DeFi Monolith - Richard Tiutiun

hey everybody thanks for coming uh it's a real great joy to be following in the wake of maker uh they were kind of the project to help me start my career in 2017 and uh it's really great grateful to be here see some familiar faces so has anybody seen uh 2001 a space odyssey raise your hand if you have sweet uh i actually haven't seen it by the way despite my psychonaut shirt but i heard there's this epic scene in in the movie where a bizarre alien artifact appears out of nowhere and kicks off the evolution of humans from apes now the goal of my talk is to bring a humane filter to d5 because i know we're all yearning for some virtue not just andre virtues are the monolithic pillars of social order and family the qualities we look for in any partner you know for our money for our our biggest values so we're all looking for that one unquestionable order above the law sought out at any cost that defines our quest for immortality whether that's you know our history or our legacy or our net worth however we wanted to find it [Music] to each his own philosopher's stone and uh for self-preservation and love we all go to extremes some of us become memes so what is there to love about making internet money dance for me at least um it sounds like going on a date with your imaginary best friend but only way better imagine they're the only one you get to see for real when you die hopefully in a less horrible way than they did this power of imagination is indeed the eighth wonder of the world i think because it's what keeps a lot of people going while their loved ones rest in peace and when they say home is in a place it's a person that's home for a lot of people uh luke 15. i'll give you a little peep uh tatted on my chest is uh about a son who returns home uh and and um wow what the hell does this have to do with d fight dude we're uh about get rich or die trying but do you uh remember what happened at the end of that movie if you saw it get richard i trying so at the end of it uh 50 said the whole time he was trying to look for his dad he was actually trying to find himself when people ask me what uh quid is uh they immediately think british pound or quid pro quo um for me it's it's it's who who the is who i am and and it's like uh my my time in defy and my pro quo is for that and for my entire history uh dictionary.com actually says that quid is a quantity of tobacco that you can chew on but shouldn't swallow and tobacco is my last name in ukrainian to tune in so my pound of flesh for kind of being in the industry and for coming home is this last smart contract that i'll ever write in rust uh now uh before i tell you kind of uh the why of uh why i did this because i want to save the best part for the for the end i'm gonna say oh dirty mirror on the wall uh what for did i sacrifice at all you know right after i tell you a bit about the how i promise this boring part will make you feel better if you read between the lines and uh you know if i did a good job you'll leave the talk with a sense of extraordinary wonder for ordinary d5 primitives so how it all works reminds me of this famous davinci device on the left called the aerial screw it has this kind of ingenious circular design that lets friction from the air which would otherwise be lost to waste to actually get harnessed and let the device slide through the wind like a dandelion seed so there's a gf holding up three pools as they copulate in the air forming a floating risk marketplace the solvency pool hosts market makers for a risk budget that feeds the live pool made up of borrowers that are risk market takers the market is insured such that individual liquidations won't cascade into liquidating the whole protocol uh keeping its dollar pig stable liquidated collateral and an equivalent value of debt flows from the live pool into the deadpool where clearing happens when someone wants to swap crypt over quid or quid for crypto so i love the deadpool because it's constantly dying and reviving itself like the reynolds character so spot traders will always redeem the sins of liquidated borrowers whether they owe stable coins or crypto any debt above the value of collateral flows to the guarantee fund which constantly grows by taking an 11th of all premiums and swap fees and using that as liquidity provision so shards of the deadpool gradually get absorbed into the live pool into the solvency pool as users update their positions and netting themselves this green delta to their p l giving red to the green lioness the gf so the solvency pool is purple because you get that color from mixing red and blue representing how all three pools are related in this structure there's a floating solvency target of how backed it should be above 150 or below 150 if you're a depositor you get to vote medianizer aggregates everybody's votes into a live target scale is pricing up or down i totally don't have the notes for this slide but i'm going to try to like recall them by memory excuse me um so there were this famous audi commercial i don't know if it was the super bowl or what but they basically commended uh all of their um kind of predecessors so ah the notes are here i'm just gonna read them from here if you don't mind so that's the symbol of our stable coin called quid it distills several crypto vehicles into a single protocol like apple did with their monolithic m1 chip that removes liquidity silos between trading lending and options and it also is paving the way of most resistance but least risk for me to finding myself that's why i closed the loop on kind of the why this is uh being done it's it's my soul searching and my kind of you know art project my nft and uh i'm building a cigarette for my dad basically who died from chain smoking cigarettes it's all kind of not funny but i make it into a joke because it's jokes that sells even though we're not really a joke uh the protocol is literally a personification with an on-chain code of conduct so integrity is the linchpin so integration is the central theme uh i mentioned the audi commercial it commends the kind of character traits of its uh biggest competitors by saying how it integrates them so by bridging one piece into the next in my kind of uh career which started with cloning maker on eos and then starting the first eos stable coin and then working for bangkor and then liquidy and near uh every piece kind of built on into the next one um covered all this so the last thing i'm gonna say uh still got plenty of times i'm just gonna take it so i hated to love it daddy my peg won't drop and i'm gonna grind normies until my hot stop and i ain't going nowhere so now you can get to know me but this is the last stop for our serpentine road of tobacco what was it go zero 200 real quick near back to quit half a mil a day sold at a discount dollars cents coupons loader clip 2 2 2 2 is terminator music my last name if you stutter and once in a lifetime timestamp so click the dotcom link for countdown till i'll be back for your tether at the dot io link thanks for listening