►
From YouTube: Open Decentralized Voter Committee | Metanomics Diagrams
A
Hey
everyone
welcome
to
Wednesday's
DBC
call
I'm
Thomas
flutter
with
govcoms.
Thank
you
for
joining
us
just
along
the
during
the
meeting
today.
Please
utilize
our
chat
feature
and
also
our
raised
hand
feature
that's
in
within
the
zoom
functions
and
so
appreciate
everyone
joining
us
again.
Roon
I'll
go
ahead
and
let
you
go
from
here
thanks.
A
Hey
everyone
so
I
just
wrote
this
like
super
long
Post
in
the
Forum
in
response
to
questions
about
the
the
tokenomics
and
so
I
think
that
would
be
that's.
That's
like
actually
an
interesting
thing
to
go
through
in
today's
call.
A
I'll
just
link
the
post
here
so
basically,
I,
try
to
like
I
mean
I've,
actually
I
sort
of
refrained
from
doing
this
in
the
past,
because
I
knew
we
would
get
some
really
weird
results,
because
you,
it's
kind
of
the
metanomics,
is
basically
assigned
to
not
be
really
possible
to
model,
and
the
reason
for
that
is
you
you
don't
want
to
be.
You
know
if
it's
not
possible
to
model
it,
it's
not
possible
to
economically
reason
about
it,
and
if
it's
not
possible,
you
can
only
reason
about
it.
A
You
can't
really
deconstruct
it
and
then
argue
for
something
different
or
argue
if
something
is
more
fair
or
more
whatever,
and
anything
like
that,
like
any
ability
to
kind
of
you
know,
sort
of
deconstructed
opens
up
the
possibility
of
trying
to
change
it,
which
is
very
bad
for
the
end
game
right.
So
it's
kind
of
like
somewhat
something
like
clean
money.
A
The
clean
money
principle,
for
instance,
or
sort
of
the
more
General
public,
good
principle
or
radical
transparency
principles
that
they
basically
you
know
they're
all
part
of
kind
of
keeping
the
end
game
in
place
right.
You
don't
want
to,
but
you
want
to
make
you
know
you.
You
can't
risk
any
of
those
being
changed
right
because
then,
basically,
any
of
the
sort
of
the
cold
pillars
can
start
changing,
and
then
you
lose
the
stable
meta
and
you
basically
succumb
to
corruption.
A
Why
does
it
even
have
value
it's
very
hard
to
to
rep
to
sort
of
understand?
Why
isn't
the
token
just
worthless
if
it's
sort
of
endlessly
being
emitted,
for
instance
right
and
how
you
know?
Because
it's
all
it's
it's
a
it's
an
equilibrium
right.
So
you
have.
You
have
a
an
economic
flow
coming
from
from
maker
and
MPI
missions,
and
then
you
have
an
economic
flow
coming
from
The,
Meta
tiles
and
basically
their
accumulation
of
Elixir
and
then
their
token
emissions
going
to
to
make
us
use
as
an
employers.
A
But
yeah
I
think
I
think
it's
like
an
interesting
example.
Let
me
I'll
I'll
just
go
I'll,
just
basically
just
almost
like
read
through
or
like
walk
through
the
example
and
then
as
we
walk
through
it
I'm
sure
we'll
have
tons
of
questions
around
like
what's
a
realistic,
what
are
the
realistic
numbers
and
so
on?
What
are
like
these
assumptions
right
well
so
this
is
for,
like
so
I
mean
at
the
bottom
of
this
post.
A
Actually,
I
will
share
my
screen,
even
though
I'm
sure
you
can't
really
read
the
text,
but
just
to
get
a
sense
of
whether
I'm.
Let
me
scroll
that,
then
you
can.
You
can
read
it
yourself,
but
also
follow
along
with
what
I'm
talking
about
right
so
down
here
at
the
very
bottom
I've
I've
wrote
this
like
overview
of
how
many
tiles
that
have
been
total
and
and
then
sort
of
ranked
them
and
improved
them
in
different
levels
of
success.
Basically,
but
so
this
is
so
so.
A
In
this
example,
I
mean
I
didn't
realize
this
until
I
got
to
the
end,
because
I
was
just
putting
in
arbitrary
numbers
and
I
can
make
some
other
examples.
Like
this
later,
that
will
have
some
more
like
more
sort
of
thought
through
numbers
basically,
but
as
I
sort
of
walked
through
it,
I
ended
up
real.
You
know
sort
of
arriving
here.
A
Two
of
them
are
very
successful,
so
sort
of
like
basically
those
two
represent
half
of
all
the
value
in
The,
Meta,
Nows
and
then
the
other
eight
meta
dials
are
sort
of
the
long
tail
with
the
other
half
of
the
value
and
then
and
sorry
the
other
10
metatars
are
the
are
the
long
tail
right,
and
so
this
is
one
of
those
two
highly
successful
managers
right
so
and
the
idea
is
kind
of
a
mean,
I
think
especially
early
on
right,
everyone's
going
to
think
everyone's
gonna
aim
for
yield
farming.
A
Okay,
so
anyway,
so
yeah
right.
So
it's
like
a
it's
a
Creator.
It's
a
successful
creator.
It
has
these
different
Revenue
sources,
right,
front-end,
Revenue,
share
for
diet
and
for
vaults,
spread
from
its
decentralized
collateral,
Landing
engine
that
all
creators
have
access
to.
It
has
premium
features
with
fee
that
it
earns
fees
from,
and
then
it
has
Plug
and
Play
protocol
integration.
So
basically
the
same
premium
features
that
it
uses
itself.
A
It's
also
sort
of
integral
like
it
has
provided
for
other
metadaters
to
integrate
and
and
then
also
earning
overhead
from
service
work
which
I'm
sort
of
simplified
and
then
after
sort
of
what
I'm
of
what
I'm
kind
of
I'm
accounting
for
it
has
an
Administration
team
and
a
protocol
team
right.
So
there's
like
a
marketing
team
and
sort
of
admin
team
that
takes
care
of
the
marketing
and
so
on,
and
then
a
protocol
team
that
builds
the
premium
features
and
integrates
collateral
with
the
lending
engine
and
yeah.
That's
basically
it
I
guess.
A
Okay
so
from
the
die,
metadar
yield
farming
like
that
you
know,
so
it
has
a
right.
So
the
meta
has
a
front
end
and
left
front
end
people
can
yield
from
metaducts
and
when,
when
you
do
that,
when
when-
and
this
is
a,
this
is
a
decentralized
brand
right.
A
This
is
like
a
super
resilient
decentralized
front
end
that
you
know
that
basically,
the
users
themselves
can
share
this
as
a
program,
a
downloadable
program
or
it
can
be
uploaded
to
any
like
ipfs
and
made
available
at
ens,
or
it
could
even
be
put
on
a.com
domain,
or
it
will
be
downloadable
from
a.com
to
me.
A
But
it's
sort
of
core
way
to
share
these
decentralized
front-ends
for
metadatas
is
through
it's
a
program
you
download,
which
is
the
most
resilient,
so
the
most
secure
way
to
access,
blockchain,
Services
right
and
then
just
to
sort
of
like
there's
a
question
right:
how
can
I
metadata
operation
expenses,
and
so
basically
one's
a
front
end
like
this
I
mean
I'll.
Go
through
I'll
go
one
of
the
most
of
these
Revenue
funnels
I
go
through
here.
They
actually
require
no
maintenance
and
no
expenses
to
maintain.
A
So
once
you've
built
this
front
end-
and
once
this
front
end
provides
access
to
these
to
these
products
I'm
going
through
here,
then
you
could
fire
the
entire
like
the
matter
that
I
could
fire
its
team
and
the
business
would
run
the
same,
but
I'll
talk
about
which,
which
Services
require
team
and
which
can
operate
without
a
team.
A
So
first
you
have
the
dye
metadar
yield
farming,
front-end
Revenue
share
right.
So
these
are
basically
like
people
who
have
downloaded
the
metadata
front
end
and
then
their
yield
farming,
other
metadata
tokens,
or
maybe
the
metadata
itself
with
you
know,
let's
call
it
create
or
a
right.
So
if
so,
they
might
be
farming
Creator
a
tokens
and
then
they
particularly
will
be
doing
this.
A
If
they
are
kind
of
you
know
they
like,
like
The
Meta,
let's
say
it's
like
a
cyberpunk
metadatao,
something
right
and
then
they
think
that's
really
cool,
and
so
then
they
they're
specifically
using
that
melodus
front,
end
to
farm
its
own
token
and
then
holding
on
to
it.
And
that's
really
that's
the
best
situation
you
can
be
in
as
a
matter
now,
because,
if
they're
farming
it
to
hold
it,
then
that
you
know
they're
not
providing
cell
pressure
on
the
token
right.
A
A
As
a
result,
they
earn
Revenue
share,
but
they,
but
they
don't
like,
but
their
own
tokens
be
Yield
Fund,
meaning
a
portion
of
those
two
like
it's
being
yield
founded
by
users
that
want
to
hold
on
to
it.
A
So
a
portion
of
those
tokens
are
being
yield,
found
and
not
being
dumped,
which
is
a
very
good
situation
to
be
in
right,
because
then,
basically,
those
who
Farm
to
hold
they're
diluting
the
yield
of
those
who
are
farming
to
dump
it
could
also
just
be
users
that
are
farming
to
dump
any
of
the
other
metadats
or
even
the
creatory
itself
right.
A
So
we've
assume
that
there's
one
billion
in
tvl
for
this
and
the
Rev
share
is
0.1
percent
of
the
amount
per
year.
Then
this
is
like
1
million
per
year
in
risk-free
income,
and
this
could
would
still
work
like
this
would
still
go
through.
Even
if
you
had
no
team,
because
once
the
once
the
decentralized
downloadable
front
end
is
built,
it's
it's
plugged
into
completely
immutable
smart
contracts,
so
it
just
it
just
keeps
working.
A
Basically,
it
might
be
required
to
like
update
your
theory
of
node
or
something
if
there's
like
a
hard
Fork
but
I
guess
on
a
long
timeline,
there's
not
really
going
to
be
those
types
of
ethereum,
node
updates
any
longer.
A
A
And
then
there
is
the
the
kind
of
like
one
of
the
top
cash
cards
for
all
metadas
yeah,
so
that
Zero
Performance
and
go
straight
to
the
metadata
service
bubble
right.
So
that
and
I'll
get
to
that
to
the
end
of
like.
Then
you
you
that
goes
to
the
service,
Plover
and
practically
the
way
it's
done
is
every
quarter.
A
A
Basically,
like
you
would,
you
would
like
the
community
would
verify
that
the
metadata
has
provided
this
yield
farming
front,
end
sort
of
according
to
the
rules,
basically
best
practice
and
not
not
in
some
way
like
broken
the
framework
in
terms
of
SEC
like
providing
the
right
amount
of
security
or
the
right
information
to
the
user,
or
something
like
that,
and
then,
as
long
as
everything
checks
out,
then
every
quarter,
the
you
know,
250
000,
would
be
transferred
to
the
Surplus
buffer,
but
it
wouldn't
be
automatic.
A
Basically
there'd
be
a
kind
of
like
there
would
be
a
sort
of
a
before
it's
transfer.
There
would
be
a
check
to
see
if
it
was.
It
was
valid
because
it's
not
you
know,
like
metals,
have
certain
kind
of
expert
like
security
and
and
front-end
kind
of
standards.
They
have
to
follow
in
order
to
not
get
penalties,
but
then
also
in
order
to
get
there
Revenue
share.
A
But
in
the
scenario
where
you
have
you
don't
have
a
team,
then,
if
you're
once
the
once
the
front
end
it's
good
enough
once
then
it
should
be
good
enough
forever.
So
then
you
will
just
get
to
it:
he'll
just
get
it
and
I
guess
it's
actually,
maybe
maybe
it
would
be
something
like
there's
only
a
it's
automatic
unless
it's
been
an
update
or
something
and
if
there's
been
an
update,
then
there's
a
review
first,
whatever,
okay,
that's
all
you
know,
that's
all
something
we
can.
A
That
really
gets
figured
out
as
a
part
of
the
scope
of
these
Scopes
right.
So
that
would
be
something
if
the
in-game
plan
is
approved,
then
we
would
start
having
meetings
like
this.
That
would
we
would
go
through
each
scope
and
spell
out
these
kind
of
things
and
get
sort
of
more
into
the
details
of
this
kind
of
stuff.
A
But
anyway,
basically,
you
can
assume
that
this
goes
straight
to
the
surface
buffer
and
it's
risk-free
right.
The
Meta
does
taking
a
risk,
there's
no
Team
involved
in
doing
it,
and
then
you
got
the
the
either
die
malt
yield,
farming
and
other
Mega
vaults
that
are
accessed
through
the
meta
now
front
end-
and
this
is
like
I
said
this
is
like
the
cash
the
big
Cash
Cow
for
all
metal
dials,
because
basically
they
get
high.
A
Revenue
share
right:
we
get
zero
point.
Okay,
this
is
wrong.
This
is
written
right.
It's
25
percent
of
disabilities
right
they
get
25
Revenue
share
for
all
stability
fees
maker
earns
from
from
providing
Vault
users
to
make
a
call
through
the
front
end,
and
so,
if
we
assume
this
500
million
total
debt
and
the
average
stability
is
four
percent,
which
is,
it
was
completely
possible
in
this
scenario,
because
the
stability
fees
should
be
quite
High
because
they
increase
because
of
the
metadata
yield.
A
So,
basically,
maker
increases
the
stability
fees
charging
on
either
divots
that
provide
metal
yield
farming
in
order
to
sort
of
recapture
some
of
the
the
yield
farming
expense,
essentially,
which
is
something
called
value.
Preservation
right,
so
maker,
doesn't
give
all
the
metadata
tokens
away
for
free.
A
It
also
charges
a
higher
stability
fee,
but
not
you
know
it
doesn't
charge
any
stability
equivalent
to
the
meditar
yield,
but
it
charges
some
additional
stability
so
anyway,
I
just
put
it
a
full
percent
as
an
arbitrary
number,
and
so
that
gave
us
5
million
per
year
in
yearly
income.
This
is
also
risk-free
income.
This
is
also
income.
That's
requires
no
team.
A
And
this
is
for
volts.
This
is
for
volts
that
are
make
a
call
volts,
so
this
would
be
like
eth
walls,
State
evolves
and
especially
either.
The
eyeballs
would
yield
from
me
in
practice,
probably
almost
only
either
that
I'm
also
a
year
farming
I
would
guess
would
fall
under
would
be
the
kind
of
volts
users
would
access
through
meta
down
front
ends.
A
So
this
is
a
maker
Cobalt
yeah,
it
could
be
I,
mean
I,
think
wbtc
bolts
in
the
long
run
weirdly
enough.
They
actually
would
count
as
rival
assets.
Right
I
mean
they
basically
are
realized,
so
they
would
actually
fall
under
real
Assets
in
some
weird
way
in
the
long
run,
but
in
the
short
run,
of
course
they
were
just.
They
would
just
function
like
this.
Initially.
A
But
yeah,
so
these
are
kind
of
like
maker
modes
right.
So
that's
why
it's
risk-free!
That's
why
you
don't
need
a
team
or
anything
because
make
your
signal
the
risk.
All
the
metadata
has
to
do
is
just
do
the
marketing
and
and
finally
use
this
okay.
Now
we
get
to
something
that's
an
actual
business
of
the
Creator.
This
is
kind
of
like
one
of
the
core,
maybe
even
the
core
business
model
of
many
kind
of
a
potential
Creator
sort
of
Concepts,
and
so
that's
the
metadata
Landing
engine
and
so
as
a
Creator.
A
Then
you
only
have
a
decentralized
collateral,
Landing
engine
right.
So
then
you
get
and
that's
basically
it's
like
yeah.
It's
like
a
compound
fork
or
an
average
fork
or
kind
of
a
like
in
the
long
run.
It's
actually
like
the
metadata's
own
stable
coin
in
a
sense,
but
it
will
like
it
will
function
like
a
stable
coin
and
like
that's
how
it
would
be
implemented
behind
the
scenes
in
a
sense,
but
it
would
look
like
a
landing
engine,
but
basically
weirdly
enough.
A
The
most
efficient
way
to
implement
a
lending
engine
is
actually
with
a
stablecoin
engine,
and
that's
this
thing
called
a
singularity
engine
which
is
kind
of
like
the
perfect
long
run
ultimate
sort
of
end
sort
of
logical
endpoint,
of
of
like
the
core
D5
Primitives,
which
is
also
something
for
X.
They
keep
talking
about
which
they
call
the
trinity
foreign.
A
A
What
are
some
reasons
why
they
would
attract
decentralized
collateral
because
maker
has
made
Lottery
anything
other
than
eth
and
wbtc,
which
is
a
great
question
and
basically
I,
think
they're
like
so
one
thing
is
the
decentralized
collateral
learning
engine
could
actually
be
used
by
the
metadata
itself,
so
it
could
be
that
the
metadata
is
doing
this
like.
Maybe
some
of
this
is
actually
used
for
yield
farming
by
the
metadata
cell.
So
maybe
it's
yield
farming.
Some
new,
like
it's!
It's
it's
jumping
to
yield
farms
for
new
protocols,
something
weird
or
I
mean
I.
A
Guess
it's
I
guess
it
should
not
be
like
it
shouldn't
be
allowed
to
do
some
kind
of
Curb
Your
farming
actually,
because
that's
a
centralized,
stable
country,
so
it
covers
variable
assets,
so
that
would
have
to
be
a
protector
that
would
do
that,
but
it
it
could
be
some
weird,
like
other
decentralized,
stable
clients
with
yield
farming,
or
something
like
that
right.
So
that'd
be
one
way
for
the
foreign
to
use
some
of
this.
A
Some
of
the
the
line
of
credit
it
gets
from
maker
and
another
one
is
like
random
coins
right,
maybe
like
Lido,
is
going
to
be
the
near
next
to
hot
coin
or
or
uni
will
come
back
somehow
or
are
there
something
else,
but
really
in
practice
the
bulk
of
this?
Maybe
all
of
it
would
be
I.
Think
I
mean
I.
Think
that
what
would
be
the
driver
of
this
would
be
high
Liberty.
A
So
that's
kind
of
the
real
like
I
mean
that's
the
kind
of
sustainable
end
and
reliable
income,
Source
I
think
for
the
decentralized
collateral
engine
leveling
engine,
it's
basically
meta,
dials,
offering
High
leverage
on
either
die
and
regular
eth,
basically
I
think
especially
into
that
as
well
right,
because
there's
a
good
Synergy
with
elixir
in
that
either
die
becomes
very
easy
to
liquidate.
If
there's
a
ton
of
captive
liquidity
in
in
The,
Elixir
yeah,
why
wouldn't
customers
go
to
make
it
make
it
directly?
A
Well,
that's
because
maker
doesn't
offer
High
leverage,
so
I
mean
like
in
the
metadata
front
end
itself:
you
would
you
would
have
you
would
be
like
okay
I
want
to
level
up
on
either
that
and
then
the
meta
up
front
end
would
say:
okay,
if
you're,
if
you
want
low
leverage,
let's
say
you
want
three
eggs:
no
sorry!
You
want
1.5
x,
leverage
or
you
know
whatever
right,
let's
say
less
than
2x
leverage
right.
A
Then,
if
you
do
that,
you
get
this
added
bonus
that
you
can
find
metadata
tokens
and
what's
actually
happening,
then,
is
that
you're
going
up
here
and
you're
accessing
this
thing
here?
A
Behind
the
scenes
in
the
middle
of
running,
but
you
have
no
idea,
that's
what's
happening,
you
just
know.
Okay,
if
I
do
low
leverage,
I
can
find
my
other
tools
and
then
you
can
also
go
to
super
highlight
because
you
go
to
like
5x
leverage
if
you
wanted,
but
then
you
have
to
pay.
You
know
very
high
stability
fee.
Obviously,
and
you
also
cannot
Farm
metadata
tokens
and
without
knowing
it
what's
happening,
is
now
you're
doing
going
down
here,
but
in
the
front
it
actually
looks
like
the
same.
A
It's
just
like
it's
just
like
it's
sort
of
one
product
in
different
settings
and
depending
on
the
setting
you're
able
to
either
Farm
or
not
farm
and
your
stability
changes
and,
under
the
you
know,
under
the
hood
you're,
actually
switching
between
these
two
different
underlying
products,
with
different
risks
and
different
sort
of
terms
and
and
and
revenue
potential
for
the
metadata.
But
as
a
user
you
don't
the
users,
don't
need
to
care
about
this
right.
A
And
then
it
sort
of
gets
even
more
specialized
right,
because
this
is
all
the
decentralized
collateral
learning
and
that's
something:
every
that's
sort
of
a
class
specific
income
Source
right.
So
this
is
a
these-
are
sort
of
metadata,
General,
meta,
Dow,
income
sources,
collateral
landing
and
that's
class
specific,
because
that's
only
creators
and
protectors
that
have
this.
Have
that
Governors
don't
have
this
and
then
you
start
get
into
what
I
call
specializations,
which
are
basically
or
some
Independent
Business
models.
So
that's
like
protocols
that
have
no
connection
to
make
a
call
at
all.
A
So
this
is
an
example.
I
mean
sort
of
a
classic
example
of
the
creator
of
metadata,
with
some
like
I
created
that
I
met
a
build
out
of
Deco
protocol
or
something
like
that
right,
so
I'm,
not
even
sure
if
this
is
out
I
have
like
well
almost.
Certainly
this
isn't
how
The
Deco
protocol
works,
so
how
even
a
fixed
rate
change
Pro
Awards,
but
but
you
have
some
kind
of
you
know.
A
Basically,
some
kind
of
you
know
platform
that
users
can
use
to
interact
in
some
complicated
Define
way,
with
some
derivatives
or
some
whatever
derivatives.
Like
stuff
or
advanced
products-
and
you
know,
Advanced
use
cases
where
users
are
interacting
with
each
other,
so
you're
sort
of
you
know
you
have
a
you,
have
your
front
end
and
the
front
end
you're
connecting
sort
of
buyers
and
sellers
and
then,
whenever
they
connect
and
make
a
trade
with
your
protocol,
you
take
a
small
trading
fee
and
then
this
extent
I
mean
this
is
sort
of.
A
This
is
very
I
think
compared
to
the
other
numbers.
This
is
probably
very
high,
but
then
in
this
example
it's
a
it's
a
five
million
income
right
and
this
would
be
risk-free
because
once
you
build
this
and
you
take
like
the
fee,
you're
taking
is
actually
rent.
It's
like
rent
seeking
fee
right,
you're,
not
you're,
just
connecting
users
and
providing
a
smart
contract
and
then
you're
you're,
just
taking
a
cut
without
taking
any
risk,
and
then
we
get
into
really
some
of
the
really
cool
sci-fi
stuff.
A
That's
possible
meta
does
right,
which
is
that
if
a
Creator
builds
this
for
themselves
and
they're
using
this
themselves,
then
you
know
they've
already
integrated
into
this
standard,
like
this
decentralized
front
end
that
that
basically
follows
a
standard
that
all
metadatas
comply
with
and
as
a
result,
it's
extremely
easy
for
other
metadats
to
to
just
cut
like
they
can
literally
cover
paste
the
code
and
just
works
right
on
the
box.
A
But
I
don't
know
that's
right
and
but
then,
on
top
of
that,
because
all
the
metadata
sort
of
exist
in
in
a
sense
exist
in
makers,
sort
of
ecosystem,
substrate,
right,
they're,
all
sort
of
subordinate
to
Makers
governance.
Then
you
can
have
actual
sort
of
agreements
and
actual
rules
around
something
like
this.
Even
though
it's
open
source
code,
you
can
actually
enforce
a
revenue
share
and.
A
In
this
example,
here
you
have
I
mean
these
are
numbers
that
sort
of
they're
off
as
well.
But
basically,
if
you
assume
that
there
are
three
other
protocols
that
all
integrated
the
same
feature
and
like
that,
all
integrated
is
like
fixed
rate
feature
and
they
all
get
the
same
results
and
then
the
the
original
Creator
right,
Creator,
whatever
specified
a
30
Revenue
share,
then
it
that
would
result
in
an
additional
4.5
million
per
year,
which
is
also
risk-free.
A
Yeah
and
as
some
people
saying
I
mean
there's
a
lot
of
illegal
uncertainty
related
to
this
kind
of
stuff
and
I.
Think
I
mean
everything
that's
described
here
right.
It's
like
fully
decentral
like
this
is
a
Creator.
It's
all
fully
decentralized
business
as
well
and
and
the
solution
I
think
basically
to
to
Really
and
to
make
this
kind
of
stuff
safe.
A
In
the
long
run,
it's
just
like
complete
anonymity
and
like
complete
what
are
called
physical
resilience
right,
so
you
actually
have
like
you
basically
can't
have
any
contact
point
with
the
real
world
eventually
right.
That's
also
I
mean
that's
possible
for
the
same
reason
that
it's
possible
to
not
have
a
team
at
all,
right
and
and
it's
possible
because
you
have
you,
you
provide
these
services
in
full
decentralized
front
ends,
and
basically
you
need
very
strong
tools
of
decentralization
in
the
long
run,
I
think
in
the
short
run.
A
Basically,
there's
you
know,
there's
this
kind
of
like
a
it's
going
to
take
a
while
before
this
will
be
really
before
some
like
random
Mana
dial
that
doesn't
like
screw
up
big
time
like
like
you
know,
bcx
did
again
and
again
right
because
that's
sort
of
that's
that's
the
kind
of
stuff
that's
going
to
attract
The
Regulators
first,
but
instead
it's
really
important
to
you
know
to
to
work
with
good
intent
and
sort
of
good
in
good
faith
from
the
start
right
and
and
not
screw
up
good
well,
which
unfortunately,
has
happened
to
the
whole
Space
to
some
extent
and
then
there's
another
example.
A
And
this
is
but
yeah.
This
has
basically
been
simplified.
So
the
idea
is
just
like
what,
if
this
meta
down
it's
really
good
at
building
protocols
and
and
building
a
bunch
of
codes
and
what,
if
it
was
also,
it
also
had
a
team
providing
that
kind
of
work
as
a
service
to
other
to
make
a
call
to
other
meta
tiles
and
even
to
like
other
or
something
or
compound
or
lighter,
or
something
like
that,
and
then
it
just
sort
of
simplified
as
well.
A
If,
if
it's,
if
it's
in
total
making
10
million
per
year,
then
it's
just
the
matter
that
itself
just
challenges
a
20
overhead
and
that
20
overhead
basically
covers
the
risk
of
having
to
pay
salaries
to
the
contributors.
If
there's
actually
no
work
and
also
kind
of
like
the
the
effort
of
actually
marketing
these
services
in
the
brain
of
the
metadata
and
kind
of
the
like.
A
You
know
the
the
sort
of
the
even
the
governance
in
a
sense
right
and
the
the
the
quality
assurance
in
the
sense
of
them
of
the
middle
of
that
Community
right
means
that
basically,
if
done
right,
if
the
brand
is
developed
the
right
way,
then
the
metadata
becomes
and
like
in
in
it
like
it,
becomes
able
to
charge
some
kind
of
Premium
or
overhead
fee.
A
On
top
of
basically
the
money,
that's
going
directly
to
the
teams
doing
the
work,
and
this
could
actually
be
like
this
is
this
would
probably
be
much
higher
like
the
overhead
will
probably
be
much
much
higher.
But
then
the
people
doing
this
work
would
earn
a
lot
of
tokens
so
just
simplified
it
as
like
a
as
a
lower
end,
foreign.
A
Yeah,
so
this
gives
us
20.
So
all
these
things
added
together
right
die
yield.
Farming
Revenue,
share
either
divorce
you
have
Revenue
share,
which
includes
either
the
yield
farming
and
also
any
other
type
of
old
decentralized
collateral.
Landing
engine
spread
premium
features,
fees
and
then
Revenue
share
from
premium
feature
fees
provided
to
other
metadats
Plug
and
Play
protocols.
A
A
So
so
maybe
this
meta
doc
has
many
different
features,
not
just
fixed
rates,
but
also
like
options
or
something
weird
or
you
know,
a
special
exchange
products
of
some
kind,
and
then
it's
paying
a
30
rep
share
something
like
that
to
the
other
metadowns,
but
also
earning
additional
income
from
that
that
it's
simply
like
selling
sort
of
upselling
in
a
sense
to
its
own
user
base
right
and
then
finally,
there's
this
overhead
stuff
from
providing
services
and
there's
actually
also
there's
some
more.
There
could
be
some
more
Revenue
sources.
A
A
A
You
know
debt
on
optimism
of,
like,
let's
say,
1
billion,
Diamond
circulation
and
of
that
debt
and
of
that
debt.
There's
an
average
stability
fee
of
let's
say
four
percent,
and
that
would
give
the
metadata
like
then
the
matter
that
we
get
one
percent
of
that
four
percent
which
results
in
like
a
revenue
share
of
like
400
000
per
year.
So
it's
not
really
not
very
much,
but
you
can
a
little
bit
extra
of
like
this
sort
of
risk-free
maintenance,
free
base
level,
income.
A
Yeah
and
the
and
then
the
numbers
are
I
mean
I
think
in
general,
like
the
numbers
are
sort
of
off
for
this
right
and
the
the
the
premium
feature
numbers
are
are
off
right,
but
also
think,
on
the
other
hand,
given
some
of
the
other
assumptions,
these
numbers
should
be
higher,
so
I
think
in
the
end,
like
it
sort
of
checks
out
in
Aggregate,
and
this
is
more
I
mean
there's
like
a
bunch
of
a
bunch
of
examples
for
like
what
are
the
like.
A
You
could
definitely
construct
a
much
more
realistic
if
you,
if
we
just
spend
you
know,
spend
a
bunch
of
time
like
really
thinking
about
what
are
realist
numbers.
You
could
create
something,
that's
much
more
realistic
in
terms
of
the
like.
What
would
it
actually
like
at
this
scale?
This
is
kind
of
assuming
what
would
be
sort
of
a
realistic
distribution
of
the
different
income
sources
and
I.
Guess
it's
also
possible.
You
have
some
meta
tiles.
They
will
have
all
their
income
from
here.
A
While
others
would
have
all
their
income
from
the
you
know,
all
the
income
from
the
medical
base
features
right
or
Revenue
sources.
So,
like
metadata,
just
focus
purely
in
marketing
and
then
maybe
you'd
have
a
meta
tile.
That
really
does
nothing
else,
then
provide
plot
and
play
for
equals
to
other
methods
and
create
some
killer
app
that
every
other
metadata
integrates
and
they
just
keep
getting
ref
share
from
that,
and
not
really
not
much
else.
A
A
A
So
there's
all
this
stuff
about,
like
here,
I,
see
and
and
regulation
and
basically
like
I,
think
right
now,
it's
probably
not
you
know,
I,
don't
think
things
are
super
dire
in
the
short
run,
but
I
think
an
alarm
I
mean,
as
I've
said
at
this
point,
I
think
the
right
choice
is
to
be
really
ready
for
for
everything
right
and
just
be
like
ready
for
full,
true
decentralization
right
and
that,
and
that
actually
probably
less
includes
completely
stop
stopping
with
real
Assets
in
a
short
run,
but
rather
than
I
think
that
in
if
we
just
see
just
a
bunch
of
like
arrests
or
something
like
that
right
beyond
the
tornado
cash
arrests,
then
it
would
be
very
hard
to
get
people
that
are
willing
to
work
for
decentralized
protocols
and
instead
we
need
to
to
develop
the
the
sort
of
the
culture
and
the
toolkits
needed
to
to
actually
have
effective
decentralized
and
like
decentralized
pseudonymous.
A
Work
right
with
the
metadata
can
facilitate
really
well,
because
the
metadata
can
then
kind
of
Outsource.
The
embezzlement
risk
and
the
the
Civil
risk
away
from
make
a
call
and
into
the
metadata
right,
because
make
a
call
already
just
assumes
already
is
interacting
with
metatars,
rather
than
individuals
that
it
has
to
wear,
has
to
worry
about
civil
risk.
A
But
yeah
like
I,
said
I
think
the
current
sort
of
hybrid
straddling
both
sides
of
half
decentralized,
half
centralized
is
is
viable
for
a
while
and
then,
as
I've
said
in
the
past,
we
don't
really
have
the
choice
of
becoming
fully
compliant.
So
the
only
choice
is
for
decentralization.
A
And
then
now,
yes,
what
if
the
25
rev
share,
was
to
your
base
out
of
I.
Don't
think
that's
a
good
idea
like
this
idea
that,
like
if
you
bring,
if
you
create
more
growth,
you
should
get
more.
A
You
should
get
a
higher
rep
share
because
we
don't
really
want
to
I
mean
well
I,
guess,
maybe
the
the
kind
of
the
argument
for
having
a
higher
rev
share
for
someone
bringing
more
growth.
Maybe
it
makes
sense
but
in
other
hand,
I
don't
like
the
idea
of
penalizing
a
smaller
metadata
with
a
lower
rib
share
if
they
bring
because
the
rep
like
the
Vault
rev
share.
That's
like
the
bread
and
butter.
That's
the
thing
that
will
allow
a
meta
dial.
A
That's
you
know
suffered
some
devastating
loss
or
something
that's
the
thing
that
allows
it
to
come
back,
because
that's
the
thing
that
can
sustain
you,
even
if
you
have
no
Team
all
you
have
is
just
like
a
you
know:
community
members
that
are
that
are
spreading
the
word
and
spraying
the
front
end,
and
so
on
so
I
I.
Think
I
I
prefer
I
think
that
just
having
a
flat
fee
of
25,
which
I
think
is
very
high,
it's
is.
Is
it
a
good
spot?
A
A
And
then
there's
another
question
about
Nadia,
which
is
all
that
rev
share
fees,
Etc
go
to
the
metadata
service
buffer
and
Kevin
die
or
convert
it
immediately
to
elixir,
there's
a
Justice
service
surplus
of
the
Surplus
buffer
converts,
your
Elixir.
It's
the
meta
tile,
the
owner
of
that
election
raises
surface
buffer,
is
a
miracle
yes
I'll
get
to
this
in
a
second,
but
basically
they'll
like
the
only
way
for
a
metadata
to
transfer
value
to
its
token
holders
is
through
Lexia
and
then
whether
a
meta
like
but
I
guess.
A
Basically,
it's
like
it's
up
to
the
meta
down
when
it
wants
to
convert
dye
into
Elixir,
but
basically,
if
it
yeah
like,
if
it
doesn't
convert
die
into
like.
If
it's
a
hordes
die
in
a
circle
buffer,
then
you
know
it
has
to
be
able
to
it
has
to
to
generate
some
kind
of
outsized
growth
with
it,
because
it,
you
know
it's
sort
of
it's
keeping
that
value
away
from
the
token
holders
by
not
converting
it
to
relax
here.
A
Yeah
but
I'll
get
to
that's.
That's
a
part
of
the
same
we'll
get
to
that
in
a
second
and
get
like
tons
of
weird
Elixir
calculations.
A
And
then
Peyton
and
then
there's
this
account
like
this:
the
discussion
about
providing
additional
upside
to
more
successful
metadatas,
which
is
yeah.
That's
it
and
I
just
started
in
about
like
small
and
like
been
you
know,
giving
some
more
minutes
a
chance
for
comeback
and
so
on.
That's
if
that's
the
best
mechanism
they
have
for
them,
but
then
just
one
thing,
I
want
to
know
right.
A
Peyton
talked
about
preventing
one
metadata
from
like
ruling
them
all
right
and
soaking
up
everything,
and
actually
that
is
actually
not
really
a
risk,
because
there
is
actually
kind
of
like
a
built-in
what
they
call
it
like
empty
I,
don't
know
what
they
call
it:
Anti-Trust
kind
of
anti-uh
domination,
mechanic
in
the
system.
A
A
You
can
never
get
more
than
one
sixth
of
the
share
of
the
MPR
missions,
so
even
if,
if
single
metadata
has
99
of
all
the
of
all
elixir,
so
it's
a
hundred
times
as
big
as
all
the
other
metals
combined,
and
it
still
is
only
able
to
like
it
still
only
benefits
from
10
000
MK
per
year.
So
a
bunch
of
daily
metabouts
that
are
100
times
as
small.
A
They
could
be
getting
the
same
amount
of
mkr
togonomic
Boost
from
meager,
and
that
has
this
kind
of
like
I,
don't
know
like
socialist
effect
in
a
sense,
because,
basically,
it's
like
a
formal
redistribution
right,
because
the
metadata
only
gets
a
relatively
small.
A
A
comparatively
small,
you
know
benefit
from
the
from
the
major
missions,
but
maker
still
gets
the
full
benefit
from
the
metadata
automation
right,
because
the
metadata
has
these
permanent
emissions
of
2.75
of
its
of
its
token
per
year
that
doesn't
get
reduced,
while
maker
submissions
go
into
that
metadata
specifically
gets
reduced
right
and
then
that
has
the
effect
of
basically
making
the
mkr
going
to
the
other
minute.
That's
worth
a
lot
more!
So
if
you
have
one
giant,
meta
dial,
that's
way
larger
than
the
other
metals,
it's
actually
going
to
automatically
transfer.
A
It's
like
a
redistribute
value
from
the
giant
metadata
to
the
small
amount
of
notes,
and
then
you
could
have
some
situations
where
that's
that
seems
stupid.
If,
if
that
one
metadash
is
like
completely,
is
something
special
right
and
that's
where
you
might
then
get
into
this
thing
called
a
divorce
process
right,
you
might
actually
have
a
method
of
spin-off
and
become
self-sovereign
and
then
trading.
All
the
weird
tokenomics
for
some
kind
of
like
basically
maker
providings
I,
want
to
offer
saying.
A
But
exactly
how
to
do
that.
I
mean
there's
a
trillion,
pitfalls
and
weird
risks
to
consider
with
that
approach.
So
that's
something
that
that
we'd
have
to
figure
out
whether
it's
even
realistic
to
do,
because
it
might
be
that
it's
not
even
really
possible
to
do
like.
We
would
have
to
look
into
that
sometime
in
the
in
the
pre-game
I
think,
because
if
we
want
to
have
that
to
be
realistic,
we
need
to
have
it
like
the
beginning
of
a
specification
of
that
in
the
Constitution.
I.
A
One
I
mean
I'm
Nadia
to
this
Nadia.
Just
reiterates
this
thing
about,
like
the
tiered
incentives
for
for
the
vault
I
mean
another
thing
to
keep
in
mind
is
that
the
the
income
from
The
Vault
isn't
risk-free
right,
so
maker
is
taking
the
the
blacks
one
risk
of
these
balls.
A
So
I
think
if
you
did
something
like
give
a
minute
about
50
of
the
stability
piece,
you
might
actually
be
entering
territory
where
maker
is
like,
literally,
you
know,
losing
money
on
the
vault,
so
it
like
by
by
having
you
know
and
that's
yeah
like
it.
A
Yeah
but
I
think
I
mean
it's.
Definitely
it's
interesting.
It's
an
interesting
thing
to
consider
like
ways
to
because
this
is
all
about
designing
strong
incentives,
so
anything
where
we
can
use
incentive
to
drive
behavior
that
we
want
and
that
you
know
where
we're
not
the
maker
core
doesn't
have
to
take
risks,
but
rather
metadata
takes
risk
and
then,
if
it
delivers
results,
then
it
gets
upside.
A
It's
always
good
to
consider
that
type
of
meta
engineering,
because
that's
that's
the
key
to
getting
a
large
decentralized
Workforce
and
a
large
ecosystem
and
communities
are
actually
work
together
to
productively
okay,
but
anyway,
so
back
to
this
example
with
a
minute
right.
So
we
just
talked
about
25
million
and
yield
income
with
this
example,
which
is
actually
I,
mean
that's
actually
a
huge
amount.
A
That's
like
you
know
more
than
probably
there's
maybe
three
default
protocols
in
the
world
that
makes
that
much
money
right
now,
maybe
even
less,
maybe
there's
nothing
that
even
makes
it
currently.
But
but
you
know
like
having
real
income,
is
not
really
you
know,
no
there's
not
really
been
a
thing
that
D5
has
really
been
able
to
produce.
So
far,
consistently
I
mean
maker
and
a
few
other
projects
are
the
only
one
that
ever
really
achieve
that
sustainably
and
and
all
of
the
income
described
above
is
all
like.
A
Just
you
know,
that's
like
real
income
right
from
providing
a
real
service,
which
of
course
also
means
it
takes
the
real
work
to
get
it
to
get
to
that
point,
but
also
there's
a
lot
of
piggybacking
on
top
of
maker
Crews.
So
it's
easier
than
getting
to
25
million
in
like
a
lot
easier
than
getting
to
25
million
die
in
revenue
from
scratch
for
sure.
A
But
then
just
to
sort
of
do
the
full
calculation
right
then.
In
this
example,
this
metal
dial
has
a
lean
team
right.
So
there's
five
Administration
team
of
five
people,
so
it's
kind
of
like
a
mix
of
growth
and
governance,
core
units,
as
we
know
from
make
a
call
today
and
then
five
people
that
basically
build
if
you
know
that
are
Engineers
building
the
premium
features
and
then
maybe
there's
also
like
some
like
there's.
A
Also
some
people
doing
this,
this
smart
kind
of
services,
something
like
that
right,
but
they've
been
modeled
away
as
simply
being
an
overhead.
So
we
just
don't
count
those
as
expenses
and
income
but
around.
We
just
count
them
as
pure
income,
like
a
relative
like
a
small
amount
of
pure
income
right
rather
than
high
amount
of
income
and
a
slightly
lower
amount
of
expenses
anyway.
A
So
if
you
assume
you
have
10
people,
and
then
you
said,
it's
like
extremely
high
head
count:
cost
of
half
a
million
per
person
that
gives
you
5
million
expenses
and
then
that's
20
million
yearly
circles
and
then
basically
add
sort
of
equilibrium.
This
yearly
Surplus,
the
only
thing
you
can
do
with
that.
If
you
don't
have
any
new
growth
like
if
sort
of
growth,
you
don't
have
any
more
growth,
you're
just
sort
of
stuck
at
this
point
right,
then
all
of
this
yearly
Surplus
goes
to
buy
Alexia.
A
And
the
thing
about
the
way
the
Elixir
turgonomics
works
is
that
The
Elixir
is
always
kind
of
like,
like
metadata
token,
is
always
redeemable
for
the
underlying
elixir
on
a
long
enough
timeline
that
which
means
that
the
way
it
works
is
that
if
the
market
cap
of
the
Netherland
totals
go
below
the
Elixir
reserves,
then
they
start
to
burn
the
metal
Autumn
with
Elixir.
A
So
basically,
if
a
metadata
totally
sort
of
stagnates
in
a
sense
right
where
the
meta,
the
market
cap
stays
stable
and
and
it's
profitable
and
it
just
keeps
earning
more
and
more
Elixir,
then
sooner
or
later
the
value
of
Alexia
will
exceed
the
market
cap.
And
then
what
will
happen
is
effectively.
The
value
of
like
the
surplus
of
the
protocol
starts
going
directly
dramatic,
make
to
metadata
token
burn
right,
because
the
Surplus
goes
into
increasing
the
pile
of
Elixir.
A
Then
the
pile
of
Alexia
goes
above
the
market
Capital
token,
then
the
Lexia
starts
burning
and
basically
burns
the
the
market
cap
of
the
token
up,
while
the
power
of
Elixir
goes
down
and
then
effectively.
That's
like
saying
that
in
this
example
at
some
point,
the
20
million
yearly
profits
is
transferred
to
the
total
holders
through
the
burn
through
burn
mechanism
and
then
later
on.
I
did
I
sort
of
did
some
like
sort
of
bad
math
on
this
and
and
came
to
the
conclusion
that
this
equilibrium
would
be
reached
after
about
five
years.
A
But
then,
on
top
of
this
20
million
in
Surplus
going
into
Alexia,
this
also
means
that
metatar
has
a
huge
amount
of
legs
here.
So
we
can
just
assume
that
it's
in
the
top
of
this
sort
of
Elixir
Wars
right,
it's
a
top
Meadow
that
has
kept
out
its
its
share
of
the
melanomics.
So
that
means
it
also
gets
10
000
MPR
per
year.
That
sort
of
that's
used
to
to
inject
liquidity
to
the
metadata
by
buying
metallics
here,
and
so
this
is
basically
by
buying
and
holding
that
Alexa
right.
A
So
this
is
basically
equivalent
to
and
like
also
a
direct,
rather
an
indirect
value
transfer
to
the
the
metadata
token
holders
and
then
in
this
example,
is
sort
of
in
the
it's
five
years
out
in
the
future.
And
then
care
price
is,
is
a
lot
higher
right.
So
it's
we
put
it
a
2000
die.
So
that
means
it's
ten
thousand
times
two
thousand
which
gives
20
million.
A
So
you
have
20
million
worth
of
MPR
emissions
going
indirectly
to
the
Token
holders,
and
then
you
have
20
million
worth
of
matter
like
so
yeah
metal.
Now,
income
metal
Surplus,
basically
going
directly
in
through
Burns
to
dog
holders,
for
a
total
of
40
million
in
in
value
trends
for
the
token
holders
and
then
because
the
metadata
has
a
very
sort
of
weird.
Then
we
put
this
low
expectation.
Like
p
e
ratio,
expectation
for
only
five
right.
A
A
A
And
that
Elixir,
basically
there's
there's
a
bunch
of
different
way
like
so
metal,
does
they're
all
about
accumulating
giant
giant
giant
piles
of
Elixir.
That's
really
what
is
so
that's
kind
of
like
the
core
of
the
whole
idea
right,
because
the
more
Elixir
that
exists,
the
better
for
the
MPI
like
for
Maker's
ability
to
use
NPR's
collateral
and
to
emit
you
use
MPR
emissions
to
drive
a
tokenomics
right.
A
So
so
the
Alexia
wouldn't
just
accumulate
from
the
20
million
per
year
Surplus.
It
will
also
accumulate
from
from
this
thing
called
the
drizzle
engine,
which
is
like
the
reason
why
it's
called
a
drizzle
engine.
It's
like
the
reverse,
Ember
burn
engine.
So
it's
like
this
kind
of
like
it's
a
it's
basically
a
system
that
is
actually
inspired
by
the
the
bond
mechanism
of
Olympus
dial,
although
it's
just
like
more
it's
not
as
as
a
sort
of
weird.
A
Basically,
it's
more
like
it's
basically
a
system
that
sells
tokens
if
they're,
if
it
considers
them
overvalued
and
that
would
emit
yeah
like
I,
made
up
to
five
percent
of
the
total
supply
per
year.
So
you
could
assume
basically
that
this
emits
like.
A
If
you
get
to
200
million
market
cap,
then
you'd
get
up
to
10
million
10
million
dollars
worth
of
Alexa
per
year,
so
the
case
of
30
million
dollars
worth
of
Elixir
per
year
and
sort
of
fixed
in
sort
of
recurring
Elixir
accumulation
per
year
and
then
there's
also
fixed
Alexia
accumulation.
A
So
one
is
from
nft
staking
right:
So
Meta
does
they
emit
tokens
that
goes
to
stickers
and
and
in
order
to
stake
you
have
to
you,
have
to
lock
up
your
metadata
tokens
and
then,
when
you
unlock
you,
you
have
to
pay
a
15
unlock
fee
and
that
50
unlocked
fee
goes
into
this
same
drizzle
engine,
where
the
the
the
five
percent
yearly
emissions
also
go
and
obviously
sold.
If
the.
A
If
the
metadata
token
price
is
above
the
valuation
model
of
the
engine,
and
so
then
in
this
example
that
that
would
that
just
means
an
additional
10
million
worth
of
Elixir
and
then
finally,
this
is
like
anti-reflexivity
mechanic,
which
is
basically
this
like,
like
that's
the
thing
that
prevents
metabouts
from
having
like
crazy,
Bubbles
and
just
like
exploding
in
value
early
on
when
they
have
very
little
circulating
Supply,
and
so
basically,
in
this
case
it
would
have
this
case
at
a
200
million
dollar
market
cap.
A
The
matter
that
I
would
have
done
at
least
at
33.
Expansion
of
the
total
Supply
and
total
Supply
in
this
case
counts.
Actually
the
2
billion
tokens
that
have
that
are
being
distributed,
which,
at
year
five
it
wouldn't
be
two
billion.
It
would
have
been
something
like
one
point:
625
billion,
so
you
wouldn't
have.
You
would
have
distributed
all
two
billion
yet
but
close
to
all
two
billion
that's
year,
five,
and
that
would
have
result
in
33
million
die
of
elixir.
A
So
your
base,
so
basically
you
would
have
43
million
in
this
sort
of
like
one-off,
that
we
earned
during
this
process
and
then
a
recurring
income
of
30
million,
and
that
gives
us
you
know
a
timeline
of
like
5.5
years.
A
Yeah
then
there's
a
bunch
of
more
then
I
mean
then
there's
this.
So
so
that's
like
so
we're
five
years
out,
we
have
some.
You
know
we
have
a
200
million
dollar
market
cap
metal
with
200
million
dollars
worth
of
elixir
and
then
cam
price
is
two
thousand.
A
Then
in
this
scenario,
you
could
assume
the
schedule
of
metadata
creation
has
gone
sort
of
as
it.
You
know
that
you
just
have
like
I
mean
it
would
be
sort
of
a
successful
scenario
right.
So
we
would
assume
that
all
the
metadatas
are
alive
basically
and
that
will
give
us
12,
metadars
and
then
I
sort
of
just
I
came
up
with
like
with
some
extent
like
an
example
of
like
a
distribution
of
metadata
right.
A
A
A
Yeah,
you
have
two
very
successful
metals
for
a
400
million
next
year
in
total
two
more
at
a
moderate
level
for
200
million
Elixir
total.
So
that's
600
million
likes
in
total.
Then
we
have
four
with
this
medium
low,
like
full,
like
50
million
in
Elixir
and
Margaret
cap,
so
that
gets
us
to
that
gives
us
to
800
and
then
additional
four
at
25
million
they're,
giving
us
to
900
rather
than
a
year.
So
the
point
is
that
in
this
scenario,
we're
assuming
you
know
an
MPR
market
cap
of
actually
wait.
A
A
second
I'll
just
screw
that
but
mpm
markets
here
for
about
two
and
a
half
billion
2.7
billion
actually
and
then
out
of
that
2.7
billion
market
cap,
something
like
at
least
a
third
of
it
is
captive
liquidity
of
this
Elixir
held
in
sort
of
an
equilibrium
in
the
metadas
yeah.
Actually,
now
that
I
mean
I,
I
I
I
failed
to
account
for
the
increase
in
the
mkr
supply
in
the
scenario,
so
actually
I
think
this
make
this
becomes
now.
A
Actually,
it
does
actually
make
a
lot
more
sense
with
these
numbers,
then
right
so
one-third
is
like
captive
liquidity
which,
which,
like
you,
need
a
lot
of
capital
liquidity
in
order
to
sustain.
You
know
significant
emissions
of
mkr,
of
course,
and
then
sort
of
this
final
calculation
down
here
is
just
to
assume
what
would
it
actually
take
for
for
major
to
be
knit
non-dilutive
right.
A
So
the
so
the
emissions
going
to
the
metal
house
is
offset
by
burn
from
income
of
like
from
the
income
of
make
a
call,
and
actually
all
it
will
require
for
this
to
to
to
work
out
is
that
you
have
like
10
million
like
a
dies
of
Life
10
billion,
with
an
average
stability
if
you're
two
percent,
and
that
actually
still
like
that's
like
I,
think
over
the
top
Assumption
of
100
million
dollars
worth
of
expenses.
A
And
and
also
a
very
low
assume
stability,
even
only
two
percent
like
if
we
assume
four
percent
up
here
in
this
example,
you
should
probably
actually
be
three
percent
like
I
think
this
could
prove
this
could
probably
be
three
percent,
and
then
this
be
50
million
and
we'd
get
we'd
get
a
prop.
You
know
we
get
250
million
of
yearly
Surplus
instead,
which
suddenly
gets
us
to
a
burn
rate
of.
A
I
guess
about
five
percent
per
year,
or
something
so
yeah.
So
actually,
if
you
like,
there
I
mean
basically
these
not
these
numbers
are
sort
of
a
bit
they're,
definitely
a
bit
a
bit
like
they're
a
bit
off
in
a
sense
that
one
thing
you
could
do
to
make
the
numbers
make
more
sense.
Is
that
the
metadata
or
you
should
reduce
the
like
I,
think
it's
probably
that
the
metadata
is
making
too
much
money.
A
Actually
that's
one
of
the
like
up
here
like
maybe
the
specialization
is
assuming
a
very
high
I'm,
assuming
a
lot
of
income
from
this,
and
if
you
cut
that
down
a
bit
and
then
also
change
the
numbers
around
a
little
bit,
then
then
it
would
make
sense,
but
otherwise,
if
you're.
Basically,
if
you
really
had
these
not
like,
had
the
numbers
in
this
way,
then
you
would
actually
like
expect
a
much
higher
mkr
price.
A
And
then,
of
course,
once
you
start
accounting
for
a
hiring
job
price,
then
all
the
other
thing
starts
moving
around
because
then
the
the
the
like,
the
inflow
of
value
to
the
metadata,
starts
going
up
within
care
price
and
also
the
value
of
the
Elixir
starts
to
go
up
with
the
income
price.
A
Yeah,
can
we
break
down
how
much
of
a
metadata
revenue
is
actually
making
it
to
contribute?
This
contractors
so
like
in
this
example
we're
just
assuming
everyone
gets
half
a
million
per
year
because
I
mean
in
this
and
and
that
makes
sense
in
this
kind
of
like
equal,
like
zero
growth
equilibrium.
Basically,
so
you
could
think
of
it
as
500
000
per
year,
or
maybe
just
like.
Maybe
it's
200
000
in
cash
per
year
and
300
000
tokens
in
liquid
tokens.
A
You
can
sell
per
year
or
something
and
sorry
and
actually
that's
that's
kind
of
I
mean
that's,
that's
also
the
overhead,
so
it
would
actually
be
lower
than
that
you
would,
you
would
assume
so
maybe
it's
more
like,
let's
say
200
000
in
cash
and
then
a
hundred
thousand
in
there
in
tokens
per
year,
or
something
like
that,
but
I
also.
A
You
know
like
this,
then
also
assumes
that
there's
like
like-
and
this
is
like
a
stable
equilibrium
right,
so
that
there's
like
total
job
security
and
so
on,
and,
of
course,
in
practice,
it's
much
more
likely
that
it
would
look
something
like
it
would
be
like
this
crazy
uncertainty
in
the
metadas,
but
also
massive
growth
potential
right
and
the
token
price
could
be
like
the
token
price,
at
least
during
the
growth
phase.
Wouldn't
wouldn't
catch
up
with
I
mean
rather
it
would.
It
would
like
the
I
mean
the
the.
A
Like
the
internal
economics
of
the
metadata
would
fall
behind
the
Melody
token
price,
because
the
metal
token
price
would
account
for
growth
and
and
then
what
you
would
get
as
like
a
contributor
is
that
you
would
get
some.
You
know,
let's
say
some
like
some.
Some
cat,
like
definitely
like
a
you
know,
I
think
all
most
metallics
were
probably
up
to
pay
a
decent
amount
in
cash
right,
just
to
make
sure
they
can
get
the
right
tail
and
keep
it
motivated
and
keep
them
really
focused
on
the
on
the
project.
A
But
then,
like
a
lot
of
tokens
that
are
like
locked
or
something
on
that
and
then
have
a
potential
to
be.
You
know,
maybe
it
could
be
like
a
million
per
year
or
something
crazy
if
the
if
the
metatar
actually
delivers
on
the
expected
growth,
but
on
the
other
hand,
if
it
doesn't
deliver
on
that
expected
growth,
then
the
price
of
the
tokens
could
go
back
down
and
it
could
be
less.
In
fact,
maybe
they
could
be
totally
worthless
and
you
just
get
the
catch
or
something
right,
but
it's
like.
A
It
also
really
depends
on
the
sort
of
the
matter
and
the
expectation
of
the
matter,
though,
because
it's
all
going
to
come
down
to
yeah
right
I
mean
what.
How
does
the
community
value
the
jokes
in
the
first
place
and
it's
a
focus
is
the
focus
of
growth
or
is
the
focus
on
short-term
Surplus
and
and
cash
flow,
and
so
on.
A
A
A
So
the
you
could
the
metadata
owns
the
you
could
say
the
metadata
owns
the
Surplus
buffer,
but
cannot
use
it
to
distribute
to
token
holders,
so
the
metal
dial
can
do
anything
it
wants
to
the
circles
buffer,
except
like
payout,
a
dividend
or
something
like
that,
and
but
and
once
it
like
I
said
what
you
can
do
is,
instead
of
paying
out
a
dividend.
What
it
can
do
is
you
can
convert
it
to
release
here,
but
then,
once
it's
converted
to
elixir,
then
it's
like,
then
no
matter
can't
touch
it.
A
The
only
thing
the
metal
that
can
do
with
it
when
it
selects
here
is
it
can
use
it
as
a
junior
Capital.
So
it
can
use
it
to
as
to
increase
its
the
debt
ceiling
for
its
metal,
Landing
engine,
for
instance,
or
it
can
use
it
to
increase
the
amount
of
results,
guarantees
it
can
provide
to
maker
or
the
amount
of
oracles
it
can
run
for
me.
A
Actually,
I
didn't
even
include
that
here,
but
can
also
earn
money
by
running
oracles
and
the
ability
to
run
oracles
depends
on
on
the
amount
of
Junior
capital
has
available,
and
so
this,
both
the
Surplus
buffer
and
The
Elixir
accounts
towards
the
student
Capital,
but
only
the
Surplus
buffer
is
under
the
control
of
the
The.
Meta
down
can
be
used
for
growth.
A
Oh
yeah,
basically
like
the
idea
is
really
that,
of
course,
the
metadata
will
do
as
much
as
possible
for,
for
you
know,
to
reinvest
into
growth
right.
A
And
I,
don't
I,
don't
know,
I
think
that
I
think
actually
the
pain
for
for
chain
link
for
papers,
time
I'm
paying
for
is
I,
think
paying
for
chain
link.
Isn't
it's
not
exactly
free
any
longer,
but
in
the
end
it's
not
like
I
mean
I,
actually
think
that
the
whole
business
model
of
running
these
notes
is
it's
not
really
going
to
be.
The
Oracles
in
the
industry,
I
mean,
maybe
it's
more
like
you
can
like.
A
Let
me
sorry
for
for
running
like
their
own
Landing
engine
or
something
like
that
right
so
running
their
own
oracles,
being
able
to
stand
on
their
own
oracles,
making
a
bit
of
money,
but
the
real
business
model
of
these
of
these
I
mean
what
I
call
the
node
Network.
So
basically,
the
oracles
or
the
the
notes
that
run
oracles,
but
also,
but
it
can
also
run
other
stuff-
is
to
run
east
staking.
A
So
that's
kind
of
the
big
like
that's
the
really
big
deal
right
and
then
the
ability
to
run
each
staking
that
uses
ether
died.
You
know
that
that
right,
that
gets
a
portion
of
the
either
dicolateral
and
then
Stakes
that
and
then
gets
a
cut
of
the
the
yield
for
staking
it
well
maker
takes
another
cut.
Then
the
metadata's
ability
to
take
a
cut
comes
from
its
junior
capital
right
which,
because
it's
guaranteeing
any
slashing
with
its
Junior
cable
foreign.
A
The
problem
is,
we
want
security,
so
we
can't
just
read
it
directly
like
that,
so
we
have
to
basically
I
mean
the
current
the
current
model.
We
have
to
like
push
it
right,
but
I
think
I
think
where
we
should
go
with
the
oracles
for
make
a
call
in
in
the
end
game
is
basically
Mega
core
should
only
really
provide.
A
We
should
only
really
use
a
few
types
of
collateral.
Basically
so
there's
you
know.
Basically,
you
eat
and
either
die
and
just
like
all
these
like
different
types
of
eat,
but
that's
all
like
one
you
could.
You
could
really
count
that
as
just
like
a
single
price
feed
right,
which
is
the
price
feed
or
even
the
either
die
price
feed,
because
you
could
always
assume
that
the
eat
price
will
be
better
than
the
either
that
price
either.
A
That
price
will
never
be
better
than
each
price
and
then
there's
MPR
escalateral
and
then
there's
metal,
dot,
total
that's
collateral,
and
we
can
actually
read
all
of
that
Unchained
because
we
know
we'll
have
these
like
massive
amounts
of
captive
liquidity
in
The,
Elixir
and
The
Meta
elixir.
So
it's
possible
that
we
could
move
completely
off
using
node
based
oracles
for
maker
core
stuff
and
instead
the
node-based
Articles
would
only
be
for
and
like
well,
you
have
to
use
it
to
like
measure
the
the
price
of
die.
A
Somehow
in
well,
I
guess
you
could
I
mean
in
Pigeon
stands
and
Eagle
stains.
You
could
use
a
PSM
in
Phoenix
stains.
You
can't
really
use
the
PSM,
so
you
have
to
you
may
have
you
may
need
a
node-based
Oracle
to
do
that.
A
But
then,
like
I
said
earlier,
you
could
like
the
metadash
themselves
in
our
metadata.
Landing
engines
could
run
like
random
node-based
oracles
for,
like
small
small
cap
coins
that
they
want
to
to
add
to,
for
instance,.
A
But
it
would
be
I
think
it's
a
really
cool
upgrade
to
be
able
to.
You
know
to
actually
make
the
oracles
more
decentralized
and
also
just
cheaper,
but
then
we
still
you
know
instead
and
like
and
then
he
said,
repurpose
the
notes
increasingly
towards
something
that
has
sort
of
a
more
clear
business,
one
right
in
particular
speaking,
oh
and
then
there's
of
course
make
a
Teleport,
which
also
needs
which
needs
notes.
A
A
I
think
it
would
be
if
people
are
interested
in
this
kind
of
like
modeling
I,
think
One
Way
Forward
is
to
basically
write
more
like
respond
in
this
Forum
thread,
and
then
I
can
also
I
could
make
some
other
examples.
If
people
interested
based
on
some
kind
of
like
problem
like
the
kind
of
the
state
and
maybe
another
thing
that
could
be
interesting,
would
be
to
try
to
look
at
what
is
a
kind
of
a
like.
A
What's
the
sort
of
Pathway
to
like
very
small
and
not
super
successful,
but
still
stable,
metatar
at
like
a
very
low
market
cap,
for
instance,
or
even
like
a
metadata
with
no
team,
wasn't
it,
let's
see
what
I
have
time
to
do,
but
then
I
mean
it
would
be
it'll,
be
interesting
to
get
feedback
on
what
what
what
kind
of
stuff
that
it
makes
sense
to
to
write
about.
So
I
spend
my
time
on
the
right
thing.
A
Sorry,
Peyton
I,
don't
understand
the
question
like
an
individual
matter
down,
mapped
out,
presumably
you're
going
to
have
all
sorts
of
community
expenses.
I
mean
so
this
in
this
in
this
metadar.
Here
it's
simply
assuming
it's
just
sort
of
like
wrapping
that
into
the
500
000
per
full-time
employee,
but
you
could
maybe
you
could.
You
could
probably
add
another
five
million
in
marketing
costs
or
something
like
that
right.
You
could
like
slap
some
fixed
expenses
on
top
and
then
that
would
probably
make
all
the
numbers
make
more
sense
as
well.
I
think.
A
You
know
you
have
25
million
income
and
then
you're
gonna
have
five
million
in
in
a
sort
of
team,
related
expenses
and
another
five
million
in
marketing
related
expenses,
or
something
like
that,
yeah
I
think
I
will
try
to
I'll,
try
to
tune
this
a
little
bit
and
figure
out
a
kind
of
like
there's,
also
trying
to
model
equilibrium
where,
like
a
more
rather
than
model,
this
sort
of
the
non-equilibrium,
where
there's
implied
growth
and
as
a
result
the
market
cap
exceeds
The
Elixir,
is
applied,
and
but
that
just
will
completely
change
some
of
the
the
I
guess.
A
Maybe
not
it
doesn't
really
change
the
PE
Ratio.
Actually,
as
long
as
it's
Surplus
accumulating
yeah
I,
don't
even
really
know
how
that
stuff
works,
but
anyway,
so
I
will
I'll
continue.
Writing
more
of
this
kind
of
stuff
when
I
have
time:
okay,
cool!
Let's
wait!
Okay,
wait
a
minute
this!
Just
this
last
question!
A
A
It's
just
that
make
a
call
we'll
be
funding
the
Surplus
buffers
initially
and
so
connect
and
connect
some
of
that
funding
to
the
to
the
onboarding
of
a
cluster
but
like
in
practice,
I
mean
it
doesn't
matter
if
it's
from
like
once
it's
in
the
Surplus
property,
it's
paid
out
the
same
way
that
core
units
are
paid
out
from
the
maker
circles
cover
and
then
more
money
for
that
comes
from
this
stuff
right.
So
all
of
this
stuff
goes
into
the
service
buffer
and
pays
out
to
the
teams.
A
And
no,
basically,
each
cluster
gets
just
like
clusters.
That
I
mean
they
basically
get
like
put
well.
So
if
a
cluster
wants
to
onboard
additional
resources,
so
some
of
the
protectors,
for
instance,
they
need
to
onboard
more
lawyers
and
risk
people,
and
then
they
have
like
high.
Then
they
basically
have
to
come
up
with
like
a
two-year
budget
for
that.
Basically,
but
if
it's
someone
who's
already
in
the
workforce,
then
they
just
continue
with
the
current
budget
for
the
next
two
years.
A
A
A
So
it's
mostly
about
the
thing
that
really
like
the
thing
that
kills
a
metaphor
is:
if
it
cannot
attract
users
at
all,
then
it
just
it
doesn't
have
any
serious
sustainability
potential
unless
it
just
you
know,
it
has
some
genius
developers
that
can
create
some
kind
of
crazy
product
that
all
the
other
methods
integrate.
A
But
if
a
minute
I
was
able
to
attract
users,
then
it's
going
to
survive
most
likely
and
they'll
at
least
be
enough
to
pay
for
the
team.
As
long
as
the
team
isn't
like,
as
long
as
the
team
is
in
that
sweet
spot,
where
it's
sort
of
just
doing
marketing
and
amplifying
the
the
the
the
voice
of
the
community.
A
Okay,
yeah
feel
free
to
ask
more
questions
in
this
thread
or
some
other
threads
I'm
trying
to
I'll
be
making
this
kind
of
like
like
combined
thread.
Soon,
that's
going
to
collect
some
of
the
different
resources
together.
A
Yeah
and
thanks
for
the
really
great
questions,
everyone
and
Nadia,
you
had
a
lot
of
good
questions,
so
yeah
we
will
I
think
yeah.
We
will
continue
getting
more
and
more
specific
about
practically.
What
does
this
look
like
because
I
think?
Finally,
there's
there's
a
lot
of
people
where
scientists
or
break
through
a
little
bit
in
terms
of
okay?
What's
actually,
the
sort
of
the
cloud
of
of
complexity
is
making
way
for
some
of
the
moles
of
like
the
basic
interactions
like
the
surface
buffer
and
so
on?
A
All
right
thanks,
everyone
all
right,
very
good.
Thank
you.
Thank
you
all
for
joining
us
today.
Great
conversations,
great
questions.
The
recording
of
This
will
be
available
tomorrow
have
a
great
rest
of
your
day.