Can you define AMM

and calc agent rights for the audience? Sure.

So calc agent rights are calculation agent rights.

Basically, when it comes time to value your collateral, who gets to determine that? It doesn't necessarily go off the last price that Bitcoin traded at.

It might go on the bid side because that's where you would be able to get out of your position.

or let's say that there's not much on the bid, they might even discount it a little bit further because they would say, for you to move this much collateral, we need this much liquidity in the market.

And there actually isn't sufficient liquidity at 78.

What did he get right? I think there's two