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Ecosystem Spotlight: Flux by @ilisdao
Recorded: June 27, 2025 Duration: 0:29:36Space Recording
Short Summary
In a recent Ecosystem Spotlight session, Maria and guests discussed the evolution of Elisdow, formerly known as Stabilis, and its innovative approach to decentralized governance and stable asset protocols. The conversation highlighted the upcoming incentives campaign aimed at boosting user engagement and the importance of community-driven decision-making in navigating the regulatory landscape.
Full Transcription
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um Thank you. Oh well
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ecosystem Radix, ecosystem spotlight.
Radix, ecosystem spotlight. um
Oh, that was nice.
That was nice.
Waiting for Farah to join us.
How are you guys?
I see Octo here.
I'm fine.
Hey.
Hello.
A bit tired, but apart from that, I'm good.
But it's Friday, so it's not so strange to be tired right now. you
Feels like I'm being ignored
Don't worry
Either my sound doesn't work or I'm talking to myself here Hey, I hear something, but not... Oh, okay.
Now I hear you, I think.
I hear you. Is it delayed?
No, not really.
Well, I don't know, but it doesn't seem like it.
All right.
Looks like we have Farah here as well.
This is your typical X-Spaces issue.
Always happens.
Yeah, it's all good.
So how are you doing?
Great.
Great.
I'm so excited for the weekend.
I'm going to spend it with family and friends.
And working on some designs for the airdrop or incentives campaign.
I think we usually call it incentives campaign.
And I'm going to share it with you guys
soon
and you'll get
to pick between the drafts.
Okay.
What kind of designs?
Like imagery?
Banners
and images
in general to promote the
campaign.
Nice.
Invite to speak.
Let's see if it works.
All right.
So this time it might be just you and me.
And Farah will listen.
Okay, yeah, that's fine.
I don't mind, though I would have loved to hear from Farah.
True, yeah, me too.
It's always so much better when you have company.
All right, so hey everyone.
My name is Maria and today you're tuned into the Ecosystem Spotlight.
We usually run these spaces every two weeks and in these spaces is where we feature some of the boldest builders in the space.
I usually co-host this with Farah, but she'll be listening, as I said before. And today we're beyond excited to introduce Stabilis or Elisdow for the third time, actually.
You've been on a couple of spaces now.
And you've built this yourself, Octopus.
We also know the story behind the name.
We also know the story behind the name.
And we have some questions for you, too.
And you're going to be walking us through the protocol.
And maybe some fun questions.
Oh, by the way, guys, it's not fixed.
The order of the projects that we spotlight in these spaces is not fixed.
So if you want to hear from some other founder next time,
you can drop their handle in the Twitter comments.
So yeah, here's Octo, and let's kick things off.
What is ELISDAO, which used to be called Stabilis?
Yeah, so it didn't really used to be called Stabilis, but yeah.
Really?
The combination of the STAB protocol plus the LSDAO, it used to be called Stabilis,
but there was always an LSDAO.
But I can explain to you what the LSDAO is a decentralized autonomous organization that aims to support stable assets
protocols on the RedX ledger in a decentralized way.
Well, we are now, so in a decentralized way.
And yeah, so recently we relaunched Flux and we had already launched the step protocol
some time ago both are stable asset
protocols but we'll talk about that later I think. Right, so I did my own research because I've been
posting about it from our main account, from my account as well. But it's always better to hear from
you. And we usually run a one-minute timer, but I think you've already described the project.
So let's go to the story behind the project. Was there like a light bulb moment that made you say, we have to build this?
Or did you discover Redix and then you thought it would be cool to build something on top of this layer one?
Yeah, so more of the latter, I think.
When I first got into Redix, when I really got into redix was after um red five and i tried playing around with scripto
because i like developing stuff and i had tried developing on solidity before and i
thought it was kind of a math so i tried scripto built a whole lot of things
built a whole lot of things,
and also built the foundation of STAB protocol,
which is a stable asset protocol that we launched previously.
And it was more for fun at first, really.
But then eventually it started getting serious.
I thought, well, this is getting quite good,
and might as well
actually ship this and let people use it so that's how it started and it brought
me all this way here. And what's the difference between STAB and the new
release flaps? Yeah so STAB was also a stable asset, but it was an interest-bearing asset. So, stablecoins often have some kind of yield involved. The protocol earns interest. And for STAB, this interest wasn't paid out separately. It was paid out in the token.
So STAB was the stable asset, and it just appreciated in price if there was any interest.
For FUSD, which is Flux's stablecoin, we pay out interest separately.
So FUSD is always worth exactly one dollar, and interest is just paid out over that, so you'll get more FUSD if you are making money.
Interesting. And it's a DAO, right?
A DAO, yes. It is governed by a DAO. Flux is not necessarily a DAO, it's just a protocol.
But yes, it's governed by a DAO, yeah.
But this DAO is different than other ones, right?
Well, there are all kinds of DAOs, so different from some is similar to others.
But I think what you are aiming for maybe is that it's purely algorithmically governed.
So everything that the DAO decides is voted on.
I do not have any power myself to change anything.
So imagine Flux wants to use some new parameters.
So we need to change some parameters in the smart contract.
Then the DAO can vote on this using Illus tokens
to represent your membership in a trustless manner
using smart contracts.
And then the decision of the proposals is automatically enforced in a decentralized way.
That's very interesting. I have a fun question about that at the end. We always do the rapid fire
questions but I'm going to keep it for later. Until the fun stuff.
So is there any specific parts of the full stack
that made Flux and it is now in general possible?
It's specific?
Well, it's such a big protocol
and such a big project that there are so many things that are made easier because of Scripto and the Redix stack.
But for instance, native assets on Redix are incredibly useful for any kind of protocol that is working with assets and Fl is working with fuz and there are also native implementations
of of defy logic within the redix engine such as resource pools so pool units that we all know from
the wallet make defy things a lot easieraction manifest just makes everything nicer in terms of composability between protocols on Reddick.
So many kinds of things.
And what about the most challenging parts of it?
Probably, for me, the most challenging part
is thinking with the mind of the end user and the mind of someone that doesn't yet know what I've tried to design.
So getting users to understand why they would use your protocol and why they should care is probably the most challenging part for me, I think.
is probably the most challenging part for me, I think.
Yeah, that seems to be the case
with very complex and sophisticated protocols.
I hope that we'll be able to help you on that
in the near future.
So, but maybe we can start doing that already.
Could you like tell, imagine I'm your end user,
could you tell me like the core features of ELISDAO?
Yeah, so the core features would be our products.
So it will be easier to tell me the core features of Flux
because that's basically
you can see it as a product of of the lsdl you would want to use flux in two cases so
first case would be that you have some crypto collateral so imagine you are holding xrd
and you are quite certain that it will go up in price.
I don't want to speculate on price here, but it is why you would use Flux.
But if you think that XRD is going to appreciate
in price and you want more XRD or you want more exposure to XRD,
you could take out a FUSD loan on Flux by putting your collateral, which
is XRD, into the protocol to gain even more XRD because you can take out an FUSD loan
using your XRD and then you sell this FUSD for XRD to create leverage basically.
You could also use these loans in other ways.
So imagine you cannot pay for your groceries,
but you want to not sell your XRD.
Then you could take out an FUSD loan with your XRD as collateral
and then pay your groceries in FUSD.
Probably not FUSD.
I don't think Walmart will accept that,
but you'll have to contact FUSD.
Maybe for a mortgage in the USA.
Maybe, maybe, maybe.
In the future, sometimes.
Sometime, maybe.
But that's the first use case.
Is that at all clear?
Any questions?
Thank you for catching that.
I meant to say Flux, not Elisdal,
in terms of core features,
but you got it, so, yeah.
And how does a user get onboarded?
How does it usually work?
Also, by the way,
we're going to drop the link
to your protocol in the comments
for people to know that's nice so but first you
get your radix wallet and then you go to elizal uh yeah you go to ilikeitstable.com so eliz stands
for i like it stable um and then you would see that you can either launch Flux or Stab. Stab
was our old protocol. And you click through the website and you'll be onboarded. To be
honest, we've not done like a lot of reach out or marketing. So the Illus is now is mainly a bit of a community focused project uh with people in it
that i've known for some time now quite a close-knit community that likes to tinker
and to give advice so it's just a very nice place for me to be but there's not really
So it's just a very nice place for me to be, but there's not really any outreach that's been done before.
But you get involved by getting to know us, basically.
Yeah, that's where all great protocols start anyways.
That's true, yeah.
And could you tell us a bit about the roadmap in the next, let's say, three to six months?
Any exciting upcoming
features or any strategies planned?
Yeah, so first of all, obviously, incentives campaign is coming up.
Yeah.
So that will be exciting for anything DeFi on Redix. I hope that it brings in a lot of
users. But for the ElisdO and specifically, Flux is basically,
I don't want to say done right now,
but it's in a state where I don't want to update it
to just see how it goes and where the things are
that I can improve.
But I am now going to start work on trying to
improve the onboarding experience to the alis dao and the dao portal as i call it itself so
currently the the website of the dao where all proposals are visible is not that good. It's usable, but it can use some improvements,
such as making it easier for DAO members to propose things
and showing the treasury of the DAO on the website.
So those are the kind of things that I'm looking at improving right now.
Great.
And I'm sure that when we'll get more users those
issues will pop up and it's gonna be easy to fix with a man like yours. I don't
know it's gonna be easy but I'll do my best. So you know we usually get a
question from the previous guest.
And the last time we interviewed the Machinist, he's one of the superstars, OGs from the Radix ecosystem.
He has his own podcast.
And he has a couple of questions for you.
So let's go ahead.
The first one was, what catalyst did you have to start the DAO?
That's it.
That's the question.
It sounded like I was going to say something else, but no.
No, no. I know I listened to the last spaces, so I knew this would come.
So when I was first starting or building the step protocol to Flux for StableAssets,
I looked into regulations in offering stablecoin services.
This is obviously a do-your-own-research kind of subject, but it's difficult to offer these
kinds of products
if you don't do it in a decentralized way.
So you need all kinds of licenses and comply to regulations.
And if you do it in a DeFi way, it's easier.
For example, if you look at Mycard and DeFi is usually exempt.
And additionally, you don't really, the total aim of these stablecoin protocols is that
they should be trustless. And if they are governed by a central entity, then it's basically defeats
the purpose of doing a decentralized protocol. So you need some entity to govern it and it needs to be decentralized so you have one option
so it just makes sense
right
the next question was
but I really know the answer to this one
but this is maybe for
the ones here in this space or the ones that are going to
replay this space
which is why is your name Octopus
why is it Octopus
in the picture you already know it because
you listen to last week's faces right was it last week oh my god it feels like ages ago
it was only last week wow yeah amazing yeah i know but tell me again yeah so uh when I was joining high school, or when I got into high school, a girl in my class, she played clarinet. And when we first met during some high school introductory camp, I called her Octo once, and she and her friends, they really didn't like it um to be clear octo is the dutch version of squidwood
so squidwood played clarinet so i called her octo and she and her friends didn't like it so
in retaliation they started calling me octopus or octo and i didn't really mind. And eventually, like all high school classmates do,
you become friends.
And they kept calling me Octo,
and it kind of stuck, and then became my nickname.
And a whole identity from there onwards.
Yeah, to be honest,
I had never really used the name online
before I started getting into Redix. But yeah, I had to think of some alias and I just thought of it very quickly.
And now it's stuck with me, but it's not a bad name, so I don't care.
No, it's great. And who doesn't love SpongeBob anyways?
Exactly.
Right. So let's go with the fun question,
which I got inspired when we were talking about the DAO.
Would you trust a DAO to manage your retirement fund
or like your savings or your Bitcoin holdings?
That's a very good question.
So there's two, I think there would be two considerations.
The first one would be if the DAO has a legal wrapper.
So the other DAO, for instance, has a legal wrapper.
It's incorporated in the Marshall Islands.
And that means you have some place to sue if they mismanage your money.
So you could also do that if we mismanage the flux.
For instance, you could sue and there would be some kind of lawsuit and you would probably
win if we mismanage.
So if that were in place for retirement fund out, well, it would be a good thing.
The second part or consideration would be how
governance is done so
if you do it via a governance
token so
one token is one vote basically
then you always need to make sure
that it's not possible to gain a
majority of the tokens
a cheap price so
if the total value of the retirement fund
would be extremely high
and the governance token would not be worth as much,
then it would be very easy to basically hijack the DAO
by buying up all those tokens.
So there would need to be some good way
for this token to retain a high valuation to make this impossible so i don't know how you
could do that so that's enough yeah no so you could also do it differently dao doesn't really
have to have a governance token you could also just say okay everyone that is in this dao so
everyone that um has any money money in the retirement fund,
and you do it proportionally, you divide proportionally membership rights over who has contributed
the most money to the retirement fund, you could do it in such a way without a governance
token, and then I would trust it, yeah.
Interesting.
Well, thank you for answering.
So I'm going to open the floor for questions,
although usually we don't get them live.
Sometimes they come through messages,
but since I'm on my own today,
I don't have the mind space to also look at the messages.
But maybe we can answer them async in the Telegram chat.
And yeah, I invite everyone to follow Elisdall on...
Am I saying it right?
It's Elisdall, right?
On X.
Yo, however you want.
So it came from the combination of Stabilis,
which I pronounce as Stabilis,
but you can pronounce it however you want.
So I say IllisDAO, but IllisDAO, it's all fine, basically.
All right.
I'm going to drop the handle,
and I invite everyone to follow them
and to engage with those tweets and stay updated
and to interact with the platform.
And I thank you and everyone for joining the space for your time and for you,
I think it's the third one in like two weeks that you're joining,
making the effort to explain this very complex platform to all of us.
And I wish you the best and see you in the chat, in the community.
We're always there, me and Farah.
So, yeah.
Thank you, everyone.
Thank you for listening and thank you for having me, Maria.
A pleasure.
Have a fun Friday.
You too.
Bye.
Bye-bye. Thank you.
