
has
been
to
sort
of
launch
with
one
family
of
smart
contract
applications
on
top
of
it
before
we
sort
of
open
it
up
to
the
entire
world,
because
agorax
is
this
like
immensely
sophisticated
platform
like
the
the
sort
of
kernel
or
operating
system
of
the
smart
contract
layer
is
200
000
lines
of
javascript?
A
It's
this
like
really
fancy
thing
that
is
going
to
be
like
a
smart
contract
environment
that
like
no
we
haven't
seen
before.
I
mean
it
like
builds
on
top
of
40
years
of
work,
but
like
our
first
demo
of
this,
is
the
ist
stable
token.
So
what
are
the
like?
Sor
core
features?
It
is
an
over
cap
over
collateralized
stablecoin.
The
basic
mechanism
design
is
very
similar
to
multi-collateral
dye.
It
is
it
because
it
builds
on
top
of.
It
is
all
built
out
of
the
eugoric
framework.
A
A
It
is
an
ibc
native,
stable
coin
mechanism
like
we
want
to
be
with
ist
what
maker
is
to
eat
the
sort
of
root,
leveraged,
debt-backed,
decentralized,
stable
asset
across
the
entire
ibc
ecosystem
yeah,
so
that
mostly
covered
that
okay,
so
like
what
are
the?
What
are
the
pieces?
We're
gonna
go?
You
know
I
did
a
talk
at
gateway
with
dean.
That
sort
of
was
like
an
overview,
we're
gonna
go.
A
This
talk
is
gonna,
focus
more
on
like
the
bits
and
pieces
that
make
ist
work.
So
we
have
the
vault
system.
The
vault
system
is
is
as
a
cdp
system.
We
have
a
parity
stability
module.
You
may
hear
about
sort
of
the
fluctuation
and
how
much
dye
is
backed
by
usdc
and
how
much
dye
is
backed
by
eat
and
other
liquid
assets,
and
why
that's
why
that
fluctuates
in
order
to
build
the
system?
You
need
to
have
a
similar
mechanism.
A
We
have
this
mechanism
called
build
boost,
which
is
mostly
about
we'll
come
back
to
it,
but
it
it.
There
is
a
mechanism
by
which
you
can
get
small
amounts
of
ist.
A
If
you
are
a
a
holder
of
the
staking
token
on
on
or
if
you're
a
staked
holder
of
the,
if
you're
staked
of
the
staking
token
of
the
agora
platform,
we
have
a
native
automated
market
maker
because
dexa's
rule
everything
around
them.
A
We
have
a
liquidation
module
that
is
plugged
into
that
automated
market
maker,
and
then
there
is
a
stability
reserve
that
is
always
sort
of
the
fallback
mechanism
to
ensure
stability
of
the
protocol
under
extreme
volatility.
A
So
you
think
of
vaults.
So
what
is
the
vault
user
experience
the
vault
user
experience
is
going
to
be?
I
want
to
you,
know
the
there's
going
to
be
an
economic
committee
and
a
vote
of
build
holders
that
determine
exact
collateralization
ratios,
but
you
imagine
something
like
adam.
I
have
I
want
to
build.
I
want
to.
I
want
to
have
like
mint
100
worth
of
ist.
I
need
to
bring
150
worth
of
atom
over
ibc,
lock
it
up
in
this
vault.
Now
I
have
my
vault.
A
I
can
use
those
I
can
use.
I
have
this
fault.
My
ist
is
minted
to
me.
If
I
want
to
get
my
atoms
back,
I
repay
the
ist
there
is.
The
collateralization
ratio
also
determines
like,
where
you're
going
to
be
liquidated
and
there's
a
liquidation
penalty.
A
If
you
are
liquidated,
and
so
many
of
the
same
dynamics
that
we
expect
to
see
that
you
see
in
sort
of
the
eth
world,
you
are
going
to
see
around
these
vaults
you're
going
to
have
people
arbiting
liquidations,
you're
gonna
have
people
scrambling
to
top
off
their
wallets.
You
know
when
the
market
falls
by
ninety
percent.
You
know
it's
gonna,
we're
gonna
we're
gonna,
bring
a
lot
of
the
fun
and
excitement
of
of
of
of
the
sort
of
maker
system
to
the
cosmos.
A
Okay,
this,
I
think,
is
the
is
the
is
the
thing
that
is
the
most
difficult
thing
when
you're
designing
a
stablecoin
for
people
to
understand
like
why
do
you
need
a
module
that
says
hey
we're
going
to
take
usb?
Could
you
say
that
you're
going
to
take
you're
going
to?
Why
do
you
need
a
mechanism?
Okay,
we
like.
We
want
decentralized,
stable
coins.
We
have
in
a
world
where
they're
decentralized,
stable
coins
we
want
to
back
them
with,
like
you
know,
robust
decentralized
assets.
We
have
atoms,
we
have
osmo.
A
Why
do
we
need
this?
Why
do
we
need
to
bring
in
custodial
stable
coins
into
the
into
this
mix
and
like?
What
is
this?
Does
this
make
any
sense?
A
The
most
important
thing
to
understand
about
all
of
this
is
that
when
the
market
is
long,
you
expect
the
volatile
assets
to
back
most
of
the
ist
as
the
market
when,
but
when
the
market
turns
short,
when
we're
in
a
bear
market,
you
expect
the
the
main
thing
that
is
happening
is
people
are
buying
who
want
to
buy
those
those
volatile
assets
at
discount
because
they,
like
you
know
this
is
a
great
time
to
like
sort
of
like
you
know,
build
up
your
position
and
there's
this
great
discounts
on
all
these
volatile
assets
that
are
getting
liquidated
during
as
the
market
goes
down
and
you
need
you,
but
you
don't
want
to
you,
don't
want
you,
you
don't
want
to
put
your
own.
A
You
don't
want
to
open
up
new
cdp's
to
do
that.
You
want
to
bring
over
usdc
and
use
usdc
to
arm
the
system,
and
so
we
ex
what
you
would
expect
is
what
you
see
with
multi-collateral
die,
which
is
this
continuous
fluctuation
between
being
backing
most
of
the
die
outstanding
between
volatile
assets
when
the
market
is
in
sort
of
up
only
mode
and
during
periods
of
high
volatility,
and
when
things
go
down,
you
expect
people
to
be
bringing
over
usdc
and
so
a
lot
of
work.
A
Collaboration
with
the
osmosis
ecosystem,
with
the
atom
ecosystem,
et
cetera,
talking
to
circle
a
lot.
You
also
were
going
to
have
bridge
stable
coins
over
you
know
other
stable
coins,
bridging
over
things
like
axillar
and
nomad
and
all
the
stuff.
It's
going
to
be
up
to
build
holders
to
again
set
limits
on
how
much
ist
gets
minted
by
each
one
of
these
potential
assets.
How
much
risk
we
want
to
take.
But
this
is
the
this
sort
of
core
mechanism.
A
The
reason
why
you
need
to
have
the
parity
stability
module
is
that
it
is
going
to
enable
efficient
arbitrage
and
efficient
retiring
of
debt
during
periods
of
volatility
and
will
maintain
the
stability
of
the
asset.
A
Okay,
this
is
the
thing
that,
like
triggers
everyone,
so
the
first
thing
because,
like
you,
you
hear,
oh,
I
can
lock
the
staking
token
of
the
platform
I
can
get
ist.
This
sounds
awful
like
tara
and
luna
like
are
you
recreating
ust
so
like?
Why
are
we
not
doing
any?
Why,
like
none
of
this
is
happening
like
obviously
we're
we're,
not
we're
not
doing
that.
Why
are
we
not
doing
that?
So
first
thing:
is
you
expect
this
value
to
be
really
small?
A
You
expect
this
mostly
to
go
so
the
way
the
protocol
works
is
ist
is
native
to
the
l1.
It
is
a
sort
of
a
special
enshrined
stable
coin
on
the
on
the
agoric
l1
that
is
run
by
build,
and
so
as
long
as
ist
is
growing
or
as
really
as
long
as
ist
is
continuing
to
function.
A
There
is
going
to
be
a
steady
stream
of
ist
from
various
fees
to
build
holders
and
basically,
what
you're
saying
is
I'm
going
to
just
take
essentially
like
an
I'm
going
to
take
out
a
loan
against
that
future,
which
is
that
future
stream
of
ist
income
that,
as
a
staked,
build
holder,
I
I
get
and
I'm
going
to
use
that
future
to
get
like.
You
know,
maybe
like
something
on
the
order
of
like
one
to
five
percent
of
the
dollar
value
of
my
build.
A
A
It's
especially
important
when
you
think
about
the
future,
in
which
ist
will
be
like
where
the
full
agora
platform
is
sort
of
online,
and
you
have
nft
mints
and
like
all
these
and
like
lots
of
other
d5
primitives
and
all
of
your
transaction
fees
have
to
be
paid
in
ist
and
you're
like
I
have
build.
Why
don't?
I
have
any
ist
and
this
sort
of
enables
you
to
like
sort
of
get
native
access
to
the
ecosystem.
So
that's
the
purpose
of
build
boost.
A
It
is
going
to
be
the
expectation
is
going
to
be
a
very
small
portion
of
the
total
ist
issuance.
The
economic
committee,
which
is
this
all
right.
The
economic
committee,
which
is
also
this
piece
of
the
of
the
of
the
ecosystem,
is
also
going
to
which
is
like
sort
of
this
enshrined
set
elected
by
the
build
holders
of
people
who
are
going
to
advise
on
the
parameters
of
ist.
A
Are
you
going
to
set
all
of
these
things
about
like
how
much
of
the
how
much
fees
do
you
have
to
pay
for
this
future
loan
to
the
protocol?
What
is
the
interest
rate?
What
are
the
debt
limits?
How
long
do
you
give
up
the
ability
to
unstake
your
build
when
you
participate
in
this
build
process,
you're
going
to
be
extending
like
the
period
in
which
you
can't
unstake
like
well
far
beyond
you
know
the
typical
21
days.
A
So
another
thing
that
is
sort
of
a
key
piece
of
the
ist
ecosystem
is:
there
is
an
amm
on
there's
an
amm
on
on
the
on
the
agora
chain.
This
amm
system,
mostly,
is
there
right
now
to
support
ist?
A
A
It
is
not
intended
right
now
to
be.
Like
a
you
know,
a
real
challenger
to
many
of
the
other
dexes
that
are
coming
into
cosmos,
but
it
allows
us
to
it
allows
us
to
not
have
the
problems
of
having
to
like
sort
of
run
the
like
liquidation
auction
system.
It
seems
we.
A
We
believe
that
this
will
be
a
more
stable
liquidation
mechanism
and
a
much
more
ibc
native
liquidation
mechanism,
because
you
know
one
of
the
things
that
we
expect
to
happen
is
we
expect
to
have
most
of
the
ist
will
be
off
of
the
agora
chain.
Most
of
the
ist
will
be
out
in
the
inner
chain
on
evmos,
on
juno,
on
neutron,
on,
like
lots
of
other
on
osmosis
it'll,
be
it'll,
be
in
osmosis
liquidity,
pools
all
these
places.
So
when
liquidations
happen,
you
need
to
be
able
to
bring.
A
You
need
to
be
able
to
so
we're
like
liquidating
into
the
amm
pool,
but
we
don't
liquidate.
All
at
once,
there's
like
a
control
function
that
is
constantly
looking
at
how
much
the
price
oracle
has
changed,
how
much
liquidity
is
available
in
pool
how
much
how
the
price
in
the
pool
has
been
fluctuating
relative
to
the
oracle,
and
we
are
constantly
figuring
like
there's
this
continuous
control
loop.
A
That
is
like
trying
to
figure
out
how
much
liquidation
to
do
at
sort
of
every
block,
and
so
arbitragers
are
going
to
be
able
to
we'll
be
ibc
ist
over
participating.
These
liquidations
also
shoring
up
the
collateralization
ratios,
but
this
is
what
this
is
like
sort
of
a
key
sort
of
component
of
the
of
the
vault
system.
A
All
right
so
sort
of
walked
through
what
are
the
core
bits
and
pieces
of
what
makes
ist
really
unique.
A
lot
of
people
in
cosmos
are
building
stable
coins.
It's
pretty
logical
that
that
people
are,
you
see
them
coming
out
of
various
ecosystems,
and
many
of
them
are
you
know,
especially
with
algorithmic,
stable
coins
being
so
disfavored
or
are
doing.
Why
do
I
think
ist
is
is
going
to
win?
A
Why
do
I
think
ist
is
the
potential
to
be
the
dominant,
stable
coin
in
the
in
the
ibc
ecosystem,
and
the
real
reason
is,
I
think,
the
competitive
landscape
of
stable
coins
is
going
to
continuously
evolve
and,
if
you've
looked
at,
like,
for
instance,
how
maker
is
coded
like
the
way
maker
was
built,
is
like
all
of
these,
like
widgets
strung
together
that
were
like
basically
like
code
generated
in
evm
excel
assembly
and
like
formally
verified
as
like,
connecting
correctly
together.
A
It
was
it's
like
this
beautiful
monument,
but
it's
also
like
it's
like,
essentially
the
people
who
who
built
all
of
that
moved
on
and
like
you're,
never
going
to
see
like
sort
of
major
changes
to
that
code
base.
A
One
of
the
things
that
the
agoric
sort
of
smart
contract
environment
is
doing
it's
like
safety
properties.
It's
it's
extensibility.
Your
ability
to
like
naturally
write
asynchronous
contracts
and
reason
about
asynchrony
and
failure
modes,
and
all
this
stuff
is
that
we
think
we
will
be.
We
expect
that
ist
will
be
very
extensible,
so
you
know
with
dydx,
coming
to
cosmos,
supporting
interchain
accounts.
You
will
be
able
to
have
positions
on
on
like
on
on
perpetual
markets
that
you'll
be
able
to
use
as
collateral.
A
In
you
know,
with
future
ist
upgrades
you
can
have
liquidation
insurance
provided
by
other
parties.
We
can
liquidate
potentially
in
the
future
on
not
just
the
native
amm
of
begorik,
but
on
osmosis
and
other
dexes
that
will
exist.
A
The
the
role
of
the
amm
can
be
swapped
out
with
a
vote
of
the
build
builders
dow.
So
you
know
we
could
start
out
with
this
like
uniswap,
v1
style,
liquidation
mechanism
and
amm
there
will
you
know
people
will
bring
new
build
new
amms
on
top
of
the
agoric
platform.
A
Those
can
eventually
be
swapped
out
so
and
that
can
have
the
same
mechanisms
with
liquidations
with
the
with
the
protocol
holding
liquidity
there.
Those
are
those
all
of
that
stuff
can
be
integrated.
So
my
biggest
concern
relative
to,
like
all
the
other
platforms
is
like
agorak
was
built
for
this.
It
was
built
for
building
these
like
extensible,
complex,
composable,
multi-component,
defy
ecosystem
things
and
is
designed
to
arrive.
Allow
like
rapid
development
and
rapid
evolution
relative
to
other
things.
A
There
is
so
much
we
don't
know
about
how
ibc
will
work
in
the
future,
and
I
think
the
agora
platform
really
allows
us
to
build
like
a
truly
radical,
state-of-the-art
stablecoin.
A
So,
just
like
dive
a
little
bit
more
into
the
details
of
of
what
it
is
that
we've
got
here,
how
does
the
liquidation
work
you
have
this
oracle?
The
oracle
is
plug-in.
Is
the
oracle
is
driving
it's
providing
a
continuous
speed
of
asset
prices?
I
think
we
have
another
slide
where
I
go
a
little
bit
more
into
detail
about
how
the
oracle
works.
A
So
you
have
the
vault
factory
like
think
software
factory
object,
you're
putting
assets
in
you,
get
you
get
an
individual
vault
you're
continuously
feeding
into
the
oracle
as
the
as
the
oracle
prices
drop.
Eventually
control
over
the
vault
is
handed
over
to
the
liquidation
mechanism,
where
the
liquidation
mechanism
is
tries
to
liquidate
as
much
as
retire
as
much
ist
debt
as
possible.
That's
essentially
the
model
people
wonder
like
hey.
Another
question
that
like
continuously
comes
up
is
oh,
like
how
can
you
back
a
stable
coin
with
an
asset?
A
That's
very
volatile.
It
isn't
this.
The
whole
mechanism
for
stability
does
not
depend
on
stability
of
the
underlying
backing
asset.
What
it
depends
on
is
whether
or
not
you
can
efficiently
arbitrage
a
price.
The
the
discount
that
exists
during
liquidation.
So
like
can
you
retire
ist
from
the
system?
A
Can
you
remove
ist
from
the
system
faster
than
the
than
the
can
you
remove
ist
from
the
system
faster
that,
like
the
price
is
falling
and
your
the
value
of
a
collateral
is
flowing,
and
this
is
why
we
think
adam
is
a
really
good
asset
for
this.
Adam
has
traded
on
a
lot
of
venues
you
can
be
buying.
A
You
know
a
well-capitalized
market
maker
can
be
buying
discount
items
and
selling
them
without
actually
having
to
transfer
them
sort
of
instantaneously
on
multiple
venues.
A
So
this
should
be
a
really
robust
mechanism
for
insuring
stability
in
the
event
that
that
mechanism
fails,
there's
also
this
protocol
reserve
of
assets
that
can
continue
to
buy
ist
and
retire
ist
from
the
system
when
collateral
when
prices
are
falling.
A
This
is
a
sort
of
a
description
of
the
mechanism
of
if
you
are
staking
build.
How
do
you
participate
in
the
system
and
it's
basically
that
every
user
of
the
system
is
going
to
be
paying
you
ist?
A
So
again,
this
the
bld
right
now
is
an
inflationary
token.
There's,
like
I
think,
roughly
like
five
percent
inflation
right
now
on
the
agora
chain.
So
there
is,
is
some
agorak
rewards.
We
do
expect
that
as
the
economy
takes
off
eventually
build
rewards
are
gonna,
be
sort
of
become
less
necessary
and
ist
rewards
from
people
using
these
systems
will
eventually
take
over.
But
again
ist
is
like.
A
This
is
like
one
of
the
advantages
of
having
sort
of
a
native
enshrined
stable
coin
is
that
you
can
like
deeply
work
it
into
the
crypto
economics
and
the
token
of
the
system,
and
so
you
know,
if
you
hold
build,
you
should
be
very
excited
about
the
sort
of
launch
of
ist.
A
This
is
just
again
sort
of
reiterating
the
the
mech
the
stability
mechanism
over
collateralization
liquidation
price
oracle
that
is
going
to
bring
in
prices
from
a
lot
of
different
places.
We
have
this
reserve,
which
is
an
initial
capital
allocation,
that
it
will
actually
be
locked
in
the
liquidity,
pools,
plus
gas
costs,
plus
fees
continuously
growing
the
reserve
as
the
platform
grows
and
then
also
the
build
holders
can
sell,
build
to
build
up
the
reserve
as
well.
A
We
have
an
oracle
network.
The
oracle
network
is
probably
it's
still
the
thing
that,
like
I
think
we
have
the
most
work
to
decentralized.
We
will
have
the
builders
the
build
dow
will
like
so
right
now
currently
elects
a
set
of
oracle
network
contributors.
They
will
constantly
be
pricing
in
usd
the
price
of
the
collateral.
A
We've
sort
of
worked
with
a
bunch
of
people
who
are
sort
of
big
operators
of
chain
nodes
who
are
also
sort
of
agorik
validators
to
ensure
that
we
can
like
improve
this,
it
can
be,
can
be
extended
like
we
can.
We
can
add,
interchain,
queries
and
stuff
like
that,
so
that
you
could
financially
get
prices
from
like
osmosis
and
other
dexes
to
inform
this
in
the
future,
and
so
node
operators
are
are
continuously
submitting.
A
Prices
to
an
aggregator
think
very
similar
to
like
the
the
maker
oracle
has
been
the
inspiration
and
then
finally,
we
have
this
like
sort
of
two-tier
governance
system.
There
is
going
to
be
a
proposal
soon
for
members
of
an
economic
committee
who
are
going
to
be
involved
in
tweaking
some
of
the
parameters
in
the
system.
We've
already
announced
a
contract
with
gauntlet
to
help
inform
this,
and
so
they
can.
A
They
are
both
like
so
have
direct
control
over
these
things,
like
debt
limits,
collateralization
ratios
and
interest
rates,
and
they
can
also
propose
like
larger
changes
to
the
system,
but
also
like
any
cosmos
chain
or
most
cosmos
chains.
We
do
have
like
sort
of
token
holder
governance,
and
so
they
elect
the
economic
committee,
the
ad
new
collateral
to
the
vaults.
You
know,
if
you
think
you
know,
if
you
think
that
your
token
should
be
there
in
the
vault
mechanism.
A
You
know
there's
going
to
be
this
back
and
forth,
but
with
the
economic
community
and
the
builders
dow
to
sort
of
add
new
collateral
system,
but
it
is
expected
to
be
dynamic
and
then
all
of
the
code,
changes
and
upgrades,
especially
in
the
early
days
when
any
new
code
that
has
to
be
deployed
on
agorac,
is
going
to
require
a
full
down
vote
and
then
setting
the
reward
way.
It's
adding
new
liquidation
mechanisms.
A
So
how
do
you
get
involved?
We
have.
We
have
a
lot
that
we
are
looking
for.
The
sort
of
ibc
and
cosmos
community
get
involved
in.
We
are
looking
for
alternate
front
ends.
There
are
probably
a
few
technical
milestones
that
are
like
that
before
that,
like
really
but
like
should
be
soon
before
you
can
really
do
it.
A
If
you
think
about
how
liquidations
are
going
to
be
working,
you
can
see
how
mev
is
going
to
play
a
really
strong
role
in
this
and
sort
of
the
naive
sort
of
cosmos.
Mempool
is
not
going
to
get
us
to
where
we
want
to
be
in
terms
of
the
stability
and
security.
This
platform,
when
you
have
people
where
you
have
these
time,
localized
events
I.e
the
price
of
atoms
just
went
down
30
percent.
A
Now
you
have
people
racing
to
short,
you
know
to
add
collateral
to
their
vaults
to
to
or
pay
down
their
ist
death,
and
then
you
have
liquidation,
starting
and
people
racing
to
arb
the
liquidations.
So
we
need
sort
of
a
next
generation
mempool.
All
of
this
mev
stuff
that,
like
people
like
mecca
tech
and
skip,
are
working
on,
is
going
to
be
incredibly
valuable
to
this
ecosystem
and
then,
as
I
said,
like
all
of
this
code
is
all
open
source.
A
The
parity
stability
module
the
decks
the
vaults
we
are
looking
for.
Contributors,
if
you
are
a
market
maker
or
just
a
whale
there's
going
to
be
a
lot
of
opportunity
to
participate
in
this
arbitrage
system,
we're
looking
for
people
to
write
tools
for
this.
We
have
this
like
event
coming
up
called
the
economic
stress
test
which
please
reach
out
to
me,
where
we're
going
to
be
like
sort
of
simulating.
How
does
all
the
software
perform
under
different
volatility
conditions
and
giving
people
the
test
opportunity
to
test
out?
A
We
might
run
this
continuously
even
after
we
go
into
production
if
you're
bridges
we're
looking
for
all
of
the
people
who
are
building
bridges
to
to
be
participating
in
our
collateral
onboarding
process
and
to
move
ist
beyond
the
ibc
ecosystem.
A
And
then
you
know
we
are
very
excited
about
sort
of
order,
books,
delta,
neutral,
stable
coins,
building
on
top
of
perps
building,
on
top
of
all
the
new
d5
primitives
that
are
coming
to
cosmos.
So
I
believe
that
is
it
so
we
have
these.
We,
we
have
been
embracing
the
ice
tea
time,
the
ice
tea
ist
ice.
I
see
meme
for
us,
the
twitter
account
is
in
inter
protocol.
We
do
we've
been
doing
relatively
regular
community
chats,
but
we
are
excited
to
do
this.
A
You
know
we're
pretty
hopeful
that
we'll
be
live
for
cosmoverse.
That's
what
we're
hoping
for
this
is
continues
to
be
like
sort
of
our
overwhelming
position
as
an
engineering
community,
and
then
we
have
inter.trade,
is
sort
of
the
first
website
sort
of
describing
the
protocol,
and
we
have
the
intro
protocol
twitter
account
and
we
have
a
discord
chat.
All
these
things
are
pretty
active
at
this
point,
but
really
excited
about
more
community
participation.
A
B
A
A
You
have
this
time
mismatch
between,
like
the
borrower
is
there,
but
the
lender
doesn't
exist
or
the
lender
is
there,
but
the
borrower
doesn't
exist,
and
so
you
either
have
idle
capital
or
you
have
insufficient
capital
to
meet
demand,
and
you
have
this
cont
and
like
it
takes
time
for
the
capital
move.
When
you
have
a
stable
coin
protocol
like
this.
Yes,
it
in
some
senses.
Is
it's
less
capital
efficient
but,
like
you,
don't
have
this
time
problem
where
you
can
immediately
get
access
to
leverage,
and
so
this
is
what
I
expect
is
like.
A
A
So
the
question
from
tom
was:
why
build
on
top
of
agorak
and
instead
of
someone
else
somewhere
else-
and
I
think
this
is
the
this
is
the
this-
is
the
key
key
piece
right,
which
is
cosmos,
sdk
cosmosome.
A
I
think
like
building
a
liquidation
mechanism,
for
instance
that
like
operates
over
inner
chain
accounts
and
like
liquidates
that
is
like
that
is
like
liquidating
with
over
inner
chain
accounts,
that
is
talking
to
like
a
cosmosim
smart
contract
somewhere
else,
having
like
this
kind
of
asynchrony
friendly,
easy
to
reason
about
control
plane.
That,
like
is
both
secure
and
extensible,
is
like
to
me.
B
A
Yeah,
absolutely
so
I
on
it.
I
expect
that,
like
liquid,
as
the
like
liquid
staking
market,
matures
with
quicksilver
and
stride
and
and
like
lido
and
all
these
things
as
soon
as
we
sort
of
get
the
the
liquid
staking
stuff
figured
out.
Eventually,
the
dominant
form
of
collateral
is
probably
gonna,
be
the
liquid
staked
assets
and
not
not
not
the
native
assets.
A
Indeed,
right,
yeah,
yeah
and,
like
everything
about
the
way
the
software
architecture
is
built,
means
that
you
could
be
like
hey,
like
there's
a
there's
cash
flow
coming
to
my
liquid
staked
asset,
so
that
my
vault
is
like
sort
of
self-repaying
right
and
that
this
is
like
why
again
like
to
like
loop
back,
why?
This
is
like
why
agoric
like
why
do
this?
A
This
way
is
because,
like
the
economic
components
that
like
we're
going
to
keep
building
on
top
of
like
don't
exist
yet
and
with
every
every
other
way
of
doing
this,
it's
going
to
be
like
yes,
you
could
like
build
this
like
kava,
like
you
know,
system
on
top
of
on
top
of
cosmosome,
and
then,
if
you
want
to
change
anything,
you
have
to
replace
the
whole
thing
right
and
you
get
all
of
the
risks
that
come
with
like
making
these
like
large
risk.
These
large
changes,
the
idea
of.
A
A
You
know
my
q
atom,
my
q,
osmo
et
cetera,
are
going
to
be
paying
off
that
asset.
You
just
are
creating
a
new
vault.
You
don't
have
to
touch
the
rest
of
the
code,
there's
like
a
defined
vault
interface,
and
it's
not
like
you
know,
and
it's
just
like
like
go-
was
not
intended
for
doing
anything
like
this.
A
Rust
is
also
not
intended
for
doing
anything
like
this.
You
know
so
that
and
like
you
know,
mark
miller
and
dean
and
all
have
spent
like
the
last
in
you
know,
dan
connolly
and
all
have
spent
the
last
40
years
turning
javascript
into
the
environment.
To
do
this,
and
so
we
have
the
pieces
to
do
this,
and
I
think
this
is
like
again.
This
is
like
why
you
do
it
this
way.
A
It's
you
know.
Basically,
we
have
to
estimate
like
what
the
rate
of
growth
of
the
ist
ecosystem
is
and
what
we
expect
future
isd
cash
flows
are
because
you
don't
really
want
to
be
like
taking,
because,
like
you
have
some
term
at
which
you're
like
you're,
expecting
the
like,
you
can't
unlock
your
bld.
If
you're
doing
bld
boost
you
can't
on
stake
until
you're
until
your
debt
is
paid,
but
like
you
still,
you
don't
want
people
taking
out
like
30-year
bld
mortgages
right,
you
want
it's
like
a
year
is
like
roughly
what
you're
looking
at.