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Monthly Wins: Joining the idOS Consortium, $14M Liquidity Initiative and Ecosystem Success
Recorded: July 3, 2024 Duration: 0:51:06Space Recording
Full Transcription
Let's go.
Hello everybody, we have Mr Ridyard and Mr Simons here.
Hello mate, good to hear you, this is what I've been looking forward to this because we
had an update come out yesterday that I know is near and dear to your heart and a good
amount of progress.
I think it's going to be top of the list, so seeing as it's monthly wins, do you want
to kick us off, and I think kick us off with the big announcement yesterday about mobile
Radix Connect?
Yeah, this is one I've been waiting for a while and I've been super excited about.
So yesterday, Wallet Update 1.7.0 came out on Android and iOS, as well as the Radix DAP
Toolkit 2.0 and the update to the Radix Connect Toolkit.
And what this meant is basically you can now seamlessly use Web3 DAPs from your mobile
phone with the Radix Wallet.
So any Radix DAP that has integrated the new toolkit can now let people trade on DEXs, lend
borrow, get involved in meme coins, all of this kind of stuff right from your mobile phone
using whatever choice of browser that you want to.
The interesting thing about this is it doesn't just support like Chrome and Safari and these
other browsers.
It also supports in-app browsers.
So like a lot of apps these days have browsers, like Twitter has a built-in browser.
So when you click a link in your Twitter application, it'll open in-app browser.
That also is supported by the new Radix Wallet and the new Radix Wallet Connect, meaning that
you can now swap between a DAP that you're previewing within an in-application browser,
like the Twitter browser or the Telegram browser or something like that, and you can still go
ahead and do your trading, do your connections, do your transactions.
And this for us is just really about moving the Radix Wallet forwards towards this sort
of like mobile first, this completely seamless experience for users to be able to use Web3
on the application that they feel most comfortable with.
I think the big win for this was making it be able to work with any browser.
Like if you look at most other networks or most other wallets, the way that they achieve
this is by having a in-wallet browser.
But as everyone who's used in-wallet browsers, be it on Telegram or Twitter or whatever, you
know often the rendering doesn't work correctly.
Some of the user experience things are denigrated.
Like it's a high-featured website.
It can be problematic.
And so this ability to just start with your browser like you would to go to any website,
like you would on your desktop, and just go to AussieSwap.com or Caviar9.com or Astralescent
or Weft or any of these websites and be able to start there, click connect.
It passed seamlessly across to your Radix Wallet, confirm the transaction with human readable
transaction in there, and then just swipe back to where you were before.
And then just be able to continue doing DeFi, doing Web3 in exactly the same way, as smooth
as an experience as you get on a desktop, but now from your mobile phone, I think is absolutely
massive.
Yeah.
Honestly, I was obviously having the pleasure of watching a lot of this unfold, but was
still caught off guard with how smooth and how good of an experience it was.
Like when I did Gumball for the first time when it was live, like it was very good, very
impressed.
So I think in the last 12 hours, we made this as easy as possible for the ecosystem projects
to update their websites with the new toolkit and the new connect button.
And we've actually seen a surprising number of Radix ecosystem applications move across to
this this new toolkit. The ones that I know of are Astrolescent, AussieSwap, Weft, Waterbears,
which is an NFT project, Early, Caviar9, Addix, which is a meme coin staking DAP, FOMO, another
meme coin staking DAP, and SingularityX. If there are any that we've missed out in the last
12 hours, please do reply in the comments and let us know. But like the speed at which people
have been able to do this has been super impressive. I think a lot of the ecosystem projects were
already building mobile responsive websites, which is actually the bigger part of the work.
So updating the toolkit to Radix DAP toolkit 2.0 is pretty straightforward. It doesn't change
any of the hooks on the website. You don't have to change how that interacts with the Radix
Connect desktop. So super simple from the point of view of developer experience. But the main
challenge is making these websites mobile responsive. And so if there are ecosystem projects
out there who are still waiting to update, I would say that a lot of the time it's going
to be that thing of just making sure the UX on mobile is as good as the UX on desktop.
Yeah, I know Matt was particularly tickled watching these updates so quickly. He was very,
very impressed. I don't think he was expecting it. Literally within a few hours after they started
rolling out. Like he was, yeah, he was very chuffed with that. Been a great response.
Yeah, yeah. And it's been like, it is, it is super, it's, it's super invigorating and motivating
to see the response from the community. Like, like everyone's sort of in the channels has been
talking about how smooth the experience is, how, how good an experience it is, how it compares to
other crypto networks and, and how this is sort of like feels like really does feel like the next
step in UX and getting to that goal. It opens up a lot of options as well. Like in terms of either
like onboarding users or getting people set up using DeFi on Radix, having that slick mobile to mobile
mobile experience, it's, what is it? 40, 50% of the world is, I'm going to make that up, but a huge
amount of people are just, just purely on, purely on mobile, like no, no access to a desktop. And
obviously there's a bit of friction there needing the connector extension and going that whole, through
that whole process. Now, not needed. You can use it if you want, don't need it. Away you go.
Yeah. Yeah. And I think, you know, we, we talk about this in a, in a, in a, um, round table
between Matt, Russ and myself, that's going to be coming out shortly. And if it's not already out,
it'll be out. Yeah. Yeah. Yeah. But we, we talk about this idea that, um, the thing that we wanted
to do that the, the vision always for Radix Connect was that it was as thin as possible and that you had
as few security, um, a smaller security attack surface in it as possible. So that, that, that
connector never contains sort of, uh, information or, or secrets that would make it such that, um,
if it was compromised on any device, you would end up losing the ability to control as a user,
your funds, which obviously can happen with things like MetaMask. But with this, the trust is always,
always in the mobile phone. And that was true when we had the desktop connect and you were using
web, uh, Radix, um, dApps from your desktop. Um, and that's also true in the mobile version of it,
but that ability to keep it thin means that you can now, you know, you could have Radix Connect
on any, any website on, or any device, any computer, even one that you didn't necessarily trust that
much. And you don't have to worry about it because ultimately all transaction signing,
all transaction verification is happening on your phone. Uh, and this, and again, this,
this just makes, makes the security model of this much, much higher than sort of a full desk,
a full desktop extension where you're, where you're keeping your seed phrases in it. But it also means
that you always got like your, your accounts can be used anywhere. You don't have to replicate your
seed phrase across multiple devices to be able to use multiple devices, to be able to interact with
your favorite applications. Your accounts are always the accounts that you have on your phone.
Um, and you can choose to control those either, uh, you know, directly within a seed phrase on your
phone or via a, you know, a hardware wallet device, like it, like ledger or something like that.
And then that will be improved again with the first version of MFA that will be coming out later,
which will allow you to, uh, have a, um, a, a security, an external security factor.
We're starting with Oculus, which is like a, um, a bank card like system with a NFC, uh, chip in it.
And then you can just tap your phone with that second factor as a signing factor. If you want more
security than just what you have on your mobile phone, you can have another one to be able to enable
you to do, uh, recovery, or you can ultimately have, you know, a ledger device back home for
recovery. It just gives us much more flexibility whilst being able to have the same kind of security
guarantees you'd want to run transactions, uh, on your mobile phone. So that if, you know,
you had some accounts that had a lot of money on them, you would just leave the, you'd leave,
you know, your, uh, your security factor at home. And then you could only access those if you were back
at home and had access to the safe or, you know, going to your bank and going to the safety deposit box
or wherever you keep your, your security factors. And then only the accounts that have small amounts
of money on them are, you know, directly controlled by the mobile phone. And then you have your
multi-factor on top of that. So it's, it's, it's, it's just, just part of this continuation towards
secure user-friendly interactivity. Yeah. It's a, it's a big one to shift. And for anyone that's
curious, uh, on the Radix DLT website under the build tab at the top, you can see tech docs, uh, left-hand
side of that page, you can see, uh, what is being completed and what's underway. So that's
been moved. Now that's been moved to the completed section, you can see the next underway bits,
which are prepping for the, for a few things Piers just mentioned there. So you can sort
of see what's, uh, what's coming and where, where attention focuses, uh, is focusing on next.
Yeah. Um, so no, that's, uh, that's a big one, but it's not the only cool thing that has
happened this month. There's something we, we chatted about a couple of weeks ago, the, uh,
IDOS, uh, uh, consortium. Um, yeah. So, so IDOS IDOS is, this is, is a really, really cool
initiative by, uh, the guys behind fractal, um, and has been, has been being, has been built
over a very long period. Um, basically IDOS is this, is this decentralized identity storage
and verification system that, um, allows you to, uh, present credentials in a privacy
preserving way. And, uh, with all of the primitives that we have built into the Radix
wallet around personas, this, this, this system allows us to sort of expand the number of ways
in which you can create, um, uh, verifiable credentials within your wallet and present them
for uses, um, uh, across the, across the sort of Radix DeFi ecosystem. But, you know, not just that
the IDOS consortium, um, is, is formed a fractal near, uh, and a bunch of other sort of big names
in the space, Gnosis, uh, and they've already onboarded, uh, almost 2 million users, uh, into the
IDOS system. And that, that those identities that are within IDOS are now portable between networks. So
now you, you, you, you have sort of even less friction to getting your first verifiable
credentials. Um, this isn't integrated into Radix yet. This will be, you know, these integrations
will be coming as we expand the persona, um, uh, system, uh, within the Radix, uh, wallet. Um,
but this just, this just bootstraps a huge amount, a huge potential user base, as well as a really
interesting collective, um, uh, of, of web three, uh, layer ones and protocols and, and users into
the Radix, um, environment. That means that they can then claim their, uh, identities and then use
that across the Radix applications as more open financial, uh, applications come about. So, you
know, if you're looking at real world assets, if you're looking at securities, if you're looking at
trading things that have regulatory parameters around them, you're often going to need, um, some
form of KYC AML, obviously that doesn't happen. You know, this is user's choice and it's, uh, DAP
developer's choice and it's asset issuer's choice, but you are seeing that increasingly, um, you know,
sort of things like mountain protocol, um, and other, and, and things like, um, Stabilis, not
Stabilis, big fun. Um, things, things like, uh, tokenized treasury bills, things like tokenized real
world assets, all of these things are increasingly sort of bringing elements of compliance on the
chain and it's very fragmented. And the IDOS consortium we saw as the best strategic partner
to start consolidating a standard around the way that identities are used and presented
for access to these kinds of regulatory perimeter, you know, assets, applications, uh, and marketplaces
that have this regulatory perimeter requirement and, and it's sort of like the way that defi
and open finance is going to be growing up over the next few years. Um, so we're super
excited about it. We think it's a great strategic partnership. Um, and, uh, we're super bullish
on what it's going to do for the rights network. Yeah, absolutely. And, um, because you mentioned
a quick little plug for the defi download, uh, you just speak to, uh, Gnosis last week, who
when someone politely pointed out to me quietly to the side is not pronounced Gnosis. Um, so
check that one out. Um, it is, yeah, Gnosis, uh, you can see it on the feed on the defi download
one as well. Um, yeah. And I, I would just say like, definitely check, definitely check out
Gnosis. Um, their story in crypto I think is super interesting. Like they, they started, they
started with one application that basically failed, but there, but the, the team has continually
iterated on this sort of like fundamental tooling that they've built and got to this point where
they're actually built some really interesting systems. And again, Gnosis is part of the IDOS
consortium. Everyone that they're bringing onto their chain onto their, into their applications
is pushing identity into IDOS. And that again, increases the number of people that it's makes
seamless and easy to bring across the rights network to access these kinds of services.
Yeah. No, very, very cool. Um, other bits as well, we had, um, super staking. Um, yeah,
yeah, yeah, yeah. So super staking, um, we were sort of taken by surprise as to how popular
it was. Uh, it was fantastic. Like obviously you, you, um, you, you wish for, uh, extreme success,
um, on something, but you, uh, you, you, you planned for making sure that, you know, the campaign
is, is, is, is, is built around sort of every different possible scenario and how it could
go. Um, this was a $14 million liquidity program for people to add, um, liquidity into, uh, the
LSU LP with that, uh, Caviar nine has created. Uh, the LSU LP is basically an aggregated token
of, uh, all of the LSUs, the liquid staking units on the Rarits network. Um, and this was
about getting more liquidity into XRD versus LSU LP. Um, that filled out, I think within
90 minutes. Is that right?
Yeah, no, pretty, pretty quick, but it's going to be rolling out with, uh, another round with
Aussie swap shortly. Uh, you know, so, so Aussie swap, uh, Aussie swap have created a, uh, a
token, um, which in some ways is similar and in some ways different to LSU LP. I think it's
a really interesting sort of like, um, approach to how to do this. Um, and they've thought
through some, some interesting edge cases into how the, the, how, how the, how the system
operates. I definitely recommend checking out the Aussie swap SXRD, um, blog post to understand
SXRD. Yeah, SXRD. Uh, and, uh, that one will be kicking off, um, at some point in, in,
in, in the, in, in Q3 of this year. You know, we've just, just passed into Q3. It's going
to be clicking off at some point in Q3 this year. Details will be following soon, but if
you missed the, uh, the first super staking initiative with Caviar 9, then there's going
to be another opportunity to watch as well. Beautiful. Um, and another thing you're, uh, you've
been involved in as well is, um, and we announced a little while ago is the Radix Foundry.
Um, which was first project and now it's being SIRD and Trove. Can you give a little, uh,
little primer into what exactly the, the Foundry is or what sort of projects it, it caters
towards or the different sort of support you get as opposed to say, oh, uh, Babylon booster
grants we did or an MVP grant. Um, yeah, sure. So, so Foundry, Foundry is a, is a bit of a
different beast to the, to the grants programs. Um, the whole idea of Foundry is there are
specific applications within DeFi that drive, um, TVL that drive user adoption. And then
there's also specific applications within web three that drive TVL and drive user adoption.
Some of these you can think of as like primers, things that are important to get, um, uh, projects
started within an ecosystem. And then some of them are things that sort of drive some of
the more interesting or esoteric parts of DeFi, which often have a, uh, a flywheel effect,
um, within, within the system. A good example of this is Pendle, which is a, basically a way
of separating out the yield component of a state token and the underlying, and then allowing
you to, to, to basically trade against just the yield and then leverage up against that
yield. Um, you'll see a lot more of patterns like this emerging, um, in, in other ecosystems.
Um, so, so of like liquid stake derivatives and liquid restaking, um, uh, with, especially
with Eigenlayer's, uh, sort of, um, path for doing that has been super popular and has resulted
in all of these, uh, sort of interesting spin off applications that allow you to, to, to
leverage up your, your stake positions. Um, I think that, you know, Radix has an amazing
opportunity here for builders, um, around LSUs and SXRD and LSU LP. Uh, and the, the interesting
things can be, can be done around that. We're just starting to see people finding their feet
builders, working out sort of what can be done. You obviously have to have the DEXs, you
have to have to have the lend borrow, but those things are, those things are improving and
emerging as well. The first foundry participants, um, that we, that we, uh, that we have, um,
sort of, uh, given foundry grants to, or found an investment to is, uh, Surge and Trove.
Um, so Surge is a, uh, a perpetuals, um, uh, uh, decentralized perpetuals trading platform,
um, and is built by a super strong team, uh, really, really interesting background in, in,
in, in understanding sort of the core things that drive good perpetual markets, um, with
all of the advantages that the Radix network offers in terms of user friendliness, in terms
of security, in terms of, you know, wallet user experience, all of this stuff goes into why
you think Surge is going to be super exciting. Um, and it's one of the, uh, the core, what
I would call the core marketplaces within a DeFi ecosystem. So, you know, I think the,
the, the, the core marketplaces are, um, DEXs, lend borrow, perpetuals, uh, and NFT trading.
Uh, and so the other, the other aspect of, um, uh, uh, NFT trade for NFT trading, um, we've
also got Trove in the foundry and Trove is, um, uh, is already a, uh, you know, a pretty
popular, um, uh, NFT exchange, um, within Radix, um, built by, uh, sort of someone who's
been in the community for a long time. And it has been amazing to see him progress over,
over time in terms of going from being a complete script I need to, to building, um, what he
has. Uh, I think the community that's already been built around Trove is also super interesting,
but NFT for me, strategically, I see NFT trading as more than just, uh, just, you know, sort
of, um, artwork and pictures that are related to artwork. I think that's like your starting
use case and pro trading tools for NFTs within, uh, other ecosystems like Ethereum, um, have
already like sort of been getting a lot of traction, things like blur, uh, to be able
to trade, you know, sort of a price floor, to be able to trade an attribute of, of an
NFT collection, to be able to trade an entire NFT collection are super important for adding
liquidity and for, for making people being able to trade sort of like these NFTs more as
an asset class than as an individual sort of like collectible. However, I also see in
the long run that NFTs are going to be a critical component of real world assets, um, uh, probably
starting with debt. So sort of, uh, specific credit that has been lent to someone or bond
like instruments, and then being able to trade those in a professional way, uh, is key to being
able to add liquidity to these, these sort of like, uh, more esoteric or more interesting
or more specific financial applications that are going to be coming to the Radix ledger
and coming to DeFi and OpenFi. So NFT marketplaces for me, it's especially the pro trading tools
that provide that baseline of liquidity in the same way that DEXs are critical for the
baseline of liquidity in fungible tokens. Pro trading tools and NFTs are really important
for the baseline of liquidity in non-fungible trading.
Yeah. A lot of, I mean, demand for it as well. So when we talk about pro trading tools,
there's more things like the ability to sort of track and, uh, track and chart the floor
price of NFTs, making more complex trades. Um, being able to put on limit orders, right?
Just being able to put on limit orders. So like, if the price floor falls to this level,
then I'm willing to buy, you know, sort of sweep the price floor, like all of this kind
of stuff that you see on professional sort of like fungible token trading applied to, um,
to NFT. Yeah. And so you asked about, you know, support, um, sort of the, the, the extra support we
give on this is, is, you know, we, we try and have a call at least, uh, sort of every other week
to, to every month, depending on what the team needs with, with, with the teams. Um, we sort of
like provide, uh, more insight, support, uh, uh, advice around, um, how to structure things,
like things that, that when they have problems, like sort of like get getting a lot more hands
on, um, and also sort of like, uh, uh, connections where, where is necessarily important for the
things that we think are necessary. Um, so, you know, sort of like connections to oracles,
um, connections to infrastructure providers, connections to market makers, all this kind of
stuff. Um, and it's stuff that we also, you know, provide to our grants, grants participants as well.
Like I don't want anyone to feel like we don't, we don't help those guys out, but the, for, for the
foundry ones, these are the ones that we're like, if we get these ones, right, the TVL, the user base
and the activity on the ledger will have a significantly larger effect. Um, and, uh, uh, the, like based on the,
based on the trajectory of other ecosystems, however, you know, sort of like our MVP booster,
our MVP grants, our booster grants, uh, refinement grants, our growth grants, all of those are there
designed to help make sure that, um, the things that, that everyone is building, everyone is trying
out and trying new ideas. There's still that opportunity to try new things because I think
that it's really important that you don't just go what happened in the past, but what could happen
in the future? What are the new things that people are doing for the first time on Radix?
Um, and what are the, what are the projects that are not quite at the level of traction
or use case or experience yet that we can help along that journey and get them to the point
where they can be ready for these sort of like bigger grants?
Yeah, that was, that was another big bit of news mentioned sort of, might've been sort
of start of the month, back into the month before, but the grants program sort of separate
to the foundry, uh, was expanded up to 250 million XRD around $10 million, um, at the time
of publishing for a few different, few different tracks. So MVP booster, launch booster, refine
booster, growth booster. So up to sort of $160 or $1,000 of support, uh, for, for developers
to, to, to, to work through, uh, build building on Radix and come to Radix as well.
Yeah. Yeah, exactly. Perfect. Um, we had some other little, uh, sort of updates, uh, pop out
and covered it briefly on the last one, but the, the bottlenose, uh, update, uh, came out
as well. Yeah. So bottlenose, um, that feels like, honestly feels like a lifetime. Um, so
much happens in a month. Um, okay. So the bottlenose update, uh, included a bunch of API enhancements,
uh, to make it easier for developers to integrate and, and, um, develop against the Radix stack.
Um, there's a recovery fee vault, the account locker, native blueprint account locker is,
uh, is super useful. If you're thinking about doing airdrops, if you're thinking of, if you
have, um, if actually, if you, the, the, this concept of catch fail is also important as
well. Like often on Radix, because of how the account system works, you can decide that
you don't want to receive token, certain token types, but this can result in, in transactions
where you have a failed transaction as in, it wasn't able to actually successfully deposit
some money in an account because the, because the account blocks that transaction send. So
there were, there was a bunch of, uh, thinking that we had to do around making sure that there
was a, there was a, um, a safe recovery from that. One of the key enabling factors for this
was things like layer zero, uh, and other like, um, cross chain bridging, because you have
to be able to like the, the cross chain bridging has to be able to go, I will send and I'll
expect this thing to land somewhere. Um, so that, that was the starting point for this,
but then we were able to expand it to a much more interesting account locker native blueprint,
which basically allows people to go and claim tokens that were sent to their account, but
wasn't able to successfully, uh, arrive there. Or you want to do a mass send to a large number
of tokens and you want a large number of accounts and you want to do that in a gas, a gas
efficient way, then you can also do that using this component. So the, the bottom nose
protocol update includes a bunch of tools really for developers. Um, but a bunch of stuff that
makes it easier for us to do integrations in the future as well. Um, I'll also, um, just
shout out on the, uh, NFT warehouse and, and script to impress the street team prize, um, about,
uh, I can't remember a month and a half ago now that, um, Matt and myself sat down and
recorded a conversation basically going, there's a pattern here that is repeating when you have
multiple marketplaces where you, if you have multiple marketplaces for the same thing, like
say you have multiple NFT marketplaces, the pattern at the moment is you go and list your
NFT on your marketplace of choice, but then that, that leaves you in a situation where you
can't, um, it's not easy to then also list that in multiple other places, um, because you
can end up in race conditions. So we would, we were talking about this idea of having
a, um, uh, being able to build a warehouse like component, which makes it easy to have
your, your NFT in one location and then list it in many locations and then be able to, if
it, if it, if it trades on any given one of those venues, then the race condition is
essentially, um, is able to be solved by this, uh, by this warehouse component. Uh, and
script and I built a really cool, uh, little application for their escrow blueprint, uh,
pool blueprint, um, which sort of risks on this idea of having a single location, uh,
that you can pull things out of, uh, uh, for, uh, connected to other smart contracts. Um,
so I would definitely, uh, check that out. Um, it's, it's not quite the, uh, the NFT warehouse,
uh, concept, but it risks on this idea of how can you have a place where you have tokens
that then you have authority to be able to draw out that that authority can be in multiple
places at the same time. So yeah, really, really, really interesting, um, implementation
and well done scripting that.
Yeah. Beautiful. And we had quite a few, um, sort of ecosystem updates as well. Quite a lot
of, a lot of active teams pushing, pushing out a lot of the moment. Do you want to run us
through some of your, some of your highlights or anything that particularly, uh, took your fancy
distance? Yeah, I mean, um, so, uh, I suppose surge, um, uh, had a big announcement today. Um,
so the, the, the tokenomics, um, of surge came out, uh, sort of the breakdown of the governance
utility of the surge token, the first wave ended today. And, uh, so all of those people who had
locked up their caviar for SRG now have the option, uh, to burn, uh, to burn the token and get
SRG or to take their caviar token back. Um, that's a, that, that was a really successful
first wave. I think, um, over 10%, um, of the, uh, total caviar supply was locked up for
the SRG token, which is like super, super interesting to see sort of how engaged the community has
been around that. So it's like a hundred million caviar tokens, um, which I think at current
market price is like a million dollars worth of, uh, supply. Um, and, uh, and, and it's
been great to see how surge has been building their community over this time, how they've
been doing these, having these different challenges, um, within their community and reaching out
into other, uh, into other social media venues. Uh, and like, I definitely want to give a shout
out to the search team. Congratulations on everything you've done so far. And, uh, the, the, the
token, uh, token economic, it's token economic stuff today. So, and good luck with the burn.
Yeah. Um, and we had the, the, the, the big boss man, Dan Hughes acting, uh, as well. Um,
yeah, he's been, he's been crushing it lately. Yeah. So, so Cassie, uh, the Cassandra testnet,
um, uh, that, that Dan has been working on for a long time now, um, has started, he, he's really
started to put it to its, put it in its plate, uh, put it to its plate, put it through its
paces. Um, we saw, uh, over 200,000 swaps per second being, uh, conducted on the, uh, on
the Cassie testnet, um, which is, I think, uh, a really interesting milestone. What, what
this is essentially doing is, is, is taking transactions, TPS tests to the next level. Like
I've been saying, well, for years now that the way that we benchmark public ledgers is
entirely wrong. We, we basically, we benchmark public ledgers based on their transactional
throughput. Right. And we say, oh, you know, like Solana can do 65,000 transactions per second.
I mean, a lot of people debate whether or not they can even do 65,000 simple sends per second
because their transactions have a bunch of, uh, sort of double counting in them. But, um, the,
the, you know, the headline is 65,000 transactions per second. But then if you have a look at
what the actions that are occurring on top of public ledger, like 95% of transactions
on a public ledger on things like Ethereum are interacting with a smart contract of some
description. Now, part of that is obviously because, um, the, uh, all tokens are smart
contracts on, on Ethereum, which is, you know, an inefficiency in itself in how tokens are
implemented on basically other part, every other public network, apart from Bradix with
a few exceptions. But, um, the, if you look at the, if you look at that still, like 80%
of those are still calling three or more smart contracts. So all of these transactions are
highly, uh, are highly, um, uh, uh, are highly composed. And then if you sort of like dive
down a little bit more, you know, sort of like 50 to 70% of gas fees being spent on Ethereum,
uh, will often be attributable to DEX transactions, right? So really the thing that you want to be
benchmarking your, your public ledger on isn't on simple transaction sends, because that isn't
what Web3 is about. That wasn't what DeFi is about. DeFi isn't about sending a transaction
of one person to another. It's about interacting with a smart contract. It's about doing something
with marketplace. So if you then start to benchmark these public ledgers based on their throughput
on, um, on, on actual deck swaps per second, you know, something like Solana drops to 273,
which was the last benchmark that I saw of this done by, um, the guys over, I think it was
multi-coin who did a, who did some likes of benchmarking and then went, well, you know,
how many Orca swaps per second can I do? I can actually only do 273 Orca swaps per second.
So you have this efficiency gap between what the, the headline transactional throughput number
is and what the actual practical user number for, for throughput is. And so, you know, Dan,
Dan and I have been talking about this and we've been going backwards and forwards. And, and, and
ultimately we, we concluded that really the, the markets moved on. It's not about, it's not about
transactional throughput only. It's about complex transactional throughput. So, um, Dan on the Cassandra
network actually built in a swap engine and now has been benchmarking Cassandra on
swaps per second and 200,000 swaps per second, as you'll see is basically, uh, was it three
orders of magnitude, almost three orders of magnitude bigger than what, um, than what Solana
can do on, on actual deck swap. So, so we think this is a much more realistic example of what
throughput we should be benchmarking. And that's why we've been pushing this idea of swaps per
second.
Yeah. It's, it's, it's very interesting to follow as well. It's quite, uh, Dan sort of,
uh, tracks a lot of this stuff on his Twitter. He's writing more about what he's doing at the
moment now. And it's kind of a rare opportunity to see this evolve. Uh, and he started to get
quite a bit more traction in the, in the sort of scalability crypto space as well. Um, so
if anyone wants to get a good, good bit of, good bit of entertainment, learn at the same
time, definitely check out, usually Dan's Twitter.
Yeah. I would also definitely recommend checking out his, um, his, uh, his writing on Substack
and his writing on Twitter. I can't remember what it's called. What is it? What's the Twitter
long form called?
Uh, articles, articles, Twitter articles. Yeah. So on Twitter articles, like Dan, Dan's view
is basically no one's really taking the mantle of, um, uh, advocating for sharding. Um, because,
uh, most public networks have gone down this route of going, well, the way we'll achieve
scalability is by, is through rollups. Um, and so you're seeing all of the ASL twos on
Ethereum. You also see, you're seeing some, some L ones basically give up being L ones and
move throughout being, being L twos, you know, sort of, uh, cello did that recently and moved
across to become an L two on Ethereum. Uh, and, and, and a lot of these sort of compromises
that they made as a result of moving to this L two style of, of scalability, not only do
you still have the underlying bottleneck of the, of the, of the, of the main chain. So you
still always have this opposite limit to what scalability you have. You also have this fragmentation
of liquidity. You have a difference in, in, uh, developer environment. You have all of these
different, uh, chains that essentially are like, you know, layer one block chains that you're now
having to integrate into your, into your wallets. Um, you have all of this sort of like developer
overhead that is associated with that. And while you can abstract some of this away through things
like, um, uh, abstracted accounts and things like that, and still becomes massively complex,
fragmented and will continually create bad user experiences, both in terms of liquidity
that you're going to offer access and in terms of things failing for things that, for complex
reasons that the user won't understand. And all they'll see is, oh, my transaction failed
and they don't want, won't know why. And so I think fundamentally this, this idea of going,
no sharding is the right approach, but you have to start and end with state sharding.
And then you have to think about how a network elastically scales according to the requirements
of the network and, you know, sort of pushing forward this much more nuanced, much more, much
more fundamental approach to how you scale, uh, blockchain technology in general and how you do
that in an uncompromising way to maintain true composability, to maintain true, um, sort of, uh,
non-fragmentation of liquidity and how you do that to maintain sort of true linear scalability
that doesn't have these upper limits to, uh, to, to, to, to scaling.
Yeah. We had, um, a few other, uh, ecosystem team goals, the community, community built debt,
built Dex Dexter, um, in new milestone, 533,000 XRD weekly trading volume, which is a,
I think we sort of touched on it before, but I really liked this for anyone who's not aware,
it is a Dex being built by a group of community members, all sort of voluntarily contributing
what time and resources and skills they have, uh, to, to, to bring this Dex, uh, to life sort
of with the power by alpha Dex, uh, underneath, um, quite a, and, and, and, and definitely shout
out to Fred, uh, and, and, and, and the, the, all of the people who are involved in that.
I think order book Dexes are in many ways much harder to build than, um, uh, than AMM based Dexes
from the point of view of liquidity bootstrapping. Um, it's, it's really hard to build up liquidity
in an order book versus LP in, you know, sort of a much more simple approach to LP. Um, and so this
sort of like steady increasing in trading volume, like huge shout, huge shout out to the Dexter
team and the other Dexter team.
It looks good as well. It looks good. Like it's, it's had a few good updates. I'll sort of check
in periodically with it. Um, it looks really good. So yeah, definitely, definitely want to check out
and, uh, uh, and follow for anyone that hasn't. Um, and another, another Dex on Radix, DeFi Plaza
with their launch plaza recently, continue to push out a cool, cool suite of tools.
Yeah. I love, I love launch. I love anything that makes it easy for people to more easily
create tokens, uh, to create the rules around those tokens, uh, and to make it easier to stake
tokens. Like all of those tools that are in launch plaza, I think are super interesting.
Um, and it's really exciting to see what they're building for sort of like the new entrepreneurs
in the space coming to Radix, uh, to be able to go, cool. Like, uh, I will. And like,
I think a lot of, a lot of crypto, I mean, a lot of entrepreneurship often starts with playing
around with stuff, right? Often starts with a bit of fun, a weekend project, something that
you're, it definitely isn't your full-time job and it definitely isn't something you're
necessarily trying to do to, uh, to make money on immediately. It's more like a learning journey
to be able to, um, to be able to do that. And like with crypto, only a part of that learning journey
is building the tech. The, the, the other part of that building learning journey is understanding
the mechanics of markets, understanding the mechanics of tokens, understanding the mechanics
of liquidity, understanding the mechanics of community, and just making it, lowering that
barrier to entry to be able to, uh, create new tokens and then launch them, uh, on a DEX and then
be able to build a community around it, build, build economics around it, uh, and sort of see how
that operates is, uh, is such an important part of the learning journey in your web three
V5 entrepreneurship. So yeah, huge out to beat V5 Plaza for what they're doing with launch Plaza.
Yeah. And, uh, we have the Radix community council as well, um, uh, uh, uh, sponsoring a, uh, hackathon
at the European blockchain, uh, convention in September.
Yeah. September the 25th to September 26th. Um, there's going to be a booth, a booth 219. Uh,
and there's also going to be a hackathon, as you say, a bunch of the people from the community
are going to be there. Um, and, uh, I, you know, it's, I think it's going to be a great opportunity
to meet up with people. Like if you're in Europe and you can make it to, uh, Barcelona, um, definitely
recommend coming down. Like what I've already seen, um, in, in the history of, of hackathons that have
been done in Radix is they, they are great chances for like-minded people to get together
and vibe. Right. Like, so, you know, we did, when we did the Foo hack, um, uh, you know,
a year and a half ago, something like that. We did the Foo hack with, with Red Foo at his house in
California. Uh, and you know, you know, there was Bean there, there was Wiley there, there was, um,
uh, I'm gonna, embarrassingly, I'm going to forget all of the names and seeing the faces in front of
me. You can't forget Rock Howard playing. Rock Howard, absolutely. There was Rock there. Um,
uh, and, and like the, the, the, while what we created, what was created that hackathon obviously
didn't result in any actual, uh, sort of applications off the back of it directly. What it did foster
was this connectivity between members of the community. Um, and so like, if you're interested in
building in Radix, if you're already building in Radix, if you're in Europe, if you can make it
to Boston in the 2050, please do come. Yeah. Get involved in the hackathon. Particularly, like,
where, where the, where, where Scripto is at now, where the community is at now, where the wallet is
at now, uh, where the, the, the grants funding is at now. Um, a lot of pieces started to come together
to see something beautiful come out of these collaborations. Yeah. Very cool. Um, and we had a
couple of others as well. Um, so we had hug, uh, done 6 billion hug airdrops as part of their proof
of hug, uh, program, which I think was about $180,000 in today's money. And at its all-time high
was $738,000, uh, gone up to users participating in that, which is, uh, huge. And another cool one as
well, uh, was WoWo. So WoWo have handed out a grant of $4,000 to DeFi Plaza, which is the second grant they've,
uh, given out. Um, and so I think it's going to be utilized for, uh, listing on a DEX or a crypto
tracker or something else. I believe it's going to be a, be a vote. Uh, DeFi Plaza will put,
put that together there, which is, uh, yeah, very, very cool to see, um, project, a lot of projects
on Radix actually, um, part of their tokenomics and part of their whole ethos is supporting other
people building, uh, on Radix and putting up, putting all this together. Um, which, which,
which is fantastic to see and is exactly what is necessary for an ecosystem to be successful.
Like, you know, like the, the more that this happens between projects, the more decentralized
and more self-sustaining the ecosystem becomes. So like, um, um, a huge, huge shout to the, uh,
to the WoWo team. I, I now just want to say, wow, wow, because like I've said it wrong once
and, uh, and I just need to double down on it. Um, yeah. So Jacob, Jacob literally sent me a
message afterwards and was like, it's pronounced, it's pronounced WoWoWo.
Yeah, but how do you write that? How do you write that pronounced WoWoWo? It doesn't, doesn't,
doesn't particularly, doesn't particularly work phonetically. I shouldn't say you were a voice
note or something, but this is a, um, something that is relatively unique to the Radix community.
I, I've, I've sort of poked around quite a few different crypto communities over the last five
years. Um, and this is not the norm as you go. Like we, like, I was on a Twitter space
that Hug was running yesterday. They, they, you know, some addicts, FOMO, Hug, like a lot of these
meme coin projects collaborate directly together as well and support each other. Um, and I sort of,
speaking to a lot of these projects as part of token tracking, it was almost like unanimous
in their collaboration support, uh, for each other and friendly competition.
Yeah. Yeah. Yeah. Yeah. And like, you know, like if the pie grows, everyone wins, right?
Like it's, it's like, I think that this is the amazing thing about DeFi is the, um,
the fact that you have the more assets that you have on the ledger, the more token types you have
on the ledger and the more successful those token types are individually and collectively,
the more that you have just this, this, this, this critical mass that builds around the user base,
around the capital. Um, and, and it is fantastic to see the, the, the way that these ecosystem
projects are supporting each other as well as sort of like competing, competing with each other. So,
yeah. Yeah, no, very cool. Um, and I was sort of coming towards, uh, the end of the time we have
you for any final thoughts for us, anything you're looking forward to over the, uh, next few weeks,
any particular other tattoos planned? If you, any members have spotted your, uh, spotted your new ink?
Yeah, no, it's, it's, it's, yeah, it's, it's been, I, there is, there is more to come on the,
on the tattoo, but it won't be, it won't be visible. It goes down my back. Um, but yeah, I, uh, uh,
now have a full sleeve, um, and which I will say was, uh, was not the most comfortable experience.
If anyone's ever had a tattoo, the, what the bit underneath the arm is, uh, underneath the arm next
to the, uh, next to the armpit is absolute agony. I, I, I felt like punching my tattoo artist,
um, which she would not have, she would not have. Yeah, that wouldn't have gone, that wouldn't have
gone well, particularly when she's doing your back and you can't see what, what, what they're doing.
Careful, careful, careful. Yeah. Uh, but yeah, it's, uh, uh, no, over the next few weeks, uh,
weeks. Yeah. That we've got a lot of stuff planned. I can't, I can't, uh, drop any output on here
because, um, uh, for, for every, for every good reason, the marketing can kill me, but yeah,
there's a, there's a lot of stuff planned in July. Um, and, uh, some stuff I'm, I'm really excited
about. Um, obviously the stuff that people know about, uh, Maya is, is really pushing their integration.
It should be, uh, complete with streaming spots very soon. And then immediately after that,
uh, the rights network will be integrated. This will be the first opportunity for people to sort
of like, uh, trustlessly, um, uh, cross from other ecosystems, uh, that Maya is connected to
into the rights network and back again. Um, so a huge opportunity for, uh, ecosystem projects,
uh, and marketplaces to get more liquidity and to get more from outside of the rights ecosystem.
Yep. Yep.
It's going to be easier to look for. So it's going to be much easier than before.
Yeah. You know, you don't have to use, you no longer have to use things like Instabridge
to be able to bridge between, um, we're sort of working with, um, uh, market makers, uh,
to help make sure that all of these systems are running smoothly and, and, and they're super excited
about that. Um, and, and also, you know, sort of like a big shout out to the, uh, to the marketing
team and to the, uh, and to the, um, uh, to the community team, um, the direct wallet and Android
downloads have now just surpassed 80,000 downloads in total, which I think, you know, token track
gave a big boost to that. Um, but also that sort of the up, the continuous updates to that user
experience, uh, is testament to how many downloads we've had of that. And also how good the feedback
we're getting on it is obviously there's things, there's always things to improve. Like we always
like to get feedback, um, around things that need to be added or, or, or issues that people have
experienced and frictions, but like every release, and as you, as you've already seen from this update,
there, there've been two major releases to the wallet this month, the biggest one while at 1.7,
1.7.0 bringing, um, sort of Radix connection mobile. But yeah, I, I think all of these things
are still the foundational support for developers and entrepreneurs to build great things on Radix.
And I'm super excited to see this continue to build out so that there is less and less reason
that you wouldn't just build your application. Beautiful. Piers, thank you very much. I know,
uh, I had a little sneak peek of your calendar today. So you're sort of active from 8.30 in the morning,
calls eight through the eight, eight, nine o'clock at night. Um, I think you had one 15 minute bathroom
break schedule. So we'll give you a couple of minutes back to get another sneaky bathroom break
in there. Um, but that's another good month. And I'm looking forward to, uh, looking forward to
sort of four weeks from now to do this again. I think it's going to be, uh, yeah, some more,
more, more tasty updates. Absolutely. Thank you very much, everyone. All right. Thanks guys.
