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Arbitrum <> Penpie
Recorded: Jan. 10, 2024 Duration: 0:52:31Space Recording
Full Transcription
I was thinking in the beginning of the AMA that I think I can now sing those intro songs,
the ones that are...
But yeah, we would love to hear more about yourself, like, about your story and what
do you do at PENPAI.
What do you do at PENPAI?
It's always super cool to hear more about.
Yeah, sure.
So, I mean, my story is very far removed from crypto and tech in general.
So, historically, my background, so for most of my working career, I worked in the oil and gas
so for most of my working career, I worked in the oil and gas industry, so I worked at your
diabomb, your Chevron's, your Chevron, your Chevron, your Chevron's, your Chevron's, your Chevron's, your jevron's, your shell, your BP, whichever oil refiners you're familiar with, generally in a project management role.
um generally in a project management role the company that i the engineering company that i
was working for obviously due to covert and all that sort of stuff went in went into distress
file for bankruptcy and got liquidated and at that moment this is about 2021
um for whatever reason i just decided to get into crypto so started investing into some crypto
projects um i came in i guess in the bull you know 2021 um so i was quite involved in the
sort of own forks wonderland time those sort of things invested in some p2e projects
um started kind of working in uh one of the projects that i invested in um as a project lead
worked on a a new game that they were that they were releasing and um yeah being in a startup
anyone who's worked in a startup you you know that you kind of end up having to get involved in
everything and especially being the project lead i kind of had to kind of be across and dabble in
everything and how about you and how about there and during that process i kind of realized that i
had an affinity for marketing you know for creating content for creating videos for um you know just
the kind of whole creative space and it was something being in oil and gas that was kind of a part of
me i never even knew i had to be quite honest uh but maybe even kind of tapped into because in oil and
gas there's no creativity needed you know um and kind of that kind of opened my eyes to the fact that i
enjoy marketing and so i kind of pivoted into uh the digital marketing space um and now i'm the growth
lead for pen pie and uh campi yeah so that's my my short story
well that's amazing like to be honest i'm super i'm always super curious to get to know more about
the people who are building the ecosystem and and i feel very connected to your story because i i i was
part of the logistics industry in more specifically in the automotive industry uh so yes i don't know
it's like and then i found out about my my yeah that i that i liked more marketing so so yeah it's kind of
we had a similar story there but yeah cool to see you here and building the arbitram ecosystem now so
yeah congratulations for that it was super experience inspiring to hear it and yeah i would like to hear
more about now what is pen pie for for arbinauts and what is the mission you have there and as well
how will you describe its role in the arbitram ecosystem
yeah so i mean pen pie is a basically a platform which is designed to provide pendle finance users
with yield and veto economics boosting services right to kind of put it in terms which most people
understand is basically is it is what convex is to curve uh pen pie is to pendle right so we are
integrating into pendle finance and our focus our mission um ideally is to
lock pendle tokens right as much as possible um to obtain governance rights and the enhanced yield
benefits but uh which come to rependle holders so pen pen pie revolutionizes how users can
really maximize their investment returns and monetize their governance power and if you're looking at
at arbitram in particular i mean we actually have a big arbitram community you know um the
arbinauts have really um really taken a liking to pen pie i mean if you look at our kind of tvl across the
different chains by far arbitram is our biggest you know i think currently we're sitting at about 64
million dollars tvl just on the arbitram network you know so we've really grown in leaps and bounds
especially on arbitram you know so um we're just looking forward to as we see arbitram heating up
you know you know and the whole ecosystem uh heating up uh we're really looking forward to see
uh how far and how high we can go you know in the arbitram ecosystem
that's super cool amazing to see and yeah uh for sure the arbinauts here have all the
all the all the power for for it so so yeah congratulations for that and to them as well
and what do you think about pen pie and pendle like how does pen pie contribute to the growth of pendle
ecosystem and where are the synergies between those two
so pendle finance uh just to kind of go back to the basics of it pendle finance offers uses the
opportunity to lock pendle tokens right to participate in the protocols governance
and to guess get increased rewards as liquidity providers in the platform right so you
lock your pendle as vpendle and depending on how long you lock it for determines your kind of
governance power and determines the sort of incentives that you receive i mean the rewards you receive as
liquidity providers so now pen pie comes in and our aim is to as i said lock as many pendle tokens as
possible to maximize the benefits of vpendle on pendle finance and then we take those benefits
and we offer these benefits back to the users right so this translates to for the person who uses pen
and by this translates to boosted rewards for pendle holders it's it's boosted rewards for liquidity
providers it's a cost effective way to acquire voting power and revenue share and also how does it really
how pendle help pendle is that ultimately the pendle that we lock um and converting to m pendle becomes
black gold so it is removed from circulation so all the pendle that that that pen pie converts to m pendle
and i'm sure we will touch on that as well um gets removed so it decreases the pendle circulating supply
um so that's how we that's how we contribute to the growth of the ecosystem and all
i see yeah that really makes sense and i i would like to ask you like uh for for the for the urban
outs that are listening for the first time to pen pie and and pendle five for example what's the best way
for them to get involved like maybe they should follow the pen pie x account and then the pendle five
x account and joining your discord or what is the best way for them
yes um 100 exactly how you put it um uh follow our x follow uh pendle's x accounts um obviously to
follow all the announcements um and then obviously get engaged in the community so join the discord
join the telegram our telegram groups you know whichever way you can kind of interact with
with like-minded people and with fellow users um community is always so important especially in this
space you know because you you will find community members who are well i'm talking for myself because
i'm not a i'm not a ta guy i'm not a trading analysis guy you know i'm a dj at heart you know so
i don't know all the finer trading techniques you know and i find when you're in the communities there
will always be those one or two guys you know who this is their thing you know and they'll just uh
come with strategies and you're just like oh that makes sense okay i'm gonna do that you know so
there's so many benefits to being actively involved in the community um especially when it comes to
something like pen pie and pendle um you know where you where others can just kind of share strategies
that are working for them you know that are giving them good aprs and um giving them good benefits
and those sort of conversations happen in the discords and telegrams
yeah in the discord and telegram is where all the alpha is i guess
but yeah for sure following you are an expert or the latest announcements and yeah talking about
incentives like a what strategies does pen pie employ to incentivize liquidity providers and
where do these incentives come from
yeah and i guess that's the million dollar question you know uh you're always looking at how do you
attract liquidity how do you uh make it so uh enticing that our peers want to deposit the the money on
your platform uh so yeah so we basically have as i mentioned previously there's boosted uh penal rewards
all right so thanks to our v pendle holdings or pen pie and we are the number one v pendle holder
all right so we have the most um voting power and obviously we are able to kind of funnel the most
sort of uh incentives to our our pools um so users can deposit their assets on the our platform and
our platform and earn boosted yields as i said without the need to lock any pendle themselves
right as i said previously um to kind of really tap into pendles incentives you have to lock pendle as
v pendle and the longer you lock it which is up to two years um you get more rewards right we kind of take that burden
on because we've locked the pendle and then our users um just get to reap the rewards and earn the boosted
yields that comes through our v pendle holding and also as well for the liquidity providers there's obviously
uh uh revenue share that comes to them through the boosted pendle reward yields from from farming on
pendle um 80 of those that revenue goes to liquidity providers right and also the boosted sy reward yields
from liquidity farming on pendle 100 of that goes to liquidity providers you know so it's really a
a lucrative um a lucrative um environment to be in and i think uh testament to that is as i said
currently we're sitting at close to 64 million dollars of tvl um on arbitram alone so i think the
liquidity providers have seen that there's real benefits rewards and incentives for them to use pen pie
yeah we see how projects are benefiting from the dbl and the arvinouts that are uh yeah using the the
the entire ecosystem so yeah that's very cool to see for sure and i would like to ask you about something
that is happening in in in in pendle maybe can you share more about the pendle rush campaign and maybe if
you are planning on future campaigns
yeah so the the pendle rush is an event basically focused on
um our core mission so it is converting pendle tokens into mpendle on arbitral so it's us taking pendle
converting into mpendle we lock it as vpendle um on pendle finance and basically it increases our vpendle
holding right but the pendle rushes as well are also an initiative that rewards participants
um usually with um vl pmp which is our vault locked pmp tokens right so basically how it works is based on
the amount of pendle you convert and there's a sliding scale so obviously the more you convert
um the higher rewards you receive and it's instant rewards but also as well with the pendle rushes
and it's kind of um the sort of campaigns that you kind of have to keep your eye on and i guess
almost always have pendle ready because some pendle rushes can be different you know usually you get
your vr pmp rewards and they can be very lucrative i mean our last our last two let's say our last two
pendle rushes i mean the rewards were over 150 000 right for converting pendle to mpendle right but
different pendle rushes sometimes if there's something happening in the magpie ecosystem on a whole
sometimes it might just be your luck that besides getting the usual rewards sometimes we offer access
to an ido through converting so um in our fourth pendle rush participants who got involved in that
got an ido allocation for the red pie for the red pie um ido and also as well and i'm sure we'll probably
touch on it um in the ama with the upcoming pendle rushes and there will be a few in the coming weeks and
months um we'll be using our our ob step as rewards as well so uh we're just hoping that uh all keeps
going up um you know be nice if we get to around three or four dollars uh but yeah um so those rewards
will also be those are been sensors will be used to also reward uh pendle rush participants
yeah of course uh you you're like penpai was one of the steep recipients so so yeah maybe in i have
some other more questions for you so maybe but we can discuss more about it later like you were part of
this program in the arabic from dao the sharing short-term incentives program that yeah it was proposed by the
the arabic from dao and and now and you were part of the teams that were elected to that so yeah
congratulations for that i hope to see more of this um happening in the arabic from dao and yeah
also would like to encourage everyone here if someone would like to make a proposal to the
arabic from dao is something that you would like to see in the ecosystem and please go to the arabic from
dao and propose it there's actually another proposal from the arbitram foundation for you if someone is
interested on creating a grant dao like a structure for delivering the grants to other projects you can
you can apply for that and build your own grant dao to start incentivizing or boosting the the projects
that are um yeah helping the arbitram ecosystem to to to grow so yeah the there are many opportunities
in the are in the arbitram dao for you and for sure in the arbitram foundation too and yeah well uh talking
about penpai and and more specifics uh can you also explain more about um the how is the interaction with
penpai and also how the the community like what should the community consider as well
sorry you just broke up take you just repeat the question
yeah for sure i would like to ask more about the governance tokens you have there and in penpai
and if you can explain how the community can start with those and also what should they consider
okay okay perfect so so yeah so we have our governance token which is uh the pnp token um right so that's
is our governance token and it's also used to uh as to incentivize uh our peoples and also
uh incentivize our bribery market but when the kind of real value and utility kicks in is when you lock
it right so when you lock your pnp token you receive a vault lock pmp right and the benefits of of holding
a vault lock pmp is you earn penpai revenue share you are able to vote in our penpai bribery market and
earn bribery rewards as you said it's cost effective voting power on pendle finance i think the the last
time i checked because we also kind of calculate the ratio you know so for every pnp a person has
um it basically gives them i think it's almost five v pendle's worth of voting power so it's like a
five to one ratio you know so for every one pnp used to vote it's carrying the power of five v pendle
behind it you know and then also as i said there's also um obviously governance benefits on penpai itself
so as a vr pnp holder you would obviously vote on whatever governance governance proposals are put
forward uh on penpai and whether they are accepted or rejected um and also as well there's also a 60 day
uh lockup you know uh but since we're on the kind of topic of governance and and as anna mentioned there
um you know the the kind of beauty of i mean and the whole dow and that sort of voting structure
is very much a work in progress you know every ecosystem is kind of navigating um how how best to
kind of um you know make sure that it's fair that it's equitable to everybody you know and with the
the recent um step step framework that that that we had you know initially um
the magpie ecosystem didn't make it as it were right uh there was a set amount of orb that was
allocated to uh the first the the first uh round um that allocation was reached so even though
we had uh passed the vote um we kind of missed the cutoff as it were you know but it was just um
the whole experience kind of showed the a positive use case for dow voting you know because then what
happened is a group of protocols who like ourselves missed out on the cut got together put a proposal in
place to say you know what actually um we think that there should be a back fund put in place you
know um and we went through the different uh proposal stages until it was passed and accepted you know
uh so for me it just showed the the kind of beauty of the whole dow model you know it does
have its flaws as i said it's a work in progress you know but it's really arbitrary the whole dow
system really came through for us as a project and other projects as well who passed but kind of just
didn't make the cut you know um to kind of get that back funding you know so um i've got a lot of uh
respect and uh love for the arbiter of dow and just the way they are kind of uh constructing the
proposals and as i said the beauty of a dow is all you need to do is put in a proposal you know speak to
some people um word it nicely get some backing and it can get passed that's the beauty of dow's
yeah totally i totally agree with you on that like uh it's it's it's super cool that now anyone can
create a proposal and like if you find something that you don't like or if you find an opportunity area
for for arbitrum or for penpi you can just create a account in the forum and you you just start
participating in the community and or you can even share your proposal or about this something that you
want to build or something that you want to see and you don't even have to and yeah like you you
create the proposal and then if it go if it's accepted by the dow or if the dow give you some
suggestions to it uh you can even do it and you sometimes you don't even have to do it for free
like you just you can get paid for that from the dow treasury so so yeah that's super cool and and yeah
very very i am looking forward to see more uh talented people joining uh the dow's like the for
example penpi or arbitrum dow for sure and they and the other dow's that are in the in the arbitrum
ecosystem for yeah for a brighter brighter present a brighter future at the end where more people
are sharing their thoughts and are sharing about their experience or yeah so we have less less blinding
spots to yeah to cover because at the end that's that's that's what we do here in the in the world to
have many people to share their knowledge and points of view to to have a better world world so yeah looking
forward to see that and and yeah also randlin i would like to ask you more about the great
things that you're doing in penpi like a recently a prominent defy protocols like for example cool
curve or gains network have a deposit to have deposits uh on penpi's bribery market so i would like
to ask you more uh like if you can explain the purpose of the penpi bribery market and why these protocols
choose penpi for their breath for their bright free rewards rewards
yeah so the penpi bribing market is kind of has a twofold purpose all right one is protocol facing
right so it's it creates a place where protocols can bribe their pools all right so i'm giving incentives for
for vl pnp holders or v pendle holders to vote on their pools and and therefore ensure that their
pendle emissions increase their apr increases and by extension their tv album increase as well right
because their pools will become more attractive to liquidity providers so that's the kind of protocol
side of it on the vl pnp holder side it's it creates an environment where a vl pnp holder can
earn through bribes you know so the protocols are bribing they want your vote your vote is valuable all right
and you can earn a passive income real yield just by voting for
the pool which to you might be a pool you like maybe even a pool that you've outpeed into yourself
or you may just be there because that's the biggest bribe you know or whatever your reasons
are that's entirely up to your discretion but it definitely creates that sort of earning potential
and as you said we've we've had some substantial bribes recently from curve
um even as soon as today they've deposited um 200 000 crv that's about 110 000 worth of bribes for the
next four weeks and so that's a lot of money gains has been bribing um we obviously bribe our impendor
pools stator bribes camelot bribes so there's this free money there you know
uh so it's just uh important if you're looking for a passive income buy some pmp lock it as vr pmp
and vote you know and you can change your vote every week if you want or you can leave your vote there
and it'll just vote for the pool every week um and your rewards will just kind of uh stack up right and
why are these protocols choosing penpins bribery market simple as i've stated previously we are the
number one v pendle holder so we have the most voting power um on the pendle gauge and we offer
these protocols the best bribe efficiency so basically we offer them the best bang for their
buck the best return on their investment um so yeah it's been penpins bribery market has really been
taking off recently and i think similar to what eventually ended up happening at convex or something
that will happen at penpi is that eventually at some point it's going to go to go beyond just a pnp
holder and it's going to go to a protocol level you know where protocols are going to realize wait
why don't i own pnp and then i can vote for my own pool and um you know move the emissions to my pool
and that way you know so um i think at some point it's gonna go to that level with protocols
um whales who or maybe want to incentivize a pool that they are in would similar to what they did
with convex snap up pnp realizing the power that it has the voting power that it has um for their pools
super interesting strategy and yeah like now penpi is managing to have like a tvl or total value log of
over 90 million with approximately like 70 percent of it on arbitrum in a very short time frame so i would
like to ask you like what do you think about it and what like what do you think is that why do you
think is that how do you think penpi achieve it yeah i mean obviously i'll be a bit biased in this answer
but i i think firstly i would say we have an amazing team
um i've worked in as as i told you different industries i've worked for many different companies
but this is the first team i've ever worked with where there is no toxicity there is no politics
everyone is just pushing and moving in the same direction and and that's in the direction of building
getting stuff done um and doing it right you know so i i think the the the team has a massive reason for
the success of penpi secondly i would say pendle finance itself the protocol itself is revolutionary
um so we are kind of in a fortunate position having built on top of such an amazing protocol
you know it's it's it's like almost uh by default like automatically um that we would do well because
we are built on a protocol that is thriving um constantly innovating you know and the pendle team
themselves are just an amazing team you know from tn to anton to right side to dan amazing team to work
with and to collaborate with you know so so definitely the fact that we've built this protocol on top of
pendle has definitely contributed immensely to our success and thirdly i would say our community
community and i think that as a protocol we we now have social proof you know we are five protocols
deep now you know we we started with magpie penpi is the first sub down there's red pie cake pie
camp i will be launching soon you know so we have a body of work and our community knows that they can
trust us that we will add value to them if they invest in our protocols and if they make use of
all the different innovations and the different earning opportunities that we provide to them
you know so that's that community um social proof and um sort of sticking with us um again as i said
it's we are so fortunate that the the arbor noughts have really just uh grab pen pie with both arms
and really embraced us as a protocol and we see that in our tbl across the arbitral network so yeah i would
say uh those there are probably many more but i think those are the the most important
huge that's huge and and and also you managed to get it to get to be like to be one of the um to the
recipients of the short-term incentives program that was a proposed by the arbitrum dow so i i would like
to ask you more about it like first of first of all as i told you before like congratulations for that
for being part of the elected um projects that that get funding on on it uh but yeah i would like to ask
you more about what is the plan for pen pie what how would you like to to lease this for these funds
funds this fund uh is it's around 1.25 million of arab tokens right
correct um so it's 1.25 million of um and it's so uh as you said we kind of missed out on the initial
round one um and then we kind of had to go through this whole process to get a back funding
um so we've kind of gone through the legal process we're kind of just waiting for the the the stuff
to be sent to us you know but it's amazing how things work out you know because when we when we
applied for the grant arbitrum was less than a dollar right so i think the the 1.25 million orb was
probably worth about 1.2 million dollars right today that 1.25 million of is worth 2.5 million dollars
you know so there's just been this uh exponential growth um that we didn't foresee um and it just shows
you how sometimes things just work out you know um but to kind of get into the finer details and especially
as it relates to to pen pi specifically um so of that 1.25 million of 500 000 orb is has been allocated to
to pen pi itself right so the stip will run for three months so for the back fund it's going to run till
till the end of march right so for pen pi what we have and for the whole ecosystem
to speak on pen pi we obviously we've prioritized uh sort of um long-term value and um users who are
really locking themselves and investing um in pen pi and in the pendle finance ecosystem itself
right so of that 500 000 of tokens um 80 percent of the allocation which is 400 000 of
will be allocated to as we spoke previously to our pendle rush campaigns all right so that's why i was
saying if you have some pendle or maybe you need to get some pendle uh because the the pendle rushes
uh are going to start soon um and they we're going to be giving out hob incentives for that all right so
80 percent of the allocation will go to our pendle rushes um and then 20 percent will go to
the liquidity providers so that'll be 100 000 of tokens um which will be is which we will use to
incentivize uh different pools over the next two and a half three months so yeah that's that's kind
of how pen pi is going to be using the the orbit location i'm always looking forward to see more
from pen pi and yeah more growth from from you for sure and i would like to ask you more as well like
about with the campi being the latest addition to magpie echo and on arbitroom can you share more about the
development progress of campaign and provide a glimpse of what we can expect from from campaign campaign
in the near future yes i mean we super excited to to launch campi
um and get campi going um so campi is built on top of camelot decks and so we will be sort of providing a
a yield and veto tokenomics layer on top of camelot very excited about that as we know camelot is
the arbitrum decks you know arbitrum maxis so very excited especially in
the way arbitrum is heating up and the growth that we've seen in the arbitrum's ecosystem on a whole
to be launching campi very soon so in the next probably two to three weeks we will launch our
first grail rush which similar to the pendle rush is basically you will participate by converting your
grail into mgrail which is our liquid wrapper mgrail magpie grail and then obviously we will lock that
away as x-grail on camelot decks and using our voting power once camelot decks launches their voting gauge
we will like we do on pen pi kind of control the emissions through our voters and also as well
as i said with the pendle rush and the grail rush will also be making use of the arbitrum step
so for our grail rushes we've allocated 240 000 ARK tokens so get your grail ready if you don't have
grail get yourself some grail because the rewards are going to be very attractive so you definitely want
to take part in our first grail rush which will be launching in the coming weeks and we'll have a few
grail rushes after that as well so yeah very very exciting times to be launching campi on camelot
amazing to see builders are building nice that's you you are unstoppable so so yeah cool to see that
uh well uh rattling i know we are almost about to finish this ama so wondering if you will you would
like to share something else to the community that we haven't touched yet or
or again anything you'd like to share yeah um i think we we've we've we've covered everything
um as i said um i would just say um we gonna have a pendle rush coming soon uh which is gonna be making
use of the ops tip we're gonna have a grail rush coming soon uh which is me making use of it and you
don't want to miss out on those um rewards i'm hoping i'm hoping by the time the the russia starts
harbors around the three dollar mark you know uh for our users sake so yeah just just hoping that
that arbitram just keeps really heating up and accelerating um and yeah looking forward to continued
growth um growth um on the arbitram ecosystem and with our fellow opponents
of course thank you for the enthusiasm yeah i'm super excited too
yeah let's keep building the web trick system let's keep building arbitrum together uh and yeah
exciting to to see what you're building in penpi and keep continue to see you grow as well so so yeah
thank you very much for joining us today it was awesome to hear more about what you're doing and what
you're going to do next and and yeah thank you all arvinos that join join us today looking forward to see
you in our next ama thank you thank you so much for having me
fantastic have a great wednesday randlin and sure thank you let's go
the funniest part love it
thanks graham thanks edda thank you all my notes ciao thank you
