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Palomabot Goes Cross Chain 🚀
Recorded: Aug. 30, 2023 Duration: 0:35:49Space Recording
Full Transcription
Well,
keep it
keep it
Oh, come on.
You got to give it up.
You got to give it up.
You got to give it up.
Keep it going.
Don't let it get cold, baby.
I'm warning you.
Keep the fire burning.
Keep the fire burning.
Keep the fire burning.
Keep it burning.
Oh, you got to give it up.
Oh, you got to give it up.
Oh, I love you, I love you
You gotta do what you want
Oh, I love you, I love you
You say the same thing where I work to do
And the same thing you do, get that run
Or the same thing you have to do
You gotta say
Turek
Can you
All right, I think Turek is rejoining
Let's give him a few seconds
Am I still garbled?
You're good now
I'm good now
I'm not using my headphones anymore
They say you gotta use the wired headphones and whatever
All right, cool
Okay, so welcome everyone
Today is August 30th
And man, it's an amazing time
Thanks to all the pigeons who have come in
This is volume
And our weekly update
For our amazingly faithful flock of Paloma pigeons
As well as users
And we are
This is part of our blog series
So the reason why we do these
Is so that we can essentially have our blog track
See the progress of what we're doing
And share it with folks
So glad to be here
And wow
It has been a wild and crazy week
Good to see you here
Field Theory
How are you doing?
I'm doing great
How are you?
Rocking and rolling
I'm flying
I think I'm flying
I think I'm high
That's so funny
All right
So today is Stanford Blockchain Week
So we'll be heading to Stanford later today
We're going to meet all the cool stuff that's happening
There's a lot of stuff
Everybody is really doing cool stuff for Stanford Blockchain Week
And we'll be there as well
Okay
So this is our
Hold on a second
What am I doing here?
I'm just sending a tweet out saying that I'm live
And we're doing this
So let me post it on my thing
Okay, great
So today is Wednesday, August 30th
It's the second and last day of August
And the second month of the Q3
And then September will be the last month of Q3
And so we're here to update everybody on what we've accomplished for this last week
So first of all, I want to apologize to everybody who's been waiting for our wings to talk about our technical upgrades
I just, my brain has been, we've been so busy trying to get PlomaBot running
That I have not put that together
So apologies to folks
So we'll be talking about a lot of new stuff here
I'll be like, dude, where's the documents?
We're going to document it
But today we're going to talk about the success of the last week
Which is essentially T-WAP bots from Ploma
And we're going to talk a little bit about PlomaBot
We're going to talk about T-WAP bots
We're going to talk about the validator set on Ploma's network
Ploma Protocol
And why this is such a big breakthrough
And it is transformative for the entire crypto space
So first of all, we'd like to say just again, thank you to all the community members from Bolling
That are joining and that are with us here
Thank you for all the validators that are in the Pidgin validators from the Ploma network
We would not be here without your commitment to this project
And success helping us stay committed
It has been a massive amount of progress
And we have lots of love for you
And it's kind of funny
Like this week or last week
We had a big validator come on board
And just suddenly that was simply staking
And it was because I think they got off the sidelines and said
Whoa, shit, this train's leaving the station
Like, yep, not this train's leaving the station
This flock is flying fast
And so, kind of wild
And of course, they were part of our first upgrade last week
So we want to, you know, welcome them and congrats
All right, so who's volume?
Just a reminder, volume is about private key security
Private key management
And I think we're going to talk about private key automation
But not yet
I think we're going to have to change those goals
Again, our focus is how to use more to get out of your private keys
Across multiple chains
We believe in a multi-chain world
You know, hey man, the film of flock is on base, right?
Like, how crazy is that?
We're in a multi-chain world
Chains can launch and get users in a short period of time
And you want to get your keys over there
You want to be able to interact with all those applications
Our goal is also to give and extend control
But in a decentralized manner
How can you get more control of your private keys across more chains
But do so by sharing responsibility across networks
Public networks of other people
That are incentivized to do so
And so our goal with volume is to continue to write software
Ship it to the Paloma network
And of course bring the dApps that are valuable about this software to life
So other people can see what we're doing
They can fork it and copy it
And actually build further
So everything we're doing is open source
Nothing is closed
Except maybe for some stuff we run on our servers
Like our website, etc.
And some bot middleware
But everything is open source
So anybody can create bots off of this
And we want the world to create bots
So this is the beginning
But we're starting, you know, again
As we did last year
We told everybody
We want the chain to be valuable
So that people want grains
And they want to use the chain
More than anything else
All right
So with this
I'm going to hand it off to Jabai
He's going to talk about
TWOP bots
Those bots have been our most popular this week
It's kind of nuts
The kind of growth
So field theory
Why don't you take it away
And tell us
What's all this TWOP bot talk
That we're seeing on Twitter
Regarding Paloma and Paloma bots
Thank you, Tarek
Indeed
So we have launched multiple bots
Among which TWOP is undoubtedly number one
Both in terms of volume
And in terms of number of bots
So I guess let me start by just, you know
Doing a quick intro on TWOP
In case there are folks not that familiar with the concept
TWOP, TWAP stands for
Time-weighted average price
And this is actually a trading terminology
And what a TWOP bot is
Is essentially a bot that helps users to trade
And essentially the execution price
Should stay very close to the theoretical time-weighted average price
How that is implemented
Implemented is basically
Let's say you have
You have
Some token
You are swapping into
Another token
If you were to do it
All at once
You know, you go to Uniswap
Or any
Decentralized exchanges
You just do one transaction
Very likely you will have a not-so-great price
Because there's slippage
There's, you know, low liquidity, etc.
So a very common thing people do
Especially in traditional finance space
Is kind of break this one big chunk of trade into multiple smaller trades
And so a TWOP bot basically does that for users
In crypto in an all-decentralized fashion
So the tokens a user wants to trade
First it goes into the Paloma smart contracts
And more specifically
It actually lives on the target chain smart contracts
And then the bot programs a series of events
Evenly timed
And at each time a trade is executed
So that's kind of a high-level description for TWOP bots
And also want to highlight that
If some folks have been following our bot development
Earlier we were calling TWOP bots
The DCA bots
Dollar cost averaging
Because in theory they are actually very similar to each other
But I think that, you know, in terms of what the difference is
Usually I would say TWOP is
It's a more shorter-term trade
And DCA is a more passive, long-term investment type of trade
So that's the difference
Now, what are the benefits for users who use our TWOP bots?
As I said, TWOP bots really aims to help getting a better execution price
And in order to do so
You have to, instead of trade at once
You have to trade multiple times
Across some time span
So the benefits include
A. It's fully automated
So, you know, it's very easy to use
You don't have to look at your monitors
You don't have to look at your screen all the time
You will just do it for you
And also, there's a security factor
So the keys
So the funds are actually stored in the smart contracts
And the private key is actually guarded by the validator
So that's also a secure way for trading
Now, also, but, you know, nothing comes for free
One small thing I'd like to mention is
There is kind of a trade-off
Because if you're trading multiple times
There's gas cost
Especially on chains, you know, such as Ethereum
It could be expensive
So, you know, when you use TWOP bot
Really be, should be mindful
About, you know, how much gas
You might have to spend
So that's sort of wrapping up the description for TWOP
Now, I already touched
A little bit on how TWOP works
On Paloma
Essentially, we are trading
On a target chain
So Paloma is an application chain
It doesn't really host the actual liquidity
And if you're swapping USDC into ETH
You will probably do it on Ethereum
So the way Paloma bot works
Is it's, you know
So our, for instance
The first TWOP bot we have launched
Is the curve TWOP bot
So as, you know, the name implies
The bot is actually deployed
Specifically for curves pools
And if you want to swap USDC into ETH
In one of the curve pools
You can use our bot
The pigeons basically execute cross-chain transactions
So the transaction started on the Paloma site
And then, but the execution is sent by
The messages are sent across into Ethereum
And the actual transaction finalized on Ethereum
So that is how the cross-chain aspect comes into play
I think really what we want to highlight this week
Because this is like the first full week
That our bot has been, you know, fully functioning
So really what we want to highlight is the performance
And in terms of metrics
So we'd like to share some numbers with you
And also remember we, Paloma bot has its own front end
So palomabots.ai
Feel free to visit the webpage
So all the numbers I'll be sharing
Are already on the front end
Since inception
Since our launch
The total number of users
Currently stay at 25
And the total number of bots
Has reached 226
So what does number of bots mean here?
Well, as I said
So the TWOP bot, for instance
One bot basically helps you trade one token into another
With a series of smaller trades
So if you were swapping USDC into ETH
You, you know, deploy one Paloma bot
This is one bot
Let's say sometime later
You have some other token
And USDT you want to swap back to USDC
No problem
Use the bot again
And if you do so
Then, you know, the way we keep the score
Is we say this is a second bot
So 126 means there have been users
Deploying bots 126 times since inception
I think the biggest highlight here
Is the volume
So volume is how much has been
In terms of dollar amount
Has been transacted
We have a grand total
Of nine bots deployed currently
And out of which
The curved TWOP bots
Has the highest volume
It currently stays at
Close to 8.2 million
So 8 million and 170 grand
In terms of USD
And some other bots worth mentioning
Momentum bot has
$7,400 worth of volume
It's our second biggest bot
And we also have the
Gecko bot
Which is a bot
In collaboration with
Gecko's
Top Gainer API endpoint
Has got to
More than $2,000
Worth of volume
And also
On Curve
We have a limit order bot
That has got to
More than $3,000
So it's $3,200
Worth of volume
And to wrap it up
Also
A breakdown
Across different bots
Curve TWOP
There has been
38 bots
Users have come
Deployed
Curve TWOP bot
38 times
And the second one
Is the momentum bot
So momentum bot
We didn't really
Get to introduce it
This time
But basically
It's a bot
For people to
A. Discover
New tokens
A lot of
This
Smaller
Market cap tokens
Where they
You know
They're showing
Great short term momentum
So that bot
Has also
Been very popular
It has got
It has been
Used 30 times
Since inception
And then
The third one
Would be
Curve limit order bot
26 times
Once again
Really
The highlight
This week
Is the
Strong volume
On curve
TWOP bot
More than
$8,000,000
So that's
A number
We are
Fully humbled
About the number
And we definitely
Would like to see
More
Growth
In both
Just TWOP
And also
Some
Some of our
Other bots
Yeah
That's
Walkthrough
On our
Bot performance
Don't sound so excited
Don't sound so excited
You sound too excited
Why don't you
Calm down
You know
Take a sip of water
So it's like
So excited
So well
That was just
Amazing numbers
Are you jumping
Up and down
Is that
Are you jumping
Up and down
In your seat
Well
I'm actually
Sort of
Running in circles
You sound like
You're running
In circles
That's exactly right
So first of all
These are
Amazing numbers
And again
They will not
Be possible
Like I
You know
I just want to stress
These are not possible
Unless the validators
Are actually executing
The traits
Right
If we didn't
Have validators
None of this
Would be possible
It would be possible
But then
We would be
Doing it ourselves
Right
The thing about
These numbers
That Field Theory
Have shared
Is that
They are all
Executed
By the validators
Of the Paloma network
And the validators
Of Paloma network
You know
Are just routing
Messages
They're not
They're not
Actually trying
To figure out
How to price
And how to place
All they're doing
Is saying
I got a message
To send to
Ethereum
And I'm going
To send that message
Again
These bots
Are just
You know
The volume on curve
Was outsized
And I think
Only because
We didn't have
A Uniswap
T-WAP bot
And we did not
Have PancakeSwap
And we did not
Have awareness
You know
If we
Assume that curve
Is smaller
Than
You know
Ethereum V2
Then
Our goal
Is to
You know
As much
As the same
Volumes
As going there
And I think
This is pretty
Amazing
Special thanks
To all the Paloma
Validators
You've been here
For a year
You know
There was
You know
Really special
Airdrop
There have been
You know
There's been
No listing
Of the grain token
Even though
Anybody can
List grain token
If they want to
There's been
No listing
Of the grain token
Not a lot
Of hype
You know
Building around
What we're doing
Because we're
Just trying to
Keep our heads
Down and
Make something
Work
And it's
The value
So we
Thank you
TWOP
Bots
Work
Because
Pigeons
Execute
These cross
Chain
Transactions
Pigeons
Receive
The messages
And they
Send it
This is
The only
Decentralized
TWOP
Order
Executed
Cross
Chain
That's
Another
Big deal
This is
Like
Cross
Chain
Execution
We're
Telling
Folks
This
A new
Space
Cross
Chain
Think
Cross
Chain
It's
About
Bridges
I want
Lock
And distribute
It across
Multiple
Chains
And you
Want to
Distribute
Across
Multiple
Dexes
So this
Just
Beginning
Really
Just
Test
What
Security
Model
That
Validators
Going
Cheat
Steal
Money
Validators
Being
Entrusted
What
Again
Says
Paloma
Pigeons
Really
Loyal
This
Network
Because
Really
Security
Model
Depends
Value
Grain
Done
Million
Value
Then
Biologically
Will
Assume
That
Paloma
Already
Worth
Million
Grains
Should
Worth
Million
Value
Right
That
Means
That
Grains
Were
Know
Again
Extrapolate
What
Grains
Worth
Last
Week
Know
They
Were
Worth
Maybe
Million
Every
Week
More
Volume
Every
Week
Should
Reflect
Would
Like
Value
Grain
Would
Reflect
Value
Tokens
Messages
Executed
Network
Really
Want
Increase
Value
Grains
Then
Need
More
Messages
Sent
Across
Paloma
Network
That
Security
Model
Really
Price
Grains
Will
Take
Care
Long
More
Bots
Launched
What's
Goal
Launch
More
Bots
People
Building
Bots
People
Launching
Their
Bots
Other
Folks
Will
Paloma
I'll
This
Network
Then
What
Will
Happen
Value
Grain
Will
Correlate
Value
Transactions
Transacted
Network
Course
Can't
Promise
That
Will
Always
Value
Grain
Will
Anything
Zero
Promise
That
Security
Model
Holds
Need
More
Transactions
We're
Going to
Community
Please
Share
Retweet
Stuff
Shared
Discord
Shared
Other
Channels
People
Know
That
Messages
Being
Sent
Secured
Remotely
That
Bots
Definitely
Massive
Opportunity
Growth
Opportunity
Build
Also
Know
Essentially
Participate
Value
Grain
Want
Talk
About
That
Currently
Slippage
Handled
Devs
Paloma
Palloma
Bots
Have
Have
Their
Slippage
Management
They
Sanguished
Attack
However
Have
Been
Working
Volume
Been
Working
With
Block
Root
Will
Soon
Able
Your
Block
Root
Account
Implement
That
Message
Requires
Will
Able
Relay
That
Message
With
Points
Your
Choice
Start
With
Block
Root
We're
Looking
Others
Pigeons
Choose
Whichever
Point
They
Want
They
Will
Relay
That
Last
Week
This
Week
Sorry
Over
Thousand
Refunds
Increased
Volume
This
Also
Kind
Crazy
Again
Refunds
When
Refunds
Grow
Value
That
Means
Network
Getting
Usage
It's
Desire
More
Refunds
Really
Want
Refunds
Does
Refunds
Ended
Refunds
Ended
When
Have
Pigeon
Feed
What's
Pigeon
Feed
Project
Pigeon
Feed
Where
Every
Validator
Gets
Their
Relay
Price
They
Know
Sending
Message
Across
Ethereum
Uniswap
Here's
What
I'll
Charge
Want
Make
Such
That
Validators
Participate
Market
Relaying
Messages
That
Validators
Course
Encourages
More
Validators
Come
Secure
Network
Right
Again
More
Validators
Securing
Network
That
Means
Network
Increasing
Value
Pigeon
Feed
Will
Require
That
Validators
Paid
Also
Stakers
Paid
Just
Validators
Getting
Paid
Because
They
Charge
Their
Relay
Those
People
Delegating
Stake
Participate
Relay
Benefit
Relay
Value
Transfer
Because
That's
What
Paloma
Does
Right
It's
Messaging
System
It's
Flock
Birds
Birds
Essentially
Sending
Messages
Stakers
People
Stake
Grains
Give
Network
Security
They
Participate
Staking
Grains
Participate
What's
Next
Upgrades
Coming
Prison
Gravity
Bridge
Coming
That's
Something
That
We're
Testing
That's
Coming
Testnet
Validator
Here
Have
Testnet
Vote
Going
Upgrade
Happen
Which
Voting
Right
Today
Wednesday
Think
That's
Going
Remind
Them
Have
Testnet
Upgrade
Relentless
Relentless
Release
Going
With
Upgrades
Focus
Validator
Happiness
Want
Validators
This
Network
Want
Because
It's
Constantly
Improving
Value
Brains
Rising
Because
There
More
Bots
Look
Testnet
Upgrade
Also
Look
Arbitrum
We're
Going
Have
Arbitrum
Upgrade
Deploy
Arbitrum
That's
Going
That's
Opening
Well
Again
Massive
Massive
Growth
Paloma
We're
Very
Busy
Goal
That
Would
Like
Again
Pass
Million
Volume
Want
Right
Number
Volume
Transactions
Network
That's
Number
That
Want
Bump
Gary
Gensler
That's
Again
We're
Marketing
Growth
Volume
Nothing
With
Token
With
That
Little
Over
Time
I'll
Send
Guys
Just
Want
Give
C-Card
C-Card
Getting
Mansion
Grains
Loan
These
Lending
Network
He's
Buying
Mansion
Somewhere
Australia
Parting
Congrats
Validators
Receiving
Delegations
We're
Telling
Everybody
Delegate
Because
You're
Network
You're
Persisting
Congrats
Will
Guys
Next
Week
Hopefully
Numbers
Volume
Thanks
Give
Some
Music
Thank
Guys
Everybody
Want
Your
Hands
Together
Just
Move
Your
Hits
Side
Side
Yeah
That's
