Good morning everyone Good morning. Hello, good morning
Hey everyone, how you doing? Excited for this space.
Definitely, definitely excited. Cool, let's give a minute or so to let everybody kind of come in to the space and then we'll get started in a couple minutes.
Sure, Ibu will let me also know if there's any
I'm sorry if there's anyone is also need to be a speaker.
Okay, I think it's just us for now, so I think we're good.
I'm going to retweet this from the accounts and hopefully we get more people coming in.
All right, let's check everyone sounds Brian. Hey, hey. Yes, all right. Yes, sounds good. Ready to go. All right, we have here Joe. Ben and tattoo, evil. So today we have Cox finance team.
With Alpha Growth, let us just introduce ourselves. It's been a while for us to do AMAs. Alpha Growth is the place to meet with early stage projects, established projects, VCs and also ecosystems. And we are here to help project your grants and do general business and go to market.
And today we have folks finance, guys are building an algorithm. Super excited to know more about algorithm with you guys and what's the future of lending and boring. So let's give you a soft. I have here from my team, Joanne Bryan. Please guys introduce yourselves as well. And I'm Rebecca, by the way.
Very cool. Brian Collagen founder of AlphaGhost, been a crypto for a really long time. Super excited to meet you guys. Talk to you guys about what you're doing on Algorand. We were talking to Shamir from the Algorand Foundation and you guys popped up in one of our days
Data fees as one of the fastest growing DeFi projects in the entire space. And so it was really cool. We got to like connect and show that information back to the foundation and thought it would be good to get you guys on an AMA. We have a whole bunch of questions. We would love what you're doing.
and happy to talk with you guys today. And I'm Joe. I'm also on the off-road team on BD side of things, but super excited to hear everything you guys are working on and I also got a few questions as well for later, but y'all hand it back to Rebecca.
Cool, let's also hear from Vinodeta Nibbo.
How are you doing guys? Sometime I hear a bit, a bit cockatting off, I don't know if it's just me.
Oh, let's go get back. Can you hear me guys? Can you hear me guys? It's the same. Yep, I can hear you.
Yeah, we can hear you, Ben.
I guess he's having connection issues. Yeah, let me change my infinite.
I'll introduce myself. My name is Ibu. I work for folks finance as head of partnerships, head of ecosystem partnerships. I have been in the Algrant space for a few years. I'd say about
2 to 3 years depending on how you slice it. At first I was running a page called Algo HQ on which I made and still make educational videos about various things happening in the algorithm.
space, news, updates, tech, etc. And I also, you know, work for folks finance, connecting us with other projects, building partnerships, creating media, and all around trying to grow this amazing project that we have
Okay, my connection is back and I can hear everyone perfectly now. So first of all, thanks guys for having us here. That's very exciting and thanks Rebecca for spelling my name properly. That's very difficult.
and congrats I can tell most of the people miss it but thank you for that and nice to meet you all of you Joe Rebecca and Brian yes I am Benet Tobion, I am the CEO of
Volkswagen's Finance, which is a lending protocol, which also offers Algo Liquid Governance built on Algorand, as you said. And very excited to be here and looking forward to hear your
question. Absolutely. I think one of the killer questions in the room is how did you get involved with Algrin and why effectively like how come a money market on Algrin but what guy guys got inspired where the idea comes from?
Yeah, so I'll give you a bit of history, right? So I'm an engineer and I started to work in blockchain thanks to a software house in Milan. So I was a project manager for the software house for a few years.
And the software also was between the 12th and 12th global partners of algorithms. So as a company, we started to use these technology in a very early stage. So we started to switch some of our product into by using the algorithm. And then we saw this
If I grow in an agrarian, we will be like, "Oh, we should do something on that. We have already done all it. The ecosystem is still small." And then we started to do a bit of review of what was going on on the ecosystem. And we saw there was time
the enemy being built at that time there was also idly and we were like okay there is a DAX surely the missing next key pillar of defy is a landing protocol right so the landing protocol was also a good idea for us because
being algorithm institutional oriented and I like to define it the blockchain for business application trusted by institution so we thought that turning protocol is surely a good bet right so because algorithm
goes towards the traditional finance and not against it, then learning protocol for sure it's a good beginning for this point. And yeah, then we did an accelerator where we met borderless capital and everything started from that. Yes.
Oh, but accelerator together. It was the Algorand Europe accelerator cohort of 2000 to 20? Yes, not 21, 2021, sorry.
And then you said that's where you met Bordelis Capital, are they one of your main investors? Yes, they are our main investor, our leading investor, and they are a main investor in Algorithm in general in most of the Algorithm projects.
That's very cool. Did I was going on your site and a bunch of interesting kind of like variations of things that I've seen before. I think the most, the thing that really caught my attention was the G Algo Token. I would love to like understand that, learn about that and what you guys are doing there.
Yeah, sure. So basically, this last summer, the previous summer, the Algorithm Foundation announced the Algorithm Gov.
are decentralized governance participation through Algo commitment in the ecosystem. So everyone that holds Algo can commit those and the commitment it requires to keep a minimal balance of the
So we saw a potential inefficiency in this from the very beginning because obviously the users must keep their algo illiquid so they can't do much with those those and it's a passive
which you could compare basically to, you know, it's like your national bank is paying you a good APR to just get your money in the bank account. And that's obviously something that, you know, can hurt the economy because
people who are willing to spend less alcohol because they have it in the governance. And so what we thought is why don't we do kind of liquid staking but you know liquid governance and we built the alcohol which is the rapid
version of Algo and the by-committing Algo through our liquid governance not through the Algo information website. You are minting one to one to the Algo commitment Gealgo and Gealgo Reinhoist the
most used assets after algo in the ecosystem you can purchase NFTs, you can play games, you can swap it in decks, you can provide collateral and borrow against it. It is widely used for real and
is also ebutask to spread it so you can talk more about this later maybe but yeah that's how it came then there are also other advantages which we came in design a bit later not from the very beginning but for example
So do you still get to vote with Jalgo?
get it. Basically what we do is we collect all the commitment in a very large wallet and this wallet is voting anyway. So what we do is ask the user to commit with their amount of wallet to vote with their amount of
page. So then we collect the votes and we split it. So let's say that 50% vote yes, we vote for 50% yes. And the other person has to know. And the people that don't vote are being proportionally split to those that voted.
Got it. So effectively, it's more of like a direct democracy versus like a republic where, you know, America, we have the system where the
the basically delegate system. If you win a state, you win all the votes of the state. So you guys don't do it. It's more directly proportional how the G-Augavoders go. Correct. Correct. It's proportionate.
That's very cool. And then of course then once you have those pools and you have Geogo, you have your on bonding period or your on locking period, but then you also have the ability to create this liquid staking pool. Like I know one of the problems around these these Geogo must be how do you how do you pull in the
But the design allows it to be very easy for some reason because the algorithm from nation distributes their rewards and thens every governance period in three months.
What we do is basically we are low the minting of the Algode and committing during the same commitment as the foundation. So it's the first week. Then the commitment is closed so we commit the Algode collected and after that we still allow
the minting because there might be that some people have a low end so they want to add collateral and so they want to mint new gialgots or for any other reason right so the minting is still available then once
The governance period is closed and the new one is starting. We have a burning period. So this burning period allows the users to burn their Geago and by burning the redeeming one to one
the underlying algorithm. So, anyone that holds Gealgo can just do it. So, it doesn't matter if you sell your Gealgo, you are still able to claim your rewards of the governance. And simply someone else who has bought your Gealgo maybe on a deck.
and come back and burn it to 1 to 1 to 2 algo. So by having these 3 months mechanism we ensure also the peg of the jalgo because in 3 months you can always burn 1 to 1. So that's what it makes it very safe as well.
I'd also like to add a few highlight a few benefits of GeoGo if I can. Is that all right? For sure, especially definitely want to know what can I do as a user with GeoGo. Yeah, for sure. So there's a few.
Very important benefits to using liquid governance and Gealgo over traditional governance if you are participating in governance. There's also benefits to just buying Gealgo and holding it if you want to do that.
But let me start with the first point I'm going to make, which is in traditional governance, one like Ben highlighted, you need to maintain the Algo balance in your wallet, which essentially just makes it
locked in there. Like locked in there if you want to earn the yield. With liquid governance you can earn the yield and technically still have the same amount of capital that you had and go and use it elsewhere in the ecosystem. Where you can use it, there are a few places. Of course you can do various other DeFi
strategies with it, whether that be trading it on a Dex, using it for derivatives trading. Actually, we had a platform just integrate that called FXDX. So you can leverage Geogo or you can use Geogo as collateral to leverage other assets. You can also spend it on NFTs.
through sites called AlgoX NFT, a landia you can actually take loans against your NFTs and receive GeAlgo. And you can do various gaming things like there's a game called AlgoCease which allows you to buy some of their in-game NFTs
in-game items with Gealgo, you can play games on zone gaming and use Gealgo to enter pools or get rewarded in Gealgo. And of course, like as we go forward, we'll be continuing to build out these partnerships. But like Ben said, it's very widely used around the ecosystem.
Another thing I wanted to mention is that in governance, traditional algorithm foundation governance, you have to vote on the measures in order to get your yield. In liquid governance, you technically don't need to do that. So we actually make that a lot easier for the users by if they don't vote.
We will simply allocate their vote based on the proportion of other liquid governors voting, right? So for example, let's say if 80% of the people who participated in liquid governance voted and then that vote of the 80% was split 50 50 the remaining 20% who
didn't vote would get their potential votes split 50 50 as well. So we simply distribute that and eliminate that pain point for the user. Also, minting Gealgo is not some other competitors like some people who do governance, governance products as well.
When you mint an Algo derivative, you have to take a loan. But our product jago is not alone. It's simply a derivative. So you can go and take your jago. And you don't even technically need to pay it back at the end of the period. You can go and sell it all if you wanted to and simply walk away.
And you can also early claim your yield upfront on the first day of the commitment period closes. So you don't even need to wait three months to get APR. So there's a lot of great things you can do with it that basically upgrade the experience of algorithm governance significantly.
Yeah, there are so many use cases. By the way, guys, any listener, if you want us to know how to and where you can use Jalga, folks finance, they have on their website amazing map, what you can also do and eBubble.
mention in bunch of projects as well. All right, so here's the layup question. If I'm bullish on Algorand and the Algorand token, why would I not stake it and lock it up with Gealgo?
I mean, there's no reason not to truly. I mean, that is a serious layup question because minting Gealgo will
Basically, keep give you the same amount of capital, but you're also contributing to the TVL, which is a very important metric for people who want to come into an ecosystem. They want to see that there's activity.
And we are also forgetting that the APR is also higher because Volkswagen's finances are being incentivized from the foundation as the other defy adoption of the
governance with 7 million additional G-Aug-O, sorry, G-Aug-O. So by participating in folks finance liquid governance, you are actually earning much more than the Algonne Foundation ordinary governance. Yeah, in that respect, I mean from our perspective,
perspective, from my perspective, it's kind of a no-brainer to use it if you're using governance. Everyone's going to, and there's a lot of strategies you can unlock as well with it. We can get into those later because they are a bit detail-heavy, but there's a lot of yield farming strategies that you can unlock while using it, and that's really, really helpful in a in a bear market like this.
Very cool. One of the other things that I there's a couple things around money markets that I'm like hyper interested in Which is when you guys are listing a token? Can you talk a little bit about that process or like how do you decide who to partner with and who don't list with and what what that looks like because
You know, obviously you got like a lot of like the blue chip tokens on algorithm there, but when you're kind of looking at other tokens like such as planet. What was that process like? How did you guys decided to determine to list planet? Okay, so here it's
slightly complex there is a full mathematical study it needs a bit of background on how the protocol works. So first of all folks finance works differently than the other capital markets. So basically we have
as marked contract for each lawn and you we have is isolated collateral single collateral with single bore acid so let's do an example let's say you are having a collateral
How did we determine the parameters of how much you can borrow against Algorite? We do this through running a script that matches the price history of those two assets.
for like the last three months and we check by having a certain launch value or under collateralization threshold how many liquidation will have occurred with this parameter by using the last three months price data for example and then we
define what the best parameter set that fits this crypto pair in that case was algo. So this is being used at the same time when we want to add a new token. So we have
Let's say, certain minimum requirements of market cup, liquidity in the DAX, those are important metrics that we look at it when listing a new token. And then we are able to add the small cup to the token.
token as planets because we have safety measures on the borrowing side. So basically when you are using a token as a planet, we have set a borrow cap on certain assets that
allows us to have minimum risk towards these variable-attired token rights and we could do that for other token as well. That's super smart because if you look at Rory and Ichi the Ichi contingent on Rory
is or say is the use case around these LP tokens. I saw that I was like I've seen this on like tarot and some phantom in the past but no what's the what's the purpose of lending and borrowing the LP tokens and what got you guys to push that out.
- Ibo, you wanna take this since you are the master of the video of how to borrow against the LePi? - Yeah, sure. So, just to clarify real quick, you can deposit liquidity pool tokens on folks' finance, though you can't borrow them.
the reason you can't borrow them, I'm going to defer to Ben on that, that was actually a decision that I was going to give it quickly. So the reason why you can't borrow those, it's because they represent actually annealed of someone else. So by borrowing those
you could simply go back in the decks and take their liquidity and maybe the user that is using it as a collateral doesn't want this. So that's the same reason why GRGO is not borrowable because they are more of an ownership token.
Right. That definitely makes sense. But even still you can deposit the LP tokens on folks finance. Of course, if you're super new to defy LP tokens are what you will receive when you deposit liquidity in a decentralized exchange pair, you will basically
get a certain amount of tokens based on how much of each asset you put in. Of course, you have to put an equivalent amount of each asset. So, you know, when you put those, those LP or those tokens into the decks and you get the LP tokens, those LP tokens are worth
what you put into the decks. So by being able to deposit LP tokens on a lending market, you can one extend the stretch of your collateral. Depending on how you do it, you can still be relatively safe, if not generally safe, if you have
assets that are equivalent to each other like if you take the G-Algo to Algo pool on PactFi. PactFi is a DEX and the Agra and Ecosystem. Those two assets are basically equivalent in price so you're not really going to have any crazy fluctuation.
So you can deposit those as a pretty safe collateral, which will basically be equivalent to the value of Algo, and then you can go from there. So you can do cool things like mint some G-Algo, parent with some Algo, put it in a Dex, and then bring it back into folks
finance and use it again. So, you know, it just unlocks a whole nother level of creativity that people can use this for in their strategies. And I mean, from my perspective, that's what I want to do. Just unlock cool tooling that people can use and really
you know, spark their thinking of how they can they can get creative with crypto. Yeah, it is super. It's capital efficiency basically just just to add this and the last thing is that we use the same safety mechanism that I mentioned before on the borrower cup.
also for the LP because obviously we are relying on trusted partner which is the DEX but yet it's still another protocol so we try always to be as safe as possible in general so we use the same safety measure.
I think it's super cool that if I want to hold a position, I want to hold an LP position and I see the AP AR being earned. It's cool, but what's the benefit to you guys? If you're not lending against the LP position, are you guys making revenue or is this just like a nice to have
feature for the community like to help the community out and help them. Yeah, obviously it's more people taking loans so we have the revenue from the borrower. Yes. Got it. Got it. So we're sorry to jump in. We want to, you know, if we can encourage
encourage and empower people to do more things with their crypto and do more things with their assets on chain. Of course, like we're going to want to do that. So even if you can't borrow LP tokens, if you can still deposit them as collateral, you're likely to take a loan using those. And you know,
we could then they would be paying interest and of course most of that goes to the people providing liquidity to the market but of course a small percentage comes to folks finance though at this point it's not even really about that it's more just if you're holding LP tokens we want to give you something different to
do with them. We want to make sure that the user, the individual has as many options as possible to go and do the strategy that they want to do. And personally, LP tokens deposits are very fascinating to me because you can get, like I said before, super creative with it. And that's what we want to empower.
Yeah, it's amazing. I think, I have to ask, you know, ex and web 2 growth hacker doing some growth hacking stuff in web 3. How'd you guys do it? Can you really
How do you get so much liquidity in these times? Are there any giveaway initiatives and how are you looking to retain users in this market?
You know, you there's a thing where Algrand governance is extremely popular. It's by far the most the most popular way to use Algo right now. I think last quarter a governance period for about four
So that's about half the circulating supply of algo. So clearly governance is an extremely popular way to use algo for the market.
So of course it is a safe yield and that's why people love it. If you're an exchange, a large holder, a whale, you probably are going to want the most basic safe yield and if you can guarantee yourself at 5-6% APR usually
at a minimum per quarter on a bag of 150 million or more algo of course you're going to take that. The problem was as stated before it's siphoning off liquidity from DeFi, NFTs, gaming and other things that would really grow the
ecosystem on a ground level. So last quarter, about 150 million Geago were minted, but from a potential pool of 3.5 billion, you know, that's that's barely even scratching the surface, just the tip of the iceberg of what could happen. So
I think that's the answer to your question. How were we able to grow liquidity? We basically tapping into a pool that already existed. It just wasn't counted in TBL, but it was always there. And we came up with what we consider the most efficient
best way to tap into that. It's like you did an additive vampire attack on the algorithm token itself and then added all this utility at the same time. It's like genius. It's incredible.
Yeah, thank you. It's a compliment I take it. Yeah, absolutely. I mean, you have to be hyper creative, especially in the markets right now. In terms of
moving forward, is it get more outgo, get more g outgo? Are there any other initiatives that you guys have to help retain users? Well, yes, of course. I mean,
That's kind of what the purpose of my job here is. I'm just trying to grow the Geogo use case ecosystem to, you know, as large as it can be, right? If you see things like, "RapD," "ThurStakeD,"
over on Ethereum, those are very widely used, very popular, accepted on many platforms, even on some decentralized exchanges. Of course, long-term, that's a goal that we would want to have for Geago as well, to have
it be legitimized, you know, not just within the algorithm ecosystem, but out into other blockchains as well, and even on centralized exchanges if possible. So I think the, you know, we just want to
stretch the capital of algorithms so much and you know governance is a pretty unique thing to algorithms. A lot of people who don't really know about algorithms don't know about this very powerful system that has been
operating without any downtime for a year. So of course we just want to boost that as much as possible, encourage that for as long as governance remains, and give people a reason to mid-Giago.
love it, love it. And in terms of other liquidity incentives, reward initiatives, any other alpholiques that you can share with us.
In general, the foundation is investing a lot in the fire and moving 7 million to the liquid governance option and the fire option of the governance, it's already the demonstration of that.
and let's see what will be the future but we have been awarded with 2 million from the NAS fund which is also for defied option, defying incentives. So yeah we have support from the foundation from that side.
definitely ourself what we do is build continuously try to innovate so from our side the incentive is always try to make a better protocol we are working already on the version tool which is going to be
on Testnet very soon and hopefully mainnet by the end of November. So we always build, we have built this. Yeah, another thing I wanted to highlight is actually something new that came from
the Algrant Foundation in this last governance period, which is not only are they allocating 10% of the quarterly governance rewards to DeFi. That's the $7 million, about $70 million Algorah distributed per quarter, and they're taking $7 million and putting it into governance DeFi solutions. But they're now allowing people
to stake their LP tokens from Dex's in governance as well. So if you have committed to a pool like if you put Algo to USDC or Algo to Gealgo or Algo to pretty much anything it just has to have Algo in it and it has to have above $10,000 in liquidity I believe you can commit those
to governance and that will count as a stake as well. So you can maintain your liquidity on a Dex but also earn yield in governance. Not only that, they added another feature to this where they're last week they announced that they'll enable the staking of these LP tokens that have been put into governance in default.
So what you could do is put your assets into an LP, stake it in governance, and then bring it onto, for example, folks finance and deposit it and do whatever you want with that as well. You can mint more G.Algo, you could take a loan, you could do whatever you want. So just further on locks another level
of creativity and every time this another level of utility gets added, that really compounds the capability of the strategy that you can do. So it's super exciting to see these things happening. I commend the Augerant Foundation for taking that risk, I would say.
for being open to these DeFi strategies and not kind of sticking to the traditional just normal governance.
Yeah, experimenting is the thing in left-right fashion this market and I'm really happy that Algorand Foundation supported you guys and I was really bullish in Algorand and still are my journey to
are with Tiny Man. But yeah, thank you guys so much. And actually I have some people who wants to ask some questions. And George Algo, if you have any questions, please speak up.
I do have a question for Benedetto or whoever wants to take it. You guys definitely, and I don't know if you talked about this before I hopped in. I'm sorry. I was repeating something, but the mango hack, essentially with their borrow and lend protocol, somebody manipulated the price.
of a very low cap coin and then essentially deposited those coins and they had a ton of leverage because the protocol saw those tokens and was just getting the price from the Oracle like it always does. There's nothing wrong with that.
essentially it's around like the borrowing limits are on these low cap coins. So like just for an example with your platform, I could take like 500k and then go buy like all the planets that I could get my hand on. So it's a very low cap coin and then I could raise the
price like 500% and then go on to folks deposit that and then take all the USDC and all the USDT out and you would profit on that trade and there would be nothing left in folks but I'm curious what your protection is against that like
Are there different limits given different, you know, market caps or? Yes, yes, John. Thank you for the question. It's an interesting example. We actually touched this before, but this is a way to explain it properly.
so that everyone understands. So simply we have the borrow cap set for such type of token. So basically if you even have a large amount of planets and you deposit it already after let's say, I'll
the real price even on a Dex because you may know which Dex we use as liquidation right so even if you don't want to make revenue if you just want to heart us you could but since we have borough cup the the risk that
we are taking it's very small. So even if you can buy with 1 million dollars for our Oracle, let's say you plan it and you try to draw on the liquidity of your SEC, you cannot because there is the borrow cap like to $30,000 so you are not doing much really.
And we use this also for del P from the DEX because if you think we are taking a risk of having an LP as a collateral at Tinkhoff, for example the hack that's tiny manhead, right? So the LP could be considered much more at a certain point than the actual
real value and then someone will just come and borrow against it everything as you said. We don't allow it. We simply limit the borrow cap and then if we see that the pool is more secure, if the assets, for example the market cap grows through time we can increase it
we can decrease it as well. So we have this type of safety measures. God, it's just like a fixed USD value cap that you can withdraw. Is that right? You say 30 that you can borrow borrow against it. It's something like that. All right. Now I'll remember.
So it's not about withdrawing is just the reasons a lot of liquidity that you can borrow for planets, for example. This is why I love folks because you have question, you come ask Benadetto and you get a straight answer. And that's why we're super bullish at NFDs for folks. So yeah.
And grads. Thank you, John. And also, doesn't know John. He's co-founder of Transaction Lab and NFT, which is a name service dot algo the best and mostly views it on the ecosystem. Joe, do you have a question?
I think it's super interesting that you're asking me to do it.
I think we have a little bit of connectivity issues going on. I think it's really interesting. The strategy guys are taking one of the other strategies that I heard was doing isolated markets. Is this something that you guys are interested in doing potentially?
in the future or really concentrating on the algorithm that you have and making sure people don't over borrow from these particular low cap tokens. So security for us will be always at first
We can take risk and we will take risk only of how much our treasury can cover, let's say. So we are very risk adverts.
we want to keep this design for the future. But in general, the isolated pool in the version who are going to be different, I am not going to spoil anything because I am very tempted by
but I'm still keeping it confidential for now. What? No alphaleks here? No, no, no, I cannot really. My team will kill me. They will fire me. What I can't say is
In V2, you'll be able to do what I'm talking about getting creative with your strategy.
what you can do on folks B1 will be 10x in V2. So that's just all I'm going to say.
Yeah, I cannot do this that for us one of let's say vision that we have is to have the most flexible and efficient law and non-chain so that we can be taken as an example right and when
Today, traditional financial institutions will want to use such a solution for their customer and so on. They are going to look at us as the best way of doing that. So that's what we want to do. And we already did that.
This community feedback, a good job in B1. And then we listen a little bit to the community to what they didn't like, for example, I can tell. It's a bit friction at the usage of F token or FR token. F token is the deposit token of Volkswagen and
the first talking, the rewards talking. So we are going to get rid of that in the version 2. So the user has not to deal with it and it's going to be a much more simplified user experience. So that's also
Why we are really looking for words to making it because we want that our community enjoy when we when they use the protocol and Yeah, yeah, just add on that just add on that real quick in V2 like Ben said we're taking
away some of those aspects in V1 which created friction for the user and that's freeing up a lot of space for us to implement features that will give more freedom to the users and give more possibilities for what they want to do and we're trying to make folks finance in
into that DeFi hub that you can go to and construct your trading strategy, your yield farming strategy, or your portfolio management strategy, however you want. You can create a long position, a short position, a hedge position in a lot of different ways. And V2 is going to be really, really good for that.
That's amazing. I'm going to open it up for a couple more questions if anybody from the audience wants to come up and ask a question. I think what you guys are doing is really amazing. There's a lot of like innovation here. The governance liquid state
is phenomenal. It really kind of is challenging some of the concepts around the other types of staking and the other types of governments and voting that people are doing that looks like somebody.
wanted to join up here. In lieu of that, are there any questions you wish we would have asked, Yibu or Ben?
I'm trying to think but I think the audience will have some great questions. I know Joe came up here so maybe we could ask him what he wanted to ask. Yeah, absolutely. And this is I definitely don't intend to break that you know to get too high-level with
this but you guys you know are the DeFi Kings so I want to I want to open this up and see I'm sure there's some people in the audience that are wondering the same thing and that is when will there be when am I going to be able to borrow against real world assets with with crypto
Well, yeah, let me get into this. So, of course, we want to put non crypto assets, you know, into the into the protocol. You know, that is a long-term goal for sure. Super important to be able to do that. So when you're using
using a D5 protocol, when you're using folks finance, you can get exposure to things that aren't related to the crypto market. As we've seen, everything in the crypto market generally moves together at this point. So, you know, long-term plan, we're thinking about possibly doing
real estate, getting to that on the platform somehow, NFTs, we want to get that on the platform somehow, and maybe even more traditional things that are offered by centralized entities. But of course, none of this is set in stone. We obviously have to work at all.
out, but the vision is of course to have as many diversified asset offerings. So people can really, again, like I always say, just get creative and do what they want to do, but in this permissionless way, and that's really the permissionless part is really the most important thing. And as long as we can
continue to provide assets that people ask for, you know, we're going to do that. I think I have missed the question, but from your answer, you're boy, I think I can connect to this. So I have my personal perception of decentralized finance, which is
Right now purely trading of crypto rights, it's also a lot about moving from a protocol to another base at where the instantives are, better API
I move here and then I go there but that is not going to drive mass adoption. That for me is clear also because even you know we are markets came and everything goes down and no new users.
It's difficult to grow if we always keep this view over this sector, right? So over this industry. So I really think that mass adoption will come when we can take different type of assets, real world tokenizer
thus it's for example and be able to use it as collateral in let's talk about the lending use case itself and by having that which is a real utility then at this point I'm sure I will be able to convince my father to use a defy product
obviously as Ibu said there are limits let's say difficulties on having these permissions as way but in my opinion when we will be able to have a secondary market of tokenized assets which already
like the already exist tokenized real estate to have it freely trade the ball in a permission this way that will be really the game changer and we'll drive the method option for sure into the fight.
Awesome, thank you also from our perspective until anything is an algorithm standard asset we can list it and what we need in addition is a price for this token and someone
willing to buy if it's being liquidated as a collateral. So not difficult to really to reach this. I see there is oyster here. Hi oyster, please. Hey, great.
Great space. Speaking of real world assets, have you reached out or have been in discussions with Algo Mint, with their planning to their gold and silver products? I think also palladium.
Obviously, like you said, you need a robust, reliable price oracle, but just curious. I mean, that would be obviously one. That's like, I think the closest thing we have right now for real life is coming. Thanks, Oyster, for connecting to
this. So I will give a bit of the background for those that doesn't know what's Algamyn. So Algamyn is a bridge. It was actually the first bridge on Algamyn and they started wrapping Bitcoin, naturally from Bitcoin and Ethereum. So
Now they are more focusing on other type of use case which I found it very smart and very useful so you can actually already buy right now synthetics of silver they are backed from real real world asset
So you can buy silver and gold and I start the reason why they are not ready on Fox Finance is because we stopped the work of listing new assets until we go live with Vertento. We are focusing our developer right now on complete
the version 2 so that when we launch the version 2 we can have a lot of assets. So yes, there will be the answer is yes, we are already in touch and I think this is going to be fantastic myself. We got some alpha today.
able to sneak a little out from there. One of the questions that I had is like, you know, Algarant tokens are starting to get into CFI. It looks like FTX now supports Algo USDC. Does this affect you guys? Are you scared of this? Are you hyped about this? What's your opinion on that?
You can't imagine how many times we have a Sunday for me it's afternoon for US is morning Twitter space which is called Dalga Farm and how many time we discuss this you can't imagine the community how much wanted to have
a gateway on a mayor centralized exchange for USDC. You should know that Albert and was the second integration of Silcor. So USDC was actually being used in a very early stage on Algorand. And I asked
it myself a lot of time how this was possible that it was not integrated on centralized exchange from from the beginning right we saw the USDC growth but we never saw the USDC growth on algorithm which was weird since it was
one of the first chain usage, not even. And now it's happening and this is my opinion very important because as soon as now the other exchange will see the adoption of USDC
that can get on FTX because honestly transacting on algorant is really the best because you pay nothing and it's always reliable, it never goes down 3 seconds and you get your
So I think many users will start to appreciate it myself. I just read on Twitter and I see a lot of algorithm communities saying now I'm going to open an FTX account. So this would be as example for
for the other major change. And I think today, obviously for us in as the five projects, it will be still a benefit because you know, a lot of people ask an FTX account. And in that time, if they want to move to
Valgor and Define, non-Custodian wallets on Perror, my algal or the other Defly that is the aggregator, there is also Xotus now. It will be easy, it will be extremely easy compared before and they can do it quickly so it's more potential user for us.
Yeah, I want to add on. So a few weeks ago we were in San Francisco for Converge, which is the circles conference and I actually ran into Jeremy a lair at an event and I asked him when can we see a grant on more exchanges like Coinbase Binance
an FTX, that was only about two weeks ago. So clearly he must have known something and he didn't tell me because at that moment he said, well, you know, we need to wait and see because like there needs, you know, it's not really up to me. There needs to be demand from from institution
and traders that are actually going to use the USDC. You know, two weeks later, of course, we get this announcement that came out yesterday. FTX is listed USDC from Algrant. So that makes me super bullish on Algrant because clearly maybe with Scaramucci, Scaramucci,
Mochi has a connection to SBF. SBF bought about 30% of Scar Mochi's crypto fund. Maybe Scar Mochi is talking to him saying, "Hey, get Albright on the OSDC on FDX." Who knows? That's speculation for me. But clearly someone or some part
We're saying to Sam, hey, we want to be using USDC on Algrant. You know, I don't think FTX does this just out of the blue because they feel like it. So I'm super excited to see the volumes of USDC that get used over the next few months.
expected to go up significantly because FTX is the third biggest exchange in the world. And I think a lot of liquidity can come onto Algrant very easily because of this. And I think, you know, we could be in for a very, very big TV album. Of course, that's just my opinion, but that's what I think is going to happen here. And I'm excited for it.
That's super exciting. I think big moves like that with like USDC, one of the, I was talking to, or listen to a podcast with Zaggy on Carlos Moussen.
they got the dy/dx going on the app chain and so wherever USDC goes liquidity follows right so this is rap
Yeah, we need though Anthony and Sandra talk to the New York State Regulator.
Get the USDC support. Get FTX license the New York State.
This has been Rad Guys. Hey, got another thing coming up in a couple minutes and I just want to like throw it out there that you can go to folks finance. If people want to engage with you guys, what's the best ways of engaging with folks finance, learning about your DAB, learning about GALGO. I'll throw it out to you guys there. Close the
So we have different channels of direct community support. One is Telegram, one is Discord, but we have a great community management. So wherever you type us, we are going to answer.
as soon as we see it. And there is no, there is no, uh, an answer to the question from folks finance. So anything you want, we are very transparent. Everything can be found on the documentation. And if you need support to learn everything
we are here for you. Feel free to reach us out. Yeah, in addition, in addition, if you're a new user or you have already been using and you're not really sure how to maximize, I would say go check out the videos that we've produced on our YouTube channel. They're also in the docs and you can
also find them on our Twitter. Those will give you some context on different things you can do with folks finance, how to make the most of every feature that we have. So it's a great tool if you want to learn. I think I saw a G. I'll go from 25 million to 26 million during this
I'm going to pat myself on the back for that. Wow. This is rad. Wasn't your wallet? No, it wasn't my wallet. But maybe. No, it wasn't my wallet.
Go follow folks from Finance on Twitter, Telegram, Discord, Connected with a bunch of USDC liquidity coming into the Algrant ecosystem. And so big moves in these guys are on the forefront of it.
Awesome guys, thank you, thanks for coming. Thanks for having us here, it was very fun. Thank you so much. Thank you so much for the space. I really appreciate it. Very cool. Thanks everybody. Thank you everyone. Yeah, bye bye.