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5ireSide Chat
Recorded: Aug. 10, 2024 Duration: 0:32:29Space Recording
Full Transcription
I'll see you next time.
I'll see you next time.
I'll see you next time.
I'm just waiting for my fellow speaker.
I'm just waiting for my fellow speaker and we're going to do steps.
Start soon.
Hi guys, great to connect with you all.
I think I've come to the space for the first time after a long while.
So pretty much happy to give updates about everything and hello to my co-fellow speaker as well, Karsh.
Over to you, host.
I'll see you next time.
I'm just checking in.
Am I audible enough?
Karsh?
Yes, Karan, you are audible.
All right.
We're just waiting for like five more minutes and then we can start.
Sure.
Perfect.
Sounds good.
I'll see you next time.
Thanks.
I think he might be facing some issues, but let's wait for a second.
So, UA?
Are you there?
We can't hear you, Utkash, if you're speaking.
Can you hear him?
Yeah, I think now I can hear you.
I think Elon Musk is in a bad mood today.
Looks like it, looks like it, looks like it, looks like it, looks like it.
Okay, everyone.
Welcome.
Quite a week for crypto and the markets overall.
I hope you did not panic and was proceeding with caution.
But yes, overall, a tricky week for the market.
So, Karan, what happened to you?
Did you get very freaked out?
Not at all.
Not at all.
Not at all.
So, I was pretty certain, you know, looking at the market trends, you know, how we follow them.
It's actually, so whenever, it's the nature of any industry, whenever you get into any industry, whether it is energy, whether it's mining, whether it is crypto, for that matter, blockchain, right?
You do face a lot of problems while the stair, so, for example, if you're climbing high stairs, right, and you want to reach to a super high, big players will never let small players enter.
That's the rule of the game, right?
So, technically, the dips were meant to be.
I especially expected this to happen after the Ethereum ETF was approved because it was a replication of what happened after the BTC ETF got approved.
So, when the BTC ETF got approved, if everybody was following the market, the market took a drastic dip and then it suddenly revised because they want to, all the players who are into this market, for that matter, I don't want to name anybody, but, of course, everybody who's following crypto do know which all players, which all tier one players have already entered the market.
They want to gather as many Bitcoin as they can and no one, none of them have even sold a single Bitcoin other than who probably don't believe in it.
So, most of the big players, most of the VCs we know, most of the, you'd say, the big giants are waiting for this dip to happen.
And we've already, for a blue chip, for example, we call blue chip like a Bitcoin, we're already up almost 20%.
So, we dipped to 49, now back to around 60, stabilizing around that matter, having a lot of good news expected to come forward with the crypto world as well.
So, let's see how it plays out.
But I'm pretty, to answer your question, I did not panic at all.
I believe in the technology, so I'm there.
What about yourself, Uwe?
I think Karan is also practicing a lot of meditation.
That's why he doesn't panic at all.
We should all learn from him.
Anybody into the crypto world needs to practice meditation because, you know, it's a very big, it's a roller coaster.
Yeah.
So, look, what happened is that I woke up, I slept late on Sunday and I woke up in the morning and I quickly looked at the markets.
So, I was quite surprised at what happened.
I was expecting that, you know, in two, three hours, how much can life change?
Because nothing had fundamentally changed.
So, I knew that there was some sort of overreaction happening.
I just wanted to understand what was the source of it.
So, what happened was, as some of you may know, that in Japan, interest rates were increased.
And once interest rates were increased, this borrowing money to buy in the U.S. markets became more expensive.
So, everyone got into a state of panic because they weren't sure what was going to happen.
In that state of panic, forgetting that fundamentally nothing had changed apart from this news.
Good investments were still good investments.
People started selling.
And the result was what you saw.
But as soon as that happened, a lot of people actually went on and extended their portfolios.
What they did was they said that, okay, the fair value of this particular stock or this particular coin is this.
I have deep conviction.
Nothing has fundamentally changed.
I let people want to overreact, overreact and move forward.
Those are people who have, you know, made a pretty strong return in the coming month, in the past week.
And I think these kind of weeks will become more common, especially till the elections and till the economy stabilizes a bit.
We should all do a bit of meditation and focus on fundamentals.
That's what we've been doing at FIRE.
I mean, it is coming up.
So, we want all of you to focus much less on what random forces are affecting the market, although some of it is required.
But really decide to allocate your dollars in time on companies and currencies that are intrinsically strong.
So, Karan, like, what's happening in your team?
How are you guys spending your time?
So, yeah, I would also like to add up to what you just said about the interest rates you and then I would, like, you know, jump to what's happening with the business side of FIRE as well.
Also, if you must have noticed, the big players are manipulating.
The market is going so crazy that, you know, as and when this happened, there was a sudden announcement by the Fed to cut the interest rates.
And I think they are having a meeting over the next 20 days.
So, I'm expecting an interest rate cut in US, which should be very bullish for crypto.
So, yeah, I don't know if most of the people on this call would agree with me or no, but I am pretty bullish on crypto as of today.
And having said that, that, you know, we are developing a layer on blockchain.
Our main net is about to launch on August 15th publicly.
We already launched a closed version where you can obviously, you know, whatever you, whatever you guys can come test it around.
If there are any bug fixes, our team is continuously working on it.
On top of that, we have managed to get some big partnership, big names, and we would be announcing it as we move forward.
Not allowed to disclose major names because we are under NDS.
Till they announce, we would not be doing that.
We want to keep all the surprise elements to it.
But we also know that, you know, when you're building a layer one, you do face a lot of challenges.
Having said that, there are a few pillars we need to focus on, which is DeFi, all these native DEXs building on fire.
We need a native DEX as well.
Hopefully, that should arrive sometime soon.
We are also trying to get one of the biggest world's energy company on fire.
Energy company in ways of blockchain and crypto, which would be focusing on mining.
And that should also help us increase a massive amount of TVL.
For any layer one, what matters is TVL, and especially that mining company is also sustainably very high, which aligns with our vision of fire.
Like, the more good you do to the world, the more you can make money.
So, they're actually doing good by generating electricity through all the renewable resources, etc.
Yes.
So, yeah, a lot of developments are happening.
We have integrated with Particle Network also.
A lot of people, a lot of projects we've collaborated with and integrated with have been funded by one of the big players in the market.
Yeah.
So, if anybody has any questions, just keep it rolling.
Yeah.
And on the point of interest rates, interest rates are very likely to reduce.
And we should all be happy about this in the short term, which correlates directly with the markets, crypto included.
However, I think that all of you should look at companies also fundamentally, at least I do, and decide to allocate your time on resources, on companies that have strong fundamentals, that have a strong team.
Because if you decide to allocate your capital strictly based on what, say, the Fed does or what Bank of Japan does or, you know, what somebody says in a speech, I think it's going to be a really, really stressful few months.
So, we want all of you to focus on fundamentals, see what people are doing and decide what you want to do with it.
We are in the process of launching and trying to find our product market fit, which means that we are going to be exclusively focused on getting the right kind of partnerships done, which is one important part of the puzzle.
And the next part of the puzzle is to support the partners to actually build and deploy on our infrastructure.
When you build a digital playground, which is fundamentally what a layer one is, you have to enable other people to succeed.
And a lot of what the business development and growth teams do from our side is to help provide that kind of support.
I want to be honest also.
Yes, please.
Go ahead.
Oh, no, no, no, no.
You know, once you're done, I'll take a lead on it then.
Yeah.
So, I was just saying that there's also, you know, I won't deny that last year has been one with a lot of highs, like the market has done really well.
Lots of people and organizations have done incredibly well, both on the Web 2 and Web 3 side.
But there have also been lots of challenges.
We're well aware of that.
Some of you may have, you know, been winners.
Some of you may have, you know, suffered a lot of challenges.
It's all part of the game.
I don't know any investor who constantly wins, even Warren Buffet and others.
So, yeah.
Like, you know, we all have to keep calm and focus on important stuff.
Yes, guys.
Perfect.
So, I was just going through people who are writing there and I do see, you know, there are a few questions which have popped up.
One of the major questions, a very common question which the whole community keeps on asking is when more exchange listing, right?
So, the answer is yes, we are working towards it.
We are building towards it.
As you guys have already seen, the strict, the guidelines for every exchange day by day is getting stricter.
And we are 100% complying by most, complying by them.
And most of them are already fulfilled.
We are strategically also finding the right times.
So, yeah.
We are aiming for more exchanges.
And you should see some action around that.
I cannot define any timeline, but you should see it.
One question is that second, did Fyre have partnership with some market maker?
Like, about this, I can only say one thing.
None of the companies can work without a market maker.
That's pretty much what I can answer because that's the rule of any, whether it's a stock market, whether it's a crypto market,
or whether it has anything to do with a publicly traded asset.
So, yeah.
These are two, you know, one of our questions.
Yeah, let me add on a little bit on the market maker point.
Look, some of you may have heard of Citadel Securities.
It's a hedge fund.
But the founder of Citadel actually runs two companies.
One is Citadel Securities, and other is actually a market maker.
And the market maker also, most recently, is valued at 22 billion, I suppose.
So, as Karan was saying, it's a very important role.
And the name is a bit funny because it's not really making the market.
And the job is to really bring equilibrium in the market, educate the market.
And it's common to both Web 2 and Web 3.
So, we are seeing this convergence of both Web 2 and Web 3 and the emergence of what I like to call Web 2.5.
And I think that's something that all of you should be excited by because we also want to bring a lot of Web 2 companies to embrace the benefits of Web 3
and learn a lot from some of the good things that some Web 2 companies have been doing in terms of building a brand,
building a loyal customer base, getting through crises as and when they happen in a dignified manner.
So, these are something that we can all learn from.
Also, like, Karsh, you know, in my opinion, when I entered the blockchain industry,
I did see all these skyrocketing prices of these skyrocketing, like, you know, all the cryptocurrencies.
They were just having abnormal multipliers, 1,000x, 100x and whatever, whatnot, right?
So, having said that, that I feel anybody who really understands the technology should not really be concerned about the pricing of it
because you should believe in the technology before getting into anything.
And what we are doing at FIRE, I think it's really, really, like, you know, it's a game-changing protocol what we are trying to make.
And hopefully, we should be achieving it with the kind of partners we are aligning, with the kind of strategic partnerships we are doing by the day.
I think a lot of people who are listening have also seen other players grow in this industry.
Even for that matter, when Solana began their journey, starting, I mean, nobody believed in them as well, in the beginning phase.
And then slowly, it started to pick up.
So, once our aim is to build the ecosystem and we feel that everything will follow automatically.
That's my two cents to it, Watkarsh.
If you want to add anything to it, go for it.
Yeah, I'm very interested in how are you getting partnerships, like, you as in, like, what is your team's approach?
How are you, what are you telling them?
What is exciting our partners?
What are they nervous about?
So, yeah, so, sorry, I was on mute.
So, how we are actually, like, you know, getting partners is there are a lot of, like, you know, elements to getting into blockchain.
For example, decentralized finance, DeFi protocols, getting the next steps are also to get a stable coin on fire, also to get exchanges which are natively built on fire, which gives a lot of volume to the protocol.
Plus, also getting a lot of projects which are sustainably aligned with the vision we have.
Because we also have to be mindful that, you know, when we started our journey, the journey was to build fire to make a more sustainable future.
So, we should not be deviating from our actual goal, which is sustainability.
Right, so, we are also working towards it.
And partnerships, a lot of T1 partnerships are still pending to be announced, which I don't want to share immediately, which you should see as in when you guys, you know, as we move forward.
So, this is, like, you know, I can, but I don't want to.
Yeah, I didn't mean that.
I didn't mean in terms of name.
I think that basically what's your approach?
What are some of the use cases?
So, is DeFi the most dominant use case?
I would say, I'm observing right now a lot of use cases built around AI, right?
So, we are trying to get a lot of AI protocols on top of fire.
A lot of use cases involve ReFi and DeFi both.
So, we are trying to get both of them as well, as much as we can.
Plus, you know, DEXs have become really popular.
I saw recently, it's not recent, it's been a while now, since Jupiter launched on Solana.
So, when you actually started to notice the uptrend, that was due to the volumes which were built, which Solana was getting due to the DEXs which were built on top of Solana.
Which eventually means locking off more value on the blockchain.
So, that's the aim.
And our approach towards our partners are very strategic.
We try to only involve with those partners who are pretty serious about the work they are doing.
Because this industry, funny enough, has a lot of players who are just trying to stick in there just to make money and, you know, not provide any value.
Not to aim anybody specifically, but this is the nature of the industry due to which, you know, getting this regulated is also a positive step.
So, the ETF approval was a very positive step.
And all of these things are very, quite good, what is happening.
So, we are currently focusing, to answer your question, our sustainable projects, AI projects, DEXs.
These are our main focuses as of right now.
And also getting a stable coin, getting a partnership with some of the major game players.
Yeah.
So, don't focus too much on the names.
Just focus on our approach.
I think that would be the way to go.
And I'd say that the journey for anyone to find a product market fit is very community dependent.
So, we are obviously relying on your feedback and your ideas to be able to do that.
We also, as you know, have a grants program and we got some incredible applications when we first launched.
So, we're going to be doing more of that in the coming months.
And we're also realizing that it's possible that the market falls or grows.
Either can happen.
So, we are hoping for the best.
But we're also fairly cautious about spending capital.
We really believe in the upside of, you know, the entire industry.
And I hope that all of us are able to win.
So, yeah, Karan.
Absolutely.
Absolutely agreed with you.
Absolutely agreed on that.
So, there are a lot of partnerships.
I think people have been following us lately quite a bit.
So, you know, I'm just trying to go through if somebody has like, you know, would love to know the mindset of the team while partnering with projects.
What kind of projects is the team looking to partner with?
We're actually looking to, our first preference is, of course, sustainability.
Because that's the core of our blockchain.
That's our USP.
That's our secret sauce.
Because any project that gets built on top of us, the future vision is to give them a sustainability scoring, taking in consideration all the 650, like, you know, factors from the system, giving them a scoring and telling how sustainable they are.
All the value system and whoever has gone through the light papers and the white papers must be knowing how this all works.
So, if I start explaining that, you know, I can go on and on and on.
But yes, we do focus on sustainability.
Secondly, we are also promoting.
We have also given grants to a lot of projects already who have partnered with us, which align with our vision.
And one of the major, right now, like, you know, trending narratives is also AI.
So, AI is our focus.
I do know a lot of people are also wanting and we also are looking at a hype that, you know, meme season is there.
Everybody is trying to make a lot of money through meme season.
But our goal, unfortunately, like, you know, is towards sustainability.
So, yeah, to answer that question, that's there.
The second is why the ambassadors are silent with our mainnet launching on August 15th.
I saw a few named main influencers, fire ambassador, like Mando, etc.
But no one talking right now.
You should be seeing all of them talk pretty soon because the noise is about to come out.
So, we will be making noise.
15th is one of the biggest days when we have finally achieved what we are trying to build, which is mainnet.
The eventual goal of the product, it started as a vision.
It's finally coming to life.
We all are very excited as a team, even the founders, even the tech team, because this is one of the main pillars.
And how much ever we say that, you know, our technology is 100% number one, you learn every day, you move forward.
And we'll try to incorporate each and every suggestion we do get from people who are into the industry and trying to add any kind of value.
And would absolutely love your, like, you know, comments on it as well.
I see another thing is, I see we make partnerships, but I feel we did not see outcomes of the partnership.
At least we can expect more outcomes on upcoming partnerships.
100%.
So, you know, you will absolutely try to, you will absolutely reap the benefits of those partnerships when your actual mainnet launches.
Currently, we are, like, our own layer one was on testnet phase, right?
So, when we go mainnet, when people start building on our own protocol, that's when the massive game-changing thing starts to happen.
So, hence, we are also very excited about it.
At the same time, I feel this is one of the major flag points of FHIR.
Anything to add on to that, UA?
I would just say that it also takes a little bit of time for these partnerships to become something.
So, it's, it's, these are long-term partnerships with a layer one.
So, just the way when, say, NVIDIA partnered with Facebook and the stock went down.
So, it doesn't mean that the partnership is bad.
It just means that the partnership will take time to proliferate.
So, similarly, from our side, we are, we are going to promote and support all the partners, give them all the technical marketing and due diligence support, and do our best to serve the ecosystem.
I think, ultimately, layer ones like ourselves and all of you, we are all trying for the industry to go because all of us only win when the industry wins.
So, my only closing thought here would be that let's not overreact or underreact to market.
Let's understand the fundamentals, the strength of the team, do a little bit of technical analysis, be aware of the market conditions, and the future is going to be bright.
100%, 100%.
And to add on to that, I would also like to say, like, there are more questions.
Are there any active development going on as part of FHIR Dev Grant?
Grant.
I think it's grant.
It was misspelled.
Of course, it is.
If you build on FHIR's mainnet, you would definitely be rewarded for that.
I cannot say what the reward would be, but it should be a good reward because our ecosystem is going to be public on 15th of August, and we will be launching campaigns around that to make sure we attract best developers into FHIR, giving them, incentivizing them in a way where they actually benefit from it.
Also, we do have partnered with a lot of developer guilds, which we will announce as we move forward.
You would see a lot of them making noise around it.
So, that is one of them.
There's another question, how everyone, holders, says every time FHIR price is going down, down, down.
So, listen again, guys.
It's a part of the journey.
It's a part of the curve.
We have just launched our mainnet.
You guys would see, I mean, it would be launching on 15th for the public.
The team is here.
We have been here through day one.
I'm pretty sure you must be following FHIR pretty closely, all of you, whoever is there on the call, and seeing that we are trying our level best.
And we would try our level best.
We would make sure that we reach one of the top 10 players pretty soon.
We are trying our level best.
People are saying that people eat only, sleep on fire, they will run hard.
Definitely.
I agree with you.
This should actually happen.
And I can't see any more questions there.
Anything from your side, Utkarsh?
I think you summed it up very well.
It's part of the journey.
And you should only deploy capital after doing your own research and deploy capital that you're comfortable with.
We obviously don't control the market.
The market is its own entity, has a mind of its own.
But I think the companies that have survived the bear market that was there in itself is saying something.
And you all should feel confident of that.
Take a look at the people who survived the difficult time.
Perfect.
So, I think if there are any questions, keep it rolling.
Or if anybody wants to ask some questions regarding the ecosystem, feel free to do that.
Or they can also DM us.
But I think it's good.
Let people go.
It's Saturday.
Busy time for us.
Also, I saw your child is also learning blockchain.
She was also pitching in between.
That is a very big positive.
You're trying to make her learn blockchain.
She's learning early.
Yeah.
She's learning pretty early.
She's one of the early ones.
Early adopters.
Yeah.
Yeah.
Early adopters.
Correct.
Absolutely correct.
So, I'm not able to see any more questions which needs to be answered.
If there are any, feel free to write it down.
Or we would be, we are also planning to like, you know, have this regularly, the AMA sessions
where we can connect with the community.
Okay.
There's one question I think.
Can you please tell us how we can make most of the coming mainnet?
There's a lot of hackathons.
There will be a lot of hackathons.
There will be a lot of initiatives.
Just give us some time.
The team is completely working towards it.
We try to work 24 by 7.
But at the end of the day, we all are humans.
We need to rest as well.
But we would make sure we try to exceed your expectations.
And I think it's always good to deliver than over promise.
So, we would love to deliver.
Then start promising something which is just, you know, making false promises.
Others would love to know the mindset of the team while partnering with.
Okay.
This has already been answered.
So, I think we are good from the questions part.
But if any more questions are there, keep it rolling.
Or we would love for the community to enjoy their Saturday.
Yeah.
And have fun.
Awesome.
Thank you, guys.
Appreciate you joining us.
And we'll see you in a couple of days.
Maybe sometime next week.
Superb.
Superb.
Lovely.
Thank you so much.
Superb.
Superb.
Superb.
Superb.
Superb.
Superb.
