I don't know what I'm saying, what I'm saying, what I'm saying, what I'm saying, what I'm
saying, what you're telling all me, you gotta give a little take a look, give it all you've
got, oh, give the fire burning, give the fire burning, give the burning hot, you gotta light
on your lawn, baby, you gotta give it all you've got, give the fire burning, give the fire
burning hot, you gotta give it all you've got, you gotta give it all you've got, oh,
give it all you've got, oh, give it all you've got, oh, give it all you've got, oh, give it
all you've got, oh, give it all you've got, oh, give it all you've got, oh, give it all
There's a thing we intended to do
That two games come together
And welcome to the Twitter spaces.
Good Lord, we've been doing these things for a year.
And we are continuing to improve this network
So welcome, this is volume Twitter spaces.
Today is March the 6th, 2024.
Paloma is over a year old.
Paloma was launched in February of 2020, 2023.
and this network is still cranking.
So I just wanna say congratulations to everyone
who is in the Twitter spaces in the community,
all the Paloma validators.
You just continue to do amazing work
and it is amazing that we've gotten this far
and that we are nearly, nearly to a new phase of Paloma.
So what we're gonna do is talk about volume.
We are volume, we're gonna talk about Paloma.
We're gonna talk about Paloma bots
and we're gonna talk a little bit about blast.
So I wanna say welcome everybody who is volume.
Volume is a software company that was been engaged
by the Paloma Foundation, K-Man entity
to build the Paloma protocol,
one of the clients in the Paloma protocol.
And we've been doing this work for the last year.
Our focus is on private key management
and private key management for strong narratives in crypto.
The strongest narratives in crypto today are leverage.
Strongest narratives in crypto today are
Ethereum security via the liquid restaking tokens
and liquid sticking tokens,
managing those liquid sticking tokens,
re-hypothecating them, leveraging them up,
but doing them in a decentralized manner.
Volume is really passionate about bots
but we're really passionate about decentralized bots,
bots that work on chain independently
without the need for us to hold keys and hold tokens.
So we wanna say congratulations to all the validators.
and if you hear me sound distracted,
it's because we're dropping more blast to everyone.
So a lot of validators came on board to blast.
a lot of validators fell off because they didn't have blast
and then we found out that blast is more expensive
to deploy the contract than optimism.
So blast is an optimism fork
and because blast is an optimism fork,
we use the same features that we did for optimism
So because Paloma has already deployed to the OP stack
on optimism, this was supposed to be a straight shot.
Well, for those who are here,
it turned out not to be a straight start so far
because although many validators are coming back,
having their configurations for blast set up correctly,
we have failed to deploy compost to blast
and we have failed to deploy compost to blast
because it's more expensive.
So now I'm sounding distracting
because I'm literally airdropping more blast eat,
blasted, blasting eat to validators.
So I'm blasting essentially more blast eats to validators
as we speak so that one of the lucky validators
can be chosen to deploy the compost to blast
and the reason why we need compost,
compost is our light client
and this light client exists on all the target chains.
We use this light client to essentially own the contracts
that are looking to be remotely controlled
by the Paloma blockchain, right?
And so we deploy these contracts to every chain
and each of these contracts require
initial funding of gas to work
and this initial funding of gas is refunded
as more transactions run over the network.
Now, Paloma is in a volume refunds activity
on the network side and as you can see,
most of the Paloma bots are developed by volume.
This was done on purpose, why?
Because if we let everybody know that they can build
on Paloma today and do crazy cross chain messaging,
we would be very much at risk of being drained
by wild and crazy people who would be using it.
So we've kept Paloma functionality
sort of a little bit quiet,
which is why you don't see us really acquiring devs actively
is because of this refund function.
Now, this refund function is important,
but it is changing and we're gonna give an update now
on Paloma and how we're gonna change this refund function
so that it is a prepaid function from the validator.
So let's talk about where we are
and what we achieved on Paloma last week.
Okay, so Paloma had congratulations
on all the new validators.
We are welcoming all the new validators
from the CosmoCats community.
It is a pleasure to have you here.
You stand on the shoulders of the great validators
that launched this network.
It is an exciting time to be here because one,
a lot of the bugs on Paloma have been worked out
and we are now deploying to new chains like blast
and deploying it now with even more validators
who are coming on board is a sign
that the Paloma chain is valuable.
So we welcome all those new validators.
I think we brought on two new validators
from the CosmoCats community.
You are on a chain that generates revenue
in addition to emissions.
So this is the Paloma objective.
The Paloma objective is that validators
will soon drive Lambos because they are managing hundreds
and thousands of transactions across multiple chains
at the same time and they're charging fees for it.
And our vision is that that fee market
is going to be independent of volume
and independent of Paloma Foundation.
Any user, any validator will be able to set whatever fee
they want to relay on the chain.
And the way it will work is that the chain will essentially
Paloma will assign the fees or the relay activity
to the validators that are relaying at lowest cost.
So if you're a validator and you set costs lower
than your competitors, you will be able to get more relays.
And of course, more relays will mean more users
If more users are using the network
because relays are cheap,
this will mean more relay volume,
which will mean more grains for the running validators.
So we have a very simple economic model.
It's not meant to be complex.
It's meant to be very straightforward.
You know, low cost will equal fast relays
All right, so let's talk about last week.
Last week we worked on Pigeon Feed after,
and the Pigeon Feed that we have right now
is in Pigeon Feed Stage 3.
So folks, that's what is Pigeon Feed Stage 3.
Pigeon Feed Stage 3 is where we now update Compass
to start tracking the prepayments
of what we call the messages.
So Compass right now does not track
which messages are sent by which validators
and what was the fee the validator was looking to charge,
and then of course what was the fee that was sent.
We are now implementing that in Compass,
and so we've begun work on that this week,
and we had the spec written up last week.
If you wanna see what that spec looks like,
you head over to forum.puloma-chain.com.
That's forum.puloma-chain.com,
and you will check the latest publishing.
You will see what is the scope of Pigeon Feed Phase 3
So the way Puloma Network's gonna do it
is it's gonna track or try to track what has been sent.
So it tries to track what message has been sent,
what was the validator that sent it,
and then of course what was their required fee.
Where we do that is we add it to Compass.
We have to upgrade Compass to be able to take advantage
of this, and once Compass is upgraded,
then we will have to upgrade Puloma,
and we will have to upgrade Pigeon to track this data.
And we are excited to do that
because right now Compass is being worked on,
and once that is done, what will happen is
we will then upgrade Puloma and Pigeon.
So Puloma and Pigeon will have a new release,
and this release, and by the way,
I just finished sending more bash,
the last ETH to everyone,
so soon we should expect a deployment of the Compass EVM.
So I'm just gonna ask, I think Christian's not here,
so I'm just gonna make a note, this is done.
Okay, so once those upgrades happen,
we will be starting to test the relay market, right?
Right now Pigeon feed phase one and phase two
already included tracking validator metrics,
so validator uptime, validator relay success,
validator endpoint coverage,
all those things that are being tracked.
So next up, we wanna start allowing validators
are gonna be a percentage of the gas estimate.
So if the gas is 100 Gui,
validators can charge up to 100, 200% Gui,
Validators will get to set that on a per chain basis.
So yeah, this is really exciting.
So validators get to set per chain,
what fees they will collect,
or what fees they wanna collect.
They might wanna collect more fees on blast.
They might wanna collect less fees on ETH, right?
Why would you wanna collect more fees on blast?
Well, fees on blast are revenue generating.
So if fees on blast generate revenue for ETH,
and ETH does not generate revenue,
then maybe you wanna set a different rate, right?
So that you get more fees on blast
So there's a lot of new world stuff coming up here
where validators get control on the target chain.
What are they gonna get paid for, for relaying?
So that work is done, go underway,
compass underway, and then we upgrade Pigeon,
and then we upgrade Paloma.
Now, Paloma has been merged into master.
Let's talk about the next thing on Paloma.
And we're very excited for it just to let folks know.
Funds, validators will get to claim their relay fees
We're not going to be bringing relay fees
back to the Cosmos SDK Paloma to swap.
So every target chain will have a ETH
slash grain exchange rate and pool.
And that pool essentially will allow Paloma
to essentially buy up grains,
and that grains purchased will then be redeemed
by validators for their gas fees,
which means validators can hold the grain
or can trade out the grain back into ETH
What this means is that we will automatically
have buy pressure on grains.
And by having buy pressure on grains on target chains,
that attracts arbitrage, right?
So people who arbitrage the token on one chain
can arbitrage on the next.
That means more trading activity, more trading volume,
means more resilience in the price
and the ability and interest of the token price to go up.
So we're literally treating grains as a market making,
the grain redemption from relaying
as a market making activity on the target pools.
So once we start unleashing Paloma for devs
to build and controlled smart contracts
on multiple chains at once,
we expect to see the expectation immersion property
is that the price of grain
on these target DEXs will go up.
Okay, the price of grain will go up.
So we had some folks ask us in the Discord,
how does the grain tokenomics work?
We tell folks the tokenomics that matters is pigeon feed.
Emissions does not matter, right?
Emissions does not matter.
Yes, the validators will get emissions,
but what really matters is more devs
essentially using Paloma for relay execution
on target chains and that creating demand for grains
as they have demand for gas.
So this is going to be a secondary gas network
on top of all the EPM and other target chains.
And I wish I had a white paper to give everybody,
but we're building it as we figure it out
and we're learning as we go.
So the white paper essentially will be an emergent property
of once we finish releasing pigeon feed.
So look out for a white paper to come
once pigeon feed is done and in production.
All right, what's next up?
Next up is upgrading Paloma.
So we had massive upgrade on Paloma till a week ago,
and this week we're doing end-to-end testing
on the Cosmos SDK dot 50.
So we are coming up, so Baruchain is dot 50.
I forget who other chains are dot 50.
We want to use the latest and greatest of Cosmos.
This is gonna break everything we're working on.
So we are leading into it.
Because we want to make Paloma faster.
Paloma currently is operating at 750 milliseconds per block.
We want to bring that down to 250 milliseconds,
which means that the validator set
cannot expand to thousands of chains, right?
Thousands of validators, thousands of nodes,
not with the current version.
we will be able to get to 500 milliseconds
and be able to still have about 100 validators.
We want to get down to 500 milliseconds.
So we're testing it with the Vitvit team.
I think today they announced with us
that they finally were able to get B&B deployed
on the new Cosmos SDK 50.
So let's give it a round of applause for the Vitvit team.
And we are going to have them comprehensively test
before we bring it into the volume-shredded testing.
Our objective is that the 50 migration
We want validators on cause of Paloma to upgrade to 50.
We want the interruption and the cost
of supporting the upgrade to be really front-ended
The two Vs, Paloma, Vitwit,
getting volume, Vitwit, there's a Paloma.
Even Vitwit won't be the two Vs that hold down testing
so that the Paloma, the 1P, and the 2Vs
will come to the 1P and the middle of the Pigeon.
The double Vs will come to the double P's
and say that this is ready to go, right?
So that if we find something,
we wanna find it before we release.
Now, there's a lot coming with Cosmos SDK 50.
I'm not gonna talk about it right now.
is what we've accomplished and achieved
and what we expect to have accomplished
So by the end of this week,
what we aim to do is see with Vitwit double Vs
how much testing we can get done
with smart contracts on finance smart chain.
And then we could test maybe
with another low cost chain like an optimism
so that we know what it looks like a blast.
All right, so that covers the upgrade for Cosmos SDK 50.
We've just covered Pigeon feed.
What else do we wanna cover in the Paloma side?
What we will say is that currently
we are experiencing trouble on Gnosis.
So many of you will see that each gas prices
about a hundred way to complete a transaction.
This means that everybody
is gonna be moving to the L2s.
We expect more people to be heading to the L2s,
which is why good thing we're on blast.
So we are going to be hunting
for more L2s to deploy onto.
We're talking to Polygon CK EVM.
We're talking to ZK Sync era.
We are gonna be looking at all these chains
because why all these chains are launching,
every one of these chains are launching,
which means the pigeons need to be everywhere.
And if you know why we're pigeons,
And then I saw some pigeons on the street
and I was like, look at that.
Pigeons in every city, it's ridiculous.
We want to be wherever the new L2s are moving
because why everybody's moving to the L2s.
It is not a question of if you must move to the L2s
because 300, I saw yesterday we had 344 way gas on E.
That means everybody's going.
So that means that because we built an easy to deploy,
crushing like client, Paloma will be there, all right?
But we still need to get pigeon feet up
because we can't tell everybody
to just come and build on us like crazy
because then they will crush the system.
So super excited and super pumped to be on blast
and super pumped to be talking to these other L2 protocols,
but we are very much looking to get Paloma onto other L2s
as we continue to bring on pigeon feet online
and upgrade to Cosmos SDK 50.
All right, let's talk about volume bots.
The volume bots are currently,
so one of the things we've noticed
because of high gas prices
is nobody using our volume bots,
the Paloma bots, let's say volume bots,
I'm sorry, Paloma bots as much as before.
which we were trying to get people to use,
they now cost about 3000 to create a bot, right?
Because the bot is controlled by the Paloma validators.
So why do you want to spend $3,000
You're pretty much a lot.
So it's a new world we're living in
in which essentially there's less demand for Paloma.
Paloma controls on Ethereum
because Ethereum is so expensive
and we're going to see rising demand on the L2s.
So again, we're a small team, we're not huge.
So what we're going to do is continue to upgrade,
but we're looking to launch an Arbitrum, right?
So we already have the Lomar Arbitrum.
We're looking to launch new bots in Arbitrum.
I think we have a Uniswap E3 bot in Arbitrum.
I think we have a curve limit on our bot in Arbitrum,
but we're going to be looking to get leverage bots
in Arbitrum and the likes.
So that requires, of course, curve, curves, the delay here,
curved Lomaland is the new approach that they want to use.
So we're waiting for them to finish off security checks
on the last audit that will end by this week.
And our expectation is that next week
we will still have deployed to Ethereum with Lomaland
but we're going to be pushing to deploy to Arbitrum.
So we're still about two weeks away from that happening.
But it is now, we're going to be looking
to essentially pull all the current Lomar bots
onto Arbitrum as a first phase
and see if we can get more volume there.
All right, let's now talk about blast, blast, blast.
Let's talk about blast in earnest.
So now that we're here on blast, what is the next step?
So we are talking to some projects on blast,
but we're, again, slightly distracted.
Our goal will be, currently we're talking to thruster.
So we love the thruster team, they're good.
And what we're going to be doing is trying to see
if we can bring Lomar bots over to blast
and over to thruster so that we will try to get people
using the Lomar bots on these.
Of course, it requires dev work and dev work requires time.
So we don't know how soon we'll be able
to get something tested on blast, but now that we're here,
our focus will be to at least get one dap on blast
It's a lot of great projects.
I think they even have sin futures
is now doing 20 million in perpetual futures.
Great way to use Lomar bots to manage limit orders,
We will be reaching out to those teams
to see if we can partner up and get something done on blast.
Again, blast has, I think we know the founders of blast.
We've talked to them before.
So now that once we deployed the compass,
we're going to be opening up those conversations
and our goal will be to get something moving on blast
in some manageable way, something.
We have to launch something
because it's a great, great community.
They're doing lots of interesting things
and they move very fast, just like the Paloma pigeons.
So we'd like to see if we get something there.
Let's talk about Paloma EVM,
now that we're talking about blast.
So Paloma EVM is our level two.
We were going to do a signaling vote about two
to three weeks ago about launching the L2
to get a sense from the community.
That signaling vote has not gone out
from the Paloma Foundation.
Because what we are trying to do is build a bot
for Paloma EVM that allow people to just like blast,
The problem is not that Ethereum gas is so expensive
and using a Paloma bot on Ethereum is so expensive.
We will have to deploy these bots elsewhere.
So currently, again, we're looking at deploying
it on Arbitrum as the location for the bots
to launch the Paloma EVM L2.
So Paloma EVM L2 work for launching the bot is underway.
I think by the end of this week,
we should have closure on a combination of
cosmoism, ETH contracts, and back-end
so that you can essentially take a leverage position
on a liquid restaking token called Renzo, easy ETH,
and then launch your bot that will make you a part
Paloma EVM is codenamed JUCE, or codenamed JUCE-IT.
So we want everybody to JUCE-IT,
and our goal will be to launch that bot.
First, we'll be launching on ETH.
It's really expensive, so not a lot of people use it,
but then we want to launch it on Arbitrum
and use that JUCE-IT bot as the bot to seed liquidity
for JUCE-IT, the Paloma EVM L2.
All right, so that covers the Paloma EVM L2.
That covers blast and our conference deployment.
I don't think we have any deployment yet.
Look, congratulations, everyone.
We have a deployment, so we have now deployed the blast.
Now that we have deployment, we will begin refunds
so that folks who are sending Val set updates
to secure the Compass EVM on blast now will be refunded.
Again, it's gonna be a quiet relay chain for now
because we are, again, we're in this mad scramble
to launch more bots on ETH,
but then we need to essentially start connecting.
Now that we are launched on blast,
it means that we can have real BD discussions
with blast teams and get going for that.
We are all on blast, and I'm thinking more pigeons
will come back online and be unjailed.
One thing to note, Gnosis.
We'll talk about Gnosis here.
So we've been having problems on Gnosis chain
where pigeons are not fully attesting.
So Gnosis is one of L2, Gnosis is an Alt-L1.
It's an Ethereum L1 which uses Dye as its native asset.
So over this past week, we've noticed that at least
we have about 18 validators,
but about 12 to 13 validators unable to attest
to observing the valve sets
or the security checkpoints on a Gnosis.
So we are going to be working on a new features,
a new Epic that just got kicked off today,
which is called attestation.
but it's gonna be called attestation verification.
So what happens with attestation is that a Puloma pigeon
will, you know, a valve set will happen
and in Puloma, the network communicates
that this valve set has happened.
Pigeons will then observe via their RPC endpoint.
It will call the get log function
and then look for the hash of that transaction
so that everybody can say, yes, I saw that transaction.
And now we can all come to consensus
because about 12 validators in the Puloma network
have failed to attest to every Gnosis valve set update
This means that we have not been able
to come to consensus on Gnosis.
So this is bad because Curve currently uses
our URL off-ramp bot, which is you can get euros
in your bank account from any shit coin on Ethereum.
because Gnosis attestation is not functioning.
We think this Gnosis attestation failure
is because more people are using Gnosis
because gas prices on ETH are so high.
So as we see people leaving ETH
for the Alt-L1s cheaper gas locations,
we are failing to find attestation.
So this is a new, this bug means
that we have literally hundreds of thousands of dollars
locked on Gnosis unable to move
because the Puloma validator set
is unable to come to consensus.
It's an amazing problem to have.
We've never had this problem before on Gnosis.
Gnosis was an easy deploy for us.
It's been working perfectly up until the last 48 hours.
This means that on looking at the code,
we found out that we don't really log application.
We kind of assumed every patient does attestation
and they do it so you don't get log errors,
you get nothing from Puloma.
We're going to essentially upgrade attestation
so that if your validator fails to attest,
we're going to let you know, that's an error.
And also if your validator fails to attest
within a certain period of time,
you're going to get jailed, right?
So validators are now going to get jailed
for failing to attest in a certain period of time.
So, and we're going to give that log.
What's that means is that we're going to have
less validators falling off the network
because their attestation of Gnosis is failing.
But this is a security feature
so that not on a performance feature,
so that it will be required.
And of course, this will come into pigeon feed.
If you are testing too slow, you won't get relays, right?
So if you're a test too slow, you won't get relays,
which means validators are going to have to look back
If the RPC endpoint is crap for Gnosis,
then validators kind of will have to upgrade.
So now again, this is all part of pigeon feed, right?
We're competing and getting ready.
So validators will be competing with each other
for effective low cost RPC endpoints
that deliver fast attestation.
All right, and if you think about how this works is
we don't want validators to spend more money.
We want validators to spend less money
and make more revenue so they get more profits,
which means validators are going to be actively looking
for RPC endpoint providers that aren't shit.
And we think somehow they may be a lot,
at least 12 validators are using the same RPC endpoint
on Gnosis and that RPC endpoint kind of keep up
with the amount of volume that is now going on Gnosis
because eth gas is too high.
We never saw this problem before, which is not a problem.
Everything was fine for like the last six months.
What we're finding out is now that everybody's moving
to the old L1 and L2s, the RPC endpoint providers
are doing a shitty job of keeping up.
So we're very, very excited to get this up and running.
It will not mean attestation becomes a performance metric
And again, if your validators are testing,
relaying, uptime, you are going to get paid
and you're gonna be able to capture all the messages
And again, as we pick up demand to tell people
to come use Paloma, the relay messages,
control smart contracts across multiple chains,
it's gonna be an exciting time.
We want every validator here to get rich.
So we want all pigeons to be driving Lambos.
If you do not know what a pigeon driving a Lambo looks like,
just, I think it was CCAR or somebody else put together
a picture in the Lambo, just put a pigeon in a Lambo.
We want pigeons to be rewarded very well
for being the fastest relayers across the entire ecosystem.
So pigeons and Lambos, pigeons and Lambos is our vision.
All right, that is it for us this week.
Again, we continue to crush it
and the Paloma pigeons continue to rise up
and our vision is pigeons everywhere,
relays everywhere and pigeons and Lambos.
We'll see you guys next week.
Thank you, welcome to BLAST.
Congratulations, we are on the BLAST.
Cuckoo, we'll see you next week.