no music, all right, we just got started.
Hey everybody, this is Tariq, and welcome to our
Volume weekly Twitter Spaces, I'm here in Denver with
Jack Zampilin, you should just jump on this thing.
Sampland is here from Strangelove and similarly he's posting military hardware because Bitcoin
prices are continuing to go up and let's get going and we want to just say thank you for
everybody for being here, particularly we want to say a warm welcome to the new community
members of the CosmoCats, really love what they have done, just an amazing community that is
inspiring and gives us a reason to believe that the future of validators is bright. I don't care
what anybody says about eigenlayer points, yes you can stick your eigenlayer points but Cosmos
alligators are the ones that keep our chains safe, keep the chains safe at night.
And so we're going to talk a little bit about volume and what we're running through here. So
here we go for volumes this week, so this is the week of February 28th and we're going to talk about
topic will be about the choose bot bull run and what is choose bot do and why it's powerful. So
just to give a recap of who's volume, we do decentralized leverage bots now, we're changing
we're decentralized leverage bots, decentralized training bots and decentralized lending bots
managed by Paloma validators. So the Paloma validators manage bots on other chains,
that's what we do and Jack Zamplin is here, oh my god, Jack Z is here, he's going to ignore me
until I say hey Jack Z come talk. Really we're today Paloma is about helping folks increase
leverage in bull markets, it's a great reason to have a blockchain to help people do that
and of course a lot of people are telling us they love Paloma and Paloma bots because
no liquidation. Oh he's requested, okay hold on, I think Jack's requested to speak, somebody give
the man the microphone so he can chat. And so another thing about Paloma is I think the first
Cosmos SDK chain that will pay revenues to validators for relays, all right, so
Axel and others actually pay some revenue but it's not an open market. We at Paloma and Volume
are trying to let validators essentially monetize relay activity by making an open
market so they can set their own fees in addition to inflation. So that's one of the main reasons and
we're going to talk quickly, I'm just going to, this is going to be a brief call because we're
going to take too long, we're here in East Denver, but we're going to talk about two,
three things, two things, we're going to talk about one, the Paloma update, so we are,
yeah, Twitter Space is really buggy, yeah, they cancelled out Twitter Space before,
this is like the second one. So let's talk about it, we're upgrading Cosmos 4.7 to Cosmos 50.
I don't know, did Baruchen deploy in Cosmos 50?
Baruchen, I think they are on 50 right now, I actually don't really know.
I think you're, oh yeah, you're live, I heard you. All right, cool. So we think, but yeah,
so we're leveling up to the same level as Baruchen and some of the other leading chains on Cosmos 50.
Actually, it was Jack Zamplin that introduced me to Bitwit and encouraged us to work with
Bitwit, so thank you Jack. And because of Bitwit, we have merged 50 into Master.
This is pretty badass and crazy because we didn't do private testing and we did not do a release
before we merged into Master. We just said YOLO, let's merge into Master. What that means is now
that we're Cosmos 50 on Master, we now have to do testing, so we're partnering back with Bitwit again
to do end-to-end integration testing before we launch the public testnet.
Everything in Cosmos 50 is a new chain, it's a whole new chain, everything's broken,
maybe except Cosmos. I think Cosmos works in 50 normally, right?
Cosmos works. Yeah, Cosmos works. Shout out to Neil. Who are you working with at Bitwit?
With Vishal, Anil, Anil, Alim. Great, great crew there. Yeah, we got some stuff that might be
able to help out while I'm sending it over. Yeah, thank you, Jack. So yeah, we really,
and I think we'll see if we partner up with Strangelove to do some stuff with the 50 launch,
but we're partner with them. The month of March is going to be mainly about testing before we hit
private testnet, and then public testnet, and then scary mainnet. What does Cosmos SDK 50 give us?
We are looking to execute optimistic execution or optimistic execution on this. What does
optimistic execution gives us? It gives us monad throughput speed. So if you've been following the
monad project, you know that one of their big claims to fame is optimistic execution, which
makes them fast as Injective and fast as Solana. So we're going to give the birds and pigeons the
speed boost as well by taking advantage of this feature for Cosmos SDK 50. In addition to that,
what we are going to be doing is pigeon keys. Pigeon operator keys come with us to Cosmos 50,
so now our validators can sign multifold transactions in a block. So now we're giving
validators even more throughput, but you want to sign multiple transactions. The reason why it's
important is to send more relay execution. We need to be able to let values send more than
one transaction per block. So we're going to be adding that juiciness forward and bring that.
And if you guys don't know, actually, Jack was one of the first people to work on the
Gravity Bridge way back in 2020, 2021. So he brought some light.
With his fingernails and even helped launch at most right in that way. So
not at most. No, gravity bridging in some and then Juno and the hub.
That's right. You did lunch, Juno. Yeah. And the cost to
oh my God, you launched a cost. Yes, that's right. I did. Yeah, it was the product manager there.
All right. So this is awesome. So that's what's happening, March. Next up is Pigeon feed. So now
we've covered the Cosmo says became upgrade. We're going to talk about Pigeon feed. Pigeon feed is
the relay marketplace. Pretty straightforward. We have a design document. Check out weekly wings.
It's out. And the design document means that grains will be rewarded on each target chain.
So validators will get the rewards when they relay a message on the target chain and each
target chain will have an AMM. Validators get to swap out on the target chain. So no need to bridge
validators don't have to bridge. Validators don't have to find liquidity on the Loma.
Liquidity is going to be wherever the relay actually happened. So special thanks to
by Bandit who brought that to life on design. Check out our weekly wings. This is going to be
off March. It's going to take us a month to get this done. So two big chunks coming out in March
and it will be merged into the Cosmo says 5050. So we're going to it's going to be 50
in master, which is what we have. And then Pigeon feed in master. Pigeon feed upgrade will
essentially impact upgrading Paloma. It will upgrade Pigeon and it will upgrade the compass
EBM like client on all target chains. So given all the work we've done, making sure that we
can deploy new compasses on target chains simultaneously with each upgrade, we are ready.
So we're going to be deploying engineering and testing from March with the expectation that
April we are not screwed. So we'll see if that works. All right. Next up is our Paloma bots.
So today Paloma bots is now officially live, but gas prices on Ethereum are causing problems.
If you are a Paloma validator or Paloma community member, check out our Bitcoin and Ethereum bots.
You get seven times leverage on any amount you want to deposit. Now, of course, we should be giving
points to these bots for everybody who's using them. So what we're telling people is please use
the bots now because any points that come will be retroactive to when the bot contracts were live.
Okay. So don't wait for points to be advertised in order to get excess bonuses, take advantage
of the bots now, if you can afford it. Today, we gave everybody in the team $1,500 to do bots and
we tried to deploy and prices on ETH reached 90 Gui. So a bot transaction was costing
$1,000 just to deploy the bot. So what do you do, Jack? Do you think Ethereum will survive this
gas madness? I mean, of course it's going to survive. I mean, anything that big,
it's way too hard to kill. But in terms of like longer term relevance, I can't see how
people are going to continue to pay that. You know, it's already, we've already seen in the
early stages of this fall market that retail is going to much lower fee chains, predominantly
things like Aptos, Swans, Solana. You know, the Ethereum ICO had an incredible wealth effect
and created a lot of people who made a lot of money. And those people are totally fine spending
thousands of dollars on fees on Ethereum, because they have a ton of Ethereum. And
but in that's going to kind of be self perpetuating. It has been for a long time,
but the ETH hot bulb money is one of the things on it. But I can't see how as we onboard the
medicines into this ecosystem, people are going to pay that they're not. And, you know,
this is going to be a rude awakening. Thank you, Jack. Very good words. And I think Jack has seen
it. So we're going to follow his lead and take some advice on this. So how are we going to adapt?
Well, this coming on to the third part of what we're going to talk about, which is juice it.
So we call the Paloma EVM juice it. And why are we doing a Paloma EVM? Because, yeah,
settlement on ETH one L one is too expensive. Unlike Barra chain, which actually has its own EVM,
we decided to essentially fork Arbitrum. So unlike F-MOS and Barra, which have their own EVM modules
built into the into their Cosmos SDK, we decided to actually use Arbitrum as a separate and
entirely separate app. But that would be controlled and managed by the Paloma validator set. So Paloma
validator sets provide the sequencer will be a Paloma validator. The data availability layer
will be provided by Paloma validators. So Paloma validators will essentially manage and run
the Paloma EVM. We will do an Arbitrum. So how are we going to launch this chain? Well,
we're going to launch it with a bot. So we have a bot like blast that will be leveraging the
leverage protocol and curves that we have. And we're going to be calling it juice it. So we're
building a bunch of juice spots. So all the bots we're building are leading up to this. And this
juice bot will allow people to make at least 10% native yield. And then 5% of their principles will
be taking on leverage positions in ETH. We think that's actually exciting, because now you're
able to maximize and take seven times leverage of a small piece of each deposit to capture the
upside. And that means you'll be able to mint more juice at ETH on the L2 once TGE occurs, right?
And that's essentially what TGE is. So a TGE all people will do is convert their bots into
juicy. And once you convert your bot into juicy, which means you hand it over to Paloma.
Now you will have either more ETH, if ETH continues to rise, if ETH crashes,
you will get less ETH. But now TVL providers essentially participate in the
optionality upside. So this is going to be the first structured product in crypto as a
TGE generation tool. So literally, we're going to use a structured product to create the tokens
that will be bridged over to the L2. Again, and that comes with points too, right? So everybody
who uses any Paloma bots will get points and those points will be of value as folks go on.
For those folks who want fast grains, you continue to use PalomaSwap.com. You swap,
you get grains. But now what we're going to be doing is really focusing on points for the bots.
And the grains from Paloma will be distributed to those users. Somebody asked from the Cosmo
task community whether or not we'll do an airdrop to ETH holders. And what we said is, that's a
great idea. I think the way we're going to look at it is points are the way to use juice bots and
a way to determine and indicate really participation in the community, which should reasonably confirm
or convert into foundation awareness and foundation rewards for those users. So we want to encourage
folks to take upside. We want to encourage folks to take leverage. I want to encourage folks to use
Paloma for cross-chain liquidation management, risk management execution using Paloma bots.
All right. So those are our three topics. We just covered the Paloma EVM and Juiceit. We have
designs and we're going to be working on the back end this week. I'm getting up after testing.
The volume updates, welcome to Paloma bots. If you're looking for points from Paloma,
best way to get them, use Paloma bots and get some leverage, get some ETH, get some Bitcoin
and get some points. And of course, Pigeon Feed Phase 3 underway and in design. Check out
our weekly wings. And then lastly, and then lastly, thank you, Jack. Lastly, we are now a Cosmos SDK50
chain. One of the few in the ecosystem. Special thanks to Marco, to Jack, to the Bitwood team.
We continue to test as we head towards mainnet. With that, I sign off with Cuckoo. Any sign offs
from you, Jack? Shout out.
That was a shout out. You didn't give a Cuckoo, you give a shout out.
So thanks, Jack. Thanks, everyone. Oh, we have to Cuckoo. Cuckoo.
Thank you, Jack, for the Cuckoo. See you guys from Eat Denver. We have an Eat Denver party.
So if anybody is in Eat Denver, come join us and enjoy the leverage. Enjoy the bots.
Welcome to Paloma. See you. Bye-bye.