Yes, we can hear you, Vera.
We're here for another volume hosted.
I guess we call it X spaces now.
It's August 23 and I'm here with Field Theory.
And today we're going to talk more about bots.
Mostly Tiwa bots, but we also have some other fun things for you.
And Park is unfortunately not going to be able to make it, but Field Theory and I were happy to step in and give you the latest and greatest.
And so before we jump into Loma bots, let's start with a quick reminder on what volume is.
The regulars of you obviously know us very well.
But for those of you who don't, volume is a private key security management company, and we provide blockchain services for managing private keys and private key execution, also decentralized private key signing.
And our goal is how to find out how we can get the most out of your private key across multiple public blockchains.
And we are now going to jump in and talk about Loma bot.
So the first thing we'll start with to set the scene is what problem does Paloma bot actually solve?
And Field Theory, do you want to give us the background on that?
In the meantime, let me know if you can hear me okay.
I understand there might be some.
Well, thank you, Vera, for the intro.
Yes, so Paloma bot is currently the primary application on the Paloma chain.
And also one of the main products volume is building.
The overarching idea of Paloma bot is that we recognize there's challenges and problems in trading fast-moving crypto tokens.
Especially when there are certain strategies slash signals can only be captured by automation or some very fast turning around softwares.
And therefore, the product itself is mostly an end-to-end automation service.
And we see many users will enjoy the products, but predominantly we think day traders, people who trade crypto tokens in and out, more in a short-term capacity, would benefit this product the most.
And also we think, sorry?
Oh, sorry. I didn't mean to cut you off.
Finish your thought, then I have a follow-up question.
And also, let me just close on this quickly.
And also, we also are, some of our bots are built towards helping various, for instance, liquidity providers and loan owners to protect their positions from various risks such as liquidation anti-pegging.
And in terms of trading, so one aspect I'd like to point out is, especially in the past several weeks, there has been, so there was a major sell-off recently.
And before that, there was, but there was some surge on the upside.
So, you know, we call this kind of market sideway markets.
Namely, it's not just going all the way up or down, but it's been, you know, sort of, I guess, except for the very recent sell-off has been, you know, just wiggling.
And in this kind of market, there's a lot of short-term actions one can take.
And Paloma bots are definitely one of the products you can use to try to capture the signal.
Do you want to go with your question?
You actually answered one of my questions already, why bots might be even, you know, what makes them so attractive right now.
You already mentioned the sideways market.
I'm curious if you could tell me a little bit more about some of the signals or some of the tools that traders may use with Paloma bot in this kind of market that they would have a hard time doing on their own manually.
For sure. Yeah. Happy to dive in into more details.
As I mentioned, we have launched several bots and each of them has their own functionality.
So let me start with a bot that's called TWAP bot.
So TWAP, T-W-A-P, stands for time with its average price.
This is a very commonly used terminology in traditional finance trading.
And basically what it means is for orders, let's say you have a large order, you want to buy a certain either stock or in our case, crypto token.
If you dump, if you put your money into either a decentralized market or it could be a centralized market, if you run the transaction all at once, most likely you will have a not so good execution price because your action itself drives the price up as you buy it.
And therefore you're buying the token at, in some sense, inflated value, which is bad for you.
Now, TWAP means for large orders, instead of doing everything at once, we want to break it down into smaller pieces and do a piecemeal.
For instance, if you are buying, you have 5,000 USDC and you want to all swap into ETH, you think ETH will survive the recent sell-off and then come back strong.
Then better enough, just spend the 5,000 USDC right away on ETH.
How it works is basically to break it into, let's say, 5 different smaller orders.
Each one is 1,000 USDC and you buy it with a 5-minute interval.
So you buy the first 1,000, use the first 1,000 USDC and then swap for ETH and then wait for 5 minutes to the second order and then the third and so on and so forth.
But you see the problem is, it's kind of flavor-intensive and you also, you don't want to set a timer on your cell phone.
You just don't have the time.
What Paloma bots, here specifically, is the Paloma TWAP bots can do, is really for users to go onto the webpage, the front-end,
and they connect their wallet and they put in a few parameters.
In the example I gave, so you say, I have 5,000 USDC.
I wanted to 5 trades with a 5-minute interval.
These parameters are put in, you click a button and your transactions go through Paloma bot's smart contract and then it is done from your perspective.
Because Paloma bot takes it from here, every 5 minutes it's going to swap 1,000 USDC for ETH.
And it's fully automated and the private key is kept by the validators of the chain, so it's secure.
And that's maybe a not very short description for TWAP, but there you go.
I think that's really cool.
And one thing I just wanted to add, I think we've talked about this in the past, but, you know, obviously since this is a bot and the beauty of it is that it's all automated,
we also want to make sure that, you know, users know what's happening with their funds.
So we do have telegram alerts that are being sent whenever a trade is made.
So, you know, in HPEG's example, sorry, Field Theory's example, every 5 minutes, you know, the user would get an alert to when that trade is made.
Well, thanks, Vera. This is, yeah, I think that's a great addition to our, so just to clarify, we have the front, it's a web page,
but we know recently that, you know, bots on telegram are catching a lot of steam.
So we have another version that operates on telegram, so yeah, feel free to check it out.
And Vera, if I may just add a quick, yeah, so one thing I'd like to add on that is you might also, you know, if you've done some trading,
done some research on trading, you might also have heard the term DCA, dollar cost average.
So they, it is quite similar to TWAP and our, essentially our TWAP bots can do DCA as well.
Usually DCA is sort of more for longer term investment, but the idea is the same.
And you have a sort of a scheduled sort of, you have a series of events that you want to trade, but you, you know, you use a scheduler to do the trade for you.
And DCA is usually for longer term, so what's more commonly used is, you know, every two weeks, you take some, you have some, you know, you have your biweekly salary coming in.
You want to take a, you want to take a fraction and invest in ETH, then use the TWAP bots.
All you need to do is to just change the interval from five minutes or even shorter to your desired window, like two weeks.
So I set it up once and never have to think about it again until I make lots of money.
So, field theory, if I wanted to set up this bot, where, where can I do that?
I mean, I know I entered philomabot.ai, but which decks is this going to be traded on?
And I guess I also would like to clarify what Vera meant is, it actually has to do with Palomabot's internal mechanism.
So Palomabot is built on top of DEXs.
We're not building an AMM by ourselves and we don't really rely on people adding liquidity because Palomabot is already, is built on existing largest AMMs that has plenty of liquidity and therefore the best, usually the best execution price one can have.
So for now, Palomabots are predominantly deployed on curved pools.
And that includes the TWAP bot and also some other bots.
But we're expanding into Uniswap V2 on Ethereum and also PancakeSwap on Binance Smart Chain.
So once our bots are deployed on those chains, on those DEXs, then yeah, so you can do TWAP.
You can also, you can also do, you can also do momentum for, for those specific DEXs.
And we're, you know, obviously, thanks to our validator set on the Palomab chain, we can go to all these DEXs on those different chains.
And, you know, obviously we're adding, we're adding, we're adding new chains that are getting added.
The latest one was big, so I'm curious to see what happens with that and where, where that will take Palomabot.
Is there anything else on, on, on, on the bot side that you want to cover before we jump into, to metrics?
Yeah, I can also quickly talk about something we have teamed up with CoinGecko.
So we are, we are, we are a, we are one of those things that are very fun to do.
And I, you know, I'm going to, I think we're a lot of people growing up with CoinGecko.
So we are in collaboration with CoinGecko, and we use their various API services.
We use quite a few of their API services, including their, I will mention too, one is their new listing endpoints.
So what's cool about this endpoint is CoinGecko, as one of the largest crypto data providers, they have a way to detect new token listing by essentially just monitoring various DEXs and various contracts.
And they convert this into an API endpoint, which we query on a very regular basis, and we build a bot that's called Gecko New Listing Bot.
So this bot provides, first, it's a dashboard with the newest Gecko tokens from their own endpoint.
And users, therefore, can have a very visual way to identify these new tokens, and they can try to analyze which one might be hot and can really catch the momentum.
And if they want to buy one of these tokens, our front-end directee has a start bot button, and users can then buy as many tokens as they want, and then set up profit-taking and stop-loss limits for the bot to monitor.
So user, essentially, is an end-to-end process.
Token discovery is CoinGecko's new listing, the hottest thing, and exit on both either profit-taking or stop-loss.
We hope more on profit-taking, meaning users are making money.
But, yeah, that's another thing I personally feel very excited about.
I'm very excited about it, too.
And, you know, I think it's really cool that I can see those on PalomaBot now and don't have to go to CoinGecko anymore.
And then I, like, set it up myself.
Now, you know, after this amazing overview of some of the bots and background, let's see, you know, where we stand with our volume and revenue.
So last week, we kind of, like, soft-launched the bots, and, you know, we are surprised and happy, I guess, that the TWA bot that we discussed in detail on Deployed on Curve is our most popular bot by far.
We're over $3 million in volume, which is huge for us, but we could have hoped for, you know, I mean, you always hope for a great launch, but we're really happy with it.
Yeah, that's an amazing number.
So I just want to double-check and understand and make sure everybody here understand.
Essentially, people have bought $3 million worth of tokens via our bot.
Obviously, that's spread across different tokens.
We're converting everything into U.S. dollar just for, you know, sanity so that we don't have to do all the conversions of the individual numbers.
But, yeah, that is a big number, so we're really pumped about that.
The other bots that are very popular but don't even come close are the Momentum bot with around 7,000 and then followed by the – sorry, that's the Momentum bot that is deployed on Uniswap and PancakeSwap v2.
And then the next – the third most popular one is the Curve Limit Order bot, so the Limit Order bot that is deployed on Curve.
And then last in the most popular ones is the Gecko Momentum bot that is also doing really well with – a little over 2,000 as of this morning.
So, you know, bots are on the up and up, I would say, which is great, which is validation for us to double down on bots as our kind of like –
Yeah, that's pretty amazing.
I have a question for you, Vera.
So, I always – the way I visualize these bots is that I kind of think of a robot just sitting in front of a computer and looking at the monitor for me, right?
So, if I, you know, if I start a Momentum bot or a Curve T-Watt bot, I'm just literally, you know, thinking of a bot that's – one bot is doing a Momentum trade sitting there and then another one is sitting at another computer and doing a T-Watt trade.
So, if using that analogy, how many bots have, you know, just cumulatively everyone created last week?
We have 109 bots that were created by our users in total.
Oh, that's really amazing.
And then, you know, depending on the type of bot, that is more trades than that.
So, that is 109 deposits into one of those bots and then, depending on the type of bot, multiple trades that follow that.
So, yeah, that is really amazing.
And the number is growing.
And, you know, as I said before, it's really a great validation that we're doubling down on those for now.
So, obviously, we'll keep monitoring those numbers to ensure that we stay on the right track.
But, you know, the other thing that makes this exciting, especially for some of our listeners here, Mahav, Sakard, Solomovil, Misahin, is that, you know, some of those – there is some revenue that gets collected, right?
So, whenever a user deposits, we do collect a fee.
And part of that fee is used as – to reimburse validators for the gas refunds, right?
As you know, in the early days, this all came out of the volumes, Kaloma, kind of like deep pockets to ensure that we could keep the network going and growing.
But, obviously, we want to make sure that it's sustainable because, you know, the volume pockets are not endlessly deep.
So, having a revenue-generating DAP or multiple DAPs that are built on top of the Kaloma chain is really important to us.
And it's great that I can report that so far we've generated over 5,000 U.S. dollars in gas reimbursement fees that are being used to reimburse the validators across all the target chains that we're currently deployed on.
So, I think that is really huge.
And we were not here last week.
We were not here two weeks ago.
So, we're really keeping that momentum going.
That's an amazing number for the first week of launch.
And I think in terms of validators' role in the bots, I guess I didn't get a chance to say.
But here, I think I want to say that sort of the security aspect of the bots, right, the way Paloma bots are handling users' deposits.
And so, validators is a very crucial role in this process.
So, many thanks to our validators.
And we are definitely looking to create more bots and therefore more fees to reimburse the validators.
Yeah, I just can echo that, what Theory just said.
So, thank you to all the validators that are on this call, that were called out, and that are maybe listening later, or in our different Telegram and Discord groups.
This is a joint effort, and we're hoping that as we launch new bots and other things on the chain, that it increases the, not only the validator happiness, but also the value and fills our bags.
So, I think on that note, I don't have anything else to add, Field Theory, do you?
Not really, just looking forward to the next week, and we, you know, hopefully will create more bots and more fee revenue.
Thank you for coming to this week's AMA.
Everybody that's on the dance floor, I want you to put your hands together, and just move your hips to the side, to the side.
Yeah, that's the way we got to do it.
Everybody that's on the dance floor, I want you to put your hands together, and just move your hips to the side.