I'm just trying to invite Nick to join us on stage, and I'm just sharing the links everywhere.
We can start in a few minutes.
Let me just share the links on all the TG groups and remind everyone to join.
We announced it everywhere.
Actually, I want to go to the bathroom real quick, hold on.
Actually, I want to go to the bathroom real quick, come on.
Mark, it's looking a little bit better.
What do you think has actually changed or what do you think has happened recently?
Or is this just like a regular up and down situation?
Well, I think the market has gotten wind of the sort of inevitable Bitcoin ETF being approved.
That's the feeling, I think, among people kind of in the know.
You had a lot of heavy hitters in the space who've been sort of behind the scenes with the ETF, Bitcoin ETF approval process.
And they're all sort of signaling that, you know, this is going to happen.
But obviously, the SEC is sort of, I don't want to say stuck having to approve it.
But the court already basically said your denial was not allowed.
Your initial denial of it was arbitrary and capricious is the term the court uses.
But basically, they have to approve it now.
So just a question of which one and when.
And I believe the deadline, the final, final deadline, because they can extend it a couple times out.
But the final, final deadline for, I think, is the BlackRock one is January.
So I think people are sort of loading up in advance of that.
The expectation is, you know, Bitcoin ETF, they'll also bring another trillion dollars in market cap to the crypto space.
So you're talking a massive amount of money coming in.
If this gets approved, it looks like it's going to get approved.
Yeah, the SEC seems to just kind of be getting walloped right now.
Because they also had to drop the case against Garlinghouse, the Ripple case.
So I feel like it was kind of like a one-two punch of, like, bullishness.
Like, first, it was like the Bitcoin thing that came out.
And then it was like, oh, that's fake news.
Even though it wasn't fake news.
It was just like a kind of like a pre, what do you call it?
It was just like, it was a little premature.
But where there's smoke, there's fire, right?
So I think that was kind of like the initial jump in the market that we saw.
Like, a lot of, it was good to see that there was that much money still on the sideline, you know?
Like, there's that many active participants still that are just kind of waiting.
You figure that's the case.
But you always kind of, the bear market has a way of kind of messing with your head mentally.
Like, is it dead this time?
Like, even though we've seen this, like, so many different times.
Like, you know, like, are people going to come back?
You know, they ultimately do at the spark of, like, any sort of bullishness.
But, yeah, I think that the Bitcoin ETF news kind of sparked it.
And then we kind of rode that wave with the SEC having to dismiss the Ripple case.
So there's just kind of been a couple of bullish things right in a row that all kind of have to do with the SEC kind of, like, losing their grip on this.
You know, like, they're kind of having to come to terms with the fact that, like, crypto is here to stay.
And they're trying to, they continue trying to fight it.
But even, like, other, you know, regulatory bodies or entities are, like, telling them, like, no.
Like, you guys are, what was the words you used?
Arbitrary and capricious.
Yeah, you guys are arbitrary and capricious.
Well, that was related to the specific case of the Bitcoin ETF, because they had already approved the Bitcoin ETF futures.
And they were just continually denying the Bitcoin ETF spot market version of it.
And the court basically said there's no appreciable difference between those two.
And so your denial is basically whack.
That was the other thing that happened on Friday of last week, I believe it was.
Their deadline to appeal that ruling was last Friday.
And then throughout this week, what I've been seeing is that they have been engaging with the various applicants.
Because there's, like, seven or eight or nine or ten different companies that have put forth an application to put out a Bitcoin ETF, spot Bitcoin ETF.
And now the SEC has been actually going back and engaging with them, being like, can you clarify this part of your application?
Can you provide more details in that part of your application?
So, showing that they're going through the process with them rather than just, you know, sticking up the hand and saying no.
They're not doing that anymore, thankfully.
Bullish news all around there.
And then, you know, you couple that with the halving that's going to happen a couple months right after these things get approved.
And we should be looking pretty good, yeah?
You know, it's going to be a one-two punch here with Bitcoin ETFs or hopefully a series of Bitcoin ETFs in January.
Some are saying, I heard one guy who I follow pretty closely, he's like a billionaire, the guy who owns Galaxy Digital.
Anyway, he was saying he thinks there will be one by end of this year.
I don't think that's going to happen because I just think SEC is going to wait until the last possible minute to approve it.
But in any event, that would be January.
And then, like you said, Bitcoin halving in April.
It's only a few months later.
So, to me, it feels like the worst is definitely behind us.
And we're going to be in good shape, you know, probably middle of next year for sure.
I mean, like, I definitely think the worst is behind us.
Whereas, like, we're approaching 30.
The worst was, like, we dipped to, like, 15, 16, yeah?
So, I would have a hard time seeing.
I could see us touching back down at 25, maybe 24.
But I don't really see us going too much lower than that.
I definitely don't see us going as low as we've seen since this whole thing started.
No, the worst is definitely behind us, for sure.
We're not going to go to 15 or whatever that was back.
Was that around the, that was, like, last November when the FTX thing blew up, right?
So, that's been a while since then.
And, obviously, up and down, up and down.
And this summer was tough.
It was, this summer felt, like, kind of down.
Um, and even Uptober hasn't really materialized until, until now.
Um, but what you're seeing, too, is, like, a lot of the, a lot of the liquidity is being sucked towards Bitcoin, which is always what happens at the beginning of a bull cycle.
So, Bitcoin goes first and people sell their alts to move into Bitcoin.
So, the alts suffer initially.
And that's what I think you're seeing now.
Um, and then eventually Bitcoin will sort of reach, reach a point where it peters out a little bit.
And then some capital will flow back to the alts and, you know, rinse and repeat.
And, you know, alt season will happen, proper alt season will happen much later.
But, um, yeah, we're, we're in a good place now, I think, relative to, um, where we've been even recently.
Yeah, it's kind of exciting.
Um, it is, it is super, super exciting.
Um, what I wanted to ask you before we actually dive in into the developments and updates from Ferrum, um, whilst we're still on the subject of, of the next bull run and, like, what's going to happen in the next few months and, like, just making our assumptions on where we can get, um, in the next few months.
Um, what do you think is going to be, at this moment right now, what do you think is going to be the next catalyst, um, of the bull, uh, run?
And what is going to drive the most attention?
So, we, you know, we thought, after the DeFi summer, really, that was, like, the last big, and NFTs, that was, like, the last big hit of the past bull run.
Um, you know, a lot of people were saying that it is going to be DeFi again.
Some people were saying that it is going to be AI.
Um, what are your opinions on the trends, on the current trends that are actually going to have a long-term impact on the, on the Web3 space?
Well, in terms of, like, to, you know, like, the actual definition of the word, like, you know, catalyst, I would say the two things that we just talked about, right?
The ETFs and the halvening.
But I get, I get the question that you're asking is more, like, what do you think the next trend will be?
Because the catalysts and the bull run, I think, will be the ETFs and then, of course, the halvening.
But what the next trends will be, I don't know, I, I don't really see this AI thing going away anytime soon.
Um, and, yeah, I, I, I think, I think it'll probably be, I think it'll probably be AI, to be honest.
Yeah, um, you know, well, AI is interesting to me because AI as a wider, like, societal and technological trend is certainly not going away.
Um, the capabilities of, of ChatGPT in their most recent version, it's just, it's mind-boggling what that, what that product is able to do.
The only trepidation I have as it relates to crypto and AI is that it doesn't really, I don't see it as, I don't see there being, like, a real marriage, a good marriage there.
Like, what, how does blockchain fit into that outside of just, like, maybe speculation or, oh, we're going to talk about using AI and then investors get excited about, like, what's the real use case of blockchain as relates to AI?
I, I don't know the answer to that.
I don't really see a path, um, for that.
One trend I am looking at, um, that I think, uh, does fit, uh, nicely is, uh, this, uh, this new thing you may have seen, RWA, which stands for real world assets.
So that's bringing, uh, things like, uh, uh, commodities, right, bonds, um, real estate, uh, uh, physical goods, um, you know, bringing those, tokenizing them, bringing them on chain, and then building out, you know, essentially DEXs or, uh, other means of exchanging these, like, quote, real world assets.
Uh, much faster, cheaper, and, and decentralized using blockchain technology.
That is a trend I think we're already seeing the beginning of it.
Um, and I think that's going to accelerate, and it's a very meaningful use of blockchain technology.
So we'll see that, we'll see where that goes.
Um, you know, it's funny, I'm also seeing a bit of resurgence, resurgence in the gaming, uh, sector, particularly as it relates to e-sports.
Um, another big sector we're seeing that we, we just love is just gambling, honestly.
Um, which, you know, we can argue whether that requires blockchain technology or not, but honestly, gambling, using your crypto, uh, assets, USDT, whatever, Ethereum, Bitcoin, it's a, it's, it's a natural fit.
Crypto, let's just be honest about what this space is to a large degree.
So why not have actual gambling?
Um, so we're, we're, we're, we're bullish on that sector.
Um, so it's going to be interesting, uh, to see, to see where, obviously we're doing, we're doing stuff in the interoperability space, which we see as like sort of opening up the whole industry, connecting it together in a sense.
And that's, that's going to be a big theme, I hope as well in this next cycle.
We're in a good, we're in a good spot.
I agree with what you said about the AI thing.
Like, I don't, I don't really fully understand the marriage between crypto and AI yet.
And I don't know if there is one, but you know, like I'm, I'm sure there is, we just haven't really thought of it, but I also don't really see that stopping people from creating projects, even if there isn't a, like a full on, like, you know, use case, um, just because people are playing the hype on, on AI.
So I do still think regardless of, of the viability that people will still kind of leverage the, the namesake.
Like, but, uh, the real world asset thing is, is interesting because it's, it's crazy that it's kind of taken us this long to get to the point of like that sort of use case for crypto.
I thought that back when I first got into crypto in 2000, like, yeah, 2016, 2017, I, I thought that would be the first thing that people would start, you know, doing is like tokenizing real world assets.
Or the big thing back then, the talk at least, which nothing ever really materialized was, um, security tokens, right?
Like securitize and polymath have like, yeah, you know, T zero, um, these, these were all like people back in the day that we're trying to solve that problem.
Um, tokenizing securities, uh, it's a, you know, tokenizing commodities, I think is something that we could, we could definitely see.
Um, but yeah, I mean, I'm, I'm, I'm still, I'm still waiting for that trend to catch on.
It's like, when are, when are we going to like do more of this whole tokenized real world asset kind of thing?
So it's cool that, you know, the RWA trend is, is kind of catching this because I feel like that's kind of the thing that needs to happen for real world adoption to real world assets, real world adoption.
And I guess they both have the same acronym, right?
Um, um, we, I, I think, I think something like that needs to happen for people to really be able to digest crypto.
Uh, because right now, like, I mean, I, I talk to people all the time that are not in the industry that are just kind of like, yeah, I just don't really get it.
You know, and, uh, I think if, uh, I think if real world assets kind of, uh, took, took root that more people would get it.
Um, so I, I like the idea of that trend.
I'm looking forward to the day where, when someone asks me, you know, what, what is, you know, what is crypto?
Why, why is blockchain technology valuable?
Obviously the first thing I always talk about is, um, sort of cross border payments, decentralize your money, taking control of your money, you know, don't trust third parties like banks, da, da, da, that, that, and that resonates to some degree to some people, but it'd be, it would be awesome to say, you know, you know, block, blockchain has allowed us to take all of these illiquid assets and, and, and essentially make, make them liquid, more liquid.
Um, from the standpoint of like RWA, for example.
So we'll see, we'll see where it all goes.
Um, we're, we're pretty bullish on that sector.
Uh, and we have some good projects coming out, um, you know, in, you know, sort of within that.
Um, and who knows, maybe Farron mainnet, um, could, could, uh, sort of facilitate that to some degree as well.
We'd have to see, but, um, yeah, it's good, it's good stuff.
Oh, Nick, is there anything else you'd like to add?
Um, so also, uh, we can dive in into a Farron's updates right now.
Um, we have sent out the newsletter, um, that covers, uh, all the major developments and insights
from Farron, um, for the past month, really.
Um, so guys, make sure to check out your inboxes.
Um, you should have received it this morning.
Um, however, um, we can dive in a little bit deeper and actually discuss things that, uh,
that we've also covered in the newsletter and the monthly dev report.
Um, what's the latest on the main development, um, and the progress that we've managed to,
to get along to, um, Nick, would you like to start?
Um, well, you know, one thing that I've really been enjoying, uh, well, two things.
One, you know, from the, the community side of things is like these, these weekly mainnet
updates that we've been doing.
Um, I thought that Naeem and, and, and Stanley and the mainnet, the rest of the mainnet team
have been doing a really good job of kind of making some of these updates digestible.
Um, so that's been really cool.
And then, you know, from an internal side of things, I've been enjoying joining the, the
standup calls for mainnet, uh, because, you know, I'm really trying to, um, get, get,
get as much knowledge about, about mainnet as possible so I can, you know, help to, um,
relay some of this information to the community in a, in a more digestible way.
So those two things have been really helpful for me, uh, just in understanding, in understanding
a lot of the, um, the technical infrastructure behind mainnet.
Uh, so, uh, but, you know, in regards to what some of those updates have been, uh, we've,
we've done a lot of really cool things lately.
One of the, one of the things that I'm super excited about is the, the work on the fraud
Um, so basically like this is to ensure like honesty of, of the miners.
So fraud proofs are like an extra layer of security that, uh, basically will eliminate
the need for us to have any sort of external on-chain Oracle, which is pretty cool because
that means that quantum portal is going to have the ability to actually prove the existence
of an invalid block on, on the base layer of things.
Um, so it, it makes things a lot more like in-house, right?
Um, and then that invalid block will actually be used as proof to punish any sort of malicious
So it's kind of serving as the base layer for the structure of our future slashing mechanisms,
Um, so slashing is something that, you know, any sort of network needs to consider.
And so these fraud proofs are kind of serving as the, the base layer for, for the structure
for how our slashing mechanics are going to work.
So that's one thing, um, that's, that's, uh, that's been really cool that we've been working
on at, uh, in, uh, in the mainnet team, which also kind of ties into, um, another, uh, item,
which is the, um, reject block logic, uh, which has also been developed.
So this is, will enable the validators on the network to perform like checks on every
mined block and then to be able to like reject them in the event that things don't really
So, um, those kinds of, those two things, the fraud proofs and the reject block logic kind
of go hand in hand with each other as well.
Um, we've done a lot of work on fixed fee logic.
Uh, so, you know, since Ferrum is a multi-chain network, miners are going to be mining transactions
on, on multiple networks.
So, uh, this fixed fee logic is sort of like a standardized fee structure for quantum portal
that'll, uh, that ensures that miners have, you know, a clear and consistent incentive to
mine transactions on multiple networks.
Um, and then, you know, to that same end, we've worked on the fee distributor feature,
uh, that enables folks to operate miners as a service, um, on behalf of people staking
Ferrum so that, uh, these are all, these are all like, you know, pretty massive things that
the main team has been working on, um, behind the scenes.
It's just like, uh, super exciting.
Uh, you know, we've upgraded our documentation, improved our testing infrastructure to help
streamline the process of, uh, writing unit tests for quantum portal, um, created a suite
of tools to design and simplify the, any sort of developer's workflow to any sort of developer
that's working on quantum portal.
Um, and then big, big thing too, we completed an internal audit of quantum portal and we've
initiated the external audit as well.
Uh, so that's, that's super exciting.
Um, and then I think the most recent update was about remote callback logic, which, um,
sounds complicated, but it's, it's, uh, it's a major step in offering devs, the ability
to build multi-chain DApps because what it, it offers folks the ability to monitor changes
on destination chains, uh, and then execute the logic according to those changes that is
occurring on the destination chain, which is like, you know, uh, a major necessity in being
able to build an application that exists across multiple chains.
So, um, those were like, that's kind of like an up, like, uh, an overview from all the different
weekly mainnet updates that we've had.
And then some of the information that I've been getting from sitting in on these, uh,
these standups, uh, so yeah, super like, it's, it's crazy how fast these guys are working
There's, I think everyone's going to be really impressed when we actually, um, start onboarding
minors and validators and then, you know, start building out some, some use cases on,
Um, Nick's a lot closer to the mainnet development than I am as I focus on different things with
an organization primarily.
I haven't gotten the, I've gotten the opportunity to sit on a few of those calls.
Um, obviously, um, tracking the, uh, progress like everybody else with the mainnet, um,
development, um, reports that come out weekly.
Um, one thing that I'm excited to, to sort of dig into more, um, on the mainnet side,
I understand is sort of under, like, uh, under development is just, um, understanding
the, um, the kind of the staking and the mining and the, um, you know, the dashboard that's
going to go along with it, the delegation, uh, just, just, just, just, you know, we, what
we want, at least that, you know, my, my vision anyway, is we want those things, which, which
that's what investors care a lot about, um, to be very easy, um, and not, not super technical.
Um, and I know there's going to be a process in sort of making, making it less technical
I don't know how, you know, V1 is, how V1 is going to look in that sense, but, um, in
terms of the dashboard, the staking, the delegation, um, Nick, maybe you have more insights than
I am, but I understand that's also in the works to try and make it user-friendly as possible.
Um, so actually, Ian, we've got a meeting about this on Monday.
I just scheduled it earlier today.
Um, I was talking with Naeem and Stanley today about, uh, about it a little bit.
So we'll dive into that a little bit more internally on, on Monday, but, um, we already have launched
like internally, we've launched a pretty simple experience for miners.
With the ability to create like custom dashboards to monitor, uh, like a node's performance through
like, uh, a set of, of monitoring tools, but to actually like, that's where people actually
like running the nodes, right.
To actually, you know, set up the nodes itself to it, we're, we're creating, you know, we'll
be creating dashboards to, to do that.
So it's not so, so much technical debt for anyone that wants to run a node.
So we'll kind of have a seamless experience for people to set up nodes and, and to monitor
Um, but yeah, we're working on a lot of this is already defined in our monetary policy,
uh, in terms of how like mainnet node distribution is, is going to work.
Um, we're, we're working on a more scaled back version of that for the quantum portal
network, which is the Kusama parachain.
So it's kind of, you know, the, uh, an incentivized test net, if you will, the precursor to the main
Um, and so we want to be able to kind of test that monetary policy in the wild, which would
mean that people would have the ability to, um, run quantum portal miners and quantum portal
validators before like the polka dot parachain goes live, right.
While we're still live on Kusama, um, using, you know, real, real assets.
So, uh, that would happen.
That'll happen before like, uh, polka dot parachain goes live.
Um, so that's something that we're, we're working on.
I'm working on a DAO proposal to, uh, I don't want to go too much into that.
Hopefully we can dive to dive more into it on, um, the community update video next Friday.
Uh, I'm, I'm hoping to be able to put this, put this out before that, but it's kind of
going to depend on the meeting that we have on Monday, um, to determine, you know, how,
how close we are to actually making that a reality.
So, uh, I don't want to say too much more about it until then, but, but the, but to your
point, Ian, I, cause I kind of went on a tangent, the, the, the process for on onboarding, uh,
node operators, the process for monitoring nodes and things like that will be super straightforward
Um, it'll get easier and easier right now.
You can spin up a node, but it's super technical and not many people are able to do it.
So we want to, we want to make sure that like, you know, anybody can just go and either, either,
you know, have a dashboard where they can, they can spin up the node super easily or delegate
their tokens in the event, especially in the event of validators, which require more of
a staking requirement to be able to delegate their tokens to a validator.
Um, so those are, those are things that we're working on to make the experience more, more
I know I myself will need some assistance.
I want to stake as much as I can.
So, cause I know the APRs will be very juicy in the beginning.
Maybe we can talk about that a little bit as well, but, uh, we'll have to ask the devs
Um, yeah, I mean, really like to, to your point about that, it's like any network in
the beginning rewards are juicy, right?
Like even with proof of work, right?
When Bitcoin first started, people that were mining Bitcoins were earning so much more Bitcoin.
Obviously Bitcoin is worth a lot less, but the amount of Bitcoin they were earning was
ridiculously more because we hadn't endured what four happenings or whatever we're at
Uh, the, the fourth, I think is coming, right?
Um, so like, uh, and then, you know, you, you, that same, that same principle works with
Typically as reserves dwindle, the amount of rewards that are being, um, distributed to
people, um, running proof of stake nodes is, is less and less.
So the people that got it early are going to receive more in terms of rewards.
So our, our network will work very similarly.
It's, um, cause we're releasing a fixed percentage every seven days, every expansion period, which
is, which is seven days, we'll release a fixed percentage, uh, and that fixed percentage of
the total reserves will become less and less, but that'll mean that the inflation will be
higher in the beginning and it'll dwindle over time.
And so, um, you know, as earlier people get in on running nodes, the better, which is, it's
how you incentivize, um, an efficient network.
It's like, you know, you get as many operators, node operators in the beginning as you possibly
can to ensure the, the efficiency of the network.
And, and, uh, um, and so, yeah, it's, it's basically adhering to the same proof of work
mechanism or proof of work principles as, as Bitcoin just through proof of stake.
Um, another one that we kind of modeled some of our own monetary policy off of was Cardano.
So you can kind of check that out and compare it to ours and, and see the similarities there.
Um, but yeah, the earlier, you know, you guys done an excellent job there.
I know a lot of research and thought went into, um, the mechanism.
One other thing I think that you guys recently did, um, which, which is important to sort of
point out, um, I, you correct me if wrong, but you did some sort of modeling showing that
the, even, even with the relatively high rewards at the beginning, um, the amount being stakes
is still, it should still, um, be much more than the amount being given out.
So in that sense, it's like, yes, technically inflationary, but there should be more
buy and stake pressure, so to speak, than rewards being given out.
That's a good, that's a good thing to bring up.
Like the, the thresholds for what the requirements are to stake, uh, to become a minor and that
of which to be, to stake, to become a validator.
Those numbers aren't arbitrary, right?
Like they weren't just like, here, let's just think of a couple of random numbers and then
be like, that's the requirements.
You know, it's, it was thought of thinking of like, you know, uh, what's the amount that
is going to offset any sort of emissions that happen?
Um, and you know, where's a good equilibrium between the risk versus reward and the principle
that people want to put down on something like running a node.
Um, and kind of where's that sweet spot.
Um, and, and so, yeah, this is, this, this was the numbers that we came to in this regard.
It, and, and ultimately the, the, the idea is too, is like, you know, you run a node in
the beginning, you're earning more rewards.
And, and so you're incentivized to want to, um, go purchase Ferrum on the open market to
then go, uh, to then go stake it.
And so we're, you know, we're hoping that, you know, the combination of like the people
wanting to come in to actually run a node to help bolster the network coupled with locking
those tokens to be able to stake them to earn the rewards will offset any sort of emissions.
And the way that we kind of ran our math around that situation, um, would, would indicate so.
I think, I think as long as we make it user-friendly, right.
Um, the rewards are clear, um, and, you know, everything works smoothly and, you know, not
buggy and stuff like that.
Um, and people see sort of the future potential as well as, as, um, more native transactions
happen on the network over time and rewards could generate that way.
Assuming all those things are true.
I think we will have, have a good, good number of stakers coming on the network, um, initially
and then more as time goes by.
And touching actually a little bit further on what you guys started to discuss on right
now, I wanted to ask you about the adaptability.
So, you know, that crypto is changing every day, every week, every month is completely different
and the conversations that we've had even during the community update videos, uh, or Twitter
spaces a few months ago are completely like different to, to what we have right now.
Um, so, you know, for a crypto project, if you don't adapt to the current situation, you
basically fall off the cliff, like you, you, you lose, right?
So could you give us some, uh, some updates, make some updates.
If you could give us some, um, ideas and insights on how we as Ferrum adapt to the market conditions,
to user experience, the people's expectations of, uh, what we've been building and the feedback
that we've been receiving.
What are kind of the key highlights that you'd like to point out, um, for us that, uh, you
know, the things that we've decided to change, to switch, to, to make sure that we can adapt
to what's happening in a space and the trends in a space.
And also as a business, as a project, um, from an organizational standpoint as well.
Well, I mean, we're all, okay, go ahead, Nick.
Yeah, real, real quick, cause I know you probably got a ton to say about this, Ian, but I would
say instead of from like a conceptual, like what specific things we're doing, I can kind
of give some insights as to like the timing of when we're doing things.
Like I was having a conversation today with someone, um, that, you know, it was about
a partnership, you know, and, uh, the partnership wasn't anything technical.
It was, it was more like marketing stuff.
And I told him, you know, to be honest, like we're not really doing too much stuff like
Um, just because we're, we're mainly focused heads down building, like we get offers to
do those kinds of things a lot, but they don't really like move the needle.
They don't really do much.
Um, you know, the people are kind of like, what, that's random.
Like, why are you doing that right now?
It was like, the community is not as engaged as it is during a bull run anyways.
And so like those sorts of like, um, partnerships that have a lot to do with like marketing and
stuff go a lot further in a bull run.
So I think like one of the things about adaptability is like adapting to what sort of things you're
putting your energy into during, uh, what like specific times in the market and what the
Um, but I know, you know, Ian, you probably got a lot to say about like what specific
things like we're actually, we're actually doing, but yeah, I think timing is timing
Like not just what you choose to do, but like when, when you choose to do it.
Um, but the only thing that remains constant is that you continue building, right?
Like, cause that's at the end of the day, this is where technology company.
And so it doesn't really matter everything else as long as you, as long as you keep building
through the bear market, you got plenty to talk about during the bull market.
And those opportunities, like the one that I mentioned today will always be there.
Yeah, no, I, I agree with, agree with everything you said.
I mean, you know, the way I look at things now, actually my, my view has sort of evolved
over, over the years that we've been doing for about five years now, and you come to the
realization that at a certain point, you really have to build products that people want to
and need to use that solve real problems.
You can't rely on hype as a mature project.
Um, and, and also the expectation as to the quality of the product, um, increases as you
mature as it should, right?
And so, uh, with those things in mind, we've sort of gone back to the drawing board to some
degree, um, with the products we've decided to build, be building at least here and now.
And that's, you know, of course, multi-swap and mainnet and multi-swap's a good example of, um,
a product that we believe, uh, the market wants to use, will use, uh, need to use, um,
new chains are proliferating all the time, a new entrance in the space are coming in.
They want to take advantage of opportunities on different chains.
You're already seeing these multi-chain or cross-chain aggregators, um, generating a lot of volumes.
So that's a, that's a sector that we believe solves a real problem and it's just going to
Um, the problem, um, just to be, just to be frank about it was that we were on, you know,
on the dev side, getting pulled in a lot of different directions.
Um, bear market's difficult because there's always this need to generate revenue.
Um, and so we had to take certain opportunities from a, you know, business standpoint, white
labeling products on and so forth, um, that sort of pulled some devs away from multi-swap
to the detriment of that product.
And, uh, we said, all right, you know, we need to make a change here and just focus completely
on, um, multi-swap, make it the best possible product can be none of these glaring bugs.
No, you know, it's got to work consistently.
Um, you know, it has, it has to be a really top quality product.
Otherwise it's not going to get the adoption, um, that we need.
It's not going to help generate the revenues and, and, um, uh, the utility for Ferrum token.
It doesn't, you know, if we put out a buggy product, it doesn't put us in a good light.
All these problems can sort of flow from that.
So going back to John board, refocusing on making the best possible product it can be, um, that's
one big lesson, I think, um, you know, that I've taken over the years of, of being, being
at Ferrum, um, is, is we're at a point where we need to deliver products at a high level that
Um, we believe the core technology of the mainnet sort of being able to, um, send messages
quote across chains, broadcast messenger across chains, effectual run a transaction on chain
A, have it effectuate on chain B.
These are core sort of fundamental technologies that have the possibility to change the industry
in a positive way, but it needs to work, uh, and it needs to be user-friendly and, you
know, all those things need to, everything needs to come together, um, for, for it to actually
So, um, I don't know if that answers your question, Tom, but we sort of, you know, going
back to the drawing board a little bit and, but I am, I am happy to report that, uh, progress
has been, is being made, um, on multi-swap now, I think at a faster pace than before.
Um, I'm not going to say any dates because that gets, tends to get us in trouble, but,
um, the devs are pretty confident that, um, we'll have a, another, a beta test round coming
out pretty soon here for the kind of the new, it's almost a new version of multi-swap.
Uh, we had had a previous one that we had launched and kind of alpha, but it had some
So again, back to the drawing board, improve those, those things, and then coming out with
a kind of a quote new version, um, hopefully pretty soon here, but definitely before end
Well, I would actually also add to that is that, um, what, what I think is key in terms
of the leadership, uh, here at Ferium, and I think people really need to hear that as
well, is that we're very conscious and very rational and reasonable when it comes down to
also spending money, um, internally, um, which, you know, one of the great examples is that,
uh, subscriptions for some of the marketing tools that help out and make things a little
bit quicker, um, you know, we decide to, to be very conscious on how we spend every single
Um, which gives me like, to be completely honest when like, we're all part of different groups
as well on Telegram with different projects.
And sometimes you can see how, I don't want to say maybe irrational they are, but they
don't take into consideration the, the next few months, how long it's actually going to
take to, for us to, to, to become much bigger and better and, um, to, you know, to, to really
successfully, um, even launch mainnet.
Um, and I think with the experience, like individual experience of the people like Nick, like Ian,
like Taha, Nichelle, all the leadership people, um, at Ferrum is so incredibly important, um,
their business mindset, um, because at the end of the day, we need to make sure that we're
going to have enough time, um, enough, uh, enough, uh, revenue, enough budget, um, for,
for things that we're working on.
So I think this is, you know, great, like kind of applause for you guys to be constantly
thinking about, uh, about Ferrum across all different aspects in the spectrum, right?
Because Ferrum's involved in a lot of things.
We're also involved in the, the decentralized incubator.
We have the mainnet, we have the products, we have, um, products that we sell our services
to different people, or to different, sorry, businesses and projects.
So, um, to have, uh, all of this and, you know, being still able to, um, make those, uh,
rational decisions is incredibly important.
And, um, it just makes me want to, you know, buy more if I am really myself, um, because I
just believe so much in the team and, uh, in the experience of the people involved in
So there's just my little three cents here as well.
Um, but what I wanted to ask you next is, um, what are the kind of key goals that you're
looking forward to in the next few weeks and next maybe month?
Um, what can you share and what kind of little insights you can give to, to us, the community?
Um, what's, uh, what's, what's cooking really, um, in the next few weeks?
Uh, so I, I mentioned multi-swap and, uh, the plan to get out a, um, sort of updated version
for beta testing or maybe alpha testing.
Um, I'm not sure how we want to phrase that, but regardless testing, um, uh, and then, you
know, ultimately we, you know, we want to be able to launch that product, um, by end of
I mean, I think it would be, it would be not good outcome if we're unable to launch
It's not going to be every chain.
It's not going to be full, you know, full, every feature that we envision for the product,
but it's going to be, you know, usable, um, you know, connected to the major chains, cross
chain, uh, multi-chain swaps, um, fast, not buggy, low fees.
That that's my hope anyway.
Um, and based on, um, discussions with the dev, I, I, I, I believe that it's going to be
possible, um, on the main net side, uh, maybe Nick has a bit more insights, but I would
just love to see some mock-ups of like the dashboard coming out, just some more, um, tangible
things related to the front end will be great to showcase to the community.
Um, you know, start to answer questions about how to run nodes and what kind of rewards one
can expect, you know, the, the market's improving.
We want to give people a reason to accumulate Therum leading up to the mainnet launch, right?
Which will be some of next year.
So, you know, showing people that product, I think is going to be key where we talk a
I think it's important to show some of the front end.
So that's going to be exciting.
Um, there's a lot cooking on the TDI side, decentralized incubator side as well.
Um, we're, we're experimenting with different sort of marketing techniques, a lot of like the
short form videos, which hopefully people like, um, we're working with a number of solid
projects, uh, that, you know, have sort of put the pause on fundraising and launching.
So that's why we haven't really been pushing too many raises, um, mostly due to market conditions.
Um, some are, some are, um, you know, heading towards launch, uh, regardless like a dead press
Uh, but we have, we have many others coming out of the pipeline that are solid fundamental
sort of business-based products, projects, excuse me, with the, um, token, the utility
tied to the business in some way so that, you know, we don't have to rely as investors
just purely on speculation.
You know, you want some fundamental value being driven to the token.
Um, and we have a bunch of different projects kind of that fit that bill that'll be coming
Um, and some bigger ones too.
I mean, we have, we have some ones that, um, you know, or, or got, got backing from big,
big companies in crypto, like Coinbase, et cetera.
Um, Truflation is a good example of that.
There's another one called CoinMora, which I'm super bullish on and be launching apparently
in February that we've secured an allocation in, um, that's backed by Coinbase and some other
Uh, so that's, you know, that's kind of another type of project that we're looking to launch
or these big ones that we hope can get, get even listed on Coinbase one day, right?
We're invested in like the private round, uh, for example.
And if ultimately get lists on Coinbase, that's, you know, very exciting up, uh, you know,
opportunity for, I think the TDI community.
Um, so yeah, a lot, a lot cooking, but really in the practice that we're saying, we're trying
to stay focused, possible multi-swap main net and just deliver those things at the highest
Uh, with everything, you know, it was just, you were just saying, Ian, uh,
and then, and then, yeah, you and I are on the same page regarding main net too.
Like there's always kind of this funny, like, uh, like tug and tug and pull, like battle
between like what, uh, guys like you and I want to see and like what the devs like know
that they have to build before those things kind of come to fruition.
And with, with, with the main net team, I see like it because of the things that you
talked about earlier with like kind of our challenges with multi-swap, um, that team
was being pulled in many different directions for a while.
So it was really hard to find that common ground on understanding timelines on
Um, and, and that was something that, you know, we've now improved across the board and
it's a problem that is presented to most teams during the bear market because of what
you described, like, just like, you know, the, the need to, to bring in revenue.
And so you're kind of pulling people off of certain projects to do some of these more
white label projects that, that we, that we do for, for, for folks so that we can bring
Um, but, uh, I think, you know, because we've solved some of those issues now too, and we've
never really had those issues with the main net team.
Um, we're kind of starting to see some of that, like, uh, ability to like meet and meet
in the middle with a lot of these things and it's happening faster.
I don't know if like, this is conceptually making sense, but it's making sense in my head
So like, I'm hoping this is making sense as I'm talking about it.
Um, but, uh, with, with, with the main net team, um, it's, there's like a clear path,
I feel like, um, and it's really exciting because we start to see all these things that
I was describing earlier from like the weekly main net updates and all that stuff happening
while at the same time you and I, and we want to see this dashboard get built out, you know,
we want to see people have the ability to start staking tokens and running nodes.
And that conversation is still being had within, within the, within the dev team as well.
Um, and so we're trying, that's like kind of the goal that we're trying to get to.
Um, and, um, and those conversations are happening a lot more than they were with like, with,
with multi-swap when things were a little bit, um, you know, a little bit chaotic for
Uh, so that's, that's really cool to see.
I hope that, I hope that made sense.
Guys, um, it's been nearly an hour.
If there are any questions from anyone in the audience, please feel free to, uh, request
to speak and you can ask us any questions.
Um, please make sure also something that Ian mentioned regarding TDI, um, there's going
to be early next week, there's going to be Twitter space on the decentralized incubators
Um, there's going to be a space that where we're going to invite,
um, dead press, uh, as well.
So if you're going to have any questions for the dead press team, please make sure to tune
in and follow the centralized incubator on, um, on Twitter to, to make sure that you'll
be able to tune in and get all the information about the pre-sales, about the updates and
about the community, um, spaces as well.
And, uh, Nick, Ian, is there anything, any last final thoughts that you'd like to share
It's, it's, uh, it's great to, to have you, have you back, Tom.
Um, uh, that's, uh, that's my, my last thought.
Uh, we were, we weren't doing these Twitter spaces and a lot of, um, you know, the marketing
stuff that we typically do for the last, uh, almost a month.
Cause Tom was doing some pretty cool things, um, in his country, uh, from a, a political
standpoint, uh, which, which I thought was, which was, which was super noble.
And so, um, uh, so he was pretty focused on that.
So it's really good to have you back, Tom.
Thanks, uh, for everything you do.
And, um, it's, it's nice to be able to have this medium to, to chat with the community again
and, and give updates cause it felt like, yeah, uh, we were, felt like we were missing
So, oh, I'm glad, I'm glad to be back.
I'm super excited, energized as ever to, for us to, to, to be on the, on the right path
to success, um, uh, in, in the next few months as well.
Um, there's a lot of great things to cook in here at Ferrum and there's also obviously
great things to, to be waiting us, um, in a crypto space.
So, yeah, this is going to be very, very important for you, few weeks, few months.
Do you want me to say any last word?
If you've got any final thoughts, I got distracted by some for a second.
Um, yeah, no, well, it's great to have Tom back.
First of all, um, we are looking to ramp up, uh, like a lot more of these Twitter spaces,
um, different cross marketing opportunities, a lot more on the TDI side, like I mentioned
So that you're going to see the marketing pick up a bit here, maybe not a ton of paid marketing
or anything like that up until, you know, maybe, you know, multi-swap launching and then
That's a different story, but, but even leading up to that, um, I think there's an opportunity
to just increase our, increase our activity across different channels, more videos, more
articles, more content in general, to tweet.
These tours are a good example.
So we want to do, we want to be doing more of that.
Um, yeah, the development side, I think we've spoken a lot about TDI.
Um, you're going to see more, um, uh, on that side as well.
Um, you know, it's, it's been a difficult, uh, crypto winter, but it feels like we might
be slowly entering our way out of it now.
So, um, good, good time to get more active.
Thank you, Nick, Ian, so much for joining the Twitter space today.
Um, guys, uh, make sure to follow us and, uh, follow the, um, announcements channel on
Telegram as well for Ferum and follow the centralized incubator.
Who's also, which is also active, uh, in this space, uh, right now to be up to date with all
the, uh, insights with, uh, all the presale updates, um, and community updates and main
the development, um, updates as well.
And yeah, guys, thank you so much.
Um, and see you very, very soon.