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DeFi Uncovered Ep. 7
Recorded: June 4, 2024 Duration: 0:54:10Space Recording
Full Transcription
I actually can't hear anything.
Can you hear me okay?
Oh, okay.
Yep, I can now.
All right.
Let's give a while for Derek to join.
I think Derek should be coming on soon.
Oh, Mr. Limitless.
Yes, I see you are here, GM.
Brian, I think Derek requested as a speaker.
Yeah, can you accept his speaker request?
I'm not seeing it, but let me see what I can do.
All right.
All right.
All right.
So, Derek, I actually don't see Derek in the audience here even, but I sent an invite to speak.
So, maybe Derek, if you want to try to exit the space and then reenter.
Okay.
Good to see some folks here from our last AMA.
We just closed out Slim on Shark.
I don't know, Mr. Bang, if you were there, but it's good to see you here.
All right.
All right.
It looks like we're having some technical difficulties here because I'm not seeing Derek's request, though.
He has proven that he has sent the request.
So, let's see.
I can continue my monologue while we wait for Derek.
I'm going to try to invite as a co-host.
Maybe that'll be the fix.
All right.
I mean, in the meantime, you guys can post any questions you have on the mental Twitter account for this podcast, and I can reply them.
It's a special opportunity, guys.
I was in Discord, and there were a ton of questions for the last one that I think would be relevant here.
So, I think Potato Juice there and some others.
Maybe JC, if you guys have any questions.
Do post those, and we'll have Ed here.
Oh, no.
So, now Ed is gone.
Let's see what happens now.
All right.
Sending out invites again.
Ed is back.
Oh, yeah.
Something is definitely, something strange is going on here.
Request it again.
I'm going to go off mic for just a moment and try to work this out.
Yeah, you can.
I think something is wrong with Tutor Spaces.
Like, I can't even see Derek on this channel.
So, that's pretty weird.
Because, typically, you can see your follows.
Yeah, exactly.
I don't see him here either, even when I send the invite.
Yeah.
Let's see.
Hey, Gracie.
Let's see.
Sorry, guys.
You're sorting out some technical difficulties right now.
Trying to get the host to join, i.e. Mr. Derek.
Potato Juice asks, did I hear potato?
Yeah, yes.
You did.
Hi, potato.
Just give us a few moments while we sort out the technical difficulties for Derek to join us.
I'm seeing L. Brian and Derek frantically typing inside our company channel.
Meanwhile, can you listen to my soothing voice until they get it sorted out?
I mean, if any of you got any questions, you can, like, DM me or request to speak or just post on the Twitter post for this EME.
And I'll try to cover it while they are not here.
Gracie Hutsi says, hello.
Okay, hi.
What?
Mr. Derek, one of the listeners said, you might be, you might have turned on anonymous, to tune in anonymously.
You have to switch it off, exit, and enter again.
And then, then it might work.
You can give that a go.
All right.
All right.
For those that are just tuning in, we are trying to sort out technical difficulties for Mr. Derek, who...
can't seem to join the channel, and he's supposed to host this EME.
So, give us a bit of time while we sort it out.
Yeah.
In the meantime, like, if you have any random questions, just post it inside the Twitter chat for this, like, this EME.
And then, then I can try to reply it.
Either you can drop me a DM as well.
And I can reply directly to your questions through there until Mr. Derek actually joins.
You should just get some speaker on to have some casual chat if Derek can't join.
We do, we do have a request, if you want to, if you want to...
Oh, sure, sure.
Go ahead.
Actually, you can, you can place me as the host, right?
Then I can just accept the request.
That's right.
Then you can sort out the whole Derek situation with his technical difficulties.
Good call.
Sending you the co-host now.
Okay, I got two speaker requests.
Okay, all right.
Potato, I accepted your request.
Oh, nice.
I feel accompanied by someone right now.
Yeah.
You're not left out, you know.
You just keep asking, you know, ask something, Kailan.
Yeah, I mean, it might as well, since I'm already in the channel.
To be honest, I mean, I don't have anything to ask.
I'm just going to be completely.
I don't know what's happening, you know, so I'm here to learn what's happening.
I see.
Okay, no worries.
If you have any questions, you can let us know, and then you can ask any questions.
Then I can explain it.
Especially if it's regarding, like, mental, then, yeah, feel free to ask.
Yeah, talking about mental, can I ask about LST, I mean, the mental LST and Eigenlayer.
Mm-hmm.
Yeah, it was like, I was checking out Eigenlayer, like, directly from Eigenlayer.
I don't see any points there, but then I do see points in the mental LST.
I was wondering, like, how I do check.
Oh, okay.
I think that the LST points for the mental LST is there.
So what actually happens is we, the foundation actually deposited 100K MEF into Eigenlayer,
and the foundation, mental foundation actually gave at least 80% of the points to all the MEF that is on L2 mental.
So if, let's say, you hold any MEF on mental L2, then you will just get the points from this portion of MEF that is the foundation at stake.
So we're just distributing back to the users on L2 that's supporting MEF, it's using MEF in our DeFi dApps,
and then that's distributing the points back to the users.
So, yeah, I think that's about it.
And, like, do I need to hold an L1 or is L2 not?
You should hold it on L2.
Like, if you hold it on L1, you might have to deposit it directly on Eigen, but we are distributing the points.
No, I actually meant, I'm sorry, I actually meant, do I need to directly stake it on the mental LSP website,
or do I just have, like, as in dApps, because I have some in Aurelius, Karak, and Lendl?
I think we index all of these dApps, so as long as you have it on L2 on these dApps, then you're fine.
Okay, thank you.
No worries.
Okay, let me, I got that.
Yeah, so somebody else, please ask him a question, the man.
Okay, yeah, I got someone going to ask the question, MSI, I will approve you now as a speaker.
Mr. MSI, your speaker now.
Do you have any questions?
I think MSI just wanted to be on stage.
I saw him in Discord.
Just wanted to get his 15 minutes of fame here.
Oh, oh, I see Derek.
Okay, let's see.
Okay, okay, now how do I remove the speaker that I added?
Okay, I'll remove them.
Okay, okay, I'm removing them as well.
Okay, sorry.
Nope holes.
I have to learn the ropes on the job.
Okay, Derek is gone now.
We lost.
How about this?
I can go ahead and follow the agenda he laid out to the best of my ability coming into this blind.
But yeah, we've got a list of questions here.
I can go ahead and ask them.
Yeah, sure.
Might as well.
You can see how it goes.
Okay, yeah, sounds good.
You know, don't grill me.
Don't grill me too much on these.
I'm not like Chad level status of Derek on some of this stuff.
So, yeah, we'll be asking you questions today.
Yeah.
Go ahead.
Let's go.
Okay.
All right, cool.
Let me find the list here.
All right.
Okay.
So, first question here is about C-Meth.
So, just looking for any updates.
So, we had the recent AMA about C-Meth last week where we answered quite a few different
questions from the community delving into C-Meth.
But what is C-Meth to you and what does it mean to the average meth or, like, future C-Meth
holder?
So, really, your perspective here.
Oh, wait.
I just approved Derek as a speaker.
Okay.
Derek, try speaking.
Oh, yes.
Okay, yes.
Okay, Derek is on.
Well, sorry about that.
I have no idea how, why I couldn't speak, like, why you guys couldn't see me.
I'm so sorry.
Thanks so much for that.
No worries.
Okay, we can start off with the introduction, then we can kick off the AMA.
Perfect.
All right, but thanks for holding the fort, man, El-Brian and Ed.
All right.
Yeah, and you'll go first, actually.
Yeah, sure.
Okay, thanks, everyone, for joining us for the DeFi Uncovered Episode 7.
Yeah, I am Edmund, aka DeFi Metro.
So, I mainly do DeFi strategies for Mantle.
So, helping them design the ecosystem to make sure that we don't suck.
Yep.
Yeah, thanks, Ed.
I'm Derek, and I'm part of the ecosystem team together with Edmund, right?
And, yeah, I think very excited to get Episode 7 started.
I think it's been a while, right?
We took quite a big horse and break between 6 and 7.
So, you know, really excited to be back.
And I think, yeah, you guys should look forward to another Alpha Pack, you know, session by Edmund.
You know, I'm just here to facilitate, right?
I think I'm excited to hear what Ed has to share and his thoughts and stuff like that on DeFi in general and on Mantle.
So, with that in mind, maybe just to kick things off, right?
Like, Ed, we'd love to hear your thoughts on the current state of DeFi, you know,
just to, you know, give a broader context to everything before we dive deep into Mantle.
Yeah, you know, what do you think is, you know, happening in DeFi right now?
What's exciting?
Anything, you know, noteworthy that, you know, you want to point out?
oh sorry was i muted just now
did you hear anything i think you were muted i was so scared it was me
okay thank goodness okay i'm retarded i've been talking to myself for
two minutes okay nice no one told me anything okay yeah i think um recently in 85 we started
to see like a pivot away from the the i would say the core um verticals that we that we see
users like to build um previously we see a lot of protocols building out um dexas money markets
pubs platform so we see this tree usually have a lot of builders building this but i think in recent
times um people have started to pivot away from building such protocols but instead a lot of
them are focusing on building like infrastructure layer protocols like um dpin protocols uh or
protocols providing like gpu power for ai protocols that actually do data harvesting
and also protocols that are tapping on um rwa so um these protocols have been like having a search
in terms of like builders actually building it out and also trying to deploy on various ecosystems
and i think one one thing of note is that um intent based protocols uh getting that more
common and more and more people are actually realizing that intent based protocols actually
offer a different offering from traditional protocols in terms of like capital utilization
in terms of like offering users a different uh i guess value offering for providing um like trading
experience or like spot trading experience post trading experience and also that potentially money markets as
well as um intent based l2s so i thought i thought that was pretty interesting especially when you have
like dedicated l2s that are trying to build specifically to actually solve uh intent based swaps and
communications between the apps so i i think that is uh probably what we are seeing right now but i think
um also a lot of builders are actually um building out on l1 now uh and also trying to actually find a home in
terms of like the various different l2s we have like so many l1s and l2s launching like continuously right you
have um bdc ecosystem that has like hundreds of bdc l2s launching and and the same is happening for the evm layers on
on on on on if so even for us as like builders for l2s we we need to have like a very distinct value
proposition to what's our ecosystem to actually attract the builders over because like um ecosystems
now if you do not like differentiate they do not um um have a very strong infrastructure ready for
protocols to be built then this um depths will not be choosing you so yeah i guess that is the like the
current state that we see for for like d5 thanks for that man and i uh distinctly remember i think
it was episode two or three that you were really speaking about uh intent based you know uh apps
right in d5 and also you were calling the whole rwa you know and ai paradigm shift right that we are
seeing happen right now and i consider real views very interesting right so i think you will be
speaking about that you know and also uh intent based you know kind of apps later on so i'll leave that
for later um but yeah uh thanks for that overview um in terms of you know after you know we'll just
dive you know deep into mental stuff now now in terms of mental right um we'd just love to get our
thoughts on cmath right like i know that you know we had an ama you know around cmath uh last week right
where i think quite a few questions from the community were answered um but you know just wanted to ask you
right at personally right um uh doesn't pick out your brains right what is cmath to you right and what
does it mean uh to the average you know and if slash you know future cmath holder uh yeah i i guess for
cmath i think cmath is something that um we built um i i would say from the the viewpoint of like a builder
right because um really i'm involved in the whole building process from ideation to actually the
execution of it so for for cmath wise um it basically is our version of an lrt that we think is the most
sustainable and also the most useful for the average user to actually use so i think one of the key
considerations that current lrt platforms actually face is that a lot of them are actually built around
the current eigenlay architecture and because of that it is hard for them to actually branch out to
let's say build on any of any of the other upcoming days into the ecosystem and we have quite a number
of ideas that are launching and not even da's um maybe some other um ones that l2 that accept the
arities as a deposit and we really wanted a very flexible architecture for us for cmath to to actually be
able to adapt to all the changing times the trends that is upcoming and to give users a very seamless
experience whereby you can stick towards a cmath and then you let cmath do the work for you so actually
this is how actually we came up with the idea of actually using uh vault managers to actually help to
delegate users funds towards this um da's and this l1s l2s to actually allow users to have various
different like yield opportunities from them actually using this um rt so compared to all the
other artists in the space we want to be different we don't want to let build just like a run-of-mill
LRTs the same as all the LRTs whereby we have to be only be building on eigen we want to be able to
adapt with times and be able to offer more and we also want to be secure so um we built the vault
manager system whereby you can get professionals in the space to actually um evaluate the climate to
determine that the safety of let's say the da that you're providing the funds to to not get over
exposed to one particular da but still be able to get decent um i would say returns for the users in
terms of yields and also in terms of the upcoming trends and exposures so i think that was the key
point of us building like cmif so we want users to have a peace of mind you can just deposit to cmif and
then let it do the yield farming for you on using using math and then on l2s you get a receipt token for
cmif and you can use it across the defy ecosystem so you have the whole mental ecosystem that be there
for you to actually use cmif and then you have math on the back end being utilized by the vault managers
to actually accrue you yield and at the same time you still get the underlying if yields and also um
the i would say points that we are giving out for the governance tokens for cmif so i think it's
a win-win for everyone and it really allows users to have a peace of mind to actually use the rrt
got it thanks i think that was uh very clear uh and i must make a mental note to not
call it cmif i think cmif sounds better but yeah uh thanks for you know sharing the insights and i'm
very sure that you know there'll be you know many more amas coming up around that right uh if there
needs to be for the community to ask more questions but yeah i think for that thanks for uh yeah sharing
your views on cmif um i think this is not a good time to segue a bit right into uh something more broad
you know once again uh that's how we started this space right so i think there's a lot of um hype i would
say that that you know uh surrounding the whole ethereum etf narrative uh in recent times so you
know and you know you're an avid user of d5 and been an og in the space right so what are your thoughts
on actually ethereum etf and how we impact our space or yeah our industry in general
i think it's for the etf side it's pretty straightforward right like um the since like the
dawn of like crypto creation like we everyone has been calling for insti money insti capital like you
want like um more money to flow into the ecosystem and like the etf presents like probably the easiest
gateway for instance for us trade five side to actually have exposure to um web3 in the terms of
like now um bitcoin and then soon to be ethereum and the if etf is just i guess the start being a
second like a etf for crypto that's being approved and i think that a lot of users now um they have
seen what has happened with like the bitcoin etf and then they're just waiting to see what actually
happens with the eve etf the eve etf they actually approved it to to launch but the the actual launch
can only be done after the s1 form is done so like s1 form will probably take a long time uh maybe like
two to six weeks i i guess like no one actually knows the exact timing but um i think that's what's
the range of what many of the instis are actually saying right now so two to six weeks so i think any
any time uh between two to six weeks we should be expecting like the actual etf for eve to be
launched and everyone's watching to see what is the launch going to be like what are the inflows going
to be like um will there be a sufficient volume coming in and what what does the volume coming in
compared to compared to like the btc etf like i i guess everyone didn't expect this etf to come to
place uh as compared to the bitcoin one right the bitcoin one was pretty clear cut everyone was like
buying it up like months before the actual etf um hit and then for if wise it was like a sudden
change in terms of like the governance stance to towards like the if etf and then it became from
most likely no to to 99 yes and really like a span of one one and a half weeks so i guess
if the etf for flows for um if etf is a lot higher than what people expect um we could be seeing a
etf bring quite a bit of price movement and volatility to to if and hopefully like the outs
will have a time to play like i think like it's been pretty boring for outs in the past few months
either you play meme coins or you you trade like bitcoin if if you trade the out coins it was like a
spray and pray right where people were like aping into memes most of the time we had to get major
gains the a lot of defy protocols with actual technicals were like not so hopefully once like
the if the if etf is approved then we get to see more fun for protocols that actually contribute to the
space got it and you know since we're on a note you know we're talking about ethereum and talking about
um projects and depths right i think now's a great time you know to ask you something that you know
has been on my mind so i think recently vitalik released a blog on uh how l2s right are cultural
extensions of ethereum right so i think uh would be very curious to pick your brain on this right now
what what do you think right is uh defines the success right of a defy uh that right i i you know is it
technical factors or is it no cultural factors uh yeah i just love to hear a view of you know
success metrics of a defy debt um i guess both factors play play a part right in terms of a success
of a debt like if you intend to build a community you want a community that strongly backs you and i
think in the case of many of the more og blue chip protocols in the space the cultural factor certainly
plays a large part i mean you have like the link marines and then you have um you'll see like a lot
of uh rv the order of a cult okay not called community and you have the various different like
og protocols having a very strong community and they are like very loyal to the to that when you
using them to this day i think all those are very in line in terms of like the culture of the
depth and the messaging that they should bring across to their users that's why they cultivated
a very strong core group of users that have stuck with them through thick and thin whether the price
goes up goes down the users just hold that diamond hands and then they continue to support the protocol
regardless but then like you also have to see like a lot of these protocols they also withstand the
test of time mainly because they have the technical aspects of it to actually be like resistant to hacks
resistant to exploits limit the risk of their depth exposure to third-party depths they're actually
building on them or third-party depths that they integrate integrated to their protocol so it's always
a mix of the two in terms of like having a very successful depth the culture aspect helps with the
growing of the community but in the long term the depth needs to be extremely sound technically to
safeguard the funds of users to build the trust of users over time and to also be able to funnel value
for the for the depth to users or to the team itself to make the the depth actually sustainable
i think if you only have one point and not the other it's very difficult for the depth to actually
be very um sustainable in long run so yeah i think overall you need to have both um i would say probably
more important for cultural aspects at the start to actually build up a very strong core community and
then but over time long term like um technically you definitely need to be very sound for to be a
successful identify that
okay i mean that's very fair i i think you know even if a project is very culturally strong right
if there's no technical uh you know soundness you know to be grounded upon i think then there's no
point right and you know vice versa as well if it's a very technically sound project but with no community then
you can argue that there's no point in that as well so i think yeah it's a good balance of both
uh i think very interesting to see how you think about that and how you've been designing that right
especially you know within the mental ecosystem as well which is why i think now is the perfect time
to then segue into um some of your thoughts right or updates you know with regard to defy showcase apps
on on mental right so is there anything that you know you've been cooking up you know or any of the
projects that have been cooking up that you want to share with the with our users and readers right that you
know if you can you know discuss that now um yeah sure i i guess in recent times like probably for
the mental ecosystem the most uh prominent uh like event so far would probably be the launch of like
um intern x uh intern x is the intent based uh pub stacks on on mental i think the finisher raised
around that 2.7 million and then they launch on on mental as well as on bybit and they have um their
pools just set up on merchant mode so i think like intern x that brings a different dimension to the
of like defy experience to the users on mental itself um users can expect to like trade um um
trade pubs on a wide variety of offerings like i think they have offered around 270 or more trading pairs
and their ois are pretty comfortable for most of users they have around like 30 million in oi
um for users to actually open open trades on i think um what users actually don't realize is
like compared to like more i would say more popular depths like um um hyperliquid on arbitram
for intent next because of the high oi they have they have 30 million oi if you are like a large trader
you want to trade its size you can actually open up like bdc or if um longs and shorts in pretty large
clips in one go so you can open up like um three million per clip you can win three orders three
transactions you can actually open up like a nine million order and they will actually go and match
it through solvers to to binance and they are also going to integrate uh with other centralized
exchanges soon to offer users more a more variety of like pubs offering so like um i use both hyperliquid and
internex but um yeah i think that the the fact that i can open up um large orders like in the
size of like maybe 10 million on internex a lot quicker this is something that is um that i really
like a lot and they offer like more trading pairs with less volatile or i would say funding rates the
funding rates are a lot lower compared to um hyperliquid i think both protocols are good in their own
right but it's really only when you actually use both protocols and then you can compare the differences
then you can see that the benefits of using uh each protocol and yeah i actually really like using
like um internet so far so i think their launch on mental was something that um was a pretty significant
milestone for us as an ecosystem and then the next one will probably be uh most um equity books i think
they've launched for a while but um uh they recently started to um integrate like more rewards in terms of
their reward pools and people who should use their concentrated liquidity yeah and what users actually
don't realize is like they actually don't display the aprs for their liquidity books for for mo on the
main page you actually have to like individually click into each farm to actually see what's the aprs like
so actually like the aprs for the liquidity books on on most actually pretty high um i think the the
stablecoin farms were at like 50 or 60 apr for for at least like a good two weeks and i was like busy
farming them up and i think by more and more people have come to realize that and the mo team will
probably be building out a page to actually display all this aprs soon um because i think it's best to
let everyone know transparently what's the apr like so that we don't have to like click into each individual
pool to actually see what's good to farm but yeah i think until that is actually um done by the team
like i think there's still a lot of um good apr opportunities for users to actually um take advantage
of um and also to yield farm and get some more more exposure um what else i think in its tvl has been
trickling out over time there's more um they have really started to raise caps for looping for
uh they are stable coins so that the stable coins you can actually borrow more stable coins for like
usdt using uh math which is good so yeah i've been looping my my math using in it for a while
and then you have native i think native is like a rfq uh provider on mental and they've recently
recently launched our native land so native land is a basically a lending market that allows users to
actually loan their assets to to others i think the key difference for this is that a large portion
of the loans will actually be to professional money uh professional market makers in the space
they loan your assets to actually do some market making activity and then they will return the loan
through the platform itself and currently i think all the market makers are actually white listed so at
least you know that um the people using your funds they will be um white listed individuals uh that is
carefully inspected by um native itself um i think they just launched the incentive campaign but they
we should be expecting like more a larger campaign for incentives to be launched pretty soon i've been
speaking to them about it trying to like plan it out and should be hitting the market in the next uh
one week or so and i think something that has gone pretty under the radar is that um ondo actually launched
a point system like um a lot of users didn't realize that ondo actually do a point system because they
already launched their token right their token is doing really well and it has been um that
one of the best performing altcoins for the past like few weeks they actually launched a point system
that includes like um the usage of like usdy and like musd on on mental so i think that is like something
that interesting for users who actually who are mental who wants to get some rwa stables exposure
because um i'm not sure i'd have really take a look at how what the how much points they're giving
out but it certainly helps that you whatever the exposure that you have for rwa stables will have
additional rewards coming to it
then i think we should be seeing a few more atena integrations with our ecosystem depths um i think
we have been always been a close working partners with atena in the space atena is doing pretty well
they have been integrated with vibit they have been um now they i think they just launched themselves
so i used the e on blast and then that overall their tvr has been going out over time and as the as the season
continues they have introduced like continuous updates increasing like the bonus and like being
transparent by increasing by releasing a rewards calculator for users to calculate their rewards and
yeah we should be seeing more integrations of athena and usde across the ecosystem for mental itself
so yeah i guess that covers like a lot of the updates for like defy side for for mental
uh yeah hopefully i remember all of that remember of that miss or anything important
thanks so much uh i think that was very comprehensive uh i'm sure you know if there are any more questions
uh you know um you guys can just ask you know albrien in discord or anywhere else right um so yeah on the
note right i think gg did derek test drop
four r.i.p derek derek isn't here
uh that's fine it's time for me to do my solo rambling again since derek isn't around
yeah maybe i'll just talk about that what what uh oh
wait nope that's not derek yeah maybe i'll just talk about what i think uh interesting
um d5 stuff that's happening um in other ecosystems um i think like i think previously i mentioned like
um hyperliquid i think hyperliquid is pretty interesting right now you especially with their
whole point system that is gearing towards um their l1 points um i think that a lot of people are trading up
the the spot coins that are available on um hyperliquid so i think that is something that's worth
noting like because i don't think that it released a lot of points so it'll be interesting to see that
how the they actually um do the point system for themselves um for and then what what actually
constitutes that allows you to get the most points on there since that that's very limited amount of um
coins in the hyperliquid uh l1 spot trading right so it'd be interesting to see um how users actually
gamify it and how they can actually try to maximize the points they earn on hyperliquid i think like
potentially like that just um spamming trades on hyperliquid might even be good um but yeah not
financial advice is that's something interesting to watch and to see how the platform actually does
the point system and reward the users actually using them
um what else oh um i think soft so finance um they have been doing really really well
they got like a more than one billion in tvl just for my ear bearing bdc the wait one second
brian pme nope i do not see um derek requesting unfortunately yep so yeah soft so soft is doing very
well they have um they have um done a lot a lot of that get a lot of users um tvl for bdc they're doing
like ear bearing bdc which is i think something pretty innovative in the space and something that i was
really like bullish about at the start of the year um and i think this growth force solve for only probably
only grow um and i think once that mental launches um fbdc we can we might see their tvr grow even more
in terms of like user adoption and the users actually using like soft bdc in terms in d5 depths
like i think a lot of their tvr now is um users actually depositing to farm the soft points
but once they allow like soft bdc to be integrated with various d5 depths you likely see
more users more partnerships more tvr flowing to solve and then the soft ecosystem will probably get
more vibrant over time and what else is interesting oh i actually saw a pretty interesting protocol um
called roico i think roico it's done by waymond the waymond team so i think essentially what roico
does is is it is a liquidity uh marketplace i.e they allow like users to hrm protocols to actually
provide liquidity based on the highest speed so like i think this is something like innovative is
something that we have have not seen and it's also an actual issue in the space so why why i say this
is that like a lot of um taxes um money markets and like let's say that perps protocols um they
actually provide very high incentives at the start just to attract users to actually provide liquidity
towards their protocol but in actual fact like um i think it has been proven like stablecoin yields
anything above 20 30 is extremely attractive for the average users similar thing goes for like
liquidity for like majors like eve like bdc so like in actual fact for new protocols they actually launch
offering like few hundred percent apr is actually overpaying by quite a bit like i understand there's
the expect of like you being a new protocol that um that that reels might not find you know your
protocol very safe until it's more better tested but still like 300 aprs for initial liquidity might
might be like overpaying by quite a bit so i think um roico is trying to solve that by allowing protocols
to set up um to offer bids for liquidity for a protocol for a fixed duration i.e you can offer let's say
like a 30 to 40 apr for stable so your protocol for over a duration of like three months or two months
so um in a way it's artificial tvr being added but it is important for protocols especially at the
start to actually bootstrap their platform to a minimum level of tvr to actually be viable for
for other users in the space to actually use utilize the protocol so yeah i thought that this was a pretty
interesting idea this solves an actual issue in the space and some and it's a protocol that i'm
i'm actually keeping tabs on to see how it how they actually go because it actually goes again the
run-of-mill design of protocols whereby they overpay a lot for initial liquidity so it's something i
guess it's a rarity to actually see a protocol in d5 space of building out something new and something
fresh so yeah definitely something to look out for and yeah i have not invested in them have no stake in
them like zero i just find them interesting just to be very clear and yeah i guess this three protocols
are probably the more innovative one coming into space and i actually have been keeping tabs close
steps on pendle to see what other things they do that pendle has set the precedence for being a
very cost-effective leverage farm for points right in terms of rrt and atena and i feel that um
they're actually best positioned in the space to actually build up an extra tradable points marketplace
that is uh has least friction to users compared to like the other existing ones that we have in the
space so yeah hopefully like eventually they will actually build up a marketplace or actually make it
easier for users to actually trade the points that they accrue because i think that no one has
actually solved the issue for for like the whole point system and allowing it to be tradable and
everything is still very clunky and inaccessible for the users to actually do
so yeah i think this these three protocols will probably be um something that is interesting for me
and i think june will be a very um exciting time for the various defi ecosystems you we have like a
number of airdrops that are coming up in the space so um i think layer zero and blast should be in june
that's at least from what i i hear um i'm not sure whether it's confirmed or not but at least that's why i'm
here so there's something just to look out for um and also i i'm hearing a few ecosystems preparing to
do like a incentive campaigns and run like a campaign to revive the edify ecosystem so i wouldn't name any
of the ecosystems but yeah we probably will see them announcing it soon probably in june as well
and i'll be keeping tabs on that so that yeah i can i can yield farm and then have some fun in the
ecosystem as well and not to mention that um i'll be planning out our own fun little campaign for
mental but um probably uh will take some time so that i can iron out all the details and and make sure
that everything is designed to be uh fun for the users but uh definitely in the works so like do not
worry we will announce it when it's um i guess remember the terms are more finalized so yeah
i guess that concludes the the end of my monologue for for this podcast probably we will open up the
floor for um anyone with questions if you have questions any questions for me for mental just feel free
to raise up your hand and then we can answer your question
do we have anyone with questions levy joe harry john any of you have questions feel free to ask
no no questions
is there anyone that raised their hand so brian none right yeah i don't see anybody who raised their
hand um i think that's okay though we're we're close to the end of our time anyway so we can probably
just wrap up if there's no questions okay sounds good okay i'll just wrap it up then yeah yeah um thanks
everyone for like tuning in to um that oh this episode of like defy uncovered uh we apologize for
like a lot of like technical difficulties uh that we face today it hasn't been like the easiest to set
up the space today probably i blame it on on x um and but uh hopefully you still have fun and yeah if you
got any like further questions you just want to connect and let's chat that you can drop by our
uh mental hood chat group that we have or the mental discord you can ask ask your questions there you
can drop me a pm to actually ask any questions that you have and i'll get back to you but yeah i think
that's about it thanks for tuning in today and we'll see you around for the next one thank you bye
