public test net and then go through our testing suite again. And of course after that we do go to
mainnet. So we are moving very very quickly. What we would like to do this week we re-based
the metrics module on top of the Cosmos SDK 50 branch. We're going to most likely finish
Pigeon Feed Phase 2 and rebase again. And I think once we finish Pigeon Feed Phase 2,
Pigeon Feed Phase 3 I think a little bit of change then we re-based and then we're ready for
doing that. So that's about three weeks of continued Pigeon Feed work before we are ready
to rebase and upgrade to Cosmos SDK. Our view is that we want to get to Pigeon Feed completion
before we go Cosmos SDK. So we're going to continue working and debugging private test
net local internet testing and make sure Pigeon Feed continues so that the Cosmos SDK 50 will be
a smooth launch and will have sufficient testing. All right so that's the exciting world of Paloma.
Let's talk about how we get more volume on the chain for an anticipation of Pigeon Feed. So
we now have a Paloma bot. So Paloma bots, what are Paloma bots? So the volume team has been writing
bots and we're doing sort of open source way to demonstrate how folks can use Paloma to execute
trades on maybe half. We've been really again we're just grinding away here. We were small teams,
teams about eight people and about four, two folks, main folks on the facility side.
So we're really happy because we get a lot of usage in our euro off-ramp bot every day.
That bot's getting usage. Last week we had about I think $250,000 in volume. That was a week above
our $150,000 in volume the week before. So we are getting more volume and as long as these
bots stay online, more and more people will come and use them. This week we'll be focused on
leverage and I'm going to talk about that later on when we talk about leverage bots. I'm really
excited about it because again Bitcoin price is rising and now with Paloma you can do seven times
x leverage from any shit coin on Ethereum into a seven x. I'm currently at 7.5 but up to an eight
nine times leverage position and that's the leverage perpetual position. If you believe
Bitcoin is going to go to 60 because it's currently at 51 and you don't want to lose out, I might tell
everybody in my family, tell even my grandma and my wife's boyfriend. You want to be able to
take on that leverage position, get some leverage exposure in Bitcoin and ride it up. Of course the
underlying is executed by curve. So we're using CRVUSD. The Paloma bots execute the trades by
essentially monitoring the price of Bitcoin. I'm closing off position if the price has fallen too
high and then closing out the position at a set stop. So if somebody wants to take a leverage
position and stop out after they've made a million dollars, you can grab a Paloma. Paloma executes
the transaction. So we think this Bitcoin leverage is a great narrative Paloma today.
Paloma is the chain to handle your Bitcoin leverage positions. So we want to communicate
this to folks. The way we're going to communicate is we just launched Zeely. Thank you very much
CosmoCast community. Again, that's Zeely. We're going to start giving our grains for helping
educate and share some of our videos on how to use Paloma bot to essentially take on leverage
positions. We think if we can get more community engagement to educate, then this is going to be
a win for everybody because now we're going to have more people getting exposed and more people
working towards it. So Zeely is it. We did our AI art competition. We should have done it in
Zeely. Again, we didn't know. Now we know better. So we're going to use Zeely to now leverage
brains from the Paloma Foundation to essentially get users to help us spread the word about Paloma
bots ability, right? So if our Paloma bot is doing more transactions, the winner is Paloma. That means
the price of grain goes up. It means the validators get paid more and it means chain total market cap
continues to rise. Our hypothesis is that the Paloma chain market cap will be based on volume
and company named volume. And that as long as we keep launching more bots, there you go. Now, we
are updating our front end bots this week. We've got a lot of fixes to make the bots more reliable.
We're going to be testing high leverage positions to make sure that bots can exit a position if
leverage or if there's a massive or very fast retracement. So we're going to be focused on
again, considering the boundaries, we're eating our own dog food in this area. And we're very much
enjoying it. Yum, yum, yum, eating the dog food on Paloma bot. So we're going to do that.
So I think what we are also going to do is we are going to be looking to partner. So we are talking
to our partners at Nectar about launching more bots that can deliver higher APYs. We won't tell
you what those bots look like right now, but our goal is to keep launching more bots that run on
top of Paloma, have those bots acquire more volume. And then I think once Pigeon Feed is done,
we would like to switch to educating devs about how they can build their own bots on Paloma. So
we think, again, by building successful bots, people will come and want to fork. We're going
to encourage forking of all the bot software, because again, we believe that the real values
on the validator layer and having the validators actually get paid more because there's more volume
driven by more people, not just the volume team on Paloma. So that's where we're going to be
checking it out. In terms of getting past Paloma bot, I think what we are going to be looking for
is being able to start exploring, again, more and more on-chain activities. We have a lot of plans,
but again, we're just focused on making sure things execute. And I think one of the things is that we
would like to get more bots on target chains. Last week, we got a request from a user to deploy
current limit autobot on Arbitrum. It can be done. It's very straightforward. We already
deployed in Ethereum. We just don't have enough devs to do this. But that means there is demand
that people want to do these things. So I think what we're really excited for is that there is
demand for Paloma, demand for what we do. We're stretched to capacity. We are moving slowly. We're
trying to hire as great people as possible. And the stuff works. And that's just exciting. So
we will continue to push. And next week, we hope to have more bots up. The current bot
group will be improved, be easier to use, actually more correct, less incorrect or erroneous data.
And we are going to be ready for pigeon feed as it climbs up. All right. So that is it for Paloma
for this week, 1.12.1 at mainnet. Current upgrade for pigeon feed phase 2 underway with the test
net this week. And we are also going to be getting ready for pigeon feed phase 3. Okay.
That's it for us from today, for volume. Thank you. Welcome all the new flock, all the new validators.
New validators will be re-delegating stake from the Paloma Foundation. We'll be re-delegating
stake from validators that are offline. Now it's a new validator. So there's a lot of stake to go,
a lot of stake to delegate, and looking to make sure the validators are very, very happy
for supporting the network as we get ready for the launch of the token on the target EPMs.
Okay. That's it for today. Have a great one. Koo, koo, koo. Fly safe, fly warm.
Fly safe. Stay warm. See you on the Discord. See you on the Telegram. Koo the music. Koo, koo.