$0 to $3B in less than a year: Looking Ahead with Aave in 2021 ft. lead dev Marc Zeller

Transcript

[Music] d5 slate team [Music] what's up y'all real quick if you like the d5 state content on twitter and youtube and sub stack please please give us a like and a subscribe on this video on youtube and join our channel join the community we'd really appreciate it we're pumping this stuff out for you all as much as we can and we really enjoy the support and the community that we've built thank you very much and enjoy what's going on guys bloody monday exit all markets here we go boys here we go we're coming down swinging i'm here with good boy robbie and mark from ave uh we are

excited to be talking today it's been a while since we've chatted with mark on on a cast i believe the last one was uh about three three four months ago mark had about 4 000 followers and we we pushed the bold prophecy of 10k followers for mark eco's bull market and you know here we are uh so it's good to have you back mark and uh i'm just kind of getting going early in the morning here and yeah how you doing robbie yeah i'm doing well um i mean it's it's certainly a rough day in the markets but we try not to think about that too much don't wanna don't wanna get any emotional trades or over trade at all right it still seems like it's dip season and it's not quite

you know market reversal yet but getting away from prices you know i'm excited to hear about what ave has in store they're certainly one of the major infrastructure money legos uh in the d5 space and you know there aren't um really i can only think of maybe a couple other protocols that come to mind as far as the composability and and really uh how necessary they are for the ecosystem so i'm always excited to hear what ave has going on um i mean you guys ship and drip faster than almost anyone else in the space so 2021 i'm excited you know i'm sure you guys got a lot going

on and uh i'd love to hear about it sure how are you doing today mark i'm doing great from cumberland town but as people will listen to to discuss in the future i want to remind them all that we are registering on the 11th of january 2021 and what we call the goblin dot today is probably one of the nicest by opportunity in the eyes of people in the future so if you are listening to this in 2022 or even three months from now remember that we were like panicking for one thousand dollars each instead of just buying the over it so

please people in the future forgive us we are foolish and stupid yeah yeah be smarter than us geez so how you doing mark did you have a good holidays you told me it was it was short yeah it was good but short because we have so many things cooking around and you probably witnessed that like we are we pushed and the community put a lot of aips have a improvement proposal as rv is a completely decentralized protocol if you own ava you own the ave protocol so it's up for you as community members as token holders to decide what will be

the future of ivy to chip or future together and basically uh the the recent aip we pushed was the aip 5 for the launch of curve token into ave so that was added the launch of gusd the stable coin from gemini fully compliant that was a ip6 and eip7 was a nice little goodie from the market because the sticking rewards for the avatar can older that decide to stake uh increased by 35-ish percent um basically overnight with the implementation of aap7 so a lot of good stuff happened yeah in the

past uh 15 days uh all of that happened in like in the past two weeks uh version two of the protocol is quite a success we have like more than 400 million dollars of deposits already inside the v2 markets uh even if the v1 to v2 migration tool uh is not even published yet so we still have more than 2 billion 2.5 billion dollars inside the v1 the rv1 protocol the migration tool is scheduled to be published very very soon when i say very very soon probably when you will hear this podcast some sometime in the future you will probably have it

already and can in one click migrate your position seamlessly with the flash loan from v1 to v2 and access all the cool features we have on v2 nice and so i yeah i kind of wanted to dive into like the flashlight so basically what this tool is going to allow users to do is if they have uh they have assets that are supplied and they are borrowing assets basically able to instantly with one transaction pick that those positions and put them on the v2 exactly and basically you don't need to repay your position you don't need to uh sell a part of your collateral was basically what happened inside the

flashlight all of that in one transaction and on your side on the ux or user experience site it's one click of a button really and it's that uh the flash loan will borrow some collaterals directly uh inside the v2 use that collateral to pay back all your debt on your behalf on v1 withdraw your money from v1 deposit that on v2 open loans on v2 all of that in one transaction you have nothing to do your position is the same as before but you have all the new cool feature uh from v2 in a single transaction yeah that's awesome what what are some of your favorite features on v2 uh

that you've seen are really popular uh the one that are not implemented yet but will happen very very soon so basically in the the one that are available right now we have the new flashlight so basically what is happening this migration tool is that no the flash loan uh authorized the fact that you can use as many currencies as many crypto assets as you want inside the flashlight uh until the rvv2 flashlight where only one currency per pair used so for example if you use for uh i don't know a unison flash loan or what they call a flash swap or dydx flash loan you limit it to it you limit it to die or whatever

with av2 you can do like 21 assets in one transaction if you want and all of that that's why if you have a position on v1 that are open and maybe you borrowed usdc and dye and usdt and maybe some heat you can migrate all of that in one transaction we don't care and also flashlights with v2 can also interact directly with avi that was not the case with v1 and we are the first if i protocol to allow that so let's say you see a juicy liquidation happening in days like today of high volatility but you don't have millions of dollars lying around in order to advance the cash to to pay back the debt on behalf of the borrower and connect

the liquidation bodies don't worry in a few lines of code you can do a flash loan take the money repay the loan on behalf earn the liquidation bonus and that money is yours obviously if you are faster than the other ones because there's a lot of competition it's a winner-take-all situation gotcha yeah so you would be able to take out a loan for you know say millions of dollars and then repay it in the same transaction with almost no collateral with zero collateral yeah so basically what happened with v2 is that uh let's say all the liquidity from d1 migrated to v2 to ease it up what happened to the

people that listen to us and with the migration tool it will happen eventually in the in a few days or weeks but uh uh basically what you have is that you are 50 to 70 lines of code away or if you use instead app that allow you to do that if you use device server that allows you to do that so without code you are a few clicks away to utilize three billion dollars and that's a pretty powerful tool obviously you will need to find a good use to it because there's a flash fee and 0.09 which is the the amount of the flight fee is not much but on three billion dollars

it starts to adapt so better to have a good utilization but if you find a smart way to use that uh feel free to do it yeah so have you all seen a lot of liquidations on days like you know in last i guess two days i suppose i mean it's it's it it was really strong today i'm sure there's quite a few liquidations i haven't checked because i know that you can see upcoming health factors but um has there been a lot of uh oppositions being closing there actually not that much actually we had like um last week so it doesn't include the past two days that was like pretty heavy but last week

we had like 1.8 million dollars of liquidation uh on a three billion dollar market that's almost nothing i expect with a very high volatility we had in the the next two days we would have the official figures well the official figure are already unchained but every week for transparency we do the risk report and the protocol data reports that you can subscribe to it's on the website you can subscribe to newsletter and you will get all that of the the protocol i expect that we will have like 10 to 20 million dollars of liquidated on three billion that's nothing and why we don't have that many in the creation is because our user base is quite actually uh uh serious about their money

they don't do like crazy leverage they don't do uh we don't have this system like other protocols if i do that you deposit to borrow to redeposit to borrow in order to liquidity mining governance tokens uh you see who i'm talking about and you end up with crazy stable coins over characterization and more of a stable coins in deposit that the actual circulating supply of data assets you probably know what i'm talking about and if there's any issue with that asset you end up with 90 million dollars of liquidation that cannot happen in ave basically because it doesn't make sense to do this kind of things and our user base is not as dejan as we we think they are and in the ecosystem

and it's actually pretty resilient and the liquidation the liquidation process is actually an industry now like there's a lot of competition to get those juicy uh liquidity bonus that range from five to fifteen percent depending of the assets and uh uh they make quite a lot of money out of it like uh last week i will take the the figure give me one second i've got it from the last report they make 2.6 million dollars of liquidation bonus last week the liquidator so obviously there's a lot of competition and the result of that is that a loan

that is in a situation of liquidation uh has a leverage lifespan inside that liquidation that is below five minutes so it's super super efficient super super resilient we don't have bad depth and obviously if there's an issue we have the safety module as well that will act as another layer of defense but so far we never had to use this safety mod right right so for the audience who doesn't understand what the safety module is basically what you're doing when you're staking your abe is you're basically providing like i i kind of think of it as like insurance maybe that's not the right term but effectively insurance for the protocol so if something were to happen um in terms of like you know

as you're saying a false acquisition or um you know some sort of asset and and collateral that kind of loses its value somehow um basically this fund of pool of stakers is basically taking on this risk of earning yield uh in order to basically be be okay with having their assets being used as this kind of net um you know if anything were to happen is that kind of on the right track yeah completely and uh basically uh the word insurance is something that is heavily regulated and doesn't make sense to for a completely decentralized protocol to have insurance license or whatever in what's your addiction because we all

voluntarium it's all beyond the borders and beyond the jurisdictions but what i like to call it is decentralized protection fund so basically as a heavy holder you have this option and obviously it's opt-in if you are not up for the risk it's all right just hold your iv inside your wallet do whatever you want with it but you have this option open to deposit your pressure survey inside a specific contract that we call the safety module and if we call that process taking and basically what happened is that you will collect the protocol emissions so rewards directly for this action so when everything goes normally you will make money uh every

second on average but that revenue comes with a responsibility the responsibility that you are taking that if the liquidation system doesn't work if every uh layers of defense doesn't work you are one of the defense layer and it will be your responsibility as a sticker to uh basically take the punch of uh paying the bad debt on behalf of the borrowers to protect the liquidity provider the user that deposit their hard-earned money inside the rv protocol and uh what that process is called the slashing and uh it's uh official since a ip7 and it was in the avenomics paper

that you can lose up to 30 of the amount of rv that you deposit inside the contract uh obviously we never had to use the safety module uh so far we never had in a situation inside ave even during the the black thursday that will have required the utilization of the safety module but you have to understand that there's no money without risk so please do your own research if everything goes well you will make money in the safety module but obviously there's always risk getting back to the the liquidation process you know for for some of the listeners that aren't familiar with

um actually taking that step and and liquidating some of these uh positions that you know are beyond their health factor what is the process like you know from someone that might just be holding ave maybe they're staking it in ave and earning some yield you know how do they get more involved and actually make some liquidations and earn some extra money uh i have to say that uh it was much more easier at the beginning of the year 2020 because the protocol was young d5 was not as big as it is right now like deep d5 went from a very nice and cool experiment like a huge exacting experiment that was like 600 million dollars one billion dollar

at the peak in 2019 to early 2020 to a fully fledged industry right now d5 is more than 20 billion dollars and basically what happened is that when we launched uh the the the rv app uh in 2020 we had a liquidation uh tab where you can see all the loans that were closed to liquidation in order to prepare yourself to pay back on behalf of the borrowers and get the the the liquidation bonus and basically we are to turn down that uh section of the app because there's so many competition like a human being cannot compete with about on on that aspect and there's a huge of

industry realized actors that have scripts that use flash loan that have millions of dollars already with like yeah displayed in several servers that are maybe uh some of them we we don't have proof of that but we suspect that some of them are deals with miners in order to be uh the first to be able to liquidate that unfortunately it's almost impossible for retail like for a layman uh guys with a few thousand dollars and a customer-grade computer to act in the liquidation system they say yeah i remember that tab was there on the side um it was always cool to see like

what accounts were getting low on the health factor um but yeah i i kind of had always figured like yeah it was it was a task for bots or people with a lot of money um kind of thing i mean it it it seems really interesting i know we were talking to um uh you're on from b protocol they've got a a liquidation engine kind of system for uh for the maker dial vaults um overall it seems like a concept that is going to be uh evolved over the next year is basically creating a consistently more efficient um engine of liquidation for for the d5 industry because obviously it is a daunting thing to think about but it's obviously important um for any

sort of debt you know collateralized debt system to have um you know and especially in days of volatility like such um but one thing that that i do want to hit on on the days of volatility uh is kind of what you are optimistic about this upcoming few weeks and months so whatever you were you're open to sharing with the optimistic audience uh we're definitely keen to learn about kind of what ave has in store for quarter one quarter two 20 21 whether it's layers you scaling updates you know announcements anything that you'd be okay to share we'd love to hear uh just to finish on the the previous topic uh i think like uh

initiative like rook dao and kippa dao sorry and the token rook and also b protocol are very interesting uh i actually had a call and we can share that uh you know that we are in research day stage and synergy with b protocol nrv in order to uh have new layers of protection inside ava maybe a dedicated market something like that obviously nothing is said it's done yet we are in the research space but that's something that is extremely interesting on the new topic uh obviously right now as we are speaking right now uh the uh the gas price is 293 gy which mean that if you want to send a

regular token like an easy transaction a regular token you will pay like ten dollars or transaction fee and if you want to deposit into ave you will pay like 30 dollars of transaction fee and if you want to borrow probably 40 that's incredibly expensive and the effect of that is that decentralized finance like as it is as we are speaking right now is only finance for the reach and that's basically not what we want to build like what we had in mind when we wanted to develop something is the exact opposite finance for everyone yeah if you have like 10 dollars or 100 or 10 million dollars you will have exactly the same setup rules because it will be exactly the same smart contract

and you can deposit whenever you want you can withdraw whenever you want there's no middlemen there's no hidden fees and commission and whatever we have in tradition on finance and in days like two days if you don't have a portfolio of maybe 30k it doesn't make sense to use d5 and that's stupid and it cannot last and it can be it cannot be sustainable and that's not what we want to contribute so no on that facts what are the answer the answer is callability and actually what is happening right now in ethereum happened years ago on bitcoin and we always have to look uh in the inside what happened in people that were erp for us

and faced the exact kind of uh issue that we have and what were their solutions and basically in the bitcoin community uh the issue of transaction fee is here since years because bitcoin is a mature blockchain and basically what happened in the in the mature decentralized lecture uh a permissionless blockchain is that block space like the ability to put one of your transaction inside the block that has a limited space that has a limited bandwidth it's gold and it's valuable you cannot have it for free or otherwise your blockchain is not secure so basically what happened in bitcoin a few years ago when they

realized that it would not be the peer-to-peer cash system that was in the the white papers after she nakamoto at the beginning and you it's not really reliable and easy and cheap enough to use bitcoin to buy coffee they basically said the answer is not bigger block because if you have bigger blocks and more size of the blocks you will have a less decentralized platform so the answer is not bitcoin cash or sv or whatever we have in the market the answer is callability only you choose and that's basically right now the moment where ethereum found as well is project market fit defy is a huge success decentralized

application is a huge success nobody in the world right now can say that ethereum didn't succeed to find a user base to find use case and to find a lot of project market fit and right now if we want to go the step forward and that's why i'm feeling very optimistic is that you have to go only you choose and that's basically what happened in this quarter you will see more and more decentralized finance and decentralized application scale their way on layer twos and i think the most interesting project we have right now on the market are of rollups with optimistic uh virtual machine we will have probably this week or early

next week uh a part of synthetics that will be on uh ovn uh the the official date is 15th of january i don't know if they will be able to meet the deadline you know that the lines on it i am a touchy topic but uh i believe they are very very close to the finish line so that's something they may met thank goodness on that one oh my gosh there's d head trick those d hedge trades oh my gosh you just try to do one transaction on those pools it's like 150 dollars right now it's like yeah exactly and uh uh i'm ready to bet and people that listen to us in the future will know if i'm stupid or maybe in the truth that you will see

this quarter and probably uh before valentine's day uni swap on optimistic group as well uh we will have uh that's something that uh we but obviously i don't have more information than anybody it's like just based on uh what is possible technically and what uh what uh is the the current state of the technology and uh the small pieces of information we have in the ecosystem i don't have more information than anybody on this it's just a prediction and make i we will have a project that is very close to avi avegochi that will launch early next month or at the end of this month on matic that's already announced that's already in the work

and it will happen uh you have the zika snakes uh that are super interesting uh the stuff they do at the ydx uh diversify uh with starkwear you have all these pieces of technology that will be ready and in prediction this quarter like basically what we are feeling right now like the crazy guy spies the crazy transaction fee people will discover crypto will discover ethereum and they won't believe us when i will tell them that in 2020 i spend 15 heat of gas they will just look at me and say what the what the because they will just live in the world where you do hundreds

of transactions for one cents and they will say what the you spend enough of your house something you can buy your house with in gas in transaction and this is like a precious time right now because we are at the bottom of the pool and we have to push on the ground to go back to the surface and it's so interesting it's a it's a very uh i'm feeling extremely optimistic for the next few weeks dude it's so funny when it like a transit actually pops up it's like 36 and you're like hmm 36 with the current italian price yeah yeah check back on those

transactions in a couple of years oh no that uh that fees.wtf is like the worst enemy because you go back and you just look and oh there there's nothing that can make that okay and it's like you don't want the gas price you don't want the east price to go down to like make your gas that you spend worth less so no it's like keep going up you know it doesn't matter it's already spent now yeah and just the solution are just around the corner obviously it will be a step-by-step project obviously it will take months to have like fully fresh protocol fully fledged composability but there's also a lot of research that

people don't know because a lot of people say are saying for example on the ovm so optimistic rollup you pay almost nothing to do transaction life is fine and dandy you can do smart contract execution on the layer 2 and everything is cheap but if you want to come back on the settlement layer so layer 1 the ethereum we all use right now you will have to wait one to two weeks the challenge period and those people don't understand the concept of creative delegation they don't understand that if you have liquidity on layer one and if you can prove uh that you are withdrawing to a specific contract that will repay your loan on layer one why would you wait two weeks

let's get the liquidity right now on day one and that's basically the concept i call time travel flash loans or time terror loans we are the flash loans and uh this concept that you use credit litigation to do apps uh in uh in from layer one to layer two i call that time travel loans so it's even faster we go back in time or we go in the future and that's a area of research that is super interesting to me and that will be also available and i don't see a future where your money is locked anywhere like defy is not here to lock your money if i is here to empower your money to make you back the owner of your money

and also defy is also the seamless finance it's a finance without borders so there won't be borders on ethereum there won't be borders between layer 1 and layer 2. every issue that you are seeing right now it's just opportunity for us to improve and a technology that is good enough a technology that is advanced enough it's completely invisible to the public and will only feel like the normal state of things for people in the future they will never understand that we are to solve this incredibly complex technical challenge because it will be solved it will be super easy to use and they will just call that finance yeah and it'll just be a button on their screen literally exactly right

but there's all that research and work that goes behind it yeah and like the easiest way to understand i think like the like the like the largest amount of people is basically you have an on-ramp into layer two you conduct all of your transactions here and as you said you kind of go back in time back on the off ramp you just bring all those transactions back onto layer one just kind of like if you will jam them into the chain at the times that they happen onto the main chain and then all of a sudden you've got cheap transactions that have accurate that are all accurate and that are now on chain and verifiable and that happens you know throughout you know throughout each day throughout each hour etc um yeah i mean obviously we're super excited because i mean we

have been blowing like it's crazy how much money you spend on gas it's like more than you you pay rent like it's just it's kind of ridiculous in my case that's true like it might be easy that's completely true i paid more in gas this year than that pay rent in 2020. that's crazy it's a crazy state of affair so mark what is your favorite thing about being uh behind the scenes understanding the code of d5 the ethereum language of solidity of ave like like what what is one of your favorite things of being able to work on this um you know like basically on what you're doing what is incredible for me is the synergies like we are probably

one of the only ecosystem in general not even in uh only in tech where you can talk to other protocols that like in other industry there will be competitors like uh you cannot have the the the cto of i don't know facebook just go casually to the twitter uh offices and say hey guys we just invented that do you want to build cool thing with us about this like defy is happen all the time like we spend all like i spend all my time to talk with all the projects and say hey we created this oh you created that oh let's build something together because you have this we have that let's put

something together that is even more incredible and that's so cool like this feeling that there's no borders and the synergy and that you can build bridges uh with every single project to build for the end user crazy innovative financial project crazy new opportunities is so cool like i wouldn't not work in any other industry that's one thing that definitely stood out to me too like first hand was just the ability to have massive collaboration this is real cool yeah i mean the same thing here like the open source nature of everything i mean it's kind of why i got involved

initially like and continue to stick around like not not just on the building side and behind the scenes but also on the on the market side um and if you're a trader you can you know one of the most important things to do in this industry i've found is to make friends and then you can share ideas you can build from there and you know strategies in this in this industry aren't necessarily zero sum and you can continue to build with people and it can be mutually beneficial yeah it's just the name of the game um all right so mark what are we not hit on um i mean we kind of we did an overview of what happened in 2020 with alba it was a spectacular year really started

from what like a billion or you know even less you know a few hundred million all the way up to now three billion in value lot um we started at zero yeah the one year of uh we did our anniversary for four days ago so one year plus four days ago we had exactly zero in navi zero dollars in the protocol yeah we went from zero to three billion in a year insane added a whole bunch of assets to the platform a bunch of upgrades we had a v2 upgrade the governance launch which basically took the like the protocol from and this could be kind of not you know so you know now it's fully decentralized the shareholders essentially are the token holders on the

own the actions um if you will um and you know pushing that uh obviously i mean the price of the token went absurd which we don't even get on that um just an overall great by the way by the way you have any news of chris black you know the guy who used to say is that protocol decentralized because i didn't hear it of him in weeks or even months what happened to him he's bad man no it's a joke because he has nothing to say on navi as we are completely surprised now mark was getting in for the portugal jail he was like oh boy we're gonna get we're going the extra night into the uk boys we gotta decentralize this quick boys

let's get out of here oh my gosh margaret's claiming names yes but um uh actually he's doing a great job like it's just fun and then i mean 2021 we got we got v2 um updates with l2 optimism all that good stuff um you know i guess i would love to hear kind of what you're looking forward to working on this year um you mentioned kind of the collaboration with keeper dow and b protocol but you know you personally um you know with the team like what are you excited about you know trying to grow and evolve and build this year there's basically three three main things so basically

uh the multi-market approach so uh we we like to uh describe ave as a liquidity protocol that will have many money markets and basically uh right now we have the the main pools the main markets with like all the liquidity that you know and i think uh one of the uh very important next step is to like this core value of d5 saying that your money is level locked your money is never frozen your money is never is always just about to find a new opportunity for it uh it's very interesting that for example if you provide some liquidity in uni swap if you provide some liquidity

in sushi swap you will get a uni token you will get slp tokens so those liquidity provider tokens and what do you do with them and most of the time you do nothing or you stack them or whatever why not use that as collateral like it just makes sense that you build bridges with the other protocol and i think that's going to be one of the main focus of the community obviously we are the centralized so it's up to for the community to decide but i think one of the next step is to say uh you are not a uniswap user you are not a sushi swap user and then you you are not a ava user you are a defy user so if you use any of those protocol you are welcome in ave as well just provide your liquidity

there and then come back with those liquidity providing tokens and we will use that as collateral that's one of the big steps i think the the second big step uh will be uh to have real world ascora table it doesn't make sense to only have crypto assets so what we already announced is the partnership with realty so realty is tokenized real estate uh properties uh in forms of tokens uh we are building currently uh the the realty market on navi so you can buy a fractional share of the house in forms of the organization and then you will be able to use that as collateral in order to borrow loans because crypto assets are super super

volatile there's a lot of fluctuation in the markets uh as we are recording this uh everybody understand that as the market dipped like 20 today uh real estate is not like that risk that doesn't do uh times x uh in in a year but usually it doesn't drop a lot as well so i think real estate is a very good way to have some diversification inside the portfolio so having that as collateral will lead to more secure less volatile kind of collateral and position inside avery so that's something we will build there's a lot of discussion inside the community with chris coffin with also centrifuge to build a real world asset like tokenized invoice or

tokenized bonds uh like real world banks and real world uh uh uh invoice to use that as collateral it's still at the research page but i'm quite optimistic that it will happen this year and probably earlier than people think and also if we want to scale up all this kind of market they use real-world markets sometimes they use security as collateral so we will have something that is still decentralized something that is still on ethereum or a layer two of ethereum but will be permission it so markets that will have fully compliance with kyc iml all this kind of regulation and if you have fully compliant markets

you can open the gate of the technology and uh the decentralized finance to the real deal because what we are right now it's uh it's a 20 billion dollar market but if the uh the more institutional investors want to dip their toe into the market you can add a few zero to to that market size so that will be one of the main focus of 2021 as well and at the end of the day you don't have to choose between fully permissionless and fully uh permission it like defied on one side and c5 on the other side because we have this multi-market approach we can have the main pool that is completely permissionized you don't need to show an id you come as

you are and another market which is completely in parallel so exist at the same time inside the same blockchain maybe in on different layers but the same technology that will enforce fully compliance and it will be just different user base but still have a diabete protocol oh yeah uh that's part of the the building bridges approach that seems really necessary that a lot of a lot of people are working on clearly there's the c5 industry on one side and the d5 industry on the other and you know similar to the the bitcoin and fiat currency debate whether it was going to be a revolution

of one on the other no i i think you know we're starting to see that there's bridges being built between the two and they'll end up merging and meshing quite nicely right exactly it's all about the spectrum yeah i'm super hyped for the lp tokens as collateral i mean it's kind of in a way it's excuse me risky if you will um allowing for basically smart contract risk within sushi swap and uni swap as well as the tokens that are in the lp so obviously with some parameters created by the community and approved by the council um but yeah that that's gonna be super like super exciting because currently the only use case for them is basically to farm new tokens is

pretty much the main case or to farm you know the token of the platform itself in sushi's case in uni i mean they haven't they just completely stopped which is actually kind of an interesting uh an interesting thing but yeah i'm definitely excited for that uh that's gonna be huge because i mean obviously we have to make sure that we're keeping the uh the collateral side of ave in check you know we don't really want to pull a cream not the cream did anything wrong but they moved very quickly um but yeah that's going to be super exciting and i mean the emergence of sushi swap and their lp tokens um has been very exciting to watch i know you're a big fan yeah i'm a huge fan and uh that's why we are we are launching uh well i am launching because it's not a

direct rv project it's more collaboration between four four very big protocol and the power pull protocol the ac index so all the stack version of the d5 blue chip with ave synthetics sushi and why iron so my fourth ferry project uh and uh to have like this new synergy inside the new tokens uh that that is interesting as well yeah on power index right yeah on board through through power pool and on power index yeah they had some really nice reports for a few weeks it's kind of slow down a bit but still pretty solid on on yeti cbp eath and whatnot those pools

been solid rob what do we miss do you have anyone any other questions or mark do you have any questions for us what you guys excited about what are the new things on your side um you go ahead rob i'll i'll finish it off yeah yeah so i mean 2020 was great uh we got started as well probably a few months after ave um but looking ahead to 2021 i'm super optimistic about getting on uh a video or a call with a lot a lot of these protocols uh andy and i have talked about putting together a virtual conference i'd love for it to be an in-person conference but uh organized some of the bright brightest minds on like

one day just you know stretch it out and get that collaboration in one room um you know i i'd love to be a part of that and host some of that um other than that just just growing the community and interacting with a lot of these protocols and getting some more boots on the ground i guess at as far as the ground level i'd love to be more involved with our community in actually helping them use some of the protocols um i think some of that is going to come with scalability you know a lot of new entrants into the market are priced out 40

gas 50 gas prices you know they don't want to spend that when they're first dipping their toes in and testing things out i mean i know i had like 10 or 12 failed transactions you know when i was first getting started and when transactions are 50 and pop you know people don't want to don't want to test out with that so i think some of some of that will come with scalability but you know really seeing our community dive in and uh new entrants take part in the in the d5 ecosystem is what i'm excited about yeah i'm excited to dump on noobs all 2021 baby and literally just dump all over you guys for listening so good luck i'm gonna be buying all my sell orders have fun with that boys got it perfect guys don't listen to this

in the future remember this guy tried to sell at one thousand dollar eats no you can laugh no you can laugh please record that and show it to everybody all around you people in the future now but yeah the the idea of the virtual summit will be super exciting maybe creating a paywall for the subset that might be coming soon kind of taking the community from a subset to just more more involved you know kind of a bigger vibe um yeah getting onboarding people is going to be huge but yeah i think part of my focus for quarter one and i've been talking to my buddy matt from loopering is just like i want to dive into getting layer 2 going like i want to be one of the first users of layer 2 so i can make a bunch of content on how to do

it what's going on here like how it works and such because i think that that's that's going to be huge so i'm definitely going to be trying to be an active user of layer 2 with my current funds as well as creating content on it um you know really excited for that and you know overall just growth i'd love to see you know 50 billion locked you know over the next few years 100 billion right like just absolutely see massive progress i mean yeah and just you know being part of it in the ground floor and making the relationship that we have with with you mark just honestly means a lot to us um honestly kind of makes me feel cool that like we're friends and you're the guy who kind of has helped build avid that's pretty cool um so you know i take some pride in that

um and yeah i mean it's been it's been a good start and 2021 should be real solid i appreciate you coming on i'm glad that we could all make time yeah and i will be more than happy to to come back a third time you know in a few months to to show you the updates and probably uh transaction price a transaction fee would be a lot lower uh when uh when i come back in the show yeah i mean looking forward to it that's what takes e5 from kind of like you know 10 20 billion to like 100 200 billion like this could actually really work as a global system i am i'm actually sure of that and people listening to us in the future

we already know so you already know that it happened get it boys well that that was awesome um i'm glad that yeah i'm glad that we made time that was that was beautiful i hope you guys got a lot out of this and thanks for joining us thank you guys thank you mark always appreciate you coming on