►
From YouTube: Focus On #13: Centrifuge Q3 Update
Description
MakerDAO Forum Post: https://forum.makerdao.com/t/focus-on-13-centrifuge-q3-update/17626
For the 13th episode of Focus On, we hosted the Centrifuge team for a Q3 update.
This was a holistic update, with the team first presenting a review of Centrifuge and Tinlake, and what they’ve achieved since starting to tokenize real-world assets on-chain with Maker. The team then reviewed how their success has been driven by their fundamental beliefs and core principles. The session concluded with a preview of how Centrifuge is preparing for an exciting future into beyond 2023, and a community Q&A.
Sneak Peak of the Future
Being a dedicated MakerDAO ecosystem partner, Centrifuge is excited to share its perspectives on MetaDAOs and explored potential alignment opportunities within a MetaDAO cluster in support with their partner, Blocktower.
Agenda:
-Overview of Centrifuge and Tinlake history and achievements
-Review of Centrifuge’s fundamental beliefs and core principles
-Exploring Centrifuge’s perspective on MetaDAOs
-Discuss MetaDAO cluster, in partnership with Blocktower
-Q&A
A
B
Thank
you,
retro.
Thank
you,
ses
for
hosting
us
for
lucky
number
13..
My
name
is
assad
khan.
For
those
who
don't
know
me,
I
do
protocol
partnerships
here
at
centrifuge
and
nothing
seems
like
a
more
exciting
topic
than
real
world
assets
and
d5
these
days,
especially
in
maker.
So
I've
got
a
couple
friends
up
here
and
we're
going
to
kind
of
share.
Basically
what
we've
been
working
on
this
interview
is
talk
a
little
bit
about
our
history
with
maker
and
also
share
our
perspective
on
some
things.
B
I
have
this
nice
little
disclaimer
here,
which
means
you
can't
sue
me.
So
good
luck,
but
basically
nothing
should
be
taken
as
financial
advice
and
I
don't
think
we're
gonna
speak
on
anything
that
would
be
otherwise
just
for
the
table
of
contents.
Real
quick!
Just
to
cover
this.
You
know
lucas
will
present
on
the
maker
centrifuge
partnership
kind
of
just
talk
about
what
our
vision
is
and
our
fundamental
beliefs.
You
know
we
spent
a
lot
of
time
over
the
last
few
years,
building
towards
something
in
real
world
assets
in
d5.
B
I
think
it's
really
useful
to
just
provide
that
perspective
again
I'll
share
it
over
to
colin
to
share
about
our
platform
kind
of
what
we've
done
so
far,
where
we
think
we're
going
like
what
the
future
looks
like
from
just
a
more
fundamental
protocol
perspective,
and
then
I've
invited
kevin
chan
from
block
tower
who's,
a
partner
of
ours
to
speak
about
our
view
of
metadaws.
We've
been
spending
a
lot
of
time
since
the
end
game.
B
Discussions
have
first
started
building
our
perspective,
trying
to
really
just
take
this
idea
seriously
and
I
think
it'd
be
useful
to
share
our
perspective,
invite
you
know
from
some
feedback
and
hopefully
some
good
questions
in
the
q.
A
who
really
would
encourage
people
to
drop
some
questions
in
all
the
things
you
want
to
know
about
real
world
assets.
There's
certainly
a
topic
we're
discussing
today
so
feel
free
to
drop
us
in
looking
forward
to
that
without
further
ado,
I'll
invite
lucas
to
take
it
away.
C
Cool
yeah,
maybe
just
a
quick
intro
for
myself,
I'm
a
co-founder
and
ceo
at
centrifuge,
my
personal
story
with
maker.
That
goes
all
the
way
back
to
2017,
and
it
was
probably
one
of
the
first
really
like
crypto
projects
besides
ethereum
and
bitcoin
that
I
dove
really
deep
on,
but
but
kind
of
like
just
to
set
the
stage
like
I'm
right,
like.
C
I
think
I'm
I'm
preaching
to
the
choir
here
and
I'm
kind
of
like
repeating
something
that
we've
all
that
we've
that
people
in
crypto
have
been
repeating
for
so
many
times
right,
but
like
the
reason
why
we're
here
and
why
a
lot
of
people
are
here,
I
think
the
reason
why
probably
the
whoever
it
was
that
that
wrote,
the
white
the
bitcoin
white
paper
wrote.
It
was
a
very
clear
not
to
the
fact
that
our
financial
system
isn't
really
solving
the
problems.
We
need
to
be
solved
right
and
and
many
years
later
now.
C
I
think
right.
We
have
kind
of
this
idea
of
decentralized
finance,
as
actually
an
alternative
to
the
financial
system
that
we
have
today
and,
and
it
is
trying
to
fix
what
I
think
is
a
very,
very
broken
system
and
like
just
one
kind
of
like
very
honestly,
mind-boggling,
number
and
kind
of
a
good
illustration.
C
I
have
I
receive
almost
none
of
this
money
right.
Why?
Because
kind
of,
like
this
legacy
financial
system
that
we've
built
over
the
last
hundred
years,
it's
kind
of
like
gotten,
bigger
and
bigger,
and
bigger
and
kind
of
as
bureaucracy
does
right
if
they
just
finally
find
a
way
to
kind
of
like
increase
their
own
fees,
increase
their
own,
their
own
upside,
as
opposed
to
like
trying
to
build
a
more
efficient
product
and
and
just
like
one.
C
Right
like
what
that
means
is,
if
I,
if
you
think
of,
like
you're,
buying
you're
buying
a
loaf
of
bread
for
a
couple
of
dollars
like
20
20
of
that
isn't
going
to
the
baker.
But
it's
going
to
the
bank,
the
credit
card
merchants,
the
bank
that
finances
the
house
right,
like
everything
around
everything
around
this
whole,
like
financial
industry,
so
really
think
about
it.
For
every
dollar
you
spend
there's
probably
like,
like
dozens
of
financial
intermediaries
that
are
taking
up
almost
20
20
cents
of
that
dollar.
Really
for
what
for
like?
C
D
C
D
C
C
If
we
have
many
different,
uncorrelated
asset
classes
backing
it,
and
so
maybe
just
like,
if
you
grasp
right,
like
it's,
it's
as
crazy
as
may
to
november
21
like
d5,
went
up
in
d5
tbl,
went
up
83
percent
and
and
kind
of
extending
huge
group
quite
crazy
as
well.
But
but
in
the
end
I
think
that's
that's
not
the
interesting
number.
But
the
interesting
number
was
that,
like
when
t
d5
tbl,
then
in
the
crash
like
collapsed
by
70
right
and
that.
D
C
Like,
like
all
the
like,
crazy
cyclical
right,
crazy
leveraged,
which
ultimately
puts
a
lot
of
stress,
also
on
the
system
and
so
as
a
collateral
base,
it's
good
to
have
someone
it's
on
this
very
liquid,
very
speculative
assets
in
maker,
but
not
all,
and
so
that's
that's
like
one
one
big
reason
right,
but
I
actually
think
we'll
come
back
to
like
why
we're
building
defy
why
we're
building
maker.
Actually,
I
think,
an
equally
important
problem.
C
Besides
solving
the
supply
side
of
made
of
dye,
meaning
we
need
to
replace
not
just
the
volatile
or
not
just
amend
the
volatile
collateral,
but
also
replace
usdc
in
in
backing
die
with
other
assets
that
generate
a
return
that
are
not
don't
expose
a
single
counterparty
risk
that
circle
has
right.
What
we
also
want
is
we
want
to
actually
make
sure
there's
plenty
of
users
that
use
d5
and
so
centrifuge
in
many
ways
has
taken
the
hard
route
in
in
a
lot
of
places
where
we
we
go.
C
We
like
make.
We
want
to
not
just
build
some
product
that
takes
money
out
of
maker
and
puts
it
into
the
real
world,
but
we
actually
want
to
bring
like
debt
as
a
thing
on
chain
right,
because
why?
Because
well,
all
these
benefits
all
these
like
ideas
of
what
the
future
of
d5
could
look
like
right
like
they
don't
happen.
If
you
just
give
dye
to
some
like
bank
that
then
like
distributes
it
to
their
to
their
to
their
user
to
customers.
C
Maybe
they'll
start
to
be
able
to
start
pay
and
they'll,
be
able
to
buy
die
and
then
earn
an
interest,
because
they
can
lend
it
out
to
someone
that
will
invest
in
real
estate
or
to
a
central
future
pool
that
will
invest
in
in
consumer
loans.
Right.
That's
kind
of
like
the
other
aspect
of
why
we
think
kind
of
on-chain
securitization
is
an
extremely
important
aspect
of
of
kind
of
like
a
real
world
asset
strategy.
C
C
This
is
like
an
asset
class
that,
like
people
in
finance,
will
start
looking
at
and
say:
okay,
this
is
like
an
alternative
and
at
the
same
time,
right
like
I
can
tell
you
a
billion
in
tbl
of
real
world
assets
is
absolutely
nothing
because
most
of
these
asset
classes
we're
talking
about
here.
Real
estate,
consumer
loans,
credit
card
debt,
car
loans,
commercial
paper.
E
E
So
my
story
would
make
my
story
with
centrifuge
is:
has
has
very
much
been
a
story
of
maker
as
well,
so
I'm
excited
to
talk
a
little
bit
about
where
we
are
and
where
we're
going
so
where
we
are
today
and
going
back
to
lucas's
reference
to
our
history
at
this
moment.
What
I
think,
where
we
kind
of
see
it,
is
that
we've
we've
built
the
infrastructure.
E
That's
why
we
developed
the
indentured
trust
in
that
legal
structure
in
partnership
with
the
real
world
finance
core
unit.
So
you
can
see
the
work.
That's
done
there.
If
you
haven't
it's,
it's
on
like
everything
else
on
the
maker
forum
and
that's
been
critical
because
of
the
nature
of
world
assets
being
natively
off-chain,
as
we
bring
them
on
chain
in
the
form
of
nfts
and
robot
assets.
E
E
I
think
the
the
final
consideration
for
this
slide
is
just
as
we
think
about
the
the
the
pools
that
started
our
journey
with
new
silver
being
the
first
and
then
you
look
to
the
future.
There
are.
There
are
groups
in
front
of
maker
down
now
like
block
tower
and
also
like
rfa
bank,
that
are
institutional
in
nature,
and
I
know
these
are
just
some
small
sub
subset
of
the
type
of
institutional
grade
quality.
That's
coming
to
maker
towel
around
a
lot
of
other
different
paths.
E
E
So,
where
we're
going
and
as
we
look
at
kind
of
the
the
road
map
for
centrifuge,
is
we
want
to
build
an
institutional
grade
protocol
to
support
the
entire
world
of
credit
coming
on
chain?
What
I
think
this
represents
is
probably
a
middle
stage
as
if
the
first
stage
was
really
proof
of
concept.
I
think
we're
now
starting
to
work
towards
product
market
fit
and
if
proof
of
concept
was
really
about
infrastructure
and
technology.
E
E
This
is
we're
taking
some
of
the
best
practices
from
the
mips
six
process
and
some
of
the
things
that
we've
learned
from
maker
over
the
years
to
create
a
process
where
any
issuer.
Anyone
that
wants
to
represent
real
world
assets
and
securitize
those
assets
on
chain
through
centrifuge
can
actually
go
through
their
own
self-directed
process
through
the
centrifuge
community
and
propose
to
finance
rural
assets
on
chain.
E
And
so
what
that
brings
us
to
is
what
we
think
is
like
is
a
tipping
point
right
where,
as
lucas
alluded
to
the
the
world
of
evolve
chain,
credit
is
massive
and
we're
not
even
scratching
the
surface.
And
so
the
way
we
see
it
is
that
the
world
of
on-chain
credit
really
encompasses
the
ecosystems,
communities
and
protocols
that
allow
that
that
on-chain
world
to
exist
and
at
the
foundation
of
on
chain
credit
has
been
center.
E
B
Yeah
thanks
lucas,
so
I
think
it's
really
important
that,
like
you
know
at
centrifuge,
just
taking
a
step
back,
we've
kind
of
always
taken
an
approach
that
we
like
to
build
alongside
our
partners,
and
so
when
something
like
the
end
game
comes
out
and
initiative
like
this
is
taken.
It's
really
important
for
us
to
be
able
to
kind
of
really
think
about
that
on
the
fundamental
level
and
how
it
impacts
protocol
and
what
opportunities
are
there
for
the
work
that
we're
doing
right.
B
You've
heard
the
vision
from
lucas
you've
kind
of
seen
what
we're
actually
building
on
a
deeper
level
from
from
colin.
You
know,
so
I
think
there's
a
question
about
like
what
do
metadails
in
the
endgame
mean
for
this
right.
I
think
the
answer
very
simply
from
our
perspective,
is
that
metadails
represent
a
really
kind
of
critical
structure
to
allow
rwas
to
scale
within
the
maker
protocol.
B
B
That's
involved
right
to
be
able
to
understand
what
it
takes
to
you
know,
let's
say
even
under
identify
a
good
deal
to
identify
a
deal
that
works
for
maker
alongside
the
maker
balance
sheet
to
be
able
to
identify
where
the
appropriate
risks
are,
where
the
appropriate
mitigation
for
those
risks
are
in
place
to
just
then
managing
real
world
assets
over
the
long
term.
You
know
that
that's
an
incredibly
complex
topic
that
I
think
is
very
difficult
to
scale
right
and
that
kind
of
is
the
next
thing
I
think
of
as
a
challenge.
B
You
know
real
world
assets
is
such
a
it's,
a
buzzword
that
really
means
so
much
and
we
think
about
bringing
the
entire
world
credit
on
chain.
It's
massive.
You
know:
there's
public
debt
like
u.s
treasuries,
there's
public
debt
like
foreign
government
treasuries,
there's
public
debt
in
the
form
of
municipal
bonds
and
corporate
bonds,
or
you
know,
bonds
from
smaller
countries
and
or
joint
countries
right,
then,
you
go
to
the
world
of
private
debt,
which
gets
incredibly
complicated.
D
B
Of
those
concerns,
I
think,
is
pretty
massive
right
and
then
the
last
one
that
I
think
the
community
has
talked
about
a
lot
over.
The
last
like
couple
weeks
right
is
that
there
is
this
regulatory
and
legal
challenge
when
working
with
real
world
assets
and
when
working
on
the
frontier
of
you
know,
financial
innovation,
and
I
think
that
that
can't
be.
B
B
You
can
have
the
framework
of
a
metadata,
that's
able
to
go
and
address
and
say
I'm
going
to
work
within
these
kind
of
business
constraints
within
these
kind
of
debt
constraints,
targeting
these
kind
of
instruments,
industries
and
this
type
of
process
with
this
type
of
meta
of
the
set
culture,
and
I
think
that
you
know
if
we
can
prove
within
these
first
two
protector,
dials,
that
this
model
works.
We
can
really
scale
that
up
to
almost
an
infinite
degree
right,
wherever
kind
of
dye
can
be
used.
B
And
then
this
final
part
right-
and
this
is
here
trying
to
address
kiana's
question.
You
know
when
we
at
central,
for
you
just
kind
of
think
about
the
partners
that
we
worked
with.
One
of
the
reasons
we
worked
with
a
stable
coin
like
maker
was
because
of
the
core
value
kind
of
offerings
that
the
the
characteristics
are
of
the
of
die
right
and
what
what
are
those
that's
being
decentralized?
B
It's
being
incredibly
neutral
and
it's
being
permissionless,
I
think
those
three
characteristics
help
a
stable
coin
like
die
to
be
reliable
and
accessible.
You
know
we'll
talk
a
little
bit
later
about
what
it
means
for
a
currency,
and
you
know
really.
It
is
about
those
two
principles
being
reliable
and
being
accessible,
and
so,
when
we
think
about
real
world
assets,
we
wouldn't
want
to
do
anything
that
compromises
the
principles
and
the
virtues
that
ndi
has
especially
not
those
core
principles
right.
So
you
know
to
us.
B
Metadata
has
enabled
this
opportunity
to
really
embed
regulatory
compliance
at
a
level
above
the
protocol.
You
know
metadata
can
take
on
the
compliance
regulatory
concerns
in
a
way
that
maker
just
can't
today,
and
I
think
that
really
helps
create
a
more
kind
of
conducive
approach
to
actually
going
out
into
the
real
world
and
addressing
these
legal
and
regulatory
concerns.
D
B
F
Yeah
for
sure,
and
before
I
kind
of
go
into
what
this
will
look
like
and
kind
of
talk
about,
the
ranger
model,
a
little
bit
more
and
the
metadata
first,
I
wanted
to
start
by
saying
you
know
I
didn't
drop
out
of
school.
I
didn't
join
block
tower
credit
recently
as
a
vp
to
really
not
make
an
impact,
and
what
we
have
ahead
of
us
is
this
opportunity
to
make
an
enormous
impact
by
bringing
by
bridging
the
gap
between
real
world
assets
and
d5
blocked.
F
Our
credit
is
incredibly
excited
to
partner
with
centrifuge
on
bringing
this
making
this
a
reality
and
we've
been.
You
know,
followers
and
supporters
of
centrifuge
and
technique
for
a
long
time,
we're
aligned
on
how
on-chain
securitization
can
really
help
shape
the
future.
If
you
follow
along
on
the
forums
as
well
as
our
mips
six,
you
know
that
we're
also
long-time
supporters
of
the
make
community
you
know
via
endgame
and
maker
now
and
into
the
future.
So
what
an
arranger
is
and
answering
the
question
that
tim
had
brought
up.
F
Is
you
know
what
what
in
it?
What
what
does
it
mean
to
be
a
ranger,
and
why
do
we
aim
to
be
a
top
range
of
rwa?
As
assad
is
mentioned?
Real-World
assets
are
complex,
with
legal
structures
and
financial
deal
terms
that
need
to
be
structured
in
a
manner
that
best
aligns
with
the
interests
of
the
maker
community,
as
well
as
all
parties
involved.
F
F
This
is
the
key
core
piece
of
making
sure
that
we
succeed.
We
only
succeed
if
maker
succeeds
and
that's
done
by
again
leveraging
the
power
of
centrifuges
tin
lake
platform,
which
does
a
big
part
of
this,
but
also
the
tight
alignment
and
feedback
in
close
collaboration
between
maker,
centrifuge
and
block
tower
and
other
rangers.
That
will
make
this
possibility.
F
You
know
we're
incredibly
excited
for
to
be
working
on
this
and
engaging
in
this
journey
with
the
community.
This
is
a
small
piece
of
what
this
would
look
like.
More
updates
will
come
in
the
following
weeks
months,
so
we're
excited
to
share
that.
But
hopefully
this
is
a
good
preview.
I'll
turn
it
back
to
assad
to
talk
a
little
bit
more
about
the
impact
of
what
we're
doing
here.
B
D
B
Our
like
fundamental
belief
right
and
our
vision,
trying
to
bring
the
entire
world
of
credit
on
chain.
We
think
partners
like
maker
dow,
are
really
critical
to
doing
that.
Lucas
talked
about
the
opportunity
that
rwa
has
offered
from
both
a
stability
and
a
volume
perspective
colin
talked
about
what
we're
really
building
and
our
focus.
You
know
really
trying
to
be
an
on-chain
protocol
that
can
support
a
decentralized
ecosystem
of
real
world
assets
throughout
the
value
chain,
and
then
I
think,
maybe,
like
you
know,
and
then
the
end
game
right
yeah.
B
B
And
this
you
know,
I
think,
is
applicable
to
die,
but
I
think
it's
applicable
to
d5
as
a
whole
right,
if
we
think
about
how
do
we
actually
bring
dye
to
the
real
world
right,
there's
tons
of
regulatory
risks
there's
tons
of
existential
risk
with
something
like
real
world
assets,
tons
of
technical
challenges,
there's
tons
of
adoption
challenges,
I'm
gonna
borrow
a
framework
from
you
know:
international
political
economy.
There's
these
two
books,
I
wrote
on
the
rep
I've
listed
on
the
right
there.
B
You
have
currency
power
and
politics
international
currencies,
and
I
think
it's
a
useful
framework
to
just
kind
of
think
about
how
this
could
actually
occur.
Right,
there's
this
idea
of
the
currency
pyramid
at
the
bottom
of
the
currency
pyramid.
You
have
niche
currencies
and
there's
a
lot
of
these
currencies
that
are
out
there.
You
can
probably
name
a
few
yourself
and
I
think,
dye
kind
of
squarely
falls
into
that
that
portion
of
the
pyramid
today
right
the
top
of
the
pyramid.
You
have
the
u.s
dollar,
the
global
reserve
currency
and
really,
like
you
know.
B
D
B
Also
to
note
that
it's
known
as
a
political
currency
and
a
negotiated
currency-
and
the
answer
is
actually
quite
simple:
it's
not
about
power
or
power
projection.
You
know
on
the
international
level,
you
really
can't
take
your
army
and
go
and
force
rules
across
the
borders
unless
you're,
maybe
the
biggest
country
in
the
world
right.
So
how
do
you
grow
from
a
niche
currency?
To
this
is
slightly
something
slightly
bigger,
and
the
answer
is
quite
simple:
it's
you
know
offering
mutual
economic
benefit.
B
If
people
can
look
at
that
and
sense,
an
opportunity
to
gain
access
to
economic
opportunity
and
then
sense
an
opportunity
to
bring
die
in
to
gain
access
to
economic
growth,
the
dye
itself
becomes
more
palatable
more
acceptable,
more
usable
from
a
political
perspective.
You
know,
I
think
this
is
quite
simple:
everybody
understands
it.
B
We
think
it's
a
great
channel
at
centrifuge,
but
you
know
it's
it's
one
of
the
many
key
pieces
that
we
believe
that
is
necessary
for
dye
to
kind
of
get
to
the
next
level
and
just
to
bring
us
to
the
q.
A
you
know.
Nothing
can
be
more
complex
than
the
maker,
dow
smart
contract
architecture,
so
I
think
showing
this
on
screen
and
then
asking
is
everything
clear
about
what
we
said
today
is
this
was
useful,
so
I've
listed
our
discord
names
and
our
forum
handles
there
on
the
right,
but
yeah.
A
Great
well
I'll
go
ahead
and
get
it
kicked
off
by
saying
fantastic
presentation.
It's
a
very
thorough
update
and,
I
think
very
timely,
as
well
with
everything
that
is
going
on
in
the
dao
addressing
the
question
with
the
number
one
most
voted
interest
in
the
side
bar
on
the
theme
of
the
day
as
well.
The
audience
asks
the
the
risks
of
real
world
assets
seems
far
greater
than
decentralized
collateral.
So
why
would
maker
engage
with
assets
that
can
be
taken
away?
Colin?
A
E
E
D
Well,
so
this
is
the
icon,
I'm
general
counsel
at
centrifuge,
and
this
is
obviously
something
that
that
the
lawyers
look
at
really
closely
in
terms
of
any
rwa
deal,
but
in
terms
of
any
deals,
any
kind
of
transactions
anywhere.
I've
got
about
20
years
of
experience
in
both
crypto
and
trad
5
markets,
and
I
I
think
actually
the
focus
of
the
community
is
a
little
bit
backwards
on
this.
So
I
know,
there's
been
a
lot
of
discussion
in
the
community.
D
I've
seen
it
a
lot
in
the
forums
about
the
risk
of
seizure
of
real
world
assets.
I
you
know,
I
don't
think
that's
a
real
serious
risk.
You
know
the
trust
assets
assets
held
in
a
delaware,
statutory
trust
to
be
seized
by
an
authority.
They
think
it
would
have
to
be
a
a
huge
step
for
them.
It's
it
it
because
it
doesn't
just
affect
the
defy
markets.
It
affects
all
of
the
traffic
markets.
Tens
of
thousands
of
securitizations
are
based
on
the
delaware,
statutory
trust,
structure,
trust
and
denture
structure.
D
It
would
call
into
question
a
whole
lot
of
the
trade
fire
markets
to
just
seize
assets
like
this
very
hell
that
a
securitized
vehicle.
So
it's
it's
not
a
step
that
any
kind
of
authorities
are
going
to
take
lightly,
whether
the
u.s
authorities
even
have
power
to
do.
That
is
another
question,
and
I
don't
think
that's
all
that
clear.
I
mean
we
do
in
this
country.
D
In
the
united
states,
have
contract
law
and
contract
law
is
enforceable,
so
we
don't
really
think
that
assets
held
in
a
trust
are
going
to
be
easily
seized
by
any
authority,
and
I
think
it's
also
backwards,
because
in
the
decentralized
assets
that
work
that
the
community
talks
about
can
also
be
seized
very
easily,
in
fact,
probably
more
easily
than
any
kind
of
trust
structure
held
assets.
You
know
we've
seen
wallets,
be
put
on
the
sanction
list.
D
I
also
think
there's
a
bit
of
too
much
focus
on
the
community
on
the
how
and
not
enough
on
the
why
so
the
community
talks
a
lot
about
how
authorities
might
seize
assets
or
take
assets
away
from
maker,
but
never
about
why.
So.
The
important
thing
is
that
the
authorities
are
not
going
to
do
this
for
no
reason
they're
going
to
do
it
because
they
think
that
makers
been
working
with
bad
actors.
D
Well,
I
think
the
rwa
markets
is
a
way
to
protect
maker
against
working
with
bad
actors,
because
all
of
the
investors
in
the
rwa
markets
go
through
a
kyc
process.
Do
a
sanctions
check
process,
so
there
isn't
a
chance
for
for
rwa
assets
to
be
held
by
bad
actors,
so
there
should
not
be,
and
so,
if,
to
the
extent
that
makers,
placing
their
trust
in
in
real-world
assets
means
that
they're
less
likely
to
be
interacting
with
bad
actors,
whereas
in
the
decentralized
markets
they'd
be
more
likely
to
be
interacting
with
bad
actors.
A
Yeah-
and
it
is
a
complicated
topic,
definitely
and
people
who
maybe
haven't
spent
as
much
time
in
law
and
finance,
as
the
team
here
today
has
are
just
being
introduced
to
some
of
these
concepts.
So
it
is
important
to
have
that
perspective
reset
and
taking
the
bigger
picture,
but
also
on
the
bigger
picture
of
one
of
our
delegates
code
night
asks.
How
does
this
compare
to
the
current
on-chain
credit
providers
like
trufy
maple
and
goat
goldfinch
as
an
example.
B
B
Today
I
mentioned
how
big
of
a
market
this
really
is,
and
so,
if
you
look
at
something
like
goldfinch,
which
is
really
focused
on
like
emerging
markets,
maple
has
really
been
focused
kind
of
on,
let's
say
like
crypto
capital
markets
and
crypto
capital
providers
and
then
trufy
kind
of
a
similar
approach
as
well
and
also
kind
of
offering
maybe
a
different
ux
and
a
different
perspective.
From
that
angle,
I
think
centrifuges
have
really
been
focused
on
really
like
kind
of
the
core,
like
the
total
value
chain.
B
C
From
eli
I
mean
I
can
say
right
like,
but
one
of
the
things
we
focus
on
is
secured
loans,
there's
actually
collateral
backing
these
loans.
Right
now
I
will
not,
but
like
not
butcher
the
explanation
that
probably
eli
is
going
to
give
much
more
eloquently,
but
the
key
point
is
there
that,
like
our
assets
are
backed
by
like
flammable-
and
maybe
you
want
to
share
that
like
what
this
actually
means.
D
So
resilience
is
based
on
diversification
and
as
assad
mentioned,
real
world
assets
are
a
huge,
huge
market
and
there's
a
huge
range
of
different
possible
assets.
Everything
from
solar
projects
to
to
trade
receivables
to
mortgages.
So
it's
it's
a
way
that
you
can
build
some
real
diversification
into
the
collateral,
backing
the
die.
A
Yeah
and
I
think
that's
a
perfect
segue-
I
do
see
that
some
of
the
questions
are
being
responded
to
in
text,
but
just
to
make
sure
that
we're
able
to
capture
it
for
our
audience
on
youtube.
Colin.
Would
you
like
to
talk
through
some
some
of
those
expanding
opportunities
into
green
focus,
projects
like
solar
and
battery
facilities.
E
Yeah
sure,
so
I
think
it's
a
good
question
right,
which
is
kind
of
like
green
assets
or
solar
projects.
I
think
there's
probably
a
difference
between
some
of
the
solar
projects
that
I
think
have
come
across
the
maker
form
through
various
mips
versus,
and
what
I
referenced
in
my
response
is
that
there's,
actually
a
group
named
flow
carbon,
that's
presenting
tomorrow
through
centrifuge,
to
talk
a
little
bit
about
carbon
credits
and
what
division
they
hold
for
the
future
of
green
assets
on
chain.
D
B
Yeah,
actually,
I'm
going
to
ask
kevin
to
provide
his
perspective
and
I'll
share.
Just
maybe
like
a
quick
note,
is
that
you
know
the
really.
The
like
spirit
of
the
metadowns
today
are
really
about
clustering
and
that's
kind
of
a
broad
term.
But
today
what
that
really
means
is
bringing
together
a
group
of
people
that
are
willing
to
work
together
on
kind
of
taking
on
this
initiative
in
the
first
place.
And
so
in
this
case
you
know,
centrifuge
wouldn't
be.
F
Yeah,
I
think
the
the
only
thing
I
would
clarify
is
there
won't
be.
You
know
a
single
like
as
block
tower
as
the
arranger
will
be
one
of
maybe
a
couple
counterparties
there's
also,
for
example,
as
eli
mentioned,
the
trust
structure
that
you
can
view
as
a
counterparty
that
you
know,
acts
on
behalf
of
maker
and
and
the
drop
in
ten
token
holders
which
we
would
be
a
counterparty
to
as
well.
So
there
are
multiple
players
in
this.
C
D
A
A
B
B
Yeah
I'll
share
mine,
real
quick.
You
know.
I
think
that
the
biggest
challenge
is
really
a
sense
of
maturity.
I
think
you
know
there's
it's
a
complex
topic:
real
world
assets.
I
thought
eli
provided
a
great
kind
of
perspective
that
we
don't
really
hear
a
lot
of
about.
You
know
where
the
risks
really
are
and
how
to
really
view
the
risk
and
manage
them
mitigate
them,
and
so
I
think
you
know
where
that
maturity
is
built.
I
think
it's
in
the
community.
E
F
Yeah,
I
will
comment
that
on
the
debt
issuer
side,
that
generally
not
a
bottleneck,
people
always
want
lower
cost
of
borrowing
and
be
able
to.
You
know
they
wouldn't
take
a
loan
that
goes
at
a
higher
rate.
So
you
know
on
that
side,
we've
seen
a
lot
of
great
traction
on
the
debt
issuers,
who
are
you
know
very,
very,
very
interested
in
in
this
whole
on-chain
securitization
concept,
and
you
know
ready
to
go
just
like
we
are
so
that's
just
color
there.
E
I'll
piggyback
on
kevin
answer
on
kevin's
answer,
I
think
you
know
if
you
just
go
back
to
like
what
the
past
three
years
have
been
between
maker
and
centrifuge.
It's
been
like
infrastructure,
proof
of
concept,
and
now
the
tipping
point
right
is
like
I
think,
expanding
capital
markets
on
behalf
of
issuers
like
block
tower
right
and
in
this
bear
market.
E
C
Already
discussed
this,
I
mentioned
most
of
it.
No,
I
think
it's
just
it
ultimately
we're
combining
like
the
real
world
and
code
and
crypto,
and
that's
just
right
now,
where
the
problem
space
is
twice
as
big,
but
it's
also
twice
as
exciting.
So
I
think
that's
over
that's
why,
despite
all
these
hurdles,
I
think
we're
gonna
make
a
really
cool,
have
really
good
impact
and
make
some
cool
stuff
with
with
this
endless
journey,.
D
A
No,
I
have
to
completely
agree
with
you
there
lucas,
I
think
the
presentation
speaks
for
itself.
It
really
captures
a
lot
of
hard
work
as
well
as
sets
the
scene
for
the
future
of
real
world
assets
on
chain.
So
I'd
like
to
thank
everybody
again
for
joining
both
in
the
audience
and
especially
to
the
centrifuge
team
here
for
showing
up
in
force,
we're
always
welcome
to
host
you
guys
if
the
community
is
looking
for
some
more
information.