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Cosmos Ecosystem Community Update
Recorded: July 3, 2024 Duration: 0:54:39Space Recording
Full Transcription
If anybody would like to get up on stage, if you're from one of the other teams that
was supposed to be on, please do raise your hand and I will bring you up on stage.
Take and relax, let me know if that's working for you guys.
Take and relax, how have you been?
Take and relax, how have you been?
I haven't talked to you in a while.
How's everything going?
LMLM.
Yeah.
Thanks for being here, man.
All good on my end.
How's it going on your end?
Good.
And Melt, welcome.
Nice to see you here.
Yeah, I know we're running around a couple of telegram groups together, so good to be up here with you and thanks for putting this together with the last one falling through.
Yeah, no, it's our pleasure.
Yeah, no, it's our pleasure.
Yeah, we were really hoping.
We were really excited with KineticsFi.
I know that we had a lot of really great speakers that were going to be on the agenda, so hopefully they'll be able to put it back together for next week or whenever they reschedule that for.
But I think the community was looking forward to getting all the updates that they can.
So with that said, Melt, do you want to go first to kind of speak about what's going on with your team and how everything's going?
And then we take it from there and we'll see if some other chains or projects join and we'll get them up on stage as well.
Yeah, sure.
I'm in an interesting spot.
I'm kind of a middleman.
So I help host the space with Kinetics and the team there because my sales agency has been working with the Cosmos and other ecosystems building sales funnels for crypto projects.
And two of the biggest ones we're working with right now are Shade Protocol and Euclid, two big DeFi altcoins in the Cosmos.
And yeah, really, I think that's where that captures our eye on Ellis and what you guys are building mostly.
So excited to hear the updates you guys have and see if there's any more way that Euclid or Shade can team up and partner together.
But yeah, we focus on building sales funnels and bringing people together to help the Cosmos grow.
Very cool.
Thank you for that.
Yeah.
And, you know, I've noticed just in the past few weeks, you know, the narrative has really, really grown, really shifted from, you know,
how is Cosmos going to really differentiate itself?
How is it going to distinguish itself out there in the crypto space to, wow, everybody's building connections to Cosmos, right?
So I think that's really something to look forward to.
For example, we just had some really great conversations with Composable Finance, with Picasso, right, with their Solana bridge.
And of course, with Babylon and Lorenzo and NAMIC all bringing Bitcoin to the Cosmos ecosystem.
Landslide Network now bringing Avalanche connections to the Cosmos ecosystem.
And then just today, I believe even CryptoCito was talking about the Cardano connection to the Cosmos ecosystem.
So this is really exciting because this is not just small teams trying to put together, you know, this concept.
This is actually supported by the foundations of those chains.
So behind all these projects, you have the Solana Foundation, the Avalanche Foundation, Cardano Foundation.
They're all there actually putting these connections together.
So the pipelines are being built.
The infrastructure is definitely coming.
And this is a really, really exciting, you know, milestone for the Cosmos ecosystem.
Because what it means is that the users who have been on those other chains for many years are going to stumble upon Cosmos, whether it be directly, whether it be, you know, deliberately trying to come over to Cosmos, or whether it be inadvertently, like through interacting with a specific dApp or maybe trying to use a certain function or using CCTV, right, so to move USDC over, et cetera.
So this is really, really exciting.
I think that's probably one of the biggest breakthroughs we've had in a long time, is this connectivity has all of a sudden just really opened up.
So with that said, I'd like to introduce our – oh, sorry, go ahead.
Yeah, I think you also forgot, like, one important team and projects that is working on IBC connection outside of the Cosmos ecosystem to another ecosystem.
And that would be specifically also Union that tries to bridge basically the Cosmos ecosystem directly and natively also with the ETH ecosystem.
So I think this is also quite, quite interesting.
And I'm a strong believer of the future will be interchain and interoperability will be not just, like, a keyword or buzzword.
It will be reality.
And I think, like, also in the future, like, it will be so easy to, like, on and off ramp to other ecosystems.
But essentially, I see the Cosmos ecosystem evolving into the heart of it because, like, there are so many developers and so many, like, talented projects and founders that, like, passionately working on something, like you guys, right, and try to make it possible and try to build the infrastructure of the future.
So shout-outs to everyone.
And besides that, also a huge shout-out also to the Skip team that also tries to, like, be, like, the connector of different ecosystems, right?
Oh, absolutely.
You're right.
Union has been doing some amazing work.
And you can actually play around with their testnet right now.
The speeds are incredible.
You know, the fact that they're able to connect, you know, into the EVM space.
I think they're able to essentially get transactions down well below 20 seconds, which is pretty impressive.
And you're absolutely right.
With Skip Protocol, with their Slinky Oracle, that is something actually LS Network is looking at.
Right now, currently, we use our own in-house Oracle.
But we're very, very impressed with what Skip Protocol has done.
I think DYDX was the first chain to upgrade the Cosmos SDK version 50, which allowed them to use the new Slinky Oracle that uses vote extensions.
So essentially what that allows a chain to do is get real-time pricing, market pricing data.
So super accurate.
There's no delay.
Some of these legacy oracles out there right now maybe have, like, a two to three block delay.
So all of these technological advancements are really bringing a lot of efficiency to the space.
And we're very, very excited about it.
So the building is nonstop, right?
One of the things that we've seen also recently in the last few months is that the attitude from, let's say, like, very large institutions or venture capital funds has changed when it comes to the Cosmos ecosystem.
I think they realize that this is the next frontier.
So there's been a lot of capital deployed into these projects.
And that's why you're seeing such heavy development for all of these different projects that are trying to make things better within the Cosmos ecosystem.
It's super exciting.
We see it firsthand from our interactions, from our development at Alice Network.
We have a lot of different partnerships that we are engaging in right now.
And actually, Union is one of them that we just reached out to Kaiser Carell, right?
Carell, Carell, I'm sorry, if I mispronounce that.
And we're looking forward to that integration, too.
So I do want to also introduce or reintroduce one of our co-founders and core contributors, Mitchell.
I don't know if Mitchell, if you're able to speak now.
But it's always good to have Mitchell on.
He's a community favorite.
And I would love to have you take the stage for a few minutes and speak about what's going on at Alice.
Oh, yeah.
Thanks, dude.
No, I mean, this is just something that I'm so glad you brought the spaces over here, too.
And I hope the Connects team can join us.
What a bummer.
They're totally welcome, too, if any of them are tuning in.
Come over and go over whatever you're going to, of course.
It's just that's what the community is.
And I hope I can be more public-facing and more community-facing.
But, yeah, I mean, we've been busy, super busy.
And I think I was just thinking about the Avalanche Connection or, excuse me, Connection as well.
I mean, there's so many.
So there's, what is it?
It's Avalanche, Solana.
It's, I mean, it's just the list goes on and on.
And Hashem, what other, it seems like partnership after partnership after partnership, right?
I mean, like weeks on end, back to back.
And I think what's really cool is we're still so early, right?
I mean, some of us got in just like, you know, a couple years ago.
Some of us, you know, I was in around like late 2015.
And it seems like one thing stays true, like it rings through year after year, no matter what the market is, is the partnerships keep on growing and building and growing and building.
And it's just there's so much room to get creative and there's so much room to do the right thing.
And so as long as we just keep an eye on history and make sure that, you know, we're not making some of the same mistakes that were made.
And we have our heart in the right place and our minds in the right place.
And we're looking to take care of everybody like family.
I think we're going to be just fine.
Yeah, that's really well said.
And, you know, the important thing, too, is when we think about what we're building, too, right?
Where what is the what is the goal that we're trying to accomplish, you know, as we're building?
Because not everybody who is building something within the crypto space, you know, is building necessarily what somebody wants.
Right. And so we always reassess this.
We always go back and look, hey, are we on the right path?
And the best way for us to do that is interactions like these where we actually check in with the community and we say, here's the here's the feature rollouts that we have.
Here's what's on the roadmap. Here's the next thing we're coming out with.
Are we on the right track? And so with that said, you know, we just released our leverage LP feature today on the LS Network web app on our testnet.
So we invite everybody to come take a look at it.
I know this was delayed by several weeks, but we wanted to make sure that we got it right.
There was some some things with the code that we just wanted to make sure we when we worked with our audit partner that that everything was really polished before we put it out.
So we invite everybody to go check it out.
When you go to testnet.ls.network, you'll be able to see at the top on the header when you log in that leverage LP is now enabled.
And from there, you can go in there and actually leverage up to five times using USDC into any of the leverage enabled pools.
So that's going to be pretty exciting for us to get feedback from users on.
Again, we want to know if we're on the right track.
This is a really kind of unique concept that LS Network has brought in where you can actually take a leverage position as a liquidity provider.
So it's a little bit different than, let's say, a perpetual trader who takes a leverage position on an actual trade.
Instead, you'd be expressing a bullish view on volume or activity in a specific pool.
So it gives users an additional feature, an additional thing, an additional tool, so to speak, in the DeFi toolkit to be able to express a view.
And looking forward again to that feedback.
The next thing after we fully flesh out the leverage LP will be the perpetuals, and then we'll be ready for our mainnet launch.
But with that in mind, you know, these partnerships are really, really critical for us because of our mission to essentially expand beyond the Cosmos ecosystem
and capture the users who are on other chains or on centralized exchanges, right?
I think we mentioned on previous spaces that you might have a total of, let's say, maybe around 7 million DeFi users total.
That's it, right?
Whereas centralized exchanges have somewhere north of 300 million users.
I mean, it's a very asymmetric environment right now.
And so that's where the opportunity is.
The opportunity is to capture the user who's on Binance, who's on Coinbase, Crypto.com, you know, OKX, right?
They would probably benefit from an alternative where they actually have custody over their own wallet and then can accomplish the same functions.
And for some, you know, it makes sense on why those options don't exist, right?
It's very, very difficult in a regulatory environment.
It's very difficult from a developer stance.
You need to raise a lot of funds.
But that's the mission that we took on at Ellis Network.
So we want to be a viable, decentralized alternative to centralized exchanges.
And this is why we partner rather than compete with these other chains within the Cosmos ecosystem.
Because we don't want to compete with Osmosis or Kujira or DYDX.
We actually want to partner with them.
And in fact, we are.
So we are looking for the ability for us to present a unified front and actually go out outside the Cosmos ecosystem and co-market and be able to actually bring in those users.
Because that flow, that inflow of funds and assets into the Cosmos ecosystem will be beneficial for everybody here, right?
It'll be healthy market dynamics.
There shouldn't just be one decentralized exchange.
There shouldn't just be one perpetual platform on Cosmos because you have to have healthy market dynamics.
You have to have multiple players.
So with that said, stake and relax.
Are you going to be at EFCC coming up here?
Just want to say love the vision, man.
It's so nice to hear that and to boost the ecosystem.
And the whole future idea of everything is so great.
Coming back to your question, I will be at EFCC, yes.
Oh, that's fantastic.
We would love an update from you.
And maybe if you want to give us a preview of kind of what you plan on doing there, who's going to be there that you know of, how the Cosmos, you know, represented chains or projects are going to kind of try to really maybe network with the more EVM focused, you know, people out there, whether they be investors or builders.
And I kind of like love to hear your approach on how you're going to the mindset you're going to have going into that convention.
Yeah, for sure.
I think going to like these events and like to the conferences sounds always fun.
But if you don't do your homework and sit down on Luma, Eventbrite and all the site events, pages and scroll through, then it's wasted opportunity.
So what I did was obviously checking for all the Cosmos projects prior.
You have obviously Nebular Summit, you have Modular Summit, there's Moscow as a cosmonaut and also the Cosmos Hub event on the 7th, I think.
So there will be also a lot of workshops.
There will be even a pitching competition.
So this is like the three sets, events are going to be there.
And then I just skimmed through and looked like which familiar projects were there.
I saw an event from Union, I saw an event from Namada, which is also really, really interesting as like they're right now setting their mainnet parameters, right?
But then obviously on Modular Summit, you're going to catch several of them.
What I'm focusing right now is meeting with a lot of investors because like a lot of investors, they see like where the future goes, right?
And like what's the narrative of the future, what developers right now, like focusing on what founders are building and like what's their vision, right?
And I think like especially on Twitter, it's almost like it's so easy to catch on on like the latest news, but this is like news and partnerships that just happened, right?
And as a project or like a founder or a visionary or whatever, you want to like connect with people that like think ahead and like you already want to plan the next partnerships.
And therefore, I think that makes sense to like talk with these people to see like what's coming up next.
I know like for some people like VCs and investors is like seen as like, oh, they just like make money and like pump and dump and whatever.
But I think it depends like which approach you're using and like from which side you're looking.
But yeah, I think that's pretty much my approach.
How about you guys?
That's fantastic.
And I really love that, you know, you're approaching it with that mindset that, yeah, it's you'll have fun, right?
But it'll it's a lot of hard work.
You're going to go in there and, you know, be participating in all those side events and get connected with other projects, find out synergies that you may have and how you can work with them, meet investors who might, you know, have their eyes open to the cosmos ecosystem, right?
This is all hard work.
And I know that like sometimes on, you know, in the Twitter community, so to speak, they might kind of have a negative view on how these conventions work and what the purposes of them, because a lot of money gets spent, you know, putting these together.
But the reality is these are incredibly important places for personal connections to be made and those relationships to be built.
And that's actually how we have actually come to form these partnerships.
Like the reason why LS Network is so focused on these on these relationships and partnerships is because it unlocks so many opportunities for us to build a stronger presence to go out and reach out to the masses that have not yet participated in crypto.
Right.
It's such a it's such an important investment that we make in not just time and money, but but also just getting to know people and getting to understand what's important to them and what they want.
And if we're building something in the crypto space, we should be absolutely building what people actually want.
Right.
We shouldn't be the ones necessarily telling somebody what's good for them.
We should find out what they want and then try to build to that.
And so this is really, really exciting.
I can't wait to get your after report on this.
I think we should have another space and find out how it went.
You know, if you're going to host it or whatever, we'd love to join, because I think there's going to be a lot of valuable information that you'll be you'll be bringing back.
So this will be really cool.
Mitchell, you're going to you're going to you're going to be there, too.
Right, Mitchell?
Yeah, I'm going to be there.
And I'll just go ahead and say that I'm not a big fan and I never really have been of VCs and investors yet.
I am courting them and I have been for quite some time.
And and what I've found is, you know, when you have a goal and you know who you are and you know what community you're with and you know what your mission is, it's not going to change.
And if you can keep if you can stay true to what you're doing, if you have founders that are like minded and everybody's in alignment, then those are everything is a step to get to where the next, you know, to where the path takes us.
Right.
So and then we are a step for also for the investor and it's OK.
It's OK to have a mutual relationship and a mutual, you know, business agreement with somebody that you're not perfectly aligned with.
It's totally OK.
You know, we don't have to agree on 100 percent of the things and that's OK, too.
But, you know, rarely does that ever even come up.
And and we do as far as like where we're at right now and a lot of people solve this is we need them.
We need investors.
The trick really is not changing who you are and not changing the mission.
And if you are going to like deviate from the original plan, it should still stay true to your ultimate code of morals and ethics.
And and I will say that in person, it really does matter.
You know, like Ellis Network was Project X for quite some time.
And, you know, when I met Hisham, I met you in person and we pretty much had a an In-N-Out burger and that sealed the deal, man.
We're in person. We had an In-N-Out burger. We had a beer.
And that handshake and that long conversation, man, that meant a lot.
And I knew I was going to know Hisham from the first time I talked to him.
But, you know, did I know it was going to come this far?
No, but but but meeting in person, it really does matter.
So that was close to four years ago.
And so when we go to these events like our our round, for example, it wouldn't even have been it wouldn't have been funded probably by now.
I don't I don't believe our initial round because these were in-person meetings that we got with, you know, eye contact, handshakes, demos, real stuff.
And it does matter. So, you know, it is it is money up front.
It's hard to spend it, especially when you're just trying to get by, especially for any startup or, you know, a founder who just wants to kind of get their name out there.
But I would say it's absolutely worth it to just put yourself out there.
It's not super comfortable at first, but you just go, you know, and like I feel like I have a duty to the community.
So although I am uncomfortable and I have some anxiety sometimes, I know what I'm there for.
I know what needs to be done. I know that the playing field still needs to be leveled.
I know that Satoshi is still looking at us, you know, saying, all right, guys, come on, keep on going, keep on going.
And we have to go. We have to run the ball. So here we are.
Yeah, it's a great point. It's an ongoing effort.
And, you know, the goal here is because these events are, you know, so heavily focused on the EVM side, right?
The Ethereum supporters and builders and investors.
This is a really great opportunity for people representing the Cosmos ecosystem to go in there and really highlight what our, you know, our key features are,
what the advantages of the Cosmos SDK is and are and the IBC connectivity and the multi-chain, you know, prospects out there, right?
So this is what I'm really, really optimistic about is the idea that the EVM crowd can get this exposure through events like this
and then realize that it's worth an investment, that it's worth them coming in to take a look at what we do,
especially from the scaling side, right?
Because I think it's one of those, it's this, like, never-ending problem that they keep trying to tackle, right, over in Ethereum.
You know, oh, we can't scale. We can't scale. Gas fees are too high, et cetera, right?
And so what do they do? They create another layer two, right?
It's like, oh, let's just throw another layer two on it.
So it's kind of funny, right?
I mean, I say that jokingly because there's a lot of really great building out there.
But what we have in the Cosmos ecosystem is the scaling solution, right?
The fact that you have the optionality to essentially create unlimited layer one networks where you control your own congestion,
you control your own gas, you control your own tokenomics, your own governance, right?
This is really fantastic.
I mean, this is completely overlooked.
Even though it's such a basic premise of what we do in the Cosmos ecosystem, it is our key advantage.
And we can scale it.
So, you know, and the fact that we've now right-sized it with things like partial set security, right?
So interchain security version two, which allows you to either leverage some or all of the Atom, you know, chain for network security,
that's fantastic because now you can essentially have a small chain that would maybe only gets the network security of,
let's say, five to 10 validators.
Or you can have a very large chain like Stride that gets, you know, essentially the full validator set.
So these options really open up a lot of different possibilities for somebody who's trying to develop in the space.
And of course, we still have the layer three option, right?
The decentralized application option if somebody wants to build an app directly on somebody's chain.
So, you know, if Archway was here, I think Archway was supposed to be here, but if they were on, you know,
they'd be talking about, you know, their structure and how they encourage app development on our chain.
And so this is really, really cool that we built this entire ecosystem where people can come and build in a way that actually can scale.
And I'm really, really excited about that.
That I think is the thing that once the Ethereum, you know, community gets a chance to put their hands on this,
that's where the growth is going to come from.
There's going to be some migration over from Ethereum.
There's going to be some entrance from people who've never touched crypto before because this will be the place for them to enter rather than Ethereum.
And it's just a matter of making it easier for them.
That's always been the philosophy that we've taken with the build out of LS Network,
which is why we use, you know, abstraction to account abstraction to log in.
So you can just connect with a Google account, you can connect with your Apple, your X account, et cetera,
because we wanted it to be easy for somebody to get right in and get started rather than try to figure out how to secure a wallet,
seed phrases, et cetera, and then to be able to access it from multiple devices.
So I can log in from my phone, I can log in from my laptop, my iPad, wherever, and it doesn't matter.
I don't have to keep transferring my keys.
I just log in with my social account.
So we made that an option specifically to try to make it a simple process for somebody to get involved.
And I think for a very long time, we sort of wore this as a badge of honor as early crypto users that, you know, it was supposed to be hard.
It's supposed to be hard for you to have a wallet.
It's supposed to be hard for you to safeguard your keys, et cetera.
And we kind of took pride in knowing that, like, we were early adopters.
But the problem with that is if it's that hard, people aren't going to come.
And so now we're having the realization that if we can make this process simple for the masses, they will come.
Because this is a viable alternative to what's out there, you know, in the Web2 space.
So what do you think?
It's also nice to see we already had the first prime example, right?
Like, DYDX came from EVM to Cosmos, and they're, like, feel like home right now, right?
And the funny thing is also, like, when people are coming to the Cosmos ecosystem, they're not leaving, right?
They're, like, staying, and, like, they're, like, super, super energized and, like, super passionate about, like, technology and the people here, right?
And saying, like, hey, okay, this is nice.
Like, I can do so many things.
I just had today another call with, like, a gaming studio.
And they said, like, hey, we're building on Avitrum, but, like, we're, like, looking for a home right now.
Like, can we deploy on Cosmos?
I was, like, yeah, sure, why not?
Like, yeah, but what's about the gas fee?
I was, like, don't worry about the gas fee.
It's, like, in Cosmos, there's, like, no talks about that.
It's super easy, super simple, super low cost.
It's, like, oh, okay, like, I hear good things about Cosmos, but I wasn't aware of that, right?
So I think the biggest thing that Cosmos is maybe lacking right now is some kind of awareness and proper marketing about technology.
Because, like, people hear about Cosmos, but, like, not fully aware what they can build and, like, what Cosmos is capable of.
And, therefore, I think, like, a proper Cosmos season is long overdue and will come eventually.
I'm just realizing.
I got to hang out with you, Ellis guys, a lot more.
I've loved everything that you guys have said.
And especially coming from a sales approach and being born and raised in the Cosmos for almost four years now.
So, yeah, I think you guys hit the nail on the head.
It's, like, we'll get the adoption curve, right?
People will eventually see what Cosmos can do, and we're starting to see some parties do that.
But I like how it's kind of, like, the up-and-comer, the underdog, or this, like, very small, still niche, kind of.
Like, Mitchell, you were saying, if you're out talking to VCs, like, you know, we helped Euclid raise $850,000 for their pre-seed, and that was all done in-face at ETH Dubai Token 2049.
It was very much that personal space.
And you get face-to-face.
You have that connection.
And then once people see that you're in the Cosmos, if they're also in that small little group with you, it's a very tight and close bond.
And then, again, like you were saying, Mitchell, if you keep your mission, you know what you want, you know how you're going to go do it, you don't need to have the same tactics as everyone else or your investors.
But I like how Ellis is one of the, just recognizing in this space, one of the loudest voices.
Like you were saying, Heschelman, let's partner, let's co-market together, let's team up.
A lot of what Cosmos by default creates is competition within themselves.
So if we have everybody else just trying to take liquidity from, don't put it on Archway, put it over here on Secret Network or whatever, that's just going to keep us fractured, fractured users.
And then we won't have that kind of maturity phase for the Cosmos where we get our day in the sun.
So I like hearing you guys going with that method.
That is absolutely what we're doing at Euclid as well because it's just so clear where we're at.
That's the way everybody should be.
Let's team up and start working together.
That's really well said.
And I appreciate the kind words about Ellis as well.
You're absolutely right.
Like the competition of taking liquidity from one chain to another within the Cosmos ecosystem is by definition a zero-sum game.
Right.
And the idea of being an attractive place for people to want to participate is that it needs to be growing.
Right.
And the only way that it can be growing is to bring it out from elsewhere.
I think one of the biggest milestones that still hasn't like really, really been appreciated is what Noble did for the Cosmos ecosystem.
The fact that we now have native USDC and then what Kava did with the ability to have native USDT, those are really critical infrastructure pipelines that have now been created for the system.
So now, instead of us having to maybe look at how do we get a user who's already in Cosmos to come over to our chain, we can now go, well, this is great.
We can actually get somebody to bring their USDC over and they can start participating.
They can swap or do whatever DeFi function or whatever specific function, product or service that they want.
They can come in and do it right away.
And it's very, very cheap.
And that's the important part, right?
It used to be a difficult process for somebody to take, you know, USDC on Ethereum and then bring it over via something like Axelor or Gravity Bridge.
And the fees were just prohibitive for somebody who was just trying to move a small amount.
So those are such important milestones.
I think the hard part is it's from the time you build those roads, right, those roads and bridges, from the time you build it till the time they actually produce something for you,
they actually pay back and start to become accretive to the whole ecosystem is quite some time, right?
It could take two, three, four, five years, but the initial numbers are still really good.
I mean, I think we're looking at 250 million in USDC that have already, you know, come into Noble over just a few months, right?
So this is pretty impressive.
And that's, you know, in what has been basically a crypto bear market, right?
I guess you could argue we're now resuming a bull market.
But the idea there that it's already happening, you know, kind of ahead of schedule, I mean, this is really fantastic news.
So for somebody who is an early adopter of the Cosmos ecosystem, who is getting involved, you know, in the development side or the community participation side,
this should be really, really exciting in terms of like the green shoots that are going to really pay off in the next few years.
I'm curious, if you don't mind me popping in with a question, if what kind of partnerships has Ellis been focusing on lately,
and maybe one that you're proud of or one that you're looking for, since you guys are making some waves?
Oh, I appreciate that question.
So I think the big ones we're looking for right now all relate to the multi-chain concept.
So we already have some really great relationships within the Cosmos ecosystem.
Obviously, we're backed by Informal and Atom Accelerator DAO.
We're the first recipient of Atom Accelerator DAO's venture grant program, which is really, truly an honor.
We're absolutely excited to work with them.
They're incredible professionals, and we've always been super appreciative of the support we get from them and Informal Systems.
We have a lot of really, really valuable relationships within the Cosmos ecosystem that I don't want to skip over
because everybody who we've been working with so far has been fantastic.
Stargaze, Omniflix, Stride, which we'll be integrating into our platform, Lorenzo, Babylon.
And forgive me if I skip your names because we literally have so many different people that we're working with right now to integrate.
But what we're really excited about as well is the ones that give us the connectivity outside, right?
So whether that be Avalanche or Solana.
And then recently announced a major partnership with Particle Network,
where we'll be integrating or, you know, utilizing or leveraging chain abstraction.
So this one's really cool because there's essentially it's going to allow us to help defragment liquidity.
This has always been a big problem in terms of if you have liquidity sitting in like small pots in different places on different chains,
it's very, very difficult to put that together and really optimize it and get, you know,
whether it be like related to the fees that you spend on maybe a swap or moving assets, et cetera.
So this is the next step forward into solving the defragmentation problem.
So Particle Network is going to be a really key piece of our roadmap.
We're very, very excited to work with them.
We're looking forward to working with the union as well because they're doing something similar.
So we're always looking for new partnerships.
So if you have any, anybody that can kind of help us with that multi-chain, you know, vision,
then we'd love to speak with us.
And let's see, I tried to, oh, I saw Tank on here for a second.
I was going to add him on there because I would love to hear what Tank had to say.
But Maxime, I don't know if you're able to turn your mic on right now.
I don't know if you're busy, but, you know,
Maxime has been our absolute rock star as community lead of LS Network.
Just incredible the community he's built, right?
We're sitting over 140,000 Twitter followers.
I think we are somewhere between 40,000, 50,000 Discord members.
We have just an absolutely vibrant and active community,
which is really helping us, you know, in terms of how we build this roadmap
because they keep asking, okay, well, what about this?
What about that?
How do we, you know, what about this feature, right?
So I want to give a lot of credit to Maxime for what he's built
and what he's done for our community.
For those of you that don't know, Maxime came from Crescent.
You know, I was a fan of Crescent.
I really liked what their team was doing.
And I think they just, you know,
they got caught up in a very difficult bear market situation.
And, you know, they tried a lot of things with liquid staking, et cetera.
And so we're going to move forward with some of the things that, you know,
that they tried to be pioneers on.
And I think that we can probably improve on knowing kind of how market conditions are changing.
We could probably integrate some of those things in a more survivable, sustainable way.
Let's put it that way.
So, Maxime, if you have anything you want to mention to the community,
maybe give us some updates.
I know some people have some questions about, you know,
upcoming events within, you know, whether it be our airdrop
or whether it be the cadet programs or pioneer programs, et cetera.
So, yeah, thank you, Asham.
So, yeah, I think mostly we are pretty, pretty thrilled about the amazing community we have
because all those guys are really committed, always asking different questions.
You know, for example, in the last minutes,
I was talking about how Binance is probably not one of the best investor
a single project should have because it's good for marketing,
but not that much for your growth, I would say.
So, yeah, they are pretty committed to discuss absolutely everything,
which is quite nice.
And I can actually give some information about the airdrop
because I know that most of the people are waiting for it.
I actually gave some information like this on Discord today.
But, yeah, one of the key things we want to do with our airdrop,
mostly related to the testnet,
is to make sure that we will always reward people
who are actively participating into what we do.
It's actually one of the key things we have in mind.
And for that, we are pretty, pretty much very happy about what we did somehow
because we always envision that people should be rewarded for on-chain interactions
and not for posting things on Twitter, even meaningless things, you know,
like we can see every single day with all the different social interactions
for different airdrops.
And right now, we actually have designed something
that we will actually release some NFTs
at the middle of the month, I hope.
If we can actually undo some programs we have with our social login
to make sure that people will be able to collect their NFTs.
But from this, something that I'm pretty much very proud of
is that most of the people that will actually be able to claim those NFTs
are people who actually participate on-chain, giving us feedback
and also doing interaction every single day,
but not for hours, mostly one or two minutes a day maximum.
And all the people that just used to refer other people
to actually get something out of it won't be added into this,
mostly because they never participate on-chain,
never actually giving something which is meaningful to the protocol.
So, in a way, you will see by the end of the week
because I will publish all the addresses,
but we are pretty, pretty amazingly surprised
by the number of participants for a Cosmos chain.
We have something like 40,000 people,
very active daily, which is very nice
for a Cosmos chain, I would say.
So, yeah, my only goal is always to make sure
that we won't enter into some sort of PvP mode
in the community aspect of Elise,
but mostly into a PPP mode
where actually people will lead others
to understand how Elise is working,
how DeFi is working,
how we can make things better.
So, we always collect feedback from them.
We always integrate those feedbacks
directly into the web app,
and we are making sure
that we will always reward the one
that participates very thoroughly
into Elise Network.
So, you will have more information
by the end of the week,
and I start to give more information
and Discord as much as I can.
And we will also make the cadet program
evolving a little bit more
because we know that among them
we have some people
which are very, very committed
to what we are doing,
and we will most probably add a grade
between the cadet role
and the brigadier role
to make sure that people
who are here since the beginning
and really contributed
in the genuine matter,
I will say,
will be rewarded on top of it.
So, yeah,
I'm pretty happy about our community.
I hope they actually have a great time
with us every single day,
but, you know,
I think one of the things
that I have in mind
since quite some times
is that if you do the same thing
that others do,
you will never shine
in a different manner, you know?
If we do the things
like Uniswap do,
if we do the things
like every single airdrop distributor
did in the last few months,
we won't shine.
We have to build something
on our own,
something which actually,
yeah, will quite be aligned
with the hitters we have
and our vision
and mostly about
what people actually
want to see
about Elise.
It's not about having something
like 300,000 followers
and all.
Just,
I will be very happy
to only have something
like 100,000 followers
but 100,000 people
very committed to Elise
rather than 1 million
and 20,000 people
committed, you know?
So, it's our end goal
to make sure that people
who participate
just feel comfortable
with the project,
with the vision
and everything
and that will be all for me.
Thank you, Hesham.
Thank you, Maxine.
That's a really great update.
I think, so, you know,
this was a,
I'm glad we got a chance
to do this.
You know,
again, we were,
you know,
hoping that Kinetics
was able to work
through their technical difficulties
but unfortunately,
you know,
it just wasn't their day.
So, I'm glad we got a chance
to do a catch-up here
and yeah,
stay can relax, please.
Go ahead.
Yeah, I just said
one more question
if you would allow it to me.
Sure.
Yeah, awesome.
First of all,
congratulations.
You're one of the first,
you are the first project
basically
that uploaded
the ICS 2.0
draft proposal
on the forum
and most likely
also will be
the first ICS 2.0
or PPS
chain on the hub.
So, congrats on that.
Do you already have
like some estimates
or like
some kind of roadmap
when
the discussion
in the forum
will be over
when this proposal
will come on chain
and then
things
will move forward
from there?
Yeah,
thank you for that.
we do want to let
continue the discussion
forum.
forum.cosmos.network
if any of you
want to go
and take a look
at what we've put
on there
for a draft proposal.
Technically,
not a signaling proposal
or it's a draft
for now.
But if
everyone
who wants to participate
can go on there
and take a look
at the
proposal we have
on there,
it would allow us
to have
a larger
discussion
regarding some
of the specific
numbers that are
on there.
I think we probably
want to let that
conversation run
for probably
four more weeks
or so.
I think we want
to err on the side
of let's capture
as much input
as we can
because we're so
new.
Because the concept
of partial
site security
and ICS
version 2
are so new.
And I think
there's already
been some really
great discussions
on some
of the parameters,
for example.
I'll give you
an example.
Right now,
we are what's
called an opt-in
chain.
there are going
to be two
different types
of chains.
There's going
to be a top-end
or an opt-in.
The difference
being is an opt-in
is that each
Cosmos Hub
validator will
get the option
to provide the
network security
for that chain,
which means
from there
and running
the binary
and providing
the uptime.
For somebody,
if a chain
wanted to come
on as a
top-end chain,
then it would
just actually
look at the
percentage
of the voting
power.
basically,
let's say
if it was
a top
95% chain,
then 95%
of the chains
have to run it.
Then the
validator
doesn't have
a choice.
If they're
within that
voting power,
they're going
to provide
the network
security
for that
chain.
we went
with the
opt-in
model,
mostly because
we don't
need all
Cosmos Hub
validators.
We actually
put our
cap at
that's
actually
one of the
parameters
we put up
there,
and I
think we're
getting some
feedback from
different
validators.
Why did
you set it
at 45?
Why not
make it
higher?
Why not
make it
lower?
this was
actually a
because we
run 60
on our
testnet
right now,
but we
were looking
at the
essentially
because being
the first
ones to
launch on
partial-set
security,
we probably
wanted to
launch
smaller
to give
it more
of an
opportunity
for,
let's say,
a smaller
testnet,
let's put it
that way.
maybe a
smaller number
of validators
would participate
in this
first launch,
and then if
things are
going well,
then we
actually put
a proposal
on chain
and expand
it to 60
or expand
it to 80,
whatever we
needed to
45 was
just kind
of a
line in
the sand
that we
drew just
for testing
purposes.
And then
there's a
couple other
parameters on
there,
for example,
like a
power cap.
the power cap
has generated
a lot of
discussion
because we
put 15%
on there
and we
had some
discussions
with the
informal
systems
team
HIFA,
which,
you know,
supports
Cosmos
Hub.
And we
started there
just to
generate the
discussion.
And I
think there's
been enough
discussion on
it that we're
probably going
to lower
And this
is a
pretty key
component of
decentralization.
But it's
also one of
those things
where if we
do get a
full 45
validator set,
that 15%
technically
should never
kick in.
we're looking
forward to
more discussion
on that.
And I know
it's kind
of a
long-winded
answer here,
but I
wanted to
mention that's
the reason
why we're
keeping the
discussion
going because
there's still
a lot of
things that
are very
novel,
very new,
that we
want more
on before
we launch.
But the
next step
after that,
once we
close the
discussion,
is we will
put the
proposal on
chain.
And Cosmos
Hub governance
is 14 days.
So once it
goes on chain,
it'll be a
14-day voting
window.
We hope
everybody
participates.
And then
after that,
we will have
a, included
in that
proposal,
we'll have
a spawn
date.
So that
spawn time
will be
essentially the
actual moment
where all the
validators who
are participating
are expected
to deploy the
binary and be
part of that
genesis event
where we
create the
first block.
So it's
coming, right?
It's coming
very soon.
So we're
probably looking
at if we keep
the discussion
period open
for one more
month,
we'd be looking
at, let's
say, end of
August, early
September for
the actual
mainnet launch,
which actually
aligns us really
well because we'll
be attending
token 2049 in
Singapore.
So it'll be a
chance for us to
meet with more
teams out there
and showcase our
actual mainnet
product, which
is really cool.
So I hope that
answered the question.
That still gives
people plenty of
time to play
around with our
testnet, provide
feedback.
We're working with
our audit partner
at Halborn to get
any code changes
we make.
They take a look
at it.
They go through
the audit for us
and they've been a
fantastic partner.
You know, world
class security
coming from Halborn.
We're very, very
thankful for the
support we get
from them.
So I got to give
them a shout out
because they're
just absolutely
incredible to work
with.
And then going
forward, you know,
again, anybody who
wants to explore a
partnership with
Ellis Network, you
know, talk about how
we can synergize, how
we can go out and
essentially spread the
message outside of the
Cosmos ecosystem and
build together.
We're definitely open.
Our DMs are open.
Our emails are open.
Team at Ellis.network
is probably an easy way
to get maximum
visibility.
And then, of
course, shoot us a DM
on Twitter as well.
We're available
everywhere.
I'll be sending you
a DM, Hashem, in our
group now that I have
such a clear picture.
Oh, thank you, Melch.
Yeah, absolutely.
I would love to
definitely work with
you going forward.
Are you who's, is
your agency going to
be at ETHCC by chance?
Not ETHCC, but we
will be token 24
tonight in Singapore.
So we'll catch you on
the other side of the
world.
Absolutely.
Looking forward to it.
All right.
And Mitchell, do you
have any closing
remarks for us?
So before we wrap?
I always catch him
off guard.
So I don't know if
he's going to be
available to speak.
But yeah, I want to
thank everybody for
their time.
Thanks for doing this
impromptu with us.
Steak and Relax, thank
you for jumping on.
Melch, thank you.
You know, that was
really informative.
I always love to have,
you know, people who
have their ear to the
ground and really know
what's going on within
the Cosmos ecosystem
to come out and speak.
It's super educational
for our community.
We always, always,
always want to have,
you know, guest
speakers from other
chains or other
projects or, you know,
agencies, et cetera,
come and speak and
talk about what they
do because it allows
us to expand our
knowledge, allows us
to create new
opportunities and
partnerships, et cetera.
So, looking forward to
the next time.
I hope we can do this
again and steak and
relax.
I'm going to, I'm going
to ping you because I
want that, I want that
after ETHCC report from
you.
I want to jump on and
talk all about it
because I want to hear
like you and Mitchell
talk about your
experience when you come
back from Brussels.
So, I think that'll be
really exciting for the
community.
100%.
I can also share the
list of all the events
I'm going to go.
Oh, perfect.
Absolutely.
Yeah, we'll have
Mitchell get with you
on that so you guys
can connect for sure.
Awesome.
Yeah, looking forward.
Thank you for everything.
Yeah, exciting stuff.
Sorry, I was getting
that echo back.
I was getting a ton of
feedback, so it was
all spaced apart.
But anyway, I love you
guys.
I'm a community member
at heart, been a
community member since
late 2015, like I
said.
This is what I live for.
I'm super, super
excited about it.
You know, so to go
from community to just
in some chats here and
there to be here, kind
of, you know, on the
forefront, getting to
meet all these, like
the OG, you know,
developers and, you
know, some of the
longtime community
members.
And, you know, I
think even equally as
important, the newcomers
that have been here,
you know, come within
like the last, you
know, couple years,
year, couple months,
welcome.
And, you know, I
hope if you listen to
this recording or if
you're on now, you
feel welcome and you
feel included.
We try to be as
inclusive as possible
and thanks a lot.
So, yeah, and a
shout out to Shade
and Euclid.
I know Melch is out
here, you know, we
want to give them some
props.
I know they were
supposed to speak, I
believe, on the
kinetics.
So, you know, go
give their, go check
them out too if you
haven't already.
And, yeah, thank you
for taking relax.
And I see Julius also
here from DeCali.
So, yeah, thanks,
guys.
Thank you, everybody.
Thank you guys for
hosting.
All right.
Thank you, everyone.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
Cheers.
