Yeah, I thought that one that went pretty well. Yeah, I don't know. We just like got kicked somehow and then it just said that the recording was finished. So let's try again. We'll give it a few more minutes. Get a bird back in here.
All right, sounds good. Thanks, Elon. I wish Elon would allow us to do this from desktop. It'd be a lot more convenient, I think. That's right.
Yeah, I'll send him a text, give him the suggestion. Sure he's never heard of before.
So we want to actually let's I say I said you up poorly last time. So I think we need to start with the base of what is cash because honestly everything I know about satin is based around obviously cash is functionality. So why don't you first talk about what cash is the cash token and how it functions and then we can kind of go into set.
and then how those two mix together. Yeah, I think that's a good way to start. So let's do that. So Cash is one of the two products that we've been working on. Cash is a yield-bearing stable index coin, which is out now. We say that it's in beta until 7 launches, but you can mint it today.
And what it essentially does is if you're familiar with the concept of a yield bearing stable, there's a couple out now, but it's still a relatively new concept. So essentially what you do is you deposit collateral in the form of typical stable coins like USDC USDT die and you basically you invite
return you get an equal amount of the yield bearing stable in our case it's cash. So you get this cash token in your wallet. And what happens on the back end is the collateral is farmed and you know the yields from the farming usually normal stable coin farming strategies typically very conservative
what happens is the yield from that farming activity is then sent to the user's wallets every day, typically every day, in the form of more of the yield bearing stable token. So that's from a user perspective, that's how it works. On the back end,
And we've made some tweaks and we have a sort of additional advantage by having the decks involved as well. So, you know, we have some tokenomics mechanisms in place that basically allow for, because the issue with old yield bearing stables, if old is even fair, is that
But it is a one-to-one collateralization. So if there's an issue, if something happens with a strategy or whatever, there's some kind of exploit, any loss of funds results in the users having a negative rebase and losing money, because there's just no over collateralization, there's no insurance policy. So we looked at this and we said, "Okay, I think there's
some ways we can improve upon this model. And so we have some tokenomics that basically create a positive discrepancy between the capital in the background and the cash in circulation. And so what this does is it gives two benefits. One of which is, like I said, the insurance policy. You know, there's additional funds that we can use to compensate
users in the event of some sort of catastrophic situation. But two is that the yields are higher because if you have additional capital farming for the same number of cash tokens, then you've got a capital efficiency. So if you've got $150 in the Treasury, in 100 cash in circulation, you've got a 50% efficiency on your
farming on your yields. So if you yourself were to go and enter into a stable strategy that earned 5% with cash, assuming cash had the exact same strategy and only that one, you would earn 7.5% because of that efficiency. Which is something.
a couple things down. Everybody understands first is you touch really quickly on rebasing. For those people who don't know what rebasing is because it's kind of lingo. Can you maybe go over how the rebase works? Essentially you have one cache and then you earn yields.
you get minted representative cash for that yield? Can you kind of go over that a little bit? Yeah. So once the cash is minted and it's in your wallet, you have you the user has cash tokens in your wallet. On the back end, the collateral, the USDC, USDT, and Die is entered into various stablecoin farming strategies.