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$OPEN is Live! $SQUILL airdrop info
Recorded: April 22, 2025 Duration: 0:47:18Space Recording
Short Summary
The launch of the Open Stablecoin Index marks a pivotal moment in the stablecoin landscape, with the introduction of the Squill token and a focus on community governance. As regulatory clarity improves and major acquisitions reshape the market, the index aims to capture the growing interest in decentralized finance and stablecoin innovations.
Full Transcription
Thank you. Good morning.
Hello, hello. Good morning.
Hello, hello.
Can you hear me loud and clear?
I am.
Yes, I can hear you.
Need to invite some more people. I'm going to make you a co-host.
Cool. Is there anything I should do to notify the open stable index followers other than retweet it?
Yeah, we'll put it into the Telegram channel as well, too.
That's good.
That's good.
I can drop it in there now.
I can drop it in there now.
I'll submit as a headline so it gets through everywhere.
Cool. Well, do I need to invite the reserve people?
Yeah, let's do that.
I'll do it right now. and Well, it's an exciting day, guys.
It seems like the whole market has woken up this week
yeah i was just writing about this in our newsletter today that i think this is the
bottom both uh you know i i don't think we're going much lower than this and especially looking
at ebts as well too um i i know know it's been down only for two years now,
but I don't know how much lower ETH BTC can go when I look at the chart.
It's just, you know, what are we talking about?
Like ETH going to 1,400 again, BTC going to 120.
Like even at that point, you're within 30% of the lows.
Yep.
And that's kind of what caught me off back in 2018.
I was thinking about, okay, Bitcoin's at $3,000.
It's going to go down to $2,000.
I need to keep on being bearish about it.
But I think that time has flipped
and we're back in Ethereum positive.
Inject the Hopium vibes.
Praying for it.
Hey, DA, how are you, man?
Oh, we've got to get, should we get DA on stage?
Sure.
Yeah, invite him up.
Oh, okay, let's do that.
I think I'm only a speaker still, Sam.
I sent you the invite, but you're at home.
Let me try this again.
Okay.
Yeah, I sent you a co-host invite.
You just need to accept it.
Same goes for you,aryd as well too cool
great yeah you got it now
so this is cool i mean i've been really impressed with what the reserve guys have done
um actually the most most impressive thing i've gotten from reserve is their
uh their their tarot cards that they made for east denver those things were amazing i i was one
of the i had to buy a bag actually spent money on merch at a crypto event.
Yeah, it looks like that was a pretty big hit.
I saw a lot of that on social media.
People were really digging it.
But these DTFs are great.
It's nice to be included with Bloomberg and Coindesk and all the other majors here.
Hopefully we can... Oh, wow.
It's going to be tough to top the list.
When did Bloomberg get another 400 like 400 000 i saw it yeah i saw a mint there like uh about a week ago
someone dropped in and and just decided to nudge it up quite a bit
but uh yeah this looks pretty promising especially with what we have planned coming with uh
the squid squill combination
yeah so thanks everybody for joining i think it might be uh cool to just uh take some questions
from everyone here uh but we can also kind of just highlight what's going on with the open
stablecoin index, which you might have probably noticed it launched sometime yesterday.
And essentially what it is, is a basket of equal weight stablecoin networks.
As everyone is witnessing, stablecoin meta headlines and so forth are only growing significantly,
partially thanks to kind of positive movement on regulation in the United States,
probably also the fact that Strike bought Bridge for a billion dollars,
and also because Circle is uh uh potentially going to go
public soon so there's a lot of exciting things happening in the stable coin space
it is obviously uh one of the killer apps of crypto um and one of the inspirations for this
index though is the degree of differentiated innovation that's happening in DeFi,
that's happening on chain,
is very different than what's happening with what I would call first-generation stablecoins.
You know, Tether and USDC are terrific assets,
and they were first, essentially.
But, you know, there really are first-generation
assets. They don't quite have a lot of the composability and programmability that some of the
projects in DeFi are working on. And I think that's very exciting. A good way, I think,
maybe to look at it is, you know, and sometimes you'll hear this, you know, they'll say, well, Tether's already won.
But the truth is less than 1% of Earth uses stable coins on a monthly basis today.
OK, so that's like that's like the 1996 or 1997 Internet.
That's like saying AOL or Yahoo won the Internet.
And who knows, you know, maybe Tether or USCC will win.
Certainly, they're each working on some type of regulatory capture so that they can really hold on to that.
But I would probably posit that it's really early in the space.
I would probably posit that it's really early in the space. Not very many people are actually even using stablecoins yet, which is the easiest asset to use in crypto.
And when you look at what's happening across ecosystems like Fract and Sky and Reserve and Inverse Finance and Liquidity and many others that are not even yet in the basket. Look at the FX protocol ecosystem.
Look at potentially what's coming with cap money. There's a lot of exciting innovations that are
going to be happening at the edge. And I would just kind of throw out there that the opportunities
at the edge are a lot bigger than people think. There's obviously a large shift right now to capture some TradFi capital.
You're going to see a lot of projects sort of chasing that.
And there's obviously a big opportunity in TradFi.
But if you remember, the reason PayPal even exists is because in the early days of the
internet, no one would bank internet companies.
They wouldn't bank eBay sellers. They would not bank a bunch of the early players on the internet.
And so PayPal filled that gap and really became the leading internet bank for kind of the first
five or 10 years of its existence and has built PayPal into what it is today. And I would say with what you're seeing in innovation and DeFi
or in AI with machine economies, spaces like that,
maybe even the metaverse someday.
I know we can all laugh about the metaverse right now,
but it probably is coming.
It's just a matter of when, not if.
But these new economies are going to want to move very quickly
and in a permissionless way.
And I think that's where a lot of these DeFi native stablecoin networks
are going to lead.
What do you think, Sam?
Yeah, definitely.
I mean, we're looking at probably the beginning innings of the stablecoin bull run.
I think that we've been pretty much up only in supply on stablecoins since last year.
And we're really on the march to $1 trillion worth of total supply.
We might even see that within the next 18 months, depending on how legislation goes. But the biggest beneficiaries of that are going to be these stablecoin projects that
are launching on ETH right now.
And, you know, with Circle, like you said, with Circle going to do its IPO, potentially,
you know, there's going to be a lot of other interest in these like on-chain stablecoins
and really putting together a basket of the best of the best, I think is a great idea and provides easy exposure for anybody who wants to take a part of that and be long.
I think one of the things that makes this fun is the governance of the Open Stablecoin Index is the community.
It's going to be the Squill token holders.
And there was a phase one airdrop that began last week.
It was announced on April 15th, Tax Day in the United States,
where there was a beginning of about, I think, 1,776,000 Squill tokens.
That's just phase one of the Squill airdrop.
The total, the max supply of Squill is going to be 10 million.
So you can kind of do the math.
And those tokens will be airdropped in later phases for anyone that's supporting Open or contributing to the project.
But I think what's interesting here is the question is what should go in the basket of Open?
What is the right mix of assets?
And soon you might even have Stripe or Circle tokenized.
Should that be included in the basket?
And then there's other questions about some of the projects might have a larger emissions curve underway that could dilute the value of the token.
Should those types of vote escrow or vote locked or staking tokens be
included? And there could be a bunch of technical reasons why that's a bad idea or liquidity
reasons why that's a bad idea. The point I want to make is there's a bunch of questions that we
already have and more to come. And what we know, what we're, you know, excited about is seeing
Squill tokens in the hands of the community to govern what goes into the open basket so that
the community can grow this and collaborate around it and decide what is the optimal mix.
I think it was said in one of the blog posts that this is partly a knowledge graph.
You know, it's partly an index, partly a knowledge graph, and really a other parts of the DeFi community that want to play a role in
governing the constituents of the basket, the parameters of the index, and so forth.
Yeah, it's going to be great. I mean, especially now that we have Squill launched as well too.
And maybe you can talk about that, like how the governance token is planned to be used and what's coming down the pipeline for that.
Yeah, so the Squill token, and you can find this referenced at OpenStableCoinIndex.com.
You can click on the contract address there, as well as there's a link
from the announcement on April 15th. So you can learn more about how that initial phase of Squill
was airdropped. Squill is a token on Ethereum mainnet. Those first 1.7 million tokens airdropped to the existing Leviathan Squid community.
Again, you'll be able to kind of double-click into the details of what the Leviathan Squid community is doing,
but a number of them are here on the spaces and are essentially the ones behind curating and creating content every month for the Leviathan News Network.
But, you know, what can the Squill holders do with their tokens, I think is a good question.
And then there's already opportunities popping up to just go and LP your Squill on a curve pool.
to just go and LP your Squill on a curve pool.
I can't remember what the yield was,
but I feel like it was like a few thousand percent
if you were LPing your Squill tokens.
But the other thing you'll be able to do
is vote lock Squill so that you can participate
in governance of the open index.
And if you're wondering, well, how do I find that page?
If you just go to openstableindex.com, I go to OpenStableCoinIndex.com right now, and you click on Get Open, that'll take you to a page in the Reserve app.
And there's a governance tag where you can lock your Squill tokens.
Now, you might say, well, why do I want to do that?
Oh, what's in it for me?
Well, number one is you'll have a voice.
We're going to roll out governance for open here in the next few days. In governance, you'll be
able to play a role in changing the basket constituents for the open index, as well as a bunch of the parameters, whether it's specific time delay parameters
or other safety parameters of the index. By the way, this index was deployed on the reserve
protocol, as Sam mentioned earlier in the call. Sometimes they refer to these as DTFs,
decentralized token folios. But yeah, as a squill holder, if you vote lock, you'll be able to
participate in governance. And we're especially excited to see other protocols do that so they
can get their assets into the basket. Right now, there's only eight assets in the basket.
There's room for a few more. And who knows? maybe in the future, it might make sense to switch some out
if there are kind of what folks might consider more pristine stablecoin networks that should be
in the index. Also, if you're a vote.75% annual TVL fee. And then it also has a 0.3%
mint fee. All the DTFs have TVL fees and they have mint fees. And those are programmable too. They're programmable by governance.
And in the case of the total fee high, where does that go is a great question to ask.
50% of it goes to the reserve platform. That steps down over time as TVL increases. You know, that's essentially helping pay for the fact that the
DTF was deployed for free on the reserve protocol. So they're taking a fee there.
The other 50%, well, let's see, the other 30% and 20%, 30% goes to the squill governors,
the people who have vote locked and participate in governance.
Actually, technically, all you have to do is vote lock your squill on the index,
and you'll be getting a portion of those fees.
You don't even have to actually participate in governance, but I hope you will.
And then 20% of the fees go back to the squid DAO.
The squid DAO is essentially where the open index originated. And SquidDAO is going to be doing some work around education and, you know, just raising
awareness for the index, how it works, you know, kind of helping to get people participating in
governance and things like that. So is that the right revenue sharing mix again?
I don't know. And I think over time, governance will decide how to refine that better. But that's
where it is today. If you're a squill holder, you can vote lock your tokens on the open index,
you get a portion of the fees fees and you can participate in governance.
And yeah, lots of exciting things, more information to roll out on governance really soon.
So we had Smith here come up. Did you have a question as we went on? How are you doing?
Yeah, just to kind of like piggyback on what you're talking about, James, I think one of the more interesting things that like we can do from the Leviathan side is like, we know about integrations, and we're kind of like, deep into curve. And I know that our team is working hard to ensure that like liquidity is good.
ensure that liquidity is good.
Hopefully there'll be a LamaLend pool at some point,
so you'll be able to mint open and then borrow against it,
which will be pretty cool.
And this is all going to take place on ETH as well, too,
with transaction fees at less than one guay as well, too.
It's actually not that expensive to do any of this on ETH, which is great.
Yeah, it's night and day on fees on mainnet.
You know, maybe this will change as the market heats up.
But I remember many nights a few years ago of $200 or $300 ETH gas fees.
And now it's like usually under a dollar, which is pretty cool.
Yeah, I have to say, I actually kind of, I like this product.
It's cool because like,
I think I over-index into like individual products too much.
And, you know, this just gives a really easy way to say like,
okay, I'm going to get everything, right?
Because I think we all have our biases
of the different projects we like,
but with this, you can just set and forget.
No, I think you nailed it. And it's funny too, I know as the reserve team was thinking about
building this, there's been several index products before in crypto. And I myself wrote up
three or 4,000 words and published it in January about kind of the past, present and future of index
products. One of the things we noticed is most of the people still that kind of made it through
the most recent crypto winter are very hands on, very knowledgeable about what they want and don't
want. And so they actually don't tend to use index products. But that being said, if you zoom out, you look more broadly at the history of index post in the comments here, either during the call or after the call.
But if you look at this chart, it just basically looks like a hockey stick going up of people choosing passive indexing over individual stock picking.
And so, you know, as I mentioned earlier, we're still really early in crypto adoption.
You know, as I mentioned earlier, we're still really early in crypto adoption.
There's probably somewhere around about 100 million monthly active users right now, which is like 1.3% of Earth.
It's nothing.
And, you know, as more people sort of come in, not everybody has time on nights and weekends to understand every protocol and how it works. And so that's
what the index does. It literally lets you diversify and chill. And I got to say, as I was
kind of exploring all of this this year, I actually quite enjoyed putting some money into a Bitcoin
ETF. I was like, oh, wow, that's kind of cool.
Just put it into the BlackRock ETF. That was easy and fun, a lot easier than having your Bitcoin on
your wallet. Obviously, there's some positives and negatives, a few risks there, trade-offs.
But the Bitcoin ETF was easy. And then I put some money into the open DTF a few days ago.
And even though I probably wouldn't necessarily go and research all eight projects and go through kind of some emotional overhead of should I put money in or not, the index was fun because I was like, cool.
It's, you know, you set it and forget it.
Yeah, definitely. And I think that's the good part about this is that this type of product,
I think it's pretty cool. The more I think about it, these products are pretty neutral and they might be, they might be integrated at like the exchange level, right?
Like they're in DeFi right now, but really, I think Reserve is trying to build a gold standard of how these things can use because they need to be able to persist for like a very long time.
And if they can, then that's something that you could like list in a bigger venue.
that's something that you could like list in a in a bigger bigger venue
yeah guys uh first of all i want to congratulate uh everyone involved i think it's an amazing
initiative a great way to try and leverage on uh what i think is uh our favorite narrative uh
is our favorite narrative in our section of DeFi, which is stablecoins.
And I highly salute the effort here and all the work that has been done.
I really like the initiative.
And I think what I want to ask most, James, is to touch on a point that you actually mentioned earlier.
touch on a point that you actually mentioned earlier.
What's actually like the relative advantage here
or the way in which you guys hope to make this index
like stand out rather than like,
because just like you said,
we've had some indexes in the
past so I'm very curious about the vision here in how do you guys hope to
take this this one really to to the next level both on being there for a long
while and both of in getting like a big market share of these indexes because
you know an index is only worth
if it's one of those that are being chosen.
If it's not chosen, it doesn't help that it's an index.
But the few who do get chosen,
they really rule the market.
Like, for example, I don't know,
like from TradFi, the S&P or whatever.
Yeah, it's a great question.
I think what I think is the most interesting aspect of this is we
actually we in a way we don't well we definitely don't know where it's going to go and and this
will sound a little weird we don't have a plan either because it's it's governed by the community. And so, and everyone involved, you know,
might have a different perspective
on what it could be or what it should be.
But I think there's something
a little bit magical about that
that could take this to a place
that no one really expected.
To your point, DA, you know, a lot of times uh well what really does
matter with index products is is distribution it's distribution distribution distribution
um so you know if robin hood is uh distributing it or coinbase is distributing it that will help it grow very quickly. And I can imagine Robinhood or Coinbase having a stablecoin networks index at some point.
Now, is that a year from now or is it three years from now? I don't really know.
But I think what's interesting about this is this becomes like a prototype for what that can be.
Or it could become the asset that matters for that.
I just don't know yet.
We haven't had enough conversations with different players.
And I think everyone will have kind of a different perspective on how it should be set up and how it should be organized.
Everyone will have kind of a different perspective on how it should be set up and how it should be organized.
What felt exciting about this, though, is the fact that we could use the reserve protocol on Ethereum mainnet and deploy this in like a few hours for free.
And that it is, you know, up to people to choose how they want to participate.
You know, maybe they only want to watch it. Maybe they want to people to choose how they want to participate. You know, maybe they
only want to watch it. Maybe they want to mint it. Maybe they want to govern it. Maybe they want to
do all three. So I don't really know how that will play out, but I'm actually, I'm most excited
about this from a educational standpoint. Because personally, I've been noticing that these next generation stablecoin networks
are kind of, they've been kind of being pushed aside to sort of the mainstream narrative
around centralized stablecoins. And I get why people are doing that. It's kind of like in 1996,
doing that. You know, it's kind of like in 1996. No one could fathom Facebook and Uber and Instagram.
You know, they, you know, the, I think the New York Times, the first version of the New York
Times was just a PDF with an internet link. It's hard for people to really see the future.
But I just don't think the future is USDC and and tether to be honest um the only way it is
is if it has regulatory capture uh man that probably will happen to some degree you know um
those are uh you know at this point because the amount of treasuries they own i can imagine them
becoming some type of a cornerstone in the future of stablecoins.
But I think you're going to see all the innovation happen in these next generation stablecoin
networks.
And so the index hopefully becomes a vehicle for people to just kind of keep track of that
and maybe band together and potentially just sort of jam off of each other more quickly
sorry that was a long-winded answer i hope that helps
i think that was great um
yeah i mean you talk about like anybody can launch a dtf but i think that like we can say that we
have real plans on um like getting this thing to a good size uh we think that it's a good
product when it comes to the stablecoin governance and it allows us to have a much more broad DTF in this case
that we can recommend instead of choosing winners and losers.
And it's been going well.
If you look at the DTF price, it's up today.
So 11% or 10%.
Yeah, I was laughing at that.
I forgot what they say.
I guess this is the meme that the chart is the marketing.
So it looks pretty good already.
It's a pretty strong day all around from what I've noticed earlier.
EarthCat, what's your take on the OpenIndex?
No, we've been working him to death.
No, no.
Honestly, it's been a blast to be able to work a lot to get this off the ground.
So there's been a number of places where I've been helping out.
One is if you've had a chance, we have a Telegram group that there's an announcements channel as well as a bot.
I'd encourage you to get your Ethereum address registered with the bot and that you might find that it could open up some surprises.
I can leave it to the
others to discuss like how that might work but it's been you know quite a quite a lot of fun to
get that going and see people using it and be able to build out some of the capabilities there and
then also like as you mentioned before like it's been uh it's been great to see that um one of the
advantages of the fact that we're leaning into this kind of decentralized stablecoin network is that of these eight tokens that are currently in the basket, and I hope many more do join, I have my eyes on tokens.
If I get enough Squill to vote, I'm hoping to vote for, I'd like to see Resupply in there.
I'd like to see FXN in there.
There's a number of great stablecoin issuers.
I hope Squid is a stablecoin issuer one day and we can get Squid in the basket. So that being said,
all of these have very native DeFi advantages and are extremely composable. So from the curve
side, for example, we've been able to hit the ground running and get a few curve pools launched
to host, for example, Open and Squill liquidity. Sam had mentioned the
capability of eventually doing like some Lama landmark borrowing markets, which have been
tremendous advantages to us for Leviathan News for the squid token. So we're eager to take our
learnings from that into like what we can build for the open and Squill token. And that's just
one of the eight protocols. So once we like start leveraging, for example, some of the stuff that's just one of the eight protocols. So once we start leveraging, for example, some of the stuff that's being built by Liquidy,
some of the stuff that's being built by Inverse, some of the stuff that's being built by Aave,
there's a lot of opportunities that we can have to basically build some of this really composable
architecture with this ERC-20 that gets minted.
And it's going to be very fun.
Man, the options and opportunities are really...
There's so many ways in which this can go.
And I think really it's a brilliant initiative.
And I commend you guys for it.
Amazing job.
Yeah, one of the things that will be fun coming up in the next few weeks
is we're going to start this show, Stablecoin Multiverse,
and partly inspired by your nudging, DA.
And I'm really excited about the show to really get into the heads of
founders of different projects
on, in particular, on growth and governance. How are they thinking about this question
of distribution and decentralization? And also this kind of crossroads that Stablecoins
is at right now. I know a lot of projects are looking at the
TradFi opportunity because it's just waiting and there's a lot of opportunity there, but then
there remains these sort of completely new economies, whether it's AI machine economies
or potentially the metaverse. If indeed humans are going to Mars,
my guess is they're going to need
a cryptographically secure network for stable money
and not yet convinced that that is going to be
centralized dollar-pegged stable coins.
So, you know, we'll see how that plays out
in the next 30 to 50 years.
But yeah, very curious to have those conversations with project founders. And also, you know,
hopefully to discover some new projects in the mix that are really pushing the envelope.
CapMoney has really got my attention. There's a lot more to learn about that one. But I think the podcast will be a really fun way to do that over the next six months.
Well, funny enough, if we were going to build a blockchain solution for consensus between here and, for example, Mars, we're going to need something different because a consensus will be difficult since the speed of light, a ping will take about 12 minutes to get from here to Mars.
And so if block times are settling every 12 seconds,
you can't have validators working on Mars if most of the hash power is on Earth.
What do you think about a network of repeater Starlink satellites
between here and Mars to speed that up?
There's no way that you could get a ping faster than about 12 minutes is the problem.
Okay.
Speed of light's a constant.
So anyway, we're not doing a physics cast here,
but maybe if you get Mitch on for one of your stablecoin talks,
maybe he'll be able to talk about the physics of it a lot more.
Yeah.
Hi, listen to me.
How are you doing?
My name is Smith and I'm from India. I am currently learning about crypto and looking to grow my knowledge in the field.
Do you have any questions about the open token?
Yeah, what do I need to do to get the airdrop? which we are going to be targeting the communities that hold these governance tokens. So if you hold any kind of like stablecoin governance tokens,
you'll be potentially eligible for it, I think is what we're leaning towards.
So just be an active member in say like Frax or Curve or Maker or anywhere else.
And that's really the best thing to do.
Okay, I will do every task.
Great, thank you.
Nice to meet you.
Two, man. Give us a follow.
Okay.
Yeah, so the, you know with with open now being launched uh it's gonna be one of like the i think it's the first product outside of uh leviathan that we've launched right we have some like
internal products this one's an external product that we've launched in conjunction with reserve
you can go check it out on the Reserve website right now.
They have all their DTFs there.
And it's quite cool.
Like, I've been thinking about, like, how these DTFs win.
And, James, you brought up a lot of really good points.
And I hope that Reserve has kind of, like, figured out something here.
I know that it's been dabbled in before, but I don't think to this extent that it's really been jumped into.
And I hope Reserve is able to like solve this out, but we're going to help them.
We're going to be driving a lot of open stablecoin index growth.
I'd like to take number one away from Bloomberg.
That would be great to top the charts.
Or at least get number two.
We should be number two soon.
And then we can work to go after Bloomberg.
How big is the biggest DTF that Reserv has launched?
So it's 600K right now.
That's the Bloomberg one.
Oh, okay.
Yeah.
Nice.
We can do it sir
and james i would just want to say that uh i actually think that you will you will be a
brilliant host i believe i believe you will take a very uh uh like you will be able to express your character and view of things and like
thoroughness and the way you approach different stuff.
I'm sure it will be very interesting to see it like, to see you on the interviewer chair.
I think it can really be a great show
that a lot of people will enjoy.
It can become a really elitist one.
And I can only hope that we will be able to
accompany it with the production level
that is appropriate enough.
I think it's another thing because I really think,
I can really imagine it as like
kind of a more TV style show.
And I really think that you can have great guests on
and to have great angles in which you interview them.
Looking forward to it, to be honest.
I really think it can be a very cool show.
Nice sound effects.
Yeah.
Waking everybody up.
I've never used that before.
Thank you, DA.
Yeah, I'm excited to, you know, getting to do the show is going to be really kind of really kind of keep me on my toes of understanding, uh,
everything all eight projects are doing, uh, as well as projects outside of the basket. And then, like you said, you know,
how do we make a D a differentiated show?
So it's going to be a lot of experimentation,
probably get some things wrong, but, um,
excited to see where this sort of, uh, ends up.
And I think we'll
probably start having shows ready uh by by the middle of may at the latest
also very excited to see what kind of uh bd is going to be done here because really incredible
stuff like with all the i think one of the advantages here is that so many people know so many people uh within the community i think it's
what made you guys able to pull something like this off so quickly relatively and uh
honestly the potential is quite huge and it's very cool to see like a new initiative
coming from uh the squid down making it like more formal making i i don't know it really
brings life into a system and uh again shout out to you guys respect very cool all right we should wrap it up here guys if we don't have any more
questions or anybody else wants to come up I think we've kind of covered
everything and everyone should just check out this pin post that we have. Make sure to go to the reserve site and check out the DTF.
And also, if you did qualify for Squill, Garrett, is that live again, the claim contract?
No, we've disabled it for the period of the mint.
So we got a few questions about this, but it's a safety precaution.
We didn't want to risk potential governance attacks derailing the launch.
But now that, like you say, the token, we pegged it to $1 when we launched.
It's already open is trading at $1.10.
So now that we've had a successful launch in terms of price,
maybe we can talk about re-enabling it within the next 24 to 48 hours.
Nice. Wonderful.
Yeah, I'm excited to get more
Squill in the hands of the community
and to get them participating in
governance.
If you're
a supporter of Open,
stay tuned.
More will be announced on it, and we do
have a secret admirers chat.
If you're holding Open,
we'll leave it to you to find the rabbit hole and get yourself in there but it's not that hard
for anyone that's committed to the project to find their way in and hope to see you in that chat
here's a hint it's uh relates to the bot that i was talking about earlier so join that bot
and uh you know you might find not a lot of nice surprises.
And as for Squill, with the airdrop disabled, there's a lot of questions about how to get Squill.
So just some quick stats. We mentioned that 1,776,000 has already been minted for this first
round of the airdrop. Of that, about 200,000 has already been locked in the voting contract. So
that's fantastic. We hope to get the rest of it eventually locked.
But even if you choose not to vote lock your Squill,
there's a few hidden places.
If you stuck around this late in the space,
we can give you a little secret alpha here.
Some of the, both of the curve pools on mainnet
have Squill rewards that aren't actually showing up in the UI.
So if you're an LP in the open or the Squill ETH liquidity pools, you're actually earning Squill rewards,
just not showing up in the UI. So that's a little hidden alpha. And then while there's been this
kind of relative dearth of Squill, on the LeviathanNews.xyz site, we've also launched an
auction where you can actually go ahead and buy a massive bag of Squill.
So if you're interested in becoming an early influencer in the Squill governance, you have some routes available to you.
Also, guys, what a choice.
1776 when i saw it i was uh i told myself it probably means
something always be having fun okay okay yeah but i i really i enjoyed that one i think it's very
i like this kind of stuff yeah Yeah, let's keep having fun.
I'm excited to see how everyone gets involved.
And thanks, everybody, for showing up today.
Yeah, thanks, everybody.
