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From YouTube: DXbiz Weekly Meeting [2021-02-08]
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B
Hello
and
welcome
to
the
monday
eighth
of
february
2021,
the
external
business.
For
today
we
have
we're
going
to
start
with
some
new
members
introducing
new
member
introductions.
If
you
have
any
a
quick,
okr
or
review
by
the
work,
venki
has
done
we'll
have
an
arbitrary
discussion.
B
We'll
have
an
ichi
farm
presentation
by
masa
and
sky
will
be
presenting
the
dx
ventures
idea
is
there?
Anyone
new
here
is
that
masa
who's
going
to
speak
later.
B
No
all
right,
venky
are
you
around?
Do
you
want
to
start
us
off.
C
Yeah,
I
can
start
just.
Let
me
share
my.
C
C
Cool
it's
okay.
Last
week
I
think
chris
messaged
me
about
how
near
protocol
was
using
dx
stuff
I
mean
near
protocol
was
using
okrs
in
our
table
and
from
there
I
took
inspiration,
and
then
I
tried
to
move
all
the
okay
amps
that
we
had
in
the
spreadsheet
to
add
a
table,
and
I
am
new
to
our
table
and
then
I'm
trying
to
figure
out.
What's
the
best
way
to
do
this
so
for
omen,
we
in
the
spreadsheet
had
our
objectives
and
key
results
so
from
there.
C
What
I
did
was.
I
just
took
one
objective
and
I
added
the
list
of
key
results
that
we
had
and
whatever
initiatives
that
we
have
listed
down
in
the
okr
spreadsheet.
I
just
added
them
here.
If,
if
it
is
part
of
a
roadmap
that
we
have
so
something
like
common
on
extine,
then
I
just
added
that
as
a
project.
But
then
I
was
wondering
if
to
have
a
better
differentiation
between
a
project
and
initiative.
C
So
this
is
what
I
this
is
what
I
came
up
with.
So
I'm
expecting
some
feedback
or
thoughts
around
it.
If
it
is
part
of
our
roadmap,
then
I
thought
that
we
would
list
that
as
a
project.
But
then,
if
we
are
doing
something
special
to
achieve
our
key
results,
then
I
thought
that
we
would
list
that
as
an
initiative.
C
We
don't.
We
don't
have
good
initiatives
right
now
that
that
that
we
can,
that
I
can
help
with
definition,
but
then
to
to
compare
to
compare
project
initiative
is,
if
I'm
making
dinner
tonight
and
then,
if
it
yeah.
I
hope
that
the
key
result
is
it's
gonna
come
out
good,
but
then
yeah
whatever
that
I'm
doing
as
part
of
making
my
dinner.
That
is
the
project,
but
then
yeah.
C
That's
this
is
makes
sense,
and
if,
if
that's
the
case,
then
I
probably
just
go
ahead:
adding
okay,
I'm
in
the
process
of
adding
okrs
for
all
the
other
products
and
yeah.
I
think
I
will
be
done
with
it
by
the
end
of
this
week.
B
B
Cool
yeah
yeah,
I'm
done
anyone
else.
D
I
mean
the
only
comment:
is
you
know
seeing
these
things,
and
just
it
really
does
clear
your
mind
in
a
lot
of
different
ways
and,
like
I
just
feel,
were
a
little,
I
feel
like
we
are
a
little
more
focused
now
and
kind
of
a
clear
idea
of
what
we
need
to
be
doing
and
just
kind
of
seeing
omen
and
how
that's
gonna
take
the
focus
for
like
the
next
month
or
two
and
then
mesa
and
swapper
being
built.
F
Maintenance
omen
on
mainnet
is,
in
general,
difficult
with
the
current
state
of
affairs,
like
women
couldn't
thrive
on
mainnet,
because
we
had
like
a
natural,
huge
barrier
which
we
couldn't
fix
and
that's
like
15
bucks
per
transaction
like
it's
already
killing
it
and
with
xdy
we
actually
have
like.
We
can
finally
think
about
okay,
you
need
you
addresses
right.
We
we
don't
have
that
barrier
anymore.
We
can
actually
focus
on
our
users
and
that's
great
to
have
like
a
very
compact
dream
list
of
where
omen
needs
to
go
and
we
need
like
yeah.
F
I
think
it's
great
and
I
also
need
to
get
used
to
do
product
management
with
those
goals
always
in
mind.
B
G
Can
I
just
ask
one
question
because
in
the
first
presentation
regarding
okrs,
I
think
someone
mentioned
that
we
should
have
like
dx
dao
by
the
okrs
and
that
other
akr's
per
project
should
arise
out
of
those
like
higher
order?
Okay,
I'm
just
wondering
are:
did
we
define
those
dxdo,
okay
or
not.
B
Yeah,
so
this
is,
I
guess
this
is
what
I
commented.
I
think
there
is
kind
of
like
a
draft
for
them,
but
it's
not
complete
and
I
don't
know
I
want
to
put
some
time
into
working
on
these
and
yeah
hopefully
get
some
feedback
from
the
people
here.
H
C
Oh
I'll
reach
out
to
nylon
and
yeah
in
just
preparing
this
draft,
for
the
external
appears.
B
I
Take
us
away
sure
yeah,
I
hadn't
prepared
anything
specifically,
but
we
know
I
mean.
I
think
this
is
a
good
time
to
start
talking
about
our
resume
and
what
our
strategy
could
be
for
kind
of
l2s
in
general,
as
as
people
know,
we
have
omen
now
coming
onto
xdi,
I
mean
that
the
proposals
are
up.
You
can
actually
visit
the
site,
so
it's
deployed
it's
just
not
officially
launched
on
the
url.
I
Yet
we
have
swapper
on
arbitrom's
test
net,
so
we've
kind
of
dipped
our
toe
in
the
waters
on
these
different
scalability
solutions,
if
you
will
like
x,
die,
is
actually
a
separate
chain,
so
I
wouldn't
consider
it
an
l2,
but
it
has
you
know
a
lot
of
support
for
ethereum
related
stuff,
like
you
can
use
metamask
and
there's
bridges
to
ethereum,
etc.
I
It's
evm
compatible,
so
it's
easy
to
deploy
on
tax
nice,
so
it's
sort
of
like
a
good
place
to
at
least
experiment
and
test
out
things
in
kind
of
preparation
for
what
might
come
further
down
the
line.
I
think
with
all
these
with
the
gas
price.
The
way
it
is
right.
You
know
like
right
now
we're
looking
at
200
300
way
with
either
breaking
into
new
all-time
highs,
like
even
just
simple
transfers
are
getting
into
double-digit
dollar
costs
right
so
like
things
that
you
would
normally
do
in
d,
fire
becoming
very
expensive.
I
Dow
governance
is
becoming
like
completely
prohibitive,
like
it's
become
very
difficult
to
use.
You
know
I
mean
it's
extremely
expensive
to
use
alchemy
these
days,
like
the
only
reason
it
works
at
all
is
because
txt
was
actually
subsidizing.
You
know
basically
the
critical
stuff
and
we're
getting
by.
So
I
think
it's
all
just
impetus
to
start
thinking
more
seriously
about
what
the
scaling
solutions
are
and
how
to
position
dx
down
to
take
advantage
of
them
on
the
business
side.
So
like.
Basically,
I
think
a
lot
of
us
have
looked
at
different
things.
I
It's
great
that
we
have
christopher
from
wonky
x
on
the
call
here,
because
I
know
they
know
more
about
matic
labs.
You
might
want
to
touch
on
that
a
little
bit
too,
but
I
think
you
know
there's
different
categories
here,
and
it
looks
at
least
as
I
understand
it,
like
optimistic
roll-ups
are
going
to
be
the
first
kind
of
platforms
that
are
fully
evm
compatible.
I
That
offers
some
kind
of
a
layer
to
on
ethereum,
and
it
looks
to
me
like
arbitrum,
is
probably
going
to
be
the
first
one
to
mainnet
that
is
like
open
to
any
product
actually
deploy
on
it.
They're
going
to
have
like
a
admin
keys
at
first
and,
like
you
know,
even
like
the
concept
of
optimistic
wallets,
are
still
like
somewhat
experimental.
So
there's
no
like
guarantees
here,
but
I
think
once
arbitrary
submitted
anybody
can
deploy
like
we
saw.
I
There
was
a
sushi
swap
post
in
their
forum,
where
somebody
was
suggesting
that
they
deployed
arbitrome,
and
I
think
you
kind
of
see
that
not
a
lot
of
projects,
not
a
lot
of
people
really
know
about
arbitrary.
Yet,
but
once
it's
live
on,
mainnet
and
projects
can
actually
do
this
and
it's
composable.
I
think
there's
gonna
be
this
like
acceleration
and
like
competition
around
that
l2,
and
I
think
it
makes
sense
for
us
to
try
to
position
ourselves
there.
So
what
I
would
say
we
could
talk
about
this
here.
More
is
like.
I
I
think
we
should
start
becoming
coming
up
with
a
more
focused
plan
on
launching
all
of
our
products
on
arbitrage
and
how
we
might
actually
even
start
to
push
liquidity
there.
F
Yeah,
I
agree.
I
think
people
already
realize
that
this
is
like
a
gold
rush
time
where
we
need
to
be
aggressive
and
bold
like
we
need
to
do
it.
We
need
to
go
to
arbitrary
and
we
need
to
like
install
the
base
now
as
soon
as
possible,
like
this
should
be
the
highest
priority,
primarily
because
swapper
is
not
even
live
like
officially
live
on
mainnet,
so
swapper
has
a
chance
to
be
live
on
on
arbitrome
as,
like
the
official
arbitrom
swap
like.
F
B
I
guess
it's
good
that
we
have
oren
on.
The
call
I
think
like
this
is,
might
be
more
call
for,
like
the
dev
call,
but
like
difficult,
but
yeah,
deploying
alchemy
on
arbitrary.
I'm
assuming
they'll
have
some
support
for
the
graph
there
from
the
get-go.
I
I
Yeah
christopher,
at
the
last
we
heard
they
were
aiming
for
marks.
I
haven't,
we
haven't,
checked
it
with
the
last
week
or
two,
so
I
don't
know
if
that,
if
anything
has
changed,
I
think
the
the
main
thing
they
have
left
is
just
like
checking
off
with
their
security
audits.
To
make
sure
things
look
good
for
me,
yeah.
J
I
I
spoke
a
little
bit
without
you.
Actually
I'm
in
touch
with
them
for
a
long
time
and
yes,
they
are
not
ready
yet
for
with
the
archive
no,
but
no,
but
what
we
can
do
what
we
can
if
we
really
want,
alchemy
or
maybe
other
other
to
be
altered,
an
arbitrary
what
you
can
do,
we
can
hack
a
little
bit
the
contract
and
make
it
like
totally
event
driven.
So
then
we
actually
don't
need
the
archive
node.
J
G
F
J
J
Done
kind
of
a
small
research
on
our
and
yeah
yeah,
and-
and
if
you
asking
about
the
audit,
it's
always
it's
always
good
to
have
audit
after
we
are
refactoring
the
contract
in
general.
You
know
like
it's
good,
to
do
ongoing
audits
due
to
our
contracts.
J
F
Also,
like
the
question
is,
do
we
really
need
the
d
star
base
before
we
start
thinking
about
pushing
products
to
arbitrary
or
could
we
do
like?
Like?
I
said
my
personal
view
is
we
need
to
go
full
force
into
this
and
we
we
need
to
do
it
now.
The
question
is
like:
could
we
do
everything
together,
which
means
why
are
we
pushing
those
products
out?
F
First,
like
yeah,
like
the
geek
store
base
on
mainnet,
can
actually
push
them
out
on
average,
from
without
any
issues
while
we're
getting
the
base
installed
and
then
yeah.
I
K
F
It's
impossible,
those
those
product
contracts
I
mean
for
omen.
It
will
be
difficult
because
oman
already
uses
like
the,
but
we
could
like
for
the
first
versions.
We
could
just
like
hack,
hard
code
stuff
into
the
products
into
the
front,
ends
to
make
sure
that
it
is
ready
on
our
bedroom.
But
without
the
advantages
the
dxdoll
provides
by
being
connected
to
the
products
right
like
swapper.
F
L
F
Yeah
I
mean
by
by
pushing
by
letting
the
d
cell
push
like
half
a
million
of
each
and
die
as
like
the
main
pool.
I
think
other
projects
could
like
connect
to
the
main
pool
by
pushing
their
tokens
into
into
swapper,
like
I
expect
that
projects
will
put
the
liquidity
into
the
the
main
pool
right.
L
I
mean
I'm
all,
for
you
know,
switching
early
to
player
two,
and
you
know
to
you
know
so
that
our
developers
really
know
how
you
know
that
migration
works.
L
But
I
am
I'm
very
doubtful
about
you
know
like
that
layer
two
will
be
used
that
early
and
that
heavily
especially
you
know,
liquidity
dependent,
stuff.
H
Yeah,
maybe
we
will
have
a
worse
situation
than
what.
H
L
Projects
a
lot
of
them.
You
know
they
favor
kind
of
like
a
wait
and
see
approach,
but
also
you
know,
like
the
average
size
for
their.
You
know,
trades
or
you
know
kind
of
I
don't
know
like
whatever
transaction
they
do
is
usually
like
pretty
large
right.
So
you
know
when
you
like,
do
like
a
hundred
thousand
dollar
transaction,
you
don't
you
don't
really
mind
if
you're
paying
like
twenty
dollars
in
gas
right,
but
gifa
has
not
really
been.
It's
not
really
like
a
playground
for
retail
anymore.
L
It's
just
really
like
a
playground
for
wales,
and
so,
if
we
go
to
you
know
layer
two
and
you
know,
and
then
I
don't
know,
maybe
we
could
you
know
combine
it
with
the
launch
of
like
one
of
our
tokens.
I
don't
know
like
the
omen
tokens,
probably
like
the
first
one
and
then
really
try
to
get
retail
on
board,
because
you
know
retail
is
being
is
being
abandoned
right
now
by
everyone.
F
Yeah,
I
agree
also.
I
think
this
comes
also
very
handy
for
us,
because
the
swapper
team
already
is
working
on
this
liquidity
mining
ui,
which
allows
any
like
any
team
to
just
like
create
those
rewards
rewards
programs.
So
it
would
be
amazing
if
we
could
do
like.
The
omen.
Token
could
push
the
omen
token
into
swap
on
arbitrome,
like
even
thinking
about
promoting
this
rewards
liquidity
mining
feature
on
swapper
with
with
txt
or
something
to
get
some
stuff
in.
Let
let
people
play
around
with
it.
F
I
I'm
also
skeptical
that,
like
everyone
is
moving
like
even
the
dslr
will
not
move
a
lot,
but
we
need
to
push
money
to
l2
swapper,
just
to
be
like
one
of
the
first
and
I
actually
believe
like
there
will
be
huge
advantages
by
having
a
product
out
with
some
liquidity
in
because
this
will
like
this
will
push
other
liquidity
into
the
pool.
Hopefully
it's
a
bit.
H
So
I
have
because
we
chose
to
not
create
a
token
for
swapper
now
at
least
we're
choosing
the
hard
fight
of
of
getting
liquidity
like
almost
every
single
swap
service
out
there
created
their
token
farmed
it
or
had
some
kind
of
reward
program.
We
didn't
we,
we
don't
and
doing
doing
a
swap
service
at
the
same
time
as
actually
fighting
a
battle
on
two
different
layers:
they
one
and
layer
two
and
maybe
even
like
several
layer
twos.
I
think
it's
hard
and
I
I'm
I.
H
I
started
to
question
like
the
purpose
of
actually
launching
on
different
chains.
At
the
same
time,
maybe
maybe,
if
the
more
we
see
it,
maybe
we
should
push
push
into
that
bet
that
layers
two
will
be
actually
this
year
at
least
be
relevant
and
and
have
a
volume,
and
we
will
be
niched
into
that
and
later
for
us
layer.
One
will
be
that
bridge.
H
We
will
still
be
able
to
do
swaps,
but
most
of
the
liquidity
maybe
is
on
layer
two
and
and
and
we
put
our
focus
on
layer
two
and
the
focus
on
layer.
One
will
always
be
getting
people
from
layer
one
to
layer,
two,
even
with
aggregations.
If
people
have
liquidity
and
they
will
try,
they
wanna
transfer
from
let's
say
uni
swap
or
sushi,
we
will
provide
them
with
those
tools
to
do
that
easily.
H
D
Yeah
yeah,
I
I
think
christopher
is
right
in
like
this.
Isn't
just
gonna
happen
right
and
it's
not
like.
Suddenly,
you
know
we
flip
on
a
switch
and,
and
everything
falls
into
place
like
recreating
an
ecosystem
is
really
hard
and
people
talk
about
this
now
and
it's
like.
Oh,
we
want
to
recreate
silicon
valley
in
some
way,
and
it's
like
how
you
get
the
you
know.
D
The
mix
of
all
those
things
I
think
is
really
difficult
to
predict,
and
so
I
think
the
wait
and
see
approach
is
right
because
you
want
to
see
how
the
market
develops,
but
I
do
think
swapper
specifically
is
in
a
different
place
product
wise,
because
it
is
still
in
the
bootstrapping
phase.
It
cannot,
it
doesn't
have
tons
of
liquidity.
It
can't
rely
on
you
know
those
trades
but
justify
the
gas
cost.
So
I
think
it
is
a
different
mindset
for
swapper.
D
Now
I
I
think
the
token
I
think
token
incentives
to
bring
on
to
layer
two
is
a
really
good
idea.
This
is
loopering
is,
is
been
doing
this
now
with
their
incentivized
program.
They
have
like
25
million
dollars
of
volume
a
day.
A
couple
hundred
million
of
of
liquidity
locked,
so
I
think
it's
a
way
of
drawing
liquidity.
We
should
definitely
consider
that.
I
think
the
one
thing
we're
missing
and
kind
of
is
missing
from
the
whole
ecosystem
approach
is
a
lending
protocol.
D
You
know
people
are
obviously
going
to
want
to
trade
on
an
l2,
but
people
also
want
to
have
leverage
in
some
way,
and
so
I
don't,
I
think,
that's
maybe
something
we
should
be
considering
as
partnering
with
someone
or
or
figuring
out
the
lending
component
of
it,
because
I
I
think
that
will
be
important
to
actually
like
developing
an
ecosystem
out.
So
you
can
actually
do
do
more
things
than
you
know,
just
on
loop
rings
now,
which
you
can
really
just
like
trade.
Certain
pairs
very
quickly.
H
So
maybe
we
should
do
some
kind
of
workshop
with
one
of
the
l2s,
let's
say
with
the
off
chain
labs
and
talk
about
the
ideas
we
have
and
they
they
they
have
their
other
projects
and
they're.
Also
fighting
these
fights
and
maybe
like,
if
there's
a
landing
protocol
out
there
and
and
they
want
to
swap
service.
H
So
they
want
to
be
connected
somehow
with
liquidity
and
we'll
do
that,
and
so
I
think
I
think,
there's
a
lot
of
like
instead
of
just
fighting
alone,
like
offshoring
labs
as
an
example
is
super
interested
in
in
making
us
succeed
in
this
fight,
and
maybe
we
could
get
help.
Not
everything
needs
to
be
internally
made
here.
F
Right
right,
but
I
would
argue
that
if
we
do
the
swapper
installment
on
arbitrom
right
and
hopefully
with
the
external
base
installed
and
connected
and
started
with
liquidity,
I
I
believe
other
projects
will
come
to
us
so
like.
If
we,
if
we
create
value
on
average
room,
they
will,
they
will
come
and
oh
yeah.
F
We
can,
of
course
like
be
proactive
and
try
to
get
see
actually
what's
going
on
on
the
boron
landing
protocol
side
on
l2
and
like
be
also
aggressive,
but
I
think
our
first
huge
priority
should
be
to
get
the
stuff
done
and
it
should
be
working
without
any
issues.
H
I
think
I
think,
with
the
tools
we
are
creating
for
swapper,
with
the
create
your
own
farm,
the
different
like
the
uniqueness
of
of
actually
being
able
to
reward
more
than
one
token
stuff
like
that
is
already
niched
and
good
enough
for
for
layer
one
but
having
that
on
layer.
H
Two
also
will,
I
think,
as
you're
saying
a
project
will
come
to
us
and
and
if,
if
a
project
wants
to
do
farming
today,
they
will
probably
wait
or
needs
to
go
to
layer
two
right
or
or
do
it
and
don't
care
about
the
gas
price
like
I'm
just
looking
at
I'm
looking
at
prime
dial,
they
have
a
staking
thing
and
I'm
not
gonna.
Do
it
because
it's
too
expensive
so,
like
yeah,
I
don't
know
every.
F
Yeah
every
project
on
arbitrome
for
the
next
months
needs
to
have
those
incentives
in
place
right.
Everyone
needs
to
give
out
money
to
make
sure
people
are
moving
so
having
this
on
on
like
it's,
it's
awesome
that
we're
actually
building
this
feature,
because
it's
like
a
major
tool
for
us.
Hopefully.
H
Yeah,
I
think
so
and
and
connect
that
with
misa,
if
we
have
ideos
on
misa
and
and
they
want
to
have
an
aftermarket
or
they
want
to
have
staking
whatever
it
could
be,
we
we
still,
we
will
be
there
with
with
those
tools
for
the
aftermarket,
and
I
think
we
don't
need
to
to
think
sushi,
swap
big,
and
maybe
the
market
would
come
to
us.
Instead.
I
H
It
would
be
interesting
to
see
what
what
is
other
projects
thinking
about
like
what's
the
future
of
doing
stuff
on
day
one
and
what's
their
plan
like
they
can't
just
rely
on
the
users
paying
like
huge
fees
every
time
they
do
something
right,
they
need
to
have
a
plan
like
if
this
continues
or
or
grows
like
they
need
a
house.
L
Christopher
yeah
labs,
just
I
think,
they're
going
to
announce
it
pretty
soon
and
they're,
just
like
doing
like
a
like
a
pretty
big
strategic
race.
I
think
usb
is
leading
it,
but
there's
a
lot
of
participation
from
basically
almost
all
defile
projects,
directly
participating
and
like
most
different
projects
that
we
talked
to,
like
almost
everyone,
is
kind
of
like
an
agreement
that
vk
you
know.
L
Roll
ups
are
like
the
way
to
go
forward
and
vk
sync
is
like
the
only
one
that
is
doing
that
in
a
decentralized
way,
and
I
think
they're
also
optimistic
that
they
can
actually
launch
before
optimism.
K
L
Yeah,
I'm
sorry
like
this
round
is
already
closed.
Zk
sync
is
not
evm
compatible,
but
they
so
it's
rust
based,
but
they
will
have
like
a
transpiler
that
will
basically
make
the
code
reusable.
Yes,
zinc
is
kind
of
like
the
rust
based
zero
knowledge
language,
but
yeah.
They
will
have
like
a
transpiler
so
that
solid
solidity
code
can
be
kind
of
like
converted
to
the
language.
I
I
B
D
To
talk
about,
we
did
do
this
like
three
weeks
ago.
Actually,
so
that's
where
of
our?
I
do
think
we're
like
ahead
of
a
lot
of
groups
in
this
and
like
actually,
I
remember
because
christopher
had
some
good
comments
on
the
product
strategy
chat
like
in
the
thread
there,
but
I
think
this
is
like
the
most,
not
maybe
not
the
most
important
thing,
but
this
is
like,
what's
just
going
to
drive
so
many
different
decisions
and
by
product
product
decisions
really,
so
I
think
we
we
can't
talk
about
it
enough.
I
B
Yeah
to
move
on
to
the
next
topic:
masa-
are
you
here?
Thank
you.
B
N
Hey
I'm
just
kidding
getting
out
from
you.
Can
you
guys
hear
me
yeah
yeah?
We
can
hear
you
hey
how's
it
going.
I
did
have
two
or
three
slides.
I
could
share
those
or
I
could
just
talk
through
it.
It
I'm
not
sure.
What
do
you
guys
want
to
do.
N
N
So
yeah
I
go
by
mata,
that's
actually
short
for
masanobo
fukuoka
and
the
ichi
community.
No,
I'm
not
japanese,
but
like
many
in
this
space,
I
value
my
privacy.
I
value
my
family
life
and
I
also
didn't
want
a
lot
of
people
buying
ichi
based
on
my
reputation
I'd.
Rather
they
looked
at
what
we
built
and
decided
whether
to
participate.
Based
on
that,
so
we
launched
as
an
anonymous
project.
N
In
mid-november,
I'm
x,
amazon
x,
ibm,
I
kind
of
pulled
for
my
10
15
years
of
working
with
ibm
and
amazon
to
get
a
couple
more
developers
on
the
team
early
on
from
from
large
companies
such
as
red
hat
and
microsoft,
and
so
we're
not
the
typical.
I
guess
a
group
of
developers
that's
been
in
the
space
hacking
for
five
six
years,
but
I
I
did
follow
ethereum
ever
since
2014
2015.
N
So,
basically,
a
lot
of
ways
of
getting
money
in
and
out
of
bank
accounts
moving
it
around
to
incentivize
actions
in
a
large
decentralized
network
of
businesses,
and
so
when
I
saw
what
ethereum
had
built,
I
readily
understood
what
it
was
good
for,
because
I
had
spent
months
of
my
life
trying
to
chase
down
the
payments
team
trying
to
deal
with
regulators
trying
having
different
attorneys
in
different
countries
supporting
our
licensing
and
whether
or
not
we
were
a
licensed
payments
entity
it,
and
so
it
was
programmable
money
made
a
ton
of
sense.
N
I
then
went
and
worked
in
enterprise
blockchain
for
a
while
and
all
along
the
way.
There
are
two
major
blockers
to
do
anything
real
with
the
stuff
in
the
space.
One
is
your
scarce
asset
may
or
may
not
be
a
security
different
jurisdictions
around
the
world,
which
means
businesses,
who
you
know
have
a
large
business
to
lose,
can't
really
risk
their
current
business
on.
N
You
know
the
whims
of
a
a
regulator
and
then
second,
even
if
they
got
past
that
risk,
the
the
the
volatility
of
these
scarce
assets
is
such
that
you
just
can't
do
real
business
with
it.
You
can't
you
need
to
pay
your
employees
in
a
way
that
they
can
then
go
pay
their
bills.
You
need
to
pay
pay
your
taxes
in
in
the
fiat
so
having
something
on
your
balance
sheet.
N
That
just
fluctuates
wildly
against
expenses
makes
no
sense,
and
I
ended
up
becoming
the
advisor
for
several
layer
layer,
1
projects
and
met
the
same
problem
there,
and
I
guess
about
september,
looking
at
what
was
going
on
in
d5,
I
figured
out
how
to
solve
it
with
a
stablecoin
approach
that
works
just
as
well
as
usdc
or
usdt,
but
it's
fully
on
chain-
and
I
I
guess
one
of
the
other
beliefs
or
tenets
behind
this
project-
is
that
every
community,
that's
created
a
scarce
asset,
could
benefit
from
their
own
in-house
stable
coin.
G
N
Stable
currency,
I
think
they
need
it
to
prevent
their
scarce
currency
from
being
sold
on
the
open
market
for
fiat
or
usdc
or
usdt,
and
I
think
in
your
community,
the
lin,
the
the
amms
that
you've
created
the
lending
market.
You
were
just
talking
about
your
payment
service.
All
of
those
could
benefit
from
usd
exposure.
It
just
can't
be
usd
exposure
that
comes
at
the
expense
of
dxd
price,
so
I'll
go
through
a
briefly
how
it
works.
N
Basically
like
usdt
or
usdc.
You
always
pay
exactly
one
dollar
for
an
ichi,
stable
coin.
I
I
felt
when
I
started
this
project
that
people
were
not
really
thinking
about.
First
principles
in
the
space
of
stable
coins,
there'd
been
over
200
projects
in
the
last
two
years
for
stable
coins,
and
most
of
them
make
something
that's
quasi
a
dollar.
You
know
it's
some
sort
of
algorithm
that
causes
it
to
float
close
to
a
dollar.
N
N
Second,
it
needed
to
be
100
percent
on
chain.
You
don't
know
what
tether
circle
or
coinbase
I
mean
you,
don't
know
what
they're
doing
with
your
funds
they're
the
collateral.
So
you
can't
you
can't
call
it
d5,
even
if,
if
it's
not
on
chain
and
then
last
it
needed
to
become
over
collateralized.
N
So
this
seems
like
a
contradiction
with
mint
for
a
dollar
but
minting,
isn't
the
only
way
to
drive
over
collateralization,
so
you
can
still
mint
for
a
dollar
and
drive
over
collateralization
by
keeping
fees
in
the
collateral
by
investing
the
collateral
by
asset
appreciation
by
adjusting
the
minting
ratio.
So
all
of
the
ichi
staple
coins
are
designed
to
become
massively
over
collateralized.
N
So
I
guess,
as
a
last
point,
there
we
made
stable
coins
for
bitcoin
ethereum
chain
link
and
we
just
launched
one
for
wing
dot
finance
last
week.
These
are
all
working.
They've
all
stayed
at
a
dollar
there's
about
five
million
dollars
locked
in
the
protocol,
now
maybe
6
million
today.
K
N
So
here
I
am
on
the
page,
for
let's
do
one
ethereum.
So
if
I
go
and
I
want
to
mint-
let's
say
100
one-
eighth.
First,
I'm
going
to
get
the
warning
that
I
don't
have
eighth
in
my
wallet
here
we
go
so
you
see
this
minting
ratio
at
the
top.
It
says
88.8
percent
now
right
now.
That
means
that
you
pay
88.83,
usdc
and
they're,
roughly
12
11
to
12
dollars
remaining
in
eat.
N
N
Is
that
I'm
paying
exactly
a
dollar
of
value,
but
it
goes
in
as
these
two
parts
and
it
comes
out
as
one
part
and
then
in
the
background
you
can
see
this
treasury.
This
will
load
in
a
second.
N
Over
time
you
can
see
that
there
are
328
000,
circulating
one-eighth,
stable
coins,
so
that's
roughly
329
000
of
liabilities,
there's
collateral
of
291
thousand
dollars
right.
So
if
all
of
these
people
decided
to
redeem
at
the
exact
same
moment,
there
would
be
30
000,
stable
coins
left
there
that
didn't
get
a
dollar
they
can't
get
anything
all
they
have
left
is
a
coin
that
can't
be
redeemed
but
does
represent
a
vote.
N
So
there
are
30
000
votes
left
and
those
votes
control.
This
hundred
and
sixty
thousand
dollar
treasury,
so
their
votes
just
became
really
valuable,
but
their
stable
camp
coin
can't
be
redeemed
for
anything.
So
what
they
would,
what
they
should
do
is
put
forward
a
proposal
to
sell
thirty
thousand
000
of
the
treasury
for
more
usdc
so
that
they
could
then
redeem
their
coins,
and
then
they
could
decide
what
to
do
with
the
remaining
130
000.
After
that.
K
N
Are
actually
driving
yeah?
There
are
actually
four
things
driving
at
least
four
driving
the
over
collateralization,
that's
one
of
them.
So
these
go.
If
price
goes
up,
it
gets
over
collateralized
faster,
but
you
saw
that
fee
on
that
last
page
that
fee
stays
in
collateral,
so
even
at
a
flat
price
and
no
other
returns,
it
would
become
over
collateralized,
albeit
a
lot
more
slowly
and
then.
N
The
the
minting
ratio
is
what
controls
the
risk.
So,
when
you've
minted
the
very
first
1e
you
paid
100
usdc.
N
N
N
The
other
thing
you
can
do
and
it's
the
last
thing-
is
most
projects.
Yours
included.
If
the
circulating
supplies
believable
have
a
bunch
of
scarce
asset
treasury
and
they
can
deposit
to
this
community
treasury
without
minting,
and
if
they
do
so,
the
stablecoin
can
lower
its
minting
ratio
even
faster,
causing
more
people
to
pursue
purchase
that
scarce
asset
on
the
open
market.
B
Yeah,
so
I
think,
maybe
in
the
context
of
the
extio,
this
could
be
used
essentially
allow
dxd
holders
to
create
a
stable
coin,
that's
backed
by
dxd
and
allow
them
to
sense
this
one
dxd
stable
coin
is
one
it's
used
by.
I
don't
know
providing
liquidity
on
swapper
like.
Why
should
it
be
use
dc
pairs
and
not
to
one
dhd
pairs
and
then
the
other
thing
is
that
they
get
governance
rights
over
this
created
treasury.
N
Correct
this
is
like
banking
for
a
dow
right,
like
that
all
the
control
sits
with
the
stable
coin
holders
or
the
dow,
like
the
stable
coin
holders,
could
vote
in
another
form
of
governance
whatever
they
feel
like
you
know,
so
you
didn't
lose
control
of
your
treasury.
You
just
created
a
stable
currency,
feature
for.
N
N
N
B
B
Yeah,
I
guess
any
questions.
The
next
step
would
probably
be
to
post
them.
I
have
one
question.
Sorry,
go
ahead.
O
N
Yes,
you're
100
you're
100
dependent
on
usdc,
if
you
don't
deposit
anything
to
the
treasury
and
just
mince
your
first
stable
coin,
right,
no
question
about
it,
but
the
goal
is
to
transition
away
as
quickly
as
possible,
and
I
mentioned
four
different
levers
that
can
be
used
to
do
so.
O
O
O
Okay,
now
I
can
have
it
cool.
N
Awesome,
yeah
yeah,
so
what
we
did
with
wing
and
what
we've
done
in
other
communities
is
just
make
counter
proposals.
Ichi
doesn't
build
a
staple
coin
without
voting
on
it.
I
don't
think
you
guys
would
adopt
one
without
voting
on
it.
So
if
you
guys
are
interested,
that
would
be
the
next
step.
N
O
B
Thanks
yeah,
any
other
comments
I
guess
like
if
anyone
wants
to
comment
go
for
it,
but
the
next
step
will
probably
be
to
post
in
the
forums
in
the
dow
talk
forums,
kind
of
like
yeah,
maybe
even
links
to
the
documentation.
So
people
could
understand,
maybe
a
bit
better
and
have
a
discussion
there
and
see
how
it
progresses.
N
Yeah
and
you
can
always
find
it
at
ichi.org
or
ichi.farm-
we
just
got
the.org
domain
and
there's
doc.
There
are
docs
there.
I
I
did
my
best
to
explain
it,
but
nothing's
as
good
as
conversation
so
be
sure
to
ask
any
questions.
You
have
hey
and
congrats
on
your
success
so
far.
This
is
this
was
a
fun
community
call
for
me
to
attend,
as
I
aspire
to
build
out
the
ichi
community
in
a
similar
way.
B
K
Cool,
so
last
up
is
the
introduction
of
more
form
formalization
of
an
idea
that
the
dx
style
community
has
been
discussing
for
probably
a
number
of
months.
Now
I
think
christopher.
You
you're,
probably
like
this
too,
because
you've
mentioned
it
in
the
past,
but
you
know
softly.
Dx
dow
has
been
in
conversations
with
a
bunch
of
projects
about
potential
incubation
potential
investment
potential
grants
to
get
projects
off
the
ground,
things
that
are
relevant,
mainly
mainly
projects
that
are
relevant
to
dxdow.
K
You
know,
dxdown
in
general,
has
a
lot
of
obstacles
in
the
space
because
it's
trying
to
operate
and
grow
as
a
decentralized,
collective
and
a
lot
of
the
core
pieces
that
that
it
really
needs
of
infrastructure
and
and
tools,
don't
necessarily
exist,
and
so
along
that
path.
There
are
conversations
with
projects
like
almany,
like
a
decentralized
blogging
that,
like
a
dao,
could
could
own
itself
decentralized.
K
K
That's
that's
having
the
set
structure
is,
is
useful
internally
for
to
everyone
being
on
the
same
page,
but
then
it's
also
really
useful
to
have
an
external
voice
so
that
the
projects
who
are
solving
these
needs
know
about
this
program
and
can
come
to
dx
dao
with
interesting
ideas
and
things
and
and
christopher
and
one
kx
and
and
then
delphi
and
other
funds
and
and
entities
that
hear
about
projects.
And
things
like
this
as
well.
K
You
know
they
could
also
feed
into
this
kind
of
deal
flow
and
then
that's
kind
of
like
the
idea
of
the
program.
But
then
some
of
the
benefits
to
dxdown
in
general
would
be
like.
This
is
a
program
to
do
investments
and
actually
profit
and
and
help
dx,
dow
and
dxd
holders
in
the
long
run
with
these
investments,
it
also
creates
a
whole
deal
flow
for
of
projects
that
could
lead
into
mesa
and
token
offerings
and
and
then
eventually,
swapper
and
secondary
liquidity
and
then
potentially
other
products
that
dxdow
has.
K
So
it's
a
it's
a
really
cool
kind
of
path
throughout
to
bring
projects
that
will
eventually
be
important
in
the
world
through
the
dxd
ecosystem,
like
hopefully
from
the
early
days,
to
help,
develop
and
build
that
relationship
and
then
lead
through
the
different
products
that
dxdown
has
has
been
building.
K
K
I
guess
it's
really
like
figuring
out
what
these
projects
I
mean.
Some
of
these
projects
can
be
we're
trying
to
come
up
with
like
examples
of
what
these
projects
would
be
and
a
lot
of
it
comes
down
to
things
like
decentralized,
medium,
decentralized,
payroll,
decentralized,
key
management,
decentralized,
node,
operation,
decentralized,
repository
decentralized
code,
collaborations
right.
These
are
the
types
of
ideas
that
a
lot
of
them
don't
exist
in
the
world.
K
There
are
a
handful
of
projects
working
on
these
things,
and
these
are
things
that
dxdow
needs
and
dx
dow
has
a
reason
to
invest
in
these,
get
in
early,
get
them
off
the
ground,
build
that
relationship
and
then
actually,
hopefully
own
a
piece
as
an
investment
for
the
long
run,
and
so
how
this
actually
can
happen.
Logistically
it's
easier
when
a
project
has
a
token
and
there
can
be
an
exchange
of
cash
or
money.
You
know
from
the
treasury
for
tokens,
but
then
there's
also
even
projects
that
don't
have
tokens.
K
We
can
have
less
formal
agreements
and
things
obviously
there's
no
legal
entity,
but
there
are
ways
to
work
together
with
projects
in
stages
and
give
funding
in
stages
and
and
have
agreements
like
informal
on-chain
agreements
to
to
be
able
to
then
participate
in
like
a.