 Hi, my name is Akash Patel, I'm a maker now. So this is a review of short-term interest rates in the theory of deep buy space. And I thought I would have a unique view because I see the plumbing a little bit. So I just kind of wanted to give you guys my take. And this is my opinion only. So again, this is not financial advice. Again, this is just a review of the interest rates. And just what are some of the potential risks? This is a little bit of my biography. I have like 16 years of market-making experience on the new socket chains and the socket change. Okay, so one of the big points I want to make is a currency is not a currency unless it has a yield. So try to keep that in mind. And then let's go through the history a little bit. So, you know, maker CDP is kind of sort of January 2018 with a rate of 0.5% stability fee by early July 2018, die-supplying increases to about 50 million. The biggest use case for die is, you know, people are basically using it for leverage. So they lock up their ETH, they mid-die, they sell that die and buy something else, usually ETH. So that's another key point, where are they selling it to? They're selling it to market makers. So initially, market makers were loaded up on die. And there are about five big market makers in the space. So this is a quick chart to show you kind of the growth of die-supply over time. You know, it starts at zero, goes to about 80 million currently. This one is to look at the, the blue line is basically telling you the stability fee interest rate, right? So most of the time it was half a percent in 2018. It went to two and a half and then back to half a percent in 2018. 2019 is where it gets a lot more interesting and we'll get into the story of why. So, again, this is just a die USD price from Bitfinex. This is to remind everyone kind of what the chart looked like for ETH during this time period. So ETH, you know, does a big fall from 1200 all the way down to about 80. And then it's back up to kind of around 200. So again, this is another chart just kind of again describing the ETH die peg. So, you know, the orange line is the peg. So it's kind of, there's a better chart here. Okay, so this is kind of one of the most important charts and kind of where things get a lot more interesting. So as you can see the orange line kind of around April, you know, we're hitting about 95 cents on the peg. And this is kind of where it gets a lot more interesting because the market makers basically get overloaded with die. And again, the purpose of a market maker is to essentially, you know, provide liquidity, but not really hold long-term positions. So then the maker token holders, their only option was to increase interest rates, cause people to close off their CDPs, thus buying die up and bringing it back from a 95 cent price back to a dollar. So another good chart is this chart from Vishesh Chaudhary. And this basically describes the die peg and the different interest rates along as we're going along. So this kind of middle area is when it was around 1%. We fall to 95 cents, they start increasing interest rates. And finally you can kind of see the peg lifting and coming back to a dollar. And eventually they go to 70 and a half, they reduce it, then they go all the way to 20. Okay, so what are the things we learn? There's a huge market for e-colors and one of them leverage long and probably true for other types of coins. And they're willing to pay a high interest rate close to a ceiling of 15% for CDPs. But the normal flow of die ended up being with die. They admitted it to old market makers and not a lot of natural flow to buy die because there's no initial yield. So die supply decreases and CDPs close. This created opportunities for die-mining compound. And finally long-term die holders had a yield and again, die-mining had long-term contracts, compound had variable interest rates. So this is a quick chart of the yield that you can get on the other platforms. So die-tracks above a dollar, then the make-over holders basically decrease from 20% down to 10. But the cool thing is now we finally have teammate flow, which is, there's sellers that die for leverage, there are buyers that die for who want high yield. And these are quickly, a couple of the platforms you can easily use these with two clicks of a button. This is again, an explosion of protocols and we have a bunch of places where you can earn like high yield. Okay, so final thoughts. Again, currency is not currency unless it has a yield. And I believe kind of yield is the killer out that's gonna bring a billion users to the area. So. Anyway, thanks.