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BTCFi Deep Dive: RICHSWAP x BLOCKMINER
Recorded: June 6, 2025 Duration: 1:15:54Space Recording
Short Summary
In a dynamic discussion, Ritz Schwab and Blockminer unveiled their strategic partnership aimed at revolutionizing Bitcoin-native DeFi. Key highlights include the launch of a new token launchpad, innovative yield mechanisms through donation features, and enhanced user experiences with advanced trading tools, all designed to foster growth and community engagement in the crypto ecosystem.
Full Transcription
Thank you. Thank you. Thank you. Oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, I Oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh, oh
all right
all right gmgm everyone can you guys hear me so good day everyone um so we can start this
space very soon in about a minute time so get everyone here guys can share it out. And welcome everyone to BGTVY Dive with Ritz Schwab and also Blockminer.
So today will be a very exciting sharing session by both representatives from Ritz Schwab,
which is Moosin, and also from Blockminer, Kay, the CEO.
So really looking forward to hearing them out.
So share this space out, and we'll kickstart in a minute time. All right, all right, so GM everyone, I'm so very happy to be here.
I'm Kim, so gonna be moderating this space session.
So today, I guess everyone here is familiar with ReadSwap and also BlockMiner.
And I think most of us are also users of these two amazing products. So today we're gonna do some deep dives with both
representatives of the projects. So we're gonna do some future predicting of
what's gonna happen in Bitcoin native DeFi and then we're gonna talk a bit
about liquidity mining as well because we have both defy here and also to explore a bit about
cross-collapse potential between rich swap dot miner and even beyond this ecosystem.
So let's kick start then.
So I'm going to have two representatives to do their introduction.
So let's just have Moosin first then to introduce himself and then maybe talk a bit about what
ResWap is about.
And yeah, so pass touxin as the speaker.
So gonna take a bow. All right. All right. All right. Hello, Kim. Can you hear me?
Yes, loud and clear.
Yeah, yeah. It's good to have a very fun music.
Yeah, I'm using the product manager of RichSwap
and maybe some from audience have experienced
our decks built directly on the layer one.
And it's also powered by the RE ruins exchange environment
developed by the OBT team,
and also built on the foundation of SAP tech stock.
And people can
treat the ruins and enjoy the liquidity on the AMM
without brining and custody.
And yeah, great to join here.
And we also see BlockManner as a very important partner
to break through the future of BTC5 on layer one
and to boost the Runesim ecosystem.
Yeah, back to you, Kim.
All right, thanks, Mohsin.
Thanks for the great introduction. So, it's going
to be very exciting to hear you out in terms of what's happening on the wrist drop side
and then definitely a great product where we are in no custody and then the user experience
wise is definitely very amazing. So, So I wanted to hear more about it.
All right.
So let us pass to Kate, the CEO of Blockminer.
So Kate, this stage is yours.
My apologies. I think I have my audio mixed up. My apologies.
I think I have my audio mixed up.
My audio okay now?
Yep.
All good.
All good.
Awesome, GM, GM.
Thank you so much for having me,
and I'm really excited to talk about BlockMiner
and what we're doing
and where we're going in the next couple weeks.
Got it. Got it. it so yep let us just um jump right into it then um probably the the whole um space
will be we will start with uh first with a few questions and then we will jump back to the shop.
Oops, Kay, you are a bit breaking out.
Maybe you need to fix a bit on the older side.
But nevertheless, I think we can start with Moosein first then. All right.
So let's start with Moosein then.
So I think Moosein,
so as a product manager from WeedSwap,
I think we are looking at a lot of,
I think a lot of changes
and then a lot of improvement for the product itself.
And what are the most game-changing updates or features that Reavesdrop is currently having?
Because I see a lot of features rolling out, so definitely wanted to hear from you firsthand.
First hand.
Yeah.
Yeah.
Yeah, sure.
Yeah, sure.
We have been busy shipping features,
like making trading and liquidity providing
risk swap better for everyone.
And for the risk majority updates,
one is the donation features.
The donation feature is also utilized by the block manager right now.
And we see it as a very special model for anyone who's building Bitcoin in layer 1.
And speaking about the donation, it lets anyone, including the project owner or the community the liquidity and lifting the token prices all in one go. tokens and the community because it incentivizes LPs without creating cell pressure and
protocols like block manner fan are using it to deepen the liquidity for the tokens launched on their platform in the proof of work way and to fill their growth.
I think that's quite special even for the other DAX in other different ecosystem because you use the user to provide the liquidity incentives
with the holders, right? Because Reswap doesn't release a ULTI token, but Reswap is built for the hope you get rich, ruins community, and all the political revenues will go to the rich pool on Reswap. up and maybe we will also put a part of it by donating the Bitcoin from the protocol manual
into the pools like BlockManor already did right now. And I think traditional taxes are creating sell pressure through the yield farming where user farm tokens
and dump them and hurting the protocol and even manage the protocol to death.
And at RISDRAP we solve this with our donation future by allowing Bitcoin donations to pools.
And just like I said, it can boost the liquidity and reward the liquidity providers with a real yield, which is Bitcoin will be added directly into their position.
Bitcoin will be added directly into the operation.
And at the same time, when the pools have more Bitcoin and the rules that remains the
same, so it will lead to the lift as the token prices without delusion.
It also can create in a buy pressure instead of side pressure.
The high yield from the pool and the increasing token price will attract more attention from the whole market and the whole system and the people are willing to buy the runes from the market and to pair with Bitcoin to deepen the liquidity and also to grab the chance for the Bitcoin donation, which will generate Bitcoin real yield from liquidity providing.
And this makes it easier for Rune's projects to grow sensibly on Bitcoin layer one.
That's one majority feature we shipped for other Bitcoin projects.
And we see it a very special and a very excellent way
for people to build in the farewell and the value capture model on Bitcoin layer one and also depends the liquidity
and to attract more traders and more liquidity providers from the system also can bring more more attention to the runes ecosystem in whole. So we are glad to we have finished this future
and also it have been adopted by BlockManner and many other builders who are working on the new depths on Bitcoin layer one or layer two based on the runes project.
And secondly, we are also optimizing the user experience on re-swap.
We are starting it with the trading. So we just launched the candlestick chest
just hours before this space and people can see the key lines on re-swap. And I think it's clean for the traders to track the price movement on red swap.
And all the ruins on red swap which have a good amount of liquidity can be tracked easily from this future.
And building ahead, we also have some improved ways for the liquidity provider to track their yields and we will provide in more data for
them to execute their liquidity mining strategy and to bring more features on the pool type
so they can track the fees, the volumes, and the yield generated from last one hour
or six hours or one day or one week is optional for all the traders. I think it's just a starting and we are committed to have the the ruins uh expense boost especially in this
ruin drill yeah uh that's uh pretty much from me here back to your shannon back to your king
all right sure that's that's a very uh insightful one um i think i got a few points that is quite
important to uh just highlight about it i think um in terms of the flywheel wise uh kicking in
with the innovation from wristwrap is definitely there because we abc that uh with the new mechanism
the arp with donation i think we can kind of innovate how the user behavior is in
comparison to the traditional DAX so we may see lesser dumping we're definitely
looking forward to see this kind of behavior and then there's more loyalty
in terms of like trading and then adding LPs to the taxes. So definitely a very positive sign
if that's gonna happen and then to accumulate
in the more user behavior in this manner.
And then of course you mentioned
about good amount of liquidity
and then having higher attraction for more traders.
That's definitely a flywheel there.
So improving UI UX to have more data feedback for the traders to execute better strategies is only one
one unique selling point for the Texas so yeah really that's a really positive
sign that we saw is definitely going into the right direction. And I definitely believe that Resolve can be the one,
the best decks on the Cornelius one.
So I think we can also kind of like
link that up together with the whole ecosystem
that builds on top of RE.
So definitely wanted to hear from Kay
about BlockMiner as well,
because what I know that you guys are actually collaborating and
then Blockminer actually integrates part of their features with RixSwap as well so definitely wanted
to hear about the integration and also like how the integration happens and then why this is and then why does it matter for the users.
So pass to you, Kate.
Yeah, thank you so much.
Rich WAP has been a phenomenal partner with us along with the team at Omniti,
whose bridge we use for bridging rooms.
But yeah, so if we start with just one is block miner and uh block
miner like our goal the team's goal is we want to return crypto back to fun and back to fair
and we've seen what's happened with like pump fund where uh run polls are frequent uh mass
max extraction is common and uh and we want to basically return our industry back to
like the good vibes of wag me where where everyone was trying to uh win together and and where
incentives were aligned for collaboration and so when we thought about that we we kind of realized
that uh real quickly that bitcoin launched with the perfect launch mechanism a proof of work combined with gradual token distribution
combined with routine havings is
Absolutely superior to anything. We've come up with since Satoshi had it right
At first and so what we our goal is to create a token launch pad for rooms that takes the
Our goal is to create a token launchpad for runes that takes the ideas that Satoshi gave to us and allow runes to be launched in that same format with proof of work and with routine halvings and then gradual token distribution.
And so that's our goal.
We want fair and we want fun. And those are really the two
guiding principles for BlockMiner. And I think we've reached that point where we understand now
the exact product that we want to have. We're probably just a few weeks away from the next
major release, which will include a major UI UX update,
include a token launchpad,
and a whole bunch of other features that we haven't sent publicly yet.
And I think that this,
when people see what's coming in the pipeline,
they'll kind of understand
how we're trying to bring fun and fairness
back to crypto
and really bring it to Bitcoin need points.
And the partnership and collaboration with Richwap
has been absolutely instrumental in this and the design.
And so we can talk more about the Lodgepad
or the automated liquidity program
and how we use Domination's.
But I'll end it there
and let you guide the conversation from here.
Okay, cool.
No problem.
And thanks for the introduction on why BlockMiner.
Because I think making mining fun again and then the thesis of getting back the fun and the fairness back to the crypto side.
and the fairness back to the crypto side.
Because I think quite a long time,
we haven't heard this word,
what I mean, for quite a while.
And I do agree in terms of like Bitcoin
being launched in the most fair way
with Proofworks and then with gradual token distribution
and also routine halving.
It's the best launch.
And also there's a little
space for manipulation.
So definitely one of the best ways.
And I'm quite excited to see how BlockMiner can actually scale this up and then get more
people to understand why this BlockMiner did this to actually offer a better experience
for the users
all right, so
Since I think since Kay mentioned about having new features updated coming soon
So I think the audience would be very very
keen to know more about like
What kind of updates are there or is there anything that you can k can actually share
a bit to the community as well because i think we received one of the questions from the committee
about arp whether or not is actually helping the platform and how does the economy work so maybe i can pick the brain of k on how
does it work and then pass it back to uk yeah thank you so the um we launched block miner back
in venduari and and we kind of we had two goals when we launched it one we wanted to see if anyone
was interested
in proof of work meme coins.
And I think what we have heard from the community
is a resounding yes.
And then we wanted to understand
what this product should look like and feel like.
And that's been a big learning curve for us.
So there's a couple of ways,
there's a couple of things we've focused on.
One is we have to have a very good ui ux like a really good uh design and
i think that everyone will see where we're headed to in the next release uh number two is we had to
build uh and and now release the token launch pad that's actually been built for about a month now
and we feel very confident in it but we've been holding it back to to release it until we could
we could address address some of the
other areas from the plotting. And then three, and this is perhaps most important to us, is the
scalability. So the way block miner works, again, coming back to this idea that we want everything
to be there, 100% fair, no insiders, no rub holes, everything comes back to the proof of work.
Something that's really important to us
is that anyone who launches a mining rig on BlockMiner
has an equal chance of getting the next block of that token.
And so we decided on the internet computer
as an ideal platform for this
because we could have these mining rigs be smart contracts
that then takes away the need for anyone to have hardware or software in the mining process.
And by doing so, nobody can gain an advantage through hardware and nobody can gain an advantage
through software. But one of the things is we wanted to make sure this was scalable. So we
envision a world in which there's millions of mining rigs on block miner, mining thousands of tokens. And we wanted to make sure we could
scale to that and that the internet computer could scale. And so we've spent a lot of the last couple
of months really refining our algorithms to our proof of work algorithms to make sure that we
can scale. And then the final piece that we've been focused on
over the last couple of months
is replacing the bonding curve
from pump fund.
Like liquidity is,
I mean, it's probably
one of the most,
community and liquidity
are the two most important things
in launching a token.
And so we really needed
to solve the liquidity part.
And that's where RID swap has came in,
especially with their donation feature. And so the really needed to solve the liquidity part. And that's where RID Swap has came in, especially with their donation feature.
And so the automated liquidity program on BlockMiner basically sets it up so that a percentage of all fees paid in mining a token get donated into that token's liquidity pool, which then does all those things that Lucin was talking about.
It deepens the liquidity pool. It incentivizes and liquidity providers.
And so we do believe that it brings us back into this PVE mentality, this Wagney mentality,
where one person's success is also another person's success.
And incentives are aligned for the community to work together to build tokens
rather than what you see on Solana and Ethereum, which is this max extraction mentality.
And so we're really excited about the automated liquidity program and how it integrates with
RISWAP and the technical capabilities of the team of RISWAP is phenomenal.
And so we're just really excited to see now once we launch the token launchpad
and we get hundreds and thousands of tokens being built on BlockMiner
all being distributed through proof of work.
We're really excited to see how the automated liquidity program
basically creates these flywheels, this fun in fairness for the community.
in fairness for the community.
All right, thanks, Kay, for the very good insights
in terms of explaining like why ARP,
why the automated liquidity program,
where I think in terms of like the community sentiments,
where it's definitely a yes,
because we definitely see uh quite a big
adoptions in terms of um community embracing um the mining uh culture and then uh it's definitely
uh very exciting uh things to see like uh there's even explorer where um the committee self-driven
they built like um how to trace the statistics of the numbers of rigs and everything.
So it's definitely a very vibrant thing to see.
And it's very positive to see such innovation coming from the community itself.
So it's definitely from bottoms up.
So that gets me into wanting to pick a brain from Moosin as well,
because I think ARP mechanics co-launches or even joint liquidity mining events
could happen on ReSwap.
So definitely wanted to see what kind of deeper integrations that can happen and also how
do this alp mechanics come into mind and what do you foresee in terms of like um these kind of
features can bring rich drop or even um the dexas on re itself um to scale um beyond even larger than Ethereum DeFi itself.
Yeah.
As we can see, there are a lot of dApps.
Many are launched or preparing to launch in the last month.
And both of them are exploring
their own way to make a Bitcoin fun game.
And we are definitely exploring deeper integrations
and to strengthen
the whole BTC5 ecosystem.
And right now, as Kay just mentioned,
we are working closely with BlockWarner
and supporting their ALP mechanisms
with our donation feature.
And they integrate our donation feature and they integrate our donation feature into the protocol level and
they donate a portion of the many energy cost as BTC to re-swap pools for the tokens mining mining from block miner and we already see it boosts liquidity and potentially
creates a flywheel effect for more users and more donations and more growth for
both protocols. And looking ahead, we are considering sharing the ARP mechanism where other protocols
can plug into our donation system and to incentivize their ARPs. And also we are working on to making the donation of runes available too,
but I don't think it's as good as you can just donation BTCs right away
because donation BTCs can lift the price, but if you donate the runes, it may cause the decrease of the token price,
which the community and users and LPS won't be happy to see.
So I think if you want to pride in run ruins incentives for the liquidity mining
it's also possible
in the future on
RichSwap. Actually we are already
working on that
so you can do it in the traditional
liquidity mining way
to add
a rewards pool
by using ruins for the people
who are providing liquidity on the pool and they can
claim the runes from time to time rather than add the runes directly to the to the pool which make
I think it's kind of like a cell pressure if you donate the runes directly.
So I think it's more make sense to do it in the liquidity mining way and they can get runes and maybe they can pair it with additional
rewards runes with BTC and add it back to the pool and to get more donation, maybe Bitcoin donation and also as well as the Ruins liquidity incentives.
So I think it's work in a separate way.
Also, we also exploring co-lanches for Ruins projects to help them bootstrapping liquidity from day one and potentially pairing
that with joint events and reward early LPs. Actually we did some events to
to give away some rich,
I hope you'll get rich ruins for the liquidity providers
on the early days of rich swap.
And also we can definitely do the same
with new launches, DApps,
and to help them building a good liquidity and sustainable community web from the first
day.
Yeah, I think it's still early, but we are excited about the integrations can bring more value to traders and the LP providers are well
growing the whole BTC5 as a whole.
All right, got it, got it. I think there's a lot of insights in terms of ALP and
also why does it matter when it comes to what kind of tokens to be donated.
And Moussin did mention about donating Bitcoin is definitely one good way
to actually increase the value of the pool itself rather than runes.
So it definitely makes sense and there's a lot of logic thinking behind it.
Kudos to the team.
And also it's's very helpful and beneficial
core-launcher speculism where you can bootstrap
a lot of launches for new tokens.
I think this definitely will encourage more projects
to launch on different kind of projects
that integrates with RichSwap.
So I think this is actually very beneficial.
I think mutually beneficial for
the whole ecosystem to collaborate together I do see a lot of synergies there and then
then he wanted to hear from Kay about this ones because I think there's a lot of intertwined infrastructure that happens within the ecosystem and so in terms of like when block
minor integrated with wrist drop or even with other infrastructure as well but specifically
with omni tis re infrastructure so with that being considered may be kicking and then maybe some new features coming
in as well so will there be more to come and then what kind of like end game that
logman is actually aiming for when it comes to this kind of upgrades
um this kind of upgrades yeah great question the so i first i want to say ominity has been a
phenomenal partner in the block miner journey as well as just a phenomenal player in the uh icp
and the bitcoin and ruins space it's um it's would be hard to over overstate just how impactful
It would be hard to overstate just how impactful the infrastructure that they've built has been within rooms.
You see it being used in Odin.
You see it being used in Taiki and also BlockMiner.
And so Omni has been phenomenal.
I think last at BlockMiner, we see their hub and their re as like two instrumental parts for getting bitcoin
defy uh bootstrapped and going um and so i think that you will continue to see more and more
projects work with onity uh and watch uh and grow the big point defy ecosystem i think in terms of
the end game for block miner we our goal will always be and and is now and will always be to create a fair
and fun way to do token launches one that returns back to satoshi's vision and so our immediate
focus right now is making sure that we succeed in that mission in the bitcoin ecosystem i think bitcoiners will um
adopt this uh proof of work and uh token gradual token distribution method for token launches
uh and so once we once we succeed what we that's our main goal is to see succeed there and then
honestly um if we think longer term you you know, one or two years,
it's not hard to imagine that we wouldn't want to bring this same value to, and the same values
to other ecosystems. I do think, we do think that the Solana ecosystem has gone down a rather
unfortunate path with their max extraction and rubble mentality and so we
would like to onboard these other ecosystems to the bitcoin uh way of doing things um to bitcoin
neem coins you know you could easily see uh ruins become the uh we'd love to play a role in making
rooms the the top token um protocol for for all tokens in crypto.
And so that could look like a couple of different things.
It could be making it really easy to onboard,
let's say like a Solana user,
so they can use BlockMiner with their soul
and we just swap it into Bitcoin.
And there's a lot that we could do,
but again, it all comes back to,
we wanna make sure that we redefine
what token launches look like in our industry.
We want to make sure that we succeed in the Bitcoin world.
And then we want to bring that Bitcoin mentality to other ecosystems or rather attract other ecosystems into the Bitcoin world.
And we think that that's just the proper way that our industry should go.
Awesome points from
Kate. I think I
do very echo
in terms of the
value that BlockManner
is actually standing for,
bringing the same
value to other ecosystems as well,
which is back to
Satoshi's vision being the most fair launch
mechanism uh within the ecosystem i think it's definitely one way to get rid of um those uh
kind of pvp uh very kind of hurting um a lot of users kind of mechanism like the uh
a lot of users kind of mechanism like the extra extra from the slana we see from pump fun and
even from a lot of plays like hyper liquid as well where you see a lot of features that people tend
to going for like max out and it does a. So we wanted to see more kind of like higher retention
kind of mechanism to happen within the crypto space
and then changing people's mentality.
So definitely a lot of respect to the BlockMiner team
where you guys are doing something great for the ecosystem
in terms of value creation as well
and also introducing new ways
or I would rather say the old ways
of how crypto is being launched.
All right.
So I think we also wanted to
going for questions for Moosin as well
because we see that
RE is majoring along with runes.
Because what Kay has mentioned, that runes being one of the top tokens standard being recognized within the ecosystem is definitely still a long way to go, definitely.
But I think there's a lot of potential for runes to become one of it.
So what kind of role that RedSwap actually play
in this evolving ecosystem?
Like what kind of features or what kind of direction
that you are betting in terms of longer terms?
And also, I do understand that all of the protocols within the RE ecosystem
is actually leveraging with ICP tech. So definitely wanted to hear a bit more about
how do you see this kind of flexibility and stability comes in when using the ICP tech stack
to build. So yeah, pass it to you mushin yeah thanks kim um as as reswap uh
s5 is actually uh launched as the first step for the rre which which which brings the programmability directly on the layer one, and there's no bridging or custody required.
Why would say that? Because we wanted to build Reswap in the true decentralized exchange way.
So the pools on Reswap,
it's not controlled by some multisig
or off-chain indexer or matching machines.
It's actually a smart contract on SAP.
It's also called a canister on SAP.
Also, we have finished the audit and open-sourced the code,
which we hope to help the builders who wanted to build on SAP and REE tech stack.
And also we provided more showcase in our docs, like Bitcoin and ruins lending, borrowing,
and also the Bitcoin gaming is also possible.
We made some simple showcase to show the builders
how to build the decentralized type application
on Bitcoin layer one.
And also we supported the builders who want to
benefit from the speed and the high TPS from SAP.
And also it's possible to build on SAP and to build your ideas come true
on the Bitcoin layer one, on the layer two.
And recently, Techie just launched.
It's a typically Bitcoin layer two
in the pump funds Dell launchpad, but with some gaming features
and to make it more fun.
And they are also using RE for the whole Bitcoin deposit and withdraw and also the runes, ash, and deposit and withdraw directly on the Bitcoin layer one.
So people don't need to bridge in their assets and waiting for the coordination from two different blockchains.
different blockchains.
And thanks to the canister and the chain key future,
on SAP, people and builders can also do it
on the Bitcoin layer one directly.
It's all, the assets are controlled by the smart contract
and through the UTXO based account and people can interact with the UTXO directly on the layer one.
So it's more transparency and more secure without compromising the decentralized futures on Bitcoin.
And also we have our unique Rune scan to track all the transactions happening on REE
for the layer 1s and layer 2s.
ones and the layer two is all can be tracked easily. And in fact, the ONUF also using
It all can be tracked easily.
omitting the tech tech for etching the ruins, but they are launched before the
But they are launched before the RE is ready for everyone build on.
So they are currently using the Omity Hub for bridging the ruins from and out between
SAP and Bitcoin. So I think as SAP tech start,
bring more possibility to the Bitcoin layer 1.
And we also see Liquidium have emerged there in standalone on their one on SAP.
And I'm hearing they are doing a big rebranding
to support cross-chain assets and to borrow and lend Bitcoin.
I think SAP could be crucial for us. And also, speaking of RESTWAP,
it's also giving RESTWAP the flexibility and stability
on Bitcoin layer one and with true composability.
It's what powers REE's interoperability too,
and letting us operate with our brandy our custody.
And I think this is a sensible,
able price for true in the long term.
And we believe this model,
standing trustless and fully on chain
and community focused,
will define the BTC5's future.
And we are committed to doubling down on this approach
and building more tools and integrations
to make it easier for everyone to build Bitcoin DeFi
and maybe even to connect other ecosystem. Like he just said,
you can use your assets from Solana or Base
and to mine the meme coin in the ProvoB workway.
That could be very exciting for the whole.
And also it's under the Bitcoin security.
I think that's the most important for the builders we are working here.
Got it, got it.
I think you did mention a lot of family names of protocols that actually utilizing ICP text tag or even text tags from
Omniti. So definitely a very positive way to see RE is definitely expanding its influence
within the space and then helping BDT5 to actually materialize in terms of products itself.
to actually materialize in terms of products itself.
So really, really exciting to see
what other protocols will be joining BTC5 on ICP.
So let us get back to Bob Miner.
I did collect a few questions from the community,
so definitely wanted to pass this to Kay to answer a bit about
that so I think I categorized into two I think one of it is being the transparency and the tokenomics
side so maybe Kay can share a bit on in terms of like the transparency side and whether the smart contract addresses for the mining machines can
be shared publicly and also maybe can share bits of the opacs of running a mining contract on icp
so maybe k can give some insights about this like what's the justification behind it? And what's the decision of the team to
make the decision on whether or not being transparent is important?
Yeah, we I mean, we think transparency is absolutely key to Blockliners product. And so
in terms of why we did our YH mining mining rig is a smart contract on icp it's
it's uh comes back to fairness and again we wanted to create a product that
somebody couldn't get an advantage by running better software or by running better hardware
and so by doing smart contracts on icp we ensure that everyone has an equal chance to minor block and maintain that perfect fairness.
And in terms of whether or not you can see the smart contract, yes.
So in the new redesign, we'll list what's called the canister ID, which is the smart contract address on ICP.
contract address on ICP.
So you can, so anyone will be able to use the,
use an ICP Explorer to see,
to check that their,
that their mining rig is truly a smart contract.
And then also to expose some information
about that mining rig in particular.
But yeah, you can, you can,
again, every mining rig is a smart contract.
And so we need to do a better job of, of making it that clear and making
it so people can, uh, verify, not trust.
And so you'll see that in the redesign that gets launched, um, uh, shortly.
Oops. Okay. Oops, okay, are you there or breaking up? I was done speaking.
Is there anything else you wanted me to touch on?
I see.
A bit sudden stop.
No worries.
I think you did highlight a very good point and also alpha for all the users there
that you guys are going to review the smart contract address.
So I think that's very good enough.
And the other one I think is about the token culture within the block miner
because I think that's one of the most famous tokens.
Sorry, Kim. Yeah.
I have to interrupt.
Yeah, yeah.
I also got a question for Kee.
Sure.
Also from the community.
Just Kee just mentioned the manners of SAP.
And some communities are curious about the rigs they're having or others having what's the real thing behind. key private earlier and also know they was to show all the canister that people are having
on SAP, but they move that.
But I think the Bitcoin community are willing to dig and to know the whole picture of the protocols they are supporting.
And also they are curious about the whole calculation behind that,
including the cost of the canister and how to balance the revenue for block manner as a project?
Can you answer that, Kay?
Yeah, that's a great question.
And that's an area we haven't done a really good job on educating on.
And so we definitely want to do a better job on that.
In terms of the cost, what we have found on the first four tokens launched is that
about 30% of the Bitcoin used to mine the tokens have gone to pay for what you might call like
network costs. So that's like launching chemistorsisters on icp paying for the compute on icp
for all the proof of work uh being done which is um just for clarity the proof of work is double
sha 256 just like bitcoin and then and then also um uh the cost of like bitcoin uh uh bitcoin
transaction costs and so that 30 um is is maybe the is maybe what we call the cost of compute. And beyond that, we've done a lot of modeling when we designed the automated liquidity program. And we believe by looking at token distributions for PumpFund and for Odin, that we will um basically 53 percent of all bitcoin used for
mining tokens will end up in the automated liquidity program for tokens and that's driven
a lot by the way the liquidity program is designed where tokens that are very successful can get up
to 65 percent of the mining cost put into the liquidity pool.
And then if you do the math, 30% is computation cost, 53% is automated liquidity,
that remaining 17% would be what you might call platform infrastructure and salaries.
And really what we want to do though, so that's the breakdown as it stands today.
What we want to do though is focus on that 30% compute. We do believe that there's probably some
optimizations we can do to decrease that, which would really just free up more of that percentage
for the liquidity program. But I'd say that I also want to caveat
that our number one goal will always be
to maintain fairness.
And so what we are absolutely adamant about
is not making any changes to the way we do proof of work
for the tokens without doing a robust statistical analysis
to ensure that we do not in any way reduce the fairness of
mining um but yeah so i think i think that answers the question and and in the in the next redesign
uh that we're releasing soon uh you'll see these numbers will be displayed more prominently and
and it'll be a lot easier to to understand exactly where uh the mining fees go
yeah yeah thanks k is there an estimated date for the next releasing
i believe i will say we um we actually had all of the features complete, but then just a week ago,
we decided to do some changes to the backend
because we are already starting to think about
not just this release,
but what is the next release after that?
And we have a vision for where we want the product to go.
And what we kind of realized was we could make some changes now in the back end
that would decrease the amount of time between the next release and the following release.
So we decided to make those changes now.
And so I don't want to put out a specific date other than to say,
because I am mindful that other platforms kind of keep things moving in a soonish manner.
But I will say that,
maybe what I'll say is just,
we're definitely looking for this month
to release the next feature and the next release.
And then we'll quickly start after we get that release
and being settled down,
we'll quickly start preparing for the following release
after that.
Yeah, yeah, yeah. Pardon me for that question. The community are chasing me for that. Good to hear that from you.
Okay, sorry for the interrupt.
No worries.
I think that's the most critical question
that's going to be thrown to Kay.
And Kay definitely answers that.
And then I think that's actually
satisfied all the audience here
because I think everyone is
wanting to know more about
the cost structure
and also how the economics works and okay definitely
given us a lot of transparency and also um the ratio of um what's the fees going to um
i think i just summarize a bit uh 30 percent um used for the computation and uh we have 65
used for the computation and we have 65% being included in the ALP and also the remaining
17% is for inference salary. So I think that's a very clear ratio. So definitely wanted to see more
exciting changes happening within this month and also in the next release as well.
within this month and also in the next release as well.
All right.
So I think we also almost come to the end of the whole space.
So I hope everyone's staying with us.
I think one and other questions about PAP is very interesting
because I think I got this from the community as well
on the naming and also the backstory of how
the name itself, part with Wolf of Work, come into play. So maybe Kay can provide us about
the backstory and then get people to know about why the name itself.
Why the name itself?
Well, I mean, a good token in our industry should have a puppy involved or a dog involved.
Dog is just like the classic design for a token.
And the wolf of work was just too good of a play on words.
We had honestly honored.
I'm very blessed to be on the Blackminer team
because we had some incredibly talented people
and we have two very, very creative people on the team
who I think if they sat down,
they could come up with a thousand phenomenal token names in a day
because they're just such good creatives.
And when one of them mentioned Pupf with Wolf of Work,
the entire team just said,
yes, that's absolutely where we need to go.
And it just so happened,
and I think that that was my personal favorite
of all the tokens.
And it just so happened,
so just the backstory is is when block miner launched
uh pop proof of memes and make crypto fun again were the original three tokens and and when we
launched uh all three tokens went live so to say uh at the same time but pop had the first block
that got mined um and so it's kind of like the OG it's become the OG token of block miner.
So, um, it's been, it's been awesome to watch the community rally around that token.
Um, you know, uh, they spent so much great content created on that token.
And, and, uh, it's, I've really enjoyed seeing that token succeed and really look forward
to, to seeing it move through its liquidity program into new tiers and the success it can have from that.
Got it, got it. Definitely very interesting.
And also, I think there's another question about it.
as as log miners team um do you guys uh ambition pop to have like what kind of new use cases
or even some cross game or burn mechanics happening within pub itself do you guys uh have any like
suggestion for them or any kind of uh vision in terms of this I mean, I don't want to lead the community
in one direction or another
because I think the community is really phenomenal.
I will say, I know within Blockminer,
our team were very, very focused on
making the platform itself successful.
And I do believe that the success of a platform
drives success for the token,
especially since the token is like the og uh token um so uh so i don't i i do think the best thing we can contribute
to the pup community is make block miner as um as attractive and as adopted as possible and then and
then the token will benefit from there but certainly when you think about all the gaming
that is being created on REE,
I do believe that there's probably some avenues
for POPs to become a cult within that ecosystem as well.
Got it.
Definitely very optimistic about it.
And I think last question for Kay, and we're going to wrap this up.
I think this is a more macro kind of questions where it's kind of normal for almost a lot of projects where we see a lot of hype and noises, a lot of attention for blockminer in the early stage.
And then now we are coming to a point where it's more calm and then there's lesser attention on that
because of maybe users are waiting for the new release.
So how do you guys, the team itself,
see these kind of changes?
And will there be any changes in terms of strategy
or you guys will stick with the plan itself
and then deliver the releases
based on team decisions?
Yeah, I think best to sum it up by saying
we've been doing a lot of learning in
the last couple of months. And the next release is really the product we've always wanted to launch.
That also takes into account the feedback from the community based on the product that is
currently launched. So yes, definitely there's a calm
and I think some of that calm is generated
because we as a team have been heads down
building out this release
and we want to make sure this next release
is absolutely right
because we do think that this next release
is the product that we've wanted to get to the whole time.
So beyond that, I think B&M probably explains a bit of it.
And we just really look forward to seeing what the community thinks about after we get this next release out the door.
All right. All right. Definitely good.
I mean, it's going to be a very good gin to look forward to
other than looking at the fight between Elon and Trump, of course.
But that aside, I think we're going to wrap this up with the one question
for Kay and also Moxin that if we are facing new users wanted to onboard,
like what is the ways or the fastest ways to on-ramp to use your products?
So maybe you can start with Moosin and then we end with K.
Yeah, yeah.
We always more than welcome the new users.
And whether you are familiar with the ruins itself or the trading on AMM pools, reswap.io and connect your Bitcoin wallet and spend some bucks on that to experience the swap
and the LP and maybe you can even get some donation, donated Bitcoin from Borough Commander if you are
providing the liquidity for the
tokens launched
on that. And
after that, if you
are willing to, you can
digest
what's the mechanism
behind the hood.
And you will see
it's no cut steel and no multi-seq and it's all fully on chain
and especially we also open source the code of re-swap. If you are a builder or you have
friends who are interested in building on Bitcoin, the mother chain,
you are welcome to reference to experience the depths we have launched and the code behind them
and even read the REE's white paper and you can see you will know much more about we are committed to bringing the programmability
directly on bitcoin layer one. That's true, that's not just the thing. We are rolling out
more features on the product side and optimizing the infrastructure. At the same time, also
we are connecting builders and the protocols who may adopt the REE and SAP tech stock. And of course, if you have any questions, feel free to DM me. I can be your gardener or friends or anything you want. I also share the updates and the ideas
around the DressWap RE and the whole RUNES ecosystem.
And to sum this up, we also have some exciting
collaborations on the way with some majority projects people are loving with,
and we will be likely to be integrated in the coming months.
So stay tuned, I will bring more news and keep shipping.
Alright, so pass it positive K then.
Yeah, we, X is the best way to keep up to date with us.
You can see the BlockMiner X handle in the guest list here.
BlockMiner.fund is the website to use it.
And yeah, we've been very intentional. blockminer.fund is the website to use it.
And yeah, we've been very intentional.
We want to make sure that on blockminer,
it's the tokens that get the attention.
And so I think as we move forward,
we'll probably keep with just the communication over X and we'll probably create more ways to interact
with the blockminer team through blockminer.fund.
And in that way, then the tokens can be the main focus for reaching out to the community. And yeah, definitely give it a try. And again, follow the blockminer.fun X handle here,
because that's where you'll get the most recent up-to-dates on the next release.
Okay, got it, got it.
So definitely to all the audience here who's still staying with us, do follow BlockMiner
fan, which is on our listener list and also Rich Drop as well.
And also do to follow the two speakers here, Musin and also Kay, to get the most update
for the protocols.
So again, thanks everyone for staying with us until now.
I think it's been a very fruitful space.
Deep diving with Mohsin and also Kay on the development of Ristrub and also Blockminer.
definitely looking forward to see more features being rolling out and also of course uh block
Definitely looking forward to see more features being rolling out.
miner with k mentioning um uh the new release will be the most uh like the the the product
that you guys wanted to have since the beginning so i'm really looking forward to see what was that and yeah so to all do do give us a follow and then do take stay in
tuned for more news so we're gonna do this more often since we are on ramping
more BTC 5 protocols in the near future so definitely stay tuned to be hers and
follow Omniti as well alright so thanks a lot guys and have a good day.
Ciao.
Ciao, ciao. See ya.
Thanks so much. Thank you.
