Sunday, Oct 25 - Session D - ETHOnline Judging

so welcome everyone to second day of judging at east online um we are just giving an overview this is a hackathon with over 700 hackers and a thousand applications came in we have hacking teams from 65 countries across 19 time zones to sort of give you a sense of the scale and 175 projects have been submitted and will be judged in these coming days um i'll briefly run through the format of how this will go um this will be the same for every um demo uh there's a four minute video no longer than four minutes so as teams join the first thing you'll do is you'll share your video so as you join you just keep your video camera off share screen and share your demo video then as soon as the demo video is done turn your video cameras on and unmute and then you have four minutes of questions with the judges um andy my colleague here will be keeping the time and he'll try to give a one minute warning uh and then he'll you know in a friendly way interrupt at the end of the four minutes and try to keep things on time and then around the halfway mark uh we'll have a 10 minute break and this is sort of how in general we've set up the criteria um there are these relatively broad categories but there's we judge on technicality originality the practicality of the hack the ui ux and dx and then there's sort of the wow factor if it's just like a cool a cool idea or presentation um and like all the eth global events we're really serious about that although there's competition this really isn't at its core a competition it's we want to set these things up so people get to the end of these and have learned a lot um we're not aiming to build all these things to be businesses it's really up to all the hackers whatever direction they want to take things there's no emphasis on that per se we just want really cool um interesting projects we hope people learn and that in this session the team should really look at this as an opportunity to get some really good feedback i'm going to quickly introduce our judges for this session we have from one inch and xiao wang from defy alliance thank you for your time we very much appreciate you guys showing up here and lending your judging talents to this event and now no further ado um we were i actually have to promote if you stand by this is my this is me multitasking [Music] okay it's uh andy if you could announce the first team and we'll get underway all right so our first team will be overlay if you could start sharing your screen um that would be great and we can get this started sounds good can you guys hear me okay yeah we can hear you perfect can you see yes perfect we'll start the video we are the overlay team we built a platform to trade any d5 data stream long or short with leverage using on-chain price oracles how it works traders come in and build positions by locking up synthetic ovl tokens native to the protocol in a protocol offered market contract at time weighted average prices fetch from the oracle traders receive erc 1155 position tokens upon locking up their obl you know position unwind the market contract dynamically mincer burns ovl to pay the trader back their profits protocol revenues come from trading fees where 50 are burned to manage the ovl supply and 50 are sent to a community governed treasury with rights to ovle spot market liquidity providers and governance participants the demo so as you can see when i log in i see my ovr balance i see trading view chart but if i click i can select different markets that the protocol offers so there's eth usd there's dye usd so if i want to go and build a position on b2c usd just click this button build new position and refresh to make sure the price is up to date and i'll go long let's say 10 about 10 ovl with seven and a quarter leverage when i build the position what you see is the ovl being locked up into the position contract 50 of the fees getting burnt 50 being sent to the community treasury and then if i come back and click unwind i'll see my positions that i can potentially unwind for btc usd the new position that we just made seven and a quarter leverage the lock price so if i want to take profits on a prior position all i have to do is click unwind position here we'll unwind most of it and what you'll see is the protocol minting new tokens to compensate me for my profits there you go so i was made there are three main contracts there is an ovo token contract only one deployed and then there are pairs of obl position ovl feed contracts each ovo position contract has admin mint burn privileges on the ovl token contract the ovl feed contract acts right now has a proxy for chain link price fee data which the associated ovl position contract calls on build unwind for price data and each position for the ovl position contract is an erc 1155 with unique identifier that's a combo of the position attributes block price the long short side and the leverage factor and then i can go send those trade those wherever on secondary markets future work we want to finish up the unit swap v2 oracle feed contract which allows us to then use ovl eth with enough spot liquidity to provide a way for traders to hedge their ovl risk treasury staking governance and liquidity mining contracts for the initial distribution keeper bots for liquidations and maintenance you can check it out at overlay.exchange we're live on testnet right now and thank you so much all right that looks good um the q and a will begin now um hey uh ciao here um just a quick question so i better understand the product uh so basically the p l is settled in the ovl token is that right yes sorry can you hear me okay yeah i do yeah the pnl right now is settled in the ovl token and all trades are in obl um so the problem is well why do i care because what i really care about is making profits in eth right so the future work that needs to happen is providing enough of a enough liquidity on the secondary markets where like for uniswap um you have traders going in and out of ovl eth providing an incentive for unit swap lps to actually put liquidity there the thought process right now is the fees that the ovo platform ends up generating in ovl end up going to the people that stake those under swap lp tokens in an oval treasury contract but that needs to actually be implemented the point of the hackathon was really just to build the actual mechanism itself does that make sense yep got it thank you yeah just to understand uh how does the liquidation work basically you have you're using uh your own native token as the collateral right and uh which would have uh much lesser liquidity especially in the start right and a much higher volatility so how do you handle uh all of that uh within your protocol um so i guess it kind of feels like two questions but correct me if i'm wrong um the first question with the liquidations all the liquidations occur in ovl so basically um you were incentivizing people to liquidate uh they get 50 they essentially right now and 50 is an arbitrary amount but they get 50 of the amount that's locked up in the position and then the rest yeah um in terms of the volatility in the ovl token i think that's kind of similar to the previous question with the swap price um the hope is with enough spot liquidity on unit swap or on balancer um you can offer an ovo feed for ovl east right and then traders can take two positions they can take a btc usd position and or like sorry an eth usd position and an ovl eth position at the same time to try and hedge out any sort of ovl risk and then it becomes a problem of managing the currency supply of ovl for enough people to feel comfortable in holding the ovl token and not thinking the supply is going to like astronomically go up or increase at least in theory um i don't know if that answers your question but that's kind of the thought process i'm going to interrupt there's just a reminder there's one more minute left in the q a okay there's there's also we have a white paper because this is an idea that um my partner had previously come up with a couple years ago um and we just never implemented it and uh it's on the github repo as well if that helps for more detail um but at least uh when he did some agent-based simulations he showed that fees themselves could end up um significantly reducing the supply over time and he's not really taking into account tail risks of like everybody winning at the same time um but the thought process is at least those fees could end up reducing the supply enough or if you have somebody went out really big um it kind of net offsets that big payout that's in theory but um the whole point is to try and build it and we'll see but uh hopefully that kind of answers it at least in in my mind um if the currency supply is managed well enough with the right incentive scheme um the thought process is there's enough confidence in the protocol where people don't feel like they're just printing some virtual token and it's gonna be worthless when they exit their position but that could be wrong right it's not completely uh so it can it's workable uh in the sense that synthetics does the same right the only thing is it takes liquidity and confidence right which which which works against when you're starting out right so the plan has to you should have a plan of liquidity to start off with because that would be success or failure of the product it depends on secondary market liquidity yeah does does it make sense to you guys to stop you guys there uh q a is over now thank you appreciate it yeah thanks um so we'll give a 10 second delay before introducing the next team all right so next up is the team aletheia um if you guys could start sharing your screen and we can get that yep okay hello everyone this is aarteva jakuma here presenting for elitia now elitia is a profile management application that is built on top of ceramic network and that implements the idx protocol now alithea is built to unlock a whole new web 3 experience with you know decentralized identities and basic profiles being made universally accessible such that any application that uses three id connect idx protocol or lha itself um we plan on creating a library very soon we'll be able to you know access and retrieve these basic profiles now without wasting a lot of time and quickly getting the demo itself all right so we get the startup screen and if i click on get started you can choose meta mask and we get this iframe on top of your three id connect if we click on continue we'll have to sign on our meta mask for access and in about a couple of seconds we will have a profile that loads up so essentially we're retrieving our div using three id connect which is again built up by ceramic network and uh the team at three box there we go so we have the profile that loads up couple of details uh some noise description etcetera etcetera we can also see the id that's displayed over here we can further click on edit and change any of the fields let's choose an image um i'll choose the same one once again and the image is of course being uploaded to ipfs itself directly and we can change any of the other details if i want um let's see i'll destroy the student college and i'll update it and once again another couple of seconds we will get back to the previous screen where it's updated there we go it says student and college this is all once again being stored decentralized and the user gets absolute control over the data that's there's advantage um and as i mentioned it's being stored on ceramic as smart documents and at the same time idx protocol helps with the routing and being able to access and fetch these basic profiles now if i just quickly copy my did here and what we will do is we'll head over to the explore route now the explorer out exists simply for allowing users to access any other deid profiles apart from their their own profiles so let's say you have a friend's did you could just paste it and click on resolve and you'll be able to fetch their profile of course um you will not be able to edit any of the details through um explorer section it's simply to be able to fetch different dids and uh sorry it's fetch different profiles using the divs um in just about a couple of seconds we will see the same profile that appears and there we go the same details are once again fetched over here however we can see that there's no edit option here we just have the back option and that's about it for a demo we try to keep it as short and straightforward as possible thank you so much for your time yeah it looks good um q a will begin now um yeah i think uh before the q a i'd like to just uh add one small thing before uh we couldn't include in the video um but about the future plans so as i think i just mentioned we plan on creating some kind of a library or some way in which other websites will be able to access these profiles and secondly our main idea is actually about doing this for the medical sector where we can store the health care records and the doctors can actually sign each of those updates plus at the same time the prescriptions of the medicines can be verified at the medical store or the by the pharmacist so that was kind of the larger picture uh but for doing this hackathon we could just put this much into our project to get started and yeah i have i have one question hangers um a lot about uh encryption of the data itself so you i have seen if i have this idea i can access the personal data um did you do you plan to encrypt that or yeah did you talk about that the problem because you would have problems with regulatories uh with not encrypted personal data out there yeah so uh regarding that uh the basic profiles are meant to be public so that uh you know once so obviously the div is not known to the any application as such you have to sign your metamask to you know resolve and get the ddi itself so that kind of helps with it and once you do the basic profile is kind of more or less public where you can get the data uh but for something like healthcare records which are future plans that will definitely be encrypted so um ceramic network has something as a format specifier called uh diagnosis i believe we had some trouble setting it up so we didn't you know push the those changes into um a hack project itself but yeah so diagonally would essentially work as a jwe and as we can form uh encrypt it and store it on ipfs itself and yeah that kind of helps plus there's version control too so we can actually go back and see the previous versions um and that's kind of the um idea for the the long term thanks yeah here uh how would you bootstrap the initial critical mass of users because this requires some sort of a network effect right at the beginning uh true so um this we don't have a concrete plan as such uh we just mostly uh the i think the first aim was to um play around with this whole new tooling uh we really love the idea of decentralized identities um and what what it presents is the whole new opportunity that it presents and considering how new the tech is um we definitely wanted to get you know our hands dirty with it test out something and you know see how it goes uh we don't have a concrete plan for that to be very honest but we hope that people recognize uh that how important it can be to you know take control of your own data and uh i think that the technology itself hopefully can convince a lot of users to try it out um and yeah that's kind of how it's out of it yeah i mean one thing you can potentially try is is some sort of financial incentive at the beginning some sort of token governance or whatever like just thinking out loud but uh just an idea there is one minute we'll keep that in mind that that's uh thanks for that we actually opened a lot of feedback and suggestions because this was as i said something of an experiment for us uh we actually started with a different idea but pivot it because we wanted to challenge ourselves uh we don't want to be too comfortable and uh any feedback really helps i i like it a lot yes i hope you have i hope you had fun building this uh a lot of fun you you you look really out fresh out of college or ins yeah are you still in college yeah yeah yeah it's still in college so yeah it's a good output for for a hackathon right what i would think you should pursue would pursue the project is actually build applications on it or actually have part have partnered with dapps who will build those use this right either through an api which is a better route to get users right and have a service layer instead of treating yourself as a dab developer right uh but yeah i hope you have learned uh it's been a good drive for you definitely yeah it is all fine all right that's the end of the q a thank you very much thanks so much thank you all right so next up is a team rupiah if you guys could start sharing your screen that would be nice so the reason behind this project is there's an emerging depay opportunity in india and this is uh due to emerging use cases which have skyrocketed due to the community's pandemic such as insurance democracy sports building retail industry lending transactions more and more towards digital currency and using phones so there is a strong need for that however it's difficult to use existing rupee based table coins for deeper use cases because many of them are still in beta and they are also quite centralized so what are the requirements for a good indian studio coin uh first thing it needs to have to be a triple gateway via imps or an area payment service this will reduce the transaction fees it needs to have a simple user experience so that it doesn't turn off the users and also it needs to have an interest rate greater than four percent so this is an incentive for users to drop the stabilization where the user tries to put rupees using a sandbox environment and this is then converted to die this guy in the magic network is then compared with uh which is uh using a crypto compare or an open api what you see is that it will and what you see is like in the staging environment it's called all the code is for this it's available in github so you can keep it integrated it's confirmed so the next bit has to be done manually by the customer which is basically he'll have to scan this qr code and make a payment using the bank once it's done then he can then have you can see on his email address for example this amount of time will be sent to the wallet so currently the wallet has like i think thousand three hundred so it should be increased now this is the current transaction so under the hood there's a contract which is deployed already and that is basically using an open api like crypto component to get a leave by a chain link node and this just gives you the exchange rate between die and rupee which is 76.77 of 76 rupees and 77 prices and the code is available on github and you can have a look and you can see that it's just converter there are some issues with collateralization and it's not really done because we work in focus this will enable good interest rate prediction and more efficiency so once that is done then you can launch with automatic maintenance in parallel i've already been in discussions with transact to get repair listing on transfer this will enable interest rates to be redirected directly to the geared bank account of the user now this enables exciting use cases such as insurance for example where claim automation can be done thanks for the opportunity yeah done with the presentation but yeah q a will start now yeah my my main question here vijay would be uh considering uh that how volatile inr itself is compared to us dollars right do you see a demand for people holding inr once they have converted crypto and why not holding u.s dollars itself if they wanted to be stable because i now generally be going down right all third world currencies have been on a slippage right yeah exactly so uh what is happening is that uh this whole thing this whole idea started because i was trying to in a previous hackathon to build like an insurance claim automation on and run it and when i spoke with other insurance companies and so on when i reached out in india what they were saying is that it's quite volatile the rupee and that's why they wanted something which is stable but if you try to convert it to us dollar and the u.s dollar itself is also like not that stable but if it is for example somewhere it is collateralized with dye there is actually an opportunity for many of them but they want as much of you know they want it to be as simple as possible so that's why this need emerged but you're right in the rupee itself is quite uh volatile and it has had like uh more than 15 or 10 percent variation over the last six months so it's uh so that's why it's if you track it and if you provide like an interest rate which is greater greater than four percent then there is like some sort of an incentive for them to switch and also have pay premiums directly as rupees okay dj why did you choose to build it on top of matic yeah really good so initially i wanted to build it on ethereum and then i wanted to like have it like for example like any other stable coin like die running on that but the biggest problem is the gas transaction and the second thing is user experience so as i showed in my presentation user experience is one of the main things what people are saying with crypto adoption or defeat adoption in india at least there's people i spoke to which is a small sample set and they said uh whenever they try to use any coin let's say die or anything like that it goes through several clicks like you know you have to say for pro you know if it's erc20 you would have to do a safe approve and then you'd have to go through that and then many times the transaction fails and so on but in matic uh i mean it's still nascent but what we what i found is that you know it's quite fast and also the gas transaction fee is really low and that's where i went for that the transaction fees gas fees okay how long is the transaction time just ballpark the transaction time the setup time is fast but uh i didn't have the i don't have the exact metrics but it's just as a user when you see it it looks faster like about a second or so when you're like clicking through it and that makes a difference whereas sometimes you need sometimes to wait for the block to get mine it takes sometimes in our cases it takes forever and that didn't happen so far but it's still in its infancy maybe once they have like a bigger growth matter then they will also reach similar transaction fees and so on but at this point of time it seems like a really good option and that's why i went for the sidechain there is one minute left in the q a where do you think the interest might come from like you mentioned about the four percent interest um how do you yeah where does that come from so uh what i found is that uh you can try to use some kind of arbitrage for example uh people are willing to like you know stake the money so the stakers for example they can stake the money and as uh he was saying like uh the rupees itself is quite volatile so for example you can buy you can use this inrr which is tracking the rupee exactly and you could for example hedge it against other assets and the stakers for example who are staking this they could use this and for example try to generate like a higher interest rate and so on and using that using that arbitrage opportunities they can then uh because they get the liquidity and they can use this liquidity and play around with it and uh at the on the other end to the creditors to the liquidity providers we can then provide a stable interest rate like four percent so that's the final goal got it thank you one one short question uh so basically the idea is based um similar to to die right to make a lower infrastructure just just not bind to us dollar uh but to uh rupee okay yes exactly yeah on a side chain not on the main net yeah um that's everything for q a um yeah thanks a lot thank you all right so the next team is called the ether xp if you guys could start sharing your screen that would be good let me know if we can start playing yep you can start playing so um is there supposed to be audio give me two seconds good thing it's like error and just remember when you re-share your screen to hit the share audio button yeah cool that was exactly the problem i apologize for that what's up fellow ethereans it's your mcmasher here and today we are going to talk about digital identity users currently do not own their reputation online that's the problem facebook twitter linkedin and the rest are closed gardens gardens where all the plants you sow are hidden behind a gate and all the crops you harvest are owned by a publicly traded corporation it's time we throw open the gates and declare rightful ownership to our identities on the internet here is our solution turn digital reputation into a non-transferable nft so a user owns their digital reputation and can take that reputation with them throughout web 3.

0 in this example we ended up turning xp the native reputation of the ether into a non-transferable nft xp is earned by users when they make insightful arguments or have useful answers to interesting questions as users earn more xp they level up the user's level is representative of their level of insight regarding ethereum related topics here you can see our leaderboard and how much xp each individual user owns we want to allow them to transfer this xp representation into a non-transferable nft representation we have created smart contracts that do allow a user to convert their current level which is based on xp from the ether into a non-transferable nft badge called exp their exp will live in their own personal wallet here you can see our open source repo that goes over how we did it and the what the badges actually look like and here on etherscan you can see two transactions we made where we were able to send a user exp we wanted to show this screen because it displays the non-transferable nature of our nft as you can see a fail with error the ether xp cannot be transferred to other owners error message appear this displays that our nft cannot be transferred from user to user we have used the nft erc 721 standard and prevented calls to transfer and save transfer functions however low level call data functions may still be susceptible to token transfers we welcome bug and qa testers we are continuing to add additional restrictions and security into our smart contract to ensure the token is permanent and non-transferable thank you for your time all right q a will now begin yeah so sorry sure yeah okay thanks so um the token is not transferable so that means uh if i get it and i lost my wallet uh it's it's it's gone right so it's a great point uh we thought about this and the way that we have solved this particular problem is that we have a special token that's actually um we call it a untrusted miscreant token that if you were able you know for example we're on the ether already we're working with bride id and uh if you brought your broad id to us and then show that the you know saying that the account that was tied to you the wall that was tied to you is no longer yours maybe your your private keys were taking etc we would send an untrusted miscreant token to your wallet to your previous wallet that you owned which would show that any um xp that that wall has earned or any reputation that walt has is no longer to be trustworthy okay uh just two questions here uh madison my first would be why use nft right if your main pitch is which i understand is it's non transferable you can just have a simple erc20 which is non transferable so why nfp right and my second would be why what's what value so i i get why what benefits non-transferability brings right so you're it's a sticky reputation right but uh you also then cannot how do you monetize uh your reputation right is there like what are the benefits of of having an unsticky reputation if i can't monetize or do things with it yeah so you know monetization for for the ether is completely separate the the same reason uh what we're really trying to mirror is uh how do i show that i have knowledge on a particular topic without having a certain degree from a certain institution without showing that i have a hundred thousand twitter followers in order for that to be my proxy of how much insight i have to that degree right we're not trying to monetize per se uh the reputation that we have some plans that are a little bit separate from that what we're trying to do is we're trying to create ways that people can show that they've experienced within a specific field or within a specific um knowledge set without relying on these current reputation scores that they do not own themselves um and what was your first question i apologize and why do it as a nifty and yeah so we took inspiration uh there's been a couple projects that have looked into doing some of this work before maker dow actually just came out with some badges um all that that are also i believe using the erc 721 standard and so we basically the inspiration that we were able to take from or saw that some other people have been testing it with it uh they had done the nfts and also we believe that a badge which is really what this reputation is um the nft is needed to have unique badges that are tied uh effectively for it to be in the nft structure for there to be a corresponding unique badge okay there's uh q a yeah my just follow up on that would be uh so i it depends on what your end user usage is are you looking for this to be a reputation within a platform that you're building or you are building a reputation for across the platform right that's exactly right so we're xp is part of a larger project called t-rep we're calling it tokenized reputation and we just used it as the example for our platform as the first application where you can see this working uh the idea here is that we then work with other you know web3 protocols other projects within web3 and help build you know a common reputation scoring system for many of the actions that take place on their protocols or their applications um the the real idea here is to come up with a sort of industry related reputation score that isn't um as i said before related to twitter followers or you know reddit karma which isn't really used but really twitter followers is what primarily people use okay so my my ending comments on this would be that it's an interesting like reputation is something open reputation is is winner takes all kind of game right so the more uh reputation is around one platform it's hard to put that repetition somewhere else right so for you it would be the reputation has to be integrated across as many platforms that's the outreach right that's exactly right well it's not our reputation it's for example like uh let's take git coin if you did certain actions on git coin like or consistent donut or certain types of projects maybe you earn the same sort of um you know dap type of xp that you earn on the ether for making arguments about dapps that are very compelling really partnering with other applications and building a common reputation system around that and then you can take that reputation wherever you want to go maybe in order to get into certain conferences you need to show that you're an expertise within the d5 sort of category of xp right so that there are a lot of different ways that you can use this reputation and ones that we're not necessarily you know other people can come up with as well sorry to interrupt uh that will be the end of the q a thanks for your time thank you all right um so the next team uh that i'll be introducing is permanent loss finance if you guys could start sharing your screen that would be nice [Music] sorry was there no audio at the beginning either nope okay let's try the youtube version are you a liquidity provider and yeah anything you swap you farm uni tokens by providing liquidity to the e-stable e-stablecoin pools do you dream of an early retirement on a stack of funny internet money do you wake up in the middle of the night can you share your screen though right you're gonna have to reshare because we're not seeing the share screen oh it went away yep here we go so share computer sound done sharing a password all right one more go here test no sound oh youtube you're killing me here i don't know why youtube's not playing do you want me to try and play it here because like i don't know why youtube decided just not to play anymore i'll turn it over to you quick give it ready this one's sick can you guys see the screen yep we can see the screen yep and their audio or um is it playing at the moment no that can't hear no idea no audio if you re-share when you drop the share screen reshare and make sure you hit the share audio at the bottom in the zoom have to hit share screen is the bottom left button uh box to hit your provider and union swap again do you farm uni tokens by providing liquidity to the e-stable coin pools yes do you farm uni tokens by providing liquidity to the e-stable coin pools do you dream of an early retirement on a stack of funny internet money do you wake up in the middle of the night concerned about your position and check the eth price you may be suffering from something called permanent impermanent loss luckily there's a new product which can help you permit loss.finance will help you secure your funny internet money financial future by providing tools to hedge away in permanent loss don't get wrecked protect hi this is jacob from the permanent loss team permanent loss dot finance is a tool for uniswap lps to try and avoid impermanent loss on the stable coin pools so here on the graph you can see in blue is your kind of standard and permanent loss graph so in a delta of two the two tokens in the pool it'll show you what kind of impermanent loss do you expect to suffer and since these are east stable coin pools we really only care about the price of each changing because we assume the stable coins will remain fairly stable over top of this we've graphed the put and call option prices we pull these from the open protocol we query their subgraph to get the ones that are open that haven't expired yet and then we go out to unit swap and get the current prices and we plot this right over top of this impermanent loss graph so you can really kind of see like how to construct um impermanent loss protection so let's select one of these options here here's one at a 67 of the current price of each so this would protect us if the eth price fell more than 33 percent um basically this part of the curve we could be protected if we selected we purchased this option um when you select an option you'll kind of see um some of the details on it so we can see the strike price on this is 280 so if each price falls below 280 we'd be in the profit on this one well 280 plus the the price you're paying for to have the option uh you can see the expiry and so what we do is we we say you know this expert is in 35 days if we assume an apy in unisop of 20 here's our projected gain without the put and then we calculate our projected gain with the put and then we can say you know this costs us of our of our total gains over this expected period cost is 25 to and to ensure this position for a greater than 33 percent loss in the price of eth leaving us with a net api of 15 and then you can go in here and you can change the api maybe you don't think it's 20 maybe you think it's more like 10 and all these numbers will change as you do that to play around uh you can also change the amount of each so right now we're only looking at um protecting uh one each we can switch this up and say let's let's try and protect it for 15. and now we have some some new prices for a larger position we can go in here and construct a straddle if we want so a straddle is when you have both the put and call option and this will protect us sort of on both sides of the graph so on on this up up slope we'll have if if each price rises more than um 500 we'll be protected from this level of impermanent loss and if the eth price drops below this price below 280 um this left side of the graph will have protected so really the only part of the graph we would be concerned about is sort of this this zone which actually is a pretty small impermanent loss zone hey everyone my name is andre and here we have set up a strangle that's an options strategy in which you buy a put and a call option with the same expiration date but with different strike prices in order to buy the options you need to click on the green and yellow buttons and go to uni swap here you have to accept the option token and then you can actually buy your options the input token is taken from the option contract and the input amount corresponds to the amount of if you've chosen to protect now with the options in your wallet you can exercise them before expiry on open monitor or other scan or you can just selling back to the market on uni swap that looks good q a will now start all right any questions i don't have any questions i just i i like what you're gonna start building it it makes total sense thanks yeah i i i have the same similar comment to crow it's it's interesting you can see how it could be useful right uh i also like i also like the commentary on your video in the style it's a very movie the commercial you hear the commercial uh so it's fun uh my uh just one comment would be on the ui i i think you guys for something like this because the strategies are complicated right you guys need to have more education on the ui a lot more and the other part right now is your you're moving people to uni swap to do the execution and stuff right so that just creates uh uh creates a hassle uh too many clicks for a user right i would if someone actually wants to use it he should be able to use it on your website right two clicks and done right get discovered a couple ideas um on that we want to have i think just two like maybe buttons when you first load it up like the cadillac plan and like the basic plan and those are automatically select options that sort of make sense there and then yeah if we had our own contract behind it that you could purchase both atomically you know through our own contract i think that would improve things as well we actually started implementing this with the open b2 protocol but because there was not enough time we decided to report open v1 for now and work on our own contracts later and then you wouldn't have to go to uni swap or anything one question from one slide what was the hardest challenge uh on on this hack for you i think definitely open v2 i know hundreds of time trying to get the v2 up and running it was hard just they changed it so much from the first version of the protocol and no i tried to work with it but at like 15 days into the hackathon we decided to focus on v1 but this first 15 days the hard part was actually getting the open v2 contracts to work and we started you can create your own margin votes where option sellers can come deposit collateral open new vaults from which the options tokens can be minted from so it this is working and this is tested right now but the interface you don't see any of that yeah so i think when v2 hits mainnet it'll be much easier to integrate with them and they have like the subgraph and everything yeah which would be easy to add at that point do any of you have background in working in finance or options uh or derivatives not at all okay i had to google like what a strangle and straddle was and have you guys thought about using uh perpetual swaps to hedge instead of options yeah i definitely want to integrate with more providers or phi or something it would change some of the calculation because you don't you know you don't have that ending point but yeah be nice because then well i guess the option um v2s automatically will exercise if they're in the profit which is nice the ones you actually have to manually remember to exercise your options before they expire um yeah thank you for your time thanks guys okay so the next team is liquidly paid if you guys can start sharing your screen we can get started uh hi there judges i'm gonna share my desktop right now and um do you prefer to see the video or live because when i was making the video there was a problem with gas and the transaction wouldn't go through but i can show the video even though it's going through now um i mean i guess i'll do just through the video since that's what everyone's doing um global judges my name is richard and i'm pleased to present liquid lick paid um the project is a fork of the liquidy protocol which was presented on the device summit day and it's a fork uh implemented on the near protocol so the ux2c before you is actually a open source ux implemented by the liquidity team and my teammate daniel and i adapted it to work within your protocol wallet [Music] currently we are facing some gas issues on the side of the wallet but to just demonstrate what it would look like to open a cdp in the liquidity protocol implementation go ahead and click open trove so it immediately redirects you to your into your wallet and requires you to receive a text with a code and there's no way to disable the two-factor auth i tried to like fix the gas issue which is probably a good thing in production but it's bad for a hackathon and if it were to succeed it would asking again okay um back to our ux okay i guess it's but if it works it redirects you at all so um liquidity basically wants to be this the best cpp engine in existence in terms of capital efficiency and uh hard peg guarantees so your stable coins are always pegged to a dollar um or an hour fork a quid a great great british pound um it's always 150 over collateralized even though your individual trove that you open can be 110 over collateralized so our main modification to the through the protocol mechanics was the redemption mechanism and that's when you send back stable coins to the protocol in order to receive back your collateral and the difference with liquidity in our implementation is that liquidy goes through the least collateralized cdp's first and redeems from them whereas we loop through every single cdp in existence and this is possible because of near protocol's efficiency compared to ethereum and we will reduce everybody's collateral in depth in proportion to how how what their contribution is to the total collateralization ratio and that's about it as time permits global judges my name is richard um in case you weren't at the d5 summit day i can give like a little more explanation about the liquidy protocol um or just if you're already familiar ask whatever you please i'm not familiar okay so basically um so basically it it allows you to uh not pay any interest unlike die so like die always has a savings rate sorry not savings rate uh interest rate that's always changing here you just pay up front if there are certain market conditions that require that payment and if the market is relatively stable you don't pay up front at all it's free to issue debt as long as it's 110 over collateralized but there are fees when you redeem so when you give back the stablecoin trying to get back collateral you pay a redemption fee so there's uh that and and how it's better for [Music] people who want to go long or people who just want to get some liquidity and there's a it's 110 it's um 150 as a system so on the basically the the redemption fees uh they will they will throttle the uh too much um too much loan issuance and also when there's too many stable coins in circulation and it's over a dollar the fact that you can um sorry the opposite situation when it's like under it when it's under a dollar the fact that you can always redeem into the protocol for the value of a dollar means you can arbitrage that so you basically buy up a bunch of stable coins for like 99 cents give it back to the protocol and give and get a dollars worth of that amount in ether so you're taking that arb and um the capital efficiency is um it it'll it'll liquidate basically the people who are at least collateralized but ensure that everybody's stable coins are like 150 percent backed even though in to issue them in the first place you never had to be 150 backed as a cdp um and there's no governance that's really big like there's no voting for us for like stability fees or anything like that um and there's like a recovery mode when the system falls below 150 over collateralized and there's there's some constraints around that um so i can i can go deeper into that if you want or i have a question um how how was it to build something for near protocol yeah near near is lovely because it it lets you do everything in a very simple way so liquidy works on ethereum and it uses some very very cool mathematical techniques to basically never have to loop through everybody's cdp but just update everybody's debt and collateral through a um sort of like a scaling factor similar to how compound works but in a very much more involved way in near it's basically free to loop through everybody and just update everybody's debt and collateral i don't think i touched on this there's no like auction-based liquidations when someone is a candidate for liquidation their debt basically gets redistributed to everybody who has a cdp and they're collateral um so is this is this the are you guys connected to the liquidity or this is just the folk uh you guys have [ __ ] on here so the liquidy code base is going to be closed source for another few months but this is basically um the protocol on near and it doesn't use the exactly the same liquidation and redemption mechanism it's a little bit modified and and when i say modified it's really simplified because it was like the easiest way to build it and also why not because near as cheap and efficient there's one more minute to the q a oh also there's no price oracle attached right now the ux just you set the price manually but in the future we're going to rewrite everything in rust so we used assembly script for this hackathon because it was just easy but it's not like we ran into many many challenges with it so um yeah for the future we'll rewrite it and rust attach chain link and deploy it on polka dot as well did you say assembly is easier than rust assembly script so it's it's like it's a set of typescript i think okay any more questions also i guess since we're looking at it stability pool is when you take the stable coins that you mint to yourself or you buy them on the market and you basically stick them and by sticking them you get a share of all of the liquidations and all of the fee revenues in the system um that's all the time we have for a q a don't worry about that um so now we will start a uh 10 minute break um judges feel free to turn off your camera go on mute and get a quick snack will reconvene at 150. actually go cool if you could hold one moment uh before until the judges return so if you could stop your share screen for the moment and then we'll start you back up once the judges return thank you sure all right looks like uh all the judges are here so we'll get this going um so yeah next team is and forgive me if i'm pronouncing this incorrectly um send me out protocol um if you guys could start sharing your screen we can get this started thank you andrew and andy actually there is no such word i just added a t at the end that's why it's called semiot uh semiot yeah please let me start the video i am google ls uh it's my question privilege to press and send your protocol clear implementation for eve global 2020 hackathon let me share the screen our repository is in semion protocol so here verity nets is the reference implementation and the verity net comprises of probabilistic groups circum circuits snap js and star starkware vido uh vdf powered randavo and uh massie semaphore uh applied zkp minima anti-collision infrastructure massey and these are the zero knowledge proof related fairness focus algorithms which are being used to build apps and application architectures here so let me quickly take you to the verity buried in it as you can see our architecture consists of building markets and apps powered by markets and boards so markets are created by non-functional tokens here we use template and fairness davo powered by the random concept van divo is implemented using vedo star pair video bdf and the you know fairness votes are created using mass c minimum anti-collusion infrastructure from uh applied ckp and fed so we create fairness probes using silicon circuit and starches and fairness funds are created as quadratic funds and here the famous davo is created from random the technologies are we are implementing both optimistic and zika all up here that's one of the novelty optimistic controller is implemented in the reference implementation and zika olive is implemented uh using the simple approach we have also experienced in identity and matter labs so the centrifuge team take erc20 and 721 are the tokens deployed which is implemented on rv on away token for it open swap and there also is star kicks swap is done on star kicks exchange and the bdf devo or not is useful governing away compound and star kicks so these are the technical components you can see the zika roll-ups optimistic roll-ups top and strap right so you can see further details in the code base here right there is a circum based circuit and this verifier is deployed on zika ruler and governance for away and compound using pdf tau quadratic voting using massey and the lake token strap for away and the teller optimistic roller using circum circuit based dispute data dispute provers then a token curated registry on tin lake marketplace and using tin lake on delayed the erc20 tokens on starkids so this is all about verity in it bertinet also has tried a lingual bridge integration from chain link so dispute verifiers and compound governance away governance judges so i've slightly upgraded the architecture so this is the architecture and for better clarity and just showing the architecture again fairness finance through markets and funds it is a very ambitious goal i i'm sure that fairness cannot be achieved overnight we just started attempting fairness try by forking away governance and compound governance and then integrating quadratic voting very fares using circum and massey together so there is fairness proof fairness proof is fairly ready but the fairness organizations it's a very early stage i can say random is in early stage with unchained randomness from star queer vedo fairness tokens i have taken tin lake tokens but i don't say that is the best approach perhaps i can also explore aztec or a setter but i could not do all that fairness funding i definitely sure we can approach quadratic funding and quadratic payments and fairness oracle i found the teller data dispute oracle as a very powerful concept that they have implemented in optimistic rollups so i've taken fork that and integrated a data dispute very fair from circo into it these are cool goku you're sharing a blank screen at the moment do you want to share something else or i don't mean to interrupt i just wanted to read that out oh sorry i i didn't no problem okay i i think i missed it so i was telling about fairness proofs so this is the architecture again i just wanted to show you a summary it has fairness proof fairness organizations uh fairness tokens fairness funds and the fairness oracles so these are very ambitious early steps but i believe we need to solve the problems of corruption and collusion because especially in emerging countries like in asia like india and others there is so much of corruption in the mainstream finance there is so much of collusion there are so much of scams unless we get that money into the decentralized finance we cannot expand our decentralized finance economy that is the inspiration in this project i don't have a friend until now i could not get i am the only developer i was only working on the zero knowledge proofs and the solidity part hopefully i'll be able to build a solid front end i am deploying on matic network at the moment but i am planning to integrate to ethereum 2 very soon and this is my roadmap i'm more i'm also inspired by uma protocol and open convexity protocol would like to deploy on diversify and opm exchanges thank you judges oh all right um yeah we can start on q a now to be google i would start with the question of what is fairness finance i i still am very confused after that presentation right uh so i understand quadratic votings i've got some of the words but i i don't know the application so there are a lot of components i've seen dow their parts on dog on finance on but what exactly is your what i'm intending to do is uh you know yeah what i'm intending to say is fairness algorithms is an emerging concept especially it is very popular in the world of ai they we have we are seeing a lot of bias in algorithms that's where fairness became a very huge demand like in computer vision and a lot of field but recently in the world of finance there is huge demand for fairness how do you determine whether somebody is eligible for a loan how do you how do you determine this interest rate it is all opaque in the mainstream world and there are a lot of people who are going scot-free after doing corruption because it is highly centralized and there is no good fairness audit in the banking institutions in emerging economies this is why i believe if we bring in fairness into our decentralized finance protocols and platforms it can be huge change for example how do you determine the interest rate for flash loans how do you look at the risk especially when you look at something like um which is looking at assessing the risk in the india cycle if we are doing that fairness based validations it could add lot of we can add make it very inclusive for the people who are struggling with the unfortunateness in the mainstream finance so i would like just to take your example for example we want to do a credit delegation when you're doing a credit delegation you have a huge sum of fund uh or you you want to lend money and you want to lend to people people who are deprived of the money in the mainstream world but how do you know that your distribution is fair this is the problem i want to address when you're delegating your fund how do you know it is fairly distributed and the second case when i'm talking about uma when you are aggregating the digital assets and creating a synthetic asset maybe a digital gold how do you know that this asset you are integrating is done in a fair manner the the you know how do you create a synthetic asset in a fair manner we are so essentially they should not be an asymmetry when we are doing even if somebody has more collateral or somebody has more stake it should not create a asymmetry that is what i want to intend by saying fairness and privacy is definitely a sub component of fairness privacy integrity that is why i have taken zero knowledge proof okay um i'm gonna have to stop you there um yeah q a is over now um thank you for your time thank you judges thank you organizers okay so the next team will be um color eath if you guys can start sharing your screen that would be good um there's currently no audio um could you try to reshare make sure to click on the button on the bottom left hello and welcome to the presentation of the cover ed theme for the competition my name is francisca and i've been working on the integration of open ql and the graph and read hi i'm armin and i've been working on some of the smart contracts that we've been setting up hi i'm anish and uh i've been working on the whole idea and helping both the teams with integrating graphql and looking at smart contracts and uh just to let you know we've lost one of my phd mate who is our teammate do sleep so let me walk you through cover it so here we go so uh in our team we have uh in together 35 plus years of security experience in security and cryptography and we saw the bigger problem of lack of transparency in security audit and this is actually increasing the risk for the whole ethereum ecosystem and we wanted to take this challenge up and the best example to show this is what happened to yeah in a single 24 hours time from 164 plus dollars less than a dollar so this is really impacting the ethereum ecosystem and the other thing that we need to notice is the fact that under q1 2021 most of the major security audit firms have been booked up so there is no chance in health for anybody to get the security code audited so what was our concept the concern was create an incentive structure that opens the field up to reviewers wishing to build the reputation by collecting a stick and deferred payments to guarantee for review while earning an interest on these until they are returned okay an insurance product to lower the risk of all parties involved so by in invoking both these methods we're able to reduce the overall risk that's being a reviewer a submitter of a smart contractor is exposed to so this is very very simple we really focused on making this as simple as possible you connect the wallet you click a contract and we will handle the rest so it's as simple as that so uh you know literally uh you know submit a submits a contract i review you know selects the contracts bids for it and then he continues he or she continues to review the contract and submits uh report for on it and this is what the whole mechanism looks like there is a bit of staking so so as the risk is actually taken care of uh there is uh you know to pro to prevent it from diving service attack then there's auction mechanism to price do the price discovery then the reputation so we can actually measure the risk for a contract being reviewed by a particular reviewer there's an insurance to reduce the risk of the submitter against all risk of security bugs in the security security contract and the interest that's being accrued from the compound that's actually incentivizing people to actually maintain this stake in the platform and hence increasing the insurance payouts we can actually pay out in the future so how do they submit the contract they just go in uh you know just select which of the three a particular contract would look like and they select a submit and it goes through and the reviewer comes in it selects one and they you know submits their wallet and off it goes through and the auction completes they get a result now literally what happens is they have to submit the report the report gets submitted to the uh submitter submitter has the ability to approve or reject if it's being rejected then the dispute happens and at the end of the dispute whatever that's being left is actually left to the pool so some somebody who is actually a reviewer would actually accrue a lot more of value over time because all the value in the pool is actually going to compound and it's getting you know transferred into their wallets thank you ever so much for listening to our presentation and uh please feel free to check our documentation all right that looks good um q a will now start so initially how do you uh bootstrap the reputation system for these auditors ah this is going to be an interesting challenge this is an open problem so the thing we were trying to do was start with a low value contract so we kind of classified the contracts into low medium and high complexity and we wanted to actually start up with low complexity contracts and get enough of data to actually be able to price things out or we can actually start with a medium level and push it up or down a typical thing that you do on recommender systems but the easier thing to do is just start with the simplest of the ones and go down um so on the on the technical side of this project what was the hardest uh what was the most uh challenging part of the work for you guys oh graphql getting all the pieces in and out and getting all the pieces working properly sorry to put it that way okay at one point in time you couldn't even get on the graphql the graph i mean yeah right sorry and just to come in so uh so you're building a marketplace for audits in in one yes absolutely yes there's an auction uh mechanism for for the audits uh payments and the transactions absolutely yeah i i don't understand the staking insurance and all that ah okay good understanding of that oh okay i should have tried better so the situation is like your submitter you submit something it goes to that side then they said there are set of reviewers right so what uh you know the other uh other panelists was asking me how do i know how do i rate the risk for other people right so we start off at the middle and if you want to try to try to stake for something that's higher than your rating you have to stake higher right so stay a reviewer has to stick to actually get the right to actually do a review this first part and second part is like the delta the delta between the pair the incoming and the payout is actually deployed into a pool okay and the pool has the ability to pay out if there's a you know a dispute in the in the dispute you could actually prove that this thing has been broken over the period the period on time you'll have a time for which this insurance will be valid and then you will get paid out as a submitter so there's two sets of mechanisms in here okay just to understand correctly on the economic active right uh sure so the submitter would generally be the initiator of the deployer of the consumer right yes he wants his contract to be submitted he submits it yeah the reviewers reviewers takes uh some value to get the rights to review absolutely yes so this uh this stake amount backs his reviews as such so if there's a hack of a contract that he has reviewed he'll lose the stake oh yes absolutely yes okay okay okay okay in addition you have a pool right yeah it's an economic argument it's it's a game theoretic argument we are kind of seeing okay can we apply a bunch of tools so you know to team we were looking at recommended systems and other things we wanted to do it but we didn't have the time so we could uh apply a whole bunch of automation so if somebody submits something we can put it on a you know an automated uh you know statical dynamic analysis toolset get bounce on the risk and then use the reputational scores from the reviewers and really price that right now we don't have any sense of idea of you know any reputation of anybody who's actually doing the review be the pricing right it's a completely non-transparent or in transparent market so you know better transparency higher chances of finding bugs that'll be super awesome that's what we wanted to do give it a shot we don't know you'll be able to do it but we'll give it a shot all right um that's time's up for q a thank you for your time thank you all right so for the next team uh we'll be introducing yf nft if you guys can start sharing your screen we can get started [Music] sorry the video is not clear at all the audio is very uh you know can't hear anything hello uh heather told me that you guys can play me in my video so andy as the organizer can play my video because in the in the test room i was told that my audio is not clear and someone else is okay all right stan stand by let me see if i can find it here okay all right i'll be sharing shortly of the 21st century problem we have is lack of user adoption understanding or even an interest one of the ways to solve it is casual crypto gaming so let's make a game but what kind of game would promote crypto surely it should be about money because doctor is programmable about money and people like people love money but it should not be ponzinomics avoid any possibilities no gardening not only for ways let's add the social elements creativity let's mix it with non-fungible tokens i've tried to do it and i've come up with y f and ft so how do you play uh you have to take over an nf key i'm gonna take over ivan because his head looks empty here let's make a meme why an nft the next big thing for ethereum i'm gonna take over even cool so even is mine uh for every second i hold an nft i score one point so at the moment i score three points every second and because i hold 300 keys and that one is owned by a competitor when somebody takes over nft from me i will stop scoring and my goal is to have the the most points by the end of the week at sunday we start a new round where we uh [Music] distribute the prices amongst the top players so on sunday the first player will get 48 percent of the prize pool and so on so last in the last round uh this player won 30 matic he was the best scoring player and somebody also won a lottery we also have a lottery so if you guys want to play uh go to www.yfnft.

com and connect your metamask to mumbai matic testnet you need energies to the unitermatic to play thank you all right okay we'll begin what creates these nfts uh at the moment me i decide which are there later there can be some dao there can be nft there could be y ah and a key erc20 token with governance at the moment i decide which entities are there so i mean them got it this can be community voted later you uh so basically this product can grow in many many ways i like this idea with memes and iron and uh and others it's funny something this so so the goal is to bring some fun in here also it has to be blockchain it has to be it has to be about money but different than all that we have there at the moment all the products that are coming out seem much much too similar any thoughts on how to improve the game uh in the future how to make it even more fun uh yes uh so that uh so so what what is code that i started before the hackathon uh so it's like a second iteration of what i wanted to call it i have a newer idea at the moment i can share my screen again as but uh the the coolest one would be uh nft that you can't buy and if he you can't win you know and if you can't buy you can't farm you have to win it so you you go to the screen you plan prim minturana team let's say like on haribo and you put it in the game and during the weekly during the weekly round people vote on it so the most liked one will be minted by the end of the week and the loss the the rest of the nfts will be uh we will vanish so so during the week we're gonna make only one one enough team people people have to be incentivized to play so their mentors will play some small theme and one of them will win and will get an ft at the end of the week the rest will lose this movie the likers also have to pay something but but and by then at the end of the week they will get the money back based on something let's say if you voted for one of the top five energies you're gonna get your money back i didn't figure out exactly how to give the money back there will be more money to give back to the likers because the mentors that lost their money will be able to give money to the likers i don't know if i'm here here i hope i am but at the moment i believe if people start playing it's it's fun it's fun to to take over and hold for as long as you can all right that's all the time we have for q a um yeah thank you for your time thank you chris yeah we'll do um all right so last but not least we have the final team um really like the name for this one uh tenderize me will be sharing your screen now niko's presenting but i think it hasn't refreshed yet okay hello everyone this is our submission for the east online hackathon we built tenderize me a liquid staking protocol so what's the problem with staking currently whenever you stake into a protocol your funds become locked and become illiquid and you can't use them for example as collateral in d5 protocols there's also often a high end staking period for example in the keep network you have to wait 60 days in order to get your tokens back out of the system often there's also a high gas cost which blocks smaller token holders from efficiently participating in such protocols and there's also a little bit of effort required you need some knowledge to efficiently participate in a state protocol so what is the solution that we built for each token that you can stake in our protocol there is a staker contract which pools and stakes token and automatically reinvests the rewards users receive a tender token a derivative that represents our state funds and rewards for each deployment there's also a balance or smart pool that allows swapping between the token and the underlying and the derivative tender token so we currently build staker integrations for lifebear as well as the keep network and we integrated the following sponsor apis we use one inch to swap tokens that are not the stake token um back first actual stake tokens during the collection of rewards we use a balancer smart pool to swap between the stake token and the derivative tender token and for a keep network we build a pooled delegation system to delegate stake towards a node operator from multiple people now let's run through a live demo so this is the home page that users would land on and they can connect our wallet so let's do that there we go and now we can choose between one of the options to stake we can currently choose between live peer and keep so let's take some life career tokens we have a balance of 50 lpt let's approve those force taking there we go now we can deposit lpt into the system and as you can see we now received 50 tlpt or 50 tender lifeblood tokens now we're running this on a local deployment so that gives us maximum control over the underlying dependencies that we use so let's run some rewards through the live view protocol and that should show up in our front end as well it should only take a little bit of time there we go and as you can see each tender life period token is now worth 1.17 life period tokens because we now earn some rewards through staking in the lifebear protocol so let's get our 50 tender lifeguard tokens back out and convert them back to lifetime tokens so let's approve our tender lpt and let's swap and this will actually swap them against the balancer pool to get the underlying state lifebear tokens back out there we go and as you can see we now have 51 point roughly five life grid tokens whereas we started with 50 lifebear tokens and this is basically what tenderize does it stakes tokens from each user together and gets you more rewards all right q a will not begin i have a question um what is um was it hard to interact with 1h um no it was actually pretty easy because the interface was um fairly easy to use because we we just used two functions which is to get the distribution to choose between um the several exchanges we want to swap from and then the actual swap function so it was only two functions and it was pretty pretty easy to integrate actually okay thanks have you guys heard of x token by any chance um i have not perhaps someone on the team ass i don't know i don't know okay no just a very similar product just curious if you guys have come across it what do you guys see as your biggest competitors currently are you guys competing against different yield aggregators as such um i think our biggest competitors currently are uh for example the staffi protocol which is built on polka dot we should choose something similar um there's a couple of other products that do roughly the same thing or try to accomplish the same thing i think where we stand out a little bit is by using a amm to do to make the actual underlying tokens back swappable again that's where we defer but we have a couple of there's a couple of similar things on the market or that are building similar things yeah from my side i can say it looks looks great so keep keep building on that uh my stomach here yeah looks great thank you thanks any other questions i'm just a little curious on how does the smart pool works so does the protocol seed the pool and manage the pool or are you expecting uh random users to come and and contribute to the pool right so originally we indeed see to see some initial liquidity into the pool um and other than that from each deposit that happens there's a percentage that gets added to the pool as well as for for liquidity uh currently this is like a static configured number it's 90 distinct 10 percent is sent into the liquidity pool uh but for the future we imagine this uh working alongside some curve that would stake more into the pool as there's less liquidity and less into the pool as there's already more liquidity there okay there's one minute left to the q a uh i'm good i i think it's it's good what you guys are building obviously uh we've seen us exclusion in derivatives i think the other people who are trying similar would be ramdi if i stay count a few more of them i like the idea of having liquidity built into the protocol and not leaving it to third parties to contribute to pools and stuff uh yeah it's it's it's a nice work guys yeah thank you very much yeah maybe uh also when you are talking what i thought what is good that people can swap in and out directly without basically just coming from the outside but the protocol itself by people putting the deposits in it basically rebalances the pool on every user interaction so i thought it's kind of neat okay all right that's all the time we have for q a thank you for all your time thank you thank you thank you as well see you up here i'm jumping back in that's the last team so i want to thank everyone thank the judges especially for your time um a quick note to the judges there are two teams that you might have expected to be judging in this session markler coin and x liquidity but they won't be judged in this session so just make note of that um okay a reminder to everyone we have the summit um and finale event next friday on the 30th october 30th so stay tuned we have a couple more days of judging and that's a wrap for this session thank you once again to the judges and everyone thank you andrew you've been a great host thanks and thank you andy thanks guys thank you everybody thank you