Looks like we might be waiting for...
Some of the notional team and I know that the risk is might be a little bit late. He said he was joining a little bit later in the afternoon. Are we later on the else from this team? So just waiting up here. Good morning everybody. Or afternoon or evening or every Monday.
Yeah, good morning. I'm actually boob cactus. I'll be covering for Lewis Squad today.
Oh, wonderful. Thanks so much. And then do we have a member of the National Team here? Raise your hand and I'll make you a speaker or host.
uh... notional folks raise your hand let me know who i should be inviting to speak here please
We have anybody from the National here. I don't think there if you're yet, but I think we can go ahead and get some questions in or sort of accept a ton of discussion while we wait. Yeah, I think maybe either if you or Boob cactus can share with us a little bit about the auction.
module that we're discussing, how that works, and then when noional arrives they can talk about there. But to build it. >> Yeah, so I'll let you present the idea of the auction module since that's sort of the, yeah, so to explain context around this proposal.
community member and I'm sorry. I'm not going to be able to pronounce this name. I'm so sorry. But anyways, a community member has proposed an auction module to help auction fees and the notional team is preparing
a proposal to implement this module. So I am here in my capacity as a maintainer and to moderate. So yeah, let's go ahead and hopefully you can present a little bit more about how the module operates cactus.
Yeah, so I'll admit my understanding of the module is pretty limited. I get most of the information from the Commonwealth post, but the general idea is that
Acres would be able to bid on the fees that Gravity Bridge creates. So you would be able to auction for these fees and potentially receive these tokens at a discount.
This kind of works like liquidations in a way where you're able to acquire tokens at a discount, but this utilizes the bridge auction, which I haven't seen yet. I'm really excited for Notional to put this together.
Yeah, so just for the sake of clarity, what tokens are the users bidding on and what are they receiving?
Yeah, so any bridged tokens that come through Gravity Bridge, they would be able to bid on those with the Grav token. Now, it's not...
clear yet where the token will go. It's open to being burned or going to a community pool, but this is left up to a governance vote for the community.
Yes, and all of this is going, so all of this is discussion and everybody should go and take a look at Common Welp, the Gravity Bridge Common Welp, where you can see the current discussion. And all of this is in preparation for a proposal
that will lay out the details of how this is to be implemented and executed. So yeah, once again, I think we're going to speculate a bit on what we think would be the best way to do that or what, and then from
From there, the community can make its decision and of course the actual execution of it will be up to the vote. So any questions so far? Because I'm interested in what people are and what questions people have specifically.
You know, I'll start this off with a question. We've kind of tossed around the idea that we would throw up a governance prop for determining where the coins will go. And something that just crossed my mind is why can't we have both kind of.
Speaking in terms of how Stargaze does their fair burn, where it's 50/50 split across, you know, burnt and captured, so we could capture 50% and put it in the community pool if the community couldn't reach some form of consensus on this idea. Yes.
That's definitely true. Once again, the more feature, well, not once again, I guess is the first time in this call, but I'm going to pull out my phone finger and say what I always say, which is that more features is more possibility for bugs. So if we can reach a firm decision, it would result in lower
of software implementation problems. Of course, not everything can be simplified away, and the community may desire to have a split or have more knobs. All of these knobs would be governance controllable, so they would allow proposals to be submitted to change the split burn or
change the split of fees that go to Stakers versus the module. So, you know, all of these are sort of parameters to be decided. And there's a lot of value and configurability. But there's a tradeoff that comes with it as well. Definitely. And if we're looking for
More simple methods of this. Simplicity does benefit us at Interblock as well because we will likely be spearheading a UI for this auction module. So obviously having less dials and knobs is going to make it easier for us to integrate and keep track of all of the features.
Yeah, so in the conversations I have had with the ocean so far we've gone back and forth and I think we've come to a design that we clock networks as the current maintainers of gravity bridge would be
more than happy to integrate. And I think strikes are really good balance between achieving the feature the community could vote on here and also maintaining safety and all of these other properties that IC is an implicit part of any instruction to update or modify the bridge.
Hey folks, just a reminder, if you'd like to put your questions in Discord instead of maybe a back-and-exchange or something like that and don't want to speak up in the Twitter space, please put those questions in the Discord and we'll ask them here or feel free to raise your hand and we'll get those questions answered.
Just for confirmation, is this in the Gravity Bridge Q&A channel in Discord?
- Sure, that works. It isn't the Gravity Q&A channel and Discord. - I wasn't sure. I thought I'd keep an eye on it as well. I would love to see some other questions.
being asked because obviously we are myself. I'm a little bit newer to this idea, but I know that a lot of people have had some great discussion and involvement in this.
cool. And I think the other thing that may be relevant here is that a recent governance proposal has funded a dashboard to display how much gravity bridge is collecting in fees. And Chandra Station has been working on that. And hopefully they will be ready to
presented in just a few days. So I believe that this will be helpful for the community to decide what they want in these sort of split to be here, what they want to do with the fees themselves. So yeah, I think that is
interesting and relevant and it's my opinion we should probably wait to vote on the details of this module until that is ready but hopefully that's always going to be a week obviously I don't believe we should wait forever if there's there's a delay for some reason
Yeah, definitely. I mean, it could be that we end up running this module for a little bit without UI. But I would like to get the auctioning web page up as soon as possible because
This is going to be a great opportunity for people to acquire some nice tokens that they may not have been looking to buy in the first place due to a current pricing issue or something along those lines.
Yeah, so that is an interesting subject to discuss and it's something that I'll bring up here. And that is a sort of comparison between a liquid-staking implementation of this and a liquid-staking based implementation and a
and the auction model implementation. So currently stride and other liquid-staking zones. If you have a token that generates fees, what they will do is that they will actually go and sell those fees
on a dex, I believe it, stride is currently considering osmosis. And what this does is that it actually looks a lot like the final output of the auction module. The difference being that only fees collected by liquid stake tokens are subject to this mechanism.
And the marketplace is a little bit different. So auctions are of course open to people bidding or potentially not bidding, which is a bad outcome because the chain could sell tokens for less than they are worth or significantly less than they are worth. If there's not enough interest and activity,
in the market. I think this can mostly be mitigated by changing how frequently the auction runs to make sure the amount is significant and instituting some sort of minimum bid, but it's still going to be a problem because it's part of the design. Although it can be minimized. Then there is of course compared
to the liquid-staking format, but that is dependent on the price in pools on a given chain, which is really a price oracle. And as everybody has seen throughout history, price oracles are problematic. Oh, cool. I think we finally have.
invited you to speak Jacob. If you see that invite them. There we go. Hey. Yes. You are now left. Hey, what's up? Or afternoon? Actually, it's it's rather late. It is 10, 20 at night.
- Well, thanks so much for joining us this evening.
So we're going to explain some context about where we are right now. We have explained the general idea of the module and also sort of comparing the trade-offs around potential additional
features and of course the auction model in general, which requires people to show up in bed. But I think Jacob, if you could spend some time introducing yourself and sort of what you hope to do here and what your team hopes to do here, I think that would be a great introduction.
All right, so hey guys, I'm Jacob and I'm the CEO and founder at Notional and
Basically, we started to solve kind of like low-level intervals in cosmos, and this grew
We're doing it with us, everybody, beyond my wildest dreams. And today, we're actually trying to emphasize
more and more engaging with chains in their communities over the long term with governance. And the reason for that is basically that an organization like ours
Hey Jacob, you're cutting in and out pretty badly here. Is that happening for anybody else who just raised your hand? Yeah, that's happening to me as well. Okay, well, it looks like he is trying to reconnect.
Hey, Alistair is here. I'm probably not pronouncing that right, but I hate being so much for joining us. Thank you for the way. Glad to have you. Yeah. Okay. Thank you.
Is Justin speaking? Yeah. Yeah. Sorry. We were just trying to figure out Jacob was having some connection issues while introducing himself. So Jacob, are you back and can you hear us? Okay.
He's still listening right now. Invited him to speak, Jacob, if you can.
As usual, Twitter is fairly nice. I would say it's a little bit more broken than usual, at least 25% Yeah, so I hope that you were able to speak a little about the goal of the auction module act
When notion all is proposed in. Yeah, so we talked a lot about it's intended use case and how that can benefit a lot of the community members around gravity. But we have yet to get into the implementation of it regarding noional building it.
So that's what we're waiting on right now. Okay. One important part of it is that no shells are only going to build the Cosmos module. According to their proposal,
So, I think it's 25% at the beginning and another under arrest will be
paid to them when they delivered the module after the test and its security has been audited by them and Justin as well. If you can speak Jacob.
I believe he's done it again. We may just have to do a repeat of this, but I think we've already managed to do a good introduction. And yeah, for the integration,
the presentation task. Essentially what has been discussed so far is that the notional team would develop the module which the design is as simple as we can make it and we'll see if we can make it any simpler while we're at it.
and then Hawk as the grabbing maintainers will do the integration. We'll do the integration and assist with testing and deployment. Obviously the front end was going to be
As Cactus said earlier interblock is planning on doing the front end, right? Yeah, but we're gonna wait for success on integration before delivering on that. Yes, it's somewhat difficult to do the front end integration when things aren't live.
Yeah, so I'm an important part of what notion I wanted to talk about and just wanted to mention it because they can talk. It's that they usually work long term with the change they developed for.
So this will mean that the payment will hopefully align them with the with the chain and incentivize them to have long term development support for gravity as well. So they can help us as a chain.
Basically, anything they can, and the maintainers of gravity are aligned with. So I think that's also a plus of having notional in one of the reasons that I requested them to do a beta in the module.
Hopefully we can move this forward and the proposal goes by then and the community if they're aligned supports it.
Yeah, I think Jacob's gone again. Oh, so I think I would like to open it to the floor for questions again and see if anybody has any thoughts here. Hopefully, let's see. Jacob, can you speak?
Perhaps we can talk a little bit about what would be the timeline of what's expected. So you said we have another proposal to do. Perhaps I'm going through. Yeah, that might be good to just kind of what's the next steps from here. So after this Trotos Basins questions are answered.
What can people expect? I think they're going to put the proposal on chain to get the committee voting on it.
And their timeline was, I think, two months, right, just in the four developments. Yes, two months for development is the timeline we've been talking about so far. And then I would estimate another month or so for integration and then plan coordinating the chain upgrade and testing.
Because the significant portion of development of any graph-debridge feature is QA for obvious reasons, which we would be assisting the national team with. So the way I see this, it would operate really in three phases or so.
After this call, there will be a governance proposal. Maybe not immediately, but sometime within the next couple of weeks. And this is whenever a notion was ready to submit it, because a notion will be submitting the proposal. I am simply talking about the time, which I understand from the
and they can change. So I believe notional will submit the proposal in the next couple of weeks. And then from there the community will approve or disapprove. If the community approves they will begin to develop, the funds will go to a multi-sick which will give them, I think the exact distribution is, it might still change
in the proposal format, but the distribution of the proposal will be executed some upfront, some after completion. And then from there, development would start. They've been talking about a two month timeline. And then after that, we would enter the phase of QA
and testing with the maintenance team, which is us to try and make sure that everything is safe and as well tested as we can. Obviously, there is only so safe things can be in the blockchain world, but we will do our best. And from there, it would be
integrated and we would coordinate a chain upgrade with a vote to include the feature and then the feature would finally be deployed. After which Interblanc has just been talking about deploying their front end shortly after the feature has been deployed on the chain. Does that match with your expectations?
Yeah, yeah, I don't know if you were asking you, but yeah, definitely. I think the only thing missing for our no shout to do that for both of us is to have the emergency set up. So if anyone was sending it right now from
that community wants to help with the move to save without the enemy on this corner of here in Trader and we can't. So get up. I think 305, 305 want to save. Should be a night.
So to kind of wrap up, so it looks like Jacob's not available this morning. But I would love to also talk about where we're at with the NFT bridging. There's been some exciting news on that site of the fronts with having a test net up and available. Maybe Justin, you could share a little bit more
about what the Stargaze team has been working on and where they're at and where maybe people can plug into that too. Yeah, so the Stargaze team has been working on an FTE bridging for Gravity Bridge because they wanted an independent
and open and decentralized NFT bridge which I think will be useful not only for Stargaze but also the rest of the Cosmos ecosystem as that sort of the physician gravity bridge has founded itself in is by being neutral and welcoming and welcoming any
chain that needs to use a bridge services. Gravity Bridge has really formed a niche for itself in the Cosmos ecosystem. But to get more into the module, I am very impressed with the Stargaze team design for this NFT module. It's simple and compact.
What it essentially is is it's a separate Cosmos module and really an entirely separate bridge which is good because it helps provide more security and simplicity but it inherits a lot of the design aspects of the original gravity bridge and it gets to reuse a lot of components that have already been battle tested.
They currently have a working version in a sort of minor testnet that they are expanding right now. I will drop the GitHub link for that right now into the gravity queue
agent. Let's see, what other information is interesting about this. What is up to the community at the moment is if they would like to integrate the
is if they would like to integrate and/or help fund the NFT module. Currently, the development is being funded by Stargate for the game of NFTs. And we'll sort of see what happens after their
because their team is not yet currently working on proposals, but I would not be surprised to see one in the next couple of months. And if the community approves the module, I would like it to be integrated. We can work on final testing and integration. Like I was talking about before,
forward due to the design that's pretty straightforward, involves a lot of new and already known components and will hopefully integrate well with the recently approved Hats Finance Auditing System so that we can get this new NFC module and the optional module audited.
So I'm really glad to see all these different community-led things coming together and providing a really straightforward path. Because you know at this point we're talking about a module being developed by another shame being proposed to the gravity community and then being tested by the gravity community's already approved auditing partner.
and you know implemented by the gravity bridge maintenance and updates team. So you know once again with front ends and components from another team boxcape has been as shown interest in doing the NFT bridging front end and of course interblock will be working
on the auction front end which we've just been talking about. So I think this is really exciting and presents a very sort of decentralized view with lots of different parties doing different pieces of the overall product. So I think this really speaks well to the gravity bridge communities all.
>> I don't think anybody who has questions about that, jump in. Speaking of that, what's going on with that? How can the community plug into that? I believe we have a call for committee members. Justin, do you want to share a little bit more about where the
the recently passed HOT's bug bounty is. And I also believe that there's some implementation for the Ethereum instance of gravity that has still yet to be implemented if I remember right. Yeah. So two things. There are currently proposals up on Commonwealth for the committee vote.
for members of the HANTS Finance Audit Committee. I actually did go and submitted myself there, so thank you for the reminder. But I'm sorry, taking notes. I just want to mention that. I'm super excited about the
Yeah, it's going to be really useful and I'm really looking forward to it. And I think it can be used. You know, there are a lot of applications for NFTs like the ones we're looking at for the LCO blockchain where they're not just art but their representations
of many different things. Like for example, Alfayah's paper forward routers. So I think the NFT bridge really presents a good opportunity for the gravity community to have something else that is compact and small enough to maintain an implement, but it's also
useful to a large group of people, which is always the sweet spot you want to be aiming for. Getting back to the hats finance side of this. Currently proposals are open on Commodore Health for the committee. So hats finance requires the Forvention of a Committee to receive vulnerability
and review vulnerabilities before they are submitted to, and then finally vote on the vulnerabilities to perform the payout to the auditor. And this is where we currently are, is that people are submitting their proposals to Commonwealth
where we would then have currently the idea is I understand it is a parallel vote. So several active governance proposals at the same time. Each one is a thumbs up and thumbs down for a given committee member with a runoff if we end up with too many or maybe we just expand the committee and kind of a fan of the latter strategy.
but I'm not sure it's been decided yet. So next steps for hats finance are the committee vote to go on chance. So expect to see some governance proposals on that soon. I'm not really sure if there's been a consensus on Commonwealth around that yet, but theoretically people could start submitting them right now. And I will
see any problem with that. Now the other thing that needs to be done is that the gravity ERC 20 implementation needs to be deployed and there are simple instructions for that in the docs. It is a command line application and it does require
some heat to make it work. Or, yeah, nobody has deployed the gravity of Regurior C20. But it should be relatively simple, especially now that gas is in the reasonable range once again.
So once that ERC-20 is deployed, it would be used to move grab into the HATS Finance Contract System on Ethereum, where it could then be voted by the committee to be granted to auditors who submit vulnerabilities after the committee reviews them. And I hope that's a good summary of how all that machinery works.
Yeah, I think maybe just the distinction that it's really just ERC 20 Graves, not just specifically for hats, but that anybody could use in a unit swap or however they would like to do defy with it or whatever people wanted to with that at that point.
an ERC 20 representation for Grav on Ethereum. The same as Grav has many different ERC 20 representations for different tokens, which you may see going in and out of the bridge if you keep an eye on it on either scan. Which by the way, it's fun. You should try it. Here is the link for that. And Justin is putting all
of those links in the Q&A section in Discord. So if you haven't already joined Discord, I've already had the Discord Q&A channel. There's been a few, he's posted a few links, the NFT bridging and there's also a link for Q&A if you want to, the Q&A section if you want to ask a question.
Okay, thank you. I think I think even if no child wasn't able to participate should couple again some visibility to the upcoming proposal and what it's about. Yes, and I think
And I think notional can record a short video or just a short audio message sort of present to themselves and the ideas. And we could post that to everybody if you could see it. But also if everybody is in Twitter, we're all happy to answer questions there. Everybody is in.
Discord. We are all happy to answer questions there. As well as any kind of formal questions, commonwealth is where you might surface questions, comments, concerns, ahead of that proposal, or even during the proposal to kind of talk through those things.
Yeah, I should make that clear. Commonwealth is a place for formal proposals, discussions on proposals. You should definitely use commonwealth if you're about the post-to-proposal and you want to go over it with the community.
Discord is more of a casual place for questions or what's going on and sort of community communication rather than real serious governance coordination before things are submitted. I hope that makes sense.
>> I'm happy to help as well. The community and gravity has been helping with surface questions, have kind of open discussion around things and certainly we've seen that being open and welcoming environment and would not want to persuade or dissuade anyone from becoming part of the community asking questions.
and putting up proposals, it is community-led. So as you see things you want to change, fix, approve, that's led from YAHL. So I want to encourage everyone to participate as they see.
Yeah, I think I say a good example is the this actual actual auction model actually started from a mosque the community G and the security now, but you had the initial idea and we worked it through with the comments from everyone to
To get to this point. So yeah, I think it's it's one of the strong points of gravity for sure At less your speaker please feel free to jump in and after the discussion. Hey guys Hope all is well. Thank you so much for hosting. I guess I just have a quick question
about what the front end might look like. I'm having a tough time conceptualizing how stakers bid on these tokens. So can you please elaborate on that for us? Yeah, for sure. So basically what will happen is there will be a batch of certain tokens, let's say,
U.S.D.T. that has been accumulating for a week. So let's say it's 200 U.S.D.T. Then the batch is ready and ready to be auctioned off. So U.S.A. user can start bidding with
graph in exchange for that for that USDT. So if I don't know the exact change right now but let's say it's 5,000 graph for 200 USDT. So you would be at I don't know 4,000 graph and if nobody else beats
higher than that, then you get that 200 USDT in exchange for your grant. So it's basically like a live auction that has a limited time to be executed, but what was discussed and I think coming wealth and this was basically
week, a week of fees would be, would accumulate until you can be done it and it fits on a weekly basis. And then I assume the goal is to attract arbitrageers who get it inexpensively from from this end and then go sell it on a dex and make money. Actually, so you get, you
200 usd t and exchange for 150 grav. The grav, the grav it's actually burned. So it's not def, deflationary, deflationary mechanism for graph. And you can get a, as
I mean, I would go take that USDT over to it. Gotcha. Yeah, it makes sense now. Thank you.
I think if nobody else has questions, you can drop it up. I just want to apologize for my interlay and I also thank Luke Cactus for coming for me. I kind of dropped it in her
because I had this meeting that got a schedule out of nowhere. So thank you for that. Yeah. No problem. Honestly, the Commonwealth discussion has a lot of the information. So if you are feeling left out or
or if you don't quite understand some of the proposed ideas in the auction module, I would highly recommend going into Commonwealth and just read that brief proposal. I have posted it in the Q&A channel in Gravity Bridge as well if anybody needs to get that link. But yeah.
Well, thanks everybody for joining us today. Please feel free to continue to join the discussion and discord or commonwealth and we look forward to seeing everyone next time.
Have a good rest of your day, everyone, or evening for those folks that are still a little later. Thanks so much for joining us.