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Bunni pools Rehpyothecation and the future of lending
Recorded: Aug. 19, 2025 Duration: 1:11:10Space Recording
Short Summary
Bunny is gearing up for significant growth through strategic partnerships and innovative yield strategies, including rehypothecation, while navigating the evolving DeFi landscape with a focus on security and user engagement.
Full Transcription
Thank you. Hello.
Good day, sir.
Good day, sir.
We are going to get this started super, super soon.
I'm going to invite the bunny team up here and then we'll start to chit chat and all that goodness.
Let's see.
Sound.
Let's get some music.
Yeah, I can hear you now.
Cool.
I can hear you, too.
Mr. Kyle, let's get some music going now, dude.
We're going to get some bunny pools pools some rehypothecation some some juicy yields and uh and and like the
the next iteration of defy games um all right i'm gonna join from another account okay and uh
be co-host yeah yeah yeah while this is getting going we're gonna go we get robo up here too
yeah yeah while this is getting going we're gonna go get robo up here too if he wants to come on up
get the party started
then we got silent p pop up here
hey guys it's all good on my side. How are you guys?
Amazing. I'm going to hop in on another account here and start recording.
We're recording already, but you know, get it going. Give me like 30 seconds.
Quality sounds good, sir.
I don't know what a good music is a little little jumpy house music can you hear me
yeah i can you're coming through clearly all right awesome all right boom boom
all right here's what we're gonna do we're We're going to get started today. Brian from Alpha Growth, we have, you know, Silent P and Kyle.
We got Kyle from the Alpha Growth team.
We got Silent P from Bunny.
We got a whole bunch of stuff going on with Bunny in the next couple of months at Alpha Growth and a bunch of their clients.
You know, we're doing some rehypothecation.
We're doing some UniV4.
Forget that UniV3, John.
You know, we got to get some of that UniV4 stuff going on with the rehypothecation. We're doing some UniV4. Forget that UniV3, John. We've got to get some of that
UniV4 stuff going on with the rehypothecation. I'd love to get a little bit of background on you
and just understand about Bunny, understand about where you guys come from. We're going a little
bit and we could talk about some of the campaigns and some alpha that we got from the alpha growth side and some ideas we have and talk through them in real time yeah more than more than
happy to get this started and kicked off man thank you very much for having me on today um yeah i
guess what do you want me to start with an intro and background on on me myself specifically and quickly and before we get into bunny 100 wonderful so uh yeah my um silent p that's for saul
if everyone calls me on the team um i got into crypto in 2020 this is after my friend told me
about bitcoin and um yeah just like everybody else it was kind of like okay how how do i get
my hands on this as soon as possible um i was really young in in in university at the time so i had university students in london are
notoriously broke so there wasn't a lot of buying and selling that i was doing at that point in time
um more research and when i came across ethereum the idea of smart contracts really made sense to
me so it's 2020 just been learning about the
industry. I started off with independent research. So I was looking at a lot of DeFi protocols,
lending protocols, economics, and then LSD fi. So those two reports together is like over a
hundred thousand words. So use that to, you know, kind of, I guess, cut my teeth with regards to
mechanisms and what DeFi really meant. Then joined Bonnie last year in January and we started building out the funnel for
Bonnie V2 a couple of months into the job, which involves talking to a lot of LPs and
a lot of market makers.
And now we're still on that journey.
Definitely want to scale the protocol, struck a door of Uniswap.
So not doing too bad, but excited to do what we can with Alpha Growth going
forward and onboard a lot more curators
to the protocol too.
You said you were writing like 100 to 200 pages
of reports.
Yeah, so the second one was really long.
If actually, unofficially so, the second one isn't actually done.
But, you know, since I started work, I released it after I started working with Bonnie.
And I haven't just, like, had the time to really finish it off since.
But, yeah, that second one, it got up to, I want to say, like, 80 pages.
And the reason why it's so long is because I look at a lot of different protocols.
Or I looked at a lot of different protocols, looked at a lot of different trade-offs between the
mechanisms but i also designed like the whole uh report as well so it's not just like your standard
black and white couple diagrams and and a bunch of text um you know it's it's got some colors in
there a lot of different graphics um and yeah you know it's a it's a full content piece in my
opinion well um i'd like to see it yeah yeah i can send you um i can send you my uh my portfolio link
um or a link to the report uh on telegram um that second one yeah 80 pages that one was i want to
say like over 70 000 words and like the first one might have been like over
20 000 so yeah 100 000 altogether. It's a lot of reading
What was the inspiration did you guys did you start with a problem or are you just like enamored that's like uh
It's pretty in-depth dude. Like how do you um, how do you think about this when you're kind of like taking on that type of
massive opportunity yeah, I think you think about this when you're kind of like taking on that type of massive opportunity?
Yeah, I think, I think for me, when I, when I was so in 2020, like when I came into crypto,
I had like no understanding of it whatsoever.
And defy seemed to be the thing that not only was there like majority of the, where majority
of the activity was concentrated, but it also seemed like something
it it was also the thing that piqued my curiosity the most so you know looking at all of the other
categories in crypto at that moment you know there's gaming there's there's nfts there's you
know decentralized identity and all of these different categories defy was the only thing
that really captured me um and my background, like before I got into crypto,
didn't have anything to do with tech, software or finance.
So, you know, after seeing all of these back and forths and conversations on Twitter
and people being really passionate, you know, bashing different protocols
or telling people this, that and the third about depositing in one place versus the other.
I just wanted to take my time to understand it, really, you know,
to really see what was so peculiar or interesting about it um and i just kept going
deeper down the rabbit hole all right what was what was your first dgen experience or token
oh early bsc days early bsc days i was on pancake swap i was on the other bunny like the the first
bunny on on bsc which was like this this massive uh uh yield farm i think there was some leverage
yield farming going on there as well um i got into alpaca finance and also what was the other one um
also no beefy beefy in the early days yeah i was i was on beefy and pancake swap before like the crazy
run-ups where they did like a hundred to a thousand x um unfortunately i i i i sent i sent some of my
holdings to a paused smart contract because i thought that's how you deposited um and it lost
my funds so yeah man i i'm still i'm still hurting over that yeah if you don't if you
don't get like grifted or like or like go send money to the wrong contract or bridge address i
mean are you really in crypto yeah exactly exactly you know there's so many people that i've come
across since i started and like they're getting their start in the industry as well and you know
when when this happens just because of the madhouse that is crypto, there's all of these questions that they have.
And where should I go for this? And how do I read about that?
And how do I learn about this? And what does that mean and whatnot?
And the thing that I tell them all the time is the best way to get involved is literally to get involved.
Load up a wallet or create a wallet, load up some funds and click buttons and just keep clicking buttons.
And the more you click buttons, you know, the, the more you understand,
you know, what you're interacting with.
And the more you understand about what's going on on chain. Um,
and that's how you really cut your teeth, man. You know, you, you, there's no,
there's, there's no, um, there's no shortcut, you know,
there's really no shortcut. You have to make some big mistakes.
Yeah. There's entry,. There's really no shortcut. You have to make some big mistakes. Yeah, there's entry, a million monkeys writing Shakespeare, right?
You just click until you figure out what a good click looks like
and not a good click.
Yeah, similar journey a little bit earlier,
but a lot more rugs than sending to then sending to the evm so okay so
you're in 2020 you start to do this research on bunny how do you get connected with bunny how do
you like well what does that first conversation look like did you go after them did they find you
doing the research or how'd that look yeah so this was um this was cool you know i think uh when i
look back on it um bunny was probably the protocol that just was the best fit for me, if that makes sense.
So I was following the team from 88 MPH days. That's when Dakota started working with Zeth and Zephyrm and McFly way back when.
So I was exposed to 88 MPH. I played with 88 MPH a bit.
I was exposed to 88 MPH. I played with 88 MPH a bit. And then since coming across the team
and them doing 88 MPH, I had seen them deploy these other protocols. I saw Zeph play about
with PseudoSwap. And then a year later, there's Timeless. And a couple of months down the line,
there's a raise for Timeless. And then there are these two products that come out of it.
So I've always been following them, always been in and around the community.
And with Bunny V1, I was quite involved
in the community as well.
So Dakota set up this system called,
actually around when Timeless first launched,
I remember DMing Dakota.
So we were going like back and forth
and just having like conversations in private. and then like a few months later i noticed the the carrot system
you know that was uh that he set up which was you know if you contribute to the protocol then
you start earning these carrots which are basically these um uh more of like point points i want to
say tokens but they're definitely not erc 20s. But they're these points that you can rack up
inside the Discord and you can spend them
on different things.
And then I ended up spending,
I ended up accumulating an amount
that allowed me to participate
a little bit deeper in growth conversations.
So once I got to that position,
I just started recommending different protocols
to integrate with, speaking with other protocols just started recommending different protocols to integrate with
Speaking with other protocols on like collaborations and partnerships and whatnot and then like a few months of doing that
You know, I think because of like the little relationship that built with Dakota
And just seeing me consistently in the discord
He ended up offering me offering me a role and then that's how I got brought to the team
Love that about crypto. I mean, it's just such an open industry if you come in like you know asking for stuff like i mean
you kind of get a little bit of pushback but if you come in like bringing value and you're like
you're interested in the subject and everything like that it's one of the most open spaces right
i i like i fully appreciate it and i completely love that about the industry. I love hearing this story.
Yeah, same.
It's something that is really endearing, especially for somebody like myself.
I've always been, before I joined Bonnie, while I was in university, I was pretty much a self-starter.
So organizing events, performing in different places, just doing music, trying to bring different creatives and people together to just do stuff.
And I liked that aspect about crypto,
especially because it was something that I had seen from others before.
So I'd see other people have like similar journeys to myself
before they started working with protocols.
And like from one of the things I had seen,
like repeatedly was just that, just get stuck in, you know, write something, you know, try to help our protocol, understand what they need and, you know, show up and add value.
And there really is that path to, you know, to growing and to embedding yourself in a deeper way in the industry.
I think it's quite clear and plain to see. And I always recommend like newcomers to the industry as well.
and plain to see. And I always recommend newcomers to the industry as well. Yeah,
just get stuck in. Don't try and focus on too many things at once. Identify something that
you are interested in and just go deep there. I completely agree. All right. So let's start
to get into, all right, you did some research. You're in college. You're starting to get involved.
You're like Bunny v1 the carrot
system you're kind of engaging get engaged with dakota all right and we get into bunny v2 all
right so were you were you deep in the trenches at that time when you when bunny v2 came around
so in the sense that let me sorry for interrupting for a second but like can you also
like explain a little bit of the difference between v1 and V2 and kind of like V4 hooks a little bit? That'd be, that'd be awesome.
Yeah, for sure. I mean, the difference between Bunny V1 and Bunny V2 is really night and day, you know, I mean, for starters, Bunny V1 was a, it was a wrapper for, for Uniswap V3, but only for fixed ranges, which means that, that you know after the pool is deployed um if
the price goes out of that range you have to end up deploying like a new pool and there was no
support for dynamism whatsoever um bunny v2 has that in bucket loads you know what uh or you know
boatloads even you know if you need to update the liquidity according to price you can do that
you can do that in one direction you can do it in both directions either price increases or price
decreases you can cater towards that.
You know, you couldn't lend out your idle liquidity on Bunny V1.
You can do that with Bunny V2.
And that's something that's really afforded by, you know, the hook structure on top of Unisort V4.
So, you know, just a quick background on that.
The main innovation, I think for me, the main two innovations with Uniswap v4 are one hooks,
you know, which allows developers to implement arbitrary logic before and after a swap.
So in that little space there is when you can do a whole bunch of things.
And there's so many hooks that are out that I guess like inspire me.
I don't know if they really inspired the co-founders because I think they had like a lot of the ideas from before.
Like a lot of the hackathons are kicked off and there were so many more ideas on what hooks could be built.
So that's one. And then two,
UniV4 introduces this flash accounting system, whereby the whole protocol
is implemented as a single smart contract, which makes swaps really cheap. So that just provides
a really good foundation for a whole bunch of protocols and a whole ecosystem to be built on top of Uniswap V4.
And in my opinion, it's a, it's a really good move.
And a move that we see adopted by more DeFi protocols going forward.
Hooks are, you know,
they're in a lot more places compared to they were like, you know,
one year ago.
What's your favorite hook over other than bunny?
other than bunny because of course you gotta like show your own bag what other cool hooks are out
Cause of course you gotta like show your own bag.
What other cool hooks are out there?
there i would say there was this there was a really cool hook that was built by um
who is this built by again man um there was a hook it's like a mirror trading hook
so when you deploy a pool it can copy a trading strategy and then trade for you.
And it's all implemented in a hook on Uniswap V4.
So that was one of the cool ones.
I saw that atrium's hackathon.
And then another one was implementing the CalSwap auction on a hook as well.
So those are probably the two that I thought were, yeah.
Give me some of that cross-chain Cal swap yeah yeah i think they went cross-chain recently right cow swap yeah i think
so oh no i i haven't seen that uh seen that update yeah i think it's either them or i think or maybe
it was one inch i don't know one of these these aggregators they're getting spicy man like i think
that brings up like a really good point are like these hooks of these, these aggregators, they're getting spicy, man. Like, I think that brings up like a really good point.
Are like these hooks going to play with these aggregators nicely?
Do they do that today or not?
Sorry.
Sorry.
Can you say that again,
please?
Do the,
do the hooks does like hooks like bunny,
like play nicely with,
like cow swap and aggregators in general,
or is that kind of,
you know,
TBD?
oh yeah,
Okay. The, the, the short answer is no.
The long answer is it's a little bit of a tango and a dance, really.
So Unisort V4, from what we have seen and heard from the conversations we've had with routers and aggregators,
and aggregators uh is quite a complicated protocol you know to integrate and get set up
is quite a complicated protocol, you know, to integrate and get set up.
um i think with bunny and the re-hypothecation it takes it like an extra step further
because you don't just have to process um uh a swap sorry you don't just have to account for
the liquidity that's on the protocol just readily available you also have to account for the liquidity
that's inside a vault if it is being re-hypothecated to a third-party protocol like Euler, Morpho,
you know, or one of these other lending markets. So that makes it a little bit more tricky. Like,
I think when Unisort v4 first deployed, 0x was the first protocol to actually have like a whole
system set up. And it took a while, you know, for other aggregators to actually be able to catch up.
and it took a while you know for other aggregators to actually be able to catch up
so um i'm not even too sure how uh adoption is going for aggregated support um for uni v4 in
general i think there's a lot more on like uni chain before there was on main before there was
more on mainnet um but yeah i think it is quite quite complicated yeah i think i think that's like
one of the main things is like get access to these very cool pools, right?
You got like, if you kind of like take a look at like the different types of just, you know, selfishly, the APRs that you have versus like liquidity pools in general, the APRs that you're pumping out are like way more than just kind of like your vanilla like V3 pools.
than just kind of like your vanilla like v3 pools i mean in kind of like fundamentally um
with this like rehypothecation let's get into that i don't know if everybody
knows that or understands that like no where does that actual juicy yield come from
yeah so rehypothecation is is um with bunny it's essentially placing your idle liquidity in elc four six two six volts and
elc four six two six is a standard that's been around for for a while i want to say around like
two to three years um i remember it came about when um when fey was around like last cycle um
there was a lot of of of stable coin I guess CDP protocols that wanted to collateralize
the yield bearing positions.
And every single time they had to do it,
they had to write like custom integrations
or custom implementations
because they all had different frameworks.
And then 4.6.2 came along and like standardized that.
So it makes a lot easy for, you know,
yield bearing tokens and yield bearing vaults. There easy for, for, you know, your brain tokens and your brain volts.
Um, there are some protocols that, you know, are already compatible with, um, because they're they have like ERC 4626 natively embedded in their product, like gearbox oiler and morpho.
Um, and depending on what the underlying strategy is, uh, bunny will be able to source like
additional yields over there, but depending, it also depends on how the pool is set up.
So once you deploy a pool on Bunny, you can have like, for an example, 90% of the assets inside the pool inside two of the re-application vaults that are connected to the protocol.
So let's say, you know, the underlying protocol was, the underlying vault was generating like 10% yields.
If 90% of the liquidity is over there,
then we'll be able to source 9% for the depositors.
And yeah, that's generally how it works.
Okay.
So maybe I'll ask you,
and then I got an example too before.
I'm going to pass it over to Kyle and Robo here.
How much liquidity would you say in the DEX and the DEX and the money market
industry within crypto is sitting there idle and not utilized in a day, like every day?
Oh, man. I mean, this is, I mean, we're talking upwards of $6 billion, just to be frank, because when
you look at Uniswap, Uniswap alone has around $4 billion in TVL.
If we take the top DEXs on maybe one or two other chains, we take base, Aerodrome is above
maybe $1.5 to $2 billion in total TVL.
So you put those two together, you arrive at like six to seven.
So there's $67 billion of liquidity that sits idle on DEXs today.
And this is something that we do want to change with Bunny.
So when it comes to stable coins and correlated assets,
we're definitely competitive over there.
We are definitely providing a lot of yield or a lot of value to not only LPs,
but protocols as well, right?
Because if you, if you set up a stable coin pair on bunny and it's
re-hypothecating to vaults that already exists for your assets and we're
sourcing yield from there, it means that if you incentivize the pool on bunny,
you're incentivizing two use
cases and you're also lowering your spend at the same time um so it ends up being quite a strong
value proposition for for third parties um but yeah you know there's there's so much there's so
much capital out there that we need to go after over over long enough time horizon like is is
curve gonna even exist like if we're honest with that with this new rehypothecation on stables
yeah it's um it's a it's a good question i think the thing with um the main thing with curve is it
is one of those entrenched players at the moment and we can see from you know definitely from this
cycle a lot of the stablecoin teams if not all all of the stablecoin teams, as soon as they come out, they come out with a curve ball. They either have some CRV in
their treasury or they have some deal with, with a third party that's going to help them, um, you
know, navigate their bribe mechanics so they can get some incentives directed at their pool. Right.
So, um, I think that, that there's no, um, there's no shortcut to bootstrapping that sort of trust.
And because Club has that level of trust
and it has that level of, I don't know,
maybe somewhat, yeah, just the Lindy effects on it,
the security guarantees you get from the protocol,
the fact that it doesn't really change too much over the years
and still provides a premium service for everybody involved,
it can be a moat, it is a a moat it's hard to compete with that but i think on a long enough timescale you know with idle liquidity being able to um be you know much more utilized on bunny um
that should level out or you know i would expect that to level out especially because on an execution
level um we already have pools that are showing how competitive they are with curve usual down deployed a, a, a USDO USDO plus plus pool. Um, just maybe two days ago. Uh,
it's at $5 million in TVL and the volume is already comparable to what they have on curve.
Um, and that curve pool has upwards of 20 mil TV. So what happens when we have 20 million
TVL?
It's insane. So this is a good time. I got to bounce. You got Kyle and Robo here to help through 20 million of CVO. It's insane. So this has been a good time.
I got to bounce.
You got Kyle and Robo here
to help through the rest of the space.
No problem.
Pleasure talking to you.
Yeah, absolutely.
Continuing on that thread right there.
It seems like new protocols
would have a lot of advantage in joining Bunny to have their primary pool exist there.
It's like we had to work really hard to set up supply for different kinds of lending markets uh constantly you know and and having this be a
part of like your protocol on liquidity like just another function of it that's that's extremely
efficient so like if you're if your protocol wants leverage um you should be starting to design that
from the beginning uh i imagine that'll be a strong area of growth for you guys once people figure that out.
Yeah, for sure. This is a flow that we've been talking with maybe one or two lending markets on at the moment.
It's a it's a strong one. It lowers the cost for bootstrapping leverage on some kind of token within your ecosystem for sure. I think the only thing to keep in mind when protocols do want to go about this angle is
that Bunny doesn't accidentally become the largest liquidity provider for those vaults.
So it's good for bootstrapping, but there also should be a lane that thoroughly incentivizes
people that prefer just single-sided deposits over two-sided.
And the reason for that is the utilization rates on the underlying lending market,
they can be quite high. So when it comes to withdrawing your assets on money, if they're
already active and alone, it's going to be more difficult to do that, or we wouldn't be able to
process that. But if the strategy is hol holistically encompassed then it could be easier
so if somebody is you know re-hypothecating to a um to a lending strategy with like a leverage
strategy that they want to then use um then that's going to be easier for them they should be able to
get their assets out at the end of the day but a strong use case the less um yeah i guess uh a lot of times
this protocol and liquidity pools they're the biggest pools that exist um and a lot of the
you have like a handful of pools that are above a million um like the usual one that you're talking about in Falcon and USR, I think.
Yeah.
Yeah. And then there's a bunch of small experimental pools. I'm getting the sense
that if protocols had more intention from the beginning, then they could have their
multimillion dollar pools that are there, but those are also providing rehypothecation like lending support. Are you saying that whales would not be able to basically
withdraw from that? Or if that's what you're saying, then that means that if you have a large
body like a POL amount, that that's not going anywhere regardless
so that yeah that should just be blended out like uh yeah so uh yeah the the the so it is a strong
use case definitely for for pol if a protocol does have pol and they want to enable this with bunny
then it's uh it's it's great for them because they can have they their liquidity is always going to be sitting there and can be like a sort of buffer
um and then if they want to like funnel incentives on top for for additional liquidity from the
community that's cool um but definitely great in terms of pol so you know even we've had
conversations with gauntlet um to see if we can like get incorporated into, into the era infrastructure, um, or at least in the era,
like BD flow so that we can mobilize,
like different protocols treasuries because we'll be able to get a higher
yield on it versus it just sitting there.
you know,
if the,
it might be a long shot,
but it's definitely,
you know,
part of our ambitions,
you know,
if one day in the future,
arbitram wants to,
you know,
deploy more of their, more of the art liquidity in an, if one day in the future, um, arbitrary wants to, you know, deploy more of their,
more of the odd liquidity in an, in an ARB USDC pool. Um,
and we have the, the ARB USDC on bunny and the USDC is re-apothecated to,
you know, uh, a lending market where people can get leverage on ARB. Um,
then that's like a great use case for them. You know, they're,
they're allowing people to get leverage.
They're allowing people to swap at the same time and they're earning a lot more from the idle funds um and if they ended up
like incentivizing this too then you know it's going to be less spend for them um and a lot more
transactions that they're generating on the protocol because it's coming from two levels and
not just one so um yeah when it comes to pol i think i think bunny is a is a great destination
for that and these case studies that we're building up with like people like yourselves um you know with usual dow um and the the pool that we've done with with
unichain and etherfy as well or uniswap and etherfy um it all helps to support the case and um yeah
you know we we hopefully see more success on that front going forward. Yeah, I'm extremely impressed.
I like how on your UI,
you just like click where does the APR come from and you can, it like says, this is the incentives,
this is the rehypothecation.
And, you know, your two stablecoin pools
are like plus 7% more, you know,
just because of the rehypothecation.
So that's like, that's extremely healthy
with incentivized, you know, just because of the REAP applications, that's like, that's extremely healthy.
Would incentivize, you know, LPs.
Yeah, for sure.
I don't, we're not,
we're definitely not waiting for a bear market,
you know, to, you know, for Bunny to show its power and show what it really is.
But, you know, it's going to be inevitable
that when the bear market does come,
capital efficient protocols like Bunny
that are able to source higher organic yields are going to be places where liquidity coalesces you know
everyone the the flight um from protocols the flight of liquidity will take place and you know
the place where you can you know still deposit and and have um earnings on two layers from lending
um and swap fees uh you know are going to be.
Yeah, that makes a lot of sense.
I had a question about shape-shifting.
I read up on your docs and you mentioned earlier there's like bearish and bullish shapes of liquidity.
I was wondering if you could expand on that.
I'm thinking it's like, okay, I have a pool.
I think the price is going to go up.
And then basically that makes the liquidity that's available more on the upside
so that there's like better execution.
Is that right?
Yeah, that sounds quite perfect to be fair, man.
You know, if it's bullish and you think, you know, price is going to increase,
then you can allocate, you can weight more of the liquidity to the upside to sell um in anticipation of that um and if it's uh if you have like a bearish outtake
then you can do the vice versa of that so you know majority of the liquidity is way to the other side
um but yeah like these are the sorts of things that you can do with bunny in terms of like
liquidity placement um but if there was also like a trading strategy
that you wanted to, you know, compute inside the pool as well,
that is more adjusted to trending markets in one direction or the other,
then these are things that you can also set up inside the pool.
And we expect more of this experimentation to probably arise in the next,
I want to say in the next three, three to four weeks,
because our curated LDF feature is going to be available.
We sent it for audit on, I think it was the 11th of August.
So that should be done, hopefully in the not too distant future.
Once this feature is deployed, then curators will be able to update their liquidity strategies or the liquidity distributions in the pools on the fly.
So if you had one like this second and wanted to change it two seconds into the future,
you could do that. If you wanted to automate how that happens, you can definitely automate it.
Can you do like all the LP holders take a vote or whatever, which direction they want it to go and it automates
that way or like a direct democracy for the for this bearish or bullish thing so i'm not sure if
that is going to be included directly um in the feature however this sounds like functionality
that would be able to be computed inside a hooklet so So for those that don't know, hooklets are to bunny as hooks are to Uniswap V4.
So that allows you to implement your own arbitrary logic
on top of bunny pools as well.
And if you wanted to have like community votes
on how the liquidity distribution should be inside the pool,
I would expect this to be done inside a hooklet.
It's like so many different uh really unique um kind of like games that can be played
on top of your guys's system no for sure for sure where where i mean me personally i'm excited to
see what does get built on top i think there's there's gonna be a lot of um there's a lot of
traction that we need to bootstrap and and a lot of growth that needs to occur before people start before we really start pushing that angle towards um you know
third-party developers but you know like an internal joke is is you know bunny v2 is like
you know sort of v5 um pretty much like pretty much almost anything or a very large amount of
of protocols and and tools can be deployed on top of the protocol.
I got to like basically two more questions,
two more areas of questions, but also, okay, cool.
Basically, I'm interested in solving,
like, you know, impermanent loss.
Like, you know, that seems like a cool direction.
And I noticed that a lot of the pools,
they're like high risk or low risk,
like stable pools, you know,
ETH on ETH or stable and stable.
But like our pool is ETH on USDC.
And I feel like if we had a way to manage that, then it could be larger or maybe. So basically, there's two things. If you're like, say you're like threshold like TBTC, USDC, that's a that's a pretty big need.
They have protocol on liquidity liquidity how would they handle their
impermanent loss through bunny hooks and then like sort of a follow-up question is like then the
smaller pools like um you know like bunny itself like uh those are those are kind of like crazy
volatile so you know these are these are the things that i'd like to chat about for a second
yes i think impermanent loss is um definitely one of those trickier problems to solve um it's
always difficult to do it with like a vanilla setup or like a really simple setup and bunny's
no different to that i think with reapplication it might mitigate the the effects of impermanent
loss a little bit because um you're utilizing the funds a little bit more.
It's like a subsidy.
Yeah, there we go.
And then if we had like incentives on top, then, you know,
you have like a further subsidy, right?
But I think from like historically speaking from the experiments that we've run,
impermanent loss can be mitigated a lot by increasing increasing the or decreasing the
frequency of rebalances on the pool so anytime a rebalance is processed the the pool is restored
like to a to a 50 50 ratio so there's going to be some portion of one asset sold and and another
portion of another asset bought right um and if price goes down um and the the rebalance order is processed then that
loss is going to be booked so the impermanent loss then becomes permanent loss um but if the
rebalancing duration is less frequent and it and it happens like let's say once a day or once every
two days um then impermanent loss can theoretically be reduced a little bit it's not in all situations
i think the price needs to you know increase increase back into the range or whatever it is.
But yeah, if the rebalancing frequency is a little bit longer or on a longer time horizon,
then that can help out with impermanent loss.
And I think the other thing that can help out with impermanent loss as well is being
able to collateralize the liquidity pool token and then shorting some amount of the volatile
asset inside the pool as well
and something similar to what's going on in the protocols we want to explore that can you talk
more about that because we want to do that with our pool and others it seems like a really soft
hedge that will allow you to basically like price goes up, you have some kind of trigger, you deposit LP as collateral,
you borrow the ETH, you sell half of it,
and you deposit that into the pool,
and then you sort of wait for some kind of mean reversion thing.
Yeah, so this is definitely possible.
I think we need an or Oracle to price the LP token,
and then it would be eligible for listing on lending markets
or be a lot easier to list on lending markets.
Without that, it becomes a little bit more difficult
or there's a little, a different profile of protocol
that'd be able to support, right?
So I think protocols like Ajna, you know, would be good. Um,
cause that's like all permissionless. They just provide like a,
uh, an infrastructure to create, you know,
a lending market against any LC 20 token, like whatsoever. Um,
you know, without like a additional tooling needed. Um,
but if we wanted to use like a, an oiler or, or a morpho,
then we would need an oracle for our
lp tokens um if you wanted to use like uh i think three jane three jane do unsecured loans so they
can whitelist like our collateral assets as well and then you can receive like some type of loan
against the lp token um but yeah this is definitely a way that you could go about hedging some of the
the the il risk or the volatility risk in in one
of the liquidity pools it's very exciting yeah we're talking to redstone about uh making an
oracle that can do that and then i guess the question is like um you have some kind of
discretionary like trigger or something that says like when does this hedge start and when does this
stop right yeah yeah yeah yeah this this is something that sounds like it could be um does this hedge start and when does this hedge stop? Yeah.
Yeah, yeah, yeah.
This is something that sounds like it could be computed
in a programmable data feed.
And maybe there's a separate strategy that you're deploying
that says, collateralize the LP and borrow X amount
when the price crosses this uh when the price crosses at this price um
or when the the the ratio inside the pool is imbalanced at a certain point um yeah these are
the type of like you know factors and and market forces that you can compute in the strategy and
also set up by yourselves it sounds it sounds very powerful because uh now LPs, they're just kind of beholden to whatever the market's doing.
If you have POL, you just have to suffer basically.
Yeah, I'm with you.
I think the cases where I see impermanent loss being hedged more effectively is definitely with market makers.
Some of them, they do have the setups to be able to LP on a Unisop v3 or a Unisop v4,
have the pool B performance so that they're accruing crazy APRs.
And they are organic as well.
But sometimes APRs can be like 500%, depending on how much volume is routed that day. But yeah,
they can deploy an LP, you know, have it performing against the order flow on chain,
and then hedge their exposure on a centralized exchange. So as long as they have a strategy that
they understand, then it's possible to do that with, I think, like, if you look at,
if you look at, let's protocols like uh like aerodrome
for an example aerodrome has like has like a um a predefined like default set uh settings that
they use whenever like a pool is deployed so market makers just get used to that and then you
know they can lp on aerodrome and then hedge their exposure on centralized exchanges. It would be good to have like a similar setup over on Bonnie too.
Yeah.
I guess, so that, so I think that would be,
I think that would be most useful for POL
because they have to be there.
Your LP is required to be there just to exist.
And so then you're sort of forced to do something about it.
I think that more of like a retail position thing that might be interesting is
like, like opening up leverage positions,
like longs or something like with certain triggers, like say,
is like a rehypothecation into like a four, six, two, six that has like levered position
inside of it or some hook that says go along with this part
of the out of range liquidity when this strike price hits
or something like, is that also a possible design?
I'm not too sure if this could be set up like natively, like and then that programmed inside
a pool that is on Bunny. But this does sound like the kind of strategy that should be should
be able to be implemented on chain. I think there's various automation tools that could
allow for something like this. But yeah, not sure if it could be fully composed like just on bunny cool um i guess uh i have one more question and that's uh
it's about it's about bunny the actual token i'm curious like you've got all these tools all this
um all this potential for experimentation like what sort of what sort of experiments are you going to run on Bunny LPs?
Like, will you create like lending pools?
It's a very like, it's a small market cap asset.
Will you like, I don't know, because I think that
there's a lot of small market cap assets.
And if you're sort of demonstrating your,
what you can do with
with bunny, then then maybe others will follow suit. And so I'm kind of curious what the
thoughts are on that.
I'm not sure. Not sure if I understand the question exactly. Is this for like what utility
could be implemented with the bunny token specifically?
Bunny USD CLP, bunny ETH LP. Yeah. Yeah. specifically bunny usdc lp bunny eflp yeah yeah okay yeah so um yeah so as i mentioned before
we definitely need an oracle sorted out to price our lp tokens then we could look into listing them
in certain places um enabling a lending market for bunny like allowing people to collateralize
bunny against like usdc loans for an example that hasn't been something that we've spoken about too
much um i'm also yet to see like real demand from the community on it too, but definitely something
like we could activate on as long as we're seeing demand from our LPs and from our community.
Is it something that you guys would be interested in?
Yeah, I mean, because it seems like accumulating bunny is a good idea.
And so then the best way to do that is like to build some kind of strategy around Bunny.
And it's sort of like seems like that might be sort of an interesting way that we could engage with you guys.
Yeah. Yeah. Well, yeah, that sounds cool.
I think it would be cool to have the conversations around like how how to get that started.
I think there's usually like some deal making or or some bargaining or buttering that
occurs like with curators in order to get like the the usdc allocations or the usdt allocations
from their own vaults um but yeah i don't think it's it's not the hardest thing in the world to
set up um and definitely something that we could look into um uh i'm here uh with uh rackfm
I'm here with Rack FM. Did you guys want to ask any questions?
Hey Kyle, well I don't know, Brian just messaged me like not so long ago and just said like can you come in and help out when I drop?
So like I just, but yeah but, I did send Brian a message right at the beginning of the space and I said your man like silent p i said he's from the ends
your man's from the ends i'm telling you like dude it's nice to hear a brit
for once in a while i'm surrounded by yankees you know
yeah i'm right there with you bro 100 i'm from the ends london knew i was like the man's from
the ends i went i went tell him he'll understand what i mean
nice really really good to uh speak here and cheers for the intro there kyle so me you know we do always kind of ask like a few projects this is just the inquisitive mind
like if we're honest what what yous are doing the rehypothification it's a bit of a mouthful from macum but it's been around for like centuries
in traditional finance like brokers and banks etc using you know like client securities to
borrow money like we all know the only difference is obviously it's highly regulated and what you
guys are doing or what defy does it's just pure like non-custodial it's an on-chain
form essentially and obviously smart contracts fucking handle the back end you know what i mean
so it's a very very different ball game to traditional finance which is like heavily
regulated but essentially this thing's been around for centuries right so there was a couple of things I did have on my mind one of them was like the synergy with what's
happened with Uniswab v4 like so did you guys get any I know you fully
audited did you guys get any grants did you get any ordered subsidies I'd like
to know like well I'm just wondering we always ask a project like
about your runway like obviously you talk about the team you know we're always like right it's a
team you know everybody's employed well how does the runway look that would be the first thing i'd
talk about then i i've got one question about risks and vulnerabilities and then i've got a little
one about user experience but the uni the uni uh synergy i mean how how closely have you worked
with them on this because you've got a uh whack of the tvl so like i just like to know like you
know did you get anything from them did you get any help financially and other support and what
does the team's runway look like that will be the first one yeah cool no no problem sir thank you
very much for the question so i'll split this up into two parts um first we'll just focus on our
relationship with uniswap and then the second we'll focus on um uh like the the grants the
subsidy funds um and uh and yeah the building bunny as a as a product so the team has been in
touch with the uniswap foundation for i want want to say, a little over two years now.
They were very much aware of Bunny V1.
I'm not sure if there was a lot of support that was given with Bunny V1 or other things that were happening,
just in general around what the developers were making and what they were interested in when it came to building on top of Uniswap.
As I only joined the team last year in Januaryuary and bunny was going on for for a bit
before i joined so um i know that the they have been in contact for a few years and the relationship
is um is pretty much i would say built you know at this point um our developers our smart contract
developers um it seems like they are quite respected you know amongst the general defy community um and also uniswap as well um zephyrm
our lead smart contract developer uh and co-founder he he he coded a he coded the idea that was
released in a research article from dan robinson um who's Paradigm, who were the first and early backers for Uniswap.
He released a researcher paper one day,
and two weeks later, Zephrim had coded the idea
in the research paper into something
that third-party protocols could implement
in their own protocols.
So, you know, he completely open-sourced it.
Now, towards the grants, we didn't have a grant to build a bunny specifically from
Uniswap. We also didn't talk to, at least to the best of my knowledge, there wasn't
like a ton of conversations between our developers and Uniswap Foundation or Uniswap Lab specifically
on what kind of features and tools we could implement
within bunny v2 i think um you know they they pretty much came up with the ideas themselves
and had conversations about how they could get it done in a secure manner so even just on that i
think maybe one or two points i can add to that uh when bunny first launched there there were the LDS that people use to control the liquidity distributions inside the pools.
There was parts of the stack that weren't included in the public repo, just so that people wouldn't be able to fork Bunny like for like.
A lot of people were worried about that and worried about people forking Bunny and then putting new tokenomics on top.
And then taking all of the TVL from us, basically, and just leaving us in the dust um so that hasn't happened and that's because of you know some
safeguards that they've implemented um and some other safeguards also include like certain checks
on swaps uh before they are processed just to make sure that there aren't like malicious things that
are going on with the protocol um or malicious things going on you know with anybody that wants
to swap or implement with with peripheryy contracts that are part of the core product.
So that's that.
But what we did get from the Uniswap Foundation
was a grant from the Security Subsidy Fund.
And this allowed us to get a third audit from CIFRAN Audits.
And a great thing about CIFrin is that they were specific,
they were handpicked by the Uniswap Foundation
as a security firm that were like a little bit more adept
or a little bit more attuned to the nuances of DEXs
and of Uniswap V4's architecture.
So just better positioned in order to actually look at hooks
that are deployed on top of V4.
So Cifrin have helped us out with a third audit
across the whole protocol.
They helped us audit the liquidity density function
that we needed for the pool that the usual DAO deployed
for USDO, USDO++.
And they are also auditing the curated LDF feature that I mentioned earlier on in the call. So Cifrin have been good for usdo usdo plus plus and they are also auditing the um the curated ldf feature that i mentioned
earlier on in the call so cifrin have been good for us um the audit security subsidy fund has been
great for us too um and it is allowing us to you know to have conversations with larger lps uh
institutions and larger protocols as well because security is always something that comes up with
them so you know having the three orders across the protocol and then extra audits for these,
like, you know, um, these little,
these smaller pieces just around the protocol, um,
is also important for our growth and, you know, our traction as well.
Dude, you're an absolute banging spokesperson for the project mind.
I must say that like, I know people who can speak well and, uh, you rep,
you rep dude. dude so like uh
the the the team's got plenty of runway you guys are not worried like is a fine yeah okay so
runway rise runway isn't it's not the it's it's it's lower than it was last year um
it could be a little bit better so there's more that we
definitely want to do on that front um the way that we can change things around rather quickly
or rapidly is by focusing on more volatile pools so i think for the first few months of the protocol
well really up until now um we focused on on showing like the execution quality against stable
coins so we've done that with us So we've done that with USR,
we've done that with USDC, USDT,
you know, the biggest stable coins in the market.
And now we've just proved it again with USDO, USDO++.
So in my opinion, that is, you know,
more than enough case studies that we need, you know,
to approach any larger stable coin projects
or other stable coin projects in general
so now we we want to focus on getting more volatile pools deployed because that is where the money is
for dexes the decks cannot do a decks can't survive without two things they can't survive without
order flow which is access to every every interface where people are placing their trades these are
places like uniswap one inch um cow swap uh velora defy llama swap we need to be integrated in those places
um and then the second is volatile pools things like if usdc wrap btc usdc eth uh wrap btc we
need these pools deployed on the protocol because they naturally command a higher fee and there's a
lot of volume going through them which means that you know there's a lot more that we can rake in
for ourselves um so there's going to be more of a focus and more of a push on this over I want to say the next three to four months I wouldn't be
surprised if this is still the case by the end of the year and by that point you know when we take
another look at the treasury and runway it should look a lot more sexier. Absolutely banging yeah
didn't mean to swear I do apologize but absolutely banging do talk to me about your user experience like i'm a pleb because i'll tell you why
we talked about uh last week we had kyle and brian on and alpha growth talking about uh
conditional funding markets you know and uh the user experience it's always one of those things
that's a bugbear in uh in crypto like just just talk to us about your you like you as a
personal crypto user i listened to your journey earlier you've been in the game for a while you've
been through a couple of cycles like all most of us here just talk to us about your user experience
from like what you think if you if you're not a representative of the company and you're just like
talking about it as a general user like because i haven't used it yet
what would i experience cool so is this a user experience specifically for bunny yeah but you
want me to be as objective as possible well yeah kind of yeah when we talk about user experience
people's just fair as fair because if some the thing is a lot of us are into complicated shit
like not everyone's a pleb i'm just saying speak to me like i'm a player you know no problem man i'll keep it as simple as possible
so um i think in general um ux is a lot better on chain today compared to five years ago four
years ago um a lot of that is down to you know core improvements that have been made that um
of that is down to you know core improvements that have been made at um like the infrastructure
level for ethereum um a lot of that is due to a lot of the is due to gasless experiences on chain
so now when people want to interact with protocols and make their transactions sometimes they can
batch transactions together so they can send like three or four at a time um or they don't
actually need um like the gas token uh to actually process the transaction like do whatever they want
to do which is great when it comes to bunny specifically bunny is a it's a massive upgrade
um from unisop v3 to unisop v4 and bunny in general so when you were using if you ever like you know
lp'd on a concentrated liquidity um protocol so this is something like uniswap v3 when you deploy
your liquidity you have to choose like a price range for it to sit inside um and if it goes out
if the price goes outside that price range then you have to withdraw your liquidity again. You have to set a new price range and then you have to redeploy it.
This isn't something that you have to do with Bunny.
With Bunny, your liquidity moves with the price.
So if price increases, your liquidity can go with it.
If price decreases, your liquidity can go with it.
So that's already better than what people were experiencing with Unisop v3. There's a lot less management that's required with it so that's already better um than what people were experiencing with unisop v3
there's a lot less management that's that's required with it um bunny allows for a native
like set and forget you know experience so you can rock up to a pool deposit your assets in there
and just leave it to print whatever the ap wires say on the ui are the ap wires that will be
reflected in your balance um it's what's going to be reflected in your wallet.
And there's not a lot that you need to worry about.
I think when it comes to getting into pools as well,
we're supported by a protocol called Enso.
And the reason why Enso were really good to implement on the protocol
is because they have something
called a zap function. And usually when you want to deposit in a liquidity pool, you need to have
both assets. So if you wanted to get into ETH USDC, you couldn't just get in it, you know,
with ETH or you couldn't just get in it with USDC. You would need both of those assets. But what
Enso allows for is you can come to the protocol with your wallet, with whatever assets you have in your wallet.
You don't need to have anything specifically. And if there's a certain pool you want to get inside, ENSO will process a swap automatically for you.
So they'll convert whatever you have into what you need so you can get into the pool.
And that happens really seamlessly and it happens in a single transaction.
So these sorts of UX improvements are what are live
and available on Bunny today.
And it's what makes it really easy
to interact with the protocol.
So, Bro, you've answered like some other questions
I actually had like ahead of the game.
And I always like appreciate that when people
like answer questions ahead of the game and you're like well i'll cross that one off the list
eh but they are like other like hooks for example right like there's things like doppler you know
what i mean but obviously they focus on different like areas like mev uh protection etc right
bootstrap and whatever it is right there's a few other hooks so like how are you gonna stay ahead
of the game and especially in regards to education because i do scroll through tweets very quickly
and i do like pick up on information very quickly right and education i'm guessing is probably like
one of the barriers that you've got so with these other things like i say the mev protection blah
blah these other hooks that are coming in.
Like, what are you guys like determined to do to just try to stay ahead of like being out there and being talked about?
Yeah, I think for us, what's really important is keeping our eye on the prize and always staying attuned to what's really important for us.
So what I mentioned before was, you know, the two things that a DEX needs to survive are
order flow and volatile pools. If we can have more volatile pools deployed on the protocol,
then I think naturally we're always going to be in business. And I think because of the way the
protocol is built, i.e. like its architecture and having hooklets, which allow, you know,
third-party developers to deploy pretty much any protocol that they want on top of bunny
that gives us like a lot of flexibility and room to maneuver um and even aside from that bunny was
built in a modular way so it was built in a way that allows the the co-founding engineers to adapt
with the market and make quick changes and a lot of these changes are things that we've already
made so far so you know like a lot of people they are things that we've already made so far. So, you know, like a lot of people,
they haven't noticed or they don't know,
but Bunny V2 deployed in February, right?
We're in August right now.
And to be very honest with you,
since deploying in February,
we're probably on like maybe the fourth
or fifth version of Bunny V2 right at the moment.
These aren't large announcements that we make.
But what I mean by that is the protocol has changed so much
from when it first came out,
just so that it continues providing a premium user experience.
It continues providing LPs what they need
and what they want to see with the protocol
and what they want to associate with a growing team,
with a team that is trying to be successful.
So I'd definitely say that's one of
them. The second one is by packaging our wins in a digestible way and in a good way. Because when
we package these wins in the right way, then it makes it easier to work with larger protocols and
larger businesses in general. So this is the direction that we want to go in. I think the team are pretty much focused on owning best execution, i.e. whenever you want to convert or swap from asset A to asset B, that bunny can always be there providing you great pricing.
then it means that we would have you know essentially captured a good amount of market
share in one of the fundamental fields in DeFi which means that theoretically we should be in
business for a while I mean Kyle I don't want to take up too much time brother because I do know
like you know these spaces like the hour hour and 10 hour and 15 deuce but i if i've got just
one one little thing that talk to your guy about is that okay kyle yeah yeah yeah i'm enjoying this
uh right so silent p sometimes i really do like to think about things like i'm a player right
and i don't want to call them exactly like attack vectors right you know we could just
like say a risk management right so there's you've got two kind of risks on your books
the one of them is going to be your smart contract vulnerabilities and obviously as you do update
things and blah blah you know and i know obviously the full order it's been through you're talking about the extra audits etc i totally and not they get that
so that's kind of answering half the question you know but the smart contract vulnerabilities
and i would say the lending protocol uh failures so the question would be like you know you just
must have some because you've got this like double
vector say like mango markets uh got took down through like their smart contracts right they
didn't really have another external kind of like way to you know do what happened but like what
what safeguards uh are in place to protect lps uh if like a lending partner sort of goes down I think you might have answered
half of this question earlier but you know what I mean you've got these like two vectors
like like you as a team you must have eyes on both pies right yeah so we we definitely do keep an eye
on um on the lending markets that we allow to pop up in the UI when people are deploying their pools
and we try to keep I mean if UI when people are deploying their pools.
And we try to keep, I mean, if you go on Bonnie today and you want to deploy a pool,
once you pick both assets that you want the pool to have and you enable re-hypothecation for them,
when you're about to set your re-hypothecation venue or like a lending protocol to re-hypothecate to,
there are a list of protocols that come up and there's like a verified tab next to them. And protocols can only get the verified tab. Um, if they pass like a
certain check, it's not a, it's not a, we don't have like a predefined list of criteria for this.
Um, but we keep it to what we understand our blue chip protocols. These are protocols that
have been around for more than two years. These are protocols that have been around for more than two years.
These are protocols that have at least, you know,
three audits on their books.
And some of them may have threat monitoring
on their underlying layers as well.
So we will only like list protocols
that were a lot more comfortable, you know,
with the smart contract risk that we're offering
to the users at the end of the day.
But Bunny is completely permissionless. So users can set, you know, the re- risk that we're offering to the users at the end of the day um but bunny is completely permissionless so users can set you know the re-hypothecation venues any
re-hypothecation venue that they want to with the protocol and i think whenever you're interacting
with you know permissionless infrastructure what the the most that we can do is make sure that you
know our smart contracts are as audited as possible and as secure as possible. And the rest of the risk, they pretty much rely on the user.
So if the user isn't prepared or if the user isn't well equipped to do due diligence on certain protocols, then there's already a guideline there, i.e. stick to the morphos, stick to the oilers, stick to the gearboxes of the world, stick to the skies of the world, stick to the fraxes of the world, the skies of the world, stick to the the fraxes of the world,
because these are also top teams in the industry. And they're also just as security conscious,
if not more security conscious than us, which is always a good thing at the end of the day.
So, yeah, if people want to deploy their own pools with re-apothecation venues,
they should have a good understanding of all of the risks that could be involved in a pool.
As I mentioned earlier on before, you can get some pretty high yields if you re-hypothecate
to lending markets. But if the utilization rates on the underlying lending markets are high,
and you want to withdraw, you might not be able to withdraw because some of your liquidity is
actually being loaned out. So things like this are, you know, what users
can be curious of, should be wary of. There might be like some more prompts that we can include on
the UI to alert the user to some of these risks. Like it could be a prompt that says utilization
rate on this lending market is high or be wary of this protocol when you are using them. So these are the type of
prompts that we may be able to include. And I think that's as much as we can do for the user.
And then aside from that, rightly so, it is going to be some education because when you're roaming
around in DeFi and you're using permissionless infrastructure and permissionless protocols,
there's a lot more that needs to be considered and and and taken account of um but yeah you know we we definitely want to improve we've had uh internal conversations about you
know including um threat monitoring you know like on our small contracts so i'm not too sure when
that's gonna you know be deployed and when that's going to be available for the for for the community
and users in general but you know we're we're gonna do as much as we can
last question from me will you come on a rack fm towards the end of the year yeah
i'm i'm more than down to come on a rack of fem sir brother it's been lovely speaking here take care man i'm telling you a crack and convo mine kyle like i like i just enjoyed like the first
like i don't know 15 minutes listening uh great cracking on to your man very good representation and org is only as good as his people you know every every org needs a
good spokesman and your man's on the on the dollar on on the on the pound we should say anyway hey
brother take care take care we'll be putting them closely end of the year we'll uh we'll swoop in
and we'll grab a little nice interview with you guys okay take care brother thank you you too sir thank you
very much for your questions and your time take it easy um i'm looking forward to uh working with
you guys to get more volatile pools uh on bunny and explore some of those uh hedging strategies
uh thanks a lot for your time today.
Yeah, no problem.
No problem.
I'm definitely excited to get those pools deployed.
There was an LP we spoke to recently
that also wants some exposure to volatile pools.
So a lot more pushes we want to make in that area.
I think if people are going to be concerned
about impermanent loss risk,
then there are more
protocols you want to be speaking to about the kind of strategies we could put together for that
as well um and hopefully we'll be able to mobilize the community in the right way so we can build in
that manner cool um thanks so much for uh meeting up uh this morning i appreciate it. And it's been, it's been great to,
all my questions were answered and then you took care of, you know,
Rack FM and also Brian. So that's a lot of really cool information.
Appreciate it.
All good for me, man. It's been a, it's been a pleasure. You know,
I enjoy these things. This is great.
I love talking to you guys as well. Cause you know, you've been,
you've been great, you know, in terms of, of you know comms um ever since i joined like i remember you guys were were helping out with you know bunny v1 and certain bd over there so you know the fact
that we're spinning it back on bunny v2 is absolutely wonderful um you know me and dakota
are talking about relaunching some of our thursday calls as well so it would be great to have you on
you know for for the different themes and topics of discussion that we want to, we want to start doing, but yeah, man, it's, uh,
it's much a pleasure for me as it is for you.
Okay. Um, then thanks again.
And I appreciate you guys coming and listening and thanks a lot to rock FM
for coming in and, you know, uh,
always a pleasure, Kyle, never a chore.
A silent P we are sponsored by the way by alpha
growth right i just want to say we've been sponsored like through 2025 by alpha growth we do
uh breakfast show every day so we do like probably your like lunch time around there if you ever see
us live dude feel free to drop in and just like talk some like not about the project like just
come and have a normal chat you know we're always around brother yeah i'm down to talk so don't worry about that cool thank you once again carl
thanks everybody for for tuning in as well i hope you guys have a good day yeah you as well uh good
night guys sir have a good day Thank you. Thank you.
