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iFi DEX Community Call: Countdown to Deployment 🚀
Recorded: Aug. 15, 2025 Duration: 0:23:24Space Recording
Short Summary
In a recent discussion, key figures from Althea outlined the imminent launch of the iFi DEX, a project designed to enhance liquidity and integrate real-world assets into the blockchain ecosystem. With governance proposals set to unlock the Althea token, the project is poised for significant growth and innovation in the DeFi space.
Full Transcription
Thank you. Hey folks, hey Rodrigo, thanks for joining.
We're just letting folks join here in the beginning here and then we'll get things kicked off.
Always those first couple of minutes here while folks filter into the room.
Wish we had coffee and snacks. Thank you. All right, Bear with us here.
Just a couple more minutes here.
We have some folks joining, including Justin Kilpatrick, who is the CTO of Talk Networks, co-founder of Althea, and definitely can share a few of the technical upgrades and special integrations on the iFi decks.
And here he is. So just a few more bonus folks. We'll get all the logistics sorted and kick things off. Thank you. All right, looks like we have Justin Kilpatrick.
Can you hear us okay?
Justin, are you there?
Yeah, I'm here.
Awesome. hear us okay Justin are you there yeah awesome sauce and we also looks like we have Mario here as well who supports community for all the ecosystem thanks for joining as well got a
couple of folks here that are joined in to listen in and there might be some folks for
listening a bit later obviously happy to answer any questions that you have behind the
scenes. I'm Debra Sempier, CEO of Hawk Networks and co-founder of Althea. And we've got some
exciting things from the foundation we just saw drop in the Althea forum that we're here to discuss
today and answer any questions you all have. So if things come to
your mind as you're listening in, you know, feel free to drop those into one of the chats, right?
So Discord, Twitter, we'll find you and be happy to answer this. Or afterwards, if you think of
something, feel free to ping us there in Discord. We'd be happy to answer those. So without further ado, maybe we can just kick this
over to you, Justin, to share a little bit about what's kind of under the hood at the iFi decks.
And, you know, some of these, we saw some governance proposals kind of kicking off,
they have denoms and stablecoins and so forth. And maybe just give us a little bit of the lay of the land there. Thanks. Hey, thanks, Debra. So, yeah, let's see.
As we're leading up to sort of unlock on Alfea L1,
there's a series of governance proposals to deploy the DEX,
get various tokens bridged into the EVM environment.
get various tokens bridged into the EVM environment.
And then after that, coming up soon,
will be the governance proposal to unlock the chain,
which would be to remove the transfer lock
that's currently on LTHIA.
So, yeah, there's a lot going on with that
as far as the iFightX being very nearly ready for final deployment.
I mean, we've got the final deployment ready.
We're just tweaking all of the various parameters and getting it sort of ready to use and ensuring that it's hooked up to chain governance.
So the iFydex has pretty extensively customized for use on LK01, and that includes a lot of different relevant changes trying to decide where to start. To start with what people are probably the most interested, the pool paired by the foundation on the governance form.
And essentially, these pools are going to be USDS Althea, USDS USDC, USDS USDT, and USDS SUSDS.
and use SUSDS.
And the reasoning for this is that the Althea community
and the foundation have a very good relationship with Maker,
or I guess they're called Sky.
As you know, the Althea bandwidth seller form
has been using DAI as its stable point of exchange
since very shortly after DAI was introduced
and before you have used it.
So there's sort of this ongoing good relationship.
And for the initial pairs in the pool, it's been suggested to sort of continue with that. Now, the foundation is
an organization that takes recommendations from Althea One governance. So this is open for feedback.
And if people want a different pool set, you know, if Althea holders want to vote for a different
pool set, that is something that's strongly supported, which is why we're discussing this and trying to get feedback.
Now, what's interesting to talk about in addition to that is the
sort of liquidity of the iFi decks and how we envision
launch going,
obviously how launch actually goes up to various participants in the community.
But it's important to understand that the iFidex operates a little bit differently
than what you might be used to.
So for some context there, you can take a look at blog.alphia.net,
where I've written an extensive series of blog posts going over all these features.
Or you can just listen to the summary I'm about to give.
So essentially, if you're familiar with, say, your Uniswaps and such,
there are a couple of major features of DEXs and pools.
So there's concentrated liquidity. So that's where you can
place liquidity in a specific price range. There's Uniswap V2 style liquidity, which is across the
entire price range. And then there are things like fees and incentives. So in the, in like a Uniswap or SushiSwap compound,
you know, the vast majority of these,
the vast majority of existing DEXs,
you're either an LP who's providing liquidity
or you are a trader who is, you know,
swapping one token for another.
In the iFi DEX, there's a third category, which is kind of a fusion of both.
We call this liquidity fusion, pun very intended.
And what this means is that, for example, if you go on 1inch or the Uniswap interface right now
and you say, hey, I'd like to execute a limit order.
It will tell you in that interface, hey, your limit order may not execute exactly at the
price it should or there may be other issues with it.
And that's because limit orders in those interfaces are sort of, they're a, how do I say this without getting too technical?
You sign a transaction that can be executed at a later time,
and you're relying on somebody else executing it at some point in the future.
And that's why they tell you it might not be executed,
because somebody else might not choose to execute it.
This is very different from how the iFidex works.
In the iFidex, limit orders are a combination of providing liquidity and also doing a swap.
And this allows very efficient swaps with lower liquidity incentives and lower liquidity amounts in the pool.
lower liquidity amounts in the pool,
and creates a situation where you don't necessarily need a lot of LPs
and a lot of liquidity incentives to get enough liquidity to execute trades efficiently.
Now, why is this important?
Coming back to the beginning here,
this is important because Alfea, sorry,
because the iFightX has been designed for Alfea L1 and its intended purpose, which is liquid infrastructure, microtransactions for real-world goods of one kind or another, mostly bandwidth right now.
So what makes Alfea L1 different is that it's not an L1 like sort of the last cycle is looking for a use case.
It's not a general purpose.
Hey, we've got a programmable EVM or SVM or whatever you want.
And we want you to just put any sort of application in there.
That's not Althea L1's target.
Althea L1's target is we have this application, the Althea routing and billing that lets ISP operate more efficiently, lets them interoperate in a way they couldn't before.
And now with liquid infrastructure, allows real world assets to integrate with DeFi in a way that wasn't before possible. So the use case and sort of the customer for the Althea 01 blockchain is here. It's not a chain in search
of applications to run on it. It has the application. So what this means is that
we wanted to have a canonical DEX. So that's the iFi DEX. There's one DEX, it's deployed with the chain, it's integrated with governance.
That doesn't stop anyone from deploying a different type of DEX if they want.
But it sort of provides the foundation to use liquid infrastructure without getting in everybody's way.
And that's why we have such a focus on liquidity efficiency in the design.
Because, you know, issuing, you know, lots of rewards, lots of, sorry, lots of LP incentives over the long term,
it turned out to be an element from last cycle that's not very sustainable.
If you look at the platforms that have stuck around,
they have dramatically reduced reward issuance
and focused on liquidity efficiency with concentrated pools being the main headliner.
So in a lot of ways, the iFedEx is sort of the next step forward
in that it's providing even more efficient swapping and starting to away from having, well, okay, we're funding this class of LPs entirely with fees to, hey, we can get people to provide liquidity to execute their own swap rather than necessarily having to compensate them with fees.
than necessarily having to compensate them with fees.
Yeah, there's a whole little essay I could put into that one
about impermanent loss risk, but let's not do that today.
Yeah, so that gets into sort of what's happening next.
So the pools, you know,
which pools are going to be deployed to the Althea link front end,
which is run by the Althea Foundation.
It's what's being decided and sort of discussed right now.
Once that's done, those pools will be created up to the front end.
And in general, we'll continue preparing for the unlock proposal,
which will come hopefully sometime in the next couple of weeks.
And that would trigger Althea token to be transferable
if passed by the token holders,
at which point the decks would be immediately ready to use.
Now, I should note that pool creation in the i5DEX is permissionless on the backend.
This is more of a question of what pools show up in the Althea link frontend.
And note, that's not the only frontend for swaps,
since the i5DEX is compatible with the Ambient interface.
Sorry, is Ambient DEX compatible with those interfaces,
there are a few aggregators and other interfaces
which I suspect will pick up the iFiDEX on LVL1
pretty shortly after NWA.
Okay, I think that is a long enough continuous rant, and I should pause for questions.
Okay, doesn't look like we have any questions right now.
if we have any questions right now.
So yeah, if you're interested in the iFidex,
how it works, how it achieves higher liquidity efficiency,
you should take a look at blog.althea.net.
If you're interested in just poking around
with what's deployed or Althea L1,
you should check out docs.althea.net
where we have all of the various chain features and how they interact documented. And if you're interested in using the Althea
routing and billing platform, you can check out GitHub, Althea-Net,
which contains all of the software you need to start,
well, to build a more efficient ISP and start using Althea L1 to tokenize representations
of that ISP's revenue and use them in DeFi,
which is an extremely powerful primitive that we call liquid infrastructure
that I'm excited to see how it evolved over the next couple of years.
And it's also what Althea won is sort of...
Well, the bet is that the future of RWAs, real-world assets,
is going to be on-chain RWAs. So not tokenization
of an off-chain of, you know, existing asset like a stock, but instead revenue is on-chain
using swaps, sorry, using existing applications.
So for example, these are people paying for home internet.
So when somebody's paying to watch Netflix,
it generates transfers on Althea L1.
Those transfers get fed into D5 via the Liquid Infrastructure interface.
And that helps create a new type of RWA in the Althea EVM,
which we call liquid infrastructure, which is
based on real, an on-chain RWA. So all of the activity that makes up the RWA's revenue,
and those sorts of things exists visibly and in a way that is usable on chain instead of relying somebody to wrap it off chain and then
use it that way. And I think this is the real sort of big step in this cycle. And what makes
Althea L1 great for this cycle is that in the sort of L1, and then the following L2 boom, you had a lot of chains that were, you know, desperately trying to ask, well, okay, we've got all, you know, we've got our DEXs, our lending markets and our staking.
These are the three things that every, you know, every blockchain agrees is useful in some format.
But where are the other applications?
So then people started wrapping and bringing RWA's on-chain,
and everybody's like, well, this is great.
We can use this DeFi tooling that lets us do new and powerful things
with assets with real revenue and more real-world applications.
And then Alfea 1 is the logical conclusion of that. Where do you
take RWAs from where they are now to the point where there's no more blockchain, there's just
finance? Not that I mean there won't be blockchains, but I mean that all finance will be on blockchains
in that context. So that is the goal of Liquid Infrastructure,
Alpha-L1, and the future I see us working towards.
And the iFi DEX is a cool piece of infrastructure
which will help us get there
without having to deal too much
with the sort of, you know,
a fractalic DEX space
in which there are a lot of competing DEXs
that none of them really have the best feature set
when combined, but also dealing with fragmented liquidity
or liquidity inefficiency.
Neither of which really contribute to this future,
this focus on RWAs and real businesses doing stuff IRL
doing stuff IRL rather than, rather than
rather than
is being wrapped on chain.
Okay.
Deb, you still here? Okay, I think she is out for now.
Let's see.
Let's see.
Alka has been doing exciting new things
as far as acquiring new networks to tokenize,
which you will hopefully hear about soon.
But anyways, that's required a lot of travel
and a SketchConnection on her part.
So let's see.
If there aren't any questions, I'm to go ahead and wrap up for this call.
Well, thanks, Rodrigo, for saying very...
And yeah, if you want to get involved, so there is the Discord, the Telegram, and the governance form.
And you can talk to the team or other community members using any of them.
You'll find the links in the bio of the Althea L1 account over here.
Thanks, y'all.
And looking forward to seeing all of you for Chain Unlocked. Thank you.
