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Orbiter One x Zoo DAO x Downtown Moonbeam AMA
Recorded: July 11, 2023 Duration: 1:11:19Space Recording
Full Transcription
What would you say,
we're going to say,
do you want to move it?
Bitcoin, you know,
you're going to do so,
we're going to do,
about how we're going to do,
we're going to do, you know,
we're going to do,
we're going to do, you know,
we're going to do, you know,
we're going to do, we're going to do, you know,
we're going to do, you know,
we're going to do, we're going to do, you know,
we're going to do, we're going to do so, yeah,
And that's what stage one is for.
In stage two, then, you have the opportunity to vote on staked NFTs with your crypto assets.
So initially, we're clipping to Moonwell Frax yields, but we plan on implementing and integrating many, many other protocols within the Moonbeam ecosystem as well.
Perhaps Orbiter 1 in V1 as well, where users could choose what they're using as a yield source in the background.
And essentially, you're voting on your staked NFT or your community's NFT or your friend's NFT with your liquidity.
This liquidity is then sent to the DeFi protocol to generate a yield return for the duration of the battle.
And this yield return is what two randomly paired opponents will be fighting for in these no-loss games.
So in stage three, then, NFTs are paired.
So when you're voting on your NFT in stage two, you don't actually know who you're going to be fighting.
You don't have any idea.
You're just supporting the NFTs that you want.
In stage three, you receive a random opponent.
So this is a really exciting stage because it gets in that cross-community engagement, which I think is kind of lacking from the NFT space at the moment, where you could face a fluff world.
You could face a moon cast.
You could face a whiskers.
You could face anything in between as well.
In stage four, then, you have the opportunity to boost your chances of winning by staking Zoo.
So this was our way of kind of giving utility to the Zoo token.
But this Zoo boost is capped at a one-to-one ratio with the dollar value that you've staked on an NFT.
So if I've staked, you know, $2,000 on my NFT, I'm able to boost with 2,000 Zoo.
And those votes are worth the exact same.
If I haven't voted on any NFTs and I'm not generating any yields, I won't be able to do this Zoo boost.
So this was our way of kind of giving strong utility to the Zoo token, but avoid the situation where Zoo whales would just dominate the battles without generating any yields, which wouldn't be very fun for anyone.
So in stage five, then, you kind of roll the dice on your battles and your total votes in both dollar value and Zoo boost versus your opponent represent your chances of winning.
So even if you're completely dominated in a battle, like if you have like a, you know, a 10% chance to win, it doesn't mean that you've lost the battle just because you've got less votes.
You have a 10% chance to win far more yield than the yield that your assets can generate yourself.
So it adds that really fun gamification element to DeFi yields where there's variance and you get the feeling like, oh, it could be me, you know, who's going to walk away with the yield pot.
And then after that, the cycle just repeats.
So in ZooDaz v1, we're currently on v0.
This will be a fully automatic process.
So once you've staked an NFT, once you've voted on it, and once you've optionally boosted with Zoo, the battles will continuously roll and your NFTs and assets will continuously battle for you.
And you only have to check in to claim the rewards.
So, yeah, that's what the battle looks like.
Awesome.
So Yuri, you guys just released a new feature, which is the NFT staking as well.
So can we dive into that a little bit and how NFT staking works for Orbiter 1?
Yeah, so you can stake your NFTs, your Whiskers NFTs currently, and in its current state, all it is for is just for staking and receiving additional Orb tokens as rewards, as well as our promotional rewards.
So currently, if you stake Whiskers, you can earn Orb, Glimmer, and USDC.
And the goal is to basically to let our early users to start earning higher yield rewards to get the NFT minting more active.
Now, our reward system is actually static.
So we're experimenting.
This is not how all of our rewards are in the protocol.
But what's interesting about our NFT rewards is if you stake your NFT, you will earn whatever the yield that it says on our page, and it will not change based on how many NFTs are staked.
This is designed to – this is kind of like where a little bit of game theory comes in.
We want to encourage our Orb users to mint the NFTs instead of selling them, and we want to avoid the constant APR decrease with more people staking the NFTs.
So the more NFTs are minted, we'll be reevaluating the NFTs rewards based on a weekly basis.
So every week, we'll be potentially reducing the rewards a little bit based on how many are staked or potentially increasing the rewards if the staking percentages are low.
So it gives us the ability to kind of keep things more stable on a week-to-week basis instead of just having the APRs go all over the place based on what the daily output is.
Now, you can stake your NFTs.
You can either stake one at a time or you can stake all of them, and they will just earn your rewards.
You can claim the rewards daily.
You can claim the rewards as they're earned.
There's no waiting period.
And once our governance goes live, or once our snapshot.org governance goes live, users will not have to unstake their NFTs.
They'll just be able to use them to vote as they are.
And I will also add that our NFT staking is non-custodial completely.
So not us, not a smart contract.
So all the NFTs, they stay in the user's wallet.
So if you're staking them, they stay in the user's wallet as they are.
So that's kind of like an interesting concept.
This is how we were able to make sure that everyone can participate in our governance, regardless of whether their NFTs are staked or not.
They will always be visible.
So, yeah, that's more of our staking, I guess.
And we will be adding promotional rewards.
We will be adding additional rewards as we go.
And I guess in the current state, our goal is to give 70% of Orbiter 1 revenue to our NFT stakers, to the whisker stakers.
In the current state, the rewards are just promotional that we've funding ourselves.
But down the road, we will be moving 70% of revenue towards that staking.
And then once Orbit tokens go live, there will be a little bit of a switch around about how the percentages of revenue and governance go.
But this is why the NFT stakers and holders will be receiving the Orbit airdrop, and they will be able to additionally earn Orbit as well.
So, Josh, also for you guys, I mean, what are some of the rewards for staking on Zoodal?
Like, what type of, I guess, excuse me.
Yeah, what type of rewards can users expect for using the platform?
Yeah.
So, currently, we're, as I mentioned, we're, like, clipping to Moonwell yields in the background.
So, those are pretty heavily incentivized.
So, you get the Glimmer, you get the Well, and you get the organic FRAX yields.
But we intend on expanding in the V1 to multiple protocols.
So, currently, you'll get, you know, Well, FRAX, and Glimmer as a reward.
But in the future, you can get, you know, LP tokens.
You can get, we'll be clipping to the Stellaswap farms, et cetera, et cetera.
So, you can win a variety of different assets from your opponent and participate with a variety of different assets.
You also gain zoo rewards from participating, conditional zoo rewards.
So, we have something called VE Zoo, which I'm sure some of our listeners will be very familiar if they're deep in DeFi.
It's very similar to VE CRV.
Essentially, I'm able to lock, you know, my zoo in support of my collection.
So, not my specific NFT, but my entire collection.
And that will make them eligible to earn the zoo rewards that are released every season.
And how much of those zoo rewards that they'll earn will depend on their VE Zoo ranking or rating compared to other projects.
If I don't have, if I have an NFT project, and I don't have skin in the game at all in terms of zoo,
I won't earn that additional zoo subsidy, but I'll still be able to participate in the gamified DeFi elements of ZooDAO, if that makes sense.
So, yeah, a basket of assets to answer your question, Nick.
And so, does that have anything to do, like, do these rewards have anything to do with, I guess, liquidity?
Because you did mention LP.
So, I guess, how can users provide liquidity and how do you guys plan on incentivizing it?
Yeah, so, with our V1 will come, like, a fairly deep liquidity pool LP program.
So, it's going to run for a year.
And a lot of these details aren't announced, so I don't want to get too deep into it.
But we're also going to be working with partners to ensure that LP program is significantly deep into the liquidity.
Presumably, you're referring to zoo liquidity right now, but I'm not sure.
Well, hey, if there's other types of liquidity, please enlighten us.
Yeah, so, like, when we integrate support for, like, exotic pairs on Stellaswap, for example, or even non-exotic pairs,
then we'll be providing, essentially, liquidity to those pairs in a gamified environment.
Or not we will, but our community will, who are voting with those chosen yield sources.
So, it benefits liquidity provision across the Moonbeam ecosystem, rather than just, you know, singular fracks lending on Moonwell.
We should get on.
We need to get on a call after this.
I've got some questions for you, Josh.
Sure, sure thing.
Give me the whiskers.
Oh, absolutely.
Yeah, so, speaking of whiskers, what, like, let's talk about that a little bit more.
Like, what role does whiskers brigade play within over-to-one platform?
Well, as mentioned earlier, it is the governance NFT that's community-centric.
95% of the total NFT supply is reserved fully for the community.
5% for the team.
There's a total of, I guess, there's a total of 10,000 as a measure earlier, mincible.
So, the whole concept is, it's kind of like to add a little bit of, well, besides the governance,
is to add a little bit of game-theoretic play to lending protocols, to the lending protocol environment.
So, our original take on whiskers staking and how they play was the concept of solo staking.
You know, there's a question.
Users could either solo stake orb, and they could potentially, you know, they can solo stake it,
and they can earn some rewards on it, and then they will be able to dump their initial bag.
But in the whiskers case, you know, because these are governance tokens and orb tokens are not,
and because whiskers are full of rewards, well, I'll say rewards, but full of benefits that will last over the next, well, couple years, actually.
We wanted to create an environment where users will have to decide,
do I want to stake in the orb glimmer or an orb eth LP pair on our native farm, which is coming very soon?
Or do I want to solo stake orb, but in order to solo stake, I have to mint the whisker and then effectively burning the orb token.
So, everything that orb is used for, everything that it revolves around is burning the assets, is burning orb.
So, our goal with whiskers is to simply just give Moonbeam ecosystem as many rides to our,
or Moonbeam community, I would say, rather, as many rides to our DAO as possible,
as we want to, you know, we want to be decentralized as fast as we possibly can.
So, we wanted to introduce whiskers without investors that have access to them,
without major percentages reserved for anybody else.
Now, additionally, I will say, so that's whiskers, intergalactic whiskers brigade in regards to Orbiter 1,
the lending protocol.
However, there's other things that are planned for whiskers.
So, well, whiskers are currently usable on ZooDAO, and I do want to explore other possibilities that we can all work together on that.
And then, I'll also say that whiskers are, we're going to be adding additional functions down the road that I don't want to talk about too much.
But let's just say I'm a very big fan of projects like SappySeals.
I really enjoy the functions that they bring, that they were able to add to those NFTs.
So, I do like that. That's all about, that's all I'll say on that end.
And I do like the concept of, of, of just game, of just silly little games that can be used on chain to possibly earn some rewards.
For example, we could potentially, we could down the road launch a very simple game on Moon River that whiskers holders will be able to play only if they hold whiskers.
Whiskers will be on Moonbeam. The game will be on Moon River.
So, yeah. And, yeah, I mean, we just want to, we just want to keep adding, we just want to keep adding to the community.
Now, if there's other, if there are going to be other things that we are involved with, such as Orion Bridge, if there's anything that has to do with that revenue, or I don't want to draw, I don't want to say too much about the governance of that, because that's way too future facing.
But let's just say whiskers are a little bit involved in that as well. And then I will also say Fun Orb, the lottery, I know we'll talk about that a little bit later.
But the Fun Orb brand itself, right now it's a lottery, but we want to turn it more into a gaming thing that will be just on Moonbeam and Moon River.
And then whiskers are going to be playing a major part in that. But I don't want to, I don't want to, I don't want to say too much at this point.
Oh, yeah, no, no worries. I mean, what I did want to discuss a little bit more is before we go into the bridge, I guess you guys have this concept of loan teleporting.
Can we just go, can we just like kind of dive into that concept a little bit more and I guess how that functions within the application?
Absolutely. So, so right now we're working on, so there's two concepts actually, there's loan teleporting, there's cross-chain deposits, both of which are going to be powered by Swing.
So we recently announced our partnership with Swing.xyz. What Swing is, is a cross-chain aggregator.
So it's, currently it works with most of the working, most of the main bridges. Right now it works with Axelar, Stargate, I know it works with DeBank, it works with, it's either working currently with Wormhole or it's about to integrate it there.
I know they were working on it about a few, about a week ago, they were finishing up certain steps on that.
But the way it works is essentially a user can, can aggregate an asset instead of just simply bridging it.
Like you can, for example, you know, just one, as an example, Squid, you know, they just use Axelar for their bridging, which is great.
But if Axelar has an issue, for example, like, like Layer Zero did a couple months ago when bridging to Optimism and transactions were getting hung up for four hours plus,
you know, if that kind of an issue pops up, that is something we can completely resolve with Swing pretty much immediately by either turning off the bridge that's faulty, that they'll be causing delays.
Yeah. And so the way the actual process will work.
So the cross-chain deposits and loan teleporting, essentially they're very similar.
They just kind of work backwards.
So cross-chain deposits, it will be when a user is on Orbiter 1, on Moonbeam or in any of our future supported chains, there will be an option as they're depositing their collateral.
There will be a drop-down menu below.
It will initially say Moonbeam.
And if you just leave it alone and deposit as is, you're on Moonbeam, depositing assets on Moonbeam, very standard.
Everything works as it's supposed to.
But if you click the drop-down menu, you'll be able to see, for example, what chains you hold USDC on.
So not all assets are going to be cross-chain, depositable, or loan teleportable right away.
We're going to be kind of adding things one by one.
But so you click down the drop-down menu, you see where you hold USDC.
You choose, let's say, Arbitrum Network.
And you don't – well, our goal is right now to make it so users don't have to network switch and MetaMask.
So you're still on Moonbeam, you select Arbitrum, you sign your transaction, then Swing bridges your asset, your USDC, from Arbitrum into Moonbeam, and then deposits it for you into Orbiter 1 as collateral.
That's cross-chain deposits.
It aggregates it from Arbitrum to Moonbeam, finding you the best rate with the lowest amount of slippage.
Then it deposits it for you.
Now, loan teleporting is a little bit backwards.
Same concept.
You go to our borrowing page.
There will be a drop-down menu.
If you leave everything on Moonbeam as it is, you just click borrow and everything borrows.
Very standard.
Very standardly.
But if you click the drop-down menu and select any of the Swing-supported blockchains, so this will not depend on which protocols, which blockchains Orbiter 1 is live on.
This will depend on which blockchains Swing supports.
So if you support – if you choose your loan, like I know, for example, with people trying to cash out their USDC for fiat, it's very hard to use anything besides ETH, USDC, Polygon, or Arbitrum USDC.
Well, on Moonbeam, it's not exactly simple to just borrow something and to figure out how to cash it out or whatever.
But with loan teleporting, you'll be able to basically borrow your loan from Moonbeam to Arbitrum or Polygon.
So as you're borrowing the loan, as you're borrowing the asset, and you choose a different network in the drop-down menu, then you will borrow the asset, and then Swing will afterwards take the asset and bridge it over to your network of choice.
Giving you the best value based on slippage and bridge fees.
So it's basically the simplified way of saying it is when you're depositing, you can deposit things seamlessly from other chains without having a network switch.
And when you're borrowing, you can seamlessly borrow to another chain without having to network switch.
Now, I will clarify, when you're doing loan teleporting, your collateral and your loan balance stays on Moonbeam, but your asset gets teleported, the loan gets teleported to the other network.
So just to not have any confusion on having liquidity, you know, having borrowing on another side kind of thing.
All of liquidity comes from the initial chain.
Now, and this is a little just to add on to this, network or cross-chain deposits and loan teleporting, when we are live on Arbitrum and ZK-Sync, we plan to implement a lot of our game theory ideas to push Arbitrum and ZK-Sync users to Moonbeam.
So in our documents, I think people want to look through it, there's a deeper explanation of how many Orb tokens are set aside for each chain that we're supporting on, that we'll be on, how many tokens would be allowed for LP farms versus lending and borrowing incentives.
So our goal is to basically show consistently better yields on Moonbeam versus Arbitrum and ZK-Sync.
We want to bring the Arbitrum degens to Moonbeam.
We want to bring them in sooner than later.
I feel like that's a very important community factor that makes ecosystems grow.
But yeah, I think loan teleporting will be a very easy way, you know, if a user in Arbitrum will be able to use their ARB tokens as collateral,
it will be very easy for them to teleport their loan into Moonbeam to use it in our protocol on Moonbeam, and we intend to incentivize that.
Awesome. Thanks for that explanation.
So, Josh, I did have some questions on, and I think this one wasn't really in our list, so I hope you don't get mad at me for asking, but I noticed that you guys had something called jackpots.
Jackpots.
Jackpots.
Yes.
Yeah, this might be a poor question, not your fault or anything, but just because we're actually removing it in the V1, because, like, initially we had an idea,
and it's the same with Exu, of, like, taking a small percentage of the yield and rewarding certain users with, like, this slow percentage of the yield.
And it's the same with jackpots.
Jackpots takes, like, a tiny percentage of the yield generated by the community and rewards, like, two lucky winners.
The problem is, versus a protocol like Sushi, where they have ex-Sushi, they're dealing with millions and millions of transactions all the time,
and the amount of rewards that they can generate from those makes ex-Sushi worthwhile.
But when you're dealing with, like, a relatively passive yield source and just taking a small percentage of that yield, the rewards aren't meaningful enough to be exciting.
So we're actually going to revamp Exu and jackpots in our V1 and beyond.
So sorry about that one, Nick.
No, that's okay.
I mean, is there any alpha you can share about how this revamp is working, or is it still in the process?
It's in the process.
Exu is kind of going to be a lending, a zoo lending platform.
So people can borrow Zoo against their collateralized voting positions.
So that's more of a roadmap item that we'll be working on towards the V1.5, let's say.
But in the next version, it's just going to be where we're going to be scaling back those things in terms of, like, simplifying the dApp a little bit
and just giving the maximum to the NFT voters themselves, who are, of course, the ones generating the yield in the first place.
So they deserve the bulk, the lion's share of the rewards.
Are there any other exciting milestones in the roadmap that you have upcoming that you can share or things that you want to go over?
Yeah, sure.
So, like, yeah, this kind of LSDFi craze has kind of opened our eyes to what's possible.
And in a way, we were kind of already building towards this future.
But Zoodo is a hyper-flexible model.
So when I stake an NFT in Zoodo, I receive this NFT representing my position.
So if I stake a board ape, I receive a Z board ape, you know, number whatever.
If I vote on an NFT in Zoodo, I get a Volt token representing my liquidity position.
And this is a fully composable token that is extremely easy since it's tied to a direct amount of capital in the dApp that is staked.
You could very, very easily integrate an isolated lending market for this where people can borrow against their Z vote positions
to increase their overall position in Zoodo and stake more within the dApp.
So this is something that I'm personally super excited about.
And then, yeah, in terms of, like, upgrades to the protocol, we'll have...
So currently, it's a state machine where you can only stake an NFT in stage one, and you can only vote on it in stage two.
We're removing all that.
You can stake at any time in stage, no matter the stage, in our next version.
So you'll be able to stake whenever you come to the dApp,
and it will automatically enroll that NFT or voting position into the next battle.
And then the flip side of that is that the dApp will be fully automated.
So currently, users have to annoyingly interact and pair their NFTs in stage three to receive an opponent.
And no one wants to...
No one has the patience to do that and check in on the dApp.
You know, you want it to be a passive experience, and you want it to just let it ride.
So the V1 will be fully automated in that regard, and all of the pairings will happen automatically,
and you'll never have to interact with the dApp again.
So that's...
Those are the two big ones.
And then, yeah, just finally, like, integrating more yield options where we can have...
We can allow users to choose their own risk tolerance so people can have, like, the super safe yields,
and they can battle against each other for the super safe yields.
Or we can get totally degen and exotic where people can battle for, you know, large amounts of money, I suppose,
while exposing themselves to some impermanent loss risks.
So, yeah, you can just leverage your comfort with risk for maximized returns.
So that's...
Yeah, that's what I'm looking forward to.
This sounds like something that Moonbeam really needs.
We need some fun yield-generating activity.
And as you mentioned, you know, the degen things, man.
Like, that's something that Moonbeam has been lacking over the past year quite a bit,
and I'm really excited for all those features you guys have coming.
Nice. Thank you. Likewise.
Yuri, can you talk about some of the upcoming features that you have for Orbiter 1?
Like, what excites you and what's on the roadmap moving forward?
Well, as we talked earlier about the cross-chain deposits and loan teleporting,
that's on the roadmap right now.
Our goal is to have cross-chain deposits live by the first week of August
and loan teleporting live by the first week of September.
It may happen sooner than that, but, you know, we're giving us that much time.
And then I'll say we are – so we are working on – we have another, let's say,
side project, but it's not really a side project, Orion Bridge.
So currently, Orion Bridge works with Orb tokens.
So Orion is a bridge that we built ourselves with our own cross-chain token standard.
So Orion can work with any assets that are compatible with protocols such as Layer 0, Axelar, and Hyperlane.
Currently, Orion works with Moonbeam, Moonriver, Arbitrum, and ZK Sync.
Now, right now, initially, we created Orion as a means to have our own native bridging for Orb token
because the idea behind bridging Orb is that – and this only applies to Orb token specifically –
but as users are bridging Orb, there will be a small burn tax associated with it.
Right now, it's at 1%.
And if users – Whiskers holders will be able to vote on that particular bridging tax.
But the idea is that if users have – if people in Arbitrum or ZK Sync or Moonbeam see an arbitrage opportunity,
they will use the bridge, Orion Bridge, to bridge their Orb token.
They will take a 1% burn fee, which is strictly deflationary.
And they will be able to either stake their Orb, ETH, LP, or Glimmer LP in a different chain for higher yield
or to be able to sell it for a higher price.
There will be a little bit of burning going on at the same time.
A user will get a benefit of an arbitrage trade.
But yeah, that was the initial thought behind Orion.
But then it developed into something else because as someone who was originally a big fan of Moonriver,
like probably more so than I – probably to my detriment, to be honest,
because I was really, really into all that.
But before a couple months ago when things were starting to get a little iffy with the bridging and liquidity and stuff.
But we wanted to create a way to bridge mover tokens and Kusama tokens to Moonbeam.
This is something that is – this is not official in any roadmap right now.
I mean, mentally it is, and we have plans on building it, but this is not something that's written down anywhere.
However, we are looking to bridge mover KSM, Vmover, and VKSM over from Moonriver to Moonbeam.
We think that's something that is very, very, very needed for the Moonbeam ecosystem.
One example why is because if you look at Astar, if you look at ArthSwap, there's a very, very nice-looking Shida and Astar pairing
with the millions of dollars of liquidity in it.
And I believe that Moonriver-Glimmer pairing is a must on Moonbeam.
And I believe that it could even help – it could potentially bring Moonriver into larger attention again and could help out the community that has been very, very loyal to Kusama and Moonriver.
So that's on the side of bridging mover and KSM and Vmover and VKSM as those would be wrapped assets.
Now, a bridge has the ability to work with non-wrapped assets as well.
So if a project like Remark, for example, I know they're migrating from Moonriver to Moonbeam.
If their token is compatible – I know they're currently using multichain.
If it's compatible in the same manners that it would be compatible with PlayerZero and Axelar, then it's something that we can help out as well,
which automatically would make the token compatible with Moonriver, Moonbeam, ZK-Sync, and Arbitrum.
And, you know, we were also hoping to eventually use the same bridge to work with the Kala-USD, but then the DPEG happened.
So we're not really sure – we're not really sure what's going to happen with that.
But that's, you know, on the orbiter – on the bridge side.
And I did want to mention – I mentioned the Fun Orb lottery a little bit earlier.
I did want to kind of give a little bit of background on that.
So why we did the lottery and what function it really plays.
Now, I've mentioned that Orb token has a lot of deflation around it, which right now it's – the sales tax is purely deflationary.
The bridging fee is purely deflationary.
And we also have our Fun Orb lottery.
Now, the lottery is once per week.
The users can buy their tokens with Orb – the lottery tickets with Orb tokens.
The more tickets they buy, the more of a little discount they receive.
And every week after the lottery draw happens, 20% of the total rewards pool is set aside for burning.
But it's not a traditional burn.
The way we're doing that burn is we're taking half of the Orb rewards that are in that burn pool.
We're selling half of them for Glimmer on BeamSwap, where we listed Glimmer, where we initially seeded Orb with Glimmer a couple months ago.
So we sell half the Orb for Glimmer on BeamSwap, which incurs a 10% burn tax.
Then we make the LP token on BeamSwap with the Glimmer that we received from that trade and the remaining Orb tokens.
Currently, there's actually a 10% burn tax on that transaction as well, which we will be removing the LP transaction burn tax whenever we have – whenever we launch our LP farms.
But then after the LP tokens are made, we burn them.
So basically, we're dubbing this as a concept of permanent liquidity.
Every week, 10% of the rewards pool is sold for Glimmer and combined with the other 10% and added into the LP with the tokens burned, which means that users cannot – we would never be able to pull any liquidity from that.
The thought process there is that even after Orb distribution is over, Orb holders will still be able to potentially sell it or potentially do something degen with those tokens, creating a new value to them.
And currently, we are doing a 100% Orb lottery cashback program.
So we're dubbing it as the Orb back campaign.
We set aside 100,000 Orb tokens to be given away to our Orb Fun Orb lottery participants as 100% cashback, up to 500 Orb tokens per week per wallet or per user, however you want to look at it.
And, yeah, this is all designed just to further our LP liquidity pool and to distribute Orb tokens in the beginning as much as possible through the lottery, through increasing the pool before we launch our Orb LP farms.
But, yeah, this is a pretty fun campaign.
You participate, you get 100% of your Orb back, and then you can roll it over for next week or you can get rid of your Orb the following week or you can mint the NFTs and stake those and then participate in the lottery, the NFTs and everything.
And we are looking to actually use the Fun Orb.
So everything that we're doing with Orb token will be applied to Orbit down the road.
Everything we're doing right now with Orb is our experiments to see what will work for Orbit token down the road.
And we do intend to use the Fun Orb lottery as something that will work with that as well.
All right.
We are coming up on the end of the hour.
I do want to be aware of everyone's time.
So let's – I wanted to end off the conversation with more of like maybe like an insightful or philosophical topic.
You know, NFTs in the past, they did get a bad rap.
You know, everyone said – a lot of people would say NFTs are just JPEGs or whatnot.
But obviously, you know, for us true believers, you know, we realize that NFTs have a lot more or can have a lot more utility in the future and even now.
So what do you guys see as the future of the utility for NFTs overall?
Yeah, so I think like the NFTs which currently exist are probably going to struggle a little bit, the ERC721s, because it's just hard to do things with them.
It's hard to build out utility on a siloed utility in a meaningful way.
So we are of the opinion that the true utility in NFTs is the strength of the community, the almost familial bonds that are formed in NFT communities.
And we really wanted to kind of leverage those social profiles to bring them into an actually genuinely lucrative environment, which is DeFi, which they can get a lot out of.
So that's kind of our take on NFT utility.
But I think as the space evolves, as the technology evolves, we'll move beyond the ERC721s and we'll move into, you know, advanced NFTs, which will be used for a variety of different real-world applications, a variety of different gaming applications.
And we're really just – we're just seeing the beginning of it now.
So, yeah, looking forward to the future in that regard.
Okay, well, I guess I'll give my take.
So I guess I have two views on the NFTs.
There's the utopian view and there's a dystopian view on it.
Of course, it's all hunky-dory when we're talking about how the NFTs are right now and JPEGs are great because art is art no matter how you look at it.
A splash of paint in the wall can cost a million dollars.
So no matter how you look at it, NFTs are art.
They are very usable.
They're very useful for things like governance.
It's in a way that we're using them right now in a way where, you know, users can participate in earning NFTs without just having them given out just to be early members of protocols in a more nontraditional way.
And, of course, there's the concept of just regular utility where users – like regular capitalist utility, if you will, where you can monetize NFT staking, kind of like what Zudao is doing, where you can do things like – where you can just apply NFTs to DeFi.
So then it becomes orb and it becomes a financial instrument.
Now, the dystopian take, which it doesn't have to be dystopian, but I think everyone could kind of agree that things are kind of moving in that direction a little bit.
When I first learned about NFTs, the way I thought about them – oh, great.
You can have your deed to your house on your blockchain.
You can have your social security card on the blockchain, birth certificate, all your bank loans, all your everything.
And we've all heard about the concept of DIDs.
We've all heard about the concept of CBDC.
So I think this could be one of those things where the other utility for NFTs will be government documents.
Unfortunately, it might involve tracking people if it's going to be used on a non-decentralized blockchain, if it's going to be used on a centralized private chain that would be offered by some governments, such as the Chinese CBDC system.
But if we manage to actually run fully decentralized applications on Ethereum that have those things, or I guess on other chains that are decentralized that are not controlled by a government of some sorts, then that could be very interesting.
I've thought about things such as using an NFT that represents your insurance policy, for example.
So no longer you're going to have to buy your insurance policy and pay every month for it.
You will just be able to pay, say, $10, and your NFT will represent your specific insurance policy that will hold a specific dollar value that if for some reason you charge your insurance, then it will just be automatically charged from your NFT that represents it.
Now, that's a great utility, but that can also mean that if you have a speeding ticket, then you'll just be automatically fined for it without anyone getting involved.
So, you know, there's just a little bit of NFTs are crazy technologies, a lot of really, really promising things coming out.
But just like AI, blockchain, NFTs, you know, we have to be careful of what we accept and what we adapt.
So I do want to be aware of time.
I don't want to keep you guys, if you have any prior engagements, but I did have another question I wanted to ask.
So just let me know.
I mean, do you guys want, do you have a couple more minutes or should we wrap this up?
I'm good.
You can continue.
Josh, what about you?
I think we I think we lost you there.
OK, so I'll just I'll just I'll just run into it real quick.
I mean, so actually recently, if you're if you know, Bruno, Bruno from the Remark Protocol, he has some really interesting views on reputational usages for NFTs.
What do you see as maybe more what do you see as like potential use cases for like these reputational NFTs or maybe how can you guys potentially incorporate that in your protocols in the future?
Well, that's a that's a good question.
So I guess when I think reputational NFT, it can be something like the again, the Chinese social credit system, you know, that that could be a reputational NFT represented by one of those.
But overall, I mean, with our protocol, you know, a more free way of thinking about it, I would say we could down the road apply certain features that would maybe generate more yield to our NFT stakers.
So potentially, like if you're providing collateral and taking out loans on Orbiter one, if you're also happen to stake the NFT that that will potentially unlock an additional rewards pool, that could be good as well.
I know that you can use the NFTs for the concept of whitelisting.
So I don't that's I don't know if I don't we're not planning on doing things like that with our protocol to where we whitelist our users.
However, you know, that kind of feature might end up being important for for U.S. users down the road with all the regulatory crackdowns.
So that is some way that NFT holders could potentially that that is a feature that could potentially be added to our NFTs in the future, if necessary, to where, you know, a user who's trying to access our protocol from a forbidden area.
As long as it's not legally forbidden, such as, you know, Venezuela or North Korea, as long as it's like an accredited investor type of question, then that could be a way to resolve that.
But overall, you know, it's there's a lot of NFTs are, you know, it's constantly evolving landscape.
So there's going to be continuously new features added down the road that will be possible to implement.
Awesome. And so I guess to wrap up, Bruno also mentioned he posed the question, should should we take over Kusama and be a little bit more chaotic and try to try to use this reputational avatar NFT system to kind of experiment a little bit?
What are your thoughts?
Um, yeah, I mean, that's what Kusama is for. That's what that's the whole concept.
I mean, there's there's been so much focus on on Polkadot in regards to moving DeFi protocols over in regards to moving NFT projects over.
You still we still need to use Kusama for its given purpose.
And no matter how you look at it, Moon River is still faster than Moonbeam.
It still gets all of its upgrades before Moonbeam.
Same thing with Kusama. It's faster than Polkadot. It gets all of its upgrades before Polkadot.
So it makes sense to test all of that technology in Kusama.
But I will add that we do not we need to make sure we do not forget the Kusama and Moon River communities and make sure that they can be relevant and rewarded in Polkadot and Moonbeam ecosystem.
Hey, guys. Sorry, I got cut off there.
Welcome back.
Yeah, I know. So I don't know if you heard the question.
We were just talking about some comments that Bruno from Remark had made about reputational avatars.
Like, I'd love to get your views on on on how reputation like reputational avatars or NFTs could be used in the future as utility.
Yeah, as well.
Just a second, a second, I guess, to that question is, should we take over Kusama and attempt attempt a reputational avatar governance system?
I think I think why not? Try it. Try this.
That's what Kusama is meant to be for. Right.
But, yeah, I think that we will we took on Bruno as an advisor to Zudo.
So I think that providing people a way to gamify their governance experience is absolutely essential, because otherwise you get like, you know, the same, you know, three to four engaged people or, you know, five to 10 engaged people.
And no one else is really showing up to the votes.
So if you can if you can provide more ways where smaller holders, but super, super involved individuals in in the protocol can contribute more or have more more say in what's going on, just not because they have like the biggest bags in the world, but because they are super involved and they've been provably active and provably contributed to the community.
That's going to be a net benefit. So it's just I think it's a great idea.
It's just about getting the right parameters for your individual community.
And, yeah, I'm I'm I'm for this.
And it's something that we will introduce in Zudo at a later date.
And obviously, when we when we start to begin to decentralize more and more, we'll kind of lean in these directions for sure.
Awesome. And on that note, I'd like to just leave it open to you guys to to just address the community and give you give us some closing thoughts.
Anything anything you'd like to add before we wrap this up?
Yeah, if you're a Moonbeam ambassador or somebody who's interested in getting involved with Orbiter One, you know, check out our socials and, you know, reach out.
We're very eager to share some of our NFTs from that 500.
So if you're somebody who really cares about Moonbeam and really has a lot of input to give, we want people like that participating in our governance.
Yeah, Yuri, maybe we can do because I'm planning on doing a Galaxy campaign where people who retweet this this AMA will receive an NFT.
Maybe we can give the holders of that NFT drop or something like that.
100 percent.
Awesome. Yeah. So you heard it here, guys.
Make sure you I'll post the information on the Galaxy campaign.
Follow us on downtown Moonbeam. And if you retweet and support, then maybe some opportunities to get some some cool rewards.
Josh, what about you? Any closing statements?
Yeah, I just like we've got a huge amount of exciting things coming up.
So now is a great time to get involved in our community as well.
And it's it's all systems go.
And we've we've got and just a shout out to our own community as well.
Who've been like this bastion of support and encouragement and just really, really amazing during a pretty brutal bear market.
So shout out to our community and shout out to any new members who who might want to join after this.
Our socials are all on our Twitter as well.
And we will welcome you with open arms.
All right. Well, thank you, everybody, for joining.
Make sure you follow Zudao. Make sure you follow Yuri.
Make sure you follow Orbiter One to stay updated on the latest news for each of the projects.
Thank you for coming today. And if you have any other questions, I'm sure you got that we missed here.
I'm sure if you if you PM them or ping them, they'll be happy to answer.
But stay tuned for our next AMA.
We're actually doing an Yuri.
I think you might be there. We're doing Monday.
We're looking to do a discussion for the grants proposals for the projects in the moving ecosystem.
So, yes, sir. Be sure to tune in for that as well.
Yeah, I'll see you there. And thank you for having me on today.
It was it was a great time.
Yeah, thank you.
I'm good to speak with you, Yuri, as well.
Absolutely. And I do want to get on a call later on about.
Well, I have several questions, so let's let's do that.
All right. All right.
Thanks, everyone. Have a great day.
Thanks, everybody.
Ciao.
Ciao.
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