So, the third module DeFi Deep Dive focuses on derivatives. And we'll talk about a couple of protocols in some detail. But I want to start with yield protocol. So, what is Yield protocol? So, Yield protocol is essentially a way to get a rate that is relatively fixed. We've talked about this before. So, think about the Yield protocol is creating a condition like a zero-coupon bonds. And zero-coupon bonds works in the following way and I'll give you a simple example. Suppose the bond has got one year to maturity and the price at maturity or the principle is worth 100. And the price today to actually buy that bond is $90. So, If you buy that bond at 90, you hold it for a year. There's no coupon. But at the end of the year you get 100. And in doing that, if you hold to maturity, you've locked in a rate. And that rate is 11.1% and you can work that out. Just 100 divided by 90. subtract one. Okay, so within the device space these rates are variable as we'll see. So, the Yield protocol uses ERC-20 in a very interesting way. And I'm going to take you through the mechanics of an example. It's a little challenging this example, I must admit. But it's important for you to basically get it. So, we're going to use a token. A white token that we've kind of talked about these tokens before. We talked about a C token for compound and S token for synthetics. So, we're going to use a like a white token for this. And we'll go through how this actually works with collateral in considerable detail. But the key thing is that one of the things that is missing currently in the DeFi space. Is the ability to have some sort of stability in a burrow rate. So, let's kind of go through some examples here. I suppose you think that ETH is going to appreciate by 10% over the next year. Because that's your view. So, what you can do is deposit your ETH into let's say maker. And borrow DAI. And pay 3% in terms of an interest rate. And maybe you actually reinvest and buy some more. Either that's a possibility. We've been through the mechanics as to how to do that. So, if the ETH goes up by 10% you can do the methematics that well. Your assets goes up by 10%. You have borrowed and you need to pay 3%. So, you've got a profit of 7%. So that works so well the problem is that that rate that's 3% is not set in stone. They can change. And if that rate for example went to 10% then even if the maker goes up in value. You have to pay the 10% and you make nothing. So, I'm trying to motivate actually having a rate that is fixed. So, you can kind of lock in at least according to your expectations. Kind of a known, right? So, and this is what a Yield protocol actually does. And I'm just showing here some examples of interest rates dYdX. Which we're about to talk about. You can see the average interest rate, the 30 day average and the range. Indeed, if we go to a longer horizon and here I'm showing compound dYdX maker. And a job you can see very significant variation in these borrowing rates. Okay, so again, it makes sense that there's a market for this. So, indeed, again, in centralized finance, we know this pretty well. So, I could take out a fixed rate mortgage and I know what the rate is and I know all of the payments to maturity. Or I could take out a variable rate mortgage. And well that might be cheaper, let's say today than a fixed rate mortgage. Who knows what's going to happen to the rate in the future. Okay. So, think of this Yield protocol as completing an important market. Okay. So, basically what we're going to do here. We'll have tokens that are secured by collateral assets. So, of course we need collateral, like all of the DeFi our protocols, there's going to be a maintenance margin. And we've talked about this with the makerDAO. And if there's a situation where we dropped below the collateralization ratio, the keepers are going to come in. And they will liquidate and essentially pay back the debt on the liquidation. So this is very similar to what we've seen. But it is a little curious as to how we're going to get a fixed rate in terms of borrowing. And that's what we're going to explore next.