►
A
Hi
everyone
or
welcome
to
thursday's
dvc
call.
This
is
thomas,
flew
with
govcoms.
Thank
you
for
joining
us.
We
certainly
want
to
remind
everybody
to
please
during
the
call
use
your
chat
feature
to
ask
questions
and
comments.
Also,
if
you
want
to
speak
up,
raise
your
hands
that
we
can
call
on
you
during
the
course
the
meeting
this
time,
I'm
going
to
hand
it
over
to
roon.
Thank
you
and
look
forward
to
a
great
call.
Roon
thanks,
thomas
welcome
guys
yeah.
A
So
today,
we're
basically
just
follow
up
from
yesterday,
and
first
so
is
the
is
the
is
the
screen
share,
working.
A
I
just
wanted
to
check
that
out.
Yeah
looks
good
to
me
right,
getting
a
bunch
of
yes
and
all
right,
yeah,
all
right,
great
okay,
but
so
before
we
dive
into
this
stuff,
because
this
is
the
this
is
sort
of
the
first.
I
have
like
two
interesting
drawings
I
want
to
discuss
in
the
very
very
first
and
then
after
that
talk
about
the
timeline
of
the
next
steps.
But
the
very
first
thing
I
just
want
to
do
is
basically
sort
of
recap.
A
Yesterday's
call
right
which,
really
fundamentally,
it
was
about
sort
of
processing.
You
know
why
turning
dive,
free
floating
is
unavoidable
right,
which
really
comes
down
to
the
fact
that
you
simply
cannot
blacklist
the
blacklist.
Function
doesn't
exist
on
it
and
it's
now
clear
that
it's
going
to
be
a
requirement
to
be
fully
compliant.
A
There's
not
going
to
be
like
special
rules
or
special
exceptions
for
crypto,
because
that
opportunity
was
blown
because
we
we
failed
to
act
when
we
had
the
chance
and
then
things
like
celsius
and
terror
happened
right
and
then
the
tc
sort
of
this
sort
of.
What
do
you
call
it?
The
careless
tc
sanction
shows
the
kind
of
the
consequences
of
that
right
and
the
the
pathway
then
going
down,
and
then
we
simply
don't
have
the
option
to
be
compliant
because
we
don't
have
the
backdoor
the
necessary
backdoor
in
the
in
die.
A
So
it's
actually
impossible,
and
that
then
brings
us
down
the
the
sort
of
physical
decentralization
path
right
of
basically,
assuming
that
we
will
come
under
total
attack,
basically
and
then
prepare
for
that
in
the
in
the
medium
term,
or
I
guess
most
will
call
it
long
term.
But
in
the
in
the
in
it's
sort
of
the
endgame
plan.
Sense
of
the
word
it's
more
like
the
medium
term,
as
in
like
over
the
next
decade,.
A
Yeah,
so
that
was
pretty
much
what
we
were
talking
about
right
and
there's
simply
no
there's
sort
of
like
it's
there's
a
lot
of
arguments
that
can
be
made,
but
nothing
there's
simply
no
possible
way
around.
The
fact
that
you
cannot
blacklist
die
and
that's
really
the
why
it
comes
down
to
then
you
have
to
limit
ripple
assets,
and
then
you
have
to
prepare
for
going
free,
floating,
okay,
but
then
I
mean
so
I
have
like
yeah.
A
Like
I
said,
I
have
some
interesting
drawings,
excali
drawings
I
want
to
show,
and
so
the
first
one
is
just
like
this.
This
is
something
that's
already
in
the
post
on
the
forum
right
now,
but
now
what
I've
done
is
I
added
just
a
few
more
pieces
to
it,
and
then
I
got
it
to
a
point
where
it's
almost
like
complete
that
you
could
that
it
almost
like
explains
all
the
value
flows
in
the
system,
and
I
think
it's
like
a
really
interesting
way
to
sort
of
try
to
understand.
A
And
because
it's
come,
this
is
this
idea
of
like
what
can
you
do
if
you
only
have
eth
and
you
you've
fully
decentralized
and
you're
limited
in
what's
possible
to
do
with
with
rebel
assets
right?
You
have
to
limit
your
exposure
to
that
and
then
it's
a
you
know
it's
almost
it's
almost
like
like
a
game
in
a
sense
or
it's
like
a
it's
right.
It's
like
it's
like
a
some.
It's
like
an
advanced,
interconnected,
tokenomics,
sort
of
gamified
financial
flows.
A
Basically-
and
I
just
I'll
just
go
through
it
like
from
sort
of
follow
some
of
these
different
lines,
and
then
we
can
talk
about
it
and
you
can
ask
questions
if
there's
something.
That's
not
clear
and
like
I
mean
so
this
what's
really
exciting
about
this,
is
everything
is
connected
together
in
the
right
way?
I
think
like
that,
but
but
it's
badly
structured
right
now.
A
Maybe
I'll
be
able
to
do
that
myself
or
maybe
someone
else
will
have
an
idea
for
like
how
to
kind
of
like
solve
it,
geometrically
to
make
it
make
it
look
good
anyways
right.
So
the
really
basic
thing
that
sort
of
is
the
cornerstone
of
the
metanomics
right
is
the
the
50
000
mkr
per
year
of
mkr.
That's
permanently
emitted
right,
so
there's
like
fixed,
basically
fixed
emission
of
mkr
that
that
one
of
the
like
it
has
this
characteristic
that
it
will
sort
of
equilibrate
right.
So
it's
a
fixed
amount.
A
It's
not
like
a
percentage
amount.
So
at
some
point,
50
000
mkr
per
year
becomes
a
sort
of
in
percentage-wise
a
number
that's
low
enough
to
to
to
to
sort
of
counter
balance,
whatever
amount
that's
being
burned,
and
then
you
reach
this
sort
of
stable,
total
supply,
that's
kind
of,
but
but
again
that's
kind
of
this
is
kind
of
like
the.
This
is
the
cornerstone.
Like
the
I
don't
know
the
fuel
or
the
whatever
the
thing
that
sort
of
drives
the
entire
thing
right.
It
makes
it
all
work.
A
Basically,
and
then
one
thing
is
that's
important,
like
one
sort
of
important
what
you
call
that
legend,
that
what
it's
called
of
this
is
that
the
arrows
they
basically
show
sort
of
in
some
in
amazes,
like
the
color
of
the
arrows,
shows
who's
benefiting
from
this
flow
in
a
kind
of
very
simplistic
sense,
and
sometimes
both
maker
and
the
metadata's
benefit
from
particular
flow.
A
But
then
that's
just
who
benefits
the
most
then
and
of
course
it's
it's
overly
simplistic,
but
it
helps
a
little
bit
to
sort
of
to
just
look
at
it
that
way
right.
So
basically,
you
have
the
50
000
mkr,
that's
that's
used
to
accumulate
meta,
alexa
right
and
so
that
directly
benefits
the
metadowns
right.
That
directly
benefits
the
liquidity
of
the
metadata
tokens
right
and
and
puts
creates
basically
positive
price
pressure
right
and
additional
liquidity
for
the
tokens.
So
then,
you
have
this
sort
of
right.
A
This
flow
that
benefits
the
metadata
right.
That
goes
for
maker
to
benefit
the
metadata
and
then
from
the
metadowns.
You
have
this
flow,
the
the
yeah
and
then
there's
oh
and
then
there's
this
little
detail
that
it's
the
distribution
of
these
flows
between
the
metadose
is
based
on
the
elixir
accumulation
which
we'll
get
to
sort
of
towards
the
end.
A
But
then
the
next
step
is
you
have
this:
you
have
the
metatars
distributing
their
tokens
through
yield
farming
right,
so
this
base,
they
distribute
two
million
tokens
at
their
genesis
and
then
three
percent
of
their
circulating
supply
per
year
permanently.
So
this
is
sort
of
this.
You
know
the
two
billion
is
a
sort
of
immediate
boost
from
a
new
metadata,
three
percent
permanent
farming.
A
A
So
basically,
those
two
things
should
eventually
equilibrate
in
some
sense
right
that
that
maker
provides,
I
mean
there
would
be
something
like
if
once
maker
has
has
reached
a
total
supply
of
1.6
billion,
then
mega
would
also
be
emitting
about
three
percent
of
its
supply
per
year,
and
then
you
would
have
a
kind
of
a
sort
of
a
fair
trade
in
some
weird
sense
right
where
maker
is,
is
distributing
tokens
distributing
a
amount
of
its
total
supply
that
benefits
the
metal
house
and
then
the
metadata
distributing
amount
of
that
total
supply.
A
That
then
goes
out
and
benefits
makeup
right,
and
then
it
goes
out
here
to
these
the
three,
the
metadata
farm
types
right,
which
is
you
have
them
care?
A
You
have
the
ether
die
and
you
have
the
diet,
farms
right,
it's
40
percent
tremcara
for
dividend
to
either
die
at
20
per
diet
and
overall
then
these,
like
benefit
maker,
the
most,
although
it's
like
very
they're,
very
interconnected
sort
of
ripple
effects
and
what
happens
once
you
have
these
farms
for
these
three,
these
three
assets
right
but
sort
of
the
first
one
and
the
most
simple.
A
Is
that
giving
metadata
token
storm
care
holders?
Forty
percent
of
the
matter
that
talks
to
all
this,
then
you
know
benefits
mkr
right
so
that
it
drives
greater
governance
participation
and
it
gives
just
like
a
direct
cash
flow
to
get
almost
right.
So
then,
it
goes
straight
back
over
here.
A
So
that's
sort
of
one
example
of
like
the
metanomics
going
full
circle
right.
You
have.
This
sort
of
you
have
from
maker
to
the
metadata,
to
the
mkr
farm,
to
them
care
holders
and
then
back
to
makeup.
Basically,
and
that's
this-
the
fact
that
it's
going
full
circle
in
this
sense
and
the
sort
of
the
money
isn't
sort
of
being
sent
off
somewhere,
and
so
that's
what
I
call
value
preservation
right.
A
So,
even
though
you
have
emissions
of
tokens,
you
you
you
sort
of
preserve
the
value
and
this
value
stays
within
the
metanomic
system,
and
it's
basically
just
like
money.
That's
flowing
around
in
this
sort
of
gamified
way
that
then
fundamentally,
in
a
sense
rationally,
it
makes
no
difference.
You're,
just
sort
of
sending
money
around
and
getting
it
back.
A
But
the
whole
meta
engineering
element
is
that
this
is
actually
creating
huge
amounts
of
intangible
value
for
a
whole
bunch
of
different
reasons,
but
one
of
them
is
actually
just
pure
kind
of
meta
like
pure
gamification,
basically
that
that
the
people
just
prefer
when
stuff
happens
with
the
tokens
instead
of
if
they
do
nothing,
which
is
kind
of
it's
weird.
A
Why
that's
the
case,
but
I
mean-
and
it's
hard
to
sort
of
really
understand
why
exactly
that's
the
case,
but
I
think
the
best
example
of
something
like
that
is
this:
that
one
one
of
the
examples
of
use
when
talking
about
meta
is
modding
communities
for
games.
A
Right
and
like
you
have
you
have
these
very
active,
very
sort
of
impactful
modding
communities
in
games,
but
you
don't
have
anything
like
that,
for
you
know
like
something:
that's
not
a
like
for
notepad
or
something
like
that
right
in
the
same
same
sense,
right
or
or
a
street
lamp.
I
don't
know
if
that,
if,
if
I'm
making
sense
with
that
example
right,
but
the
point
is
that
like
when
you
have
something
where
people
sort
of
feel
more
engaged
as
if
it's
sort
of
more
entertainment
in
a
sense,
it's
more,
it
has
an
actual.
A
A
Okay,
so
before
I
go
on,
I
just
want
to
hear
if
that
makes
sense,
if
this
people
want,
I
mean,
if
there's
some
part
of
what
I
just
said,
that
that
people
want
to
sort
of
ask
some
questions
about,
or
have
explained
a
little
bit
more
clearly.
A
A
Anyone,
okay,
anyone
that
can,
if
there's
someone
so
referencing
mkr,
goes
to
metadaws
directly.
It
doesn't
go
to
metadas
directly.
It
goes
to
mkr
holders
who
actively
delegate.
So
this
is
what's
called
the
delegated
mkr
farm.
So
forty
percent
of
all
metadow
emissions
goes
to
the
delegated
mkr
farms.
A
Oh
actually,
sorry,
I
actually
missed
a
misunderstanding.
Yeah
mkr
goes
to
metados
directly
yeah
mkr
goes
to
acquire
meta,
alexia
right,
so
as
it
sits
over
here,
you
know
so.
50
000
mk
per
year
is
emitted
and
used
to
acquire
metallics
here,
which
is
mkr,
metadow
lp
tokens.
Basically
so
makers
just
continuously
buying
more
and
more
and
more
metadata
tokens
and
then
market
making
them
against
mkr.
A
So
what's
also
funny
about
that.
Is
that
also
means
that
actually,
if
the
metadata
tokens
increase
in
value,
then
maker
also
benefits
from
that,
because
maker
ultimately
owns
this
metallics
here
and
acquires
more
and
more
of
it,
and
it
never
goes
away,
so
it
just
gets
accumulated
and
permanently
keeps
growing,
but
because
npr
is
a
part
of
the
pair,
then,
if
the
value
of
the
the
metadata
token
goes
up,
then
that
value
kind
of
flows
back
into
a
car.
A
But
yeah
so
so
t-bone
s
only
to
those
delegate
or
anybody
who
votes
for
them
here.
So
it's
only
to
those
who
delegate
and
that's
because
that's
the
only
way
to
kind
of
like
sort
of
ensure
someone
is
like
I
mean
so,
if
you're,
if
you're
like
an
advanced
voter,
then
what
you
do
is
you
create
your
own
delegate
and
then
you
delegate
to
yourself
right.
So
it
doesn't
matter
if
it's
a
shadow
delegate
or
recognize
delegate
or
whatever
so
sort
of
advanced
users
they
for
them.
A
It
makes
no
difference
right,
but
for
sort
of
the
the
thing
is.
The
whole
thing
is
designed
for
like
really
really
lazy
users,
basically
right,
because
that's
sort
of
the
problem
with
motor
incentives
is
that
you
get
very
lazy
users.
You
can
only
hope
to
sort
of
almost
what
do
you
call
it
like
sometimes
called
a
governance
mind
or
like
data
mine
or
a
knowledge,
mind
right.
You
can
only
get
a
tiny
amount
of
their
knowledge
or
their
opinion
out
of
them
before
they're,
bored
and
they're
gonna,
just
click
something
right
now
right.
A
So
let
me
just
go
zoom
out
for
a
second
and
go
over
here.
So
the
point
is
to
have
this
like
very
optimized
interface.
That
makes
it
really
really
easy
for
some
random
person
who
actually
they
just
want
to
farm.
But
it's
like
no.
You
cannot
right
so
like
it's
a
red
button
that
you
cannot
farm
yet
you
have
to
first
pick
your
delegate
and
then
there's
this
sort
of
like
streamlined,
optimized
front
end.
A
So
you
pick
your
delegate
and
then
you
pick
the
strategy
you
want
them
to
to
vote
with
and
then
in
the
corner
in
the
in
the
side,
there's
like
the
dvc's
that
represent
the
different
strategies
and
then
yeah
like
and
then
they're
ranked
based,
and
so
the
the
kind
of
the
the
description
of
the
dvds
is
ranked
based
on
their
total
active
voters,
and
so
these
are
and
that's
an
example
of
a
kind
of
kind
of
what
they
call
it
like
a
stabilizing
effect
in
the
matter,
in
a
sense
right,
because
that
means
once
something
sort
of
takes
hold
it.
A
It
starts
to
get
it
to
an
advantage
in
governance
where
the
completely
brain-dead
people
that
are
coming
in
and
they're
literally
just
clicking
something
random,
then
they're.
If
they're
I
mean,
then
on
average
they'll
be
more
likely
to
vote
for
the
stuff,
that's
already
the
most
popular,
so
you
get
sort
of
this.
A
So
so,
if
basically,
I
mean,
of
course,
in
practice,
many
of
them
also
just
wrote
completely
randomly
right,
but
the
idea
is
that
we
want
to
make
sure
that
com
like
these,
like
very
random
voters
that
are
only
looking
for
the
incentive.
A
We
want
to
make
sure
they
can
randomly
destabilize
the
meta
right
and
randomly
pick
a
bunch
of
delegates
that
that
then
sort
of
start
taking
things
in
a
different
direction
right
that
has
like
anything
that
takes
things
in
different
directions
and
sort
of
messes
with
the
meta
that
has
to
be
extremely
carefully
done.
Right,
like
it
needs
to
be
really
really
well
done,
so
that,
if
you
make
some
some
fundamental
changes,
it
has
to
be
that
you
move
to
an
even
more
stable
manner
right.
A
But,
and
so
that's
one
of
the
ways
that
sort
of
the
whole
end
game
state
occurs
right
that
you
have
this
kind
of
like
self
like
where,
if
nothing's
happening
and
everyone's
just
sort
of
random
and
everything's
just
running,
then
the
system
will
kind
of
like
double
down
on
the
kind
of
existing
the
way
things
currently
work
to
some
extent
and
then
the
delegates
themselves
they're
randomly
sorted
right,
but
they
have
this
sort
of
ranks
of
like
whether
basically
of
how
many
strategies
they
show
and
that's
another
piece
of
like
trying
to
reduce
the
chance
that
delegates
are
basically
sort
of
kind
of
get
get
get
biased
towards
how
they
approach
governance
right.
A
So
you
so
you
you,
you
sort
of.
What
do
you
call
it?
You
benefit,
you
so
boost
the
ones
that
have
multiple
strategies
and
as
a
result,
they
can't
you
know
they
don't
have
a
single
sort
of
position
that
they
pick.
They
actually
implement
multiple
strategies
that
are
competing
with
each
other
and
then
there's
just
they're,
just
more
likely
to
stay
to
have
a
sort
of
stabilizing
effect
on
the
matter
rather
than
be
sort
of.
I
don't
know
what
to
call
it
like
politically
ambitious
or
something
like
that.
A
Okay,
anyway,
so
the
point
is:
that's
like
the
gamified
sort
of
streamlined,
optimized
idiot
proofed
to
a
certain
extent,
voting
front,
end
idea,
right.
Of
course,
this
can
be
much
much
improved
over
time
right.
This
is
just
like
a
starting
point.
To
give
an
example
of
like
this
is
the
level
of
meta
engineering.
We
need
to
really
have
in
place
right,
because,
basically,
once
you.
A
Once
you
put
in
place
the
you
know
the
mkr
farm
over
here
then
you're
going
to
get
a
huge
amount
of
voters
in
right.
Suddenly
there's
going
to
be
massive
amount
of
active
delegation,
so
you
really
need
to
have
that
idea
of
like
how
to
handle
the
delegation.
You
need
to
have
that
figured
out.
A
Okay,
so
then
peyton
asks
about
just
going
through
this
a
little
bit
more
slowly.
Oh
no.
He
works
through
how
this
cycle
works
a
little
bit
into
setup.
Presumably
there
will
be
a
ton
of
selling
pressure
on
these
tokens
with
the
farms
running
is
an
apy
that
needs
to
be
hit
or
a
minimum
market
cap
that
should
be
maintained
for
metadata
tokens
yeah.
A
So
this
was
this:
like
validation
concept,
that's
that's
gone
now,
so
that's
not
that
doesn't
exist
anymore,
because
now
the
alternative
symbol
die
is
not
viable
because
that
has
that
relies
on
on
being
kind
of
like
rapper
for
government
bonds.
So
that's
not
going
to
work
if
we
have
to
be
compliant
because
we
can't
put
a
blacklist
on
it
and
we
also
don't
want
to
so
so.
The
in-game
plan
is
now
like.
A
You
know,
metadails
or
nothing.
Basically,
and
there's
really,
I
mean
there's
no
formulated
or
kind
of
coherent
alternative
really
so
so
we
just
have
to
make
it
work,
but
just
in
terms
of
walking
through
it
in
the
short
run
right.
Basically,
what
happens
is
yeah.
A
You
have
like
tons
of
metadata
tokens
being
sold
because
they're
constantly
being
found,
and
then
you
have
maker
basically
constantly
acquiring
that
exit
liquidity
in
a
sense
right,
so
maker
is
constantly
buying
those
cheap
metadata
tokens
that
people
are
selling
and
then
the
the
price
finds
some
kind
of
equilibrium
where,
if
ever,
if
literally
everybody
is
just
selling
instantly,
then
what's
happening
is
it's
as
if
you're
just
distributing
mkr
rather
than
metadata,
but
there's
going
to
be
some
intangible
value
creation
in
there
like
there's
going
to
be
some
people
who,
instead
of
selling
they
just
they
just
farm
and
hold,
and
then
suddenly
you
get
sort
of
value
out
of
nothing,
because
you
have
some
intangible
value
occurring
from
that
right
and
then
there's
also
more
like
there's
more
to
it
and
that's
sort
of
the
next
phase
will
like
then
the
next
part
of
it
is
that
there's?
A
A
Did
let
me
see
the
next
questions?
Why
not
have
the
mkr
auto
delegated
to
the
metadata
being
farmed,
so
meta
dials
are
not
delegates.
In
fact,
metadatas
are
completely
sort
of
banned
in
a
sense
from
participating
in
in
mega
governance
right.
A
So
delegates,
like
delegates
are
one
of
the
few
actual
maker
level
roles
that
remain
in
the
endgame
plan,
but
they're
kind
of
like
the
counterparties
to
the
to
the
metadowns
in
a
sense,
so
you
have
to
like
and
there's
no
there's
no
kind
of
way
around
it
like.
We
have
to
basically
try
to
find
a
way
to
get
people
to
not
just
pick
completely
random
delegates,
because
if
we
get
like
totally
random
delegates,
then
of
course
the
whole
thing
kind
of
breaks.
A
The
challenge
is
simply
just
figuring
out
how
to
have
the
people
running
them
not
be
corrupt.
Basically,.
A
Yeah
right,
if
you
ask
random
people,
you
get
beauty
macbook
face,
but
that's
I
mean,
but
that's
also
the.
But
again
that's
a
it's
a
it's
a
question
of
sort
of
a
meta
right,
because
if
you,
if
you,
if
you
kind
of
like
gamified
correctly,
then
you
may
actually
get
something
else
right.
If
you
create
a
process
that
sort
of
and
that's
the
thing
about,
I
mean
on
the
west
side
like
I
said.
The
best
way
I
can
think
of
it
is
like
the
rpg
kind
of
situation.
Right.
A
Okay,
so
what
happens
if
metadata
has
become
worthless?
Are
we
still
directing
okay
to
them,
yeah
so
I'll,
actually
I'll
get
to
that
in
the
end
and
then
somewhat
towards
the
end
we'll
get
to
that
actually.
A
But
the
answer
is
that
metadatas
can
like
die
and
there's
sort
of
a
process
to
sort
of
kill
them
off
of
fast
if
they
start
to
sort
of
fail.
Basically,.
A
Meta
elects
your
inter
impermanent
loss
is
a
problem.
Yes,
I
mean
well.
The
thing
about
impermanent
loss
is
that
if
it's
kind
of
your
own
token
then
like,
if
it's
a
token
you
actually
like
some
when
you're
getting
an
impermanent
loss,
someone
else
is
getting
an
impermanent
gain.
If
that
makes
sense
right-
and
in
this
case
the
whole
point
is
we
want
to
make
like
we
want
the
the
metadata
farmers
to
have
that
liquidity
available
to
them.
A
Yeah,
but
this
whole
balance
I
mean
do,
is
also
talk
about
the
balancing
we
talked
we'll
get
to
the
sort
of
this
whole,
like
curved
walls,
thing
right,
the
balancing
of
like.
Where
does
the
meta
which,
what
metal
elixir
are
you
actually
acquiring?
A
Okay
but
anyway,
so
we
just
right
now
we
just
talked
about
the
first
loop
right
of
mpr
mkr
to
metadata
tokens,
metadata
tokens
to
mkr
governance,
participants
and
then
everyone's
happy
right
now
you
have
voter
incentives
and
the
money
sort
of
comes
back
to
a
maker
and
it's
value
preservation
right.
Okay,
now
we
have
the
second
one,
the
second
type
of
farm
right.
So
that's
the
ether
die
farm.
A
And
the
and
yeah
and
like
the
really
and
the
first
sort
of
the
most
basic
loop
of
the
ether
die
farm
is,
of
course,
that
maker
earned
stability
fee
on
ethernet
right,
so
that
just
you
know
so
so
metadata
tokens
goes
to
either
die
vault
users
and
then,
in
order
to
farm
those
metadata
tokens
they
have
to
have
I
mean
they
just
they
receive
the
fund.
They
receive
the
metadata
tokens
based
on
their
vault
debt,
so
they
only
farm
any
metadata
tokens
at
all.
A
If
they're
actively,
they
have
active
open
debt
and
they're
paying
stability
fees
on
that
debt
right
and
then
those
stability
fees
they
can
basically
be.
They
can
be
increased
to
capture
some
of
the
the
yield
gains
they're
getting
like
capture
small
about
it.
Obviously
you
can't
try
to
you
know
you
can't
just
like
balance
it
out
completely.
Then
you
just
you're
sort
of
like
you're
you're,
you
you're
losing
the
kind
of
the
growth
effect
of
it,
but
so
basically,
a
bunch
of
the
like.
A
It's
basically
right,
like
maker,
is
like
giving
away
npr
and
metadata
tokens
in
a
sense
and
then
getting
cash
in
return,
and
then
that
cash
ultimately
goes
to
acquire
alexia
in
the
amber
burn
engine.
A
Right
like
this,
the
burn
engine
that
works
by
accumulating
lexier
in
when
the
mcat
price
is
high
and
then,
if
the
price
gets
really
low,
then
it
starts
burning
with
that
elixir
and
then
because
of
that,
the
value
goes
back
to
major,
but
also
just
simply
the
accumulation
of
the
lexier
also
directly
benefits
maker,
because
that
also
creates
liquidity
for
for
mpi.
So
it
has
actually
the
same
like
just
sort
of
this
flow
here
right
from
stability
fees
to
accumulating
likes
here.
A
That
already
has
a
bit
lit.
You
know
the
value
equivalent
to
make
her
using
mkr
to
acquire
metallics
here,
but
then
you
also
have
that
burn
effect
that
can
become
that
can
make
it
even
more
kind
of
intense
in
a
sense
right
and
directly
to
do
these
kind
of
bursts
of
burning
mkr
if
they
make
them
care,
price
gets
really
low.
A
Basically,
fees
and
income
into
burn
engine
and
back
to
maker
and
there's
actually
both
I
mean
there's
both
the
stability
fee
on
the
bolt.
But
then
there's
also
the
fact
that
this
is
then
going
to
boost
either
dies.
A
product
and
maker
will
also
actually
earn
money
on
ether
die
itself.
So
there's
actually
yeah.
A
That's
another
flow,
that's
not
even
shown
here,
but
that
that
basically
there's
there's
this
additional
value
being
captured
as
well
on
both
on
the
either
divulge
product,
but
also
on
the
ether
die
product
itself
and
then,
of
course,
there's
like
the
growth
effect
that
it's
not
just
that
you're
we're
getting
incoming
in
the
in
the
media
term,
but
we
also
like
building
up
a
user
base
right,
we're
sort
of
growing
a
user
base
with
this,
and
that's
particularly
important
for
etherdie
the
product
itself,
because
either
now
the
product
itself
has
some
really
interesting
kind
of
potential
to
grow
as
a
product,
because
it
has
it
dissolves
the
eth.
A
Okay,
so
then
there
is
this
funny
part
to
it
right.
So
now
it
starts
to
get
a
little
bit
more
interesting
right,
because
this
is
the
first
time
you
have
a
sort
of
more
like,
like
a
positive
sum
opportunity
occurring
because
of
all
this
stuff
because
of
the
metanomics
right.
But
so
that's,
basically
that
metadows
they
have.
A
You
know
the
metadata
front
right,
the
decentralized
front
ends,
and
if
they're
able
to
attract
users
to
those
front
ends,
then
they
get
to
earn
revenue
share
from
the
from
the
megavolts,
and
so
this
revenue
share
is
for
all
the
volts
of
course
right.
So
so
anytime
metadows
attract
users
to
the
front
end
and
earn
revenue
share.
A
It's
just
it's
great
for
maker
right,
because
mayor
is
getting
more
uses,
you
know
and
it's
getting
users
in
a
way
where
makers
earning
money
and
it's
it's
not
paying
anything
upfront
to
earn
that
additional
users
and
earn
that
additional
income,
and
it's
simply
just
paying
sort
of.
After
the
you
know,
it's
perfect
paying
in
sort
of
the
perfect
sort
of
performance
bonus
way
right
of
saying.
A
If
you
make
me
some
money
I'll
give
you
a
cut
of
what
you
have,
what
you
helped
me
make
right,
but
then
in
particularly
in
particular,
the
metadows
benefit
massively
from
driving
users
to
either
die
right
because
either
die.
Has
these
extra
high
stability
fees
that
capture
a
piece
of
the
the
metadata
yield
farming
yield
right
so
this?
A
So
this
just
becomes
like
a
really
sort
of
powerful
kind
of
interaction
right
where
the
value
of
like
mkr
is
creating
more
value
for
the
metadata
tokens,
which
then
create
more
users
and
and
more
income
potential
from
the
etherdiamolds,
which
then
actually
create
this
even
greater
incentive
for
metadows
to
attract
users
to
make
around
sort
of
grow.
The
user
base
of
maker.
A
A
Let
me
just
see
if
it's
yeah
so
actually
before
we
get
to
that
one
more
thing
I
want
to
talk
about
so
then
you
go
there's
this
whole
thing,
I'm
like
70,
30,
blah
blah,
but
we'll
get
to
that
sort
of
two
times.
So
if
so,
I
won't
talk
about
that
more.
The
point
is
the
meta.
This
is
a
way
for
the
metals
to
make
money
and
goes
over
here
in
this
corner,
and
then
paper
saying
when
we
say
users
we
mean
bold
users
as
opposed
to
dot
users.
A
Yeah
I
mean
we
basic.
In
particular,
we
mean
vault
users
with
decentralized
collateral,
like
that's
kind
of
like
the
most
basic
kind
of
like
direct
user
in
the
system
that
pays
maker
money
directly
right,
but
actually
there's
also
there's
also
a
good
reason
to
attract
dye
users
and
there
might
even
be
a
some
kind
of
revenue
share
system
for
die.
Potentially
that
makes
sense
at
some
point,
but
I
think
it's
like
less
direct,
but
it's
it's.
A
A
Whatever
flow
farm
right,
so
that's
20
of
all
the
metadata
terminals
and
that
then
that
goes
directly
to
die
right.
So
that's
just
like
die
holders.
If
you
have
some
time,
then
you
can
farm
metadata
very,
very
easy
and
sort
of
standard.
You
know:
what's
it
called
it's?
You
know
it's
a
pool,
one
right
like
the
most
sort
of
popular,
simple,
easy
type
of
farming
where
you
just
have
a
stable
coin,
and
you
just
farm
some
doughnuts
and
you
don't
take
any
risk.
A
You
can't
get
liquidated
or
it's
not
some
like
more
esoteric
token,
like
mkr,
right
and
then
by
farming
metadata
by
providing
metadata
token
farms.
I
mean
one
as
one
thing
I
talked
about
yesterday,
was
that,
like
you,
need
some
kind
of
like
fundamental
reason
for
people
to
not
just
like
write
off
die
entirely
if
it
goes
free
floating.
First
of
all,
right
like
there
needs
to
be
some
reason
beyond
like
for
people
to
not
to
say
what
it's
not
a
dollar.
Well,
then,
what's
the
point
I'll,
never
touch
it
right.
A
I
won't
even
look
into
it.
It
just
sounds
like
the
dumbest
thing
ever.
A
stablecoin
is
not
stable,
see
ya
right,
that's
how
most
people
react.
If
you
don't
have
some
kind
of
really
clear
reason
for
them
to
use
it,
but
but
sort
of
more
directly.
What
it
means
is
actually
what
it
means
is
kind
of
weird
right,
but
it's
like
the
more
metadata
yield
farming
you
provide
to
die
holders
the
higher
negative
target
rate.
Will
they
accept
right?
A
Sort
of
outcomes
from
that
right
so
for
one
is
if
every,
if
all
the
rates
in
the
system
are
cheaper,
then
that
that
helps
the
the
metadose
right,
because
now
they
can
they
can
if
they
can
get
users
to
borrow
stuff
with
decentralized
collateral
or
with
I
mean
or
if
yeah,
and
then
the
system
is
actually
the
it's
actually
the
real
asset
thing
it's
sort
of
it.
Actually,
it
doesn't
fit
so
well
into
this
feedback
loop.
A
Actually,
so
the
better
way
to
think
of
it
is
just
the
creators
right
that
if
the
creators
can
figure
out
a
way
to
get
someone
to
borrow
against
decentralized
collateral,
then
they
get
to
capture
sort
of
a
piece
of
this
ultra
low
cost
of
capital
like
negative
cost
of
capital,
and
so
that's
really
attractive
for
them
right.
A
So
that's
that's
the
way
they
sort
of
benefit,
and
then
they
earn
income
from
that
and
that
income
is
boosted,
the
the
lower
the
the
target
rate
is,
and
then
it
goes
into
their
sort
of
their
tokenomic
stuff.
But
then
the
other
thing
that's
also
really
important.
Is
that
maker
also
benefits
from
a
lower
target
rate
and
that's
because
of
the
protocol
owned
vault
right,
so
that's
like
a
cornerstone
of
the
indian
planet
is
also.
A
This
thing
of
maker
has
to
accumulate
huge
amounts
of
state
heath
right
and
then
it
has
to
lever
up
on
that
stage
and
have
a
huge
huge
amount
of
die
debt
and
then
what
what
that
means
is,
if
you
basically
will
have
a
giant
pool
of
eath
with
a
bunch
of
debt
sort
of
against
it
and
you'll
be
earning
we'll,
be
earning
staking
yields
from
the
giant
pool
of
eth
itself.
A
But
then
we
will
also
be
earning
yield
if
the
negative,
if
the
target
rate
is
negative
right
and
the
more
negative,
the
target
rate
gets
the
more
yield.
We
earn
basically
from
the
protocol
on
vault,
because
the
the
debt
is
going
down
by
itself
right
and
then
we
earn
more
money
and
it
goes
into
the
burn
engine
and
it
goes
to
maker.
A
So
that's
the
kind
of
you
know
so
now,
so
these
are
the
so
now
I've
sort
of
I've
described.
I
still
haven't
gone
to
the
metadata
right,
but
I've
talked
about
the
the
flow
of
mkr
to
metadows,
to
mkr
holders
and
back
to
maker,
and
then
there's
mkr
to
metadows
to
either
divulge
to
stability
fees
to
to
burn
engine,
which
also
brings
it
back
to
maker.
A
And
then
this
one
is
like
mkr
to
metadows
to
die,
giving
a
lower
negative
target
rate,
which
then
results
in
higher
yield
from
the
protocol
owned,
bolt
and
and
back
to
you
know,
and
that
means
income
into
the
burn
engine.
And
that
means
back
to
maker.
A
A
I
mean
you're
right,
but
it's
not
a
cost
to
make
or
as
it
costs
to
die
holders,
so
you're
right
that
maker
doesn't
capture
all
of
the
negative
rates.
Mega
only
captures
the
part
of
the
negative
rates
that
make
your
own
itself,
but
the
the
die
holders
are
paying
for
it
right
and
the
reason
why
they're
happy
to
pay
for
it
is
because
of
the
metadata
tokens
they're
getting
right,
but
and
that's
and
that's
why?
A
You
know
usage
of
the
protocol
and
long-term
demand,
rather
than
kind
of
scare
people
away,
the
negative
rates
get
completely
out
of
hand.
So
that's
that's
another
really
important
piece
of
this.
The
protocol
involved
is
also
just
like.
I
mean
we
get
to
make
money
from
it,
but
we
also
just
get
to
kind
of
like
step
in
and
and
be
like.
Okay,
it's
getting
a
little
bit
out
of
hand
right.
The
negative
rates
are
reaching
10
and
then
we'll
simply
lever
up
like
we'll
just
like.
A
A
Okay,
so
any
more
questions
to
these,
like
the
three
saw,
the
three
fundamental
flows
yeah,
so
just
in
case
asking.
Why
would
you
want
to
die
if
it
has
a
significant
negative
rate?
Well,
I
mean
it
should
be
because
it's
decentralized
and
it's
going
to
resist
a
crackdown
and
it
allows
you
to
have
a
digital
economy
and
and
so
on,
right.
But
the
reality
is,
nobody
gives
a
about
that
and
the
only
thing
people
care
about
is,
if
they're
getting
metadata
token
yield
right.
A
So,
if
they're
getting
mad
at
our
tokens
as
a
yield,
then
some
people
will
will
accept
that
for
negative
rates
and
then,
depending
on
sort
of
the
intangible
value
that
is
created
from
the
mana
dials,
it's
possible
that
actually,
like
sort
of
the
effective
rate,
is
maybe
even
positive,
or
maybe
it's
effectively
it's
stable
around
one
dollar,
because
the
negative
you
know
the
metadata
yield
is
higher
than
the
the
negative
rate.
A
But
but
the
point,
the
thing
is
that
it's
it's
something
that
sort
of
adjusts
itself
in
a
sense
right,
so
maker
doesn't
take
the
you
know.
Unlike
saying
we're
packed
to
one
dollar,
then
maker
can
make
ourselves
builds
up
a
ton
of
risk
and,
and
they
sort
of
can
be
forced
to
take
on
a
lot
of
risk.
Whereas
in
this
scenario,
we're
just
always
sending
the
same
amount
of
mk
out
of
the
metadials
and
the
metadata
is
always
just
sending
the
same
amount
of
metadata
tokens
to
the
die
farm.
A
So
you
can
almost
like
think
of
like
cutting
out
the
metadata
tokens
and
just
having
maker
distributing
them
here.
But
you,
you
do
have
this
kind
of
this
intangible
value
and
also
this
like
a
positive
sum
opportunity
from
the
basically
from
the
meta
and
into
like
the
internal
value.
A
That's
created
out
of
the
metadata
and
then
that's
where
one
example
is
if
they
can
attract
users
to
front
like
a
front
end
to
get
revenue
share
for
vault
or
they
can
attract
users
to
their
own
metadata
landing
engine
and
take
advantage
of
low
cost
of
capital.
A
And
yeah,
so
what
happens
if
the
matter,
if
the
value
of
metadata
tokens
crash?
Basically
what
happens
is
like
the
entire
system?
Basically
shrinks?
Basically
right,
so
then
you
have
less.
A
A
What's
that,
what's
the
actual
value
of
mkr,
like
what
sort
of
the
base
demand
right,
that's
where
it
will
always
be
like
it
all
comes
back
to
like
I
mean
in
a
sense
how
many
people
do
you
have
that
are
willing
to
to
generate
die
against
state
eath
right
and
then
it
just
sort
of
like
that's
what
sort
of
drives
the
whole
thing
right?
That
goes
back
to
this
thing
and
like
ultimately,
that's
the
core
value
in
the
example
system.
A
A
Okay,
so
now
so
there's
some
quite
you
know
so
mark
asked
about
going
over
the
total,
the
complete
total
supply
of
metadows
and
then
there's
this
question
about
like
what
happens
if
the
value
of
metadata
is
crash
and
so
on,
and
also
like
what
happens
when
the
metadata
dies
and
all
that
stuff.
So
I
think
before
I
get
to
to
that,
let
me
just
then:
let
me
get
into
explaining
sort
of
the
metadata
part
of
this
right.
A
So
now,
we've
gone
through
these
like
three,
the
three
loops
that
directly
go
back
to
maker
and
then
we'll
talk
about
the
loops.
The
two
two
loops
kind
of
that
go
that
go
through
the
metadows
and
then
back
to
maker
and
yeah.
A
So
and
paper
is
asking:
how
does
this
plug
into
die
use
outside
of
the
metadata
and
that
actually,
that's
actually
also
getting
to
here,
so
that
sort
of
happens
all
that
happens
in
a
sense
all
the
way
at
the
edge
in
some
way
like
so
this
whole
thing,
just
sort
of
runs
by
itself
in
its
own
little
closed
loop
and
then
there's
like
a
there's,
a
there's
sort
of
a
in
a
sense
like
this
one
place
where
that's
the
part
where
it
sort
of
like
branches
out
out
in
some
kind
of
like
open-ended
growth
in
a
sense.
A
Yeah,
but
so
basically
right,
you
have
this
income
to
the
metadas
from
attracting
users
to
the
the
front
ends,
and
you
have
this
income
from
the
metadata
tracking
users
to
their
landing
engines,
and
then
they
go
down
into
this
like
the
metal,
the
metadata
metanomics
thing
so
so,
which,
where
basically,
what
happens
is
there's
like
a
split
of
all
the
income
like,
oh
rather,
first,
the
metadata
have
to
pay
they're
kind
of
like
the
base.
A
A
Like
yeah
and
actually
I'll
just
make
an
extra
error
here
actually
because
that's
wait
I'll
make
an
extra
arrow
here
and
then
I'll
get
back
to
that
in
a
second.
A
Oh
cool,
I
didn't
even
know
I
could
remove
that
anyway,
so
assume
the
relationship,
so
they
do
a
bunch
of
work,
blah
blah
and
then
there's
a
surplus
right.
So
this
is,
you
can
think
of
this
actually
as
like
the
surplus
buffer.
This
thing
here
is
like
the
metadow
surplus
buffer.
A
Right
so
they
get
the
service
buffer
and
then,
if
they
have
surplus
coming
out
of
the
surplus
buffer,
then
70
percent
of
it
goes
directly
to
accumulate
lexier,
and
this
is
like
sort
of
there's
no
way.
This
is
like
metadata
kind
of
like
what
they
call
it
like
mind,
controlled
to
accumulate
elixir.
They
have
no
choice.
They
just
have
to
always
accumulate
like
alexa,
with
70
of
all
their
surplus
and
in
fact,
that's
actually
the
only
possible
way
that
they
can
distribute
value
to
their
to
their
token
holders.
A
So
there's
like
no
other
way
for
metadows
to
to
to
like
funnel
value
to
their
token
holders
other
than
acquiring
elixir
in
this
like
forced
way
where
they
have
to
do
that
with
70
like
exactly
70
of
their
surplus.
So
they
can't
choose
to
acquire
more
than
70
and
they
can't
choose
to
acquire
less
and
they
can't
choose
to
transfer
value
to
the
token
holders
any
other
way
than
than
just
following
this
scheme.
Basically,
and
then
what
happens
is
it
goes
into
their
burn
engine?
A
So
there's
a
pool
of
elixir,
but
I
mean,
but
the
reason
like
sort
of
the
main
value
for
the
metadata
is
to
have
to
accumulate
large
amounts
of
legs
here
and
so
by
the
way.
And
so
the
line
of
like
accumulating
lexus
here
is
a
green
right
because
elixir,
it's
kind
of
like
what
I
was
talking
about
up
here,
that
like
just
when
somebody
acquires
elixir
that's
really
good
for
mkr
right,
because
now
you're
buying
mpi,
actively
and
you're,
more
importantly,
you're
market,
making
it
and
you're
taking.
A
Taking
in
a
permanent
loss,
even
right
they're
actually
like
not
only
are
they
fun
like
the
channeling
value,
interim
care,
but
they're
actually
putting
up
you
know,
sort
of
hot
assets
in
liquidity
against
mkr,
which,
for
instance,
makes
mkr
more
suitable
to
to
like
backstop
short,
like
recapitalization
events,
for
instance,
but
it
also
means
that
now
there's
more
liquidity
available
in
mkr.
A
In
that
event,
where
a
bunch
of
mkrs
used
to
buy
metadata
tokens
and
then
the
metadata
tokens
are
sent
out
to
yield
farming
and
people
just
dump
them
instantly
and
then,
when
they
dump
them,
they'll,
basically
be
dumping
into
kind
of.
Like
you
know
the
election
maker,
that's
sitting
up
here
and
then
likes
here
and
the
metadata
sitting
here.
A
Yeah
then,
the
most
important
thing
of
like
the
legs
here
accumulated
in
the
metadata
is
the
metanomics
and
whatever
the
I
used
to
call
it
alexia
walls.
So
it's
like
the
alexia
wars.
Mechanic
is
the
best
way
to
sort
of
think
of
it
right
and
so
the
lexia
wars
mechanic
is
basically
that
it
what
it
what
it
does.
Is
it
that's
the
thing
that
determines
who
gets
the
50
000
mkr
per
year
from
up
here?
It's
basically
like
it's
it's
distributed,
proportional
to
how
much
elixir
the
metadows
have
available
to
them.
A
Here,
then,
the
metadata
starts
like
really
really
slowly,
using
that
elixir
to
to
burn
and
in
a
sense
kind
of
like
redeem.
The
metadata
tokens
at
the
face
value
of
like
the
underlying
alexia
and
that's
the
only
way
that
that
the
metadata
token
holders
can
can
can
sort
of
extract
value
out
of
the
system
right
and,
of
course,
this
thing
here,
that's
pretty
much,
nothing
that
doesn't
really
like.
A
That's
gonna,
be
really
well
impacted
by
the
fact
that
there's
tons
of
election
available
in
the
first
place
and
then
there's
also
this
like
potentially
there's
some
like
there's
there'll-
be
some
kind
of
cap
so
that
a
single
metadata
cannot
get
more
than
x.
Maybe,
like,
I
think
it
might.
I
think
the
right
point
might
actually
be
that
it's
it's
a
7500,
so
basically
like
the
distribution
between
the
initial
six
meta,
dials
it'll
never
get
sort
of
better
than
that
in
a
sense
like
you'll.
A
Right,
that's
the
sort
of
that's
the
sort
of
bc
component
of
like
maker,
gets
to
to
really
sort
of
take
a
part
in
the
upside
of
of
a
metadata,
having
like
huge,
runaway
success,
but
and
really
ideally,
maker
wants
like
multiple
of
them
to
have
this
like
massive
runaway
success,
and-
and
you
really
want
to
avoid
the
situation
where,
like
there's,
a
single
metadata,
totally
dominating
the
ecosystem,
and
everything
else
is
just
sort
of
like
tiny
fish
right
which
could
happen.
A
If
you
don't
have
a
cap,
then
you
can
get
this
sort
of
feedback
loop,
where
a
single
metadata
just
like
takes
over
everything,
and
then,
of
course,
if
there's
some
like
freak
scenario
where
at
metatown
just
ends
up
being
so
powerful
and
it
like
gets
bigger
than
even
maker,
then
at
that
point,
actually
you
probably
want
to
think
about.
Like
the
you
know,
the
divorce
process
right,
like
you,
you
need
some
kind
of
better
setup
than
than
the
metanomics
like
you
you.
A
You
know,
because
then,
at
that
point,
it's
stupid
to
have
that
such
a
successful
metadata
like
be
held
back
by
by
sitting
around
and
sort
of
playing
in
the
metanomics
right
and
you're
better
off,
just
like
kind
of
like
spinning
it
off
and
then
have
maker
just
get
some
tokens
or
something
something
more
simple:
yeah,
okay.
So
before
we
get
to
the
last
piece
that'll,
where
we
also
talk
about
the
external
stuff
which
paper
with
paper
imperium
was
referring
to
that
it's
like
sort
of
right
now.
A
Everything
in
the
system
is
this
kind
of
almost
like
sterile
thing
where,
like
every
single
thing
we're
talking
about,
is
this
like
clean
and
so
well-known
thing
and
sort
of
it
and
and
all
everything
we've
talked
about
so
far,
like
literally
all
the
fundamental
value
that
that
are
takes
that
sort
of
exists
here
so
far
is
basically,
you
know
it's
like
ethereum
staking
ethereum
leverage
and
just
actually
acquiring
as
many
users
as
possible
for
that,
and
then
also
leverage
on
like
a
sort
of
leverage
on
other
tone,
like
other
decentralized
tokens,
but
that's
sort
of
a
much
smaller,
much
less
scalable
business
than
leverage
on
ethereum
and
leverages
taking
on
a
theorem.
A
A
A
So
it's
like
the
the
ecosystem
tribunal,
which
is
basically
the
governor
dallas,
and
so
the
governors
and
protectors
they
sort
of
sit
like
this
is
the
really
basic
simplistic
version
of
this,
and
I
mean
it's
on
the
very
core
of
this.
Then
you
add
some
of
the
governors
and
the
protectors
on
top
and
they
sort
of
build
on
top
of
this
like
basic
decentralized
flow
right,
but
essentially,
like
the
governors,
monitor
it
and
then
you
they
they
penalize.
You
know
attempts
by
by
metadows
in
in
making
invalid.
A
Governance
actions
right
and
in
fact,
then
you
sort
of
automate
it
of
course
right.
So
it's
not
even
like
it's
it.
You
basically
lock
it
down,
and
you
have
a
certain
behavior
of
the
surface
buffer
and
you
just
you,
don't
even
enable
the
you
know
you
like
the
only
way
to
then
try
to
extract
value
in
some
other
way
would
be
to
try
to
like
build
some
like
weird
hack,
that
that
funnels
the
value
out
of
the
surplus
buffer
and
somewhere
else,
and
then
you
just
don't
allow
that
to
happen
right.
A
Okay,
sorry,
I
don't
understand
that
peyton.
Do
you?
Could
you,
if
you
maybe
go
like
a
voice
and
try
to
explain
it
yeah
well,
basically,
to
like
take
like
a
decision
like
cutting
rates
within
the
dow
right
there?
There
could
be
very
legitimate
market
reasons
to
do
so,
but
within
a
minute
hour,
but
also
it
could
be
the
case
that
the
participants
of
the
metadata
are
also
the
primary
users
of
its
service,
in
which
case
they
would
essentially
be
voting
a
deal
for
themselves.
A
So
in
situations
like
that,
I
just
don't
know
how.
Even
if
you
have
a
group
of
people
whose
only
job
is
to
watch
for
that
sort
of
things,
like
you
know,
are
they
just
issuing
guidance
saying:
hey
rates
need
to
be
within
half
of
you
know,
half
a
percent
of
this
guidance,
or
you
know
what
I
mean
like
what
would
be
the
dispute
method
for
for
something
like
that
yeah.
So
again,
so
I
mean,
I
guess,
you're
talking
about
in
their
own
like
metadata
landing
engine.
A
So
why
don't
they
just
say:
oh
screw
it
sucks
that
we
have
to
whenever
we
make
profits,
we
have
to
send
the
profits
to
the
the
legs
here
and
that
sucks.
We
don't
want
that.
So,
let's
just
stop
making
profits
and
then
instead
like
make
the
system
super
cheap
to
use,
and
then
we
can
use
the
system
and
it's
really
cheap,
but
but
that's
actually
that's
totally
fine
like
so
that's
complete.
So
it's
only
like
these.
It's
only
like
direct
financial
flows
directly
to
the
token
holders.
A
So
anything
else,
that's
basically
that's
mo.
That's
just
like
investing
in
growth,
which
is
that's
great
because
the
other
thing
to
think
about
is
that
in
the
end
like,
then
you
I
mean
they
use
it
themselves,
but
but
you
know,
they'll
also
attract
tons
of
other
users
right
and
also
like.
What's
the
point
of
having
the
token,
if
you
know
the
benefit,
is
you
the
the
the
you
know?
The
real?
The
real
value
of
the
metadata
is
that
the
lending
engine
is
super
cheap,
there's,
no
value.
A
In
the
token
then
you're
going
to
sell
the
token
eventually
right
and
then
at
some
point,
you're
going
to
have
token
holders
that'll
buy
the
cheap
token
and
figure
out
how
to
get
this
token
to
actually
become
valuable.
And
then
the
only
option
is
to
turn
back
on
the
the
profits
right,
which
is
then
actually
possible,
because
you've
had
you've
you've
sort
of
turned
it
into
growth.
Instead,.
A
Yeah,
so
I
mean-
and
so
basically
that's-
I
can
actually
be
like
before
we
get
into
more
questions
like
this,
because
I
mean
this
is
definitely
a
really
important
thing
to
talk
about
right,
because
this
is
where
then.
This
is
where
it's
potentially
sort
of
like
where
it's
you
can
see
a
lot
of
edge
cases.
A
You
can
see
how
things
get
complicated
and
then
we
get
into
this
whole,
like
you
know,
l1
governance,
l1
role
of
maker
in
this
whole
system,
right
where
basically
sort
of
disputes
escalate
to
to
maker,
and
then
there's
like
two
tiers
of
escalation
and
stuff,
but
before
we
get
more
into
that,
I
just
want
to
talk
about
the
other.
You
know,
so
that
was
the
70
right.
That
goes
to
the
elixir,
but
then
there's
also
the
30,
and
that
goes
into
what
I
just
called
it.
A
A
But
what?
But
it
can
like
one
of
the
like
back
to
this
sort
of
example,
of
of
like
painting
of
like
like
what,
if
they
just
lower
the
rates
for
the
landing
engine
and
use
it
themselves
and
and
what
I
mean,
and
that
example
is
actually
like.
That's
not
really
like.
That
example
is
actually
not
really
an
edge
case,
because
that's
like
you
know,
everyone
can
use
it
and
it
doesn't
benefit
the
token
directly,
but
what
this
treasury
should
actually
be.
A
So
you're
not
allowed
to
like
pay
the
total
dividend,
but
you're
allowed
to,
like
you
know
like
have
a
big
party
and
people
who
have
the
token
they
can
get
it
for
free
or
build
a
metaverse
something
theme
park
and
the
you
know
the
the
token
holders
get
benefits
for
that
or
something
so
so
that
I
mean
the
only
problem
with
it
with
this
approach,
is
that
then
you
have
to
kind
of
like
like.
There
comes
some
point
where
in
theory
it's
like.
A
Oh
there's,
a
big
party
and
if
you're
totally
you
can
go
to
the
big
party
and
then
everyone
at
the
party
gets.
You
know
gold
coins
or
something
right
and
now
you're
back
to
like
at
what
point?
Is
it
not
a
tangible?
You
know
at
what
point
is
it?
Is
it
the
just
like
a
financial
dividend
and
at
what
point
is
it
sort
of
an
intentional
value
creation
and
then
it
sort
of
like
the
answer?
A
Is
it
actually
comes
like
it
has
to
come
back
to
this
question
of
like
like
almost
like
equality,
or
something
like
that
right,
because
because
that's
the
thing
about
the
metadata
landing
engine,
if
you
set
the
metadata
ending
to
be
super
cheap,
everyone
gets
the
benefit.
A
So
that's
fine,
that's
not
a
that's,
not
like
a
dividend
equivalent
right!
That's
not
a
it's!
Not
a
kind
of
you
know,
value
extraction
back
to
the
tone
holders
equivalent
right
and
then
so.
The
same
thing
is
like:
if
you
have
some
kind
of
token
gated,
something
that
benefits
the
token
holders
and
creates
intangible
value,
then
it
needs
to
be
that-
and
I
mean,
like
it's
kind
of
you
know,
we'll
have
to
make
up
some
kind.
A
There'll
have
to
be
some
kind
of
actual,
like
rule
set
and
best
practice,
or
something
like
that
right,
but
it
would
be
something
along
the
lines
of
it
has
to
the
only
way
such
a
reward
can
work
and
will
be
considered
as
intangible
value.
Is
that
it's
some
kind
of
flat
requirement
right?
So
so
it
can
be
that
if
you
have
exactly
you
know,
if
you
have
100
tokens,
then
you
get
you
know,
then
you
get
one
gold
coin
and
then
you
have
200
tokens.
A
Then
you
get
two
gold
coins
and
if
you
get
300
tokens,
then
you
get
three
gold
coins
and
you've
got
four.
You
get
four
gold
coins
and
blah
blah,
but
you
can
do
like
a
party
where
anyone
that's
at
one.
You
know
they're
they're,
one
person
they're
like
a
human,
you
know
whatever
they
show
up
in
the
in
the
flesh
and
and
they
have
at
least
100
metadata
tokens.
A
But
ultimately,
that's
gonna
be
like
that
would
be
up
to
them.
The
the
you
know
the
ecosystem
scope,
to
sort
of
try
to
manage
all
that
and
like
fight
and
beat
down
all
the
edge
cases,
and
then,
if
someone
tries
to
like
abuse
it
like
write
the
line
and
make
it
difficult
to
figure
out,
is
it
really
like?
Is
it
valid
or
not,
then
even
that
itself
can
be
sort
of
something
that's
penalizable
right
so,
like
a
metadata,
keeps
trying
some
really
complicated.
A
You
know
intangible
value
creation
scheme
and
it
keeps
looking
like
actually
they're
just
trying
to
push
the
limit
of
trying
to
pay
out
the
treasury
to
themselves.
Then
you
just
slap
them
like
a
huge
penalty
and
and
in
general
that's
actually.
A
Is
you
actually
just
like
try
to
invest
it
in
different
stuff
or
use
it
as
or
just
like,
keep
it
as
junior
capital
to
allow
to
do
more
stuff
with
the
metadata
landing
engine,
but
if
you
sort
of
invested
and
do
stuff
with
it
and
earn
more
money
or
if
you
use
it
as
junior
capital
over
here,
what
ends
up
happening
is
that.
A
Maybe
actually
this
line
yeah
okay
anyway,
so
maybe
a
better
way.
Maybe
these
lines
up
here
would
make
more
sense
to
have
them
sort
of
go
back
into
the
circles
buffer
right.
But
the
point
is
basically
that
if
you
make
a
bunch
of
investments
with
the
treasury,
then
anytime
you
realize
those
investments
right
so
anytime
they
pay
some
kind
of
yield
or
if
you
sell
something,
that's
gone
up
in
value,
then
the
same
thing
happens
where
seventy
percent
of
the
of
the
profit
goes
to
a
lexier
and
30
goes
back
into
the
treasury.
A
A
And
then
you
can
and
then
one
of
the
things
is
that,
of
course,
this
could
also
be
used
in
some
like
very
kind
of
like
exotic
or
experimental
stuff,
and
this
is
kind
of
a
paper
apparent
point
earlier
right
that
this
is.
This
is
where
the
kind
of
like
the
big,
the
the
kind
of
the
the
the
closed
loop
sort
of
breaks,
free
right
and-
and
you
don't
have
something
that
just
like
stays
within
this
kind
of
like
box
and
just
goes
in
circles.
A
But
this
can
actually
go
out,
and
you
know
just
infinitely,
go
in
these
directions
and
go
into
all
sorts
of
other
economic
interactions
right
and
maybe
it
can
be
used
for
a
venture
capital
and
investing
all
sorts
of
new
business
models
or
whatever
it
could
be
right.
And
you
actually
have
the
same
thing
down
here
as
well
like
from
the
surplus
buffer
itself.
The
meta
dial
just
has
like
complete
open-ended.
A
A
And
yeah
so
well
and
then
the
thing
is
then,
and
then
back
to
this
thing
about
like
this
like
pushing
the
limit
of
the
intangible
value,
and
these
are
governance
disputes
that
peyton
was
talking
about,
and
basically
that's
one
of
the
main
reasons
why
metadata
die
actually
is
exactly
this
kind
of
situation,
because
because
that's
the
thing
is
like,
if
you
end
up,
if
you,
if
a
metadata
ends
up
having
too
little
elixir,
it
sort
of
stops
benefiting
from
the
fundamental
loop
in
a
sense
and
and
then
all
these
things
over
here,
like
all
this
stuff
stuff
starts
to
sort
of
not
really
apply
to
the
metadata
anymore,
and
then
it
ends
up
really
only
having
the
the
treasury
left
right
and
then
like
either
it
figured
like.
A
And
then
what
can
happen.
Is
it
then
get?
You
know
smart
about
it
and
becomes
profitable
and
figures
out
a
way
to
sort
of
exist
on
its
own
and
do
its
own
thing
and
generate
real
profits,
and
then,
by
doing
that,
then
goes
back
in
the
game,
kind
of
and
re-accumulates
a
bunch
of
elixir.
But
then
the
other
option
is
it
just
kind
of
like
doesn't
really
have
you
know
it
just
tries
to,
for
instance,
extract
the
the
the
treasury
or
it
or
even
worse
it.
A
Just
whatever
does
a
bunch
of
drama
or
does
nothing
right,
can't
like
hire
people,
probably
or
just
so
stagnates
or
any
like
there's
sort
of
all
these
like
the
red
flags.
That
can
happen
in
a
metadata
if
it
sort
of
started
to
fall
behind
and
that
that
directly
happen
as
a
result
of
like
the
bad
matter
right
that,
like
the
meta
like
the
the
main
reason
why
a
metadata
starts.
A
Throwing
these
red
flags
is
because
the
meta
itself
is
broken
right,
such
as
trying
to
break
the
rules
and
just
try
to
sort
of
extract
the
value
out
of
the
system
or
a
bunch
of
drama
or
a
bunch
of
panic,
and
you
know
sort
of
lack
of
direction
because
they
can't
figure
out
how
to
make
it,
how
to
make
it
sustainable
and
just
sort
of
burning
through
the
money
right
and
then
any
any
red
flags
like
that.
They
basically
then
get
penalized.
A
So
it's
like,
if
you
see
a
ceiling
like
so
you
so
metadata
if
you're
sort
of
a
metaphor,
sort
of
lying
down
and
not
looking
too
good,
then
the
maker
sort
of
goes
over
and
kicks
it
basically
right
and
actually
tries
to
kill
it
off
essentially
and
then
just
like
starts
first
penalizing
the
the
elixir
and
then
if
the
alexia
goes
to
like,
like
literally
goes
to
zero,
then
at
some
point
you
get
to
a
point
where
then
you
you
actually
usually
like
you,
I
mean
in
practice.
A
What
you
do
is
you
would
use
the
divorce
process
and
then
you
would
be
like
okay,
we
actually
will
let
you
take
some
of
the
treasury,
but
we
also
take
some
of
it.
Just
because
you
know
that's,
you
know,
because
the
treasury
doesn't
actually
like
and
that's
sort
of
the
weird
thing
right,
but
the
treasury
doesn't
belong
to
the
metadata
token
holders.
Like
the
metadata
token
holders.
A
Have
this
kind
of
you
know
they're,
like
the
the
profits
they
can
generate
from
the
treasury
belongs
to
them,
or
rather
70
of
them
belong
to
them
in
the
sense
of
how
it
gets
into
the
lexir
and
then
interacts
with
the
metanomics
and
but
so
like.
The
way
you
sort
of
kill
off
is
that
you,
then
you
like
maker,
basically
says
we'll
take
some
of
your.
A
Okay,
there's
actually
one
more
flow,
which
is
that
metadata
is
always
emit
tokens
and.
A
So
if
they
go
down
they're
like
the
dark
coin
round,
like
pure
intangible
value
right,
it's
just
like
something
like
dogecoin
and
then
the
main
goal
is
to
get
people
to
buy
the
token
and
then
like,
then,
all
the
sort
of
the
income
into
the
system
is
used
to
hold
these
huge,
like
dosh,
festivals
or
whatever,
and
that's
what
and
then
people
buy
the
token
because
they
can
be
part
of
the
community
and
they
can
go
to
the
dosh
festival
or
whatever.
A
And
then
the
togo
price
remains
valuable
enough.
That
that
allows
the
kind
of
like
the
the
engine
going
right.
The
burn
engine
can
can
remain
competitive
and
can
can
keep
the
the
metadata
afloat
and
there's
something
I
mean
and
then
like
the
way
that
this
one
thing
actually
happens
is
like
a
little
bit
more.
A
It's
not
as
simple
as
it
just
dumps
one
percent
every
year,
it's
more
like
it
has
a
valuation
model
and
then
only
like
it
only
sells
if
the
valuation
model
like,
if
the
token
is
overpriced,
compared
to
the
valuation
model,
and
then
the
valuation
model
is
like
based
purely
on
the
fundamentals.
So
it's
like
purely
on
the
value
of
the.
A
Yeah
and
then
there's
this
question
of
like:
could
we
model
this
and
yeah
I
mean
you,
could
you
totally
can
put
some
numbers
in,
but
it's
it's
gonna
go
totally
bonkers.
Basically,
like
it's
not
really
gonna
like
it's
hard
to
kind
of
like
you
know,
you
can't
use
it
to
set
some
kind
of
price
target
or
anything
like
that
and.
A
Yeah,
like
I
mean
that's
it,
it's
really
like
yeah,
but
and
but
where
actually
was
it
what's
funny
is
that
this
then
actually
compares
to
kind
of
like
the
the
the
question
that
mark
asked
earlier
about.
A
What's
going
on
with
all
these
tokens
right
because
I
mean
the
thing
is
that
a
key
objective
of
the
metanomics
is
to
act
like
it
in
a
sense,
it's
designed
to
be
completely
impossible
to
model
like
you
simply
cannot
kind
of
like
price
it
in
any
way
or
try
to
figure
out
how
much
it's
worth
or
whatever,
like
and
and
that's
actually
deliberate,
because
if
you
can't,
if
you
can't
deconstruct
it,
then
you
can't
form
some
kind
of
opinion
about
making
an
adjustment
here
or
there.
A
And
yeah
so
yeah,
but
but
but
then
that's
a
very
important
element
of
the
end
game
right
that
it's
really
really
important.
That
there's
simply
no
way
to
sort
of
try
to
change
the
toponomics,
because
that's
one
of
the
really
you
know
if
you
can
change
that,
then
suddenly
anything
is
up
for
grabs
right
and
the
goal
is
the
opposite
like
the
tokenomics
are
just
completely
fixed
and
they
simply
can't
change
and
because
they
can't
change,
then
that
creates
this
matter
of
nothing
can
change
right,
because
then
you
also
get
this.
A
A
Well,
yeah!
I
mean
well
yeah
well
like
an
agent-based
simulation,
then
I
mean
but
yeah
like
I
cannot.
I
mean
the
thing
is
you
know
this
is
one
of
my
my
right,
like
the
reason
why
I
was
able
to
to
design
maker
in
the
first
place
is
because
basically
because
of
my
biochemistry
background
so
like
this
kind
of
like
super
ultra
complicated
stuff,
it's
still
impossible
to
kind
of
like
reason
about
it.
A
In
some
kind
of
approximate
way,
so
I
can
also
you
know
it's
simply
just
a
matter
of
like
talking
through
it
enough
in
a
sense
you
can
kind
of
like
I
mean,
because
because
that's
how
all
biochemistry
works
like
you
can't
fill
up
like
everything
has
to
just
be
done
so
approximately
because
it's
too
complex
to
try
to
kind
of
like
calculate
it
precisely.
A
But
I
mean
another
way
to
think
about
how
to
value
this
stuff
is
to
basically
save
all
the
like
tokenomics
stuff.
You
just
ignore
that
it
has
zero
value
right
and
then
you
can
do
sort
of
a
fundamental
value
analysis
where
you
basically
look
at
you
know
stability
fees
and
then
stability.
A
What
was
the
other?
I
think
there
was
another
question
that
was.
A
Anyway,
but
I
mean
no,
but
I
mean-
and
of
course,
I'm
not
saying
all
this
to
like
discourage
people
from
trying
to
model
it
or
play
through
it
like.
On
the
other
hand,
that's
extremely
extremely
useful,
because
I
think
really
understanding
this
like
trying
to
find
ways
to
sort
of
understand
this
and
draw
this
stuff
up.
That's
like
the
key
to
sort
of
that's
the
thing
that
needs
to
really.
A
You
know
like
that's
how
to
actually
understand
the
whole
thing
and,
of
course,
like
it's
not
like
people
will
ever
understand
this
stuff
like
it
will
be
like
a
very
tiny
group,
select
group
that
will
get
that
sort
of
intuitive
understanding
of
why
the
hell
is
it
made
in
this
this
way
right,
but
it
doesn't
matter
like
people
like,
I
said
earlier,
people
like
you're
not
supposed
to
understand
it
in
the
end
right,
in
fact,
it's
almost
like
they're
supposed
to
sort
of
deliberately
it's
supposed
to
be
impossible
to
unders.
A
Of
course
right
I
mean
in
the
sense
that
it
might
be
that
as
people
really
work
through
it
and
reason
about
it,
then
some
of
the
numbers
or
some
of
the
stuff,
just
someone
like
there's
like
an
obvious-
you
know-
let's
say
the
70
30
split,
for
instance-
maybe
turns
out
that
there's
just
a
just
something
that
makes
more
sense
than
that
somehow
or
other
stuff
right.
The
one
percent
of
well
or
whatever
right
could
be
on
anything.
A
You
know.
Even
this,
you
know
the
50
000
mkr.
That's,
of
course,
like
that's
the
absolute
core
variable
in
the
whole
thing,
but
I
think
I
mean
and
and
then
we
could
talk
about
that,
another
time
why
I
paid
50
000,
because
that's
of
course
the
number
that
I
saw.
That's
the
most
important
number
to
pick
and
the
most
important
number
to
really
think
about,
but
I'd
rather
move
on
to
some
more
stuff
now
before
getting
more
into
that.
Okay,
so.
A
Yeah,
like
so
really
cool
just
to
I
mean
I'll,
share
this
right.
I'm
going
to
put
this
on
the
forum
at
the
bottom
of
the
giant
wall
of
text
and
so
yeah.
It
would
be
really
cool
to
see
more
sort
of
attempts
to
kind
of
like
deconstruct
it
or
model
it
or
illustrate
it,
and
so
on
and-
and
one
thing
to
what
mark
said
is
is
one
thing
is
the
this
is
all
the
same
for
all
of
the
metadatas.
A
A
Oh
and
then
the
last
ques
well
and
then
the
last
thing
to
talk
about
is
what's
going
on
with
all
the
4.6
billion
tokens
right,
because
now
we've
talked
about
2
million
tokens
to
the
farm
here
and
then
there's
also
the
there's
the
there's
600
million
tokens
that
basically
go
to
yeah.
Actually,
let
me
go,
let
me
you
know
I'll,
find
the
post
and
just
talk
about
it
in
the
post.
A
Here
the
metadata
is
right,
so
there's
4.6
billion,
2
billion
goes
to
the
metadata
farms
right
and
this
schedule
one
bill
in
the
first
two
years
firing
bill
in
blah,
blah
blah
blah
blah
and
then
400
million
goes
to
the
workforce,
bonus
pool
and
this
then
later
gets
reduced
to
300
million,
and
so
this
is
basically.
This
is
something
equivalent
to
like
the
post
them
care
and
the
pulse
proxy
right
that
you
can
use
to
pay
the
workforce
with.
A
A
And
then
there's
this
treasury
funding
account
more
like
treasury
bootstrapping.
This
is
just
like
to
200
million
metadata
tokens
are
created
and
sold
over
the
first
two
years
of
the
metadata's
existence
for
die
and
that
dye
just
goes
into
the
surface
buffer.
So
that's
just
like
a
way
to
kind
of
like
it
actually
shouldn't
even
be
treasure.
It's
like
surplus
buffer
bootstrapping
account.
So
that's
just
all
metadata.
A
A
At
one
point,
it
did
something
where
like
deleted
the
text,
I
was
writing.
So
I
was
worried
for
a
second
that
I
might
have
like
deleted
a
chunk
of
the
of
the
text
anyway.
So
the
last
two
billion
goes
into
this
thing
called
the
anti-reflexivity
mechanic,
and
so
that
back
to
the
point
about
like
modeling
the
stuff
and
right,
is
that
there's
definitely
one
easy
thing.
You
can
sort
of
very
quickly
conclude
as
you
look
at
this
and
you
go
through.
A
It
is
that
this
could
very
easily
result
in,
like
a
giant
like
you
know,
really
bad
bubble
where,
like
all
the
tokens
just
bubble
to
super
high
price,
and
then
they
just
like
crash-
and
it's
just
terrible
right,
like
that's-
a
really
bad,
terrible,
terrible
outcome,
because
we're
not
trying
to
make
going
here
right.
We're
not
trying
to
make
like
a
rock
or
exits
game
or-
and
the
problem
is,
loss
aversion
right.
That
people
are
worse
off
if
you
make
them
really
rich
and
then
make
them
really
poor.
A
Like
that's
worse
than
just
doing
nothing.
So
we
really
really
do
not
want,
like
unsustainable
bubbles
to
happen
in
this
especially
sort
of
like
right
in
the
beginning,
because
that's
when
it
can
really
happen
right
when
you
have
like
extremely
low
circulating
supply,
then
it's
easy
to
imagine
that
you
could
just
get
completely
like
out
of
control
with
volatility.
A
So
that's
where
we
have
this
anti-reflectivity
mechanic,
because
that
then
just
completely
makes
it
like
sort
of
put
sort
of
a
damper
on
it
and
just
like
ensures
that
the
token
price
just
can't
just
like
pump
like
crazy
on
on
low
circulating
supplies-
and
it's
really
really
simple.
There's
there's
like
two
billion
tokens,
subscribed
you're
right.
Two
billion
of
those
two
of
the
metadata
tokens
are
used
to
fund
the
anti-reflectivity
mechanic,
which
is
a
limit
order.
A
Staircase
on
on
a
dicks,
and
I
guess
in
the
long
run
it
would
be
some
like
internal
system,
so
it
would
not
be
a
staircase.
It
would
be
like
a
linear
thing
like
what's
called
a
bonding
curve
right
and
then
so.
Basically,
it's
like,
but
in
the
in
the
literally
beginning,
right,
we'll
just
go
on
some
like
one
inch
or
whatever
decks.
A
We
can
find
that
has
limit
orders
and
then
we
put
100
limit
orders
with
and
each
of
them
are
selling
20
million
metatars
and
then
the
the
lowest
order
sells
it
at
their
0.01
diaper
metadata
per
per
mdow
token
right.
So
that's
that's!
20
million!
A
That's
a
two
hundred
thousand
dollars
like
of
metadata
tokens:
that's
sold
at
zero,
zero
one
right
and
then
you
have
at
zero
point
zero
one
one
you
have
two
hundred
and
twenty
thousand
dollars
and
then
you
have
at
zero
point
zero
one.
Two
you
have
two
hundred
and
forty
thousand
dollars,
I'm
not
sure
if
you're,
if
this
makes
sense
right.
But
the
point
is:
there's
a
crazy,
huge
amount
of
tones
available
to
sell
at
this
kind
of
like
linear
giants
or
cell,
like
it's,
not
a
cell
wall,
it's
like
a
cell
staircase.
A
Basically,
so
if
there's
some
like
crazy
pump
or
something,
then
what
happens
is
the
metadata
just
sells
a
ton
of
tokens
and
then
everything
it
sells
goes
100
to
2
elixir,
so
it
doesn't
even
sell
it
and
turn
it
into
turn
it
like
into
the
service
buffer.
It
just
sells
it
straight
into
alexa,
and
I
mean
that
it
might
actually
be
that
it's
better
to
put
it
into
the
the
surplus
buffer.
A
Then
the
problem
is,
you
can
end
up
with
this
like
giant
treasury
early
on,
if
you
have
some
like,
if
you
have
like
a
speculative
wave-
and
I
I
basically
I
can't
I
haven't
really
figured
out.
If
that's
you
know,
I
think
that
might
be
a
bad
thing,
because
I
think
that
could
cause
like
value
leak.
Because
then
you
have,
you
could
have
like
a
bunch
of
like
a
totally
immature
sort
of
like
sort
of
dumb
metadata,
basically
with
a
huge
amount
of
of
capital
and
and
just
like
really
stupid
governance.
A
And
then
you
could
just
like
waste
all
the
cable
and
then
it's
sort
of
safer
to
just
have
it
all
accumulate
into
to
a
lexier
and
then
the
way
you
prevent
the
system
from
breaking
is
you
have
that,
like
50
percent
limb
right,
the
yeah,
the
the
the
the
7
500,
a
rather
16.6
limit
on
how
much
of
the
other
metanomics
each
metadata
can
capture?
A
So,
even
if
some
metadata
has
like
a
just
completely
crazy,
speculative
wave
and
as
a
result
sells
a
crazy
amount
of
it
tones
its
terms
before
it
stops,
then
that's
not
gonna
sort
of
like
break
the
entire
thing
or
cause
a
bunch
of
of
you
know,
create
a
bunch
of
capital
at
risk
that
just
gets
wasted
or
something
that'll,
basically
just
result
in,
like
huge
amounts
of
alexia
getting
accumulated
in
that
matter.
A
A
And
yeah
like
this
is
really
critical.
This
is
crucial
to
allowing
this
kind
of,
like
you,
couldn't
possibly
do
something
like
this
without
that
kind
of,
like
very
strong
anti-reflexive
system,
right
that
prevents
it
from
kind
of
like
spiraling
into
some
speculative
bubble
and
then
just
like
dying
afterwards.
A
Talking
about
this
thing,
yeah
and
mark
is
asking:
does
the
anti-reflectivity
sales
go
to
the
mega,
the
metadata
treasury
or
npr
so
like
so?
What
I've
said
is
that
it
goes
to
elixir
directly,
so
it
actually
does
I
mean
so
it
kept
it.
The
alexa
is
used
as
junior
capital,
so
it
does
capitalize
in
a
like.
A
protector
gets
junior
capital
from
that,
but
also
all
the
dials.
More
importantly,
then
get
the
metanomics
boost
right.
A
So
so
so
it's
more
like
the
sort
of
the
short
term
burst
of
speculation
turns
into
this
like
long-term
cash
flow
to
the
metadata
right
in
terms
of
maker
than
buying
more
metallics
here,
but
then
for
protector.
It
also
means
more
junior
capital
available
and
the
same
well
also,
I
mean
also
you
know,
for
creators
also
means
more
junior
capital
and
for
governor
it
means
more
sort
of
collateral
available
to
ensure
complexity.
A
Yeah,
I
just
want
to
talk
about
this
like
lesson.
This
other
thing
is
just
as
exciting
as
this
thing,
but
we
always
spend
one
hour
where
I
spend
one
and
a
half
hours,
but
let's,
like
super
rapid
fire,
go
through
the
last
content,
because
things
are
moving
so
fast
that
basically
we
have
to
kind
of
like
prepare
for
for
the
oh
oops,
okay.
So
this
is
the.
A
So
what
I
want
to
talk
about
are
the
clusters
and
the
metadatas,
because
basically
what's
happening
is
the
metadowns.
These
six
metanails
right
that
are
gonna
launch,
are
starting
to
sort
of
really
come
into
view,
basically
elementary
shape,
and
it's
actually
pretty
exciting.
A
Just
how
like
much
is
sort
of
coming
together,
essentially
and
then
some
develop
this,
like
new
language
of
how
to
like
talk
about
what
exactly
is
going
to
happen
in
the
launch
of
the
six
metadows
right
and
so
basically,
so
what
you
have
is
you
have
kind
of
like
the
you've
got
the
there's
like
two
things
right,
there's
like
the
meta
dials
and
then
the
clusters
right
and
so
the
clusters.
A
Those
are
basically
people
from
the
decentralized
workforce
and
maker
that
are
preparing
to
make
proposals
to
metadowns
that
don't
just
exist
essentially
and
then
the
metadatas
themselves
well,
they're,
basically
just
like
right
now,
they're
just
sort
of
theoretical
and
then
later
on.
They
will
become
basically
forums
and
then
eventually
they
will
become.
You
know
tokens
right
that
people
can
farm,
but
so
the
point
and
then
the
whole
the
way
like
so
originally.
The
idea
was
that
you
would
have
this
sort
of
you
know,
then
you
just
have
the
metadows
and
you
don't
the
clusters.
A
They
could
just
they're
sort
of
abstract,
and
then
you
just
see
if
some
people
make
a
proposal
to
a
particular
metadata
right,
but
now
that
we
have
to
really
execute
much
more
cleanly
and
really
really
focus
on
yeah
getting
things
done
efficiently
and
and
so
we
can
save
as
much
money
as
possible.
So
we
can
accumulate
as
much
heat
as
possible
right.
A
So
then,
I
think
the
optimal
approach
is
this
kind
of
like
hand-picked
handcrafted
approach,
of
where
the
initial
six
metadows
have
these
like
very
yeah
kind
of
like
intelligently
designed
clusters.
Essentially
so
what
ends
up
happening?
A
Is
you
have
so
you
have
like
two
metadows
and
then
you
have
two
clusters
and
then
the
question
is
which
cluster
goes
to
which
metadata
and
that's
the
thing:
that's
not
predetermined
and
then
the
clusters,
basically
you
know
and
and
then
they
all
have
like
a
they
all
get
a
name,
and
one
of
the
things
I
found
was
like
it's
really
difficult
to
get
these
like
names,
because,
first
of
all
the
metadata
you
can't
give
it
like,
like
a
real
name
like
you
know,
cyber
or
whatever
that's
super
lame,
but
like
you
can't
like
anything
that
that
sounds
like
some
kind
of
real
name
is
very
bad
to
give
to
a
mentor.
A
Basically,
because
then
the
problem
is
then
you've
already
started
to
influence
its
matter
and
the
whole
point
is
the
matter
needs
to
develop
from
the
community
itself.
Right
like
it
needs
to
be
this
sort
of
bond
decentralized
matter
right.
So
so
that's
why
so
and
but
then
we
came
up
with
like
m0,
m1
and
so
on.
Then
it
turns
out.
That's
also
really
problematic,
because
then
what
happens
is
the
number
influences
the
better
and
basically
like
this
sort
of
weird
hierarchy
develops
of
like
who
gets
the
lowest
number?
A
Basically,
that
I've
been
sort
of
struggling
with
that
that's
actually
problematic,
so
that
what
I
ended
up
with
was
that
colors
is
like
the
one
thing
where
you
can't
possibly
develop
some
kind
of
hierarchy.
A
A
So
everything
gets
these
like
colors,
so
basically,
and
so,
each
of
the
the
metadatas
right,
the
communities
they're
just
like
they're,
just
like
this,
just
there's
a
white
and
a
black
of
each
of
them
right
and
you
can't
rank
those
colors
right
and
and
then
they're,
just
called
like
p
white
and
p
black
and
oh,
this
is
actually
right,
but
so
so
one
of
the
protectors
is
called
p
white
and
the
other
project
is
called
p
black
and
one
of
the
creators
called
c
white
and
one
is
called
c
black.
A
And
then
the
clusters
are
like
they
have
these
other
colors
then
and
then
those
and
they
like
they're
sort
of
like
right
like
so
so.
The
protectors
they
have
like
different
versions
of
green
and
the
creators
have
different
versions
of
of
red
and
and
governors
have
different
versions
of
blue
and
by
the
way
these
are
like
the
tertiary
colors.
A
So
these
are
like
very
official
colors,
they're
kind
of
like,
like
you
know,
purple,
for
instance,
that's
a
term,
that's
a
that's
a
secondary,
color
right
and
then,
if
you
mix
a
secondary
color
with
the
primary
color,
then
you
get
a
tertiary
color
such
as
whatever
one
of
these
things,
and
in
fact
I
think.
A
A
Definitely
when
I
was
messing
around
with
this
is
reminding
me
of
that
xk
x,
xkcd
thing
I,
like
the
colors
people
going
crazy
over
different
colors,
but
yeah
but
anyway.
So
the
point
is
that
they're,
like
the
clusters
and
they're
sort
of
like
really
cool
teams,
very,
very
lean
teams
with
very
strong
and
clear
ideas
for
how
to
basically,
if
they
get
funding,
then
how
they're
going
to
turn
that
funding
into
positive
cash
flow
and
that's
kind
of
on
the
on
this
side
over
here
right.
A
So
like
all
this
stuff
here
that
that's
kind
of
that's
real,
like
in
fact
this
is
this
stuff
here
is
actually
more
the
job
of
the
community
in
a
sense
like
of
the
p
black
and
the
p
white.
Oh
sorry
for
the
or
whatever
for
the
creator,
the
c
black
c
white,
because
because
the
stuff
inside
this
kind
of
big
thing
that
had
that
just
re,
that's
just
about
the
meta
itself.
That's
about
the
brand!
A
Basically-
and
potentially
this
part
over
here
like
how
to
how
to
manage
the
treasury,
but
but
really
more
than
anything
else,
it's
this
part
here
right
of
like
what's
gonna,
be
the
unique
thing
that
the
metadata
does
beyond
all
this
stuff
right
now
it
has
the
it
has
the
meta.
It
has
a
front
end.
A
What
is
what's
going
to
be
our
unique
thing,
we're
going
to
put
in
the
front
end
to
try
to
generate
even
more
value,
right
and
yeah,
and
so
and
then
I
mean-
and
that's
that's
for
the
protect,
that's
for
the
creators.
Actually,
so
it's
not
for
everyone.
That's
for
the
creators,
but
what's
really
cool
is
that
already
are
like
at
least
we're
close
to
like
having
two
very,
very
strong
and
sort
of
like,
I
think,
like
attractive
clusters.
A
For
that
that
I
mean
this
like
it's
not
there's
still
gonna
be
there's
still
more
to
to
consider
obviously
right,
but
but
it's
it's
very
close
in
the
sense
that
there's
actually
and
what
I
think
is
is
really
amazing.
A
Is
that
we're
getting
that
effect
of
like
because
these
these
clusters,
these
teams,
they
will
have
to
you,
know
it's
they're
going
to
have
like
you
know,
they're
working
within
this,
like
very
you
know,
like
tight
feedback
loop
in
a
sense
right,
so
what
that
means
is
suddenly
in
in
in
maker
and
how
we
work
in
maker
right,
then,
everyone
just
wants
more
budget
and
more
people
and
more
everything
right
because,
like
you're,
so
it's
so
big
that
you're
kind
of
so
disconnected
from
that
direct
connection
to
the
token
right,
but
in
the
in
the
metadata
we
see
the
opposite
effect,
where,
like
everyone's
so
focused
on
like
how
to
make
the
absolute
leanest
possible
team
that
is
just
able
to
you,
know,
get
the
things
done
and
and
they
can
work
together
and
they
can
execute
and
have
this
aligned,
meta
right,
and
so
so
that's
that's
close
to
already
being
placed
for
the
two
creators
which
then,
which
really
comes
down
to
like
the
question
of
how
to
handle
this
part
here
right.
A
How
to
do
this
thing
here
and
it's
also
in
place
for
the
two
protectors
which
basically
relates
to
them.
I
mean
yeah,
so
the
protectors
kind
of
the
protector
would
be
sort
of
sitting
like
here
in
a
sense
somehow,
like
you
know
like
if
you
get
more
like
if
as
more
decentralized
die
gets
created,
then
the
protectors
basically
gets
to
capitalize
on
then
allocating
real
assets.
A
And
peyton
knows
that
the
colors
are
sorry.
Maybe
I
should,
but
you
know,
each
metadata
class
has
a
color
right.
So
governor
is
the
blue.
So
anytime,
you
see
something
blue.
That
means
governor
protects
the
green.
So
anytime,
you
see
the
green
that
means
protectors
and
creates
a
red
but
yeah
anyway.
My
point
was
that
this
ship
is
looking
really
like.
A
A
Like
they're,
more
like
picked
top
down
by
mkr
governance,
so
where
the
protectors
and
the
and
the
creators
are
sort
of
all
about
the
interplay
between
the
community,
the
amenities
own
community
and
the
the
the
clusters
and
their
specific
ideas,
the
governors
are
more
like
the
community,
like
the
com,
the
communities
in
the
governors
they're
just
like
they
just
want
to
get
people
that
are
actively
on
the
decentralized
workforce,
so
they
can
sort
of
wrap
and
then
you
know,
wrap
a
results,
guarantee
around
them
and
earn
overhead
fees
right.
A
A
Manage
the
the
governors
in
a
way
that
doesn't
have
to
do
with
the
protections
and
creators
and
this
guy
kind
of
was
talking
about
before,
but
like
the
delegates
being
the
counterparties,
the
metadata
and
maybe
what
more
accurately
it's
like
the
delegates
of
the
counterparties
to
the
governors.
Basically
that,
like
the
gov,
you
know
makers
sort
of
interacts
with
the
metadows
by
interacting
with
the
governors
who
then
interact
with
the
protectors
and
creators.
A
So
as
a
result,
making
your
governance
has
this
much
more
kind
of
like
top-down
sort
of
like
incentive
in
how
these
should
be
set
up.
A
But
it's
also
a
lot
similar,
because
what
governors
do
is
they
simply
split
up
the
workforce
and
and
provide
results
guarantee
around
them?
And
then
they?
So
they,
you
know,
make
sure
nothing
goes
wrong.
Basically
and
that's
all
they
need
they
don't
need
to.
They
don't
need
to
create
something
new.
They
need
to
simply
keep
the
things
going
and
would
prevent
any
kind
of
meltdown
or
problem,
because
whenever
that
happens,
then
they
get
penalized.
A
A
I'll
also
talk
about,
but
first
let
me
just
talk
about
the
timeline
very
quickly
right,
so,
basically,
very
like
the
idea
is
that
very
probably
tomorrow,
even
I'll
post,
like
sort
of
the
initial
sort
of
action
plan,
which
will
then
detail
first
of
all,
it'll
talk
about,
what's
called
the
end
game
approval
mip,
which
is
the
map
that
sort
of
approves
or
rejects
the
entire
in-game
plan
and
then
sets
it
into
motion
if
it
gets
passed
right,
which
would
then
go
off
a
vote
in
october.
A
So
the
whole
thing
would
start
in
like
all
this
stuff.
With
these
things,
they
would
start
already
in
november
if
it
passes
in
october
right
and
then
in
addition
to
that,
there'll,
be
this
like,
like
a
lot
of
of
co-unit
off-boarding
maps,
because
that's
basically
the
other
major
thing
now
is
that
we
have
to
do
like
a
very
significant
expense
reduction,
because
now,
suddenly
I
mean
it
goes
back
to
this
thing
over
here
right.
A
The
protocol
of
vault
is
like
everything
that,
in
order
to
make
this
stuff
work
to
make
the
free
floating
diet
work
right.
So
our
new
priority
is
desperately
accumulating
sticky
and
levering
up
on
it
as
much
as
we
possibly
can
as
quickly
as
possible.
While
we're
in
this
you
know
pitching
stance,
right
and
and
and
one
of
the
best
ways
to
to
to
do.
A
That
is
to
really
just
be
like
you
know,
let's,
we
need
to
simply
cut
away
all
the
stuff
that
doesn't
directly
in
some
way
like
contribute
basically
either
to
this
or
to
this
in
a
sense
right
and
step
one
is
we
just
need
to
off-board
a
lot
of
the
coordinates?
A
So
it's
like
a
lot
of
the
there's,
a
lot
of
the
coordinates
that
can
that
can
be
removed
and
then
also
I'll
post
about
my
plans
for
this
right
and
that's
this
whole
thing
about
like
there's
a
there's,
some
there's
a
lot
of
talent
that
can
basically
go
from
the
from
koreans
that
are
getting
removed
and
into
metadata,
potentially
some
at
least
and
or
maybe
nothing
which
I
mean.
A
Unfortunately,
that's
still
also
the
possibility
right
that,
actually
you
I
mean
in
the
end
it
is
gonna
we're
gonna
have
to
do
a
massive
headcount
reduction,
but
there's
going
to
be
some
of
that
that,
instead
of
leaving
the
the
ecosystem
entirely
right,
they
can
they
they
can
go
into
the
meta
house
or
go
into
kind
of
like
yeah
like
there's
other
opportunities.
Another
actually
and
actually
another
opportunity
is
also
that
some
from
the
decentralized
workforce,
like
some
that
right
now,
working
in
decentralized
workforce.
A
So
the
problem
is
because
we
don't
have
delegates
that
understand
it.
Then
it's
all
happening
in
a
vacuum,
because
there's
the
connection
back
to
kind
of
damn
careless
doesn't
exist
and,
as
a
result
like
there's
no
sort
of
guidance
around
how
we're
actually
supposed
to
support
to
approach
this
stuff.
So
so
that's
one
way
that
I'm
that
I'm
hoping
to
sort
of
retain
the
talent
that
actually
does
stuff
that's
important.
But
then
also
it's
like
you
know.
You
know
in
an
extreme
expense
reduction
scenario.
A
Is
it's
difficult
to
justify
right
and
then
it
becomes
a
lot
easier
to
justify
if
you
have
them
as
delegates
rather
like
having
them
on
delegate
side
rather
than
on
the
on
the
coin
side,
and
then
there's
also
just
like
a
lot
of
or
like
some
that
can
simply
migrate
to
sort
of
like
a
lot
of
responsibility
and
then
even
potentially
the
talent
and
potentially
the
resources
can
migrate
into
the
the
coordinates
and
remain
and,
and
so
some
of
the
remaining
coordinates
will
also
need
to
have
budget
increases,
for
instance,
and
then
there's
also
kind
of
so
there's.
A
Also
this
like
whole
clustering
thing
of
like
how
to
sort
of
formalize
these
clusters
right
and
then
that's
where,
and
this
is
described
in
the
post,
also
right,
that's
where
they
used
to
use
what
I
call
attachment.
Basically,
so
the
idea
is
like
you
attach
each
of
these
things
to
a
core
unit.
Basically,
and
then
that
coil
like
so
it
doesn't
mean
the
coin.
It
becomes
the
cluster.
A
It
means
the
core
unit
sort
of
incubates
the
cluster
essentially
and
then
that
can
actually
be
used
to
also
run
collateral
onboarding,
because
the
whole
point
is
right
that,
in
the
end
game
plan,
for
instance,
maker
isn't
going
to
do
real
assets
right.
So
these
two
things
should
actually
be
the
ones
that
take
over
real
asset
responsibility
and
then
the
way
you
sort
of
practically
do
that
is
you
don't
create
some
new
construct
called
a
cluster
and
blah
blah,
because
that's
a
temporary
thing
right.
A
Instead,
what
you
do
is
you
attach
one
to
one
to
two
to
one
point,
another
one
to
a
different
coin,
and
and
then
you
provide
the
sort
of
the
the
these
like
temporary
sort
of
governance.
Privileges
to
the
co-unit
rather
than
to
the
cluster
yeah
and
real
assets
is
definitely
something
that
you
know
that
needs
to
be
significantly
shaken
up.
A
I
mean
I
don't
want
to
talk
about
the
specific
off-boardings
just
yet
I
mean
I'm
deliberately
weighted
with
the
kind
of
what
do
you
call
it
like
poking
the
bear
on
that
front
because
of
that,
like
classic
kind
of
you
know,
wisdom
of
like
if
you're
gonna,
you're
gonna
do
cuts,
you
wanna,
do
it
all
at
once
right.
So
I'm
gonna
release
all
that
information
at
once.
Once
I'm
really
kind
of
fully.
I
mean,
of
course,
like
it'll,
be
tons
of
drama.
A
There's
no
way
around
that,
but,
like
I've,
I've
done
my
best
to
try
to
really
kind
of
prepare
it
as
much
as
possible
and
and
minimize
the
the
chance
that
we
end
up
sort
of
burning
bridges
to
to
various.
You
know
talent
and
resources
that
where
it's
like
there's
like
you
know
there,
I'm
I'm
missing
some
information
or
something
like
that
right.
A
I've
tried
to
as
much
as
possible
reduce
the
chance
of
that,
but
that's
still
to
happen
for
sure,
like
there's
no
way
around
that,
but
basically
it's
not
going
to
be
easy,
but
it's
it's
absolutely
necessary,
like
we
cannot
remain
at
whatever
it
is:
40
million
or
whatever
the
burn
is
right.
It
has
to
go.
It
has
to
be
and
go
to
half.
A
A
This
part,
basically
the
the
voting,
incentives
right
and
the
the
front
end,
and
all
that
right
that,
like
we,
really
have
to
make
sure
that,
because
of
what
we're
doing
with
the
voting
incentives,
and
because
of
that,
it's
so
critically
important
that
we
get
high
quality
delegates.
A
So
we
have
to
basically
pay
a
lot,
and
that's
also
then,
where
like
it
makes
a
lot
of
sense
to
take
high
quality
people
from
the
decentralized
workforce,
and
then
you
know
like
cut
them
off
from
the
workforce,
because
that's
just
you
know
that
needs
to
be
cut
down
to
the
absolute
minimum,
but
then
give
them
the
opportunity
as
delegates
right
and
then
and
practically
like.
A
That's
I
mean
that's.
That
really
is
something
that
comes
down
to
me
personally,
being
able
to
to
distribute
my
my
voting
power
right
because,
of
course
anyone
could
try
to
be
a
delegate
at
any
point
in
time,
but,
like
I
can
kind
of
like
I
can
sort
of
smooth
and
like
soften
the
blow
of
off-boarding,
certain
core
units
and
cutting
budgets
to
certain
coins.
A
That's
going
to
result
in
in
like
some
critical
talent
like
valuable
talent,
losing
job
security,
but
then
I
can
again,
I
can
sort
of
soften
that
blow
by
then
potentially
trying
to
like
offer
it
to
them,
to
delegate
to
them
right
and
and
then
get
them
in
this
like
high
bracket
for
delegate
conversation
that
is
gonna.
That's
a
part
of
the
the
end
game,
approval.
A
Yeah
so
I
mean-
hopefully
that's
all
gonna
come
out
tomorrow,
but
if
it
could
very
well
be
that
I
run
into
some
kind
of
last
minute
drama
and
then
it's
simply
not
possible
because
there's
some
you
know
there's
some
like
potential
bombshell,
drama
stuff
that
that
I
you
know
I
I
didn't
see
in
advance
that
then
I
discovered
the
last
second
and
the
need
to
figure
something
out
before
it
made
public
but
yeah
otherwise,
we'll
come
tomorrow.
A
A
So
the
last
so
so
there's
this
just
the
there's
in-game
approval
map
and
then
there's
all
the
korean
off-boarding
maps
and
those
will
all
be
sort
of
those
will
all
be.
What's
it
called.
A
What
the
is
a
word
for
that,
I
think
it's
dependent,
so
they
all
be
dependent
on
each
other
right.
So,
like
the
end
game
plan
requires
all
these
like
corners
to
be
off-boarded,
because
it's
impossible
to
do
this
stuff.
If
we
don't
have
an
online
team,
so
we
need
to
like
fix,
like
you
know,
play
time's
over
basically
like
there's
simply
this.
A
The
approach
we've
been
taking
to
the
disadvantaged
workforce
is
simply
not
viable
any
longer
in
this,
like
new
environment,
where
we,
we
have
to
seriously
think
about
very,
very
dangerous
short
term
and
medium
term
risks
and
as
a
result,
that's
also
where
I
can
be
a
lot
more
involved
and
I
can
go
in
and
directly
off,
portfolio
units
and
deal
with
like
transitioning
talent
and
so
on.
A
And
then
the
next
stage
is,
after
that,
so
the
first
stage
of
like
off-boarding
all
these,
then
the
next
phase
is
to
then
actually
kind
of
do
also
this,
like
combing
through
the
remaining
workforce
and
then
also
cutting
a
bunch
of
budgets
and
basically
firing
employees
right,
because
because
we
also
there's
also
like
step,
one
is
to
get
rid
of
the
excessively
complex
coordinates,
but
then
there's
also
a
lot
of
the
coordinates
where
we
simply
need
to
dial
down
the
ambition
of
on
a
lot
of
it.
A
It's
kind
of
it's
funny
and
strange
that
we
have
this
opportunity,
but
it
really
sort
of
fits
into
this
whole
thing
right,
because
the
thing
is
right
now,
there's
all
these
like
flows
and
all
this
stuff
and
and
the
metanomics
and
all
this
stuff
right
and
key
to
it
all,
is
that
it's
all
based
on
you
know
it's
all
based
on
eath
staking
and
eating
leverage
right,
and
so
that's
where
we
have
this
ether
die
and
and
then
initially
as
we're
doing
all
this,
this
either
dies
simply
wrapped
light
of
steak
teeth,
like
that's
the
only
asset
that
can
that's
the
only
way
we
can
do
this
at
all
is
we
have
to
wrap
lighters,
take
deep
turn
it
into
our
own
ethernet
and
then
later
figure
out
how
to
upgrade
it
and
diversify
it
and
even
run
our
own
staking
network
and
all
that
stuff
right,
but
in
the
short
run,
it's
sort
of
it's
also
built
on
top
of
lido.
A
A
A
You
know
it's
the
latest
hot
token
right
and
actually
what's
crazy?
Is
the
value
of
this
lido
that
I
basically
have
almost
like
got
it
for
free?
Basically,
that's
almost
worth
as
much
as
the
value
of
my
piano,
which
is
kind
of
insane.
A
Considering
that
basically
got
it.
You
know
I
got
it
in
like
the
seed
round,
which
is
like
yeah.
The
return
on
that
has
been
just
completely
insane
right,
and
so
then
the
idea
is
to
basically
have
a
proposal
to
swap
my
lido
for
mkr
from
the
from
the
from
the
main,
like
from
the
pulse
proxy,
with
some
discount
given
to
maker.
A
And
of
course,
then
I
mean
there's
a
nice
upside
that
we're
talking
about
like
like
a
sort
of
an
artificially
cheap
price.
Basically,
let's
say
like
I
mean
that's
something
exactly
how
to
price
it.
That's
something
I
mean.
That
would
probably
happen
with
me
like
discussing
with
various
coordinates
and
then
some
of
the
big
bc's
or
something
well.
Let's
say
that
you
know
it's
like
at
a
33
discount
to
market
or
something
like
that
right.
A
So
you
know
I'll,
swap
and
and
then
the
amount
that
that
the
amount
is
20
million
lighter.
So
that's
two
percent
of
like
the
the
total
supply
and
I
think
something
like
four
percent
of
the
circulating
supply
or
something.
A
So
let's
say
it's
like
a
like:
it's
basically
a
deal
to
like
swap
less
than
30
million
worth
of
care
for
for
for
around
40
million
worth
of
of
lido
tokens
right,
and
so
then
what
happens
is
with
that
is
we
turn
something
like
some
mkr
that
has
no
value
in
terms
of
as
collateral
into
something
that
does
have
value
right
so
now,
suddenly
the
protocol
involved
can
be
seeded
with
40
million
dollars
worth
of
a
decentralized
asset
right
and
then
that
can
become
sort
of
like
the
starting
collateral
for
them.
A
Building
up
this
leveraged
position,
and
then
on
top
of
that
we
will
then
we'll
take
an
additional
40
million
from
the
surface
buffer
and
use
that
to
buy
state
heath
right.
So
then
we
get
so
then
we
we
start
off
with
80
million,
like
80
million
dollars
worth
of
collateral.
That's
like
unencumbered
right
and
then
from
there
like
you
know,
and
right
now
the
in-game
plan
post.
This
sort
of
the
strategy
is
that
that
anything,
that's
in
the
protocol
involved
is
2x
levered
up
right.
A
So
basically,
we
would
turn
that
into
160
I
mean
so
120
I
mean
we'd
use
the
so
we'd
use
the
40
million
worth
of
steak,
eath
and
40
million
dollars
worth
of
lido
to
acquire
acquire
an
additional
80
million
worth
of
state
teeth.
So
we
end
up
with
120
million
worth
of
state
teeth
and
40
million
dollars
worth
of
lido
and
then
have
80
million
indicted
right.
A
So
we
have
a
2x
leverage
in
that
and
then
from
there
we
just
you
know
we're
going
to
cut
all
these
costs
and
we're
going
to
do
all
these
real
assets.
And
basically
you
know
pigeon
stands
right.
Do
everything
we
possibly
can
just
like
grow
and
make
profits
and
earn
surplus
and
use
that
to
acquire
state
ease
to
put
into
the
protocol
vault
right
so
we'll
be
just
accumulating
crazy
amounts
of
state
heath.
A
A
So
after
three
years
of
pigeon
stands
that
gets
us
to
the
300
300
million
dollars
of
state
he's
accumulated
and
in
prices
it
could
probably
be
even
more.
I
mean,
because
once
we
get
all
this
like
yield,
farming
flows
going
the
amount
of
surplus
we
have
actually
probably
is
even
higher,
so
it
could
easily
be
even
more
I
mean
it
could
be.
Let's
say
we
could
maybe
we're
lucky.
A
We
could
end
up
with
a
billion
dollars
worth
of
stake,
heath
and
and
500
million
worth
of
debt
right
and
then
what's
sort
of
a
really
cool.
A
You
know
positive
feedback
loop
in
this
is
that
we
also
have
a
whole
bunch
of
lido
tokens
in
there
right
and
what
we're
doing
is
we're,
like
literally,
the
entire
system
is
being
all
directed
towards
accumulating
state,
eath
right
and
so
then,
and
that
actually
benefits
lighter
right,
because
that's
going
to
like
boost
lido's
tbl,
and
it's
also
going
to
boost
its
narrative
right.
Of
course,
it's
like
a
good
for
light.
A
If
the
maker
is
building
everything
on
top
of
it
and
so
on
right,
so
then
that
could
potentially
then
also
cause
an
increase
in
the
lido
price.
From
this,
which
then
further
benefits
the
protocol
vault
and
allows
us
to
further
accumulate
even
more
heath,
and
then
that
really
sort
of
starts
to
to
to
make
it
click
in
the
sense
that
now
there's.
Actually,
you
can
sort
of
see
this
potential
for
like
just
how
much
steak
eat
we
can
actually
get
in
here.
A
In
this
thing
before
you
know,
we
then
have
to
go
free
floating
right,
which
was,
as
I
said
earlier,
and
that's
the.
A
You
know,
that's
the
I
mean
both.
Then
we
get
to
benefit
massively
when
the
rates
go
negative
and
so
on,
but
also
that
means
we
can
sort
of.
We
can
really
stabilize
the
negative
rate
right,
which
is
the
actually
more
important
thing.
So
we
can
really
start
to
to
provide
a
guarantee
that
I
won't
just
like
fall
off
a
cliff
in
demand
and
become
really
shitty
and
unreliable,
because
the
rates
get
too
negative
and
it
breaches
some
kind
of
psychological
barrier.
A
You
know
so
so
do
asking.
Would
you
lose
the
lido
acid
to
the
protocol
spirit
and
what
I'm
saying
is
I
will
make
a
literally
making
like
an
otc
swap
mip.
Essentially,
that
will
say
something
like
you
know.
If
you
receive
20
million
lido
from
this
account,
then
you
will
send
back
out
what
x
amount
of
mkr
back
to
that
account
right
and
it's
not
like
it's
not
free
money.
It's
it's!
A
It's
a
it's
a
swap
right,
but
I
would
do
it
at
like
a
discount,
which
is
I
mean
this
yeah
I
mean,
for
you
know,
for
tax
reasons.
We
can't
talk
about
it
as
free
money
and
so
on
right,
because
of
course,
I
don't
want
to
end
up
getting
a
tax
bill
from
like.
So
it's
a
like
it's
basically
what
you
know.
It
will
basically
be
like
a
very
attractive
deal
right
that
I
would
make
available
to
the
dow
and
the
reason
why
I'm
I'm
willing
to
do.
A
That
is
because
I
got
this
light
over
like
you
know,
I
got
it
in
the
first
place
and
like
an
insanely
good
deal
from
lido
and
and
the
point
I
mean,
what
they
wanted
to
see
happening
was
something
like
this
right,
some
kind
of
system
that
then
gonna
end
up
benefiting
them
right.
A
So
it
makes
perfect
sense
to
then
and
have
that
end
up
with
maker,
right
and-
and
I
mean,
and
whatever
the
an
example
of
like
what
the
what
the
discount
could
be,
would
could
be
33
right,
but
the
actual
amount
is
whatever
that
has
to
be
we'll
have
to
to,
like.
I
said,
that's
something
that
can
be
sort
of
negotiated
with
certain
core
units
and
some
of
the
some
of
the
vcs.
A
Basically,
then,
we
can
end
up
with
some
kind
of
like
algorithm,
that's
fair
in
terms
of
what
happens
with
like
the
market
rate
swinging
and
blah
blah
right,
because
of
course,
it's
really
difficult
to
it's
really
really
crazy
difficult
to
make
like
an
otc
deal
through
a
mip.
That's
super
slow,
but
in
you
know,
but
the
fact
that
I'm
basically
willing
to
take
you
know
make
it
a
really
good
deal
in
maker's
favor.
That,
of
course,
that's
what
makes
it
possible.
A
Otherwise,
it's
not
even
like
unrealistic
to
try
to
make
a
fair
deal
like
this
right,
so
somebody
has
to
lose
and
then
I'm
it's
going
to
be
me
right,
which
I'm
perfectly
fine
with,
because
I
paid
almost
nothing
for
the
lighter
in
the
first
place
and
it
just
it's
gonna,
be
it's
gonna
right.
A
It's
really
gonna
be
so
much
more
valuable
in
inside
maker,
in
the
sense
of
like
how
it
sort
of
drives
the
whole
system,
although
of
course
on
the
other
hand,
I'm
also
perfectly
fine
if
it
gets
rejected
right,
because
if
that
happens,
then
we
will
just
have
that
game
plan
boosting
lido's
price
and
then
it's
just
for
my
personal
benefit
right.
A
So
so
that's
also
fine,
but
I
you
know,
but
then
there's
even
a
problem
that
you
know
the
meta
can
be
sort
of
impacted
if,
if
people
become
suspicious
that
for
some
reason
I
did
it
just
to
boost
my
lido
and
dump
it
and
then
do
all
this
elaborate
stuff
just
to
benefit
the
lido
token.
So
I
could
sell
it
right.
So
so
it's
even
if
it
doesn't
get
yeah
like
so
it's
a
separate
proposal
right,
so
it
can
be
rejected
and
then
the
implant
can
still
go
forward.
A
But
the
important
thing
is
that
the
proposal
was
made
right
so
that
it's
clear
that
that
I'm
not
in
any
way
sort
of
biased
towards
light
up
right
and
in
fact,
I'm
willing
to
make
I'm
willing
to
provide
maker.
With
that.
You
know
huge
potential
upside
right,
and
then
I
mean
and
then
there's
a
like.
The
final
effect
from
this
is
that
then
this
would
result
in
me
getting
like
significantly
more
empire,
which
then
I
mean
that
used
to
be
a
bad
thing
right.
A
But
in
the
new
kind
of
paradigm
of
devs
getting
arrested
and
everyone
have
to
go
anonymous
and
and
so
on
right
then
suddenly
it's
not
really
a
problem
anymore.
It's
actually
the
other
way
like,
but
it's
actually,
it's
actually
good
to
just
get
even
more
certainty
around
the
end
game
plan
playing
out
and
my
ability
to
kind
of
like
execute
the
early
stages
of
it
right.
A
So
I
think
that's
really
that's
going
to
be
really
helpful
in
terms
of
like
providing
stability
and
providing
kind
of
yeah,
certainly
around
the
sort
of
the
early
process
of
all
these
changes
right
and
then,
of
course,
there's
also
the
fact
that
this
means
that
this
is
clear
proof
that
I
actually
think
that
that
mki
will
have
value
right,
that
this
is
that
free
floating
die
and
so
on
isn't
just
going
to
destroy
the
value
of
him
yeah.
Even
if
I
mean
I
don't
necessarily
you
know,
I'm
not.
A
A
Is
it's
going
to
make
the
it's
going
to
make
it
really
hard
for
the
price
of
mkr
to
like
go
to
zero,
like
it's
gonna
make
mkr
more
so
stable
in
that
sense
that,
like
it
like
it,
can't
get
wiped
out
from
like
the
real
ass
it's
getting
seized,
anymore
and,
and
it
just
sort
of
has
some
like
core
stuff.
Like
you
know
some
core
business
to
it,
that's
going
to
make
sense.
A
It's
actually
like
the
more
it's
the
more
liquid
asset
compared
to
npr,
and
that
also
means
that
potentially
it
would
enable
the
the
like
it
would
enable
maker
to
if,
if
we
create
some
kind
of
narrative,
that
spins
out
of
control
and
lido
just
pumps
like
crazy,
because
maker
is
building
its
entire
toponomic
system
around
it,
then
what
we
could
even
do
is.
We
could
take
advantage
of
that
and
then
convert
the
lido
into
even
more
state
deep
right,
because
of
course,
in
the
end,
that's
just
what
we
really
really
want.
A
We
just
want
steak
beef
but
other,
but
the
other
option
is
to
simply
hold
on
to
the
the
lido
forever
and
then
just
use
it
as
collateral
and
earn
the
the
the
yield
that
it
will
get
from
from
the
state
eath
adoption
that
maker
will
be
driving
itself.
A
Okay,
cool
yeah,
so
all
that
possibly
will
go
up
tomorrow
unless.
A
Yeah,
like
ld,
I
mean
I
don't
think
we
should
not
be
doing.
Lido
is
still
too
small
of
a
coin
to
be
used
as
collateral
maker.
That
should
go
into
a
creator.
I
think
yeah.
So
when,
when
dye
goes,
free
floating,
it
will
have
to
free
float
downwards,
and
the
reason
for
that
is
that
we
need
to
actually
destroy
dye
demand
because
we're
not
gonna
have
enough
we're
not
gonna
have
enough.
A
You
know
available
fully
decentralized
dye
supply
to
hit
the
75
decentralized
diet,
at
least
that's
very
likely
and
what
happened,
but
if
we
have
enough
of
that,
if
we
end
up
getting
enough
of
that
through
the
you
know,
the
forty
percent
of
metadata
tokens
that
gets
in
set
that
gets
provided
to
to
either
die
vaults,
right
and
and
just
from
all
the
metadatas
doing,
meta
engineering
and
marketing
and
spreading
the
decentralized
front
end
zones.
So
if
we
end
up
having
enough
decentralized
diet,
then
what
happens?
A
Is
we
just
don't
go
free
floating?
We
just
stay
pegged
to
the
dollar,
and
then
we
just
only
go
free
floating.
If
at
some
point
we
scale
so
much,
we
don't
have.
We
cannot
do
it
anymore,
but
so
so
the
only
option
is
that
it
free
floats
and
starts
to
fall
in
in
price
against
the
dollar
like
if
it,
if,
instead
we
have
to
like.
A
If
there's,
if
there
is
too
little
demand
for
die
and
there's
just
too
much
supply
coming
out
of
decentralized
assets,
then
what
we
do
is
we
increase
the
stability
fees
and
increase
the
dice
savings
rate,
because
it's
much
better
to
have
a
stay
picked
to
the
dollar
and
then
just
give
it
a
savings
rate
than
it
is
to
to
free
float
upwards.
That's
just
like
shooting
yourself
in
the
foot
for
no
reason,
because
you
don't
have
to
free
float
upwards
right.
A
A
All
right,
thank
you,
everyone
I
think
this
is
this
is
enough
for
this
week
and
then
we'll
see
all
the
crazy
stuff
that's
going
to
happen
over
tomorrow
and
the
next
week.
Up
until
I
think
it's,
I
can't
remember
exactly
what
it
is,
but
you
know
the
mip
window
is
is
coming
pretty
soon
and
that's
when
it
will
all
be
sort
of
like
really
put
put
to
action.
A
All
right,
all
right,
yeah!
Thank
you,
roon!
Thank
you
all
for
joining
us
we'll
have
this
outposted
tomorrow
have
a
good
rest
of
your
day
evening.
Thank
you
for
joining
us.