PoolTogether Community Podcast #42 with Granary Finance

This is the PoolTogether Community Podcast. PoolTogether is the world's number one no-loss prize savings account. You can visit pooltogether.com to deposit. You're listening to the PoolTogether Community Podcast. I'm your host, Hot Mike, aka Tim, aka It's, you know, weather outside is delightful. I'm getting sunshine on my face. I don't need a mood light. I don't need a ring light. I've got the sun and windows and I'm here with, you know, a better name than me, Sweet Cheeks from Granary Finance. Listen, I thought Hot Mike was good, even Sir Hot Mike, but Sweet Cheeks can't be beat. It's just fun to say. It's just fun to say. Welcome, Sweet Cheeks.

They're just, they're just sweet, you know, them cheeks. You never know which cheeks is it about, but they're just sweet.

All the cheeks are the sweets.

All the cheeks are sweet.

So, you know, excited to talk about Granary Finance. Excited to talk about— I mean, that's where I keep my LP right now. That's where my LP is nested. And I was excited that we got to get you on the podcast. So thanks for being here. And tell me, how did you get into crypto, sweet cheeks? How did your cheeks find their way into the cryptos?

Oh, my story into crypto is probably like one of the most like least interesting ones. Uh, I got into crypto like late 2020, uh, when all the Doge memes and all the Elon Musk thing kind of started like really going big. And it's just like me and my girlfriend just kept memeing about it, and then I was like, you know, sounds like an interesting thing. Thankfully I didn't buy into Doge, I bought into like other projects, but That's kind of like, I just kind of went into it kind of like a gambler. I was just like, I'm just gonna put this much amount of money in and I'm just gonna gamble into it, and worst case scenario I lose it and whatever. But yeah, that was like 2 years ago, and obviously a lot of things have changed since then. But that was my early on crypto degeneracy, just like YOLO gambling into shitcoins basically.

So you came for the memes, you stayed for the YOLO. The, uh, the degen—

Well, I definitely came for both, and I— and then I stayed. I stayed for both.

So are you a memer, sweet cheeks? Are you— are you good at the memes?

Am I a memer? Listen, uh, I, I'm Jewish, so, you know, we're pretty comedic people. You know, we've got some good jokes, we've got some, uh, we've got some good reputation about the comedic side. So I think I'm quite the memey guy, but I'm definitely not up to date with all the good memes nowadays. I found myself way too occupied to really meme it up, which is very sad. I feel like a big part of it is kind of lost in me.

Yeah, do you think you lost your memeing edge?

I definitely think I have, you know. I feel like a side of me is kind of like— it's kind of torn out, kind of. I feel like half the man I once was without the memes.

So now the thing about memes is you can just recycle them, right? That's the whole thing about memes is you just pull them up and you do the You know, the Amidala, you know, Anakin meme or whatever. There's just all the memes. But then there are people who can like make new ones, right? There's one— there's— I feel like new memes come their way. And I saw this like flow of like how it comes off from like 4chan into Reddit and then into Twitter or something. How does a meme— how does a meme take hold in the consciousness of crypto Twitter?

You know, just to add on that, because like this is really funny, I had this discussion yesterday and I noticed how memes have become, uh, you know, like back in the day, like the old memes are kind of like they were, you know, made, they were like very, very used for like many years, and then they kind of like were laid off and but like still returning. And as like the years go, each meme like lasts less and is like less spread. It's kind of like if you really think about it, like I like to compare crypto to the memes. about how like the first coins are the ones that really stuck around, you know, Bitcoin, Ethereum, and everything new just like has this like little short-lived thing and then like it just dies off. So like,

yeah. It's the law of diminishing returns, I think. I think it's also like signal-to-noise ratio. And as the noise increases, everything gets lost until you have a breakout. Something has to come out that's like revolutionary new. I was thinking about this with nouns today because I really thought I really think that the power of nouns is in derivatives. Like, I think that's really huge that anybody can make a nouns project. But I also think that could be harmful to the brand because anybody can make a nouns project, right? If everything is nouns, then nothing is. So it's the same thing I think with memes is like, okay, if you just keep, you know, at some point there's just— you have to have that breakout. Like, what's that next? What's that next level meme? That's new and different in a way, like Doge or Ethereum.

What is the next Bitcoin of memes, basically?

Yeah. What's the next shitcoin? But like, it's not shitcoin. It's like a shatcoin now.

Yeah, it makes you shit yourself of laughter. Yes.

There we go. But I do, I do like watch TV or I'll see stuff like that happens live and I'll be like, oh, that's going to be a meme. Like, you know, I could— I feel like I have that little tunage or that little— the meme antenna. It's not like I'm going out like creating them. The other thing I do is I make weird songs, and I'm hoping those would be memey, but like the things that I— the things that I think are gonna be memey aren't, and the things that I don't think are gonna be memey are. Do you feel the same way? Or can you— can you—

I feel like there's a lot of meme-ception.

Can you muscle a meme? Can you— can you like— do you have the formula? Yeah, do you have the formula to like—

I don't know if you could— I think like the formula is like maybe have it like something to do with like animals. Something that is like, you know, like obscene. Something that is like, you know, like not your average day kind of thing. I think that's a good way to start. But you know, it really depends about like how how are things like in general going? Like, you know, the one thing I can really think about is like back when the Ukraine thing happened, how people were memeing about the president having like all those like weird like, you know, the president of Ukraine had like all these weird stuff happening. It's just like well, it was out for so many years, but nobody cared for. it until, you know, it came into public light. So you really need like the right environment for it to flourish.

Yeah, it's like that perfect storm. You have to be up to date, but then, yeah. So, so you did the memes and then you got into the coins, but not the coins that everybody's talking about because those were probably at all-time highs by the time you were getting there. So you were looking at what's the next one, right? That's what you were— that's what you're doing. You're scanning Scanning CoinGecko or whatever you were looking at to find the next entry?

Funny thing, like, I, I got into this and I, I definitely did not do my own research. I was so lucky to like get in at like kind of like early bull run because like if I was to like start off today with like the, not the zero knowledge that I had back then, I just lose all of my money instantly. But what happened was I was just like going through like 4chan like they have like this, this /biz, you know, like, uh, where they— everybody just posts their own shitcoin bags and try to shill it to dump on each other. And the first thing I saw was just like the logo of Fantom, and I was just like, I like this logo. And, and, and that was before it did like, like a 20x or whatever. So I was just like, I like this logo. So I just bought into it, and I was— I got really lucky. I will say I got really lucky early on because that was before like DeFi, and as the narrative really started. So I got early into an ecosystem that like went off like incredibly, you know, and anything we bought basically just like 200x'd, and it was just super lucky. And it— I, and I still value like the memes because I just saw the, I just saw the logo and I was like, you know, this logo, I like the colors, I like the shape, you know, I'll just buy into this. Like, I didn't, I didn't do any research, I didn't know what it did. You know, I was just like, you know, YOLO into it.

I mean, that's a good strategy for the next bull run whenever that happens, like in a decade or so. But like, that's— I do the same thing with sports teams, you know, like, I'll just be like, I like their uniforms, I'm gonna root for them. Or even if they're underdogs, you know, like, I have these like non-logical ways, these illogical ways of like picking my favorites. Because I feel like my gut goes better than like if I learned like how to actually do it. So yeah, no, I totally get with that. And it worked for you, right? It worked. See, marketing, branding matters. People hate on marketing. Like, what does marketing do? What does branding do?

Marketing, in my opinion, tech is the most important during bear and marketing is most important during bull run for sure. Like, that's my idea. Because I mean, if you think about what kind of tech did Shiba have to it? Nothing. There is no tech, but it still outdid Any coin, the entire crypto market. It did it by like eighty something million X. So it just shows the like marketing during bull and tech during bear. That's

basically saying that Shiba had the best marketing or had some some.

It had the best narrative.

Oh, what inform me? What was that narrative?

Well, I think everyone should understand the way crypto market works. It's kind of like think of it as like there are people who are who have been here way before. All of the new investors were in. And you know, they got into ETH at like $1 or something, and they're just sitting up on stacks of money. Now obviously they have found the perfect way to make more money by simply, you know, they make something, they reel everyone in, and then whenever it's the time to go, they just take their profits and they go into their— the next thing. So the same thing was with Shiba. I don't know if anyone like really did the investigation or try to look into the addresses But all like the really big holders were like absolute like billion— like millionaires or billionaires. And I actually was like pretty not early but like medium early into Shiba because I was just like noticing how Twitter always had it every single day trending. And I noticed like so many big wallets just accumulating like an unholy amount of it. And I was just like, what is going on here? And you know, it's just, it's just There's some people who obviously are like behind most of like the pump and dumps. They have a lot of money to like put into marketing of any sort, and, and they just do that and they make more money. And the next cycle they'll probably spin up another shitcoin and they'll make even more money. It's just how it goes. And you just gotta like learn and understand that's the market and you don't have to fight against it. You just have to learn and understand how you can be the one to take advantage of it.

Does this connect with Granary?

The Granary.

Yeah, how did Granary start? How did you go from, you know, uh, you know, Shib to Granary?

So I was a big DeFi DJ, as I already prefaced, but I also really like the technical part of things. I, I sat down and I basically made it my life, like a lot of people, like, I, I, I, I still had a job, but at my job I would just go down and just read white papers. I'd look through documentation, understand what is like the core principles. I'd understand what isn't an outright Ponzi and all of that. And, and I realized that when you do have tech and you have something that is like smart and made to be, to last, you can build something even through bear. And once bull hits, you'll be plenty successful and you'll be able to make something of it. And I definitely thought that lending and borrowing as a whole and like money markets are something that always will have some kind of use. because the current banking systems are just absolutely atrocious. And obviously banks are really great for borrowers, but they're not really great for lenders. And that's kind of like where DeFi has the option to kind of like try and fight against it or flourish against it. There is obviously a lot of hurdles to go past because at the current state, we are actually working on some infographic, but it's not really public yet. But we made a small like investigation or rundown about We kind of compared Aave, which I consider to be the biggest lending protocol in DeFi, against the Bank of America. And we saw that both companies or institutions have the exact same marketing spend of $300 million, but the Bank of America was generating $33 billion a year in revenue whilst Aave is actually losing $300 million a year for inflation. You just think to yourself, you can improve on this. I mean, the Bank of America isn't smarter. They were just here earlier and they just have more capital and they're just more efficient with their capital. So why not build? And that's why I got into the idea of lending and borrowing. It's like there's definitely a big thing, a very big market that adheres to the biggest, most richest people and even the smallest fishes. Everybody needs a mortgage, everybody needed a loan, everybody needs to be able to leverage whatever assets they have in order to do something for themselves or buy something, build a business, all of that. And I figured that's definitely something that we can do. That's definitely something that we can do better. Aave were the first, but obviously they have a lot of inefficiencies in their markets, and that's kind of what I figured out, and that's what kind of we wanted to build on and make better.

Sweet cheeks, just a, just a little off track for a second, but anybody, anybody in the Discord chat right now, um, they get a free liquidation pass, right, on Granary? Is that, is that, can we do that?

Listen, unfortunately the liquidations are decentralized, so even I can't stop the liquidations. It's actually not even us who liquidates people. It's, uh, we open sourced it so anyone can run a liquidation bot. So unfortunately, I will not be able to protect you from the hurtful liquidation.

Oh, so yeah, go back to Aave and like, how are you doing it better than Aave? Like, what were the— what were those changes that you made?

Well, obviously we're still working on it as it is because Aave are huge and they have a lot of liquidity. And that's obviously something that we're still trying to work and build. Once you have the sufficient liquidity to be able to give out loans to whoever who may need it and keep rates low, It's definitely when we're able to hit that market efficiency that we're going for. But as it stands currently, we have more, more fair reserve. What was the net worth? Reserve. So basically a reserve is what the protocol intakes for itself. We have a more user-friendly kind of thing where we take less of the cut for lenders. So it makes lending more Uh, what's it called? It makes it more attractive for users to come and land. And that's, that's the difference between banking system, because landers get basically nothing. And, and that's kind of like what we want to improve on. And we want to make landing and saving money kind of like pulled together as a nonstop, a non-loss, uh, lottery kind of thing. Not lottery, sorry, but a protocol. Uh, that's kind of like what we, we, we don't want to inspire degeneracy Or like being a degen. We want to inspire actually people wanting to use DeFi as a banking tool to save money rather than spend money.

There's a request for, uh, are there notifications in the works for liquidations? We're very concerned with liquidations here right now.

So this is actually something we thought about, and it's actually something that we might have some sort of a solution for in the future with another system that we're building, but I can't really talk about it. The way that it would work is basically for a system to be able to know who you are, you'd obviously need to have like, oh yeah, sign me up for a newsletter or something. You know, you need to have a way to be notified because if the blockchain was just sending you a message, you know, via transaction, oh, you're about to be liquidated, like nobody's gonna notice that. So you're going to have to need to know— it needs to recognize who you are. So that also means that Well, first and foremost, you'd have to some sort of like either have an like an identity or like you know you need to like be known. So it wouldn't be entirely decentralized if we go that way. But we are considering about things about a way to kind of inform people that there may be close to liquidations. But I will say that this is not our first priority whatsoever. So I the only thing I can say is just watch your leverage and just don't be a complete DJ with it. You know, there's definitely way safer ways to leverage assets. than just going 1.05 health factor, you know, YOLO, liquidate me kind of.

So I, I like to consider myself, like, especially with, you know, lending and borrowing and, uh, just anything outside of PoolTogether for DeFi, I've considered myself, you know, a novice. And, and, and I wonder what Granary— how, how can, how can Granary get more crypto curious, more people who are new to crypto users? Is that like in your purview? Are you trying to do that? Are you going after the degens? Are you going after like the super users? Who's the target market for Granary right now?

So we are obviously targeting both retail and institutions. We, so we work as a little, as a project that is maintained and owned by the ByteMasons, who are a developer collective. And they have a, they have a show or they have a media outlet called learn.fi where they teach people about DeFi. You know, they teach them about the simpler things about DeFi, they teach them about, you know, the more difficult things about DeFi. And that's kind of like the way for people to kind of start and learn. They, the back in the day, they have made a, uh, uh, they, they have made, uh, an article about the Granary. And you can— I'm pretty sure what's going on is that they're upgrading their, uh, their, um, their, uh, system. They're changing, they're rebranding into BlockBytes, I'm pretty sure. I'm not entirely certain because I was kind of out of the loop on that, but basically they have a Learn DeFi kind of like for newbies, and I'm pretty sure you could, uh, Jark. So Hit me up and I could try to get you connected with someone and we could probably look into that because we, we have— they have been making some Optimism-related, uh, articles, so I'm sure they could do like a protocol-related.

Nice. Yeah, Shark's in the chat drumming it up, drumming it up. So what do you— so, so what's going on with Granary now? Like, so you created this thing, you saw Aave, and you're like, maybe we can do it better, maybe we can do it different. Um, what, what are the plans for this year? What are you hoping to develop?

So right, right now we have recently hired a new front-end developer and we're trying to completely rebrand our front end. That's being worked on actively. Uh, we started making a few, uh, incentive program programs on the Fantom side, and we're probably going to see another incentive program on Optimism coming soon. We have a few partnerships that I can't really talk about yet. But we have some partnerships with some pretty big protocols on Optimism that will make a lot of sense. And those are basically, we're just working on infrastructure stuff right now and we're basically building the entire foundation, you know, seeking investors, seeking all that sort of stuff, kind of like improving before we release a token. 'Cause we're a platform that has no token yet. And that's a big thing about our platform is that currently we have no tokens. So, The kind of offer that we give to our users is that we don't have a token right now, but lenders and borrowers who use the platform are snapshotted every 2 weeks and they will be qualified for our future token as an airdrop.

Love it. Love it. Hey, how can PoolTogether and Granary partner? Like, what is— I mean, one of the, one of the ways I would think is like for that airdrop or for that, there's ways to actually drop tokens to pool together users. So we're seeing that this week with Decentraland gave all pool together depositors a poolie wearable. So it's like this floaty that you can wear around Decentraland, but then you can also go and play sit-and-go tournaments with it through Decentral Games, which is pretty sweet. But, but so they basically use this tool that Shark just popped in the chat called promotional rewards. And so Granary, other people, that was, I wonder what that partnership could look like with Granary. What are you looking for in partnerships? What are those business development conversations like for you, SweetCheeks, or whoever's doing business development for Granary?

Um, when it comes to partnerships, there's obviously a few different things, like from partnerships that I can think of, uh, we had a partnership with 8-Bit Metaverse where we have like a section of the Granary in their metaverse as well. And you're able to like walk around the metaverse and access the greenery and use DeFi through the metaverse. We're also, we recently, like I think 2 days ago or 1 day ago, announced a partnership with Resonate who are going to build NFTs or like financial liquid NFTs for our users. And the way that PoolTogether users could probably benefit from both PoolTogether and the Granary at the same time. I would reckon it's some sort of in the works of depositing an asset and then leveraging a stablecoin or any token that you're able to deposit on PoolTogether. And then basically you can kind of reach some sort of like a delta neutral position where you're either— you're obviously paying borrow rates on Granary, but you're being eligible for our airdrop and you're offsetting the borrowing by winning prizes on PoolTogether.

Yeah, that's the strategy a lot of people are doing. is they'll take their, you know, OP Rewards or they'll take ETH that they want to hodl and they, you know, borrow against that and then deposit into PoolTogether and, you know, get rewards on Granary or, or elsewhere and then put it into pool and then get prizes on PoolTogether. Um, is, is, uh, is Granary participating in OP Rewards?

Um, we are looking towards making a proposal We're currently in the Optimism Quest.

Nice.

So there's obviously the ability to get an NFT from that, but yeah, we're looking for it in the future. We're kind of trying to build more of a standing ground on Optimism before we try to get a grant because we kind of like wanna differentiate ourselves. And it's a little bit difficult right now with Aave. They've gotten so much free OP to kind of give out. So it's really hard for like a lending protocol to kind of be like, hey, yeah, use, this because like they got like $5 million to give away basically.

Yeah, totally. Okay, so we— yeah, Tiarq's got there, got his, and then I want to get mine too. I think that's the right link. Maybe that's not the right link. If somebody could post a link so that I can go claim my Granary NFT. Um, I think for that you probably have to lend and borrow. I've only— yeah, I've only lended so far. I've only deposited, so I, I can just borrow quick against myself.

So you have to, well, land $50 worth of assets. And I'm pretty sure it says that Ethereum does not work. It, the actual asset doesn't work. So stables or any of that and borrow $20 worth. And obviously I'm not that much of an expert on the whole Galaxy. It takes a little bit, it takes like an hour or 2 until it updates, but—

Yeah, totally. Okay. So I've got OP on there. I think I can just borrow against that $20 worth of OP back from myself.

And yeah, that, that should work.

Yeah. Yeah. Get my NFT. They're so cute. Yours is cute. It's got like a plant and then it's got the grain and the plant. It's really nice.

It's, it's, it's, it's, they really did a good job with it. But when they hit us up, I, uh, I was like, hey, should we make the art for this? And they're like, nah, we'll do it.

Nice. So what, uh, what about the future for Granary? Um, you know, what, what are you looking at? And then even just in the space, like, you know, It's rough out there right now. And so, Sweet Cheeks, Sweet Cheeks, with your meme experience, with your shitcoin experience, with your degenning, with your market-making experience, can you guide us through the next, the next year? What are you looking for? What are you excited about?

Oh, the next year, like DeFi related or like traditional markets related? This was my question.

I mean, aren't they? Isn't everything related?

I mean, I would say DeFi is dependent of traditional markets, but not vice versa.

I totally agree. Yes. Until we uncouple, until the uncoupling of ETH.

The meme uncouple. I think the current economy is atrocious, and I think anyone with actual liquidity is risk-off, meaning that they're not really investing into anything. So until time to take risk comes back, There's not gonna be a lot of like life in almost any market. So that, that, that's the problem right now. And I think everyone understands like the, the macro situations are horrendous for any investor with big capital. Just, it's just there's like my, my tip for investing or like my idea of it is that I'd much rather put capital during something that I would call a bull run. Like, something like when I actually see that the market is going bullish is when I would want to be risk-on. And I'd rather miss out on like the 2x here or 2x there during the bear market because there's so much more money to lose. But during a bull run, it's just so easy to make money, especially if you have the capital for

it. Then what about— what— so what about innovations in the space? Maybe not even just investing, but just like, you know, as far as market making goes, or I mean, you talked about having like NFTs that are representative of financial positions, right? Like what, what else are you excited about? Do you want to see, you know, new memes that are like— I don't know. I was going to say something like textural memes, like not image. I don't know. That's weird though. I just— that just came to my mind though. Okay. But yeah, what, what else do you see? Look into your crystal ball, sweet cheeks.

Uh, on things, okay, so tech-wise, I think ZK-Sync is, is interesting tech-wise, you know, with Polygon and, uh, all of the other ones doing ZK-Sync. Even BNB are doing that. I think that's pretty interesting. On the meme side, I, I definitely think that if this run we had the doge run, maybe next run we'll have the cat run, you know. Maybe it's time for the cats to take back their market share.

It is. Preach it. Keep going.

I mean, I'm more of a dog person, so I would probably miss out. I'd only invest into a dog coin.

Oh, so even if it moons, even if a cat coin moons, you're out?

Yeah, I'm the misser. I'm missing.

Yeah, I'm just going to miss. Yeah, I have 8 cats, so I'm going to put my entire net worth into one of the cat coins.

One cat or 8 cats?

I have 8 cats. Maybe I should diversify my portfolio like I've diversified my cat portfolio.

Wow. 8 cats. I mean, I actually— around my house we have a lot of stray cats that we take care of. So I would say that like supposedly I have a few, a few good cats as well, like probably like 7 or 8, but they're not in-house.

That's so good. You're taking care of the neighborhood cats. We do that too. So I think, I think with neighborhood cats plus cats, we're at 16. That's how many cats we're feeding. That's how many mouths we're feeding. So hopefully the Catcoin can make it up for me. I can make it all, you know.

I remember during the previous run there was like a Grumpy Cat or something, like there was, there was a cat-themed like, uh, shitcoin and it had like a lot of controversy around like lawsuits and all that. That's the only one I can remember.

Okay, so Smart Investor is asking, what's your 1,000x return minimum call right now? There's not one, right?

I, I don't know. I I'm not really one to say because I am mostly in stables since basically last year. But I mean, it's hard to say because the narrative is going to shift so fast. I think what you should be looking right now as a means of investment is things that are creating revenue without need to have any inflation, things that are generating income. Because if it's generating good revenue during the bear market, there's a good possibility they'll generate revenue during the bull run. Obviously it's not guaranteed, but I think, I don't know, honestly it's hard to say. Like things that I've invested into right now is liquid staking and some bridging solutions.

Okay. Are you, you're not into NFTs, huh?

I am really bad with NFTs. During the peak bull, I just basically lost money on just buying NFTs because I just didn't know what to do with them. Yeah, I mean, I, I never really even tried to sell them even when they would like moon because I was just like, you know, I'm just gonna keep it. Like, I don't care. So now, and now I'm just using them as, uh, to report tax losses and they're great. Honestly, I'm, I'm just saving money on taxes using these NFTs.

See, the thing about that, they look— I look at like, I feel like they look at me, you know, they're cute or they're sweet or they're like, I get this emotional connection. Whereas with coins you don't, right? I guess you could. You can get emotional connection with your bags, but like the NFT takes it one step further. It's like, oh, now I have like a character, a thing that—

True. It has a face. I understand that idea.

You know? Yeah.

I mean, I mean, people have always been into collectibles, you know, cards, Yu-Gi-Oh cards and all of that. Pokémon cards. Like there's always been collectibles and people always wanted collectibles. So—

And I feel like they're back in a big way. All these collectible cards. I don't know if it's Gary Vee Or something, but like everybody's making tons of money on these collectibles. And it's just like, if you would have held those cards for 20 more years, it would have hit again for you.

I have a friend who flips, uh, like Pokémon cards, I think. Like he does, he does, he sells like, like he flips like all these like, uh, action dolls and all that.

Yeah, I, I'm into synthesizers. And so I have like synth modules. And it's actually been pretty good. As far as, uh, you know, the chip shortage and all that. So that's my— those are my cards right now. My, my adult playing cards are synthesizer modules. Or not playing cards, uh, collectible cards. So cool. Well, Sweet Cheeks, I, I appreciate your time here. Do we have anything else you want to talk about, about Granary that we did not address? You got so much going on. Love the platform. Any other alpha you want to drop or anything you want to promote, talk about?

I think within the next few days we're going to see a lot more things built around the granary that is not like entirely granary, but you're going to see a lot of opportunities to get yield using the granary very, very soon. And that's going to be very exciting, I think. You know, I think that's it. I think we've— I think, I think that's about it, to be honest.

So I have a friend, we'll call him Richard, who is really excited about peer-to-peer lending, including like just straight up like coins. You know, how, how can we— right now we have collateralization, they have uncollateralized flash flat loans. But what about this like lending peer-to-peer with like a whole— I don't know, crypto is all about trustlessness, but also there's definitely reputation and things you can trust about people in crypto. So is there anything like that kind of lending going to happen peer-to-peer on Granary? Any plans?

Peer-to-peer, uh, definitely not on our platform just yet. I know there are— there has been a platform that tried to tackle this. I think they were called K Finance. You know, they actually had like a full-on working You put collateral and somebody borrows it, and they pay. They they give you a fixed interest, and you just have to repay by the time. It was called K. It was like KAE like that, but it it just didn't really fly off, and it was one of those like inflationary ones. So I'm pretty sure it's dead now, but that was the one that I know was like really building into that. I think I saw today on Twitter that someone actually is making like a deribit like credit score. Yeah, on, on, on-chain. And I think maybe once that is actually unlocked, we would be able to see undercollateralized loans from people.

Yes. Yeah. Like, for example, Oops. Oops is a community member here at PoolTogether, but also, uh, with Zapper. And I, I think that if Oops needed— wanted to take a loan, people would do it just because it's Oops, you know. And then if Oops defaulted, then Oops loses his Oopsness. You know, so the same thing, you know, that kind of vibe. But that totally is a credit score. But, but just like, how do we unlock the peer-to-peer? Like Shark also, if I can't risk my oopsness. And I guess one, one thing is you could, you could do this with ENS, right? So I have timcox.eth and I could put that up for collateral. It's worthless to anybody not named Tim Cox. But, but it also is like my— that's me. And so there is, I guess, in ENS loans a bit of reputation that goes in there too. But yeah, how do we expand on that? But Granary is not into that. But you, sweet cheeks, care about it, obviously.

I think the future of landing— I'm not sure how many years into the future is that, but it definitely— NFTs are definitely not just meant to be little flashy profile pictures. I mean, I think the idea behind it is kind of like carrying on your medical certification or carrying on your Social Security numbers and all that and kind of like replacing the current system that we have. Because the current system of— so right now, if you look at any government facility or anything like that, they have to employ a lot of people to work in various office jobs to be able to track all the data and all of the information that we need. And I'm pretty sure the way I think about NFTs is like, in the future, you'd be able to kind of automate this and it would save a lot of money in In employment because you wouldn't need all of these employees to kind of track data or make sure there's service ups and something. It'll be just on the blockchain. Do I think there's something, there's profit to make off of it as a retail? 0%. Like, I am, the way I think about it is that the governments would own all these kind of like, you know, your medical certificate is here or this is that. And it'd just be like controlled by them. That's the future that I see because I think we can all agree that As soon as any sort of regulation hit DeFi, everybody bent the knee. So I just don't believe decentralization is really a thing anymore or a purpose in crypto. I think we kind of— it was kind of a 2021 narrative, and I think we're kind of like going past into it because we definitely will need regulation and we definitely need to be able to onboard like the trillionaires of of the world to kind of put liquidity into these markets. Because as it stands right now, the markets are super illiquid. It's why you see Bitcoin and all of these things trading so badly. And the only way for these really big players to kind of bring the liquidity in is once there is actually, um, regulation and enough like tools for them to use to ensure that they're not just gonna lose all of their money.

But is there a way to have decentralized regulation? Right? Because that's what you're saying, right? Is you need centralization with regulation, or regulation will breed centralization. That's what you're saying. Well, is there a way to regulate and—

100%. So just to say it on the granary, we are a— we have a legal entity in the United States, and we are under regulations, but we're still a lending and borrowing decentralized app. We are We have a legal entity and we're working on being fully complacent with the regulation while still being decentralized. So currently, as it stands, we're not blocking any users or something, but we still are working in accordance to regulation. So it's possible.

All right, well, uh, I'm looking for the chat. We're talking about this, uh, 1,000 ETH loan that happened for a Mega Mutant yesterday, uh, in the chat. But, uh, hey, Sweet Cheeks, thanks so much for your time. Thanks for Granary. I, I did my deposit and I did my loan to myself, and now I'm like, what do I do with it? But I want that NFT, so I'm doing it, you know.

Get put in a pool together.

That's right, I gotta convert it to USDC and I'll put it back in a pool together. There you go, it's the circle of life.

There we go, you know, you put it in there, you win a prize, you pay that back, your loan, and you just created free money. There we go.

I love it. I love it. Well, thanks so much.

Oh, for sure. Thanks for having me. It was very fun.

Thanks for listening to the PoolTogether Community Podcast. You can visit pooltogether.com to deposit, and we'd love to hear what you thought about today's episode. So visit the PoolTogether Discord and let us know.