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A
All
right
look
guys:
I
I
know
that
we
we
have
a
lot
to
talk
about,
and
we
don't
have
that
much
time
to
talk
about
it
and
I'm
going
to
be
perfectly
honest
with
every
single
person
in
this
room
I'm
under
prepared.
So
if
it's
a
show
well,
there's
nothing!
You
can
do
about
it
because
you
can't
get
signal
in
here
anyway
and
there's
no
Wi-fi.
A
So
hey
we're
gonna,
be
fine
for
those
of
you
who
don't
know
what
my
name
is
is
David
Morrison,
as
you
can
see,
I'm
on
the
screen
right
behind
you,
I
do
all
things:
social,
media
and
Beyond
at
the
near
Foundation.
But
it's
not
about
me
it's
about
these
wonderful
folks
here
so
guys
and
Mona.
Would
you
please
go
ahead
and
introduce
yourself
the
project
that
you
represent
and
what
you're
all
about.
B
Cool
I'll
start,
so
my
name
is
Mona.
I
got
into
the
space
in
2016
founded
one
of
the
early
D5
protocols.
It
was
known
as
melon
protocol
at
the
time
and
it
has
since
been
rebranded
to
enzyme.
It
was
the
first
on-chain
Asset
Management
protocol
and
yeah
and
I'll.
Stop
there
because
I
know
where,
on
time.
C
D
E
A
Brilliant
well,
thank
you
so
much
nothing
less
than
an
honor
to
be
here
with
you
all.
Let's
kick
it
off
with
something
bad
2022
that
was
wasn't
it
for
crypto
the
world
of
web
3,
but
I
think
I
speak
for
everyone
in
this
room
when
I
say
that
you
know
D5
kind
of
proved
itself
there.
How
did
divide
change
over
those
12
months
and
I
guess
in
the
first
quarter
of
2023,
if
it
did
at
all
and
what
lessons
can
you
take
out
of
it
for
surviving
things
like
what
happened
in
2022.
B
Okay,
cool
I'll
kick
off,
then
yeah,
so
I
think
2022.
B
Oh,
let's
start
with
2021.
There
was
a
lot
of
hype.
2020
2021
there
was
a
lot
of
hype.
There
was
this
movement
called
D5
2.0.
There
was
a
lot
of
fast
projects.
They
were
quick
to
Market.
They
were
maybe
not
following
all
your
typical
procedures:
auditing
Etc,
rushing
stuff
out
and
it
was
all
about
yield.
D5
became
about
yield,
which
is
you
know
what
it's
not
really.
What
D5
is
all
about,
so
2022
that
all
came
crashing
down
and
I
think
going
forward.
B
You
know
going
forward
Came
Crashing
Down,
because
people
took
too
much
risk
people
cut.
Corners
people
were
not
as
transparent
as
they
should
have
been,
and
also
investors
got
a
bit
greedy
and
I
I'd
like
to
think
that
2023
in
the
recovery
from
that
is
actually
going
back
to
the
D5
1.0
values
which
were
built
on
transparency,
decentralization,
easy
access
and
cheaper
access
and
I.
Think
that's
something
that
near
can
really
bring
to
the
table,
especially
the
last
two.
C
Yeah,
for
us
is
we're
liquid
sticking
derivative
on
near
in
Aurora
yeah.
We
saw
like
this
explosive
growth
based
on
The
Narrative
of
like
cheap
transactions
fast
protocol
and,
and
we
we
understood
those
were
some
of
the
fundamentals
of
why
we
built
on
near
in
Aurora,
but
then
again,
like
the
market
shifted
right,
the
liquidity
went
out
right
and
there's
a
couple
of
rug,
pools
and
bad
situations.
The
Bad
actors
got
weeded
out
right,
hopefully,
and
for
us
the
big
learning
is:
how
do
we
go
to
fundamentals
right
for
us?
C
We
provide
a
liquid
sticking
derivative,
which
is
esteneer.
It's
a
yield
bearing
asset.
It
is
the
less
risky
asset
right
now
on
D5
and
then
it's
understanding
who
you
partner
with,
and
how
do
you
provide
value
and
stay
true
to
the
ethers
of
decentralization?
How
can
you
build
protocols
that
are
running
on
Dows
if,
if
that
can
be
achieved
or
not
right,
and
so
we'll
continue
building
on
top
of
it
and
we're
bullish
on
it?
We're
bullish
on
year
on
Aurora?
C
We
understand
also
that
it's
a
multi-chain
world
and
it's
building
those
bridges
and
understanding.
How
do
you
bring
value
to
normal
users
and,
more
importantly,
how
do
you
bring
that
big
opportunity
of
participating
in
D5
protocols
without
paying
50
60
of
transactions
for
those
fees?
I
think
near
brings
that
and
now
we're
back
to
the
fundamentals
of
understanding.
How
do
we
bring
in
Mass
adoption
into
D5?
D
You
know
this
returned
return
of
Sanity,
a
return
to
a
Roots,
a
return
to
fundamentals
and
it
returned
to
building
these
resilient,
accessible
systems
and
I
think
what
was
really
positive
about
2022,
as
you
kind
of
alluded
to,
is
that
a
lot
of
projects
died
and
blew
out
fantastically,
but
a
lot
of,
even
maybe
not
more
projects,
but
certainly
many
projects,
actually
the
right
didn't
Thrive,
but
they
survived
and
they
were
incredibly
resilient
in
front
of
a
pretty
insane
set
of
circumstances
with
like
one
of
the
largest
exchanges
blowing
up
overnight
with
Regulators,
you
know
stinking
their
teeth
into
as
many
projects
as
they
can
and
a
lot
of
these
projects,
particularly
the
D5
1.0,
and
some
of
these
fundamentally
driven
projects
are
still
here,
aren't
as
strong
I
would
say
even
stronger
than
ever,
because
now
we
know
they
can
handle
even
the
harshest
of
circumstances
and
I.
E
I
think
you
guys
covered
most
of
everything.
I
started
my
career
in
C
and
C5
traffic
back
in
06
during
the
financial
crisis.
I
was
at
Freddie
Mac
center
of
the
financial
crisis
and
what
happened
recently
with
FTX
is
also
a
C5
crisis.
Reminded
me
very
much
of
what
happened
back
in
0608.
It's
no
different.
It's
a
centralized
failure.
It's
not
it's
not
a
cause
of
D5!
It's
not
due
to
the
blockchain
I.
Think
D5
survived
very
well.
E
If
you
look
at
all
the
protocols
in
D5,
you
know
they
survived
so
I
think
that
proves
that
defy,
and
we
strongly
believe
that
D5
is
the
future
first
to
replace
well
to
take
market
share
from
C5
and
then
perhaps
traffic.
That's
something
that
we
we
very
much
believe
in
D5
is
very
early.
The
user
experience
the
UI
ux
is
not
good.
It
will
improve
its
missing
order
books
and
that's
why
you
know
we're
building
orderly.
So
we
are
very
bullish
on
D5
and
defy
on
near.
A
Awesome
guys
thanks
so
much.
Let's
talk
about
LSD
or
lsds,
liquid
sticking.
Derivatives
I
think
we've
seen
a
lot
of
hype
around
these
over
the
past
few
months,
particularly
in
the
ethereum
ecosystem
and
certainly
Beyond.
But
what
role
do
you
guys
think
that
they
play
in
the
realm
of
D5,
particularly
when
we're
in
a
bear
Market.
C
Trying
to
push
the
ball
the
other
way
right
now
for
us,
we
understood
last
year
that
there
needed
to
be
a
middle
ground
between
institutional
retail
right
and
so
we
started
onboarding
custodial
Services.
We
announced
last
year
at
near
con
to
support
for
fire
blocks.
Then
at
staking
Summit.
It
was
finoa
now
we're
announcing
that
we're
supporting
Credo
as
well,
and
we
got
a
another
Ace
of
our
sleeves,
but
then
that
that'll
leap
for
consensus.
C
Sorry,
no
Alpha,
today,
David
and
the
reason
for
this
is
that
we
feel
that
there's
still
a
lot
of
the
the
tokenomics
around
proof
of
stake.
C
Protocols
are
with
institutional
investors,
and
so
that's
why
we
supported
custodial
services,
and
we
believe
also
that
this
is
a
good
way
to
also
bridge
between
Web,
2.0
or
fintech
applications
that
want
to
have
access
to
liquid
staking
derivatives,
but
they
have
regulations
that
they
have
to
comply
to,
and
this
is
where
a
solution
such
as
fire
blocks
creditor
finoa,
can
really
become
that
bridge
into
web3
and
also
in
web
2
applications
on
the
financial
side.
C
So
so
that's
that's
at
least
our
take
on
it,
and-
and
it's
just
and
that's
everything
right.
We're
Alpha,
Beta,
Testing
assumptions
we're
trying
to
make
educated
bets
into
understanding.
How
do
we
unlock
liquidity
in
this
proof
of
stake
protocols
and
and
having
near
as
the
underlying
infrastructure
to
build
these
Solutions
makes
it
all
the
while
better.
B
Yeah
yeah
and
we've
also
been
very
focused
last
year,
using
leveraging
the
bear
Market
to
bring
the
Best
of
Both
Worlds
together
and
the
you
know,
enzyme
is
in
the
asset
management
space,
which
is
very
heavily
regulated,
whether
it's
on
chain
or
off
chain
and
finding
that
bridge
is
really
where
we've
been
the
focus
like.
B
We
believe
that,
as
these
guys
alluded
to
you
know,
the
future
is
more
D5,
not
more
C5,
because
we've
seen
from
this
bear
Market
that
Defy
is,
you
know,
came
out
of
this
relatively
unscathed,
but
in
order
for
a
defy
to
be
scalable
and
the
next
bull
market,
I
really
believe
that
the
next
wave
up
will
be
from
institutions
and
new
players
that
we
haven't
seen
before,
and
for
that.
The
infrastructure
needs
a
little
bit
more
work.
And
that's
you
know
what
people
like
metapol
ourselves
and
some
others
have
been
working
on.
A
Yeah,
absolutely
that's
an
interesting
point
that
you
raise
money
and
it
leads
on
to
my
next
question
feel
free
to
chime
in.
If
you
want
to
answer
it,
but
Kendall
ran
the
you
guys
are
pretty
well
equipped
for
it
for
those
in
the
room
who
don't
know,
can
you
explain
a
little
bit
about
the
differences
between
the
D5
ecosystem
within
Nia
and
then
perhaps
some
other
trends
that
people
are
more
familiar
with
and
if
there
is
any
major
differences?
How
can
people
really
leverage
these
in
turbulent
times
like
today,.
D
Yeah
happy
happy
to
kick
that
one
off
well,
I,
think
what's
interesting
about
the
near
defy
ecosystem
is
that
it
started
to
kind
of
coalesce
around
some
areas
that
other
ecosystems
haven't
been
as
focused
on
and
and
my
personal
favorite
one
to
talk
about
is
order
books
like
the
the
guys
that
orderly
are
building
and
the
reason
that
we're
so
excited
about.
D
Now
some
of
the
l2s,
maybe
but
certainly
not,
base
Larry
and
so
what's
interesting,
is
we're
starting
to
see
near
be
less
about
kind
of
copy,
like
nearly
D5,
be
less
about
kind
of
like
looking
at
what
worked
on
ethereum
and
some
of
the
design
decisions
that
were
made
for
protocols
in
ethereum
and
they're,
starting
actually
lean
into
the
things
that
near
enables.
They
weren't
actually
possible
on
those
other
ecosystems,
and
you
know
specifically.
E
Yeah
I'll,
just
at
one
point
so
just
with
the
building
we
took
us,
you
know
we
were
on
near
for
about
a
year
building,
orderly.
It's
live
for
three
months
on
mainnet.
You
know
six
pairs,
listen
not
much
yet,
but
a
lot
more
perps
coming
very
soon.
Three
big
Integrations
with
uis,
with
a
lot
of
users
coming
this
month
and
the
next
that
whole
process
has
been
really
smooth
and
here's
the
account
system
is
actually
very
good
for
exchanges.
E
That's
one
point
that
a
lot
of
other
chains
do
not
have
I
mean
the
fast
finality
time.
The
cheap
transaction
costs
is
really
good
for
order
books,
which
are
very
high,
latency
High,
TPS
kind
of
systems
that
require
you
know
the
fees
are
too
expensive.
It
just
doesn't
work,
but
it's
working
properly.
Now
we
don't
have
a
ton
of
volumes
yet,
but
we
can.
We
can
really
see
a
scale
in
an
effective
way
that
doesn't
you
know,
clog
up
the
system
or
become
too
costly.
A
All
right,
brilliant
got
a
couple
more
questions,
guys
I
know
we
do
want
to
keep
it
tight,
stable
coins,
that's
a
Hot
Topic
right,
especially
in
the
near
ecosystem.
Perhaps
I
think
some
people
consider
them
somewhat
a
safe
haven,
particularly
in
turbulent
times
and
bear
markets.
But
how
can
you
best
utilize,
stable
coins
to
make
sure
you
come
out
of
a
bear
Market
on
the
other
side,
a
little
bit
better
than
when
you
went
in?
And
if
your
answer
is
just
leave
them
and
don't
touch
them,
then
that's
fine
too.
B
C
So
my
two
cents
on
stable
coins
and
and
I
believe
here,
like
just
a
show
of
hands
who
lives
in
an
Emerging
Market
Argentina
Mexico,
no,
no
show
hands,
okay,
just
one
there,
and-
and
this
is
a
big
thing
right
most
of
you-
don't
feel
the
pain
of
inflation.
Most
of
you
do
not
know
what
300
inflation
means
so
for
you,
stable
coins
are
right
now
at
a
bird
market
like
like,
she
said
it's
like
it's,
it's
useless
right,
it's
that
don't
don't
go
there,
but
in
Argentina
it's
a
safe
heaven,
Safe
Haven.
C
Why?
Because
in
this
I'm
going
to
quote
my
my
co-founder
Lucio
when
this
bear
Market
started,
he
said
why
are
people
so
so
nervous
about
I
live
in
a
country
which
has
a
coin
as
a
fiat
currency
like
why?
Why
is
everybody
worrying
right
and,
of
course,
yes,
I
I
went
there
two
weeks
ago
and
they
understood
the
value
of
a
stable
coin.
C
So
there
are
illegal
money,
exchanges
that
trade
Bitcoin
ease,
usdc
usdt
for
Argentinian,
Pesos
and
and
likewise
as
well-
and
it
brings
a
ton
of
value
to
emergent
markets,
because
it's
the
way
that
you
hatch
inflation,
we're
doing
a
early
POC
with
cressi.io.
It's
a
crypto
credit
card
in
Mexico,
and
so
what
we're
doing
with
them
is
that
we're
allowing
people
to
collaterize
near
and
they
grab
a
loan
in
pesos,
but
behind
it
on
the
on
on
on
the
back
channel,
is
or
sorry
on
the
smart
contract.
It's
usdc
usdt.
C
So
that
way,
you're
hatching
the
the
Crest
is
doing
a
great
job
there,
because
they're
hitching
against
inflation.
They
know
that
they
did
an
emission
on
Mexican,
pesos
and
so
they're
they're,
making
a
business
out
of
that
right.
So
there
are
a
lot
of
opportunities
in
emerging
markets
for
stable
coins,
so
we're
bullish
on
it.
C
But
we
understand
that
there's
also
a
lot
of
risk,
and
so
and-
and
here
is
where
you
have
to
it's
a
it's
a
it's-
a
fine
line
that
you're
threading
here
and
you
have
to
understand
that
you
are
playing
with
people's
money
and
resources
and
you
have
to
be
mindful
of
it.
But
then
again
this
are
regulated,
fintech
applications,
and
so
that
gives
it
gives
us
the
confidence
that
they're
going
to
be
putting
users
best
interest
in
front
of
what
they're
doing
so.
But
that's
just
a
small
part
of
the
equation.
A
Okay,
look
I
know
we
are
a
bit
tight
on
time,
so
I
will
leave
you
with
this
one
final
question:
top
tips
to
survive
bear
markets
by
leveraging
defy
you
can
even
suggest
that
they
should
perhaps
Brew
green
tea
every
single
morning,
whatever
it
might
be.
Take
it
away.
D
I'll
just
say
that
bear
markets
are
Builders
markets,
so
you
know
like
what's?
This
is
the
best
time.
It's
it's
the
least
noisy
time
to
kind
of
look
at
the
fundamentals
understand
how
these
things
work
understand
like
what's
done
really
well
in
these
harsh
conditions
and
what
hasn't
and
just
get
back
to
kind
of
the
basics.
B
I'd
say
I
totally
agree
with
what
Kendall
said.
I
think,
a
strategy
that
we
used
in
the
last
bear
Market
was
cut
costs
aggressively
and
get
your
team
to
buy
into
taking
tokens
as
compensation,
because,
ultimately,
if
you
you
believe
that
this
is
the
bottom
of
the
market,
then
this
really
pays
off
longer
term.
You
can
like
extend
your
Runway
by
getting
them
to
cut
the
Fiat
costs
and
then
really
get
a
payoff
like
longer
term
for
everyone
on
the
team.
E
Well,
we
are
fortunate
to
have
raised
20
million
last
year
and
we
have
enough
Runway,
but
and
for
the
rest
of
the.
If
there's
Builders
out
there
we're
happy
to
support
you
guys
if
you're,
if
you
want
to
build
decks
on
top
of
orderly
or
if
you
have
any
trading
liquidity
features
in
your
app
happy
to
chat,
chat
with
you,
because
we
I
know
we're
very
supportive
of
of
Builders,
and
we
need
that
for
for
orderly.
C
Yeah
for
us
it's
so
we
have
a
liquid
staking
SDK
as
well.
So
if
there's
any
Builders
out
there,
that
would
have
built
on
top
of
it,
so
I'll
be
mentoring
tomorrow,
all
day,
all
night,
during
the
build
build
it
on
so
hit
me
up
on
telegram
or
Whatsapp
or
whatever
I'm
glad
to
help
you
out,
if
you're
interested,
also
in
understanding
better
Emerging
Markets
by
all
means.
C
Let's
have
a
conversation
you
guys
and
gals,
send
them
you're,
building
great
products
and
sometimes
where
the
value
creation
will
be
first
seen
or
or
where
you'll
be
having
a
great
impact
is
in
emergent
markets,
so
I
incentivize
everybody
to
have
a
look
at
it
and
and
yeah
just
hit
me
up
there
and
I
will
glad
to
help
you
out
anybody.
That's
building
on
this
hackathon.