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Common AMM & MOST Pre-launch AMA
Recorded: May 15, 2024 Duration: 0:47:10Space Recording
Full Transcription
Okay.
Okay.
Thank you for that.
standpoint so that's the question to antony how will the rf0 ecosystem benefits when the network
is connected to ethereum as we all know this is like the first time ever that lf0 will be
connected to any other network yeah hi hi hi everyone uh i mean first we're just really happy
that this is finally happening um because it it allows us to focus on actually onboarding liquidity
um and and and sort of preparing like a value proposition for users and and and beyond the
immediate ecosystem um that being said well you you know we cannot we cannot really just call it a um
business benefit from being connected to ethereum because this just goes much broader so like what
happens is that now uh on lf0 once you're fully onboarded on lf0 so you bridged your stables or
whatever other um tokens you wanted to um then you can actually experience how the network works and
how do the apps deployed on the network um operate we've had a few examples from the efp um in in the
past this is um another another app that you know we we hope is going to showcase the how the i would
say the fundamentals that we've been working on for a while translate into the end user um experience um
and this this i think is the is the coolest part of of all of it um for us now the main challenge or like
the main target depending on how you look at it is how do we make this attractive for other ecosystems
how do we provide value to the users of other ecosystems um and how do we overall grow grow the
network um further and ux is one thing um the second is the the upcoming suite of different privacy
features that are also going to be um exported to an extent to uh to other ecosystems so um we're really
looking forward to um to that um tldr most um as you know i think this name is going to be memed at some
point um but uh overall uh it's been uh it's been an endeavor that we've set out to build like a few
months ago there are um eight main guardians um at the moment uh we're going to be also announcing
who the guardians are they've been selected from the from the um community validators and different
participants um so it's as secure and as um straightforward of a design that uh we we we could
have we could have prepared um and yeah like really happy to see it going live finally
yeah as we all do so uh let's move on to common amm and mateusz is leading the release here so
um give us a quick overview of of what's being actually launched next week and you know uh if if if
that's possible and you feel that's interesting can you break down exactly what's there or what will
look like and and you know uh any other relevant info to that uh yes similarly to most we are happy to
finally reaching the the goal it's been a long journey uh we've learned a lot uh on it
yeah so uh we are preparing for the mainnet release uh just like the final touches
uh for the front end so i think works smooth uh
we are all set up for for the launch on on monday uh is it monday
no i'm sorry actually tuesday tuesday yeah yeah yeah somehow 21st sounded better when it was monday
yeah
we've had a long test net a lot of users that gave us a lot of feedback so building a front end for such a
complex uh contract system was was challenging and and yeah this uh the the product itself uh
sparked a lot of work on on the tooling it's uh for on the tooling that did not exist before uh before
deployments like this in the substrate ecosystem so yeah yeah it took uh took a bit longer i guess than any
of us expected at the beginning but this was mostly because of that that there was a lot of
work done that is not visible to the to the end user that is needed to support a product like the
like this amm and the farms
yeah and what was the plan with the launch so we are launching uh pools and farms on the 21st
and then uh swap from 23rd right yeah yeah that's exactly the plan we we want to avoid a situation
where uh you know lots of people join the join join the game but uh but there's not yet enough liquidity
provided uh especially since like the the both products are launching or the same day 21st and we
expect uh liquidity to be to be breached over from it from ethereum to to our l1 so this will take time
so so to avoid the situation where you know the very first users of the swap do not yet see that the
the bridge liquidity and and the pools we we are giving liquidity providers the time to to move their
funds to join the to create the pools to join the pools to join the farms and after that we are opening
up the the swaps okay and uh i think for now last question to you is that of course we are launching
the common amm with the basic set of features now uh and of course this is the just the beginning so
what are the next features uh that will be implemented after this like minute release
yes so the very first iteration is uh it consists of uh the farms uh the swaps and the underlying pools
which uh are implementing an amm uh type type of amm that is similar really can you yeah it dropped out
after farms i believe so ah okay yeah sorry so yeah farms uh liquidity provisioning uh uh to post that
implement the type of the amm that uh is uh supporting the uh psp 22 tokens uh and so like to to complement
that uh with support for uh special types of tokens like for example liquid liquid stake tokens where
one of the tokens accrues the value uh over time because of the staking rewards there needs to
be a different type of be a different type of amm implemented different mechanisms different apis
tooling etc front end needs to be adapted this is the next step so the support for a special type of
tokens like liquid stake tokens but also a stable coin stable coins uh also uh like a pairs with
consists that consists only of stable coins work better for the traders uh when they also
implement a different when they are implemented in a different type of amm to improve the the slippage to
like hold better uh close to the to the to like the one-to-one ratio so these are the immediate uh plans
uh after the launch uh after the launch we're also uh like uh preparing for the launch of the smart router
uh so the service that will find the best possible trade path for the for the trader so uh it takes into
account all of the pools all the reserves and the fees across those those paths and the amount that you
want needs to be traded and offers that the best trade uh so this is that these two or three depending
on how you look at it are the immediate uh steps after the main and release so new uh amm types for
stable coins and liquid staking tokens and the smart router okay thank you for the uh overview here and
yeah so so so i think this is the immediate plan for now and let's let's move on to the big vision
for common and i think this is the perfect question for damien so if you could you know let's say we
already had an ama about the white paper but if you could give us a quick reminder or primer on the vision
for common and and what it should become all right certainly thank you so well common is supposed to be
a gateway to blockchain to d5 for users a great way which is very easy to join um and it allows it allows
you to do all all kinds of things in d5 very simply and preserving privacy so this is the goal for common
and it's a it's a big product we will build it step by step and an important part of common is the decks
as you mentioned so the decks that is being released currently the amm decks is an important step in
uh in us building uh building the final uh common decks um and well uh the end game here is uh described more
or less in the white paper so the white paper describes a certain kind of uh decks aggregator or
an order book uh you can think of it um which has built-in privacy uh built-in mev protection
and it's essentially um a decks where the user just input inputs a trade whether this is a spot trade
or a limit order whatever you wish and it is just guaranteed that they will get a good price so this
is what we want common to be you get a good price you don't need to care about all these things like
mev like getting a bad price because of slippage you don't need to care about these things you are
protected uh by all the mechanisms that we implement for common uh you have privacy by default and
the rest of the rest of the rest is essentially our concern
yeah so to to maybe to to to also break it down into how it translates for the for to the to the front
and then sort of how the you know the user flow would look like like how how i like to simplify it to
an extent is that you take the best stuff from one inch you take the best stuff from cowswap you try to
make it more efficient then you add privacy on top of it and that roughly translates into into what common
sort of the protocol is um and this is the this is the this is the entirely non-custodial part and then
what you have is also the mobile side of things so how do we create a very convenient and cool
mobile trading experience where you on one hand take what's what's what's best in the current mobile
developments and then you try to match it with um more conventional fintech solutions so how
what's the best way to integrate the non-custodial trading with um ideally also non-custodial but right
now it's not necessarily possible uh with the payment rails so off-ramping on-ramping um bank accounts
uh cards you know we're seeing more and more um more and more developments in that front i see that julian's in the
audience so julian is particularly bullish on this general um trend um and and and this is something
that we're that we're um heavily looking into so effectively how do you create a
a single app that is designed for um people that are more or less crypto native but can also use
your standard everyday payment features um and this can be technically defined as a as a second product
from the from the um common suite um but it's going to be the same brand right so so first of course
we're launching all the all the desktop features mate was just working also on um on wallets um
and and and this is this is something that we particularly think is going to be um challenging
from a ux standpoint so like combining all of this into a single like piece of software um but at the
same time it's it's it's it's you know really worth pursuing in the in the in the mid to long run
yeah uh this is really exciting what we want to build but of course it will take some time uh but i
think users will will get to use the first major features also like you know it's not not that far away
but anyway i think also we could at this point uh while we are emphasizing that common allows you to
to do all of the crypto stuff privately i think there's a common misconception around how we are
approaching compliant privacy who has to go through the koac or you know obtain the zkyd zk id to that
or who doesn't to use common so damian could you give us you know an overview on the privacy aspect of
common how it will work from the user perspective
yeah um so when it comes to the user perspective it's all very boring actually because we think privacy
should be normal privacy should be the default so you as a user of common essentially
install the app install the common wallet and your actions by default will be private
your token your tokens will be private your defy actions will be private
whatever you do will be private um and well what happens under the hood where on the cryptographic
uh a layer is obviously far more interesting because all the snarks or zero-norder proofs are happening there
uh so the technical um technical term that we often mention here is the zk id so this is essentially
some kind of an of your identifier in the in in in the private state kind of so you can get this zk id
um just by clicking a button so this is this is not really an action that requires any permission or any kyc
so basically yeah you just enter uh you just use the app and well zk id will be assigned to you uh by default
um so yeah i i think i think that's that's the answer so that essentially using the privacy feature
is permissionless there is no kyc needed there is nothing if you want to do a kyc and you want to link
it to your uh zk id this is possible and this is possible to do in a way that nobody even the kyc provider
will know that this particular user is doing this particular action this is only to make this particular
account this particular zk id uh be able to join some protocols that might require a kyc if there will
be such um yeah so that's i think a a summary of how this will work yeah and i think also it's worth
mentioning that with the identity part um we're we're in close close touch with the idos team so if you
went through um through the public sale back in the day uh you might recall the um fractal hosted kyc
process and now the the the same team slightly expanded also is is working on a very interesting
um a very interesting project that we're we're we're happy to happy to support
okay and while i have you at the mic antony i think we could also uh just share a bit more about
the common drops that we have announced uh yesterday of course there's more info about them coming
so yeah you could give us a primer on that right so um the overall overarching idea with the with the
drops is how do we over basically how do you execute um a campaign aimed at engagement and how do you
navigate um the landscape of uh that's that largely consisting of of of of noise essentially um so the
drops are an idea to incentivize um the usage of of common that's the broader thesis um then we you
know we've always tried to be a more i would say community-oriented project and this is sometimes going
better sometimes worse but with this entire entire program that's the that's the goal that we are are
are looking to um to accomplish um this consists of uh essentially a drop for um our stakers uh like
the a zero stakers sorry um and there's going to be a few um few elements to it so i'm not sure
who how many of you have the had the chance to read the um article yesterday uh when we when we kind of first
announced it um there's gonna be um essentially four seasons um and before we start going on
sort of executing on those seasons there's gonna be something called an intro drop that coincides with
the um the main net launch um so essentially you would get um two common staking drops pair one a zero
that was staked um afterwards we're gonna have four rounds that are more or less on the similar basis
and then um in the meantime there's also gonna be um there are also gonna be two additional
activities that we call lucky drop which is i think this is gonna be most the most fun um and then
there's the og drop that um uh was designed to to to to to to sort of translate our appreciation to to long
time stakers um so this is related to the overall um time that any given person or or contributor has
to take their um their a zero um and um that's pretty much the gist of it um for now there's you
know this is a part of uh aliforia so the broader sort of ecosystem go to market that's gonna involve
um a lot of the ecosystem projects um that we currently have announced um because after months of of of
building uh more and more of them are um are ready to launch um then we will have um a bunch of news
also in the next next couple of weeks so this is something that we're we're also looking forward to
um and all of this should get us well underway when it comes to well just let's just say kicking the
ecosystem off um yeah that's that's that's pretty much it okay thank you uh and maybe just to drop some
alpha first here uh we will also be announcing the rules for og drop later today and so yeah you'll know
all the details how we will uh reward the long time stakeholders but i can already tell you that it's
it's based on similar rules but for a much longer period actually going back to the beginnings of when
staking was enabled on the chain until the snapshot uh taken somewhere during the campaign when it will be
live uh and uh yeah the lucky drop will also be fun it will also uh tell you more about this uh later this
week um this is about evening out the chances of of getting the drops let's let's call it like that
okay and i think that's it for the questions that we had uh prepared for now
so i'm jumping to the to the comments sections as we speak and let's see what's there and i i think we
have time until uh 3 40 3 45 45 the latest so if you if you have any questions this is the best time to
add them in the comments
okay
okay i think uh there are uh actually also a lot of questions about the
tokenomics of common uh the the common token itself not the count drops so
uh if we could of course this hasn't been published yet but if we could give an overview on that
that would be awesome that's probably the best for antoni to answer
yeah um so the like the the broader
tokenomics or maybe like allocations towards specific targets like um
um we're gonna we're gonna of course publish at some point the the the detailed
tokenomics right now i think what might be relevant is that we're aiming with regards to the community
based distributions and liquidity um incentives we're aiming to um make this noticeably
the more appealing than the market average um i would say and you know the the the overarching sort of
mindset that we have around this is that dexes are um the protocols themselves are more of um public goods
rather than businesses per se um so the business part can be considered to be more suitable for the front
end where uh you know just looking at the unisweb model where you have the the protocol that is
accessible to anyone and then you kind of have the front end layer that has all the different features
um and and and this is something that can be monetized to some extent whereas the protocol itself
should be um as much as possible just purely governance oriented
okay uh looking further down the uh questions i can see one from groovy uh could you also mention
how og drop works uh given a lot of the long-term stakers have moved to ledger and us with different
easier accounts so uh we have several uh several uh takes on that so as i mentioned earlier the og drop is
mainly for the longer you take the better and of course the more you take the better uh for you
so so you get more uh commons taking drops but to add to take into account people who have moved to other
accounts uh maybe two ledgers but of course we we can't know that uh we will uh count it as you know
count the mainly we will you know gather this information for on the users that did that
so so there will be a form where you can submit your old accounts your new account
and then we will calculate the the the stakes on the before the move after the move so in a way that
doesn't affect your stake if you just you know we stake the same amount if it's lower than the lower
the number on the lower end uh is is taken into account uh similarly to other drops but yeah in general
we hope that of course there are no perfect solutions in this case uh and we will be you know also
looking for your feedback but uh we want to make it in a way that that takes into accounts those switches to
to uh to to other accounts and then uh doesn't punish you for that basically so yeah that that's on it
uh there's also one question uh from uh from crypto priests could we have common airdrops for
fathers in the egg and liar style not transferable who wants to take that
yeah i can take it so uh the answer is yes that's exactly how we're going to do that uh the airdrops
will the common airdrops will be at least initially not transferable they will be redeemed for uh for
common tokens after six months but the the drops it's themselves will not be transferable so whoever
gets the drop only this person will be able to redeem the common tokens later we believe that this is
much more fair mechanism uh yeah and uh it's it ensures that there is uh that there is no benefit for uh
for like otc trades that are not available to the to the wider public so that's why we decided to do it
also this way yeah and in the meantime i i think there are some questions that i can answer straight
away so for example will we have common iphone app yes uh correct me if i'm wrong but not only six
months takers will get airdrops yes uh what about the common nfts uh this is a broader project and
you will also soon uh get to know a bit more about that but uh or if you're asking for the ones from
paris yeah uh that they are also uh in the mix of how this all can be calculated but there are also
there's also a special collection of nfts coming for the uh a zero stakers with additional perks
uh so yeah that's it and let me just go back to reading the comments and choosing the questions
yeah maybe a bit on the on the mobile app so the first we're we'll start with a a pretty neat um
um wallet like a mobile wallet and the project is gonna later on hopefully develop into this sort of
trading and often on ramping mechanism i i you know i described earlier so like the optimal ux that we
can imagine is that you can effectively use defy on mobile and then you can you know you can go from
from on ramping to trading to then off ramping via apple pay and whatever store you you you want um this
would be pretty cool i see one other question about is there airdrop for testlet participants
so of course you know we will work on rewarding in some way uh all the people that contributed to
the development of the platform
okay okay and we have around at least four minutes left because i know the rest of the team has to go to
other meetings so yeah this is your last chance to ask the questions and yeah
i i wouldn't be as you know as brutal with this last chance where we're around
oh yes of course you can ask them you know anytime anywhere this is the best time to do it while we are
here but of course we are also present on on our telegram groups and on this court
and i think uh i see one other will tg coincide with the common launch and this is not the case
uh so actually anthony could give you more overview on that uh if you have some more details but my my
like basic take on that is that within the uh period of when the staking drops campaign is live this is
the period where where you will also have the tge uh it's not after it doesn't have to be after that
can be during that yeah but but like um for going full transparency there's no date for the tge yet we
first want to make sure that this is properly adopted and and and used um and that yeah i guess that's
that's the complete answer um okay so matt matt is texting me with the one usd question yeah so
um we are working with arch blog still uh and waiting for the commencement um with one usd uh so
what is one usd one usd is a new um fully cashback stable coin uh designed and um and and issued by
uh archblog uh archblog uh archblog uh archblog is a company that was responsible for um t usd in the past
so it was one of the i would say the um the major um alternative to usdt and u.s
is that major alternative stable coins to usdt um and usdc uh archblog was also responsible for
the incubation of uh trufi uh for those of you who are not familiar it was also a very interesting
product um to that that was sort of had a mission of making credit more accessible and they had some
pretty pretty cool um partners backing them you know block tower founders fund um anderson horowitz and
and and and so on so we we we we do definitely trust in archblog's um execution capabilities um
this obviously takes a bit of time um right now uh right now we're actively working on the deployments
when usd is going to be available on lf0 and on ethereum so the idea is also to have this um
um neat again this boils down to ux so so how how do you kind of create a defy ecosystem that is for
now too small to have like native usdt and usdc but still where you can um if you want to just hold
stables or simply de-risk um and that's that's where one usd kicks in on two of these uh two of these
networks uh we do not have an exact date yet but we're anticipating it's going to happen rather
sooner um than uh than later okay and i think we are over time so i will answer just the last one uh
because it's again kind of look into the immediate future can we also get some kind of airdrops from
future galaxy campaigns quests and the answer is yes and i i leave you with that uh so thank you
everyone for joining if you have any outstanding questions add them uh to the comment sections
we will try to answer them uh to our best ability and share as much as we can uh and yeah we are really
looking forward to launching the all the the things next week so may 21st common amm with pools and lps
and uh may 23rd common amm with swaps this is going live next week so yeah uh really looking forward and
we uh yeah happy to have you here and see you in our other channels thank you bye bye
thank you everyone bye
thank you bye
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