►
From YouTube: Community Collateral Onboarding Call: January 13, 2021
Description
Introduction: @juanjuan
Presentation 1 (0:00:48): xDAI
Agenda and Discussion:
https://forum.makerdao.com/t/collateral-onboarding-call-23-xdai-stake-wednesday-january-13th-18-00-utc/5910
Governance Forum:
https://forum.makerdao.com/
Disclaimer: These calls and the summaries are produced and hosted by MakerDAO community members. Content produced by the community are not the statements or views of the Maker Foundation.
A
A
Today,
I'm
joined
by
a
bunch
of
people
interested
by
maker
and
the
community
and
more
in
particularly,
we
have
the
xdi
team
very
interesting
project,
I'm
a
I'm
a
big
fan
of,
and
we
also
have
patricia
from
po
up
the
proof
of
attendance
protocol
that
is
joining
us
as
a
special
guest
and
he'll
be
describing
a
little
bit
more
his
own
project
afterwards,
as
well,
so
yeah
andrew
higger.
If
you
can.
B
C
Alright,
everybody,
I'm
andrew,
I
am
a
technical
writer
with
xdy,
so
mostly
involved
with
the
documentation,
some
technical
marketing,
as
well
as
just
creating
explainers,
for
some
of
the
things
that
we
offer
a
lot
of
our
projects
as
well.
So
I'm
going
to
be
just
running
through
a
quick
presentation
to
introduce
some
of
the
things
with
xdi,
I'm
sure
a
lot
of
you
are
already
familiar
with
xdy
for
those
of
you
who
aren't
I'll
just
run
through
kind
of
the
main
features
a
little
bit
of
the
history
behind
the
project.
D
C
C
The
x-die
network
is
an
evm-based
layer,
2
side
chain.
We
run
the
same
patch
set
as
ethereum
mainnet
and
what
makes
it
unique
is
that
it
is
a
stable
chain.
So
not
only
does
it
have
a
consensus
process
that
differs
from
ethereum
and
that
there
are
faster
blocks,
but
of
course
there
are
these
stable,
low-cost
transactions,
which
really
differentiates
it
from
other
side
chains
and
layer.
Two
solutions,
besides
being
a
network
x-die,
is
also
the
currency
of
the
network
and,
as
you
know,
it
is
created
from
dye.
C
So
without
dye
there
is
no
ex
die
currently.
Basically,
the
process
is
that
dye
is
locked
in
a
contract
and
it
is
then
minted
on
the
exti
chain
used
on
x,
die
and
if
we
want
to
bridge
it
back
to
ethereum,
we
use
the
bridge
to
then
move
it
back
onto
the
ethereum
main
net
and
it's
burned
on
the
xdi
chain.
B
Yeah,
so
it
means
that
the
the
network
is
fully
compatible
with
ethereum
mainnet
right.
So,
if
you
look
into
other
layer,
2
solutions,
sometimes
they're
taking
like
most
of
them,
are
taking
a
path
of
forking
ethereum
without
basically
contributing
back
right.
So
they're,
just
you
know,
usually
they're
taking
go
ethereum,
making
some
modifications
and
the
consensus-
and
you
know
start
to
add
op
codes
and
so
forth
right.
B
So
we
decided
to
have
a
path
where,
where
our
consensus
and
the
all
modifications
that
we
are
making
to
extine
are
also
contributed
to
two
core
ethereum
clients,
so
actually
supported
natively
without
any
like
additional,
like
commands
to
run
it
or
patch
sets
in
nethermind
and
open
ethereum,
which
are
two
core
ethereum
clients,
and
that's
what
we
meant
by
keeping
the
same
patch
set
level
as
ethereum
1.0
right.
So
ethereum
developers
can
be
sure
that
when
they're
using
xdi,
they
have
the
same
computational
environment.
B
B
So
external
will
be
also
supporting
this
brilliant
hard
fork,
and
you
know
clients
are
making
sure
that
xda
is
also
getting
called
these
updates
as
maintenance
and
as
far
as
I
know,
it's
the
only
proof
of
stake,
consensus
which
is
included
in
core
ethereum
clients
right.
So
there
are
some
poe
consensuses.
B
A
B
C
Yeah,
so
to
just
extrapolate
on
that,
when
you're
using
x
die,
you're
you're
using
die
in
the
same
amount,
so
right
now
the
die
locked
on
x,
die
is,
is
1.4
million
die
and
that
fluctuates
based
on
usage.
It's
been
up
and
down
so
a
little
bit
on
our
history.
As
I
mentioned,
we've
been
around
since
2018
xdi
first
came
about
at
east
berlin
and
the
idea
their
stable
coins
were
really
starting
to
come
on,
and
the
idea
was
to
bridge
a
stable
coin
to
create
a
stable
chain.
C
Within
a
couple
of
months,
we
had
released
the
first
version
at
devcon4
and
had
a
few
validators
that
came
on
at
that
point,
including
including
mariano
conti,
who
was
running
a
validator
and
the
reason
we
selected
dye.
As
igor
mentioned,
it
was
a
multi.
It
had
the
road
map
to
multicollateral
asset,
as
well
as
the
fact
that
it
was
algorithmically
stable
and
is
as
well
as
the
development
community
in
2019.
C
We
really
focused
on
events
that
was
kind
of
the
first
big
use
case
that
came
about
for
x,
die,
and
I
don't
know
if
how
many
of
you
were
at
east
denver,
2019
that
was
kind
of
the
coming
out
party
in
a
way
yeah.
So
you
know,
over
3
000
attendees
were
using
the
xdi
chain
to
purchase
food
at
food
trucks
and
to
navigate
the
conference
and
the
big
innovation.
There
was
the
burner
wallet
so
that
really
enabled
users
to
have
dye
in
their
pockets.
C
You
know
it
wasn't
a
securable
wallet.
The
keys
are
stored
on
on
local
storage,
but
it
was
perfect
for
pocket
money
and
for
that
kind
of
application
and
that
continued
throughout
2019
with
other
ethereum
events,
as
well
as
the
at
the
end
of
2019
splunk
who's,
a
company
that
we've
worked
with
quite
a
bit
used
a
modified
burner
wallet
at
their
conference.
C
That
was
pretty
amazing.
It
was
with
over
10
000
attendees,
who
had
never
really
used
crypto
before
so.
It's
kind
of
making
that
bridge
between
crypto
and
non-crypto
users,
2020,
we've
seen
a
ton
of
adoption.
One
of
the
major
things
that
we
pushed
out
this
year,
of
course,
was
the
stake.
Governance
token.
C
So
that's
used
for
staking
on
x-die.
It's
also.
We
started
using
it
for
stake-weighted
governance,
so
that
users
can
send,
you
know,
can
use
it
for
stake.
Weighted
voting.
We've
had
some
big
partnerships
this
year
with
gnosis
and
chain
link
and
a
ton
of
new
projects.
Patricio
is
one
example
who
will
be
speaking
a
little
bit
later
about
poap.
C
A
D
A
C
Okay
and
we'll
we'll
have
time
also
at
the
end,
for
any
questions
that
come
up
based
on
everything.
So
one
of
the
features
that
really
differentiates
xdi,
as
I
mentioned,
is
the
fact
that
it's
a
stable
chain,
so
this
enables
peer-to-peer
payments
that
was
really
the
first,
the
first
application
that
we
were
looking
at.
You
only
need
x-die
to
make
transactions
and
to
pay
for
gas,
and
it
also
creates
an
environment
where
there's
stable
payments
for
buyers
and
for
sellers
there's,
also
accurate
cost
planning
for
larger
projects.
C
So,
for
example,
it
kind
of
follows
that
aws
model
that
people
expect
that
projects
expect
where
you
know
how
much
things
are
going
to
cost
ahead
of
time.
It's
not
going
to
be
based
on
volatility
of
the
market,
so
you
can
plan
for
those
things
and
it's
allowed.
Applications
to
expand
to
x
dies
so
to
move
some
of
their
resource
intensive
operations
over
to
xdi.
C
This
is,
in
particular
with
daos,
for
example,
where
making
a
proposal
right
now
on
ethereum
and
voting
on
a
proposal
is
really
expensive,
so
that
limits
participation-
and
it
also
you
know,
makes
people
not
want
to
put
out
proposals.
So
if
they
can
move
that
governance
to
the
extinct
chain,
all
of
a
sudden,
it
makes
dao's
more
workable
right
now
because,
as
we
know,
many
things
on
ethereum
are
are
difficult
to
use
at
the
moment,
and
I
think
one
one
thing
that
really
sets
it
apart
too,
is
even
with
dye
on
on
mainnet
right
now.
C
A
B
B
So
this
mechanism
is
still
in
place,
but
also
we
are
working
on
what
we
call
a
transaction
prioritization
and
if
you
think
about
you,
know
open
internet
most
services
that
we're
using
on
databases
are
using
some
type
of
quality
of
service
prioritization
of
traffic.
So
we
are
also
working
on
the
same
thing
on
side
chains
that
validators
can
select
on
like
on
a
non-consensus
level.
They
can
select
a
priority
for
different
types
of
transactions,
so
we
have
some
some
examples.
B
How
this
priority
can
be
set,
for
example,
for
bridges,
that
bridges
or
consensus
itself
are
prioritized
over
other
types
of
transactions
and
what
we
expect
in
the
future
that
site
chains
will
get.
You
know
more
and
more
usage
and
we'll
see
increase
of
traffic
and
also
the
moose
law
is,
you
know,
still
in
place,
and
we
have
increase
in
computational
power
every
every
every
year
right.
B
So
this
two
things
will
follow
each
other
and
then
the
resources,
like
guests
will
will
be
used
mostly
for
prioritization
and
denial
of
service
prevention,
but
not
as
a
as
a
barrier
to
enter
the
smart
contract
world
right.
So
that's
what
we're
working
on
right
now.
So
that's
to
summarize
that
for
sure
more
adoption
will
can
drive.
This
mechanics
of
you
know
increasing
of
guest
price
per
transaction,
but
the
native
token
will
stay
stable
and
we
see
this
mechanic
used.
B
A
Am
but
er
exactly
is
like
a
sidechain
which
is
pos
instead
of
proof
of
work,
so
it's
proof
of
stake,
so
we
have
these
validators.
One
example
that
was
mentioned
was
the
one
from
mariano,
so
it's
cheaper
to
start
with
to
to
process
this
these
transactions,
and
something
that
I
find
really
cool.
That
patrice
explained
to
me
a
couple
months
ago,
is
that
my
address
in
ethereum
is
the
same
address
in
xdi.
B
C
C
C
This
year
we
also
added
the
omni
bridge,
which
has
really
extended
the
applications
available
on
xdi.
So
now
all
our
erc20
tokens
can
be
moved
from
ethereum
to
x,
die,
and
this
does.
This
is
a
permissionless
system
you
can
just
put
in
a
token
and
bridge
it
over
and
then
start
using
it
on
x,
die
right
now.
We're
finalizing
a
reverse
mechanism,
so
that
tokens
that
are
minted
on
on
the
x
die
chain
can
actually
be
moved
back
to
ethereum
we're
also
working
to
decentralize
that
bridge
as
well
with
the
same
kind
of
multi-sig.
C
A
little
bit
about
our
new
proof-of-stake
consensus,
it's
called
proof-of-stake
decentralized,
autonomous
organization
and,
as
igor
mentioned,
it's
implemented
in
solidity.
It's
a
dual
layered
consensus,
so
there
and
it's
actually
pluggable
on
the
protocol
level.
Right
now
we're
using
aura
and
in
the
future
we
may
integrate
honey,
badger
bft
as
well,
and,
as
I
mentioned,
this
has
actually
been
going
on
since
april
of
2020,
with
nominated
validators
and
they've
been
using
the
stake
to
protect
the
protocol,
and
now
we've
got
the
public
delegation
happening.
C
I
believe
we
have
135
delegates
at
the
moment
and
15
validators.
So
a
few
other
attributes
of
this
consensus.
It
features
on-chain
randomness
and
that's
actually
available
to
smart
contract
developers
as
well.
They
can
grab
that
directly
on
chain
and
through
the
governance
process,
things
can
be
changed
on
chain.
For
example,
we
just
had
a
community
vote
to
lower
the
amount
that
delegates
would
place.
Originally
it
was
1
000
steak
and
it's
been
lowered
now
to
200
steak
based
on
community
signals.
C
So,
as
far
as
the
steak
token,
as
I
mentioned,
it
was
released
last
year
in
april,
and
the
primary
function
is
for
protocol
protection
for
staking
for
validators
and
delegators
as
well
as
stake.
Weighted
voting,
and
one
interesting
feature
about
steak
is
that
it
doesn't
need
to
just
be
used
on
xdi
because
it
lives
on
ethereum.
It
can
be
bridged
to
other
chains
and
used
as
a
staking
token
in
that
capacity
as
well.
So
we
like
to
talk
about
multi-chain
staking
capacity
for
steak.
C
It's
not
just
limited
to
to
the
ex-die
chain,
just
a
few
numbers
here
with
steak.
The
total
supply
right
now
is
eight
point,
approximately
8.5
million
and
that
will
grow
on
an
annual
basis.
There
are
emissions,
that's
how
validators
and
delegators
are
rewarded,
there's
also
an
easy
staking
application
on
ethereum,
where
people
can
lock
their
stake
on
ethereum
and
that
serves
to
limit
the
supply
of
stake
right
now.
The
circulating
amount
is
3.7
million
and,
as
I
mentioned
in
easy
staking,
approximately
thirty
percent
of
of
steak
is
is
locked
right
now
in
easy
staking.
C
C
We
have
the
number
of
addresses
here,
and
this
is
a
little
bit
misleading,
because
there
are
also
contract
addresses
where
individuals
have
have
more
stake
locked
and
then
we
have
trading
on
centralized
exchanges
as
well
as
decentralized
uniswap
is
actually
the
most
used
exchange
for
steak.
Right
now-
and
I
think
you
can
see
these
numbers
here-
we've
got
a
over
5
million
in
liquidity
and
1.3
in
volume
per
day.
That
was
just
taken
yesterday.
So
again,
these
things
differ
day
to
day
any
questions.
B
Yeah
that's
right:
well,
they
have
to
provide
a
required
amount
of
staking
token
yeah.
The
system
is
open
for
for
open
participation
and
anyone
can
apply
as
a
as
a
candidate
and
with
enough
delegation
can
be
elected
into
a
staking
capo,
so
consensus
is,
is
built
using
staking
epochs
like
weekly
staking
caprocks
and
all
those
parameters
are
configurable,
and
this
is
a
good
part
of
having
consensus
and
solidity
that
all
these
modifications
are
tracked
on
chain.
B
So,
let's
say,
if
you
know
a
new
validator
is
added,
or
some
parameters
like
minimum
staking
amount
are
changed.
All
changes
are
on
chain
and
you
know
any
concern.
Third
party,
can,
you
know,
observe
those
changes,
so
there
is
no
nothing
like
you
know
core
developers
replacing
binaries
on
validators.
If
you
know
if
they
want
to
change
something
like
on
some
other
side
chains.
So
everything
has
is
a
strike
one
chain.
D
B
Yeah,
when
we,
when
we
launched
the
the
consensus
it
was
20
000
stake
tokens
required
that
we
put
into
the
like
initial
amount
and
then
that's
that's.
What
is
that
was
the
amount
for
now
right,
but
this
this
number
can
be
changed
by
by
signaling.
We
actually
we
plan
to
propose
to
lower
down
it
and
collect
this
feedback
from
from
the
community,
but
thanks.
B
You
know,
but
we
we
really
like,
with
the
with
the
current
situation,
that
we
have
right
now
that
you
know
we
had
the
idea
that
security
of
of
a
public
network
should
not
be
a
function
of
of
price
of
the
native
token
right.
So
that
was
the
idea,
because,
if
you
think
about
manners
taking
consensus,
they're
saying
you
know,
price
should
go
up,
because
if
prices
go
down,
we're
decreasing
security
of
this
underlying
proof
of
stake
system.
B
And
here
we
have
a
live
example
that
that's
not
the
case
like
not
always
the
case
right,
that
security
can
be
hidden
within
the
staking
consensus,
which
is,
if
we
think
in
terms
of
components.
It's
like
a
dap
right.
It's
a
depth
which
is
running
on
chain
with
some
specialized
users
of
this
dab,
and
there
is
a
much
more
funds
locked
in
this
dab.
B
I
think
on
next
day
is
like
five,
like
500,
almost
500
000
state
tokens
locked
in
this
dab
and
that's
much
more
than
the
amount
of
native
currency
issued
on
this
chain
right,
so
that
that's
that's
a
good
example
that
this
type
of
chains
are
possible,
and
you
know
the
other
security
paradigms
are
possible,
and
you
know
this.
I
I
I
can
say
that
you
know
it
doesn't
mean
that
it's
not
going
to
break
one
day
right.
B
B
B
D
B
You
remember
recently
it
was
an
attack
by
centralized
exchanges
when
they
they
used.
I
think
it
was
on
steam
right
and
they,
basically
you
know
I
I
will
not
give
my
opinion,
but
you
can
read
about
this
type
of
attack
and
open
internet.
However,
how
exchanges
with
large
amount
of
staked
coins
can
get
advantages
over?
B
Let's
say,
protocols,
right
yeah?
That
was
the
idea.
So
to
summarize,
the
maximum
api
that
the
protocol
can
produce
is
15
apr
from
from
all
stake
coins,
but
distribution
within
four
different
rows
is
different
and
based
on
on
game
theoretical
mechanisms
right
that
we
put
into
into
the
staking
consensus.
D
Thank
you.
I
was
curious
like
how
the
cost
is
for
for
using
the
bridge
between
the
two,
because,
like
obviously
huge
implications
for
for
paying
and
and
all
sorts
of
applications,
but
yeah.
I
was
curious
how
cheap
that
would
be
just
thinking
about
maker
dow
and
how
much
dye
we
end
up
sending
out
like
it's
a
pretty
huge
innovation.
If
the
bridge
is
cheap
to
use.
B
Well,
so
it's
hard
to
it's
hard
to
create
magic
on
the
ethereum
mainnet
right.
So
when
we
send
die
to
the
bridge,
it
cost
as
much
as
a
sending
die
to
another
account
right.
So,
but
bridges
are
white
listed
on
the
on
the
extra
side,
so
it
costs
zero
for,
while
data's
too,
to
send
to
basically
relay
on
another
side
the
the
exit
from
from
max
died
to
to
maine.
That
is,
is
paid
by
users
right.
So
that's
the
bridge
used
to
be
subsidized.
B
For
over
two
years
we
paid
hundreds
of
ether
to
just
to
growth,
this
adoption
of
of
extern
paid
for
for
users,
but
with
more
and
more
people
using
hex
die,
there
started
to
be
some
like
abuse
on
on
bridges
and
the
bridges
switched
to
self
transfer
mode
so
use
base.
Basically,
users
are
paying
for
exit
whenever
they
want
there
are.
There
are
several
options
for
fiat
on
ramp
and
this
can
skip.
B
This
can
skip
this
type
of
spending
for
users.
Well,
they
will
get
another
tax
on
on
on
getting
from
fiat
to
exti,
but
that's
possible
right,
so
dye
can
be,
can
be,
xdi
can
be
created
from
bridge
dye,
but
also
it
can
be
created
by
you
know,
someone
selling
hex
diet
directly,
and
this
can
be
cheaper
than
bridging
yeah
we're
looking
for
more
fiat
on
the
ramp
platforms,
one
more
option
that
we
actually
started
to
explore
recently.
B
You
know
because
dye
is
available
on
other
layer,
2
and
layer
1
solutions.
So
why
not
to
to
have
like
two
meters
for
one
native
coin?
So
just
imagine
we
have
die
on
ethereum
locked
in
the
bridge
and
also
we
have
from
another
side
chain,
and
we
can
use
two
bridges
basically,
two
meters
for,
for
one
native
token
right
and
the
users
can
select
to
which
network
they
want
to
exit,
and,
let's
say
in
the
ui,
it
can
be
like.
Okay,
you
want
to
exit
from
max
type.
B
You
want
to
pay,
I
don't
know
20
fee
to
exit
the
mainnet
or
I
don't
want
to
promote
any
other
side
chains
like
less
okay,
less
fees
to
exit
to
binance
smart
chain,
for
example,
right
which
is
one
of
our
main
competitors,
but
also
they
have
a
great
off
ramp
right.
So
on
on
on
on
binance
matching,
you
can
exit
from
smart
chain
to
centralized
exchange
and
for
diets
it's
quite
cheap.
So
that's
that's!
B
That's
the
idea
here
that
one
native
token
can
be
minted
by
two
different
bridges.
We
call
that
minters
and
this
those
meters
can
be
located
on
different
chains
right
and
eventually,
ethereum
is
not
going
to
be
a
center
of
our
of
black,
like
let's
say,
crypt
universe
right.
So
most
likely
we'll
see
several
big
players
like
in
every
industry.
B
A
B
B
But
you
know
it's:
it
didn't
generate
enough
reward
to
be
meaningful
for
for
for
for
users,
and-
and
you
know
there
are
other
ways
to
get
upside
on-
your
locked
die
right,
some
in
some
taxes
or
some
swap
platforms
where
die
can
be
locked,
but
for
now
we
think
that
it's
not
the
it's.
Not
it's,
not
the
security
wise.
B
It's
not!
It's
not
the
case
for
us
right,
so
most
likely
all
day
which
is
used
for
the
native
token
will
be
locked
in
in
the
in
the
pure
form
and
will
not
be
wrapped
until
someone
proposes
governance
proposal
and
governance
of
governors
of
the
bridge,
which
is
mostly
companies
from
ethereum
community,
they
will
approve
it.
B
C
B
C
C
You
know
a
developer
can
easily
migrate
their
application
just
by
basically
changing
a
few
parameters
and
then
use
the
same
tools
that
they're
used
to
there's
plenty
of
wallets
to
use.
As
eager
mentioned,
we
have
client
support
from
both
open,
ethereum
and
nethermind,
as
well
as
the
tools
that
people
would
expect
to
be
able
to
use.
We
actually
just
have
a
recent
integration
with
dune
analytics
and
we're
putting
out
a
cool
dashboard
on
our
different
staking
protocols.
C
So
that
leads
me
to
some
of
the
projects
that
have
migrated,
and
this
is
pretty
much
in
the
past
year.
For
a
majority
of
these
projects,
we've
we've
seen
gnosis
come
over
and
the
safe
is
now
on
xdi
and
omen
is
coming
very
soon.
Some
other
d5
types
of
applications
with
with
circles
and
perpetual
protocol
honey
swap
is
a
uniswap
fork
on
x,
die
right
now,
that's
receiving
some
traction.
Just
because
trades
are,
you
know
pennies
versus
tens
of
dollars
or
more
and
then
one
application.
C
Again.
We
have
we've
seen
governance
applications,
nfts
games,
communities,
so
kind
of
a
wide
range
of
different
types
of
applications
coming
to
xdi
and
we're
seeing
things
boil
down
a
little
bit
more
to
to
defy
interest
as
well
as
nfts,
because
you
can
mint
nfts
on
xdi
for
for
much
cheaper
than
on
ethereum
right
now
and
then
still
distribute
them
on
the
main
net.
C
C
You
know
this
is
an
impossible
application
on
ethereum
right,
60
million
dollars,
it
would
have
cost,
and
so
projects
can
come
to
x,
die,
and
you
know
there
were
tons
of
people
at
this
point
using
dye
using
the
x
die,
and
so
it
really
brought
a
lot
of
a
lot
of
accolades
to
the
chain.
As
you
can
see
here,
there
were
at
this
point
right
now:
xdi
is
the
third
most
used
chain
based
on
transactions
based
on.
B
B
So
what
I
want
to
add
here
is
that
all
these
transactions,
they
use
tax
diet
to
pay
for
transaction
fees
and
eventually
they
use
die
right
so
and
when
people
are
interacting
with
this
type
of
application,
they're
always
like
using
hex
dye
right
so
they're
getting
it
so
they're
getting
dye,
and
this
is
creating
like
massive
usage
of
of
dye
in
the
micro
transactions
right.
So
it's
I
understand
that
it's
a
wrapped
form,
but
still
it's
it's.
B
C
A
C
E
I
can
easily
make
a
case
for
for
why
x,
diagnostic
had
strong,
have
a
strong
product
market
feed
on
the
space
and,
and
it
makes
a
lot
of
sense
for
for
the
token
to
be
available
in
involves
in
maker
dao.
So
a
quick
explanation
of
what
pop
does
we
started
on
december
19
so
two
years
ago
or
yeah
a
year
and
18
and
11
months
ago,
so
almost
two
years
ago
on
on
etham
er
and
what
we
do
is
every
time
a
person
goes
to
an
event.
E
That
person
has
the
opportunity
to
get
a
non-financial
token.
That
works
as
a
proof
that
they've
been
part
of
that
event,
and-
and
one
of
the
reasons
why
or
the
main
reason
why
we
started
this
protocol
is
because
we
wanted
to
showcase
that
ethereum
and
decentralized
lecture
technologies,
like
blockchains,
had
reason
to
exist
via
besides
financial
applications.
E
If,
if
you're
a
collector
of
these
stickers,
how
could
you
be
sure
that
they
are
yours
forever?
If
we've
seen
many
times
since
geocities
or
or
flicker,
or
even
for
square,
that?
If
companies
don't
make
money,
they
don't
have
an
incentive
for
keeping
running
the
infrastructure
that
you
use
for
your
collections.
E
So
we
say
that
poab
is
like
forex
square,
a
system
for
collecting
batches,
but
it's
permissionless.
So
anyone
can
issue
batches.
You
don't
need
to
ask
for
a
square
form
permission
or
pay
them,
and
the
batches
are
only
yours.
So
you
can
be
completely
sure
that
if
we
disappear
all
the
information
you
need
is
still
available
on
the
blockchain
or
on
different
sources,
because
everything
is
open
source.
E
So
we
started
doing
this
thing
on
ethereum.
It
has
done
well,
it
helped.
Many
people
understand
this
concept
of
true
ownership
of
assets,
assets
that
are
only
yours
and
nobody
can
take
out
from
you,
because
if
we
were
to
run
pow-up
on
aws
or
in
any
other
cloud
computing
provider,
how
could
you
tell
that
the
database,
administrator
or
or
a
different
third
party
couldn't
be
issuing
fake
tokens
or
or
ceasing
your
tokens?
If,
for
example,
they
got
a
subpoena
like
if
you
were
using
facebook
or
or
for
square?
E
And
you
have
a
very
nice
collection
of
all
the
places
you've
been,
but
for
some
reason
you
are
either
in
a
sanctioned
country
or
or
you
are
a
target
of
criminal
prosecution,
any
authority
could-
and
this
is
extreme-
but
I
guess
in
in
the
context
of
maker
dao.
I
don't
have
to
explain
deeply
why
decentralization
matters
so
so
we
we
started
pushing
this
true
ownership
narrative
and
it
hasn't
well.
In
the
last
two
years,
we've
been
to
almost
all
ethereum
events.
E
We
became
very
popular.
Almost
every
ethereum
person
that
ever
been
to
an
event
has
a
pow-up
with
a
pandemic.
We
switch
from
in-person
events
to
virtual,
and
that
has
also
gone
on
well.
We
are
very
satisfied
satisfied
with
our
metrics,
but
then
we
needed
to
plan
what
was
our
next
step
and
our
next
objective-
and
this
is
where
x-type
comes
to
play
only
for
what's
the
intro
since
we
started,
we
knew
that
we
were
running
an
experiment.
E
It
was
ridiculous
to
pretend
to
hold
completely
valueless
proofs
proof
that
doesn't
have
any
monetary
value
in
the
market
on
a
highly
decentralized
network,
especially
one
that
runs
proof
of
stake.
Because
and
and
this
is
an
inexact
comparison,
but
the
issuance
of
each
po
of
nft
had
an
equivalent
cost
of
like
running
a
car
for
a
thousand
miles.
If
you
could
calculate
the
environmental
footprint,
the
the
amount
each
poh
issuance
has
taken
on
maine,
like
200
000
gas
units
and
each
block
has
10
million
gas
units.
E
E
So
we
knew
from
the
very
beginning
we
had
to
move
to
a
different
chain,
and
I
had
to
admit
that
we
kind
of
always
knew
that
it
was
going
to
be
some
sort
of
poa.
Network
xi
didn't
exist
at
that
time
as
a
ready-to-use
thing,
but
we
knew
that
poa
networks
were
going
to
be
out
there.
So
so
we
kind
of
had
that
idea,
but
because
the
gas
prices
were
somewhat
low,
we
were
minting
at
one
sheeway
in
maine
for
a
long
time.
This
wasn't
made
a
priority.
E
This
ma
late
march
march
2020.
We
reached
a
point
where
we
couldn't
keep
subsidizing
the
gas
price
of
mainnet,
our
users
weren't
happy
paying
between
one
to
ten
dollars
per
proof.
Some
were
already
doing
so,
but
but
we
were
losing
most
of
our
user
base
so
before
going
to
the
before
deploying
on
xtype,
which
is
what
we
somewhat
knew
we
were
going
to
do,
but
for
some
reason
we
didn't.
We
did
a
very
comprehensive
survey
of
every
l2
solution
on
on
the
market.
E
We
leveraged
this
event
called
the
ready
just
taking
the
ready,
tell
to
bake
off,
which
was
like
a
competition
for
different
l2
solutions
to
provide
a
a
turn
on
key
product
for
ready
to
scale
to
hyper
scale
compared
to
what
we
have
now
and
and
not
that
it
was
a
waste
of
time.
It
was
a
nice
experiment,
but
we
end
up
reinforcing
that.
X-Tie
was
the
best
match
for
for
what
we
needed,
because
these
sort
of
proofs
that
are
apparently
valueless
do
need
to
have
a
strong
security
guarantees.
E
So
so,
when
we
moved
to
mainnet
to
x-type,
we
came
up
with
a
brand
new
model
window.
We
don't
use
the
token
bridge
because
we
don't
really
need
the
guarantees
and
and
the
functionality
that
token
breaches.
There
are
a
couple
different
token
breaches.
We
don't
really
need
that
functionality
and
it
had
high
engineering
costs.
So
so
we
keep
some
trustful
components
on
the
tokenism
and
documenting,
but
the
way
this
works
and-
and
this
is,
I
guess,
the
important
thing
on
explaining
how
pop
works
with
data
with
excite.
E
When
you
get
a
token
you
are
offered.
Where
do
you
want
to
mint
it?
So
you
can
mint
on
next
die
which
comes
check
by
default,
and
if
you
don't
do
anything
you
get
in
the
next
style,
people
love
it
because
it
works
seamlessly.
It
doesn't
even
fill
a
blockchain
application.
You
don't
need
to
sign
a
message.
You
keep
using
your
residual
name
system
name.
So
if
you
have
an
ens
name,
it
resolves
the
same
way
as
if
you
were
in
mainnet
using
block
scout.
E
But
if
our
users
were
paying
it,
they
don't
matter
either,
but
we
still
keep
all
the
flow
and
all
the
functionality
for
whoever
wants
to
have
it
on
my
net
and
we
also
offer
a
migrating
tool
which
is
very
seamless
and
allows
people
to
move
their
powerapps
to
mainnet,
not
being
technically
savvy,
not
really
knowing
what's
going
on
under
the
hood.
They
just
pay
the
main
net
fees
and
they
have
the
proper
maintenance
and
it
shows
if
they
are
using
a
wallet
or
a
device
or
a
dab
that
doesn't
support
xdi.
E
They
have
all
the
same
functionality
and-
and
we've
been
doing
this
for
like
four
months
or
six
months
now-
and
it's
been
a
killing
success.
People
are
loving
x.
I
they
come
to
us
to
ask.
How
could
we
achieve
such
a
smooth
experience
and
we
tell
them
it?
Wasn't
that
hard
everything
on
the
xi
ecosystem?
E
E
If
there's
a
nuclear
bomb
in
malaysia
and
the
whole
listeners
can
team
disappears,
I
don't
really
know
what
happens
to
all
the
functionality.
I
think
I
mean
for
the
whole
ecosystem.
It
will
be
devastating
because
we
have
such
a
strong
dependence
on
on
etherscan.
I
I
wouldn't
even
know
how
to
verify
the
source
code
of
a
contract
out
of
a
byte
code
and
and
do
many
other
things
I
do
thanks
to
etherscan
eastern
is
one
of
my
favorite
companies
on
the
space.
E
But
the
truth
is
that
having
block
scout
as
an
open
source
protocol,
it's
so
pleasant
and
it's
so
comfortable.
So
this
been
the
brief
explanation
of
why
xday
has
been
so
cool
for
powap
and
and
regarding
the
collateral
application,
which
is
something
I
personally
care
because
I'm
invested
in
all
the
ecosystems
involved,
I'm
obviously
investing
in
pow-up,
I'm
personally
invested
in
xti,
because
we
acquired
a
lot
of
stake
with
the
pop
treasury
and
I
invested
in
the
maker
ecosystem.
E
But
if
anyone
is
going
to
vote
for
not
on
boarding
x,
die
or
if,
if
someone
is
apathetic,
please
reach
out
to
me
privately
or
in
any
channel
or
posting
the
forums,
although
I'm
not
very
active
on
the
forums,
because
it's
a
lot
of
work
to
follow
them.
But
I
can
make
very
strong
cases
and
I
can
argue
against
any
reason
you
may
have
to
not
onboard
the
stake
at
stake,
whether
it's
liquidity
distribution
sources,
product
market,
fit
or
anything.
E
D
Think
I
might
be
beating
other
people
to
the
punch
and
say
please
bring
those
comments
to
the
forum.
I
think
in
the
mip
application.
Those
those
would
be
pretty
great.
Just
a
couple
visuals
of
what
you
see
the
growth
looks
like
or
why
you
think
it's
a
good
case
would
be
awesome,
and
even
if
you
have
thoughts
on
a
recommendation
about
the
size
of
the
debt
ceiling,
I
think
risk
would
be
able
to
then
run
with
that
when
they
do
their
evaluation.
So
yeah.
Those
are
all
great
statements
and
I
think
just.
D
E
Such
great
comments
making
an
opinion
on
a
stability
fee
and
selling
it.
It's
really
hard
for
someone
that
it's
not
full-time
maker,
because
stability
fees
and
ceilings
are
mainly
have
to
be
designed
compared
to
other
stability
fees
and
ceilings.
So
so
it's
not
something
that
is
on
the
vacuum.
So
so
I
I
I
wish
I
was
educated
and
informed
on
what
the
current
conditions
are,
because
they've
been
barring
a
lot
since
I
was
more
deep
into
maker,
so
I
couldn't
really
make
a
case.
E
My
my
intention
is
it's
to
establish
strong
fundamentals
for
governors
to
understand
that
this
really
makes
a
lot
of
sense
and
and
you're
right
that
I
said
reach
out
to
me
privately.
But
what
could
be
best
for
the
community
and
the
protocol
is
that
if
you
are
going
to
vote
against,
explain
why
on
on
the
forums?
A
Yeah,
I
was
going
to
add
that
arguably
it's
hard,
even
for
the
team
working
full
time
for
maker
to
establish
the
debt
savings
and
there's
a
lot
of
internal
debate,
every
single
time
and
people
trying
to
adjust
the
risk
to
make
sure
that
everything
is
safe.
So
it's
it's
definitely
not
an
easy
task.
Yeah.
E
Out
of
the
two
variables,
the
one
I
personally
care
the
most
as
a
stakeholder
accessibility
fee,
because
his
ceilings
are
reached,
we
can
always
buy
a
boat
for
raising
them,
and
it's
not
that
bad.
But
if
stability
fees
are
too
high,
you
have
to
consider
or
the
risk
people
have
to
consider
that
a
stake
offers
protocol
incentives.
E
So
if
the
costs
are
too
high,
there's
not
going
to
be
anyone
using
stake
bolts
because
there
are,
there
are
other
things
you
can
do
with
those
assets
like
if
you
don't
get
too
much
leverage
or
the
leverage.
You
get
well,
of
course,
because
I
forgot
to
mention
the
c
ratio.
If
the
fee
ratio
is
too
high,
it
may
not
make
sense
to
leverage
on
on
on
maker
because
it
might
be
being
too
expensive
compared
to
ecs
taking
or
the
uni
swap
incentive
or
or
even
delegating
to
to
a
validator.
A
Yeah
I
I
also
wanted
to
add
that
it's
not
just
the
governors,
it's
also
the
risk
team.
That's
going
to
probably
prepare
a
a
report
explaining
a
bit
if
they
see
any
any
type
of
risk
and
whatnot,
then
there's
the
smart
contract
teams
that
analyze
the
the
code
of
the
collateral
types
that
we
award.
And
finally,
we
have
the
oracle's
team
right
to
make
sure
that
the
price
that
we're
reporting-
and
this
is
looping
back
to
the
c
ratio.
E
B
D
B
Yeah,
the
the
idea
of
of
stake
talking
is
to
be
used
in
staking
consensus
right,
but
when
we
think
about
security
of
staking
consensus,
it
makes
sense
that
there
are
ways
of
liquidity
to
be
removed
from
from
circulations,
which
is
not
staking
consensus,
which
is
beneficial
for
the
staking
consensus
right.
So
if
we
remove
some
liquidity
for
what
we
I
mean
as
a
community,
we
remove
some
liquidity
from
from
circulation.
B
So
that's
that's
great.
To
have
options
to
to
remove
staking
tokens
from
from
circulation,
and
you
know
when,
when
networks
are
bootstrapped,
let's
say
proof
of
stake
networks,
they
have
a
type
of
attack
which
is
known
as
like.
Nothing
at
stake.
Right
like
there
is
like
no
value
that
is
protecting
the
network
and
and
so
forth
right.
B
But
when
networks
are
established-
and
there
are
mechanisms
of
you
know,
purchasing
talking
and
you
know,
assess
selling
talking
putting
in
into
staking
there
are
always
there
is
always
interest
to
to
find
new
ways
of
of
you
of
utilizing.
This
token
right,
especially
for
removing
from
circulation
and
volts,
is,
is
a
is
a
great
example
of
removing
collateral
from
circulation
right,
because
yeah.
A
We
actually
had
a
we
had
a
governance
attack
not
long
ago
where
a
flashlight
was
was
used
to
borrow
maker
and
vote
in
one
of
our
executives
votes
not
long
ago,
so
we're
actually
exploring
different
possibilities
as
a
community
to
to
see
how
we
can
secure
and
make
sure
that
we
remove
a
little
bit
of
the
liquidity
from
the
market.
So
it's
definitely
interesting
something
that
I
wanted
to
and
I
shared
it
before,
but
I
wanted
to
to
show
the
yeah.
A
A
A
A
B
B
B
So
that's
why
bridge
is
waiting
for
like
eight
blocks,
to
observe
settlement
of
our
transactions.
Let's
say
when
we
want
to
move
an
ft
from
from
from
max
diet
to
mainnet.
The
bridge
will
wait
for
for
eight
blocks
to
achieve
finality,
and
and
after
that,
this
will
be
relate.
So
there
is
no
need
to
wait
for
the
weeks
like
in
optimistic
models.
B
E
We
are
very
active
on
twitter
and
discord
and
we
are
constantly
onboarding
new
people,
especially
event
organizers,
so
for
the
community,
if
you're
an
event,
please
issue
polyps
on
them.
So
so
your
community
can
have
proof
that
they
participate
and
if
you
attend
events-
and
they
don't
have
pop-
please
nag
the
organizers
of
the
initial
co-ops.
The
process
couldn't
be
easier
and
and
the
more
issuers
use
it
the
best.
E
It
is
for
all
of
us,
because
it's
all
about
network
effects,
if,
if
all
events,
organizers
use
the
same
standard
for
issuing
this
proof
someday,
you
may
have
a
reliable,
trustless
event,
proof
system
that
can
enable
many
other
cases
in
the
decentralized
world
like
identity
and
reputation
and
tracking
of
previous
activities,
so
so
do
reach
out
on
twitter
and
discord.
If
you
have
any
comment
and
we
would
be
happy
to
work
with
you.
A
Yeah
totally
agree
regarding
the
the
couldn't
be
easier.
I
actually
wrote
a
tiny
tutorial
on
how
to
create
a
pop
for
your
event,
so
it's
on
definednotes.com
and
then
under
tutorials
and
yeah.
It's
super
straightforward.
I
I
put
some
screenshots
for
everyone
to
see
with
faq,
with
the
the
answers
from
patricio.