New people on the call

• Collin Myers - Activate (ConsenSys)
• Mara Schmiedt  - Activate (ConsenSys)
• Rina Spasenkova - Paradigm Fund

Notes

Felix covered the outline of the research report going through the draft table of contents.

Main sections:

• Intro to PoS and liquid staking
• Liquid staking taxonomy and explanation of approaches
• Liquid staking as a building block for decentralized finance
• Liquid staking and network security
• Desired outcomes for liquid staking and framework to evaluate approaches
• Evaluation of various approaches based on framework
• Conclusion, recommendations and future work

1. Is regulatory part of the scope?

Challenges of including regulatory in the report:

• Jurisdictions will be different

• Can get a feel for what the regulatory implications will be like
• Response to it in the next call after internal discussion in Chorus team

1. What's the organisational structure of the research report production?

• Felix - writing
• Brendan - overall project coordinator

Nicola Santoni

• If the derivative is a security, then is the raw asset not a security?
• Brian: something not a security can be used to create a derivative that is a security. Example - derivatives built on commodities.

Colin Myers

• Colin: Technical supersedes legal. In-protocol token issuance preferable, rather than an outside service provider creating the token. That would help the legal case.
• Legal discussion and tax discussion can be kept separate.

Do we have more resources on staking insurance?

• There is not too much public.
• Nexus Mutual is looking at it. Unslashed was on the call - Felix referred to them.
• Marouanne: What would be a useful resource to have?

• Will start sharing resources on our implementation of slashing insurance this week.

• Combination of insurance and slashing

Sunny’s presentation

1. Sunny presented on the accounting and flow of delegation vouchers.
2. Delegation Vouchers keep track of the conversion ratio between atoms and shares
3. He explained the issue with delegation vouchers - what happens if the rewards are in two different tokens, like atoms and photons?
4. Sunny then explained how to make delegation NFTs. How it exploits Cosmos F1 fee distribution to take care of multiple fee tokens.
5. Issue with making non fungible delegation assets.
6. He explained how the solution track last withdrawal time