hey everyone I'm rune CEO of the mega
foundation and I'll be telling you all
about what's coming next in dphi in less
than 20 minutes but before we start
talking about what's next we first need
to talk about what's the point of it all
what is the ultimate promise of d phi d
phi is a new generation of inherently
global and unbiased financial systems
that have the potential to truly improve
the lives of billions of people around
the world we all know this saying that
money is the root of all evil
well I believe that with D Phi we can
turn this on its head and we can use
money and financial systems to solve the
world's problems instead of causing them
just look at global inequality one of
the tragic consequences of the broken
financial system of today well the way
that D Phi helps with a solution here is
by creating a new and superior financial
system that focuses on efficiency
instead of rent extraction and that it
gives everyone direct and equal access
instead of completely blocking a lot of
people and giving the rest preferential
treatment based on their status today
the best you'll get is if you're rich
enough and you're lucky enough you'll
get access to private banking but in the
future any person regardless of who they
are or where they're from they will all
have all that direct access right from
their phones 35 and this is so important
because what we're doing is we are
giving people the tools that they need
so that they can improve their own
condition
and that's why it's so important that we
take the technology and we spread it
around the world and reach all the
people out there including the 1.7
billion without a bank account including
the financial underserved that has been
left on the fringes of modern society
because of the Brogan financial system
that was not able to serve them I'm
incredibly honored to be here today
speaking in front of all of you the very
people that will build this future and I
hope that you all keep in mind that
technology that you've been lucky enough
to get into this early in its life cycle
exists for a reason it has the potential
to truly improve the lives of billions
of real people in the real world all
right now before we go and save the
world it's probably time that we take a
realistic look at where defy actually is
today because most people obviously know
that the hardest part of the journey is
definitely still ahead of us but that
doesn't mean we can't be excited about
how far we've already come because just
think about if you went back for years
in time and you were able to tell
someone back then when a theory I'm just
launched what they would be doing today
on a daily basis would defy their minds
would certainly be blown because it is
pretty amazing what we're doing now and
the reason for this I think is because
of the we've unlocked the first quantum
leap of D Phi which is the composability
of D 5 protocols you can seamlessly and
without asking anyone for permission
stick and connect together defy and
unlock the network effects and the
synergy between them regardless of who
you are many people in the community
describe this as Legos right you can
simply take ePHI and you can stack it on
top of each other and I think one of the
best
real-world examples of this is the
incident project so incident is one of
the very first projects in a space that
took this approach of combining defy
protocols like maker and compound and
putting a single easy-to-use front-end
on top of them so that their users could
get access to the individual protocols
and the synergies that exist between
them and this was built by two kids out
of India with no connections with no
start capital all they had was this
direct access to the defy ecosystem and
it worked there now the fourth most
popular defy project and just a couple
of days ago they were funded by some of
the top investors in the space
proving that there is real value in the
composability of defy now if we go a
step further to the newest layer on the
defy stack we get to the point where
things are starting to get real where
defy is starting to interact with the
real world and the best example of this
are the die-cuts just like this one so
this for those of you can see it is a is
a crypto debit card that supports dye
and this is a huge deal because what
this means is that we now have a direct
connection at the reg link between the
entire traditional payment
infrastructure and the entire defy stack
and all the opportunity that it provides
and it means that you can now go
anywhere in the world and pay for a
coffee with dye that you just borrowed
using theorem as collateral in a defy
protocol however just because we are now
at the stage where you can finance
Starbucks will defy doesn't actually
mean that we're there yet right it's
still just a small step because we're
still just at the stage where defy is a
really cool experiment that we now know
works for real but where we have to go
is to where this technology is improving
and impacting the lives of real be
people on a daily basis
that are using this technology because
it provides them with real utility and
this transformation from experimental
into mainstream impact is the hardest in
any technologies adoption lifecycle and
it's often referred to as crossing the
chasm because this is actually where a
lot of technologies they get to this
point and they simply don't make it they
don't ever enter mainstream relevance
and they actually just die off so I
think it is incredibly important that we
as a community recognize the immense
challenge ahead of us and that we work
together so that we can make sure that
our technology crosses the chasm
successfully and has a real impact on
the real world but the good news is that
based on what I'm seeing in this space
of working in defy for many years there
are trends emerging and that are already
happening and specifically two major
trends that I think will be the basis of
the next quantum leaps that will unlock
the value and that will give defy the
boost that it needs so that we can cross
the chasm and the first is the
tokenization of real world asses so the
tokenization of real assets means that
we are taking the traditional financial
infrastructure markets assets the value
we're taking all of this and we are
bringing it onto the blockchain and
doing that means that it then becomes
available to interact with defy
protocols
just imagine tokenizing your house so
you can put it into a maker CDP and
generate dye and this way you've just
created your own defy mortgage
completely without any sort of
interference from a bank or from a
counterparty that might sound crazy but
that is where the space is already
headed and
it's accelerating and this is how defy
will get access to the trillions of
dollars that exist in the real estate
markets in the commodities markets and
trade finance and get access to all of
this value and all of this opportunity
so they can be brought in to defy and
provide the basis of our scaling to get
our capacity to the point where we will
be able to supply the entire world with
a new and better generation of financial
services and I especially think that if
you look at this from the perspective of
maker specifically it is really clear
that it is only through real-world
assets that we will ever be able to
scale the supply of dye to the point
where it needs to be if we really
actually want to bank the 1.7 billion
unbanked
the great thing about the tokenization
of real assets is also that once we have
this scale and once we've brought on the
legacy financial markets into the
blockchain we can then turn around and
bring the blockchain out into the legacy
financial system and we can go out and
upgrade the banks the payment
infrastructure the clearing houses all
these institutions and solve the
fundamental problems that they have
today with trusted accountability and
this way create a lot of improvement in
the world because just imagine if back
in 2007 anyone could from their phone
perform a real-time audit of the entire
banking system just like you can today
with maker using mpro tools I think the
financial crisis would probably have
played out a little bit differently now
you can't start talking about real world
assets without also talking about the
other outward regulation and the
regulation is a bit of a hot topic in
the crypto space right there's a lot of
people that are very concerned about it
and how it is going to impact our
ability to innovate and that's exactly
how we failed
in the mega foundation when we first
many years ago realized that only
through real-world assets will we be
able to scale die to the place where it
needs to be so that it can serve the
entire world and bank the unbanked and
what we found out is that the solution
to this problem is already happening and
it's already taking shape today and all
you have to do is look at something like
Bitcoin and aetherium and how they are
regulated because what's happening is
that the regulators are not touching the
core protocol they're said going to the
centralized exchanges that Bitcoin and
aetherium rely on for their value and
for their markets and this is a
phenomenon we call regulation at the
edges and it's actually a very natural
process because what's happening is that
regulators are always going to regulate
anything they can get their hands on
within their jurisdiction so they
naturally go to the exchanges because
that's what they can grab but no
regulator is ever going to push through
regulation that they know they cannot
enforce so that is why they leave the
decentralized protocols themselves on
their own as long as they are truly
decentralized and the great thing about
regulation at the edges in this way is
that if your protocol is spread out
enough across the world so that its
edges passed through a hundred
jurisdictions the exposure you have to a
single regulator is incredibly small and
your risk is diversified to the point
where it is barely any risk at all and
that is why no one today would contend
that bitcoin or etherium are not
decentralized despite the fact that they
rely on centralized exchanges for their
value because ultimately the risk that
this represents to them is so
diversified that it is not a real issue
and I think another issue another great
example when it comes to regulation of
blood chain is to look at you SEC on
compound and how they interact because
this is probably the first ever example
of a regulated centralized real world
asset being brought onto
blockchain and used as the basis of
value in a decentralized d5 protocol and
I think that with these examples and
these precedents that we are already
seeing in the space there's definitely a
way and there's definitely a stable
environment that can be created where
regulation and decentralization can be
reconciled without compromising either
so the D Phi can thrive and can remain
decentralized but can also reach the
scale that it needs to get to in order
to serve the financial needs of the
world now we've talked about the first
quantum leap of composability in d Phi
as well as the quantum leap that's
coming with tokenization of assets that
will allow us to scale D Phi on the
supply side and on there with the
capacity it needs to say to serve the
whole world's needs but now we need to
talk about how we're going to scale on
the demand side how are we going to
scale all the use cases of D Phi so that
it can meet all the different demands
that exist out in the real world and
that are being met today by the current
financial services and this is where
synthetic assets come in so synthetic
assets is the basic concept that you
take D Phi and then use that to emulate
a real-world asset and actually the best
example of this is a synthetic acid is
the dice table quarry because a
decentralized stable point is just D Phi
emulating the u.s. dollar and you can
take this process and use that for
anything including the euro or any other
currency and this is actually a simple
option that's available for instance to
make your governance that is able to
create any kind of stable and wants to
create and it goes beyond just
currencies you can do this for any type
of asset you can create synthetic gold
or synthetic stock index and these
things are already happening so it
really proves that D Phi truly has a
capacity to meet any kind of demand and
any kind of use case that currently
exists for financial services and
through this be a proper substitute for
the current
broken and unfair financial system so I
really think that with the tokenization
of real-world assets providing the scale
that we need on the supply side and with
synthetic assets scaling the demand side
of defy and scaling the use cases of
defy we have everything that we need so
that we as a movement and as a community
can take defy to the next level and
successfully cross the chasm and have a
major impact on the real world improving
the lives of billions of people that are
being treated unfairly by the current
system now before I go just have one
last thing to talk about multi
collateral die is launching on November
18 finally
yeah it's finally happening but of
course because maker is a decentralized
project the mega foundation isn't just
able to launch multi collateral die on
our own we need all Maker holders and
the maker governance to support us by
voting it through in the executive vote
that's happening on November 15 so MPI
holders please remember to vote and help
us launch MCD one of the coolest things
that's coming in multi collateral die is
the die savings rate so the die savings
rate means that anyone holding die will
be able by just the click of a button
earn a return on that die and this is
very unique because this is a risk free
return if you're already holding die
there's not an extra decision you have
to make whether you want to get this
return or not it's something that can be
built in automatically and that means
it's creating a whole new dimension for
developers and for d-5 projects to
figure out how they want to integrate
the die savings rate on the back end of
their products and we're incredibly
excited to see what you're going to do
with this new feature and how what kind
of innovation that will come out of it
and of course also on November 18 it'll
be possible for anyone currently holding
die to through instantly with a click of
a button
upgrade your diet to multi-level die so
that you can start earning the die
savings rate and of course this is just
the tip of the iceberg there are so many
other new features coming to the system
including of course multiple collateral
types and that of course also means that
there's going to be a lot of activity
that maker covenants will have to
participate in in order to launch this
successfully I think it is so incredible
to think about that what we are
launching today or soon is almost
exactly what was originally described in
the first mega whitepaper more than four
years ago so it really shows that we are
delivering on the original mega vision
and it's also so incredible to think
about that like the huge technological
leaps that we have made so that we could
securely launch what is likely the most
advanced blockchain application ever
made so I want to thank all of you in
the Theorem community in the mega
community in the dphi movement for
everything you've done for all the
momentum you've created and all the hard
work you've put in so that this day
could become a reality and if you want
to learn more and get some more details
about launch please go to a blog and
read the blog post there it'll have all
the information once again thank you
everyone so much I'm so excited this is
finally happening after all this time
and if you're an MCAT holder please
remember to vote and participate in this
launch
don't miss this once-in-a-lifetime
opportunity remember that maker is a
decentralized project and it can only
happen with the participation of all of
you so check out our discussion forums
and social media and be a part of the
conversation about the future of maker
and defy thank you everyone
[Applause]
you