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From YouTube: Asset Swaps for Miners - James Slazas
Description
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A
Hi
there
great
to
be
here,
yeah-
and
I
I
just
want
to
share
it's
really
just
a
more
of
a
a
quick
awareness
for
miners
that
what
what
dharma
capital
has
done
is
we've
we've
created
a
we
reference
is
basically
a
a
file
coin
asset
swap,
and
it
enables
miners
both
large
and
small,
to
be
able
to
gain
access
to
the
token
and
really
basically
avoid
some
of
the
very
extremely
high
lending
rates
in
in
and
and
borrowing
market,
and
just
a
very
quick,
quick
intro,
dharma
capital,
digital
asset
risk
management
advisors.
A
A
We
have
a
significant
asset
management
side
of
the
business,
but
we
also
look
to
create
different
kinds
of
innovative
financial
products
to
help
the
participants
either
hedge
out
their
risk
or
gain
access
like
this
to
to
different
assets,
just
to
make
sure
everybody
kind
of
knows
what
is
a
swap
really
all.
It
is,
is
a
a
derivative
contract
that
two
counter
parties
enter
into
and
they'll
exchange,
either
cash
flows
or
assets.
A
A
We
really
we
we
worked
with
with
protocol
labs
the
foundation
just
to
to
be
able
to
provide
this
kind
of
offering,
where
I
would
just
say
it's
a
it's
a
below
market
offering
just
to
encourage
more
growth
and
more
capacity,
and
so
I,
what
I
thought
I'd
do
is
is
really
just
give
call
it.
What
are
those
pertinent
terms?
What
is
you
know?
A
What
does
that
swap
look
like,
so
that
for
any
of
the
miners
that
out
there
that
are
are
interested,
this
may
be
an
option
to
to
help
them,
and,
and
so
typically,
what
that
that
swap
looks
like
is
it's
a
the
duration
is
six
months.
A
We
are
looking
at
extending
that
out
where
we
understand
that.
There's
some
some
issues
for
minor
sun,
on
being
able
to
carry
the
assets
for
a
longer
term
and
being
able
to
earn
more
more
tokens
and
and
so
that
over
that
six
month
period,
what
we
do
is
we
we
basically
use
a
a
reference
rate
to
get
to
what
is
our
dollar
value
of
the
swap?
A
Basically,
we
call
that
the
notional
amount
and
that
notional
amount
is
then
the
driver
for
us
to
figure
out
how
much
assets
are
we
putting
out
there
all
right,
so
we
may,
for
instance,
we
would
have
a
no
a
notion.
Let's
say
the
notional
amount
is
a
hundred
thousand
dollars
fairly
fairly
small
transaction
size,
and
what
we
do
is
we
offer
that
out?
We
offer
out,
let's
say
that,
5000
or
so
file
coin
and
against
a
certain
percentage
of
other
collateral.
A
That
collateral
either
be
usdc
ether,
bitcoin,
just
a
very
hyper
liquid
asset
that
we
can
then
take
on
and
and
essentially
what
we
do,
then
is
we
enter
into
this
swap
and
every
two
weeks
we
re
rebalance
so
similar
to
if
somebody's
ever
done
a
you
know,
collateral
alone.
This
is
the
same
idea.
Right
that
we're
always
making
sure
that
we're
in
balance
and
our
our
collateral
ranges
are
from
100
collateral
up
to
150
collateral.
A
So
again,
if
it
was
150,
it
would
just
be
a
hundred
thousand
in
foul
coin
versus
150
000
in
in
any
of
the
acceptable
collateral
side
of
things.
This
rebalancing
that
occurs
every
two
weeks.
A
Essentially,
what
we
do
is
we
take
those
assets
mark
to
market
them,
and
we
include
any
of
the
interest
cost
of
the
carry
to
be
able
to
then
have
that,
in
balance
the
the
idea
of
this
it
obviously
crypto
assets
move
a
lot
more
than
being
able
to
just
rebalance
every
every
two
weeks.
A
A
The
the
interest
rates
that
we
charge
again.
It
ranges
by.
Obviously,
if
we
have
more
collateral,
it's
more
security,
so
we
have
a
lower
rate.
The
the
interest
rates
are
essentially
rank
have
ranged
between
13
and,
I
believe,
up
to
27
again.
If
somebody
was
posting,
you
know
140
150
percent,
then
you
know
we're
obviously,
on
that
lower
lower
end
of
the
facility
there.
We
also
just
to
to
call
set
up
the
the
swap
facility.
A
We
we
charge
50
basis
points
and,
and
that's
basically
just
to
put
the
contract
in
place
and
and
then
have
an
ongoing
cadence.
You
know
for
for
the
swaps.
A
All
of
the
swaps
they
are
basically
the
documentation
is,
is
generated
and
referenced
off
of
an
is
the
master
agreement.
Isda
stands
for
the
international
swap
dealers
association
and
it's
essentially
it's
a
standardized
agreement
that
many
different
most
institutions
in
the
world
use
when
entering
into
a
straw.
A
So
it
all
we're
doing
is
obviously
changing
some
of
the
terms
or
the
underlying
asset
and
the
requirement
for
us
to
participate
with
a
minor
is
that
they're
a
eligible
contract
participant
it's
referenced
as
an
ecp,
and
this
is,
I
would
basically
just
say,
akin
to
being
an
accredited
investor.
It
is
a
little
bit
different,
but
it
essentially
is
to
say
here
is
a
an
understanding
of
of
investing
assets
as
well.
A
As
than
a
you
know,
a
dollar
of
net
net
worth
and
what
we
do
with
all
of
our
swap
transactions,
then,
is
that
they
go
through
a
what's
called
a
swap
data
repository.
We
use
the
the
cme,
which
is
a
very
large
exchange
in
the
us.
A
They
also
act
as
this
sdr
and
what
that
means
is
all
of
those
swaps
that
we
generate
go
through
them
and
then
those
get
funneled
into
our
regulator,
which
is
the
cftc
and
that
kind
of
gives
it
an
umbrella.
Really.
What
are
those
specific
areas
all
the
talks
earlier,
and
I
assume
that
after
after
this
are
really
are
parts
of
what
help
us
support,
how
much
file
coin
are
we
lending
out
to
each
of
the
miners?
A
So,
as
I
said
that
what
we
typically
do
is
we
enter
into
5
000
file
coin
swaps
at
a
time,
and-
and
we
may
do
that
with
a
counterparty
a
few
times.
A
Even
you
know
just
after
a
couple
days
and
the
idea
is
to
track
what
their
growth
rate
is,
what
their
capacity
is,
what
the
impact
of
us
giving
that
little
bit
of
tokens
to
then
continue
on
to
provide
them
that
type
of
service-
and
you
know
so
we're
just
looking
at
it.
As
do
we
see
a
them,
acting
as
a
a
good
actor
or
a
bad
actor
right.
A
If
it's
it's,
if
it's
essentially
us
lending
out
tokens
to
a
minor,
but
then
they
just
use
that
to
sell
in
the
open
market
that
doesn't
really
help
help
facilitate
what
our
support
within
the
community,
and
so
then
we
would
just
pull
it
back
and
obviously,
on
the
other
end
of
that,
those
those
good
actors.
That's
where
we
really
look
to
forge
a
great
relationship
to
to
figure
out.
How
can
we
help
support
more?
You
know
what
else
you
know.
What
else
can
we
do?
A
So
all
of
those
metrics
of
tracking
and
reputation
are
really
for
us.
We're
we're
looking
forward
to
more
on
that
more
and
more
of
those
two
to
be
able
to
support
our
decision
making
and
then
and
then
I
would
also
just
say
that,
as
we've
been
doing
this,
it's
been
great.
We've
we've
forged
a
bunch
of
new
relationships
with
existing
minors
and
and
and
understanding
what
is
their
business
model.
How
does
this
work,
and
and
and
what
kinds
of
risks
are
out
there?
I.
A
I
basically
had
my
first
in-person
meeting
in
the
last
six
months
yeah
two
days
ago
with
a
large
miner
who,
basically,
we
started
to
kick
around
the
idea
of
how
could
we,
hedge
out
gas
risk
for
for
them,
and
so
I
I
think
it's
you
know
it's
really
more
to
say
that
we're
just
trying
to
figure
out
of
how
do
we
help
at
least
one
eliminate
this
type
of
of
issue
for
the
miners,
or
at
least
reduce
that
and
and
obviously
reducing
the
volatility
of
what
that
cost
is
helps
them
run
their
business.
A
And
I
then
I
also
look
forward
to
you,
know
working
with
the
different
groups
to
to
really
encourage
what
I
would
call
just
a
a
small
minor
initiative
and
and
supporting
larger
miners
on
on
building
their
business.
A
So
and
if,
if
any
of
my
nurse
or
people
have
questions
on
this,
I
just
I
encourage
you
to
to
reach
out.
We
can
be
reached
at
info
at
dharma.capital
and
happy
to
go
through
any
of
those
things
for
you.