DeFi to fund impact and growth

Transcript

Hola. Boohoo. What are you doing? Nice. Tuck tuck. Um again, I send it. I think it's a really really cool topic.

Um O do you have any clone? [laughter] Are you cloning yourself? >> Yeah, sorry. I I am also wondering what happened. [laughter] Hi GM. GMG [clears throat] we can >> There we go. Yeah, [laughter] >> Zoom was taking a bit to load. How are

you doing? >> I'm doing good. just um end up a session of two hours with the new fellow and they will be on boarded from tomorrow. So yeah actually um I I wanted to to run this session because uh also internally we are introducing master class which is um chill scene just um really um the goal is to learn about specific topic um with an expert. So yeah uh that's why I wanted to start with so um some some are interested by defi by the way so that's cool like >> amazing

>> those who are there are really deep in defi so [laughter] >> yes >> nice >> love to see >> we can wait like two minutes if you want and then we can start uh as I mentioned is like an entire session so people come if it's like uh interesting for them. So yeah uh and >> sounds good. >> So what you you you said that you will do a presentation and then after that we will have a Q&A um if we have any question. All right. Nice. Okay. Okay.

>> Yeah. It should be a rather short presentation. So >> Okay. >> Hope uh it's not too much after the twoour session. So it should be quite clear. >> Uh no it just me who finished the two sation other I think. [laughter] >> Yes. Yes. Yes. Um >> all right. >> Um yeah I think we can start if you want. Um it's more like a yeah quick quick um presentation with more discussion after [laughter]

>> for those who dive. [laughter] [snorts] >> Sounds good. Sounds good. Let me >> thanks for >> start the presentation here. >> Thank you for inviting. All right, let's see. >> Also, it's recorded. Um, so our master class, I will I will put it on on Twitter on on YouTube and yeah, also do a Twitter post. But yeah, >> nice. Sounds good. Whoops.

There we go. Cool. So, let's get started. Great to see few people here, some familiar faces. So great to see you all. I'm Niko Gallardo. I'm doing community at Octant at the moment. In the past, I've been a founder of [snorts] few web3 projects mainly related to community tooling and applications. Uh but I've also been uh quite an active um community uh uh builder I guess. Um I had a a community in Amsterdam where I used to live called Web3 Lab and I also started Ethereum Bolivia together with a few

other people. So yeah, that's a little bit about my background. And yeah, as I mentioned, I'm working at Octant now. And for those who don't know, we're going to figure out today what what Octant is doing. and hopefully uh on the way also learn a little bit about um what Octant used to be what it was related to that's public goods and what it's moving towards that is uh more DeFi and using DeFi for for impact and growth that's what the the presentation today is going to be about uh feel free to drop any questions or so in the in the chat here I will um I will be um

taking a a look at that. Um but if not, we'll also have a a sort of Q&A at the end if you have any any questions. So yeah, first of all, I want to start with a bit of history about Octant V1. Octant B1 was created by the Golden Foundation. Uh the Golem Foundation was an old project that raised a lot of ETH during the ICO uh era and um after doing a few experiments with uh stuff to build that didn't go as planned, they decided to um stake 100,000 ETH and use the yield to do three things. The first one

is to reward GLM lockers. that is um GLM is the the golem token. Uh then another portion would go to a matching fund to to fund let's say public goods to fund projects and the third part would go to run the operations and growth of Octant itself. So this is to to for you to picture how octant v1 used to work. Um because this is relevant on how um octant v2 is going to work and also maybe to give a little bit of context.

The the the mission of octant was to figure out a way to make public goods sustainable. And public goods the definition is always very debated. So if you if you want to talk about that, we can also we can also do that. But mainly public goods are those things that are available uh for everyone basically. Um mostly without any cost or without uh having to compete let's say for for that good let's say. So um air is probably like the the most classic example like you can use air but um everyone else can use air right but um in the digital

realm we talk more about open source software and um even the Ethereum network itself could be called a public good and um any any sort of education a lot of what the free pack does is uh for sure considered a public good. Um, so there's been a few projects that have been trying to fund public goods. Probably the most known is is Gitcoin, who has done a bunch of experiments, but it's always really hard to to find sustainability there. And um that's what Golem was trying to do with with Octant.

And um this is the model they came up with for the first version of it. That was uh Golem Foundation would stake ETH, the 100,000 ETH. And the rewards would go to uh these two two buckets that I mentioned that you can see here. they would go to the Octant users that lock their GLM and the other part goes to um uh a fund that uh go that will go to these uh public goods projects. And the way the this fund is allocated or distributed is by allowing the Octant users to either uh when they claim the rewards they can either withdraw it to

their wallet or they can donate to specific projects. And if they donate to specific projects then through the the the fund that is created the the amount that these projects receive would be multiplied by by a lot sometimes by 100x or 500x sometimes depending on how much it is right. um that evens out throughout the the epoch and uh I think last epoch we had a multiplier of uh around 70x >> probably in average.

>> If you can just um clarify what's an epoch. [laughter] >> Oh yeah, sorry. An epoch is like a funding round. So um every 3 months we well that's going to change now but we used to organize a round of funding where the the um the people who locked GLM could allocate and and vote for the projects and each epoch each round has uh different projects most of the time sometimes there are repeated there are a few projects that uh are that come often and That's something we're going to see in a second. Um, but yeah, so in total we've had now 11 funding epochs. Actually, h

each epoch had between 10 and 30 projects and we've had 126 unique uh projects that have been funded and um more than 10 million uh dollars in ETH that was distributed to them and around 5 million that went as rewards to users. And um these are some of the public goods projects that have been funded through uh octant rounds. Maybe some of you are familiar with with some of these logos. Uh protocol guild this PG here. Um they basically fund protocol researchers and developers like Ethereum core protocol u researchers and

developers. Then we have L2B that gives metrics and and analytics about um layer 2s. We have hypersarchs that help measure and uh certify impact. We have tour browser that allows you to to browse the internet um privately. um very important now in in a lot of places where there's like a bunch of crisis like Iran for example uh apparently is using it a lot nowadays uh revoke cash uh ECH institute that help um steward a little bit the conversation around the uh the upgrades the Ethereum

upgrades and EIPs um Rodkkey funding the common is staker open source observer really a bunch of of um public goods projects that were funded through this in the past. Um but so we were uh on the path to to making public goods sustainable because well this um yield that comes from from from staking is not uh really going to dry up right like it's Ethereum is still going to pay if if you if you stake if you secure the network. So we thought how can we enable other Ethereum aligned ecosystems to grow the same way or to fund their themselves the same way we've

been funding Ethereum public goods and um so we we found out that there's a lot of ecosystems that have their treasury sitting idle without any use. uh they normally have grants program programs but they're quite inefficient and and we've seen like a downturn in in grants programs because of the this reason like they realize it's not really um efficient. They they have to burn their treasuries to to sustain it. So uh growth is not really growing. So growth stalls while funding stays unsustainable. And uh at the same time we are as a as a as an industry we are

quite mature in terms of DeFi tools that are available and also allocation mechanisms and uh um tools that have been developed um in the past. So at Octant, we decided to leverage yield generating strategies. So DeFi to fund the grants programs and that way fund ecosystems without uh burning or exhausting their treasuries and uh with the flexibility to decide how to allocate those funds. So utilizing multiple of these allocation mechanisms.

So the decision after v1 was to protocolize octant as an ecosystem growth engine and um this is how octant v2 works in a nutshell. Um it's basically as I mentioned earlier like protocolizing v1. So that means uh allowing other breies other ecosystems to generate yield and distribute that yield to uh to their projects so that they can keep growing. So the way it works is you have a DA or foundation and you put your treasury into uh an octant vault. Um this money can be withdrawn at any time. So if you need the the the money for for whatever reason then you

can withdraw it and you can use any D5 strategy to generate yield and then once the yield is generated you can use any allocation mechanism that can be quadratic funding committee vote. uh we we're experimenting with streaming quadratic funding. I'm going to I'm going to dive into the these things uh in a second in case uh some of you are not familiar with what they mean. Um but you can use any of these allocation mechanisms to distribute the yield that's been generated into your ecosystem projects. So the the funds keep being um built, keep growing because of the D5 strategies and your your principal investment doesn't um

doesn't burn basically. So it's a it's a very sustainable mechanism to grow your ecosystem. Uh at the same time, we're we're working on something we call the Ethereum Sustainability Fund. um rebrand pending. We're probably going to change the name. Um but the idea is that some of the projects that utilize Octant V2 can uh donate part of the yield that they generate to fund Ethereum public goods the same way we have been doing in the past. Um and they can decide on on what gets funded based on how much they contribute basically. So, Octton V2 what it does basically is connecting capital accumulation and capital allocation and

engage community members to shape our ecosystem growth, how their ecosystem grows and that that's through the allocation mechanisms that sometimes are very communitycentric like quadratic funding. Again, we're going to double click on that in a second. Um and yeah, it allows also ecosystems to use their their their tokens um for for different things. So um let's see. Yeah. So, Optton V2 is basically putting together capital formation with capital allocation and um generating sustainable

growth that way sprinkled with a little bit of Ethereum alignment. And now let's uh double click on the two um aspects that make up Octant V2. one is the capital formation side of things and the other one is going to be the capital allocation side of things. Um so yeah now let's talk about uh the capital formation via uh DeFi and with what uh what we call vaults um year who who here is familiar with with year >> I know that's uh [laughter] it's like a protocol among other protocol too. [laughter]

Yeah, exactly. And I see a quick a question from from Vilma that is asking, "Octs are strategies made through smart contracts for generating yield." And that is exactly right. Um what a vault allows you to do is to aggregate multiple strategies into a single uh thing. let's say that you can just deposit money into it and then it will generate yield from these different defy strategies from these different yield sources. Um so the the advantage here is that it can be connected to many uh uh different strategies simultaneously.

The only uh caveat here that is quite important a lot of people uh don't understand well or like don't see it well is that the the only constraint for this vault is that it has to be the same asset. So let's say you you cannot in a vault you cannot have like uh a defi strategy with both ETH and USDC for example that generates yields. you can only use USDC and maybe the strategy is putting USDC in a USDC in balancer and use the yield from from that to um to do it. So that is that is something

maybe worth mentioning. And um what we did to to year is that normally when you uh if you use year if you generate yield it goes automatically to the depositor um address right. However, with Octant, what we did is that you can distribute distribute the yield anywhere and however with any mechanism you want. Um, so that's ideal for anybody who wants to let's say donate the yield while keeping their their their treasury. exactly our use case and um that way the principal is protected only

the depositor can withdraw while the yield flow is managed transparently and securely um by by whoever the depositor the administrator decides to give permissions. Um I want to show you I want to show you how this looks like actually. Uh let's see. I think we can go here. So the way you connect is through um is it this one? Let's see.

Can you see? >> Yeah. Uh safe. S safe. >> Yeah. Yeah. >> Exactly. So it works through safe because like the treasuries are mostly managed on safe and uh you can add this uh custom application to to safe to use octant uh vaults and let's see how this works. Um right now like it's this is the the the the D5 part right so it's relatively easy to use. uh we only have two strategies but are actively working on implementing more. Um, so if you go to one of the strategies, um, well, as you can see, I don't have

any vaults, any strategies yet, and this one pays me 5.77% uh, APY, and what I can do is just deploy a strategy, give it a name. Um, here is the the address where I want um, so what what I want to fund uh, with the yield. So here eventually you will be able to connect let's say a quadratic funding round but now it's just like you can just add a a list of addresses and and um you see and and and do different allocations to the different addresses um I don't know this is protocol guild

this is rod key this is de three pack >> so it's like when um when a foundation for example want to create the strategy or Yeah, exactly. So the the foundation picks the strategy. In this case, it's it's uh USDS and then it picks where they want to allocate the um the yield to. Um so the allocation the allocation part they can choose here as well. Um this is like a very vanilla kind of kind of super simple allocation mechanism that is like the yield is generated and it's split uh let's say 51% to death

free pack 18% to rod and protocol guild and that's it. But uh what we're working on now is that you can plug a quadic funding round and then this split can change and and can be a lot more dynamic let's say. Um and yeah then you save the configuration. I don't have the addresses now but uh you can do that and then you will deploy the the strategy and you can deposit the funds into the strategy and then once you do that uh you you will be well the yield that's generated will be distributed to to those addresses basically. Um, so yeah, that's that's basically how the DeFi side of things um works.

Let's go back to the presentation here. And now let's let's take a look at the second part. Oops, my camera is being weird. um that is the capital allocation side of things where you can use any allocation mechanism to distribute the funds right as as I mentioned earlier the splitter is uh what you saw there um where the yield is distributed to to this splitter contract and this splitter contract decides where the yield is directed to and what's also interesting is that maybe you want to generate some of the yield for yourself right so maybe you want to say okay I want to generate

uh 50% of the yield uh and direct it back to me and 50% I want to donate it to uh I don't know some project or to uh contribute to a quadratic funding round and then um the splitter contract is going to do that automatically for you. uh and well the admin who creates the strategy is going to decide what the splitter contract does and um as I mentioned earlier it can be to distribution to one or multiple addresses like we saw in the in the uh short demo there or it can be to an allocation mechanism and what we mean by allocation mechanisms is uh there are multiple um the more let's say popular

one in web 3 I would say is quadratic funding I think um I'm curious how many of you here are familiar with uh quadratic funding. I don't know if there's a way to drop an emoji. Okay, I see one or two hands. Few of them. Cool. For the for the rest, uh let me explain what what funding is. Basically, it's quite quite similar to what I was explaining at the beginning. there is a matching fund that is going to be allocated based on uh individual donations. So let's say uh right now we set up a um $1,000 fund and um we ask each of you here in

the call to donate to let's say there are five projects um that that you can donate to and uh each of you is going to make a a donation. Let's say some of you donate $1, some of you donate $10, some of you whatever amount. And the projects are going to receive uh funding based on um a mix of like how much money you donate, but also um the the more important aspect is how many different people donate to that project. So let's say if one project receives a $100 donation uh from uh only one person while the other receives um a$100 don dollar

donation as well but each of us donates like a portion of that let's say I don't know how many are we like let's say 10 $10 each then the project that received the the money from the largest amount of people is going to receive a larger portion of the matching fund Although the the amount that was donated was the same, right? So in this case, you can think of money as a as a vote, but it's not like a plutoaucratic vote because it gets um modified with this quadratic formula.

Uh I know this is a little bit complex, so if you if that wasn't clear, please let me know. I can try to explain it in a different way. Um >> maybe >> or if you have any clarifying questions. Mhm. I remember last time some voted for uh a Gitcon round about privacy and dev end up as the first project there and so it was like quality funding typically. >> So yeah >> so they used it they used it but they probably didn't know that behind that it was a quadratic funding.

>> Got it. Got it. Yeah. So probably death three pack was on the first place because it got uh donations from the largest amount of people versus other projects that maybe didn't um >> maybe receive like the same amount of money in terms of donations but not from so many people, right? >> Uh all right. I see one question from Julia here. What are other DeFi strategies are you planning to add? Does Octton Vault act as a router towards the chosen strategy? Um, good question. So, the the beauty of well, web 3 in general is that everything is super composible. So, as I

mentioned earlier, we uh modeled our own uh protocol based on um year v3. So it's basically a year V3 uh fork and that uses um uh an ERC called 4626 that is a vault that is called the vault standard. So any vault is compatible uh with um with anything. So if you want to like incorporate any of those vault strategies into octant you can do that.

Um so answering your your second question uh it can be used as a router towards any existing strategy that that is out there. Uh but we're working on implementing our own strategies um as well. And indeed like the the vaults are sort of routers like they just incorporate the different DeFi uh protocols into the single into the single vault. Um I hope I answered your question um Julia there. And for the first one, um, we are looking into a bunch of, uh, a bunch of strategies, um, mostly with stable coins and with ETH.

Um, and and they're going to be using mainly like the the more battle tested protocols like I mean some of the ones that we've s we've seen already, uh, Moro, um, Sky or Maker, uh, a etc. So yeah um stable coins and and ETH primarily >> and this at the beginning um yeah some of the other allocation mechanisms I don't I don't want to go too deep into this but um we have quadratic voting quadratic voting instead of you donating money from your own pocket you receive sort of credits or votes and then you can allocate the votes uh amongst the projects and the

same happens. The projects that receive votes from the largest amount of people are going to receive more funding versus the ones that receive uh maybe um the same amount of votes but from less less people. And um we have we're experimenting and this is the other thing I want to show you with something that we call streaming quadratic funding or or streaming quadratic v voting. Um the interesting thing so quadratic funding and quadratic voting the same works the same as uh octant v1 by epoch or by rounds. So there's a clear end to it once the money is allocated. It finishes. What we're

doing with streaming quadic funding and streaming quadic voting is that you can continuously vote and allocate based on updates and stuff like that and and the money is going to be continuously being um dropped to the projects. So it can be an infinite loop let's say and we're running an experiment. I don't know if some of you were if some of you are are GLM lockers already or have been to our booth in Buenosidis, you can participate in this experiment. Um, let me share my screen again. I like the the other the other tab here.

Uh um screen bolts. Cool. So, let me share the the link here. because in case you you're a locker already, you can you can allocate some some money here. Um, so let me connect my wallet. Cool. Yeah. So these are the projects that are available to receive funding as

you can see and as you can see here the total funded is continuously growing because um this is continuously dripping to these projects. You can see the number going up here continuously. Um and you can see let's let's check um the ballot. Where's the ballot? Um, oh, here. So, as you can see, and this is a really good um way to to picture in general quadratic quadratic funding. Uh, here I have made my allocations based on

my credits. I think I had um 100 credits and we can restart it. Here it shows how the quadratic formula works because one vote um one vote is going to cost one but if I want to allocate two votes to one project it's already costing me four. If I want to allocate three votes it's costing me uh nine and so on. So it it that keeps growing and that way uh you can allocate to to different projects.

Um and as you can see the more you vote for a project the the less each vote is going to is going to be worth. Um so let's do something like this. protocol guild shutter and still have three votes but I don't I cannot allocate them anywhere. Um and then confirm allocation and then and then you sign. But hopefully that's that gives you gave you a bit of an idea of how this this works. If you go to the website there's also an explainer there that that might help you understand better.

>> It's only for people who have been whit listed after Buenosaurus. Yeah, exactly. So, anybody who had GLM locked or who um who collected the POP in the at our booth in in Buenosidis, um I think you should still be able to to explore a little bit even without the only by connecting your wallet. But I'm not sure about that. But um >> I I've been trying but uh I'm not sure it was working yet.

>> Oh, damn. Um yeah, please uh if if you if it doesn't work and you had one of those requirements, let me know and we happy we're happy to troubleshoot. Um so yeah, that is Let me change the screen again. There it is that that other allocation mechanism that we've been experimenting with. And um there's also some more traditional allocation mechanisms like direct voiding or having a committee decide where the where the allocation goes. And there's also some less explored mechanisms that are quite quite

interesting. Um if you're interested here are some names. conviction voting, pair-wise, ranking. Um, and yeah, that's basically um the the um presentation that I wanted to give you. Um, please DM me. This is this QR code should direct to my telegram. DM me if you are keen to build more DeFi strategies or if you know a project that might be um willing to use vaults to to generate yield and direct to uh to people or or other projects in their ecosystems um or anything on on this list. We're always happy to to engage

the community and um yeah, I don't know if you want to double click on on some topics or have any questions. Happy to have a a short discussion here. >> But by the way, to let you know, um this year we will have two boot camp, two boot camp. Um so like this we can uh train more defy builders. So which is nice. Yeah. Um myself more I have a question about um the selection like um on which criteria um is it also you doing doing a selection or like who who is the process?

>> Um so we've also been experimenting in in in V1 we've been experimenting with how we pick the projects. Um, in V2, it's going to be up to the ecosystems that participate in the vaults to decide how how they want to um fund their ecosystems, how they want to fund the projects. We're still going to run rounds ourselves, but we haven't really decided how the the decision is made. Uh, we did an experiment in for the stream vote. The the selection was using broad listening. that's a a tool uh to kind of like have a very long list of projects that are open source and then like um based on multiple criteria

just uh reducing it to in the end we had I don't know I think 15 projects or something in the stream vote round. So it it varies a lot. Um sometimes we've we've had a committee um sometimes we've had u the Ethereum Foundation decide um we used to have a a snapshot vote to that where you could also participate and decide which project gets funded and and so on. So uh it's going to vary a lot like we're going to be experimenting a lot in the upcoming upcoming rounds.

>> Cool. But by the way, someone from Dupac is right now working on the funding coordination for Foundation. >> Tim. >> Oh, sick. That's amazing. [laughter] >> Love to hear that. >> Yes. Yes. >> So, who is that? Um, >> no. >> Or I don't know. >> For the moment. [laughter] >> Oh, [clears throat] I see. I see. I see. I guess we'll we'll figure it out soon. But that's awesome news. I mean we're we're working very closely with them. Um >> yeah so >> I can imagine because it's um very etherum align so normal.

>> Exactly. >> Right. Uh do you have any question uh on your side um about everything that has been explained? Um something good is about the uh visualization um when you allocate things because it's it's super complicated to allocate uh without any visibility sometimes when you are new to this kind of um of things of course. So yeah uh that's a nice thing. Thanks for all the demo around it.

>> Nice. Thank you. I will let uh our designer know. He's also the illustrator who comes up with all these crazy uh illustrations and stuff. Um very skilled guy. So really appreciate it. Is there any way to be on boarded for using the vaults? Yeah. Um, let me So, you can DM me on on Telegram and I can walk you through or I can um bring someone in the team to to do that.

Uh, and this link should work. There you go. >> Thank you, VMA. Um no no no more Christian I I maybe also sh No stupid question etc. I know it's a topic >> um but it's also great to just uh ask it to an expert uh directly to to know more about it. [laughter] >> And by the way do you know what happened to to Gitcoin? Is it like still alive?

Because since last year we don't hear too much about them. >> Yeah, they're still alive actually. Um we are going to run an experiment with them. Uh I think it's a or at least is is there's a proposal I think from Milwaukee to uh for Gitcoin to use Octant and put their start progressively put their treasury into Octton vaults. Uh so I think the next epoch and sorry the next uh round is going to be um somehow using using octant vaults um for for for the funding. So

you should hear from them soon. >> Nice. Nice. All right. Um any question? [laughter] Don't hesitate. Anyway, it it was super nice to deep dive into it. Um especially uh it's kind of the first time they have a project demo. Uh and so we will host more like more things like this. Uh because it's always important as builder to have a project vision as well to know how the project's working under the [snorts] hood literally not just cutting. [laughter] >> Yeah, exactly. No, thank you so much uh Selene for for inviting me and thank you all for for coming and uh listening to

to this talk and for your great questions as well. Super great to be here. >> There's a question >> um Julia is asking what were the projects from Octant Hackathon that uh stand out. Uh there were a bunch um a bunch of projects. There were a few that combined um AI a little bit um to to figure out some some of the allocation and D5 strategies. I think there were some um kind of relatively simple implementations but very clean implementations of D5 strategies and that was that was awesome. Um what else?

What else? Um, I think let me find the link to in the folio. You should be able to see the the winners. And um there were a few that we were like really sad that they didn't get a prize because they were they were so good. But there were some uh some projects that just knocked it out of the park. Yeah. So if you go here you will see the top the top projects that won that one prizes

>> also question um um this year is like I remember last year it was around uh creators narrative uh do you have any other narrative for this year? Um, good question. I I don't we don't know yet. Uh, we're what I can I can drop you some alpha about epoch 11. Actually, epoch 11 is going to be a migration epoch. So, we're going to move everything that used to work in V1 to V2. And for that, we will need our users to unlock their GLM from V1 and lock it in into V2. So, um, so yeah, that's what's going to happen.

And afterwards, uh, we're still deciding how it's going to look like, but it's going to be very experimental, so we'll figure it out. I would love to have a sort of like education round where death repack can participate, but I cannot promise anything. >> Yeah, I remember the this year like 2025 uh and also this year Shifi has been selected, which is nice. [laughter] >> Yeah, they were also in the best of the best like in Impact 10. So that was super cool. Yeah.

>> Cool. All right. All right. So if no more question, we will not retain Nico. Um so I I will put the on YouTube for on the master class um playlist [laughter] and all good. You will see Niko in in some events because he's flying a lot. >> Yeah. [clears throat] So, um, don't be afraid to to, um, come to me if you see me around at some conferences. The next ones are going to be if Denver probably and uh ECC.

>> So, hope to see some of you there. Solen, are you going to be there? >> Uh, not is Denver. Um, I was used to to go there. Um, but well, no. Um but it's looks like no no not too many people will go to Denver but >> it's also about the budget like I mean no one putting any bett on events right now so that's also >> that's true >> yep >> but if you see should be should be good and sila is going to be there as well so see you there >> yeah u could you send me the slides also.

>> Uh yeah, absolutely. I will uh export them and send them to you. >> Super. Thanks a lot. And yeah, um see you uh at event. [laughter] >> Perfect. See you around. Thank you so much. >> Bye everyone. >> Bye. >> Bye. Goodbye.