Ryan Sean Adams

I do like saying the ETH is money words because what would be, Ryan, the native currency of the Ethereum economic zone?

You know, right?

It would have to be ETH.

Speaking of things that make ETH money, Aave V4 is now live on Ethereum.

So we've been at Aave V3 for a while.

V4 has been in development and is now deployed.

Some of the biggest changes is that V4 turns Aave from a collection of independent lending pools into a single liquidity hub.

that has specialized lending markets called spokes to plug into the hub.

So each spoke has its own underwriting rules, collateral types, specializations, et cetera.

And also the idea is that anyone can launch a spoke with DAO approval and all the spokes just plug into the hub.

So shared liquidity, but how does risk work?

Right.

Okay.

So this is the toxic contagion model.

So if some spoke is like, let me allow for some terrible token to be collateral.

What was the Sam Bankman free to FTT?

I mean, let me allow FTT to be collateral.

Yeah.

Well, first, I'll answer that question in a second.

First, there's a risk premium different for tokens.