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This is episode episode 462 with
guest humanely. 

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Welcome to episode and show 
which talks about the 

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Technologies projects and people
driving decentralisation and 

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deduction Revolution. 
I'm Brian Crane. 

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And I'm here today with my coach
Felix, Lurch, and today we're 

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going to speak with you, only? 
He's the founder of Crescent 

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Network Crescent is 
decentralized exchange. 

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JH & Order, bookie change on 
Cosmos, very Innovative project.

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So we're really excited to speak
with him about that. 

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Now, before we get into 
Crescent, we just wanted to 

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briefly talk about response to 
this week. 

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So responsive is Omni Omni is, 
you know, your new favorite 

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multi-chain Mobile Wallet, that 
puts the power of web three at 

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your fingertips, you know, just 
three tabs. 

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You can stay can manage your 
asses and over 22 built-in 

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protocols. 
Hooting all the EVMS, all the 

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major dbms l2's and also non ebm
chains, like Cosmos Alana near 

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and more on the abstract away, 
the complexity, but we retained,

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you know, that it's fully self 
custodial and makes it really 

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easy for you to get yield on 
your crypto. 

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They also have multi chain, NFC 
support. 

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So you can view all your NFC is 
in one place and you can show 

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you nice. 
Isis 10ft as app background. 

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So, and, and in, they have an 
Explorer section in app, or you 

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can, you know, see, new apps, 
new yield opportunities and news

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and yeah, so if you want to 
check it out, you can get it on 

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iOS or Android. 
Just look for Omni wallets that.

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So M&I, wallet, or you can go to
the website or needed fi And 

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yeah, with that young, thanks so
much for coming on. 

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Yeah, thank you for inviting. 
Me is great to be here. 

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Yeah, so we've known young for 
quite a while and I guess the 

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thing I remember especially was 
that in, that was, I guess 2019.

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There was the middle conference 
in South Korea and there was the

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the cosmos Hackett Tom there. 
And you know, if we've course 

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one, we were participating there
and we were actually working 

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together if you and, and his 
colleague and we were working on

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some Cosmos liquids, taking 
stuff for the hackathon. 

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So I think that was very fun to 
work together. 

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So we've known him since then 
spend a bunch of time. 

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There were very impressed with 
his, especially understanding of

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D Phi, and of sort of liquidity 
markets incentives, Financial 

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instrument. 
So it's yeah, it's great to 

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finally become an epicenter and 
talk a bit about some of the 

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work you've done since then. 
Yes. 

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Oh yeah, happy to be finally be 
in this epicenter talking about 

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things. 
So yeah, especially from myself,

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like personally like meeting 
this like OT people way back in 

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late two thousand eighteen and 
nineteen. 

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It feels really good and it 
feels like family. 

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So I'm very happy to touch with 
you guys again. 

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And hopefully we We can see each
other soon in Cosmo personal. 

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So, So, maybe we can just talk a
little bit about your 

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background. 
How did you get into crypto and 

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how did you get into the cosmos 
ecosystem in particular? 

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Yeah, so, I majored, in 
mathematics in undergraduate and

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then I studied some global 
financing and in master and I 

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worked as a market maker, and 
Arbitrage, Trader Investment 

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Bank in Korea and for about 10 
years. 

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And then I am trying to have 
another chance to participate in

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this like new move of Technology
including like Ai and blockchain

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and other stuff. 
Because from my nature we I was 

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like finding something more 
Innovative and more transparent 

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and more decentralized 
technology with a lot of new 

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philosophy. 
Like not very conservative. 

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So from my older job that was 
like very conservative 

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environment with very power and 
money came within and it was 

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quite boring and I wanted to 
have another chance to bring 

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this again in my life to like 
get another energy to move on 

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and and the block changes. 
I'll close my eyes. 

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So like At first like 2018, I 
was like deep into the interim 

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ecosystem, trying to build some 
financial application from it 

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and I was trying that like for 
three months and then finally, I

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had made a transaction like 
costing, like millions of 

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dollars in it. 
I thought it was impossible. 

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So I try to find another project
and that was like, Cosmos and I 

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Just like caught up with this 
like big Vision millions of 

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blockchain and connected each 
other and I just believed it 

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what in one side and then just 
like keep doing this for more 

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than four years as now. 
So that was like my history. 

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How to get into Cosmos 
ecosystem? 

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Yeah, super interesting. 
And then I think you started out

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basically as a validator, as 
many In the cosmos ecosystem, 

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maybe you can talk a little bit 
about how how you made that 

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choice to start there and then 
how you kind of move to to the 

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to the decks space or what 
you're what you're building 

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today. 
Yeah. 

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Yeah. 
So at that time, like POS is 

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even that very Universal in the 
space. 

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Like everything was either you 
and ERC trainee and smart 

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contract. 
So It was very new in the 

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blockchain area. 
So like I was trying to 

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understand and get some 
experience and knowledge on 

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this, like dpos environment and 
also studying deeply more about 

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Cosmos SDK and tender mint 
consensus layer, so that we can 

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fully understand and utilize 
this for new application layer. 

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So, like we started with 
validator or Fading in test net 

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for about. 
I think, what about like nine 

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months until Mainland lunch in 
2019 and then studied our 

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validator business with 
participating in different 

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projects. 
While that we were like, one of 

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the validator who are like 
deeply reading the blockchain 

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core code bases like, including 
like Cava or Terror. 

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Or other earlier projects in 
Cosmos even we were 

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participating in several project
with wood as an auditor. 

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So we write wrote some like 
report on this financial 

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applications. 
So from this like knowledge and 

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experience, we studied to build 
our own capability to understand

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and innovate this defy space. 
So we started to participate in 

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other activities. 
Is like working with tender meat

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cooperation and also I see are 
to build some modules and 

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features for tender meat and 
Cosmos SDK. 

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So one of the result was gravity
takes operated on Cosmos job 

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with a MM and audio book at the 
same time. 

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So this is like one of the 
information who people doesn't 

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know is that big because the UI 
was embarrassed and the amaris 

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the didn't provide audible UI. 
But actually the in the code 

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base order book is already there
in 2021 that was like hybrid 

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decks of from beginning. 
Original design was hybrid X. 

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So but we didn't allow the 
enabled it because it is too 

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experimental for Cosmos up. 
So that was our start to build 

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this one of the defy application
which is like decks with am and 

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auto get the same time. 
So that was our first big move 

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into this device space. 
I think there's definitely a 

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lot. 
We want to go into their with 

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this, like order book a M&M's, 
but maybe just talking a little 

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bit more about. 
So, you know, gravity was was on

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the cosmos Opti. 
Talk a bit like you know what 

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happened? 
And like how did it evolve or 

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result in, you know, you didn't 
launch and Crescent on its own 

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chain. 
Yeah, so as a like a big-time 

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believer in Cosmos and Adam we 
we were trying to persuade the 

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community to have decks in Cosmo
support and incentivised from 

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Adam inflation. 
So that was our purpose to 

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persuade the community with this
because for any decks Especially

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with a MM formation liquidity. 
Incentive is the core part of 

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the functionality, so we believe
that there should be some 

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incentive coming from Cosmo. 
So and that was Adam because the

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community doesn't allow to meet 
another token in customer shop. 

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So that was only Adam is the 
only option. 

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So we are trying to persuade the
inner Unity in Cosmos trying to 

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proceed to use this. 
Adam inflation for this 

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important utility. 
But there are some objection 

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with like hope minimalism and 
supporting this like new 

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projects in Cosmos ecosystem. 
Not by interfering this 

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business. 
With from these customers Hub, 

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like Taking all the market 
share. 

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So we thought about it and we 
also discussed about it with a 

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lot of people and we decided not
to pursue pursue that because 

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eventually without without the 
decks in Cosmos up there will be

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lots of text in Cosmos which is 
already happening right now so 

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that would be more resilient 
future for the cosmos ecosystem.

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Having A lot of dex's with 
different characteristics and 

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advantages. 
So we decided not to have this 

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incentive for Gravity decks. 
And finally, we decided to 

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migrate this gravity decks into 
our own chain so that we can 

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proceed with all the Innovation 
and features we want to build or

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Palm. 
So that was the history for the 

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day. 
Decision making. 

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Awesome. 
Yeah, I think before we get 

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into, like the features and what
you're working on with crescent,

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maybe one thing that would be 
interesting, we just earlier 

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looked a little bit in the you I
looked at the governance 

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proposals and the very first one
is about the Crescent ethos, 

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which, which I found. 
Very cool that you like a voting

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to kind of approve. 
The ethos you guys have and 

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maybe that would be interesting 
if you could tell us a little 

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bit, you know. 
What's the what's the And what 

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are you trying to achieve with 
crescent? 

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Yeah, so I think decentralized 
governance is hard problem. 

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There's no like absolute and 
served to this because we don't 

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see any future yet. 
There will be like, lots of 

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different approaches to have 
this like robust decentralized, 

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community and decision-making 
process. 

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So we believe that there should 
be some balanced approach for 

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this governance. 
There should be some strong 

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leadership from this project 
Builders and then there will be 

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another decentralisation factor 
from community and token 

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holders. 
So I think there should be a 

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great balance between this two 
centralization and Leadership. 

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So that is why we put this at 
toast because we To have some 

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amount of leadership from our 
team, but also, I want, we want 

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you to 12 for the community to 
understand our Direction and our

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vision, which is it will be very
important for all these 

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Governor's decision making 
process. 

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So that is why we write this as 
a unchain governance, so that 

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everyone can transparently see 
how we think about At the future

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of President and can be 
reasoning background for all 

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these other detail Governor's 
proposal, we are making. 

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So what we have in plan is that 
we are going to write several 

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Ethel's in coming months so that
we can write in detail about all

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the different topics and also 
write about all the changes in. 

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In environment and changes in 
our vision and roadmap and 

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directions so that we can let 
keep communicating with the 

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community and write down all of 
this evidence in on chain so 

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that we can make a better trust 
from this community. 

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But maybe looking looking at it 
a little bit differently or more

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January, like if you think sort 
of in the long run, you know, 

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it's Crescent really succeeds. 
What do you think the role of 

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Crescent would be? 
You know, in the crypto 

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ecosystem? 
Like what does it look like, you

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know, a crescent in like, you 
know, ten years when it has 

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like, work out amazingly? 
Well, So I think there should be

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several roles we hope to take in
Cosmos ecosystem but like more 

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most eminent role will be 
security formation for new 

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project. 
So currently there are lots of 

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new project coming into Cosmos 
like within a year. 

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I expect there would be like 50 
to 100. 

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Produ project will come to 
customers ecosystem and they all

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need liquid. 84 their tokens and
other tokens. 

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They are creating such as stable
coins and Lucas taking tokens 

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and other stuff. 
So, we believe that it is very 

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hard job for us to have all of 
this liquidity in the ecosystem 

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and there should be a better 
way, smart way and efficient way

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to provide this liquidity 
formation with with sustainable 

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methodology. 
We believe that Crescent is one 

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of the team, who can do this 
role at best. 

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So we are doing our best to take
this room for customers 

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ecosystem. 
When you say liquid information,

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you had you have in mind, you 
know, like crowdfunding so 

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basically project wants to raise
money and, you know, sell some 

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talking to the market or like, 
just that there is like, you 

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know, liquid markets for 40's 
tokens. 

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So that, you know, people can 
sell them and buy them. 

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You mean? 
I guess. 

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Mix it Beaufort. 
What do you think is the most 

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important aspect to liquidity 
formation? 

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So I think fundraising and 
liquidity formation is a little 

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00:17:55,300 --> 00:17:59,100
bit different topic, which can 
be a little bit related. 

229
00:17:59,400 --> 00:18:03,800
But I think our role will be 
more on this liquid deformation 

230
00:18:04,100 --> 00:18:09,300
but still from this process of 
liquidity formation, there can 

231
00:18:09,300 --> 00:18:15,000
be a like additional token sale 
approach so which is called like

232
00:18:15,000 --> 00:18:22,000
Ido so I think that can be on 
The role Crescent can take but 

233
00:18:22,400 --> 00:18:26,500
in more like a connection to the
liquid deformation process. 

234
00:18:26,800 --> 00:18:31,400
So liquidity formation is more 
like an ongoing security so that

235
00:18:31,400 --> 00:18:37,200
are any token holders can buy or
sell these token at any time. 

236
00:18:37,700 --> 00:18:40,400
This is completely different 
from fundraising because 

237
00:18:40,400 --> 00:18:45,300
fundraising only allows you to 
buy this token within specific 

238
00:18:45,300 --> 00:18:48,700
time period. 
So liquidity will be more like a

239
00:18:48,700 --> 00:18:54,300
continuous liquidity for users 
to trade or anytime they want. 

240
00:18:56,100 --> 00:18:58,900
All right, cool. 
The I think that leads us into 

241
00:18:59,400 --> 00:19:03,200
the meat of the discussion where
I think you already mentioned a 

242
00:19:03,200 --> 00:19:07,300
bit that gravity tax and I think
also Crescent basically has this

243
00:19:07,300 --> 00:19:13,300
hybrid amm or the book approach 
may be for the listeners or also

244
00:19:13,300 --> 00:19:15,800
because it would be great to 
hear you talk about it. 

245
00:19:16,300 --> 00:19:20,900
Can you compare kind of what 
what is the difference may be 

246
00:19:20,900 --> 00:19:24,600
also between amm and order book 
and what what are the advantages

247
00:19:24,600 --> 00:19:27,900
or disadvantages of? 
Of either of them and how how 

248
00:19:27,900 --> 00:19:31,100
you chose to combine them in the
end to, to create a better 

249
00:19:31,100 --> 00:19:33,800
product. 
Yes. 

250
00:19:34,300 --> 00:19:40,400
So we saw all this Innovation 
coming in in 2020 with uni 

251
00:19:40,400 --> 00:19:44,500
Schwab and other taxes to come 
back called finance and I'll 

252
00:19:44,500 --> 00:19:52,400
answer and we believe that there
is some area where amm was 

253
00:19:52,600 --> 00:19:56,500
popular in either. 
An ecosystem, with very certain 

254
00:19:56,500 --> 00:20:03,900
reasons, including like listing 
was like a Our game within 

255
00:20:04,100 --> 00:20:08,800
centralized exchange and also 
like gas fee is too expensive 

256
00:20:08,800 --> 00:20:13,200
for Dex. 
Dex has to provide audible 

257
00:20:13,300 --> 00:20:16,000
utility. 
So that was like a more 

258
00:20:16,000 --> 00:20:20,400
centralized audible text was 
there before that but it was not

259
00:20:20,400 --> 00:20:24,700
very successful because it was 
too centralized or and gas feed 

260
00:20:24,800 --> 00:20:30,400
doesn't allow either ecosystem 
to build autoboot X. 

261
00:20:30,700 --> 00:20:35,900
So there are some In for a mmm. 
And there was some reason why 

262
00:20:35,900 --> 00:20:38,800
would a poll tax was not 
successful in either young. 

263
00:20:39,100 --> 00:20:44,300
And I thought of this, like 
story of evolving, this text 

264
00:20:44,700 --> 00:20:51,200
feature, and our utility and we 
saw that actually in customers 

265
00:20:51,200 --> 00:20:57,600
there's no reason to ignore this
great utility which is whatever 

266
00:20:57,600 --> 00:21:03,100
tax but still a MM provides a 
great way to form ERM initial 

267
00:21:03,100 --> 00:21:08,200
Equity because like market 
makers will have a lot of hard 

268
00:21:08,200 --> 00:21:14,800
time making this Market because 
of this huge risk of inventory 

269
00:21:14,800 --> 00:21:18,500
management for this unhackable 
tokens. 

270
00:21:18,700 --> 00:21:24,100
So I think there will be like 
some equilibrium point where, in

271
00:21:24,100 --> 00:21:28,400
some circumstances am, can do 
better and in some 

272
00:21:28,900 --> 00:21:31,300
circumstances, although boot can
do better. 

273
00:21:31,600 --> 00:21:36,500
So, Why not take all of these 
advantages in one market place. 

274
00:21:36,700 --> 00:21:41,900
So that was like, very obvious 
conflict, conclusion from our 

275
00:21:41,900 --> 00:21:46,200
team to build this from start. 
So when we build this grab 

276
00:21:46,200 --> 00:21:52,200
detects, most easiest solution 
will be just building this amm 

277
00:21:52,600 --> 00:21:57,300
copying UNICEF version to that 
was like easy conclusion. 

278
00:21:57,500 --> 00:22:02,700
But we didn't do that because we
so or obviously order book Will 

279
00:22:02,700 --> 00:22:06,100
be the better approach in 
Cosmos. 

280
00:22:06,400 --> 00:22:13,300
So, we did instead of building 
basic amm, we built a hybrid X 

281
00:22:13,300 --> 00:22:18,500
from start. 
So, now we are doing our best to

282
00:22:19,600 --> 00:22:23,600
take this advantages from these 
two different features or at the

283
00:22:23,600 --> 00:22:26,700
same time. 
So I think, like, utility is not

284
00:22:26,700 --> 00:22:34,300
the all for our project to 
success because We need like 

285
00:22:35,500 --> 00:22:41,300
accompanied business effort, 
partnership and market-maker 

286
00:22:41,300 --> 00:22:46,300
incentive, and LP incentive 
plans, and strategy. 

287
00:22:46,500 --> 00:22:51,000
All these things come together 
to make the project successful. 

288
00:22:51,200 --> 00:22:55,600
So we are trying to do that 
right now or doing more business

289
00:22:55,600 --> 00:23:00,100
and doing more partnership so 
that we can bring more users and

290
00:23:00,100 --> 00:23:04,600
partners and tokens with then 
the Crescent decks. 

291
00:23:06,000 --> 00:23:09,800
So can you explain like how do 
you, how do you combine, how do 

292
00:23:09,808 --> 00:23:16,500
you make a hybrid text? 
Like how do those two sort of 

293
00:23:17,400 --> 00:23:24,000
interact with each other? 
So this is more like how you see

294
00:23:24,400 --> 00:23:28,300
a mmm? 
So if you see a MM as a 

295
00:23:28,400 --> 00:23:34,300
stand-alone Innovation from 
nowhere, then it is very 

296
00:23:34,300 --> 00:23:40,300
difficult to understand amm in a
concept of auto book. 

297
00:23:40,500 --> 00:23:47,000
But if you see Within audible 
perspective and amm you can, you

298
00:23:47,000 --> 00:23:52,500
can see that amm is restricted 
version of other book with, very

299
00:23:52,500 --> 00:23:56,000
restricted freedom, for market, 
makers and Traders. 

300
00:23:56,300 --> 00:24:00,800
So Traders cannot do limit 
orders only Market orders and 

301
00:24:00,800 --> 00:24:04,000
market makers can provide 
liquidity. 

302
00:24:04,800 --> 00:24:10,000
Only following this constant 
product model formula, so this 

303
00:24:10,000 --> 00:24:13,500
is like a very small. 
Subset of Buddha book. 

304
00:24:14,000 --> 00:24:21,600
This is so when you see this 
space of freedom for this 

305
00:24:21,600 --> 00:24:27,400
design, for the decks, then it 
is very clear to understand that

306
00:24:27,400 --> 00:24:29,900
am m is a subset of all the 
book. 

307
00:24:30,200 --> 00:24:35,900
So when you see this way then 
combining these two is much 

308
00:24:35,900 --> 00:24:41,800
easier because you can see a MMS
older book and whatever feature.

309
00:24:42,200 --> 00:24:48,900
And we built everything based on
audiobook and then we place this

310
00:24:48,900 --> 00:24:57,000
amm on audiobook base ground. 
So, what we did is to describe 

311
00:24:57,000 --> 00:25:03,100
this amm liquidity into multiple
limit orders on order book so 

312
00:25:03,100 --> 00:25:07,300
that we can calculate each 
amount in each tick of the 

313
00:25:07,300 --> 00:25:11,900
orders, which is completely 
perfect. 

314
00:25:12,100 --> 00:25:16,100
Ali following the constant 
proton model, then we can derive

315
00:25:16,200 --> 00:25:19,200
exact number of amount for each 
tick. 

316
00:25:19,600 --> 00:25:24,200
So we just place all of them 
within the order book and every 

317
00:25:24,400 --> 00:25:27,900
orders coming from users and 
liquidity pools, they are 

318
00:25:27,900 --> 00:25:32,300
matching each other without any 
proper prioritization or special

319
00:25:32,300 --> 00:25:35,700
treatment. 
They just act as another limit 

320
00:25:35,700 --> 00:25:39,700
order and they just beat each 
other with the order book 

321
00:25:39,900 --> 00:25:44,700
matching system. 
Another special thing about 

322
00:25:44,800 --> 00:25:51,600
present X is that we use batch 
or institution which prevent or 

323
00:25:51,600 --> 00:25:56,100
Mev from start. 
So this batch execution is 

324
00:25:57,400 --> 00:26:02,700
matching this order each other 
without any time prioritization 

325
00:26:02,700 --> 00:26:07,500
within a block. 
So if there is a multiple orders

326
00:26:07,500 --> 00:26:13,000
in one block with different 
sorting Still there's no 

327
00:26:13,000 --> 00:26:18,800
prioritization of order matching
within what block, so it doesn't

328
00:26:18,800 --> 00:26:22,600
matter at all. 
So, like, like skip protocol is 

329
00:26:22,600 --> 00:26:27,800
doing em every solution. 
Like, providing ways for Traders

330
00:26:27,800 --> 00:26:33,800
to lobbying the validator to 
make their transaction at top of

331
00:26:33,800 --> 00:26:40,700
the block, but still either your
transaction at the top or bottom

332
00:26:41,300 --> 00:26:43,500
the Results will be exactly the 
same. 

333
00:26:43,700 --> 00:26:48,800
So there's no need for Mev at 
all because there's no 

334
00:26:48,800 --> 00:26:51,200
difference. 
So this is another 

335
00:26:51,500 --> 00:26:58,200
characteristic we have in our 
decks So I guess, yeah, we 

336
00:26:58,200 --> 00:27:00,700
definitely want to go a bit into
that since that seems to be a 

337
00:27:00,700 --> 00:27:05,700
very important feature of this 
lie of of questions. 

338
00:27:05,700 --> 00:27:09,800
I think, when you when you say 
like that, basically there is 

339
00:27:09,800 --> 00:27:13,400
one within a block. 
There's one clearing price than 

340
00:27:13,400 --> 00:27:18,000
40, different orders and you 
would have maybe, you know, that

341
00:27:18,000 --> 00:27:21,300
you have three orders and they 
would all get the average price 

342
00:27:21,500 --> 00:27:23,100
in the end. 
Is that how it works? 

343
00:27:23,200 --> 00:27:28,400
Am I understand correctly? 
Oh, actually, we have two ways 

344
00:27:28,400 --> 00:27:33,100
to match each other with batch 
education, still in batch 

345
00:27:33,100 --> 00:27:35,900
execution. 
There can be like most people 

346
00:27:36,100 --> 00:27:42,400
shop price within the batching 
and in our first design, in 

347
00:27:42,400 --> 00:27:48,900
gravity Decks that was we used 
our Universal shop price Model, 

348
00:27:49,000 --> 00:27:54,200
which is what we did you 
describe, we have only one shop 

349
00:27:54,200 --> 00:27:58,300
price, For every matched pair of
orders. 

350
00:27:58,800 --> 00:28:05,100
But now, we upgraded our decks 
to have or more matching within 

351
00:28:05,100 --> 00:28:11,000
a block, we need to allow 
multiple sharp price matching 

352
00:28:11,700 --> 00:28:17,100
price or for each block. 
So now we have like multiple 

353
00:28:17,900 --> 00:28:23,100
batching price within a block 
but still we don't have any time

354
00:28:23,100 --> 00:28:26,200
prioritization only price. 
Prioritization. 

355
00:28:29,900 --> 00:28:34,700
So, we push your more 
optimization but still, we keep 

356
00:28:34,700 --> 00:28:40,300
our fairness of trading for 
this, like sorting of others 

357
00:28:40,300 --> 00:28:47,400
within a block. 
So with the M&M's right there, I

358
00:28:47,400 --> 00:28:51,400
guess also there there's been a 
lot of, you know, movement how 

359
00:28:51,400 --> 00:28:54,300
this works, right? 
Because the tradition was 

360
00:28:54,500 --> 00:28:59,900
probably, you know, the 
significant number of listeners 

361
00:28:59,900 --> 00:29:03,400
are familiar with is, you know, 
you have some pool. 

362
00:29:04,200 --> 00:29:08,300
Maybe it's, I don't know if to 
die. 

363
00:29:08,900 --> 00:29:15,100
And then as adequately provided 
I can Just putting if and die, 

364
00:29:15,100 --> 00:29:17,400
you know, in equal proportions 
into this pool. 

365
00:29:17,800 --> 00:29:21,700
And then, you know, I get some 
trading fees based on, you know,

366
00:29:21,700 --> 00:29:27,400
the people trading and, and then
when the price changes, right? 

367
00:29:27,400 --> 00:29:31,900
Then kind of sort of, it will 
sell, you know, maybe even by 

368
00:29:31,900 --> 00:29:34,500
die or the other way around. 
So you have this impermanent 

369
00:29:34,500 --> 00:29:38,300
laws to deal with. 
But of course, the nice thing 

370
00:29:38,300 --> 00:29:42,600
is, as a user as a liquidity 
provider, I don't have to think 

371
00:29:42,600 --> 00:29:46,400
about I mean, it did decisions 
very easy, right? 

372
00:29:46,400 --> 00:29:49,000
I just put money in there, 
everybody puts money in there, 

373
00:29:49,200 --> 00:29:50,800
it doesn't really make a 
difference. 

374
00:29:51,900 --> 00:29:56,100
You know, there's no maybe where
the sophistication does come. 

375
00:29:56,100 --> 00:29:59,500
In is understanding the risk. 
You're taking understanding the 

376
00:29:59,500 --> 00:30:01,800
in permanent loss and how to 
deal with that because that's 

377
00:30:01,800 --> 00:30:03,900
not so simple. 
And that I think is very 

378
00:30:03,900 --> 00:30:08,100
confusing for people as well, 
but of course, we already have a

379
00:30:08,100 --> 00:30:09,300
few nice. 
Probably three. 

380
00:30:11,000 --> 00:30:16,000
Basically, you know, a big 
change where I think I can be 

381
00:30:16,000 --> 00:30:19,800
like, okay, I'm going to put 
money into this pool but now I'm

382
00:30:19,800 --> 00:30:23,300
going to specify that, you know,
I'm concentrating, this 

383
00:30:23,300 --> 00:30:26,200
liquidity on a certain price 
range. 

384
00:30:27,400 --> 00:30:33,200
And of course, that already goes
a little bit in this hybrid 

385
00:30:33,200 --> 00:30:34,400
Direction. 
No. 

386
00:30:34,900 --> 00:30:40,400
Because it's now all of a sudden
that decision is an important 

387
00:30:40,400 --> 00:30:41,900
decision. 
You know, where do you 

388
00:30:41,900 --> 00:30:45,600
concentrate this liquidity? 
If you know you concentrated in 

389
00:30:45,600 --> 00:30:48,800
the wrong place, maybe you 
liquid is Justin, get used and 

390
00:30:48,800 --> 00:30:52,600
you just don't know any fees or 
maybe otherwise you take more 

391
00:30:52,600 --> 00:30:55,400
risk. 
So already is something that I 

392
00:30:55,408 --> 00:30:58,600
think, as a normal user We know 
how to deal with this stuff, 

393
00:30:58,600 --> 00:30:59,800
right? 
That's normally quiddity 

394
00:30:59,800 --> 00:31:05,400
provider. 
So what? 

395
00:31:09,800 --> 00:31:12,200
How do you see a memes in the 
future? 

396
00:31:12,200 --> 00:31:15,300
Like, how do you think they will
revolve? 

397
00:31:17,100 --> 00:31:20,200
Oh yeah. 
I just want to like share some 

398
00:31:21,400 --> 00:31:25,800
situation in either room first 
because like, obviously like 

399
00:31:25,800 --> 00:31:31,700
device in either you miss, like 
heading to the Future. 

400
00:31:32,200 --> 00:31:37,500
So we can expect the future of 
Cosmos, by researching this 

401
00:31:37,500 --> 00:31:42,500
idiom ecosystem. 
So like one year ago, UNICEF 

402
00:31:42,500 --> 00:31:46,200
Origins relaunched. 
And now if you can see the 

403
00:31:46,400 --> 00:31:52,200
liquid, ET the version to 
liquidity is almost like done 

404
00:31:52,300 --> 00:31:55,300
right now. 
There is no much liquidity left 

405
00:31:55,300 --> 00:31:59,200
and all the liquidity is coming 
from version 3. 

406
00:31:59,500 --> 00:32:03,700
And if you see this liquidity 
formation within all these 

407
00:32:03,700 --> 00:32:07,800
pairs, you can see that this 
liquidity is like very Dynamic 

408
00:32:07,800 --> 00:32:11,800
to the moving. 
So this is more like a very 

409
00:32:11,800 --> 00:32:17,200
sophisticated strategy for 
liquidity provider to This 

410
00:32:17,200 --> 00:32:23,200
liquidity with very frequent 
rebalancing of the position and 

411
00:32:23,200 --> 00:32:27,700
like, more more proactive, 
rickety, providing methodology. 

412
00:32:28,100 --> 00:32:35,400
So, I think that even within 
this situation, we also heard 

413
00:32:35,400 --> 00:32:38,500
that she's resurfaced launching.
Also. 

414
00:32:38,500 --> 00:32:42,100
Same thing, which is called 
Trident, which, will be coming 

415
00:32:42,100 --> 00:32:48,000
very soon, and I think, like in 
sushi suppose, So like this, 

416
00:32:48,000 --> 00:32:51,900
like new feature will dominate 
all the liquidity, because 

417
00:32:52,000 --> 00:32:57,000
obviously, it is more Capital 
efficient, but like difficulties

418
00:32:57,400 --> 00:33:05,000
is not the reason for avoidance.
Even all the difficult solution 

419
00:33:05,400 --> 00:33:10,100
can be utilized by smart people.
And this can be better solution 

420
00:33:10,900 --> 00:33:16,700
if it is more Capital efficient,
but exactly directly. 

421
00:33:17,600 --> 00:33:21,800
The retail research cannot use 
it or if you use it, then it 

422
00:33:21,800 --> 00:33:23,600
will be very difficult to 
manage. 

423
00:33:23,700 --> 00:33:27,900
So that is also another effect. 
So what would be the solution? 

424
00:33:28,400 --> 00:33:32,300
And just just basically say, so 
when you say Capital efficient, 

425
00:33:32,800 --> 00:33:37,500
what you mean is, basically, 
that let's say somebody wants to

426
00:33:37,500 --> 00:33:43,000
go and they want to trade. 
Then, you know, one way to 

427
00:33:43,000 --> 00:33:46,100
measure it, I get it sort of the
slippage of like, you know, how 

428
00:33:46,100 --> 00:33:51,600
much Does your trade? 
Does your price move away from 

429
00:33:51,600 --> 00:33:54,900
the current market price? 
Will, you know, certain amount 

430
00:33:54,900 --> 00:33:56,500
of money? 
Let's say you're trading ten 

431
00:33:56,500 --> 00:34:00,100
thousand dollars worth that in 
in it. 

432
00:34:00,100 --> 00:34:03,900
Would you define like the 
capital efficiency that you 

433
00:34:03,900 --> 00:34:07,800
know, you need to rp3? 
You will need a much smaller 

434
00:34:07,800 --> 00:34:12,100
amount of capital in this pool 
to basically provide the same 

435
00:34:12,100 --> 00:34:15,600
kind of, you know, price for 
somebody trading ten thousand 

436
00:34:15,600 --> 00:34:18,900
dollars then in like you 
Probably three every to 

437
00:34:19,900 --> 00:34:23,699
something I got. 
So I think we should Define the 

438
00:34:23,699 --> 00:34:28,500
word liquidity. 
So the liquidity is not tvl, 

439
00:34:28,600 --> 00:34:31,800
that's for sure. 
So that was like one of the 

440
00:34:31,800 --> 00:34:36,800
biggest misunderstanding in defy
space and text area. 

441
00:34:37,000 --> 00:34:42,199
Everyone is watching for tvl in 
defy Lama or like defy pulse and

442
00:34:42,199 --> 00:34:48,400
other dashboard having like tvl.
L 1 billion great. 

443
00:34:48,699 --> 00:34:53,699
But it doesn't like prove all 
these utility because they 

444
00:34:53,699 --> 00:34:58,600
liquidity and tvl is completely 
different within this like motor

445
00:34:58,600 --> 00:35:03,900
and defying won't. 
So like, this is liquidity, 

446
00:35:03,900 --> 00:35:11,500
should be defined as like when 
you when you want to trade or 

447
00:35:11,500 --> 00:35:19,000
tooken without moving the price.
More than one And or 2% and then

448
00:35:19,300 --> 00:35:24,700
how much amount you can trade. 
So that is like in coin market 

449
00:35:24,700 --> 00:35:29,000
cap, you can see a liquidity 
price minus 2%. 

450
00:35:29,300 --> 00:35:33,400
So this is like, very basic 
approach to measure this 

451
00:35:33,400 --> 00:35:39,100
liquidity because it it 
calculates all the amount of 

452
00:35:39,100 --> 00:35:43,900
liquidity you can consume 
immediately within this price 

453
00:35:43,900 --> 00:35:46,200
range. 
So this is should be more like a

454
00:35:46,200 --> 00:35:48,200
measurement. 
And for the liquidity. 

455
00:35:48,700 --> 00:35:55,700
So from this point having, same 
liquidity from smaller, tvl 

456
00:35:56,000 --> 00:36:02,900
means of capital efficiency, So 
we talked a lot about like 

457
00:36:02,900 --> 00:36:07,500
liquidity provisioning. 
Now we also mentioned market 

458
00:36:07,500 --> 00:36:13,400
makers, can you maybe kind of 
detail what is the difference 

459
00:36:13,400 --> 00:36:16,000
between a market maker and a 
liquidity provider? 

460
00:36:16,000 --> 00:36:20,300
And maybe what's the role of the
market makers in Crescent? 

461
00:36:23,100 --> 00:36:26,000
Yeah. 
So because we are having sex 

462
00:36:26,000 --> 00:36:28,600
with am and audio book at the 
same time. 

463
00:36:29,000 --> 00:36:35,200
We it is very important for us 
to see, make a Synergy with 

464
00:36:35,200 --> 00:36:41,800
these two different approaches. 
So amm provides most robust 

465
00:36:42,100 --> 00:36:46,700
liquidity. 
Also in a micro sense. 

466
00:36:48,000 --> 00:36:54,000
Liquidity pool provides better. 
Liquidity in a Very narrow price

467
00:36:54,000 --> 00:36:59,700
range which is like narrower 
than 0.2 percent or something. 

468
00:37:00,300 --> 00:37:04,900
So if you are shopping very 
small amount then it will be 

469
00:37:05,100 --> 00:37:10,200
very efficient to use this 
liquidity from amm because like 

470
00:37:10,200 --> 00:37:15,500
am is providing the quality or 
exactly from current price to 

471
00:37:16,100 --> 00:37:18,200
very near near the current 
price. 

472
00:37:18,400 --> 00:37:23,200
But this order book a market 
maker will provide Security are 

473
00:37:23,200 --> 00:37:28,400
not very near the current price.
We will be distanced from 

474
00:37:28,400 --> 00:37:32,400
current price for about like 0.1
percent to zero-point-five 

475
00:37:32,400 --> 00:37:35,800
percent for the more volatile 
token, you will be like one 

476
00:37:35,800 --> 00:37:39,000
percent. 
So there are some different 

477
00:37:39,100 --> 00:37:44,200
aspect of liquidity provided 
within this micro security area,

478
00:37:44,800 --> 00:37:49,000
different distribution of 
liquidity, and different 

479
00:37:49,000 --> 00:37:53,700
characteristic also. 
So when you trade in in amn, if 

480
00:37:53,700 --> 00:37:58,200
you trade one time and then the 
price will move and then it will

481
00:37:58,200 --> 00:38:01,300
not come back until arbitrator 
trade back. 

482
00:38:02,200 --> 00:38:06,300
So if you trade again, the and 
the price will be worse because 

483
00:38:06,300 --> 00:38:11,000
you already moved the price. 
So this is like inefficiency of 

484
00:38:11,000 --> 00:38:15,300
a mmm, but for the order book 
Market maker, the market maker 

485
00:38:15,300 --> 00:38:20,500
will provide the price and then 
if you consume it and they will 

486
00:38:21,000 --> 00:38:26,400
replace The order again with it 
with it at this exactly the same

487
00:38:26,400 --> 00:38:28,700
price again, you can consume it 
again. 

488
00:38:28,900 --> 00:38:32,100
So I call this rechargeable 
liquidity. 

489
00:38:33,000 --> 00:38:36,800
This is not the case in LP, but 
the market maker can do this 

490
00:38:36,900 --> 00:38:39,100
because they can hatch in other 
market. 

491
00:38:39,400 --> 00:38:43,000
So this these are like very 
different characteristic for 

492
00:38:43,000 --> 00:38:48,000
these two different liquidity 
and there should be a good way 

493
00:38:48,200 --> 00:38:51,700
for our community and governance
to decide. 

494
00:38:52,000 --> 00:38:56,400
And calculate the contribution 
of liquidity coming from 

495
00:38:56,400 --> 00:39:02,400
different methodology and 
measure this support of 

496
00:39:02,400 --> 00:39:05,600
liquidity from different 
methodology and we need to like 

497
00:39:05,600 --> 00:39:11,100
distribute our incentive wisely 
or so that we can create this 

498
00:39:11,100 --> 00:39:15,200
like very healthy competition 
between LP. 

499
00:39:15,500 --> 00:39:19,600
And what about market makers or 
so that we can optimize this 

500
00:39:20,000 --> 00:39:24,200
Capital efficient orally. 
Quality providing incentives. 

501
00:39:25,800 --> 00:39:28,200
So probably a good amount or 
listeners. 

502
00:39:28,200 --> 00:39:32,400
You know half actually provided 
liquidity before, you know, 

503
00:39:32,400 --> 00:39:37,900
whether that was an uni swap 
curve Sushi swap or you know 

504
00:39:37,900 --> 00:39:41,200
like osmosis very popular or 
some questions. 

505
00:39:41,200 --> 00:39:42,400
Right. 
Like so there's like many 

506
00:39:42,400 --> 00:39:46,000
different places where people, 
you know, have kind of your 

507
00:39:46,000 --> 00:39:49,000
normal people or like, okay, I 
can provide liquidity. 

508
00:39:49,900 --> 00:39:52,300
What's you know what's going to 
happen with that? 

509
00:39:52,300 --> 00:39:55,300
Is there, is there a future 
where, you know? 

510
00:39:55,400 --> 00:39:59,900
Normal token, holder can still, 
you know, provide liquidity on 

511
00:39:59,900 --> 00:40:03,300
these exchanges or do you think 
this will all be replaced by, 

512
00:40:03,700 --> 00:40:07,200
you know, professional 
sophisticated market makers 

513
00:40:07,200 --> 00:40:10,300
that, you know, can just play 
this? 

514
00:40:10,400 --> 00:40:12,700
Play this new game that's 
arising. 

515
00:40:14,400 --> 00:40:18,500
So I think great thing about 
blockchain ecosystem is that 

516
00:40:18,500 --> 00:40:23,500
everything every different 
protocols can be connected each 

517
00:40:23,500 --> 00:40:28,600
other without any trust, 
assumption or verification, 

518
00:40:28,600 --> 00:40:32,000
assumption. 
So everything can be connected 

519
00:40:32,400 --> 00:40:36,300
very well with this code base 
only. 

520
00:40:36,600 --> 00:40:40,700
So if we can trust this 
algorithm, then everything can 

521
00:40:40,700 --> 00:40:45,600
be connected very well. 
So, I believe that even though 

522
00:40:45,600 --> 00:40:49,300
the the management of capital 
will be much more difficult in 

523
00:40:49,300 --> 00:40:51,600
range. 
Liquidity concentrated, 

524
00:40:51,600 --> 00:40:55,600
liquidity world still. 
There will be like professional 

525
00:40:55,700 --> 00:41:01,200
fund manager participating in 
this Capital Management, and 

526
00:41:01,200 --> 00:41:05,400
like, providing capital from 
retail investor for this fund, 

527
00:41:05,600 --> 00:41:09,700
so which is called we are 
calling this managed P. 

528
00:41:10,500 --> 00:41:15,700
So minus Del p is fund. 
Operated by professional fund 

529
00:41:15,700 --> 00:41:20,400
manager but invested by all 
these like my retail investors. 

530
00:41:20,700 --> 00:41:27,000
So within this minimal trust or 
within this fund manager, or we 

531
00:41:27,000 --> 00:41:31,700
can trust this manager to manage
this Capital with very 

532
00:41:31,700 --> 00:41:37,200
restricted functionality within 
this decentralized to connect 

533
00:41:37,200 --> 00:41:40,600
fund. 
So I think the future will be 

534
00:41:40,600 --> 00:41:46,700
more like ranged LP fund. 
Operated by professionals but 

535
00:41:46,700 --> 00:41:52,000
invested by retails. 
So one of the example is called 

536
00:41:52,000 --> 00:41:57,300
Iraqis in either area, which is 
providing this platform for 

537
00:41:57,300 --> 00:41:59,800
users. 
So this fund manager has very 

538
00:41:59,800 --> 00:42:03,400
restricted Freedom about how to 
manage this fund. 

539
00:42:03,900 --> 00:42:09,400
So it is quite safe for users to
invest into because they don't 

540
00:42:09,400 --> 00:42:13,600
allow any send out all these 
assets within the fund. 

541
00:42:13,700 --> 00:42:18,200
Only they can do is like a 
minimal amount of swap or like 

542
00:42:18,600 --> 00:42:23,600
changing the range of the lp 
that is the old things manager 

543
00:42:23,600 --> 00:42:27,300
can do. 
So I think more of this 

544
00:42:28,100 --> 00:42:32,100
functionality will be available 
in the ecosystem. 

545
00:42:32,300 --> 00:42:37,900
So I think retail investors can 
participate but the actual 

546
00:42:38,000 --> 00:42:42,500
operation can be more delegated 
to professionals. 

547
00:42:44,100 --> 00:42:48,100
All right, that's cool. 
So we can remain being LPS in 

548
00:42:48,100 --> 00:42:50,700
the future too. 
It's good. 

549
00:42:51,700 --> 00:42:55,600
So we wanted to I guess maybe 
switch topics a bit. 

550
00:42:56,000 --> 00:43:00,600
Now we talked a lot about kind 
of liquidity in the context of 

551
00:43:00,600 --> 00:43:02,800
this decks of the singer 
Network. 

552
00:43:02,800 --> 00:43:06,400
Now, obviously the cosmos 
ecosystem as you mention 

553
00:43:06,400 --> 00:43:11,000
already, potentially will have 
like thousands of networks and 

554
00:43:11,000 --> 00:43:12,900
already has a lot of different 
textures. 

555
00:43:13,500 --> 00:43:17,000
And yeah, maybe it would be 
interesting to hear your 

556
00:43:17,000 --> 00:43:23,300
thoughts, how, like, you can 
aggregate liquidity across these

557
00:43:23,300 --> 00:43:26,800
different ecosystems and maybe 
at the role that Crescent Place 

558
00:43:26,800 --> 00:43:32,400
in this story. 
Yes, I think text aggregator is 

559
00:43:32,400 --> 00:43:36,600
one of the interesting topic to 
discuss also. 

560
00:43:36,900 --> 00:43:43,500
So I think in either real, it is
a transitional phase right now. 

561
00:43:44,000 --> 00:43:49,800
Like one inch users are trading.
Maybe more than you nice up 

562
00:43:49,800 --> 00:43:53,700
front end users right now. 
So it's like, this is like a 

563
00:43:53,700 --> 00:43:58,900
golden cross of web to evolving 
to Webster. 

564
00:43:59,100 --> 00:44:03,000
So like web to web 3. 
The definition is that when you 

565
00:44:03,600 --> 00:44:08,700
when the Traders are locked into
one front end which is unisa 

566
00:44:08,900 --> 00:44:13,900
then they cannot utilize other 
liquidity coming from balancer 

567
00:44:14,000 --> 00:44:20,100
or sushi shop or other products.
So you you are your jailed into 

568
00:44:20,100 --> 00:44:24,500
one website, so that your back 
end is also jailed to. 

569
00:44:24,800 --> 00:44:29,700
So this is web to in our 
definition when you You use one 

570
00:44:29,700 --> 00:44:35,000
inch then you can reach out to 
all these taxes even, like very 

571
00:44:35,200 --> 00:44:38,800
only one because you don't need 
any Trust on this. 

572
00:44:39,000 --> 00:44:44,100
If your shop is successful then 
any decks you can use because 

573
00:44:44,300 --> 00:44:48,200
you believe in result not the 
that the service provider. 

574
00:44:48,500 --> 00:44:54,600
So one inch is more like a 
webserie service provider who 

575
00:44:54,600 --> 00:45:00,300
are connecting all these 
existing back-end service By one

576
00:45:00,500 --> 00:45:05,000
front end. 
So this is like the change of 

577
00:45:05,000 --> 00:45:11,000
service within web three 
environment and unfortunately in

578
00:45:11,000 --> 00:45:17,300
Cosmos we are in web to like 
most of the users are locked in 

579
00:45:17,500 --> 00:45:22,800
in certain decks. 
And there they are jail there 

580
00:45:23,600 --> 00:45:25,800
until now. 
So we want to free them. 

581
00:45:26,100 --> 00:45:29,300
So when we want to free them 
there should be like Like 

582
00:45:29,300 --> 00:45:33,000
aggregator for Cosmos, right? 
And there are like several 

583
00:45:33,500 --> 00:45:40,400
project coming in like such as 
mango exchange but I'm looking 

584
00:45:40,800 --> 00:45:45,300
deeply into solution called 
Squid from axilla. 

585
00:45:46,200 --> 00:45:50,300
So, the problem with in this 
customers ecosystem is that all 

586
00:45:50,300 --> 00:45:55,700
this environment is asynchronous
compared to either you. 

587
00:45:56,400 --> 00:46:00,500
Either room is everything is 
synchronous but In Cosmo 

588
00:46:00,500 --> 00:46:02,700
speakers. 
All this application is 

589
00:46:02,700 --> 00:46:07,200
indifferent, blockchain the this
asynchronous or create problem 

590
00:46:07,200 --> 00:46:12,800
of delay and latency of like 
trade execution. 

591
00:46:13,200 --> 00:46:20,100
So like especially like IBC 
transfer is really slow and 

592
00:46:20,100 --> 00:46:22,900
unstable. 
So we need to wait like one 

593
00:46:22,900 --> 00:46:28,400
minute or more for this one 
execution of trade with IBC 

594
00:46:28,400 --> 00:46:29,600
transferee. 
In it. 

595
00:46:29,700 --> 00:46:33,500
So if you use like bangle 
exchange, then sometimes it 

596
00:46:33,500 --> 00:46:36,600
takes like more than a minute to
complete a trade. 

597
00:46:36,900 --> 00:46:41,500
So, this is not the good ux for 
users to experience. 

598
00:46:41,800 --> 00:46:47,800
So, actual screen is more like, 
skipping, all this IBC transfer 

599
00:46:47,800 --> 00:46:52,000
layer by utilizing liquidity 
layer. 

600
00:46:52,200 --> 00:46:59,900
So liquidity layer will do all 
this job for DPF of The users 

601
00:47:00,100 --> 00:47:06,300
and then get this reward back 
from the users after the shop is

602
00:47:06,300 --> 00:47:10,200
completed. 
So, in this model, they can 

603
00:47:10,900 --> 00:47:15,300
erase all these like latency 
caused by interchain 

604
00:47:15,500 --> 00:47:19,100
communication. 
But only like if if there is a 

605
00:47:19,900 --> 00:47:23,700
block confirmation coming in 
once in one second in Crescent 

606
00:47:24,000 --> 00:47:28,400
and like another block 
confirmation in to second in 

607
00:47:28,400 --> 00:47:32,800
osmosis So then you can you do 
this like interchange swap or 

608
00:47:32,800 --> 00:47:39,200
within two seconds like routing 
Crescent and osmosis at the same

609
00:47:39,200 --> 00:47:43,300
time this is practically not 
possible right now because of 

610
00:47:43,300 --> 00:47:48,700
this transfer between blockchain
IBC, transfer will take at least

611
00:47:48,700 --> 00:47:52,900
like several tens of seconds, 
but if you remove this and this 

612
00:47:52,900 --> 00:47:58,400
is like like matter of s. 
So I think this solution can 

613
00:47:58,700 --> 00:48:03,800
bring More practical sense of 
interchain decks or greater 

614
00:48:04,900 --> 00:48:09,900
because it removes all the 
unnecessary Delay from this. 

615
00:48:10,100 --> 00:48:17,400
So I think like IBC transfer is 
not dependent variable for 

616
00:48:17,700 --> 00:48:22,000
liquidity relay ER and 
interchain swap functionality. 

617
00:48:22,700 --> 00:48:26,500
So like this, we want to like 
work with them. 

618
00:48:26,600 --> 00:48:32,400
We are communicate with them. 
So that we can provide this 

619
00:48:32,500 --> 00:48:37,700
option for for the users users 
does not know the benefit of 

620
00:48:37,700 --> 00:48:41,500
this aggregator. 
So we want to like, promote this

621
00:48:41,500 --> 00:48:45,300
and marketing this. 
So that users can use more of 

622
00:48:45,300 --> 00:48:50,600
this aggregator for themselves, 
because your shop price will be 

623
00:48:50,600 --> 00:48:53,800
much better than use. 
Only one decks front end. 

624
00:48:54,000 --> 00:48:59,000
So, within this environment, 
ecosystem can be more healthier.

625
00:48:59,300 --> 00:49:04,900
Because the competition will be 
not about marketing or business 

626
00:49:05,300 --> 00:49:11,400
or front-end locking, but more 
like more efficient, liquidity 

627
00:49:11,600 --> 00:49:16,900
more more cheaper, trading cost 
and stuff. 

628
00:49:17,100 --> 00:49:21,900
So it is always good for users 
to have this like better 

629
00:49:22,100 --> 00:49:26,100
healthier competition rather 
than like spending a lot of 

630
00:49:26,100 --> 00:49:29,000
money for marketing and 
community. 

631
00:49:29,100 --> 00:49:35,100
T locked in to one platform. 
So we believe this like Webster 

632
00:49:35,100 --> 00:49:39,600
rework will open all this new 
environment for all these new 

633
00:49:39,600 --> 00:49:46,100
taxes, like kucera, say all 
these taxes are new but it is 

634
00:49:46,100 --> 00:49:50,700
very difficult for them to 
attract new users but this 

635
00:49:50,800 --> 00:49:54,900
aggregator will allow them to 
attract users or without 

636
00:49:54,900 --> 00:49:59,400
marketing effort. 
So this will be better for for 

637
00:49:59,500 --> 00:50:04,800
all this ecosystem. 
So, one question on this, 

638
00:50:06,000 --> 00:50:08,400
indeed, maybe kind of touched on
it. 

639
00:50:08,400 --> 00:50:14,200
But the, you know, one of the 
things if you in the cosmos 

640
00:50:14,200 --> 00:50:17,000
ecosystem or in general, right? 
If you have things that are like

641
00:50:17,000 --> 00:50:21,400
cross chain, is that, you know, 
you can't make these Atomic 

642
00:50:21,400 --> 00:50:25,400
transactions that any theorem 
like you really have some, some 

643
00:50:25,400 --> 00:50:29,500
transaction that you know, like 
automatically those different 

644
00:50:29,500 --> 00:50:33,400
things and different chain. 
Don't you know using different 

645
00:50:33,400 --> 00:50:37,700
smart contracts and you know 
everything works once. 

646
00:50:38,600 --> 00:50:44,200
So how do you think this is like
an issue when it comes to this 

647
00:50:44,200 --> 00:50:45,700
cross? 
Chain decks aggregation? 

648
00:50:45,700 --> 00:50:48,800
Or like how is this? 
What are the implications of 

649
00:50:48,800 --> 00:50:53,100
this? 
Yes, there should be some 

650
00:50:53,200 --> 00:50:58,500
issues, so relative sense 
either. 

651
00:50:58,500 --> 00:51:03,900
IAM ecosystem is better at 
aggregating everything because 

652
00:51:03,900 --> 00:51:07,700
it is synchronous and 
asynchronous environment will 

653
00:51:07,900 --> 00:51:13,400
prevent some optimization for 
users, but still it is better 

654
00:51:13,400 --> 00:51:15,400
than aggregating. 
Nothing. 

655
00:51:15,700 --> 00:51:20,400
So it is more like a relative 
sense. 

656
00:51:20,900 --> 00:51:25,600
If you can do 90 percent and 
then still 90% can be quite 

657
00:51:25,600 --> 00:51:28,800
good. 
So everything is like very 

658
00:51:28,900 --> 00:51:32,000
statistical. 
So if you trade, like hundred 

659
00:51:32,000 --> 00:51:38,200
times and your trade is most 
optimal for 90 times, and that 

660
00:51:38,200 --> 00:51:42,600
is good utility already. 
So I think, like a synchronous 

661
00:51:43,000 --> 00:51:50,400
environment can result in a 
non-optimal shop. 

662
00:51:50,500 --> 00:51:54,300
Ping route. 
But still, when you achieve this

663
00:51:54,600 --> 00:51:59,000
for most of the time, then the 
decks agreed Gator, makes a lot 

664
00:51:59,000 --> 00:52:02,000
of sense. 
Cool. 

665
00:52:02,000 --> 00:52:06,200
That's, does it change anything?
So you mentioned that Crescent 

666
00:52:06,200 --> 00:52:11,400
basically gets rid of from 
running or Mev in the sense of 

667
00:52:11,400 --> 00:52:13,800
like on the decks with the batch
patches. 

668
00:52:14,100 --> 00:52:18,100
If we're talking about this, 
aggregator interchain world, 

669
00:52:18,800 --> 00:52:22,500
does that change the equation? 
Somehow, do you like, I guess 

670
00:52:22,500 --> 00:52:26,700
how do you generally see a movie
in the interchain world on a 

671
00:52:26,700 --> 00:52:34,000
high level, maybe? 
So, Like, there was some data 

672
00:52:34,000 --> 00:52:40,300
coming from skip protocol about 
Mev situation within osmosis. 

673
00:52:40,700 --> 00:52:47,300
So they had about like, six 
million of profit from me3 

674
00:52:47,300 --> 00:52:54,100
Trading, so, I think it is quite
large and when when our 

675
00:52:54,100 --> 00:52:59,600
ecosystem grow, the Mev problem 
will be increased over time with

676
00:52:59,600 --> 00:53:05,300
more amount of cash. 
Money extracted by all these 

677
00:53:05,300 --> 00:53:13,500
like smart Traders. 
But still, I think most of the 

678
00:53:13,700 --> 00:53:21,100
profit coming from osmosis right
now is with this U STC which is 

679
00:53:21,100 --> 00:53:25,100
like older version of OST from 
Runa. 

680
00:53:25,800 --> 00:53:33,000
So it is very like restricted 
area of Mev Execution because 

681
00:53:33,000 --> 00:53:37,800
like most other pairs does not 
have significant Mev problem 

682
00:53:37,800 --> 00:53:41,800
right now. 
That is the what data is telling

683
00:53:41,800 --> 00:53:44,300
us right now. 
So I'll maybe immediately 

684
00:53:44,300 --> 00:53:49,900
problem is like overstated, 
especially in Cosmos ecosystem, 

685
00:53:50,700 --> 00:53:59,300
where like gas prices, much 
cheaper, and like the if I is 

686
00:53:59,300 --> 00:54:00,900
much smaller than either him, 
right? 

687
00:54:01,000 --> 00:54:08,600
Now, so I think it is little bit
overstated and interchanging 

688
00:54:08,900 --> 00:54:14,100
word still. 
Immediately can be a tool for 

689
00:54:14,100 --> 00:54:19,500
extracting value, but still, I I
don't think it is like 

690
00:54:19,500 --> 00:54:24,400
preventing any core 
functionality or creating 

691
00:54:24,400 --> 00:54:30,500
significant economic problem 
yet, but I think it is it is 

692
00:54:30,500 --> 00:54:37,100
very City of within very narrow 
range of applications such as 

693
00:54:37,100 --> 00:54:41,400
like auction and trading venues 
like Texas. 

694
00:54:41,800 --> 00:54:49,400
So if in those application I 
think it is better for our 

695
00:54:49,600 --> 00:54:54,800
architect to build this 
application in a way that we can

696
00:54:54,800 --> 00:55:00,900
prevent this from start so that 
we don't create a solid problem.

697
00:55:01,000 --> 00:55:05,500
So which does not need to exist.
So I think that is one of my 

698
00:55:06,100 --> 00:55:12,400
philosophy. 
Okay, yeah, definitely, thanks 

699
00:55:12,400 --> 00:55:14,400
for expanding. 
That makes sense to me. 

700
00:55:14,400 --> 00:55:22,700
I think, maybe I guess you kind 
of touched upon it, where you 

701
00:55:22,700 --> 00:55:28,400
talked about little bit about 
UST, just now that a lot of that

702
00:55:28,400 --> 00:55:32,700
movie came from this. 
Now, obviously, that was a big 

703
00:55:33,200 --> 00:55:37,800
event in the cosmos, wider 
ecosystem, the Luna collapse, 

704
00:55:38,300 --> 00:55:42,700
and the I understand also 
Crescent had like Luna assets 

705
00:55:42,700 --> 00:55:47,600
listed, you know, maybe you can 
you talk a little bit about how 

706
00:55:48,300 --> 00:55:52,300
that impacted the crescent and 
maybe also to listen lessons you

707
00:55:52,300 --> 00:55:58,800
learned from that for crescent 
as decks but also, yeah, maybe 

708
00:55:59,100 --> 00:56:01,400
the cosmos SDK or in general 
ecosystem. 

709
00:56:04,200 --> 00:56:09,100
Yeah, so we had a great lesson 
from this lunar crash. 

710
00:56:09,600 --> 00:56:16,300
One of the biggest lesson is 
that it is very dangerous for us

711
00:56:16,600 --> 00:56:27,100
to decide any canonical solution
for any text related liquidity 

712
00:56:27,100 --> 00:56:31,600
or tokens who are bridges or 
other Solutions. 

713
00:56:32,100 --> 00:56:36,400
Because I think in Cosmos. 
Especially it is about for 

714
00:56:36,400 --> 00:56:41,700
Rarity and like robustness or 
resilience of the ecosystem. 

715
00:56:42,000 --> 00:56:46,900
It means that a minor project 
should be respected enough to 

716
00:56:46,900 --> 00:56:50,100
provide these all this 
connection for the users. 

717
00:56:50,400 --> 00:56:56,600
So our philosophy has been 
strengthened from this 

718
00:56:58,200 --> 00:57:02,900
experience because even though 
the Luna was Tara was the one of

719
00:57:02,900 --> 00:57:08,300
the biggest Sustained in Cosmos,
it just vaporised within one 

720
00:57:08,300 --> 00:57:14,600
week that is like how blockchain
evolve and even for current 

721
00:57:14,600 --> 00:57:19,600
status or very small project can
rule the cosmos within six 

722
00:57:19,600 --> 00:57:24,400
months that is also true. 
So we we are more humble right 

723
00:57:24,400 --> 00:57:27,200
now. 
We don't believe in 

724
00:57:27,900 --> 00:57:32,400
decision-making like all these 
like centralized into one 

725
00:57:32,400 --> 00:57:37,200
solution and stuff that Is why 
we are providing incentive for 

726
00:57:37,300 --> 00:57:41,900
both Bridges accelerator and 
gravity Bridge because we are 

727
00:57:41,900 --> 00:57:45,600
not sure anymore. 
Everything is humble, but still 

728
00:57:45,800 --> 00:57:49,300
small projects should be 
respected within this like a 

729
00:57:49,400 --> 00:57:53,700
variety of ecosystem, especially
in Cosmos, that is the 

730
00:57:53,700 --> 00:57:56,100
philosophy. 
So we believe that there should 

731
00:57:56,100 --> 00:58:00,800
be lots of different, stable 
coins, lots of different Bridges

732
00:58:01,200 --> 00:58:05,000
or lots of different liquids. 
Taking In one decks. 

733
00:58:05,300 --> 00:58:10,400
So like variety of choice will 
be our philosophy for crescent. 

734
00:58:10,400 --> 00:58:14,700
And we are going to pursue this 
philosophy to provide better 

735
00:58:15,100 --> 00:58:20,900
more option to users. 
But I guess the downside of that

736
00:58:20,900 --> 00:58:23,700
being that, I mean, what's the 
argument? 

737
00:58:23,700 --> 00:58:25,100
The other argument would be 
that. 

738
00:58:25,100 --> 00:58:30,200
Now, your fragmenting, the 
liquidity and the users maybe 

739
00:58:30,200 --> 00:58:32,500
are confused and then don't 
really know what to use. 

740
00:58:34,000 --> 00:58:37,100
Do you do you see that problem 
to or when? 

741
00:58:37,100 --> 00:58:40,500
And if yes I guess how do you 
address that? 

742
00:58:41,900 --> 00:58:44,100
Yeah. 
So that is very interesting 

743
00:58:44,100 --> 00:58:49,000
problem to solve. 
So like, for example, if you 

744
00:58:49,000 --> 00:58:53,600
have, like a different kinds of 
stable coins, then obviously the

745
00:58:53,600 --> 00:58:58,200
liquidity will be separated 
within one decks but still the 

746
00:58:58,200 --> 00:59:00,400
liquidity is connected each 
other. 

747
00:59:00,800 --> 00:59:04,400
If you have like, is T versus 
u.s. 

748
00:59:04,400 --> 00:59:10,100
DC from gravity and obviously, 
see from axilor and then die 

749
00:59:10,100 --> 00:59:13,700
from Gravity. 
Are those like, all of these, 

750
00:59:13,700 --> 00:59:17,700
like, stable coins, pairs are 
connected to each other. 

751
00:59:17,800 --> 00:59:22,900
So, if we have this, like, multi
hope swap with in feature, so, 

752
00:59:22,900 --> 00:59:25,400
which is coming very soon in 
Crescent. 

753
00:59:26,000 --> 00:59:28,700
We look at it is connected each 
other. 

754
00:59:28,800 --> 00:59:33,700
So there will be like multiple 
routes you can take to have this

755
00:59:33,700 --> 00:59:39,000
best shop price, or so every 
Lickety is connected with this 

756
00:59:39,000 --> 00:59:43,000
smart features. 
So if we And utilize the smart 

757
00:59:43,000 --> 00:59:48,900
features or within the decks, 
then we can connect all this 

758
00:59:48,900 --> 00:59:52,300
liquidity, so that users can 
utilize this liquidity. 

759
00:59:53,100 --> 00:59:59,300
Let me have one example, so if 
you want to trade or a through 

760
00:59:59,300 --> 01:00:06,100
to the token and you have like a
with a with b and a with c. 

761
01:00:06,400 --> 01:00:13,300
And then B with d and c with d, 
then you have Have two routes A 

762
01:00:13,300 --> 01:00:20,400
to B, to D &, A to C to D, and 
then you can utilize routing 

763
01:00:21,100 --> 01:00:28,000
through b or c to be rigid in D.
So, actually, you are utilizing 

764
01:00:28,000 --> 01:00:31,400
both liquidity. 
So if you're, if you're 

765
01:00:31,500 --> 01:00:36,100
shopping, large amount of 
equity, then you will separate 

766
01:00:36,100 --> 01:00:43,900
this amount of swap into to 
route or a DVD and a CD then it 

767
01:00:43,900 --> 01:00:53,600
is just like swapping a from 
from A to B plus C combined to 

768
01:00:53,800 --> 01:00:56,800
D. 
That is like exactly the same 

769
01:00:56,800 --> 01:00:59,500
result. 
So if the liquidity is connected

770
01:00:59,500 --> 01:01:03,600
each other very well, then, the 
separation is not the 

771
01:01:03,600 --> 01:01:07,500
correlation. 
What, what are the things you 

772
01:01:07,500 --> 01:01:10,100
wanted to touch on? 
I guess this ties into what we 

773
01:01:10,100 --> 01:01:15,400
talked about, you know, in the 
beginning, you know that 

774
01:01:15,400 --> 01:01:18,900
hackathon we didn't create 
together which was around liquid

775
01:01:18,900 --> 01:01:21,500
staking. 
I think back, then there was 

776
01:01:21,500 --> 01:01:24,400
like, you know, different 
different liquids, taking ideas.

777
01:01:24,400 --> 01:01:26,500
You know, we have been working 
on this kind of Delegation 

778
01:01:26,500 --> 01:01:31,000
voucher idea that, you know, we 
sort of also built on in Korea, 

779
01:01:31,000 --> 01:01:35,000
but you had another sort of 
other design for liquid staking 

780
01:01:35,000 --> 01:01:38,400
and of course, liquid staking is
actually also one of the things 

781
01:01:38,400 --> 01:01:42,000
that, you know, built natively 
into Crescent. 

782
01:01:42,100 --> 01:01:50,800
I'm actually not sure if anyone 
else has built liquid staking, 

783
01:01:50,800 --> 01:01:55,700
you know, into the kind of Base 
protocol, like the way you guys 

784
01:01:55,700 --> 01:01:57,500
have done. 
So can you talk a bit about 

785
01:01:57,500 --> 01:02:00,900
like, you know, how does liquid 
staking work in Crescent? 

786
01:02:02,800 --> 01:02:08,900
Yeah, so first of all, way back 
in like, 2019, I really enjoyed 

787
01:02:09,200 --> 01:02:15,500
like brainstorming with you guys
talking about different ways to 

788
01:02:15,500 --> 01:02:20,200
build this liquid, staking 
problem, and it was great 

789
01:02:20,600 --> 01:02:24,000
motivation for us to study 
further about these liquids, 

790
01:02:24,000 --> 01:02:27,300
taking area. 
So, we were researching 

791
01:02:27,700 --> 01:02:32,800
different kinds of solutions. 
But in our Crescent. 

792
01:02:33,000 --> 01:02:36,000
The solution is not very 
Universal. 

793
01:02:36,100 --> 01:02:41,700
This is restricted solution with
some assumption, which is called

794
01:02:41,900 --> 01:02:46,800
Lucas taking validator. 
So, we assume that there is a 

795
01:02:46,800 --> 01:02:51,100
whitelist validators who are 
participating in liquids taking 

796
01:02:51,800 --> 01:02:58,800
activity, and they will separate
the delegation power evenly each

797
01:02:58,800 --> 01:03:02,100
other. 
So, in this assumption, Oh look 

798
01:03:02,100 --> 01:03:06,900
he's taking is much easier. 
We just distribute this, all 

799
01:03:06,900 --> 01:03:12,000
this power and then when you on 
the relegate then you will just 

800
01:03:12,200 --> 01:03:16,900
on the legate all this same 
power from all these validators 

801
01:03:16,900 --> 01:03:21,300
and give it back to you. 
So this is like very basic stuff

802
01:03:21,300 --> 01:03:26,200
and also when you have enough 
staking rewards accumulated then

803
01:03:26,200 --> 01:03:32,200
automatically in the end block 
the module will just rip With 

804
01:03:32,200 --> 01:03:34,400
your this reward and Reese, 
take. 

805
01:03:34,900 --> 01:03:42,100
So this is quite basic stuff. 
But from this Innovation, we 

806
01:03:42,100 --> 01:03:46,600
have more interesting to come, 
which is called liquid farming. 

807
01:03:48,400 --> 01:03:53,600
So liquid farming is not very 
Universal world right now. 

808
01:03:54,500 --> 01:03:59,600
There's no much application 
using this words or using this 

809
01:03:59,600 --> 01:04:06,400
concept for defy but it is 
increasingly important within 

810
01:04:06,400 --> 01:04:09,100
this current customers ecosystem
right now. 

811
01:04:09,400 --> 01:04:14,100
So there are lots of capital 
locked inside LPS. 

812
01:04:14,600 --> 01:04:22,400
So like we So users are are 
trying to we utilize this 

813
01:04:22,400 --> 01:04:27,100
Capital, but it is impossible 
for them to utilize this capital

814
01:04:27,100 --> 01:04:33,200
for other purposes. 
So for example, if there's a 

815
01:04:33,300 --> 01:04:38,900
pool with Adam versus pure atom,
which is coming from Quicksilver

816
01:04:39,200 --> 01:04:42,600
and there would be like farming 
rewards coming from Quicksilver 

817
01:04:42,600 --> 01:04:46,400
and questions. 
So the AP wire are we required, 

818
01:04:46,700 --> 01:04:52,000
fruity? 
Maybe 30% or 40% and then the 

819
01:04:52,000 --> 01:04:55,900
the reserve tokens are just a 
demand and Q Adam. 

820
01:04:55,900 --> 01:04:59,000
Right. 
And these are or Adam actually. 

821
01:04:59,400 --> 01:05:03,600
So if you want to use it for 
like collateralized lending, 

822
01:05:04,100 --> 01:05:09,100
then you can receive all these 
farming and use it as a 

823
01:05:09,100 --> 01:05:13,100
collateral to lend, some stable 
coins. 

824
01:05:13,800 --> 01:05:19,400
But if you use collateral for Q 
Adam, the Then the the sticking 

825
01:05:19,400 --> 01:05:23,500
reverse is all you got like, 
farming viewers will be much 

826
01:05:23,500 --> 01:05:29,200
higher so this will be a good 
solution for users to utilize 

827
01:05:29,600 --> 01:05:34,900
this pool token as a liquid, 
liquid farming solution. 

828
01:05:35,100 --> 01:05:39,700
So this is will be like a minty 
token coming from LP position. 

829
01:05:40,000 --> 01:05:43,100
But Otto compounding, this 
farming rewards. 

830
01:05:43,400 --> 01:05:48,100
So lik is taking liquid farming 
similar concept with Aunt 

831
01:05:49,100 --> 01:05:52,600
purpose or Target to liquid 
Vicki Phi. 

832
01:05:52,900 --> 01:05:57,500
So this is farming is liquefying
the lp position. 

833
01:05:57,700 --> 01:06:02,100
So this is another concept we 
are building. 

834
01:06:02,100 --> 01:06:05,600
I think like there's like like 
next month we are going to 

835
01:06:05,600 --> 01:06:08,300
launch this. 
Okay cool. 

836
01:06:08,300 --> 01:06:13,000
So just so I understand that the
liquidity position because you 

837
01:06:13,000 --> 01:06:19,100
just have just not the range 
liquidity in in Crescent so 

838
01:06:19,100 --> 01:06:21,800
basically you, you agree. 
Liquidity provider is the same. 

839
01:06:21,800 --> 01:06:26,100
There's no, the as long as you 
provide liquidity. 

840
01:06:26,100 --> 01:06:30,400
They are fungible between each 
other and then you were able to 

841
01:06:30,400 --> 01:06:36,100
use that. 
And is that actually stable pool

842
01:06:36,100 --> 01:06:41,700
or How do you like I guess? 
Is it using the constant Market?

843
01:06:41,700 --> 01:06:44,100
The function is you have 
different functions actually. 

844
01:06:44,100 --> 01:06:48,100
I guess we didn't ask this in 
the thing but do you use is it 

845
01:06:48,107 --> 01:06:54,200
possible to kind of utilize 
different Curves in incr for 

846
01:06:54,200 --> 01:06:59,000
let's say stable coins versus 
you know just a constant product

847
01:06:59,000 --> 01:07:01,800
Market the one? 
Yeah. 

848
01:07:01,800 --> 01:07:06,500
So the range it LP feature is 
just like University Union shop.

849
01:07:06,600 --> 01:07:09,900
Gentry utilizing constant 
product model. 

850
01:07:09,900 --> 01:07:14,000
So this constant product of 
formula will be used for 

851
01:07:14,000 --> 01:07:20,300
shopping those two tokens or 
within predefined price range. 

852
01:07:20,300 --> 01:07:28,200
So, our calculation is that when
you provide liquidity within 10 

853
01:07:28,200 --> 01:07:33,200
percent range price range, then 
the leverage of liquidity will 

854
01:07:33,200 --> 01:07:40,400
be 40 times about so if you 
Provide like 1 million liquidity

855
01:07:40,600 --> 01:07:42,800
for sure. 
Adam versus Adam. 

856
01:07:43,400 --> 01:07:48,000
Then it is equivalent to 40 
million liquidity in osmosis. 

857
01:07:48,500 --> 01:07:51,500
So this is our 40 times or 
Capital efficient. 

858
01:07:52,200 --> 01:07:57,900
So yeah, that is how we form 
this arranged LP, which is 

859
01:07:57,900 --> 01:08:01,600
completely different. 
From the approach coming from 

860
01:08:01,600 --> 01:08:06,200
current Finance conference is 
using a different curve but 

861
01:08:06,200 --> 01:08:12,700
range LP is providing LP with 
the same formula used in unison 

862
01:08:12,700 --> 01:08:16,000
opportunity. 
Okay? 

863
01:08:16,100 --> 01:08:20,000
So you really find this range 
for this specific pool. 

864
01:08:20,000 --> 01:08:26,300
That's done by the team 
essentially, and that's how you 

865
01:08:26,300 --> 01:08:30,100
achieve the fungibility I guess,
but I guess maybe that goes a 

866
01:08:30,108 --> 01:08:32,399
bit into detail. 
But I wandering because I guess 

867
01:08:32,399 --> 01:08:37,200
the Q Adam might accrue rewards 
as far as I understand. 

868
01:08:37,800 --> 01:08:42,300
Do you have to change the 
mid-price there? 

869
01:08:42,300 --> 01:08:44,399
The liquidity. 
And how would you do that? 

870
01:08:45,100 --> 01:08:50,000
Yeah, so like it should be a 
manual right now. 

871
01:08:50,100 --> 01:08:55,600
So like we are going to provide 
like this is 10% is like very 

872
01:08:55,600 --> 01:09:01,700
practical range or price because
it cured term is or crew 

873
01:09:02,399 --> 01:09:07,899
emulating about like Max 20% of 
a PR right now. 

874
01:09:07,899 --> 01:09:10,500
So in quarter, you'll be like 
5%. 

875
01:09:10,800 --> 01:09:16,899
So 10% is like wider enough 
Range for this pair. 

876
01:09:17,100 --> 01:09:22,800
So we create this pair and then 
after one quarter, we create 

877
01:09:22,800 --> 01:09:27,200
another pair and then we 
distribute farming, to this new 

878
01:09:27,200 --> 01:09:30,000
pair. 
So people will migrate this 

879
01:09:30,000 --> 01:09:34,399
liquidity into this pool, and we
are going to provide front end. 

880
01:09:34,800 --> 01:09:39,500
So that we just one click, they 
can just migrate this liquidity 

881
01:09:39,500 --> 01:09:42,899
to new pool. 
So this is like a manual process

882
01:09:42,899 --> 01:09:50,899
right now, but I other new 
approaches from this like called

883
01:09:50,899 --> 01:09:57,100
finest that, the price can be 
automatically the price range 

884
01:09:57,100 --> 01:10:01,300
can be like automatically 
rearranged from this Oracle or 

885
01:10:01,300 --> 01:10:07,500
like shop price pests or prices.
So we are currently researching 

886
01:10:08,300 --> 01:10:12,700
ways how to mitigate these so 
that we don't need to like 

887
01:10:13,300 --> 01:10:19,000
constantly like Like migrating 
this liquidity to do pools so 

888
01:10:19,000 --> 01:10:25,300
that is like one of our roadmap.
Yeah, I mean, maybe talking a 

889
01:10:25,308 --> 01:10:29,100
bit about roadmap in general. 
Yeah, tell us like, what are 

890
01:10:29,100 --> 01:10:32,600
they mean, you know, the main 
Milestones that are coming up 

891
01:10:32,600 --> 01:10:38,400
for, you know, Crescent in the 
next, you know, two years So 

892
01:10:42,000 --> 01:10:46,600
immediately like next month, we 
are going to launch farming 

893
01:10:46,600 --> 01:10:50,800
version 2 with this wicked 
farming feature. 

894
01:10:51,200 --> 01:10:56,900
So in farming version to we 
allow farming distribution 

895
01:10:57,500 --> 01:11:01,800
within to compare not to 
compose. 

896
01:11:01,900 --> 01:11:07,800
So because we have ranged pool 
with one took Compare like, 

897
01:11:07,800 --> 01:11:11,900
like, Adam versus speak Cree. 
We will have multiple pools 

898
01:11:11,900 --> 01:11:16,500
already, we have multiple pools,
but right now, we are, we are 

899
01:11:16,900 --> 01:11:22,100
Distributing the incentive. 
Targeted to each pool right now.

900
01:11:23,100 --> 01:11:27,700
But after farming version 2, 
we're going to distribute this 

901
01:11:27,700 --> 01:11:32,700
incentive into this, to compare 
Adam verses speak cree. 

902
01:11:33,100 --> 01:11:39,400
And then from this liquid, Leti 
contribution from each pool is 

903
01:11:39,400 --> 01:11:44,300
calculated automatically so that
we can distribute this rewards 

904
01:11:45,100 --> 01:11:51,600
in a very fair computation so 
that we don't need to decide or 

905
01:11:51,600 --> 01:11:56,500
farming rewards for each pool. 
But only for each pair, then 

906
01:11:56,900 --> 01:12:01,200
each pool will compete each 
other for for the, their 

907
01:12:01,300 --> 01:12:06,000
liquidity providing. 
So that is how Initiative is 

908
01:12:06,000 --> 01:12:09,100
doing right now so you need to 
have if you see you nice up 

909
01:12:09,100 --> 01:12:14,000
there is like to pour kind of 
posts either reinforces die with

910
01:12:14,000 --> 01:12:20,000
like 0.3 percent commission fee 
and then 0.05 percent commission

911
01:12:20,000 --> 01:12:24,400
fee. 
And based on circumstances, the 

912
01:12:24,400 --> 01:12:28,900
trade is executed Within These 
two pools and they are these two

913
01:12:28,900 --> 01:12:33,200
poles are competing each other 
or to provide optimized or 

914
01:12:33,200 --> 01:12:36,600
liquidity for the users. 
So this is like same thing in 

915
01:12:36,600 --> 01:12:39,900
farming version 2. 
So now, farming version 2 will 

916
01:12:40,300 --> 01:12:44,200
allow pools to compete each 
other for the best liquidity. 

917
01:12:44,200 --> 01:12:47,400
They can provide. 
So this is our like imminent 

918
01:12:47,400 --> 01:12:50,400
feature. 
And we are going to launch also 

919
01:12:50,400 --> 01:12:55,100
after swap after backdrop, which
allows multi hope swap. 

920
01:12:55,300 --> 01:13:01,600
So like if you want to serve a 
routing to be C and then to D, 

921
01:13:01,900 --> 01:13:04,600
then this will be Allah allowed 
in. 

922
01:13:04,800 --> 01:13:08,900
Our next upgrade. 
So this is also in plan. 

923
01:13:12,100 --> 01:13:20,200
Yeah, we have several more but 
that is, I think like most 

924
01:13:20,200 --> 01:13:26,200
eminent upgrade right now, we 
are going to also launch like 

925
01:13:26,200 --> 01:13:31,000
managed LP within. 
I think like five months. 

926
01:13:31,200 --> 01:13:34,600
So manage LP will allow users to
invest. 

927
01:13:34,700 --> 01:13:41,400
Into LP fund so that they don't 
need to manage their position, 

928
01:13:41,900 --> 01:13:45,600
but delegate this to a 
professional fund manager. 

929
01:13:45,800 --> 01:13:49,200
So this will be also launched 
early next year. 

930
01:13:51,100 --> 01:13:54,600
Cool, very nice. 
Well, thanks so much room for 

931
01:13:54,600 --> 01:13:56,000
coming on. 
It was really a pleasure to 

932
01:13:56,000 --> 01:14:00,700
speak with you, but, you know, 
Crescent and about a M&M's and 

933
01:14:00,800 --> 01:14:04,600
Market in crypto in general. 
I mean, this is obviously an 

934
01:14:04,600 --> 01:14:09,600
area of, you know, enormous 
Innovation, enormous speed of 

935
01:14:09,600 --> 01:14:12,800
development. 
Some really excited to speak 

936
01:14:12,800 --> 01:14:15,200
with you about it. 
I think is also becoming an area

937
01:14:15,200 --> 01:14:18,600
of great complexity, right? 
That's like getting hot, I guess

938
01:14:18,600 --> 01:14:20,300
like so many things encrypt. 
All right. 

939
01:14:20,400 --> 01:14:24,500
Getting harder to like wrap your
head around it, for sort of the 

940
01:14:25,000 --> 01:14:26,500
you know, the normal crypto 
person. 

941
01:14:26,500 --> 01:14:29,500
So hopefully this is helpful 
also for listeners to like 

942
01:14:29,500 --> 01:14:32,800
understand a little bit like 
where is this all going? 

943
01:14:34,000 --> 01:14:36,100
And you know, how can people 
still participate? 

944
01:14:36,100 --> 01:14:39,200
You know, so I'm excited that 
there's going to be this managed

945
01:14:39,500 --> 01:14:43,200
liquidity coming so that you 
know, normal people can still 

946
01:14:43,900 --> 01:14:46,000
still participate in all of 
this. 

947
01:14:46,900 --> 01:14:49,400
And yeah, thanks so much more 
excited to see where question 

948
01:14:49,400 --> 01:14:51,200
goes. 
And It goes next and you know 

949
01:14:51,200 --> 01:14:53,600
hopefully we can have your own 
again at some point in the 

950
01:14:53,600 --> 01:14:56,400
future to, you know, get an 
update about how things are 

951
01:14:56,400 --> 01:14:57,900
going. 
Yeah. 

952
01:14:58,400 --> 01:15:01,800
Thank you for inviting me and 
looking forward to see you guys 

953
01:15:01,800 --> 01:15:06,000
in Cosmo verse Thank you. 
See you soon. 

954
01:15:07,000 --> 01:15:09,300
And thanks so much for listening
for tuning in. 

955
01:15:09,300 --> 01:15:12,000
If you want to support the show.
Make sure to leave us not to 

956
01:15:12,000 --> 01:15:14,200
interview. 
Let us know on Twitter what you 

957
01:15:14,200 --> 01:15:18,500
think of the episode share it. 
And thanks so much and we look 

958
01:15:18,500 --> 01:15:23,500
forward to being back next week.
Thank you for joining us on this

959
01:15:23,500 --> 01:15:25,900
week's episode. 
We release new episodes every 

960
01:15:25,900 --> 01:15:27,900
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961
01:15:27,900 --> 01:15:31,700
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962
01:15:31,700 --> 01:15:34,100
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01:15:34,100 --> 01:15:36,900
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964
01:15:36,900 --> 01:15:40,600
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965
01:15:40,700 --> 01:15:43,400
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966
01:15:43,400 --> 01:15:45,800
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967
01:15:45,800 --> 01:15:49,100
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968
01:15:49,100 --> 01:15:51,600
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01:15:51,800 --> 01:15:54,300
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970
01:15:54,300 --> 01:15:57,000
iTunes helps people find the 
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971
01:15:57,000 --> 01:15:59,600
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Well thanks so much and we look 

972
01:15:59,600 --> 01:15:51,600
forward to being back next week.
Esther other podcast listeners 

973
01:15:51,800 --> 01:15:54,300
you can follow us on Twitter and
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974
01:15:54,300 --> 01:15:57,000
iTunes helps people find the 
show and we're always happy to 

975
01:15:57,000 --> 01:15:59,600
read them. 
Well thanks so much and we look 

976
01:15:59,600 --> 01:16:00,800
forward to being back next week.