Les Amis d'Ethereum France #2 — Libérer la liquidité de la DeFi avec Mangrove et Morpho

Good evening everyone, thank you. I took it tonight. My name is Nathan. Clearly, I'm the Vice President of Lethal in France. I'm also part of a project called...

If you've heard of this word on Twitter or elsewhere, or perhaps last month for those who were there, we released the first volume of the series "Friends of the Fields in France." It's a myth-making project that we'll try to keep up with regularly, monthly. This is the second in the series, but I'm super happy to be doing it with Morpho and Mangrove, which you'll hear about later. I live, you do, you present yourself within France, and then we'll quickly dive into the presentation while we get to State. Here are the terms, so...

So we're an association, a man benefits, if we've existed since 2016. We bring the community together around theories, men have promoted terms, we organize events including myths, works, workshops, we organize... and here, which is a big annual conference. Since 2007, we write articles and translate technical articles. You can find us on Twitter.

We have a YouTube channel, we now have a Discord server that's starting to grow, slowly repopulate, and so there you have it. We're in charge of research, we fund open-source projects, and in what we release, we also organize events. That's not all, it's about things around Terium in the broader Francophone communities. We have a quick word for our Smithers supporters. It's the first time we've done this.

We have donations from partners who support us, so we're really looking forward to it. They're hosting us and helping us finance the event. We're learning from Wallachia, which is giving us money for bulk goods, a great organization that funds non-profit projects in the ecosystem. And Theron invites you to go see them, and they're giving us big donations to help us finance these activists who are helping us bring Samurai, who are doing the video recording tonight. So this event will be recorded, so it's great, and it's thanks to our partners, including 15 in the case of 0.

4. I don't know if I'll mention it in hockey, and it's me who... Recording, a big thank you to them. We're talking about upcoming events, a new event soon, so the next monthly event will be in February if all goes well. It's not set yet, we're going to do it, presumably with ten French events, so it's going to be pretty cool.

Tibi said in March, we haven't defined it yet, but it's a bit of a call for projects. If there are any great projects that want to come and present, they should come and see us, and we're always able to welcome them. We might have some proposals to do things with Cosmos d'Air, so we'll see. We have "Être ici" coming in July, and I recently published a list of indoor events around the world that you can find on the Twitter page or on the link. You'll see, I'll send you the link in the Discord channel for later.

So, "Être ici," which we've been organizing since 2010, and this year it will take place on July 19, 20, and 21 in Paris at the Maison de la Mutualité. It's a Super Bowl, a global event around... Terrariums, everyone's great, it's awesome, we're having a blast. There's a block happening around here, so if you've never done it, I really encourage you to participate. It's a great event every year for Agent Dan.

Today there will be a short introduction, which you can read about, the noble attitude. We have a presentation of the two projects: Mangrove in the first part, Morpho, and then a third part on a legal setup for water projects and 10 vulnerabilities in France. And yes, the Sphere of God, here we go, thanks, great! So, for my part, I'm kind of on the front line, so I work for Morpho, and we're doing this talk today with Mangroves. The idea today is to offer a common section on values ​​we share with Mangrove, particularly around what we like to call the "Lanaupôle attitude."

So, to get straight to the point, Andy Failli, today there's a metric that's everywhere, it's TV, it's total Valliot Locks. This is how we measure and compare projects, but upon reflection, with my luck, we realized that it might not be the most relevant metric for us regarding the difference, and we'll get to that in a moment. Basically, ATV is the measure of liquidity that is locked in protocols. Okay, we're locking liquidity, but it's quite counterintuitive given that efficient liquidity, in the sense that it works effectively, is liquidity that moves and is very active. So it's completely the opposite of this ATV metric.

And here's the ATV, which we use for two types of protocols, but neither landing pads. So, like Campaigns, which has a bit of a morphology issue, nor 10mm pools, which have cheap units, are placed a bit more on the subject of Mangrove. So, regarding landing pads, if you go to Campaigns, there's something quite interesting: there There's a huge gap between the rates of this dish and the rates of Boron, and for those who use it, like Panda, which had a lot of Lancool protocols, this is still the case. It's actually a natural question to ask: why is there such a gap? Why, when I lend $1000 worth of land for a year, will I only earn $1, while if I borrow, I'll pay $28?

Well, it's because when you have a pool structure, a " chicken" structure with a lot of space, so people who lend, there are many, many lenders and very, very few borrowers. So the phenomenon is that there are few borrowers who will pay interest to many lenders, and therefore these interest payments will be split across the entire pool. So, the lenders will actually have to share the profits generated by the borrowings of the few Bauer lenders. So we're starting to understand the issue a bit, and in fact, we're going even further in this idea of ​​criticizing Native Instruments; we even think that For landing page police, at least, it's a measure of inefficiency. Why?

Because in a protocol, it's the portion of liquidity that isn't borrowed, the portion that isn't working at all. It's more of a TV (Total Value) metric. It's important on a landing page, Paul. Well, in fact, the lower the rates will be for lending. And when we look at protocols like En Main, they never boast about artificiality; they always boast about their brand and size, namely the total that has been lent.

So we have this kind of convergence in crypto, Twitter, towards the TV metric. Yet the protocols themselves don't want it. So we have seven new metrics, which is more about talking about "Total Value Unlock," namely how much liquidity the protocol is capable of generating, how much it is capable of releasing and therefore making work. It's this metric that interests us and is more relevant for measuring both protocols that we're going to discuss in a moment. So there you go.

Want to discuss it after total value, the ogre versus total val-du-lac, we would be happy in ten, which the younger of the ae was talking about now, even then in the years, there is a real use to having a lot of liquidity, Kellock, for many reasons. When you make a trade, you don't want it if you make a very big trade on a story that pushes on the curve, that it moves, that it totally disorganizes there, even intuitively. So there is a real interest in having a lot of liquidity, only today this liquidity has the statistics and we know that you can use it elsewhere if it is not used in the as an auditory league is young, we could use it in another context. Today there are innovations that are being made, they are relatively primary but that are being made, type had whales are therefore balance hours and an index type, a story that has good properties which is quite custom, Isabelle who says we are going to do what we call steel pulse muds, namely our liquidity, we are going to be able to use it for the exchange of an ascetic in Antwerp 1 to 7 b But this liquidity, it's going to work on, so it's nice, but it remains quite basic in the sense that there are tons of strategies in ten different vulnerabilities everywhere, core strategies from Steven Kane and company, and today little Felix says, "I'm going to boost my soul, even Mondex, by putting a strategy behind this liquidity provision," and well, it's limited to Soyuz CAS, even though we could imagine an infinite number of strategies for this liquidity. So unfortunately, there aren't 200 protocol boxes that allow you to imagine these strategies for provisioning liquidity as you wish, unless Vincent Danos, who's here, comes to talk to us about Mangrove, which is great.

I'm going to move on a bit, thanks for the fantastic transition. So yes, I'm going to present the DAX Mangrove. It's a project that works precisely on the core of which is the creation of a new way to provide liquidity or hold markets. So, delighted to be here with you. There's a discussion that has been stirring up the debate for quite some time since the emergence And the rise to power of Dea and Mom, but why does it work so well?

From the perspective of the Tigers and the people who consume the liquidity of the elements, it's not very surprising. It's practical, it's easy, the interfaces are nice and it's simple, and then the prices are well aggregated by the price aggregators. But from the perspective of the people who provide the liquidity, people thought, "But it's absurd! First of all, it's not efficient. We can prove that it doesn't make money."

So why are people so interested? Our interpretation is that there are strategists in the challenge, in the general public of the challenges, who want to go and provide liquidity. It's not just trading, but also the provision of liquidity in the sense of market making, market holding, and in French, and these people are under-informed about strategy. And besides, we see the same people becoming more and more sophisticated when we go from a v2 thirst to a v3 thirst. So, in a way, it's a mangrove.

is a way to provide liquidity that satisfies the strategic appetite it expects, so we see it manifesting itself while maintaining other good properties of the order book and the traditional way of doing things. So how do we do it? The first idea is simply to break it down into small pieces. What does it mean to provide liquidity? So, Mangrove starts by saying first, liquidity must be published regardless of whether it's locked or not, and that's what Paul already explained.

So I'm going to display somewhere on a platform my desire to provide a certain quantity of something at a certain minimum price. So that's the display, the publication in French. Then you need a method to recruit the liquidity to fulfill the promise that we published. If we never fulfill it, it's not interesting. And behind this is an integral part of providing liquidity, and that's one of the ingredients that made the MAM years successful: redeploying the liquidity immediately, as soon as it has been consumed.

So, okay, let's go then. Mangrove, what does it say? It says there's an order book. We publish its order book data as usual, but in addition, we attach the address of a code, and the code will handle the following steps. So the next step is to search for liquidity.

The code knows completely; it knows it's a match, so the matching engine is called back, and it will search among all its methods. And that's where its name is n't captured in a closed universe like Boosted, and even, as Paul just said, we're free to connect to all the liquidity reserves we want to play with. Unfortunately, the code will search. In fact, there's a side effect of this decomposition, which is that the code is n't even obligated to search; it can say no. So there's a form of algorithmic child acceptance, which makes it a common practice in traditional financial markets.

It's not automated, but it's therefore highly contested, but it still benefits liquidity providers. So here we have an efficient, domesticated version of this, which is what we... Call the ring, or the act of saying when called, no, the code will say no, I'm not doing the chase. In fact, the market conditions when I wake up are not the favorable conditions I subjectively expected when I placed my offer. What step 3?

And so, no, I'm not doing it. You have to pay a small provision that was deposited for this purpose. So here we recover an element of the traditional daughter, but transformed by the use of the code. And then there's the crucial step, the step that allows the stand-for-gat, which automates the loop. Poorly imitated and consumed, I will provide it.

Game, the route, post. And so that's the third step. So the code can very well automate all or part. So here it depends on the strategy we want to deploy. The act of redeploying with liquidity, and here we are frankly in the camp of the same name.

It will reconcile. We synthesize, in fact, two currents of thought or forms of practice: the traditional practices, which are still interesting, which we have wanted for a long time, and the more recent practice, much more recent, of the same. So let's look at how it works when we have an interaction sequence on the left and integrate a liquidity consumer who taps into the Mangrove order book. The matching engine will search for the best offer—I'll call them 1 here. It will call this code of her logic, and that's the first step.

This is also a small, very natural innovation when you think about it this way. The first step is to give the code of the best, the one behind offer number 1, to give them the money or the cache of the heart tea. So it's a form of flashes. Water doesn't actually do flashes, either because they already exist at Unis or v2, but they allow themselves to be offered very naturally. So the first step is a transfer into the pocket from which the best, or rather the Make Her strategy, will be able to draw.

Then the second step is price defense. It's natural that the renegotiating code takes a look within the limits of the information it has available. Today, I'm going a bit fast because I've already talked about this a lot; that's not where I want to go. Getting to this point tonight, there are seven price defenses, which are called last look in traditional FX markets. Then, the third step is sourcing, the recruitment of liquidity, as we mentioned earlier.

And the fourth step is the liquidity redeployment stage, the one that ordinary order books bring to life. So, that's how it unfolds. We can pause here for a moment; a small comparison was needed. The comparison is set up so that if you come from traditional crypto, from extremely centralized systems, or even from traditional finance in general, you have a way of dealing with things that Mangrove brings. And if you come from AE, or even from both, you have another way.

So, the distinctions are there, picking up the thread of transaction execution. So, first, but before we begin, can everyone play? It's true that everyone can play on all three types of platforms, but at the same time, in decentralized systems, there is—theoretically true, but in practice—providing liquidity is born from centralized systems. This is the demand; many will request privileged relationships with the market itself, and so it's, let's say, not a very democratic space. So yes, in theory, but in practice—last look doesn't exist at all in the same way.

Of course, it exists in the mangrove by design and in centralized services. We could say it exists in a slightly inferior form, which is the HFT side. That is to say, people are trying to have infrastructures that are very fast and can quickly update offers. So there's a form of soup, but it's not the definitive last look form that we found in traditional markets and that doesn't exist in the centralized crypto market. Then there's the utility and active side, so there's our " chicken attitude," as Paul said.

So that exists in certain forms in the same way recently, so not to mention the hindered agreement balancers that stem from the obvious fact that liquidity is totally dormant in the blender market, so something has to be done with it. Paul said it very well: we can, and it works, it boosts, but it moves, it boosts according to a rigid framework that is predefined here by the agreement between them. They had balances, but what happens if I want to provide liquidity at Bahl Answer or at Balance Hours while going to the place and fractional Manche conference, for example, because it's better, or at Morpho because it's even better? So there I am, therefore, due, it is true to a certain extent that the team of under 20s, the capital is more efficient, but I am still obliged to use the specific method imposed on me by the MM to which I connect. So the mangroves are completely universal, you just have to write the connectors, and we have already written some, and so it's not limited, but limited only by the richness of the returns that can be created by passive strategies in the ecosystem of the chain on which the lectionary is implemented, and in the centralized sections there is also something similar which is therefore to obtain lines of credit from the ex Youn Joo, his Balkanized traits without disagreement depend on all parties, and communication is poor, so we're caught up in something again.

But there's obviously also one possibility of creating reactive liquidity or something like that. So Mangrove can do all that. Mangrove, for example, allows you to naturally take, thanks to a clown arrow mechanic, the money from the Heart Tea, invest it, for example, with Morpho, and then lease the investment and partially pay for the Heart Tea with what you just borrowed, thus emulating credit line systems. So, the difference between reactive or non-reactive qualities and non- exclusivity is fine and subtle, but I think it's worth spending a few seconds on it. Exclusivity is the fact that I can make my liquidity work as I see fit or as is best for my particular strategy, whereas if there are methods to make capital efficient in other scenarios, I'm bound by the structures I'm given.

proposes it's not I have the programs, and then these are the two parts I'm going to emphasize: persistence and strategic depth. So clearly, strategic depth is on the side of the former centralized bosses where the market makers are very powerful, with a lot of infrastructure, and they develop collections of signals and interpretations of these signal collections that are arbitrarily sophisticated. Whereas persistence, the ability to execute liquidity redeployment strategies synchronously and not by being outside the system and trying to go fast, is the prerogative of the same people; it's truly their virtue par excellence. So, of course, Mangrove, I'm going to give you an example. So, this is the second part of my presentation: we're going to build together an Imam that will be richer ( universe 3) but will keep the Nice B3 ( sorry), but will retain the same good properties of persistence, so more strategic but still just as persistent.

So, well, we'll build it together. Now, I'm saying, if there's a slight misunderstanding, it's not another MM; it's an offer code that will emulate... 1mm is definitely serious, so there's no need to rewrite everything that needs to be written for an on-chain contract to become a date. So it works like this: basically, we subdivide the price space. So here I suppose that in purple, the old bids that censor the order book in the orchard of Ascq, so I was selling and buying at the same time, which is typical of a market leader, and then somewhere I have a gap in my teeth, it's the last, the last price at which my strategy issued a transaction, and I'm waiting to be woken up by the matching engine.

And so, for example, here in this example, the price continues to rise, so I'm executed at what is just above the last price where I was woken up, and I'm going to rebuild my structure by building a beat just below where it was just caught in the mask. So it's actually a traditional evolution of the most archaic market-making strategy, which is the law-driven one. So I'm always moving on this. When I lie, I accumulate shares. When I go back down, I reinvest in Ascq at fixed prices.

So the dimension of price choice is decided statically or almost statically. And so, to fix this strategy, we need to say how we adjust the volumes. So I'm going to adjust the volumes. I'm taking a slightly abstract approach. There are three math slides here, but I think we'll get along.

So, we considered... What's remarkable is that it only takes one ingredient to describe a fairly rich range of strategies. So I choose an increasing beta function that will fix the balance in my portfolio at any given time between the amount I'm trying to buy or sell and the cash, if you will. So, beta tells me what ratio I should observe based on the price. That's why it's a function between the cash I hold.

Unfortunately, I can't hold... So we can do a ratio in absolute quantity, that's beta. We can do a ratio in value and... I was calling them alpha here, so if alpha is constant, we end up in a kind of two-canteen portfolio management when Verio rings, so constant portfolio value, it's therefore a v2 story. And if we take alpha of peace in the form I described, so the INR, we 're more in a kind of concentrated liquidity philosophy, we have a v3 story.

And then if we take 2, neither one nor the other, we have something else, so we have a large family of m, so that's what it can look like, this is rather concentrated liquidity, you see that the parabolic cattle and here, so I work 0 to build mine, I've fixed in peace mines and 1p max, so let's say it's to silence them, so I have to say the land will never be worth - well, for now, in my head, in my objective belief, never less than 1000 USD, it's never more than 5000, in any case, as long as I do n't change my parameters, and then put the baths, I only want to silence them and to 5000 here in this parabolic strategy, I would have half the value of his portfolio in land and half in cash. The next step is not to say that this is what you have to do, it's just to give an idea of ​​the strategy. So there are two interesting things that happen mathematically. The first is that we can very simply calculate statically the fraction of the assets we have in the set of interest, which I called " grand a" here, that we must sell at each level of haas, which is at each level of byd. So the only update that doesn't require posting for this strategy is to multiply this fraction by the amount of water, which is constantly changing.

So that's the first interesting thing. And then, just to mention in passing, we can very easily demonstrate, precisely under the assumption that our livestock is growing, that we sell well when we have these simple, consistent checks, but above all, we are self-financed, meaning that we are always selling less than we have. So that This means we can really forget about the strategy; it will run itself like a real machine. And another cool thing that happens is that these are n't its expected outcomes; it's not a surprise since we're talking about home-by-law saddlery. But when we trade between two prices in a cycle, either upwards and then back down, or the other way around, we can calculate by hand that with the very abstract strategy data, we always amplify our portfolio, so we can't lose.

Well, it's not entirely true that we can't lose in the sense that, if I take a practical example, there are only two prices, so I'm constantly careful to ensure that, while waiting for them to be taken, a note in the Ain at this moment is crossed downwards. And what can happen is that I wait a long time for them with my mask on because I 'm asking for a price that's too high, so the price is collapsing. That's scenario number two, the right-wing scenario, the Senate, or something truly catastrophic where I am. holding an ascetic that's collapsing, and then the scenario on the left, or going there, we try to buy back an ascetic whose price is skyrocketing to a price that's no longer right, and so my name will never be executed. So these strategies pay off every time we close, but the price doesn't always close, so there's still a risk, an inventory risk in the case on the right.

Technically, if we'll be... if what we call cash is really the reference base of the value, and a risk of not participating in a rise in... or 2006... really, it's not just... the seniors...

1... it tells me if... in the other strategy... so it's not because we can't lose that it works. There are underlying assumptions, which is that the price doesn't behave like that or not sustainably.

Okay, well, here's a small example. So we can easily calculate... with all the formulas I gave you... the quantity convinces us that we're buying towards... Bide en violet le ascq and I was just pointing out that we can divide it with the resolution we want, so that's an interesting strategic point: the more prices we have, the more frequently we'll work, and therefore a compromise needs to be found between the operational costs incurred by working a lot and the fact that the more frequently we work, the more prices we have to manage, and the profits we can expect independently of the costs.

So, in summary, we built one at mm, it generalizes Unis v3 extensively, it's very easy to program on Mangrove. Just a quick note on the ankles: I said that the subdivision is almost constant, so these are things that are statically defined, but in fact, of course, if we're a market maker, from time to time we'll revise our subjective beliefs about the best subdivision, and so, in fact, these static objects are almost static; we can change them. The idea is that we can exchange them at low frequencies, and there we can deploy them outside Chains, all the standard statistical apparatus, or not, for manipulating these parameters, okay, so I conclude. So here I've talked a lot about persistence and 2.2 strategic wealth interest.

There's also all the other columns of the mangrove interest that I have n't developed this time. And so, if you want to know more about the project, there's a Telegram channel on karate. There are plenty of links and access to documentation. You're welcome. And if there are people in the room who are curious about the strategic aspects, we have a working group every Tuesday at 2 PM Paris time on Ten Strings where we talk about backtesting and formulating new strategies.

And it's from this group that the discretization of the strategy I showed you came out. They owe it to Prévert, who is a financial economist who works a lot in the challenges and to whom I kindly granted permission to borrow his strategy for this presentation. There you go. [Applause] So, the pregnancy punch And it was an extremely general object on which developers can actually build products that are closer to the user. Morpho is a bit different in that it's a project that's much more easily tangible, in the sense that it has a much more concrete use right now.

So, Mangrove is a more general station with 5 boxes, and Morpho is a more direct introduction. So what is Morpho? Well, the idea is that if you're looking for Bora on Dandy Fine, then by using Morpho you'll get the best rate. There you go, it's as simple as that. And how does it work?

Well, by exploiting this concept that I wrote earlier, there's an inefficiency, and therefore a gap between the rates. The chickens are inefficient. Now, how do we make it more efficient? Well, in fact, these protocols that I describe as inefficient are well known to have super virtues, even when they're broken. It's not for nothing that they have these chickens.

Liquidity is more efficient because I borrow all my liquidity, I'm on my own, I do n't share the profits. But there's this problem: on Island, we had to place our orders by saying, "Here, I want to lend this much, I want to borrow this much." We had to wait five weeks before someone matched our order. Since this system combined a rate and an order, it didn't really work in practice. So the innovation of these liquidity hubs was Voilà Trade and Capital Efficiency for Morpho liquidity.

What we claim is that we can do both at the same time. Basically, it's taking these peer-to-peer concepts while using liquidity pools themselves. We use AMP to benefit from all their good features. And Voilà Morpho, from the user's perspective, it's exactly the same as with any other platform. It's really the same thing with the same interfaces.

If you 're a developer, you have the same buttons. If you're a user, you can lend crypto or borrow it. You have the same liquidity features. You can... If you want to borrow 1 billion on Morpho, you can borrow 1 billion on Morpho.

If you want to withdraw 1 billion, you can also do so. The same liquidation parameters, the same oracle, really everything is the same. The only difference is that we have better rates. So the question is, how do we do this? Well, a little explanation of how it works behind the scenes, but basically, we do what's called peer-to-peer with a pullback on pool 2.

The idea is that as this player, if you put ether on Morpho, Morpho will move it to your parent or to your account. And this summer, well, you have sectors that correspond to the tickets you give back when you go to Campan, and Morpho will keep it for you. And now there's a nice war coming to borrow on Morpho, so it deposits its collateral here at step 4, so it must beat, for example. And the moment I click on the borrow button, Morpho will use the... it's up to the canes that...

have been stored all the time and cc tocane they will be useful for extracting liquidity outside of pool 2 av unfortunately supplying the edges so it seems a bit complex for no reason but in fact what happens in step 7 is very interesting because we give liquidity to a Bauer while being outside the pool what does that mean concretely is that we are not subject to the rest of the pool so in fact what happens is that the supply hours and the Bauer who do not know each other did not have to be matched or anything like that according to peer to peer and as we explained earlier in peer to peer there is no pool and so on there is no crowd when the Bauer pays his interest he does not have to share with other Länder since he is all alone there we are in peer to peer so we do not have a pool we do not have a pool we do not need to share the gains and if we do not need to share the gains there No Fred, the spread is the difference between the rates, so in fact, on Morpho there's the same rate for lenders and borrowers. So you can see right away that it's a win-win situation in the sense that you'll be able to access a rate that's really better. So how does it work in practice? I'll arrive on Morpho, let's say there's no Bauer, I'll have the pool rate, so let's say at a certain point. Then at some point, a good rate will come up, we'll be matched, and both of us, in peer-to-peer, will have this peer-to-peer round, which is better for one and for the other, so at a point, 5% in this example.

Then, as soon as one of the two decides to leave, well, we have to go back to the pool, we go back to the pool, and we continue our adventures. So we're at least as well off as on Harvey or Caen Pointe. That's why I said earlier, if you're a user of these platforms In fact, you'll be better off using Morpho in the sense that if I were using AVO, I can go to Morpho AVO. I'll do the demo later and have the same experience, the same market risks, the same liquidity, but with better rates. So, this is a pitch we've been doing for a few months now, and we've been able to raise funds.

We've done quite a bit of reading since then, so it's been a bit of a culmination of all the adventures we've had these last few months. We raised funds this summer; in fact, this summer we did a similar presentation in this room. Some people were here; I recognize a few faces. We've released something every month, roughly. We've done a new thing this month with IT and focused on the implementation of this protocol, which was specified in our white paper, until we found the most interesting design.

So, we've really been working on it in the same way as a company, putting in the effort for about a year, a year and a half, and on their shoulders. And today we have a version that satisfies us. We're incredibly happy! You can even test it live on the available test net right now. So, we've said quite a bit and we're currently waiting for our trailer beats to be able to Willis Mednet, but that's the only thing we're waiting for.

We 're all ready to go! But note, if you want more details, there's the white paper available online, co-written by Mr. Vincent Lannoo, who presented Mangrove to you just before. So, a few words about the team: this game is us, this is the core team. So, there's me here in Berlin, right here, and Hugo and Mathis who couldn't make it.

We have a whole team, including Nicolas who's also here, and contributors like Vincent, Hamza, Adrien, and others who aren't here either. Here are some demo times because we have some cool stuff going on. So, before that, I might show you the little video we had fun making earlier. So, we won't go watch the video, but here it is. You have the subtitles, Maria, not hers.

Maybe he'll be live after May, but here's his retirement. I'll summarize in two minutes the story of what I just told you, namely, where this famous liquidity pool stands, where we can, well, this dish and assets, and earn interest because there's a good king on the other side who will help with interest, precisely because there's a significant rate spread. This spread actually comes from the fact that they have a lot of opportunities to invest, very little buzz, and so, once again, the interest will be split across everyone. That's why it's somewhat inefficient. So, that's no, no, super CV.

And the idea, therefore, is to improve the strategies, and so the mechanism I was describing, which will be illustrated here, is to have a mechanism that maintains liquidity and the same risk assumptions. Well, we'll see this same mechanism, sure that we'll have the possibility, in fact, of this match and in Peer-to-peer as soon as possible and having all the liquidity that frankly blurs, you start to understand the thing in May, but here's the thing with this famous future: if someone leaves and there's no problem, you can reconnect either with another user, something I didn't specify, or directly with the disconnect, he says, and there you go. So that's the application, the vault, it's for sure, Morpho, you can go there, it's for sure, had for a piece at the point of decline if you want to improve, had if you want to improve, like when you can switch, so these are the different markets that are available, it's like when it finally came, like the interface of Kamp on life with day, there's a dashboard that describes the state of your positions, not too many surprises appear here and there, and to finish, in fact, I'd like to quickly talk about the future in France because right now it's really being talked about a lot, the hashtag, there are really a lot of investors who tell us, but you're crazy in France, you're grabbing products like never before, especially Yannick, who is an investor audit who They keep telling us, but seriously, France really needs a long time, there are tons of projects coming out, and today, well, I just mentioned it, but the list goes on and on. There are a billion projects, to name just a few. We have some great catalysts for the ecosystem, notably the summer relaunch in France and the ten French vulnerabilities.

But what exactly is a French ecosystem? They're supposed to be top French, and so we 're very happy, along with Mangroves and Morpho, to be able to announce that we've been working for six months now on a fully French legal setup because today it's very complicated to set up a set in any way other than in other jurisdictions. And so today we decided We're saying, "Okay, we're promoting this 'future' hashtag in France, but the future of France... well, if we do it in more exotic jurisdictions, it's complicated." We had fun setting up a museum; it's not super fun, but we did it.

The idea is that we're going to try to make it as accessible as possible to the entire community so that any French project that wants to benefit from it can get started quickly. So it's not a legal Ausweis 1, but it's really a set of things on how to approach your 110 guns step by step. It's about what the related problems are and discoveries in relation to that. So, it's not like it's the best thing, but we think we have a really good framework. Go take a look; it's a little raid I did earlier to discuss it.

We're going to release articles so that all French projects can use this little toolbox. And finally... So I'd like to thank the three people who made this event possible, among others, but well, the three projects, sorry, especially Attacked, who accompanied us as drivers—I did n't specify in the team, but I think I did—who accompanied us to the very end of hitting the project for six months and who were amazing, were buried in France, obviously, for the event, and Mangrove because it's part of it. If possible, we'd like to take care of the Mangrove premises too, which we like to squat in, but we don't pay for it. And we're also recruiting like crazy, so if you're at home and want to be part of the future, France, come say hi, we'd be super happy to talk to you.

We're mainly looking for varied profiles, especially if you're a solid, skilled person here, obviously. And that's about it, thank you for your attention. [Music]