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L1X Exclusive Interview With ICanBet (L1X | Hackathon 2025 Participant)
Recorded: March 20, 2025 Duration: 0:28:36Space Recording
Short Summary
The 'Can I Bet On' team unveils their innovative AI-driven betting platform, currently live on Testnet, allowing users to create betting pools on any topic. They express interest in strategic partnerships with L1X for enhanced functionality and plan to launch a token to incentivize user engagement.
Full Transcription
Hello, everyone.
Hello, the Can I Bet On team.
Morgan, Dayu, TJ, good to see you guys.
How are you guys doing?
Doing just fine.
Excited to be here and answer some questions about this project.
Doing well.
You're doing great.
Yeah.
So yeah, tell us a little bit about yourself.
Tell us a little bit about the Can I Bet On team and the entire Alvanics community is
listening, and I'm sure they're super a little bit about the Can I Bet On team. And the entire Alba Next community is listening.
And I'm sure they're super excited to know
what is Can I Bet On?
That is, I love the name of the project.
I also love how you've left it on a bit of a suspense note,
where it's like, can I bet on what?
Yeah, so I think the answer to that question is anything.
You can bet on anything.
So I'll kind of give like an
overview on like what the project is from the consumer sort of non-technical perspective.
Then honestly, Dayu, TJ, these are the guys that have been really deep into the tech.
So to get like a high level explainer on what Can I Bet On is. So Can I Bet on is an AI agent that is deployed to X that allows anyone to launch a betting pool on anything on chain.
And the way that it works is you simply tag the at can I bet on X account and then input any topic or a specific proposition that you want to bet on. So it could be something like, will it rain in Denver tomorrow?
That's a specific proposition you might want to bet on.
Or if you don't have a very specific proposition,
you just have a general topic, you could say,
can I bet on Playboy Cardi, some media figure, whatever.
And then the AI agent is then going to search news headlines,
search the internet, figure out what's going on that's relevant, why someone might want to bet on
that right now, and then generate a new bet based on that topic. So it basically meets where other
users are. If users have that specific thing they want to bet on, or if they just want to bet on a
general topic, but don't really know an exact bet to make. This AI agent supports both those use cases.
So that's kind of high level.
And then, so going into like the whole flow
of how this would work.
So user would tag it, input the stuff,
and then the AI agents then going to retweet that user
with a link to a betting pool
where users can place their bets.
So that betting pool is deployed on chain, and then users can place their bets. So that betting pool is deployed on chain
and then users can easily place bets.
We actually use the privy wallet.
So it's really easy for users to sign in and get started
even if they have no existing web three wallet
sort of meeting users where they're at.
And then when it comes time to decide the bet
we actually are using an AI Oracle.
So that way we can support anything.
There's no human bias in the loop for deciding these bets.
We simply let it programmatically decide
via code as law, essentially.
Okay, interesting.
So are they, so users kind of create their own betting pools
versus betting, versus placing a bet on an existing pool.
Is that, is that how it works?
Exactly. Yeah, so with existing prediction markets like polymarket, you would see markets,
but the way that these markets are created is not permissionless. So you actually have
to, they do have a way where users can submit propositions or submit suggestions for betting
pools, but it goes through some person's got to review that, you know, to make a decision and actually decide to list it.
Typically there's like roughly a dozen new betting pools
created a day, but that certainly is not the full demand
of people that want to bet on literally anything,
especially when making it quickly, right?
Like let's say I want to bet on an event
that's going to happen in a few hours,
or it's a very niche specific thing.
Maybe it's about a TV show or a specific sub-genre,
or music is something that I'm particularly interested in,
and drama in the music space.
You can't really support all those different bets
on a platform like Polymarket.
But now with AI agents and having
AI be able to decide bet outcomes,
this use case now becomes possible.
Interesting.
OK, that's super cool.
And how did you guys come up with this idea?
Yeah, so I think I was the one that originally came up
with the very rough concept, but it certainly morphed from there.
So I saw the trend of all the AI agents
that are being created.
And while AI social media agents are certainly cool,
I saw that there wasn't always a lot of utility behind them.
They're just like, neat.
Like you'd follow them, they maybe produce good content,
but they're not really doing something new and allowing some new
functionality to occur.
And I thought, well, what new functionality might you want?
And I thought a bet is a very basic use case.
We've seen AI agents do things like you can do an AI agent to launch meme coins.
So that already existed.
People may be familiar with Clanker.
I thought that was a really cool use case, but still, you know, not super complicated.
I mean, it's like a one step thing.
You just like launch a meme coin and it is very, very neat.
But I thought like, what is something
that's a little bit more engaging,
especially for like more normal people
who probably don't care about meme coins or trading,
but like a huge number of people are betting.
I mean, sports betting is one of the biggest industries out there,
and growing extremely fast too.
And I thought, well, it seems like a great use
case for an AI agent.
That sounds really interesting.
So you said you've been at it for a while.
Are you already live?
What's the status of the project?
Yeah, so currently live.
We've got a deployment live on Testnet that is working, so you can
play around right now with test tokens.
That's currently where we're at the project, but right now it's sort of like a very good
proof of concept, does function, but kind of looking to take this to the next level,
and that's why we're really interested in L1X.
Perfect.
And you preempted my question. What is it about
L1X? What got you guys here? What got your attention? Why are we here? Let's let the
L1X community hear. Why is it that we guys are in here? Sure. Yeah, I think I would love to have
Dalia and TJ jump in more on the technical stuff.
But I think one of the things that intrigued me about L1X is the native bridging capabilities,
because we know that this fraction environment of the current blockchain ecosystem where
we've decided that L2s are the way we're scaling Ethereum.
And now, so we got like 100 L2s, plus we got all the L1s that are out there and all the
different consensus mechanisms.
It's just really hard.
And now I got money on one chain, how the heck do I get it over to another?
So with L1X, you can actually build an architecture where you have a hub chain, where this is
one smart contract where you're collecting all your betting pools, but you might want
to allow creation of bets from any chain and then forwarding them to the hub chain or maybe
allowing people to get paid out on any chain or they're choosing an L1X is something that makes that possible.
That's true. I really like how you sort of zeroed in on the value proposition of L1X.
I feel like that's the one piece that's been missing or let me put it another way, I think Web3 is like super complicated.
If you think about everything that needs to be done to build out an app, it's just mind-boggling.
Building the app is probably the easiest piece of it. And the last thing you need is that when
you need your app accessible to users across multiple chains, or if you need multi-network
token issuance
capabilities, now what? I need to have an interoperability protocol in place? Come on.
And wait, what? This one supports EVM, but not EVM. So what am I going to do? Am I going
to exclude all these guys up there? And it just makes it so difficult. So I think having
a chain that has native interoperability and Oracle functionality, it just simplifies things
so much. And I think the L1X vision has been to get to be to that point where you can get closer
to be that one-stop shop of at least building the core infrastructure that's needed for your data.
So I'm really glad to hear that that's kind of where your head is at and what attracted
you guys to the community or to the project rather.
Yeah.
And I especially think too, like, you know, I have a good background in oracles as well.
And so it's something I'm really passionate about, like, how do we not only bridge between all these different chains, but how do you bridge between
sort of the real world as well and like all these different data sources? So that's something that
I've been very interested in exploring. And that's actually what got me interested in Web3.
I've never been a guy that's very interested in finance. I understand that it's an incredibly powerful use case
for blockchain, but it just never inspired me personally
as a builder, because I'm not from that world.
I was always curious about like,
what are real world things that the blockchain can do?
Like escrowing funds is a really basic example.
You can escrow funds based on some off-chain conditions.
So I think that's really where I got started in Web3 over three years ago.
It's so interesting you mentioned escrow funds.
We've been going through the applications that we receive for the hackathon and actually
there's somebody who wants to use L1X to escrow funds.
Yeah, yeah.
Escrowing funds and then to like, so great, you can escrow funds, but who is
the arbiter of when these funds get released?
Now you always have this trusted middleman and yeah, maybe you have the payment rails
and that's super powerful.
But at the end of the day, if you still have a centralized entity or one person or some
unaudited, like non-transparent,
unaudited system for how these decisions are being made.
It's a problem.
And I think that's what smart contracts are here to solve.
Yeah, I agree.
So I guess like now that you guys have applied
to the hackathon, what are your expectations
besides wanting to win it?
Yeah, I think exploring the tech.
So I mean, I think that the team and I have spent some time
in the docs for sure and spent a few hours there
to understand the capabilities, but it's a whole other
ball game as soon as you start getting your fingers
on the keyboard and starting to do the code.
So I'm really excited to kind of explore
how to actually work with this thing
and getting it all fit together,
especially working with the team too.
Cause I think one of the big things that I've noticed,
building infrastructure technology myself
is you think it's perfect.
You think, oh my gosh, like the tech's there.
And that might be solid,
but typically there's always gaps
in things like docs or communication.
And so I always, because I've been a builder of infrastructure myself, like to be able
to have a close relationship with whatever team is doing this and give genuine real feedback.
I'm like, hey, this was great.
This wasn't so great because we all know, like, we're building together and Web3 is
a community where we're all
trying to make this take off.
And I think giving genuine feedback,
I appreciate it hugely when I've been working on projects,
and a builder took the time and said, hey, this is really tough.
Great.
Thank you for letting me know.
That's the only way that we'd get better.
Yeah, I agree.
And I think that's a piece that we all need to remember.
Web3 is so new.
Yes, we say that we've been around for 10 years or whenever your timeline starts, maybe from the
launch of the Bitcoin white paper, but we are still so new when it comes to real world adoption,
that there are no winners. We all went together. As an industry, we either grow together or we
perish together. So I completely agree with either grow together or we perish together.
So I completely agree with you that it's really important
to sort of get that feedback.
And honestly, I think that's something which we feel
would be very valuable to us from the hackathon
as teams are building when they point out the gaps,
not just in the documentation, but also improvements,
if you will, for lack of a better word,
improvement proposals. I think that would be huge because they are chains that do so much work. Like
I've been part of protocols in the past and community improvement proposals were massive.
They were massive for the protocol. They were massive for adoption. And I think everybody
was so appreciative of the fact that there's someone out there who does not monetarily
benefit from investing their time
in writing an improvement proposal,
yet they're doing it only because they're passionate
about the tech and they want to see the succeed.
I would even say actually that there even is
some financial alignment because at the end of the day,
one of Web3's biggest use cases is aligning incentives where because
we finally have technology that can give people stake in these systems, when you like either
there can be grant rewards for builders, but even indirectly, it's just like, look, maybe
I hold this token, I want this protocol to succeed.
And so I have a vested interest in doing everything I can.
I mean, it's very much like, you know like when you have employee compensation plans and you give them stock
options, right? It's like, okay, great. Now they have a vested interest in making the business
succeed, but there's never been the way to do that for open source projects before. I mean,
that is one of the big things where I didn't appreciate it when I got into Web3. But as soon
as I got in here and realized like, oh my gosh, there is so much work to do. There is so much to build, but so much opportunity. And now guess
what? If I have this vested stake in here, whether that's an airdrop or just even buying
into the project, if this thing succeeds, guess what? I get the upside of that too.
And so I've been like, I have contributed projects like, yes, I do want to see it succeed
for non-selfish reasons. But even if you are someone that has selfish reasons for wanting
to succeed, great, you know, we can all benefit from having those incentives.
I completely agree with you. That's a great point. And I would love to see if you can create a
prediction market on can I bet on that? That's a good call actually.
Try it out.
Live on testnet now so you can give it a go.
I think right now we're in a stage where
the more random ideas that get thrown at it,
AI feeds on data, right?
And so the more examples that you can give,
we're able to see it.
And I think right now,
especially when you're in a test net phase,
I love it when people break things.
It's like, oh, awesome.
You found a hole in this or that,
or like, you know, whatever it was.
So I always love it.
Like what's cool too,
is when there's like bounties for doing stuff like that,
that would be really interesting to explore actually
of like, hey, points or whatever,
just anytime that you're able to get the AI agent
to have some sort of unexpected behavior,
submit something and maybe there's a reward in it.
That might be a really interesting thing to explore.
That would be great.
We can actually start a pool on tariffs.
Can I bet on tariffs being issued tonight?
Can I bet on tariffs being revoked five months
after they've been issued?
Yeah, and that's exactly the kind of thing
we've already kind of seen.
Yeah, so why are we on that?
Do you want to tell our community
as to how can they go and start breaking Testnet,
like at this very moment?
For sure.
Yeah, so it's as easy as like,
if you have an ex account, you can play.
All you need to do is tag that app, can I bet on account.
So I would say go check out right now. You can even look at the feed of like all the
past bets that people have been placing. So if you go at can I bet on all one word on
X, you can see it and then just tag the account. Again, it can be any topic, like even a one
word topic or a specific proposition and you can launch betting pools yourself,
highly encourage you to try it out. We're able to see everything right on the Twitter feed.
My phone goes off like five times a day with all the different times that people launch pools.
So please blow up my phone. The only caveat is because of great limits with Twitter,
we are only able to respond to 100 bets per day. So if you notice things aren't like responding,
but there's been a ton of traffic,
that is just a limitation of the basic API tier
we're currently on.
But other than that, please go ham,
see if you can break it.
I love that we've got, I think a community
of 450,000 give or take.
So I love how you're creating
where only 100 people can place a bet a day.
Yeah, and I think that's one of those things, too,
where it's purely a scalability concern thing of like,
that's the one disappointing thing I would say
of this whole time is, I love the platform X. It's great.
I mean, it's where the social media platform I spend
the vast majority of my social media time on,
but they are not super builder friendly with their API tiers.
There's a free API tier gives you practically nothing.
The 200 API tier gives you 100 tweets a day.
The next tier up is $5,000.
There's no in between.
So it's just like, come on.
I understand Elon needs to make his money, but give me even like a $500 tier or a thousand
tier.
I mean, that's really expensive, but at least gives you a little way to slowly step up to
that full pro tier.
And enterprise tiers, I think they're charging 45 or $50,000 a month.
It gets pretty nutty.
Oh man, that's crazy.
Well, hopefully that changes.
Hopefully something changes so that a community
does not have to wait like 13 to 14 years
for the bet to get placed based on current rate limits
and current size of the community.
And if I can share my screen real quick,
I can show you how,
I can demo how it works right now on the test net.
Yeah, go for it.
Okay, let me see.
Can you guys see my screen?
I can.
So this is actually a bet that we literally just created.
L1X engagement and then you see that the agent was able to create a market where L1X user base see 250,000 by December 31st, 2025.
And then we generate binary options.
Just for simplicity. So what's a question that you were asking before?
Can I bet on Trump imposing tariffs on Canada tonight?
Imposing tonight, okay.
Oh, actually, let's do something better
because it's gonna happen in 20 minutes.
Can I bet on Powell reducing the interest rates?
What is it?
Powell reducing interest rates.
That's a good one.
Reducing interest rates.
Is that coming up in 20 minutes?
Yes, it comes up in 20 minutes.
Okay.
Today.
Let's see.
Post.
So this takes about a minute minute for the agent to pick up,
because we also reduce the rate of how fast we were scanning.
We were actually scanning it every 10 seconds before.
We got a little bit pricey with the API credits.
Yeah, it did.
You'll hear Morgan's phone ding though in just a second here.
Yeah.
I'm watching it anxiously. But yeah, I think
I've been really surprised just how capable the AI is, especially when hooked up. Honestly, TJ,
you're the one that really did the most here about using tools like a Tavoli for search and giving that AI context.
Of course, we know LLMs don't have access to real-time data without being connected with something else.
And that's been something that's really cool.
And I'm surprised at typically how fast it's able to pick things up.
Although it looks like it's being a little slower than I expected.
Wait, is it?
I don't know if you're able to see anything on your side. Although it looks like it's being a little slower than I expected. Wait, is it?
I don't know if you're able to see anything on your side.
It's still waiting for it.
Let me refresh.
Yeah, go ahead and refresh. But yeah, I think that maybe you can kind of get into TJ like, well, we're still waiting for the agent to pick it up.
Like how the search works. I think that was really interesting. Kind of eye-opening to me for how the use cases. Yeah, I feel, could you cover for me on this one? Yeah, yeah, yeah. So, yeah, so what we do is we first ask the agent to generate a topic based on the input, the
prompt from the user, and then we will ask the LLM to generate some certain queries based
on the topic.
And then we actually initially started with just asking LLM to create some questions and
the binary options for the input.
But then we noticed that the LLMs
actually not very good with getting the real time data
or the most relevant data.
So we actually integrated with Tablet Search and New State
API to pull the most reliable, credible sources
and up-to-date data.
And then we feed that back into the two LLMs
that we have tested, which are OpenAI and Perplexity
to generate the question and options,
which is just to win money right now.
Cause I see that there's that little icon
that means the agent have created it.
Here we go.
This is the question that the agent has created.
Will Power Enhance a reduction in interest rate
on March 19th, 2025, which is today.
And the two options, yes and no.
Perfect.
So what you can do,
and then now you can go into our site
and then you can, this is all testnet data.
So it's not real money.
So you can just click, let's say,
I think it would reduce a reduction.
So I click yes sign.
And here we go, we success about a hundred dollars.
Nice.
Which is not real money.
Yeah.
I'm glad it's not because he would have lost this bet.
No, I think he will.
Fingers crossed.
Fingers crossed. One of us will be right.
How about that?
That's the beauty of these binary questions.
Right. So right now,
what we do is that we allow the
user to bet.
So right now, it looks like six hours.
I think this might be a time zone issue.
So we do the default is we allow
the users to bet
within 24 hours after the bet is created
because we use a paramutual model,
which just means that the users,
the winner of the bet will share the pool
of all the liquidity inside the pool.
And then, so we don't have to set the odds
because you can't really set the odds
for like very niche markets like this,
especially that's gonna take place in 20 minutes.
Actually, I think this is also because the AI agent,
I think the six hours actually might not be
because time zone issue.
I think the AI agent was able to see that,
hey, this analysis is going on,
so it's able to grade within six hours.
And that's why, because it sets the deadline to bed right before
that you think the decision date is. Perfect I mean this is this is great
this is like I think a really good demo and and I'm sure the community would be
super excited and I would love if I would love for you guys to kind of go
live on L1X.
Right now, your Intestinet will be good
if by the end of the hackathon you're online.
Because I can see the community totally going...
Yeah, they'll take this to town.
And with the community with L1X swaps,
which is, again, another thing that we're promoting,
there could just be so much that we do with this
in terms of betting and users sort of betting L1X tokens, betting the tokens from other chains.
This can be phenomenal from a retail engagement point of view.
Yeah, and I think one of the things is I-
You both have more guns.
Yeah.
So I carry it like being somebody who is very focused on product and consumer and growth,
being able to have interactive agents on X,
well, we know that X is where the entire Web3 community is.
So if you're able to build a product
which gets that engagement on the timeline,
you are now able to use that for a viral growth mechanism.
So it kind of has its own built-in marketing,
and you can even further build in incentives,
such as like, hey, the person that lists the pool,
they could get some share of any fee revenue generated
for placing bets.
That aligns incentives,
as we were talking about aligning incentives before,
it aligns that people should create good betting pools
that people actually wanna to place bets on.
And that also encourages them to share that. And if they're like a KOL, somebody with a big
following, then they're incentivized to make good bets, especially if it's based on content
that they're doing. For example, someone that does music. One of my favorite example bets is
when will Playboy Cardi drop his album, right? Because I'm big into music like that. And so
Playboy Cardi Drop his album, right? Because I'm big into music like that. And so you can get people
who maybe they're not into crypto at all, but they're really into music and they want to place
this niche bet and then they can then share that with their community. Now their community of
followers who are obviously also into music can place bets on either side and it really just spins
that flywheel of getting even more traction. And I love that because now you actually can
attract new people into blockchain
and they don't even have to know
that they're using blockchain.
Yeah, I think exactly.
I think another thing that I do hear about Polymarket
is that you have to bridge the money to Polygon
in order to bet.
And then some people, especially not crypto native people
complain about it.
So if we can deploy our product onto a product like L1X, I think that can really set
like a differential factor for us to be different from polymarket.
That would be really interesting. I think that that brings us to the crux of it. Like it would
be interesting to see
how the shapes are because I remember asking Morgan that, hey, how is this different from Polymarket? And he talked about how users can literally create betting pools on any topic
under the sun. And I think that would be very, very interesting for the community as time goes
on. And just in general, I guess for the larger retail community, if you will.
Exactly. Yeah, I think we do want to target people who are just not just crypto native and that's a
polymarket actually do a good job. A lot of people came on to their platform and try to bet and then
they noticed that, oh, what is Polygon? What is this thing? How do I bridge my money to Polygon
to use and then to bet on it? And then they got to
cash out the money back into whatever chain or wherever their wallet is. So that's the whole
process, which is why. And then we integrate with Preview and then now we're looking into integrating
with L1X. Now we're also going to launch a token. So basically just give out users to like a thousand tokens,
which are just points for them to just play around with,
just to really encourage like the general public
to try our product, to bet on whatever they want.
Perfect. I mean, I love this.
I love this product. It's so simple.
I mean, I can promise you that I'm going to be a user for this.
And I'm sure many of our community members listening in would be users as well.
But again, Morgan, Dayu, TJ, thank you so much for your time. I think this is a great product.
We would love to see this get built through the hackathon.
And I'm sure the community is excited to see your progress
as well as we go through this.
Yeah, thanks for having us.
Yeah, really appreciate it.
Thank you for your time.
