►
Description
Lea, Lucas, and Martin from Centrifuge answer questions from the community about tokenizing real-world assets (RWA) and how the team plans to make RWA more accessible to traditional business and finance.
Centrifuge/Tinlake:
Website - https://centrifuge.io/
Website - https://tinlake.centrifuge.io/
Twitter - @centrifuge
LinkedIn - https://www.linkedin.com/company/centrifugehq/
Lea Schmitt:
LinkedIn - https://www.linkedin.com/in/lea-schmitt-3a17078a/
Twitter - @_schmitted
Forum - @_LS
Chat - @schmittlea
Lucas Vogelsang:
LinkedIn - https://www.linkedin.com/in/lucasvo/
Twitter - @lucasvo
Chat - @lucasvo
Forum - @spin
Website - lucasvo.com
Martin Quensel:
LinkedIn - https://www.linkedin.com/in/martinquensel/
Twitter - @mr_optimax
MakerDAO:
Chat - chat.makerdao.com
Forum - https://forum.makerdao.com/
Jerry Goldfarb:
LinkedIn - https://www.linkedin.com/in/jerry-g-188a8a210/
Twitter - @JellyProducer
Forum - https://forum.makerdao.com/u/jerryag/summary
Chat - @Jerry.G
*Disclaimer: This update is assembled by the MakerDAO community. This does and should not serve as financial advice or an inducement to vote in any specific way. This update is purely for informative and for communications purposes exclusively.*
A
Same
difference
but
well
sort
of
we'll
get
to
that.
For
those
of
you
who
don't
know
me,
I'm
jerry
from
the
content
production
core
unit
here
with
maker
dao,
and
we
have
will
reamer
as
well
with
us
he'll,
be
joining
in
as
well.
And
then,
if
you
guys
would
like
to
go
ahead
and
introduce
yourselves
a
little
bit
of
background
on
how
you
all
got
here
and
what
you
do
specifically.
B
B
Maybe
I
started
really
briefly
on
for
those
who
are
not
so
familiar
with
centrifuge
and
turn
lake
to
give
a
short
insurance,
then
we
can
dive
into
how
we
started
working
with
maker,
and
then
I've
heard
upfront
that
there
especially
some
interest
on
like
how
our
infrastructure
works.
So
we
can,
we
can
go
depending
on
the
questions
close
to.
We
can
go
as
technical
as
the
audience
wants.
B
B
We've
built
an
infrastructure
that
allows
basically
asset
originators
advanced
to
build,
to
create
an
on-chain
asset
fund
and
where
you
have
on
the
one
side,
the
asset
originated
to
tokenize
their
financial
assets
and
then
bundle
them
in
our
dap
called
tinley,
and
on
the
other
side,
you
have
investors
that
can
provide
liquidity
to
to
this
on-chain
fund.
Basically,
that
means
they
buy
a
share
in
that
underlying
collateral
pool.
The
way
it
works,
the
attenuate
pool
is,
is
usually
structured
in
two
risk
branches.
B
We
have
the
senior
challenge
the
which
is
represented
by
the
drop
token,
and
the
junior
transfers
is
represented
by
the
tin
token
and
yeah.
So
what
else
we
work
with
different
types
of
acid
originators,
so
we
work
with
new
silver
that
I
think
most
of
you
are
familiar
with
so
finances
real
world
real
estate
fix
and
flips.
We
also
work
with
companies
that
do
trade,
finance,
music,
royalties,
etc,
and
we
also
have-
or
we
work
with
different
types
of
investors
or
like
different
types
of
investors,
can
provide
liquidity
to
a
pool.
B
So
we
have
retail
investors
increasingly
also
institutional
investors,
but
we
also
the
way
tim
lake
is
set
up.
Is
that
it's
compatible
with
other
d5
protocols
as
well
so
and
if
you
think
of
d5
protocol,
you
probably
think
of
maker,
so
we
have
built
an
infrastructure
that
different
types
of
asset
originators
can
use
to
truly
tap
into
default
liquidity
and
as
well
as
the
segue
into
how
we,
how
we
all
ended
here
in
this
call.
B
So
a
couple
of
months
ago,
we
onboarded
our
first
partner
that
we
work
with,
which
is
no
silver,
so
they
were
the
first
ones
to
mint
real
world
assets
back
to
die,
and
so
that
was
a
couple
of
months
ago,
but
actually
the
work
started
way
way
before
a
couple
of
years
ago.
Actually
that
was
when
we
still
had
tsai
instead
of
multi-collateral
die.
I
think
maybe
lucas
can
also
share
a
little
bit
later,
but,
like
actually
first
brainstorms,
I
think,
happened
in
2018
with
the
dev
hub
team.
B
B
How
can
we
formalize
that
process
that
we
can
make
that
we
can
find
a
way
that
actually
real-world
assets
can
be
onboarded
in
a
scalable
way
and
also
replicable
way
to
expand
like
to
broaden
the
collateral
portfolio
of
of
maker
now
as
well
and
add
uncorrelated
assets
to
that
portfolio
and
throughout
that
process
will
and
also
sep
arrived
at
the
horizon
and
later
joined
by
phil?
So
then,
the
real
world
finance
core
unit
was
was
formed
and
we
had.
B
So,
even
though
we
we
on
board,
it
means
every
now
and
as
in
like
with
the
century
model
that
we
have,
it
will
be
continuously
adapted
and
improved
and
yeah
we're
really
excited
to
scale
variable
assets
in
in
mcd
with
everyone.
I
think
this
is
really
in
really
short.
I
don't
know
if
martin
and
lucas
want
to
add
something,
or
we
want
to
start
with
questions
or
will
wants
to
say
something.
B
C
D
D
I
think
that
maker
has
a
decentralized
line
of
funding,
also
to
other
products
back
in
the
day,
like
at
some
point,
dharma,
for
example,
someone
remembers
so,
and
that
was
all
before
even
trials
was
the
same,
but
both
they
are
always
thrilled
by
the
idea
of
also
decentralizing
success
to
financing
and
that
actually
doesn't
matter
what
size
or
their
businesses
have
paid.
It
would
have
access
to
money
and
funding.
A
Awesome
so
kind
of
segwaying
to
some
of
the
questions.
Some
of
the
we
got
some
really
good
responses
in
our
new
anonymous
question
box,
and
one
specifically
that
came
up
a
few
times
was:
how
do
you
select
these
real-world
assets
or
do
you
let
people
come
to
you
with
them?
How
does
how
does
that
process
work?
A
D
See
most
of
asset
originators
issue
as
they
approaching
us
with
ideas,
how
to
actually
kind
of
spin
up
a
pool
and
and
look
at
the
assets,
and
I
think
you
know
it's
a
permissions
protocol,
so
they
couldn't
do
it
themselves.
It's
just
you
know,
mostly
in
these
early
days,
they're
just
a
little
bit
more
centralized.
B
And
I
think
also
the
further
we
get
along
in
that
process
and,
for
example,
now
new
silver
being
onboarded
it.
It
makes
conversations
a
lot
easier
as
well
there's
just
this
huge
learning
process,
and
also
I
mean
ignorance-
has
been
in
that
process
for
two
years.
So
we
also
need
it's
a
little
bit
of
a
mix
of
like
having
also
acid
originators
that
are
willing
to
jump
through
all
of
these
hoops
but
yeah.
It's
definitely
an
interesting
ride
for
everyone.
A
D
Yeah,
I
do
not
want
to
go
in
every
detail.
Most
likely,
you
know
the
time
wouldn't
be
would
be
enough
really
to
get
through
that
in
detail.
So
it's
really
a
typical
due
diligence
process
providing
the
material
which
then
later
can
also
be
reused
by
the
reward,
finance
and
core
unit.
Really,
who
is
yes,
originator?
What
are
the
people
behind?
What
is
the
team?
What
is
the
history
and
the
track
record?
How
do
they
originate
the
assets
themselves?
What
is
their
due
diligence
process?
D
And
then
that
is
the
first
step.
You
know
kind
of
pre-checking
it
what
we
do
most
likely
in
this
process
already
discussing
with
them,
how
a
financial
structure
could
look
like
and
being
versatile
actually
for
those
assets
being
financed,
so
it
makes
commercial
sense
really
to
do
that,
and
I
think
that
is
most
likely,
something
that
you
can
do
in
a
few
days
and
then
from
there
the
in-depth
gems
is
really
kind
of
you
know,
starting
there,
you
look
at
the
counterparties,
the
borrowers
the
assets
themselves
get
an
idea.
D
Is
it
actually
also
something
we
really
want
to
finance?
I
just
also
kind
of
you
know
not
just
from
the
legal
perspective
or
the
the
risk,
but
also
with
the
nature
of
the
assets.
You
know,
that
is
something
I
personally
or
the
centrifuge
team
would
like
to
support
or
not.
So
we
also
just
rejected,
I
think,
a
few
asset
originators,
because
we
didn't
like
the
asset
I
wouldn't
like
to
to
get
deeper
here,
but
I
I
think
you
get
it
you
know.
D
So
we
are
actually
people
like
to
connect
our
name
to
and
kind
of
support
it
and
support
those
as
originators
when
they
then
along
the
process.
I
think
finally
also
approach
you
guys
for,
for
you
know,
opening
a
role,
a
line
of
line
of
credit,
but
it's
pretty
much
actually
the
same
process,
I
think
also
seth,
and
will
go
through
kind
of
preparing
that
and
kind
of
getting
it
in
line
and
kind
of.
D
Yeah
good
question:
so
hey
you're,
a
blockchain
project
freddie
might
like
you
guys,
you
know.
So
what
you're
building
is
an
ecosystem
and
the
the
company
centrifuge
is
just
you
know,
a
centralized
starting
point
into
that
decentralized
world.
So
we
do
not
want
to
build
a
traditional
company
with
a
traditional
revenue
model
which
makes
profits,
and
you
know
their
actually
gets
important.
D
So
we
believe
in
in
our
ecosystem,
which
we
are
building
here,
we
believe
in
phi
as
an
ecosystem
and
actually
cope
with
the
composability
of
those
ecosystems,
and
that,
actually
you
know,
the
value
we
generate
is
actually
helping
the
entire
defined
ecosystem,
including
you
know,
maker,
others,
building
the
different,
the
different
levels
of
of
the
new
financial
system
and
there
it's
again
purely
the
token.
You
know,
and
the
long-term
kind
of
you
know
growth
of
the
ecosystem
and
price
appreciation
of
the.
D
In
our
case
centrifuge
token,
that's
what
we
did
on
first
of
all
and
most
likely
as
a
as
a
company
already.
I
think
we
look
at
the
at
the
clg
orders
as
an
as
a
community,
of
course,
not
as
big
as
we
make
as
make
it
out.
But
of
course
we
go
in
in
a
very
similar
direction,
sharing
the
same
goals,
I
think,
building
a
new
financial
system
and
giving
power
to
the
token
holders.
D
You
you
mean
the
bills
are
centrifuged.
Yes,
yesterday
there
is
a
classic.
You
know
we
have
a
foundation,
the
foundation
is
selling
the
token
and
those
proceeds
will
be
used
to
fund
the
centrifuge
companies.
You
know
the
two
in
the
us
and
in
germany,
as
well
as
other
interested
projects
and
people,
there's
grants
etc,
and
I
think
that
we're
more
and
more
decentralized,
but
a
pretty
much.
You
know
common
funding
model
for
the
crypto
space.
I
think.
E
E
Do
you
think
it
would
be
something
where
the
lines
of
you're
going
to
help
small
businesses
have
the
ability
to
borrow
or
die
or
any
other
stable
coin
to
you
know
to
forego
the
ability
to
go
through
the
banking
system,
or
do
you
think
it's
endless,
so
I'm
just
trying
to
get
an
idea.
What
the
mission
statement
is
for
centrifuge.
If
you
can
just
give
me
that.
C
I
can
I
can
tell
you
what
what
our
mission
statement
is
and
then
maybe
I'll
give
a
bit
of
background,
but
so
that
so
our
our
actual
statement
reads
out
centrifuges
unlocking
economic
opportunity
for
all
by
connecting
people
to
borrow
and
lend
money
transparently
and
cost
effectively
free
of
rent
seeking
intermediaries
and
the
inefficiencies
of
traditional
finance,
a
lot
of
words,
but
maybe
what
what
it?
What
it
means
at
the
core
is
like
defy
and
sort
of
ethereum
and
crypto
is
at
the
core
of
all
of
these
trends.
C
Right
is
the
idea
that
you
can
do
create
open
networks
without
barriers
of
entries
with
transparency
and
therefore
sort
of,
I
think,
benefits
for
everybody
and
where
centrifuge,
where
we
see
this
as
like,
how
we
can
actually
provide
a
better
experience
for
both
borrowers
and
investors
to
invest
in
these
real
world
assets.
Is
I
mean
you?
E
C
C
C
It's
that,
like,
if
rates
are,
are
a
little
bit
lower
on
compound
than
they
are
on
ave
right
now,
then
it
takes
one
block
to
move
all
of
that
liquidity
over
and
you
suddenly
suddenly
even
out
the
market
again,
and
I
think
sort
of
this
extreme
liquidity
and
this
transparency
is
exactly
actually
what
gives
the
borrowers
better
terms.
What
gives
everyone
using
the
system
better
terms?
I
think
that's
sort
of
those
things
are
very
much
connected.
D
F
D
D
Thrilled
already
at
the
beginning
of
the
idea
of
maker,
I
think
you
know
the
only
really
decentralized
tablecoin,
which
I
believe
really
has
proven
that
it
works
right
now.
One
thing
I
really
like
this
maker
is
the
nature:
how
things
actually
get
collateralized
so
that
you
know
you
can
have
those
packed
stable
coins.
D
D
That
diet
could
be
long-term
stabilized
against
the
collaterals
and
could
have
an
exchange
rate
to
dollar
euro
whatever,
and
you
know
it's
just
a
matter
of
size
and
if
enough
people
are
using
diet,
it's
maybe
long
term
even
worthwhile
to
consider
giving
giving
usd
pack
up,
especially
if
you
know
whatever
happens
to
us
dollar
inflation
et
cetera,
then
kind
of
you
know
creating
different
packed,
stable
coin
system
in
parallel.
So
I'm
a
little
bit
personally
a
little
bit
hesitant.
You
know.
Even
if
I
like
the
idea
it
would
help
us
short
term.
D
I
think
a
lot
for
us
as
a
protocol.
You
know
there's
all
these
european
projects
suffering
a
little
bit,
because
there's
no
euro
nominated
stable
coin
on
scale-
and
just
you
know
forget
about
all
these
eurostable
points.
Actually
you
look
at
the
size,
etc.
So
that
would
help
a
lot
but
long
term.
I'm
actually
not
a
big
believer
personally
in
fiat,
packed
stable
points.
G
D
Exactly
that's
right,
you
know,
there's
a
growing
ecosystem.
Those
are
really
exactly
the
right
point.
You
know,
and
the
diet
is
not
just
considered,
as
kind
of
you
know,
a
unit
to
transfer
actually
value
on
on
chain,
but
really
used
as
a
payment
medium.
I
think
that
could
change
you
know,
especially,
and
that
is,
I
think,
where
using
vehicle
assets
is
a
very
important
first
step
for
also
the
maker
ecosystem.
Because,
hey
you
know,
we
see
that
already.
D
The
first
borough
is
actually
asking
for
for
being
paid
and
die
for
some
reasons
because
hey
they
don't
want
like
to
get
a
us
dollar,
then
they
need
to
you
know:
transfer
around
the
world.
Just
you
know,
take
diet
having
have
a
blockchain
transaction
to
move
from
one
wallet
to
the
other
on
one
address
to
the
other
and
then
exchange
it
basically
already
to
it.
When
you
need
it
to
a
local
currency,
then
you
know.
So
we
see
that
already
happening,
and
I
think
you
know
this
that
momentum.
D
G
G
C
In
this
case
to
say,
we
have
this
new
asset
originator
that
we'd
like
to
start
tokenizing
assets
from
and
we'd
like
to
add
to
this
pool.
Is
everyone
all
right?
This
is
how
they
this
is
how
they
work.
This
is
their
risk
profile
and
we'd
like
to
onboard
them,
and
this
actually
gives
benefits
for
everybody
involved
right,
because
you
you
now
diversify
from
the
risk
of
like
a
single
asset
originator,
because
now
you're
investing
in
the
same
asset
class,
but
across
different
companies.
C
It
makes
the
pools
bigger
because
there's
obviously
more
than
one
asset
originator,
you
can
add,
and
it
speeds
up,
as
I
mentioned,
the
the
onboarding
process
for
both
maker
and
and
and
us
as
well,
both
on
technical,
legal
and
process.
And
so
that's
that's
the
thing
I'm
most
excited
about
in
sort
of
how
we
change
a
bit,
how
we
will
structure
these
pools,
but
then
also
another
important
part
is
like
one
and
a
half
years
ago.
C
No
one
believed
that
you
could
do
real-world
assets
in
d5
I
mean
like
the
then
the
people
that
would
like
say
oh,
like
this
will
never
happen
or
this
so
hard
right
like
it
was
extremely
high
and
it's
something
I
think
that
we've
managed
to
change.
I
think
the
perception
a
bit
with
actually
doing
this
first
deployment
with
new
silver,
I
mean
the
community.
C
The
greater
defect
community
picked
this
up
hugely
positively
and
I
think
that's
like
it's
been
a
big
milestone,
and
so,
as
we
talk
to
asset
originators,
it's
also
an
important
milestone
for
them
to
see
because
well
like
no
one
wants
to
be
the
first
one
right.
So
we're
now,
like
sort
of
in
this
stage,
where
I
think
makers,
central
fusion
sort
of
defy
as
a
whole,
can
leapfrog
from
like
asset
classes
that
are
like
5
million
size
like
new
silver
today,
to
going
to
like
launching
pools
that
are
20
50
million
dollars
in
size.
D
Is
that,
of
course,
you
know
hey
in
the
early
days,
I
think
d5
was
working
for
crypto
first,
that
makes
total
sense.
Although
maker
was
fully
focusing
on
all
these
crypto
assets
and
for
real-world
assets
as
we
trying
to
onboard
them,
it
was
actually
kind
of
you
know
no
real
advantage.
So
if
someone
could
go
to
a
bank
and
get
credit
from
a
bank,
why
should
they
go
to
d5?
It
was
still
most
likely
a
more
clunky
process.
It's
not
really
cheaper.
You
get
something
which
you
then,
even
you
know.
D
D
That
is
a
process
you
know,
and
you
can
really
see
that
momentum
taking
off
and
that
those
very
first
pools
these
rather
small
pools
we're
talking
about
you're
already
attracting
other
bigger
players.
You
know
something
I
think
a
few
of
you
where
and
the
produce
monitor.
Last
week,
friday
are
saying
so
hey,
you
know
those
people
they
wouldn't
have
talked
to
us
like
12
months
ago.
You
know,
and
that
is
that
will
continue.
D
You
know,
even
if
we
look
at
now,
parties
like
a
fortuna
fight
also
monitor
to
some
extent
creating
something
like
easy's
new
intermediary
role
of
onboarding
asset
originators
through
to
the
to
the
centrifuge
protocol
and
and
spinning
our
pools
and
being
an
issuer,
and
that
is
something
we
can.
I
think
long
term
perfectly
tokenized,
I
think,
introduced
the
idea
already
a
year
ago
and
as
our
underwriter
token,
that
will
come
soon
they're.
E
D
Actually,
to
have
as
someone
providing
liquidity
to
a
single
aspirated
neighbor
or
to
a
single
borer,
because
you're
just
being
protected
by
on
top
of
token
economics
there,
the
risk
is
shared
with
other
token
voters
kind
of
you
know
investing
in
the
underwriter
token,
for
example,
et
cetera,
like
you're,
already
kind
of
protected
by
the
charging
you're
doing
right
now.
You
know
the
one
so
far
and
first
and
only
steph
we
did
so
far.
We
of
course
want
to
continue.
It
comes
to
decentralization,
is
just
decentralizing
the
entire
asset
management.
D
G
H
Yeah
sure
so
I
I
guess
I
mean
on
the
topic
of
growth,
I'm
just
curious
like
what
I'm
still
kind
of
familiarizing
myself
with
the
forums,
and
I
mean
some
of
the
the
real
world
assets
that
are
being
onboarded.
I
mean,
I
just
think
it's
really
exciting
stuff.
You
know,
and
of
course
these
are
decentralized
systems.
H
D
And
real-world
assets
I
can
try
to
address
it,
but
it's
an
open-ended
question.
Video
most
of
you
know
I
can
can
share
ideas
here,
but
do
I
really
have
an
answer
most
likely,
not
so
yeah?
I
think
look
as
you
mentioned
already.
You
know,
so
we
think
we
would
like
to
build
an
ecosystem
where
first,
I
think
you
know,
users
in
the
ecosystem
play
different
goals
and
helping
our
scale.
Like
you
know,
issuers
onboarding,
asset,
originators
and
growing
pools,
like
you
know,
for
tuna
flies,
the
7054s,
etc.
D
Then
there
is
that's
one
idea
and
token
economics
is
the
next
one.
I
really
I
really
like
the
idea
of
the
grant,
and
so
we
will
go
forward
here.
I'm
not
sure
if
it
makes
sense
really
to
combine
things.
Of
course,
we
are
completely
open
anyway.
Everything
what
we
are
doing
is
permissionless
open,
open
source.
So
you
know
all
our
code
is
open
source.
You
can
find
that
github
everyone
can
use
it.
You
are
not
even
a
gatekeeper,
it's
just
you
know.
D
If
you
would
like
to
spin
up
a
pool
and
kind
of
you
know
talk
with
centrifuge
as
a
team
and
ask
us
for
support
is
just
your
decision,
but
basically
everyone
can
do
that.
You
know,
and
if
it
comes
back
to
stable
points,
hey
the
protocol
is
open,
and
if
someone
wants
to
spin
up
a
pool,
it's
just
deploying
the
smart
contracts
on
its
own
and
then
deciding
that
another
dc-20
token
should
be
used
to
fund
it
hey,
you
know,
so
what
it's
an
open
permissions
network
and
everyone
can
do
that.
D
B
Yeah,
I
think-
maybe
I
can
just
add
a
little
bit
on
that.
I
think
overall,
like
maker,
does
already
a
really
good
job
of
documenting
things,
which
maybe
we
can
learn
a
bit
from
so
overall.
I
think
there
are
already
good
efforts
there.
What
we
experience,
but
that
also
is
changing
like
knight,
has
become
more
and
more
sophisticated
in
in
that
space.
But
there
is
some
leg
work
to
do
with
like
helping
them
also
working
with
the
dao.
I
mean
that
was
completely
new
to
us.
F
Yeah
sure
I
don't
know
whether
you
guys
can
you
hear
me,
okay,
I
I
may
have
a
bit
of
effect
on
noise
yeah.
We
we've
of
course
like
we
started.
In
the
same,
I
guess
with
the
same
kind
of
overrushing,
those
as
like,
like
centrifuge
with
that
you
know,
let's,
let's
try
to
get
something
excited
and
and
let's
refine
as
we
go,
and
I
think
I
think
we've
been
we've
been
learning
a
lot
from
that
process
ourselves.
F
Well,
maybe
you
know
the
authorizator
is
not
even
just
imagining
the
stage
of
maturity
where
they
can
already
be
in
that
stage,
and
it
was
respect.
So
I
guess,
like
I,
I've
learned
the
less
from
that
process.
Just
from
me
saying
like
okay,
I'm
I'm
not.
You
know
coming
from
originally
from
a
banking,
that's
not
like.
F
I
think,
on
the
major
side
to
say:
okay
they're
not
mature,
now
at
some
stage,
particularly
because,
if
that's
originated,
let's
work
with
them
along
that
journey,
and
let's
fight,
of
course
that
as
we
work
but
we're
not
going
to
go
and
say
straight
away,
say
you
can
already
fail
to
15
million
20
million
50
million
dollars
because
you're
not
that
they
say
just
material
because
you
were
they
said.
Maturity
like
some
of
those
requirements
that
you
provide
in
the
first
part
would
be
like
no-brainer.
F
You
would
be
straight
there
for
you,
so
that's
kind
of,
I
think,
there's
a
lot
of
adaptation
and
a
lot
of
like
learning
on
our
side,
and
I
think,
as
lucas
was
mentioning
earlier.
For
example,
we
had
a
bit
of
between
the
different
answer.
Originations
that
we
were
dealing
with
for
summerfire
has
been
one
of
them
where
they
already
have.
You
know
the
department
of
services
side
of
the
platform
that
already
originates
instead
of
birth,
and
they
have
that
process.
That
is,
you
know
quite
data-driven,
and
all
that.
F
So
it's
quite,
I
guess,
easier
to
get
some
of
the
information
from
from
them
to
scale,
for
example
comparing
to
other
originators,
and
that
might
be
also
like
just
a
matter
of
like
traffic
classes
right.
You
know
you
know,
but
there
are
some
exercises
in
the
in
the
polls
that
are
they're
a
little
bit
more
traditional
like.
F
Just
like
it's
a
relatively
new
industry,
so
when
it's
a
new
industry,
it's
already
starts
from
a
point
where
you
build
this
stuff
on
a
more
modern,
more
modern
framework.
So
so
you
can
actually
be
a
little
bit
more.
You
know
demanding
in
terms
of
the
framework
that
but
anyways
I
mean,
I
guess
long
story
short
you're,
really
learning
and
hiding
the
framework
around
all
of
the
stuff
alone
along
the
way-
and
I
think
now
things
are
gonna-
probably
start
becoming
more
and
more.
F
F
It's
really
a
matter
of
stage:
you
cannot
go
after
the
500
million,
you
know
ibms
rmds
funds
from
day
one
and
then
put
500
million.
You
know
warehouse
instructors
into
the
native
protocol
without
actually
bringing
out.
So
I
guess
the
community
alone
ever
that
you
would
have.
Actually
those
funds
are
out
there
for
that.
But
it's
just
not
in
the
stage.
H
I
I
mean,
I
guess,
maybe
just
shifting
gears
a
little
bit.
I
know
centrifuge
is
starting
to
work
with
akala
on
the
polka
dot
network.
Is
there
any-
and
this
might
be
a
little
bit-
technic
technically
naive
of
a
question,
but
is
there
anything
that
maker
can
do
or
do
you
anticipate
working
with
maker
through
the
polka
dot
ecosystem?
Somehow
or
or
is
that
kind
of
a
separate
growth
avenue
for.
C
So
so,
maybe
to
talk
a
bit
about
the
architecture
for
those
that
are
not
super
familiar
with
it.
So
we're
like
tin
lake
is
today
a
set
of
smart
contracts
on
ethereum
that
sort
of
manage
the
different
loans
manage
the
tokens
that
are
used
both
as
collateral
in
maker,
but
also
are
held
by
different
investors.
C
The
part
that
is
that
we
see
sort
of
in
the
long
run,
moving
to
to
polka
dot
and
to
to
our
dedicated
chain
is
the
piece
that
is
actually
the
infrastructure,
that's
used
by
the
asset
originators
to
underwrite
the
individual
loans
right
for
us.
For
us,
the
the
challenge
is
not
just
to
work
with
you
guys
and
other
d5
protocols
to
like
assess
the
risk
of
of
these
pools
overall,
but
also
for
the
asset
originators
to
like
get
some
idea
of
how
much
they
should
pay
in
interest.
C
But
the
risk
should
be
of
these
different
individual
loans
right
like,
for
example,
in
new
silver.
There
are
now
over
30
different
properties
in
there
that
all
need
to
be
actually
underwritten
and
priced,
and-
and
so
that's-
that's
sort
of
the
part-
that's
happening
on
them
on
on
centrifuge
chain
in
in
the
future,
and
that's
where
sort
of
how
we
think
of
the
architecture
as
well
right,
like
the
acid
originators
use,
centrifuge
chain
to
create
these
pools
and
then
the
assets
the
collateral
can
move
either
to
a
maker
or
to
other
lending
protocols.
C
Other
chains
wherever
this
may
end
up.
So
that's
that's
a
bit
of
the
strategy
in
the
future.
I
think
I'm
for
now,
like
it's
very
early
right,
polka
dot's
not
live
yet,
and
our
our
focus
is
sort
of
to
keep
building
what
we
have
on
ethereum
and
and
scale
that,
as
we
sort
of
work
on
on
polka
dot
in
the
future.
D
And
honestly,
I
I
see
the
maker
role,
as
I
don't
know,
the
central
bank
of
d5
and,
of
course,
there
will
be
more
other,
also
decentralized
bidding
providers
that
will
be
more
sophisticated.
I
think
securitization
structures
in
the
future.
We
also
would
like
to
provide,
and
then
you
know,
building
it
on
our
chain,
which
is
just
you
know,
cheaper
to
use.
D
It
comes
to
computation
experience,
smart
contracts,
etc
and
still
being
secure
and
being
protected
by
the
system,
at
least
for
this
part
of
managing
those
those
underlying
assets
and
not
not
investing
in
the
pool
or
pricing
the
tokens
using
it
as
collateral.
But,
for
example,
so
pretty
much
like,
I
think
you
know
yeah
also.
D
I
think
everyone
else
is
looking
around
how
actually,
even
if
device
embedded
in
ethereum
side
chains
or
scaling
solutions
actually
around
ethereum
could
be
used
to
kind
of
you
know
at
least
kind
of
transfer
gas,
intense
costing
products
which
need
less
security
to
side
chains
or
something
like
pocket..
For
example.
That's
exactly
what
they're
doing
like
you
know
with
what
maker
is
considering
as
optimized,
etc.
D
So
and
I
think
the
core
value
transfer
their
motion,
security
will
still
happen
on
ethereum,
and
I
think
you
know
if
I'm
not
wrong
here-
the
decentral
bank,
the
backbone
I
see
maker
in
that
role
as
you
look
at
the
traditional
finance
world,
a
lot
of
banks
out
there,
but
only
a
few
central
banks
and
efi
is
a
single
system.
I
think
economy
and
ecosystem.
I
want
to
call
it
doesn't
need
more
than
a
single
central
bank.
D
A
D
D
That
build
is
mostly
complex
and
I'm
pretty
sure
it
will
be
a
different
protocol
that
will
not
not
be
centrifuged,
you
know,
maybe
then
they
tap
into
centrifuge
to
securitize
those
assets,
and
then
it
may
be
finally
ending
up
also
in
the
makerboard
all
possible,
and
I
would
like
it,
but
that
is
not
what
we
what
we
actually
look
at
you
know,
so
we
would
like
to
kind
of
most
likely
start
this
commercial
credit.
First,
that
is
working.
D
What
we
would
like
to
make
sure
that
the
system
is
working,
pretty
good
for
a
small
business
as
well
as
a
big
business,
and
then
the
small
fish
tax,
a
small
business
paying
today
either
no
credit
at
all
or
for
much
higher
price,
because
you
know
the
banks
aren't
able
to
process
him
and
help
them
that
that
is
going
away,
and
you
know
solve
that
issue
and
long
term.
I
think
what
you
believe
in
as
well,
and
that's
why
those
are
kind
of
focusing
more
on
supply
chain
rather
than
real
estate.
D
Honestly,
this
is
really
that
we
believe
how
things
are
produced
and
financed
today
is
very
ineffective.
You
know
so
the
idea
of
future
financing
that
is
just
still
somewhere
in
our
heads
and
we
are
so
nose
drilled
by
that
where
we
believe
long
term,
I
think
it
doesn't
make
sense.
If
you
you
know
we
have
this
nice
example.
I
think
sneakers.
If
you
have
the
cotton
and
then
the
shoe
laces
and
then
the
sneakers,
but
actually
what's
on
the
sneaker,
is
finally
about
financed
three
times.
D
You
know
so
financing
the
cotton,
the
fabric
production,
the
shoelaces
and
then
the
sneakers
on
top
it
just
doesn't
make
sense.
You
know
jose
the
only
one
who
gets
with
jerry
this
is
today
is.
Is
the
banks
not
just
because
of
you
know,
kind
of
you
know
the
the
interest
they
charge,
but
also
that
they
actually
charge
it
a
few
times
on
actually
the
same
sneakers?
You
know.
A
Makes
sense
I
we
are
at
the
top
of
the
hour,
so
I
would
like
to
give
anybody
in
the
audience
who
might
have
more
questions
or
a
question
an
opportunity
to
jump
in
if
they
haven't
already
or
brett.
If
you
have
another
question
as
well,
I
see
will
was
asking
in
the
chat
if
we
were
to
consider
tin
lake
as
a
platform.
What
would
be
the
applications
of
such
a
platform
for
real
world
assets,
thinking
of
traditional
aspects
of
securitization
like
legal
architectures,
servicer,
nodes,
liquidation,
nodes,
etc.
A
A
H
G
C
We
bundle
them
and
we
allow
people
to
get
sort
of
exposure
over
broad
portfolio
that
allows
us
to
actually
you.
You
now
have
the
ability
to
just
buy
part
of
the
part
of
farmland
not
having
to
pick
one
farm
that
you
like
and
then
make
someone's
the
one
on
sale
and
then
find,
and
when
you
want
to
sell
it,
you
need
to
actually
find
another
buyer
who
wants
to
buy
exactly
that
form
right.
So
that's
what
you
get
the
securitization.
So
in
a
way,
it's
solving
the
scalability
problem.
C
When
you
want
to
redeem
them,
and
so
there's
this.
This
there's
this
set
of
like
services
and
infrastructure
that
is
going
to
be.
This
is
built
around
this
that,
in
this,
in
a
very
similar
way
to
what
the
traditional
financial
system
has
today
with
servicers,
as
will
mentioned,
that
sort
of
take
over
in
case
there's
something
wrong
with
an
asset
and
try
to
liquidate
it
or
like
try
to
sort
of
make
sure
that
nothing
goes,
that
it's
it
managed
according
to
plan,
there's
underwriting
and
sort
of
the
junior
tranche.
C
D
They
don't
live
in
the
crypto
bubble,
unfortunately,
and
that's
where
we
need
to
comply
and
to
take
care
of,
but
nevertheless
you
know,
we
think
also,
you
know
opening
out
the
tradability
for
for
the
drug
tokens
to
be
used
as
a
collateral
would
help
you
know
so,
there's
one
of
those
steps.
Also,
you
would
like
to
focus
on
rather
short
term
there.
It's
not
you
know.
D
Currently
you
need
to
give
the
the
drop
tokens
basically
back
to
the
issuer
back
to
the
and
liquidated
this
way,
which
is
not
perfect,
but
as
soon
as
you
have
a
secondary
market,
you
could
basically
liquidate
them
as
other
crypto
tokens,
most
likely
not
with
the
same
liquidity,
but
at
least
much
faster
than
you
could
do
that
today.
You
know
so
those
things,
for
example,.
A
E
B
Not
yeah,
I'm
not
entirely
sure
what
to
share
on
the
collective
sorry,
but
I
think
what
I'm
really
excited
about
is.
I
don't
know
if
this
is
miserably
enough,
but
like
I'm
really
excited
that
we
have
what
lucas
mentioned
that
we're
like
diverging
into
this
or
like
we're.
Moving
on
to
this
onboarding
like
for
tuna
fi,
does
like
with
more
like
a
fun
structure
where
they
are
able
to
just
like
scale
a
lot
faster,
a
lot
easier.
B
D
B
D
Just
continue,
you
know,
especially,
do
I
think
the
nft
hype
went
through
a
couple
of
weather
weeks
ago.
I
guess
we
are
excited
about
this
use
case
as
well.
Of
course,
I'm
not
sure
it
really
makes
sense.
You
know
to
start
with
those
very
first
ideas
and
approaching
you
guys.
I
thought
at
least
I
believe
that
you
know,
maybe
I'm
wrong
frank
would
like
to
give
you
an
improvement
here
that
is
most
likely
the
wrong
collateral
for
the
time
being.
D
C
I
mean
one
one
really:
cool
pool
that
launch
recently's
branch,
which
is
which
is
the
emerging
markets
which
is
going
into
emerging
markets
right,
and
I
think
that's
that's
like
super
cool,
because
it's
obviously
also
a
very
big
part
of
maker.
I
think,
there's
a
big
big
community
in
south
america.
That's
using
dye,
just
sort
of
to
escape
inflation.
C
I
think
sort
of
by
actually
extending
credit
to
cut
to
fintechs
that
focus
on
sort
of
providing
better
access
to
finance
in
in
in
these
countries.
Right
now,
we're
not
just
actually
using
a
dye
as
a
store
of
value,
but
also
we
can
use
die
as
a
way
to
borrow
money,
and
I
think
that's
that's
really
cool
branch
launched
a
few
weeks
ago.
I
think
two
weeks
ago
and
they're
now
I
think
at
four
million
die.
C
F
B
We
just
get
started
to
give
them
the
first
wrap-up
of
how
the
dao
works
cool
but
yeah.
Overall,
I
think
we
haven't
touched
upon
that
topic
so
much,
and
it
has
come
up
in
like
private
messages
before
that,
like
some
people
also
had
questions
on
how
more
around
the
mechanics
of
tim
lake
how
it
works
like
how
how
it
works
from
an
investor
perspective
from
in
borah
perspective,
what
is
an
epoch,
etc.
So,
if
there's
more
questions
on
that
side,
I
think
we're
also
happy
to
like
have
another
session.
A
I
think
there
is-
and
I
believe
we
should
plan
that
we
haven't
scheduled
that
yet,
but
we
should
do
another
call
and
dive
a
little
more
into
that
yeah
frank's
excited
about
it,
yeah!
Well,
yeah.
On
that
note,
thank
you
all
so
much
for
this
and
look
out
for
the
next
one
for
sure
we'll
be
diving
a
little
more
into
the
development
side,
and
I
appreciate
all
of
your
time.
Thank
you
so
much
for
coming
today.
This
was
wonderful
and
thank
everybody
else
for
coming
as
well,
and
all
your
questions.