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From YouTube: EOS DeFi, LiquidOracles, Stablecoins, Multi-Chain Collateral, Proxy APR, and more with Alex Melikhov
Description
Alex Melikhov, CEO of Equilibrium, joins Zack Gall (LiquidApps.io) to discuss a wide variety of topics including EOS DeFi, robust oracle systems, upcoming new features including multi-asset collateral for generating EOSDT, makerDAO's $6m loss, recent EOSDT proxy updates, regulation, and more!
Equilibrium
https://eosdt.com
https://t.me/equilibrium_eosdt_official
https://twitter.com/@eosdt
Everything EOS
https://www.EverythingEOS.io
https://youtube.com/c/Everything_EOS
http://t.me/Everything_EOS
https://anchor.fm/everythingeos
https://itunes.apple.com/us/podcast/everything-eos/id1434560651?mt=2
A
Welcome
back
to
everything
else,
the
longest-running
yos
podcast
I'm
here
with
my
two-time
guest
Alex,
make
off
coming
from
quarantine
in
a
14-day
quarantine.
Just
entered
the
UK
from
Germany
recently
he's
the
co-founder
of
cryptocurrency
exchange
in
jelly
he's.
Also,
the
CEO
of
POS
DT,
also
known
as
equilibrium
a
collateral
backed
stable
coin
on
z/os.
How
you
doing
today,
Alex
yeah.
B
Doing
very
well,
thank
you
very
much
Zack
for
having
me
on
your
podcast
yeah.
So
you
you
mentioned
my
currency
and
I'm
already
a
for
almost
11
days
on
guarantee
an
upside
rights
at
London
from
Frankfurt,
so
my
my
beard
actually
is
getting
longer.
However,
you
know
overall
kovat
thing
was
not
a
didn't
affect
our
daily
operations
who
within
our
team,
because
we
have
yes,
he
probably
now
the
remote
teams
in
different
distant
locations
in
the
world,
some
guys
in
the
US,
something
guys
in
the
UK
some
guys
in
China.
A
Seems
to
be
the
case
with
a
lot
of
the
crypto
blockchain
teams,
a
lot
of
them
already
we're
working
remote
like
I'm
reading
all
of
this
news
about
zoom
how
there's
all
these
people
that
are
just
discovering,
zoom
and
I'm,
just
like
man
I've
been
using
this
for
years
now.
It's
nothing
new
and
I
learned
that
my
lifestyle,
the
way
I
live.
My
life
is
actually
called
social
distancing.
Who
would
have
known.
C
B
I
cannot
I
cannot,
but
you
know,
I
think
that
this
this
coronavirus
thing
overall
will
change
the
behavior
of
regular
people,
because
you
know
those
of
them
who
actually
discovered
the
opportunity
to
work
at
home,
probably
will
not
get
back
to
their
offices
anymore.
As
you
know,
it's
a
like
you
and
me
are
always
doing
that,
so
we
got
used
to
that
doing
things
at
home,
not-not-not
attending
office
whatever,
but
for
for
regular
people
with
something
something
you
experience
right.
A
A
So
maybe,
when
things
go
back
to
normal,
they'll
have
maybe
like
more
flexible
environment,
maybe
they'll
be
able
to
work
from
home
one
or
two
days
a
week.
Well,
we'll
see
it's
also
accelerating
other
trends
like
killing
retail
I.
Don't
I,
don't
think
that
the
big
retailers
are
gonna
be
able
to
come
back
like
the
I
guess.
The
non
big-box
stores
like
right
now,
like
Walmart
and
Target,
and
things
like
that
are
still
open.
But
oh.
B
Oh,
they
just
apply
some
changes
to
their
business
models,
focusing
more
on
delivery
side,
mmm-hmm
on
some
remote
things,
yeah,
because
they're
for
export.
For
example,
III
know
that
fitness
industry
is
changing
tremendously,
because
a
lot
of
people
actually
buying
buying
equipment
for
their
for
their
houses
and
I'm,
not
sure
that
it
will
get
back
to
to
fitness
centers
anymore
yeah.
A
They're
they're
actually
paying
for
subscription
apps.
So
it
like
you,
know
like
a
workout
in,
but
it's
like,
live
with
your
trainer
on
on
the
screen
and
you're
just
working
out,
and
they
could.
They
probably
have
a
monitor
in
front
of
them.
Seeing
like
20
different
students
on
bikes
and
they're,
motivating.
A
A
It
looks
like
you're
keeping
up
on
your
haircuts,
though
that's
good
I
got
one
like
right
before
they
started.
They
all
closed
down.
So
I
think
I
got
another
week
or
two
in
me
that
I'm
gonna,
my
wife
cut
my
hair,
I
guess
I,
don't
know
the
women
are
gonna.
Do
you're
gonna
start
seeing
women
like
when
we
come
out
of
hibernation
here.
We're
gonna,
see
everyone's
true
hair,
colors
I.
Think
oh
yeah.
B
A
C
A
Of
crazy
stuff
happening,
I
think
everyone
knows
what's
going
on
with
the
money,
printing
and
the
traditional
finance
system,
but
we're
here
to
talk
about
defy
today,
which
is
a
very
hot
topic.
It's
pretty
much.
The
hot
trend
in
crypto
over
the
last
year
to
collateral,
backed
stable
coins,
I
think
the
most
popular
one,
the
most
well
known,
one
is
maker
Dow.
A
lot
of
people
have
heard
of
that
from
the
etherium
community
and
you
actually
have
published
an
article
kind
of
comparing
the
services
that
we'll
get
into
what
happened
with
that.
A
It
was
at
March,
12th
and
13th.
When
the
market
crashed
she
kind
of
will
get
into
how
maker
Dow
reacted
to
the
market
crash
and
how
he
has
DT
did.
But
why
don't
we
kick
this
off
in
case
people
really
haven't
heard
of
you
or
EOS
DT
or
equilibrium?
Why
don't
you
introduce
like
what
equilibrium
is
at
a
high
level,
yeah.
B
In
broad
strokes,
equilibrium
is
the
framework
for
building
defy
applications
and
synthetic
assets,
and
us
DT
is
the
first
proof
of
concept
of
the
technology.
It's
the
first
decentralized
stable,
going
on
use,
which
is
backed
by
new
script.
Currency
essentially,
and
every
single
use
DT
is
getting
into
situation,
threw
over
culturalization
with
with
us
Quattro.
So,
basically,
users
are
generating
this
USD
stable
coins
through
depositing
their
use
holdings
into
our
smart
contracts.
So
that
actually
is
bringing
quite
a
lot
of
advantages.
B
So,
firstly,
it's
transparent,
stable,
going
and
at
anytime
you
can
be
sure
that
there
will
be
the
certain
amounts
of
collateral
which
is
backing
the
this.
This
stable
coin
on
another
hands
its
risk-free
custody,
because
everything
is
on
smart
contracts
and
definitely
the
the
most
differences
are
coming
from
the
technical
side
of
things
and
differences
between
between
technical
platforms
on
July
maker,
Dow
and
equilibrium
service
DT.
B
So,
as
I
highlighted
in
in
my
in
my
in
my
article,
obviously,
the
robust
price
fields
make
a
lot
of
sense
and
definitely
the
overall
overall
blockchain
capacity
of
use
is
way
higher
than
the
capacity
of
etherium
Network.
Specifically,
with
respect
to
the
amount
of
transaction
can
be
held
by
by
by
the
blockchain
network
there,
so
we
have
launched
just
just
getting
back
to
the
introduction
of
years
T,
so
we
have
launched
a
UST
into
production
in
back
in
April
last
year.
Since
that
time
we
got
some
traction.
B
Currently
we
have
more
than
around
ten
million
doors
worth
use
sitting
in
our
smart
contract,
which
makes
us
one
of
the
biggest
Depp's
in
terms
of
parents.
On
the
US
blockchain
around
three
million
USD
T
generated
by
our
users.
We
have
launched
the
industry's
first
stability
fonts,
which
is
actually
guaranteeing
that
users
would
get
their
fonts
back
and
even
in
the
case
of
some
Black
Swan
events
or
ever
extraordinary
of
thing
happening
on
the
market
like
the
recent
markets
market
crash,
so
we
get
listed
on
several
prominent
exchanges
with.
A
You
guys
for
that,
because
that's
one
of
the
biggest
issues
with
stable
coins
I
mean
I
I
work
with
the
vigor
DAC
project
and
follow
that
project,
and
it's
not
there
yet
in
production,
it's
on
the
test
net,
but
once
it
goes
into
production,
finding
that
liquidity
on
the
exchanges
is
it's
going
to
be
everything
you
have
to
like
when
you
generate
a
stable
coin
against
your
collateral.
I
have
here
as
DT
now,
I
have
to
be
able
to
spend
that
es
DT
on
something
or
else
I'm,
just
quoting
some
token
yeah.
B
Exactly
exactly
exactly
but
I
think
that
even
the
bigger
problem
is
getting
back
your
USD
T
or
whatever
stable
coin.
You
have
generated
it
to
be
sure
that
at
some
point
you
can
be
able
to
bite
it
out
from
the
secondary
markets
at
the
price
of
$1
and
pay
back
your
loan
on
the
smart
contract,
because
you
know
here's
the
risk,
you're
you're,
looking
some
liquid
assets
on
smart
contracts,
anticipating
that
at
some
point
you
will
repay
this
loan
and
get
back
your
collateral
right.
So
that's
the
bigger
use
case.
B
A
So
also
I
think
I.
Think
most
people
are
gonna
understand
what
this
is,
because
this
is
not
a
new
concept
anymore,
but
you're
essentially
able
to
borrow
stable
coins
and,
in
this
case,
euros
DT
against
your
crypto
assets,
which
in
this
case
is
EOS.
So
so,
like
let's
say,
I
have
a
hundred
dollars
of
EOS.
I
could
lock
that
into
the
stake
and
contract
and
I
could
borrow
the.
A
And
that
would
be
200%
collateral,
which
gives
you
some
wiggle
room,
because
once
your
collateral
drops
to
a
hundred
and
thirty
percent,
that's
when
you
get
liquidated
and
we'll
get
into
all
that
fun
stuff
in
a
bit.
Yes,
writer
just
put
out
a
blog
article.
Yesterday,
you
guys
on
April
1st,
you
guys
have
some
interesting
stuff
coming
up
with
with
the
fee
modeling
and
the
proxy
I'm
a
big
fan
of
passive
income,
and
that's
a
big
reason.
I
wanted
to
bring
you
on
here.
I
also
want
to
talk
about
the
liquid
Oracle's.
A
We
get
into
that
in
a
little
bit,
but
passive
income
there's
so
many
ways
to
earn
income
through
not
just
cos
and
other
crypto
us
it's
like
tezo's
and
things
like
that.
But
in
this
case
with
us
and
equilibrium,
not
only
can
you
borrow
against
your
ears,
but
you
could
actually
earn
income
from
the
ear
so
that
you're
borrowing
against
through
the
the
proxy
when
I
kind
of
get
into
how
that
works.
Yeah.
B
B
Where
actually
you
can,
you
can
take
the
advantage
of
DPOs
or
POS
systems,
so
we
we
are
actually
leveraging
these
opportunities
for
quite
a
long
time,
and
now
we
have
updated
our
system
so
that
our
users,
who
actually
are
putting
their
use
into
our
smart
contracts,
are
getting
this
passive
income
on
that
use
that
just
they
just
simply
deposit
it
on
the
smart
contracts
and
not
necessarily
generated
it
was
DT
by
the
way
right.
So
the
we're.
Actually,
this
income
comes
from.
So
basically,
we
have
found
the
way
how
we
could
actually
stake.
B
B
The
list
of
these
blog
producers
is
actually
selected
by
our
so
called,
not
not
not
talking
holders
right
so
they're
voting
for
blog
producers,
speaking
the
list
of
30
of
them
who
were
actually
getting
this
this
collateral
from
our
system
and
these
more
producers
are
paying
rewards
for
that
right.
So
we
have
updated
the
system
that
the
blog
producers
currently
are
paying
ninety
five
percent
of
their
daily
reward.
They
get
thanks
to
our
proxy,
and
this.
B
A
Part
so
III
wasn't
aware
of
this,
like
I'm,
more
excited
about
it.
After
talking
to
you
before
we
started
recording
so
typically,
whenever
you
staked
or
a
reward
proxy,
which
is
the
new
norm
anymore,
like
it's
not
really
looked
down
upon
block
producers
are
paying
for
their
votes.
They're
paying
out,
rewards
to
these
proxies.
So
if
I
staked,
like
ia's
nation
or
Colin,
talked
script,
a
reward
proxy
I'm
earning
those
those
vote,
reward
payments
and
that's
great-
it's
like
a
2%
or
sometimes
a
little
bit
below
two
percent.
A
But
it's
capped
your
cap
to
what
the
block
producers
are
willing
to
pay,
but
with
the
equilibrium
proxy.
Now
you
actually
get
the
extra
fee
model
whenever
there's
liquidations
whenever
your
collateral
positional
position
goes
below
the
threshold
which,
in
the
case
of
equilibrium,
is
130
percent,
so
which.
A
Is
if
it
goes
below
that,
then
basically,
my
position
has
to
get
unwound
so
I
have
a
OS
in
the
contract.
That's
basically
backing
the
stable
coins
that
I
generated
from
it.
It
has
to
sell
that
EOS
and
there's
also
a
fee
involved
with
selling
videos.
What's
the
liquidation
free
charged
to
a
stake
right
now,.
C
B
Your
collateral
value
is
dropping
below
130
percent,
so
you
basically
have
130
percent
of
collateral.
Let's
say
it's
130
dollars
just
to
make
it
simple,
easy,
so
yeah.
So
so,
basically
we
have
130
$30
of
collateral.
You,
you
are
getting
back
your
excess
collateral,
which
is
17
$17
and
113
dollars
are
going
to
the
liquidation
system,
so
in
liquidation
system.
B
$103
are
sold
for
$100
worth
USD
T
to
some
market
players
who
are
actually
actually
performing
this
liquidation
thing
and
you
get
ten
excess
percent
right
and
this
$10.
So
basically,
these
ten
dollars
are
divided
into
two
parts.
One
part
is
nine
dollars
which
is
going
back
to
the
collateral
pool
and
efficiently.
This
is
where,
where
this
kind
of
additional
income
coming
from
right
and
one
one
dollar
is
sold
for
not
for
not
tokens
and
distributed
to
those
guys
who
were
actually
deposited,
not
tokens
to
the
governor's
contract
to
select
block
producers,
for
example,
mm-hmm.
A
So
I
think
the
simple
version
of
this
is
that
when
positions
get
liquidated,
people
who
are
staked
into
the
the
state
the
EEO
staking
contract
are
earning
fees
there.
So
whenever
someone
gets
liquidated
there,
there
is
a
fee
they're
charged
those
fees
get
distributed
between
nut
token
holders
and
people
staking
their
AOS
and
when
you're
staking
your
yes
you're,
already
earning
the
block
rewards
from
the
block
producers
that
they're
paying
into
it
you're
already
earning
stick
recs,
whatever
percent.
A
A
You
mean
I
mean
it's
a
lot
of
the
leg
out
of
the
13%
liquidation
fee.
9
percent
goes
towards
the
eerste
kurz.
So
what
that
does
is
it
raises
the
APR.
So
in
the
eos
Reiter
article
that
I
read
yesterday,
it
called
out
I
think
a
2.3
percent
APR,
that's
just
kind
of
like
the
floor
on
the
home
page
of
EOS
DT.
It's
actually
showing
a
30
day,
average
of
six
point
three
five
percent
and
that's
because,
as
we
all
know,
on
March
12th,
everyone
got
rekt.
There
is
probably
massive
liquidations.
A
Everyone
holding
a
position
that
wasn't
grossly
over
collateralized,
probably
got
hit,
but
this
what
this
does?
Is
it
incentivizes
you
to
over
collateralize
your
position?
So
you
don't
get
liquidated
because
you
can
benefit
from
all
of
the
less
sophisticated,
less
smart
people
who
are
under
collateralizing
their
positions
and
getting
liquidated.
So
I.
Think
that's
that's
awesome.
So,
let's
get
back
to
the
differences
here.
You
want
to
kind
of
walk
through
what
happened
on
maker
Dow
on
March
12th
and
what
caused
everyone
to
get
wrecked
because
of
the
Oracle
lock
up.
Oh
yeah,.
B
For
sure
it's
it's
interesting
part,
because
you
know
they
usually
make
it
out
or
whatever,
whatever
analysts
who
actually
were
explaining
this
this
issue,
what
happens
on
march
12
13th?
They
tried
to
explain
it
from
from
some
economy
perspective.
Saying
that
hey
there
is
the
economy
problem,
whatever
blah
blah
blah,
but
eventually
it
turned
out
that
the
problem
was
in
overall
architecture.
So
the
guys
who
were
actually
were
developing
maker
Dow
and
its
technical
side
on
the
technical
side.
B
They
they
didn't
take
into
account
the
potential
clog
of
the
underlying
blockchain
platform,
and
when
this
clock
happened,
when
eventually,
when
all
the,
if
all
the
theory
of
network
got
stuck
and
literally,
nobody
could
could
normally
transact
on
that,
including
Oracle's
of
maker
Dow,
who
actually
could
not
break
through
this
kind
of
got
a
frozen,
Network
and
push
the
transaction
with
with
the
actual
price
fit.
The
the
prices
of
of
maker
Dow
were
deviating
from
from
the
the
actual
price
of
aetherium.
Quite
quite
quite
quite
a
lot.
So
there
was
the
problem.
B
In
these
circumstances,
all
these
kind
of
keepers
who
suppose
to
to
do
the
liquidations
they
just
gave
up,
but
some
of
them
just
they
try
to
push
the
transaction
on
chain
with
almost
zero
bits
in
the
auction
of
maker
Dow.
And
surprisingly,
this
transaction
pass
through.
So
basically
the
system
maker
Dow
they
they.
They
have
no
minimum
threshold
for
bidding
on
in
the
auctions
and
you
technically
technically
they
were
not
bidding
zero.
B
They
were
bidding
just
one
basis
points
of
the
token
of
die
which
is
actually
10
to
to
the
degree
of
minus
8
18
or
something
so
basically
so
technically,
it's
not
zero.
It's
above
zero,
but
you
know
in
the
real
world
nobody
can
win
the
auction
bidding
wine
ten
to
the
degree
of
minus
18
and
the
auction.
The
auction
are
in
the
amount
of
$6,000
right,
so
that's
that
makes
no
sense
yeah.
So
this
was
happened
and
eventually
this
can
adventurous
Keepers.
A
Insane
so
what
happened
from
what
I
understand
was
that
the
gas
fees
were
just
so
insane
that
it
was
roughly
$30
to
make
an
Oracle
call
or
a
transaction.
At
that
point.
So
maker
Dow
is
14
like
anonymous,
where
cools
I
think
some
of
them
are
known
like
maker.
They
they
do
their
own
Oracle
on
their
list
of
Oracle's
is
maker
Dow
themselves,
which
means
that
their
own
price
Oracle
was
too
cheap
or
too
broken.
A
B
As
a
gamble
that
paid
off
significantly
exactly,
but
the
thing
is
that,
when
you
initially
suppose
to
to
make
this
beat
you
you
actually,
if
you're,
even
paying
$200
for
transactions
200
backs
for
gas,
you
you're
not
guaranteed
that
you
will
win
this
auction
because
somebody
else
could
also
be
like
onto
200
250
bucks,
for
example,
or
something
so
that's
the
that's
a
thing.
I
I
remember
at
some
point.
B
Somebody
from
the
community
was
raising
this
kind
of
problem
of
maker,
douse
Oracle's
I
guess
a
year
ago,
or
something
asking
somebody
from
the
maked
our
steam
who
actually
this
Oracle
or
whatever
price
feeds
were,
and
they
told
they
responded
that
we
can.
We
like
something
like
we
couldn't,
cannot
disclose
the
identity
of
these
people
due
to
security
reasons.
C
A
Oracle's
I'm
sure,
if
we
knew
like
they're
most
likely,
people
that
are
reputable
at
least
so
I
think
no
unknown
thing
doesn't
really
make
sense.
Get
into
your
Oracle
is
because
you
have
a
very
robust,
workable
system.
It's
going
to
get
even
more
robust
here
shortly,
so
use
three
Oracle
sources,
provable
Delfy
and
soon
the
liquid
Oracle
system
and
you're
also
going
to
be
running
your
DSP.
So
how?
How
do
you
a
granade,
your
price
feeds
amongst
like
different
Oracle
types
and
how
many
different
feeds
are
using
so
make
heard.
B
B
They're
there
they're
providing
Oracle
services
since
I
believe
2016
for
quite
a
long
time,
and
they
actually
are
reputable
guys
quite
well
known
in
the
film
community
and
recently
they
also
rolled
out
their
solution
on
use
blockchain
as
well,
and
we
we
actually
EOS
DT
was
the
first,
the
first
application
which
utilized
their
price
feeds
yeah.
So
then
we
decided
to
diversify
this
Oracle
systems
by
integral
where
integration
of
Delphi
Oracle
it
was.
It
happens,
I
believe
in
August's
last
year,
or
something
like
that
and
now
we
are,
we
are.
B
We
are
preparing
for
launching
the
third
price
feed
through
liquid
Oracle,
so
expectedly
will
be
launched
within
coming
weeks
and
yeah
I
mean
we
are.
We
are
actually
fetching
the
aggregated
prices
for
quick
the
group
to
compare
for
now
and
we
are
building
the
median
price
among
all
the
Oracle
Systems.
All
the
prices
we
get
from
from
from
different
sources
and
if
eventually
I
expect,
will
be
we'll
be
building
the
system
where
we'll
be
fetching
from
multiple
exchanges
building
the
median
on
our
end,
however,
I
think
the
current.
B
Through
provable,
where
Patrick
prices
from
from
cryptic
ampere,
we
expecting
to
fetch
cryptic
compared
aggregated
price,
also
for
liquid
Oracle
as
well.
Delphi
Oracle
works
a
little
bit
different
way
because
there
are
several
ball
producers
actually
pushing
their
prices
on
chain,
I'm,
not
sure
about
the
source
of
this
price.
By
the
way,
however,
if
the
the
price
is
irrelevant,
it
would
be
mitigated,
through
this
kind
of
midian
ization,
on
our
smart
contract
and.
A
Yeah
and
I
think
Adelphia
I'm,
pretty
sure
uses
a
debt
I
think
it
uses
new
decks
for
the
prices
I'm,
not
a
hundred
percent
I.
Don't
want
to
be
quoted
on
that
and
then
the
liquid
Oracle's.
You
have
already
spun
up
your
own
DSP,
it's
already
available
for
other
people
to
stake
for
services
if
they
want
to,
but
you'll
be
using
your
own
Oracle
or
using
yo.
Sphere
I
think
is
one
of
the
other
ones.
Yeah.
B
A
Oracle's
are
one
of
the
most
important
aspects
to
a
defy
project.
We
saw
what
happened
with
maker
Dhawan
Oracle's.
Don't
work
the
way
they
should.
The
other
important
thing
is
how
the
liquidations
are
conducted
in
whether
or
not
the
the
defy
protocol
has
an
insurance
pool.
Earlier
you
mentioned
the
insurance
pool,
which
I
think
is
roughly
ten
million
dollars.
A
So
what
happened
with
maker
down
with
those
liquidations?
We
talked
about
how
people
are
getting
liquidated.
Typically,
when
you
get
liquidated,
you
lose
a
lot
of
money,
but
you
still
have
some
of
your
collateral
left
over.
If
I
get
liquidated
on
equilibrium,
I
still
have
a
small
percent
of
my
original
yose.
It's
a
consolation
prize,
you're
upset,
you
got
liquidated,
but
you
have
something.
What
happened
to
a
maker
doubt
was.
A
There
were
people
that
lost
thousands
and
thousands
of
dollar
millions
in
collectively,
but
individuals,
many
people
lost
everything,
so
that's
something
that
would
be
impossible
on
equilibrium
and
the
reason
is
that
one,
your
Oracle
system,
I,
think
is
so
robust
that
there's
always
going
to
be
someone
feeding
a
price.
You
don't
have
to
worry
about
transaction
fees
skyrocketing
because
you
have
millions
of
years
staked
and
that
you're
probably
well
positioned
for
any
type
of
congestion.
A
You
always
have
a
30
day
advance
on
rex,
rentals,
so
you're
never
going
to
run
out
of
computation
because
you're
prepared
for
this,
and
then
the
transaction
fees
aren't
going
to
go
up,
and
we
didn't
mention
this,
but
the
maker
Dow,
where
it
goes
and
I
think
that
kind
of
sucks
about
them.
Is
they
only
update
every
hour?
How
is
that
even
safe
to
run
a
like
a
system
like
this,
when
you're
Oracle's
are
running
every
hour?
How?
How
frequently
are
your
work
was
updating.
B
So
currently
we
are,
we
are
guaranteeing
that
the
price
are
as
fresh
as
one
minutes
update,
so
every
every
every
minutes
we're
updating
the
prices
on
smart
contracts
compared
to
to
one
hour
of
maker
Dow,
it's
a
huge
difference,
I
guess
specifically
in
the
circumstances
of
the
market
crash
like
we
experienced
weeks
ago,
so
the
the
that's,
definitely
something
that
differentiates
the
approach
of
of
equilibrium
and
maker
Dow.
And
you
know
the
thing
is
that
you
cannot.
B
B
So
meat
honestly
are
not
paying
gas
on
on
heels
right,
because
there
is
no
gas
transactions
are
almost
free
and
definitely
that
that
actually
opens
new
possibilities
for
building
defy
applications.
On
top
of
that,
because
you
you
can
rely
on
your
price
feeds,
you
can
always
be
sure
that
the
prices
are
actual
up
to
date.
So
and
that's
something
different
and
definitely
like
you
mentioned
that
that
we
have
this
ability
for
if
you
wish
insurance
policy.
So
that's
that's
a
kind
of
different
approach.
B
C
B
C
A
Up
as
it
should
never
be
tapped
into
so
it's
pretty
low
risk
on
your
end,
but
but
the
funds
are
there,
it's
completely
transparent.
You
could
see
it.
You
know
that
it
exists,
so
it
should
give
comfort
and
safety
know
knowing
that
you're
never
going
to
wake
up
one
day
and
see
that
all
of
your
collateral
is
completely
wiped
out,
as
happened
on
maker
down
the
other
week.
A
B
Yeah,
so
we
have
rolled
out
very,
very
important
update
for
the
system
months
ago
he
probably
actually
passed
a
little
bit
of
notice
in
the
community,
but
for
us
it
actually
has
a
huge
impact
because
we
have
technically
prepared
for
getting
for
embracing
more
collateral
types
within
the
system.
So
basically
we
can.
We
can
launch
any
any
collateral
type
within
just
one
day
or
something.
So
what
actually
it
means.
B
So
the
system
is
currently
is
comprised
of
separate
segments
and
every
of
these
segments
will
be
responsible
for
the
specific
type
of
the
collateral
and
these
segments
will
be
technically
independent.
So
it
means
that
if
some
collateral
type
would,
for
example,
fail
for
some
reason
like
I,
don't
know,
some
may
be
due
to
some
price
drop
over
ever
and
we
will
be
forced
to
win
down
this
specific
segments
of
the
system,
and
actually
this
will
not
affect
the
overall
big
picture.
B
So
basically,
we
just
switch
off
one
segment
and
other
segments
will
continue
functioning
and
the
system
will
be
up
and
running
so
there's
the
fundamental
fundamental
difference
to
some
other
multicultural
systems
even
to
the
systems
which
are
presuming
building
kind
of
you
know,
busk
itself
collateral
right.
So
if
the
basket
fail,
the
system
would
fail.
In
our
case,
if
some
some,
some
cool
type
will
fail,
the
overall
system
will
not
there.
So
the.
B
B
So
the
that's
the
kind
of
things
that
we're
focused
on
right
now,
so
the
first,
the
first
asset,
if
you
wish
the
first
additional
collateral
type
that
we
will
add
to
our
system,
will
be
the
solution
by
our
partners
by
provable
they're
launching
betokens
projects.
Quite
soon,
and
in
terms
of
in
terms
of
this
project,
they
will
be
delivering
the
the
system
which
will
allow
to
log
your
bitcoins
and
to
issue
the
rep
tokens
against
these
bitcoins
on
use,
and
these
tokens
actually
will
be
accepted
as
a
collateral
in
for
for
USD
T.
B
B
Definitely
the
the
adoption
of
these
assets
very
much
depends
on
first
liquidity
and,
secondly,
how
robust
the
Federation
were.
If
you
wish
the
partners
worse
than
staying
behind
this,
this
kind
of
projects
in
terms
of
betokens
I
would
say
that
they
have
quite
prominence
Federation,
which
is
backing
their
specific
rules,
their
solutions
specifically
I'm
aware
that
BitFenix
actually
joined
their
Federation.
They
will
be
supporting
them
and
I
know
that
several
other
major
exchanges
will
be
also
supporting
their
tokens
and
I.
A
Because
you
have
to
have
liquid
markets,
because
just
because
you
have
a
pegged,
Bitcoin
doesn't
mean
anyone's
to
buy
that
pegged
Bitcoin
off
of
you,
so
I
guess
you'd
have
to
unwrap
it
and
then
sell
it
as
a
regular
Bitcoin
to
get
liquidity,
but
you're,
saying
that
the
P
tokens
themselves
you're
pretty
confident
that
they'll
have
liquidity
because
of
partners
like
VIP,
Phenix
and
other
exchanges,
potentially
that
there
will
always
be
a
market
for
it.
So,
therefore,
you
can
collateralizing
generate
the
sdt
exactly.
B
A
And
that'll
look
kind
of
just
like
in
exchange.
Basically,
if
you
want
to
generate
a
pegged
Bitcoin
or
pegged
aetherium
you'd,
send
your
real
aetherium
to
a
specific
address,
probably
giving
it
your
es
wallet
name
and
it
just
kind
of
good.
Does
the
cross
chain
swap
I?
Think
that's
something
I've
heard
of
other
systems
doing
it,
but
I've
never
seen.
B
A
A
Another
thing
I
read
about
you
guys
is
the
that
you're
able
to
pay
fees
now
just
using
the
EOS
DT,
because
I
I
had
a
position
a
while
ago
on
equilibrium
and
I
had
to
I,
typically
don't
hold
nut
token,
but
I
did
have
EOS
DT
and
when
I
went
to
close
my
position,
I
had
to
pay
a
fee
with
nut
token
side
to
go
to
new
decks
and
buy
a
little
bit
of
nut.
Token
then
send
it
to
USD
t.com.
So
now
is
this
implemented
today,
yeah.
B
Exactly
so
we
have,
we
have
switched
our
of
piece
before
that
paid
in
knots
into
the
to
the
face
paid
in
USD
T.
So,
basically,
users
will
be
not
I
mean
the
end.
Users
will
be
not
forced
to
have
not
tokens
in
their
portfolio,
so
overall
it
will
be
simplifying
their
use,
the
user
experience
because
there
will
be
simply
generating
USD
T
on
this
on
the
smart
contract
and
then
paying
the
same
here
as
T,
plus
some
accrued
fees,
also
in
USD,
in
order
to
get
their
collateral
back.
B
However,
it,
but
by
all
means
it
doesn't
reduce
the
utility
of
not
tokens
girls.
We
we
actually
just
shifted
the
the
flow
of
not
tokens
from
the
user.
The
the
end
users
flow
to
the
users
flow
of
more
sophisticated
professional
market
distance
who
are
actually
doing
the
liquidation
things.
So
the
approach
we're
currently
taking
is
the
approach
of
simplification
of
everything
for
M
users.
So
basically
it
means
that
we're
not
just
switching
fees
to
USD
T,
but
we're
also
launching
quite
soon
the
new
web
interface
for
the
overall
application.
B
A
Wait
to
see
that
so
it
sounds
like
since
the
last
time
you're
on
here,
which,
sometime
this
summer
is
off,
like
you
went
from
Tula
I
think
it
was
b1
June.
Then
he
went
to
tulip
in
California
and
then
you're
on
your
way
to
New,
York,
I.
Think
and
you
made
a
pit
stop
in
Pittsburgh
and
we
recorded
a
podcast
in-person
with
you
and
your
general
counsel,
Josh
good
body,
and
you
guys
have
a
you're
very
knowledgeable
on
the
global
regulations,
very,
very
meticulous
with
with
how
you
guys
are
operating.
A
What's
what's
the
latest
with
that,
because
I
know,
like
a
legal
opinion,
came
out,
I,
don't
know
a
couple
months
ago
and
I
know
with
like
we're
talking
about
like
not
even
using
the
term
stable
coin
anymore
like
calling
it
a
low-volatility
token.
Something
like
that.
So
what's
the
situation
was
stable
coins
right
now,
with
with,
as
far
as
regulation,
look.
B
It's
very
much
depends
on
the
middle
of
stable
coins,
so
basically,
in
most
proper
jurisdiction
like
in
the
UK,
for
example,
the
stable
coins
they're,
backed
by
physical
cash
and
in
banks,
are
actually
considered
as
Emani.
So
basically,
if
you
want
to
transact
or
be
the
server
some
service
on
top
of
that,
you
should
obtain
the
FC
license
in
the
UK.
For
example,
I
guess
the
situation
is
quite
similar
in
some
other
jurisdictions
as
well.
B
However,
if
it
comes
to
the
centralized
stable
coin,
which
are
backed
by
cryptocurrencies,
their
legal
status
is
currently
I
would
say,
it's
not
unclear,
but
it's
a
little
bit
under
greater
of
of
regulators
and,
however,
like
we
in
equilibrium,
we
got
the
legal
opinion
on
both
assets.
We
have
on
our
framework
on
USD
TN,
not
this
legal
opinion
actually
is
considering
both
as
utilities
no
way
securities.
B
So
another
important
thing
that
we
worth
mentioning
here,
that
decentralized,
stable
coins
are
efficiently
the
loans
against
the
collateral
users
deposited
on
smart
contracts
and
in
this,
in
this
sense,
this
this
particular
operation
I
mean
polarizing.
Your
your
volatile
assets
on
smart
contract
is
not
triggering
the
taxation.
Events
right,
and
so
you
actually
can
get
the
stable
coins
without
doing
some
kind
of
exchange
operations
and
get
some
cash
against
your
your
cryptic
holdings
right
and
then
you
you
would
not.
You
would
not
pay
pay.
A
B
A
Yeah
yeah
I
want
my
arrest.
I
want
to
buy
some
of
those
really
expensive
hard
to
find
that
I
shouldn't
even
be
buying
as
medical
professionals
need
them.
N95,
masks
and
they're
really
expensive,
but
I
need
the
money
if
I
sold
my
cryptocurrency
for
4,
USD
or
Ted,
but
USD
coin,
so
I
could
sell
it
on
coin.
So
I
can
take
the
coin
base
and
withdraw
out
to
my
bank.
A
Account
I
have
to
report
a
taxable
event
for
that,
whether
it's
a
gain
or
a
loss
when
I
sell
my
EOS
or
so
my
Bitcoin
or
my
aetherium
2
USD
coin
from
coinbase.
That's
a
taxable
event.
I
got
a
report
that
on
my
taxes,
but
if
I
generate
my
stable
coins
on
a
platform
like
equilibrium,
I
could
generate
like
five
hundred
dollars
off
of
a
couple
file.
It
has
to
be
at
least
$1000
or
I'm.
So
bad
at
this
math
I'm.
A
I
want
to
generate
five
hundred
dollars
against
the
thousand
dollars
of
es
that'd,
be
good
collateral
position.
I
would
not
be
paying
taxes
on
that.
That
is
not
a
taxable
event
because
I'm
just
basically
it's
almost
like
a
credit
system
you're,
it's
kind
of
like
your
house
I,
think
a
good
comparison
is
your
mortgage
on
your
house.
If
you
have
a
certain
percentage
of
your
house
paid
off,
you
could
actually
take
out
a
loan
against
your
house.
A
Essentially
what
these
collateral
blackstable
coins
do
is
you're,
taking
a
loan
against
your
crypto,
but
it's
not
a
taxable
event.
It
becomes
a
taxable
event
whenever
you
need
to
I,
guess
buy
more.
If
you
spend
those
EOS
DT
and
then
you
eventually
want
to
close
your
position,
you
either
gotta
sell
EOS
or
do
something
to
buy
those
EOS
DT
to
put
back
into
the
contract.
So
that
would
be
a
taxable
event,
but
you
could
time
that
up
strategically.
A
Maybe
you
don't
want
to
create
that
taxable
event
until
next
tax
season,
especially
if
it's
like
the
end
of
the
year,
so
I
think
that's
very
advantageous.
I
think
it's
up,
you
might
know
better
than
me,
but
I
think
that's
a
pretty
big
whale
trick.
The
people
that
have
like
millions
of
dollars
of
crypto
I
think
that's
how
they're
able
to
buy
nice
things
and
spend
their
money
without
creating
these
giant
taxable
events
totally
agree
and
actually.
B
A
B
C
B
So
it's
it's!
It's
all
the
keys,
although
all
the
private
keys
are
actually
belonging
to
the
team.
It's
by
far,
all
the
keys
are
safely
stored
on
on
cold
storages.
So
by
all
means
it's
it's
kind
of
safe
and
robust
here,
but
we
want
to
take
a
step
towards
more
decentralization
of
the
system.
So
you
probably
know
that
last
year
we
have
done
the
arrangements
with
11
block
producers
who
actually
agreed
to
be
on
our
multi-sig
for
for
USD
T.
B
At
this
point,
we
actually
are
waiting
for
the
eventual
audit
report
for
the
our
smart
contracts
and
as
soon
as
it
would
be
would
be
published.
We
will
transfer
first
smart
contracts
of
the
system
to
this
multisig.
It
would
be
the
smart
conscience
for
our
tokens,
so
he
initially
they
will.
They
will
be
the
group
of
three
block
producers
just
to
kick
off
to
figure
out
how
things
working,
how
we
encourage
animating
all
the
throated
developments
and
deployments
of
smart
contracts
today
to
the
network,
and
then
we
will.
B
We
will
get
all
the
block
producers
on
this
or
this
multi
sec.
So
we
expect
expectedly.
We
will.
We
will
roll
this
out
in
April,
actually
call
in
call
in
talks
crypto.
He
raised
this
problem
multiple
times,
then
hey,
here's,
the
USD
one
of
the
biggest
projects
on
Neil's,
but
still
with
not
dead,
the
central
their
mission
structure,
and
we
eventually
want
to
make
these
things
happen.
So.
A
Pretty
much
make
it
as
secure
as
possible,
make
it
as
trustworthy
as
possible.
We
talked
about
a
lot
of
the
other
trusts
like
what
the
insurance
pulling
things
like
that.
But
the
one
thing
is
still
missing
is:
is
the
block
producer
multi,
SiC
and
that'll
be
a
significant
step
forward,
but
after
all
that,
after
all
of
this
new
development,
we
talk
about
how
do
we
get
more
people
using
defy
so
right?
Now
we
have
ten
million
dollars
locked
up
maker
Dow
has
whatever
it
is:
100
million
dollars
locked
up?
How?
A
B
Distinguish
retail
use
cases
from
the
use
cases
for
more
professional
market
players
here
and
I?
Think
in
terms
of
bigger
market
players
and
more
kind
of
professional
market
participants,
we
should
need
just
for
more
adoption,
more
institutional
institutional
players
coming
into
the
space
and
as
soon
as
we
see
the
bigger
kind
of
banks-
or
you
know,
companies
fonts
coming
into
crypto,
we
will
see
the
rise
of
of
defy
and
the
volume
locked
in
to
defy
I
would
say.
B
B
So,
but,
but
you
know,
the
the
there
is
another
dimension
of
all
this
kind
of
crypto
cryptic
movements,
the
the
the
dimension
of
institutional
market
players,
and
probably
there
would
be
some
other
some
alternative
assets
moving
around.
So
let's
see
it's
it's
it's
quite
interesting
how
things
going
there
and
where
everything
going
overall,
so
I
think
it's
it's
it's
it's
a
kind
of
so
in
terms
of
in
terms
of
kind
of
retail
users
and
retail
adoption.
For
sure.
B
It's
very
much
depends
on
on
the
user
experience
the
users
get
through
this
defy
applications
and
defy
projects
right,
so
the
use
the
frankly
the
user
experience
in
different
projects,
but
existing
right
now
is
quite
quiet.
You
know,
controversal
I
would
say
so
it's
it's
quite
difficult
for
retail
users
to
understand
how
things
working
there
and
on
another
hands
like
the
way
how
its
it's
done
and
etherion,
for
example.
B
With
this
you
know
quite
quite
quite
quite
how
to
say
so
so
the
the
kind
of
the
kind
of
the
low
speed
of
transactions
and
this
potential
clocks
on
the
network,
the
undetermined
price
of
gas.
So
there's,
actually
quite
quite
disgusting
user
experience-
I
mean
so
that's
why
we?
Actually
we
were.
We
started
building
things
on
the
US
by
the
way,
because
we
we
we
believe
that
immediate
transactions
like
we
have
in
use
without
without
actual
actual
costs
like
almost
free,
then
that
actually
represents
very
user
experience
than
any
other
blockchains.
B
A
One
of
the
ways
I
have
actually
been
onboarding
people
whenever
I
own
boarded
a
couple
friends
earlier
in
the
year.
It
was
right
after
I
start
using
crypto
calm.
They
let
you
they
it's
it's
CFI,
it's
definitely
centralized,
but
they
allow
you
to
earn
off
of
your
stable
coins.
You
can
earn
I
think
a
six
percent
APR
without
any
real
lockup
I
think
that's
their
flexible
APR
percentage.
Just
from
holding
stable
coins.
Are
there
any
plans
to
have
AOS
DT
integrated
into
someone
else's
lending
platform
where
you
could
actually
just
hold
stable
coins?
B
Yeah,
it's
exactly
one
of
the
things
I
wanted
to
touch
on.
Actually,
so
we
are
currently
working
on
the
system
which
will
be
representing
the
saving
pool
for
us
DT.
So,
basically,
the
users
would
be
able
to
stake
their
their
usage
of
stable
coins
into
smart
contracts
and
gets
APR
on
that,
so
that
that
would
be
the
parts
of
the
system
integrated
into
our
interface
yeah,
quite
similar
to
the
ice
savings
rates,
but
with
a
little
bit
different
model
of
interest
rates.
B
B
A
That's
why?
Because
script
is
just
so
volatile,
like
I,
don't
want
to
introduce
someone
to
crypto
and
then
have
if
I
did
that
this
all
happened
back
in
like
January,
if
I'd
have
told
them
to
buy
Bitcoin
by
yes
buy
anything,
they
would
hate
me
right
now.
I
wanted
to
take
baby
steps.
I
was
like
install
this
app
deposit,
some
money,
that's
just
sitting
in
your
checking
account
and
instead
of
it
sitting
in
your
checking
account
not
earning
you
any
money,
you
could
earn
6%
on
and
it's
just
all
just
digital
dollars.
A
Essentially,
and
that's
that's
all
it
is
so
they
didn't
have
anything
relative
risk.
They're
earning,
APR
and
I.
Think
that
has
such
major
potential
for,
like
just
normal
people.
They
don't
have
to
worry
about,
be
like
no
crypto,
it's
just
you're
holding
dollars.
Essentially
it
doesn't
even
matter
what
dollars
you're
holding
on
crypt
that
I'll
bombing
it
hold
true
USD
USD,
see,
there's
a
couple
other
ones,
but
I
would
love
to
see
EOS
DT
added
to
all
of
these
same
platforms
would
be
great
because
then
I
could
earn.
A
My
I
could
generate
them
for
my
es.
So
right
in
the
magical
scenario
here,
I
have
yo
staked
to
equilibrium.
I
generate
stable
coins.
Against
that
my
ear
set
still
staked
is
in
this
last
month
it
earned
over
6
percent
APR
and
then
I
have
all
this
other
year's
DT
that
I
just
generated
I
could
have
that
in
a
lending
platform.
That's
earning!
Who
knows
what
whatever
percentage
APR
that
is
I'm
just
all
about
that
passive
income
and
I
think
there's
a
lot
of
different
ways
to
play.
This
I
mean
with
your
system.
A
You
can
lever
it
up.
If
you
want
to
take
those
est
T's
and
buy
more
iou's
stake
Deus
into
the
contract
generate
more
USD
tune.
You
can
keep
doing
that.
But
you
add
risk
I,
don't
want
to
necessarily
add
more
risk
in
this
market
place,
but
but
I
do
like
opportunity
and
by
generating
those
yes
DT.
If
I
could
put
those
to
work
for
me,
I
would
love
to
have
that
opportunity.
So
I'm,
looking
forward
to
seeing
this
yeah.
B
C
A
B
Yeah,
hey.
Thank
you.
Thank
you
very
much
for
watching.
You
can
definitely
get
your
hands
on
experience
of
UST.
Calm
generate
some
USD
go,
try
some
eels
and
quite
soon
some
other
cryptocurrencies.
You
have
your
portfolios,
so
we're
will
be
constantly
improving
our
user
experience,
so
expectedly
you
will
enjoy
that
and
if
you
have
set
any
feedback,
feel
free
to
reach
out
to
us.
Share
your
feedback,
and
we
also,
we
always
always
listen
to
what
community
tells
us
to
tell
their
experience
and
how
we
can
improve
our.
A
Platform
I
would
just
like
to
plug
you
guys
do
these
AMAs
I
did
one
a
couple
months
ago.
You're
doing
these
AMAs
regularly
people
could
join
your
telegram
group
to
find
out
about
them.
Pray.
Follow
you
on
twitter
to
know
when
they're
coming
up,
you
guys
are
actually
paying
out
$100
any
OS
dt
for
the
best
question
for
all
of
these
AMAs.
So
it's
an
easy
way
to
make
money.
Just
have
a
good
question
for
the
guest
I
know
you
had
like
I
was
on
there.