Hello gm and happy friday is super exciting to have you here we are
Going to be discussing with the good entry labs team
And yeah, happy friday everyone. Thank you for joining us. And who's behind a good entry account
Hello, hello, hello, everyone. If you're Asian, it's the first day of the lunar new year in
Asia right now and I'm very much thankful to see many good friends like Jammer and Lumisticat,
amongst many other new friends here who are here to understand why we do a good entry and
wishing everyone good fortune and good health. Thank you.
Yeah, congrats. Happy lunar year and yeah, it's the year of the dragon.
I still don't know why we do a call at 1am, but very glad to be here.
Oh, yeah, well, thank you very much for taking the time to discuss today with us,
like really, really, really super thankful for that. And yeah, wishing you the best too for this
year as well and for everyone here. Super excellent to see this and be part of this
celebration in this AMA with you. But yeah, maybe we can start with some introductions.
My name is Anna, Community Manager at the Arbitrum Foundation. And yeah,
I would like to know more about you and your role.
Hi, everyone. So this is June, otherwise known as Master Bean on Discord. So I'm the founder of
Good Entry. We have been one of the first teams to actually launch and deploy a perp tax on
Arbitrum. And our goal is to allow people to trade with the maximum leverage.
Right now, our maximum leverage is 6969. We've broken through the 1000x leverage mark comfortably.
And yeah, we know we allow people who are pure DJs to make Arbitrum their home. So that's pretty
much who we are. It's been a long journey. We've opened many, many community members to reach here.
But I think we are still refining our product. We found some answers. We're still iterating on it.
And very thankful that there was the Arbitrum step to help grow some of our TVL. But more
exciting things to come and more focus on our token as we move along in 2024.
Great. Yeah, super exciting to hear. And congratulations for receiving,
being one of the recipients of this tip. And yeah, well, I'd like to ask you,
like, how is the best way for the community to start using Good Entry? Like, yeah, they go to...
Yeah, it makes sense. Yeah, yeah. The best way, you know, they integrate with us is they go to the
Good Entry. I mean, there are multiple ways to interact, right? I think the first is asking
who they are in the space, right? Are they a real DJEN or are they a more diverse player,
right? But in our case, you know, we are the best place to DJEN because we offer this non-linear
payoff, which is your downside is always capped because all you do is pay the funding fee and
your upside is unlimited, right? Unlike regular pubs like GMX, you know, your payoff is linear,
whereby the thing goes down. If asset goes down, you will also lose correspondingly and get
liquidated. So there's no liquidations on Good Entry. There's only expiry of positions. So that
is one of the ways that you can think of Good Entry. More to be read in the docs or asked,
questions can be asked in this court. But yeah, spend a dollar, go on to Good Entry and play the
deck, right? One major change we've done actually is we previously allowed leverage from 1 to 50x.
We've actually taken that option away and now all leverage begins from 100x onwards because
we believe if you are taking between 1 to 50x, you should go to other existing platforms
with deeper liquidity. The liquidity taking up, you know, whenever a position is wagering from 1
to 50x or under 100x, it's taking open interest away from people who are more DJEN and that means
our LPs will miss out on more yield. So we're optimizing yield a lot for the LPs. We're
developing LPs strategies of our own before we can publish them and working with our partners to
figure out how to manage the risk while incentivizing traders to continue trading
Good Entry as the best place to DJEN. So that's what we are doing right now and focusing a lot on
how to incentivize people so that Good Entry can become a quality by infrastructure that
can be published on all chains. Great, fantastic. Yeah, that is a great way to
get involved and get started. So, yeah, Arbino is here. As you heard, you can start joining their
X account and then asking more questions in their Discord. And yeah, well, I'd like to ask you, like,
what are the unique features that you think a Good Entry has compared to other perps? Sorry.
Yeah, I think for one, you know, there's no other team that is working as hard as us to
provide the leverage we provide and also pushing the boundaries of what's possible. So when we
first started launching our current DJ mode, if you did 1000x leverage, you would only have the
position open for seven minutes. We have actually managed to 10 times the length of how long you
can hold, then 1000x position, which is one hour at the moment. And we've increased the leverage
as well while giving a lot of good time. All this without compromising the risk management of the
LP. So LPs are also making money over time. So think of it now as like, as a slot machine,
the product is a bit evolved, whereby it's more like a slot machine in a casino whereby you're
incentivized to take many, many positions. And over time, you might hit one and you face off
massively, but unlike a slot machine that runs out in like, what, 30 seconds, you know, you have
hours upon hours to have this high leverage, right, between 100 to 1000, that is more than an hour
or 1000 and above, which is less than one hour to make positions on events or on just technical
analysis. So we are the best platform right now at this. And as we focus a lot and stabilize the
product, then we can shift our attention to the token. So this is key features that we are looking
at. So that, you know, we really look at this, this product in a holistic manner, right? Whereby,
you know, we see the product as a product, but token is also a product. And if you had to
conflate the two from the get go, you can create a bit of a mess. So for now, you know, price action
is less of our concern versus the product action. Because if the product starts generating ridiculous
levels of yield, you know, revenue sharing and all that from the token will start to make a lot of
sense and it carries itself. So one thing at a time, you know, as even bigger back holders of
our own token, you know, it's very important for us to figure out our own revenue model, right,
before we can, we can initiate for the rest of the space. So there has been a major focus. And as a
result, you know, I think we are getting there. So we've seen our volume climb, right? It's very
simple that with very little TVR and yet we have 24 million volume in less than a month,
in a month or so, which is incredible to our view. So I think we are going to only scale up. And
right now, you know, when we look at our due, you know, I think we are becoming a healthy and
healthier debt that that scales very progressively. So we are looking at this right now. And yeah,
we think that more incentives from the STIP can be used creatively to incentivize more trading
and bring more bring more of this forward, my good activities forward.
Well, that's awesome. Like, that is a huge milestone there that you, well, two great milestones
that you achieve, like those, those numbers and also, for sure, being a recipient of the
STIP or the short term incentives program that was a proposal in the Arbitrum Dow to
to incentivize the projects across the Arbitrum ecosystem and for people to start
using more these protocols. So yeah, that's very huge to see. And yeah, I'm wondering if
there are other recent milestones that you would like to share today or something that you are
proud of? Yeah, I think something we are proud of is, you know, we are seeing a lot of the original
indexes that came up, you know, or like option projects, we focus a lot on doing soft ideas
in design to that pushed up. No, we were the first to deploy and we were the first to validate that
it doesn't work at all. And, and we move on from it to become even more efficient and create more
leverage with more time. Right. It's not enough to just have 1000 X, but it's more important to be
able to hold a position for a reasonable amount of time so that you can actually win. Right. We're
not here to make people lose, but not also to make it so easy to win. Right. We need to make it
fair. Right. So we are creating a more fairer and fairer ecosystem where LPs can make sense
and win and traders have reasonable chance of winning where they make good decisions. Right. So,
you know, I think we are proud of that. I think one thing we are proud of is our motto is tell me
if you can lose money. Right. If you can, I dare anybody to challenge us that they can really lose
massive amounts of money on our trading product. And I think today we don't see massive losses. We
see small losses, but that is actually just a wager in return for the high risk and the high reward
they take. So we see that on our Dune is very healthy. And you know, we are creating our trading
competition very soon. And one of the components of the trading competition include the biggest
loser component. So our biggest losers actually get rewarded. I don't think any other trading
competition rewards the losers. By now case, rewarding losers and trying to see how much
someone can actually lose is an interest area of ours. So we are actually creating this biggest
loser component on top of the biggest winners to really emphasize that good entry is for traders
and created by traders so that everyone can do their best in life and have a better time.
I see that's that's a super interesting approach that there that you have with having the
how do you call it like super losers or do you say we call it the biggest losers, right? So you
have to the best, the top three losers where she get a reward, a cash reward, but giving them cash rewards
to subsidize their losses. So you have to be the top losers and you think it's quite hard.
Actually, maybe not so hard because about 1000X is quite easy to lose. You don't lose massively,
right? You're not losing a whole stake. And I think that's the point, right? A lot of people
trade and we started from a view that people are not the best at spot trading and pop trading is
actually even more risky because they're taking leverage. Your position gets liquidated. In our
case positions never get liquidated. They only expire. So people never ever lose massively on
our platform. They put a, they wage a small bet for high reward with cap downside. So actually
we believe a biggest loser is actually quite interesting because I don't think any other
platform has the courage to invite their users to see who can lose the most and be proud of it.
I think we will realize that the number will probably be quite small. So that is something
we're quite proud of. Yeah, that's a very interesting to be honest. I think it's the
first time I hear it. So, so yeah, that's, that's very cool. Very unique to be honest. And yeah,
and at the same time, super fun. Like it's, it has to really divide as your memes and, and
papers everywhere. I don't know. It sounds super cool. Yeah. And I like to ask you too,
like why did you decide to be on Arbitrum? I think, I think right now we're in a very
interesting moment in time whereby there's many, many will be stack folks right now.
I can't at least 10 more than coming 10. And I think what Arbitrum offers is still the unique
DJN community. I mean, this is a 1AM call. Yeah, there's, I think at least a good 30 to
14 members here, which is absolutely incredible. Right. Arbitrum still remains a very core component
of DeFi and innovation. So, so I think there is one. I think also the second part is Arbitrum
promotes champions of DeFi, right? So to date, we do not hear any other DeFi project that is as
strong as GMX, right? There's something to aspire towards because, you know, it's only made possible
because of Arbitrum's community. Yes, there are some criticisms of, of GMX at times in the isolated
pools, right? Some people find it inconvenient, but, you know, overall, you see the performance
of it still going very well. You see projects launching on Arbitrum, you know, a lot of
podcasts make Arbitrum their home to innovate in. So, so, you know, if you want to be the best
before you go to multi-chain or, or other strategies, you know, Arbitrum is definitely
the place to be because this is where DJs come as a starting point. You know, it's a free world,
right? But there's always a free world doesn't mean it's random. It's not haphazard, right? To
grow in a meaningful way. You have to start somewhere. So Arbitrum is the starting point
and having full focus on Arbitrum is a good entries, I guess, compass, right? It's in that
direction. So, so, so we are very bullish on Arbitrum and we continue to be
massive fans as we continue to build our expansion.
Yeah, totally agree. The community is awesome, to be honest. And, and yeah, as well, I'd say that
we've like in Arbitrum, there is since the beginning, we have this security first mindset,
like with the active 100% active fraud proofs. And with these ones, you are for real inheriting
the Ethereum security. And so yeah, I think that's something very important for the community too.
As, as, yeah, as you mentioned, like, at the moment, Arbitrum is the most advanced layer
two in the, in the ecosystem, according to layer two beat this organization that analyzes all the,
all the scalability solutions out there. And yeah, as well as a huge TVL and around the 50% or
more of the market share as well. And yeah, it's a, it's a chain that is reaching the most ETH.
So yeah, very, I don't know, it's huge, huge things coming in for sure with all the upgrades
that are, are being worked on. Like for example, Stylus, which is a, a, well, with the Stylus,
now developers will be able to create the smart contracts using older coding languages besides
Solidity, like, for example, C, C++, or Rust. And as well, Bold, which is a, an upgrade as well to
allow permissionless validation for a more decentralized and secure Arbitrum. And yeah,
these ones are, will be shared, will be shared today to the Arbitrum DAO to, to see if they,
if they approve it. But yeah, also the Arbitrains, which are now, now it's possible for you to create
a customized chain on, on top of Arbitrum or as well on, on Ethereum using the, the Arbitrum,
a Arbitrum Nitro stack. So, so yeah, very, very cool things in the Arbitrum ecosystem and super
excited to, to have you here to have good entry with us. And yeah, well, I'd like to ask you to
like, what's next for, for you in, in the future? What are your plans?
Sure, sure. I think one of the main things that we have focused very much on is
really validating that, you know, our decision to be more de-gen is correct. And that is by having
our training competition. So more details on that coming up in February and NFT collection,
something we've promised our users. So, you know, I think that there's a, there's a good thing that,
you know, we can validate and, you know, to, to recognize the people who have put very hard on
our project, right. Nice to see friends like Greg, our Dipsy, Afro, you know, our project has been
built by people like that, you know, who have believed from day one, you know, they've been
following the project for months and months. Sometimes the project goes through ups and downs,
you know, I think our project is very transparent in what downs we have. And we are also very
focused on just saying that sometimes we're going to let go of certain things so that we can be
another thing. So, so that is like, sometimes we, this makes us misunderstood, but, you know,
we, we continue to push and we shift our product to, to just be the most profitable, put decks out
there, the whole entire space. And once we can solidify that good entry makes sense on how we
term, now then we can focus our next step, which is to become a qualified infrastructure across all
chains and do so in a way that creates utility for the token that, you know, allows us to shift
the gear from one phase to the next. So, so that is really our, our next goal, two, next two things
to look forward to. So one is product validation in a more deliberate way with the trading
competition and other activities, right, in the months of February and March. And the third is,
the second thing is creating good entry as qualified infrastructure across multiple chains
so that, you know, we attribute value to the token as a next phase. And yeah, I think there'll be more
products to look forward to. I think the third thing is, you know, recognizing that good entry
team is actually been a team of innovators. So it behaves as a studio, right? The products will not
only be good entry protected perpetuals. Actually, we have a suite of many new products coming out
and do look out for those and watch out for my signature fingerprints around things. So, so
I guess it's going to be a fun Q1 and Q2 coming up next. I'm looking forward to it.
Yeah, for sure. Thank you for, for the alphas and yeah, super, super exciting to see you grow and
yeah, they let's for the, for the Dragon Jira to give you powers.
Yeah, well, that's fantastic. Thank you very much.
Yeah, right. Well, I think we're almost finishing the AMA and for sure. I want to give you some
time to keep celebrating the lunar year. So yeah, wondering if you would like to share something
else to the community. Yeah, I think the community just needs to understand that, you know, if you
trace the good entries history, right, we have always been deployed first, ask questions later,
we are not afraid of breaking things. So as we got new community since the token is launched,
naturally there can be misunderstandings, right? Because, you know, it looks like we, it can look
like we abandoned our token price, but that's not true for the truth, right? Because, you know, our
token, the biggest holders of it and the careers that depend on it ourselves. So, so I think we
are the most anxious about one token price action than any other person out there. But at the same
time, token needs to, we cannot detach pure fundamentals from it and have it fueled by pure
imagination, right? So, so before that, you know, we understand that if we sell, if we make good
entry work, it will be the most profitable, but that's how they die space because we are selling
options at the money, which is the most profitable area of options. So the main thing here is just
figuring out how to weigh the odds slightly to the LPs in a meaningful way so that our traders can
also win, but not win excessively that breaks the rules of the game, right? So that's one. And
then secondly is we are organized as a studio. So our main goal is to test good entry as core DeFi
infrastructure and in arbitrary. And soon, you know, if we can do that, we can expand to others
to create this world where by good entry, DeGen behavior can be benefited to everyone else.
And third is good entry is not the only product that our studio has, you know, we'll be launching
many other products. So, you know, good attribution to value will occur as a next phase of our
expansion. So do look out for that and our signature community building exercises. So yeah,
now we remain active and we continue to host community calls almost on a biweekly or once
every two week basis so that, you know, you can hear my voice, my thoughts, and you can question
me and, you know, we maintain an open view. Naturally, as the project is still very new,
it's quite centralized and efforts to decentralize have not been as fast as you would like, but,
you know, we are making as much speed as we can, right? Things are focused in terms of a list of
priorities. Our first priority is definitely to stabilize the product and make it very profitable
first and then everything else is secondary. Once that is moving forward, you know, we will
proceed with more decentralization and other aspirations.
Fantastic. Yeah, it's great to hear that you're going to have community calls
for, yeah, to hear more about the community thoughts and also, yeah, start getting involved.
So, yeah, looking forward to see more about what you're doing. And for sure, I want to thank you
for joining us today to take the time. As we know, time is the most valuable we have. So,
yeah, thank you very much for joining us today in this special day. Yeah, thank you.
Yeah, today's the first day of Lunar New Year. So, I hope wherever you are in the world,
do have some Asian food, hang out with your friends and cherish them. And, yeah,
all the Chinese speakers out there. Thank you very much, everybody. I hope you have a very
good time. Thank you. Beautiful. Thank you very much for joining. And, yeah, have a great weekend
and happy Lunar New Year for sure. Sending you a big thanks. Thank you, everyone. See you soon. Bye.