Hi, you as the fighting. Can you hear me? I'm audible. Yes, this is Michael speaking. I can hear you fine. Awesome. Hey, Michael. Great to have you. I think we can already get started. Yeah, that's fine. Of course. Yeah, awesome. Great. Great. So, hi, everyone. Let's extend warm welcome in our open
our minds to this interactive sort of a session full of insight, knowledge, and perhaps a few surprises. Over to you, Michael. It's lovely to have you there and we've seen you launch on the B&B, Jane. Could you briefly introduce yourself and what's your previous experience? Yeah, of course. Thank you for having me on to
that's really appreciated. Thank you for your time. So I am Michael I am one of the co-founders of USDFI. We are a DFI project which recently launched on a BNB chain on the BNB chain and my background is so I spent a
about two decades in Intratify. The first half of my career I spent on what is called the cell site. The cell site is sort of the part of the industry where you issue and structure financial products. I was active in structuring financial
products and also in hedge funds private equity. And eventually I became the head of investment as products at Europeans, Europe's largest bank. And then I switched over to what is called the buy side and the buy side are really the hedge funds and the pension
funds it in this rewrite who invests into securities. And I was there with Switzerland's largest independent asset manager, managing a hedge fund in the private credit strategy sector. And I was there, the COO CIO for another
10 years until about three to four years when we copied it. I set up a prop shop in crypto trading and crypto market making and we specialized on a specific sector and that sector was market making in stable
coins. So we only did market making and stable coins. And that sort of like erased my interest in hey, why is a stable coin going up and down in price ever so slightly on centralized exchanges and where do the nuances come from and the price
differences. So I really start to dig my heels into how our stablecoin structured, what makes a stablecoin, a stablecoin, what is the design, what are these designs available. And that sort of got me into thinking about how to sort of
give my own twist or to a stablecoin design. So about one and a half years ago, we started to structure a new and all design for a stablecoin. And then with that, we felt like, okay, there's really a greenfield opportunity into extending that stablecoin design, that cryptocon
currency design into a whole DeFi ecosystem, which really means that you would not only include a stable coin but a whole crypto economy. So every crypto primitive, like the core primitives of DeFi, should be implemented in one coherent
cryptocurrency economy and as we know the core primitives are liquidity lending and stablecoins. That's sort of one thing for us. Yeah. And that's how we started to design and build USD5 as a protocol. Gotcha. This is really interesting. Two decades of
track fight experience and then getting down the crypto rabbit hole is really really interesting. Awesome. Yeah, yeah, yeah, I think I think you know it really it's different. You know, our approach is differently in a sense that I have this sort of background in I sort of rethink dApps and DeFi apps
And think, okay, as sort of with with my experience with two sort of decades of institutional as a management experience, how would we think about a DAP and that sort of really distilled into USDFI at the end of today? Gotcha. That's really interesting. And what
inspired you for creating this entire project on the BNB chain? Well we really saw, thank you, good question, we really saw the opportunity in DeFi because there was no such thing as a like a crypt
So economy type of approach where you have all core primitives in a single protocol. So the way DeFi started and how it still is today is it's very fractured, right? So you have a lot of protocols, you can basically get any DeFi financial services
you're looking for but it's always like a single service so to speak okay so let's say you want to trade and swap then you go to protocol A then you want to do some lending and borrowing you go to protocol B then you sort of want to get a stable coin you go to C or you want to do
some aggregation you go to D. And it's really at the end of the day you're just jumping protocols, you're constantly like you have to sort of jump through all kinds of loops and crosser hurdles. What is this protocol? Is it risky?
key, who built it, can I trust it, is it new? Where do I get the best yields for my stablecoin or the highest yields? And at the end of the day, that sort of fragmentation is a really cumbersome experience. And the problem we're really trying to solve
here is having all of this together in one coherent ecosystem or you can say, okay, this is sort of my full service DeFi DAP where I go and anything I want to do in DeFi sort of all the core services are available in a single DAP of
my choice I trust and that should be USD 5 that's sort of the vision. Gotcha. So, branding everything on one hood is more like yes. Yes. Yes. I think it's more than that. It's not just not it's not like this sort of 2020 type of super dab
approach is, you know, everything we have is it's it's symbiotic, right? Yeah. So every every service is intertwined and relies on each other. We don't just like stack silo services on top of each other to provide more services. It's really it's the
the combination and the symbiosis of all the services provided. That's sort of how we use it. Gotcha. Really interesting. And sort of how does USDFI differentiate itself from other existing Dexas or for that matter, other D5 protocols on the chain? Well, again,
So the vision is really to have that full service marketplace for all of your defined. So you go to USD file, you find all the services, and why would we do this approach, this universal approach? We actually call it
universal defy banking protocol, okay, or the short form is UBP. So we really want to have that opportunity to capture the most market share possible. And we are not trying to reinvent the wheel here if you look into the traditional finance
financial system, all sort of the biggest financial institutions, they are what is called universal banks. And why aren't they called universal banks? Because they offer sort of the core financial services. Interestingly enough, there's also three of them, like in crypto
have the quickly landing and stable coins and in in in in track by we have wealth men or private banking asset management investment banking. So there's also three and these universal banks are the biggest because they offer all three core pillars and then they cross style and they really leverage the simple
biosis of these three corpillars so that they can capture the most market here. We're trying to bring a similar type of mindset and economic model into our DeFi protocol. I think that's really the key difference between us DeFi and any
other your favorite protocol of choice, where you just find like sort of these that one specific service. Got it. Got it. Really interesting. And sort of like what are the key features in USBs of your platform overall? If you could just take us to those.
Well, the key features is we have sort of re-engineered, I think one of the biggest things we will bring to the table is the economics we have, the tokenomics we will bring to the table. And also here we have sort of a developed
a new tokenomic model, which is called dual ve. Right? So you may be asking yourself, wait a second, what's dual ve? What's that all about? So you may be familiar with the ve, the ve type of model, which was established
by curve finance, that both S-Cro model and then adapted in different flavors. It proved itself as being the most successful RE model for tokenomics. Then it's different protocols, different flavors of the
the VE model, right? But what we saw as a problem or let's say as a Greenfield opportunity is to improve on that VE model because that the VE model has a, we would refill a very specific problem that it's a zero
zero-sum game still. So this means, because it's a zero-sum game, it's inherently sort of fragile. And the way to improve a zero-sum game is to make it a non-zero-sum game. And that gives you actually a true-type
equilibrium because in a zero-sum game the difficulties there's no equilibrium, hence the fragility. Now with the non-zero-sum game there's actually a true equilibrium, so true corporation, and you can achieve this type of equilibrium which makes the whole crypto economy
me much more stable. So what we introduce this actually is we have two governance tokens. So we you can vote escrow two governance token. We have one is our governance token, which is called stable. And here be be careful with the names. Table is not
the stablecoin. Stable provides stability to the ecosystem. Hence it's called stable. So think of it as curves PRB. And then we have usdfi which shares the name with the entire protocol, but it's also a
stablecoin. So we have usd5 which is the stablecoin. And then you can log both or you can vote as pro both in parallel which really creates this dual be system where this equilibrium of corporation can be actually achieved.
Yeah, fairly interesting and sort of there was this thing that I was reading up somewhere around usify. What is the buyer of last resort and AMM of last resort? What exactly does that mean? Yeah, that's a good question. Thank you very much.
I just explained that we have USD file which is our own sort of in-house or native stablecoin. That stablecoin has a novel design. So it's really for DFI we think of it as sort of a zero to one moment because that design has not been tried before.
think it's a great design, but that being said, we do not target a hard pack. And also, you have this like a hard pack stable coins, which really target a high fidelity type of pack. And the best example is always frags. They want to be sort of
Yeah, I think we lost you there. Sorry, I'm back. Sorry, I got in my connection broke off. What did you hear? What was the last thing I was explaining? I just missed the last five seconds. You were talking about frags.
Okay, Frank's okay. So Frank's really and I said the funny thing I said they want to be as close to zero as possible which is obviously not true They want to be as close to one as possible. Okay, one Frank should always equal one dollar with the most high fidelity pack possible, right? We don't have that sort of approach to our approaches to
have a soft pack stable coin. So there's some substantial volatility at first to be expected around the pack. And now you ask why is that necessary? It is necessary because we know
that there's this very commonly discussed trilema or stablecoin, right? So you have the stablecoin trilema that comes from from the blockchain. A trilema with stablecoins is the trilema is decentralization, scalability and tax outness.
Okay. And so far all the stablecoins designs have said, okay, listen, we are not willing to sacrifice pecs stability, so we must have the pecs stability, but then we either were not decentralized or we can scale because you can't have all of
all three, right? And we sort of were taking this fundamentally different approach where you say, okay, let's start with decentralization. So USDFI is a fully decentralized stablecoin. It does not rely on any kind of USD-linked collateral, right? Yeah. It's infinitely scalable.
No, no, you know, because it's not over collateralized. Yeah, because if you have over collateralized models, they never tend to be scalable because of the collateral required, right? So by definition, they're a key in being infinitely scalable. Yeah. And in return, we're temporarily in the first phase of the
stable coin design. So in the first few weeks, months, years, we will have a soft peg, but over time that peg will harden. You gotcha. Okay. Yeah. And the way we're doing this is we have built an automate
to store an AMM around which exclusively focuses on hardening that pack. So how does that work? This works in a way that the biggest problem with any stablecoin design is there's
stablecoins don't have a protocol-based contingency plan. If they lose pack, people lose trust, and typically all hell breaks loose. We've seen that repeatedly, because there's no contingency plan. That makes people nervous.
So what we really build in is a sort of a sound economic principle sort of aching towards to be like the the the economic principles you will find in in in track fine and that's what we're central banking
right? You may have heard of the term "lander of last resort" so the Fed is the lander of last resort, right? Which just means in a nutshell that if markets stop functioning the Fed or the central bank steps in and provides like a
liquidity to the market so that it can heal itself again. And that same type of framework, we thought, okay, how do we exactly this plan B, this contingency plan? How do we implement this in DFI? And the way to implement this in DFI is by using an AMM.
that's what we have in D5. And so what we established is that we have a protocol-owned liquidity that's non-depletable in our AMM and each time the stablecoin DPEGs, the AMM
starts to buy back the stable coin. So in perpetuity, on-kill rate repacks, using only proceeds and fees, the protocol, all liquidity is generating. Gotcha. Gotcha. Does that make sense to us?
So like in very abstractly said, if you think about let's say Uniswap has a stable coin, okay, just very like from a 10,000 type of foot level, looking top down. They have a stable coin, each time the stable coin, D packs, all the fees from Uniswap are, are you, are
used to buy back the stablecoin of the market until it repacks, right? Because why has it repacked? Because of supply and demand. If it if it depexes downside, it simply means there's too much to supply and not enough demand. So you buy the supply of the market and it repacks.
the same happens with our protocol on liquidity we use the fees to buy back the stablecoin of the market. Eventually people will see that it's starting to repag and as we know you know how games theory works people will see it's then the game theory kicks in they
see, okay, it's repacking and there's some arbitrage to be made. They jump in and that sort of accelerates the repacking process and based on these sort of two principles of landing the sound economic principle of being sort of the buyer of last resort as an AMM in sort of the game
theoretical approach or people jump into front-run the opportunity that's sort of one of the repagning processes we have for USD5. - Gotcha. - This is on the face of it, it might seem complex, but I think I get it. The entire model seems to be pretty interesting, yeah.
And then it's a bit nerdy, but you can think of it like again similar to what what frags achieves with their AMOs right there automated market operations to achieve a high fidelity pick. We also have AMOs to achieve a softback. That's the way.
to think about it. Got it. Yeah, that's an interesting lens to see it from. And then what is stable the governance token for USD5? So we have as I explained a stable is the governance token. And I think the most interesting aspect here is to point out the
differences to, for example, curve, right? Because we were discussing CRB and curve as the government's token. I think the most interesting aspect is, okay, there's aspects or characteristics table shares with CRB, but then there's more. So let me start with the characteristics
So as a stableholder, you can vote on the gauges, which sort of allows you to direct the protocols emissions. And you can participate in governance. But what is also interesting is because we just discussed sort of that perpetually buying a
the Mm, that protocol-on-liquidity. So that's always buying. So that sort of bears the question, what is it buying if you as DeFi is at the pack? And actually, the answer is it's buying stable.
Okay, so you have you have this perpetually this perpetual buying machine or buying protocol which then buy stable so it actually by design stable the governance has token has built in by pressure in perpetuity.
That's interesting because that gives mathematically a very specific characteristic and that's what is called a positive drift. And this is very important to point out because fundamentally as we know,
And the drift of most cryptotocons is not positive. Unfortunately, history has shown that most of them go towards zero. And by having a positive drift, this can't happen. I mean, it's not mathematically possible for stable
to go to zero because assuming like the B&B chain stays operational, right, and can generate fees, and stable the governance token will have a positive drift to the upside in perpetuity. That's the fundamental difference. And I think that's all
that makes all the difference in the world for a crypto token holder. And hence, it's actually reasonable to buy and hold stable so that that's the most logical assumption you can make. And that's also in stark contrast to sort of all the other
other tokens and all the other rewards and governance, it can even be governance tokens. I'm not even talking about reward, like fewer reward tokens, but also governance tokens. Typically, you just sell them as quickly as possible because there's no incentive to hold them for the long
Now, here you have the incentivation to hold for the long term because you know that mathematically there's always a positive risk to the upside. I mean, of course, like short-term market forces, can they push the coin down? Of course they can, you know? But over time, there's a positive risk.
Gotcha. Cool. And from a liquidity provider's perspective, like how is liquidity to be provided and how can they expect it to be incentivized on USD 5? Well, the way
to think about us, these fly as far as the decentralized exchanges concerned. So we have like two three court pillars, right? We have like the decentralized exchange, then we have the money markets and then we have the stablecoin. So now we're talking about
the decentralized exchange and the decentralized exchange works. You can think of it as sort of a assaultly type of approach from like a top level.
I can I you there. Sorry, my connection to keep dropping I was I was talking about solidly right? Enter my model applicable. Okay.
So the way to think about it is why solidly as sort of a mental model because we have this two types of AMM's in there like the volatile swap and the stable swap. So we have this UniV2 type of AMM and then the stable the curve type of stable swap.
or you can just sort of swap and trade volatile tokens but also stablecoins. Okay. And now what is very different from what you will find is what's solidly is that we have like we went fully back to sort of the OG type of curve governance.
So our governance code is fundamentally built mainly around curve only, right? So we have also this sort of four year locking period. You will also find with curve. And the only difference we built in is what we think
makes, makes solidly the most successful protocol, or what it's biggest achievement is that what I refer to as the solidly twist. So the solidly twist is when actually you can bribe people to vote, and the voters get the protocol
called fees and the liquidity providers, they get the emissions. Okay. So that's what I call sort of the solid twist and that we also built in. So hence that's the monumental model you can all
And that incentivizes liquidity, as we know, there's this famous type of flywheel, which is known to work. And I think we, with that sort of change to the sort of the curve governance system and the incentivization
We actually have sort of the best of both worlds where we have like this this bulletproof and battle test that curve governance, which is known to be like the most festival model along with the liquidity incentivation of that sort of solid type of framework.
Gotcha. Yeah, fair and we all know that for every new project typically users have security as one of the most paramount things in mind. What is your strategy to ensure that the security is up to the mark and prevent any sort of malicious activities on the platform?
That's a good question. Thank you very much. I mean, obviously security is like the key cornerstone of what we want to implement in DFI, you know? I mean, because I come from TREDFI and am I my first role
and responsibility is always to be a risk manager. Before everything else, I consider myself to be a risk manager here for the users and the protocols like you guys and everyone else. How do we actually achieve this? When we
When you call yourself a universal defy banking protocol, we take that word banking very seriously, especially with our sort of Swiss type of banking background. We don't take that lightly. So what we did when it comes to audit and security
is we collaborated with Change Security. Change Security is known as sort of the best security auditor in the industry, Bar none. Why? Because they are responsible for just a handful of audits, but like for the biggest name.
in the industry. So they are that they are they are that Uniswap, they are that curve, right? They are that compound and not only do they audit these these dApps, but they also audit the Ethereum blockchain itself.
Okay, so they really know the right things about how to make a protocol safe and sound and hence we're proud to say that we are actually the first protocol with a chain security audit on the B&B chain.
Awesome. I think these are sort of the right things in place to ensure that users can be confident of deploying their funds with USB 5. Exactly. Yeah. And then how will the project handle scalability? And what I mean to say by this is a lot of, you know,
The entire idea has been very novel. The execution was also fundamentally right, but scalability is something that they were not able to achieve. So how do you plan to achieve that? That's a fantastic question. And that sort of directly plays back the way that we've been doing.
back into what we were initially discussing about what is the economically the most sound business model to apply. And that's universal banking, right? We discussed that universal banks just by the design of the business model they scale
the quickest and they scale the furthest and the largest because they capture the most market share because by definition they offer the most services which allows them to capture the most market share. Okay, so we bring again we bring that economically sound
business model into DeFi and say, okay, how do you want to scale? Yeah, I mean, we scale with the economically most sound business model. And that's what we call universal DeFi banking, right? Because we offer all core primitives and we can scale not all of
the primitives will scale equally at the same time. I perfectly expect, like, I mean, we all know crypto is very cyclical, right? So you have large volumes, sometimes any, like you have periods of days or weeks where you have like large volumes
indexes, right? And then people go into leverage and lending and they use my markets. And then everyone, all of a sudden gets scared and they turn into stablecoins. And the beauty about USDFICE design is we earn fees all the time.
No matter what people do. So as long as you're somehow active in DeFi and you somehow require core DeFi financial service,
were here for you to fulfill that need for a little fee, right? And that's how we plan to scale the whole protocol.
Gotcha sounds sounds good and then what's your sort of roadmap for the coming years and like in the in the near future like say next say the next year and then the very long time Let's say the three to five year plan as well if that's possible to share. Yeah, of course, of course We're here for we're here for the transparency around
So, I mean, first, our approach is slow and steady winds, right? So, that's our sort of key cornerstone because we don't pursue any type of height models, right? And we don't want to attract any sort of mercenary capital.
And we can't because we don't have the tokenomics to do so, right? If you just inflate your tokens and then you have very high token inflation, what happens you get also very high yields at the beginning, but now you have all of a sudden
the yields go down and there's too much tokens in circulation and your token starts to drift down in price and people sort of start to lose interest in your protocol because there's not enough high yields to be made. And we don't want to go down that row. We said, okay, from the start, of course, it's the much
Harder approach, it's a grind, right? But we tend to scale up very slowly and steadily, like the Swiss type of approach, right? Slow and steady wins. So that's what we're doing. So we've heard this scaling up and the roadmap is sort of one of the
One of the big things we want to implement in the protocol and call it start of Q3 is we want to have monylagos, what do we call a service which is called monylagos and monylagos is an aggregation service in its core, but it will also allow
every user sort of to de-risk their profile because of the symbiotic aspect, as I said, okay. We always do something for a reason. So how do money-lakers work? It actually allows you to aggregate your favorite form or pool, let's say your favorite form or pool is.
let's say on pancakes one right so you can actually aggregate that through usdify and at the same time you can de-risk your pool how the steers can work yeah well that's the beauty of having all core primitives available in an ecosystem so what we can actually
do, we can actually convert your yield so the reward token gets automatically to a stable coin. And that sort of locks in your yield, right? If your pool says it's 15%, by the time you sell cake, it may be very different in price. Okay, we know that these rewards
token be very volatile in price. So you actually have that automated conversion of a volatile reward token into a stablecoin which allows you to capture and lock in the yield. So that's a service we're bringing Q3.
of this year and then what we also want to do is because we are built as a multi-chain native token. We're not native to the BNB chain. We're by design multi-chain native, so we will deploying on another chain.
We have not made up our mindset which one, but we have fully the EVM compatible and we can deploy rather quickly on the next chain. So that's also in focus for this year. Gotcha. This is awesome. And then finally,
I think one more question before we open it up to the audience if that's okay. Of course. What are the partnerships or collaborations that you're currently working on and planning for in the near future? Oh, yeah, we are very proud of our partners. So we want to sort of, we have a very collaborative
approach, we think we can only win if we grow together, right? So if we stick together, there's no need to try to push each other down, but I think there's a lot of room for collaboration and growth together. So we're proud to say that we're sort of collaborating with DeFi as a
Right, this minds for just you guys like stay at stator, but we also have other foundation foundation partners. We call them the lucky eight because there's eight of them and eight is a lucky number, right? So we also have a frex we a frex finance we have and
We have Chee Down on board with the My Stable Coin. We have Deus Finance. We have Helio Protocol with the Hay Stable Coin. And then we have, that's a novelty for the BNB Chain. We have CKBOP and also FBOP from the Phantom Fane.
Awesome, that's pretty, I'd say almost all the top projects are in there. Yes, yes, yes. Yeah, I think we can take a couple of questions from the audience. Of course, of course, happy to take some questions anytime. Sure.
Do you want to pick the faces or do you want? No, just go ahead pick a lock you on. So I think we can start with Chuckie. I see you've requested. I'll add you as a speaker. Feel free to ask a question.
Hey, Jackie, you got speaker access. Okay, hello guys, thank you, Amy. Yep, can hear you really well. Alright, that's why so I would love to know now.
with the landing aspect of the USDFI, what are the collaterals involved and should I decide to be a borough? Can you explain what your interest rates are like? Like what do you have, what's the mechanism for it? I mean the interest rate for each loan world. Thank you.
Gotcha. Yes, yes, Chucky. That's a fantastic question. Thank you very much because we have not sort of discussed the money market aspect in detail. So if you want to check out which collateral types we're offering at the moment, you can go to lending.
We currently have 10 collateral types available and we're also proud to say that one of them is B and BX. And what is special is if you're referring to the borrowing and lending rates, you can think of it similarly to all these. So if there's high demand,
The rates go up and if there's less demand, they go down. But what we have also included what makes a special as a money market, great protocols like state are also able to incentivize borrowing and lending into money markets. So they actually think of it as
is like bribing but in the money market context or it's called a rain making. Okay, so bribing in on the decentralized exchange is very similar to rain making in the money market context. So if say for example, wants to incentivize BNB
X, lending and borrowing, they can step in, provide some incentives which sort of drives the race up, it makes it much more appealing for the whole state or community to borrow, for example, BNBX and UCDAS collateral.
or borrow BNB against it or and use that on the liquidity pools and we're very quickly into sort of the advantage of having a symbiotic ecosystem because it's all in one place and you can really really leverage composability of DeFi within the protocol.
Great! I hope that answers your question. Yeah, he does. Thank you. Awesome. Awesome. Okay, let's pick another one. Alright, this name is interesting Slayer. I'll be taking you up, adding you as a speaker. Feel free to ask a question.
So, clear you have speaker access now.
Slayer if you could unmute
Yeah, so I was going through a USD5 pool session and I found that BNB pool and USBNB access, USD2 pool and I see that you are giving 47% APR so if I just provide liquidity into this pool, can I get maximum
the boot system, similar like curve path. So if you don't lock your token, you get sort of the 1x type of APR. And if you lock your token for four years, you get sort of the 2.5x
on your APR. So it's up to you. You can also, you can lock in any time span in between. So you can also lock for a year or six months or one and a half years. That's completely up to you. And you can then actually go and and form the pools with your yields.
So the way it works is you, on the one hand, on the one side, you deposit your liquidity. On the other side, you go, you buy stable governance token, then you lock it into the voting system that boosts your yield on the pool side and you have sort of a win-win situation for your investment strategy.
Awesome. Great. I think we can take one or two more questions, Michael, right? Of course, of course, please go ahead.
Let's do two. It's a great community. I love being here. Awesome. Okay, let's take up Jimmy then. Adding you to speaker Jimmy.
Jimmy you have speaker access.
Yes, okay. Thank you for giving the opportunity. I just want to know that how stable is your coin like I have seen Luna University deployed very soon at market so
So is there any planning if someone has an idea to de-pack your USD? So is there any planning to avoid that situation also in future? Thank you.
Yes, so maybe we should revisit what I was trying to explain here. So it's perfectly fine for us to be back, you know, I would actually say it must be back.
the design to work. It must be packed by design. Why am I saying this? Because if it works, if it defects, the automated byback mechanism kicks in and people also start to
frontrun the opportunity and start to do the arbitrage of going of the pack going on to one because they know they have the mathematical guarantee provided by the protocol itself that we will go back to one. The question is not only, it's not if but the question is when.
Okay, so in order for that process to happen and repeat over time, it must be packed at first. And so to speak to trough process, we actually expect to become less pronounced over
time because eventually after the whole process like it happens and repeats like pegging and repagging for the 52nd time people will just say okay eventually yes this this stablecoin it's actually it's a soft-peck stablecoin but you know what it's one okay so this peak to drop brokers
will the volatility will disappear over time. That's why we said, okay, we cannot make a stable coin stable at first while also providing full decentralization, full scalability, but we actually have a way
to make it stable over time. Okay, and that's what we're doing right now. So if there's a deep pack, the process and the mechanism and design kicks in, I was describing in this AMA previously.
Now is the initiative. Thank you for my call. That's not the topic. Thank you. Thank you, Jeremy. All right. One more question. Okay, final question. I'm excited. Make it a good one. Let's pick up Alexa.
All right. Hey Alexa, we have speaker access now. My question is like at the moment market is very down you know even with great partnerships, high marketing and
working products some projects are finding too difficult it difficult to survive so I would like to know that are you facing any challenges in developing your project also it yes please mention them and tell us how you are handling it thank you
Yes, that's actually a great question. I think it's important to also point it out. At the end of the day, the way I understand this, please correct me if I misunderstood your question.
But the question really actually drills down to the question, yeah, what's the runway for the project? Okay, and we have a lot of runway because we've never required throughout the whole development. We've been developing this for
over one and a half years now, and we never required external funding. So we're fully internally funded, and we have a lot of runway. So we're here to stay, and we're here to develop, and we're here to bring all the milestones we discussed previously.
in the project. So we don't have a high burn rate, we've been managing our project and our team for one and a half years now, and we fully intend to do so for the time being. But it's a good break question. Thank you very much for asking.
Thank you. Thank you, Alexa. Great Michael. I think that brings us to the end of the AMA today was lovely, lovely having you here. Yes, it was amazing. Great community, great questions. Thank you for having me today.
Awesome. Great. We'd love to host you some other time as well. And we'd love to see our partnership as a long standing partnership of what we've started now with USD5. Anytime. Anytime.
Yeah, thank you. Thank you so much. Bye bye.
Thank you guys for the wonderful email. Thank you. Bye bye. Thank you.