►
Description
The first of its kind, please join us for this three-part webinar series with Hyperledger member, ConsenSys. The series is focused on educating attendees on various use cases of Ethereum Mainnet and Hyperledger Besu. The series will go into detail on public mainnet deployments, and interoperability and security challenges to keep in mind. It will also cover DeFi and NFTs as well as recent technical developments.
Session 2: DeFi & DAO
Title: Deep Dive into the unprecedented DeFi Growth
Date : November 3 - Time zone: 8amPDT/11amEDT/5pmCEDT
Speaker:
• Liz Mathew, Head of Strategic Sales in US, ConsenSys
Description:
If Bitcoin proved a global digital store of value is possible, Ethereum proved that an entire decentralized financial (DeFi) ecosystem is inevitable. At first glance, you wouldn’t be at fault for mistaking the billions of dollars in financial activity through trading, borrowing, lending, options, and derivatives as sophisticated parallels to existing finance. But by spending a little time uncovering the DeFi ecosystem’s logic during this session, it will quickly become clear how an interweaving set of protocols and applications built on different assumptions of trust deliver powerful new patterns of creating and distributing value for communities.
-----
In the “Hyperledger In-depth: An hour with… .” series, Hyperledger members share learnings from their projects and try to answer all the hard questions about the pains of working with DLTs. It is not yet another webinar: participants will be encouraged to take part, come with prepared questions and voice opinions. Expect live demos and tutorials, stories from the battle field and hopefully some heated discussions. Let's get out of the zoom fatigue and engage to share experiences and build a stronger community.
----
Hyperledger – Open Source Blockchain Technologies
Hyperledger is an open source community focused on developing a suite of stable frameworks, tools and libraries for enterprise-grade blockchain deployments.
It serves as a neutral home for various distributed ledger frameworks including Hyperledger Besu, Fabric, Sawtooth, Indy, as well as tools like Hyperledger Avalon, Cactus and libraries like Hyperledger Aries, Ursa. Learn more about Hyperledger projects: https://www.hyperledger.org/use
Case Studies: https://www.hyperledger.org/learn/case-studies
Training & Certification: https://www.hyperledger.org/learn/training
Tutorials: https://www.hyperledger.org/use/tutorials
Webinars: https://www.hyperledger.org/learn/webinars
Events: https://www.hyperledger.org/events
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Learn about Hyperledger Membership: https://www.hyperledger.org/about/join
#Hyperledger #HyperledgerMember #Ethereum
A
Wonderful
good
morning,
good
afternoon,
good
evening,
everyone
as
you
all,
are
joining
us.
Thank
you
for
joining
us
today
for
the
second
part
of
the
three-part
series,
with
hyperledger
member
company
consensus
on
defy
and
dow.
Today,
I
am
very
excited
to
be
participating.
Listening
to
the
session
with
liz
matthews,
the
executive
director
of
consensus
and
clemenzwan
who's,
the
solution
architect
at
consensus
as
well
you'll,
be
hearing
from
them
for
the
rest
of
the
hour
and
we'll
also
have
some
q
a
time.
Today's
topic
is
defy
endow
in
a
deep
dive
into
the
unprecedented
deep
growth.
A
So
once
again
welcome
everyone.
Let's
go
through
a
couple
of
housekeeping
first
of
all
here
at
hyperledger.
All
are
welcome,
so
please
do
abide
by
our
our
requirements
to
be
nice
to
one
another
and
create
a
safe
and
welcoming
community
for
all
there's
some
additional
housekeeping
rules.
I'd
like
to
take
you
through
the
anti-trust
policy,
all
linux
foundation,
hyperledger
meetings
that
involve
participation
by
competitors.
A
We
do
want
to
conduct
this
under
the
antitrust
and
competition
laws.
If
you
have
any
questions,
please
go
ahead
and
ask
me
during
the
event,
via
direct
message.
If
you
have
any
concerns
with
that,
the
session
is
being
recorded
so
and
they
will
be
available
in
our
resource,
webinar
library
as
well
as
youtube.
So
if
you
want
to
recatch
a
couple
of
things
that
the
panelists
speak
about,
please
feel
free
or
share
with
others
and
also
will
be
providing
the
slide
download
in
the
webinar
listings,
as
well
as
the
youtube
library.
A
So
a
couple
other
things
please
stay
active
and
get
the
most
out
of
it.
Use
the
zoom
features,
there's
a
raised
hand
feature.
If
you
have
any
questions
and
you
want
to
speak
up,
we
can
unmute
you
when
the
questionnaire
answer
period
comes
up
and
we're
happy
to
allow
your
voice
question
to
come
through.
If
you
prefer
to
ask
questions
via
the
q,
a
you
know,
go
ahead
and
answer
your
your
question
into
the
chat
at
any
time.
A
A
This
is
one
of
my
first
in-person
events
that
I'm
at
and
I'm
very
excited
for
those
of
you
who
don't
know
me.
My
name
is
daniela
barbossa.
I
am
the
general
manager
of
of
hyperledger
foundation
and
sorry,
let
me
try
that
again.
I'm
the
executive
director
of
the
hyperledger
foundation,
I
also
serve
as
the
general
manager
for
blockchain
healthcare
and
identity,
so
I
recently
took
over
as
the
executive
director
for
hyperledger
I've
been
here
with
hyperledger
foundation
for
the
last
four
years.
A
It
used
to
be
called
pantheon
with
the
pegasus
team
and
now
is
part
of
the
hyperledger
community
and
one
of
of
one
of
the
great
projects
that
we
have
here.
So
once
again,
you
know
the
hyperledger
community
has
been
working
very
closely
with
the
ethereum
ecosystem,
the
ethereum
enterprise
alliance,
as
well,
the
ethereum
foundation
and,
over
the
last
two
years,
with
consensus
as
a
board
member
as
a
premier
member
to
hyperledger
and
really
you
know,
committing
lots
of
resources
and
great
community
efforts
around
hyperledger
basu.
A
C
C
B
So
I'll
do
the
first
half
here
the
intro
to
this
is
about
defy
endows
and
what
we
want
to
emphasize
is
decentralized
finance
or
defy
is
really
growing
up.
It
is
no
longer
just
copying
traditional
financial
products,
there's
not
just
a
re-skinning
or
re-digitization
of
financial
products,
but
because
of
its
composability
and
interweaving
of
all
of
these
protocols.
There's
a
lot
of
powerful
new
patterns
that
are
really
being
created
around
these
communities,
and
so,
let's
just
jump
into
it.
B
So
you
can
create
very
interesting
things
like
flash
loans
where
one
event,
so
one
transaction
calls
a
lot
of
other
smart
contracts
to
create
a
maker,
dow
collateral
deposit
contract
and
then
do
a
lot
of
other
aspects
of
borrowing
and
lending
before
it
comes
back
and
repays
that
flash
flow,
and
so
with
this
you're
really
adding
in
new
financial
primitives.
It's
imagine
a
bank,
that's
able
to
do
a
structured
product
and
code
in
that
structured
product
and
deploy
it
very
quickly.
It's
it's!
B
No
longer,
you
know
limited
by
the
legal
team
and
by
the
structuring
team
and
by
all
these
other
aspects,
it's
really
just
the
coders
being
able
to
create
a
new
company
fork,
some
over
some
open
source
code
and
do
some
audits
and
then
launch
a
basically
crypto
hedge
fund
or
or
kind
of
new
token
primitive
within
months
rather
than
around.
All
of
this
other
overhead,
for
example,
and
so
the
patterns
that
we've
seen
is
around
lending
and
borrowing.
So
once
you
have
stable
coins,
you
can
start
to
lend
and
borrow
them.
B
B
A
lot
of
that
is
reduced
into
a
blockchain
protocol,
which
is
also
non-profit
but
also
into
the
d5
infrastructure.
That's
out
there!
So
imagine
you
know.
I've
worked
for
a
bank
where
I
had
to
have
a
separate
computer
and
we
used
to
have
desktops
under
the
computer,
and
then
it
became
a
thin
client,
where
my
desktop
was
just
you.
A
B
The
reduced
time
to
market
for
an
idea
such
as
a
decentralized
asset
management
protocol,
can
just
be
forked
off
of
existing
code
and
also
the
number
of
intermediaries
that
are
providing
that
connection
between
the
issuer
and
the
investors
are
now
shortened.
People
can
just
pretty
much
purchase
different
tokens
and
swap
between
those
tokens.
B
B
So
what
you
see
on
the
left
here
is
the
actual
nft
that
you
receive
for
purchasing
a
spread
for
being
a
liquidity
provider,
and
what
this
means
is
it's
attracting
this
software-based
liquidity
provider,
where
you
can
run
apis
to
change
and
get
in
and
out
of
positions,
and
that's
super
powerful,
because
now
there's
reduced
barrier
of
entry
and
you
really
get
less
sophisticated
liquidity
providers.
I
mean
I'm
a
liquidy
provider,
I'm
market
making
and
I
don't
have
any
licenses.
B
I
just
have
a
few
tokens,
but
you
can
pretty
much
purchase
these
nfts
and
use
them
to
redeem
for
other
types
of
tokens,
and
I
want
to
mention
that
this
isn't
just
open
banking,
api
access.
I've
been
to
multiple
sibos
in
the
past
and
people
say
well,
what's
the
difference
between
open
banking
api
and
defy,
and
I
think
that
the
composability
of
these
smart
contract
calls
really
can't
be
beat
by
you
know:
a
single
bank
providing
access
to
their
funds
and
their
limited
resources.
B
This
is
more
about
an
entire
ecosystem
where
all
of
it
is
open
and
all
of
it
can
be
expanded
upon
from
the
coding
side,
from
it
being
open
source
and
then
from
existing
deployed
contracts,
where
you
can
cascade
multiple
events
together
and
feel
free
to
look
through.
You
know,
coin
market
cap
or
do
analytics
or
d5
pulse
or
any
of
these
to
see
kind
of
the
market
opportunity
out
there.
It's
kind
of
growing,
quite
significantly
the
I
have
a
few
more
minutes.
The
last
thing
I
want
to
bring
up
are
daos.
B
These
are
decentralized
autonomous
organizations,
and
I
really
think
that
this
is
the
next
phase
of
where
this
is
going.
The
dao
landscape
is
already
quite
expansive
and
kind
of
the
history
of
where
we've
seen
you
know.
The
one
of
the
earliest
dows
was
with
the
slokket
dao,
and
this
was
the
creation
kind
of
the
initial
view
of
an
ico
more
or
less
right.
B
All
this
has
expanded
in
the
past
three
years.
I
would
say
you
know,
starting
with
maker
dow,
with
dye
as
a
stable
coin,
then
with
comp
and
uni
swap
creating
pools
and
all
of
these
other
patterns,
then
with
the
nft
craze
in
the
past
year,
or
so.
I
think
the
arts
games
sports
general
consumer
world
tying
it
to
the
physical
world
a
lot
of
these
digital
twin
ideas.
B
This
has
come
around
as
the
phase
afterwards
and
now
it's
kind
of
gone
back
into
doubts,
so
a
lot
of
dows
are
starting
to
form
where
they
do
have
very
large
bank
accounts
right.
These
are
a
decentralized
autonomous
organization
is
basically
a
group
that
has
a
shared
treasury
that
uses
smart
contracts
for
voting
on
corporate
actions
of
that
shared
treasury.
They
issue
membership
tokens
once
you
join,
you
join
some
discord
or
you
know,
chat
on
discourse
and
start
to
vote
on
different
proposals,
and
you
figure
out
how
to
spend
that
money
and
with
that
money.
B
Sometimes
you
create
a
portfolio
of
assets.
There's
flamingo
dow,
for
example,
that
has
a
large
fund
that
purchases
different
nfts
and
then
you
do
different
types
of
governance
voting.
The
next
step
of
that
is
likely
linking
to
llcs
or
corporations
and
then,
hopefully,
in
the
future,
you'll
see
dows
that
are
in
tandem.
So,
as
you
have
a
website
today,
with
a
domain,
a
dns,
you
will
likely
have
an
ens
that
points
to
a
dao
and
points
to
treasury
and
different
types
of
allocations.
C
Thanks
clemens,
if
I
could
just
take
a
temperature
check
to
see
among
the
audience
how
many
have
used
a
metamask
wallet
and
just
to
get
a
gauge
on
how
familiar
you
are
with
d5
yeah,
you
can
raise
your
hand.
I
I
think
I
just
saw
one
okay,
no,
okay,
great!
That's
a
good
number!
Brilliant
wow!
That's
a
okay!.
C
So
yeah
thank
thank
you
clements
for
that
other
context
and
sort
of
setting
the
stage
for
really
what
we
see
in
terms
of
industry
trends
in
d5.
I'm
going
to
just
take
that
information
at
the
macro
level
and
dive
a
little
more
micro
to
discuss
what
consensus
is
doing
in
the
space.
So,
as
as
many
of
you
may
know,
consensus
looks
at
itself
as
a
participant
in
the
ethereum
ecosystem.
C
We
have
a
strategy
to
enable
developers
to
build
useful
things
on
top
of
the
ethereum
and
ethereum
adjacent
ecosystem,
and
that
toolkit
looks
like
in
fura
and
diligence,
truffle
and
and
and
metamask.
So
there's
a
host
of
tools
that
help
developers
both
on
the
web
3,
as
well
as
the
enterprise
side,
add
useful
things
to
the
ecosystem
on
the
top
right
is
what
we
consider
our
user
access,
which
so
far
has
been
predominantly
retail.
So
metamask,
as
you
are
many
of
you
are
aware-
has
10
monthly,
10
million
monthly
active
users.
C
And
so,
as
many
of
you
are
aware,
web
3
and
access
to
d5
is
still
cumbersome.
You
may
use
a
self-custodial
wallet
such
as
metamask
on
the
mo
on
the
organizational
front.
What
we
found
is
that
users
tend
to
move
assets
from
a
custodial
wallet
to
then
a
hardware
device
to
then
a
metamask
wallet
to
access
defy,
and
this
is
cumbersome.
It
has
operational
risk
and
time
consuming,
and
so
we've
looked
at
this
quite
closely
and
we've
seen
how
the
space
is
getting
more
institutionalized.
C
And
on
the
back
of
that
earlier
this
year
we
developed
a
platform
called
metamask
institutional,
which
is
really
an
sdk
and
an
api
built
on
top
of
the
metamask
retail
wallet.
So
we
went
from
an
orange
box
to
a
blue
fox
which
addresses
fundamentally
three
user
needs.
One
is
first
and
foremost
the
broadest
most
unrivaled
access
to
d5.
We
have
so
so
one
one
metric
that
we
look
at
quite
closely
is
the
monthly
active
users
on
on
metamask.
C
But
the
other
thing
that
I'd
like
to
highlight
is
that,
over
the
last
12
months,
we've
moved
from.
You
know:
access
to
cryptocurrencies
to
really
looking
at
17
000,
an
exponentially
growing
number
of
d5
protocols
that
really
have
all
kinds
of
different
financial
primitives.
Some
look
a
lot
like
what
we
have
in
traditional
capital
markets,
but
many
are
very
novel
ways
at
looking
at
financial
engineering,
and
so
we
want
to
be
able
to
provide
that
the
broadest
access
to
these
financial
primitives
through
metamask.
C
C
The
second
is
providing
a
custody
agnostic,
but
yes,
but
yet
a
custodial
access
to
this
asset
class
and-
and
thirdly-
and
I
mentioned
this
briefly
earlier-
is
really
thinking
about
the
the
frequent
d5
participant
you
know
for
a
fund
that
is
looking
at
multiple
trades
a
day.
Sometimes
this
process
can
be
operationally
inefficient,
so
we're
taking
a
multi-step
process
down
to
something
far
more
streamlined.
C
And
so
in
terms
of
what
we
have
built,
you
know
we,
you
know:
we've
we've
seen
capital
allocation
stacks
that
address
really
an
end-to-end
life
cycle
management
across
various
asset
classes.
The
institutional
requirements
are
no
different
for
for
for
crypto
as
an
asset
class,
and
we
really
look
at
this
in
terms
of
six
buckets
of
the
six.
I
do
in
the
interest
of
time
want
to
highlight
just
a
couple
of
things
that
we
found
to
be
incredibly
well
received
by
the
industry.
So
far,
one
is
our
compliance
capability.
C
So,
and
this
is
a
solution
we
built
in-house
the
ability
to
be
able
to
query
the
health
of
a
liquidity
pool
as
it
pertains
to
access
to
d5.
So
we
have
the
ability
to
query
all
the
addresses
that
go
in
and
out
of
a
d5
pool,
taking
into
account
all
the
different
stops.
That
may
happen
along
the
way
as
we
source
liquidity
in
d5,
and
this
is
fundamentally
different
to
a
traditional
style
of
compliance
when
you're
looking
at
just
a
to
b
risk.
C
C
Secondly,
I'd
like
to
highlight
our
capability,
and
so
this
is
a
financial,
primitive,
that's
available
on
the
platform
itself,
where
you
know
taking
into
account
the
more
institutional
execution
requirements
you,
you
will
notice
that
swap
fees
go
from
87
basis
points
in
the
retail
wallet
to
five
for
for
the
mmi
platform.
But
what
we've
find
particularly
interesting
here
is
the
ability
to
execute
across
all
decentralized
exchanges,
look
looking
for
the
best
liquidity
across
d5
and
so
in
combination
of
best
execution
through
swaps
and
the
compliance
features.
C
We
have
at
the
platform
level
and
also
you
know,
can
also
report
that
we
are
in
discussions
with
other
custody
partners
to
increase
the
the
breadth
of
custody
solutions
available
for
organizations
on
the
platform,
and
so
I
will
just
end
by
saying
that
you
know,
as
as
as
someone
that
was
formally
in
traditional
capital
markets.
I
see
this
really
exciting
rewriting
of
of
of
of
tradify,
as
we
know
it.
C
You
know
in
a
in
a
in
a
scale
that
really
could
not
have
been
achieved
by
one
particular
organization
on
their
own.
It
really
talks
to
some
of
the
boundless
innovation
that
we're
seeing
getting
built
on
top
of
our
wallet
today,
and
so
just
you
know
going
down
the
stack
thinking
about
custodial
access.
C
You
know
again
extremely
concentrated
market
of
today
to
then,
now
being
you
know,
custody
solutions
being
provided
by
both
regulated
qualified
custodians
as
well
as
custody,
tech
providers
and
so
really
down
the
stack
thinking
about
just
at
a
fundamental
level
how
things
of
value
get
cleared
and
settled.
We
are
moving
from
a
framework
of
of
csds
and
fmis
to
thinking
about
a
cryptographically,
secure
execution
and
consensus
layer.
A
And
great,
as
a
reminder,
there
is
three
different
ways
you
can
ask
your
questions.
Number
one.
You
can
raise
your
hand
and
I
see
drew
tucker,
has
his
hand
raised
so
we'll
get
to
him
next.
You
can
also
put
your
questions
into
the
q,
a
box
and
just
use
the
zoom
features
for
that
or
go
ahead
and
add
in
chat
and
we'll
be
able
to
answer
those
all
right.
So
oh
drew
did
not
have
a
question,
he
put
his
hand
down,
or
maybe
you
answered
it
already
great
any
other.
C
B
You
know
the
network
is
being
overutilized
and
so
that
people
are
looking
at
different
l2
solutions
for
deployment
and
new
liquidity
pools
are
forming
around
these
areas.
I
also
think
that
you
know
the
liquidity
pools
themselves
will
likely
be
contributed
by
institutions
at
some
point
and
hopefully
that
will
be
connected
together
by
all
of
this.
C
Yeah,
I
could
I
can
attempt
to
answer
that
so
right.
So
there's
when
you
talk
of
transaction,
I
mean
there's
this
transaction
at
the
protocol
layer
and
you
know,
there's
there's
questions
of
settlement
finality
and
that
is
definitely
being
improved
as
we
go
from
a
proof
of
work
to
a
proof-of-stake
mechanism.
C
I
can
also
answer
this
from
the
context
of
a
d5
transaction,
and
in
that
case
it
really
depends
on
the
the
consensus
mechanism
that
you've
agreed
on
ahead
of
time
with
your
custodial
partner.
So
you
know,
as
you
know,
in
the
context
of
an
organization,
there
could
be
multiple
approvers
required
for
a
transaction
to
be
considered
executed.
C
C
C
I
see
a
question
from
palabaskar
asking
about
permissionless
and
permissioned
and
I
think
see,
there's
these
two
ways
to
look
and
I'm
going
to
take
the
liberty
of
saying,
there's
a
difference
between
private
and
not
and
public,
and
then
there's
a
difference
between
permissionless
and
permissioned,
and
so
you
know
so
so
going
from
a
private
network
to
a
public
one.
You
know
we
have
a
number
of
solutions
that
help
bridge
that
from
a
private
network
to
a
public
network.
C
Many
of
them
are
components
that
sit
on
top
of
our
our
new
business
line
core
on
blockchain
services
that
enable
that
bridge.
Now,
as
it
pertains
to
my
understanding
of
permissionless
and
permissioned,
I
think
of
this
in
the
context
of
the
requirement
to
have
ky
seed
liquidity
pools,
and
so
you
are
somewhat
onboarded
before
you
can
participate
in
a
permissioned
pool,
and-
and
in
that
case
you
know,
we
do
not
roll
this
out,
but
I
can
share
that.
C
We
are
talking
about
having
financial
primitives
on
mera
mosque,
institutional
that
help
you
literally
toggle
from
access
to
permissionless,
dexes
to
then
actual
access
to
only
permissioned
dexes
for
execution
and
similarly,
potentially
for
other
financial
primitives.
So,
yes,
we
are
thinking
about
making
it
as
as
streamlined
as
possible
to
toggle
in
out
of
in
and
out
of
permissioned
pools
and
less
polls.
A
B
The
reason
why
you
are
a
validator
or
your
hosting
shared
infrastructure
is
because
you
have
incentivized
mechanisms
for
running.
You
know
mining
or
being
a
validator
or
staking,
and
so
that
kind
of
that
evolution
is
is
pretty
hard.
It's
hard
to
create
a
proof
of
stake
network,
for
example,
out
of
nowhere.
If
ethereum
or
bitcoin
started
off
as
a
proof
of
stake
network,
it
wouldn't
have
worked
out
right.
B
You
need
value
that
comes
from
proof
of
work
to
run
the
network,
any
other
layer
twos
that
are
connecting
to
ether
using
ether
using
erc20
fundraisers,
as
a
starting
point
have
to
have
that
value
before
they
can
have
a
token
floor
valuation
of
their
protocol.
Token,
for
example,
and
so
if
you
have
a
permission,
token
and
you've,
you've
removed
gas
and
there's
a
bunch
of
tokens
that
are
allocated
in
the
genesis
file
to
your.
You
know:
core
creators
and
that
kind
of
messes
up
the
economics
and
token
optics
of
it.
B
So
it's
hard
to
kind
of
just
say:
oh
well,
we
were
permission
at
work
and
now
we're
permissionless,
and
now
we
have
all
these
tokens.
And
now
we
have
a
faucet
and
all
these
things,
not
many
people
would
want
to
use
it
unless
there's
some
type
of
backing
of
it
or
some
way
to
fairly
evaluate
the
the
token
value.
C
I'm
going
to
read
the
question
from
wei
chong.
I
hope
I'm
pronouncing
your
name
right,
but
since
metamask
institutional
is
changing
from
the
orange
fox
to
the
blue
fox.
Does
that
mean
that
we
are
expecting
to
see
a
new
metamask
mobile,
app
version
that
traditional
institutions
can
white
label
for
their
institutional
investors?
C
C
A
C
C
A
C
So
it
drew,
could
you
clarify
what
you
mean
by
permissioned
chains
per
se?
Are
you
talking
about
quorum?
Are
you
talking
about
some
of
the
layer
twos,
because
the
way
my
mental
model
of
this
is
that
you
know
you,
you
are
going
to
require
to
host
these
nodes,
and
so
you
are
going
to
have
the
need
for
a
cloud
service
to
host
you
know,
and
and
and
usually
it
would
be
multi-region
multi
cloud
solutions
to
be
able
to
host
nodes
in
a
permissioned
chain.
So
I'm
I
don't
quite
understand.
A
A
C
Yeah
and
yeah,
and
most
of
the
layer
twos
I
see,
are
permissionless
and
therefore
you
know.
Yes,
you
there's
a
less
reliance
on
a
cloud
service
for
that.
But,
but
you
know
you're
still,
you
know
delegating
it
to
a
network
of
of
of
nodes
that
then
have
to
host
that
service.
But
I
I
yeah
it'd
be
interesting
to
see
that
we
are
speaking
to
certain
layer
tools
that
are
permissioned
and
be
interesting
to
see
how
they
are
approaching
this.
A
I
think
one
one
of
the
other
questions
eliz
that
came
over
from
youtube
right
and
it
says
how
does
hyperledger
you
know
it's
hyperledger.
How
does
this
type
of
ledger
vasu
deal
with
slow
speeds
and
high
transactions
of
f?
You
know,
maybe
you
can
address
some
of
that,
as
you
know,
because
I
think
it's
related
to
it's
kind
of
the
layer.
Two
approach
as
well.
C
Yeah,
so
no
it's
a
great
question,
so
the
so.
There
are
a
couple
of
scaling
solutions
that
we've
seen
develop
in
the
market
today.
Right
so
there's
there
are
side
chains,
there
are
layer
twos,
there
are
optimistic
roll-ups
there
are
zk
roll-ups
consensus
has
built
their
own
zk
roll
up,
and
you
know
we're
particularly
you
know
proud
of
this
because
of
the
way
they
address
both
scalability,
but
also
permissioning.
C
And
the
second
question
around
does
hyper
ledger
know:
eth
2.0
will
be
a
successful
transition.
Yeah
I
mean
I,
I
think
it
tough
to
predict
the
future,
but
I
think,
given
some
of
the
news
that
we
are
seeing
happen,
so
you
know
I
think,
last
month
they
you
know,
community
of
developers
were
able
to
run
successfully
the
devnet
environment
to
look
at
proof
of
work
and
proof
of
stake,
coexisting
and
being
able
to
you
know,
run
that
transition
is
extremely
encouraging.
C
A
C
Yeah
so
the
question
from
leonard
about
the
carbon
footprint
you
know,
so
I'm
obviously
I'm
not
an
esg
expert
by
any
means.
But
what
from
my
understanding
is
that,
as
we
move
from
a
proof
of
work
to
a
proof
of
stake
mechanism,
we
are
actually
achieving
a
99.95
energy
improvement
and
some
of
the
numbers.
I've
seen
point
to
the
fact
that
the
energy
consumed
by
a
node
running
for
a
day
is
equivalent
to
four
minutes
of
of
streaming
netflix.
A
Yeah,
I
mean
I'll,
add,
I
know,
there's
some
interesting
work
going
on
with
hyperledger
bay,
zoo,
specifically
on
like
nft
projects
like
palm
nft.
That
is
running.
You
know
beijing,
hyperledger
bezou
as
a
layer
two
and
for
you
know
a
lot
of
the
sustainability
environmental
concerns
that
a
lot
of
the
big
players
want
to
get
into
the
nfc
market,
but
do
as
well
so
I'll
find
a
link
and
put
that
into
the
chat.
C
And
addressing
shane's
question
as
the
d5
space
is
evolving
exponentially,
but
rad
phi
is
so
regulated.
I
wonder
your
views
on
how
the
last
will
catch
up
yeah.
So
I
think
I
mean
I
don't
think
the
d5
space
is
immune
to
regulations.
You
know
we
absolutely
welcome
additional
clarity
around
regulations.
C
I
think
the
existing
track
fight
construct
with
all
its
legacy
tech
has
become
extremely
concentrated
and
therefore
is
not
accessible
to
a
wider
audience,
be
it
retail
or
institutional,
and
so
you
know
we.
We
continue
to
work
closely
with
the
regulators
to
achieve
that
goal
of
you
know,
increased
access
and,
at
the
same
time
protecting
consumer
interests
and
marketplace
integrity.
C
So
you
know
I,
I
guess
the
question
is
less
about.
How
will
tradify
catch
up
it's
about.
You
know.
How
do
we
get?
You
know
more
regular
as
regulated
capital
is
moving
to
defy.
How
do
we
make
sure
that
we
have
the
right
tools
and
framework
to
make
sure
that
this
regulated
capital
can
still
comply
with
regulations
and
so
yeah?
C
I
hope
that
it
answers
your
question
and
I
know
there's
a
follow-up
on
there's
a
lot
of
uncertainty
on
the
legal
risks
in
innovating
within
d5
I
mean
we,
you
know
we
we're
taking
a
compliance
first
approach.
We
are
solving,
for.
I
know
your
counterparty's
kyt
framework
as
it
pertains
to
d5
we're
also
speaking
with
a
number
of
participants
to
solve
for
things
like
kyc
and
shared
an
identification
process.
You
know,
I
do
think
that,
as
we
look
at
next
year,.
A
C
I
know
there
was
a
question
in
the
chat
so
from
enrique
on
dows
for
collectibles
and
investments,
and
do
you
see
dows
for
investing
in
real
estate
or
nfts
representing
real
world
assets?
Yeah,
absolutely,
I
have
to
say
I'm
not.
You
know,
I
think
the
the
the
evolution
of
dao's
is
still
very
early.
We
often
get
asked
about.
C
How
can
we
connect
real
world
assets
to
daos
to
me
right
now,
dows
are
at
a
very
early
stage
of
evolution
where
they
really
represent
the
crypto
native
corporate,
as
you
know,
but
you
know
absolutely
from
a
technological
feasibility
standpoint.
There's
no
reason
why
a
real
estate
asset
isn't
represented
by
a
non-fungible
token,
given
real
estate
is
fundamentally
non-fungible,
and
I
know
that
there
have
been
a
couple
of
dowels
that
have
looked
to
address
that
and
I
would
just
I
wouldn't
be
surprised
to
just
see
more
of
that
happen.
Going
forward.
C
B
C
Crypto
as
an
asset
class,
and
by
that
really
we're
talking
about
centralized
exchanges
or
regulated
custodians
that
are
plugged
into
centralized
ways
to
buy
and
hold
crypto
assets
and
what's
happened
over
the
last
12
months,
is
that
you
know
d5.
Just
you
know,
and
so
decentralized
exchange
has
now
become
a
hundred
billion
dollar
asset
class.
C
And
what
we're
seeing
happen
is
that
even
the
most
early
adopters
of
crypto
as
an
asset
class
are
finding
that
you
know
the
the
access
to
d5.
So
so
I
have
to
you
know,
make
sure
that
you
appreciate
the
difference
here.
So
through
a
centralized
exchange,
you
can
buy
a
comp
token
or
navi
token,
but
you
can't
lend
or
borrow
or
stake
or
or
hedge
or
swap
these.
C
You
know
among
all
the
d5
protocols
through
a
centralized
exchange,
and
so
I
think
there
is
an
appreciation
for
just
the
far
richer
innovation
that's
happening
in
web
3.0.
We
are
speaking
with
a
number
of
web
2.0
players
that
are
both
you
know
in
the
crypto
space
and
out
to
think
about.
How
do
we
provide
that
connectivity?
C
I
think
there
are
some
things
that
still
need
to
be
solved
for,
like
the
user
experience
things
about
gas
fees
and
the
volatility
around
that
you
know
probability
of
execution,
so
there's
a
number
of
things
that
defy
as
an
industry
needs
to
solve
for
as
it
matures.
But
you
know
I'm
quite
optimistic
that
it's
only
going
to
get
better.
A
Great
any
additional
questions
please
go
ahead
and
put
them
in
the
chat
or
the
q
a
or
raise
your
hand
and
we'll
do
a
voice
chat.
I
do
have
a
you
know,
a
follow-up
question
to
your
comment
that
you
just
made
liz,
which
is
you
know
this
this
this
market
is
moving
very
fast
and
you
know
traditionally,
financial
services
don't
move
very
fast.
So
what
are
you
seeing?
You've
been
in
this
business
for
a
while?
What
are
you
seeing
is
different?
How
does
it
feel
different?
Just
some?
C
Yeah
no
thank
you
for
that
question.
I
think
it's
just
so
radically
different,
right
and
and
and
that
is
to
be
expected
right.
So
we
you
know
in
the
early
in
the
early
2000s
when
we
went
from
you
know
an
over-the-counter
style
execution
to
a
or
a
voice-based
execution
to
a
chat
based
one
or
a
digital
form
of
execution.
C
So
you
know,
you
see,
funds
central,
you
know,
exchanges,
custodians
trading
platforms,
all
try
to
you
know
fashion
something
proprietarily
built
to
manage
this
and-
and
you
know
it's
a
very
fragmented
market
today,
but
one
that
we
think
will
mature
in
the
short
run,
because
we
get
almost
five
funds
a
day,
calling
us
asking
us
for
a
industry-wide
solution
that
gives
them
access
to
d5
on
a
daily
basis.
At
this
point,.
A
I
think-
and
your
point
on
you
know
re-skilling.
You
know
especially
there's
a
lot
of
developers
in
our
community
as
well,
who
are
looking
to
you
know
to
make
sure
that
they
have
the
skills
needed
to
build
the
the
new,
the
new
infrastructure
going
forward.
Excellent,
there's
a
question
on
regulations.
If
you
want
to
take
that
one
very
quickly,
because
muhammad
had
asked
that
twice
and
then
we
can
go
ahead
and
wrap
it
up.
C
Yeah,
so
you
know
so
it's
I
would
say
all
the
regulators
are,
you
know
voicing
opinions
on
this.
I
mean
we
just
saw
the
guidance,
I
believe,
from
the
sec
out
last
week
on
stable
coins.
So
I
do
think
that
between
the
occ
and
the
cftc
and
the
the
sec
that
there
is
a
an
increased
engagement
from
all
the
regulators
in
understand,
trying
to
understand
this
place
and
trying
to
give
us
guidance.
A
All
right:
well,
I
think
that
wraps
it
up
for
today,
liz.
Thank
you
so
much
and
please
do
thank
clemens
as
well
when
he
joins.
I
think
it
was
a
fantastic
session
and
there's
you
know,
as
as
I
kind
of
lead
myself
into
there's
a
lot
of
opportunities,
specifically
here
at
hyperledger,
with
hyperledger
bay,
zoo,
there's,
a
lot
of
training
for
those
of
you
who
are
interested
in
you
know
developing
and
learning
more
about
bazoo.
A
There's
a
free
online
self-paced
course
that
you
can
take,
and
you
can
enroll
that
via
our
website.
So
the
community
is
very
open,
always
looking
for
new
developers,
users
and
contributors
as
well.
So
please
do
join
us
a
couple
of
other
things
upcoming
for
hyperledger.
We
will
be
doing
a
workshop
series
on
identity.
I
saw
a
question
in
the
chat
actually
about
identity,
it's
a
very
important
aspect
of
what
we're
building
and
what
we
need
to
do.
A
So
we
are
actually
we
have
some
projects
here
at
hyperledger
that
are
focused
on
digital
identity,
including
hyperledger,
aries,
hyperledger,
indie
and
ursa
as
well,
but
we'll
be
doing
some
workshops.
So
we
welcome
everyone
as
we
get
those
announced
to
join
us
for,
like
a
multi-hour,
deep
dive
for
developers
and
users
of
those
projects.
A
couple
other
upcoming
webinars.
We
have
two
member
webinars
that
are
coming
on
november
10th,
post
italiane
is
going
to
be
talking
about
identity,
the
path
to
ssi,
a
proposal
from
post
italiane.
A
What
the
identity
community
is
doing
in
europe
using
hyperledger
technologies
is
really
fantastic.
So
you
know
if
you're
interested
in
identity
do
come
in
and
watch
that
one
it
should
be
a
great
webinar
and
then
on
december.
First,
we'll
also
be
doing
a
webinar
from
splunk
talking
about
hyperledger
fabric
security
monitoring,
so
that
will
be
another
session
hands-on
session
as
well
from
hyperledger
member
splunk.
We
have
a
lot
of
content
available
from
our
global
forum,
which
happened
this
year
virtually
in
june.
A
So
please,
all
these
topics
were
addressed
and
many
more
and
please
do
find
the
sessions
on
the
youtube
channel,
and
let
us
know
what
you
think
by
leaving
some
comments,
lots
of
ways
to
get
involved
in
the
hyperledger
community.
You
can
send
us
emails,
you
can
go
to
our
wikis.
We
are
an
open
community.
Everyone
is
welcomed,
we're
here
to
build
a
strong
enterprise,
blockchain
community
across
multi
ecosystems.
So
please
do
join
us
liz.
If
somebody
wants
to
get
in
touch
with
you,
how
do
they
go
about
doing
that?.
C
A
All
right
well,
thank
you,
everyone
for
joining
us
liz.
Thank
you
for
putting
your
email
and
your
twitter.
Thank
you,
and
there
is
another
consensus.
The
third
part
of
the
consensus
series
on
ethereum
maynet
is
coming
with
joanna
powell
on
liar
two
and
nfts,
so
that
is
happening
as
well,
so
please
do
register
for
that,
or
actually,
if
you're
registered
for
this
one
you'll
get
notification
of
the
other
one
and
we
look
forward
to
seeing
everyone
there
great
have
a
great
day.
Everyone.
Thank
you
liz.
Thank
you.