Hello everyone and welcome to the Cosmos Club. I believe we got Livanna joining now. Sorry for the slight delay. Oh, I see Livanna just left. Maybe they have some technical issues. Just sit tight. We'll be right back
here. I can see Devana is back. Let me invite them to be a speaker. I think they are now. Are you able to speak, Livana?
Okay, can you can you hear me now? Yes, loud and clear. Thank you for your patience. I was struggling with some technical difficulties. I'm I'm
I'm Jonathan, Keras, and I am Manning the Twitter account for Levanta tonight, and I'm super excited to be here, and thanks so much for having us.
Awesome, trust me, I know how it is with these technical issues. I had the actually last week for some reason, I used Android and Twitter wasn't working on my Android. Any Android, I tried I think five different Android phones. So yeah, I know how it feels with the technical channels.
But yeah, super awesome that you could make it and I guess we should just dive right in. So welcome everyone to the Cosmos Club where we tweet all things Cosmos on the Twitter accounts and then we summarize that in a week.
newsletter. And then finally, we invite people who are building on the Cosmos ecosystem, two spaces like these. And today we have Levana with us, Levana Protocol. Thank you so much for joining. Yeah, thank you for having us. If you're not familiar, so Levana is historically was a terra problem.
project and we had built a few different products focused around a category of leverage trading and then of gamification and since the crash of Terra we migrated to Cosmos, General Cosmos
We currently have on TestNet two interesting products on a public test net. We have American style options and soon to be on a public test net currently on an internal test net. We have GMX style perps.
These two products work really well together to allow for traders to be able to implement a wide variety of strategies. And we've had almost 10,000 members of the Cosmos community and specifically the Juno community.
participate in the public beta of our American style options training. It's been really exciting over the last, I think it's only been about a month now. To see roughly 10,000 people come and express their interest
in trading options and trading options on cosmos. Sweet. Yeah, I was about to ask, you know, what is Levanta protocol and what people need to pay attention, but you answered that already. But I think, you know, from the off the bat, when you visit
live on about finance, your website and all this. The first thing that people notice on Twitter also is that you guys are aiming to leverage any assets, which I think is pretty cool. Pretty cool stuff. Yes. But what does that mean exactly? Any assets, do you literally mean any assets at all?
I think you're muted. Yeah. Oh, I might point off, I'm not sure what happened there. It needs to be, it needs to be something that can be denominated in US dollars. And so, you know, there's there's some things that you just couldn't leverage like, you know,
You couldn't leverage laughter for something else ridiculous. But if it can be expressed as a price feed, so then through perpetuals, it can be
expressed similar to future contracts. And if it can be custodyed on a cosmos chain, then it can be expressed as a call or a put, which provides a very similar market exposure as to how leverage works as well.
I see. So you're starting with options or at least you talked in the beginning a lot of options, but I know you also have NFTs in the making, gamify, something that you focus on. So maybe bring us through all the different categories that you guys are working on, because there's quite a lot it seems.
Yes, so it's a very interesting series of products. So we, to give it this context, when we first launched the organization, the project, which was roughly a year ago,
It was, I guess, was in June of last year. So we noticed a very significant trend, which is that the majority of the majority of just coming into the space were coming in not necessarily
So we thought to ourselves, okay, how can we create a brand and a product suite that will be able to attract the casual user and then just
and then capture their attention for long enough that they will be motivated to learn more about this budding world of DeFi. And so we created a science fiction fantasy story which is a metaphor for the world of
crypto. It's about a totalitarian oppressive government that controls the finance and health of the, they're called the council and they live on Mars where the last remnants of humanity has survived after World War III destroyed
Earth. And so there's roughly 10 million humans left that are now found their lifeboat, so to speak on Mars. And this, you know, oppressive government is disrupted by the arrival of dragons. And the dragons land on the
planet of Mars through meteors and meteor shower and the dragon's really represents crypto. And there's a group that's broken away from the council's control that are called the free Martians and that kind of represents us who are the crypto enthusiasts and early adopters.
And then through this narrative, we ended up attracting a community of around 30,000 people. We had the largest, most successful NFT mint, where a number of the elements of the story were minted on Terra.
as NFTs. So we had the most amount of collectors, we had about 14,000 NFT collectors, and we had the largest amount of trading volume in the secondary market. So the story really took off. You can actually listen, if you go into
the lower section of our discord. You can hear the audiobook and there will be a comic book that's in the works. Some very talented Marvel artists have been contributing to the product. And so all of that is kind of on the
background of, you know, how do you create something that will attract the attention of your average person? And I think we've done a really great job at that. And, you know, the community has really survived the crash and the migration. And we've actually just minted the largest NFT collection onto
I want to cause most. I was actually minted over the last couple days. So again, it's within the theme of this sci-fi fantasy world. But the core product and what we really want to bring people to is this concept of leverage any asset, which is the acronym that LeBama stands for.
And the way that you can think of it is that if the collateral is in stablecoins, so then through the use of oracles you can create perpetual markets on any asset that you can get a price feed for.
If the collateral is notional, meaning it's actually crypto, so then you can actually remove any of the risks of bridges and you can create siloed markets, which is very well designed for the Cosmos ecosystem because each of these
markets can exist siloed and they don't have bridge risks, they don't have stable coin risks, and they're bare metal on the actual Cosmos step chain that the highest amount of liquidity for the individual project sits. So for example,
our intentions to launch perpetual swaps on usmosis and then that will trade the Osmo token and then we'll launch an instance of it on Juno which will then trade the Juno token and so creating this kind of a hubbent's hubbent spoke model which was really pioneered by Delphi so we're
where Delphi Incubated Organization. Delphi put together three different projects, AstroPort, Mars, and LaBana. And so they also created this model of where you have kind of like
hub of one chain where governance and minting occurs, but then you have instances, many instances of your application wherever liquidity is found in the market. So we're really excited to follow in that direction as well.
And I want to talk more about liquidity and the whole lending protocol, which I think is missing greatly in the Cosmos ecosystem. But before we dive into that, I want to hear more about the migration from Luna to more generally Cosmos, because that sounds like a pretty rough path to what
It was absolutely terrible. I mean, first of all, we totally got wrecked on the crash of Tara. We had a significant amount of our treasury in U.S.T. We had fund raised in Luna, all of the royalties.
from the NFT project work in Luna and we had a liquidity pool in Luna. So all of that just went to zero. So that was a, that was a demo period and it all happened in like a two day time span. And then the second thing was, was after the crash happened,
And so the Tara blockchain just like for the next like two weeks, it just we didn't even know if it was going to survive. We didn't know if it was going to be back on. I mean, now it's become like a meat point and you know, and it's a stable. But at the time, we're like, nobody really expected Tara, the original chain of Tara.
to stay functional in the foreseeable future. So what we did is we quickly created a bridge wallet where people could connect their tarot wallet and then it would spit out, they would essentially
create a new wallet which we call the dragon wallets and because we didn't know where we were going to bridge to and so then we ask people now just hold on to your you know to your 24 to your seed phrase of your draft create a wallet then we snapshot all of your items all assets
your history or your score on any of our games. It's also worth mentioning. We released eight games on Terra. We had about 10,000-month active players. It was the most successful GameFi product within the really the whole Cosmos ecosystem, but specifically within Terra itself.
So we wanted to keep users like scores. We wanted to keep their game assets, all of these things. So we used the Dragonwallet as the snapshot. And then we did, you know, after we found our way to Juno, so then we created
that bridge where you could then import your dragon wallet, connect your Juno wallet, and then the bridge was completed. So we had now, you know, we had about 18,000 people sign up for the process on tarot.
And then now we just completed the migration of about 50,000 NFT assets, which kind of helps us, you know, and it wasn't easy to do granted. So it really did help us understand, you know, who the core community was. And then from that now, I think we minted assets
to about 14,000 people or while it's on Juno. So obviously there's a drop going from 18,000 to 14,000 but we're very excited to start building on the Juno community and on Cosmos as a whole with this core user base that's
excited to interact with our products. Nice. And obviously in the Cosmos Club a lot of people that follow us and tune in to something like this is very excited about the Cosmos ecosystem. So curious to hear why Juno for in your case because there's a lot of ecosystems out there you could
That into I guess but you decided on Juno so so why was that basically? You know it really represented a lot of the values that That the core team had especially around the permissionless nature anybody can build on Juno it supports cosmos and 1.5
know, it's up to date. It's a very energetic, highly motivated community. And those things really appealed to us. I see Juno as like the Kusama of cosmos. So
interesting. If you're not familiar with Kusama so Hokedot was created with these you know these parachains which is similar to like interconnected security that's coming to
cosmos. So these parachains, you have to be voted in, there's an auction, there's an approval process, you have a slot for like a year, it's very expensive and the barrier for experimentation is I think astronaut, I mean, I guess everybody thinks because they made Kusama, but it's just
to high that it actually detracts from people coming and building new projects and experimenting and exploring which is a critical mentality when you're launching, when you're inventing. You know, when you're inventing, you need the ability to be able
build things, the ability to break things, and then also subsequently fix things. And Juno is the only DAP chain that supports third party builders and supports it in a permissionless manner. You know, we're very excited about deploying on
on sign network, on injective, on osmosis, on cajira. But for all of them, it's not really a web 3 experience. You really need to go through back door alleys, you need to make like a
off-chain deals with the founders and the network. You need to have a special relationship. You need to get approved. And then not only for that just initial point, but then you, anytime that you want to issue a bug fix. So then now there's a whole on-chain vote where, you know, we might find a bug where there's an expert
And then we come and say, hey, you know, us Moses, you know, please let us deploy a fix so that our users don't lose funds. And then they say, great, we'll add it on Commonwealth. And then over the next three, you know, 72 hours, people will vote on Commonwealth if it wants to go to
The toe-on-chain voting and then if it gets a minimum, you know threshold, so then the you know the code will be deployed and the whole process will take seven days So I mean that's really just a non-starter now I don't mean to pick one as most as I think osmosis is an amazing product with an amazing team and has
really been like I think single handedly carried the cosmos ecosystem to where it is today. But it was designed to be one chain for one product. And ultimately what I think that I've seen or that we've seen is that
that there are plenty of cases where you want to own all of the block space yourself and you really want to launch your own chain. But again, it comes down to creating overhead and creating friction is that the best way
to be able to explore and to experiment and to innovate is to be able to just focus on the task at hand which is to create a user experience. So building your own chain, building liquidity around that chain, getting the fiat on and off ramps around
that chain. This is an incredible amount of work and all of that work means that you're not going to the actual product which is providing value to the end customer. So instead you're just dealing with a bunch of infrastructure. So I feel like that's where Kusama, as an analogy comes in, is that
The Polkadot team created this clone of Polkadot, which is not a testnet per se because it has economic value. Testnet means that you're only playing with monopoly money. But here you're playing with real money, but it's designed to be lower stakes. It's a smaller community.
It is more focused on innovative products and even like you know osmosis has their frontier which has a lot of the same similar vision But but there isn't the equivalent of deploying your own depth onto osmosis
in like a frontier setting. Yeah, yeah, frontier and Kusama is a pretty good analogy, I think. And very interesting approach that Paul Boutouk with Kusama in general, because it's not tested, but it kind of acts like a test chain. So let's be
for Polka does. And yet true, Osmosis really took the app specific change to heart. They are very focused on being a tax on AMM that almost dominates IBC and have done an incredible job at that to be honest. Yeah absolutely. I mean, well I don't know where we be today. It wasn't for us most of us. It was the first successful product.
Yeah, and speaking of tokens and yeah, Dexas and all that, you are introducing two tokens from what I gather the Elevano leverage index token and I and then the perpetual swap tokens that that's multiple tokens as a time of token, I guess.
But maybe explain those two different products how they overlap and why these two products in particular. So, all right, so we were building on top of Mars creating leverage index tokens similar to the leverage index tokens there. It's essentially a leverage
ETF basket. That was built, we were partnered with Mars on Terra for that and that's a similar model if you're familiar with index scoop or set protocol on Ethereum that's a very similar product. Now what we've, you know, with the crash of Terra
So we've actually put that project on hold. So that's on hold indefinitely because it what we found is that it's not it's not as capital efficient as other approaches. It has liquidation risk and it it it has a lot of us of
of cost to it because of the cost of rebalancing. And it requires a very liquid lending market, like an Ave or compound or Mars protocol in order to be functional. So we've actually put that, that was complete and post-autistic.
put that on hold in favor of our Purps V2. Our Purps V2 is much more similar to a GMX-style Purps and the positions there are all tokenized. So you actually can create a far more efficient, from a capital efficiency perspective.
more efficient tokenized leverage position and it doesn't have the need to a deep liquid market. It doesn't need an AMM, it doesn't need a lending platform, it's much more
So at the time that we had invented that we had built LLI, we hadn't yet invented this approach. But I do believe that it's superior and it will allow for leverage positions to be expressed as tokenized assets that then can be traded independently on a secondary market or used for
for intraoperability or composability in other DeFi products. Now we have a governance token, which is the LaVonna governance token, the ticker's LDN, or that's the, it's not meant, we haven't launched the token yet.
that will only come after the products come to markets. We are very excited to really have these two products in terms of the options trading and the perpetuals governed
by the LVN token. And then if we do launch our own DAP chain for token generation and for the four governance, then obviously that would be a mission
rewards for validators on that network as well. Of course. And any alpha you can spill on this space on the air drop of potential air drop of the LVN token, any plans on that or you want to wait a little bit. No, no, so happy to
to spill some out of the gear. I know that's always exciting. We did migrate, we did migrate a number of our games over to Juno and when you play the game you have to log in with your Juno wallet and it's got a capture to
prevented from being bothered. And it's got a three minute delay also. You know, you have to actually go in and they're like old-school, like Mario style games. So if you're an Nintendo fan, you'll probably feel right at home. And so we've had thousands of people play these games.
give us their their general wallet address. So we haven't explained exactly what it is that we're going to be doing with that. But really there's, you know, there's there's a few different actions that, you know, that there's a few different times where LaVanna is keeping track of
What Juno addresses have interacted with various software products that Levena has released? Games are one of them. The Options Platform on Testnet is another one of them. Perps, which please God will be in public Testnet.
Next week will be another one of them and then and then the we also have a dragon cave. It's dragons that Levanta dot finance. I'm seeking connect you can open up your dragon cave, which is where your your Levanta NFTS sets would live. So
So those will also, you know, so say if you're, if you want, you know, if you want to join the community, I definitely say the right way to do that is to follow us on Twitter, join our Discord, and then, and then interact
with the software using your Juno wallet that you know I've outlined so far in the conversation. Nice and I can shake the question that I have in my mind and I keep going back to when you mentioned your NFTs and the storyline which I really like
I think it's quite clever actually, but it just seems like a stretch from perpetual swaps and an option straighting to NFTs and gametime and all these different things. Those two worlds are very far away from each other as it is right now at least.
in my head, but maybe there's something I'm missing here. Well, if you look, what's the behavior of, all right, let's put it like this. Over the last two years, there's been about 300,000 wallets that were opened up, like metamask wallets, that were opened up
That then you can trace to ever interacting with with defy, okay, so 300,000 you'd say wow, that's a good number more 18 million 18 million that were opened up to Interact with the NFT market and the game find market so the
In terms of just a product offering, if I want what's the best way to teach somebody about a self-custody, about how to manage your own keys, about how to interact with the smart contract, about how to trade, about how to do your own research and learn about a product,
DeFi has utterly failed at onboarding new users and motivating people to learn these new things. So if you look at all of these millions of people that are coming to trade NFTs, they're super digit.
Like they're like and they and they're motivated they they know how to get on a whitelist they know how to set their metamass they know how to wake up at 3 in the morning so that they can you know get the first mint in they know how to list on things on auctions they know how to like flip you know they know how to like look at daily trading volume and
and look at the contract information to be able to see how many unique holders there are and they know how to copy trade and follow one wallet after another. The more that you look at the NFT market, the more that I look at it, the more that I see that these
These guys are actually like super hardcore, super motivated. They know how to learn, they know how to explore their fearless. And this is the exact same DNA that can easily be migrated over to leverage trading of tokens. And it's just a matter of creating that
And so that's where I see that the real opportunity is. And I think that GameFi is just pretty cool. It's fun and entertaining. And it adds a sense of personality to the game.
and flavor into what could be a really boring industry. Yeah, to bring some level of diversity for all kinds of skill sets and interests. And in terms of success and getting people excited and active, not to mention, no
people could just look at the massive successes like axiomphidity or Ronan that is built on. I guess the only mistake they did was one, their bridge got hacked and two, they didn't build on cosmos. Yes, I agree with both of those. At least they weren't done like Harmony one there, you know, what they
These like weird like you guys changed with one app, you know, but yeah, no, so so Axi You know gods and chains What's the called a defy kingdom? These are all big inspirations that you create something that's fun and then you funnel people into our
understand the basic tenants like DeFi kingdom taught more people about how to How to yield farm and how impermanent loss works then then uniswap that are panking swap or any of these other swaps did all combined true yeah now I don't follow it took
closely, but from what I gather, Ronin, the team behind Ronin's guy, maybe if they created Katana, their own decks where you can provide liquidity and trade and all that kind of stuff. So they are, even these guys who are sort of the post-a-child for game-fine, you know, crypto games and play tour games.
James, they are moving into DeFi and lending markets. I'm sure soon enough. That was, think about it. Anybody who was playing Axi was by definition like a DeFi DJN is that because you earned, you know, secret love potion, then what did you do with secret love potion? So you farmed with it. You know, you became either a liquidity
provider or you dumped it or you traded it for more NFTs. So I can even see a future where the LVN token is used in a complete game by environment as a currency for buying and selling NFTs and for upgrading your gear and that people will trade
to earn the missions of LVN so that they can go and level up characters that they've created. Now I think that that's far off and I think it's important that we first just succeed at building good like GMX-style purps and American options with defy option vaults.
And, and, and appeal to, you know, validators and early project and investors that really need the types of insurance like products or hedging that options provides. But, you know, I mean, at the end of the year,
At the end of the day, there's a huge opportunity here to wrap all of this technology in something that's fun and then push for mass market appeal. Yeah, makes sense. And you said in the beginning, if I understood correctly, your current testness,
So how does the roadmap look like for you guys? Basically, you're in Testnet right now and not just-- Yes. OK, so we're on Testnet on options. We will be on public Testnet in about two weeks. And the process from Testnet is really to get product feedback.
So we've had as I said we've had thousands of people use options and give us amazing feedback of like how they expected to use it versus how we built it and What they liked and what they didn't like So that now obviously creates more dev work. So that brings us, you know, we're about a month into that dev work
and we'd like to get in about another month to code complete and then to auditors and auditing process, you know, between them finishing the audit and then you're fixing the bugs that they find is like another month. So I would say we are, I'd put us about two months out from mainnet.
on options and probably two and a half months out from Maynet on on Perks. And then Lovanna token or the LVN token like how do you what do people expect until if they want to become a validator or steak or yeah whatever.
Well, so that is, you know, I'd say that, you know, if they want to be part of that air drop, they should just get involved with the community. You know, our discord is like, it's bumping and it's a lot of fun. They should learn the lore. They should play the games. And then, uh,
We you know, we'll have to we'll have it trading competitions, you know where you'll have a like an avatar and there'll be leaderboards and That you know, so that's that's how the that's how the initial release of the albiot token will work and then From there it will be
It really will be, it really, it'll, the LBN token will actually be minted after at least one of the DeFi products is on Maynet. Because at its core, it's a governance token. So it's important to us that there is a product
that governance can, that can be governed. And one about the game that you just explained, sorry, the NFT collection is already, because you mentioned that you were building on Juno, and that made me think about
of the sponsors of Cosmos Club, which is launching already live with the lottery games and building an all-like casino on Juneau, actually, also. So it seems like others are getting the same conclusions as you are about building
on Juneau. So are you lodging that already, the NFT collection and the gamefire elements on Juneau? So we minted on Juneau about 50,000 NFTs. And we distributed them to about 14,000 people. And that was that happened this week. So you can actually go on loop market.
it. And you can see some of the various different assets and collections. Nice. And is there some game element being introduced later then? Or how does that, how does it gamify aspect come in? Well, so we lost the budget. We lost about $7 million.
from our treasury when we when terror collapsed right so right now and that was that was the budget for building out the game by department so we're gonna have to wait yeah tough luck well but I think well you know it's a I'm very optimistic that you know look we're we're bear market builders this isn't dark
I've been in the space since 2016. Many of the other core team has been in the space since 2014. So it's just about survival and about keep building and keep shipping. So we're very excited to get the DeFi products out there and then to continue to grow the community.
And then, you know, and then God willing, we will be able to continue to build out the game by product around the NFTs. In the meantime, there's a lot of cool ways that the NFTs can be integrated just purely into the, you know, the DeFi products themselves. Like I said,
with avatars and with leaderboards. Great competitions and things like that. Fantastic. Is there any other thing that you would like or any other things that you would like to leave the community with? Some alpha, you already spilled some alpha, I know, but anything
that you want to leave us with today. Yeah, I'd say that really take it, you know, it's an unusual project. Levan is different. It's different than anything else that you've seen before, but it has very high ambitions. It has a great team behind it.
And it's a lot of fun. So take time, play the games, the games are live, play the test net, use the faucet, check out the NFTs, join the discord, and I think that you'll like what you see. You know, listen to the audiobook work.
We're streaming that on our Twitter spaces. You can follow us on Twitter and listen to the down-to-the-mpe3s on the lore channel on our Discord. And share your thoughts. We're a very community focus. And so we'd love to hear what people like and what they don't like and how we can do things better.
Awesome. Yeah, and for anyone out there, I mean definitely follow you guys on Twitter, LeBana, on the score protocol. There's a lot of things happening on your end. A lot of things getting shipped, a lot of things going live. So now is the time.
to pay attention. I guess you can say. Yeah, yeah, thanks. Yeah, I appreciate the kind words. So awesome. Thank you so much for joining the Cosmos Club today and looking forward to keep looking at what you're shipping and building in the Cosmos ecosystem.
Thank you. And I look forward to listening to more great podcasts in our spaces produced by you guys. Thanks, man. Take care, brother. Stay safe. All right. You have a great weekend. You too. Ciao.