Sure, yeah, so my background, I'm actually a trained academic. So I was a faculty member at Georgia Tech for a number of years studying, is she learning in signal processing. So we got a pretty deep math and programming background. And then in 2014, I went and started to have been
back to cyber security, start up and I led the technology side of that as CTO for eight years and that was doing real well and then I started getting more and more into crypto probably started touching crypto in 2016 or so and then getting more and more into it and
And eventually joined Trong and Alvin here to start Maverick. So that's my background. The rest of the team has got a more deeper crypto background. And Alvin, for instance, was at KTVU.
consensus and helped launch the Metamask swap product so he was deep into DeFi. So we kind of saw this opportunity and as you said we've been working out a while. We went through a number of iterations on the the AMM and actually before the AMM we we set out to launch a derivatives decks an Oracle free of derivatives decks and but key
component of that was having an automated market maker at AMM that could do the pricing in a robust way. And we went and came up with this concept of a dynamic distribution AMM, which is what Maverick is, to support that objective. And we thought it was kind of novel enough and useful enough
to just launch on its own is a spot, you know, swap product. So that's how we ended up where we are today. And it's been working out pretty well. So the idea is that it provides a lot of capital efficiency for these pairs, which I think we'll get into here. But that's basically the story and the arc we went from, and if a derivatives exchange to realizing that the
underlying technology could be useful just for a spot market. And so that's where we're at today. Amazing, amazing. And actually, if we can jump maybe right into the dynamic AMM model that you've built, and you know, also in the audience, we will probably have four leaders researches, but also everyday users maybe have
and how the trials to kind of research the, or think about intricacies of this bit, would love for you to kind of maybe start like a high level kind of overview of what it is and how it compares to other AMN models out there in the industry and how you've been able to build something that is still a capital efficient with the team.
Sure. Yeah, so let me, I guess maybe we'll just do a little walk through history. You know, so, you know, Univv2 was probably the first biggest decks and they, they, they productionalize this idea of an x, y, k, a, m, and, you know, x, y equals k, a, m's are really elegant.
And, you know, gas efficient and simple to understand, which are all great things. But the problem is the capital that an LP puts into a, we call it an infinite range AMM. The capital you put into an infinite range AMM is not concentrated at all. It's literally spread from price equals zero to price equals zero.
So you can imagine if a pair is trading at price equals one, you know, and it's going to be only a few basis points around there. There's no reason to have liquidity at price equals a million. So I think curve, Michael, a curve, they were probably the first people to innovate from there.
and realize that we should be able to concentrate liquidity. LPs should be able to concentrate liquidity around the given price. That's how stable swap came about. The idea was that if you're swapping stable pairs, you should be able to concentrate a bunch of liquidity. That's good from an LP perspective because it means your capital is more efficient.
the net of that is that you collect more fees as an LP and it's great from a trading perspective because it means there's less slippage. And I would say that kind of the next in line of innovation there was was UniV3 with a range AMM where you know UniV3 lets LP's stake a price range from price aid
price be and choose those ranges and choose how concentrated they want to be. And the LPs are having to make a trade-off. The most concentrated they are, the more efficient they are, if the price is in that range they've picked. But when the price leaves that range, their capital efficiency goes to zero. And so one of the motivations behind Maverick was we realized
by looking at on-chain data of sophisticated and productive LPs and in talking to whale LPs and professional LP funds that they've got, they oftentimes have this complicated off-chain infrastructure to orchestrate liquidity movement. So you can imagine you stake some range in a range AMM
And then the price is out of range. You've got to make some decision about whether you're going to follow the price or not. Sometimes that makes sense. Sometimes it doesn't. And so we saw that and we tried to make or we made an AMM that would do that in an automated way on the smart contract. So instead of that kind of automated movement only being available
So, at Maverick, what we built was, we call it the dynamic distribution AMM. So, the dynamic part is you can stake a distribution of liquidity as an LP. You can have it stay stable.
which is what an RANJMM lets you do, like UDB3. Or there's three movement modes where you can have your liquidity follow price. And so the three modes are following the price and up, we call it right or left or in both directions. The right and left modes end up being kind of directional bets on price and the both directions
of being sort of a hyper-concentrated bet on a low volatility price movement or low swing price movement. And so the advantage of that is if you've got a pair, and this is particularly useful for LST pairs, liquid-staking token pairs like WSTE, the Roth
And those pairs you know that one side of the pair, that is the LST side with respect to ETH, will grow in price. So it's going to go up in price 4 to 6% a year. And that's really tricky to LP in a concentrated range, in a concentrated way on a range anem because you're having to constantly
spend 800,000 gas on Unity3 to burn and mint new position NFTs to move your position up a few basis points each day. And Maverick, all that's automated. As Swap or Swap, if you choose to be one of these movement modes, then your LP position will move with price. And so what that does
This is a keeps you more concentrated as an LP. And like I said, it's been particularly as kind of serendipitous that the LST craze kind of coincided with Mavericks launch because the AIMM tends to be particularly good for those LSTs and even for stable pairs where you want to be super concentrated.
So, I appreciate the example on the, I guess you call it two-directional sort of bats, right, for the LSD training pass. So I think that adds a lot of color, I think, given the LSD summer that we're seeing on another ecosystem and also on being Bichén. I think we're
especially excited about having Maverick's technology be readily available for our community for LSD, B&B, but I think also for LSD, which is as a space growing on B&B chain first with with WBE's and I think I'm sure with many other big names coming very soon.
So that's good to hear. I guess I'm actually quite curious to know why, what was the vision behind deploying on B&B Chain? It's a multi-chain reality, there are a lot of great ecosystems and communities out there. What was the thinking behind deploying on B&B Chain?
I think B&Bs have tons of tokens that other chains don't have. A lot of longer tail tokens and then the LST Summer LST-5 is really taking hold in B&B2 and we're seeing a bunch of projects launch there. The LST stuff is really great. The idea that users
can participate in having exposure to the utility that the gas token on the chain provides by getting one of these staking tokens that will appreciate as long as there's active users is really great. So we want to be, we see B&B as being a
You know, a big player there. And so I think Maverick is the Maverick AMM's really the only AMM that's custom built or purpose built to handle this sorts of pairs. So it made sense to go to B&B. Yeah, but actually, I mean, which which is actually
It's probably leads kind of quite neatly into the next thing I do when I'll say, you know, how did you think about the timing of Maverick's launch, right? You know given on the one side you've had in this historically have been quite a few challenges to defy and you know
We were well aware of them over the last few months or years. But also, we have these very positive kind of narratives that are emerging. And it STFIs one of them. Why is now the right time for the Mount Rape to launch a B&B chain and also just in general for your wider launch?
Well, I'm not sure where that strategic about it. I think it's builders. Once you build, you want to get it out. That's not what I had. I think as you build things, I'm sure if you asked people who were launching a year ago or two years ago, there's always some narrative.
always some excitement. Super early days still in D5 and crypto and I think we're just going to continue to see growth in all kinds of ways. So it just so happens that this looks, I'm going to use the word serendipitous again. It looks serendipitous to coincide with LST, LST somewhere LST 5 but if we had launched a year from now I'm sure
to be new interesting narratives that would be sweeping the community. So, you know, there's no time better than now. And honestly, you know, launching smart contracts is the beauty of crypto and this whole ecosystem is that it's low cost, almost zero cost to launch smart contracts like this.
I mean, you've got to wire up a few things, make sure aggregators are doing trade flow. There's a couple odds and ends to take care of. But at the end of the day, it's actually not that much overhead to just push some contracts to change. So, yeah, that's where we are.
And the way you articulated it, in terms of just charging your head, building it quickly and building for a long time, it's kind of like the classic saying of, you know, it's hard to connect the dots moving forward when you look back at all kind of make sense, right? And I guess so, and dipitously.
or not works out really well with the LST 5 summer. But there's obviously, that's a great narrative, but if it obviously, I'm sure you've thought about the competitive landscape in general. So being betrayed particularly has a lot of dexas, a lot of kind of AMM models and different kind of
But obviously the big, big brand names in the room, you know, Pancake Shop, and now UniSwap, where they're latest V4 kind of announcement and keen to get your thoughts on, you know, what is that? I mean, did you follow the V4 announcement and what, if anything does that mean for Loverring?
Yeah, sure. So yeah, I tweeted a whole tweet thread on it. I think we figured out how to attach it here. Yeah, I mean, yeah, sure. So the, I mean, you know, swap, you know, swap folks are great. They've done great things for the ecosystem. I think it's so their V4 innovation is really worth og and all.
to the sort of things Maverick has innovated on. The V4, Swap V4 has the same underlying AMM. It's still a range AMM. You're still staking ranges. You can't stake distributions like you can in Maverick. You can't stake movement modes. Part of their narrative is that they have these hooks.
that are the label law kinds of other things. And it would be great to see how that evolves. So yeah, so that's all great. I think though it remains to be seen exactly what those use cases for the hooks are. A dynamic fee hook is kind of cool. That's actually something we were playing with.
where you can have some callback that goes and asks some other contract, you know, what should the fee be? But if you have too many of those interactions, the swaps start to get really gassy. And, you know, for medium-sized transactions, gas actually is a bigger deal than fee. So you have to be careful that your new logic isn't
to complex. And that's another thing about hooks is, you know, at the end of the day, if you go look at the univv4 code, they're really taking the univv3 code and there's a function call before the swap and a function call after the swap that calls a hook and a hook is just a function
question which is if you want to
need there. There's no reason for you to not just go RAP Univ3 and write your logic before and after and you don't need to hook at all, you don't need to use the Univ4 at all. So I'm sure the Univ4 focus
have some good ideas for hooks, but those haven't been released yet. So we'll see how that plays out. And then if you're an external developer, if you get some novel decks idea, so if we had this Maverick idea and Univv4 was already out, I don't think we would leverage it. It would be more
You know, the smart contract and solidity from scratch. You don't really need to use the hooks. So we'll see how that plays out. But I think, you know, the good news for Mav followers and for people interested in the innovation of it all is I think it's very different than Mavric. I think of Mavric AMM as having kind of new AMM math and UV4 has gone
with different usability, like innovating in the usability direction, and it'll be interesting to see how that play out. It's kind of following their strategy of like the universal router that they released a few months ago too. These are all UX sorts of things, and they're certainly a place for that, but I just think it's ortho, and other to what we've done at Maverick.
So yeah, on launching in the federal landscape, I think we've mavericks to have something super novel and Yeah, it seems to be getting pretty good traction Super clear and insightful. It sounds like you knew swap kind of Tell me if I'm wrong before I'm hearing you swap is more of a platform plan and a kind of
of strategic play on the usability and how you need swap. I would say interaction is a current ecosystem and it owns the usability whereas Maverick is fundamentally thinking the mathematics of this entire fun, like the, of its use case, all the other
all this was used as a focus on. I think that's a fair way to characterize it. I think the Uniswap strategy is maybe it's clever. I think they're trying to get more of the innovation to just build on Uniswap.
remains as busy and how that will happen because you know somebody has something truly innovative they don't want to piggyback on you and swap so we'll see how successful they are at frosty eating that. Before I try my final few questions do you want to give a heads up to the crowd that we will have a few moments
to take questions from the community. So if you do have a question or want to ask a question, now's a good time to start thinking about it. And we'll open up in a few moments. But also quite curious to hear someone who has a security background, someone who's done a lot of research from
academic perspective as well. What's your take on, I guess on two things, what are you most excited about in terms of the long-term-term-themed Maverick? And secondly, what are you keeping a strong pulse on in terms of an industry level beyond even Maverick that you're particularly excited about? So I guess one within your
Kind of home territory of Maverick and even beyond that Yeah, I think we get you know those lots There's still tons of interesting things to build and DeFi you know still super early days So I I'm gonna maybe not get into specifics, but I think we've got a
Lots of different ideas about what we want to go build in the next year or two. The bigger trends, I'm still super excited about just tokenization of everything. So I think we'll see more and more of that migrating. I seem to keep running into the kind of tradfie folks and seeing use cases in tradfie
that should be migrated to crypto. And a lot of those just have to do with interactions and tradify that involve giant, lawyerly contracts that are hard to parse and you've got to litigate the resolution of them, moving a lot of that on chain to smart contracts is still a super exciting
narrative that I think has not really played out at all. And then once more of that happens, of course you'll need liquidity markets, you'll need lending markets. And so this is the sort of place that Maverick can play in. So yeah, we're stopping Trot 5 from making their migration from legal contracts, the smart contracts.
So, if any, what do you think will help create that next leap of adoption from Trump? Well, it's tons of regulatory things, right? I think that's unfortunately the biggest hurdle here. You know, think about the internet in the 90s, you know, the crypto is getting a bad rap for
So you think about the internet in the 90s, you know, the adoption, the early adoption there was actually was Napster, right? People getting music on the internet, you know, listen to ways. I think the ecosystem and the traditional kind of music ecosystem evolved to make that easier and everything kind of worked together.
regulation evolved as well. I think we'll see the same sort of thing in crypto. And that took a decade and a half, people forget that. I think we'll see the same sort of thing here in crypto and in tradfied kind of converging, finding regulatory, middle ground, the big bohemus in the tradfied space getting more and more crypto native.
And I think all that will converge one day and we'll look back and it'll be similar. You know, nobody uses Napster to download music anymore. Everybody just pays for the subscription service. I think it'll be that sort of once you look back you realize how stark the change was. But eventually, you know, more and more of this stuff will get recorded on chain and we'll use these kind of questions.
to do finance. History rhymes and it sounds like the market will find some form of equilibrium or balance kind of to everything you've mentioned. I was not sure exactly when or what it will look like but I think for everyone who believe and have a very deep conviction for
the space I think. I think we probably agree. It's an all agree on that. Amazing. And then, sorry, you're mentioning things. So, Traffy obviously, it was tokenization of, I guess, we can call it real-world assets or the real economy. Anything else that you've been going down the rabbit hole in or
or anything that's even so cussing edge that people perhaps haven't really had much about yet that we should keep in our own. -Dawn, I'm not sure I've got that kind of like raw alpha. I've been personally looking into more cross-chain options at a much deeper level than I had before and looking
it layers year-old deeply and yeah it's a real interesting space still so the whole cross-chain thing is still you know even before infancy almost so it'll be interesting to see how that plays out no one's really solved that problem I mean layers year has a great approach but I think we'll see more and more
things there. Amazing, amazing. I will be my full time and I see that quite a few requests coming in from the community so I will, Bob if we have a little bit of time, just open up to the audience. Just for any reminder for everyone, please keep your questions short and sweet.
And a good question ends with a question mark. And secondly, do it please do not use this as a shimming opportunity if you're looking for fundraising or anything else similar to that. There are other channels for that. So let me go into the requests and prove
So we'll start with these two. So brains now if you want to ask your question and then we will move to crypto cook. We'll start there.
I can see it's connecting on your side.
Yeah, brains are offered to unmute and I'll ask you a question.
Okay, hello guys. Good day from here. It's been a pleasure to be here. So the question I intend to ask I'm sorry and also congratulations to Maverick and we are proud to have you on BNB chain. So the question I intend to ask is
Is there any difference what Mephric is trying to offer us on the BNB chain or move like a punk swap or is it different or other utilities that can actually attract us to the Mephric protocol? Thank you.
Thanks for your question Sure, hey, yeah, thanks for the question. Yeah, I think fundamentally Pancake swap I think has some Univ2 and I think maybe they have an range a mm as well, so Maverick has got fundamentally different LP and
options in degrees of freedom. So in Maverick you can choose, like we were saying before, you can choose as an LP. So if you want to enter a pool with your assets that you would like to make available for swappers, you have many more options in Maverick of where and how that liquidity gets
allocated. And so for instance if you're trying to LP LST pair, so one of these movement modes in Maverick could make sense depending on your objectives. Another kind of feature Maverick that I didn't mention, so the core underlying
Tools and Maverick let LPs pick any distribution in any movement mode they want. But then users can actually use or protocols, anybody can permissionlessly create these things called boosted positions. And what that lets the protocol, for instance, do is mint an LP position that is a
distribution of liquidity and then incentivize that liquidity. So it's kind of like liquidity mining or LP incentives, but it gives the protocols much more granularity like we call it like a surgical liquidity shaping because the protocol is able to define exactly where they want liquidity
on the price curve and then incentivize just that. So that's already, that's also live there. I'm not sure we have anybody who's created one of those, but I imagine as time goes on protocols will find that feature in Maverick on B&D and create these sort of boosted positions and then incentivize them.
Thank you Bob and I think we have two final questions one from Reptile Cook
I've just let you into the space. So we'll give you a
connect and ask your question that would be great. Oh wait, we'll start with, yeah, Jada, yeah, we can hear you. Can I ask a question?
program from average. Yeah, sure. Oh, go ahead. Who's was that? No. Yeah, go check out our discord and we can get you connected there.
So that's a then follow up question from a la for free to ask a question
Can I again ask my question?
Yeah, go ahead. Sorry. Sorry. Sorry. So that was yep. Go ahead.
Ambassador play is important role in every project. Do you have an Ambassador program?
Our apologies, I thought we... Sorry, I thought maybe we heard from the same... Sorry, apologies. Yes, so Bob was saying that there are ways to get involved in the community and Discord will be the best place. It was Discord, right Bob?
Yeah, head over to Discord. Yeah, and then we have one final question from Sarav. Right? Yeah. Sarav, if you want to ask your question.
I can see you're connected.
When it's a burning, burning substance. So, can you be able to connect? Yes, yes. Otherwise, we can... Hello.
move to final remarks. Yes. Go ahead. I want to know your token burning mechanism.
So Bob's question about token burning mechanism. Yeah, yeah, you have any comments on it.
There's no there's no token burning mechanisms that Maverick does the Maverick governance works through a voting escrow contract so VE contract and there's some details about that that were posted the other day and the idea is that users can stake
their Maverick in the voting escrow contract and they get this voting power. It works similar to curve or solidly 3-3 but with some tweaks there. And so that voting power part of the governance is being able to direct liquidity to boosted positions. And so I think we'll see
the same sort of thing emerge that we saw as other protocols where protocols want to obtain the voting power so that they can direct liquidity to their preferred position. So yeah, we'll see how that plays out. Thank you Bob. So maybe just before we close Bob any fan
So, we're super excited to be here.
I think the AMM traction has been pretty good. I think you can follow us on a D-File Amus, probably a good place to watch volume and T-VL and see where the biggest pairs and how we compare to other DEXs. That's coming out and then the V
The E contract will be released pretty soon and then a few months after that the whole week we call it our phase three, the liquidity directing with VE will follow a few months after that. So that's what we're at. Thank you. Thanks for being able to talk. Thanks, Radame. Thank you, everyone for joining. It's kind of quite rare that we
a protocol like Maverick deploy and kind of make quite a very significant leap of innovation for a DFI and for the industry at large. So very excited to have Maverick launch on the EMB train today. So for all of you, you know, do stay tuned. I'm sure Maverick is one of the co-hosts
So, and Bob as a speaker, so you can follow them there to stay up to date on what Maverick is up to and for all the new community followers who are joining us. We'd love to see you again soon on our next Innovation Talk. So thank you all for joining and a very special thank you and congratulations as well to Bob and the Maverick team on their launch this week.
Yeah, thanks for having us. We'll see you later. Take care. Have a great week.