Les Amis d'Ethereum France #4 — PART1: Pablo Veyrat, Angle DAO

[Music] Good evening, what you're hearing correctly, yes, good evening everyone, thank you for being here for this fourth edition of "Les Amis Déterreau" in France. Tonight we're going to talk about interoperability, governance, and stable coyne. First of all, I'm going to introduce Théréau France. For those who don't know us yet, we're a non-profit association (under the 1901 French law). We focus on education, research, and open source.

We organize quite a few community events, have published two articles mainly dedicated to the French-speaking world, and have also translated articles, mainly from English. We're translated into French. We're present on social media; you can find us on Twitter, YouTube, and Discord. So, tonight Pablo will talk to us about decentralized stable coyne, collateralized coyne, Romain will talk to us about the governance market, and Sébastien will talk about Cosmos and interoperable blockchains. In that context, I'll give you a little update on the latest news from Théréau in France.

So, in April, we're planning a fifth edition of this Myth Up, and in July, we have our big annual event. Yes, which I'll talk about in the next slide, that's it. So here, this is our big annual conference, which is being held in France in partnership with the Maison de la Mutualité. It will be in July, from the 19th to the 21st, in Paris. We're expecting 300 speakers and around 1000 participants, including the speakers.

There will also be about a hundred side events. For those who don't necessarily have the chance to come because they're working, or who couldn't get a ticket, there will be events all day, in the evening, and pretty much all night. The list will be available at sisiweek.fr and blocs.cheznous.

fr. The list will be constantly updated until the event, so you can check it out. Generally, most events are free. So, that's what they're trying to do. It's really community-based; we're not the ones in charge.

You can list events yourself on these sites. There will be a wave of 200 tickets issued at the beginning of April. Everything has been announced. On Twitter, you generally have to be quite responsive because places are limited. I think the announcement was made this afternoon, so Kelly already has the dates for the other two waves.

Anyway, thanks again to everyone for coming and making this kind of meet-up possible. At the end of the event, there will be a small distribution of POPs, which are little badges in the form of LFTs. You can scan the QR code on the screen, and for those who don't know how it works or want advice on the application, how to get your POP, you can ask those scanning the QR code. I also wanted to thank Exalte for the welcome. We're in a rather symbolic place for the association.

We've already been here in other circumstances, and we're delighted to be back again. So, before giving the floor to the speakers, I'll let François Xavier speak so he can explain a little about where we are. And thanks again for being here tonight. [Applause] Welcome everyone! I've taken some notes, and thank you for being here tonight.

I 'm François Xavier Mal. Oh well, so what do we do with authors of exciting things? I'm delighted to welcome you. A little anecdote: I'll quickly recap. It was first a tripe and butcher shop, then one of the places where Christian Dior was able to develop some collections.

Then, as you mentioned, Alex, we're now Exhale since July 2021. For those who don't know us, we're a consulting firm specializing in digital transformation, focusing on product aspects. This project was also funded in Haiti. We're very happy to be able to welcome you and Airs in France on this topic, around the blog channel. I would obviously like to thank Alexandre and the speakers, including Cosmos Paladin and Une Gueule, and we are obviously delighted to learn alongside you.

I wish you all a very nice evening. A good min up! We'll see you at the end, of course. We've had a few pizzas, some soft drinks, and a little beer. That's all for now.

At everyone's convenience, thank you. I'm sorry I don't have a slide to accompany my presentation, but I'll try to be clear, and feel free to interrupt me if you have any questions while I'm speaking. Let me introduce myself: I'm Pablo, co-founder of the Angle protocol. I came to decentralized finance very late. My first investment was in 2020, and I started making the difference at the very end of 2020.

Actually, I was a student at Alix, and I took a crypto course there. It interested me; I dug a little deeper, but without really getting into it. Then I did a master's degree in the United States at Stanford. Once I arrived at Stanford, I took another crypto course, and I fell into the rabbit hole, trying to understand how the protocols work and how to play with them. So, in 2020, I started playing with Ku-band.

I saw that it was possible at the time to make case percent trades with it. With the death of the last one on Cowboys, I thought, well, I'll buy some more. I was hungry, I had no experience, I was going through Clanbase, not even a pro drop, so I was lending my USD, it's a medal to get some Wild and to earn 4% on the silver at that time, late 2020, it's a period where the dollar was crashing against the euro and is actually 4%. The deal I'm making is completely offset by the loss of the dollar against the euro, and at those times I think it's still stupid that the ADIE (Advanced Development Index) is something super composable or super practical, that we had to let it go, it still is, but that we do n't give people the opportunity to have duels on currencies that are theirs. So there with some friends, we were still in class at the time, we said, well, let's create a style, 15 euros, we have The idea was pushed a bit further, we thought, but if we manage to make a Steven Kane Euro protocol, we can make a Steven Kane protocol for pretty much any currency.

The thing is, when we started, we had almost no experience. We knew how protocols worked, we barely knew how to code anything unusual, so we asked ourselves, what is a 'stable' protocol? How exactly is it? A trial protocol, Balkany, is therefore here. Yes, I've tried to explain to you today how a 'stable' Cohen G protocol works, and after that, I'll give you some of the major trends that I think are happening right now in the world, and Steven Kane, in any case, decentralized.

And then I'll explain, as in English, that with a 'stable' Cohen Euro protocol, we try to take advantage of trends that we estimate to be in order to make the most of the situation in the future. So, a 'stable' protocol... Kane is a set of smart contracts, so it's managed in a decentralized way, unlike a company that creates symbols. So, like Circle K, experienced SDC as a teaser with Alves. These companies, these companies, it's very simple: you give them a dollar, they give you dollars; you give them another dollar, they give it back in dollars.

And so this allows for arbitrage every time the price of the Queen of Lifes style relative to the peg, therefore relative to the dollar. So if the price of the Caunes style is too high, well, I'll put a small Coyne bowl, I'll issue for 1 dollar at 'stable' even if I sell for more than a dollar, and I'll lower the price and payouts. This doesn't yet exist for the euro. The main reason is there are two reasons: it exists, but it's not very widespread. There are some, there's one, there's a company called Stasi that does it.

The reason is that there are Negative interest rates are currently in Europe, and so the model of these companies is: you give me one euro, you give me one euro, I give you a Queen style, 7 euros a month. Meanwhile, I make it work, I get a cut, and that's how I pay everyone. It's not possible to have wild cards, and even if we wanted to have islands like your lands are doing a bit right now with their theories, they lend their euros and also choose what they call commercial paper. Well, it's going to become illegal with the Mika 2024 regulations, and so, it's known, it's quite complicated to do centralized, so there you go, that's Lester Bolton recentralizing names falling with angles in the other category, Lester Balkans euros of Esteban Bolton decentralized, a 'stable' protocol, decentralized Coine, what it tries to do, and it's to take cryptocurrencies that are volatile. The collateral is to create something stable in terms of output.

So, the whole role of 'stable' coyne protocols, regardless of the site design and Bologna Process, is to take something volatile and make it stable. Therefore, our job as 'stable' coyne protocol providers—whether it's with Maestro, Dail, Abracadabra, Mime, Terra, or Angles— is to try to remove volatility from the collateral. There are many different models that exist. Let me explain the basics. The first model, the first ones launched, is Maestro with size.

This model consists of saying, "You give me one ether, and in exchange for 7 and r, you will have the right to borrow Kane styles." In fact, if the value of the earth you gave me falls too low at some point, you will be liquidated. That is to say, I want to take Your and R, and you'll end up with styles that win, so the way the risk is absorbed, the volatility is actually fragmented between each person who deposits ethers to borrow die. Tell me if that's not clear, it was very clear to me. So, in fact, these fragments, such as risks, are between each person.

I'm dealing with 10 and air, which I carry my risk of, and I borrow die. A little aside: what makes the dyke borrow stable? There are arbitrage opportunities, but arbitrage opportunities that are super indirect. For example, I borrow a die. The protocol considers that they see a dollar, but if the protocol, if the price of die on the market becomes less than a dollar because everyone has their own PC die, for example, against d and R, well, I have an interest in buying die to repay my debt, which the protocol considers to be worth a dollar.

And in the other direction, I have medals to sell them for more than in dollars on a market. Hoping that the price of gas will fall, that's also part of this maker design with the dail. It's also an abracadabra design with mime; he's playing it a bit more youthful in the sense that they're taking slightly riskier collateral. That is to say, his ether palette is going to be sustainable, spectators. Well, even if die has that, it's going to be Bering token islands, like tokens you have on Yorn, for example, d y vs dc.

You give us death tokens, you borrow from die, but except that the death tokens gain in value because they were tokens that gain 1000cc. Another branch of the adie fails everything that is strategic and Bering token, but there are many possible designs of possible fluctuations around this model, or old deposit of collateral and I borrow from Esteban Ocon, another version of absorbing volatility of low collateral and simply not having collateral. So that corresponds to the design of the st of the ona with finally with the lou then has governance tokens which has therefore become a Esteban, when it is no longer the most widespread, the design of the EU is and it's very simple, it's actually they are collateralized by their own offspring of governance etc. Luna, which in fact absorbs the volatility of supply and demand on it, so it remained to issue EU and you have to give double to recover, to recover from the wolf nab to sell your eyes and to the protocol you recover Luna 11 years, so we see that it works well, that is to say that if the price is and six, the price is and falls, I have an interest in, I have an interest in berne of ist to recover from one, the price is and rises, I buy Luna to issue EU and and I make a profit of 11 years, so right now USTC is becoming one of the biggest Stapleton dollars, there is a mechanism that is quite risky because in fact the price is and it depends a little on Luna which "It goes down," meaning that if everyone wants to do their best and get lawn at a low price, the price of Luna will mechanically drop, which will mean that more and more people, fewer and fewer people, will trust the West and want to pay when they have to stay to get Luna. In fact, there's a fairly systemic risk with that, so personally, I don't have the rest, and it's very good to go and close on a body, even though a protocol that allows you to have a 20% deal makes it possible to ensure you bear part of the risk, but it's quite risky.

These are mechanisms of ignoring each other. There are already sites and Bolton with a similar design that have failed. Basic Ashanti $7, and it does n't always work, so that's a big problem. There's an intermediate mechanism to that one, which is hunger. It's about breaking leaves or their package partly by their toque end, so FXS for Frax is in Partly through the SDC, it's basically a less risky USD, when you think about it.

So, those are the two main designs of this. Bolton is centralized, there are also many variations, there are rebuilding tokens like Hemp Force. I don't want to go into all the details of what we're trying to do with Angle. We're not just trying to make sites and Bolton, but also creating liquidity for assets that don't currently exist, so that everyone can access the tokens that interest them. We're also trying to innovate in the protocols we use.

So, when we were finally in Canton, there was Angle Camp Nou, we were thinking about which protocol to use and we were saying, okay, how do we make a protocol that is secure and collateralized, meaning that it has more collateral in reserve than 'stables' like the ones that exist for years, like the case of my heart and Abracadabra Sélestat Bolton, which basically always hold up unless there are... Liquidations, cascades of liquidations, disgust me, abracadabra. For example, the day the peg was put to the test because finally we realized that someone in the multi-signature, it was Eric Si Fou, was a bit of a scam. Everyone wanted to exit his mimes, but the protocol held up very well because it remains on fairly solid foundations, and so, like at a train station, with something safe, collateralized, but effective, the capital to create with direct arbitrations to ensure that the styles don't always hit stable. That is to say, to have one of 'stable' coyne, I need 1.

2 collateral and one of GM collateral. It was a good hit without needing to put 150% of the land value to borrow without Nagero. So, there you have it, what we're trying to do, we've tried to invent this, how it works, you come see us, angle, you give, so we don't yet accept summer as collateral for the moment, it's Esteban Ocon's dollars that beat Isabelle Cohen notes euros, but it was more eloquent if I take the case of land: you come and give some, and it's worth 3000 euros, we give you 3 minutes of this beautiful commune, 3000 euros 'stable', we always give you the corresponding value in euros. Now we have a protocol that has a reserve, but if tomorrow the price of land falls by 50%, you come to us and your mix in Bolton, you tell me, well, you have to give me 2 euros if you want to give me the corresponding value in euros. So the whole issue is how we manage to find another ET on the market to ensure, finally, to be able to guarantee this convertibility.

What we do is we like a product called perpetual futures, so a leveraged product. In fact, the protocol does not carry the volatility of this ether. So, as I was saying, a protocol remains in Bolton, it is centralized, that's all. It's a question of how we absorb the volatility, and so, in fact, we absorb this volatility. By absorbing it by selling it to other people, to people who will come to me saying, "We'll listen, you have a summer in reserve, I decide to take this volatility for you."

So if they pray for the term, and that's all the better, well, I can make a profit, the real Jo, I can make a profit, so I can take the real god x 2 x 3 up to Foix, without being offered on the Bolton Dollar stadiums, and so I will be entitled to the capital gains I would have made if I had owned the land. But if the price of the land falls, you will have the right to draw some of the ethers that I absorbed. So, for example, I contribute one ether, I decide to cover one ether of the protocol, the price of the land falls by 50%, well, we will draw from the TH2, we will draw all the TERs that the person brought us initially to have 2 and r finally. And so, in fact, you have to see it as a marketplace between people who want stability and people who want Volatility and people who want volatility, they'll take the volatility from the collateral of people who want stability. So you're saying here, I've lost a few.

The thing is, it works very well as long as they always have people willing to open perpetual futures contracts, so to come and tell me, "I'm going long and I'm taking a big risk." That's not always the case, and so no, that's where we're not innovating. If there are other protocols that have these designers in mind, especially regarding this, go to a protocol called XD that does something similar. What we do is let other people join the protocol to lend us collateral and create a kind of liquidity layer that secures the protocol in cases where we haven't managed to distribute all the volatility the protocol carried. So these people are called Standard Liquidity Providers.

We pay them because we take small transaction fees when you mine and... Kane's styles are also paid for because, in fact—and this comes back to my points about queen style trends—there's a protocol, and that's really the whole difference. A protocol should be seen as a business, a business that's there to make money, but sometimes it's in Cairo, where they 're overvalued, based on protocols that don't generate any revenue. And all protocols, their goal is to make money in the end because, in a way... One or the other, at some point there will be dividends distributed to the two leading channels of the protocol, but Core distributes dividends, Frax distributes a lot of dividends, we distribute dividends too, and so each protocol has to manage to generate revenue.

The way we generate revenue as English is by using all the collateral we have in reserve. So right now our TVA is a bit low, we're at 160 million DT, at the maximum we were at 250 million. All the money is invested over 15 years, we generate deals on it. So part of what remains in the protocol is the protocol's revenue, and part goes to what we call our Standard Liquidity Provider, which ensures the protocol's liquidity. So what is it, in fact?

It's a marketplace with three entry points: one for people who want to stay in Bolton, one for people who want to raise capital, and one for people who want guidance. For the moment, we've just launched our Symbol when euros because we realize with Bach and by Esteban Ocon dollars we will soon with this elite we realize in fact that it is hard to constantly increase costs and Jay of 116 seats and our reserves as collateral so it's something that works for the moment flagship our stable rating when it is very stable it is something that works but that comes with it it may not work all the time and one thing finally when we our vision is to still be here in 20 years we can't afford to always have a risk of scenarios where it blows up well after I think we blow up yes yes by the time we blow up you've already blown up at that point but well finally you have to know you have to know that it exists and prepare for it so we launched the euro and other things that we realize as English with our new designs is that in fact it's during ten flaws of the big third of Steven Kane who are not that they are not dollars, the essential part of the space for the styles, Quincy wanted to grow this beautiful town. Tomorrow you launch a style when a person, Nadine Saint-Yves, uses it, or you have to go through it, you have to go on CUP in fact because it's a protocol that allows you to exchange ideas, Bolton, with each other, but sites and Bolton the father, with each other, they have a super good liquidity program, mining is so in fact, people have an interest in owning your token because they receive SERVAIT and CVX, so it's complex by bringing liquidity to it, that's hard to do on the euro, we do it but it's hard because we don't have many assets with which to pay, so there you have the first trend of the ADIE, a flaw at shoulder level when we know the CD market, Bolton forex, we are creating but it's complicated, it's complicated because there's a bit of chicken and it doesn't help anyone, it will use us before you read so many initiatives to use from the EU SDC, even if the demand is there, even if people don't want to be exposed to currency risk, there's also a big regulatory risk. As a decentralized asset, I'm talking about a time when in Finland, the pennies were bigger, and at one point, they were bigger than the Balkans. We were going to look at the exchanges, saying, "Wow, watch this, FTX, Bynum, we're bigger, Stephen Cohen, euros, we have five million trading volumes per day, we 're lightweight, the style sticks, the most traded unchained list," and we, in fact, the exchanges, they're a bit afraid of decentralized protocols, especially Bynum, which want to be completely squeaky clean with regulators, and they ca n't accept something with governance that can be ephemeral, that potentially won't be regulated, and so that makes things a bit complicated.

So the other problem, and it's linked to this first problem, is the difficulty in listing exchanges as a decentralized asset. And by the way, you'll notice that on decentralized exchanges you very rarely find On centralized exchanges, you'll very rarely find decentralized Steibel Kane, so garlic is found, but Frax Faye USD, you'll find them almost nowhere. Stay a little on the banana peels, they're almost never listed, and for the same regulatory reasons, so other problems, and that's the crux of the matter for all Kane styles: the difficulty in creating a non-European offer. The goal, in fact, is to eliminate all fees and all possible frictions so that people use your Queen style. So, for example, there are very good solutions from John Rabe that exist, Mia Trensacq, Trensacq Mont Pèlerin Europe, but you have to succeed in providing liquidity to these solutions so that they take almost no fees, so that they are able to take almost no fees.

We lose a subject, not explaining the drama, it's with cash to recover an asset, so in our case, Steven Klein and Cohen styles exchanged with cash, that's there, that's the next wave, in fact. This is what allows, if what will ultimately allow, to have Esteban Ocon, which is used a bit by everyone as a means of exchanges like Lydie, alternatives as a way to obtain Didier Leschi, will make us bring in the next million or even billion people, disabled people, so the honor, MP, the offer, it is well developed on the sites in Bolton, dollars, it is a bit more complicated on the sites and blogs, Noro, there are always fees that exist and that is still a problem of the chicken, AIG, the more liquidity you have, the more the rebel zones, a frame, can work well, it comes to work, but finally you will not have the liquidity if there are rebel zones and the offers do not betray, so the first trend, therefore, and first enemy trends, is the 10 flaws, forex on the A10 flaw is arriving, no, a train of building the bases for this, it is learned, the second trend is the war of the order, MP of the ERP offer where everyone has entered, a bit of fighting, even weighted Bolton decentralized to have a fine gradient from London, technically, to integrate with centralized solutions to issue, finally to have a schedule that offers a little more flexibility, this is possible, another thing and another big trend, and this is what I think we're going to see in all styles, the thing that's coming is what we call algorithmic market operations, I'm telling you, so the animals, it's frac, what invented the term, I was saying that a protocol is a business that has to generate revenue, but in fact there's an incredible cheat code when you have a 'stable' quinet body protocol, you control meeting, it's that potentially you can min and lots of symbols, lend them on campaign, had rolled m on heart to go close the CVX service, recover all that and then well, you recover your Steibel, we manage it, we're listed on, well, if we want, well, if the governance wants, we can quintuple TV L2, we just have to min and to 50 billion euros and went to collect the yield from people who borrow Hero Ages, and so, for example, minus Hero Ages that don't exist, that aren't banked, is not nothing, and lending them in a protocol corresponds to a feed, an algorithm, IG Markets operations, it's a way of printing money to do wildcard trading, but that doesn't mean that Lester Bolton's are under-collateralized because they are controlled by the protocol, and the moment they enter circulation, the moment they are borrowed, well, in fact, the person who borrows them, these are types of collateral, so I'll take the case of AS V, but in fact, it has banked, and its borrowing with Ethers, with USD, is like you borrowing US dollars against land on AV, and in fact, it turns out that this means that all Hero Ages, even if initially they were created and put on notice without being banked, well, in fact, when they end up in circulation, they are ultimately backed by the protocol. There was, moreover, I think, except for one I hope I'm not wrong, but there's no one better suited than AMP to do their dirty work. They have all the protocols to do it, so I'd be surprised if they didn't. If they haven't done it yet, I hope they've understood that, and that these protocols are best suited to do their own kind of hit.

I hope they do n't do it on the euro because it has to continue going through us, but because I think we have a technology that's perhaps a bit more generalizable. But in any case, they could do it, and it's just a click away. So, to get back to the animals, reprinting money that doesn't exist to regenerate income—that's what allowed Frax to grow enormously. Frax recovers 25% of the observed inflation because they issue FRAC to shut down CVX services. They also inject liquidity into exchanges with phrases that That doesn't exist.

All the protocols are kind of trying to do that. Faye, the fact of going to die, the fact that Dave Mons and others are considered the most serious, they take almost no risks, so you have to expect 5 billion. I had noted another idea, but it escapes me now. So yeah, another thing, I don't know how long it takes them to say okay, another, another big trend for Kane styles, and nobody has managed to find the equation yet. It's the upcoming compatibility.

It's a question that is n't easy to solve because let's say that the euro can be issued on Polygon and on Terium, well, in fact, it's possible that the hero age on Polygon is under-collateralized while the hero age on Terium is over- collateralized. There are perhaps situations where the protocol goes on Polygon but not sure on and in the long term, but also it's possible that the hero age on the playing fields for bridge is sure on Polygon. Is that the The bridge token on Polygon is compatible with the native secure token. Finally, the well and token that I've highlighted since the term on Polygon is compatible with the Géraud that I natively implemented. These are questions that aren't straightforward overall, and we saw that even with the Hyères HAC.

The emerging trend is that all protocols are starting to understand that they shouldn't rely solely on a single bridge to bridge and break these Steven Kane-like structures. We also understand that it's crucial to have only one at this point, like Bolton, so that they are used everywhere. For example, USD is on Avalanche, I don't know if you see, but there's USD, which is the bridge version of USBC. SD is normal; it's normal that they have the version issued by Circle of the EU, SDC. And there are protocols that support SDC, and protocols that no longer accept SDC.

For me, it's really... Hell, what, from the user's point of view, if you go look at the protocol, the core version, on that, I think there are 10 different versions of the SDC which correspond to different prices, so what we're trying to do at Angle is what will make it very well done first, what you AIDS, so it's a Steve McQueen Dollars on Polygone, also did, we're trying to make sure, so we're already allowing native meeting on other channels, but also helping, it's to make sure that in the end we can interface with lots of different rich people to somewhat divide the risk if a bridge that sweats at Kembo Pierre, well, it's a shame, but the protocol still holds, well, the protocol isn't at risk in case of a wave of bridges, but it's the users who are in compliance, well, right, so in fact the trend is to allow, whatever the domain of bridge, for example, the bridge via Unis, let's say a few hero ages on Polygone, let's say that I have a certain age and euros exist, whether they are issued natively, the protocol is to allow swaps and 1 for 1 without any fees, all connected to bridges, one towards the other, native autoka, that's the emerging trend. There are plenty of solutions that exist, you may have heard of Layher 02 access art and that at the end of 20 months, I'm not going to do the technical expertise to make the difference, I think that in fact we won't really see what has everything and that will be our protocol to ensure that whatever you shine in the end you find yourself with the same rate, Cambridge is since access the road bridge and since the air 0, it's the trend that decides, another thing to the big trends of the insured, Steven Cohen is perhaps the battle of the moment, well one of the battles of the moment, it's also the question of insurance, I was talking to you about the st us t, everyone knows it's super risky but we can have, they have lowered A bit lost, I think, but at 19%, a deal is still on, but the style doesn't stick, it doesn't break because all styles, like decentralized, have scenarios where it either works or it crashes. I told him that we have cases where, well, we know very well when it's going to happen. Normally, we have all the actions to take beforehand manually to prevent it from happening, but there are cases where it crashes, and so there are people who, if they invest tens of millions, might want to be able to insure themselves, but insurance has a cost, and there are very few insurance companies and protocols, and they can only insure a limited amount of liquidity.

So the big protocols are Nexus Mutual in Slash Insurance, there are others launching on their own, Ace, and all the 'stable' protocols like Bahnou. We are all trying to allow people who have the " cogne" style to insure themselves for the lowest possible price. So, for example, to insure yourself on age and euros, it costs 2%. March 6th, meaning that even if you think we're the rotten protocol, you see that you can make a 20% deal on low convexity, you might as well make an 18% deal by paying two for its insurance. For you, the risks are completely...

so the insurance, it insures you against what? Against the risk of smart contracts and against the risks of dispatches, including Quebec, which is when it's worth more than one euro, which is when they can happen. So, there you have it. So, for me, what in short, to summarize my point, I'll explain a little how it works and unstable, like decentralized, like in English, the market, the big trends are the cross- chain, which allows native meeting a little bit everywhere while maintaining compatibility. There are animals, so, understanding the protocol, we can print money to generate income and create liquidity without too much risk.

There's the insurance problem, there's the problem of integrations in centralized exchanges, which is parallel to Salé les Adrets. I'm offering M for a board. The next million people... that was perhaps a concluding point, but after, I'll have other things to say. So, on anglet.

com, how we try to navigate all this, but damn, I forgot my concluding point. I have ggg, I'm going to talk to you from two angles. We have our protocols that work, but there are cases where we're not edge enough. So what we're trying to do is try to Belledonne a bit in our animals. There, we have a vote, a governance vote in progress to lend 1 million dag euros/av.

It's really to start the strategy, in fact, it's to do this, it takes smart contracts, clearly to make animals, it gives us the theory and de jong de titao, he calls it making rice towards saunion, that is to say, we do this via multi-signatures and little by little we remove roles from the governance for its thirst or lio tf1, fully automated with samares contracts that manage the investment on av, like if we see that it costs too much to oboro of the ag euros/av, well, we lower the cost 1 1 d One of the big ones, a hero, something we're missing with angles, skis, and skiing, succeeded in what abracadabra managed to do, which is allowed with Make Her Say, the possibility of having leverage, that is, legs, the game, but d and r, I put a point 5 of land, I borrow 1-1 of garlic or a mime, I'm well smim for ether, and I end up with a Bauchi leverage, zero in leverage calculation, but you understand that I can end up with an exposure of 2, 5, and r having only brought 1.5 and land at the beginning, we don't know how to support it right now with English, the ag euros with age, and will have, so we are working on a Boeing module that will allow everyone to put collateral, to borrow, similar to what my heart amim does, is similar to what landing protocols do, so we are trying a little to improve what others do to do something better, so especially at the level of Liquidations are something we're designing, and it's much more Bauer-friendly in the sense that if you liquidate and don't lose, say, 10% of your collateral, you technically lose 2%, or at least as little as possible, just enough to attract liquidators. We'll have much more user-friendly features. As for the real issue, it's a war to come and borrow euro AGs from me rather than borrowing them from Cheché AV. Also, because if you can borrow euro AGs against a 2% penalty on AV at 3%, well, you 'll lighten your AVs not with us, and in the end, it's AVs that will take the income, the income from the borrowed AGs, not the protocol.

So there's a whole issue there too: taking slightly lower fees, taking assets that people want, that's leverage. And so that's what we're going to launch. It's this module that will also allow us to deploy the Angle protocol on Polygone, Suravalanche, and Fantôme. Pretty much any blog, any channel, vm compatible, and also with this module, and in parallel with the animals, we're going to be able to allow something that's quite interesting: allowing all the demos, so for example, Angle, at one point we were on a bike, we had what must have been like 500 million Angle value in reserve. I assure you, today it's not as much, well, the value of the Angles we keep in the treasure island at some point, but that's money that's useless, money we could use to borrow 10 USD, to make yield on that.

And so what we're enabling is allowing any of the Age of Time who support an oracle, so that's still a big condition because not all men have an oracle for their toque n to borrow Hero Ages against their toque n of governance to make their large reserves work, in fact, it allows them to make their large reserves work and obtain two cities in return, so it allows In fact, to give the usefulness of ad taken, which normally hasn't failed, doing the same with Turbo, we do it at With our module, which we consider better designed, and finally, I think, even if it's not yet battle- tested, what Fake Rails offers, even though they're very strong there too, so this module, the next one, I was saying that at the beginning the vision was to make beautiful hills on pretty much anything, we just launched the Géraud, and here I'm speaking as myself personally and not as the core English team, even less so as the governance, and ideas that I forgot to mention in the governance, everyone is focused on a drop in the teeth, the trends of the symbols that we're losing, everyone is focused on the dollar, but people are realizing that at the level of the dollar, there's 7% inflation on the dollar today, even if the euro is stronger than the dollar, well, we can do better than a queen euro style and be even less exposed to exchange rate risk, to an even worse risk than exchange rate risk, to inflation risk, so there are quite a few people who are starting to think to do a Bolton internship which is in fashion resistance, that is to say, if at 2% inflation on the euro we remain silent, volcano, we see a euro at the beginning of the year, it sees a euro of 2 at the end of the year, and so we will be able to do that with this new module. Frax comes from France, has just launched or is in the process of launching its site, it's beautiful like the FBI Hayes, which allows us to do that. There is a protocol called Volts too, which launches this style, Queen. Personally, it makes me laugh to launch a Stephen like that, it's hard to make it exist, you'll have to create the liquidity of the starting pipes, but I think it's an asset that can be a real basic asset in ten flaws in the sense that there isn't the volatility that ensures the terms on Bitcoin, but at least you are better off owning its capacity of the dollar, so that's pretty much what we're trying to do with Hank, so in my opinion, we're trying to give Belledonne to the animals, new module, new style, Coyne du big oak and then of course better deal strategies to increase our operational efficiency and the y is the account distributed to our token holder so I don't know if you have any questions yes hello so we can borrow 1 for 1 the old euros with the with our nerves no it's not feigned dad now in three weeks you will be able to but it's not borrowing that is to say you give ether to the protocol and you get back old roles and the land belongs to the protocol with the new module that we're going to launch the new Boeing module there it won't be one for one it will be you would put 1.5 of the land and there it will really make footprints were old euros you to borrow 1 to 0 okay and so I understand that finally you're going to finally big like options that's it why open the risk of keeping them quiet and and if that's not enough you cover yourself with the fund without Arlit standard protocol liquidity actually came when you make options there is a premium paid and how do you pay that while keeping the peg close to the past We're the marketplace for options.

Actually, people come to us, and we charge them a small fee to get the option, the perpetual futures. We're the only ones who allow perpetual futures without funding. That is to say, it's safe. With FTX, if everyone wants to go long and you take a long position every eight hours, you'll have to pay 0.03 % of your position.

Well, with us, you'll have a "brother" (a term used in FTX slang for "brother") at the start, a "brother" via the exit. But if you want to double your investment for a year, it will cost you more than the initial loan, which is the exit price, and that corresponds to 1. Finally, for the Bolton Dollars, it's 0.2% of your position, and so there's no premium to pay. In fact, for pushing options, we did n't have premiums.

No, not when you want to protect yourself, you want to protect the euros, there, to keep the balloon down. Our fees are dynamic depending on how much you need to protect yourself or not. Okay, I have Let's start with the governance side, not talking too much, but regarding everything happening on the Wengen side, I saw the locker, the locker with aperitifs with State, I'll skip that, you already have some, or is it me? I'm not going to talk too much about governance because I know Roma, who will speak later, is much more of an expert than me on this subject. We took the Canon Mix photo of Heart, which is the mole, only put people who don't know how to make a good MX toque, which is our case.

Well, we take that by default, it works well. In fact, you know how our governance is managed, the game runs now, it's the angle where you're blocked to get VO angles, which is a non-transferable token that gives you voting power, so the better look and angles for a long period, the more voting power you'll have, and the problem is that it's not at all liquid to have them, you know that you can't transfer them, and so, as what convinced my Aztec Dao on Heart who has builds a locker that allows you to trade your positions in view of the angle steak of the waters, which has the VMs for you, but giving you in Cairo in exchange, which entitles you to what you would normally be entitled to if you owned the angles. Thank you for the presentation already, and my question is more on the side of the stable as an anti-inflationary, it's a basket of currencies, which currency then? There are many ways to do this, what they do is they look at a basket or a basket, a basket of different assets. I have a way in which I think it can work, it's because it's hard to estimate inflation in real time, and if you have a quantity, you look at the CIPI, it has been every month, these are quantities that are manipulable, people can take advantage of this to control the protocol and therefore make a profit.

What we have in mind is to look at the price of the bands of German government bonds in flash, Nintendo, Nielsen, Linked, to compare the price of the two, it gives the market estimate of inflation, and then to make a tab. Around that, to correct, to correct the price of the euro, for example, to the market estimate of inflation, so we didn't write anything, hadn't written the math, but theoretically I think it can work. Hello, thank you for the presentation. I imagine that with your investors, the relationships you have with the regulators... you must have brought up the subject of the Citizens Exchange Euro Central Bank.

For you, how do you perceive this possible future competition and how are you perceived by the authorities with your... well, you know... So we are decentralized. The people at AMICA don't really understand what a decentralized Bolton set is, so I think I'm quite confident when we can fly under the radar and continue to do what we're doing at the level of the 6, 10, 6... I think Europe is very, very behind.

In fact, the problem is that it corresponds to a bank account with the central bank, and if everyone has their own account with the central bank, they would have their own bank account, so if people no longer have their own bank account... Well, it's kind of killing the banks, and the role of the central bank is monetary and economic stability, but if it's killing the banks to make these kinds of pronouncements here, well, it's a bit silly, contrary to their principles, and Christine Lagarde has n't found the answer to this problem, so I think it's going to happen eventually, but we're far from having found the modalities, perhaps given the right to issue bank bills. Here, I think it's good competition, but in the end, why are we doing this? It's a cut in the hands because it's funny to have had to, in Lille, out of 17, Balkenende, it's necessary, but above all, there's a whole market, well, it's not normal that Visa and Mastercard take 1% on each transaction, it's going to kill them at the end of their studies, to change the world of payments, that the style hits, that's the layer of this riot, and all that we build are protocols, but TikTok, for example, is an application But you don't know what protocol the HTTPS protocol is built on, the SSH protocol, you don't know if there's anything behind it, and so in the end maybe all the styles, when they live together in the layer of this album behind it, but it will be invisible to everyone on the application layer that will be built on top of Stephen King, so we're still in the early days, there are a lot of things to facilitate at the UEFA level, there are really a lot of things to completely give up on using protocols, we 're less strong, cloud, but we're getting there, coixet, and there you go. [Applause] [Music]