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FlexNet + FlexDex AMA
Recorded: April 22, 2025 Duration: 2:00:06Space Recording
Short Summary
FlexNet is set to launch as a groundbreaking blockchain utilizing HEX as its gas token, featuring innovative mechanisms to enhance token launches and user experience. The project aims to foster a culture of innovation in the crypto space, addressing current stagnation and creating new growth opportunities for HEX and its ecosystem.
Full Transcription
Thank you. what's up everybody
you catch a radio back again
we got a couple of people in here
maybe we'll get a couple more as we go on
pretty pleased so far with the response to FlexNet.
So if you're just listening for the first time,
FlexNet is a blockchain that uses HEX as the gas fee token.
And it comes equipped with a lot of integrations
that are part of the Ethereum L2 scaling ecosystem.
And it comes with a new type of, basically a new type of ERC20 token,
which has Launchpad and DEX with normal swaps and limit orders built into the token contract itself.
So the launchpad aspect solves a couple of big problems related to ERC-20 launchpads,
mainly snipers, where basically the first guy who buys big gets the majority of the supply
that they can just dump forever.
And then also the problem of,
you know, not every coin is going to have lasting success. So, you know, how do you unwind a coin
that is just kind of run its course? So it has a mechanism called the price floor, which helps,
basically just helps limit max downside loss. So anytime you're buying a token on FlexDex,
you know exactly what the max possible amount
you could possibly lose is.
So overall, pretty innovative.
I think it solves a lot of big problems
that everyone has experienced.
Everyone's bought a coin that had some big sniper
who just got the majority of the supply
and then they just dumped and then basically nuked the coin
And then also, you know almost everyone's bought a coin that just kind of bled out forever and it turns into a race to get out
Flex next solves a couple big problems with its launchpad mechanism
and it also solves some user experience problems with the
The built-in swapping that lives native to the token.
So the way it works is that when a coin is deployed on FlexDex,
about 80% of the inbound funds into a 24-hour launch period, 80% of that goes into the price
floor, but then 20% of that goes
into a liquidity pool. And that liquidity pool is actually native to the token contract itself.
It goes into that liquidity pool. So in Flexdex's case, with Flex, which is just wrapped hex being
the network token and main liquidity token for Flexnet, Each coin on FlexDEX has a liquidity pair with HEX.
And so when it's in that liquidity pool, if you want to buy and sell, because you're interacting
with the token contract itself, you actually don't have to do that annoying approval step
that you have to do when you're swapping on like say Uniswap or any, any other decks that you use, you know, there's always that
annoying step and you actually don't have to do it if you're swapping the native flex for it,
because flex is the native gas token. And so there's actually not an approval step for contracts where you're interacting with the native coin.
So the native liquidity pools that live inside of the contract actually solve a big, annoying approval step.
So it's kind of an annoying user experience that people on Ethereum basically just live with.
On Solana, they don't have that problem.
I think part of that contributes to Solana's success with kind of that like high risk,
high frequency trading game that a lot of people play.
So it has, you know, a solution there, which I think will be realized over time.
It also has limit orders baked into it so that you don't have to, you know, kind of go
through like a external DEX, which basically like matches a limit order with a arbitrage trainer
who's going to close the spread between your limit order and where the market price is and the make
a profit. It just has direct limit orders baked into the contract.
So, you know, Flex Dex is kind of, you know, what a way to think about it is that, you know,
FlexNet is the network,
kind of how PulseChain's the network.
And then Flex Dex is the primary Dex,
kind of how PulseDex is the primary Dex.
So Flex Dex has the primary Dex. So
Flex Dex has actually been built.
I actually built the
launchpad piece
months ago.
The original name was actually Bounce.Fun
which is kind of like a
kind of touches on that
aspect of the price floor where
each token launched through this mechanism,
the contract is always equipped to buy back a hundred percent of the supply at the price floor.
And so it kind of creates a dynamic where like if price ever gotten near, you know, say like the
original group of people that were in that coin suddenly just, you know, we're moving on to the next thing. It can really only reach near the price floor. And then maybe that creates a situation
where people, you know, decide to run it back and just kind of bounces off that price floor.
So that was the original name. I actually built it a while back. And, you know, I actually chose not to launch it, or at least not launch it yet, because I wanted to explore stuff with other formats for on-chain speculation.
So we saw that with Quantum Raffle.
Quantum Raffle was like that thing I launched a couple of months ago, which is kind of like a math game on-chain.
of months ago, which is kind of like a math game on chain. And that was a pretty exciting
experience and about $30,000 of prizes was distributed on Pulse Chain. And I actually
built a V2 of that with kind of enhanced game dynamics, which, you know, I'm mainly going to
just focus that on FlexNet. So that's kind of, you know, one of those other things.
But, you know, I built out this concept of this, like, kind of sniper-proof,
you know, max downside protection launch pad a while back.
But I think that, you know, I just feel like it's just quite difficult
to launch things on Pulsechain right now.
I don't – it just feels like there's
just a lot of headwinds to kind of counteract, that you have to counteract. And so I'm really
excited about FlexDeX as kind of like a, you know, like a core part of the FlexNet experience
is like a new type of ERC-20 standard that has sniper-proof launch pad plus
decentralized exchange built into the token contract.
So overall, you know, I'm pretty excited about this launch.
So far, I mean, I look, so, you know, there's not like a, like with this, you know, the, the, the gas token is hexed,
basically. So it's just wrapped hex. Flex is just simply one-to-one wrapped hex. You can always
mint and redeem at the same one-to-one rate. And that's mainly to, because like hex as itself is
actually not compatible to be a L1 gas token or like a L2 gas token because it has eight decimals.
It needed 18 decimals.
Like if you look at Ethereum, that ETH has 18 decimals.
So Flex, the only difference is that it just pads the decimal points on native HEX to make
it compatible to be a gas token, like the native network token.
gas token, like the native network token.
And so, you know, anyone who has hex can simply come onto FlexNet and participate in whatever
you want to.
You know, first kind of application is going to be this FlexDex, you know, launching and
trading mechanism.
But, you know, a big goal with this is to really be a hub for innovation.
I'd say that's probably, you know,
you can say what you want about just like the price and just kind of
everything about, you know, Pulse Chain or whatever, but like, you know,
probably my biggest frustration as a builder is that there's just not,
it just doesn't feel like there's like a strong culture of innovation.
A lot of the kind of the core premise of Pulse Chain itself
was it was like a copy of everything on Ethereum.
And then, so that, and, you know, with Pulse being, you know,
a copy of Ethereum and then PulseX being like a copy of PancakeSwap
and, you know, PumpTires being a copy of, you know, Pump.Fun.
And, you know, like the most successful thing on the chain is a copy of a stablecoin.
That's kind of.
And so I, you know, I like I feel the urge to be on the cutting edge. I don't think that the next big
thing is a copy of last cycle's big thing. And just over time, now it's like we've had two years
to experience all this and I just haven't really felt a strong culture of innovation.
And that's really what I'm hoping to really foster with FlexNet
is that culture of innovation that is going to create the next big thing.
You know, like every cycle, there's like a new format for interacting with crypto
and that's where a lot of the value accrues. And so that's really the
goal with FlexNet is to try to be a hub for innovation and, you know, open myself up with,
you know, my years of experience building and launching products in space. You know, I mean,
if you look at it, you know, hundreds of millions of dollars of business has been conducted in smart contracts that I've built.
And, you know, it's there's a lot of experience and skill set built up through that, that in some ways I feel kind of underutilized only on my own things.
You know, I want to be a resource and, you know, for other people who are trying to create things that aren't, you know, that are out there and things that are like really pushing the space forward.
So that's really what I'm aiming to do, you know, with this.
And I think we can do it.
I mean, I think that right now, just kind of where the market is at and where,
you know, just kind of where the market is at and where, you know, just kind of the whole
world is at, I think it's truly time for us to discover and invent what that next big thing is.
And so that's, that's really what I'm, what I'm hoping to foster with this.
And so, you know, people have asked, like, how to get involved.
You know, so one, just if you have Hex on Ethereum, you can use the network.
Like, it's that simple.
When it goes live, there will be a, basically, it'll just a bridge that kind of converts your Hex into Flex and then bridges it over to the network.
And then you can interact with whatever products are there.
It's going to launch with FlexNex.
It's going to launch with a bridge.
I've also talked to a number of other people who have protocols on PulseChain and other networks who are ready to deploy once FlexNet is live.
networks who are ready to deploy once FlexNet is live.
So, you know, there's going to be, you know,
every day there's going to be new stuff to do on FlexNet.
This, I think, can be a big bullish catalyst for Hex because, you know,
one, it's just like a new demand source. Like if there's a breakout app on FlexNet,
then that is direct demand for Hex.
And because FlexNet is part of the Ethereum L2
infrastructure ecosystem,
all these other things that are created
to support that world
are basically like one- click integration with FlexNet.
So, you know, that means really good explorers, really good data indexing, really good on ramps, really good cross chain bridges.
So like all these things that, you know, you need to be in position to kind of create that next big thing.
It's just there basically out of
the box. So I think that this can just kind of, you know, give, give Hex new, new life. That's
really my, you know, one of my goals with this is to, you know, it's like by now it's like anyone
in crypto, maybe not anyone who joined crypto in the last two years. Basically, like the last two years, Hex is, you know, at BidPulsechain have kind of been in its own little world.
Like no one really knows or is aware.
But everyone in crypto from longer than that, they definitely know what Hex is.
And so, you know, I really hope that this can kind of be like a new, fresh way to reach people who maybe have had bad impressions of Hex in the past, you know, where we can, you know, just kind of reframe what Hex is and what the Hex community is and, you know, show that it's, you know, really a source of innovation and, you know, a source of creating new opportunities.
And so we, I think, can just make, you know, make Hex a, you know,
just make Hex new again.
That's really, I think, what this can do.
And if FlexDex is as, you know, if Flex Dex does what I think it can do, then, you know, basically, which is cap downside loss and amplify upside gain of speculating on tokens launched in the protocol.
then that could cause like, you know,
kind of the gold rush that Solana kind of unleashed with, you know,
the people who created pumped up fund.
I think that that can happen on FlexNet and that directly benefits Hex.
So a combination of just being closer,
more tightly integrated to the broader Ethereum economy, combined with, you know,
creating new opportunities that are like fresh takes on,
you know, what DeFi is or what speculation is.
I think that this can, you know,
really drive things forward
and the end result is increased demand for HEX.
And, you know, I'm sure if you follow me on on twitter you've heard me
go on and on and on about how i really think that the best chance of success in the whole ecosystem
is with e-hex um and i'm dead serious like that's that's probably it's something that like barely
like truly almost no one agrees but the reason why no's probably, it's something that like barely, like truly almost no
one agrees. But the reason why no one agrees is purely bag bias. Like, I think that's something
that I've really figured out how to get away from. In the past, I think I used to look at things
not fully objectively because of bag bias. And then I just remember hearing this interview with, there's like this
kind of old timey, long standing, famous hedge fund manager. I'm blanking on his name, but
there was a quote in this interview where someone asked like, what's the reason for your success?
And his response was, don't believe your own bullshit. And that quote actually really resonated with me
because, you know, a lot of times I've, you know, kind of overlooked things or, you know,
kind of like, you know, been financially motivated for some type of outcome. And then I've kind of warped reality around that. But now I'd say I'm
more deliberate in trying to look at things objectively, even if it's not in alignment with,
you know, trade positions that I've taken, you know, years ago, in the case of like Pulse and
PulseX. And so that's why, you know know i i am even though almost everyone else is not
fully like ehex aligned um i've been going more and more in that direction because um
i just look at the situation objectively and like okay what's a way to drive max impact with less headwinds? And if you look at everything about Pulse Chain,
it's really just a lot of headwinds.
Whereas if you isolate Hexon Ethereum on its own,
it's actually not headwinds.
For instance, and this is something
I've been tweeting a lot about today. And I mean, really for the last couple of months, I've really been kind of voicing this
feeling, um, is that like a lot of people, I think believe that the, the source of the problems
in Pulse Chain or the SEC related, uh, I just don't think that's true. That's like a small problem that gets priced in, basically.
Like it was priced in in advance and the outcome was like already priced in. So maybe there's like
a little bit of movement from like the last buyer here and there, you know, or last seller here and
there. But it's just not that that's not the main driver.
People also point to E price.
It's kind of an excuse for why Pulse Chain hasn't performed.
That has larger effect than the SEC stuff,
but, you know, still, it's like, that's like saying that, I don't know,
like the Lakers aren't doing well because the Clippers aren't doing well.
Like, you know, it's like, it's like a different team, a different,
like it's a, it's a competitor. Like, so I, I,
there is some element of like liquidity bonding and just like general being
part of the same market. But you know,
it used to be where a rising tide lifted all ships
in crypto, but it's not that way at all anymore. Like it's, it's entirely not. And so I don't
think that that's really the source. The main source of a problem is it really comes down to
just economics of the launch. Um, and so the only thing that benefited from the poor economics of the Pulse and the PulseX sacrifices is e-hex.
You could say that P-hex also somewhat benefits, but kind of the thing that's holding back P-hex is that it's natively on the chain that had poor economics of the launch of the native gas token
and the primary exchange um like there's really no way around it it took me a long like a long
time to kind of realize this and like agree with it whereas in the past i used to defend
the structure of the sacrifice um but i think just seeing, you know, how it's played out for two years
and then seeing, you know, seeing honestly a big piece of how I actually view
the effect of the pulse and the dynamic of the pulse and the pulse-like sacrifice,
it was honestly kind of like reinforced that it was problematic
after seeing that same thing kind of play out at a small scale
with the Gophers on Solana launch, believe it or not. You know, that was kind of structured
in kind of mimicking the kind of the dynamics of it, which were basically like, you know, fixed
rate, you know, deposit, whatever you want. You can get allocation if you contribute, you know, gophers on Pulse Chain, the token,
but those coins were just burnt. Like, you know, they didn't actually contribute in liquidity.
And so like kind of mimicking what I thought at the time, because at the time, you know,
Pulse was at like 1.2. And at the time, you that, that seemed like the playbook for success, but then seeing
how that kind of played out on that small scale, I think gave me a lot of clarity for how, uh,
you know, it played out on that larger scale with, um, the pulse and the pulse X sacrifice.
You know, it's like where on the pulse and the pulse X sacrifice, so much of the value that went
into it was in hex, which, you know, it burnt hex supply,
but it didn't introduce any economic value to the system. And so, and it honored the
paper value of that at the time. So, you know, that was billions of dollars of hex
that shared tens of millions of dollars of liquidity, which was honored at the fully
liquid price or the, like the fully, like the full paper, paper value.
Like it, it didn't account for like that, the difference in liquidity.
And so the, it, so much value was, you know, kind of like migrated over, but it didn't do it like paper value is migrated over, which burning hex, but that didn't inject any type of buy side liquidity into the system.
And then that, I think, is even further amplified by, you know, the six hundred fifty million dollars of non hex assets sacrificed.
Only about twelve million of it went through tornado cash,
which maybe was to fund development.
But also I think that was at the time when all those cars and watches
and stuff were being purchased.
So a couple million dollars worth of money.
But then it all just sat there.
And then there have been some
injections of value into Pulse Chain, which kind of just been sold down. But just that big
disconnect in the demand being absorbed, most of that demand being in a format that didn't
introduce any, you know, any capital to work with. And then the capital that was there to work with
just hasn't done anything like all it's done
is swap into ETH at the highs um and now that you know that you know there's like what like two
billion dollars of value sacrificed 650 million dollars was actually like cash in hand in stable coins and then now that's worth like under 300 million so like there's 300 million
dollars of capital to work with and you know what i measured it today it was like 1.2 billion dollars
of current uh market cap owned by users you know owned, owned by sacrificers of Pulse and PulseX.
So just like that big, big disconnect of, you know, market, like market cap and the,
you know, capital to work with, like, that's a big problem. And acting like it's not a big problem doesn't make it go away. And
the only thing that loosely benefited from that was e-hex because one, it actually went through
a full market cycle. Whereas Pulse and PulseX have not gone through a full market cycle.
Pulse and PulseX have not gone through a full market cycle.
The price was decided.
And then that's when all of the demand happened.
There's been very little new inbound demand for these coins.
So almost 100% of the demand was at a price of 0.0001.
And so now that level is basically just like a massive resistance
where there wasn't like natural market structure to help kind of balance that out
and the you know so so it's just like something that i think i mean i there's really no example
of that happening in the past i at least i can't think of that because usually it's like when an ad, like a stock goes public, you know, the value kind of marches up over time.
Like from the start, the value is low and there's high risk and it's unproven.
And then as they gain traction and reach milestones, the valuation increases as new funding comes in.
So like there's really not like a clear example of like a time where that's kind of happened.
You know, so it's, it's just like a big looming thing where, you know, my bags, um, there's, you know, probably the only solution
is to simply focus on E-hex, um, because the, the pulse and the pulse X are just, are truly,
it's like, imagine like, this is just a hypothetical thing, but just imagine like,
you know, someone is just like super fat and, like, two big lumps in their belly.
It's just, like, you know, they reach over, and they pick something up, and then, like, their shirt kind of lifts up, and there's just, like, these two massive bulges of fat hanging out from under their shirt.
Like, just imagine that.
Like, that's kind of, like, the, like, pulse and pulse X.
of like the like pulse and pulse x it's like you know what if you had like if you were you know
having to like say like there's like a an avalanche and you need to like grab on to like you
know help help your friend like there's like you know two people one of them is you know skinny
lean and then the other one is just like two massive, just bulges of fat, just hanging out of a T-shirt.
And, you know, it's like you can really only, you know, grab one.
And so that's why I've had this kind of renewed focus on EX is because, uh, purely
purely economics, like, you know, no, you know, no bullshit about, you know, SEC, nothing
about like, you know, Richard or anything.
It's like pure just economics of launch, um, you know, completely objective.
And, um, and I think that that's probably the only thing that can help accelerate the,
the, um, kind of the redistribution of the pulse and the
pulse x supply that's really all like all that can possibly like the only way to solve poor
economics is in the price um you know so what that means is that the majority of the pulse supply
needs to be sold at a big loss to new people who have a reset cost basis,
where that cost basis is more accurate and more accurately reflects the value of the asset.
The starting valuation for pulse and pulse X at the time of the sacrifice was really just the value of Hex at the time
kind of reflected in that.
It wasn't the value of Pulse and Pulse X.
And that's what markets do is that they
brutally allocate gains and losses
based on mispriced risk and mispriced value.
And Hex went up so much because there was drastically mispriced risk and mispriced value. And like hex went up so much because there was drastically
mispriced risk. Like early on, like there was very few buyers, people thought it was a scam.
And kind of when it became clear that it wasn't, and then a bunch of new buyers piled in, the price
went up. Whereas with Pulse and PulseX, the starting price was really high. And so that's mispriced value. And really the only like the
only solution that exists is, you know, complete recirculation of supply, new people coming in,
if you know, but new people coming in to, you know, acquire those coins that,
you know, people are selling at losses.
But like, you know, the challenge in that is just how competitive the space is now.
Like when Pulse Chain launched, that was kind of the beginning of the hyper-competitive alt network scene.
Like in 2017, there were kind of a lot of networks, but that was mainly because like,
you know, ETH was fairly new. 2020, it felt like everything was on ETH. And in 2021, it started to feel like,
you know, there's AVAX, Phantom, BSC. Those are, you know, drawing a lot of volume, Solana.
And so, you know, a lot of people also were seeing a thing that Richard saw, which was that
there's like opportunity in the alt network space. And so it's just like a highly competitive space. And so like, you know,
the, it's, it's very difficult to reach users and, and convince them to go to, you know, one of
a handful of networks, especially when, you know, every major exchange supports like
these other well-funded, highly professional networks that are really effective in getting
users. And so getting closer to that action is, you know, possibly the only thing that can actually
help attract users that are going to find their way to pulse chain is for there to be something
high impact, exciting with big growth potential. It's not held down by two massive just bulges of
fat hanging out under that t-shirt. And so that's kind of what FlexNet represents to me is that,
you know, it's centered around a coin that's like artificially low. You know, the hex price on Ethereum is so low,
partially because of how high it got on, you know, in the 2021 cycle,
but then partially because of how, you know,
how dilutive and how big of like a negative externality that Pulse Chain was
and kind of like the artificial attempt to try to get everyone to migrate over, which, you know, moved a lot of the supply that was just on the margin that's kind of
trading. But like, you know, most people still look to the value of their E-hex stakes, especially
people who have long stakes. So, you know, E-hex is artificially low. And that's the type of asset you want to be centered around is
one where the price is lower than its value. And so that I view, you know, Hex is the one to
to do that for because like for FlexNet is because it's like this sweet spot of like,
is because it's like this sweet spot of like, you know, there's still 100,000 plus people that care about it.
It's artificially low.
It's gone through a full cycle of, you know, markup, distribution, markdown, accumulation.
Like kind of look up Wyckoff cycle like this kind of premise
of how assets trade like we're these different phases where and like you see that playing out
on the chart um there there was never really a time when the price was artificially high
whereas like with pulse and pulse x there was a time that price was artificially high and that was a sacrifice um and so the like hex on ethereum has actually had
complete like market cycles and that's a really strong foundation to build upon and it's not
heavily overweight um you know because the thing that caused like these massive you know fat fat rolls to hang out of a t-shirt that was um the marked up value
of hex that was then converted into pulse and pulse x during the sacrifice and then now that
hex was burnt and then that kind of like negative externality of the highly marked up hex price
that was kind of migrated over those other tokens um So, you know, it sounds kind of crazy to go against the grain here of, you know,
the market has decided that PX is the real hex, you know, everyone migrated,
like all that shit.
But if you actually think about the economics of the situation,
it's kind of a no-brainer.
So, you know, and because,
and, you know, it's like, why do I do this?
It's, you know, I have, you know,
Hex was really like the first big
life-changing crypto thing for me.
And I think that Hex was like
truly innovative at the time.
Like it really kicked off like this kind of new wave of yield generating assets.
And, you know, I think that, you know, trying new things like, you know, launching Pulse Chain, like that's a good initiative to take.
And that's a good big risk to take.
You know, but you also kind of have to look back and see like what works, what doesn't work, what's the reality, what has changed since, you know, the first time you assess the situation.
And so I think that, you know, EX is the one to kind of center things around if you want any of the other ones to succeed, truly.
truly. Um, and the, you know, that's kind of what, what this goal is with, you know, with,
with, with FlexNet is kind of even further it, you know, abstract away from that, just like,
you know, heavy weight to pull up, um, that was created with the, the, the sacrifice phases and,
you know, try to do something, um, that's gonna, you know, help hex reach new heights.
try to do something that's going to help hex,
reach new heights.
And then maybe we'll see some residual benefit,
residual benefit kind of leak into other parts of the ecosystem.
If there's anyone who wants to get up here,
feel free to hop on.
I was kind of ramped.
Whenever I'm on a space,
I'm always wondering,
like, oh shit,
is my microphone on?
Like, imagine that.
Imagine me just
here rambling to my dogs,
just,
they're looking at me like,
what the fuck is he talking about?
And then it's on mute or some shit.
Give me a clap
if you can actually hear me.
Oh God, no claps.
Okay, okay.
We got some confirmation there.
Does anyone want to get up?
Please raise your...
I guess...
Hit the heart or something, whatever, if you want to get up.
Okay, there's a lot of, here, maybe while we wait here, I'll see some.
So P Frank says pump tires on hex would be dope.
So here are my response to that.
Here, you guys can watch me tweet in real time.
This Flex Dex is the solution. It is a reduced risk watch pad with built in loss protection. lives in the token contract
what else
the edwards says honestly this is what the ecosystem needs more toys more products more
building that's what will recover the volume which recovers the price volume means more
transactions you need more fees which means more income for all yeah so that's you know
it's like i really like it feels like not a lot has actually been built on pulse chain recently
um you know you see things coming here and there, you know,
but maybe it's just kind of the doldrums of the bear market
where it's kind of hard to just, like,
drive a lot of excitement around things.
Like, I mean, you know, I even kind of felt that with Quantum Raffle
where, you know, like, super innovative thing, like, in general,
like, kind of a new format for speculation,
because that's kind of what I, what I think, like, what I've seen, what I've seen over the
crypto space is that like every, every cycle, the world just wants more direct ways to allocate
gains and losses. So early on, you know, there's kind of like, you know, Bitcoin and Dogecoin and those things.
And then it kind of, you know, kind of converted into like the ICOs of 2017, where like people wanted to bet on like these crazy businesses, crazy things.
And then they'd launch a token and then people would speculate on those, you know, basically vaporware, people betting on which vaporware is going to have the best narrative and drive, get exchange list things and all that. So kind of allocating gains and losses by betting on like wacky business ideas. And then it kind of converted to like gains and losses allocated
based on which food token that was loosely related to some like yield farming thing was going to be
the best one of that week. And then the NFTs kind of
even further shrunk that where it's like, you know, which brand as represented through these
10,000 NFTs were going to, you know, create the most gains and losses. And then that kind of
behavior kind of shifted more even towards like the meme coins where like people want to bet on what's going to be the top performing thing of that week
or that day. Like, and you kind of know who's going to win big and lose big within hours.
And so, you know, with quantum raffle, that was like kind of an attempt to try to
discover what, you know, what, what's like the next format
for high risk speculation, you know, cause like the only way to achieve high gains is for a handful
of people to win and everyone else to lose. Like that's truly the only way to have like a high gain
situation. And so, um, trying to explore other formats for that behavior to take place.
And that's kind of what called me of Quantum Raffle.
And, you know, there's probably like 300 people participated in that.
You know, $30,000 of prizes was distributed.
But, you know, it just didn't really hit.
And so, like, I'd say, you know, but that was also when the pulsing price was like really low.
So it's just kind of been like this doldrums.
And I think that's like inhibited people from building because it's really hard to build in an ecosystem.
It's just kind of on a straight decline.
And which is interesting because like since I really started building, you know, on-chain products, there's – it's basically been in a straight down cycle.
It's like I chose to build around Hex because, you know, I had real skin in the game in Hex.
And it felt like a thing that was – where the risk was totally mispriced and had high growth potential.
So that's why I've kind of fixated around Hex since 2019 was because of that.
I started building on-chain products with Maxi in 2022.
And then with other kind of things related to Hex.
you know, with other kind of things related to hex. So it's like, kind of been in this, you know,
in that space where, you know, built building around assets that are just, you know, diminishing,
like, I luckily have a really positive attitude. And I don't give up easily. And I, you know,
am really willing to learn from mistakes and just, like, keep pushing forward.
So I think that's what's kind of kept me in the game.
But if, like, you know, other builders, like, maybe they don't have that kind of vigor to kind of push through.
And I think a lot of build, like, there's been a lot of chains that have been really trying to cultivate a culture around building such as base and then also Sonic.
And so like, you know, to try to get new developers to build on Pulse Chain.
Like I should, you know, one of the most embarrassing things that's ever happened to me.
I was in a Telegram chat group with a bunch of other people.
It was like a Web three builders chat group.
Everyone's going around introducing themselves.
I say that I built things on Pulse Chain.
I was booted from the group.
I shit you not.
And so like, you know, the it's, it's,
I think that that kind of contributes to why there's really not like a culture of innovation is that, I mean, you know, it's kind of been down only.
And, you know, like there's just so many, it's just so competitive now where, you know, every chain, you know, raises a lot of money, which Pulse Chain did too.
you know, raises a lot of money, which Pulsechain did too,
but then they invest that in trying to drive developers to build on the chain,
which is like the opposite of what happened in Pulsechain.
So I guess it kind of makes sense why there's really not any, you know,
like there's some things here and there, you know,
but like most of the protocols were basically just like copies of things that
already existed on Ethereum. And then, you know,
just like the general system state copies, which I mean,
really the only successful one has been hex and PDI in terms of,
you know, captivating people. So, you know, I, I think that it's,
it's, it's, it is really tough to kind of build in that environment um and i'm i'm really
even though there's a lot of really creative people really smart people in the hex world and
now that there's ai tools that like that takes someone who's like a beginner
who maybe is a subject matter expert in the topic but like not
like an experienced developer that really bridges that gap to getting something to production on
mainnet and so like all the places are all the all the pieces are in place there but
um i think that just like the incentives aren't really there there's not really like a strong
culture of support for builders kind of from the top down.
And I think the root of that is that because Pulse and Pulse X are so heavy, I think truly Richard feels like, not the environment that really, that's not the environment where like the next big thing is going to be created.
Um, and so that's kind of that, you know, really reflecting on that is what has, um, you know, like that, that's, that's really where, where a lot of inspiration for like how I want to design FlexNet to be and even going into like,
you know, like using HEX as a gas token, not launching a new gas token.
It's like how a gas token can be something that a lot of people want to accrue value
kind of puts them at odds with everything else.
And so, you know, that's part of their making the ownership units not liquid tokens, but really just like revenue sharing from the success of the network like that to fully align the people who are helping to fundraise to bootstrap the network.
True alignment with the projects.
Because if you look at the source of revenue, like if you look at, here, let me just like pin one
so we can get some context here.
What's one that has the different revenue sources
for these ownership units?
We can kind of talk about that.
Okay.
you know, so,
so these ownership units,
they're,
they're illiquid NFTs.
At some point,
these will become liquid tokens,
but I think that that,
you know,
kind of like how, like,
Pulse Chain is kind of at, like, PLS is kind of at odds with everything else.
It, that is like a non-starter for me.
Like, I want this to be like a setting where there's full alignment between
the people who are helping to operate the chain with the people who are building stuff on the chain.
So that non-transferable aspect is important to me.
And if you look at these revenue sources, you know,
they pay out when there is growth and success on the network.
So like the sequencer fees. So that's like, you know,
just like the gas fees, basically Coinbase made like $120 million last year, operating base.
And so, you know, that's kind of a skill.
Like, so if it gets as big as base, like, you know, and there's as much activity as base, like that's, you know, potential outcome.
You know, but that'll take a lot of work and a lot of things to go right, you know, of course.
Then the FlexDex LP fees.
So this one I actually think is probably
the most lucrative one because there's already high demand
for kind of like the launch pad,
like token trading kind of thing.
And the way that this fee mechanism works
is that when a coin launches on Flexde decks, there's some amount of the initial
liquidity that's basically locked. Like, you know, on pump fun or pump tires, there's that amount of
liquidity that's just like locked in to the system. That's how this works with flex decks.
But then the fees that come from that lock liquidity are what go to the, go to these ownership unit holders. And, you know,
as you know, like from when you look at like how fees are distributed in automated market maker
liquidity pools is that it's basically these shares that represent ownership of the liquidity pool.
And then the share, like the fee is actually allocated by means of how the shares,
The fee is actually allocated by means of how the shares dilute each other, basically.
So it's all kind of done through the shares.
And so that means that the fee actually gets paid in both Flex, which again is wrapped hex.
So you're basically getting hex on one side.
And then also you're getting some of every token that exists on flex decks and so
um you know 99 of the coins are not going to have lasting success you know but there's the price
for so like even if those coins have no success there's some minimum amount that you that you can
get of flex that they're effectively backed by um but then the ones that do take off like that
can be a massive payout to those ownership unit holders as if you know and i think that's kind of
a unique situation where like holding you know being an owner in this so you know so helping fund
the the bootstrapping of the network you basically are getting like some exposure to all the coins
that exist on flex decks it's not like you have to go and bet on which one is going to be the big
winner.
It's kind of like passive exposure to all of them where there's some minimum
amount of flex that you'll just earn.
But then the ones that hit,
like those can really hit.
So that,
that would actually think,
and that's kind of what I suggest that tweet is that the flex decks LP fees
are like,
that's probably the big revenue driver early on.
And that only grows with increased activity.
You know, more volume means more fees.
You know, more volume means more, you know, chance that something really pops.
And the things that really pop are really going to be the ones that pay out big.
And then things that are kind of long, like, so the other revenue source is the incubator
equity.
So project, so like if you look on the site,
there's like an application.
So if you have like project ideas
that you're serious about doing,
go ahead and put them in there.
Some people have already submitted stuff.
But, you know, there's going to be, you know,
select projects that like,
basically projects where I'm doing,
I mean, for most people, I'll just help for free.
Like, you know, if you have a question or like, you know, want to bounce ideas, like I'm really trying to make myself available for that type of activity.
But for ones where there's like serious design work, you know, like we're like Gold Key's seriously contributing to design or, you know, I'm seriously contributing to like engineering.
seriously contributing to like engineering or like, you know, we're doing stuff to help with
like launch, like, you know, there's things where there will be some type of like equity
participation in those. Then, you know, some of that exposure will kind of, you know, filter back
into these ownership units. So that one's kind of moonshot, you know, probably not like a high
recurring thing, but, you know, if like there's some massive innovations created that really does create like the next meta in crypto.
Like, you know, that's kind of some way to capture exposure there.
But that's a lot higher risk.
And that's that's of the different revenue sources.
That's like probably the lowest, you know, like lowest guarantee.
But if it hits, it hits like that's kind of how to do that. And then the fundraising
rewards, because these are illiquid, because these, you know, it's not like a token is being
issued to be an owner. These are non-transferable NFTs. I wanted to create a situation where
it kind of mimics what happens when an asset appreciates in value. And so like
right now, these are about $50. Now the ETH price is up there, it's closer to $60 per unit because
it's 0.0369 ETH. But these ownership units are, you know, currently because, you know, as of now,
this is just an idea, you know, I have the testnet ready to launch but i tweeted that i'll i'll give people at least a
week to get in on kind of this like higher risk lower price uh deal with the 50 ownership units
um but you know once the test is live that rate goes up to 100 and then once the main net is live
there's gonna be another one where the rate goes up to 200. And then that's just like the currently scheduled like fundraising rounds.
But there's still, but that,
that only amounts to 70% of the or 30% of the supply.
So there still remains 70% of the max possible supply of these units that
could, you know, be, there could be more funding rounds later.
I've been starting to work on some materials to be presenting to like different VC and angel and even private equity groups around this topic to try to get, you know, some
participation there too.
But each time there's a funding round, some portion of those funds are going to, you know,
basically go as a bonus to the, you know, to all the existing owners.
So what that kind of looks like in practice is that, like, you know, say you buy the $50 units right now,
and then in a couple weeks we have the successful test net phase.
And then that, that rate goes up to a hundred. Out of all of the, you know, the units that are sold at that hundred dollar rate, you know, some percent of that is going to go, you know,
straight to the, the units that had already been issued. And so that's kind of equivalent to like,
say you bought a token and then the price doubled
and then you sold, you know, say 10% of your amount.
So it's kind of like DCA-ing out of a position
every time it doubles.
Cause you know, like this, like the first one is $50.
Second round is a hundred50 second round is 100
third round is 200 so you know each one is kind of set to double in that way and if so it's kind
of like DCAing out um every time price doubles um but in this case like you're not losing your
ownership units um you still have them but you know it's like you're not losing your ownership units. You still have them, but you know,
it's like you're kind of locking in some gains as the value increases.
So that's kind of the alternative to just having a token where like, you know,
most of the liquidity is just basically fought over who the earliest sellers are.
And then, you know,
a handful of people capture most of the value and everyone else is just
kind of screwed.
This is kind of a different way to approach value capture as price increases, which I
think just makes it a little more fair.
And further, like the whole point of all this is to align incentives with growth.
Like if you're in at this $50 per unit round, then you are fully in line.
You want there to be a massive funding event at the $100 price and then the $200 price and then the next price.
And kind of the only way to justify those larger fundraising rounds at higher prices is to start contributing or just to generally root for the success of the system.
and or just to generally root for the success of the system.
So that's really what all these dynamics are is just to try to reach alignment with everyone in the ecosystem.
And, you know, these being capped like that, that's meant to kind of solve that problem with the uncapped pulse and pulse X sacrifice.
So, you know, a lot of thought kind of went into how this should be structured such that we do achieve that alignment and, you know, try to avoid things from getting oversubscribed.
Because if it's oversubscribed, it's much harder to drive a lot of earnings.
Like, so if all three of these rounds get filled, that comes out to, so $50 times 10,000, that's 500K, $100 times 10,000 is a million, and 200 times 10,000 is a million.
So in total, that's like $3.5 million that could happen as part of the launch fundraise.
Who knows if it actually reaches that?
It may not.
But now in order for that, for people to recoup their investment, the network only needs to
drive $3. million dollars of revenue,
you know, over the life cycle of that system. And if you're getting part of it back at the end of
each funding round, you know, so it's a little like everyone's break even is a little different
based on if you got in the first, second or third one, for example. But, you know,
tapping it there just basically reduces the threshold for what makes it at least a break even for everybody.
You know, driving three point five million dollars of revenue is good.
It's tough. But I mean, you know, if a lot of that, which I truly think that the first thing that's going to have high revenue growth is going to be the flex decks because it's based on trading volume.
And a lot of that volume can get kind of recycled.
Like everyone who's trading,
like if you're making like five or six trades on the same asset back and
forth, you know, it's like that volume gets kind of duplicated.
So, you know, say, say it's a 1% trading fee.
say it's a 1% trading fee
and then
those pools account for maybe like 30%
of the total liquidity
in each pair. It could even be higher than that. It all depends on how
liquidity providers trade.
A couple hundred million dollars of trading volume could, you know, very well cover that.
And that doesn't even count like the sequencer fees.
Doesn't count the funding bonuses, you know, because like there's going to be future funding.
Like that's kind of the whole point of those ownership units is to, you know, issue those so that there's more capital to work with to promote the system.
So, you know, I wanted to keep that to be a nominal amount where it's like, you know, a serious budget to work with to really try to make this thing a success.
but also not creating a situation where it can be oversubscribed and then it's basically
impossible to recoup that value. So you've got 40 people in here listening.
So you don't want to come up and contribute anything to the discussion.
Let's see what other comments people left.
Ricardo Corazon asks, will RH bridge into capitalized flex decks?
Unlikely.
Yeah, very unlikely.
It all depends.
If he was serious about cultivating the HEX ecosystem, he would.
But I don't think he is.
Mecca asks, can you talk about that safety floor? So here, I'm going to.
The price floor in FlexDex is a mechanism where the contract,
The contract, the token contract is always equipped to buy back and burn 100% of the
supply issued through the launch pad.
This lets you calculate your next possible loss
and provides a graceful way for tokens that fizzle out to not be a race to the exit.
A unique trading opportunity for buying at prices just above the price floor.
Because your max possible loss is small while max gain is infinite.
That makes sense?
Always.
Risk-free crypto says,
can I sell my necks and buy Flex Unit?
Will it be better investment?
That one, I will say ownership units are higher risk but have larger max growth potential. If PlexLent succeeds.
ehex pulse hexagon with the awesome combined hex logo. It says, pumped for this project.
Great work, sir.
Always been a pulse ehexagon.
Nice. Look at the prices.
Rapid Pulse is... Let's look at the prices. Rapid pulse is 0.00034. Thank you. So if you have any questions, either request to raise your hand or tweet in response to
this thing right here, like the space tweet Thank you. So what do you guys think?
Do you think that FlexNet can be a success?
You know, it's also probably a source of uh opportunity in this is that um so many people
were so upset about gophers having existed and like that i would have the audacity to launch
something on solana um that will probably make this launch probably undersubscribed.
Like Gophers is probably oversubscribed.
Things I've launched in the past have been, I think, oversubscribed.
But I think that's actually a source of opportunity here is that kind of weeded out.
I mean, just like, you know, they're just just crabs in a bucket that's
kind of the only way i can explain uh kind of ex abuser who just gets so upset if you kind of break
break the mold or if you like say something that's like not in line with what richard says
it's like there's like crab in a bucket is one way to describe it uh digital cock suckers is
another way to describe like people who actually like suck digital cock um like a couple ways to
describe that category of user um but um you know needless to say i don't think that that type of
user is going to participate here but that's you, that's the type of user that is the definition of negative externality.
And they're like the reason why Pulse has underperformed.
Okay, Ricardo Corazon has requested RectPleb5555.
What's up, Ricardo?
And I'm bringing up little white weenie dog as well.
How's it going?
I think your mic is muted.
Hey, how's it going?
Doing good. Thanks for being here.
I was one of the people that got burned on Gophers, but it's okay.
I guarantee you I lost more.
That's why I also have less sympathy in general, even though it obviously sucks.
I wish it could have been a major success.
I know, I know.
But I guarantee you I personally lost more than anybody.
And I know how much everyone put in.
That's why people complain to me.
It's like, okay.
It's also
personal responsibility, right? I bought
Go First. I knew that
Solana was a G-chain.
I just didn't know how
bad it was over there.
Yeah, I mean, a big
thing, everyone, the major source of outbound
funds was actually everyone selling to chase the top of solid x like when solid x is pumping
like i was because i had some tools to kind of analyze like kind of the nature of what people were doing saw a lot of bridging and then addresses that had
participated were aping into solid X of that so it's kind of interesting where a
lot like there you know funds were bridged out but then they ended up just
being bridged right back in chasing the top so that's kind of interesting but
yeah but yeah that's I think that's in the past.
And, you know, like, of course, there's always risk for reward.
So if this is new, there's going to be greater risk, greater reward, right?
So people just have to, like, be careful, don't over-leverage, like always.
But it seems like a good opportunity has a good idea behind it. The only thing is how do you what do you think this the
the probability of like getting capitalized by like huge players is like uh because you know
you're relatively i guess unknown like how do you how much you think we could go uh grow like in
terms of market cap or like in terms of usage and people you know know? Yeah, I mean, you know, that's like the big challenge to overcome, you know?
And I think that doing something like this, I think, aligns more with, like,
what my, like, real skills are.
Like, it's always hard, like, trying to promote, like, gophers, for instance,
because it's like, you know, kind of what can you do?
Like, I build things, and, you know, kind of what can you do? Like, I build things and,
you know, that's always like a hard thing to do. But, you know, taking it serious to
kind of cultivate things being built and just getting out and talking to people. It's a big,
it's a big marketing thing, basically. And, and then, you know, kind of leveraging the community for, you know, like amplifying what the community who gets involved is capable of.
So that's kind of, you know, that's kind of the big challenge that will unfold over, you know, years.
years. I mean, really, like, this is a big project. And I think that, like, with,
I mean, really, like this is a big project.
this is a space that actually does have a lot of demand from, like, kind of institutional capital,
like, actually, a lot of capital has flown into these kind of, kind of the wording that others
use is app chains. So, like, are kind of like specific for a particular like
DeFi protocol, like Hyperliquid is an example of one where it's basically like an L2 chain that is
specifically for this one type of DEX that they've built. So I think like proving some
level of success with FlexDEX is like a big step in that direction um
and um yeah so that's i it really comes down to like the success of the applications on it and
the applications are really only successful if there's high perceived opportunity from users
and so you know that goes part of it is like you know design, creating protocols that put people in a position to have a big win.
And that's really what a lot of the thought into the FlexDex, like between the price floor and the way liquidity pools work in there.
It's really to try to set people up for success because that's really what drives people.
It's not the green candles
that drives people in it's the perceived opportunity um and so just really cultivating that
is probably the way to attract like larger pools of capital who are going to take this seriously
it's probably like how i think that right now yeah because we like we see the price of
eth right eth is like the best one of the best i guess blockchains and the price is is down right
so it's like a lot of people are going to invest um you know thinking they're gonna get price
appreciation so it's like the number one thing is mindshare and marketing so you know
i just want to make sure that's top of mind to make sure that if there if it's a long-term
project and that we're working towards good marketing and building mindshare oh yeah and
that's part of why you know like the there's like this like fundraising push for this because it's
like the chains that are succeeded that succeed in capturing Mindshare, like they have a budget to work with.
And I think that's kind of where Pulse Chain's kind of been lacking is that there's a lot of money raised but very little deployed in that type of way.
And so, you know, that's kind of part of the design of like the fundraising mechanisms and to really try to do that because, you know, it is a hyper competitive space.
And so also, I think that like where like using a coin that kind of already has independent value as the as the gas fee token. I think even kind of even helps that too, because, um,
it doesn't make the chain all about the gas fee token.
I think that's that, that helps let other things succeed better.
Um, and so, yeah, it's really,
it's really all about just creating success and just making it happen.
There's going to be a lot of challenges to overcome, but that's kind of the nature of it.
That's a really important insight that you brought up about capturing Mindshare.
that you brought up about capturing my chair.
We got a little white weenie dog up here.
You got some dad.
You're muted if you're talking.
Maybe Top Gun.
X-A-D-I-N.
I can't hear you if you're speaking is it just me like am I the only one who can't hear
no I can hear you
oh okay
here's the request Okay, here you go. Okay.
Here's the request.
Top Gun Hexadian, just call me Mr. Gun.
Hey, hey.
Just got a hold of the mic.
How's it going, Dipgat?
Good, good.
Welcome in.
So, yeah, it's a little bit of an interesting concept.
Sorry, I've missed, like, a bunch of it.
I've caught bits and pieces.
So you're using hex as a layer 1 or using it as the gas token for the chain.
Does that make this a layer 3 or is it still a layer 1?
Well, it's actually a layer 2.
It's actually an arbitrum.
It's an arbitrum layer 2.
But it settles on Ethereum,
but it uses a mechanism from how Arbitrum works
to enable the custom gas token.
So it is a layer two on Ethereum,
but it uses the technology that Arbitrum pioneered,
which allows for a custom gas token.
And what's interesting, and this is what I touched on earlier,
is that when you look at Ethereum,
like Ethereum has 18 decimal places,
and HEX only has eight.
And so just the way the EVM works,
the kind of, like without having to like reinvent a lot of like really deeply
like critical pieces of the stack. The easiest way is to use a custom gas token that
has 18 decimals. So if hex was like hex has eight decimals,, the standard is 18 decimals for a token.
So that's kind of the reason why it has to be wrapped first into flex before being bridged and used as the gas token.
It's purely just to get so that it has 18 decimals. So basically like all the flex is, is wrapped hex one to one times 10 to the 10th power to move the decimal point
in hex from eight slots behind the zero to 18.
So that's kind of the only nuance there,
but it's,
you know,
always admissible and redeemable.
So it is hex.
It's just wrapped hex as the,
as the gas token.
And probably more important than being the gas token, um, is the, it's, it's use as the primary
liquidity pair. That's probably, that's the piece that I like really hasn't, I mean, there are a lot
of, uh, coins where there's some liquidity withX, but the majority of coins have liquidity with
either Pulse or stable coins. And so having this wrapped version of HEX as the gas token just kind
of sets it up nicely to be the primary liquidity pair for coins in the network. So I think that's another big piece of the pie here
is that Hex is the primary liquidity pair.
That's a nice concept with getting some of the capital up and gathered.
It's at least as interesting as Hedron or not more.
Now the question is, what chain are you going to be resolving this on?
On Ethereum or on Pulse or on both?
Are you going to create Crossbridge?
Ethereum.
So, it basically has nothing to do with Pulsechain.
There will probably be bridges that emerge where you can bridge coins from Pulsechain to FlexNet.
But we're really trying to lean into the interoperability
of the broader L2 ecosystem,
which Pulsechain is just not really a part of.
There's a whole...
I really wasn't aware of how much stuff there was change is not really a part of. Like there's, there's like a whole, like,
which I really wasn't aware of how much stuff there was that really kind of
integrates these L2s together and like resources that they can tap into that
help them with,
you know,
bridging across chains and even things with like data indexing for
explorers.
Pulsechain is kind of in its own little universe.
And so a lot of kind of like the built-in like native integrations and stuff,
it's really centered around Ethereum and the other L2s. is there any is there any way we get you to change the name
uh it would have to be a really good name
i think it would be a better name that's up to you though what's your idea
uh i don't have i'm pretty committed to it uh no i haven't i don't have an idea yeah it's
just i don't think it's that catchy personally flexnet i don't know i don't think it's that
catchy like if i'm thinking about uh flexnet like i don't know to me don't think it's that catchy. If I'm thinking about FlexNet,
I don't know.
To me, it doesn't seem that cool.
Well, shit.
Kind of think of what
other chains there are.
Ethereum,
Base,
Sonic,
Solana, base sonic solana finance smart chain
avalanche
arbitram
optimism
story Mism.
Story.
What else is there?
Proof of play.
Derive.
Pepe Unchained.
Abstract.
Blast. Unichain, Ink, which is Kraken's L2, Xchain, Mantle.
Well, feedback received, it may not change we may just have a I
Feel like a lot of the names like they maybe aren't catching around but maybe they become catchy under the right context
So you were doing a fundraiser for this
but not like
You're not like
It's not obviously you're not expecting the amount of input as like say
Paul's chain or anything I did catch you know the ill-receive of gophers you're expecting less
sentiment around this one but um for example like uh the internet money crew they they put a cap on
their sacrifice like on their fundraise which I think did a lot of beneficials to their sustained value so I was just wondering if you were toying
around with that idea how exactly yeah these are kind of what was the cap so
at the current $50 per unit price there's 10,000 units available at $50 per unit price. There's 10,000 units available at $50.
So it's like 500K.
Once the testnet is live,
then that rate is going to ratchet up to $100 per unit.
And then once the mainnet is live,
there'll be like a final kind of fundraising push.
And that will be at $200 per unit for 10,000 units.
So these kind of like launch related ones will be capped at,
if you add that up, that's like $3.5 million.
But who knows if it actually reaches that amount.
I think at this time, it's very different than kind of 2021 2022 in terms of
you know just like people's ability to invest in things um so that's that's kind of you know
that's the cap for for this and also i mean the this being like an illiquid token that's like
another kind of form of cap because i think it would actually get a lot more if it was a liquid token.
But this being like a non-transferable NFT that represents like your deposit, that I think actually is also kind of a type of cap. Because if you're doing this, you're really into this. Whereas maybe it could have raised more money being a token,
but then it creates a situation where it's basically just like a PvP trading game
amongst the people who are involved.
And most of the value is going to be captured by the people who are actually exiting the system.
to be captured by the people who are actually exiting
the system. Whereas
it'd be better for the health of the
whole system for
the value to accrue
to the people who put skin in the game
instead of the people who are actively exiting.
that's like another
form of like
throttle on it
being oversubscribed.
It's actually some pretty good concepts, I think.
Thanks.
Yeah, I mean, like, the network is big, but truly, I think that the FlexDex,
I feel like there's actually really something special there. Like,
I think that the,
even though there's like four different kind of revenue sources from that
ownership model, um, I,
I really think that flex decks is actually probably the most lucrative one.
Um, which in some ways I'm, I've kind of feel like, okay, like,
am I just giving away a lot of value here?
But I mean,
if that's what it takes to kind of bootstrap a successful network here,
that's going to accrue even more value in the future than, you know,
maybe it's worth it.
Well,
definitely like the concept of the
the cap kneecapping yourself a little bit early
on and just getting what you need to run so
there is some opportunity for speculation
stuff you don't get the saturation I have
with Paul's it's definitely worth it
because I mean even on Paul's where we're suffering
like again I bring up the internet
money crew like they have
done at least decently enough that they've
never even
returned to their sack price since launch pretty much so like yeah that that smaller market cap
when you've got a usable product like it's a lot to generate future value which does generate that
interest and it's a lot more than than a lot of the concepts that are going around i think it is
a very good place to start yeah i i agree i think they did a really good the concepts that are going around. I think it is a very good place to start. Yeah, I agree. I think they did a really good job
with that.
It is hard
because a lot of times
things can get kind of frothy
and it's mainly people that are just wanting to
speculate more so than
matching value
to what's being built.
I think it's, it's clear now.
I mean, we've seen things firsthand up close, like why it's, you know, better to, to not, you know,
be completely overweight.
And cause that takes years to resolve,
like the,
the uncapped sacrifice of the post-pulse sex,
like truly,
I mean,
it's like,
we've been kind of fighting through two years of it so far,
but like that's a long-term thing that the only way to resolve it is through
pain,
basically,
which just sucks.
A little white weenie dog says, I can't talk right now, but I wanted to thank you again for making the perpetuals and team.
The discount they've given on T-shirts has been incredibly advantageous.
There are many crabs in buckets on Pulse Chain.
Is that how builders and free thinkers are shit on with regularity?
Yeah, I mean, that's just kind of the way it is. So with using hex as the gas token, does that add a deflationary pressure to hex?
Yeah, it does actually.
Yeah, it does actually.
There is an element of fee burning, but also probably the real deflationary piece is actually going to be the flex decks because like, I guess one way to think if you're familiar with how PumpFun works, there's, you know, some amount of Solana is in a liquidity pool that's,
that's locked. And even if the price actually goes to like near zero, there's still some amount of
Solana that just is just in the liquidity pool, but basically inaccessible. So it just kind of
swallows up supply. And there's kind of that dynamic with the FlexDex mechanism where with like the price
floor where if like 100% of the price floor was exhausted, then that would mean that all
of the tokens that had been issued to users was then burnt, but there still exists some tokens
in the liquidity pool and there still exists some tokens, some flex. So, so the wrapped hex
in the liquidity pool as well. And, and, um, but there would be no way to get them out because
all of the supply will have been burnt that could be sold into it to extract that hex.
So like FlexDex is actually, depending on how popular it gets and how many coins are launched, could end up being more of a deflationary pressure on that.
And if there's, you know, new protocols that, I mean, someone was talking to me today about like hex back blending solutions, you know, via flex.
And, you know, anything that just like absorbs hex for whatever use case.
Well, that's not like true deflation because, you know, as those positions unwind, they can revert back.
It is deflation from the perspective of the liquidity pool
of HEX versus USDC.
Like coins that could be entering that liquidity pool
and pushing the price down are now somewhere else.
So to various degrees,
there's deflationary pressure on hex
through FlexNet.
And now the 10,000 units ownership that are potentially out there that's not
actually for the chain considering like flex is just wrapped hacks that's for the deck shares so revenue so if you look at the um the pin tweet right here in
the space um so the those ownership units basically just capture uh from the different
revenue sources that exist in the network so one one is sequence review, so basically gas fees.
Two is the FlexDex liquidity pool fee,
like the LP fees from the locked coins
that are launched on FlexDex.
There's like a normal liquidity fee
and that gets allocated to the ownership unit holders.
Equity, that's part of this like incubator program to support builders just in various projects.
So that one, you know, probably can't rely on like a consistent revenue stream, but maybe there's like some big windfall type of things related to that.
things related to that. And then the fourth is like the, each, each new fundraising round that
takes place, there's going to be some, some type of bonus kind of paid to the existing holders.
It's kind of equivalent to like either like dollar cost averaging out of a position when the price
doubles or like in startup equity world, that's kind of
like sometimes when at a, at like a new fundraising round, like early employees or founders are allowed
to take some cash off the table through secondary share sales. In this case, it's not a sale. It's
just kind of a bonus. But that's, that's, you know, to kind of align everyone with the efforts to continue to fundraise, to try to grow a budget that can be used to amplify this ecosystem.
So yeah, the FlexNet ownership units
aren't
related to the
Flex units, which are
the gas.
And part of that is
it's so hard to drive demand for a token
in general.
Oh, God, yeah. You know, using one that already has independent demand that is, like, you know, fairly liquid and one that people care about already, I think that that's, you know, that's a lot easier So how long is your initial fundraising round?
When does it start?
When does it start? When does it end? So, I mean, it started about 24 hours ago.
And while the testnet is actually ready to launch right now,
I'm going to let this kind of like first, like the kind of angel round,
like if you look at the website, kind of this first tier,
Here, I'm going to let that go for about a week more.
I'm going to let that go for about a week more.
And then it'll ratchet up to like during the testnet.
Testnet may actually be a little longer because once the testnet is live,
that's when everything with like the bridge is going to be built and deployed.
And I'm not starting from scratch on a bridge.
There's like an existing bridge protocol that's like designed for this type of
system that we'll be using. So a lot of integration of bridge,
getting Explorer ironed out,
getting like sub graph indexing ironed out.
We're starting to work on exchange listings,
all that'll happen like during the test phase.
And so that one may be either until it fills up
or that could be a couple of weeks.
And then once the mainnet launches,
so once all that stuff is in place,
like while on test testing that then funding
and that will be
and then that will be
you know just until that fills up so
there will be
a good number of weeks
to get involved in this. And then after that, like, you know, I've started to put out some
feelers with some, like, VC funds that I know, and there will be kind of further funding and
fundraising efforts, basically, maybe even, like, all the time. But, you. But I wanted the people who were kind of in the community
to be able to get access to it at kind of these lower rates.
But the people behind Solana are always fundraising.
The people behind Sonic are always fundraising.
Binance, they have a massive cash cow.
Coinbase has a massive cash cow. Coinbase has a massive cash cow.
You know, all the chains that are like actually moving and shaking, like there's a lot of business development and fundraising activity that happens.
And that's probably what a lot of the future will look like is
So I haven't paid a whole lot of attention to layer twos
I mean, I know they're in an effort to centralize some aspects before they resolve the chain to save gas
essentially, but how decentralized are they like do they have their own validator set or they end up as a sub validation in the
aetherereum network like
yeah so the way they usually work is that there's like a limited number of
sequencers who are equivalent to the validators in a chain and then um if and so those are the
ones who are like you know building the blocks and then periodically logging, like basically like a hash of like the information to the mainnet.
And then so between the information that's logged to the mainnet, that kind of gives you like historical proof about what has happened in the past.
And then the kind of ongoing transactions are what, you know, give you proof of what's happening in the meantime.
you know whatever the case may be then there's like something called a challenge period where
like you know like a set of transactions can be challenged and it kind of gets escalated to a
like this governance model that and so the they're they're more centralized in that sense than an L1, but there are mechanisms in place to reduce that risk of centralization or censorship.
And, you know, I think that those risks are tolerable because, one, you're fully aware of them.
Two, it's really not much different than the risks that are present in basically everything else but Ethereum.
Like even on Pulsechain, the equivalent of that risk of basically basically like the network like not
operating because of like rogue sequencer
you know equivalent of that
is that
you know
there's a relatively small
amount of diversity
in validators
and there's,
but you know,
the,
the,
the OA or sacrifice or whatever you want to call it,
that could begin,
even though they've turned off a lot of their validators,
when they started the network,
they absolutely could start validating and dominate the validator rotation and, you know, cause similar type smaller l1s like pulse chain with you know l2s that are kind of part of
this like ecosystem of and like standard network configuration and operation so you're kind of
trading one set of risk for the other kind of you know there's bridge risk on the l2s
but there's also like you know that that exists no matter what basically but there are also
solutions that kind of help resolve some of that bridge risk like there's something called a cross
protocol which is a cross-chain interoperability standard it's becoming really popular in the space
and that helps to solve some of that risk but you know the equivalent risk of that in PulseChain is that if you look at it, the PulseChain bridge has an admin key that is not a multi-sig contract.
It's a it's just an EOA. So it's literally just a single address that is the admin key. A lot of bridges have, you know, multi-sig contracts that are the admin key.
This one does not.
And the bridge could be shut off without warning.
So it's the, with the L like being on an L2 versus being on like an emerging L1,
like pulse chain, there's really not that big of a difference in risk profile.
And so that's kind of, you know, there's risks in everything.
you know, there's risks in everything.
Like if you want low fees,
the only way I get that is to make some
successions around risk.
Like you pay for it in another way.
And so that's kind of the nature of these. Hey, I really appreciate your questions.
Oh, shit.
I just saw Golki.
Maybe I can say it a little longer.
Hey, what's up, Golki?
Yeah, KG was just in here, too, but he seems to have disappeared.
Yeah, I just saw him tweet at me.
I'll at least say um sacrifices are so overdone
the timing feels like so shitty blah blah blah blah blah all these negative reasons
it's probably a great idea because like you said the sentiment is so low that nobody's really
competing not that there's a unit price to this share so that has its own irony to it it's all about what fees you might collect in
the future which um i mean it's its own provident thing so um 50 is a base entry fee for a share
ain't bad i get paid in about a week so hopefully i get it just before you end this under the phase
i can get at least one little share there because Cause I mean, in most other ecosystems, that's still a dolphin share.
And that's, that's your minimum opening bid there.
I'm like, yeah, you know, even if it goes to zero,
it's at least a good attempt to do something with hex.
So I got to respect it at least as much as you draw.
I appreciate that.
Thank you, man. Yeah. as you draw. I appreciate that. Thank you, man.
Yeah, because you know I'm poor.
I'm not knocking you either.
It's not like I'm some million-dollar rocker.
It's like I get paid very little money,
and $50 is the most I could ever put in crypto in a payday.
Oh, you might get my whole DCA, so that's still a big thing.
I mean, well, it'll be put to good use.
And I won't buy the ETH top with it.
Well, no matter what you're building, it's going to be better than a Matty token.
Oh, you're recording this. Crap.
I think he gets unnecessary heat in some ways.
I think he gets unnecessary heat in some ways.
Maybe.
At this point, like, I mean, if he just started, like, calling himself Lex Luthor or, like, really leaned into it.
Like, the cowboy hat isn't really evil enough.
But if he, like, threw out the brown one and got a real black one and a full black cowboy outfit.
a real black one and a full black cowboy outfit like if you just leaned into like the villain
character and wanted to keep launching memes i could respect it as much as whatever that dave
guy who kept launching what were they literally called rug one or greed one and greed two greed
three i'm not so like no no i mean i just yeah this has been an uncomfortable kind of, like, weird transition with Matty.
I know he gets a little bit of grief, but, like, to a certain extent, it's like, dude, are you really realizing, like, it's not a great look what you're doing?
Yeah, I mean, that's kind of the nature of trustless networks.
Censorship-resistant networks, all types of stuff can happen yeah it can
but you know the community's still great and i think rh max is putting together a thing i'm gonna
yeah i'm gonna be talking at his uh conference
yeah i definitely he's always had the best attitude.
He was helpful with everything
validator related, and he never launched
anything. I'm like...
And he's tall and fucking ripped, believe it or not.
Yeah.
I met him in person, and he's like,
literally like,
like a commanding presence.
I believe it.
I believe, he I believe he's,
he's shy seemingly on video,
but I believe the in-person commanding presence.
Yeah,
it's a real thing.
So we just brought up goal key and cool ranch Dorito.
What's up y'all.
Hey,
I came late. So apologies if you already talked about this, but is FlexDex going to offer any incentive to liquidity providers beyond the transaction fees?
No, at least not the V1 version that I've already built.
at least not the V1 version that I've already built.
Just kind of seeing how a lot of that stuff
has played out over time.
Some ways I view that as kind of like interfering
with like natural market pricing.
Because if like you're providing liquidity,
not because you think that it's, you know,
like at a range where you think there's
going to be high volume, but instead it's to try to get some other thing. I think in some ways that
kind of interferes with it. I know it drives a lot of liquidity and volume, but at this time,
you know, there, there may be, there may be things tacked onto it that do, but at least at the start, there's not, you know, but if there's a good idea out there for that thing, stopping, like it's highly interoperable in that way where something could kind of be
tacked onto that. But you know, just, I,
I don't know if that's kind of like the gangbusters thing. And,
and I mean, I think I,
I we've kind of seen it with like the Pulse X farms when that went away like
there's a lot of liquidity in there that was you know not like it shows that it wasn't really
wanting to be in there and so I think like keeping liquidity where it wants to be
it's probably better but I don't know I could wrong, and I'm willing to change my perspective on that.
But as is, it doesn't have anything like that.
All right.
I understand.
Do you anticipate there being a big pool for Flex on Ethereum, or do you think more liquidity will be on flex dex so i think that there will
uh likely be a pool between flex and hex and it'll be pegged one-to-one and um
because like any deviation in the price is kind of like an arbitrage opportunity
and so i think there will be liquidity providers who want to like,
because one way the arbitrage bots, you know,
it's like they either close a spread that exists or they prevent the spread from existing at all.
And so like,
and if you had a bunch of hex and you just parked it in a hex versus flex liquidity pool at a really tight range, like maybe a Uniswap B3 range on Ethereum, then any deviation from that one to one rate and any trading that happens as a result to restore it, you're earning the volume fees with zero and permanent loss.
So I think there actually can be, you know, a good size liquidity there, you know.
And I think that with, like, that's probably another piece of the puzzle here is, like, a good router where, you know,
is like a good router where um you know if you are going to be selling flex like say you have
flex and you just want to sell it instead of like converting back into hex then maybe like
with proper integration with the different dex aggregators, because they, they aggregate wrapped units. Like when you're,
sometimes you'll see if you're trading like one coin for another. Um, if it, if there is a version
that's like a wrapped version, sometimes it may get passed through that wrapped version where it
actually wraps the asset. And then like whatever the router contract, uh, it's using may actually
wrap the coins. So I think some of that stuff already exists,
but that's kind of like a business development effort to like make that more
tightly integrated.
But, you know, like the,
the flex on flex net is basically just going to be hex. Like, so may,
and there may be other sources of bridge text like you know presumably like you because
flex is wrapped hex that's wrapped in a way that's configurable to be a gas token uh hex itself can't
because it has eight decimals uh it needs to have 18 to work like as it has basically the equivalent
of ethereum on the network so um so that's the so that's why it is wrapped in the first place. But if you just straight bridge the ERC-20
hex over to the network, then presumably those should trade at one-to-one, and maybe there's
a trading pair there. But probably most of the flex-related liquidity will be by means of its
relationship with hex on Ethereumereum okay great thank you
let's give a shout out to gold key oh i think he was trying to talk but um no he's just listening. That flexnet.tech site is incredible.
I'd kind of gotten the ball rolling with like getting the,
like more like the copy and just kind of like some basic kind of content on it.
I sent him a GitHub link.
He sends it back like in like two days or less.
And that's like what you see on the site now.
So really well done.
I'm astounded by the quality of that site.
I think it's awesome.
So shout out to GoldKey for making it happen.
What up, What up?
Back again.
I don't know. I keep getting, I keep coming up and then for some reason getting
moved to listener, but dude, this is looking sick, man.
I'm excited for it.
I'm excited for it.
Yeah, I mean, overall, I think it's been received pretty well.
Yeah. I mean, overall, I think it's been received pretty well.
Kind of standard, you know, standard opposition.
Like, but nothing to, I was saying, I think it's, I think people are just ready for something new.
Like, it's kind of been, I feel like life has grinded on for two years now, just kind of the same old bullshit.
life has grinded on for two years now just kind of the same old bullshit and um
i think people are really ready for just like a new fresh take on on this type of stuff
if i can interject just a little bit
i could be completely wrong but talking about the functionality like of an incentive token i mean
for the most part yeah they are crap but that ability to influence the market can be crucial
at certain moments although you may not want to use it as liberally as some people do so i still
think it would be a very good feature to include even if you don't even release it in the first,
you know,
three months,
like you could even have features in there and have them not fully
accessible so that like,
it creates a certain amount of like,
we always kind of thought I figured with Richard that we keep seeing
releases on Paul sex,
right?
Like we'd see like limit orders and you know wait i can't hear you sorry we kept thinking we'd see you know
updates with the software other than like certain little versions with the the remote access but
like pulsex never got huge upgrades like it never got limit orders it never got any of the stuff
that we've speculated right but i mean if you started burying a bunch of functionality into your product
and just released it slowly over time, like every few months, surprise, this is the new feature.
It might keep people speculating and help a little interest into your chain and your decks.
Just an idea Hello? Did I get...
Are you speaking and I can't hear you? Thank you. you you you you you you you you you you you you
you you you you you
you you
did catch you
she I can't I like I'm gonna I'm gonna leave and come back in. Thank you.
