Projects
![]()
No projects found
Investors
New
DAO Treasuries
DATs
Lend / Borrow APRs
Chains
Categories
Spaces
Moving Forward, recorded
Recorded: April 24, 2025 Duration: 1:32:09Space Recording
Short Summary
In a pivotal discussion, the community gears up for the launch of the SOL token, emphasizing growth, strategic partnerships, and innovative yield opportunities. The consolidation with Backbone Labs aims to enhance project sustainability and community engagement, reflecting broader trends in the crypto space.
Full Transcription
Thank you. so
GM, GM, welcome back, everybody.
Round two, round two.
Round two, why don't you take a minute and retweet this one, if you could.
So everybody knows where we're at.
We got some people requesting to speak from the community.
I would ask you to hold off for now.
We'll open it up for questions at the end, but for now, we'll just have our panel up
here. We always give time.
We always give time for questions.
We always open it up.
And there will be time for that, but that'll be a later portion of the call.
All right. Yep. Just take a minute, record or share this one.
Hey, that was actually a marketing tactic just to get the attention on the first go. And then we, you know, cast the net again.
Yeah, right.
All right.
All right.
All right.
All right. All right.
All right. All right. All right. All right. All right.
All right. All right.
All right. All right. All right.
All right.
All right. All right. All right. All right.
All right. All right.
All right.
All right.
All right. All right.
All right.
All right. All right.
All right. All right.
All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right White Whale. Thank you all for coming. Thank you all for,
for being a part of our community over the last two, three years. It's been quite a journey.
You know, we've been through a lot together. We've just been through a whole lot together,
as I shared in the, in the prior, prior space that, that wasn't recorded. You know, I think
one of the things you know we we
certainly aren't perfect right and um there's been a lot of ups and downs one of the things i think
we've done well is is built a community and a culture right and um you know have have forged
some great relationships together over the years um and kind of navigated this space and crypto
together right with wins with losses um you know so i uh i really appreciate all of you guys
our community and it is the most valuable asset that we have um it really is and and like i said
we have an ethos right we have a soul you know this this community um
no pun intended has it has a soul it has an identity right we've we've been
you know we're we are community we are i don't want to say anti-vc but in a sense we are
anti-establishment we are the we are sort of the little guy and the underdog and the outcasts in
lots of ways we're not in the club right white whale's never been in any any of the insider clubs
we just haven't you know whether it be tara or osmosis or um you know you you know even cosmos
and adam right we're just never in the insider club.
So we decided to start our own club, right?
We just said, let's start our own club.
We don't have to beg or bow or any of that.
We'll raise our own flag and start our own club, you know?
So, but yeah, we definitely have an ethos here in the culture and and i think it's
our strongest asset and history together going all the way back to terra right to terra v1
so um that being said you know there there are you know we we do have to face reality we have to face
um market conditions and financial conditions and the
decisions that we've made and that i've made um right you know we haven't whale hasn't had a
positive month since i think january of 24 right so a year and a few months um and that's just not
you know it's not fair right it's not fair to you guys, not fair to the community.
And it's hard, right?
That's hard to do.
And I get that.
That's just the reality of it.
In a lot of ways, we failed to get from zero to one, right?
And land on, you know, we did a lot of experimenting.
We launched, I think think some cool innovative products
but nothing you know it didn't really stick to the point where we could get get lift off um and
and pmf on them right so a lot of those things got our you know we just got to cut cut bait on
them it is what it is um we've decided now for the last few months that we were going to
wind down the chain because of expenses, right? Running a chain is expensive. There's the
inflation, there's the validators, there's the maintenance and the upgrades and all of the
things that go along with that. So we had decided that long, you know, a few months ago now,
So we had decided that long, you know, a few months ago now, but we still really needed to land on a direction and a viable path forward.
You know, we had considered lots of different things, right?
I considered lots of different things we did as a team and discussed and weighed different options, partnering with different different people migrating to different chains
um you know i i would have considered migrating to tara right had it not been for the fallout and
uh um you know just the way things went down over there with the leadership over there which was very unfortunate. But within all of the discussions, nothing really felt right.
I remember on one of these calls, we had a conversation about basically just moving over
to the hub and becoming a DAO with the assets of Migaloo, because Migaloo does have assets.
with the assets of Migaloo, because Migaloo does have assets, right? We have, you know,
just for example, we have a Terra TLA NFT, right? That's well into five figures that we can use to
direct voting power and inflation where we please. You know, we have validators, we have DEXs,
You know, we have validators, we have DEXs, right?
We have assets and we have the community that we've built.
So, you know, one of the things we considered was just taking the assets and starting a DAO on the hub, right?
Because the hub is the hotness right now.
And it seems like a lot of projects are in similar situations to us,
financial crunches and trying to figure out where to do. So there's a consolidation happening and
people are rallying around the hub and the hub leadership, which I think is good and healthy.
I do. I think it's probably overdue, right? And could be a good realignment for the entire cosmos
um but but in any case um you know i i couldn't really get super excited about just taking what's
left from migaloo and and migrating it to the hub and calling it a dow and it's like okay that's fine
um that's okay it could sustain itself but like who's gonna that's fine. That's okay. It could sustain itself.
But like, who's going to buy into that, get behind it, rally around it, all of those things, you know?
So it just, on a gut level, it didn't like hit me like, oh, this is awesome.
I'm excited.
It was more of this is the best option that we had.
You know, and there were lots of other things
considered just lots of other things we talked to a lot of different people
in cosmos outside of cosmos uh trying to figure out what the what the what the direction was
right so um i think it was a couple weeks ago now. I just had a thought to call JG. Right. And we called and we chatted and we're talking through stuff and, you know, we're talking through what different options and ideas and leaders, you know, and all of that.
You know, and all of that. And by the way, one of the one of the key factors here that I that I think is important to mention is, you know, I think we're, you know, we're in agreement and I am in agreement as well that in the direction moving forward that I'm, you know, I'm no longer the commander of the ship.
I'm no longer the commander of the ship, right?
I'm not, I do not plan on being officially part of leadership in the,
in the new, in the next phase of this community. Right.
And we've talked about that. I've said it before. I'll say it again, you know,
and like, you know, if, if, if you do the sports analogy, right.
You know, if, if a sports team has three losing losing seasons in a row um you fire
the coach right and you replace the coach it's just what you do um and and that's that's fair
and that's the game right like i said we haven't had a positive month since i think january of 24
which is a lifetime in crypto you know that's a that's a lifetime in crypto so I think the community
deserves um new fresh leadership new energy right I'm I'm gonna support I plan on support
supporting but from the background as a community member um and and a holder and all of that but I'm
not going to be on the team or leadership or anything like that. In any case, I had a conversation with JG.
We were kind of spitballing ideas about what Best Path Forward was.
And then we kind of stumbled upon the idea of merging the white whale assets,
migrating white whale into Backbone Labs.
And JG finally launching the soul token, which he's been planning, you know, for over a year now.
Right. But it becoming this conglomerate, you know, this conglomerate of Cosmos assets and, you know, influence and community.
assets and um you know influence um and community right and um basically consolidating what because
there's already a lot of overlap right there's already a lot of overlap between our communities
um we're basically one and we have been one for a long time so it just it just seems to to make a
lot of sense to kind of unify under one banner, you know, and, and consolidate there that we can,
and get some, get,
make something that we can all rally behind, right.
In a unified way, consolidate all of these ecos,
the ecosystem tokens that we've had spreading ourselves thin, right.
Which again, look at the hindsight.
That was one of the mistakes we made.
And just getting a rallying point, right um and just getting a rallying point right getting getting a rallying point so um you know we we had workshopped and
talked about the idea hey wow how would this work what would it look like if we just kind of migrate
and and merge white whale into backbone um you, you know, come under one banner, um, launch the
sole token, finally launched the sole token. And that's the sole token is the store of value
for all of the, all of the things under, um, under this banner. Right. So that's the move guys.
That's, um, that's, that's what we're proposing anyways. That's what we're discussing right now.
You know, it's and you know, our reaction, mine and JG's, you know, we were both and I don't want to speak for him.
But but the immediate sense was this is something that we can get excited about. Right.
This is something, you know, and I feel excited for the first time in months. I feel excited.
This is something, you know, and I feel excited for the first time in months.
I feel excited.
I feel like this could work.
I feel like I feel the energy returning the mojo.
Right.
You know, so that's a good sign.
Right.
That's a good sign.
Let me stop there.
Let me pause there.
JG, do you want to do you want to comment?
You got anything you want to input?
Yeah, totally. do you want to do you want to comment you got anything you want to input at this point yeah totally you know um to me like so it's it's no secret you know i mean you said it yourself you
you know you said whale has been having down trending but i think the market overall even
my own energy for like the last like four or five months i had it's been a struggle for me to kind
of like i guess kind of see the path forward and know, uh, that whole time I'm trying to figure out how to, how to launch this token.
And, you know, what is the, what was the weakness in the backbone system? The weakness is, is that
in the current model, there's not enough, um, assets in the grave diggers to, to make it sexy.
Right. And we don't have that, um, foundation support, uh support that's just a golden spoon. And we never
have. And I'm good with that. I like that, right? But what happened is that what was realized is
that White Whale has these DEXs, they have these validators, they have this voting power.
All of these components, if they are utilized appropriately into the project that Sol is proposing, you know,
becoming a store of value for NFT communities. Like there's all these different layers, but it's
not, you know, no inflation, really using these different validators and the rewards from the
DEXs to like buy back the open market, Sol, not an OTC thing, have price impacts and disperse that back to the sole stakers.
Get an, you know, we can then actually become something greater together. And I think,
I think the message stronger together is, is definitely applicable here. And, and it is,
you know, it's a, it's an honor, you know, white whale saved backbone when they gave us a grant,
like, like, I don't even know how long ago is that now?
Almost like, I don't know, like 20 months ago,
like two years ago almost, right?
Like, I'm not even joking, like saved us, right?
You know, Backbone had like $4,000 in our account
and I was like, holy shit,
like I don't know how I'm gonna make the next payroll,
you know, and they came through
and they gave us a grant and they,
and they saved us. And, and, you know, I'll forever be so appreciative of the opportunity to,
you know, get this going. Cause to me, again, Sebastian said this and I echo it, it's the
community I had, I had, we were down only. I mean, we had, you know, we had a lot of activities
and, and to me that was fun. So now that the market is shifting, we had, you know, we had a lot of activities. And to me, that was fun.
So now that the market is shifting, even though, you know, sometimes the cards have to be rearranged, you know, I think there's a really clear path that we can use the assets and the infrastructure that's been built by White Whale to directly fuel and leverage this community store value that I've been proposing
for a while, right? And it really does give it the gas it needs. I'm not going to lie. So,
you know, if the market goes up just a very little bit, it becomes a quite interesting situation.
And I'm not talking, I'm talking like a little bit, like 10%, 15% market go up. It's like,
oh, wow. And if the market rips, you know, these little bit, like 10%, 15% market go up. It's like, oh, wow.
And if the market rips, you know, these buybacks, these things that we are proposing to do for the sole stakers and the sole DAO, you know, all the metrics that make a token weak don't
exist in this model, right?
No inflation, real yield.
So Backbone's whole model, right, before was gravediggers auto compounding
and sharing these rewards. Like we're providing a service for producing an LST and we're sharing
those rewards with the community. But now acquiring these five validators, acquiring the DEXs and
acquiring the voting power and allowing us to direct these resources back into the soul token.
Well, this changes everything.
And this is a major level up.
And again, it's a lesson of we're stronger together.
And sometimes in chaos, there's opportunity.
And so, you know, this is why I woke up at 2.30 in the morning, because my mind is racing.
And, you know, we're going to put out, Backbone is going to put out an article, right, because, you know, obviously we'll get to – I'm going to tell you guys the tokenomics.
There's a little bit of shift in the sole tokenomics, but when we look at White Whale and what they bring to the table coming to Backbone, it more than doubles Backbone's value.
And I would say it could, it's more probably like quadruples it.
To be honest, if I'm being fair, right, like they have a wider reach and they have been
building longer.
And so, yeah, so we'll get to this next phase of how we're going to merge these communities. And, you know, again,
I think a community store value based on actual, like we share at a different level. I don't care
what anybody says, backbone, we've always shared at a different level. We don't take fees at the
auto compound level. Every other LST provider does, right? We're going to use 50% of all validator commissions that
we inherit from White Whale to open market sole buybacks and distribute that back to the sole
stakers on the DAO, right? So we're going to have real actions by providing real services and share
that with our community. So I guess you could kind of think about it like, you know, it's kind of like the
lion down model, but on steroids, because we have five validators, we have grave diggers,
we have a marketplace, we'll have a DEX, and we'll all be able to start to focus these fees
into soul and to value capture soul. So, you know, again, this is the opportunity that I know I've been kind of waiting for or seeking.
And, fuck, sometimes it's, you know, you don't even realize it's the answer sitting right in front of you.
And, fuck, I'm excited, guys.
You know what I'm saying?
I'm really excited.
And, yes, do you have anything to say, Sebastian?
I can keep rambling.
Yeah, I mean, I can ramble too, right?
I think, listen, you know, if there's one thing that I've got over the past few years playing this game, you know, you learn, right?
learn right you learn from from your experiences from your mistakes um you know jg and i have have
You learn from your experiences, from your mistakes.
had um some some um you know direct frank discussions uh you know i've given him my opinions
right about moving forward i think what's key um you know is being sustainable is having a
sustainable model right he's right we don't we don't have a golden spoon and that's part of who we are.
We don't have big VC backing, right?
We don't have, you know, huge, huge backers
or even like these big foundations and things behind us.
So you need to have an organic, sustainable model, right?
I think with our revenue streams um that would that we're bringing
to the table um you know including our our validators our um our decks uh our dexes our nft
right that that directs one it closes the loop right so um prior up to this point jg had the
grave diggers and the lsts and the nft side of it but then he was he was directing
liquidity to our dexes right um you know so like what this does is it closes the loop under one
roof and under one banner so now it's it's you got those you got the grave digger you got the lst
you got the decks and then you have right even the um the the NFTs and the incentives to drive liquidity to that DAX, right?
And then you have a validator component where you can rally your community around and generate income.
So it's a, you know, it's a full closed loop ecosystem.
And I think, you know, assuming we get your support and community support and rally everybody there can be a sustainable
model here off the bat right off the bat because what we're not transferring over is is pretty much
any of our team maybe one guy for maintenance right but but pretty much you know and our team
you're not going to be able to shake us like like we're still to hold and, you know, be around and be community members,
but you're not inheriting the weight, right, and the operating expenses and all that stuff. So
there's an opportunity here to build on a sustainable foundation, which is you need to,
frankly, you need to, right? You know, so that's important, right? That's an important piece of this.
It's community-led, it's community-driven, there's income, there's revenue, there's real revenue,
right? And that's what drives the engine. Couple that with there's no inflation, there's a low
supply, and there's value capture mechanisms, and you have a winning formula right get it get a
community behind that um and you have a winning formula you know whale whale basically bled right
it just it just bled um to where it's at now bled out bled to death um you know this starting forward
we want we want to build you know we want to see JG build the opposite of that and learn
from our mistakes, right?
So I just dropped a little chart that we'd drawn up in this thread.
I can, let me see if I can put it in the,
I don't know if I can do it from my desktop right here.
Can I?
Yeah, I got it right here.
So, I think it happened to work.
Maybe.
Did I lose you guys?
You still there?
There it goes.
We're here, sir.
We're here.
All right.
So, you know, on that note, this is kind of, I mean, this is not kind of, this is a diagram
of how we view the value capture of of the project moving forward.
And and I think this is really kind of a special moment because, you know, there's a lot of NFT marketplaces.
There's a lot of LST providers. And they're you know, what what what is going to make us stand out in the crowd is that is that Backbone is going to use all of its assets and all of its real fees to create a store value for our community and i think that mission
is a mission that that a it's totally unique you know i don't think anybody again is leveraging
um like i guess real world work to actually give it straight back to the community like
if people aren't staking
with us, there's not commission. And if we're not crunching those transactions and moving blocks,
there's no commission. And if we're not auto compounding and getting the LST out, there's
no commission. And if we're not making NFT transaction, there's no commission. But the
thing is, is that we've managed to stay active in the hardest of times. And we've managed to not
only stay active, but we've managed to expand.
And again, I've been on a mission to, it started with Luna and the Skeleton Punks to try to resurrect this thing. And I'm definitely re-inspired with these new pieces. And again,
this allows us to go against the grain.
And I love that shit.
That's what crypto is about for me.
It is a rebellious thing, right?
Like that is the deal.
Like I've always said that the heart and soul of crypto will be at stake.
This it'll be at risk. This cycle, we're seeing all the government stuff, all the company stuff, all the bells
and whistles.
It's going to become pop culture.
It's going to become whack as fuck,
like guaranteed, just like everything else eventually. But the technology, this is what
we're here for. We're here to create value and wealth for our community. I believe that this
is the place where that will occur. And Backbone essentially is a conglomerate of power using
groups. You got the Galactic Syndicate,
you got the Galactic Mining Club, you got the Skeleton Punks, you got the Mad Scientists,
you got all these different groups. And within these groups, they're power users, right?
And if we can all agree that through this NFT by trading house boutique, where we have a swap, where we have
validators, where we have auto compounders, auto compounding LSTs, right? If we can agree that,
look, there's this like little tool suite. And if we use this together and we talk about it and get
excited together, they are going to direct all this right back to us. And the best way, again,
we just said the best marketing is price go up.
So, you know, if we do this well, with a little bit of LP management, you know, when we start
this off, you build it up, and we can build a sexy chart, all the weaknesses of or all the
difficulties of running a chain don't exist in this model, right. And so, again, like, I don't exist in this model, right? And so, again, like, I don't know if this makes anybody else, you know, get excited,
but it sure as fuck excites me.
And again, now we're also going to need to, I think we should make a poll.
I think we should make a poll of where souls should live.
I mean, there's a lot of great chains.
I don't know.
You know, there's definitely a missed opportunity for people to not maybe battle over it.
And, you know, let's be honest, you know, Adams has great options.
Osmosis has a lot of benefits. Even Injective has great benefits.
You know, I'm sure people are going to yell that we go back to Terra.
And, you know, I don't know what the deal is with that right now.
I just want everyone to do well. And I think in the markets, I mean, I really think the markets are shifting. I think this could be like a golden pocket opportunity to get this going
before the market really takes off. And, you know, we're going to put, we'll start a soul
foundation. We will put, you know, the voting power in there. So when we launch the token, we'll petition Terra Liquidity Alliance
to list our token. We can list like sole Bitcoin or something like that or something along those
lines. That will be the main pairing on most places. And I mean, there'll also be probably
a main pairing with whatever chain that the token lives on. But obviously, look, IBC is going to go
everywhere and we're everywhere.
And we have these DEXs that are now everywhere.
And we have LSTs that are everywhere.
I just think that all of a sudden, like when you look at everything that comes together and how it can be utilized in tandem for the betterment of everybody, right?
It's like a real sharing.
Like, you know, I want to be clear.
Sebastian is, I had to ask him the other day because, you know, as, as somebody who's built for so long, I tried to picture myself and
like what, what's occurring right now. And I asked him, I'm like, are you okay, brother? He's like,
and he said, yeah, I'm okay. I'm okay. I just want to make sure that everything that we did
together moves forward. And I thought that was, you know really honorable uh way to handle it because
shit it makes me feel emotional right now right like to me i'm like damn like i know i put my
heart and soul into this shit and i know sebastian put his heart and soul into this and that's the
only reason why we're able to get to this next level is because of his hard work and these assets
that they've accumulated right so that's to me i to me, I mean, I'm blown away.
To me, this is like a holiday miracle.
I'm not going to lie, right?
Otherwise, we would have been kind of in a stasis mode
trying to really figure out where to get the gas from, right?
Because, again, it's like the whole chick,
it's like you built this engine,
but if you don't have gasoline,
this fucking goddamn F1 engine is just going to sit there collecting dust, right?
And so this this
again this is like a power-up i feel like fucking goku's turning super saiyan right now and uh
you know we get to we get to you know march to the beat of our own drum and that's that kind of
the most important thing and again so we'll start we'll start the spaces again we'll start thursday
spaces again and um you know uh on the I'm just going to couple other things.
On May 1st, Backbone will take custody of the White Whale validators.
The White Whale website and DEX will remain up for a while.
Backbone will be building our own interface for the DEX features.
It will be chain agnostic, so you won't have to select chains.
It'll be more like how Skip is doing their interface.
So just to make it feel smoother.
And now SolToken will be the epicenter of all of these products, not just a DEX or not just an LST or not just
an NFT community, right? So this brings, I think, together a lot of aspects of the cosmos. It gives
us all something to rally behind. So remember, if you're a gravedigger collection, you're getting
an airdrop. If you have been trading on backbone, you're getting an airdrop. If you've been making B assets, you're getting an airdrop. So we're really sharing this. And
in the new tokenomics with everything that's happening, 73.6% is available to the community.
We're trying to get all this out very quickly. Again,
there's no inflation. So we want this thing to be up. We want the splash to occur. Whatever
volatility is going to happen, we needed to let it happen for a couple of weeks. And then we can
start to defend this thing and utilize these validator assets, these DEX assets and the voting power strategically to build this store value again for us, right? So again,
I think this is where Backbone will find its identity. We are calling out to everybody who
feels that they don't have a voice or say, anybody who wants to create value and earn together,
come with us. Come with with us we're on a journey
we've been doing this no matter what we're like the you know it's like the post office rain sleep
sunshine whatever it doesn't matter we're delivering the fucking mail right like that's
that's what it comes down to you have to be obsessed to succeed and uh i'm just excited to
to i'm just fucking excited man i mean we already know like i'm obsessed i to, I'm just fucking excited, man.
I mean, we already know I'm obsessed.
I don't, I'm fucking waking up at 2.30 in the morning like a vampire thinking about this shit.
My wife is like, go back to bed.
And I'm like, no, I can't do that right now.
Anyway.
Yeah. Yeah.
And like I said, you know, we want to keep that, the ethos here alive that we've cultivated on these calls and together over the last few years.
I think it's I think it's special and it's worth saving.
And J.G. carries it. Right. He carries it. It's that resilience, the grit. Right.
It's hard to kind of put into words, but it's that we have a soul. Right.
This community has a soul. And frankly, GMC, shout out to them. They're here.
They carry it, too. Right. They have that same spirit because of what they've been through.
And they've, you know, they've done a great job of cultivating that same culture and spirit.
But yeah, I mean, we want that to carry on and continue and for it to people who identify with that and say yep that's
that's the community that i want to be a part of um and build with right um we we want that to to
live on um i think we should talk a little bit about um this the specifics and what the launch
will look like right um you know and and i i will punt that to you JG I'll just just a couple
comments initially um you know I think you know one what this does what this migration and merger
um really does is it allows JG to move forward with the launch right I think um you know that
the hesitation or the the delay or whatever you
want to call it up to this point was just there wasn't enough to push it over the edge i guess if
if that makes sense um but with with this um there is and there's reason to it's a it's a nudge it's
a kick um and it's a you know it's a catalyst catalyst to be able to finally launch Sol, right?
Well, which is great.
Another thing too, you know, I've done enough launches.
I've done enough airdrop slash launch slash migration slash new token issuances to know
every single time you do it, you're going to piss somebody off.
And you're going to be like somebody, you're gonna you're gonna be like somebody
you know everybody's lobbying for their own bags and their own niches and if you're into the nfts
you're gonna think that the those collections didn't get enough if you're a whale holder you're
gonna think you got you know screwed over if you're this part or that part or whatever like
it's it just happens always every single time. Doesn't matter how you do it.
Doesn't matter how you cut the pie up.
You know, it's, it's part of the game.
You know, I think JG's done a good job initially.
And I don't know that the details are finalized.
Right.
And we'll, you know, we'll, we'll take in feedback and, and can always reassess and
things like that.
But I think he's done a good job initially of divvying it up.
And it's a huge airdrop, right?
It's a huge portion of the supply.
It's community focused, community based.
There's no big VCs that are getting the lion's share,
all that stuff, right?
You know, the other thing that I will point out too is because there's so much synergy and overlap
between our communities, right right there's gonna be a
you know there's it's all it's the same people right so now basically what you have is whale
holders of a migration right where whale holders can swap in their whale or their whale um ecosystem
tokens for seoul at the launch right um you know but the the the point is that so was all you know so was
always going to launch and the our community which overlaps a lot with the backbone community are the
same people that are that are going to be getting um the the lion's share right the the um these
these tokens right the synergies are already there the community overlap
is already there so we're talking about the same people whether you get it through the nfts or
through whale or through your you know well fear or guppy tokens or or or however it is right um
yeah it's just it's just we we believe that um by merging by coming together we're making
you know we're consolidating it we're consolidating the assets and we're making
one product under one token that's stronger right and more more valuable to be frank
um yeah so i just wanted to point that out we got uh Luna V up here, I believe.
Let's let him...
He definitely deserves to say
whatever you want to say.
Yeah, let's let him know.
Luna V,
welcome to the
discussion, sir.
Good to see you.
Yeah, go ahead.
Sorry, I'm a little bit late to the party.
Might have missed it also, but I hear a lot of we.
I want to come up and ask to your personality in the project,
what is the future?
You might be stepping down.
What can we expect there?
Yeah, so we already covered this.
I'll share it for you
um i i will not be officially evolved in leadership um in this in this next phase
um i think that's important i think it's uh you know one i i think jg is the guy um i do and and it's it's his turn's got the energy. He's got the resolve and the grit.
But I also, again, I use the analogy of the sports coach. Three losing seasons in a row,
you're fired. It's how the game works. Um, our community deserves a fresh start.
I've made mistakes admittedly. Um, you know, it'll, I think it'll, uh, you know, hopefully
clear some of the reputational debt, um, that, that we've, that whale has, has acquired over,
over the years, you know, and, and allow for a kind of a fresh start, fresh vision, fresh leadership.
Um, so, so yeah, so I'll be here. I'll be holding, I'll be, you know, JG is a friend of a fresh start, fresh vision, fresh leadership. So, yeah.
So I'll be here.
I'll be holding.
I'll be, you know, JG's a friend of mine.
We'll chat.
He can have my, you know, he can have my opinion whenever he wants.
But I'm not going to be a part of any official leadership or team.
So that's where that is.
All right.
Yeah, I mean, we also share a long time together uh i was like to
you you know that uh although i have to say that um i believe for the project and all the investors
it is the right step to do for now just to clear as you said um yeah you know nobody's nobody's
really put up a fight nobody's nobody's given me any pushback yet on it so i guess no no stay stay
nobody's begged me to stay so that's not true i'm pretty sure i'm gonna be pushed back didn't i
i'm i'm just i'm just like that's not true it's all good i've listened i've made my peace with it
you know i frankly i'm i'm tired you know i'm i. I, I hung on, I tried what I could, I did what I could.
And I'm out of, I'm out of ideas for, for, for whale anyways, you know,
so it would, I would be doing a disservice to,
to kind of hang on or grip, you know, any, any kind of leadership or power.
So, I mean, I I'm at peace with it. It's the right move.
I have other ventures
right and things like that so but i'm not going anywhere right i'm not going anywhere and frankly
i don't think any of our team is either right we're all you know we've we've put enough blood
sweat and tears into this that you know we'll always we'll always have our bag and what you're
trying to say is we both of us are going to sit in the same boat as personal investors or what?
Yeah, that's right.
I'm going to be just like you, Luna V.
I'm going to put my two cents in, right?
I'm going to bug leadership for changes that I want to see.
Welcome to the club.
Yeah, that's right.
That's right.
I get to pitch about stuff that I want to pitch about.
It's going to be fun to be on the other side of it.
You don't have to be so politically correct.
Yeah, I don't have to. I don't have to be diplomatic. Right.
I don't have to tiptoe around people. Sounds good, actually. Sounds good.
All right. So why don't we just do the loose framework of the deal that came about?
So I'm just going to say the numbers real quick. Originally, you know, Seoul had a project supply of 10 million and we had, you know, 50 percent that was due to be claim dropped to the community.
Sebastian and Migaloo Foundation, basically what's occurring is they have five validators, they have eight DEXs, they have this voting power in TLA, and also there is an entity in Panama and a much larger Twitter account. And all these things combined coming into Backbone is definitely, I think it makes us 10 times more powerful.
So what we've done is we're going to make the new soul supply 21 million since it's going to be a representation of a store value. And there is 10 million SOL tokens that will be available to the Migaloo community
to do a migration to, right? So you're going to, they have the contracts, you will get your whale,
you will send it to the contract, and then it'll come out on SOL, right? I'm not sure, again,
I'm not the technical guy. I'm just telling the loose framework of what is occurring. And then the other portion that's Remainer,
we are still following the similar thing for our portion. But so essentially, we're only,
it doesn't change. It doesn't change for the other half. So Backbone's half is still pretty
much the same. There's going to be some updates because obviously the chains closing, certain things aren't even going to be in existence.
So some things need to be updated.
But the timeline is like 60 to 90 days.
The migration will occur and then it'll be 60, 90 days to actually migrate because we got to get it.
It can't just be this lingering thing as we're trying to as they're trying to wind the chain down because that takes you know a bunch of that takes that's just you know i'm saying anyway so but that
is like the loose framework now now um sebastian and uh the team they're gonna come up with uh how
like the weights because i know certain communities are all were promised and then uh backbone's gonna
have our our claim drop for all the participants for the people who shopped on the website, for people who.
So the amount of tokens that Backbone has to deal with did not change.
So like the amount we're giving you did not change.
But we are inheriting positive producing assets, right, that will inherently be able to make so you know so much better than if this what if this
didn't happen this is why i've been again this this is why i've been so hesitant to do it because
the last thing i'm interested in doing is launching a flop and i'm not interested in doing a cash grab
or any of that stuff and and this this this merger and these things in tandem allow just
so much so much and we've always said you know we don't need a lot to make
to make it work you know um that's always been the motto for all of us and and really this is
this yeah anyway go ahead brother we got coming there so what you're trying to say is that you
waited with the sole lounge um in order to forget them to get the machine running with this certain
liquidity that is needed for the machine to be able to run.
And now with the assets that Backbone Labs would inherit,
this is like the step forward and is making Seoul as a whole more valuable, I guess. And that's why it's not a devaluation of the old 10 million, so to speak,
that gets split in half.
It's more like you're inheriting assets on top.
I don't know.
My question, which why I was raising the arm,
I was wondering with, I mean, the Twitter account, for example,
of White Whale is also an asset, I guess, with 50,000 to 60,000 followers.
Is that going to be renamed to Backbone Labs?
They're going to be...
And then there's also validators that are going to...
They'll be rebranded.
Yeah, they'll be rebranded.
And so this is how Backbone Labs validators are going to work moving forward, like the Backbone branded ones.
So 50% of all validating commission will go towards buying sole on the
open market, right? And then that sole will be provided to the sole DAO for staking rewards.
This is how we are going to generate rewards without having inflation. And it takes real work. It takes providing a service. It takes producing an LST.
It takes trading in NFT marketplaces. But if we can all agree that our mission is to
create this store of value, build a sexy chart, you don't have to only use backbone products,
but by using them sometimes, you know that it's contributing to a much grander plan.
It's not just going to three devs who are, you know, sit in their mom's basement and fucking counter trade the market.
You know what I mean? Like, you know, I'm saying like so we're it's really to me to me.
I'm always about trying to unreck the situation. How do we build back stronger together?
It's about trying to un-wreck the situation. How do we build back stronger together?
And so this has kind of been like my, you know, the brainchild for the last fucking like 18 months.
But again, it's like unless the conditions were right, you just couldn't happen.
But it's it's the conditions have definitely shifted. We can feel it in the macro market.
I mean, they're not going to have a trade war forever. That's going to be too painful for everybody, right? Eventually somebody is going to make a deal. And when that happens,
then it's going to be, things are going to start moving again. Then we get a rate cut and then,
you know what I'm saying? So we have to, we have to maintain the community because that is where
the energy resides. That's where we have fun. And I think I, you know, and I don't want to speak for everybody, but, you know, again, like there's so much overlap and the products aren't going to leave.
They're going to be merged.
And we can really use these products to drive value for everybody who's been participating.
And, again, like I think that the assets that are coming under Backbone's control are easily four times more valuable than Backbone
already is by itself, to be honest. If you look at the size of things, and they are producing
good yield right now, actually really good yield right now. Currently, in this market,
it's actually pretty good. This does two things. The 50% that goes to the buying of the soul,
right? Well, the other 50% goes to paying for of the soul, right?
Well, the other 50% goes to paying for all the equipment and keeping all the lights on.
So even if the market was to go down by 40%,
we would still be okay, right?
Do you know what I'm saying?
Do you see what I'm saying?
So this gives backbone also some type of,
it's not just security, but like resistance, right?
Resilience, right?? We're able to maintain no
matter what. And this is kind of crucial in this market. And so it's going to come down to
messaging, like what makes Backbone stand out? We are a group of power users. Again, we don't
have a chain affiliation. We build and do stuff where we as users think it's fun and interesting to build
and do stuff right like so you know not everybody has time to be a power user that's why it's good
to sometimes be part of these communities like gmc or galactic syndicate or mad scientist or
skeleton books right because they're power users in these groups and they can this is will keep
you plugged into like what's happening in the market a lot of times. So that's kind of – go ahead, brother.
Anyway.
I think you faded out a little bit.
You also wanted to say Ophir Dow, most likely.
Oh, but I think Ophir is going to be its own product, though, isn't it?
Yeah, you faded out.
Isn't it going to be its own product?
I think Ophir is going to be –
I wanted to make another point.
I think we also spoke about this quite often.
I think we also spoke about this quite often.
Like in Cosmos, even though I also see the market shifting soon
because this downturn of the stock market also had to do with refinancing
the $3 billion whole of the U.S. government.
Anyway, that's another topic.
Anyway, that's another topic.
I think it's time in Cosmos for consolidation.
I think it's time in Cosmos for consolidation.
And this allows us to not only consolidate two correlating communities with Backbone and WhiteWire.
I mean, we're so close together.
But also, this might also, terminating the Megaloo chain, then also allows us to find a new home,
which is a double consolidation so to speak
which we said already a multiple month months for now that we need consolidation
customers and that this is like the right move forward in my my point of
view we are doubling down our strength our community we will cut fixed costs
and I see a bread bright future ahead for that reason.
Yeah, we can get psyched again. We can start doing stuff again. And then we can know that
all the actions that are taking place under this roof are actually contributing to a greater
purpose, right? So it's not just, oh, buy a JPEG, sell a JPEG, mint, you know, every single thing,
oh, a swap here,
you know, using your LST as collateral there. We know that using this suite of products is actually directly contributing to soul, zero inflation, backed by validators across the
cosmos, and, you know, really putting in the work necessary to drive value back to the communities.
This gives us the power, the firepower to do it. It's, fuck, it's sexy as fuck, to be honest. I keep looking at this little thing. I'm not going to
lie. I used AI to come up with this flow, right? I was like, I put this whole article in that I
made and I was like, man, I'm having a really hard time capturing the dynamic of the sustainable
value and accrual cycle. And I swear to God, this thing spit out and I was like,
this is amazing. Thank you. And it was like, oh, you're most welcome.
amazing thank you and it was like oh you're most welcome yeah i tend to have these moments with
ai too it's crazy what kind of powerful tool it is i think anyway um i wanted to i wanted to ask
a couple more details um first of all like how is but maybe this is all not set in stone yet
uh what about all the fees so if i it right, the decks will be integrated into Backbone.
What about the fees?
Where are they going?
What about all the different NFT collections?
For example, Migalu Wales, that used to be a Backbone Labs project, right?
Without Migalu Chain, there's no rewards coming for that collection.
However, who's going to inherit that?
Where is that going to find its new home?
And it used to be part of the 10 million sold allocation from Backbone.
Is that going to be from Backbone's allocation or Whitewares?
Like kind of these details to see for these sub-communities how to move forward.
to see for these sub-communities how to move forward.
So for the collections, Backbone will offer a migration to preserve the art.
And in that migration, it will afford us the opportunity to maybe do a little bit of updating to reflect the new home that it goes to, right?
It won't be a gravedere collection, but I really love the whales that Ambedo made, and
it's kind of got a... I want it for
posterity reasons.
For example, if...
I'm finding a hard time with hearing
that it's not going to be a backbone collection anymore.
If we find...
There's no gravedigger. We have to have a gravedigger.
Yeah, but what about
a B. Adam or
B. whatever?
Could that collection become or get?
No, probably not.
Probably not.
So what will occur, and I'm just going to say this most likely because it was already stated, the whales will be included in the migration count on the Migaloo side.
Because essentially, the Migaloo, in this migration they're being bought out essentially
we're we're buying them we're buying out the collection do you see what i'm saying so that
that would be the section doesn't have any value anymore except for art except for art right now
until until until somebody wants to come through in the community and and build utility like i
didn't i didn't launch the skeleton punks, but you know,
afterward I was like, okay, well,
how do I do something for the community? I don't know. Right.
But the truth is it should be on the side of backbone as that was original.
Yeah, no. So the plan is, is to build,
is to get a bridge to whatever chain that soul will reside on.
And we'll start taking some polls and figure out what the community's feeling,
get the temperature.
And once that occurs, we're going to migrate them there.
And again, like I said, it gives us the chance to even do a little updating
to the collection possibly.
I'm going to contact Ambito and see if he can do some stuff to, you know,
just make it for the new home, right?
you know, for the new home, right? But, but yeah, so I mean, Meagaloo's, the project is, is, is,
is closing. We want to save the art, but again, there's no gravedigger anymore. And we can't,
it'd be very hard to spring a gravedigger without, without creating a mint, right? For that chain,
that culture, we, there, we, it would not hit the same way so that would be very difficult you
know what i'm saying right so the value then becomes it's it gets an allocation right it
gets a healthy allocation of soul right in during the migration that's that's how that works um
but i'm sorry for putting the thumb where it hurts but it should be on the side of backbone
well i'm going to tell you something backbone look so remember so there's there's a hundred Sorry for putting the thumb where it hurts, but it should be on the side of Backbone.
Well, I'm going to tell you something.
Backbone, remember, there's 21 million and there's 10 million for the whale community.
And there's basically 5 million for the Backbone qualifications.
So I don't know.
It depends on what they're valued at.
I don't know how the breakdown is, but it's not necessarily. i don't think it's going to be a bad deal either way it'll be better i think it'd be better
for mingley whales but but we to be on the whales but in any case those are details right there those
are details that we'll need to work through and there's going to be details to to work through i
don't know that i don't know that we need to get in the nitty gritty here with the entire community, right? Everybody's going to lobby for their niche bags and stuff. And, you know, there's going to be some sausage made, right? That's just part of it.
Sorry for asking that.
My second question was with the fee structure,
but that's also a detail, I guess.
Anyway, I am 100% on course with the migration,
the consolidation of Cosmos projects,
and I believe we have a strong future ahead
with the SolToken launch
and getting integrated into the Backbone Labs ecosystem.
That's awesome, man.
I appreciate your support, dude.
I really need your voice.
So that really means a lot.
All right.
Yeah, I mean, I guess we could start bringing people up
unless you want JG,
unless there's anything else you want to cover.
We have some...
I think it's better just to start engaging,
knock a few questions out if anybody has questions that aren't
too ridiculous, right? If they're not too
like, you know what I'm saying, the kind of questions that might be like,
no, we're not going to get into that right now.
Yep.
Holly, go ahead, sir.
Floor's yours.
Alright, alright. Well, first of all, I just want to say
I'm really excited. Like, this is
great news. It makes so much sense
for Migaloo and Backbone to merge together.
And yeah, Seb, I want to thank you, man, for how you're leading this merge as well.
Like, I know I heard some of your comments and stuff, and I'm kind of laughing with the self-deprecation.
But we also have to realize, like, this community wouldn't be together without your leadership.
And so, you know, whatever else has happened, a lot of things, you know, it's not been an easy crypto cycle.
So I just want to thank you personally for stepping in and even stepping away with the way you are.
Like, you know, you're basically saying, hey, I think this is better for the community.
And so we acknowledge that and we salute you for that.
On my side, I kind of have two hats.
The first one is, you you know the dungeon hat i just want to say like um we're really excited because on dungeon side backbone is providing the uh nfts so we're really
excited to see you know backbone growing having more uh you know influence um because that's going
to be the main nft provider or the only nft provider on the dungeon chain for all our games
uh we're launching our first game on tuesday Tuesday and we're just excited that Backbone is expanding
in many different directions all at the same time.
That should be exciting for everyone
who's thinking about the Soul Token is like,
realizing like, Backbone's been working hard
this whole time.
And then from the Ashdow side,
that's part of what I wanted to say too,
is like, you know, at Ashdow, we never, you know,
gave up on this community or on Backbone
and we launched the Ashfall NFT series, you know, gave up on this community or on Backbone and we launched the Ashfall NFT series,
you know, as a kind of a free thank you to the entire community because we knew that it was
hurting. It was a little hard time and we just wanted to give that to, you know, all the different,
you know, Migloo whales and all the different gravediggers we wanted to give back.
And now to see this happen is kind of a beautiful, you know, serendipitous moment.
And so I do want to point out that Ashdown will be minting a new Grave Digger in the beginning of May. It's going to be for the Chihuahua chain that will receive a soul token because it's going to be a Grave Digger.
So hopefully we can all get behind that and make some loud noise, bringing some of that Chihuahua chain, you know, community into the family,
because we need to keep growing Backbone in order for Soul to grow, right? That will help all of us,
so we can, you know, push this as a new thing. I'm a big fan of Adam, so I'm kind of hoping we land
on Adam, but that's a whole other question. But I think we need to get, we need to make noise. We
need that. We need the entire cosmos to recognize that we're here. We're not leaving. And we bring a lot of value to the people.
I know there's going to be some questions on Guppy.
So, I mean, we had some ideas how we were going to, you know,
wind down the Guppy Dow and distribute the goods that are in there.
Because we did buy a lot of whale as a community when we did the Guppy Yuppies.
So we will be doing that still, but we've got to
figure out how that's going to work. We haven't talked to Ashdow.
Why wouldn't you migrate
and start
something new with migrated
funds? I don't know.
That's exactly what we're thinking. I'm just saying we haven't
talked it through.
That's exactly what I... Definitely, we want
this to be part of it.
If the whale that we're holding becomes soul, then that would mean,
you know, we could either give the soul ahead of time,
I mean the whale to everyone,
or we can hold it and then distribute the soul to the community who continues
to kind of stake with us. And so we're,
we're going to make sure guppies is part of this. I guess that's all I'm saying.
Like guppy people, like, don't worry. We are part of, you know, backbone fam.
And, you know, we have, there's a ton of those Backbone Buccaneers in there.
And so we'll figure out a way for, to make sure that Guppy is part of this.
People might be asking what a Guppy token is.
Guppy is Guppy, right?
Yes, yeah.
So this is the thing with, from what I know about the migration, is that you will be able to redeem your guppy and gash your ash guppy
for soul as well it's all it's all the guppy i think it's all the miguel tokens like restake
i obviously not i don't think will fear because if you're going to go you know do its own thing
i believe like i'll let seb talk to that but i believe that all these tokens um you'd have to
make that more clear but i i know that guppy ash guppy and stuff will receive
an allocation of uh soul as well so that the the numbers are being worked out by the brainiacs on
the team uh but there will be so basically the the guppy tokens will be kind of uh you know made
obsolete but you will get soul for it so i I just wanted to throw that out there from the Ash DAO side and Dungeon side.
I just want to say I'm so excited.
JG, you know, like you are inspiring.
You know, I came into this and been working with you for a long time.
I found you really trustworthy.
You've always delivered on things that you promised to me and, you know,
held you under the deals on things.
So I'm excited.
Same, you know, the whole team, like Seb Seb's done the same thing thing too but i just want to say to everyone who's listening like yeah i i have all the confidence
that this way forward is going to be the best bet that we have as a community so um keep your eyes
open for what's coming look look out for the dungeon games look out for the wah wah grave
digger on backbone um backbone itself look at that website it's going to keep growing and growing like
we already added you know the architects to it.
Obviously, Galactic Mining is huge.
The Syndicate is growing every day.
This is a good time.
We are literally growing at the bottom.
DCA-ing at the bottom.
When the bull run comes, I think we're all going to be pretty excited.
Thanks, guys.
I love your energy, dude.
Fuck, you get me hyped up, energy let me um let me just make a quick comment on um on one of the points um with the
guppy and ophir and really any ecosystem any of the sub dow is kind of in the sub sub communities
um on migaloo so so basically if you're uh you know if you're aO or a project on Megaloo, you have the choice either to migrate, like you can migrate to the hub yourself or to Terra or wherever you want, right?
Or you can participate in the migration, right?
So it's one or the other, right?
So if you want to participate in the migration, what's going to happen is you're basically going to give your guppy tokens and receive soul tokens
right if you want to migrate you're going to migrate your guppy tokens over to a new project
so fear is most most likely and has already begun the process of staying independent and migrating
um to the hub right so fear kind of has its own little thing going on. It wants to keep dowling and doing stuff.
So it's going to remain independent, right?
So the token, the Ophir token will not be migrated.
It will not be, it will not be included
in the migration contract
in which you'd have to swap your Ophir
for the new SOL token.
Ophir will, or, you know, it could,
or the holders could receive soul in other ways
but it won't be part of the migration contract so for the for the sub communities and this the sub
dallas um you know they they'll all need to independently decide if they want to consolidate
in right um which i think is probably the move for most of them to be honest with you
Right. Which I think is probably the move for most of them, to be honest with you.
But if they wish, they can remain their own thing and migrate themselves to wherever they want.
So I just I just wanted to clarify that point. All right.
We have another speaker up here. Chart the course. I'm not sure if he's spoken here before.
We'll see. But welcome. Welcome, sir. What do you got?
Well, we've been up here more times than
than i can count uh we were once uninterrupted i remember now chart the course so just wanted to
pop in say hello to some old friends old voices um let you guys know that we're still here giving
you guys support and we've been observing closely uh to the to the communities
and um and the reactions and what's and by the way it's psx and just in case if uh my voice
seemed recognizable so always always love jg's energy always appreciate holly folly's positivity that he brings to the environment. What's, what I think is,
you know, I wanted to share this, kind of throw this in JG's way, you know, when he keeps asking
himself, like, what makes whales stand out? I suspect it'll be, like, I think the story's
just beginning. I really think it is, is like whether it's a new chapter or
or a new adventure you know um because initially i remember when i first met sencom you know he
put a huge bet on on community and you know our birthplace is luna classic and initially i was
kind of scratching my head but i'm starting to wonder like maybe white whale and just overall is just way ahead of its time. It just needs a little bit of time for everybody
else to catch up. And with Sebastian stepping down, I'm kind of wondering, like, are you open
for a podcast episode if you're able to, you know, take off the suit, throw on the t-shirt,
take off the suit, throw on the t-shirt, put on the shorts, tennis shoes,
and just conduct yourself like every DGN in the Cripto ecosystem
and just speak freely without handcuffing yourself.
Are you asking me if I'm open to a –
Dude, he's asking for an unplugged interview.
Yeah, I mean, I don't care.
Sure, you know, that's fine'm i'm open to talk why not okay
all right so this is like it's like you don't have to be pc or anything like that you could
just like be you yeah yeah that sounds fun honestly okay i'll have one of the team members
send up an invite to the discord sure sounds good man appreciate it thanks for
having me up guys yep go ahead mega lunatic yo yo yo how we how we going guys i'm really sorry
it's just a it's just a quick one for me because i'm literally in my boy assuming lessons and i'm
just sitting outside so i just came up to ask the question i'm not sure if it's been asked before
but um have you had a thought about the tokenomics?
I think you mentioned it was going to be a fixed supply and I heard a rumor that it's going to be mirror Bitcoin, 21 million.
But kind of how did you have you had a thought about who's getting what?
Yeah, that's a question.
So, I mean, so this is just the nuts and bolts of it.
Originally, it was 10 million. The new supply will be 21 million. Backbone has offered 10 million sole tokens to the Migaloo
community to migrate into so that we can all stay together. White Whale is transferring their assets
under Backbone, which is five validators, nine DEXs, a large Twitter and two million
voting power at TLA. And we are going to leverage this to launch the SOL token. That is the plan.
That is the breakdown. Now, the breakdown of the breakdown, we need probably, I don't know,
maybe like another week to finalize these things. And then, you know, we got to get busy and get
these migration contracts up and start to do stuff so that this can actually be up and going in like 60 days right we don't want this to drag
on this needs to be something that that happens quickly wow so that's like 50% of the supply
going to the migaloo community that's that's really amazing obviously you've got the um nft
collections as well that are a massive part of that so yeah if you if you've been if you've got all the um nft collections as well that are a massive part of that lab so
yeah if you if you've been if you've been supporting you guys cross chain but also if
you've been uh with wow from the from the get-go then uh you should be sitting pretty so thanks
very much for that mate i've got a shoot hopefully i'll catch one it catches in the space soon and
uh we'll have a proper chat about it as well again Again, on a community level. So on a bit more of a junk level, probably.
But anyway, yeah, I'll speak soon, guys.
Hey, was it just me or the community pool sound awfully like a bar?
I'm just kidding.
Mike the Rebel.
Welcome, sir. speak for me yeah first of all i want to say to everybody congratulations i finally understand why gg is so excited all the time and all the spaces
seems like it it was bigger than than anticipated although we already guessed it a little bit but still the tokenomics and the details
sound very exciting my ears they always glow a little bit when i hear bitcoin because still
it's the king of all coins and so i i quickly wondered like i saw now bitcoin like on stargaze
it's coming to go but it sounds a little bit like it comes in conflict with like the the liquid stake
tokens so will like bitcoin also be an asset that's going to be used on backbone labs in like
the nft parts or something we can pay with because it is sort of value and will it compete
here's the thing right so we want our nft market to really finalize transactions in the LSTs because it's capital efficient. Right. And utilizing LSTs secures out and like so B Sol, B Sol, you know, will have when you want to auto compound your Sol, it will, you know, the fee from that will buy Bitcoin or something along those lines, and it'll go into the
soul DAO. So it's now backing into the project that's all controlled by the soul voters. So
I want to make sure that backbone is amassing value and wealth for all of us. This is, again,
for lack of a better term, it's kind of like what the Lion Dow pioneered, but we're doing it on
steroids. Like we've acquired five validators. We have this crazy voting power, which can direct
yield on TLA. And we, you know, we have these nine X's, which are positively producing yield right
now. Like they're already producing, you know, a couple of thousand dollars. We get a couple of
tokens on there. Before we know it, we are self-sustaining little engine that nobody can
fucking stop and we'll be able to do what we you know i don't want to say do what we want but for
lack of better words we won't be at the mercy of anybody that's that's what it comes down to
anymore and that's kind of that's kind of like what the the mission is for like the last few years
trying to get through the on these cartels i mean but you can't you can't stop you can't stop a
revolution you know I'm saying?
So eventually they're going to have to recognize
because we're not going anywhere.
We're not fucking going anywhere.
We've been doing it for four years now.
If we do it broke for four years,
I mean, we're going to do it in the good times
for four more, you know, at least, you know, fuck.
Let's fucking go.
Let's fucking go, right?
Like I'm telling you,
I feel so reinvigorated and re-inspired.
Just also not from just from this, but like watching Magmar fucking go on tour doing spaces,
watching fucking the Osmo account start to turn it up with like the tweeting and GMC
and the mad scientists, right?
Like, there's just a lot of the fucking cosmos that are hitting hard.
I watch a – they're at another fucking conference right now pioneering, you know,
AI and LLMs. There's just so many things in the cosmos right now. Initia just launched.
What's the other one? What Adam is doing, right? Yeah. And Adam, Adam's linking them all together.
Right. And Adam is going to fucking be like the fucking thing that allows like a protocol in the
cosmos to execute against a pool on Ethereum. Like that's fucking wild. All of a sudden we don't have to fight for liquidity. I don't, I mean, that functionality is not there yet,
but that is what, that is the goal. That is the step. That is the link, right? So
we have so much reason to get fired up. We have so much reason to develop these communities
that are going to be like a huge welcome net when the rush comes in. This has always been the plan
is to cast a wide net because when that
tide rushes in, we want to be ready and we can do it together. And if we can get behind soul and we
can understand the idea of like, yeah, okay, Backbone's not the best marketplace. Okay,
great. But you know what? The fees are going to this. Okay, so Backbone produces an LST. It charges a 10% fee, but it shares 100% of the
fees, right? Okay, Backbone's now acquired five of these validators, and we've got five more. So
now we have 10 validators, and 50% of all commission that Backbone generates goes to
buying soul off the open market, providing staking rewards for the the soul seekers. I mean, I don't see. Wait a minute. There's no.
You're also inheriting death knowledge and a community that is able to program and even make the protocol of Backbone Labs and the website.
100%. That's the other thing.
But that's why when we make the offer of like, okay, well, basically double the supply to include this, because that's the
biggest value metrics. Like the things I'm listing off allow me to make the moves necessary, but the
moves wouldn't even fucking be possible unless there's a community that's embraced the idea and
wants to rally behind something that's different, right? Like I'm not inventing, we're not reinventing
the wheel. We're just assembling the pieces in a
novel way that is really turbocharged to to drive value to a focal point that we can all be a part
of you know beautifully said yes and just too quickly just to say i would like ask but then
the soul it will be in a pool with bitcoin so yes yes it will be linked together
soul bitcoin uh will be the main pair and then there'll be a soul probably pair with whatever
the main asset of the chain that we live on that will be probably also a pairing as well but but
soul bitcoin is the main pair this is our goal is to make this synonymous with Bitcoin.
We want this to be an NFT DGN store value powered by like, you know, community activities powered by DeFi activities.
You know, again, you know, if you stake with a validator, most likely the validator just takes the commission and puts it in their pocket.
And that's fine. It's a business for a lot of people. Right.
Moving forward, if you stake with Backbone Labs Validator,
you know that 50% of the commission earned
is going to go straight back into the pot, right?
Straight back to the community.
If you trade on the DEXs that we inherit,
you know that we have to figure out
exactly how it'll work out.
But most likely 50% of those fees
will also be geared to that, right?
And then same with the marketplaces.
We want to take 50% of everything that's coming in, right?
And we want to give it right back to the sole stakers.
Because, again, if we're smart with our money and we're doing these activities capital
efficiently with LSTs, we're earning APY as we sit in those assets.
We're securing a network, which is good for price because tokens are locked up, right?
And now we
get to actually take this energy and drive the value into something that's going to really
sustain all of us moving forward. And if we can do this, and here's the hat trick, if we are able
to do this, get the token out and into the hands dispersed before the market really rips, that's
where that's where the magic happens. Like you don't really want to, you know, people who launch a token, like after the market rips, that's where it's fucking
dangerous because then all of a sudden the market wants to shrink and then everything's down and
you look like you, you look like you trucked it. Yeah. And what, you know, what I'll say just from,
um, what I've seen of the, uh, of the distribution, um it's like 73% or 75% to community, right?
And that's the difference, right?
I mean, every token that launches ever is, you know, it's lion's share and that.
It's flipped and it's all that to insiders and VCs and team and all that.
You know, this,
JJ's always been community focused, right. Always been, um,
generous and fair and like, it's, it's a community project, right.
It's a community project. So, um, I think that's, that's the way.
Go ahead and chart the course. And then, uh, and then Luna V.
Hey, uh, JJ, something about the market ripping uh i suspect the markets already has been ripping for the past month or two despite the trade wars
that's been going on and i think you have or every community in cosmos or any crypto ecosystem has
got like a small window to get themselves positioned correctly for this because you know
i'm getting better at learning about more technical analysis but zooming out it's
it's starting to look like a really massive super cycle
so move your ass i'm i'm we're on it dude we're on i promise
luna v sir
luna v yep you're up Luna V, Sarah.
Luna V, yep, you're up.
Maybe it's... Oh, there he goes.
Maybe it's a glitch.
I couldn't hear him.
Or maybe he's having some technical difficulties it looks like he's trying
to connect again we had a cali be up here too but he may have had to step step off because of uh
that's the guy to talk to kind of about uh some of these breakdowns if anybody had questions isn't it
yeah so he he um he did make an initial breakdown it's been a while we'd have to revisit
um but he he was up here now he's gone so all right hold on lunavi
coming back requesting let's see if this works
you with us sir hello? Hello, Laura.
Sorry.
Can you hear me now?
Yeah, welcome.
Okay, perfect.
Sorry for the technical issues.
I have to agree to PFC.
The market looks strong.
If you compare the M2 money supply chart with the Bitcoin chart,
it looks like we're ahead of some positive months
also the trade war will end after Donald Trump has a solution to refinancing the
government which is soon because he needs to refinance on the bond market and
when the stock market is great then the the bond market is expensive. So that's the whole thing from my point of view.
Anyway, I was wondering with all migrations and new token launches and airdrops,
there's also always like a fraction of people that are not claiming, not migrating.
What about this pool that is potentially quite big?
What's going to happen with these tokens?
So, most likely it would just be clawed back
to the Sol Foundation until we can figure out
a different plan, right?
But the community is quite small
and actually expect a really high claim rate.
If we look at the percentage that was claimed
at Lab or SIN, it was, like, 96% claimed, right?
So we're not a huge community.
That's why I think it's really important that we do this quickly because we want to make sure that we stay together.
And, again, if it's something crazy, we can figure something out, you know what I mean?
If it's, like, some wild number.
You know me.
I already have an idea.
What about, like, because the Migaloo whales, you know,
they're kind of deep in my heart.
They're like the foundation of our community, you know,
the Migaloo whales.
I kind of have to advocate for that.
My two points on that, yeah, I mean,
you need to see what what percentage
is unclaimed I think because JG has you know the foundation allocation is low um you know I I like
you want the you want the foundation to do have to have some tokens to cook with right and then
from there they can you know there's opportunities they could do airdrops they could do partnerships and things like that so but you got to see what's left you got to see what's left
and then you could you could make decisions after that all right um roman you're up sir welcome
roman yep go ahead.
To me, he still looks like a listener.
It doesn't even look like a speaker.
I don't know what you see.
It could be glitching. Speaker, but I don't hear him.
Roman, try again.
He needs to drop down and get back up
you there hello all right looks like you dropped back down um i do i'll i'll say this too real
quick because it's come up a few times i do think one of one important um piece of this puzzle um is which chain you know
backbone decides to kind of live on right um that's that should be a community discussion
you know and um but i think that's i believe we should have this discussion without you as
the leader sebastian fair that's that's fair you know just not because of you but because
of strategic moves and to another time sure okay all right um i don't know if that guy's coming
back up yet or not anyone else the floor The floor is open. If anybody else has any questions, comments, we've been going pretty long.
We covered a lot.
All good stuff, you know, all good stuff.
But feel free.
If anybody else has any questions or comments, come on up.
yeah and like jg said we're going to start taking steps um there are steps that we can take you
know in the immediate at the at the turn of the month we're going to we're going to hand over um
the validators to backbone labs the keys to the validators um the twitter account that can be done
too right there's nothing stopping us from doing that.
You know, migration contracts and stuff, they're ready,
but that'll take a little bit of planning and time.
But we don't really have a reason to wait
on any of this stuff, right?
I'm hoping that, you know,
we can rally support for the Vowels
and kind of do a fresh marketing campaign,
you know, because it's fresh marketing campaign uh you know because
because it's a community project you know that's the income that's the that's the revenue and like
jg said he's going to use it for buybacks and things like that so if there's a validator to
support right it's these kinds right rather than than the corporate and then the big insider ones
um but but yeah we're gonna start um're going to start taking steps right away on this.
No reason to wait.
All right.
Is there anything else?
JG, you have anything else?
If not, we can wrap.
No, nothing else on this.
I think the only thing I would say is,
you know,
we have the Chihuahua Grave Digger,
happening in a couple of weeks.
this will be another collection that is,
qualified for this,
situation that we're creating.
And,
from that dungeon chain.
And then from that,
we would be having this thing,
hopefully done.
So it may,
June, I'm saying in June, June, early July, I'm hoping that this thing is, is launched and the migrating is happening and
everything's, everything's moving. Right. So, but in May, like I said,
in May we will assume these assets. And so, yeah,
I need you guys' help. I need you guys' help.
If any of this resonates with you, I need your help to spread the word.
I need your help to get people to utilize these products
and to bring them into the cosmos.
We got to get this next wave of users.
They're coming.
They're coming.
I promise they're coming.
And we got to position ourselves accordingly.
And Sebastian, it's been an honor and a pleasure.
And thank you so much for rescuing us
when I didn't know the way out
and I did not know the way through.
And I'll forever be grateful for that.
Yes, I also wanted to add, Sebastian, thank you so much.
I kind of want to speak for all investors, being the largest individual investor, I guess.
being the largest individual investor, I guess.
Yeah, thank you so much for staying on board
through the hard times of the bear market
and holding the community together.
Also in rough times and rough storms.
One year ago, I guess,
there was the personal liquidation of your side also,
which must have been hard.
Even though that event occurred you
were still here motivated
to get the project
forward
to hold us together
and I believe
it accounts for
great leadership
skills to step down
in a time where
it is the best for the project and the community
overall.
So that speaks for your personality and your greatness, to be honest.
Yes.
Well, I appreciate that, you guys.
You know, I want what's best for this project.
Like I've said many times, it's like, you know, it's like my firstborn.
That's how I see it.
And, you know, nothing's going to change that, right?
Nothing's going to change that.
So I want it to succeed and I want it to prosper.
And I want all of our holders to prosper, frankly, in looking for kind of the best path forward.
In looking for kind of the best path forward, it's really the determining factor is what's best for the people who have stayed with us and are currently holding whale.
And, you know, we don't just want to shut the doors or just, you know, if we were going to rug, we would have rugged when Tara crashed, you know, three years ago, you know, or a hundred times since right a hundred times since um you
know we we wanna we wanna make sure we're doing doing what we can um as much as we can
um for the betterment of our community you know I I know that i know my reputation is tainted personally i get it and i it's been
frankly rightfully so for in some ways i think um you know the the cosmos community in general
still can't um it still can't decipher or discern between fraud and and failure right it's that's
been an issue since do kwan right that was the failure
with Do Kwan and it's been a failure since um there's you know it's very hard to build in web
three let alone in the cosmos in these in these past couple years it's a hard thing to do and I
get it people lose money and they and they get wrecked and it's that that emotion just charges and and you know I'm
you know you need somebody to blame you need a you need a head to roll so it's well he's a fraudster
he's just been milking payroll he's been you know it's whatever I've heard it all right I I've heard
it all um you know for for what it's worth i i tried everything i could i did my best we we
tried to to build something that that would fly and that would that would store um you know and
and and it became clear that that you know going on to this next phase i i still believe that that
can and will happen right but in this next phase you phase, you know, I'm going to I'm going to be watching from the from the background, which is fine.
You know, it's all good.
So but I appreciate it.
I appreciate the words of encouragement and support.
And listen, guys, it wasn't all bad.
I want to I want to make that note, too.
Like if you've been holding with us and if you've been engaged in this community for the past two years, I mean, we were, you know, a little over a year ago, we were at three, four cents and you were making a hundred percent on that.
If you were, you know, alliance staking.
Right.
And that lasted for almost a year.
Right.
So it's not just, it's not just the chart.
Right.
We created, we created yield opportunities.
Right. And, and, um, you know, know, we made whale print for a while, right?
So, but, you know, I'm also first to admit that I've made my share of mistakes.
And it's time for a new chapter and a new season.
The community deserves it.
So, yeah.
So, you know, I'm
thankful. I'm thankful for this community
and I'm excited
to see
where it goes from here.
All right, guys. Thanks
for joining.
Yeah, let's go.
LFG, new season.
New season, new day, new chapter. Let's go. That's what I'm talking about. Let's go. LFG, new season. New season, new day, new chapter.
Let's go.
Join us next week for the same time.
We will be having a space at Thursday.
Same time now.
We'll start picking up the shenanigans again.
Can I demand one wish
one last wish
before the White Whale
account goes over to Backbone
I would love
what made this community
so strong was the weekly calls
and I would love for that to keep
on going JG if you could
if you could give me that wish
I would be very grateful
I think I can give me that wish, I would be very grateful.
I think I can give you that wish.
Let's fucking go.
Let's go, boys.
Come on.
Round two.
It's like round 15.
So next week, you might be hosting the call from this account, which could be a Backbone Labs X account.
Let's go.
All right, guys.
And we want to see Sebastian's private account for once.
Yeah, there you go.
There you go.
Happy to join.
Happy to join as a community member.
That's right.
All right, guys.
Have a good weekend.
We'll see you next week.
See you next week.
Love you guys.
And you know what?
Let's carry this excitement over into your lives because if you're feeling inspired by something in this aspect,
other people will feel it.
That shit is infectious.
It is contagious.
People love that type of energy.
That is the shit that we are known for, right?
That is really our value metric,
and it's something that needs to be honed.
So just keep at it.
Bring the light into the darkness.
There you go.
Soul will light the way.
Never sell your soul.
Ooh, meme that shit.
Never sell your soul.
Never sell your soul.
All right.
On that note, LFG.
We'll see you guys.
Take care, guys.
Let's fucking go.
