Dolomite

Hey everyone, I'm your host today, David. I research here at Exponential. I'm also a fellow of DeFi degen. Exponential DeFi is a platform where we want to bring more rationality into the space and make it more accessible to all types of investors. In Degen Responsibly, we invite protocol builders to talk about their innovations, what makes their protocols unique, as well as how they manage and mitigate risk. Today, we have Dolomite as our featured guest. From the team, we have Corey, and I think you guys can maybe give a quick intro about yourselves, what got you into crypto, and what led to Dolomite. Yeah, absolutely. So starting things off, I'm Corey Kaplan, one of the two co-founders of Dolomite. Joining me here is Adam, one of the other co-founders, Bobo, who heads up business development and growth, and Brandon, who heads up operations with us. First got started in crypto back in 2015, actually, at the time I was building some game modeling slash exploitation software in college. And I found myself getting, or the company who gave me a modeling actually got us shut down on PayPal for taking payments. So we started taking up Bitcoin for payment then as a way to get around those payment issues. But as 2017 and 2018 rolled around, Adam and I got more involved in the Ethereum space, mainly working on some early DeFi protocols when it was still called Open Finance. We found ourselves building on top of the loopring protocol to build an early version of their decentralized exchange technology. So at the time it was still called Dolomite, same product name but very different product and same company. And we worked on that product and ran it until roughly the middle of 2021, at which point we spotted down in favor of building this new version of Dolomite that we have today. So I'll stop there for right now as far as options go, but Adam, do you want to take it from there? Yeah, sure. So as Corey mentioned, hi everyone, I'm Adam. I got into the space originally in 2013, around when Bitcoin spiked to a thousand dollars for the first time. I was on a programming forum and some people were talking about it. I got involved in some, it'd be generous to even call it an altcoin, but early altcoin mining and writing some of the miners for that. And then years down the line, I met Corey at college, same freshman year dorm, same major studying computer science and business. We both love to build things. We worked on a lot of projects together, hackathons, tons of other stuff. So when 2017 rolled around, it was really natural for us to just start building in the crypto space as well. We really just love to build. Bobo, you want to take it? Yeah, I got you. Hey guys, I'm Bobo. I handle the business development side and growth for Dolomite. Got into the space in 2016, really got into the space when DeFi landed the scene with Univ1 and their first airdrop. I saw a tweet about Dolomite and a buddy of mine and I had been talking for a while about how you could borrow and lend in the same batch and no one had been doing it and there's PMF for it. So when I saw that, I forget who retweeted it, but I saw when Dolomite was doing it, I immediately reached out to see how I could help and here I am helping scale the protocol. Nice. Yeah, guys, ROG has been around for a while. Why don't we jump into Dolomite then? Could you kind of explain at a high level what Dolomite is and what are some of the main features and benefits for users? Yeah, absolutely. So we look at Dolomite as more of a next generation money market platform and the two things that make it next generation percent would be the broad token support and capital efficiency that we offer. And the broad token support means that we can work with a large number of assets, potentially in the hundreds, if not thousands, which is pretty abnormal or not usual for money market platforms. And then aside from the sheer number of assets, we're also able to work with some very complex or non-uniform ones. Our goal with Dolomite is to take what we think is any valid form of equity and being able to list it or work with it on the platform, so we're able to borrow against it effectively. And this ties really well into capital efficiency because some of the tokens that we already have listed, like GLP, have some very complex liquidity regimes with them and our protocol is able to work them very cleanly because of the virtual liquidity model that led itself to this capital efficiency. So when you have, for example, $1,000 worth of GLP deposited on the platform and that GLP is spread across our various services by opening up different borrow positions, you're still earning the total of $1,000 worth of yield on the entirety of your GLP stack, regardless of how you're allocating it into the platform. So there's really new things that we're able to do with our architecture and we're starting to roll out integrations like GLP that exemplify the strengths of our technology really well. Got it. Yeah, that's super interesting. You talked about the concept of the virtual liquidity. I haven't seen that too much in other platforms. Could you kind of just dive in a little bit more on what are some of the benefits that you get from using the virtual liquidity model? Yeah, absolutely. So just touching on the example I gave before, there's a clear delineation between the liquidity that you're able to use within our services on Deloan Lite and then what you actually can do with the hard assets that are deposited. So when we put those assets into isolation mode, it allows us to draw this delineation. So you can basically take your GLP, continue to interact with a native rewards ecosystem. So if you visit our site right now on the balances page and deposit GLP into there, you might notice that you have full control over the rewards ecosystem and you're presented with similar panels that you would see on GMX's site itself. So there's a lot of familiarity there and the way that you can interact with the rewards ecosystem, like I said, it's very native. The experience is really similar. But on the flip side of that, when you deposit the GLP collateral into our system, you're able to use that liquidity across our different services. So some might look at it like a virtual liquidity layer. Some might call it like an abstraction layer where there's a separation between what you can do with the actual assets and how they work with rewards versus how you use them on the actual system itself. And another exemplification of this is actually if you look at our trade page right now for ETHUSDC, because the trading that occurs for the Tide V8 is being done with internal liquidity on the platform. So typically if you go to a platform like Aave and you want to put up ETHUS collateral, borrow USDC against it, and then buy more ETH or otherwise do something else with the USDC, you have to withdraw the USDC from the platform completely. And if there's not enough USDC liquidity available because everyone's borrowing it, it becomes troublesome to be able to actually use it in DeFi then. And your capital is effectively stuck on Aave. But with the trading feature that Dolomite has enabled, as we expand our liquidity and also our liquidity pools, you're actually able to make those swaps without actually out there being enough USDC on the platform. So for example, if you're holding ETH on Dolomite right now and there's not enough USDC to, sorry, if there's not enough ETH to withdraw, you can actually, if you wanted to, swap some of that ETH to USDC on the trade page without ever actually having to worry about there being not enough liquidity, for example. So there's a lot of different things that lie in itself to this virtual liquidity model and what you can do with it. But overall, there's this theme of efficiency that we're trying to carve out with Dolomite. And some of these things will be better exemplified at different points in time. I'm on your page right now. Could you just explain again what did you mean by you could still make the trade without there being enough USDC liquidity? Like I see on the pool info, there's about like 600,000 USDC and they're in just 6v5 ETH. Is that where users are trading against within the DEX? Yeah. So that's where the internal trading happens. And those trades are being done with virtual liquidity. So users are actually allocating their virtual balance into a pool and the pool is able to underwrite trades up to like that 1.2 million dollars in TVL that's allocated towards it. And what's interesting with it is when you look at a platform like Uniswap, for example, people are pooling the actual assets like ETH and USDC into the pool. And whenever you swap with it, you're actually exchanging the tokens like the ETH leaves your wallet, you get USDC, ETH enters the Uniswap pool and USDC leaves the Uniswap pool. But with our platform, using the virtual liquidity model instead for trading, when you deposit into Dolomite, you're given this Dolomite balance that we call it. And all the trades and other services you're accessing in the platform don't actually materialize to ERC20 tokens being transferred. Instead, it's all internal balance changes in our smart contract protocol. So this means that users are able to trade balances with each other internally on the platform without the tokens actually leaving completely. And this allows us to facilitate trading then, even if everyone wants to borrow all the USDC off the platform and there isn't enough liquidity for you to withdraw in that particular example. Yeah, I just want to expand on that. It also enables people to earn in ways that you may not typically be able to elsewhere in DeFi. So, you know, when users add to a liquidity pool, for example, if they add their ETH and USDC to the liquidity pool there, they're not just earning the fees from the liquidity pool, but they're also earning lending fees on top of that. It's the combination of both. And the protocol is flexible enough to further down the line, we could list the LP token as borrowable. So now you could be earning from the LP fees, from the lending fees, and also not just lending ETH and USDC each, but also the LP tokens you hold. It really helps you compound and maximize how much you could earn on your assets on Dolibyte. Got it, got it. Yeah, so if I'm a user, I come to Dolibyte, I deposit USDC, I start earning on that from lending fees. And then if you deposit again to the pool, you earn the swap fees as well. Yeah, so a lot of compounding yield there. Yeah, exactly. And I think something worth noting is actually just the way that you described it. Dolibyte doesn't take any automatic steps. You opt into more risk than you'd like. As you just said very succinctly, you deposit into the platform and then you start earning yield from people being able to borrow against your assets from you lending them out. And then if you want to take it a step further, you can opt into participating in these pools that might incur additional and permanent loss risks or other financial risks. So every step is its own conscious step for a user to take, as opposed to just depositing into the platform and you're taking on more risk than you might like. So everything is on a very pure opt-in basis for users to tap into. Okay. And what about your target audience today? What kind of users are you targeting? And which features are they mainly using? Is it the DEX or the spot and margin trading, or is it more for the money market side? So, so far, we've seen a lot of users mainly use the platform for the borrowing side, the money market system itself. And that's mainly where we focused our attention to so far to facilitate traction on the platform. Over time, we're looking to expand the trade page and give it some more love. But for the time being, it really exists more so as a technical proof of concept because the liquidity on there isn't that strong for executing larger trades for the moment. So right now, one of the platform's traction has been from us launching support for GLP and other GLP derivative assets like PLE GLP and Magic GLP. Once again, what's really unique with some of these integrations is I've already talked quite a bit about GLP, but looking at Plutus' PLB GLP, we're the only platform that you're able to deposit the asset into the system and still be able to stake the token at the same time. And the staking contract they use is something called MasterChef, but they renamed it to Plutus Chef. And for those that have been in DeFi for a while might recognize the name of that because it's one of the most commonly used staking contracts in all of DeFi. And SushiSwap originally created it and popularized it back in DeFi summer of 2020. So what's been interesting with that is that staking contract doesn't actually give you a staking receipt token like you might be used to. Instead, you deposit the LP token into there and there's no token output from you doing that. And yet our system is able to interact with it and offer this more native experience that you can't get access to elsewhere. So it's, once again, another strong example of the technology that we're able to offer with this and being able to, once again, offer you more fine-tuned control over your assets and you're able to maximize your reward earning potential while still being able to borrow against it in as flexibly a manner as you'd like. And I think it really reflects our approach overall. The users are each from these different communities and that's been our target has been to collaborate with as many people in the space as possible. That's one of the beauties of DeFi is the sort of Lego block aspect to it. And we really like to see Dolomite as this base layer that can be built on top of with countless different integrations, even more technically complex ones. And with each additional integration, we can bring more people into Dolomite and they can really experience the value that it generates. But Corey touched on also the trade page. Right now it is very simplistic, but further down the line, we'll be enabling a lot more features on that. And we may see an entirely new set of users come in just interested in using their trade aspect of it. Yeah, I think it's safe to say our core audience is pretty much everyone. The protocol itself caters to just about every flavor of DeGen you can think of. It makes sense. Let's dive in a little bit more to the lending side. You're definitely integrating a lot of new assets. One of the first to have GLP as a collateral asset. What's the process for adding new assets to the money market side? Is that a team decision? explain more on that. Yes. So, so far, naturally, because we don't have a DAO in place yet, like the team plays some role and listing of new assets, largely we've taken in direction from what the community has like reflected, which assets they want to work with in the platform. And then it also becomes a matter of like what technical lift is required or not required to work with the asset. So the listing GLP and Plutus' GLP token, both of those had a bit more of a technical lift to them because they came with their own native rewards ecosystems that we had to create tie-ins into. Listing Magic GLP, in comparison, didn't really require quite as much. So we look at it as a two-fold problem. Can we list the assets securely and that the Oracle is being used for it is safe for marking the value of the collateral? And can the assets still be integrated in a safe and sound way? And then we also look at what is the technical complexity of integrating the asset. The technical complexity allows us to evaluate really what we think the risks are with working with it. A very, very technically complex asset to get listed requires a lot more time for us to build up the integration for it, check it over and understand the underlying system that we're working with to make sure that we're not doing anything we shouldn't be and make sure we're doing things that we should be. And then it also plays into the amount of time it takes to do the integration itself. So not all integrations are created equally. Some are definitely easier to do than others. And it takes a multi-pronged approach to figure out what the right path forward is and how we also can benefit the protocol the most with as much product market fit from each new listing that we can. Yeah, makes sense. And then, you know, having enabled some of these assets like GLP, I think you do open up a lot of new potential strategies, whether that's hedging the basket of assets within GLP or looping the GLP to earn more yield. Are there any other interesting strategies that users can take with these integrations? I think you touched on two of the biggest ones, but overall with listing assets like that, you have three different strategies at your disposal. As you already mentioned, looping it is a really popular one that you can just go borrow USDC and amplify your yield and go purchase more GLP. You can also try to tame that yield. And I see our friends from Umamir here that are working on a really cool Delta hedged USDC vault for this, where you actually deposit stables and it tends to hedge that exposure as much as possible while retaining as much yield as it can. And it's a very imperfect process. Different people or different financial organizations might have different outlooks on how to hedge that exposure, because hedging in general is an imperfect process where you're looking to minimize as much price volatility as possible. But the more that you hedge, the more that you also might reduce your yield that you're earning. On the flip side of that, you can hedge less and earn more yield, but then you might be exposed to more risk. So there's always a bit of a tipping scale happening there. And the third thing, quite simply, is just borrowing against it. Oftentimes people will enjoy the yield that GLP offers and enjoy being a GLP holder, but they might identify another opportunity elsewhere. And the ability to borrow against your GLP and not incur the fees from breaking it down and having to completely unwind it and then participate in some other opportunities is pretty powerful. We like to think that we're unlocking dormant equity that way, where users are able to not necessarily be faced by roadblocks or dead ends with their capital and liquidity. It's very a blank canvas approach. We don't lock people into any specific strategy. I think I saw one where someone went 2x leverage, but then they also were borrowing the component assets and trying to hedge as well while doing that. There's no one size fits all. It's whatever works for the specific user, the specific integration of them. I think that's really the beauty of Dolomite is give people the choice, give people the power to do whatever approach they like. I think one of the most innovative strategies I've seen so far is actually using GLP as part of your collateral. So you're taking the yield earned from it in order to pay off the loan that you're basically taking out while someone was also shorting Arbitrum's token. So there was some pretty wacky things happening there, but this is the kind of stuff that Dolomite enables users to do with the different permutations of assets that we have listed on there. And those network effects are only going to be expanded upon as we list more and more assets in the platform. Listing something like LP tokens would enable people to go longer short on the impermanent loss by breaking it down into component assets or leveraging up on the amount that are held. And with every new asset, we unlock a whole new set of strategies, maybe even exponentially so as they start to interact with each other. Adding those LPs, man, I can't wait to get a bunch of my old flywheels going on Dolomite. Yeah, the LP token is definitely a big demand driver in the space. But this does lead me to segue a little bit to risk. We've seen time and time again where a lot of these money markets have accepted these LP tokens as collateral. And when we've seen the exploits happen, most recently, I think there was an exploit on Sentiment protocol with the Bouncer pool token. Just because these LP tokens don't have a straightforward or simple chain link oracle. So could you talk about what are the guardrails you guys have at Dolomite to prevent these sort of exploitations? Yeah, absolutely. So looking at each individual asset requires its own set of due diligence when working with it. Looking at Sentiment in particular, the exploit that they got hit with was pretty unfortunate and was more so at fault of how Balance did the technical implementation of their LP tokens. Read-based re-entrancy, which is what the actual technicals of the exploit was considered, is one of the nastiest forms of re-entrancy and just overall exploits that's really tough to guard against. When looking at each individual asset though, it's really important to consider what pricing model that you're using for those assets. And then when the asset is listed itself, how are you doing that listing? Dolomite has this concept of isolation mode that we really emphasize for riskier assets or assets with their own rewards ecosystems, and it allows us to completely partition or segregate the assets out from the core protocol so that you have guaranteed access to your collateral. And it also doesn't mix in with any other user's deposits then. So when you deposit your GLP into the system, you're actually depositing it into your own proxy vault. And if, for example, you wanted to deposit PLV GLP as well, that PLV GLP is also deposited into its own proxy vault that is self-owned by the user. So this segregation of assets allows us to really partition risk out appropriately and be very expressive with how assets get listed on the protocol. So not only are we looking at which price or workload we're using, what the collateralization ratios are, what the supply caps should be, but isolation mode allows us to take things an extra level of granularity deeper by limiting or expanding what things you can and can't do with those assets. Which smart contract functions can you or can't you call? How can you use that asset within our ecosystem in ways that aren't necessarily expressed by just a simple parameter of what the max LTV is? Those are the kind of things that isolation mode allows us to do. And it's an excellent tool for, like I said, not just tapping into reward ecosystems to pass a log yield to users, but it's also an excellent mechanism for representing granular risk that can't necessarily be encapsulated by just a single risk parameter configuration. Okay, yeah, the isolation mode definitely is a nice benefit there, but correct me if I'm wrong, but if I do, if someone does come and deposit PLB GLP as collateral, are they able to borrow any other asset across the lending pool outside of any other isolation mode assets? Yeah, so isolation mode assets allow us to dictate which assets you can and can't borrow against it. GLP itself has proven to be a pretty resilient asset and the price discovery for it is also like at this point, pretty well known. So we feel comfortable allowing you to borrow any other non-isolation mode asset against it. And that's one of the different isolation mode levels that exist for our protocol. There's three levels to it, levels one, two, and three. We talk about what those different risk levels are in our documentation and how they work. And GLP as well as PLB GLP exist in the least risky of the isolation mode levels. And we can expand upon them there depending on which asset we're looking to work with. So with PLB GLP, it's also not a borrowing asset. So we only allow users to put it up as collateral, not necessarily borrow it. And that's an important distinction because we take certain liberties with the price or the oracle price that would not work well for it being a borrowable asset. What we actually do with the PLB GLP and GLP assets is we actually deduct from the oracle price whatever the actual fees are that reflects the cost to liquidate the asset, which put the protocol into as favorable a position as possible to make sure that we're always maintaining a posture of protocol solvency over everything. So we want to be really careful of the asset that we list that the price reflected in the oracle reflects the actual price or the costs to break down that asset into its component pieces and pay back debt. So there's a bit of modularity that we like to plug into in order to, like I said, make sure that protocol solvency is always put at the forefront. Gotcha. And then are there any other risk mitigation factors that you've looked into, such as supply or borrow caps? Yeah, absolutely. So we do have supply caps in place for assets, and that's able to also limit the borrow exposure for the asset because it can only be borrowed up to the amount that assets have been supplied by the protocol, which also allows us to control the outstanding debt that might exist against a certain asset as well. So we're able to pretty well encapsulate the liquidity constraints that exist on each network that Dolomite is deployed to and the ability to actually liquidate collateral for what might become very large positions over time. So we have all those pretty standard risk parameters in place. And the one that I spent a lot of time talking about naturally was isolation mode, because our definition of isolation mode is also a bit different from Aave because they popularized that concept. And our isolation mode that we also rolled out is a bit more expressive in that it's able to get really deep into the granularity of what can and can't be done, which allows us to once again work with this long channel of assets in as expressive way as possible to make sure that we're always encapsulating the appropriate risk with the asset we're looking to work with. Okay. And then in terms of the admin privileges for the protocol, I know right now you're still in the early stages, so what exactly are the admin privileges that the team has? And as I understand, the core protocol is immutable. It's forked from DYDX, but there are, I guess, some parameter changes that the team can control. Maybe just dive into that a little bit. Yeah. So if you look at our documentation, it's going to get into more detail and granularity that I can discuss over at AMA, but so I definitely encourage you guys to take a look at our documentation. You'll notice that there's a couple different admin tabs on our doc site. That's one of the commitments to transparency that we have that we think is sorely missed by some protocols in the industry. And so what those three or arguably four different tabs are, is we have risk mitigation where we go through all the different risk parameters that exist in the protocol. There's quite literally a tab called admin privileges where it breaks down every single function that can be called by the owner. The owner right now is actually our delayed multisig, and then our delayed multisig is owned by the team multisig. So the delayed multisig is an important factor because it allows us to queue up updates, and any updates that we queue up for the time being have a 24-hour delay, so we can't do anything instantaneously. But there's an asterisk there. There are, I think it's four functions right now, that are, yeah, four, just double check. There's four functions that can be called that are allowed to bypass the time lock, and those four functions have much less ramifications on instantaneous access over things. They're more of like emergency levers, if something bad happens to the protocol, we're able to respond to it immediately by taking certain action. So those four things are relatively inconsequential compared to the rest of the admin privileges that exist, and once again allow us to put some safety net in place in case something bad happens to the protocol. But we do a very comprehensive breakdown of what those admin privileges are, what those functions are, what the parameters that can be passed in, if there's any limitations to them. So I definitely encourage the listeners, if they're curious, to go take a look at that part of the site. And taking a step further then, one of the things that we do extremely well is document every single admin transaction that we take on the protocol level. So we started doing this back in February of 2023. There's naturally been some protocol updates or transactions that went through prior to that, but we didn't come up with this idea until that point. So if you go on that page, you'll actually be able to see every single transaction that has gone through that, the owner of Dolomite Margin, what the parameter changes are, how the protocol was adjusted or amended to it, which things potentially were able to bypass the delay, if any. I don't think we have bypassed the delay as of right now, or needed to. But yeah, it's a pretty neat documentation part of the site that allows users to really get comfortable with how we like to document things for users to be able to see how the protocol is behaving. operated in a very above-board or responsible manner. Yeah, I've read through quite a bunch of protocol documentations and for sure you guys are one of the few that do provide all this information and list it out in your documentation. So kudos to you guys on that. My next question is, what are your plans for the decentralized and the protocol going forward? Is that in the roadmap? Yeah, I think actually for a protocol like ours and then we architected it, it's pretty obvious that we eventually want to go towards a more decentralized model. The core protocol itself being immutable puts it into an exciting category. It being like a more immutable money market protocol than others that might be out there. And that's really important for garnering as much user trust as possible. The idea of you read the code once, you can understand it forever because it's not going to change is a pretty powerful idea or concept that we're trying to popularize. So actually the next step beyond this is as we accrue more product market fit and our community grows, is decentralizing ownership of the protocol, which is still being explored how that looks when that might happen. But naturally we're excited towards moving in that direction. We want to make sure we're doing it in as sustainable and reasonable way as possible. In terms of your roadmap, what's next for Dolomite? Are there any new partnership integrations in the plan or any plans to move to another cross-chain ecosystem? Yeah, so we're always evaluating the different opportunities that might exist in other chains. Like right now we're solely focused on our opportunity deployment and have more integrations than we have time in the day to actually work on, which has been really exciting. I think people are starting to really grasp onto this idea of a money market protocol that really maximizes composability and passing through of control and the rewards that might exist with certain ecosystems, which has been really cool to see. So naturally our roadmap really gets split into two paths. We have external integrations where we're working with other protocols, working on listing new assets and integrating with other communities to get them onboard into the platform so we can increase the amount of utility they might have for a certain asset they're holding. And then the other part of our roadmap really looks at the internal building of Dolomite, actually rolling out new modules. As we talked about earlier, the protocol is immutable. So the way that we actually roll out upgrades to it is by sitting new modules on top of the core infrastructure that introduce new functionality or features. So one of the things that we're working on right now is this, we're calling it a ZAP feature, where you're essentially able to take any asset you have in the platform and convert it into the other, provided that you don't break any of the risk parameterization rules that exist. So you can go from GLP to Arbitrum Token, for example, quite easily on the platform then, and it'll automate the looping process for you if you want to loop up your exposure. It'll allow you to open up hedges more easily. And down the line, it'll allow us to actually put more usage onto the trade page and more utility there because you actually can do pair trading then and trade any asset against any other asset. So if you wanted to go long ARB and short WVTC, you'd be able to do that on our platform then and do direct pair trades with no US dollar and optional value in the middle. So those are some really exciting features that we're going to be able to start rolling out with this feature, and it's going to pave the way for a number of big things to come. Awesome. Yeah. So yeah, the ZAP feature sounds really awesome, man. Yeah. Looking forward to the pair trading as well. I think when you open up the rest of the assets, you can definitely have some really interesting pair trading, like you mentioned. Yeah, I think one of the really fun ones that people haven't really thought too much about is like, you know, if we list gains on the platform in GMX, which both assets are not listed at the moment, you can quite literally just like long GMX and short gains if you're bullish on one versus the other. Or we think that there's one narrative coming out that will push one to be outperforming the other. There's things like that that just haven't really been possible or done yet much in DeFi, and we're looking to open up those different doors or avenues that haven't been explored too much yet. Anything to add, Adam or Brobo? No, you summed it up pretty well. Yeah, really next up is trade features on borrow page and the main one. And, you know, we always have new integrations in the works, but, you know, those will come out when they're ready. I see crystal at all center. Yeah, I was going to say Corey pretty much summed up, you know, the two of the features that I'm extremely bullish on, which is the pair trading and the ZAP feature. But yeah, I don't think I could have said it any better. Yeah, pair trading will be really exciting. Yeah, just like, you know, long and shorting different assets within a similar category. I can definitely see that being a big value driver for users. Great. Well, I think that's all the questions I had. We can open it up now to questions from the audience if anyone has any. While people are considering questions, I just wanted to bring up if people aren't familiar with it, we have this community XP, you know, experience system, which is a lot like video game XP. You do things like attend AMAs like this and you get XP. More XP means more levels. And those levels are reflected in Discord. You get level specific roles and all that. You'll find the link to the Galaxy campaign on our Twitter as well as as well as on our Discord. So everyone who's here is qualified for it. You can go and collect your XP for attending. Only if you join from mobile, though. Just wanted to note that. Yeah, that's a limitation of the technology. If you have to join from the mobile app and be signed in. But assuming you've done that, you're qualified. Hi, guys. Thank you so much for the presentation. This is Mehdi. I'm from Exponential as well. I just wanted to take a little minute to think about from the side of someone who's like trying to get yield on your platform. What are the worst that can happen? Like, what are the things that are still keeping you awake at night in terms of like the risks that are there? A little bit like black swans that could like lead to a loss of principle for like people who are putting their assets to work on Dolomite. So when looking at like risks like that, I think it's important to consider like risk gets broken down into two categories. You have known risk where someone like knowingly gets into a trade and they're basically placing a bet. If they lose and they're wrong, that's just like, sorry, you made a bad bet. You're going to lose money on it. The other category would be a black swan, as you put it, where an issue happens at Dolomite where you lose money where you weren't supposed to. Like something that happened that was against the rules. So for us, the thing that we're most concerned about naturally is that Dolomite still is a newer protocol. We launched it on October 13th of 2022. So far, we're very proud of our track record with no security issues and being able to maintain and operate like a very sound well-operated protocol. But naturally, we're looking to increase that robustness as much as possible over time. So one of the things that we're really happy with is this isolation mode rollout. I know that I spent quite a bit of time talking about it already, but one of the things that does have me concerned is like we integrate with GLP, for example, or with Plutus. If they change their ecosystem significantly or change their existing contracts, it could prove to become problematic for us because our integration is heavily built on top of their infrastructure. So what isolation mode also allows us to do is it's the only part of our tech staff that's purely upgradable. And it allows us to make upgrades to that system if need be, if those ecosystems were to change or redeploy or otherwise modify how their existing deployment works. And that's probably the area that keeps me most concerned because it's something that's like outside of our control. But the ability for our system to react to it and be able to essentially fix itself, if that were to ever become a problem, is one of the most important things. So looking at immutability versus upgradability, there's always going to be some trade-off occurring. So we took a very cautious decision of making certain parts of the technical stack immutable where we thought we could offer it. And there's certain parts of the protocol that it would actually be really dangerous for us to make it immutable. So we decided to make it upgradable then. So that's probably the area, like I said, I'm most concerned about. Hopefully I answered your question well. And I would say additionally, there's always the risk, smart contract risk of some bug being discovered, but we really try and mitigate that as well. The code base has undergone three audits at this point. Another one is coming up. And additionally, it's some of the things that Corey's mentioned so far really about compartmentalizing things to mitigate any kind of risk. And just piling onto that, any of the smart contracts that we deploy have 100% test coverage with our target. We don't target anything less than that, which means that every line of code that gets deployed is thoroughly tested to make sure that it operates effectively and properly. So we're trying to avoid some of those like spray and pray certain situations where other protocols have deployed things like too hastily and forgot to set a parameter appropriately or things like that. All of our test scripts that run are also plugged into our deployment scripts, which allows us to operate the, that allows us to deploy in the same consistent manner that we tested. So we try to minimize any kind of like transpilation errors that can happen from us, like testing things correctly, but then even deploying things incorrectly then. So we make everything as cohesive and the opposite of redundant as possible. Awesome. These are great. Thank you. My pleasure. I think we're thinking about risk the same, in the same way in terms of like, we're trying to focus as much as possible on the unknown risk or the things that, that like investors are not consciously taking as part of the bet. Yeah, exactly. So anything that happens that would be unfair is stuff that it's our job and responsibility to mitigate against. And just going back to the earlier part of the conversation, just my background in 2015 with like the game modding and, and whatnot, you know, my background was heavily geared towards working at like seeing where there were issues in a, in a video game system and kind of trying to crack it essentially. And that overall like engineering mindset has very, has geared our team's collective, like how we think about smart contract security to not necessarily care about the 99% of times when things are working properly. We're always considering about like, what does the worst case scenario look like under like the 1% or less than 1% of the time that something can go wrong. So that's the perspective we like to take on our overall smart contract development. You might notice that we're not necessarily shipping things extremely fast or with these, where there's new updates rolling out every single week, but our updates we roll out are definitely significant. And, but they are done within a shorter, I'm sorry, in a slower manner for us to emphasize the, the testing and robustness that needs to go into those rollout. Awesome. I think that's all the questions. Yeah. If you guys want to maybe shout out how users can find you or through your Twitter handles or, or what, or a link, what's the best way users can, can find out how to find out more about Dolomite. Yeah. Overall, it's a, our Twitter accounts here are a good way to get in touch with us. We do have our discord as well, which is a great place for the community to come hang out. We spend a lot of time in there as well. Great place for us to like chit chat and overall just talk about things that are going on. And we'd love to have everyone here join. Also on top of that, we actually do have another campaign in our Galaxy space that has all of our links to our discord, our Twitter, our website, medium articles, all that it's called Rock Climbing 101. And if you need, you know, ever need to refer back to that and make sure you're going to the right place, that's one place you can look. Great. Well, thanks guys for taking this call. It was really informative. Yeah. Everyone have a good day. Yeah. Thanks for having us on. Thank you guys. Thanks for having us. Thanks everyone who showed up.