Investing in Carbon Credits - AMA With Kyoto Protocol

All right, this is James Pelton. I hope everybody's having a happy 4th of July, so it's good to see everybody. I'm glad that everybody here could make it. We already got a lot of people hopping on. As you guys are filing in, some of you are already on top of it, but please hit the like button. Again, that tells YouTube this is good stuff. We want a lot of people to see it, and also comment. If you're from the U.S., comment what your 4th of July plans are. What do you do for the 4th of July if you're not from the U.S.? Oh, no, mic problem, someone's saying. I just got this new mic, and it's not working. All right, there we go. How's this? I got a new mic. I do not like it. I'm going to return it. I just determined right now I'm going to return it. That mic is trash. Yes, I agree. I do not recommend this mic. I'll get a new one. Yes, so if you're just joining us, hit the like button, comment what your plans are for the 4th of July. If you're not from the U.S., do people not in the U.S. celebrate the 4th of July at all, or is that U.S. only? I've been curious about that. A lot of people scheduled meetings and AMAs and stuff today, so I guess it's just a U.S. thing. We're here with the team from Kyoto, and I'm very excited for this one. This is an AMA I've been looking forward to. I met with the team before, and they've got a lot of cool things going on, so excited to talk with them. If you have questions as we're going along, please feel free to ask, and I will bring those up as they fit into the conversation. So yeah, I guess the U.K. does not celebrate the U.S. independence from the U.K. I guess that kind of makes sense, I suppose. That wouldn't be something. So team from Kyoto, welcome. Ashton and Frank, it's good to see you guys. Could you start out by introducing yourself and giving a little bit of your background before we get started here? Brilliant. Thank you, James. So yeah, I'm Ashton. I'm the CEO of Guide Protocol. I have a background in cryptocurrency predominantly. I got involved in crypto in 2016, predominantly from Forex trading, and then I came over from that to crypto to have a business utility inside cryptocurrency. That's why I had OTCs, where I would sell kind of clients' cryptocurrency, and I built kind of a network up through that. That's where I met Frank. So that's kind of a glossary overview, but effectively I was a Bitcoin broker that kind of moved into the space. And yeah, I love DeFi now. Frank, you're on mute there. Don't worry, I just did it a minute ago too. Second time lucky, right? My name is Frank. I'm the COO of Kyoto. I've got a professional background in compliance and risk. I got into cryptocurrency in 2017 when I bought my first Bitcoin. I've been a crypto enthusiast ever since. I got into DeFi quite recently with Ash, and here we are today introducing Kyoto Protocol. Okay, very, very cool. Now let's go ahead and we'll start by talking about Kyoto a little bit. Here's the link I'm going to put down in the chat for people who want to kind of check it out. Here's the website. Could you give kind of an elevator pitch for what you're building and why you decided to build this? Yeah, okay. So Kyoto Protocol is named after the first legislation signed by the United Nations to combat climate change, and effectively what they created from that legislation was emission trading. So it was effectively trading emissions on a ledger. Obviously there's been a lot of fraud since then, so what we're doing with Kyoto Protocol.io, we're kind of taking the name and where they left off, and we're implementing blockchain technology with DeFi, and we're creating a solution for businesses to earn carbon credits through passive staking, and effectively raising the utility transparency and accessibility of carbon credits. Because, you know, if anything needs to be traded on blockchain, it's carbon credits because, you know, that's kind of critical data. Okay, so let's start out with, again, going back, just assuming that the audience doesn't have any idea about, you know, anything in this space. Sometimes that's hard for us to kind of back up, and so can you talk about what a carbon credit is and how that started? How long have carbon credits been going and what those are? Yeah, so carbon credits were really born from the Kyoto Protocol in 1997. That was what the emissions trading were. Effectively, carbon credits are a measurable tool of carbon emissions, so one tonne of carbon emissions. Now, there are different standards of carbon credits, which creates quite a confusion of, you know, standard and class, because, you know, one tonne is one tonne. Whether it's a tonne of feathers or a tonne of bricks, it still weighs the same, but there's lots of different generation methods, different costs of generation. But yeah, a carbon credit is a metric tool measured to basically measure someone's carbon emissions. Okay, and then, so is there a limit to how many carbon credits there are? Does that limit change? How do carbon credits work with companies, and can you kind of explain? Again, I don't even, I don't really know anything about this market. Could you kind of explain how high the carbon credit is, but how does it work with businesses and such? Okay, so depending on what type of business you are and how much you emit, you have basically, how can I put it, guidelines to what you have to offset. So, if you're an airline, they basically work out what your emissions are, and then you have to offset through, you know, whichever emission trading system that is. So, within the carbon offset industry, there's multiple market classes, and the market classes that there are, they have different requirements. So, you have the voluntary market and the compliance market, and we'll touch on a bit more about that shortly in the call. Okay, very cool. And then, so does the price of carbon credits, there's a limited amount, I assume, and does that amount go up? Like, are there more carbon credits each year? And I assume there's more businesses that need more carbon credits. So, does it kind of become a currency in and of itself? Oh yeah, look, so the carbon credit industry last year grew 164 percent, and that coincides with businesses that, you know, are basically pledging to be green, because it's more social savvy. With social media now, everyone wants to be seen to be green. So, obviously, the demand has risen. Is there a limit on carbon credits? Now, within certain emission trading systems, there are. However, people are more often towards carbon sequestering, working out what the carbon capture is to the project, and then generating a credit from that. That ties me into my next point with the compliance market and the voluntary market. So, the voluntary market is more of, like, a wider rule set. You normally have to have a, basically, a regulating body that would assay the carbon credits to your project, so how much carbon your project sequesters. And the compliance market is a bit more stringent. But yeah, there's not a limit. There has to be a mechanism that is generating the carbon offset for the credit to be minted, and there has to be a verifying body to, basically, quantify what you're saying, because anyone can say they've planted a tree and, you know, there's offset. It doesn't work like that. There has to be a tangible mechanism behind it. Okay, so you're able to... Can you talk about the minting of a carbon credit and what goes into that? Again, this is educational for me. I don't have any idea how this works. Okay, so minting of a carbon credit, that's an interesting question, because we will be minting carbon credits on-chain. However, there are different asset classes of carbon credits. Initially, we're going to start with one to three. We don't want to confuse things, but what we want to do is ensure that customers using Cards Protocol have access to the standard of class that they're after. So what we would be doing to mint a carbon credit on-chain is basically acquiring in our inventory. And then once we hold it in our inventory, we can create a synthetic asset, which is very similar to like the Paxos model for BUSD, Tether, for example, where they have a dollar and then they mint a dollar up-chain. We're going to be doing that. And then when you come into our ecosystem and if you burn or expend a carbon credit, we remove that from our inventory. So that's the minting and burning process. In terms of like assay and verification, you have different, how can I put it, regulating bodies that will basically come and look at your project, work out what the carbon sequester is, and then give you a carbon allowance. That carbon allowance is through their carbon credit, which obviously has a tangible value. Now, there's different values of carbon credits, some up to $100 and some down to $10. And it is really down to the regulatory body on what that price point is. Okay, very cool. Can you talk about, again, when I heard you guys talk about carbon credits, the first thing that came to mind was ClimaDAO because that's the first time I had heard of carbon credits was when ClimaDAO came about. Can you talk about what you're doing that's different than what ClimaDAO is doing? Yeah, so ClimaDAO was kind of one of the first to kind of leave the pack in the refi space, which is bubbling away. In terms of how we're different, obviously ClimaDAO is a rebase protocol, slightly different rebase, albeit. And yes, they incorporate carbon credits, but that's where the similarities stop. We are completely different in the way that we work out our business model and how we are really incorporating carbon credits into our ecosystem as a whole. Namely, the fact that how we're rolling out our business as a whole. So, for example, ClimaDAO, they've got their carbon credits on their platform. We're rolling out onto multiple blockchains. Obviously, we've got a partnership with Near Protocol, Kudos. We've released Fire blockchain today. And there's a few others in the pipeline from top 10 coins to top 25, top 50, and top 100. And effectively, what makes us different is our route to market. So, when we say that we're raising the accessibility of carbon credits, because they are very hard to get hold of, and they're a bullish asset class as well, which I'm sure Frank will touch on shortly. But we've got a completely different business model. We're rolling out a network of DEXs on chains, which act as carbon credit marketplaces, which give every single business user on chain the ability to passively generate carbon credits at little to no cost through providing liquidity. Okay, and then so you have a rebase token, which again, for those who don't know, that's it's kind of like, you know, Titano, Libero, those types of where you hold, you just buy the token, you hold it, you're getting 2.5% daily, so it ends up being 916,000% APY. And in general, I don't like rebase tokens, we just have, you know, the charts of all of them look like this, boom, we're kind of seeing the same thing. Can you talk about how what you're doing with the carbon credits is helpful to the protocol itself? And how you you know, why you think you might do better than Titano, Seifu, all those that have kind of come before? Yeah, I think there's a clear distinction with how we work. And the way you've described it there is very atypical of a you have this period where you start with limited supply at a higher cost, because it's got a low sort of market cap and initial liquidity, perhaps you see this massive spike. And then around the 90 day point, maybe before you see it come right down, because it hyper inflates. I would say the difference is that we approach this with the end in mind, if you imagine that we're going to launch our own layer one, and then over 12 months, we're going to build multiple partner dexes of which we've had endorsements from our partner chain. We're using this simply as a layer one token distribution. So take away what I've just described there. If you look at phantom as an example, okay, it has 3.25 billion tokens total circulation. Now, if you were to buy and hold our token today, and hold till the end of the 12 months, with 20% burn rate, which is what we're anticipating, based on our business model and our financials, we would migrate across with 2.4 billion tokens, give or take, you know, that's going to be dynamic and fluid based upon how much the rebates burn the taxes. So I would say based on that model, and what we're looking to build outside, these dexes will all generate revenue. They're all partnered with major blockchains, you know, Ash touched upon why the carbon market is bullish, very on trend within the crypto space, all of the blockchains want to say they're carbon negative, they're carbon neutral. What we essentially do is give them an option by building on their site in partnership to use their liquidity in TVL to offset themselves and become much more carbon negative. And that's very on trend. Now that's just with our partner dexes. If you look at the business model that we offer to a Web2 company, for example, a major corporation that has legislation that says it has to offset itself with this amount of carbon credits or this amount of metric tons in emissions, and we allow them, for example, to pledge 10 million in liquidity and earn carbon credits back in a real world company, then our offering already is much different to any typical rebates you described. Now, why is that important? Well, why are you looking to get in and out of a rebate in the first place? Because you want to sell the token when you think it's at the highest price, when you've had the best return on your investment, because pretty soon after three months, you might have a bag full of tokens that have no value. And that's getting more and more and more and more tokens, but less and less and less value. We're trying to approach it very differently. We've had some really good feedback from the community. They're starting to understand what we're saying. So if you take that fountain based model, and you look at what we're doing in the real world, we're trying to bring carbon credit assets on the chain and allow companies to offset at scale via the blockchain on a completely transparent ledger with endorsements. If you take that and say, here's an opportunity now to make a small investment at the beginning, we launched on Saturday, 1800. So we're still early. Make an initial investment now, hold, buy and sell, do what you want. It's your investment. You can do that, what everybody says. But if you held to the end, you will migrate those tokens with no sell tax over to our layer one with a whole new ecosystem that we've got partnerships and obligations to build. And that's why I would say we were different. We've already taken liquidity outside of our rebates. Yesterday, we burned $108,000 worth of tokens on the first day, the second day. That wasn't from our treasury. So we've got an existing business model outside of the rebates. And what I think is key for us is to make people see that it's not a typical rebates. We're not going to say, you know, hold our token for 12 months when we have no real plan. So we're trying to get people to see that you're minting layer one tokens with real world utility with such a large scope for a business outside of that on our own blockchain, that hopefully, people don't just think I need to be able to do a 3x and get out. Now people will do that because they won't learn what I've just described. But if you look at it as you're going to hold a bag of layer one tokens at the end of 12 months, and you can go along watching what we build, I would say that is why we're different. We have outside revenues, we're using money outside of the protocol already. And we've got a long term vision. Okay, very cool. Can you talk a little bit about the the business off chain that you kind of talked about? So were you guys working in this before you started this protocol? Can you talk a little bit about that? Okay, so the business off chain that Frank was discussing, there's obviously institutions that are forced to offset carbon emissions. So, you know, that's kind of the liquidity model. In terms of what we're doing previously, our core team, they have a background in renewable energy. Frank has a background in compliance and due diligence, both for cryptocurrency companies and, you know, the high level due diligence. Myself, I have a background predominantly in cryptocurrency, OTC and fintech. So blended together, we have an understanding of what companies want, and also how to navigate the market in terms of generating carbon offset. The off chain business, so to speak, if you look at it from a carbon credit point of view, we're going to be creating a it's basically a regulated fintech OTC desk for institutional offset. So where a lot of these companies have issues in terms of integrating cryptocurrency into their business model is basically AML KYC compliance functions. So a business that may be transacting 150 million dollars a month, the receiver bank may not have the risk appetite to accept cryptocurrency in its business model because of the amount of fraud that goes on. So what we actually do is create a bridge there. So, you know, we are pre-accessible, we enable anyone to come in and be able to generate offset if you have internet. But we are catering for businesses that want to basically look at ways of reducing costs, because certain legislation is coming in next year that's going to require major shipping companies to offset carbon emissions through their business activities. Now, one leg of that will cost about 50,000 dollars, right? So that has a massive impact on the bottom line of shipping costs. Now, companies have two options. They can either absorb the cost or put it to us guys, you know, the end users, the people that haven't products sent to ourselves. So what they can do is have a leg over the competition and effectively use a product like our OTC desk where they can pledge liquidity, have no fear of having any issues with compliance with banks, generate carbon offset, and all of that's done on chain also. And that OTC itself 100% benefits all Coyote token holders for its revenues generated there alone. Effectively, what we do is aggregate the liquidity in our pools, much the same as we do with DEXs. And then we put that into a DAO, we fund clean projects, we do it totally transparent. So if you go to our Gitbook, we share the DEXs, it's the same with the projects as well. Everything will be shared in terms of the carbon credit generation. Now, liquidity providers get the carbon credits back in institutionals on the institutional level. They'll be looking to basically burn those carbon credits instantly to get the offset that they have to get effectively. I just wanted to add to that. We've effectively taken two growth markets. You know, you look at DeFi, essentially it's in its infancy, but what it allows is for people to stake liquidity and earn passive returns, which is why we all love it, right? But if you take another vertical that's extremely bullish, which is the carbon credit market, which has legislated buy pressure, right? Because these companies are going to get charged a tax in carbon credits that they have to buy. So if you take those two markets and you can integrate them, which is what Coyote does, we're allowing Web2 companies to pledge liquidity and get carbon credits in return. But we're also allowing our user base in DeFi to farm anything that they wish and get carbon credits in return, where these corporates will buy them immediately. So we're integrating two very high growth markets. And, you know, in order for these companies to offset scale, carbon credits need to be widely accessible or else they can't meet their offset targets. And because we're not limiting ourselves to just say, look, here's one portal, buy carbon credits here, we're building these marketplaces on multiple chains. And the more chains we build on, the more accessible these become, which means ultimately companies can offset on any chain and all of the blockchains can make themselves greener for marketing purposes. So ultimately, we're going to make these more accessible, make the industry, corporates to come in, pledge liquidity and get these carbon credits. Okay, very cool. And Mike B, he's a faithful AMA watcher. So Mike, welcome. Can you ask how much a carbon credit is worth right now? And how will they be distributed to holders, percentage of holders? Okay, so to my point earlier on, carbon credits have a different asset class. So the most popular one is EU ETS. It's in the high, it's around 70 euros right now. So that they are up about, you know, 1.52 x in the last 360 days. So they are an incredibly bullish asset class. But there's price variations in terms of different carbon credits all the way from say, $10 to, as I said, with EU ETS 70 euros. So there is a massive price discrepancy. But that's the asset class, every asset class has a value. Typically, right now we're seeing around $15 is kind of the average price for the standard credit. And in terms of like the distribution to holders, what will happen is you'll be able to provide liquidity. So if you provide liquidity, it will be done to your pullway. So whatever your pullway is, will be the return of carbon credits that you get distributed back. As a Kyoto token holder, we will be distributing carbon credits to our token holders when we open each marketplace. It's basically a way to say, here's a token, go and have fun with it. You can either sell it, stake it, hold it because their speculative asset is going up in value as well. So it's an additional revenue. So we are airdropping carbon credits to our user base through the Kyoto holder. But in terms of like how they're distributed to liquidity providers, that's done for a pullway. Very similar to like yield optimizers. So if you'd stake weight in a pull and a yield optimizer, you get a native token. And on that point, you know, with yield optimizers, you're normally yield farming an asset can't sell that has very little to no liquidity. And what we're doing is giving you a token in return, which has major liquidity behind it that you can sell. OK, and then Tello G has a good question. So do you consider this? How should investors be thinking about this? Do you consider this more of an investment in carbon credits or an investment in the company or kind of a combination of the two? Or what's the best way for investors to think about this? OK, so do you? No, I would say both. Look, so by owning Kyoto tokens, you are a shareholder in the whole Kyoto ecosystem. So all of these DEXs that we build, every single DeFi application that we build as a company benefits Kyoto token holders, not only to mention the centralized services that we touched on with the institutions. Now, you know, I can't give investment advice, but, you know, carbon credits, if you in Kyoto, you kind of have a vested interest in carbon credits anyway. I think they're both a great asset. So, yeah, it's an investment into a company that interacts with carbon credits. It's similar to, you know, investing into a company in the Internet in the 90s. You know, that's how I see it. There's two massive verticals. If carbon credits grow the same rate as they did last year, it would actually overtake the cryptocurrency market. And there's only two markets that are growing at that rate, cryptocurrency and carbon credits. OK, so it's kind of it's kind of a similar question asking if you invested in Amazon in the 90s, are you investing in Amazon or in the Internet? And it's kind of a well, both really. And this is a good question for us U.S. people. Is this going to be considered a security in the U.S.? Is there any any risk of that or any risk of especially us in the U.S.? I was just trying to get some do some futures trading and the U.S. doesn't make things like that easy just because of all the regulations or anything that we need to worry about being here in the U.S. So obviously U.S. have very stringent trading rules, but effectively we're looking at avenues for tokenization by NFT. So you can create an NFT and then tokenize the NFT, that kind of bypasses the security rules. We have a two month ramp time to confirm what we're doing on that. We're seeking advice through seeking legal advice effectively on that subject. We don't want to cross any laws that, you know, would effectively get us in trouble. So, yeah, we we're not going to be considered as a security. We are going to try and bypass that. However, we can't control what happens with legislation. Cryptocurrency legislation changes very quickly. Carbon credits the same. So we need to just basically keep on top of it. And that's that's the best answer I can get to that right now. Yeah. And that's you know, that's the advantage of crypto right now is essentially that's what it does is it lets you get get through some of the regulatory red tape to get to investments. That's why a lot of companies go to crypto is because there's less regulation there right now. Here's another good question. I thought you did want to know what's the difference if it's possible to buy carbon credits directly and holding Coyote token and earning carbon credits? What would kind of be the difference there? So that's a really good question. So, you know, I'm a bit of an entrepreneur myself. And when I was looking into industries that are bullish because I'm a trader as well, I stumbled across carbon credits and I tried buying it. You know, I tried actually buying the asset class and it was a headache. I gave up. It's impossible for me to buy something that was actually tangibly backed by a carbon credit without jumping through loads of loopholes. So I would say try and buy carbon credits. Good luck. However, with us, as you say, cryptocurrency is very easy. It's a very low barrier of entry. You can buy a carbon credit. When we when we launch it. So I would say by carbon credits, we're buying through Coyote. It's a lot less hassle. Yeah. Two clicks to buy them on Web3. Yep. And again, that's the advantage of crypto. We're kind of seeing these questions are kind of showing the purpose of cryptocurrency, right, is it helps with regulatory stuff, makes it easier to buy synthetic versions of real life assets. Very cool. So Telogy has another question. Telogy can always count on him for good questions. Will you publish attestations of your carbon credit holdings in real life? I'd like to be assured everything is actually backed by a reputable source. Absolutely. So earlier on, I mentioned that we're mirroring the Paxos model. So Paxos are the guys that basically back the USD in terms of the transparency reports. So we would have a tier one law firm basically confirm that the holdings that we hold are true. We would give either monthly or quarterly reports. I would definitely give a monthly trading report. Everything will be done daily on chain anyway. So we'll give a daily update. But in terms of having it confirmed by a direct source, you know, you can't beat a tier one law firm. You can't beat tier one accountancy firms. And that's exactly who will be using. OK, and so let's let's let's fast forward like we'll say three years. OK, that's quite a bit of time in crypto world. But if everything kind of goes according to plan, where do you kind of see Kyoto and what you guys are doing in three years? You know, everything kind of goes pretty smoothly. Where do you kind of see that in three years? So in three years time, I would like to see Kyoto being the leading blockchain protocol to effectively have the whole carbon credit, not the whole carbon, but the majority share of the carbon credit industry on chain. We would like to sit between all of our major partners, all of our partner blockchains. Picture the layer one is like a connected web between all of these marketplaces. So in three years time, it's going to be constantly expanded. So, yeah, a reputable name within the carbon credit industry, not on check, not just on chain, but, you know, within the space we plan on absorbing a good size of that market share. OK, Frank, did you have anything to add to that? I was just going to say we've also got a plan for our layer one that it will be the home for green projects to come and build dApps and really come in and be a part of the ecosystem. So while we're just building what Kyoto needs now to thrive and execute our business strategy and our go to market strategy, beyond that, when we have our layer one, we'll be giving grants and getting clean green projects or refi projects a home to come and essentially build on our layer one. So it's one collective. So that's kind of where we see our end goal, not just with what we're doing with our markets, but we want projects that are building on other chains to come to ultimately ours and build. OK, very cool. Yeah. If anybody else in the audience has any questions, feel free to ask and I'll bring those up. So a lot of people, I guess this is a good question. This means it was a good AMA, but a lot of people are asking, so how do we buy the fair sale? Fair launch is already over. Can people buy the token? What's the best way if people want to get involved right now? I'll just say before we go into that, we believe we sold out the biggest fair launch on BSC at two point three eight million dollars. It took nine hours, but we did that. How can you buy? We're on PancakeSwap, Coyote, Coyote BNB. You can head to our website. The white paper's there. There's a lot of information, medium article support and everything that we've done with our partnerships. But yeah, you can find us on PancakeSwap. Finance. Everything's available. Yeah, actually, I was checking how your launch did and I read it as two hundred and thirty eight thousand dollars. And I was like, oh, well, that was you know, that's pretty decent. I'm glad that they were able to do that. And then I reread it. I was like, oh, wait, I'm missing missing a zero there. That's two point three million. Yeah, I was. I mean, that's a good sign for a protocol when you're able to do that in the in the prelaunch. Well, very cool. It was a it was a risky play, to be fair, because we put forty nine percent of our supply up for sale and we weren't entirely sure right down to the last minute how it was going to play out. But yeah, we were pleasantly surprised. And it means that there's a lot of tokens out there, you know, in circulation because we put so many of them up for sale. Well, and it's incredible. I mean, we're in, you know, the most bearish market. I mean, there's not new investors coming in. So I was just surprised that you guys were able to do that. How do you feel like the bear market has affected, you know, launch or the way that you think through what you're doing? How has the bear market affected you guys? It definitely affected our approach. Obviously, we were coming up with, you know, worst case scenarios. You know, we're well aware that fresh money is not it's a brilliant opportunity for fresh money in the market right now with the prices. With that being said, it was definitely a discussion between the team of how we approach it. But yeah, it's great to sell out a fair launch in this market condition. There was a there was also another factor that played very much into our decision making about launching in these market conditions. And that is because legislation for carbon credits comes in, in about I think it's October next year in certain industries. Now, if we launch like we did 48 hours ago, you know, we're going to in 12 months, and then we're going to go and build our layer one, we will be perfectly primed with our marketplace to put assets on chain to offset companies when they're legislated by governments to do so. So we could have waited six months, but then we wouldn't have everything in place to take full advantage, I think we'll go live. And then within about 60 days, this legislation comes in, and we're off to the races. So there's that, you know, we could have pushed back, but then we wouldn't be ready for what we're trying to achieve in carbon credits. And that was a major piece of information that factored into our decision making. Okay, and then I don't know how you pronounce that name. There's no no vowels. So I'm not going to try. But can you talk about partners and maybe future partners and alphas? Anything that you want to want to share about that? Okay, yeah, that's, yeah, I normally get told off for sharing too much alpha in the AMA. So I won't I won't share too much. But yeah, so obviously, we're partnered with near protocol, that's our largest to date. Effectively, obviously, we're part of a GDA capital VC fund, nickel digital private equity firm based in the UK specialized in renewable energy. We're partnered with Rubix, which is another layer one blockchain partner with fire partner with kudos, which is a brilliant project. So there's a lot of partners that are kind of stepping forward and entertaining carbon credits on chain, and they're excited to work with us. In terms of future partners. I'll give some alpha, you know, we're in discussions with top 10, top 25, top 50, and top 100. And I mean that in brackets, so different projects, not just one project in there. I would say we've probably got several in the pipeline. And that's all through kind of referrals with our partners and our network ourselves. But that's, that's, that's what I think. And I'd also jump in and say, I think we're the well, I'm certain that we are the first rebates out there that pre launch had partnerships of this stature to back us and believe in us and endorse us publicly. And I would say that I'm biased, but that's very bullish, in my opinion. Yeah, no, totally agree. Have you? Is there any thoughts of, you know, working with the government? Or have you, you know, approach that? Or I don't, I don't know, it's some kind of collaboration there. I mean, okay, so that's a great question. I would love to. I would love to work. I think that would be the three year plan. But governments, crypto, and blockchain. But yeah, that's definitely a conversation worth having. Frank's obviously had, you know, experience with, with governments with due diligence in certain countries regarding cryptocurrency anyway. But I would say the regulation and framework certainly down the road for that. Yeah, I guess, yeah, some partnering with the government might defeat, you know, some of the some of the things that you're trying to do, they might shut some of that down. So yeah, I guess that's definitely, definitely true. So and I went ahead and posted the contract address. So yeah, you can trade on pancake swap for now. Does anybody else have any final questions here? This was super educational for me. It makes me want to go. I want to just ask you guys about carbon credits and this whole how this started and all these things. But I think I'm gonna do some reading on my own rather than take everyone's time. But I think it's fascinating. Is there any final things that you want to get across? I think we're kind of half your community here, half new people. Do you have any final words for your community? Or final words for potential investors who are kind of on the edge? Yeah, okay. So just want to kind of highlight a major utility of our of our layer one to kind of look forward to. So we're all familiar with yield optimizers, kind of what I touched on, you know, Frank and I were kind of big DeFi degens in the phantom ecosystem. And we spent a lot of time looking at yield optimizers. And actually, that's where the like moment came where we understood, okay, well, you can get this liquidity and then generate clean projects that generate carbon credits. So one thing that's interesting about the layer one blockchain is we're trying to create a hub effectively for either charities, institutions, large corporations to create their own branded yield optimizer, where they pledge their own liquidity. And that can obviously be seen on chain. So it's just, you know, one tool that will be used for our layer one blockchain. But I just want to kind of give a bit of a future vision there. And I would close with saying we, we touched on DeFi and we touched on carbon credits as an asset class or a commodity. What we didn't touch upon is that carbon credits and these reason why we did a tonne of carbon metric tonne of carbon being one carbon credit, and why it's important for companies to offset is it all came out about tackling climate change, right? So I would say that, you know, by by us doing this, obviously, it's a green project. I don't think you know, very easy when you look at bullish assets, forget about that. You know, we are allowing basically by offsetting and allowing our protocol to do this and for companies to offset at scale. Ultimately, it benefits not only people who are investing in the protocol, it benefits the planet. And I think that that was pretty much missed out in our talk. And I just like to finish with that and say, look, here's an opportunity to do well and make some money. But ultimately, if you believe in the project, you can help the planet as well. Yeah, just a caveat to what Frank's discussing there. Obviously, ESG is like, it's the hottest sector in terms of institutional investment. Everyone's looking at ESG now. I personally think that there's not been an opportunity in cryptocurrency, it's my own biased opinion, in the last couple years, at least to kind of hatch it onto two bullish market variables, especially at this at this market sentiment, you know, it's not a great market, we've pegged at a great price. And, you know, the upside is massive, as well as, you know, not only that, if cryptocurrency seems to have its volatility that we all kind of love, you can carbon up, you can use kinds of protocol, instead of going into a stablecoin, which is a deflationary asset, you can go into carbon credits, which are, you know, macro bullish. So, you know, there's other avenues and potential ways of looking at Cairo's protocol as a user, whether you just want to use it to yield farm to make additional income on your stables or single stake the cryptocurrency that you already own. There's certainly different ways to look at it. And most important thing is, is that it's probably the first of its type to make it profitable to do well. And obviously, you know, Bitcoin and its popularity, it wasn't because it was groundbreaking technology, it was the headlines price, it was people making lots of money, it was the volatility, the price coming down. And, you know, we plan on kind of utilizing the fact that we can make people money, keep people around sustainably as a DeFi protocol, and then kind of grow that community out, which is why we're focusing on the DeFi crowd first to kind of show them that, you know, hey, look, this is something that's interesting and sustainable. But yeah, I just kind of wanted to add on to that. Okay, very cool. And we were closing up. But yeah, we had a couple more good questions as we were finishing up. So we'll go ahead and ask those. But do you consider this is a good discussion? I think that do you consider the Kyoto token price more correlated to something like a commodity or more to crypto? So do you kind of do you often crypto seems completely detached from real life logic? I hope it doesn't just follow Bitcoin. Do you have any thoughts on that? So, okay, so we're in the first year phases, obviously, what we're kind of used to in terms of the rebase contract. So there is a there is a point of dilution where, you know, the cumulative compound effect takes effect and sometimes the price will come down slightly. In terms of like correlation is very hard to gauge because we're a new product, we're a new business application, we're obviously pegged to BNB, BNB is moved by Bitcoin. So I would say for the first year, definitely we have a correlation. But with that being said, our carbon credits on platform are definitely not correlated to Bitcoin in any manner whatsoever. So what I mentioned in terms of like carbon, you can, you know, basically hedge your bets into a different commodity that's not pegged to even the NASDAQ, you know, it's not it's not affected by stock markets. So, yeah, I would say, look at it in a different way, look at the carbon credits, it's not correlated. And obviously, Kyoto will be in somewhat way for the first year, at least correlated with Bitcoin. I would also add and try and just say that there are two key tokens in our ecosystem, just so you're aware, Kyoto token that's available now for sale. And then when we bring synthetic carbon credits on chain, they will be called Kyoto credits. They're the ones that are one-to-one backed. They're the ones that are assessed. And they're the ones that will do the reports on impacts of this model. They will be pegged directly one-to-one to the cost of that asset. In regards to the Kyoto token that's available now, that is the cryptocurrency. But I wanted to give some clarity on that to say there will be two separate tokens in our ecosystem. OK. Yeah. Thank you for clarifying that. And I did post the wrong contract address. So this is the right one. The one that starts with six nine. I don't know what the other one I posted was. I found it somewhere in the white paper, but it was not the right one. So this is the right one is the six nine one starting with six nine. That's the real one. Oh, I posted the fair launch smart. So, yeah, don't use that one. What happens when you do things live is I, you know, I make mistakes. So that's that's what we do is do you guys know when the DAF is coming out? The DAF actually before I jumped on this call, I was ready to press the button on it and for it to go live. I wanted to make one small tweak. I wanted it to be done in percentage and not in number of tokens. Definitely live today. As soon as I get off of this call, it'll be the first phone call I make. It's also the prettiest DAF in Rebase. You guys, I will say the website is one of the best best looking websites. It's definitely super user friendly. And that's something that you always like to always like to see. So definitely very cool. All right. Well, I think that answers all the questions. This has been great for me. Super educational. I'm going to do a whole bunch of reading. I have your medium up and I'm just reading through some of this stuff. Sometimes I multitask, you know, I listen and I'm kind of learning as I go. So very cool. Yeah, I want to thank the audience. Thank you guys for showing up. Please hit the like button on your way back or your way out. And if you have further questions, I'm going to leave a link to the discord. But I know the team would be happy to have you hop into the discord and ask whatever questions that you might have. I'm sure that a big part of what you guys want to do, too, is help educate again, just kind of a new new idea for some people. So hop into the discord and you can ask those questions. And I want to thank you team. Thank you guys for hopping on. I appreciate you guys. I think you did a really, really great job answering all the questions. And I hope to have you back on the channel soon. Thank you. Yes. Everybody be safe. Thank you guys so much. Have a good rest of your day.