Nexus Protocol Overview - The Gateway to Yield on Terra?

okay awesome so today we're super pumped to have the nexus protocol on um last last call we had the orion protocol on which was pretty awesome and uh it makes so much sense to have nexus protocol uh today why because uh uh orion basically was leveraging encore to make some pretty awesome products and today we're going to speak with the team at the nexus who are building another uh bunch of uh awesome products on the top of mirror and encore so tundra and shimmy are welcome we're super pumped to have you on nice to be here thanks for having us yes yes thank you yeah it's pretty super cool thank you for taking some time and i think we'll just uh dive into into this right now so very briefly if uh to tundra and shimmy you can tell us a bit about your background and how you how you got into crypto and what you did before sure yeah um my i'll start maybe and then shimmy if you want to go next um my my start in crypto has been relatively recent maybe like about a year um i think the well the last two years i've been working at apple as a strategic sourcing manager which it has a lot of components of just like high-level project management work um but one day my my friend uh who also was kind of in this small crypto community with me introduced me to ust and uh the concept of like a decentralized money that is sort of outside of the bounds of sort of government oversight um was extremely interesting to me and made perfect sense when you kind of think about how that could fit into the broader landscape of decentralized finance which i think will will uh slowly at first but then quickly sort of gobble gobble the world um and yeah so basically kind of like fell into the the terror rabbit hole that i think anybody who's kind of taken that first step has really felt that it almost has like a gravitational pull on its own and uh started just kind of learning everything i could about terra and ust and the peg and uh luna and et cetera and yeah i started kind of like spending more time and in telegram and discord things like this and i actually then met shimmy who one night was just asking uh people in the terra i think it was like the tara telegram correct me if i'm wrong there but um asking for feedback i'm like just this like an agora post that you had like a concept for an idea and we literally spent like three hours talking to each other um from other opposite sides of the earth we just spent three hours talking to each other about this idea um and then i pulled in somebody who i knew previously from the community and we started to kind of like form this sort of team around nexus and that was kind of like the first um that was kind of like the first inklings of the project but that's a little bit about my background i'll hand it over to shimmy oh yeah cheers um so my background's a little bit different so um i'm more like a family business background because my family does a business to a certain size of a degree so i ran into quite a few like a really like variety various and random process like ranging from like food commodities real real like a real estate project financing even like m and companies stuff like that so um so it was nothing to do with crypto how i got into crypto is quite a nice story um so i'm a bit of a foodie i like nice food eating nice things nice drinking nice things turns out to be he's working for tariffs so the team who built doterra and luna so naturally and this will think i got to know about two years ago so i um so i heard about the project that he was building at the time which was merit and the conservative was very interesting as long as it actually attracted a lot of values and interest from the market so um and like once mirror launched um the keyboard was like really expensive champagne saying that you know it went well and i was surprised how much fat you managed to attract so that's the point where i decided to take it slightly more seriously into the grip so especially terra blockchain so beginning from the mirror i um into the mirror and anchor and i was quite also fascinated by the amount of value was locked the amount of the missing infrastructure that there was which um seemed like a lot of opportunity um so with that kind of uh you know suggested ideas and chat chat with my fellow tfl foodie friend um and then he thought that was a really interesting idea and he said why didn't you just build it and i was like okay why not so there's like an article and it's like a terraform um and asked for like a feedback as nick suggested in like a various like active um telegram telegram chat rooms like terabytes and that attracted few attention from currently alcove con core contributors including nick here um and so we started a team back in mid-may and more team members actually share the passion and here we are awesome awesome so so so now we can directly go into into nexus protocol basically what what is exactly nexus protocol and what's the what's the main goal of the project um well i think the best way for me to maybe answer that is um we're solving maybe one of like the most important problems that i think all uh all community members all lunatics have maybe experienced at some point or another and that is um risk of liquidation on anchor and if you've been liquidated you know the pain if you haven't been liquidated chances are you've known somebody who's been liquidated and maybe even like like liquidated quite a bit um and so like really what we're what we're trying to do is um really match a product that perfectly suits like one of the biggest pain points that exists in the in the community um kind of an extrapolation from that is like there is yield that comes from that and so you could call us like a yield optimizer i think we're maybe different from other kind of yield aggregators that exist in the ecosystem in that our vault solutions are um maybe more a slightly more advanced or more technically um complex right than other things that are happening and so we're not we're not auto comp we're not doing auto compounding but we are doing um kind of other things to to uh to give use our users um you know healthy yield and kind of alleviate some of the pain points that they currently feel in the ecosystem absolutely so basically what you're trying to do i mean it's exactly uh it's exactly fitting with what we're trying to promote here at year lab it's to to provide the best risk adjusted yield because in crypto there is all these yields everywhere but people often don't really understand what what's the underlying risk uh whether you have these mega yields that end up being created out of thin air or you actually have a risk of liquidation uh on on the back end and and and today you experience liquidation which i think most of us have been through otherwise you haven't really done crypto uh it's so painful it's definitely true it's it's terrible and like uh and it's actually sometimes i mean it can completely destroy uh that's completely your life uh for people it's completely underrated basically how much because because people and i speak by experience people just uh yeah you you get into this stuff and you don't realize the risk you think you're actually risk managing but you're not and because you don't understand that you can have mega crypto crashes like happening like that which we saw uh uh in uh in may and which we're going to talk about later in the in the vault understanding and that these crashes happen on average one two three times a year totally and and also the uh crash that happened in may it wasn't just like the individuals who were liquidated felt experienced pain the whole ecosystem was kind of rattled right at its core foundational level like the ust pegs started to waver and things like this so this is i think this is a critical um kind of area that needs to be uh sort of bolstered within the ecosystem and we're really excited to be bringing a product to market that we think is safe to use and we'll kind of you know alleviate some of the pain point pain points that we're talking about here okay so let's uh let's uh dive into this and let's talk about this first product the nexus encore vault so what is the main goal of this nexus anchor vault and why should someone uh use this product um yeah the main goal is is like we were kind of just talking about is is to reduce alleviate the sort of like anxiety of am i going to get liquidated am i not so what nexus will do is maintain a very high loan to value ratio on your on your deposited b luna beef and as a result we'll be claiming if you're familiar with anchor you'll you'll know that that's what you say maybe you can go even one step uh backwards and explain okay this is what happens on anchor if you're a borrower you deposit so so people who are not familiar with the thing can understand and then we then we go gradually towards the the product so so so anchor is uh savings protocol a lot of people confuse anchor with being a money market it's a savings protocol um and part of the way so it's main thing you might have heard of it is a stable 20 savings rate um and part of the way that that's sort of incentivized is uh there's an interest rate that's being charged on the borrow side which is kind of helping pay for along with proof of stake rewards that's helping pay for the interest rate that's found on the anchor earned side um and also on top of that anchor distributes its equity equity it's it's toke it's native token it's governance token inc to borrowers um to kind of incentivize that that that interest rate kind of being able to be used on the anchor inside to account for this 20 um stable interest rate uh so it's actually possible on anchor to be paid to borrow money which is like like a ridiculous concept like a completely ridiculous concept like if you tell your parents they'll they'll freak out um but but as a result it's possible to kind of think of anchor as like a yield farming opportunity and where whereby the more that you can borrow against your collateral so so like this yield that's paid out through the anchor borrow side is really dependent on how much you're borrowing so the higher your ltv goes the more risk you have right because the the more risk you are to get liquidated but the more yield that you can achieve through um kind of the rewards that are being spun out there uh so what what nexus will do is basically you'll deposit your b luna and your be eth and nexus this our smart contracts will borrow against your collateral up into like high level of ltv something that you cannot uh you cannot do yourself at least consistently um or sleep at night which is like another huge um thing that i think we're excited about is just alleviating anxiety around the whole process um and then that that in turn will the the anchor sorry the ust that we'll receive from borrowing will at the beginning just be deposited into the urn side where it's earning 20 stable yield but in the future we're really excited to develop uh like an automated volt strategy for mir delta neutral um which we can talk about um but yeah so basically and then we'll be taking that yield and kind of providing it to you know our users yeah do you want to maybe explain just the concept of ltv if there's some people not familiar with it you know like the over characterization and i mean because this is uh this is at the core of the entire thing here how basically we can play on this ltv which you would have to do manually and stay up all night and which makes the entire difference on how how much how much you can borrow and then how much you can basically earn yep yep so so on anchor you're able to borrow up to sixty percent ltv right which which means that if you look at your collateral position let's say you have uh like ten thousand dollars right worth of uh ethereum deposited into anchor you're able to borrow up to sixty percent of that money so six thousand dollars um and and so but that that fluctuates based on the value of your collateral so if the value of your collateral drops now the sixty percent of that new value of your collateral is um less right and so if you don't have a if if you're borrowing more than what that ltv ratio is um the protocol will actually open your assets your collateral into the liquidation market which which basically puts your collateral into a um a pool that's at a discounted rate to the market and so arbitragers can actually just buy your collateral on a discount and then sell it on the open market to kind of like arb this out and this is how liquidation market works um so yeah i think that kind of explains how the ltd thing works absolutely absolutely okay so now we'll we'll we'll go a bit deeper into this and if you can explain to us uh how does the encore vault work with this optimal mode this safe mode and this emergency mode because we really under we want to understand that in order to understand basically what are the risks and what are the advantages of using that fault and how basically you're able to alleviate people's anxiety uh to sleep at night i think shimmy shimmy might be the the best person to kind of dive into this but i will maybe just kind of um frame it up like we we take security and safety um extremely seriously because uh we understand that millions and millions of dollars of people's collateral will be posted with within our vaults and so like the reason for this if you read our live paper you'll see a large portion of it is kind of dedicated to like talking about our safety measures and that's where i think you know the three things that we'll talk about here um are are kind of like all kind of marrying together in in in trying to make sure that we're eliminating risk down to as low of a level as possible you know feasibly possible so shimmy if you want to maybe and also if we have the if it's if we don't have it pulled up it's totally fine but um do we have our light paper pulled up because it might be interesting to show people the uh the section steve can you steve can you yeah can you share it and then it's gonna be a bit easier to understand or a bit less complicated to understand i mean i mean the goal of this live stream is really to kind of vulgarize some stuff so people really really understand like you know what how we're playing on these ltvs and stuff so it becomes like natural for them and they really get it because it might not be that easy if you go through the light paper and i think of course i mean slide 13 there if you want to go to the 13th page there scroll down yeah if you can zoom in on that that would be the section that we'll want to talk about here great um so i mean i do have to apologize in advance that i'm not the best person to explain stuff in the most easiest format so um if i if i'm overly over complicating it do you stop me and then we'll recap things afterwards we'll try to recap it in an easier fashion sure sure so as as tindra pointed out the the core concept of like different mode that we implemented is to make sure that we implement as many fail-safe or as many failed scenarios that is available so the one thing that we try to do in order to prevent liquidation is we try to come up with as many fail scenario that is possible uh we try to and we try to provide solution for every single phase number that we can actually think of um and so one of the way that we implemented failsafe is by um having different level of mode because um the i think we have to go back to the concept of the price oracle to understand why we are implementing a different mode first because if you see the diagram it will say nexus price oracle fail and anchor price oracle fail and i guess it makes no sense without actually understanding what the price oracle is um so price oracle in short is basically um is a method to transfer a data from off blockchain to on blockchain uh so for example um the price of luna um and privacy ethereum most of luna most of the ethereum although that some of them are being traded on blockchain through like decentralized changes but most of them are changing it off blockchain uh like in like big central exchanges like binance or pob or whatever and those kind of price data is not automatically synced into a blockchain unless someone is syncing in for you and the price oracle is the you know the mechanism that enables that so if it's like a chain link and there's like a price oracle um protocol that enables that basically they collect the price data from off um off chain datas and they feed the data on blockchain through price oracle and because um and how how is this related to nexus and anchor is because the the way anchor detect how much the price is for luna and ether is through such block price oracle so um so the anchor protocol will basically um will be notified but by this kind of price oracle mechanism by how much the luna and ethereum is and on the basis of that they will judge whether ltv ratio on each wallet have exceeded their limit or not whether so to decide whether that should be liquidated in order to prevent the default on the loan um so this is the how the price oracle is related uh so that being said um it is also fair to say that price oracle is one of the most integral part importing part of the anchor protocol it's basically let the protocol know when to liquidate an asset so what um and i think it's probably better to address the failed scenario of this first to actually explain why we built uh our mode in this way how this can potentially fail is that um assume that price oracle stops working for some reason like it can be for a number of reasons like price all people the entity that is providing price oracle itself at the moment um which is currently is terra blockchain which is being fed by number of validators that is validating sorry apologies i'm sorry i just um failed to implement my webcam so i'm using my mobile phone so um forgivable for keeping up with this uh clumsiness uh so going back to the price oracle um so the anchor protocol utilize the price oracle from terra on blockchain data which basically gets received the data from off blockchain via validators of terra blockchain and so for some reason if valid terra valley has failed to um submit the price oracle or if terror blockchain is flooded that means the price oracle that is being provided to anchor may not be inserted as it should be so that basically means that the lunar price and ether price that anchor is recognizing is not up to date and that's gonna that's not that's not going to serve the purpose that inc was intended so for that anchor basically um have a function within their smart contract um that recognized only the recent price data as real data uh so any of you who are familiar with smart contract um you're probably already already aware but the for anchor current parameter is 60 seconds so if the price oracle data is older than 60 seconds anchor protocol will assume the price oracle data to be outdated and will freeze the liquidation well basically it would it would not submit any more asset into liquidation market um and no liquidation might sound okay but you have to think of scenario when the liquidation kicks um you know starts happening again um this is a this is one thing that happened back in may so um that kind of may crash in luna because the lunar price was dropping quite fast a lot of the assets was being liquidated and although the exact cause of the blockchain flooding i'm not personally aware why but the um because of a lot of transaction the blockchain was temporarily flooded that also led to the price oracle being not updated the exact sales scenario just described and basically halted anchor protocol liquidation market for a couple of minutes or maybe more that basically meant when the liquidation market was back in with the newest price oracle because lunar price unfortunately has been continuously dropping when the liquidation market was frozen now more asset was um eligible or applicable for liquidation so more asset is now in the liquidation market at the same time which was released into the market with a continuing dropping price which um you know ex um basically amplified the vicious cycle um so this kind of price oracle fail um can result in a catastrophic failure um especially consumer liquidation um so such um so we wanted to build a fail sales scenario what if anchor price fail and this is the idea where the emergency mode came in so consider um so let's start with a v1 so the in the v1 launch safe mode will be um will be a default um lte ltd management system that we're going to start with so from the safe mode um basically does i mean the concept is quite simple if we detect the price oracle is not updated as it should be you know how anchor price oracle is being um recognizing outdated price requires 60 seconds and they update their oracle every 15 seconds so basically we made our smart contract in a way that if we if our smart contract detects anchor protocols not updating their anchor oracle for more than 25 seconds we'll consider that price oracle to be outdated to be on the safe side because all that six seconds at fifteen uh fifteen so basically we are basically saying if that price oracle have missed one window of the price or carbonate we're gonna presume that's gonna that's in a dangerous spot if that happens we're gonna kick our smart contract um to target ltv to half of our normal target to be on the safe side and historically that means the current our max lcd in the safe mode is eighty percent of the target uh max ltv which translates to 48 so half that is 24 in emergency mode and that basically means in order to that to be liquidated the collateral will have to lose 100 minus 24 of the asset value um so basically losing 76 percent of the total asset value in the short moment which has not yet happened in the history of any uh any cryptocurrency so far or the major cryptocurrency let me rephrase that um and um so so just to recap because you mentioned 48 so basically we take the base case 60 percent of the collateral as as basically we mentioned before then 80 would be 48 right and then when there is basically this issue detected you cut that in half and you are 24 to basically very quickly um make it so that the the the collateral is not liquidated right 100 yeah that is correct so i mean so even though i'm sorry gone no no no no so so so okay great it's just are you going to get to the optimal mode afterwards basically they go from optimal to safe to emergency and then we understand like what's the the ultimate value added of this anchor vault from nexus which is basically the optimal mode and white so it's all great and and and but i'll just let you continue uh sure sure yeah i'll get to optimal then optimally after this because i wanted to highlight under safe mode in emergency mode because that's what we're gonna have in the launch v1 um but the um the the concept um so the concept is that there will be no safe side if we are expecting such failure so even that's a false alarm the moment that we'll be in the safe side will be quite like a lot shorter because everything is automated by you know small contract so if we detect new uh price worker being updated as it should be normally then we're gonna pump up the ltb as a normal target so the level of efficiency is we consider it as a cost of being safe which will be minimized by automation um so that covering safe mode in emergency mode i'll go to the optimal mode so opium always something that's gonna be quite drastic and we it's sort of um dramatic and we sort of made it um with um the optimal basically is utilizing the deep understanding of how enterprise oracle works and in order to provide maximum ltv so when i say if you're going back to what i described anchor or price oracle how enterprise or request feed data is from terra blockchain and terablockchain basically received the price oracle from the validators utilizing certain logic of price oracle every 30 seconds so to be processed six blocks but that translates to 30 blocks in current block time so every 30 seconds the price of luna and has been updated terra blockchain and because anchor protocol utilizes on-chain data although it is updating every 15 seconds it is practically only updating its price every 30 seconds and max so that being said um if we run a price oracle um logic identically to how the validators are running which is available data because disclosing information for any validators so if we basically um duplicate the bot that they're using and if we feed that price onto our own smart contract throughout through our own price oracle more often than how anchors are receiving the real procedure so short in 30 seconds so if we feed in every 15 seconds that means the you know next protocol win effect will have the exact price of the nexus uh sorry the collateral values at least few seconds earlier than anchor protocol so with that being said uh we can expect exact price of the collateral that will be reflected onto protocol a few seconds earlier thus if the pro if the collateral price went down and if the lte position is in danger we can make the exact amount of the repay to make sure to protect the ltv in most efficient manner as possible and on the other side if the collateral has been appreciating value and if we are being underplaying ltv once the price oracle comes back in we can borrow more to make sure that we are at the max efficiency this is the core concept behind the idea of the optimum mode and if this um and on this level we can max out to literally the 99 of the max ltv that's just like just just below the technical uh gap where we just want the buffer to be there because the price oracle there can be some uh little technical difficult differences between the validators because of the how bosses ran so we can literally max out 99 of max ltv this this is the concept of optimal mode the fail scenario in this optimal mode is similar to the normal mode but slightly different in a way that the fundamental fail scenario for optimal mode will be when our price oracle fails rather than anchor price oracle fails so the concept is quite similar so if the price oracle that we should be feeding in is every 15 seconds the shorter than anchor protocol and if the pro afl nexus protocol fails to receive such price recall at that timing it's going to kick back into the normal price or the safe mode price or safe mode uh logic to not rely ltv management system on our price or record assuming that our price or work is not not working properly so the if that's the case the safe mode will be basically operating regardless to our price worker anyway but with lower ltv but because of the ltv um is at the target level utilizing anchor price we're working instead of next price or record it will still be able to manage dell tv somewhat efficiently so 80 of max ltv but not going full max or 99 but at the same time being safer and how the safe mode is connected with anchor price oracle is emergency mode so we built like a three-step mode so in the case of nexus price oracle fail um the optional mode will drop down to safe mode to make sure that um the liquidation the acid is safe on liquidation and once the anchor price is fail the safe mode will change back into emergency mode to make sure that liquidation is also prevented as well so that's a high level explanation which is really like a winded out um i do apologize it was a little bit too complicated i think i think the key the key thing is is basically your last sentence is you have three modes optimal mode safe mode emergency mode optimal mode is actually the one that's going to deliver the best risk adjusted deal because you're gonna have the max ltv and it's based on an oracle that you guys build that is basically uh analyzing the price data faster than the encore protocol one so basically you're able to kind of uh front run the liquidation by changing the ltv accordingly if you if there is a problem in your oracle then directly kicks back to the safe mode where you still have a great ltv so 80 percent but now you're not able to front run anymore the the anchor uh uh oracle that's why basically you have this buffer and then if there is a kind of another if there is an if there is an issue with the encore oracle then it kicks uh into the emergency uh mode where you take the 50 of the 80 percent of the 60 which is the max so basically we're at 24 uh ltv which and now is basically getting into my kind of last question for this encore vault it's you're saying it never happened so are we able to get i mean was is there still a liquidation risk basically and if we look back at what happened in may uh if we i i think like luna price was 24 something like that went back to went down to five or something like that what would need to happen so that this thing doesn't work so that people who use this vault are still aware that of the limits of the product even if you try to to go as deep as possible to cover for liquidation sure sure sure um that's a great question i mean as as this is a as we are covering a certain problem as you said on the hk scenario there is a you know there is potential that this may not be a full like yeah this is not guaranteed protection liquidation by the way it's to be clear and the level of the failed scenario on each scenario can be quite different for example so when the optimal mode fail um the biggest fail scenario will be the nexus price oracle failing so the and although that's being covered by safe mode there is a chance that the nexus pro uh next um there's a chance that blockchain floating is so heavily done that even our uh basically we nexus protocol may miss a gap of sending a transaction because of the blockchain has already been flooded because when the blockchain is flooded nobody can send like sending the transaction itself is almost random the basic principle how um and to understand how blockchain flooding can affect the protocol um certain understanding on how the validation process works for terra blockchain uh to give a like very quick um brief explanation on that is basically um cara blockchain basically um continues this database by creating nod and then every node is being made by invalidators so the every data the new data has been given out through validators and which validator has been selected to create a node depends on the voting power and so in theory because terror terror blockchain not has been is made on first-come first-served basis so the on theory unless we have absolute control of all the voting power that is in terra blockchain there is no fundamental way to ensure that our transaction is completed every single time um so in in order to mitigate that risk basically um on top of the usual thing that all the protocols do for example like running your own nod with in conjunction with manufa like working with many validators of course we are doing that at the same time but we are basically um before launching optimal mode we'll be also uh implementing another um blockchain flooding anti-measure is describing light paper basically we it's considered like a meme pool detector so if we detect any potential um surge in the data um which basically will be first to fit and mean pool we'll kick in the you know the safe mode emergency mode prior to it being flooded and the fail scenario there is that um such um you know increasing transaction is so surreal and abnormal that somebody just like a bums in like a somebody basically like blocks terra blockchain on purpose with like millions of like transaction which has not been which cannot be detected by system that is a very dangerous pill scenario and on top of that if anchor price enterprise work on liquidation transaction is going through and our transaction is not going through to put down the ltv and if the lunar price is dropping at the same time then there's a potential danger there's a lot of if and a lot of you know big scenarios and edge cases but this is one of the like a worst case scenario that can happen uh although this will be a devastating effect for entire blockchain but so that's the worst case scenario and the um and for the and other than that to be honest the optimal mode um i think we covered the most fail scenarios other than that and for the safe mode and emergency mode uh i guess the the biggest failure scenario is the safe mode basically operates into the same logic as how like anchor huddle bot is working so it is working on the assumption that we set enough parameter as a buffer to make sure that the price wouldn't drop as far for that buffer during the period of time we are checking to rebalancing so the next protocol because of the aum or the economy scale we can manage to rebalance and check very often so like shorter than every fifth um so almost like every few seconds we can check it so for that logic uh as long as the price of the lunar doesn't drop through the buffer which is basically the eighty percent of the max 80 of the max ltv so if it doesn't if the collateral value doesn't drop as much as 52 within the time frame of the re-checking it should be safe from the liquidation but that being said i don't know like you know u.s regulatory becomes very tough on luna if they ban every single exchange of luna in every single exchange overnight and if the lunar price plummets to 99 within a second that's another failed scenario that can be possible okay okay great awesome so i'll just do a mini recap of this entire first product and then we'll dive into the the next two ones so basically this first product is because on anchor you're able currently to borrow and be paid to borrow you want to maximize that by minimizing the chances of being liquidated and what we've just seen now are the different actions that are basically being set and the different kind of rules so you can minimize the chances of being liquidated if they're different a different set of failures uh uh that that basically happened so it's it's never going to be 100 safe but basically it's uh it's it's basically it's optimized to get the best to best the the best yield while having the the the minimum risk which in that case the risk is not a volatility risk but it's actually a liquidation risk great uh do you want to add anything or do we move towards the ust vaults which are probably one of them just one one other thing i would mention is with this i mean we failed to mention in the beginning of the show that um there's something bigger than us that's happening right now and that's the migration the great migration to columbus 5. um and with that i think one just thing i would mention is the blockchain that will have significantly higher bandwidth so in the event of like blockchain flooding it does require now substantially shimmy is it like somewhere around 30 times more bandwidth for coal five than gold four um i haven't checked the latest date because i i think the terra infrastructure basically an infrastructure team basically try to max out on the the bandwidth as you described but it's minimum 33 times as i'm aware um but the high level is that if you want to increase the bandwidth it's going to put pressure on validator so i think terra blockchain tear blocking team is basically trying to make the bandwidth as big as possible um whilst making sure that all the validators have enough good information to run it but we see diminishing kind of risk in terms of blockchain plotting because of goal 5. that's great sorry i forgot to mention that that's a very good point yeah it's actually yeah okay perfect okay so let's move to the second product which is basically the ust volts and if we kind of summarize that that would be a kind of automated and optimized dell delta neutral strategies that use both anchor and mirror so can you basically first explain what a delta neutral strategy is uh give us an example basically so then we can understand what this product will do jimmy do you want to take that uh yeah yeah sure i'll take that um the delta neutral strategy um there was a really nicely explained video by terabytes team um so like if you're interested in more details about what the delta neutral strategy is i would advise to watch that to give you a high level idea what it is so delta is basically means change in most cases so um so when when we say delta neutral it basically means that is neutral to any changes in the market that we are betting on so the delta intro strategy basically mean regardless to demarcus performance you will be able to yield something so in other words safe yielding like anchor earn um so the delta uh currently in terra ecosystem there is a method that is available that enables you to do a delta neutral strategy um but the problem is that such strategy is so painful to do for individual because it requires quite a few things including you have to manage ltv to start um that requires you to check the ltb status every single time and two you also have to think about repositioning time and the efficiency because the mirror charges 1.5 of the protocol fee when you close the position in accordance with the um the asset that you have minted um and also because that being said the econom the asset on the management the size of the economy scale of the asset that you're controlling is also important because the repositioning efficiency will also depend on the size of the fund that you have so that being said that being said although there is a very nice delta neutral yield strategy that is available in mirror which normally translates into about 40 percent to the yield in apr uh but actual executing such strategy can be very painful for individual so the high level idea is that um the next nexus will be basically creating a us volt which automates such process so in the user perspective all they have to do is basically um insert ust and enjoy higher yield then potential enjoy potentially a higher yield than because um the the yield on delta neutral strategy will depend greatly on the price of a mirror and also the apr that has been decided by the proportion of the uh the farming position that you have so it is difficult to give a fixed rate of apr that is being expected but because of the mirror v2 now let the users to utilize aust which is a token that you will get for depositing to anchor earn so so every um so for that being said um the deltoid strategy is not only an interesting ill strategy but it's also very um exciting usc leveraging solution as well so it it is almost it is almost guaranteed that the yields um that you can do from delta neutral strategy is higher than although it's not fully guaranteed so the high level idea is that nexus will be providing alternative usc yield solution for terror and blockchain users which can potentially have higher yield than earn with a similar risk of length so yeah so okay so so to explain this to people who might not be who might just not really understand that basically on encore you have a fixed i mean pretty much fixed uh uh yield that you can earn by depositing your usd which is about 19.5.5 uh per year and then basically if you want to earn more you can use mirror protocol where you have different assets for example google stock or apple stock and you can basically when you deposit some you can either say i'm just gonna i'm happy with 19.5 i'm going to deposit my 1000 uh ust in anchor and earn 19.5 or you can say i'm going to take a chunk of that basically and i'm going to use because i'm going to use the a ust that i get for depositing my my ust in encore and i'm going to use it as a collateral on mirror and then i'm able basically to at the same time i look at the the the api uh of of the different assets for example uh uh m assets or m google stock or m apple and i can actually long and short farm both at the same time so that's how that's why it's neutral and and then i can earn more uh thanks to these higher ap apy than if i was just using encore with my 19.5 but the thing is it all depends on how what the what the api is on these different stocks etc etc and it's very cumbersome to do and it's complicated and you need to monitor it all that stuff so if i understood well this ust vault is kind of automating all that stuff for people who want to earn more potentially more than the 19.5 percent without having to do all this kind of absolutely stuff absolutely yeah and you and you mentioned um stocks i think one kind of important thing to mention is that we do envision um utilizing the ust from the first product that we talked about our anchor borrow vault in the future and depositing that ust into uh mirror delta neutral um so instead of like your borrowed funds going into anchor and it will be deployed into into mirror actually and you know it will execute a mere delta neutral strategy um on your behalf and so it kind of as a result of that um we will be needing to be able to access those funds 24 7 because we need to be able to pay down your loan and so cryptocurrencies that exist on mir will be kind of like the focus for that um uh for that particular product and uh i think also like one one thing i would just mention um about the mirror delta neutral strategy is that it actually has multiple really positive side effects to the kind of the broader ecosystem um as well and so like one of those is um in the future when we're borrowing money from anchor only half of it will go into anchor earn which is kind of the the relationship between anchor urn and the borough side is how anchor grows it's sort of like reserve pool and so we're basically going to be contributing half to the um output of the reserve pool and then the other half is going to be like the ust is going to go into mirror to buy uh m assets and so as a result i think we will sort of have like the side effect of of actually growing um the anchor uh reserve pool and that's going to allow anchor to kind of like do different things with those funds um and that's kind of a way that's like growing the pie also on the mirror side by executing the strategy uh we're also having a side effect of helping the pegs for these m assets be much tighter so the more volume that's kind of flowing through the strategy the tighter the peg will be if you're if you're familiar with mirror you'll understand that there is some deviation between what the the underlying asset is and what the mirrored asset is priced at and the closer those two things are to each other the more kind of like realistic i guess you could say the prices for those m assets and so we'll be having that um impact as well and then i think like maybe lastly is uh mir part of how mirror token holders receive value is when the um the collateralized debt positions are closed uh that's part of like the fees that are that are coming from when you close out a short position on mir are being used to incentivize token holders um and so because we're going to be doing that uh quite frequently through this delta neutral strategy um we'll actually be giving value back to mirror token holders um as well so these are just kind of like a few like interesting side effects that i think are going to be kind of interesting and and helpful for the whole community okay okay great uh can you just expand a bit on you're saying basically you want to beat the encore 19.5 yield with the same level of risk so basically that last chunk with the same level of risk what do you mean by that because you're still using another protocol at the same time so there is potent i mean yeah what do you what do you mean by that sure sure um so i guess that when i saying the similar level of risk because if you think about the um the anchor because it's been um earns 19.5 percent has been um systematically been insured by the anchor governance to utilize the anchor reserve so in terms of anchor uh reserve and anchor protocol is concerned so as long as anchor port was is functioning so honestly system failure and as long as the income reserve is well in endowed the 90 19.5 percent um ap api for um anchor is more or less guaranteed at the same time the ust that you deposited defers into anchor actually sorry let me start over i think i started very wrong um simply said um the ufc depends on earn is guaranteed to be returned into the ust format with a principal protect at least with the yield on top of it um as long as the anchor protocol doesn't fail so unless the anchor um fails to protect the loan against the default um the you know your anchor the usa that your deposit is safe yeah um whereas so the the real risk there is a systematic failure the that's so when i say similar similar level of risk that is also what i'm uh that's what the systematic failure is what i'm also being um being addressing because um if the next protocol execute the delta neutral strategy in a correct way it is uh it should not be affected by the market performance only the systematic failure so in a way that any market deviation or crazy level of happening should not be affecting the your principal asset being damaged but more or less is more question about whether nexus is providing the vote service properly okay okay okay perfect two last question regarding this ust evolve the first one is uh in what token will the rewards will be this uh distributed because if you're doing a delta strategy you have both ust and then you have the the mi r token so is is it for mir is it is this mi our token converted into ust like how does it work sure i think this is quite close here um related to economics so um i think the will release more details about our token tokenomics and farming opportunities in the future which will give better picture on this but the in short answer to that is every single vote that we have nexus uh we're going to use our utilize our native token as a medium of distribution yield that basically means is that we'll be um for every single word that reward that you know accumulated by anchor voltage minerals like regardless whether that is ust mirror or anchor that'll be swapped into psy which will create a by pressure of the side token and given out as a yield uh one of the reason why we're doing that um is that in longer term i think this can actually create even more interesting opportunity in a way that um we are basically creating something called anats that say ill people um just to quickly explain what an asset is and i said it's considered like a ledger token to the asset that your debt puts into our vote so anything that you type us into next vote you get an asset representing it so if you um deposited b luna you'll get n luna um although we haven't really thought through what we're going to call nsf for luna but we are calling n luna as a ledger took him for b luna for now um and so if you deposit beef you will get anyth and by by concentrating all the yields that have been created by our vault into sci basically um as long as that we managed to create lssi people thicker than other um lp pool uh available as an alternative for example if en luna sai air people are thicker than usc lunar people which can happen quite likely because um there is no uh body that incentivizes lunar usc lp formation within terra blockchain so that basically means that and lunasai becomes more attractive over compounding route if anyone wants to actually come over to compound on the eel solution so um so i think in the beginning of the meet at this core nick bruce you mentioned that we're not building no to compounding ourselves yet and that being said if the auto compounding is something that people is in demand with the ns with mature nssipo we can offer more uh better compounding solution with less slippage than anyone would could have within the market without such ill people so with that in mind psy is becoming one of the we're trying to utilize science as our central um method to distribute the yield um and and i think the likelihood of that being successful is quite high because we are literally the first one in the market to offer such products um and so that the the product being the ltv manager basically um so that being said we have a pretty good chance of um establishing our native token well in the market and once that nssi pool is established uh we will have even more greater long-term opportunity you know competitive edge as a protocol in long term providing extra value for the community and the interesting about nssi is because we design our token in a way that we are giving out the vault yield to the ledger token holders so um if you deposit your token uh like be luna to our volt you will get and luna and you will you just get um the yield inside if you're just holding in luna so if you send your n luna to someone else that someone else will be receiving your yield instead and why is this significant uh is that because if that end luna is deficient to l people with psy as a pair that eel that luna would would have been making um would not be opportunity cost for you because the luna yield now will be automatically joined their people so people who are providing lp lp pool to um lp to nsil people now they only have to bear their impermanent um loss risk which is something that you inevitably have to bear by you know providing a pair but now you're free from opportunity cost so the an asset that's being yielding is automatically joining disciple uh meaning that when you withdraw your people in the future um you know you would get the psy reward that you would have got anyway by holding the n and and that's it so um so that's one of the qualif that's one of the features of the interesting um tokenomics and the farming opportunities that we have in our mind as well which we will definitely um um release more articles on it because i think there's no simple way to describe it in a clean way at least i can't but yeah that's high level it's awesome because i mean this is great for everyone to just realize how how well and deeply you thought about all this stuff basically which is really reassuring for for most people who are listening to that basically like how how deeply you're thinking and the why uh having your own token at the core of everything make sure it makes just more more sense uh maybe last question regarding the ust vault it's super simple basically is there a lock-up period i mean you know if you just want to get your assets back how easy is it to to do um because uh usc volt isn't the v2 the exact scope is to be decided but the um for the ust the one thing that we definitely will be achieving is instant withdrawal because other than that there's like the there's no usage of that to in conjunction with our uh be lunar volt so instant withdrawal ust volt is something that definitely will be in the scope of v2 but that being said there is more efficient way to achieve delta neutral strategy with some time locked so we may also introduce a secondary usc volt with time lock but that will be plus alpha which is not confirmed at this point okay perfect okay let's dive here we're going to spend a bit less time into the next product the third one which is also super exciting uh the eth nexus product so what is eath nexus product why why basically should anyone holding it use this product sure um do you want to take that name or should i take it uh we're we're both very excited about youth nexus you go ahead jimmy yeah pretty awesome so am i by the way okay cool oh cool um so high level eat nexus is an idea um comes from basically beef if you want to make beef you need eve who has all the eats in ethereum like inevitably so although the eth will bring a lot of opportunity to terror i think the real utilization of beef the real kicking from the real you know people joining the anchor protocol through beef will actually happen once there is an easier solution for the eath holders in ethereum blockchain to actually utilize the benefit of encore protocol um so this is where the idea started so we've been working um so this is something that we'll be working more closely with the anchor and lighter in the future as well um but basically um the high level idea is we're gonna have beef vault available from v1 but in order for the eth holder and ethereum blockchain users to actually utilize it they have to go through very complicated steps for starting from um making it into a thief and sending fps we have a visual on on this portion it might be worthwhile bringing up while we're talking through it i think it's on slide 23 just go ahead see if pinches go down maybe just one passed it one beyond this the next one yeah oh yeah there you go so on the right hand side is the you know the general steps that normal ethereum holder would have to have to take um in order to actually utilize beef in anchor um as you can see it's got a hefty list of the thing including you have to know the terror to start um so that we consider that to be a quite a big obstacle for the users to actually participate in this ecosystem and you know simply to put all the terror is reversely growing ecosystem not everybody knows it and like inevitably the ethereum have a bigger user group and the bigger value locked in as well so the ethernets will basically will be a simpler version for the ethereum blockchain users to utilize this thing without having to worry about all the other all the things on the hand side so we basically will be providing a vault on ethereum blockchain that accepts ether st um integrating with curved line um and with the sds we're going to automate everything in the back end um from sending essays into terror blockchain and b format and then running into our own beef vault and auto compounding using the anastasia i just mentioned and giving it um and making sure that as when they withdraw they were receiving more if than they deposited so um so and how this works out in the favor of terror is basically simply for providing additional service we'll be charging higher protocol fee and even with higher protocol fee this will be out competing any ethereum yield method in existing on ethereum by far um so for example ethereum 2.0 um even with the at the moment even with the all the the you know the the disadvantage of being locked in mistaking it can only offer like less than six percent at the moment that is only when your validators is not charging your commission so you probably will definitely get less than that and any other like a alternative solution on like earning itself is less than a percent perhaps whereas if you integrate with anchor although the earning yield will dynamically change depending on the anchor bar yield with about ten percent or twelve percent incorporal net yield we can practically offer about nine percent or near ten percent yield back to the etherium holders even with higher protocol fee so that's the high level idea of ethernet um it's basically a seamless uh ethernet vault offered for the east holders and ethereum blockchain and higher cost i would kind of also add that um if you guys are familiar with orion i know that the yield labs are oh yeah but it's a very similar concept right it's it's almost the same it is the same concept it's just um it's just with the volatile asset right as opposed to the sable coin um so yeah there are multiple again multiple sort of benefits the ecosystem one of them is just growing tbl in terra right bringing kind of bringing some of the the um assets that exist in ethereum and into the terra ecosystem so we're very excited about this yeah absolutely absolutely so basically if you want to if you want to earn more on your stable coins but you don't want to use the terra ecosystem you use orion if you want to earn more on your ease but you don't want to you go through this very painful process that we saw before you use uh if nexus uh precisely so basically basically it's a way to earn higher the highest yield in the market on your ease while while uh having it having an easy way to do so so you could earn higher higher uh yield but you would have to go through the super painful process which we saw before which like probably 99 of the people won't go through uh yeah exactly and and also just one other thing is at least for now we don't have plans to create a erc20 um psi token and so the yield um for each nexus will be paid out in native east and you can see that kind of that's an expression okay yeah yeah that was the next question basically what is the reward uh in what is really distributed and what is the frequency basically and maybe we can also look at the if there is a lock-up period for that there is no lock-up period so it'll be instant withdrawals instant meaning you can initiate the process instantly and it might take you know a few minutes because there is a number of different things that are kind of happening in the background in order to make this work but so basically like what we're trying to build is deposit eath receive ethan yield withdraw anytime you know just make it extremely simple very clean for people to use and just just deliver a better better result so um yeah yeah so last question regarding this one which is so so awesome um because it's using the nexus protocol ltv optimizing volts is there liquidation risk is it like very similar to what we've seen before in terms of risk and protocol failure or like what's the risk here of depositing my heat like you know i can earn more yield that's great but what are the risks for sure um there there are the same risks uh surrounding kind of like the vault because ultimately once the behead is placed within the nexus vault um once it's gone through the bridge and and you know been converted into the eth um the risks i think we've already sort of addressed for the vault and then i would just add on to that um there's always and one one of the risks that we maybe didn't mention on the um on our vaults is smart contract risk so i would just like to call that out uh and then in addition to that like with the eth because there's the bridge involved in lido's involved et cetera um there are additional risks that are kind of like baked into the process as we're porting these assets over to our vault but these things are all heavily have been heavily audited and as we build our solution of course we'll take every precaution to make sure it's a safe experience for our users great this actually answers exactly the next question which was the the overall protocol risks um what are the main successes that uh basically you've you've experienced so far if you can say okay like we just started this a few months ago like how quickly this went how happy you are regarding the progress is basically um i'm i'm feeling very tired right now kevin i don't know if i can talk about how how happy i am but uh no we've um we've been overwhelmed i think you were we were talking right before the stream started that um when you first kind of like tweeted something about tara the whole community just went into a frenzy and you got like 500 like likes or retweets or something like this and um that that was sort of like our experience as well so when we kind of first unveiled we were we were actually blown away by how um how like much people were sort of cheering for us rooting for us and um yeah basically i think like main milestones that we're really looking forward to are the public sale which is happening on october 5th um we're really excited to kind of like close out on that um we finished recently we we finished our audit with halbourne security um hal born if you guys aren't familiar is one of the premier audit uh firms in the whole crypto space and they were actually called in to um to help sort of like patch up and repair uh the thor chain network after the the major um the major hack that happened and so we're really excited to kind of have a partnership there um we've passed that oddest audit we've open sourced our code and so now we're really kind of just in the in those final uh in those final miles um where we need to get through our public sale obviously and then um yeah we're really excited to kind of be launching our rv1 products and we're we're kind of thinking it won't be very long from now um and we're super excited about that so yeah that's what i would mention about recent stuff great great i mean to finish i think we'll talk about something that's super interesting super cool because it's a pretty pretty hot topic in crypto now which is the one of uh dao's decent decentralized autonomous organization which basically you you talked about this bounty program but it's pretty much similar so from what i if i do remember where you have about 10 of the supply that will be dedicated to building a nexus protocol dao do you want to talk a bit about that and what's what's the what's the goal you know building a dial with 10 i mean it makes so much sense but like two four people uh to understand what's the vision behind that for sure um we want eventually we want to be fully decentralized in that our community really has all the tools necessary to kind of further develop bold strategies because what we've talked about so far is like heavily reliant on mirror and anchor but nexus intends to sort of be like much much actually much larger than that and as we see different protocols release different uh you know interesting yield opportunities whether it be on terra or salon or elsewhere you'll see nexus sort of build right to accommodate um to build creative solutions to sort of bring that into tara and i think while we can do that maybe in the short term short to medium term um over time we're really kind of focused on standing up a structure where our community can kind of like carry it forward and i think maybe a good example of that is like urine you're in finance they've been super successful in um just becoming like decentralized and and you know their community does a lot in terms of sort of like building out volt strategies in the future and we really want to um be able to compensate people for that work because it's it's a lot of work to create these strategies and solutions and so like that's why we have that fund set aside to kind of like um uh you know compensate people for kind of helping that um come to life we haven't shared a ton of information about it i think you know over the coming months as we launch our v1 we'll share more information about the the bounty strategy program but it is something that we're super excited about and very focused on um is that like the centralization over time and really getting like the community involved with how nexus kind of progresses and develops um as an entity so jimmy i'm not sure if you wanted to add anything to that yeah i'll just add on the on top of the committee fund that we set aside a 10 percent on from the genesis token you know the overall token distribution we also embedded a tax system into the protocol so because the protocol fee they'll be applying on the vault is performance fee of like so we are only charging on the fee that has been outperformed our benchmark and off the protocol fee that has been acquired from the vote um we um there is a tax parameter which basically will collect the amount of like portion of psy and making um and deposit into the community fund to make sure the company fund is perpetually growing so that this kind of a dow structure that we envision to have a more sophisticated uh minds in the ecosystem to join our doubt to make sure that they are sharing their fault ideas and way to automate it fully incentivized perpetually yeah great makes perfect sense um maybe just to finish because we've talked a lot about terra and anchor and mirror but actually one of your goal is to be you know is to integrate other chains like what what i mean it's very early on but how do you see yourself fitting into all these different chains and bringing value from those different chains you know just just just just just as a so for example orion again uh they're bringing the anchor power so the yield unstable coins to any kind of stable coin from from other chains here we have an example with um with the east but what kind of other like if we kind of brainstorm what kind of other things do you do do you see might you know happen and and and be built uh to kind of uh integrate towards what other chains and not be like purely focused on terra yeah well one thing i just i would just call out is we we have close relationships with almost all build all the main builders that you may know of across the terra ecosystem and some maybe even outside of the terra ecosystem and we're really excited about kind of the possibility that nexus becomes becomes that hub for yield and so like what i mean by that is i you you listened to iran you had orion on and i listened to the whole the whole show and um if uh vol and the team at orion are able to sort of plug into a stable um some type of like yield that that is higher than anchor and maybe possible that they should deposit their ust into like our mirror delta neutral vault for example um and that's actually a lot of different products that i think that are being built will kind of evaluate um you know where can they find the highest yield and so like i i think the way that we fit in is um right now we're kind of focused on like delta neutral stuff and like you know minimizing risk as much as possible but you'll see other protocols sort of plug into nexus and and harness some of some of the stuff that we're doing to sort of power them um in the future as far as like other uh vault strategies that are existing there there's so much going on and like totally candidly um we have been working like 15 hour days for the past like two straight months uh and before that like still a ton of hours so we're just really focused on just getting through v1 and then um once we've had a chance to kind of execute in the marketplace and show um and show people that like not only are we safe to use but this is a better solution um i think we're really excited to kind of think about how can we kind of look outside and develop more more volts to kind of serve our communities needs further yeah absolutely and if you have like one or two very solid products they're actually better than the rest that's where the magic of the composability of basically d5 comes because people other protocol can just come and plug into yours and use you for what you're best at and yeah i mean that's the entire magic of this entire d5 thing basically and crypto thing in general for sure amazing grades okay that's pretty much it for today so i don't know if you have anything to add uh to the community uh if steve if there is one or two questions from the community that you want to to go through jimmy do you see the question on screen here sounds really impressive assume you guys have back tested how nexus would have performed under the may and september when the price crashed or oracle blockchain pro so yeah so exactly that that's that's actually one of the things that we were um considered of when we were sort of defining uh what the emergency mode ltv would kind of like default to um and so like we measured the period of time um we measured the period of time uh from which emergency email gets activated and uh and and became um and the anchor price oracle became reactivated and we wanted to make sure that if you measured that amount of time um the most severe drop that happened in luna price during that period of time uh would not be at risk in our vault during during such an event and so what that means and kind of blame in terms is even under the worst price collapse uh in in the history of of luna you would still be safe from liquidation in the in our nexus fault via emergency mod so that's how i kind of think about it but shimmy if you want to add anything to that no no as nick said that was exact data point that we took most of case study to it was not only limited to that but and and also just from the same safer side we added a lot of buffer on to that so yeah it definitely should be able to cover may and september crash just there's some other question there are there worries about not being able to transfer ausd to ust to pay down ltv fast enough to not get liquidated on large drops in collateral flight price um because our contract is being integrating in a small country level which basically gets done automatically insanely uh is almost instantly in the same transaction same messages such a problem of execution itself is not something that you should be worried about but although i guess the more valid question will be um what happened if there is like blockage in anchor because like uh this go back to understanding how inco works basically because uh encoding a safe saving protocol it only can um what should i say let people borrow ust as much as it has been deposited so that being said um anchor can only borrow up to the level that anchor earned has been made uh angkor pro can only be made up to the level that anchor and has been deposited into um so and the parameters that the anchor protocol have as a buffer is 95 so that being said um it works in the other way as well so if every ust that have been deposited is being borrowed unfortunately the person who did anchor earn cannot withdraw the money unless the people who borrowed pays it back so there is a potential scenario that all of this never happened in anchor history yet so there's a potential scenario of anchor blockage so like even though you want to withdraw anchor uh usc from anc you cannot with withdrawal because everyone every usc has been utilized for that reason we also have a the small buffer we mentioned for the uh each mode that buffer also take cares of such blockage as well so once the too much usc's borrowed compared to that uh the system will basically do a system systematic withdrawal anchor earn closer position uh like reduce the ltd by repaying the anchor borrow and do it into cycle to make sure that enough we have enough usc and you know um that reap that was repaid to have the safe ltv level if that makes sense again this is like very much a fringe case and like jimmy said it's never happened before in history of anchor but i think the important thing to call out is just we we are really thinking about all fringe cases so not to say that there um there are cases that you can't be liquidated or things can't happen but we we really have done our best to try to account for all scenarios great i think i think we'll i think we'll close it here thank you so much guys thank you so much for your time for your deep explanation i'm pretty happy we've been we've managed to go through pretty much into detail through all these uh products and hopefully people will understand a bit better this uh this amazing uh protocol that is maybe a bit complex but uh that's what makes the magic of it and like if you understand again like what we're always trying to do is when we talk about risk i just best risk adjusted yield it's always about understanding what we always call the the business the business model which is how do you actually generate the yield and what's the underlying process does it make sense is it sustainable how risky is it and so i think today was really cl it was really it just helped all of us to understand better what you guys are working on and get to get hopefully a lot of people excited uh that are gonna what are watching this now or we'll watch it later so thank you so much guy thanks for having us on thank you for having us thank you for watching bye bye bye cheers bye

Channel: Yield Labs

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Id: rwVU3wK8abc

Length: 79min 43sec (4783 seconds)

Published: Thu Sep 30 2021