that re-provisioning, which is either today or tomorrow,
For anybody that's worried about the work that they've done
on the testnet side of things to earn the incentives,
So like with the girly testnet,
this first version of the Sepolia testnet,
we have kept the volumes.
We will be extracting the data from those.
We will be using that to make sure that everybody
who participated so far in the testnet incentive scheme,
they will get the reward paid out to them.
So I don't want to use the when soon meme.
I think our community do that now for us.
We need to make sure that what we've put
on the public testnet bugs.
There was another question that's come in actually,
Boris at the end of the call.
And it was, will there be knee staking
on the imminent launch of public testnet?
The answer is not immediately,
but potentially very soon afterwards.
So the smart contracts are currently being audited
The front end is likely to be ready in the next week or so,
but we are quite happy if Nomi 3 is ready
We're quite happy to just use the smart contracts
and not have the front end for knee staking at the start.
but the front end for that product will not be a blocker
So once those smart contracts pass their internal tests
and they are currently being audited,
if they pass and we're happy with them,
bear in mind this is quite an important product
because it potentially will hold a huge amount of knee.
If those contracts are good
and all the tests are green,
we might just deploy it on public testnet as it is
and say to people, go and have a play with it.
Well, maybe we'll create a knee token on knee-fi pool.
People can buy it on the knee-fi pool
and then stake it on N3 testnet.
So there are a few things that we can do there.
Realistically, I think it would be nice to have the front end,
but as a product, it's much, much more important
to get smart contracts right.
Because like we saw with knee staking,
it's not going to be particularly interactive
from a front end perspective.
It's basically clicking two buttons,
but the contracts underneath it have to be right.
So yeah, we potentially will have that on public testnet,
but it might be smart contracts only to be coming.
So yeah, Koval, we've done quite well
There's still 13 minutes left,
but we've gone through all the
borrows of summary questions.
Would you care to wrap it up?
Yeah, I think we can, but the only time, sorry,
the other thing I wanted to add was
just to reiterate a little bit more about the timeline.
I just want to stress the point that
nobody more than us wants NAMM 3 to be a mainnet.
I'm very proud of the team
and the work we have done this last couple of years.
We have a lot of really good stuff coming up.
When we have said that NAMM 3
eminently, we mean as soon as we can.
And we are tying out the last little bits and pieces.
And it's important as well for us as a team
just to do this deployment
because then we move on to a very different phase, right?
So it has been two long years
building NAMM 3 and a bunch of products,
getting momentum around institutions,
building solutions for institutions as well.
And now is the time for us to start
reaping the benefits by deploying NAMM 3
and making money from transaction fees.
So we look forward to it and it's going to be fun.
In terms of wrapping it up,
I don't know if anybody has got any more questions
and would like to jump in quickly and ask the questions
or maybe we can just go ahead.
Give them one minute to raise their hand.
Yeah, we can accept you first.
All right, I think we're good then, okay.
Well, if that's the case, guys,
I just want to remind you the summary of the call.
So I've got a couple of questions.
One, with regards to other institutes,
I don't know the names or anything like that,
but when you go out to tender for other institutions,
do you tender with the intention of running a POC on N3
Obviously, at Nordge's Bank that you've done sandboxes
so I just wanted to know if it was different
when you go to tender now.
The second question is with regards to retaining people
it's all good, obviously, giving them an incentive
but how do you plan to retain users on N3?
Now, I'll give you an example.
So, for example, without giving any incentives,
how can we have people using N3?
So if we take an example of Solana,
a lot of their traffic is meme coins.
So the people who go and mint meme coins fairly easily,
cheaply, and all the ggens getting on that,
obviously, being so open,
there's a lot of rugs and things like that.
But from an army point of view,
do you plan to obviously allow that sort of things
or those sort of things, sorry,
or is it going to be a bit, you know,
still restricted like it was before?
And maybe, you know, minting coins
is not going to be as easy as, say,
on Solana or other places.
Another example I want to give is another chain.
I won't give the chain name away,
but they incentivise people to...
It's more of a, sorry, mine, for example, mining.
they need to go on, you know,
certain amount of times a day to, you know,
get the reward and obviously what that does is,
okay, they've got incentive of they get tokens
there's all the incentive of there being transactions
on our network, sorry, on N3 network.
So there's a double incentive there.
I won't go into the detail of the chain name,
but it's quite good the way they've done it,
the way they built it up.
And, you know, in a matter of like 40 days,
they've got over 3 million users.
So those are my questions.
I'm sorry for the long second question,
So the short answer for the first question is yes,
that is absolutely correct.
And that is what we are suggesting.
And that is the only option that we put forward.
Hopefully that answers it.
Second, I can answer it from my point of view
and then John can answer from his point of view.
Ultimately, it's a combination of things to keep users right.
So at first we have learned the game,
the lesson from not having played the crypto game before.
And we understand that incentives are a big,
a big part of the equation
and we have quite a bit of it lined up already.
So I believe that we have very attractive incentives
and things for users to do on the network
that will keep them not only to come in,
but also hanging around the network for a very long time.
Also, and to a lesser degree for crypto users
That is another mistake that we made in the past
by which we thought that if we build the best technology,
Crypto users don't really care about the technology, right?
We do care because we're playing the long game
and we do care because our DNA from previous product
many, many years ago was serving 50 million users a day.
So we understand that we need scalable architecture
just to deliver on the vision that we're after, right?
Which is onboarding nations
or a billion users onto our platform.
So we cannot do that, right?
Unless we have the right technology, but still,
while for crypto users that are looking for the instance,
you know, $100,000, $10,000, $100,000 rewards,
the technology doesn't really play a role.
When it comes down to us speaking with nations
to deploy potentially solutions
to serve the entire country into our network,
we do need the technology, right?
So first rewards, second technology,
that of course is user experience, right?
So one of the things that we can do now
on this new version of NAMI
is to deploy solutions that look like a web two,
but are fully web three solution, right?
And while I don't think, John, right now from the top
of my head, I don't think that any of the products
that we're deploying in this first web of products
will match that criteria yet.
They will come soon after that.
So it's a combination of things,
at least from my point of view, that is the way I see it.
But over to you, John, to see if you have
a different opinion or something else to add.
Yeah, I think it's a really good question.
So you can create a product where if you say, okay,
I'm gonna open a shop and my shop sells $1 bills for 90 cents,
people will queue around the block.
And then as soon as you start selling $1 bills for $1,
they won't be queuing around the block anymore.
You can make the incentives that you pay out the,
you know, the DJNtastic incentives.
You can drag that out for a long time.
We will have plenty of ammunition.
We've designed the products in such a way to give us
a huge treasury effect to throw at these incentive programs.
So we can keep people queuing around the block
in that way for a long time.
But ultimately, that isn't what will drive the network.
So books, you also said, what about the meme coins?
What about the ease by which people can deploy products
and deploy their own meme coins?
We don't have a problem with it, to be honest.
So unlike Nomi 2, which was a bit of a walled garden
and you had to have white listed permission
to deploy contracts there,
we've already seen this with the testnet.
Nomi 3 is open by default.
Now, will we promote your meme coin
on the front page of Nephi?
Probably not, but we might do.
we're not gonna stop you from deploying a meme coin.
We're not gonna stop you from deploying a meme coin
Oh, Nomi 3, if you really want,
call the meme coin decks.
It only trades in meme coins.
There's an element of buyer beware in that sort of thing
because we are still so early.
And this is a really important point.
What Nomi has sometimes been guilty of doing in the past
is looking too much at the long-term big picture,
which is how can we bring on board
major finance institutions, central banks,
we're still focusing on that to an extent,
but we have modified the game plan slightly
to play the game a little bit more,
to say, okay, well, look,
it's all well and good having the best technology
and the best ideas about how to
bring the world over to Web3.
But if your company goes bust in the meantime,
We need to appeal to institutions,
appeal to nation states even,
and offer this serious grown-up way
of building a user experience that can scale,
that will feel intuitive to people who are used to Web2,
that's secure, that gives people that fallback option
that they haven't got currently
with fully self-custodied solutions.
We need all those pieces.
Nomi's success will be measured primarily at the beginning
by how many people we can get through the door
to play around with the products.
So we have to be careful about the incentives
We have to make sure that we've got enough ammunition
to keep those incentives flowing for a long period of time.
And once you get that initial hype,
once you get the bottom of the S-curve
to start turning upwards,
you will be able to keep some of those users.
The D-Gens will be on to the next 10,000,
10,000% APY meme coin project before you know it.
we can either be a home for those kinds of things,
as Solana's doing well as a result of,
which we're also happy to do.
But also more importantly,
that residual user base that remains
once the D-Gens hop across to the next big thing,
you can actually keep those people
by giving them a compelling reason to stay.
Now, it might be that your decentralized exchange
is particularly intuitive.
It might be that you're providing a similar service
to a Uniswap-like environment,
but you're doing so with far, far lower fees
It might be that you're actually a successful network,
not because you've attracted lots of unique users,
but instead because you've attracted
a small number of extremely high-value users,
arbitrage traders, liquidity providers,
people that will write scripting software
to put thousands of transactions through your network
because you can do it with Navi 3,
because high-frequency trading, low-latency,
high-volume trading is possible,
whereas you can't really do that
on the other platforms to the same extent
because of the counterparty risk,
because of the finality delays, all those things.
So we're not wedded to one particular approach.
Yes, we'll happily take the D-Gens on,
yes, we'll happily feed them high incentives
at the beginning to keep the popularity of the products up.
And also, they also inadvertently help to test the products.
But long-term, you can't build a network
Navi 3 will have a lot of the sugar highs,
the immediate hits that come with high APY incentives
at the beginning, but what we want people to do
is to invest in effectively a sustainable ecosystem
that will be useful for a long period of time.
The best way to think about it
might be a Uniswap-type example.
If you build a Uniswap product that's extremely successful
or you build a gaming product,
as another particularly good example,
you can end up with a flywheel,
almost a self-apatuate machine
where people come in the beginning
because they provide liquidity,
that sort of seed funding gets you off the ground.
But then over time, the larger number of transactions
and the higher volume transactions that come through
because you've got that initial volume
enables people to make those trades,
that produces its own fees
that in turn makes providing liquidity much more attractive
and it's much more reasonable
to get people to invest in the long run
and provide liquidity there.
So it's not gonna be 10,000% for a year,
it might be 10,000% for a week
and then 1,000% for a week
and then 100% for the week after.
But actually, the organic growth that makes 100% work
comes from transaction fees and swaps
to high-value trading and cross-border trading
So in the end, you transition from a DJM-based model
into a more sustainable one long term.
It's tricky to get the balance right.
You don't wanna use up all your incentives at the beginning.
I think we tried that with Nephi to an extent
and it worked to a point,
but we're going for a more balanced approach here.
So I think as a little bit of a hint for Nephi as well,
we almost certainly will change the pools
that are incentivized on Nephi.
We want more organic trading in blue chip tokens.
At the moment, all of the most incentivized trading pools
and the ones that have knee incentives
are pairs related to knee tokens.
And actually, we only need one or two of those
and we can balance it out elsewhere.
So this is the kind of thing that we mean.
Build a baseline residual level of liquidity
and that in turn will effectively feed itself.
One of our products that we've been working on
is a particularly neat twist on this.
It's a way of combining a kind of a DJM type mentality
with a more traditional sensible investment approach
where people think, okay, well, what sort of returns can I get
if I provide liquidity here versus what can I almost gamble
and pick up further down the line?
So yeah, it's a fun way of trying to design things,
but I think at the beginning, you bring the DJs
and people are interested in the hype
and hopefully you get people to stay
because the technology, the user experience
and the returns are good.
And all the best for the upcoming public test net
and then obviously the launch of an entry.
Hopefully it'll be successful for all of us.
We appreciate the support.
Okay, so Boris, I think we've done just over an hour.
I think we can potentially wrap it up.
I know people listen to these calls after the fact.
If people have questions that obviously they can't ask
in real time and this was something that was also raised
about timings of these calls,
we are available on Discord.
Asynchronous communication is a big part
of how we run the business.
So if people have questions, we always try to answer them
unless the question is when soon or when moved.
So we don't generally do as well with that one.
But yeah, please feel free to ask any questions afterwards.
Any final thoughts, Goebel?
No, I think we have covered everything.
By the way, John's laughing at that.
Thanks everyone for coming.