Okay, cool. Um, very good pronunciation of the name. My name is Dennis Dinklmmyer. I'm going to give a brief introduction. Um, I had the the opportunity to be at every single stable summit since inception.
I'm super super um thrilled to to speak today. Um, to me, the stable summit has always been a builder summit where you showcase ideas and this is going to be a very very raw talk to do exactly that. So, I'm going to talk about three things we've been working on. They're completely unannounced. This is the first time you'll ever hear them and it's going to be a raw um um conversation about those.
So, briefly um about ourself um very raw indeed. Um but with a um but the slides not working. Can Yeah, here we go. This is an introduction ourself, the founding team of meters. I think Roman is just here in the in the room with me.
Um um a couple of numbers. We have around 200 million TVL with no incentives, no governance tokens, no nothing, no marketing. I haven't even tweeted in three months which is very unusual. So backs the questions how how have you done this and and what we doing. Um really we really focus on building a high quality product.
So we focus on product market fit and we really focus on very very strong value proposition. So all of our products so we are for for for an introduction briefly on a high level sense we an asset tokenizer. We tokenize assets. We can we we we started those tokenizing ters we added a basis trade and over time we've added actively managed certificates that are basically active managed yield strategies where we partner with me capital R7 capital N capital and others where they effectively actively manage these strategies and we we're tokenizing them so they effectively give you exposure and yield and we have done this under a regulatory compliant framework so this is something I would say quite differentiated um they are um effectively regulated and have a clear framework Second thing and this is very important to users is that all of them have atomic liquidity and that's something actually really really hard to achieve. We'll talk more about that in a in a moment.
Atomic liquidity is required because in order to be composible in order to have use cases on on Pendle on morph oiler you need to have an redemption pathway that's atomic and it's also couple efficient. We'll talk about this in a minute. Um and the final thing is um um I run a tokenization business and I always joke that I'm very bearish in tokenization. Um this is in in my view you you need to have composibility. You need to have a use case.
Um just tokenizing a JPMorg money market fund without a use case is is no better. In fact it's it's worse than than Trafi. Um because actually you have better bankruptcy protection all of these things um when you when you work directly with JP Morgan instead of working with with a small um crypto company. Now um in in in this sense we really focus and on tokenization and bring tokenization use cases to to outline this I give you the sort of full I call it total composibility um and and and and talk through the entire life cycle of this. So in this instance here we've partnered with with edge capital is a is a fund they they focus on on on on finding the best um um best risk adjusted returns at any point in time.
They're really doing this day in day out. We step in and we tokenize one of the strategies. becomes an actively managed certificate that we call match. This token is a permissionless ERC20 token. is fully composable in our regulatory compliant framework and that is in this instance and we're very proud of the specific use cases um has gone to Pendle and you can you can LP on Pendle um or with any other platform for example Spectra and otherwise and and and you can speculate on the on the yield appreciation for example the YT token and the PT token you can get additional incentives and this PT token ultimately made it back to um made it back to um to Mofo um via a gauntlet created um um um world.
This is a just just an example of what we're building on. Um but it actually I'm very proud of this one specifically because it it outlines the full scope of tokenization and composibility. Um in in DeFi there's the borrow land case it's a very popular one but as interest rate specul speculation that's really one that we have achieved. We're very happy to have done this with all of our tokens. So MEV edge and others we we've we've we've we've tokenized active managed certificates and they're fully composable in DeFi.
Um now the first thing um and just in practice to see how this works. Um MEV is one of our best performing tokens. Um we've launched it just a few months ago. It has nearly 60 million um TVL. The the the the return is very attractive around 10% um analyzed returns net of all fees with atomic liquidity.
So it's actually when I think about this this product it's a very very very strong value proposition especially meaning consider you get the pendal LP yield you get other yield on top of it if you utilize these these composibility use cases and when we talk about composibility and why it matters it really matters to users you get 10% on this token and you go to a more market and you borrow 6% USC against it all of a sudden your return on equity instead of holding for 10% goes 15 20 30% and this is really why we double down on tokenization and composibility so much now the first product and this is world first. Um it's a it's a it's a very raw slide that we we like to introduce is this concept of stake liquidity. Um when you when you when you build liquidity on on stable coins or or or or other instruments, it becomes very very costly to build DEX liquidity. It's such a hard challenge for for people to do. Um now what we have done is that we have built on the existing infrastructure of some of the the tokenized T- bill instruments.
For example, we have a a product called MT Bill that's backed by by by some of the instruments like Superstate and and Bidd and others that have atomic liquidity. And these are fantastic products because you earn 4 and a half% 4% you get atomic liquidity drawing from a contract call. This is actually a really strong use case when when I compare to traditional finance because it's sort of 24/7. Now when we build a um um our our infrastructure we have effectively one central pool that sits in tokenas money market funds earns 4% and any redemption call coming from any of these tokens that we issue is supported by this pool of capital and this is what we call stake liquidity. You deploy in this liquidity pool, you stake liquidity, you earn the risk-free rate, and then when redemptions happen, they they're settled from this pool.
And this is actually an interesting concept because instead of scattering liquidity of four different five different tokens on Dexes, you effectively have one place where the liquid liquidity centralizes, doesn't fragment, and it turns over. All of our tokens have a redemption fee, which users hate, but that's that's something we we have to do. When when you trade an asset on a DEX, you effectively pay slippage. And in this case, it's around 50 bips. We hope to get this down to 25 20 bips another instance in the future.
But what we're doing here is this redemption fee goes back to the atomic redemption pool, the ST liquidity pool, and you effectively earn that redemption fee. So you provide couple, you earn the the risk rate on TUS. In addition, you you earn a redemption fee. And that's a novel concept. We have done this with our own private capital over the last few months with our existing tokens.
the the strategy alone returned around 30% um IR analyzed APIs whatever you want to call them it's a very interesting product this product sits in T bills 4% plus all of the redemption fees from it generating 30% um risk adjusted returns because they sit in T- bills it's very interesting product over time we bring this product to D5 2 and we obviously scale this as all of our other products scale in the future so the more redemptions you have the more asset turnover you have effectively this all centralizes in one construct this is the world world's first we've not formatted his slide properly. Um, if I have more time, I don't know. But about the the speaker, I can cut it off here. I can continue talking because the time is a zero. I guess I I'll continue.
Um, two words. Um, um, we we will be announcing a tokenized private credit fund later today. As mentioned, we are tokenizer. We obsess about token tokenization use cases. And private credit is is a is an asset.
It's uncorrelated from from crypto yield. So you you have productive use, receivables, working capital from real companies and we've partnered up with Fasara Capital, one of the leading ass managers in the space and actually a very special product. Um this product um is is is an all weather strategy that allocates to the private credit receivable side in a bare market and switches to basis trading market making with leverage in a bull market. It's an interesting product that effectively resembles an old better strategy. This is only for accredited um institutional investors with with high tickets.
But we've launched this product um and we we're announcing it today actually um in a in a minute more formally. Um and this is already supported in in in in some of the largest MO worlds. Um we've partnered very closely with SOS financials and really thank them for their for their for their time and attention over the last few months and we we'll share more this in the future. And then the final thing we've been working on, we've actually not shared this publicly yet. We've really just been grinding this in the background.
um we have all of the infrastructure we've built, we've widle labelled this and services to to to third parties. So we we found a lot of use cases where we we effectively provide our infrastructure um to to to third parties um that they can effectively benefit from same composibility use cases. So there's a lot of learnings we've made for example the atomic liquidity how it how it how it acts and and third parties and effectively we we've become become a token vault provider and they have the same features as all of our products. They have atomic liquidity. They have a regulatory framework.
Um and also um they have I think a very interesting construct that we've learned is that actually they have an extremely strong combination of uh security basically because we work with existing MPC infrastructure solution for defined fire blocks but also versatility and this is something we've been very focused on. We're very proud of the of the of the momentum. So just one vault we've launched with with Hyperbe um just a few months ago has um over 30 million interaction. We've done this together in collaboration with MB Capital who have been an absolutely fantastic strategist. Um and um we we also will be launching the the terminal pre-eposit campaign.
We're very proud of the team and and and the work we're doing together. And finally, we've also um done migration with with Miso. Um this has been a very raw talk. Um this is the first time we've announcing these things. So apologies the slides have not been perfectly formatted.
Um we just made them this morning. But hit me up um um and on Telegram and we love to love to chat. Thank you.
Automatic transcript — names and jargon may be misspelled.