Music Thank you.ご視聴ありがとうございました Thank you. GM, GM.
Hey, what's going on, dude?
It's a good day to be at that arbitrum again.
I'm bringing up people to the stage. Thank you. All right, we got Derek here.
Good one, GM. I think we're waiting for someone from your end, right, Derek?
Alex actually can't make it, so it'll just be me.
Yeah, I guess we can start now.
So yeah, hey everybody, this is Juro.
I'm the community manager here at Optium Labs.
I'll be moderating the spaces,
and today we'll be talking about Huddle's native token launch platform, HuddlePad.
And to give some context here, last week Huddle announced HuddlePad, a native fair token launch platform on Arbitrum that's powered by Uniswap's CCA.
So yeah, we'll be diving into that today.
So yeah, we'll be diving into that today.
And without further ado, we'd like everyone on stage to introduce themselves.
So we can start with Huddle, then Uniswap, and Offchain Labs.
Awesome. Thanks so much, Shiro.
I'm Ayush, one of the co-founders of Huddle.
I started Huddle with my better co-founder Sushmet who is here back in
2020. I have been building our network which powers compute, communication as well as capital
markets. We are natively built on top of Arbitrum. We have one of the biggest networks on Arbitrum
that means any kind of real-time communication that happens, all that gets powered and essentially settled on
our Orbit chain which is based on Arbitrum itself. I'm super excited to be here. We have been super
inspired and impressed by what Uniswap CC has been doing and I think that's one of the
best ways in which token launches can happen and that's the reason we are here to talk about
of token launches can happen.
And that's the reason we are here
I'm on the BD ecosystem team
I'm really excited about projects like Puddle
building on top of it and using it as
kind of like base infrastructure for things like launch pads. Yep, and I can go next. Hey, everyone. This is Wen from
the Offchain Labs team. I mainly handle ecosystem within the Arbitrum ecosystem and supporting
teams like Huddle and shipping to product life. Happy to be here and happy to chat more about Huddlepad and Arbitrum in general,
and as well as JuniSop CCA. Sweet, appreciate the intros. Yeah, I think we can kick it off with diving into continuous clearing auction, the CCA. So Derek, do you want to explain how the
continuous clearing auction mechanism works, how it differs from traditional methods like Dutch auctions or fixed price sales?
Definitely. I'll start with explaining how CCA works at a high level, especially from the user perspective, and then get into how it compares to other auction types but cca's continuous clearing auctions work
by a user basically expressing um two things one the max price they're willing to pay and two the
total amount of tokens not tokens but the total like dollar eth or whatever the auction currency
is that they want to spend and what happens in the background is those bids are spread over
the entirety of the auction.
So it's like a continuous stream of bids versus just at one moment.
And then over time, more bids can be added on.
And what happens at every block of the auction is there's basically like a demand curve in
terms of like how many dollars want to be allocated at what price, along with the supply
of tokens that are being released at each block by the
auction, and it clears. And what's nice about this mechanism is the price basically smoothly
increases over time. The price of the previous block is the floor, and it incentivizes a lot
of people to bid more upfront versus at the very back of the auction. And there's not nearly the
same kind of timing advantage you get with certain other auction types.
It's very much like everyone should just express how much they want to spend on the auction and the max price they're willing to pay.
And comparing it to other auction types, I think it's important to back up and go through the design principles of CCA, which is thinking first principles about what projects are really looking for.
And in our opinion, it was like two things in terms of liquidity launches.
How do you get distributed to as many people as possible?
And then second, fair pricing
and having smooth price discovery of the token.
And the two other main types of auctions
that you see now are fixed price auctions.
So the auction clears at one price,
along with Dutch auctions,
which the price basically slowly
declines over time until it kind of reaches a point where the market clears. And it's
our view that each of those mechanisms make a trade off and really only spike on one of
those things that projects care about. So like fixed price sales, for example, are really
nice where like everyone can access them at the same price. There's no advantage if you're
like a professional searcher or something and trying to snipe the auction. That said, they're typically
not the best at market price discovery because projects just kind of need to guess the price
that the market will clear, which is very difficult. Dodge auctions on the other hand
are the opposite. They're very good at price discovery because you have some sort of market
mechanism that's figuring out the price of the auction. But on distribution, it's very hard to kind of like an average user to participate in one of those auctions, because you're basically trying to figure out when the best time to go in is the price is kind of going down, you might not get the best price compared to somebody that's more professional and knows that a game the auction.
Whereas the CCA mechanism, what we like eliminates that trade off and spikes on both of those dimensions where from a distribution perspective, it's very good at getting the token to as many people as possible and incentivizes people to
bid at the very beginning. There's not the same amount of time in games while allowing for price
discovery through a smooth, continuously increasing auction mechanism. Interesting. And how does
seeding a Uniswap v4 pool at market price through CCA benefit both projects
and participants in terms of liquidity and fair distribution?
So on the project side, having the v4 pool establishes immediate DEX liquidity for your
Importantly, this is a v4 pool in Uniswap, the largest DEX in crypto.
We're integrated basically everywhere.
So you have access to trade the token through our front end, all the people that integrate
us, that integrate our API, which effectively is the vast majority of like major EVM trading
So it enables like instant day one entry and liquidity for your token that can be accessed
So that's like the main advantage in what projects have been really excited about is basically
bootstrapping initial liquidity for their token.
And then on the participant side, I mean, you'll obviously get tokens out of the auction.
But there are interesting things that projects can do if they want to price lower than what the token would trade at in the pool after the auction.
But the main advantage is really on the project side with having instant liquidity for the token.
Cool. Yeah, I think this is a good segue into talking about HuddlePad.
good segue into talking about HuddlePad. So for the folks at Huddle, do you guys want to talk
about why you guys decided to create a launchpad natively on Arbitrum?
Yeah, absolutely. So from our side, we have been noticing a lot of token launches
over the last couple of years
and some problems which I think Derek talked about from the fixed FDV
as well as touch auction, as well as the bonding curve.
What we realized was that the way in which the price used to increase,
rather than a game of humans, it became a game of bots in general at the start.
And because of which, a lot of times the price rises at an exponential rate at start.
And then the snipers, they get an access to make sure that they have enough kind of firepower to make sure that the retail who is exiting later, they are able to front run them.
And this mechanism completely gets eradicated with CCA
like which Unisup CCA enabled and when we saw Aztec we realized that how efficient the whole
process was how efficiently the price discovery happened and how efficiently the clearing price
was like almost 160 percent above the actual price at which the floor FDB was.
So that made us realize that why not use this mechanism
for even Huddle as a network,
but for every token which essentially comes on Arbitrum,
because that will really lead to
a much more healthy distribution of tokens
much more better Gini index,
meaning making sure that a lot of people have token in the hands of people, much more better Gini index, meaning making sure that a lot of
people have token in the hands of themselves and in general leading to a much healthy distribution.
So since we are very, very native on Arbitrum, the whole idea was that why not bring this not
just for ourselves because we were already building this as a front end, wanted to make
it much more holistic, much more deeply integrated, which anyone can use.
The whole idea of HuddlePad was to have any Arbitrum Native projects
who want to use it, they can use this mechanism of CCA
and can just deploy permissionlessly.
Right now, we are at a stage where we are just vetting the projects.
We're getting a lot of projects who are applying to be a part of,
to basically launch their token
sale or launch their tokens directly via the huddle pad and the whole idea was that over time
it becomes permissionless in nature um that's how this whole process started but i think so smith
would have also more points i'll just hand it over to him yep uh so glad to be here and sharing the stage with Arbitrum and Derek from the UNICEF team.
Whenever we are making some choices, we go from a whole range of research goes into making those choices.
One of them was like the technical choices uh in the technical choices we saw that like the unicep like like the cca is like we see like it might be the future of the
token launches uh so we have been here for like the project uh huddle has been around for like
five years so like from nfts to uh like the creator tokens and to meme tokens so we have seen all of those cycles and we generally believe that
uh like the activities of creating something new right it could it it's it is definitely tokens
right because nft was also a token meme point is also token creators is also token so every cycles
create something like a new mechanism and a new a new trend that would see and we have one of the strong thesis that the these new trend
would be uh basically uh the tokens that are being launched through CCM mechanism and uh uh
and the other part that we saw was like every chain like if you see has uh this uh legacy
coin site which is your BTC uh ETH and all of those side of things and they have some kind of price discovery where people can come and trade but what sets everyone apart is like uh
the usp the edge that they have and it is that new tokens that that do not exist right now
would give an edge to the projects and it is like what we believe is a non-zero sum game right because the value is uh can be produced
uh just like how the crops and all of those are produced from land uh and like from collective
efforts that we see now arbitram so that's where like we found like uniswap a very uh cca a very
good mechanics from the technical point of view because it gives actually power to the people and uh like and it restrained the extractor proper like uh for people like the like
what's happening on the other chains is like mostly the projects are uh extracting their community
uh based on like uh like they're giving like 2x 3x because the way the bonding curve works and all
of those parts so the game is basically rigged right like uh the front running and all of those side of things uh it's generally
we feel like that's not like a very healthy ecosystem because like pvp and all of those
things does not totally make sense but here like with ccf people have actually power and that's
where like the direct actually mentioned a very good point. People have power to actually choose what FDV they want to put in, right?
And people have power to basically choose how much amount they want to put in.
This is not the case like available on any other chain, right?
Like because at other like either it would be dictated by fixed price or it would be dictated by a bonding curve.
And in the bonding curve, basically the supply side has a too
much control over all of those sort of things or even like on the chain level or on the smc caller
if people can see your uh like uh your transaction into the meme pool you you are basically at a very
greater disadvantage point but here it there are like blocks that are running so even if like and
there is a clearing price so there's always some consensus that is being formed by the demand side of things.
The other thing that we found is like Arbitrum.
All the other chains like suppose like BaseChain and Solana.
They have an area where new tokens are being launched.
For Solana it was like a couple of launchpad which was your pump.fund and other
launchpers that were there uh and for base if you see like they had zora uh they have clanker
and all of other people that are launching new tokens into the system and that is basically the
major revenue sources for them uh here on arbitrum arbitrum has a like a very good purpose and other platform and a very deep
liquidity which is your like all the legacy DEXs. Uniswap is one of them, Hyperliquid is one of them
but there is no platform that actually does new tokens into the picture which is where like
Huddlepad powered by like the Uniswap CCA makes total a market opportunity for us that could be
makes total a market opportunity for us that could be like creating a value into the future
and that's how we see from the technical perspective and from the market opportunity
and like and even like on the Arbitrum and Uniswap they're like pretty much connected to
every other ecosystem like or every other protocol so the bridges are also strong
so if someone wants to like uh bring usd dollars uh to arbitram it can be done through like unicef
very fast so all of those infrastructure is uh already there uh so that makes it like a very
decision for us to like go forward with this thing.
decision for us to like go forward with this thing
Amazing. And for projects that are interested in applying and launching on Huddlepad,
can you walk us through that process? Also touch on participants that are looking to
optimize their chances while participating, you know,
how does that look like too?
Yeah, so right now this is very much curated before going permissionless.
Like as Derek mentioned, Uniswap CCA is permissionless.
Like anyone can basically go and like take a cc and launch their tokens but like what we find is like
the project needs actually some kind of like help like maybe if there is like a very strong
community and the project is very curated so a community needs a good token and a token needs a
good community and that's where like the huddle uh actually makes sense for new project. So for now, we are actually registering interest
for people who want to like launch their tokens.
And like we would like having some due diligence on those projects
like so that we can ensure that the token is actually healthy in the future.
Yeah, I'm just adding on top of it.
We are like a couple of things on the front end side, which people need a lot.
Like they want to see kind of how fast are the graphs moving or they want to see that,
okay, what is the clearing price?
And basically just getting that very seamless UI and UX experiences is what makes community
or people visualize that how are things moving,
adding things like allow list, like whatever customizations which people are needing. So the
earlier curated list, the more curated list which we have, the more we'll be able to get the kind
of feedback which people need. So right now we're chatting with a couple of projects, a couple of
them are deep in projects on top of Arbitrum, who already want to launch their tokens. So for them,
we'll be able to get a very good idea regarding,
okay, what are the things which you need?
We'll add that, I think even our lead product engineer, Ramit and Fababar,
also here, who are also talking to them continuously to make sure
that we make the UI UX in a very seamless fashion.
So think of it like what CoinList and others did
for the fixed FDV launches.
We are trying to do that.
And also with Sonar and others,
we are trying to do that,
but completely customized UI UX format
for the CCA style itself.
And I think this will be one of a kind
and people will start valuing it that,
okay, I can actually see how things are moving
rather than just having an FCFS,
first come first serve kind of mechanism or they can add their own allow list at the start
if they want to do community first sale and then they want to move forward from their community to public sale.
So all of those things could also be added into picture.
So that's how we are framing this whole thing as and we'll also get a lot of data points from even our own launch which will happen in a couple of weeks time.
So all these data points will make us really bullish on Huddlepad on Arbitrum in itself.
Cool. And Wen, do you want to touch on how does Huddlepad or even in general native launch pads advance the tokenization of assets within the ecosystem?
So Juniusok continuous clearing auction model is definitely a very interesting auction mechanism for new teams to utilize in general.
in general and with huddle pad and a native launchpad built around mechanisms like cca
basically eased out a lot of problems that teams face while building and using the auction mechanism
in general first of all is definitely like standardizing the capital formation
methods so you don't have to go through like a really complex different auction mechanism
instead of using a more standardized
that uh standardized model like cca to launch a transparent repeatable on-chain process rather
than all of this complicated process in general uh second secondly is you're able to enable more
uh optional models so uh within universe web cca and with Hottopad, you're able to enable optional models such as like AllowList, ZK Identify, and some of the jurisdiction filters in general can be layered without breaking the permissionless strategy within an auction mechanism.
you're able to deepen your on-chain liquidity from day one from the auction itself.
So this is definitely a very interesting model for teams to utilize while building on Arbitrum
and if you're exploring an auction mechanism in general.
Sweet. And do you also want to touch on why Arbitrum is the best place to host Uniswap CCA?
is the best place to host Uniswap CCA?
First of all, one of the reasons why Arbitrum is the best place to host Uniswap CCA is definitely
on the V4 deployment side.
Arbitrum is actually one of the leading chain in terms of TVL.
So there's already a lot of deep liquidity that teams are able to utilize and traders
liquidity that teams are able to utilize and traders are able to utilize in general.
are able to utilize in general.
Secondly, obviously, Arbitrum's tech is one of the leading tech within the L2 space in
Teams are able to utilize Arbitrum in their low gas nature.
And given that CCA relies on a lot of frequent on-chain interaction, this would reduce the
spending too much gas on an auction in general.
Second is definitely on the DeFi side of things.
As Sussmit mentioned previously,
Arbitrum is the home of DeFi.
We have a lot of leading prib dexers
and as well as dexers like Uniswap
that choose Arbitrum as home
for all of these trading activities.
And given that Arbitrum holds a lot of deep liquidity, active traders love to trade on Arbitrum a lot
and are participating in a lot of action within Arbitrum.
And this is how Holopat could basically benefit out of this as well.
And Blasley is definitely on the partnership with Uniswap in general.
Uniswap is already big within Arbitrum in general.
So this gives easier interaction with basically Uniswap as a DAX in general,
and as well as basically retail users using Uniswap in general.
So that's the few main reasons how Arbitrum is the best place to host CCA, I would say.
And I know we still have a few minutes left, so we'll love everybody here to talk about
where can they learn about HuddlePad pad uh you maybe you can talk about
that um and derek maybe you can talk about where people can learn and reach out to you to learn
more about cca yeah i'm sorry derek you go first i was gonna say uh to learn more about cca feel
free my dms are open on twitter we have a form on the um core cca website cca.uniswap.org
please just reach out to me and then happy to put people in the in touch with the right people
on our team um and seriously open dms so don't hesitate to reach out. Regarding HuddlePad, it's H-U-D-D-L-E, P-A-D dot X-Y-Z.
That's the official HuddlePad by Huddle01.
You can find all the details, the blogs.
You can apply for listings, which is the curated one.
You can also visualize how the UI and how the demand forms over time
or how there is kind of similar price for our participants
and how the price reflects actual demand. You can see all of those things inside the
inside the huddle pad itself. You can see how the real-time dashboard works. You can get the live
reports. Also all the ongoing blockchain statistics in a UI format. So you'll be able to
visualize it much better. You can also see auction dynamics tracker there. What is the
clearing price history like and all those things. If you want to learn more about it, I think we
have gotten all of our encyclopedia from the Uniswap CCA, the blog, which is there. It's pretty
in-depth. There's also a very good kind of a white paper by Uniswap as well as Aztec, which I think
both Uniswap and Aztec have co-written it together.
That's a fantastic place to kickstart
and that's where we got all our inspiration
You can also find a lot of order book
how the hardware pad will look like
And you can also see step-by-step process
regarding how you can configure
how you can accept bits on the participants, how you can clear, how the allocation clears, and how
the pool creation on Uniswap v4 happens.
So yeah, hardwarepad.xyz is the place for everything regarding it.
Yep, and you know where to find Arbitrum, guys.
Arbitrum is everywhere, so just be free to reach out to any Arbitrum official channels.
Yeah, so Arbitrum is everywhere.
But yeah, I think we're good here.
So thank you, everyone, for joining.
And congrats to Huddle on the launch of HuddlePad.
Congrats to Uniswap on this awesome collaboration.
And hope everybody here has an awesome week.