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Fiery and Seeker discuss MCLB operations and plans while SunFire cries about wen airdrop.
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Fiery and Seeker discuss MCLB operations and plans while SunFire cries about wen airdrop.
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The speaker discusses the expansion of MCLB and the challenges faced by the global economy in terms of server co-location. They mention the concern over the shutdown of a node in the Solana network and the impact on other networks. The speaker also talks about their efforts to combat centralization and their plans to host hardware. They mention the upcoming launch of their token and the development of a layer zero-based bridge. The speaker discusses the struggles they faced in building the bridge and the decision to fork the GDAO code for their borrowing platform. They also mention the collection of bribes and the revenue generated by the DAO. and internally for our use at MCLB, of course, as well. We do plan to further expand this as the global economy is facing a lot of issues with people having to co-locate the servers. So, like, help us shut down one third of the Solana network, right? I mean, I'm not hating on Solana because of Solana. It just, it was quite a bad event for them on the Vandy data side to have one part of the node shut down just all of a sudden. So, that has led to a great concern in a lot of networks. So, recently the Polygon validators had a ping from the team. Each one of them got separately pinged about having to report if any of their servers were being hosted in Hetzner, and alternative plans are being discussed. So, it's one of the big issues we are facing with decentralization, that it's coming at the cost of economical cost, because everyone is favoring those data centers which are cheapest. So, globally, it's actually resulting in physical centralization. So, that's something we at MCLB are trying to combat, and we're trying to host hardware. We actually started at my home. I have a mini data center, and that's where the first experiment started, which has been going quite successfully for two years. I have been supporting three networks at my home, and they have had a stable uptime, and everything has been running well. So, I plan to further expand this, and MCLB will, of course, be the flagship name, the brand under which all of this work is being done. And once we actually expand and take it to a level where we can market and actually sell to the protocols as a service, we would include the DAO in a sort of revenue sharing mechanism. This is just something which came out all of a sudden. So, we are planning to work on a lot of sites, a lot of avenues, a lot of future sources of revenue for the DAO, and DeFi is just one of them. So, yeah, this started a bit about Seeker, but ended a bit about MCLB and one of our future plans. And that tends to happen a lot with me. I tend to discuss things I love a lot and get sidetracked to other things I enjoy doing. Yeah, well, I'm also excited about what's happening with MCLB right now. This is the drastic change I've ever seen in MCLB, which is happening right now. And I'm pretty excited about our upcoming project, our upcoming token. I've been wondering when will be our token launching, when will be our token launching since so many times. But finally, finally it's here, and I'm pretty excited about this. Yeah, thank you so much. And yes, yes, it has been an uphill battle. So Millennium Club as a community was started back in, I think early 2018. I wasn't leading this community back then. I had a role as a moderator, and it was a very small team, which was trying to make its place in the world of crypto in trying to find out how this whole thing worked. And that's where I kept on learning and was able to grow to where I am to this day. And early 2020, I remember, now Cohen is one of the people in currently online who would probably remember the days when it was the incentivized testnet year. The year 2020 was when I had the most intense learning experience where I had to struggle with so many networks. I failed at 25% of the networks I was attempting back then. It was a really uphill battle because I was starting from scratch in a lot of aspects, and that's where I found Phantom. And while running nodes for over a dozen networks in that single year, I actually found why I loved Phantom and wanted to continue on that ecosystem. And that's why that was the only network where I personally invested a large amount and set up nodes and kept on building towards infrastructure. Then we provided the first RPC node to the platform, now currently being run by Anchor. And yeah, that was a game changer that opened so many new directions for us, for MCLB, for our members. And now we want more people to get involved so that they learn how to operate nodes, and we would want them to operate those nodes locally as well and further contribute to decentralization in that aspect. So we would probably go into specifics regarding the RPC aspect later on, somewhere in early January, then we will have more of a marketable opportunity ready from our side. So, and speaking of another important question, which has just been raised again by Seeker regarding our token. So I, of course, wanted to launch the token the first thing, and considering it's just an ERC token, it shouldn't have been a long battle or a battle at all. But then we found Max and we were working on a few ideas. So one of those ideas we have been working on is a layer zero-based bridge. So Max has been taking his time because he's trying to develop a base contract where all the tokens which are made would have native bridging ability via layer zero using our own tech. So we can bridge to all the other chains whenever and wherever we want, as we add support for them. So this bridge would first be used for our own tokens, for example, our MCLB token, our partner BOM token, our partner Pantamon's P-Gunks for our stable once we get to it. And we would expand it to other tokens and we would sign on partners for the smaller tokens as well and we plan to get into the bridging business as well So this is the point which has been taking more time than we would have wanted because as we want to bridge to Velodrome and Optimism and soon to Dhena as well, BNB. So this is why this has been taking time and Max has been at it for quite a while. I don't want to hurry him, but I do want results faster. So we are expecting results in a week or two weeks, but I can't really commit because I'll be honest, developers take their own time and I don't want to commit and then be proven wrong. It will just lead to that example on mine, which has already been happening in some aspects. I do understand that part, but yeah, I've realized that building the bridge was something which is a bigger value provider or more positive EV, so to speak, than having to quickly just launch our own token. Meanwhile, we are collecting bribes, so it's not a revenue loss in any aspect. What do you think, speaker? Yeah, I've seen you, we are collecting bribes, like the DAO is collecting bribes on Velo, which is the right aspect. And I feel like that's really good, that's really good in terms of like, we are still revenue generating without even launching our own platform or anything. So I also wanted to ask that, if we are gonna launch our own bridge, so do you know that are we gonna have an advantage, like if somebody hold BOM in their wallet or if somebody pays BOM, they're gonna get the less burning in tokens, is it gonna happen? So that is related to BOM and that's not a bridging aspect in any way. Okay, so bridge is a bridge, like it's not related to the BOM, the BOM is the BOM contract, that happens when you use the BOM in any way, so. All right, all right, all right, just a random thing, I thought one day we were talking about that, if we hold some BOM, we will be able to bridge without any fees, I thought we're gonna do on the same bridge, my bad. No, that was actually a different idea we were having, that was for holding BOM and then you would be exempt from BOM burns on BOM drives, but that would again not be related to the bridge in any way. Okay, yeah, yeah, I'm really sorry, yeah. No problem, man. So yeah, like any update with the project, when we're gonna launch or when we gonna, what's the exciting part of the project we are watching right now? So yeah, so the next part would probably be the borrowing platform, now that has been the major uphill part, so we initially wanted to revamp and relaunch the existing Kretzmann protocol and its code, however, when we kept on digging deeper, it was more issues we found that didn't have decent solutions and needed more work than having to start from scratch and we realized the whole code base isn't something which is feasible to be carried forward, so the primary issue we were facing was in the liquidation mechanism they had implemented, so it had a lot of technical loopholes which were questionable to be honest from the dev end and we just honestly did not think that fixing them was an option, like those were actual, it was a real mess from what I understood and there were loopholes in the liquidation mechanism which led to a couple of bad debts previously, a long, long time before we took over and again, we had a bad debt event month or a month and a half back, now the DAO has enough or again, way more than the needed amount of funds already in CUSD to cover the said amount but that was only possible because the previous code base was quality to a whole different level, it led to us being open to flash loan attacks, it led us to be open to other malicious attempts, so the problem was the code base wasn't salvageable, we weren't sure that we would have the safety we would need to run a platform to be able to fix it and continue with it, so we actually had two individual separate developers look at it, we had our own team look at it, we had an external team of four developers also look at it and they all came to the same conclusion that this wasn't worth saving, the price of doing it versus the security we would get and the trade-off just wasn't something we should proceed in our opinion, now I'm again open to further opinions and discussion from the community on how you guys think we should take it forward, however having said that, we have been looking at alternatives and we have after considering the major five or six protocols chosen and decided or thinking to go ahead with GDAO and forking the code and seeing if we can build a platform taking GDAO as a base, it's open source code, so it's not an issue in that aspect and I think that's a really stable platform which has handled some black swan events quite in a healthy manner, it hasn't lost tech in any major way, the DAO has always supported it, the token has always been a successful project, we would be more of a region version of GDAO as I plan to help the smaller projects as well to take on LBs such as the patent USDC LB on major protocols, so we have revenue generating assets that's collateral and people can actually generate value from the borrowings they make. Excuse me just a second. That's really nice, that's really nice. I was coming back to the, we are getting bribes from the Velo, we one day back we were, I guess we were talking about we gonna make our own wrapper for the Velo as well, right? Yes, we just come back to that, so I need to first finish the borrowing that. Yeah, sorry. So as I was saying, so we need to fork GDAO and that's something we have been planning and working on and that's something we are trying to take forward because we want to build our own platform and we want to continue and just continuing with the credit and code base did not feel a safe option. So in case anyone wants to join in or has any views they want, please let me know, raise your hand and I'll just invite you to speak guys. So yeah, so that's something about GDAO. So initially our team was all so happy and enough to work upon the credit and code base and just improve and relaunch it. However, once we found out that wasn't feasible, I have been looking to get external devs as well to help us on the code base. So our existing team can be supplemented with the external team and we can fork develop the solution in a much more timely manner and get results faster. So I remember a long, long time ago, the credit and protocol previous team had asked for quite a overly healthy amount of budget to build just the following platform and similarity. However, currently we don't need that and we will be going with a much, much, much lower budget. We will be trying to cover it from within the revenue our DAO generates and I'm assuming the budget for the entire external team should and would be around $10,000 a month. This would help us to enable forking and relaunching our own platform, which has previous audits, which has been battle tested, which has the changes we need implemented in the manner we need and provide us guaranteed safety. I focus primarily on the safety part because what we are attempting to do is paramount to start with safety. Anything less than that cannot be sustained long-term. What makes us and gives us the edge in this case is we'll be taking on more riskier assets, for example, LPs, but we'll be having a much tighter control over them. So we'll be having more DGN assets, so to speak, which will provide a higher ROI for us as well under the borrowing fee and which will allow us to incentivize a lower amount of liquidity and get a higher amount of ROI because the more DGN LPs, so to speak, are giving the APRs of, let's say, 20% to the user so they can afford the borrowing fee of 5% as they feel it ought to repay their loans. And we continue to build the borrowing platform we will take from there and start supporting other chains. And I think that's something we should take forward from that angle. I'm hoping to get more reviews, more suggestions from people if there is any alternative views, what other directions you guys suggest, what other things we can do. So, of course, Singularity will have to follow after this platform. I initially wanted to launch the platform also this year, but yeah, that's just not happening, I feel. Yes, sorry, I'm just reading some of the comments. Yes, Podtown Teams has always been around. They are close friends, they always help around. And yeah, as we have been battling on many fronts, we are just trying to find out more possibilities where we can work with them. Also, yes, yes, we will work on something where probably some Podtown assets can be used for collateral. I'm not saying any specific item. I'm not saying anything specific on that for now. Singularity will follow much after a little bit about Singularity. So when we took over Singularity codebase, we found out there was a Yearn Academy audit done for the code. This is only specifically for the Singularity codebase, not for Credito. The ByteMasons also had done an audit for the Singularity. I had an external dev team do an audit as well. I had my own team look at it. So all of the teams had the primary issue that the entire platform is based upon Oracle's and their safety. Now this is a very touchy aspect regarding security. And like all of the audits were, they weren't saying it's not possible. They weren't saying we don't recommend it. But it's just a very high risk item as for all of them because Oracle manipulation isn't something new or unheard of. And in the current DeFi world, we have realized it's more of a PvP environment. Like if a protocol can be hacked, it will be. If it can be misused, it will be. Like we got people who are borrowing 50 million of coins and you know, I'm pretty sure most of you are following CT, you know what I'm talking about. Yeah, there are a few, but like they all suffer from the same issue. And also the larger collaterals are more supported with Chainlink, but the smaller ones, not so much. For the LPs, it's a whole different story. Now this is what about borrowing platforms. If we are focusing for singularity, again, as long as we are just talking of stable coins, it's all good for the initial launch. But we would want to add PPC, Ethereum, and yeah, like if there is slight delay in the oracles being updated, it can just cause the pools to get, keep on getting defeated because of the arbs between the delay of Chainlink Oracle updates. Hot sauce, I mean, if you don't mind, I can just call you on the stage. You can ask here, sir. I guess Mike Shire. No problem, sir. Why isn't there any singularity credit? Ah, you mean the borrowing platform and what? Oh, there you go. Hi, sir. Welcome to the corporate human stage on MCLV. Hope you're doing well. Thanks, man. Yeah, man. Just putting the kids to sleep. They go to another room. Sorry for being in the opposite time zone. No, no, it's all good. Yeah. Oh, what do I mean? I'm just thinking like when, for Sunfire's question, I was just wondering like, are there certain like projects you have in mind of really synergizing with that'll be like, that'll create flywheel effects or like mutually beneficial situations for whatever comes next for Millennium Club slash whatever singularity credit becomes? Yeah, yeah, 100%. So there was this point that Seeker was mentioning in the middle, that is very relevant at this part. So we are building wrappers for governance token. For example, we have our plan for launching our Velo wrapper. As you already know, we have a large Velo position for the DAO and the Millennium Club members also have a large position. Together, we are literally the largest Botlox Velo holder as of now. And we plan to try to stay that when our tokens launch till then we are unable to continue to lock more. Having said that, my point here is because we are collecting these governance tokens, it's not just for governance. We also want to incorporate those LPs as collaterals. We want to get vaults up for the LPs on those DEXs. We want to use those LPs as collateral at some point. And those, of course, depending on which LPs we use, the collateral amounts and the valuable amounts will be very, very strictly monitored. And of course, we want to take security in aspect for a long, long time. But that's when the partner part becomes more important because the projects which partner with us and incentivize us to prioritize them and their collaterals, we try to help them grow their LPs so they can also borrow against them. Their DAO can benefit with long term locked LPs. And we'll figure out some locked vaults as well in time. So example, a DAO incentivize us externally to provide their users with a 0% borrow fee bot and the users can deposit for say, and borrow up to $100,000 worth of collateral. Sorry, worth of MUSD with deposit inception collateral. And that vault can be locked for a specific amount of time. The DAO will pay us the borrowing fee on their behalf and they are actually hiding liquidity where the user is actually getting paid to borrow against depositing liquidity. So the user wins, the DAO wins, we get fee. And that's just one aspect of how we can work with our partners. So as you know, MCLB, before we took over Remnant Labs and Credit Protocol and Similarity was a whole active organization, a community before that. We didn't have our own token apart from our partnership or our hobby token, as you may want to call it, my personal project, FBOM. But that was not a DeFi project, so to speak. That was more of a DeFi experiment. So my point here is MCLB already has and had a lot of partnerships we had in building. And once we launch and are launching and took over Remnant Labs, we want to build and continue those partnerships in a way that it incentivized our members individually, our members via the DAO, and our partners can also contribute in growing our own business because in that case, as I just said, everyone wins. So we had all our previous partnerships were focusing on Phantom, but as soon as Phantom probably led to our success in DeFi and crypto, we continued to expand as we actually are decentralization magazines. Phantom may be our favorite, but that doesn't mean we don't want to get around on the other major chains. So now we have been focusing on gathering vital projects, vital partners on Arbitrum, on Optimism. Once we have our platform, we would want to launch our platform on the chains that we have most of our partners, where on other chains like Polygon, considering I'm running a validator under the Millennium Club DAO's name, we have validator 82. We are also providing RPC solutions to the Polygon Foundation. So pretty sure we can have an opening there once we launch our project for our platform. And we actually have a nice partnership with QiDAO as well. So there is also a page on DeFi Wars where our names are all jumbled up, addresses are all jumbled up, but I'll be talking to the guy and getting them all marked under the new name of Millennium Club. So our existing positions will be clearer. You will see who our partners, where we hold governance are. There are a lot of partners which are not known or not identified clearly. For example, our existing partnership with SpiritSwap should yield some good results. It's being ignored, like SpiritSwap is a good project. It has done something really good, but it did that very late. The V2 is what marked the success or the tech which can actually succeed. But the V1 had killed it enough to not have any other interest from people. But I'm really happy that they have worked so hard on V2. They did an amazing job. The bugs are being fixed. Once our devs are a bit more free and we launch our token, we'll contribute more to SpiritSwap as well. And yeah, we plan to use their vaults to be borrowing the gains. We plan to host our USD liquidity probably on Beethoven. And we're not like curve matches. We may not have a curve pool. Why not just have a Beeth's pool, right? I'm sure that makes them really happy. So yeah. Yeah, I guess Beeth's is very good. Beeth's makes pools less impermanent loss. So we can decide the ratios in Beeth's, which is very exciting. And yeah, every time when you are talking, I remember, I got to remember that we have so much voting power everywhere, like everywhere, to SpiritSwap, to Beeth's, to Willow. And I guess you are gonna have some voting power on TINA as well. Who knows? We'll come to that when we get there, when it launches. But the Beeth's pool doesn't, I mean, you missed the point. The Beeth's pool won't have impermanent loss. We're talking of our stable pool. Our stable pool. Yeah, that's also good. Yes, so as I was saying, we'll have a stable pool on Beeth's mainly. Maybe we'll skip curve. Yeah, because not a curve pax here. We don't really need curve, to be honest. Beeth's sounds better to me. Yeah, as I was saying, it probably makes a lot. Yes, we know, we know, Sunfire. He's been tweeting all about it. We know who's the other wheel. And I'm happy to have him with us in MCRB. So yeah, not a curve pool probably for our stable. Beeth's would be preferred. We have a nice partnership with Beeth's. And yeah, they're a nice team. And I'm happy they're on Optimism as well. Well, wouldn't you like to know, Sunfire? Wouldn't you like to know? All right, people listening to this later are gonna end up being all super confused. By you just answering things. I was making a comment for people listening to this later, why Beeth's, the Beethoven platform on the Phantom Network would make a lot of sense to host stable coin pairs for the stable coins that would be coming up with, I guess, what's gonna be a cheat out fork, which I think is a great idea. But you don't need massive APR for a stable coin pair. I mean, if it's a super degen stable coin, like there might be some deep peg risk, but typically you don't need anything crazy. And someone, I don't know who, but someone in Millennium Club is a FBEATS whale. So with what they already have, they can provide some probably good APR on the Beeth's gauge for that pair. So that's what he was responding to. I was putting that in the chat. Yes, sounds about right. So HotSauce, does that answer your question, sir? About the partners? Totally. It sounds like, I mean, it sounds like some overlap with some of the LiquidDriver stuff of getting all the governance tokens, but just way more spread out, more degen. So I like it. I forgot to answer your first question about the supply. So we will have zero emissions for MCLB. There are no emissions planned as of now. There will be none planned without proper disclosure or talk to the community. Talk and discussion. But I'm not wanting any emissions. I'm against emissions unless you really need it. And considering we already have governance in so many places, I think we don't need it. So yeah, LiquidDriver has emissions and an unlimited supply. We have neither. So that's just one difference. Having said that, because LiquidDriver has those emissions, it's a lot easier for them to collect the governance part. But for us, we just happen to have some people who have been in crypto for a long enough time to be able to collect governance part on their own and work for the community. So MCLB was built from the roots with people who are willing to work towards decentralization at the cost of not trying to take profits or trying to just go for personal gains. That's how MCLB was built. That's what I learned from it. And I am happy to have grown enough that I can continue. MCLB and FBOM are now the ways where I want to give back to the community. FBOM was started completely as a give-back project from my end. I wanted to reward the community, the original FDM community who were there since the day one of the FDM tokens. FBOM was the first token to ever launch in Phantom. There were no tokens before it. So I'm kind of nostalgic about it. Call me emotional, but that's why I took over. So MCLB has allowed me to build a DeFi platform, to build something. I was doing stuff on my own name. I was doing stuff and building a future for just, like it was just me doing it for me. And I always wanted to somehow get the community involved to do it for not just me, but for the entire community who works here, who has been active here. And Revenant Labs, MCLB together has now given me that way. So I want the token for us and our community and are now to grow to levels where we have figured out and focused on DeFi Llama. And when you start by treasury, you should see MCLB up there. That's my dream. That's what I want. So yeah. Yeah, thank you. Initial supply of our max supply from our previous credit token is 50 million. We will of course keep the same. However, it will be reduced. The previous team had approximately, if I'm not mistaken, 8.5 or 10 million credit as allocations to them. There was some confusion if they had redeemed it or not. And I found documentation stating that vesting for that has started earlier this year. From a basic count, we figured approximately 2.5 to 3 million credit were gained by the previous team. Apart from which there is maybe 6 million credit, which was still unvested towards them, which will be bought. So I expect the maximum supply to reduce to maybe 44 billion or a little lower than that. Our current existing supply for credit when we took over was approximately, I would say, 15 million tokens, if I recall correctly. And the locked amount was another 3 or 3.5 million credits. So assume a total circulating supply of below 20 million credits on launch. And no further unlocks or distributions planned as of yet. So yeah, that's a list of the supply numbers. That's really exciting. So, oh yeah, I'm a little bored. I'm like, I have token boards. So yeah, expect a lot of tokens to be born in the future. Regarding the token board, it'll be in the future because I want it to be generated from actual revenue where we are generating value. So currently we are generating bribes, for example. I would probably suggest that we store those and save those with the DAO. The dev team would need those $10,000 and I don't wanna use existing treasury. So till the time we do have an alternative use, we can just use the bribes to pay for the dev team. That's really nice. OnlyBorns.com, holy shit, did I just advertise them? Okay, it's internally, but doesn't matter. I did advertise them, someone just posted the link. We can edit that out of the multitrack audio file later. But I have a question and it might be the elephant in the room here because I know a lot of people are, they wanna know about the airdrop. They wanna know, what exactly is it that they're getting? Like how is the MCLB token going to fit into all this? Because you're talking about like a cheat out for it, which I think is great for a degen move because you can put all sorts of limitations and safety measures on the vaults. But is MCLB token gonna kind of take a similar role as the cheat token does in all of that code base? Or how is the MCLB token going to specifically fit into this world of master plans you have going? It's exactly as you stated. It'll take the place of cheat token. It'll be the token which receives, now again, these are estimates, 30% of all revenue generated from the platform. Currently, we haven't launched. We don't know what revenues we should expect. We don't know what costs we can cover and we would exceed those costs by how much revenue. So initially, it'll be 30%. You can say for an example, but we'll keep modifying that and declare the revenues and costs so the community can better take stock of what's a more doable number. We are token holders ourselves, the team. So we understand if the token holders want priority in revenue sharing. As soon as the costs of that specific platform are met, we would want to increase the revenue share rather than keep it fixed at a 30% like the other platforms have done over time. And then with- We don't have any emissions. So like if G has emissions, we won't have any emissions. We will incentivize liquidity for our stable coin from our own holdings, from our own fee generated, which will be used as bribes when and if we need. So, yeah. And then for revenue share, do you imagine like any protocol-owned liquidity being built up on any of these platforms as well, like on Bello or on Beats, and that way the protocol can farm and distribute? So, yeah. Now we're talking of two holds. There will be protocol-owned liquidity for the MCLV token and stable coin or Ethereum or whatever pair we go with. Regarding our only stable coin holds, we will attempt to gather liquidity. So we will discuss with the community. Once we generate the revenue, that's when we discuss where to use it. So we want to generate it and then ask you guys, would you rather want 50% for POL and 50% distributed or? So, for example, eventually when we start distributing revenue to the users, first we would want to cover costs and build some liquidity, as you've said. But once we distribute it to users, I wouldn't just want to start distributing it directly, rather considering our earlier token was priced at 3 cents. We are attempting to also liquidate it around 5 cents. So unless the token price keeps improving a bit, we would first want to maybe do a bit of token buyback and burns so that we can recover a bit of the price. We have had a lot of traumatic experiences from credit going to where it was and dropping to where it did. So we want to help regain some of that faith from our investors as well, from the community as well, so that they know that we are not just focusing on growth, but on the token holders as well. Again, we are open to community suggestions and, you know, like we're trying to be transparent and take the best steps forward, but we're always open to the community talk and suggestions. So in case anyone feels there is an alternative, I'm happy to, you know, discuss and implement. What do you think, Sanjay? I'm thinking as you're saying this, I'm just thinking that when some revenue comes in and we start doing some DAO stuff, I'm going to make a proposal to hire Sue Vlocky from the BDEX team and he can run some numbers and do like monthly financial reports and, you know, have the full open transparency. I think that that's really cool and to leave it up to everyone to make a decision, you know, because obviously you can't just continually distribute to holders and whatnot. You got to invest in infrastructure and everyone contributing, you know, and I think it'll be really fun to see how that goes. So another thing that Max has been working on for us is deploying a multi-sig. So we want to have a new multi-sig and the unique part Max is working on is having the same multi-sig address on each chain. So it has been quite a risky endeavor for the multi-chain multi-sig for quite a few protocols from our experience. So yeah, once that does, we will have all the DAO holdings move to the new multi-sig. I would, once we have more revenue sources in just Velo and more activities being done, I would want to get some basic reports up as well. I would want folks to know where we stand from our treasury perspective where we stand from our incomes and expenses and who is getting paid, what is being paid to them. So the community knows what they are working on and what they are getting for doing that work. I want more people to try to work for the DAO, so to speak, and, you know, add value. For example, if someone adds value to the DAO and the DAO can generate, just a rough example, $1,000 of revenue, I would want the user to also get incentive. So the user can get incentive so the user is now incentivized to, let's say, if the user earns $500, the DAO can earn $1,000. I would want that effect to compound and more users can come in and, you know, contribute ideas, contribute revenue sources or aspects which can be implemented. If there is a developer who thinks there is something he or she can help and contribute to the platform, I would love that. I would want more people to get involved. That's how I learned running nodes in MCLB. And, you know, I want that opportunity to be given to every person who wants to learn. That's something we stand for. Yeah, not only is that, you know, a more fun and an amazing way, I think, to go about it because you get to see everyone's contributions from multiple perspectives and you don't kind of get pigeonholed into one style. It also seems as far as what could possibly be upcoming regulations, like the whole legal area there is still extremely gray, but from what I gather, that also is going to be a smarter way as far as, you know, like a registered DAO entity of sorts to have it truly be open source. And then it's kind of got to be like community goods style though to where people contribute and then for their contribution, they're then reimbursed or, you know, taken care of because it'd probably have to run as a nonprofit kind of style situation. But yeah, I think that all sounds really amazing. And I think that's the way to go for sure. Appreciate it, sir. And from my experience, the registration of DAOs, LLCs, and how those laws are being governed in a lot of places is still very new and kind of experimental. So I've seen countries change stances over the years. I've seen policies change so quickly that it just makes little sense to register anything at a rapid pace unless there is need or there is some urgency for it. So from my experience is like choosing the place that we register should be a very crucial decision. And I'm honestly not in a hurry to do so because I want to develop this first and have it in a place where it can run on its own and doesn't need someone to take lead, so to speak, when there are enough people contributing. But to get there may take a bit of time. Also, when we register in such place, I'm just trying to figure out which place has the best rules and regulations where we can register. I'm not sure as a non-profit because wouldn't, if our objective is to grow the DAO reserves, be kind of a profit motive for us. Like Beats has a different motive. I'm just wanting MCLB to have the maximum value driver. So I haven't looked into that specifically, how it would classify us and what would the need be because that would open us to other issues such as taxation and a lot of third-party stuff in that aspect. Yeah, so I'm not in a hurry to get to that, to be very honest. It sounds more of a cost for when the entity does not have someone to fund a project or a project has more liabilities in the near future or if a project has uncertainty in certain aspects. We had that. We had a ton of that. That's why I took over. Now I want to get us in a place where when I register this entity, it should be like a well-smoothed, well-oiled running machine. I don't wanna hand over a Ford. I wanna hand over a Lamborghini to you guys. Oh, also, so I hope today's event was something you guys enjoyed. I hope it was information. I hope you guys learned a lot. Also, I just wanna add that I'll be coming online the same time every day, not as a specific event, just to chat with you guys. If anyone has any questions, if anyone ever wants to talk, you'll find me online around this time, every day, this same place. So I guess we need to wrap this up. Yeah. So, okay, okay. I'm gonna ask the board to stop recording. When I said I'm gonna hand you a Lambo, I meant as a doubt, not a literal Lambo. You can make a promise proposal for that. Now screenshots are taken. I got the quote recorded. I'm holding you to it. Does anyone else have any questions, though? Real quick before we cut this off, anyone listening? Does anyone have any questions and wanna drop that in the AMA text channel or raise their hand to speak? Okay, we got one. So I have a quick question regarding DAO cooperation with potential other DAOs and how that process would go about. Yeah, go ahead. Anything specific or any specific DAO? So I work with a different community over at DeFire. It still hasn't been launched yet, and it's still majorly like filling out what we could do, but I'm just trying to get a base layer of like how we would go about coming to other organizations and seeing how we could partner. And so I'm just asking like what would be the process to find a commingle, like a symbiotic relationship? So there are two ways to go ahead with this. So if you already have, for example, you have a DAO in mind and you know what they do. So if you have any ideas specifically which you think are common grounds where we MCLB and that DAO can work with, you can just reach me directly and let me know and suggest them to me. If you know what your DAO does and are not sure how we can further collaborate, you can either still reach me and discuss with me privately, or the better way would be to just discuss in one of the MCLB Discord channels, mention whatever facts, info you have, ask whatever you wanna ask, and we'll take a look and see what possible mutual collab grounds are open and where we can help each other. Primarily, it's our members who are looking out for new and good opportunities, new and good upcoming DAOs, good technology we've built, and that's how we reach the new organizations. So someone has to like talk to them, of course, at some point and learn something. If they find it appealing, they reach back and share in the channels. Yeah, that makes a lot of sense. I appreciate it. Always, sir. Happy to help. Nice. So anyone? Peter Ambrose, I think you are joining at the very end of the EMA, so yeah, we're gonna say just bye to you. It's fine. He can catch the recording. Yeah. Okay, okay, guys. See you. See you around. Thank you so much, guys, for attending this first event on MCLB. I hope you enjoyed an EMA with me. I hope you enjoyed the EMA with our fellow community members, Seeker and Sunfire. I'm really happy and thankful that you guys joined and accompanied me on this event, on this stage, and yeah, this was fun, and I wanna get here every day, so I hope to see most of you tomorrow or if you guys are free or whenever. Cheers, guys.
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