🗒️

Scrib3 Roadmap Q&A

Date
April 24, 2023
Timestamps

0:00 Intro • 4:05 What is the timeline for the rest of the year? • 5:45 What is the thought process for Wells? • 8:12 What does a fully functioning Wells look like? • 10:07 What is the big impact for Wells? • 11:35 Zero fees for Wells • 16:30 What does Wells look like if everything works perfectly? • 19:54 What will the architecture around Wells look like? • 21:10 What does Wells fix? • 24:02 Are there other teams building something like this? • 27:00 Are there any plans to implement bribes? • 28:10 Tokenization of deposits • 29:10 Why is Tractor big? • 34:36 Is the Mayflower timeline still on track? • 37:18 What is the infrastructure around Tractor? • 41:04 What are the big impacts for Mayflower? • 48:25 PR update • 53:05 Closing statements

Type
Scrib3

Recordings

Meeting Notes

Transcript

So I will just go ahead and kick us off and just do all the table settings so that everyone's on the same page. So. So yeah, Guy helped us with it with an awesome call last week where we kind of did basically like an intro I would think of as like a essentially an intro to Mayflower. And you know, we talked about, you know, all the pieces of the Mayflower update. So we talked about sunrise improvement and we talked about Silo V3, we talked about rebalancing of seeds per bit of unwrap assets, and then we talked about the way that deposits are indexed. We talked a little bit about deployment of wells and why. And then, yeah, we talked about Wells and a little bit on pumps, but I want to kind of take this call in order to get us to a. So so the reason of this call is that, you know, I think we we all see that there's just like a little bit of general I don't like the word apathy, but I think that there's you know, I think overall, like the community is just a little bit I don't know the word for it. And stagnant isn't the right word for it either. But I think like, you know, I think there's an opportunity to get people excited about what's coming down the pipeline. And I know we talked about this a little bit when we did kind of our original technical deep dive. And I think there's an opportunity. So essentially what we want to do is we want to spend the month of May, May, and probably like half of June in order to do a large revamp on on the roadmap. So we want to do something like a B manifesto of some kind where we can kind of get people excited about the project and the protocol by articulating to them what's coming down the roadmap in the pipeline. So, you know, markets are generally forward looking. So if we can get people a little more forward looking than backward looking, I think we can appeal to a larger audience because, you know, we feel like a lot of the content, like we've been pretty consistent with cadences and stuff and it's not really breaking through to outside of kind of the ecosystem bubble, which we have an incredibly strong bubble. But, you know, we think that, you know, there's a lot of interesting things going, things going on here that would get people excited about what's coming down the pipeline. And so we want to download all that information from you guys so that we can put it together in content over the next basically month, mostly through the month of May, basically thinking like back half of May and then front half of June. And so we want to do like a whole strong month of content push that's going to let us help us articulate like what's going on in the ecosystem and what improvements are being made, what changes are being made, what developments are being done so that the and the reasoning behind this is that we felt like cool. So we started doing some like thought experience and thought experiments about who kind of that incremental buyer is like, who's the next guy that's not in the beta ecosystem that's going to come into the IB ecosystem. It's like probably somebody like, you know, at least like a lot of the guys would scribe. A lot of people describe are more or less in that main demographic of like, okay, well, you know, maybe some guys aren't necessarily in the ecosystem and how would we convince them, you know, putting ourselves in the shoes of like that incremental next participant. So, you know, how can we get them excited about join the ecosystem? Okay. Well, it's probably something along the lines of getting them excited about what's coming down the pipeline. So that they're like, okay, you know, we can do a little bit of a narrative shift, We can do a big PR push, things like that. And then the only other thing I wanted to throw out is like, yeah, we have the the podcast with Fisker's Digital to, to buy time. So 3 hours from now. So just want to put them on the radar. But that's why we want to do this conversation. So we talked a little bit about Mayflower, but we want to kind of also get any other things about Mayflower that you guys think, but also, you know, kind of take it one step further and let's talk about tractor and some of the other things that are coming in the pipeline. So we'd love to get an idea of the timeline and pipeline for basically the rest of the year about what people can expect so that we can put that in the content and then we can get other people that are not in the ecosystem excited about what's happening here. Cool. Thank you. So a couple high level thought. First, the Mayflower update is going to be both very significant in a variety of ways and probably the only major upgrade to be in stock this year. The the reason is that at this point, development timelines for any large update take 8 to 12 months typically, and it's already almost may. So it's it's unlikely that before the end of the year there's another major upgrade similar to the scope of Mayflower. So in terms of what else is happening for the rest of this year, it's probably going to be smaller deployments or upgrades that do not require major code changes. So the high level is that this would be like, for example, a different factor markets where different being stock assets can be traded against one another. So more secondary markets for beanstalk assets. But that's different than a fundamental upgrade to the protocol itself. If that makes up. Okay. Okay. So that's a good point. I think I kind of want to look though. So we went through most of Mayflower and so, you know, maybe we can kind of run through some of that and see if there's anything else that you guys want to kind of touch on there. But I think Guy was pretty high insider chatter. We're pretty thorough about everything that's going on and kind of, you know, between Sunrise Silo, V3 and then Wells maybe, maybe let's start with Wells. Since we didn't get too much time on Wells, I'd love to kind of hear your guys's maybe the thought process behind Wells. So the punch line is that in a post e merge environment all of the on chain and then there's or not a multi block, maybe a resistive and so beanstalk as a protocol that is trying to be as censorship resistant, manipulation resistant as possible. There is a need for on chain price discovery and on chain price measurement and the current Oracle solutions for on chain arms simply are not multi block may be resistant, making them highly unattractive options for stock when it comes to pricing being against other assets. Additionally, if you look at the way that Amms are currently architected in defi, they are generally non composable, In particular the oracles and the functions that are being traded through the AMA are very cookie cutter and there's no flexibility or composability between them. And so Wells is the is the answer to those two problems are two main problems. One is that there is a multi block MIB resistant oracle that has been implemented. And the second is that the pricing functions and the Oracle options are totally composable. So you can pick and choose a pricing function and pick and choose a an oracle. And in short, that is the basis for a an arm and that beanstalk can use and in theory any other protocol it can use if they so choose. Okay. And so so what's the that's like the best case scenario? Like what what is a fully functioning thing? Wells am kind of look like like, you know, what kind of assets are being traded on there. Are we doing like, you know, when you say fully functioning, do you mean like upon deployment in, in a month or two or do you mean in two years. Yeah, I guess like, like, yeah, let's do two years because I wouldn't want to get like the big picture. Like, what's the ideal circumstance that we can get people kind of excited about that? Yeah, I mean, to be honest, this is where I get a little bit nervous about being too forward looking because to some extent it's unclear who will build all of this stuff. So from our perspective, it's like the goal is to provide the the basis for all of this stuff to be created, but we don't necessarily expect to be the ones building all of it. Now, with that said, the vision for what a fully functioning on chain AMD might look like two years from now is that you can trade arbitrary assets against arbitrary other assets and you can take leverage, you can trade derivatives and there are liquidations native to the AMM and all of it happens within a single market structure. So the starting point, what's being deployed in a month and a half is a very basic spot market that is a slightly more generalized implementation of current amms. But where we hope to see this go is a full functioning on chain exchange, which is highly competitive in terms of what you can trade and how you can trade it with current centralized exchange options. So that's where we hope this will end up in a couple of years. But we are very far from that at the moment. And then what's okay in me, like the impacts, right? So like what's like the big impact that we can point to and be like, hey, this is a big deal because this is going to happen? Well, it's probably not such a big deal from that perspective. It's more a big deal in terms of what is being prevented. So like if you look at multi block MLB, that is potentially very dangerous for a system like BIENSTOCK. And so this is the mitigation of potential risks, not necessarily realized risks. So this is when it comes to building a strong foundation for Beanstalk to succeed in the future. This is a big step, but it's not it's not solving any like major problem, that it's actively hurting the system. It's more a potential problem in the future that needs to be solved in order for Beanstalk to succeed. So essentially, like and so is this more so for like the Curve three pool, like the beating curves. Well, the being three curve four is not multi block MIB resistant. So something that will have to happen over the next couple of months is some sort of migration of liquidity to multi block MEP resistant pools, which will be in the wealth. What is your take on why, why beneath why people are so excited for the being, for. Honestly, hard to know. Uh, it probably it. I just don't want to be something. Yeah, I thought one of the benefits of Wells was that there's going to be a, you know, zero fee amd, so with every other AMD you have to pay a fee. So theoretically, let's say you have a usdc pool and you have a being pool and these are all zero fee. Then theoretically you can go from, for example, usdc without paying any market maker fee and therefore it could be, you know, very profitable for traders to rather than trading on uniswap or something else to trade with the with wells. So that could actually bring a ton of trading volume, you know, through wells, which brings a lot of attention to Beanstalk and because, you know, then you can also provide liquidity with wells and get seigniorage rather than the, the LPS is it's just like an entirely different way, an entirely new concept of an amp. So that to me was kind of one of the exciting things about this. But maybe, maybe I'm missing the point on the. No, you're not missing the point at all. This is at least in terms of trying to highlight the immediate benefits like the thing you're talking about PSM in. There's more once there's a network effect around wells and there is lots of liquidity in various wells such that now you have low slippage trades you can make across a variety of assets. That's probably not going to happen day one, particularly because the the fact that there are no fees for market making or providing liquidity means that there needs to be some other incentive to provide liquidity typically, and in the case of wells with no fees, that will likely be being seigniorage. And so it is a little bit of a chicken and egg problem where once we have a significant amount of assets trading against beans in zero four, you wells, you may get to that point, but Beanstalk will have to attract the liquidity first. So yeah, I feel like that is something that from an ecosystem perspective we hopefully will get to as more liquidity starts to trade through wells, our trade in wells and there's more volume there. But from a like why our wells being built perspective, it's primarily a multi block I mean B resistance issue and, and a COMPOSABILITY issue. But the zero fee component is certainly something that at the margin will help stock because currently if there's like a a couple basis point fee to trade in being three curve, then you can basically expect the deviation from PEG to be at least that amount because otherwise you're going to be buying above peg and selling below peg just to repay it. Is is that zero fee possible exclusively due to the. Well, anything is possible in the sense that the pricing function that is used in the and and can be effectively arbitrary. So you can have a constant product function with no fee, you can have a constant product function with a fee. Ultimately, the architecture is agnostic to that, but the initial well deployment will be a constant product function with no fee. But in theory there could be a constant product function with a fee that could be a a stable swap pool function with with a fee or without a fee. So the fee is like a variable that the DEX architecture supports. With that said, it's sort of hard to imagine people wanting to provide liquidity to a zero fee and without seigniorage. Yeah, and I think Peterman is on the right path of like, you know, like I, I understand the hesitancy of like over promising like this early in what's going to happen. But for us, like we're trying to basically, like spin up this like we're trying to spin up this narrative about what this like end game bead ecosystem looks like. And so, you know, like what's helpful to us is hearing like, what is the idealized world look like if everything goes perfectly to plan And like, not that we're going to, like, start promising these things, but what we want to do is we want to paint this picture about what the end game looks like so that people can see that picture, appreciate it and be like, okay, I want to kind of be a part of the journey to get to that picture. So like, what we're kind of looking for is like, like what does this ideal world look like? Like what does the world look like when Wells is like what you guys imagined, like peak progress or like kind of peak point of like, hey, this is everything we've imagined. Like whether it works out or not is like a totally different story. I mean, not a totally different story, But, you know, we, we want to get an idea of like, what is that perfect scenario where everything is working according to plan and then what are the benefit for users? Because at the end of the day, like all of this, the reason for this is that we're trying to get that incremental user excited again. So, you know, like, like I totally get like what you know, it's going to take network effects and a lot of those things in order to get that final vision of what wells can be. But that's what we're kind of looking for here is like we want to see what does that perfect world look like? But like the like hearing that, like wells is the zero feedbacks and that get, you know, APIs are going to be incentivized seigniorage. Like that's an innovative model that we think is going to get people excited. So yeah, like more stuff like that is kind of what I'm trying to pull out of you guys. Noted And apologies for making you pull it out of us. It is not intentional. So not not thinking about it the right way. I guess so, yeah. That is. Thank you, Pizza man. The zero four component is important, but it is a bienstock specific auction, so yeah, definitely a good shout out kind of on that line too. With a zero fee in like, you know, you mentioned right away initially there's not going to be that many people providing liquidity. But I do think there will be some number of, you know, bean stock members who will want to move their liquidity into use just to get away from the three curve. And I think Brian did some math, if I see that he just joined. So maybe he knows or remembers what it was exactly, but there's going to be like only some small fraction of liquidity will be required in order to make trading. If you're like through usdc to being to is a better deal to trade through wells like then through Uniswap, for example. So if we can get anywhere close to whatever fraction of liquidity is needed for that, then you can make the argument that like, Hey, there's no need to trade through Uniswap anymore if you can trade through wells. And that to me is like, that's really huge. And so it's a reasonable thing to, I think, try in like if Brian has that like chart handy where he did the math on, you know, here's the amount of liquidity required that seems like a very achievable like thing to to reach. And when you reach that point where you can compete with something with as much liquidity as uniswap, but with only a fraction of the liquidity, that's like a really big, you know, argument and driver. For people to then provide liquidity to be stock in order to get the senior edge rather than, you know, just hoping to get some small amount of fees through something like uniswap or curve and therefore like that's kind of the path to taking over Defi with being stuck in somebody get this guy on microphone or something. This is epic pizza man. More of this. So talk to us a little bit about like what the architecture of Wells is going to look like, like, you know, when we say like product, constant product formula, like, you know, is it is it going to be more similar to, you know, more similar to like a uniswap like extends like this care is going to be more like, you know, a three core or like a like a curve pool where it's like kind of like the, you know, like a large a factor. Some like that, like talk to us a little bit about what what is what it was going to look like. Like what what kind of comparisons can we draw? What kind of analogies can we give so that it's easier for people to understand what's what's going to happen? Yeah, so the initial function will be the X times Y equals K, but in theory the architecture can support arbitrary functions. So having a curve stable swap type of function or like the krona stable swap function, those are all on the table. And you know, if someone writes that function and then we, we if we have it audited, those can just start to be added to the repertoire of functions that the M and supports. Mm hmm. What was the what was the reasoning behind deciding that we needed to do wells? It was really the multi block maybe resistance primarily. How big of a problem is this? Like how how big or how difficult of a problem is this, I guess, or big in difficulty or different? There were some numbers presented by Brendon in the down meeting a couple weeks ago or one of the dev calls I think around the potential occurrences of multi blocking. I mean B resistance and it's quite frequent and in short therefore it's in the post merge environment, it's a very big problem. Like you'd expect multi block MEP opportunities to happen very, very regularly and therefore it's like necessary to solve. Also we'll just you know, I didn't hear first off you know I think the idea for the index originally came from the zero fee model. You know, I can just discussing one day how, you know, seigniorage can be harnessed to make a more competitive dex than anything exists through zero fees. But this particular iteration of the wells is related to the multi o'clock MPV. What's important to realize is, you know, post merge, the only viable solution that exists today on chain is in off chain Oracle. And you know, this is, you know, kind of apparent through the fact that you know protocols like Euler finance actually switched from using uniswap V3 to chainlink post merge because of fear of potential multi block attack. Now any time you're using off chain security, you're no longer relying on the theory of the or the security of the Ethereum network in order to you know, get your security. So, you know, inherently by using chainlink, you're introducing a new weakest link in security to a 21 validator set. I believe, you know, the Ethereum network currently has somewhere over 500,000 validators. So by using a 21 validator set, you're kind of undermining the whole point of using the Ethereum network in the first place, you know, which is a security and censorship resistance. And so, you know, kind of by the current alternative is to is to basically inherently undermine all the security you have. And, you know, that's essentially why it's so pivotal to build, you know, this on chain Oracle suite. Okay. Yeah. That, uh, yeah, I think like our I've got a quick question on this. Yeah. Are there any other like teams projects building something similar, trying to solve this multi block MVP or Oracle issue or is this kind of a first idea? As far as we are aware, no team is. You know, that being said, there could be teams building in stealth and, you know, and this is quite frankly something that, you know, has really caught our attention is the lack of care about creating true decentralized solutions on chain and essentially why we felt like creating a composable on chain solution that can help hopefully attract more attention and more eyes and more developers into kind of the decentralized ethos that really does need to be focused on. And it's not getting enough attention. Definitely. Yeah, I think, yeah, the more that we've kind of talked about this, I think that's a great point that we can hit on, especially if if this is kind of the first or one of the first to be going to market, that's that's a really big point and will easily fit the narrative of being beanstalk. So it's great. So I think that puts us in a pretty good spot for Wells. I think like just just to add on to the zero 15, currently the economics of every other on chain ARM are that they impose a fee and then the fee gets taken from the taker on the trade and distributed to the maker in some capacity like that is supposed to compensate the maker for the losses associated with on chain market make it. There have been a lot of not a lot but there have been some decent good tweet threads on how, for example, providing uniswap liquidity is a money losing proposition despite the fee. And so the current setup is that market making on chain is both not profitable and the dexs are very inefficient because of these fees. And so this is like a fundamentally different way of incentivizing liquidity, provisioning by saying there is no extra fee being paid from the taker to the maker, and instead the liquidity provisioning is just subsidized by the senior edge of beanstalk, effectively. Okay. Yeah, this is really good because this we can easily position this as like this is a competitive advantage that only the beanstalk ecosystem has because no one else has this seniority or dispositive carry that lets you do this. So and other tokens may want to lobby to start receiving seigniorage. You know, like if you get your app, you deploy a pool of bean X pool, you can then lobby the beanstalk down to whitelisted the asset and start receiving seigniorage, for example. Are there any plans to maybe do like some kind of maybe like bribing of some kind in order to kind of bring in liquidity, like something that's like, you know, been happening like the, you know, curve convex like any thoughts on that? And the punchline is no, because a lot of that stuff all comes from like very few games we tokenomics, which we're trying to stay as far away from as possible. Interesting. You could make the argument that you are bribing with senior edge like to bring liquid, but it's very direct. It's not like there's three other tokens and you have to lock up the tokens. It's like the convex curve reward system is like that. Basically the takers paying the makers and then loop through like eight layers of abstract tokenomics. But it's not like there's nothing going on there. Yeah, so you can say that the beanstalk way is is better, correct? Exactly. So we're not doing the, the cockamamie thing, we're just doing the direct, you know, as simple as possible, no extra complexity. Okay. That makes a lot of sense. So so I want to change gears just a little bit and yeah, like Joey, Rob, if you guys have questions about, well, feel free to like peppermint, but I want to think about tokenization of deposits and I'm assuming that that's a precursor to tractor. That's generally yes, although not necessarily as tractor is currently implemented. No tractor supports deposit. So you don't need to implement deposits of 1155, but it will generally help with interoperability. But it's not directly for tractor versus tractor technically don't support deposits. The big benefit to 1155 deposit is allowing other defi protocols that support 1155 so you have access to deposits, you know, the main one being seaport and opensea and like walk me through. Okay, let's start at the top. Right? Why? Why is tractor a big deal? Why did you guys want to do tractor? So in short, there is a the only reason that you would ever need to post an order on chain is if that order is going to be used for provable liquidations. So what that means is if I'm posting liquidity in a uniswap liquidity pool, like the only reason that I actually need to post the liquidity on chain is if that liquidity is going to be used for some sort of liquidation system. People are taking leverage out against my liquidity and my liquidity is being used to liquidate that leverage in some capacity. In every other case, there is no need to actually post the liquidity on chain. So tractor is effectively making it such that you can sign orders and place orders without needing to pay to post them on chain. So it's like until we have liquidations and leverage on wells, a large percentage of orders can just be placed to a tractor and need not be posted on chain. So it's like our cost savings and user experience then primarily, and I'll just add in here just to amend what probably said, you know, you need liquidity on chain. Anytime you need proof of the liquidity unchain, which you know, is includes liquidations, but also includes things like, you know, when protocols need to be able to prove that you have liquidity such as depositing into the silo, you know, or any on chain reward mechanism that is going to reward you for having liquidity deployed. So in the case of Bienstock, Bienstock needs wells to price the deposits, but otherwise there's no current need for on chain liquidity at the moment because there is no liquidation support yet. There's no liquidation support in wells or two in wells, correct? Yeah, Yeah. I mean someone could build a liquidation mechanism that uses wells as an oracle, but there's no automatic liquidation mechanism that would allow for, you know, kind of, you know, atomic liquidations. But, you know, as far as I'm aware, that doesn't exist anywhere in Defi, you know, no curve is planning on building a system like that with their new stablecoin and there's nothing on main that supports that kind of functionality. And just to zoom out a little bit each on this is where things are going, which is the dex, where the assets are traded, could be directly integrated with the exchange where leverage is taking place. And so this is the tractor is like the the piece of software that will exist to bridge the gap between here and there. So until we have the point where there is a reason to post all of your orders on chain, you know, in most cases you could expect the orders to be placed through tractor. So for example, you want to sell some pods, you're likely to place that with tractor going forward purely from the cost savings perspective and just like ease of it or exact way, there's no reason to pay the transaction costs to post the order if you don't have to. You have a huge UX improvement because you can. You skip the transaction and then they'll say you want to cancel it, you got to do another transaction and it's a pain in the ass. So you can, you know, create orders and cancel orders instantaneously. You know, it is no need to do it on chain. Yeah. Is that true that you'd be able to cancel it without sending a transaction? I just want to make sure none of. Okay. Got it. That was also my understanding. Apologies. Order creation is free, but order cancellation still needs to happen on chain. Unfortunately. Erm though it can be a single transaction that can cancel on orders. Correct. I mean you can do anything in a single transaction through protocols like pipeline. I meant cost wise because it can be something as simple as cancel all orders before a certain date. Yeah. That's already built for the most part. You know, the code is written but it has not been reviewed or ordered. I guess that that would be kind of a helpful thing to start talking about. I know that these conversations might be semi pointless in nature just because of how much things change, But I know that we've gotten we've talked about like the timeline for this and that it's kind of like a June estimate, mid-June, late June is there I mean, I know the weekly updates and dev calls like there will be more frequent updates, but is that kind of still on track? Because it'll be helpful for us to kind of start figuring out the timeline. And you asked me about Mayflower or Tractor. Mayflower, I guess both Mayflower and Factor. I mean, maybe Guy is best suited to talk about the Mayflower timeline, but Tractor will be months down the road given that it has to have internal review and audits and stuff. But you could imagine Tractor being deployed Q3 and Q4 and have some initial markets support supported off of it before the end of the year. The big limitation with tractor is that it requires, you know, an indexer solution, which most likely is going to be built off chain to minimize gas, you know, which is a quite substantial project, can be built and work on that has not yet been started on the Mayflower front. The sunrise improvements that should go out this week. The sale of V3 should go out in late May and then hopefully Wells can be deployed in early June. You repeat that timeline for one more time for the Sunrise improvements or they proposed this week the sale of V3, but should be proposed around late May and Wells should be deployed in early June. Okay. Um, yeah, I think that fits in with our timeline. And then tractors is there like, is that like more like an end of year type of thing or what's kind of the general timeline there? Yeah, I feel like Q3 would be a general timeline, end of Q3. Okay. But I think that what we're really making up as far as timeline goes. Okay. So for this kind of B manifesto, we I mean, we definitely want to hit. So I think the main thing that we want, we want to hit as well and I think we have a pretty good idea about well, so we want to hit basically like Mayflower update, Sunrise, Silo V3 and then Wells and then kind of ended with kind of tractor. I think we're in a pretty good Oh, so can you talk to us a little more about on tractor like the infrastructure that is kind of built on So it's built on the same stack as like open source, which is seaport. Can you like talk to us a little more about that in kind of a ELI5 at 401? So Tractor is intended to be a generalized peer to peer on chain transaction marketplace. You know, it's not built on seaport, it's similar to seaport. However, we found Seaport to be limited in the functionality that it provides and tractor is an attempt to build a sufficiently generalized version of Seaport such that it's capable of supporting, you know, any arbitrary on chain financial activity. And, you know, there's also a fair amount of overhead associated with seaport that can be removed through track there to create more efficiency on chain. But, you know, kind of the general punch line is, you know, it allows two parties to agree to execute a transaction that is capable of using, you know, the assets of both parties. Okay. And so and so the idea is basically like we can set. And so the main assets that this is for is mostly like stock and seeds. Yes, it can be for anything. The main asset that's for our. Yeah, the Nonfungible assets or non tokenized assets, you know currently there is no way to transfer stock in seeds with the exception of transferring a deposit. So you know, one could transfer, you know, deposits through tractor and you know downstream of that transfer the associated stock and seeds. But you know, stock and seeds on their own are not, you know trade are not tradable at all. Yeah. You know what it's for is creating complex on chain markets and you know for instance things like the pod marketplace V2 that allow you to set pricing curves, you know, based on some kind of arbitrary function. It can be implemented through a tractor and you could pay for that. You know, you could pay to buy pods with a deposit or circulating beans. And, you know, the person who is buy who is selling the pods could, you know, instantly withdraw and have been so there they could be kind of ambivalent to by receiving a deposit or circulating beans. And you can create, you know, function execution markets where I could create a transaction that says plant on my behalf. If I have more than this much beans and pay the person who executes the function, you could say, I want to automatically convert at this price and then pay, you know, anyone to execute the function on your behalf. And but really just, you know, so any kind of complex financial activity that isn't currently supported by, you know, on chain Dexs, which is mostly just ERC 22 ERC 20 or existing off chain marketplaces, which is really just, you know, straight, you know, non complex trades of tokenized assets, meaning ERC 24 1155 at a fixed price or ERC 24, you know, zero 721 out a fixed price. Okay, nice. Yeah, I think that that puts us in a good spot. There are two things I want to hit before we get out of here. One, I mean, I appreciate your guys this time doing this because this is definitely helpful. I think this added the kind of color we needed after the conversation with Guy. So once like, you know, if we can give like a punch line narrative or at least at least for Mayflower, right? Like if I, you know, like the average user on chain has a pretty short attention span. So if I were to like maybe distill like the big impacts down to as simple as I can, what, what would you like, What are maybe those like punch line impacts that you think maybe we can build around? So the thing we haven't talked about is the seed per BTV parody, and particularly when we look a little further down the road than just the end of the year, the next major upgrade to bean stock could likely be a stock flush seed gauge system where the seeds per BDB are now dynamic as opposed to fixed in some capacity. So the one of the big pieces of the Mayflower update is the change in silo architecture to support variable seeds per BDB. And as part of that upgrade, my understanding is that the feeds per BTV are likely to be reset to as opposed to now being double for LP versus beans. And from an economic perspective, this is going to be a dramatic change in what bean stock is incentivizing. So in short, the currently being stock is placing a high priority for providing liquidity in the silo over just holding deposited beans and moving to seed parity will change that such that bean stock is no longer prioritizing or offering any sort of bonus for providing liquidity as opposed to just deposited beans. Accordingly, you can expect, assuming the market's efficient, to repriced deposited beans higher relative to deposited LP tokens, and in doing so you'd expect there to be some significant convert action from deposit of LP tokens to deposited beans which could potentially repay the protocol. Now the gauge system that will hopefully be rolled out within a year let's call it, will make it such that the seeds for various assets are dynamic in some capacity. And the the punch line around the Mayflower update is that while there is no dynamic seeds per BDB, the fact that the seeds for BTV are being set towards parity would be like the most aggressive parameter that could be reached in the gauge system. Many bean stock is unlikely to ever offer a premium for deposited beans over deposited LP tokens. So the current proposal to move toward seed parity is like very aggressive, very aggressive from an economic incentive perspective. And one could expect it's hard to know exactly, but one could expect the market to respond by converting a significant amount of LP tokens to beans, and that would be very helpful from a pipe maintenance perspective, at least in the short term. Harder to know in the long term, but for unripe assets, it correct. But unripe assets are far and away the vast majority of liquidity in the silo at the moment. So it's it's a pretty aggressive move. Yeah. And that liquidity is locked up too, so people can't pull that liquidity out. So all of that, whatever, ten or $20 million worth of liquidity is fully incentivized just to keep Peg basically. And right now the fact that the seeds are off means that the pricing isn't enough to repay it, but the parity will be as aggressive a response as possible. And we'll just, you know, add here that, you know, initially the decision to incentivize liquidity more than deposited beans was, you know, kind of made because intuitively it makes sense from a protocol perspective that, you know, liquidity is more beneficial to the bean overall than people just depositing and holding. But, you know, the decision to make the discrepancy for to, you know, twice as you know, receive twice as much grown stock per season was fairly arbitrarily made from a architecture perspective. You know, the beans, you know, it was incredibly hard to make any changes. And, you know, to these variables, once a token has been whitelisted going forward and, you know, for not for that reason, you know, the Dow has been unable to, you know, very easily make any tweaks or changes to these arbitrarily chosen parameters. And, you know, now going forward, the architecture is such that if at any point the Dow wanted to make further changes to stock prohibitive per season, you know, or seeds for any of the tokens, it can be done very easily with a simple bet. There's now no need to perform any code modifications or changes to further update these values going forward. So even before the deployment of a gauge system, the Dow does have control to continue to fine tune or tweak, you know, these incentive parameters and albeit requiring, you know, a four bit, but you know, at least the option and capabilities are there if even, you know, maybe this unripe change proves to be too much Now being stocks is draining its liquidity and the Dow wants to change it back. Maybe it's not enough in the Dow wants to change you know, the being three curves LP tokens to be three seeds instead of four, etc.. Yeah, I mean, this one is is one that I'm really excited to see become live. And I think this is going to be one that we'll be able to post. We have threads, two threads coming out regarding converts and then also kind of a little bit of just peg addressing like the post situation and then these will dovetail off that really well, this upgrade will dovetail that really well. And then obviously in the future having dynamic patches is going to be massive. But yeah, is showing. Is there anything else that you wanted to cover? And no, that was yeah, that was very helpful. And that's something that I think that we'll want to kind of focus on because that's kind of an obviously not focusing on the idea of flexibility, but kind of more on the impact of the protocol. But yeah, I mean, I think that's a major piece of it that maybe prior to that we were maybe overlooking a little bit. So yeah, I think that's really helpful. Yeah, I think I think that puts us in a pretty good spot. I think I'm good on questions for now. Mean, I think more will come up, but we have our a little chat so we can kind of continue to drop them in there. The last thing I wanted to touch on was that so so we have the PR team in here and so so I know that there was a little bit of confusion and that's kind of on me because I should have been more like telling you guys what to expect. But I if you guys are interested, like a lot of times we get on the PR side, like opportunities to do quick, you know, like kind of short term comments on different artists. So, you know, like, like, like Patrick mentioned last week, like usually it's a pretty short timeline and a pretty quick but I think it's a it's a good kind of PR opportunity to kind of get in front of a larger audience. So like, you know, for example, last week and this is just an example of one, but, you know, we got an opportunity to report on the connection of crypto to, to like bricks and, and like kind of crypto being accepted by Russia for bricks trading. And so like, you know, not something that's directly associated with the protocol but curious what your guys's appetite is. The only problem is that these are typically pretty short turnarounds that are required. So it's usually like kind of same day or maybe next day at the latest because they are just like very unique opportunities is usually like what what what happens is like, Hey, there's a guy that's writing a story and he just goes and starts looking for comments. And so he starts asking a bunch of people for comments and then so then they come to us and they come to our team because we work with a bunch of different teams. And so they'll come to us and be like, Hey, do you have anyone that can comment on this? So, you know, one for us, it's like a good way to get into like a good spot with, you know, good reporters in too. It's an opportunity for us to get like an easy PR win. So I just want to kind of put that on your guys's radar of like and it doesn't necessarily have to be perfect. A guy could be kind of anyone associated with the protocol, but I don't know what what like is that something you guys are open to? Interested in? Usually they're like pretty random, but obviously we're only going to give you guys ones that are kind of associated with things that we talk about, right? Like we're not going to give you one on like, you know, something like totally random, like if it's got kind of stablecoin related or something like that, that's the ones that will kind of send your way. But, you know, in general, are you guys open to like kind of doing these and maybe like doing a quick turnaround on them? I'm good. I would say send them our way and we will try our best. But, you know, no promises that any given topic we have a comment on but noted that we need a quick turnaround. Okay. That's I guess that's one thing I wanted to kind of put on your guys's radar. There. So, you know, yeah, I think they're cool opportunities, you know, getting in front of some different faces and commenting on some different stuff, showing our range a little bit. But yeah, besides that, I think this a good point for us, just like next steps on our end is that we're going to, you know, we're going to meet tomorrow, we're going to get the full you know, we're going to go through the recordings. And basically what we're going to do is we're going to put together like a like a larger campaign about, hey, like, this is, you know, something like the B manifesto. And this is kind of what we're working on over the next year. And this is, you know, what kind of break down each of the different pieces and basically that we'll probably do it all. And Mayflower, we'll do like a fun little mean campaign or something like that. And then we'll kind of like put out this entire of, Hey, this is what you can expect for the BD ecosystem over the next kind of year, or let's call it like two or three quarters. And so then the the ideal outcome of that is that we kind of put a really big push behind it and then people kind of see this big push and they're like, Oh, case, I kind of, you know, I didn't realize being sarcastic building like this or Oh, I kind of forgot about this thing or, you know, maybe there's new people that, you know, that aren't even aware of the protocol itself and kind of they can see, okay, there's like this big roadmap that's being planned. They're building all this cool, innovative stuff, like maybe this is a community I want to get involved in. This is a protocol I want to invest in. And so the end goal is obviously like, you know, the things that benefit the protocol, like, you know, holding, being, depositing in the silo. But this is kind of how we think we can get that extra bump. And so we're going to keep a really close eye on metrics. You know, Joey just put together his kind of Q one quarterly kind of report that we're going to put up today. And so, you know, this is, you know, going after this campaign and then being able to look at, okay, this is what happened in Q1 and then this is maybe what happened in Q2 will give us a pretty good idea of like if things like this are actually impactful. So so you guys are in the loop about what we're kind of doing and playing with. This is great. Awesome. Yeah. Appreciate your guys's time. Yeah, I think that's and then yeah, well, it will. There's definitely going to be more questions about things we want to kind of re articulate. But yeah, I think this puts us in a good spot to kind of get that going. And so I think it's going to take us basically like a week to put all of this together and then we'll kind of show you guys everything of what we're doing and then we're shooting to kind of launch this thing kind of mid-May. So maybe that second week of May and then it'll basically run for a month and then hopefully that'll take us all the way through actually like the deployment of wells and like the full Mayflower. So, you know, get people excited and show them that we're shipping and then kind of see what the impacts are on the plan. Okay, I appreciate your guys this time. And then, yeah, last thing, just a quick reminder to 2 hours from now, we have the Twitter space with fiscus. I, I have some questions. I'll drop them in our chat of questions that he's going to go through and yeah, but it's mostly just like he's just like a stablecoin guy. He's like, they're building like a kind of like a stablecoin information platform, just like, hey, these are, you know, basically they're building like a website of like, oh, these are all the different stablecoins, these are all the benefits, this and that. So good relationship to have. So just yeah, that's about 2 hours from now to keep on your guys's radar. But that's all I have. I appreciate the time and we'll chat Wednesday on our weekly so it makes everyone appreciate it. Thank you guys very much. We appreciate you. Appreciate you guys to take care.