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AMA with Elys Network | $100K+ BTC
Recorded: Dec. 6, 2024 Duration: 1:11:48Space Recording
Full Transcription
Hey, good morning, guys. Just a sound check. Can you hear me okay?
Hey, good morning, everyone.
Good morning, everyone.
How's it going, Hersham?
It's going well, thank you.
Yeah.
How are you doing today, Ray?
Doing pretty well.
I think this week has been quite interesting in the market.
Yeah, I think everyone's pretty excited.
How's it going on over there on the LSE?
Yeah, we're definitely working around the clock right now.
Yeah, we're definitely working around the clock right now.
It's been a crazy week, but yeah, all great things.
And, you know, who would have imagined that with everything that's going on right now that we would have been, you know, launching right when Bitcoin, you know, set that monumental 100k.
It's super exciting.
It's super exciting.
So we're really glad to be on with you today.
And it looks like people are pouring in right now to join.
So I guess we'll give them another couple minutes to get everybody on.
And for those who are who are on right now, if you want to kind of feed your friends and anybody else who is looking forward to joining us, we'll give you a few more minutes.
Cool, I think we can get started.
I also invited Mitchell on stage.
So Mitchell, if you want to join us on stage, you should see that invite.
But we'd love to kick it off.
Yeah, just learning a little quick overview about LS Network, Harsham.
Kind of what you guys built, really what you guys were trying to solve in the beginning.
Yeah, thank you, Raymond.
I appreciate you having us today as well.
Appreciate everything that Republic has done to support us in our journey here at LS Network.
And I want to say thank you to everyone who's tuned in as a as a listener to this space today.
It means a lot to us that you're here with us, especially during, you know, this big milestone week.
And and thank you for those who participated in our testnet and for everybody who's been with us over this journey.
As you know, it's been about two years now.
So very, very exciting times.
And, you know, it's just amazing to see this like loyal community that just has stuck with us and has grown over time to be just absolutely amazing.
And so, so supportive in their contributions and feedback and everything they've given us.
So with that said, you know, LS Network, when we started this two years ago, you know, it was really born out of a vision of how to really propel DeFi into the next stage, right?
How to move it to, you know, the, the, the next iteration, you know, we called it back then DeFi 2.0, you know, next gen DeFi.
What, what had we learned in that first generation?
The initial DeFi products that came out there, decentralized exchanges, you know, all the different leverage products, staking, swapping, all those things that were available to early users.
We recognize that there were a lot of deficiencies and a lot of barriers to entry.
And so we got together with several community members and we decided, how can we actually make this better?
Our first attempt to actually do this was as community members of those projects.
And we actually reached out to those teams and we asked them, you know, hey, what if you incorporated this?
What if you change this feature on your user interface or your app?
What if you, you know, change this type of the way that, you know, this type of feature works on your chain?
And so we really were very proactive at interacting with those teams to try to kind of see if they would, you know, adapt to the ever-changing landscape of DeFi.
Unfortunately, you know, the bear market hit the big crash.
And then a lot of those teams were just simply had a lot of difficulty trying to, you know, maintain their, their presence in the space.
So a lot of them just didn't do well.
And that's when we realized, okay, we had to, we had to probably think of a different solution.
And that meant starting completely from scratch and starting something ourselves.
And so we got together with many community members.
We were actually in a community of several thousand people and said, hey, what if we did this?
Would you guys take a, take a chance with us and see if we can actually build this ourselves to build a DeFi product that people actually want and that people actually have a say in building from the start?
So that's how LS Network was formed.
We got together.
We started it from scratch.
We used the Cosmos SDK, which is, you know, we think one of the most advanced, you know, tech stacks out there for us to be able to build.
We're a heavily, heavily customized solution.
The, the, the advantage of being able to build there means that we can, we can essentially do anything we want in terms of building out our feature set.
And so we embarked upon this journey in the beginning of 2023 and started our producing blocks on our test net in March of 23.
We did a couple of fundraising fundraising rounds and then started our incentivized test net when we actually launched the app in March of this year, or actually, I'm sorry, in the, in May of this year.
And so it's been, it's been an amazing journey because when we launched that app, you know, we, we just rolled out like basic features to start and then we kept increasing the amount of features that we had available.
And the community just kept growing and growing and growing, we got to the point where we had over 2.4 million wallets.
We had 500,000 monthly active users and, and 50,000 daily active users.
So it was, it was absolutely phenomenal.
The, the way the community came in and really helped us build this.
So with all that said, what are we building?
Uh, we're building essentially a DeFi product where a user can take care of all of their needs across all chains, uh, from a single wallet to be able to access any crypto, to be able to do essentially anything they want to do, whether that's, uh, swapping, staking, perpetual trading, leverage LP.
We'll have derivatives, uh, coming soon and we'll have, um, the full spectrum of the risk, uh, you know, of, of different risk levels that our user might want to take.
Whether it's just a very, very conservative strategy, like staking USDC all the way out to perpetual trading, you know, 100 X leverage.
So we're pretty excited about it for just our staking features will be both simple and liquid staking.
So you'd be able to liquid stick things like Bitcoin and Solana, uh, ton, uh, avalanche.
So, uh, the features are going to be all included in one easy to use app.
If you have used the app before, you'll know that it's very, very simple to, uh, create an account, get logged in.
You can use, uh, a social account to log in and then you'll be up and running in just a few seconds.
So that's, that was the vision.
That was the goal.
Uh, we're excited to have been able to build it out over the last two years and we look forward to our mainnet launch coming shortly.
Yeah, really excited about that.
So thank you for that overview, Hirsham.
Um, I think, yeah, there's definitely a lot of things I'd like to dive into a little bit more, but before we go into that, just wanted to quickly provide a disclaimer.
Um, just saying that the views expressed in this conversation are for educational purposes only and should not be considered financial advice.
Um, but back to what you were saying, Hirsham, about, you know, trying to build that DeFi 2.0 or really that next generation DeFi.
I think, um, what I personally saw in the first, you know, DeFi summer was really just these little blocks, right?
Um, just being able to stake, being able to leverage, um, being able to swap.
And then of course, with all of this, right, you kind of needed to bridge two different networks.
So I think what really stood out to me about Ellis network was you guys are really providing this comprehensive platform, um, with just amazing UX, just having a really simple, um, interface for anyone to really, um, you know, enact with DeFi.
Right.
So I think the way that I see it is being able to capture all of crypto and really all of our audiences.
Right.
So this goes all the way from retail investors, all the way to institutional investors.
So, um, would love to just hear a little bit more about kind of who you guys are targeting at the beginning.
Yeah, that's, that's a great question.
Um, so we have a wide variety of users in this space, right?
So, uh, when you think about, you know, going back to DeFi summer, you know, the, the, the term that people love to use, you know, DeFi D gens, right?
The ones that will go all out with, um, on the risk risk, uh, curve, you know, those are, those are traders who've been around in the space for a very, very long time.
They know what they're doing.
They're very advanced, um, users, and they're actually looking for more functionality and features.
Uh, and they want speed.
They want security.
They want reliability, just like everybody else.
Um, but they do, they do want to be heard.
Right.
So, um, I think that that's kind of like some, uh, that's been an important part of how we built is we want to make sure that even though we want to be able to draw in a user with very little experience or maybe has never actually interacted with crypto in their, in their career, in their life.
That we are also, uh, offering the most advanced features for the professional level, uh, trader or user so that they can hit the ground running and do what they've been doing for four or five, six, seven years.
Right.
Right.
So I think initially, you know, we've, we've balanced that very, very well in that we are a product that you can come in from any experience level.
So we actually are targeting just about every type of user out there.
And that's really exciting for us because it's a testament to how robust we've made our product.
So the professional level user would probably come in right away.
They already know how to use everything.
They don't really need to watch any videos or documentation or anything, but at the same time, the entry level user can come in, create their account very, very seamlessly with a social, uh, login.
We call that, uh, uh, uh, wallet abstraction.
We do that through our third party partner at web three auth.
And then somebody who's more, maybe more of an advanced user might be coming in with a ledger wallet, you know, a cold storage wallet, like a solution like that, or some other, you know, uh, solution that they have kind of become familiar with over the years.
So, uh, we kind of, you know, it's a barbell approach that we, that we, uh, cover both the advanced and the, uh, the brand new user.
And our longterm goal is really to bring in also more of like the institutional presence.
So, you know, there's a lot of great, uh, inspirational stories out there, for example, like Aave and curve and compound that have actually successfully gotten institutions to come in and, and, uh, participate in the peer to peer lending, uh, and some of the activity that goes on there.
And that's something we see that we think we can, uh, develop pretty easily.
Uh, the important part for us is to make sure that we're building the product that people want to use.
And that's why we've always incorporated that feedback from the very beginning.
So we're a bottom up project.
We've always been community first.
Uh, so we want to make sure that we don't lose that vision.
The institutions I think will probably, um, you know, uh, see that and then, and then find value in being able to come in and also participate by providing liquidity.
Uh, and then participating in that like peer to peer lending, especially with things like the staking pools, which really drive the rest of the, uh, the model on the platform to increase volume and liquidity for, uh, for people to be able to do the other functions, the leverage functions that are going to be available.
I actually really like that.
You guys have that bottom up strategy, right?
Starting off from the community first.
Um, I think exactly what you were mentioning, right?
Aave, compound, Lido, all of these other kind of.
DeFi products, right?
They are able to really kind of show like the market and then just showing all of the technical capabilities that they're able to fully flesh out.
And then, you know, the institutional investors kind of come in with that.
And I think we also see that with what's currently going on, right?
Um, we see a lot of ETFs going around for Bitcoin, Ripple, um, even Ethereum, right?
So just showing that there's validation first through your community and then, you know, then attracting the institutions is very, uh, very interesting to me.
So would love to learn a little bit more about the test net you were mentioning that you guys launched in May.
Um, how has that been so far?
Yeah.
Uh, thank you for asking that because that, you know, I think that's worth, uh, kind of digging into a little bit.
Uh, you know, when we launched the test net, uh, we had, um, at the time when we started, I think only our community had probably grown to about 20,000, maybe, or, uh, maybe 15, 20,000 followers.
Uh, and then very quickly the word spread once we rolled out the app, uh, and started the incentivized test net and thanks to our partners, you know, at bonus block and, uh, and all the different, you know, chains that are supporting us along the way.
Uh, informal systems, um, you know, the team at cosmos hub, absolutely fantastic in terms of, um, you know, getting the word out and just letting, letting people know, Hey, Alice network is looking for users to provide feedback.
And, uh, you know, this thing is your opportunity to be able to actually have a say in what it looks like when it's a finished product or, you know, at least a ready product for me in that, uh, and then continue to go from there.
So it was amazing to watch the community grow from that time that we started off and then you could watch the numbers just absolutely skyrocket week by week.
Uh, you know, in the process, of course, we discovered, you know, that there were maybe some like airdrop farmers or some civil, uh, attempts, you know, so we closely monitored that and put, you know, tools in place and, and, uh, and guardrails in place to be able to monitor that activity and exclude them from the incentivized test net.
So I think that was, uh, that was one of those things that I think every, you know, a lot of chains like will, will experience, but thankfully we were able to catch that from the very beginning and we were able to weed that out.
But it turned out that we were, I think in maybe only about 4% of the users on the, uh, from what we discovered were, were actually participating in like some sort of civil activity.
But again, thanks to our partners, we were able to, um, go through a very robust verification process to make sure that, you know, there were actual users participating on our, on our test net.
And that's why, that's why we're really blown away by the numbers, because even after all that and all the human verification, the numbers have still been staggering.
So, uh, when we rolled out the initial, uh, app, we had just a couple of simple things turned on, right?
Like swaps and staking.
Uh, and then from there we started increasing, uh, increasing the feature set based on what users were doing, were asking for and the layouts that they were looking for.
So we made a lot of changes along the way based on that, like really, really valuable input.
Uh, so what we see now today is a fully featured platform that has, uh, staking has swaps, has, uh, liquidity mining, leverage liquidity provision and perpetual trading.
And then you have a very, very sleek dashboard display.
We have membership tiers that go all the way up to a platinum level.
Uh, what those membership tiers will allow you to do is, uh, enjoy fee discounts, uh, by adding more to your, uh, wallet on chain to having more, uh, assets stored on chain.
You'll be, uh, able eligible for discounts on swap fees, which is something a lot of our, you know, um, our pro level users have been asking for for a long time, which is, Hey, I'm interacting with a lot of, uh, a lot of assets here.
And I want to be able to have a little less friction when I make my trades.
And that's really, really important because that actually attracts institutions too.
So this testnet was really a great, uh, uh, a really valuable data collection tool for us, for us to be able to, you know, really polish and fine tune the, you know, the, uh, the web app before mainnet launch.
You know, a lot of people, I think felt pressure probably during the last bull market to just simply launch a product, get it out on mainnet and then try to build the, build the airplane as it was flying, so to speak.
Right. And, um, that led to a lot of problems, whether it be through security or user interface or reliability of the chains.
Uh, thankfully we've been able to, you know, take care of all of that pre launch.
And that's really been a benefit to us because we never felt the time pressure to launch.
We just decided that we would launch when the product was ready.
And it just so happens to be that we're ready to launch when Bitcoin hits a hundred K that was completely unplanned.
I wish, I wish we, uh, you know, could, could have done, uh, could have benefit, you know, figured out how to benefit more from that.
But, you know, that's, like I said, we don't, we don't control the market.
We, uh, we simply, you know, work with the market that we have in front of us.
So, uh, all in all an extremely, um, successful testnet.
I'm super, super thankful for our team of 14, uh, at LS network.
We're a very lightweight team, very, uh, financially disciplined, you know, fiscally disciplined team.
Uh, they worked tirelessly around the clock to make this happen.
I couldn't be more proud of our engineers, our designer, our marketing lead, you know, Maxime, who you've, who you all have had a chance to interact with, um, very often.
Our tech lead, Wari, um, all of our all-star developers.
Uh, and of course our fellow co-founders who have just been absolutely amazing.
And they've really become like best friends of mine.
And I absolutely love this.
So, uh, tight knit little family.
Um, and, uh, we look forward to, you know, continuing this amazing momentum, uh, through our mainnet launch coming shortly.
Yeah.
Really excited for you guys to launch on mainnet.
And then I think one thing that just stood out from what you were just saying to me is, you know, during your testnet, you saw a lot of airdrop farmers.
I think a lot of networks, you know, they are aware of the activity that airdrop farmers can bring and they will typically kind of conflate them together, um, just to pump up their numbers.
But the fact that you guys are actually weeding them out and also had a low percentage of them, I think just kind of really stands out and shows the power of the Alice network as well.
That was a difficult day actually.
I remember sham did that and then kind of let us know how much the numbers were going to go down.
And they did.
I think they went down over a period of a couple of days.
It was not great, but we knew at least we were dealing with actual numbers.
And of course there's going to be anomalies outliers here and there, but the bulk of them, which was, you know, it was, uh, it was just not a good feeling because you, you have this momentum and you think it's picking up.
But the thing is, is you can kind of adjust and adapt as you go.
Right.
So we realized, well, maybe we weren't getting the response that we thought we were.
Uh, let's try this.
And so it, I do remember that.
And I remember, okay, how long is this going to go on for?
And thankfully, like he says about 4%.
That's, that's a relatively low number in the, in hindsight.
Yeah, definitely.
Definitely.
I think, yeah, some, some networks can see up to like 50% or even over.
So seeing that you guys tackled it head on first was, uh, was really, really great to hear.
Um, thanks for joining on Mitchell.
Um, I know that you are one of the other LST members on, on the team.
Um, would just kind of love to also learn about a little bit more background of the team.
Um, you know, your experience as well as other people within your team, as well as the founders and engineers.
Sure.
It's, um, I should really be talking about our team, um, of engineers.
Who's, who's amazing.
I will say that, you know, as, uh, as Hashem was saying that we did meet in previous ecosystems and previous communities.
Uh, the founders, uh, and, and we did come together over kind of seeing what needed to be done, what we thought could change.
And just maybe we had an idea for a business plan or, you know, and a lot of, a lot of times I do believe that projects still to this day forget that there needs to be a business plan.
Otherwise you're looking to your left for funding and then you're looking to your right to see what tokens you can sell.
And if there's not anything, you know, not any revenue coming in, uh, that's going to be an issue.
And so there's a very fair way to do revenue, to create revenue.
If there's so much money that's being saved by the technology and by working remote, there's a way to have revenue and still bring huge, huge value to the user.
And that's what we were.
That's what we are still, you know, at the, at the time we were, and we're still users today, we're still community members, but that was the biggest thing was, can we do that?
And that's actually how we built our team.
And when we search for, when we build on our team, we're looking for, of course, specific types of code that can be written languages and such, but we're really looking for that person who is feeling it, like really feeling it because it does matter.
And it matters in the, you know, in the middle of the night, if you're thinking about what could be going on with the chain or is, you know, did, did I do this or did I do that?
The person who's actually committed from the heart is the person who's going to go the extra mile and who's going to do that for the community.
So that way it, even if it is a nine to five for a specific position, it doesn't become that it becomes something that you just committed to.
And we work out the details later, but we do what we have to do.
And I think every engineer has a founder's mentality on this team.
Everybody deeply cares.
We talk with each other as if we're friends, because we are, we talk to each other as if we're family, because we are.
It's been a great culture that we've built.
As far as background, we have various backgrounds.
We have backgrounds in the U.S. Air Force here with Sham and with commercial airlines.
We have backgrounds in coming from product from SpaceX, Flow blockchain, Credit Suisse, Mitsubishi Bank, two of the top banks over, you know, the last couple of decades.
We have deep experience coming from other platforms, some of them natively within the Cosmos ecosystem and some not.
And we did that intentionally as well.
We initially we were looking specifically for people that have built in the Cosmos ecosystem.
But what we found is some of the rising stars on the team are the ones who brought different perspectives and who had never been in the Cosmos before.
And I think just sitting back to listen and know that no matter when they started, no matter what language they know, let's just hear what they have to say with their experiences, whether it's from DeFi, TradFi, you know, a centralized exchange, decentralized exchange.
And let's just get everybody's best out here and see what we can do.
And I think sharing and communicating and making sure that everybody knows that they're being heard has really propelled us.
Yeah, really, I think I think you guys, honestly, the team that you've built is exactly what is needed, right, especially for the product that you're building.
You guys not only have like deep financial experience in the institutional side, but also just core developers right on the networks and then understanding, you know, pulling developers not only from the Cosmos ecosystem, but understanding that because you guys have this kind of omni chain, being able to, you know, accept different networks, being able to kind of leverage that and then pull people from different protocols is great.
And then kind of transitioning then would love to learn a little bit more about the business model of Alice network.
Yeah, no, thank you for that.
You know, and I think just to kind of echo what Mitchell was saying, you know, having the experience that we have as founders and the developers, designer, marketing lead, etc.
That experience was super important for us because we always wanted to come, you know, show to the community that we are building with transparency, credibility, you know, strong backgrounds and, you know, in just kind of running an organization, but at the same time, we are not going to overpower them in terms of, you know, us being a louder voice than community input.
That was super important for us and is one of the one of the reasons why I really love this team is that they really do.
We don't think anybody on this team has a better idea, so to speak, than let's say somebody who is a defy user who brings us an idea, right?
We are open to always being adaptable, always being able to, you know, leverage the next technology.
We know that people who are unwilling to adapt tend to get left behind in the dust, you know, as new things roll out.
And so we approach this with a lot of humility and a lot of, hey, you know, we don't have all the right answers.
And if we don't have the answers, we'll go get them from the people who do.
And that's really, really important to me, because if we're trying to build something decentralized, we really have to have that ethos from the very beginning.
But we can't say, hey, our goal is to be decentralized one day, but for the time being, we're just going to be a big centralized, you know, very bureaucratic type situation where nobody can actually have a say in the matter, right?
Like that would go against all of our values.
And I think that's, you know, it's worth mentioning because it's one of the things that I think is a big threat to anybody who's trying to launch a project.
If you are a founder or if you're somebody who wants to start something, I would encourage you to also try to approach it with that same mindset, which is, are you building for a decentralized landscape?
And if not, maybe the better option for you to build is something in the centralized landscape in the Web2 space, for example.
So with all that said, that actually segues pretty nicely into our business model, so to speak, of the chain.
You know, as we moved, you know, as we're really trying to be very decentralized from the start, the most important thing that we built into the design was that the fees and revenues generated by the system through multiple sources is meant to be able to handle both like a really strong bull market and a really, you know, difficult bear market.
Right. And the reason that is and that's the reason why we diversified our revenue streams and why we partnered with a lot of people and why we tried to, you know, essentially make ourselves accessible to any chain is because there's going to be a bull market somewhere and there's going to be volume somewhere and there's going to be some areas that have high activity and some places that don't have high activity.
But we want to have exposure to all of them. And so these multiple revenue streams are super important, whether it be through the fees collected from, you know, peer to peer lending from USDC staking, the fees collected from the actual liquidity pools, which we have two different designs, whether it's the standard AMM design or our smart shielded pool designs.
Those fees collected, those fees collected from swap fees, fees collected from perpetual trading and open interest and, you know, you name it.
So all the way through, you know, even even to the possibility of collecting bridge fees, which we probably won't have turned on at the beginning, but we'll do that as we as we build out our multi chain connections.
And so that diversification allows us to be more resilient in those bear markets like we talked about.
Now, where that where that really matters is the user never has to own Ellis to participate on the platform, right?
Because they can pay their gas fees in USDC, they can pay them an atom and will enable some other tokens as well.
So since that's the case, really what it comes down to is, OK, how if I want to be a participant in Ellis Network, how can I benefit on the revenue generation side?
So we've made we've made it a very generous and attractive reward share program.
So essentially, 85% of all of the fees generated on Ellis Network are aggregated and distributed to liquidity providers and stakers.
So essentially, it is a true peer to peer system.
The remaining 15% comes back to the protocol and then gets spread out to the validators who will be providing the network security.
For Ellis Network, which they come from the Cosmos Hub, it'll go to infrastructure costs and then some of the cost of actually running the blockchain.
So it's really, really important for the long term, the sustainability, the outlook of, hey, can a chain sustain itself through the actual revenue that it creates versus, you know, are we going to fall into the trap of the first generation DeFi platform?
That simply had to mint more tokens to sell them to be able to pay expenses.
Right. And so we saw that threat from the very beginning, which is why we didn't build that way.
We built for a low supply of 200 million Ellis and we went completely to the side of revenue generation starting at day one.
And I think that that's a really, really important distinction because the business model needs to be about revenue generation to be able to sustain itself, to attract more people to come in.
And it is a, you know, a multiplicative effect, right, where you start to see more TVL come on, more rewards get generated, people get more excited, more people come on, and it's the same thing.
It'll keep going and going and going and going and going. So it's a very momentum based strategy.
Again, we diversify it. We have the complete user base to be able to go after to target.
And, you know, I did not mention the centralized exchange user yet, but that's actually a huge, huge market for us, which is, you know, right now, I think they estimate that there's over 300 million centralized exchange users.
And a lot of them are probably looking for a way to dip their toe into the DeFi space, but they just don't know how to get there.
You know, there's a lot of platforms out there that talk about how they're going to capture those decentralized exchange leverage traders, for example.
So if you're a platform like DYDX or Injective, GMX, Synthetix, et cetera, you know, they have been trying to capture those users for years.
They can't get them. And the reason is it's too hard, right?
It's too hard, right? It's too hard for a centralized exchange user to figure out how to go and jump on these pro trading sites.
It's just very, very difficult. The process of generating the wallet, the process of like understanding the mechanisms and everything.
But it's much easier for them to make the step over to LS Network because they can just come in with a social account, be up and running in a few seconds.
They'll be on their mobile device or their laptop. It doesn't really matter what device they access from.
And they can hop from device, device, device, and they don't have to worry about moving speed phrases and, you know, complicated storage of those keys and anything like that.
They can just simply be up and running in a few seconds.
So we have a real advantage there in terms of how easily we can bridge that user, so to speak, from the centralized exchange over to the to our platform.
So we're pretty excited about the way we've designed this. We've kind of battle tested it. We saw huge, huge numbers in our testnet of people actually using our social logins.
So we know that there's an appetite for that.
And the cool thing is, too, when because there's a there's a whole nother conversation that can happen around, you know, well, what about security and is it more secure, less security to do socials?
And and that that's a conversation for another time. But regardless of how you feel about it, there is ways.
That's why we have the the OG way to connect. Right.
And we should because as your portfolio starts to grow and you want to move something to be a little bit more secure, you can do that.
And you can, you know, learn either learn that way or if you already know, then you can connect with your wallet that you're comfortable with, like a ledger.
The thing is, is getting somebody here, though, right, we don't want to have to.
We don't want to have to. We want to. We're trying to sidestep that 45 minute to hour long session trying to show somebody or somebody trying to learn.
And then the following few days of wait, where did I put my my my passphrase out?
Right. And then they get uncomfortable.
And and so when there's a lot of unknowns and then they get uncomfortable, it's kind of scares people away.
The beauty of this is they come.
They try defy. They might not even know we don't have to have that conversation anymore.
They just hop on has a very similar experience.
We think it's better and smoother, but, you know, similar experience to a centralized exchange.
And you know what? Once they're here and they're looking up, they'll look up all its network.
And I'm sure, you know, DYDX and GMX and they'll start learning and they'll probably go over there as well.
You know, some are some are definitely going to spill over.
Our plan is to bring more people to decentralize finance, because if we don't outreach like this, we're going to cannibalize this market.
It's not that big. There's, you know, five, six million active defy users at any given time.
And I think actually the centralized exchange users just just broke 400 million.
That's a lot. And these are the ones they don't know about defy necessarily.
They just may think, you know, that's the only thing.
And there's a lot of people probably even within our circles and our families and friends that don't really even know the difference.
And not too many people are going to sit down and have the conversation about the difference between decentralized and centralized.
You know, if you're not around the right crowd, everybody will get up and walk away.
So the best way, I think, is just to give somebody the experience, not talk about a specific token or a specific, you know, mantra that a company has.
And I think from the very beginning, Ellis Network has been what we didn't know that it was going to lead to complete account abstraction and chain abstraction.
But that's kind of what happened when as as users, when we were on the on the line trying to come up with ideas, the biggest complaint from or the biggest.
Yeah, I would say it was a complaint. I'll just say say it how it was is having to buy a native token somewhere and not that native tokens are bad.
And and to be completely fair, there wasn't that many options at the very beginning.
That was just how to run an economy, a token economy.
But as the technology evolves, you see become there's so many more options that open up.
So if we don't explore those options, then that's a yes, that's a disservice to the community.
It's a disservice to to everybody.
So we latched onto that right away and said, well, what if what if we can let somebody.
They just come on and not say buy the token.
Well, lots of different things happen with that.
If we abstract it out of the pools and we just we make it highly desirable to to gain extra incentives over time via staking and via staking and other features.
And, you know, with membership tiers and stuff like that, we can do this without saying by Ellis by Ellis by Ellis.
That was our main goal, because typically the native native tokens, you know, if there's a black swan or some type of a crash, those are considered highly volatile.
They're going to be sold off right away.
It affects the price.
So there's so many benefits.
It's a multi dimensional or multi dimensional benefit because you have the price is going to stay a little bit less volatile.
You're also letting the community come and try this without having to buy it.
It's a whole different feeling when you're given an experience for free versus having to buy a ton of it.
And it requires a lot less research and then the the friction to onboard.
So when we stopped trying to say what we have the best product and we have the best token, then token is not a product anymore.
We don't have to talk about it.
It'll be desired on its own.
And I think by being able to separate the idea of having a token be a product and then having the project itself that lets everybody focus on just the experience.
And so what we're saying is we're not going to reinvent the wheel.
We really just want to bring the experience of all the chains and all the ecosystems to the user and not have to have them be tribal about which project they belong to and which one they don't.
And I think ultimately that's how everybody comes together in a centralized finance.
Yeah, I I really do agree with that. Right.
Especially what you were saying about, you know, you're not necessarily reinventing the wheel itself, but really having listening to your community, understanding the pain points and then being able to pivot from it and then build out solutions for them.
And then not only that, but also just like show them the benefits. Right.
Instead of just telling them the benefits that they're actually able to interface with.
I still just want to highlight, though, that I still think that, you know, the amazing product that you guys have built was such a lean team.
I just quickly wanted to highlight. Right.
I think you guys raised around four million dollars in total with pre-seed funding and seed funding and then now launching on main net would love to just kind of touch upon that really quickly.
Yeah, just kind of what was the reasoning behind that, because I think, you know, we see a lot of test net projects or projects that haven't even gone to test net yet raise like hundreds of millions of dollars before even launching on main net.
And so that like you guys being so lean, like what was kind of the logic behind that?
The initial I'll let Shem take over. I know he has lots of input on this.
I do want to say where it started was we decided kind of in the beginning that we wanted.
Well, first of all, knowing anybody who's here who's been in previous projects or, you know, currently you have a lot riding on it, whether it's time or money.
And we did this already. We invested our time. We invested our money in several different projects.
And what we found is we wanted instead of looking for the team, making sure they're building and verifying this and verifying that.
Like we didn't want to have to go through that scrutiny because we thought if we just specked it out and found out how much it would cost first, roll it out, like forecast the cost and then start to build it.
And Shem actually started doing this the first very first day before we even had a name for Ellis.
It was called Project X at the time, and he and he first started going over what the recurring costs would be.
Take away the product itself, but just what would the recurring costs like say for servers for, you know, for X, Y, Z.
And he still does validates for 17 chains on Cosmos.
So he was able to lean on a lot of the people in the community and just get some answers and find out at least what the what the burn rate would be without wages per se.
And then we just started to build from there. Once we had what the recurring costs were and we were able to estimate what the recurring costs would be for wages.
Then the the next part was, OK, building it out, how long it's going to take and so on.
And I think starting and just mapping it out.
That was a huge thing for us and also a commitment that he had the founders make, which which is we're not going to sell any tokens to to anybody and we're not going to sell any ideas to anybody.
And we're not going to take a penny and pay until we have a product to show.
And if we can't do that, then I don't think we should do this, because otherwise we're going to be just like the other chains.
And that's where it really began.
And that was a difficult conversation because, you know, we have families.
Actually, all four of the founders have families, you know, kids.
It was difficult and it took a lot of planning.
It took a lot of personal planning.
It took a lot of time management.
And I will say it was a strenuous to say the least.
Right. But we knew that we would have to, I think, go through some rough times and maybe have to back.
A lot on our lives to be able to commit to this and sacrifice, give the time and and such to be able to do something without having anything come in for nearly.
I think it was nearly 18 months.
Right.
Sorry, I was on mute.
Yeah, it was a long time.
And I appreciate the sacrifice of really everyone on the team because we we came in with the mindset that we were going to be very, very fiscally disciplined from the beginning.
We have we have studied a lot.
You know, we study successes, but I think we learn more from the failures.
Right.
So we studied a lot about the teams that failed despite having raised 30, 40, 50 all the way up to 100 million dollars.
They failed.
Right.
And come to find out it's not about how much money you raise.
It's how you manage it.
Right.
And in every single one of those instances, the teams who raised that much money and and I am super appreciative because I know a lot of our partners have raised a lot of money and this is not a judgment on them or an indictment on them because I'm very, very excited about the things that they're building.
This is more to talk about the ones that did not succeed, that they had raised so much money, they almost didn't know what to do with it.
And they just started hiring more and more people for the sake of hiring more and more people.
And some of these teams got very bloated, 50, 100, 150, 200 people.
And then you turn around and you see, OK, well, you talk to their project manager, their product lead.
OK, what are they all doing?
I don't know.
The team's too big.
I have no idea what they're doing.
So what essentially ends up happening is you have this huge cash burn where nobody's building anything and it and it becomes so it's such a big boat.
You can't turn it.
And I think that's that's something we learned from the very beginning, which is we don't need to be that big in order to build what we're building.
What we need is quality, talented people who are willing and building with the passion that we all share.
And if we can do that, we can grow the team very, very carefully and very methodically because we will, you know, at the point where we become much more mature, we will hire more people.
Right. And we will, you know, be be rolling out a lot more features and, you know, expanding the footprint.
But it's always going to be with a focus on being very, very disciplined and always evaluating whether whether we need to spend that next incremental dollar.
Right. And I think we're very fortunate to all have a lot of experience.
We're a little bit older as founders. Right. I'm 43 years old.
Most of our founders are in their 40s.
So we do have that business experience for, you know, over 20 years.
And we try to balance out with the, you know, the the really, really excited mindsets of somebody, let's say, coming straight out of college or straight out of high school who wants to just build and really has a vision and wants to just move forward with it, especially in the crypto space.
We want to capture that energy. Right. That is absolutely amazing energy. We love that.
But at the same time, we recognize that they haven't quite yet gone through those failures yet and haven't gone through those, you know, management type challenges where they might realize, oh, I should have spent that money a little bit more wisely.
So that's something I think we put a lot of thought into. I think it's been a competitive advantage to us.
That's why we've outbuilt these 50 million dollar chains. Right. We built something that's significantly better.
It's probably the it is the best DeFi product on the market.
And we did it with less than four million dollars. So and we haven't even obviously spent that.
So, you know, the important thing for us is, is that we don't lose sight of that, that like, you know, even after mainnet launch, if we start generating a lot of revenue and there's a lot of money in the treasury that we still have to stay true to our values and still have to stay disciplined to be able to continue to sustain and continue to build, you know, in the manner that we are.
Yeah, absolutely. One thing, too, is this is something that I do say frequently, I'd say I say it a couple of times a month is, is can I turn around tomorrow, stand up in front of our community and explain exactly why this purchase was made?
If I can't do that, then it's not then the purchase is invalid, period.
And we don't have anything, you know, that's been glaring.
That's that's come to that. Right.
That's obvious. But there are certain things where within a team internally you discuss and it starts to become very important.
But we have to remember that we're advocating for a community.
You know, we are working for the community, essentially.
That's that's what's happening.
So if we can't get on and explain a purchase or explain, you know, why we decided to build this certain feature out, if it wasn't requested or something, then there's just then what are we really doing?
And I think just that alone, having the second guess and just knowing that at any point I need to stand up and explain this away, that actually stops a lot because that takes the personal desire or the want to like do something or just because something's cool.
It takes now we have to research, make sure that there's data to back it up.
And, you know, a lot of those they're just ideas or thoughts.
And it's not it's not realistic to just go and buy everything that you think is cool one day or that the team thinks is cool one day or even to start building it.
It needs to be it needs to make sense and it needs to be oftentimes brought up to a discussion and and done that way.
And so I think from a community mindset just alone that, you know, that's super important.
And yeah, I'm I'm very, very thankful for the team.
I think that one, you know, one thing that that I that I love is I love talking to the team, the communicating, making sure that we appreciate them and show them that, you know, and for anybody who's looking at building a team or if you have a team, you may already know all of this.
But this is something that we're implementing right now.
And I feel very strongly about is you get a few amazing people.
And that's it. You stay lean.
And if you have you know what your mission is and it can't just be are they a good person?
They need to be a good person and work their ass off.
They they need to do a lot more than just be a good person.
And so because if we just depend on them being a so-called good person, well, a lot of people are going to be on that team that aren't really producing.
And it does matter because they need to feel it.
They need to feel the pressure.
They need to feel that it's important and they need to be waking up every day thinking about the things that the community doesn't know need to be thought of.
They can't just be kind of doing this, you know, auto this automatic, you know, type of day where it doesn't take any actual individual thought or strategizing and stuff like that.
It is very important and not that there's not a place for everybody.
There is.
But right now at this time, it's a very critical time.
We need to know exactly who is not just a OK team member, but who's adding a lot of value and who is not who's not adding value and who's taking away value and wasting time or wasting money.
And I think knowing when to, you know, who to hire, knowing how to hire, who to keep, when to fire and and to and to let go fast.
It kind of sounds a little bit cold, but it's not.
And the reason why is because we're not we don't just fire people.
First of all, it doesn't happen like that.
These are conversations over time that are taking place.
But if you have a leader, a leadership within a team that is too so afraid of confrontation that they're not they can't have like a direct conversation about performance and they can't let people go.
That is actually a huge disservice to the community.
It has nothing to do with anything personal.
It's what's getting done and what's not.
So I would say a huge key to that and a big reason why we're lean is because we're not afraid to have those conversations and it doesn't have to be a bad, aggressive conversation.
It could just it could be like this isn't a great fit.
This is really what we're looking for.
I think this is what your life allows.
We we'd appreciate it if you would bring all your ideas to the community and it's happened.
And that's it.
That's it.
So we might part ways on a on a professional level or on a business level, but it doesn't mean that we need to separate completely and it doesn't have to be a nasty thing.
I mean, it really never is.
So it just needs to be done professionally and there needs to be talks along the way so everybody knows what to expect.
But I think that's what has led to this really super strong core family is that we're so aligned.
I mean, we we don't have conversations because we already know what the other is thinking.
Oftentimes, that's how well we know each other now.
It's a it's a very close relationship.
And it's impressive because and I'm excited about it.
Everybody is remote.
Everybody is thousands of miles away.
And and it's a beautiful thing.
Yeah, I'm I'm really glad to hear that you guys have no, you know, personality hires or chief vibe officers and that your team is actually kind of building.
And then everyone is a crucial member of that team.
I think really what really stood out to me is, you know, you guys talking about working for the community.
Right. I think that just through and throughout is just kind of the ethos of Ellis Network and really what sets you guys apart, even down to your tokenomics.
Right. So would really like to for you guys to kind of highlight parts of that tokenomics.
Right. Like, how is it exactly working for the community?
How does it kind of interact with your whole ecosystem with your different products as well?
Yeah, on the tokenomics front, we spent a lot of time.
I'm really designing this and Mitchell kind of has a really good, really good lay of the land on this one.
But we actually spent several months, you know, working with advisors, working with, you know, people who have had like, you know, C-suite level roles in Fortune 500 companies,
talking to people who have built really successful projects out there because we wanted to make sure we understood that we were building something not just sustainable,
but also resilient in terms of, you know, a properly functioning Web3 economy.
Like how how will this be optimized for a user who wants to either own it, stake it, trade it, et cetera, to be able to get full utility out of it.
And so the tokenomics are really, really a function of that utility that we were building into the entire web app.
That's why we kept the supply low at 200 million.
That's why we're launching with, you know, a robust supply.
You know, it's going to it's going to be a small amount of supply, but we give ourselves only four years of inflation before we mint the very last Ellos fight.
And then the the other thing about that is we don't have to go to our maximum supply.
If if the community decides that they're very, very happy with the amount of circulating supplies out there, we can actually turn it off early.
So that's one option we could do through governance.
We also do have, you know, the ability to do to change other parameters in terms of, you know, the the staking time, which we use 14 day on bonding.
One of the reasons we were able to bring our bonding period down to 14 days instead of the standard 21 is that we partnered with Babylon and will actually be leveraging Bitcoin finality there.
So we actually have, you know, periodic snapshots of our ledger being sent over to be finalized on the Bitcoin ledger, which is really exciting for us because it allows us one extra layer of security to prevent long range attacks and things like that.
So, again, we put a lot of thought into the design.
As far as the tokenomics go, you know, people who join Ellos early will obviously be rewarded from the higher inflation that occurs at the beginning.
That's a natural phenomenon that occurs when you have a small amount of users where the inflation is already programmed into the chain with the smaller amount of users at the start.
We'll get the most amount of benefit from the staking and liquidity mining rewards that will be provided for certain liquidity pools.
We'll add types, you know, bonuses for various pools that we want to incentivize to encourage more volume or more amounts being added in terms of liquidity.
We also have really unique designs in terms of our smart shielded pools and our arbitrage free pricing models.
We use a price oracle.
So our prices are actually fed by the market for those smart shielded pools rather than the traditional AMM model that was kind of made famous by Uniswap, which balances the pool continuously at a 50-50 rate.
And then they rely on arbitrage traders to come in and smooth out the price to match the market rate, so to speak.
So there's always a little bit of lag there with that arbitrage opportunity that occurs.
But what ends up happening a lot of the time is that people who provide liquidity in those pools can suffer from what's called impermanent loss as the prices of those tokens change moving up or down.
Their pool pairs can essentially lead to some losses when they go to take those amounts out.
We actually guard against the impermanent loss issue because, like I said, we use market pricing so the tokens don't get rebalanced continuously like an AMM.
Instead, we incentivize people to balance the pool by adding liquidity to bring that balance back towards 50-50.
So it's a much different model, but it still allows somebody who wants to arbitrage to arbitrage.
They just have to do it.
They can do it from the other side.
And what it really does there is it gives somebody the comfort of being a long-term liquidity provider rather than have to jump in, jump out based on watching the price of something move.
The other thing that we do to manage that risk is we use USDC as the pool pair, which is super important because the original DeFi 1.0 platforms out there didn't have the ability to use USDC natively in the Cosmos ecosystem or various other ecosystems.
It only existed on ETH.
So people had to pair, let's say, pair ATOM with the native chain token of whatever decentralized exchange they were using.
So they were subject to these massive price volatility ups and downs.
And then that led to significant impermanent loss.
Let's say the price of that pair token went down 50%, you'd lose roughly 25% of your overall value of your liquidity pool, even though your other token was probably doing well or staying stable.
We're staying stable.
So again, we put a lot of thought in that design to make sure that those types of risks wouldn't occur for the long term.
So going back to the tokenomics, it's the same concept.
Everything is based on that long term.
We do not want to dilute users, which is why we have that 200 million max.
So when somebody purchases LS, they want to maintain the value of that LS and inflating and creating more tokens is something that takes the value of their LS token and distributes it across more LS tokens.
That dilution is actually the very thing that crypto was built to guard against, which after the financial crisis and the hundred years long plague of minting more currency, diluting the currency and taking the spending power of that currency to lower levels.
That's, that's, that's one of the things that, you know, the Bitcoin white paper was, was built to guard against.
And so we want to maintain that same ethos, right?
We want to make sure that, you know, when somebody purchases LS that it's going to maintain its value, at least from the supply side, right?
That we're not going to continue to keep minting tokens to the point where their LS doesn't have the value that it should have.
So, you know, we welcome everyone to take a look at our tokenomics medium article that we published a few weeks ago.
It has a lot of great info in there in terms of our breakdown on how we do our, how we have our allocations.
One thing I do want to point out is the team is gets 18%, but that is across the entire team.
And no team member can stake on vested tokens.
In fact, no investor can stake any unvested tokens.
That's super important.
One of the things we identified as a threat in the Cosmos SDK, you know, original package packages in the staking module was that somebody who's like, let's say a seed investor or pre-seed investor could actually stake their tokens that have never been vested that they were waiting to receive.
And so we immediately took that out of the code because we thought that that was not fair to the community.
So that's one way we protect the community in our tokenomics is we do not allow on vested tokens to be staked.
They have to be liquid before they can be staked.
So that's a big one.
If a team member were to leave the team, we have a clawback provision.
So if I quit tomorrow, I don't get any tokens.
And I think that's really important because we watched this a lot in the previous versions where like a founding team would start a project, get their team tokens and then quit the team and move on to another project.
But they'd still continue to receive their tokens for like the next one or two years.
We just think that's crazy.
I'll just say it right now.
That's crazy, right?
That's completely unfair to the community.
So our provision is if a team member leaves a team, they stop getting their tokens, period, dot, end of story.
And I think that that's really important, again, because we're building credibility and we also want to be very, very disciplined and we want to be very protective of the tokenomics.
So, again, I highlight two major examples there.
Those are super important to us because those can very, very quickly wreck a project and that we think we put some really good safeguards in place.
I think, too, just to kind of cap that off, that was an awesome explanation is, you know, there's like just over 200 economies in the world and we don't know about most of them.
And there's a reason why there's only in the single digits successful economies.
And honestly, like maybe three that are that are fair and that are good economies that are growing.
So, you know, and then maybe maybe closer to 10.
But then you can there's a lot of other things to consider there.
And we don't really know the true numbers.
Anyhow, the thing is, is it's hard is the point.
It's very hard.
It needs to be planned out.
It's not something that, you know, can just be done on a subscription for three months and, you know, you hire a tokenomics team.
It really depends on what the goal is.
If if the goal is just to build a token, I mean, we could have done what, like 20 tokens by now.
I mean, and then just sold them like it could have been some type of project.
You can do it on an app.
I almost think.
And then tokenomics.
But the thing is, is that these are these are real people, real community.
These are our community.
This is us.
This is our family dealing with this and it's real lives.
And regardless of what can be done and what and how a profit could be made, it needs to be taken very seriously.
And in a in a real economy, there's there's products, there's there's goods, there's services to be sold and such.
And then there's somebody who says, well, that that's a good value.
I'm going to purchase that.
And they're and then they're working for it.
Everybody's doing their job and everybody's working.
If there's just a token all of a sudden and it's just on speculation, I'm not going to like bag on any of the projects that have mean coins or the mean culture, because I do believe that that's a collective culture within itself.
It reminds me of comic cards and it reminds me of lots of things, you know, when I was a kid as well.
So I do think that there is something growing there.
But but but at least call it a meme.
Don't like my thing is and I'll just say it like say what it is.
If you can't say what it is, then, you know, that that's a pretty big sign right there.
But, you know, the tokenomics is something I think that is, you know, not highlighted as much as it should in as much as it should be, because it's not fun to read a bunch of words.
You know, everybody really and the attention spans are a little bit less, even mine, definitely.
And and man, my my kids or my nephews or something, try to get them to read the white paper, the tokenomics going to be tough.
So I think we can't take that for granted, though.
We can't take advantage of that opportunity.
We still need to be we have a genuine responsibility.
We should have a genuine responsibility and a genuine intent to serve the community.
And I think that's a, you know, overall, it's a requirement, I think, to be able to handle something that has to do with somebody's finances.
I really do think that there should be a genuine intent to serve and accountability and responsibility, especially in a space that's not regulated as much as, you know, as much as it could be as regular finance sector.
And I think that we're we're slapping the initial white paper for Bitcoin in the face.
We're slapping Satoshi in the face if we're not going to honor that, because that acting in a way that takes advantage of people or the community, that's like the antithesis of what Bitcoin was designed for and what this type of finance was designed for.
And if we're truly going to make have it go mainstream, we need to quit screwing around.
The space needs to quit screwing around because the technology is there.
The people just really need to stop taking advantage of the other people.
And I think if we can do that, then it will shed.
Actually, it's happening right now where a brighter light is getting shined on the community and a brighter light is getting shined on the industry and it's been taken a hell of a lot more seriously now.
So this is our time right now to dig in.
So if you have any ideas, if you're in the community, you, you know, have ideas of what could make things better or you have an idea for a product.
Man, go for it.
Man, go for it.
Bring it.
You can definitely do it.
The space, it's new enough to where you can just hop in and, you know, start with genuine intent to serve and goodwill, hire good people and make sure that you vet them properly and represent the community properly.
And you can absolutely do that or even on like a DAO level, like what we were doing before.
Do whatever you can to stand up in the space, because if if this is going to be the future and you have and you're here right now, it's primed and ready to go.
I would I would dig in.
Yeah, it's very well said.
I don't I don't we've we're well over an hour now.
So I appreciate everybody who's stuck with us through this call.
You know, it was really exciting for us.
We love, you know, being with the Republic and hopefully we can do more of these in the future.
But before we go, I do want to drop some alpha because I think, you know, for those who've been waiting for a long time, I want to definitely give you guys some really, really exciting news.
I can't share names yet because we're under nondisclosure.
But last night I signed two centralized exchange agreements.
So I am super, super excited about this.
This is the hard work of Mitchell and Prashant on our founding team who actually have been meeting with many centralized exchanges.
It was a difficult decision to decide on which two we're going to go with.
But we're super, super excited.
Once the nondisclosure period is over, we'll be able to actually have a public release about that.
And then there will probably be some additional things that you can, you know, look forward to hearing about specific to those centralized exchange listings.
As you know, right now with the Reg D sale that's ongoing on republic.com, that will be closing in about 40 hours for those who are eligible.
And then, and then we have mainnet launch that's imminent.
So we're very, very excited about that.
Because for those of you who've been on this journey, I know you've been very, very excited to get started with else network.
On that roadmap, when our mainnet launch is live, you'll expect the web app, the front end to be hooked up shortly after.
Like once we have a smooth running network and we're producing blocks, you can expect that the web app will be up and then you'll be able to actually interact with it with real crypto assets.
We'll be enabling multiple third party on ramps.
So you'll be able to use like a bank account and credit card to be able to connect to a third party.
So for example, like something like a moon pay or arm emperor type service.
And then of course, those will require KYC.
So if you're an existing user of those products, you'll be able to use those pretty easily to bring assets on.
Otherwise, if you're a centralized exchange user, you'll be able to bridge your USDC over very, very easily through like the noble network.
That's probably going to be your lowest cost option.
It's usually free to send from certain exchanges or other forms of USDC through the CCTP platform, cross chain transfer protocol.
So very, very excited about that getting started.
We'll have the features enabled right at the start for our web app.
And then of course, a lot of you've been waiting for that airdrop.
So the airdrop checker will be coming out soon.
We have expanded the airdrop to properly, you know, account for the people who participated
in the testnet and got their phase one and phase two NFTs and were able to burn those and mint the legends and hoard NFTs.
And then the incentivized testnet users who qualified for the next tier are also going to get, you know, a nice little boost to the airdrop.
And then Atom stakers will be included as well.
Stride, Atom and Persistence.
So again, super, super excited about what's coming this month.
We hope you're there with us for this mainnet launch.
And centralized exchange listings.
And then from there, we're going to keep keep it going, keep the momentum going.
We have a lot of great features we're rolling out.
We're building a dedicated app.
So you'll be able to go to your favorite app store and be able to download the LS app when that rolls out.
We're expecting that to be next quarter.
And then after that, we will have derivatives unlocked.
So you'll be able to trade to participate in derivatives trading on the platform, which we're absolutely excited about,
because that's going to really be a big momentum generator and get a lot of institutional attention on that front.
And then towards the middle of the end of next year, we'll start unlocking our AI tools.
So that would be your pro AI trading tools, you know, things like just be able to have AI assistance to navigate through the web app if needed.
And then we'll be partnering with a lot of people who offer some AI products as well to be able to directly integrate that in our platform.
So, again, very, very exciting.
We'll be working around the clock for you over the next year and more.
We have a minimum two year roadmap already built out.
And so we're going to execute as best we can.
We're going to do it methodically, well disciplined.
We're always, always, always going to be available to you via Discord or X or any other way that you can, you know, on our socials that you can contact us.
We're here for you.
We always want to hear from you.
We'll periodically put out surveys, periodically solicit feedback just to make sure we're on the right track.
And please, please, please do continue to participate, continue to engage.
It means the world to us when you do, because we are building this with you, for you, and it's by you.
And it's really, really important to us that we always stay true to that mission.
So, again, I thank you all for being here.
It's meant the world to me.
This has been a super, super life changing experience for me being here.
I never thought I would be a founder.
I never thought I would be building a blockchain alongside you.
But it's an honor.
It's a privilege to serve you.
And it's honestly, I couldn't thank you enough.
And I thank you from the bottom of my heart to the team at Republic for all the, you know, the generosity and the time that you've given us over the last six months.
It means so, so much to us, and we look forward to continuing that relationship in the future.
Likewise.
Thank you, Hirsham.
I think, yeah, there was a lot of alpha that was dropped in that, in what you just said.
So, for more information, please do follow Alice Network on their Twitter.
And then also, if you want to learn more about the Reg D offering that is currently live, please feel free to visit republic.com backslash Alice dash network.
And with that, thank you so much, Hirsham and Mitchell for your time.
It was really great talking to you and learning more about your protocol.
And I hope you have a great day.
Yeah.
Thank you guys so much.
Thanks to everybody here.
Thanks to the community.
Thanks to Republic.
Thank you guys.
Have a great day.
Thank you guys.
Cheers.
Cheers.
Cheers.
