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Dolomite x Arbitrum
Recorded: Dec. 29, 2023 Duration: 0:44:27Space Recording
Full Transcription
I think it's like a laugh track from TV shows.
There it is.
Oh my god, you've got the soundboard.
I thought that was when moon.
I thought that was...
It's not very ladylike, okay.
Keeping this event classy, I see.
Has the recording started?
Oh shit.
You shouldn't have started the recording.
It starts automatically.
Yeah, we'll edit that out later, we'll edit that out later, don't worry.
Yeah, we'll edit it in post.
Let me show you this for a sec.
Yeah, we'll edit that out later, don't worry.
Yeah, we'll edit it in post.
How do you know, how do you know, how do you know, how does the Arbitrum account usually play music?
I like the music.
I like the music that they always put.
I'm not really sure because it comes through the phone, I think.
I haven't just played it before.
I've done the low-tech solution of hold the phone near the speaker, but I'm not sure what they do.
Yeah, it's fully integrated into Twitter, so I think you have the option to do that, to play music.
Interesting.
Is that one of those things you can only get with the blue checkmark?
Probably.
Probably.
All right.
Well, we'll get a gold checkmark soon.
Yeah, right?
We need the connected Twitter who can hook us up or something.
He's got a shell out money.
Let's dive into things.
Hey, everyone.
How's your Friday going?
Yeah, I'm serious.
My Friday's getting great.
Choro, what about you?
Pretty good, yeah.
Can't believe it's Friday.
I can.
I can.
Fuck.
Things are moving fast.
Holiday week always feels a little weird.
I know Bobo's real sick over there.
Yeah, I'm currently trying not to die.
Well, let's say to kick this off, we do a bit of a round of introductions, and, you know, I always like to start with it.
Just a quick thing on your background, how you got into crypto.
I think it's a good way to lay the groundwork.
I don't know.
Wayne, you want to start us off?
Yeah, sure.
So, I'm, when I do, like, I do success at Arbitrum, off-chain labs, I should say, not Arbitrum Foundation.
And, I guess I got into crypto by, like, getting a six-figure airdrop.
And then I was like, oh, shit, this stuff I can sell.
And then I forgot to sell.
And then it became, like, six cents.
But, yeah, that's all that it took to get me into it.
I've been here for way too long.
I've been here for, like, three years now, building stuff here and there.
But, finally, joining the Arbitrum Tads, like, Churro over here.
Awesome.
Churro, you want to take it from there?
Yeah, sure.
Yeah, so, my name is Churro.
Churro, I'm the community manager at Off-Chain Labs.
And, yeah, I've been in this space since 2017.
Just, like, you know, aped into mini coins.
But then, you know, in 2020, when COVID happened, I started to get more serious into this space.
So, you know, I got involved with plenty of communities, helped them out, build their communities.
Ended up with Pudgy Penguins for some time.
And then, after that, Off-Chain Labs, the opportunity came to join their team as a community manager.
So, I took the opportunity and, yeah, now I'm here.
Awesome.
Very classic intro to crypto, I feel.
You know, it's also an eternity in crypto, really, just a few years.
But, hey, Bobo, are you alive enough to be able to give some background?
Yeah, so, I'm, sorry, I'm, uh, one second, guys.
Maybe not alive enough.
Yeah, dude, I'm, like, trying not to cough.
If you need a sec, maybe, uh, Corey could jump in.
Yeah, I'll kick things off for now.
Um, Corey Kaplan, one of the two co-founders of Dolomite, been building in crypto since 2017, and otherwise been involved in the industry since 2015.
Um, we, uh, first started building Dolomite, actually, back in, uh, late 2017 to early 2018, but it was a very different product and, uh, company back then.
So, uh, focusing on DeFi, of course, but at the time it was just called Open Finance.
And the original version of Dolomite was more of, like, uh, off-chain order-matching, on-chain settlement, decentralized exchange, so very early on for that kind of narrative.
Eventually, we transitioned over to working on very purely borrowing and lending with a DEX sort of thing built on top of it, or really built inside of it, rather, because of the virtual liquidity system that Dolomite has to offer.
So, uh, yeah, we're really excited to be able to chat here with the Arbitrum off-chain labs, guys, about some of the things that we're working on right now and some of its relevance to the larger Arbitrum governance and DAO with, uh, with VR today.
Cool, and, uh, everyone, I'm Adam, here behind the Dolomite account.
Um, got into the space originally in 2013 on a programming forum when Bitcoin hit $1,000 for the first time, and I was able to help improve someone's miner for their not-so-great early crypto project.
But it was a nice intro to the space, um, and Corey and I have been working together for years, since freshman year of college, and after plenty of hackathons and side projects in 2017, when we really got into trading, and saw a lot of the shortfalls of, uh, centralized exchanges that just led us to start building.
And, uh, we've been building ever since.
Uh, so, Bobo, you, uh, you good now?
Yeah, I'm good. I'm good.
Um, hi, guys, I'm Bobo. I mean, most of you guys pretty much know me.
Um, I got started in crypto in, uh, late 2016, 2000, uh, early 2017.
Um, I got into a project called, uh, AntShares, which later then rebranded to, uh, Neo, and that was the Ethereum killer of 2017, 2018.
Um, I'm, to be honest, and I feel like I've said this before on Spaces, uh, I didn't know how to sell altcoins,
altcoins, because back then there was what, I think it was, uh, Ether Delta, uh, and connecting to it, it's night and day compared to what, uh, we're currently used to with DEXs.
Um, so I, you know, I held to a significant amount of money, life-changing money, and then it just made me want to stay in this space.
So it's a story similar to Wynn's.
Um, I handle the growth side and partnerships, uh, and BD for Dolomite.
Um, you know, I saw that Corey and Adam were, were building something that a buddy of mine and I had talked about extensively,
maybe, like, a week or two prior to seeing them launch on Arbitrum, and that was being able to borrow against your LPs, uh, in, in a single batch, right?
Uh, and, and being able to earn the rewards for your LP tokens, um, you know, not, no one was really doing it at the time,
and I feel like a lot of people are starting to kind of see what you can do, but Dolomite's just, you know, we're, we're,
I don't want to toot our own horn, but we're, we're pretty much, I'd say, like, light years ahead of the game.
Um, and I'm just glad that Corey and Adam gave me an opportunity to, to really, you know, uh, spread my wings in the, in the ecosystem and throughout crypto as well.
And I'd say you really have, uh, you know, I don't know anyone better connected in the space than Bobo.
Uh, when.
Let's, uh, let's dive into things, though.
Let's get right into the meat of it.
Uh, VR is really the topic today.
Um, Corey, you want to give sort of a nice high level of what VR is?
Yeah, absolutely.
Uh, so VR is just a, uh, Arbitrum token that's on Dolomite that you're able to continue to vote with through delegation.
So it might take a, might be better just to take a step back for a moment and just have the Arbitrum guys here talk more about the governance mechanism,
how Arbitrum's token really works, how the DAO operates before we dive into more of the VR mechanics, actually, and what makes it work and click.
Uh, when or true, if you guys want to talk more about the Arbitrum governance, that'd be awesome.
Just to intro it.
So, uh, so Arbitrum governance is like, uh, the DAO stuff, which is just like, uh, you know, you have your, uh, tokens.
You have, um, I think like 20, 30, 40, maybe even delegates that you can delegate your, uh, votes to, like, this is, this is usually how the Arbitrum governance happens.
Of course, you can vote with your own tokens.
Uh, but a lot of the time, um, those tokens are delegated to these bigger players who we call delegates like Olympio, L2Beats, uh, and others.
And then these delegates, uh, essentially, there's a lot of, um, governance proposals happening around the massive treasury that the Arbitrum DAO has, which is like $5 billion, I think, last time I checked.
Um, and I guess more, more other related stuff, not just to do with those tokens, but, um, tons of other stuff in terms of, like, grants and, um, governance procedures.
And other procedures and legal stuff, or, uh, there was, like, a staking proposal recently.
And so people, people are constantly proposing these, um, proposals to make Arbitrum better, right?
Arbitrum improvement proposals.
Um, and with these, um, tokens, with these, uh, delegated votes, you're able to, or these delegates on your behalf are able to, um, vote.
Uh, to, uh, to, to move Arbitrum in the way that they, that they choose and, and, and, you know, us, the off-chain labs, we're sort of at the whim of the DAO in this case, because, uh, you know, the DAO is completely decentralized.
Um, and actually no off-chain, uh, no one from off-chain kind of is able to, uh, be a delegate or, or, or vote on, um, proposals like that.
Uh, so it's, it's, yeah, it's always, um, fun to watch what is being voted on, uh, what proposals are coming up, how does the forum discussion look?
That's, like, that's, like, a big part of, uh, this, and, and, and there's, like, calls happening all the time, uh, to kind of move the DAO forward.
But, yeah, it's, it's, like, a really long process right now, um, and really intricate, lots of moving parts, I'd say, uh, just like any autonomous organization should.
Um, but, yeah, that's my high-level overview.
And I think it's, uh, fair to say that's really the benefit of the delegates is because it can be complicated and there can be many proposals.
Uh, the average user is perhaps not reading through every proposal and, uh, you know, keeping up with all of it or maybe not even familiar with the tech behind each and every proposal.
So by being able to delegate, you could pass those votes on to someone who can represent your interests, who could be there reading every proposal,
and, um, you have deeper industry knowledge to make a good vote.
Yeah, I think we saw that, uh, very, very much so during the STIP, uh, proposals, which I think had, like, from start to finish a, a time window of around three weeks, um, which, and there was, like, 100 different proposals.
Uh, I think a little bit over 100 different proposals at that time.
Um, and you can imagine not every single person is able to, um, read every single proposal, understand it, and then formulate an opinion, uh, and post that opinion in the, within those three weeks, right?
Uh, whether that be on the forums, whether that be, you know, casting their own vote.
Um, and so what you kind of have now is these governance, maybe even teams or councils sort of forming, um, that, uh, do that.
So, like, Treasury is a good example where the Treasury guys, um, understood that that was a problem with their large votes.
I think they're the biggest delegate right now.
Uh, they formed the council, um, and, uh, you know, I've met some of the council guys from the Treasury.
Uh, they're really, really cool guys and always, like, engaged in governance a lot.
Um, and yeah, so they kind of, you, you kind of lean on these individuals to have maybe more, number one, more expertise in certain things.
Um, because maybe you as a holder, an individual holder, they don't know exactly how to vote on every single proposal.
Uh, but the idea is hopefully these, uh, delegates do.
And then secondly, um, they, they not only have the, have more time, uh, because they might have more people, more man hours.
Um, but also, like, they might even be incentivized as we're seeing, like, the last proposal that passed,
cat-ins, um, uh, seedless hand proposal, uh, for delegate incentivization.
That should be kicking off soon, meaning that these guys actually, um, will get incentivized to participate, uh, well in governance.
Yeah, I think STIP is, uh, was a really good example of, uh, the delegate system working.
It's, I, really, they, the only way we saw such massive, um, engagement, such massive number of votes.
Um, am I, what were the, the numbers on that?
Uh, I don't know, Corey, if you recall on some of the top projects, what they were getting, uh, in terms of number of R voted for them.
I mean, I remember like 180 mil, somewhere around that.
200, 200 million, yeah.
For the, I think Camelot either just broke it or was just below the 200 million mark.
Yeah.
Wow.
Yeah.
Well, that's, that's the system working right there.
It's, um, really quite the ecosystem.
And yeah, I think that's really what we're trying to be able to expand on and tap into
with VR.
Uh, so, I mean, Corey, if you want to, if that was enough of a background for you on, uh, the
voting, you could dive into it a bit.
Yeah, absolutely.
So, you know, with this entire delegation scheme in mind, the way that you actually, you
know, will vote then mechanically speaking is you either delegate to yourself or you delegate
to a delegate.
And then you go to the appropriate governance website, like snapshot or tally, and you'll
be able to go sign messages to go vote for whoever your, um, you know, preferred, preferred
vote is for whatever proposal is going on.
So, um, the key thing though, is that when you want to deposit governance tokens like ARB
into lending protocols, you typically lose governance rights that come along with it.
Cause all the assets inside of each lending protocol are typically pooled and they don't
really have, uh, native DeFi functionality as I would, as I would call it.
But with platforms like Dolomite, we actually reinvented the wheel with this concept of isolation
mode and it allows us to tap into the DeFi native rights with every asset that we list
that use it, that actually utilizes this isolation mode system.
So we saw this before when we initially launched GLP recently when we launched support for GMX
as well, that you can continue to stake your GMX tokens and borrow against them at the exact
same time.
And we basically took this concept and flipped it on its head a bit so that you can deposit
your ARB tokens into Dolomite, convert them to VRB, and now you can continue to delegate
all the ARB tokens that you have to whichever delegate you choose.
Like I said, it could be yourself, could be your preferred delegate.
The option is totally up to you.
And this introduces a lot of really interesting functionality that beforehand has never been
possible.
So we covered a couple of strategies in our initial launch Twitter thread with VRB.
If you want to, you can convert all your ARB on Dolomite to VRB, then borrow ARB against
it and flash borrow it into more VRB through our Zap system.
This actually will give you leveraged votes.
So if you started it at Dolomite with 100 ARB tokens, you'd be able to very easily borrow
400 ARB against it, immediately zap it into 400 VRB, and now you have five times the number
of votes.
So there's really interesting mechanics that come up here with this that over time can
really start to sway governance results if some of these larger holders decide to start
borrowing on Dolomite in order to amplify their voting power.
Yeah, I think it'd be fair to say this is also to the benefit of ARB lenders.
If someone is doing that looping strategy, they're borrowing from ARB holders and increasing
the rate paid out to them, correct, Corey?
Yeah, that's exactly correct.
And that's exactly how Dolomite works.
The more utilization we see of assets, the higher the interest rate goes and therefore
the higher that the suppliers are also paid for doing so.
So I mean, over time, we just discussed some very basic strategies that are really crazy
in terms of the potential outcome.
But because of the way that this entire system works, there's a lot more that could get built
on top of it to support even more wacky things in the future.
If delegates wanted to and a system gets built for this, there could even be like a bribing
system built in where if you deposit your tokens on a Dolomite and you choose to delegate
to certain ones that they could bribe you for doing so, which would look like getting paid
tokens for delegating to them their votes.
And this might help subsidize some of those leverage fees that we're talking about earlier,
where if you wanted to borrow ARB in order to increase your delegation exposure, or excuse
your delegation amplification, they'd be able to get paid for doing that.
And of course, that system does not exist on Dolomite right now.
We don't have any definite plans for any of this as of the time being.
But it's just interesting to think about the different mechanics that could get built on
top of this system and the way that it really could impact governments as the system evolves
more.
I'm actually curious.
I don't know if Winn or Turo, if you have any of those numbers, but do you know what percentage
of ARB holders have actually delegated their votes?
Don't jump all at once, guys.
That's going to be a note for me, Dom.
It sounds like the numbers might just not be available.
But, you know, we're trying to at least make that step a little easier.
Whereby, you know, when you have your VR by Dolomite, you could just choose a delegate
from the delegation screen.
You could easily autofill your wallet.
Or, you know, we're considering listing some of the major delegates on there as well.
I don't know if, Corey, you want to speak more to that or, you know, what we're looking
at with the delegates to list.
Yeah, we're accepting applications.
We're basically, we're looking to get in touch with major delegates so we can actually show
them as recommended on Dolomite's UI.
So if you're a first-time governance participator and are looking for the right place to delegate
your ARB because you don't want to necessarily participate yourself and want to delegate, there'll
be some recommended options on there.
And our time or our hope over time is to expand on that screen so that we can display not just
the address of the different delegates, but also be able to show some differentiation.
So if delegates want to just provide a description of themselves of what the kind of things they'd
like to vote for or what kind of values they have as it pertains to governance, you know,
these are the kind of things we want to be able to display to users so that they have
some better education when it comes to how their delegates are looking to vote on their
behalf.
And hopefully also just increased participation in delegating as well.
Yeah, of course, especially if that bribing system ever comes to fruition as well.
You'll be able to see, like, what rewards you might get for delegating to them, what values
they have, why you should delegate, et cetera.
Yeah, exactly.
The thing is also, you know, Corey touched on it, but it's probably worth really pointing
out that, you know, VRB isn't an entirely new asset that you're going to be able to go
and find on other markets.
It really only exists on Dolomite.
It's purely a way to differentiate between your ARB that you could lend and borrow and
use, just like a lot of other assets like USDC or ETH on Dolomite or any other lending
protocol, really, from VRB, which is purely collateral.
And so you can use it for these strategies, but can't be lent or borrowed, but you could
still use it for voting.
And because you go one to one between the two, they always have the same price.
And in fact, if you were to just withdraw VRB from Dolomite, it goes to your wallet
as regular ARB.
So it's, this isn't exactly a whole new asset.
It's really just an expansion of ARB on the, on the Dolomite protocol.
Corey, I know there were a couple other strategies that were touched on in that thread.
I didn't know if you wanted to dive a little deeper into those.
Yeah, I think one that the Arboritum guys here might not like too much, but I think it
is, is pretty interesting, is like part of the idea behind governance is you want to
hold the asset and, you know, you have skin in the game because the asset's price moves
around and it kind of ebbs and flows with, you know, what the value of governance might
So if the Arboritum DAO does a really good job governing its treasury and more value
gets curated back to the Arboritum ecosystem, presumably the value of your ARB tokens go up,
at least in theory.
But on the flip side of that, some people might want to participate in governance, but might
not actually want to have the price exposure to ARB, the token.
And what you can do with this system also is actually have zero price exposure to ARB,
but actually participate in governance because you can essentially deposit USDC collateral
into, into Dolomite, open a borrow position with that USDC collateral, and then immediately
zap your ARB to VRB, like basically borrowing it and leveraging up exposure to it.
And instead of essentially shorting ARB, which normally that's what you'd be doing because
you're converting the ARB to VRB and you have no price exposure to that, you basically
just found a way to have leveraged voting exposure, but with no actual price exposure
to the ARB token.
So there's a lot of really wacky things that can happen with this over time where you could
feel like temporary shareholders basically pop up on Dolomite looking to participate in
governance really quickly, but without any real price impact of holding those tokens
for an extended period of time.
Yeah, I think it's, it's one that I think it'll be interesting to see how people use,
you know, and your scenario works just because your debt is equal to your collateral in terms
of ARB, so they move together in price.
Was there one more strategy on there?
Am I remembering correctly?
Obviously, you know, it's whatever anyone could come up with and there's full flexibility
of, you know, any strategies, but I'm trying to think if there was just one more.
Yeah, I mean, the really simple one is like, if you're borrowing or looking to increase your
exposure just to ARB in general, like we've seen people come to Dolomite and just borrow
USDC and zap it to more ARBs, they have essentially increased exposure to the assets price movement.
You can do the same thing, but just with VRB now.
So you have all the directional upside of ARB's price movement and can still vote at the same
time or delegate your votes at the same time.
So, you know, all these different strategies we talked about are geared towards increasing
or amplifying your voting power through some strategy on Dolomite, each with different
financial outcomes if you want to take a directional bet on price or don't want to, or have varying
risk profiles somewhere within that spectrum as well.
Yeah, it'll be interesting to see when people tap into this, if it's going to reflect different
votes going on in the Arbitrum ecosystem.
You know, are there any that we should be looking forward to, Wayne or Turo?
Any major votes coming up?
I think the most interesting ones that I've seen from incentive working groups or just working
groups generally are, the number one is like the SIP v2, number two is like the gaming SIP or I should
like kind of even say more broadly, any short-term incentive program that's designed for a specific
vertical, gaming is the one that I think is brought up a lot.
And then there is also the long-term incentive program, so the LATIP or whatever you want to call it.
And then like outside of incentives, there's also like governance procedural votes also being, I guess, put up like a fire starter or other kind of like the committee or I'm not exactly sure.
sure what it was called, but something like that, committee or council, something like that.
And yeah, those kind of things that make hopefully governance easier.
And then, of course, the one that just passed, which was the delegate incentive program, essentially.
Can you speak more to the delegate incentive program?
I'm actually not too familiar with it personally.
So it's really simple.
There's like a bunch of quantitative and qualitative criteria that like each delegate is assessed on once you have a certain number of votes.
I think it was 500,000 or something like that as a minimum.
And then essentially, like depending on that, you get, you can get some rewards for active participation in governance, essentially, right?
Like the quantitative and qualitative elements are just to assess how good of a governance delegate you are, right?
So that includes stuff that people want to see more like receiving feedback on forums, right?
Which is one of the things I remember when I was applying for the SIP, one of the things I was very frustrated about, right?
Like these delegates are not giving feedback.
And so this will incentivize them to do so.
And like broadly, it's like personally, like outside of off-chain, I can just say that like I think it's a great idea because the problem is it's very difficult to get a team together to review 100 proposals in three weeks.
Leave meaningful feedback on each one, like develop a criterion that's fair to assess each one, and then allocate like, you know, you're making really big decisions here.
And if you need a team to do that, like how do you pay that team to do this outside of just, okay, we're doing this out of the goodness of our hearts, right?
So I think at a certain point, if you want to have like meaningful governance happening, there's a level of incentivization that's necessary, right?
Because, you know, it depends on how people perceive the world to work.
But like at the end of the day, you know, if you're not incentivizing like the right things, then I guess, you know, you shouldn't be surprised when the wrong things are happening, you know?
Yeah, exactly. I think that makes perfect sense.
So it's, I mean, we felt similarly about, you know, wishing that the delegates would leave more feedback, more comments, and in some cases even really read the proposals in depth.
You would hope that those large delegates are actually reading each and every one.
So hopefully that aligns interests there with this.
That sounds like a good proposal.
So I wonder if that's one that would be able to tie in with what you were talking about earlier, Corey, with sort of the system of, you know, bribing, of being able to pass along some reward to people who delegate to those major delegates.
You know, if the delegates are receiving some kind of incentive, perhaps that can go into the rate you were describing.
Potentially. We'd have to see more of how the system actually works and the smart contracts involved with it.
But these are the kind of things that we'd be really interested to look at to see where the integration might be.
How are you finding participation in the second round of STIP?
When was it a lot? Was it matching what we saw in the first round or was there a bigger drop off?
So it's not, uh, that proposal hasn't been proposed yet. Um, I know that people are working on it. Uh, so when it gets proposed, I guess we'll have the answer then.
But in terms of, um, you know, people working on it right now, it's sort of, I think, I think the general sentiment is there's a lot of lessons to be learned from the one.
And, uh, they have to lend them now, I guess. So that's why everybody's kind of coming together and putting these ideas forward, uh, so that V2 will be better, you know?
Yeah, agreed. It's, uh, you know, I think there were a lot of things that worked with the first round and some things that didn't as well.
But, you know, that's a nice thing. You could pivot and learn from it and, uh, keep making each one better.
Also, not to go too far off topic, but, uh, what's, is there anything interesting I should be keeping an eye out for with the, um, the gaming-related one that you had mentioned earlier?
Um, I personally am not, like, I haven't looked too closely at that because I'm not actually sure where, where, like, work on it is being done.
But I know that it's in the works. That's pretty much all I know about it, right?
And, uh, I'll be as surprised as you when it gets proposed and, and, and, uh, hopefully, you know, like, the thing is really, like, uh, the reason, I guess, for having these separate verticals is that, number one, like, metrics used to determine success, uh, for a DeFi protocol versus an NFT protocol versus a gaming protocol is very different.
Um, and it's hard, number one, to assess, like, have the same assessors between those different, uh, verticals.
Like, I can't assess a gaming stiff, uh, if I, even if I was a delegate, like, it's just, I don't know how to do it.
I don't know what makes a good game. I don't know what makes a bad game. I'm not very good at that.
Uh, but I'm sure there are some delegates, like, the Treasure DAO, obviously, that, you know, they, they will be very, um, they will be very knowledgeable of that.
And I, I, I believe, though, they are the guys that are essentially, um, pushing for, uh, this gaming stiff.
Um, you know, obviously, being the biggest delegate, I think that makes a lot of sense, uh, for them to sort of push their own, um, vertical.
Uh, sorry, sorry, I really commemorate them for doing that, but, yeah, it's, um, that's kind of how I see it, yeah.
Yeah, in complete agreement. It's one that, you know, we had talked about, uh, around the time of that first step where it felt like, uh, there could be a lot of benefits from slicing it either, you know, vertically so that people could specialize in certain fields.
And also horizontally, so to speak, where maybe a, uh, a small round incentive for the smaller projects that would never be able to reach quorum when they're put up against all the much larger projects, but could still benefit from a much smaller grant, one that a larger project might not go for.
I don't know if anything like that is in the works, but I would love to be able to see that as well to really incentivize those earlier stage projects that could grow into the next large project.
Yeah, yeah, I think, uh, a hundred percent, like, not only vertical, but I think basically stages of the project.
I think step was used for a lot of late stage projects, you could say, um, more than early stage.
Uh, so definitely I think having a focus and having a budget for each one makes a lot of sense.
The problem is, um, I guess that it takes a long time to get this stuff shipped.
Actually, I have no idea why.
Uh, so, I guess, uh, we'll see when, when, like, something new gets proposed.
But, yeah, as you can tell, um, somebody's working on these and, and I guess we're all waiting for them to, to post a proposal.
Right.
Yeah, exactly.
Which, you know, in, in some ways it's nice that when it moves slowly and steadily, it does so with more purpose and more time for review.
But, of course, you know, in crypto, we want everything a lot faster.
The space moves so fast.
But, uh, you know, I think for anything like Arbitrum that'll be around for a while, it's, uh, it's good to move more steadily with purpose and, uh, you know, do things correctly.
So, I, I think that's baked into the ecosystem as a whole and hopefully that's what we see with it moving forward.
Cool.
Um, well, realistically, I didn't have too many other topics to cover here.
I don't know if, uh, Corey, you wanted to dive into anything else or, um, you know, when or Cheryl, if there's anything on the Arbitrum front people should just be, uh, aware of or keeping an eye out for coming up.
Yeah, I mean, there's a lot of, I think what I'm really excited about is not only the present of the Arbitrum DAO, but the future of the Arbitrum DAO in terms of, you know, uh, technological upgrades that will be proposed to the Arbitrum DAO by Option Labs, such as Stylus, right?
That would allow developers to build on Arbitrum using Rust, C, C++.
I mean, that's going to be such a huge game changer, um, for the Arbitrum and Ethereum ecosystem.
Um, only because, you know, outside of Web3, uh, there's a lot of Rust developers out there.
I don't have the exact numbers, but it's such a huge number compared to Solidity because, um, a lot of people are already using Rust outside of Web3.
So that's going to be really cool, um, an interesting proposal that's going to be coming to the Arbitrum DAO.
And then you have Bold, um, that would enable permissionless validation on all Arbitrum chains.
Um, so that's another thing to keep the eye out.
So, you know, you know, Option Lab has been cooking, uh, throughout this year.
So I'm really excited for the Arbitrum DAO to, you know, get their hands on, um, Arbitrum Stylus and Bold and, you know, vote on it.
So that's going to be a cool thing to look forward to in 2024.
Yeah, absolutely.
I think that's where it gets, uh, you know, even more exciting from, you know, as much as the, the tips and, um, token incentives can get very fun.
I think things that really push the tech forward are the ones that are just more exciting in a long-term sense and are the ones that could really grow the ecosystem.
You know, I agree.
There's so many Rust developers out there these days and, um, and Solidity is a lot more niche.
So, I mean, I'm looking forward to it.
I think it paints a bright future for Arbitrum.
Cool.
Corey, uh, Bobo, was there anything else you wanted to cover?
Uh, nothing in particular.
Just, uh, if you haven't already, definitely try out VR by Dolomite.
You can do so really easily just from our balances page, just from pressing the, uh, the button to convert your tokens from one to the other seamlessly without fees.
Um, or you can do it within borrow positions like we talked about through some of these strategies.
I think it'll be really exciting to see what happens as, uh, you know, as the system matures more and more people are made aware of the opportunities here that exist with it.
And we'll see how it starts to impact Arbitrum governance over time.
Yeah, absolutely.
Well, I'll also leave it open if, uh, anyone has any questions, but, um, you know, you could, anyone in the audience there.
But for now, we'll go through my little spiel, um, everyone here, and you're qualified for some Dolomite XP.
Uh, we have a whole XP system where by attending events like these or using Dolomite, trying out new assets, you can earn XP experience points, just like a video game.
And, um, those will get you levels.
Those levels can give you benefits such as for our OR rewards program.
You, uh, have faster vesting times if you're a level four or above, and also in our Discord, you'll get a nice little flair with your level.
You'll get access to level-specific groups, and some of the higher-level, uh, groups get early access to some of our new features that we're working on.
And we really love to get feedback from those power users and, you know, really, uh, strong community members.
Um, so you could go, are you qualified right now?
You could go and claim some XP.
Um, if you see our recent tweets, we'll tweet it out after this as well.
With the link to Galaxy.
Um, and yeah, to claim this one, your passphrase is going to be VOTE, V-O-T-E.
And, uh, you can use that, and that'll let you, uh, go and claim 10 XP.
And if you haven't already started earning some, you could go and, you know, start your, uh, start your collection there, start climbing up the ladder.
Or, uh, you know, if you're already a power user, you could, uh, add to your stack.
So, yeah, with that said, uh, I think we could probably wrap it up here.
Um, yeah, thanks for joining us today, guys.
It was, uh, it was great to be able to dive into this and talk some arbitrum governance.
So, you know, if there's any, uh, final words or anything.
Nothing for me, Sez.
Thanks for having us on.
Bullish on Dolomite.
Appreciate it, guys.
Thank you for joining, and happy new year also.
Yeah, I hope you had a good holidays, and happy new year.
All right, catch you guys later.
All right, see you guys.
Have a good one.
Ciao.
Ciao.
Ciao.
Ciao.
Ciao.
Ciao.
Ciao.
Ciao.
Ciao.
Ciao.
Ciao.
