Hey, everybody. We're going to get started soon.
I see you, Alan. I have invited you up here.
Oh, I can't believe East Denver is already here next week. I was not expecting that to
creep up so quickly. I still feel like it's weeks away. There's so much stuff I have to
get done. Hey, guys. Can you hear me well? Yeah.
I can't. Awesome. Pat, who's Pat? I don't know you, Pat.
Okay. So thank you all for joining. I'm sure others will roll in. Hi, Lumberg. I have brought
you on stage. Before I get started talking about Juiced and Ajna and all of our partners
who are going to be setting sail with us in this ship, I want to give a few quick year-end updates.
We have actually some new single-side B3 strategies coming on Arbitrum soon. I know we
kind of were looking for good sources of up-only yield on Arbitrum for a long time. They were
weren't there. They're here now. So we're going to be rolling out vaults for that. Another
update for YEath. We just completed another epic. There were a bunch of weight changes.
There's over 7,000 ETH deposited into that contract right now, which is like a far cry
from the 50,000 ETH or so that we have in the West Vault. But one day, maybe we'll make
a YEath strategy for that vault and we will combine forces there. The Y Academy block,
which is the audit education part of urine, they just concluded their entrance exam for
block six and they had 134 people take the test. So hopefully we can figure out 20 or
so fellowships out of that program. And that is basically the feeder system for Y audit
and at a higher level, the purpose of all of that is to help the security needs of this
space scale because there are not enough good high-quality auditors out there yet, but we
want there to be. So another thing that's coming in the pipeline is our partnership
with Cove and Gauntlet. The Cove team is formerly, they were working on a project called Saddle
Finance. There are a few other people, but they're working closely with Gauntlet to build vaults that
automatically rebalance built on urine vaults V3. And that is kind of like the holy grail
of finding the best yield. It is a very complex issue. The most complex part about that I
think is probably moving around funds in size because you have one source of yield, you move
millions of dollars to it, you crush the yield. So a lot of math involved in that one and I'm
excited to see what they have. But for now, let's talk about Juiced and all of our partners and the
partnership that we're doing with Agena too. If you haven't looked at juiced.yurn.fi recently,
basically what that is, is a vaults V3 allocator vault. Agena is a permissionless isolated lending
project. You can spin up a lending pool for any asset. There are no oracles involved. Agena is a
team formerly made up of mostly ex-Maker DAO people. They had an LLC where they were called
Aushna Labs. They were creating that project for a long time, for a couple of years now. And they
have since spun down dissolved their LLC and they are in full governance mode and they've kind of
they've delegated a percent of their supply, six percent of their supply to urine to incentivize
liquidity for their lending pools over the next two years. So this is a long term thing that we're
doing. And we started out with one urine vaults V3 allocator vault where users can deposit DAI and
they can either auto compound their Aushna rewards or they can stack those Aushna rewards. Since this
is a V3 allocator vault, there is a multi-sig attached to it and we allocate that DAI to
different Aushna lending pools. So you can go on there to Aushnify.com, which is actually a front
end that is operated also by a urine team, which is also something new that we're doing. We allocate
the liquidity there and like that is the new mechanism for permissionless lending with Aushna.
But we are going to take this one step further with all of the partners that we have on here
today, because like all you need to provide liquidity for lending are incentives. And there
are no shortage of incentives in various forms in DeFi today. So we have a new front end that we
are releasing. We released it yesterday. You can go on there today. It's called juiced app. And
basically what this is, is a collection of pools where you can incentivize lending for any of these
pools. So there is a few tabs on there. There's a pool tab, there's incentive incentivize tab, and
you can go on there and you can select any pool, select any incentive and post it there. And we're
going to be matching all of those with the Aushna token for a long time, like many, many months. And
we're going to see where this all takes us. So the idea here is to have just for LSTs and LRTs today,
that's the push, the pushes for WEF deposits. You go on there, you deposit WEF and you get people in
that community who want to use that LST as collateral can take it. They can take their APX
ETH, their MEVE, their NPE, and they can go and borrow WEF. So that is the entire idea here. This
is all built on urine vaults V3. Everything on here is 4626 compliant. That means that they are
more composable than vaults of the past. 4626 basically enables us to not have to build new
adapters for different strategies that we're building. Like before we had to build an adapter
if we were going to be farming a curve pool, we had to build one adapter if we're going to be
farming Aave, for instance. But all that does is increase technical debt. It makes people slower,
like slower time to market because we had to develop all this stuff. It increases complexity,
we had to get audits for everything. And that's stuff that you just don't want to deal with in
DevOps. So 4626 simplifies all of that. And there's actually a co-author, one of the people who
wrote urine vaults V2 is a co-author of 4626 also. So Ajna is obviously 4626. And that enables a lot
of the speed to market that we've been able to show. And I'm very happy about that. So
the pools that we have today, we have manifolds, MEV, we have F of X, that's a product of Aladdin
Dows. It's called X-EATH, Claystacks, CS-EATH, Redactids, APX-EATH, Restaking Clouds, DEATH,
Bedrocks, Uni-EATH, Metapools, NP-EATH, and Resnows, EZ-EATH. So some of these are LRTs,
some of these are LSTs, some of them are part of YEATH, some are not, but all of them are
providing incentives for at least the next week on juice.app. And we're going to match those with
the Ajna token. So please go on there and check that out and join them for their participation
in this. And there are going to be a lot of new partners and pools and assets and incentives in
this model coming up over the next few months. One of the other things I want to mention about
all of this is this is going to be done on a weekly EPIC system. It is Thursday to Thursday.
So if you are depositing incentives, that is the period of time that they will be spread out over
and everyone will be eligible to deposit new incentives after that one week period.
So I think the future of all of this, we've accomplished a few goals. The most important
is speed to market. We're able to deploy these pools within a matter of hours
before it would take us a really long time. So we are really good at building frameworks,
even though it takes us a while. We eventually get there and then they're repeatable. They're
very safe. And I think that this is going to be a really good product for us to have.
One very important thing, though, that makes this different than all of their urine B3 vaults in
the past is that since the liquidity that you're depositing is going into lending pools,
these may not be liquid all the time. If you're going to be withdrawing, there is a buffer,
a layer of funds that can always be withdrawn. But depending on the size of your deposit,
if that is extinguished or depleted, you're not going to be able to withdraw. So that is
definitely one thing that you have to be aware of when using these new vaults v3 products.
So right now, if there are any questions, I can take those. Or if there are any speakers on here,
definitely want to have you talk a little bit about your asset on here, your project,
introduce yourself. If anyone wants to go first, please have at it. Let me know.
Sure. I'll go first. Lumberg here. I am a long time listener, first time caller on the urine
right. You're up project. Yeah. Yeah. So, oh, okay. Nevermind. You want,
you want sorrow to go. Can you hear me? Okay.
Sorry, what's going on? Are you waiting for me to go for it, man? Yeah. Yeah.
I was just saying hi. I was just saying hi. If you want to introduce yourself and talk about
your project, your asset, have that. Oh, yeah. Sure. Sure. With pleasure. So yeah,
I'm still, I'm a community contributor for Aladdin DAO and especially FFX protocol.
So FFX is kind of a new stable, conprimitive. What it does basically takes
STIF in a reserve and you can either mint a stable coin, which is stable because
it's called FEIF. It's stable because it will only keep 10% of EIF volatility.
And you can either mint XIF, which is the token we'll look at today and XIF will basically capture
the rest of EIF volatility. So what XIF is kind of a leverage EIF token with no individual
liquidation and no funding fee. So that's a leverage EIF you can just hold on a long term
if you are bullish on ether. So, and that's what you can put as a collateral on strategy,
on the ASHNA strategy we're building with just today. So there are incentives on there. Those
will be running for a week and you can deposit that asset and borrow WEF. Exactly. Exactly. And
basically what it allows it's basically to enhance the leverage on your EIF. If you are really bullish
on EIF, you can have like a crazy leverage on EIF. Yeah. Thank you for participating.
Lumberg, I think you were trying to talk before. If you want to have at it now. Yeah, sorry. I
didn't raise my hand earlier. So I'll go ahead and talk now. First of all, can you hear me okay?
Yeah, I still can't hear you. Okay. Let me, let me, let me, uh, I think, uh, I think the rest of
the room can hear you. Maybe it's, it's just corn that can't, I don't know. That's really weird.
Let me, let me log out and log back in then, you know, just to be sure I'll be right back.
No, weird. Somebody told me that, uh, Lumberg's talking, but I can't hear him.
Yeah. Lumberg is talking. I think there is a mission on that spaces.
Love Twitter spaces. Really high quality audio. You know, one of the other things about Twitter
space is I really wish you could screen share. I mean, that would be amazing. I have a, a Plantronics
Voyager 8200 headset. It's like a $400 headset. And whenever I go on Twitter spaces, it's awful.
You can't hear like anything terrible quality. All right. Try again. Can you hear me now?
Yep, I can hear you. Okay. Awesome. Yeah. So I was saying earlier, this is really weird. Yeah.
How could it, that doesn't, that doesn't matter. Um, so technical challenges, the spaces that
happens, uh, definitely the first things first, um, the, the, the project I'm with here is med
protocol. So, uh, maybe this part of med protocol, uh, manifold operates our validators and soon to
be our med relay, which would be part of our med auction product. But I just want to clarify
that the med beef is actually part of that protocol. And personally, I am a yearn community
member and one of the multisigs on yearn. So definitely happy to be here. Um, it's actually
my first yearn space here. So, uh, med beef is, is that LST, um, we don't have any restaking
attached to that. And it is also a 4626 token. It is also a part of the white eat pool. So, um,
I think in a combination of, if you look on staking ward, you'll see that maybe that actually
has one of the highest yields. And I think part of it, I do attribute to the wonderful team at
manifold for running, um, a really tight ship with the validators. And that's actually gotten us
pretty good yield. Uh, but I think what's special about med beef too, is that we are in the process
of launching our med auction product. And what that is, is a novel, uh, auction mechanism. Um,
it would be built on top of the flashbox med boost that would then allow for rather than just one
winner per block, it would actually allow for multiple winners per block. And so using that
system, uh, we would be, uh, hopefully, you know, use sticking to the theme here, juicing that, that
yield we get from our med beef token. So, um, very happy to be part of the launch here with,
uh, with Agnes pool. And thank you for including us corn and urine. Definitely good to see that.
And looking forward to, uh, using this thing a lot. So thank you. Thanks for having us.
Yeah. Thanks for participating. Allen, did you want to talk a little bit?
Yeah, I knew you wanted to. Yeah. Uh, Alan is from, uh, Metapool. Exactly. Exactly.
Are you talking Alan? Is this the same issue? I can't hear you. Yeah, he's talking and you can't
hear him. Alan login again. Okay. Twitter has issues and it's just mind boggling that they haven't
solved it yet, but you know, they've got like the most Lindy social platform out there. So I'm not
going to stop using it. I mean, clubhouse was pretty cool until they just kind of got ganked
and this is here now. So that is a blast from the past. I've not heard the clubhouse in a long time.
All right, Alan. Okay. Try again, Alan.
I'm back. Can you hear me? Yeah, I can hear you. Perfect. So
welcome. Thank you very much. As mentioned, I'm part of Metapool DAO. We are liquid
staking protocol running on multiple chains, including Ethereum near Aurora queue. Lastly,
we added a support for Solana and we launched on a recently on the previous year, our liquid
staking solution on Ethereum that is called the NPV token. So part of the advantage of
we are presenting, we are using the DBT technology of the network to allow
to run the validators that we're using for the liquid staking token. And also, I think that
one thing that is worth to mention is that we are building a robust governance that allows
to be community driving inside of the Metapool DAO. So right now we are distributing all the
fees that we are generating inside of Metapool DAO back to the community. We have our own
grants program that is the MPDAO grants. We are right now having a voting round. We also have
support to give it campaigns in different campaigns. And well, this means that all the
people that is supporting us making liquid staking is also supporting the community
by all these programs on grants that we are making. So I think that's the quick resume.
Happy to be here and share more liquid.
Yep. And all of the incentives, including Metapool's incentives, will be going live
very shortly and you'll be able to deposit that asset and borrow WEF. So is anyone else on here?
Anyone from Renzo or Claystack? I know this is like not a good time for everybody in the world.
So. Okay. Let me do a little recap. If you just joined,
we have this partnership going on with Agna where urine has been delegated a portion of rewards to
be distributed over the next couple of years to incentivize liquidity for their permissionless
oracle-less lending pools. And we started with just one single vaults V3 allocator vault and a
die, you deposit die, that die gets allocated to different Agna pools as liquidity and you can go
and borrow. You can use assets like staked YE and staked YCRV and wifey token as collateral
and borrow die. And the next step that we're talking about here today
is juiced.app and at juiced.app all of these different LSTs and LRTs that we are on with
today are depositing incentives for this week. It's Thursday to Thursday. And well, I guess
Friday to Friday now. But those incentives are going to be matched with the Agna token
and then people will be able to deposit WEF and receive those assets. And then people from those
communities or people who own those assets, UNI ETH, MEV ETH, CS ETH, DE ETH, EZ ETH, X ETH,
Metapool ETH, they will be able to use those tokens as collateral and borrow WEF. And the
whole point that we're, the whole point of this partnership is to speed up our time to market,
provide more liquidity for lending against other assets that might not meet Oracle prerequisite,
volume prerequisites and stuff like that. So this is good not only for like the top 10
TVL assets, but it's good for the long tail too. So this is a partnership that's going to
hit every asset there is. So I'm glad everybody could join us today. All of these incentives are
going to be going live very shortly. We are going to have a bunch of tweets coming out. So please
feel free to put any of these participating projects on notifications on their Twitter.
They will definitely be tagged and retweeting stuff and you'll know exactly when those pools
are live and when those pools are live, the APYs are probably going to be pretty high when
there's no deposits. So feel free to get into all of those. Lumberg, you want to say something else?
Yeah, actually, as a user here on JUST platform, I do have some questions on what all these things
mean. And I don't know if this is a proper place to ask, but given if I'm having these questions,
first of all, I love the style. It's very DeFi summer. I think that's great.
And the colors are great. I think the design is great and the front end feels really nice.
But one thing I was looking at here too, is specifically in understanding the difference
between depositing with into the vaults versus depositing with into the specific pools.
And then what is the difference? And then when I go ahead and take that
deposit receipt and then I stake it for extra APR versus extra Agena, I see that one pool has
different TVL than the other. And one you get extra Agena, the other you get extra percentage
that looks pretty sweet. What is the difference between these two and deposits? And what is the
difference between two staking pools? Yep. So the vaults, that is a V3 allocator vault where the
people at yearn who are on that multisig determining where that weath or that die is
being allocated to, they're going to be making those decisions. The blue tab for the extra APR,
what that means is the asset is being auto compounded. So you are just getting
more weath. You're not going to be getting the Agena token. And the orange one with extra Agena,
that means that you are going to be just stacking the Agena token. You're just going to be receiving
that. The TVL differences, well, I'm going to be honest with you. I think that both of those need
to be a sum of the total TVL on the left. I think that is a UI calculation error that I will have
addressed. That's a good point. And then to answer your question about the pools tab,
the pools tab is not going to be the weath is not going to be allocated anywhere else except for
that paired asset. So like, APXEATH weath, that weath is just going to be used for APXEATH as
collateral. So that is, think of that as like a non multi strategy vault. But, you know, technically
every vault in V3 is an allocator vault. So that is the level of composability that we've reached
at this point. Thank you. Okay. So I suppose if you have a specific liking for whatever reason,
whether it's risk or preference of any type, you can go into specific pools. And then if you
basically say, look, just help me put this wherever, then I go into the vault. And then if I do the
extra APR, then upon the vault, there's I assume a vault fee as part of the process of auto compounding.
Whereas when you take the extra Agena tokens, you don't, you're not subject to that and you
just take your Agena tokens and do whatever you want to do with it then. Yep, correct. And I
think a lot of this is going to come down to, like you said, selecting your risk tolerance,
of course, or what asset you want to provide lending liquidity to, but also APYs. I think
that they will start really high and then they will reach some level of, you know, balance there.
I see that that's very helpful. Thank you so much for answering these questions. I think as a
new user to this thing, that was definitely helpful. Yeah, no problem. Oh, and then while
we're on this topic, so if I'm collecting extra Agena tokens, what are, I'm just not that familiar
fully with as a user of Agena, what is the current use of the token that one can expect? The Agena
token. Well, Agena is fully run on governance mode right now. So you are going to be participating in
the decisions for that platform moving forward. I was looking at liquidity for Agena earlier. It is
still very, very low. So if you're going to be selling Agena in size, I would not, I would just
not do it these days until there's more liquidity, which I think is going to be grown organically
over time. I don't know if there is anything else in the Agena roadmap that would say that there is
going to be like a liquidity event in the future for it. I wouldn't count on that. Oh, that's
interesting. I guess it leads me to ask the question then, if you're, then if you're using
the vault side, if there's no liquidity on chain, auto compounding stores, nevermind. That's okay.
Yeah. I mean, you can go and look at the chart yourself every time there is auto compounding.
It definitely gets sold into the market and you can feel it. So I think over time, liquidity builds
up organically and that could become less of an issue, but we'll see what happens to the price of
that token also moving forward. Does anyone else have any questions about Juiced or Agena or
anything else that we're working on? I'd be happy to take it.
Go for it. Yeah. There might be something important to tell that when you land on Agena,
you're basically assuming that in the worst case scenario, you may be buying the collateral.
I mean, if there's no liquidation and most of the new strategies are LSTs or LRTs based. So I'd say
there's no big risk of capital loss, but on our case, it's not an LST. So it's a leverage if you
may be buying if there's a sudden market move to the south. So you may be basically DCA-ing into
a leverage if in case of a sudden market move. And I mean, in a bullish long trend we're living,
I feel it could be a great opportunity as well if there is no liquidation. If there is a liquidation,
then you just stay with your wheat. So it's pretty fine as well. Yeah, that's a good point.
And the other good point to be wary of is that this, like I was saying before, this is a new
type of vault for yarn. It is not up only, it is not liquid all the time. You are depositing
weft and that weft is being lent out and it may not be liquid if you are going to withdraw in
size. There is a buffer for each one of these, but if it is depleted, you are not going to be
able to withdraw at that time. So something to be aware of.
So I really want to thank everyone for their participation. And there's going to be a lot
of other pools and incentives post on juice.app in the future. Thank you everyone for coming out
today. And we are definitely going to be tweeting about all of this going live and all of these
incentives going live at some point in the very near future. Do you have another question?
Oh, yeah, I was just about to say if some of you guys are interested in learning more about FX,
what FX is and what our tokens are, we're having a space with you on Monday and we'll discuss more
specifically the FX strategies with Juiced. So Monday 8 p.m. UTC plus one. So I don't
recall what it makes yes to you. I don't remember what that is either. I know it's
but I'm happy to spend the time with you guys and talk. Yeah, same here.
If anyone's going to be in Denver and they'd like to learn more about this too,
feel free to reach out to me and we can chat more about this live.
So thank you, everybody. We'll see you on Telegram or Discord or the next Twitter space.