I want you to put your hands together, just move your hips from side to side, that's it,
We spent a lot of time searching for love, and everyone knows where it's coming from.
And as soon as we get it, somehow we seem to think that our work is done.
And we'll have the same thing and we'll have to get that love.
All the things that you have to do to keep it.
You've got to get a little take away.
You've got to get a little take away.
You've got to get a little take away.
You've got to get a little take away.
I don't think that's even the name
And all the things that you see
He's going nowhere, baby.
He's going nowhere, baby.
All right, keep the fire burning, okay, great, thank you, and welcome everyone, and today's
a busy day for Twitter spaces, I have like 10 Twitter spaces going on at the same time,
right now, so it's like pretty nuts, but for everybody who's been able to attend this Twitter
space, thank you, last week we had a lot of people, that was kind of wild, we had like 3,000 people,
that's just joking, we got a good number of people on Twitter spaces last week, that was good,
we really got to talk about our leverage bots, which we love, and which are getting a lot more
attention, so this Twitter spaces today is Wednesday, January 24th, and this is 1-24-24, and what we're
going to talk about today is really about Paloma, and the coming up pigeon feed, so we want to spend
some time, everybody who are validators on the Paloma network have been waiting very patiently,
for they've been validating and staking, the network has been doing transactions,
about anywhere from 100,000 to 200,000 a day in volume, we're trying to grow that,
but really the reason why we're trying to grow that is to again continue to deliver and work on the
protocol, to deliver the solution, the value of why we have the network, which is to pay
validators for Relay, and so today we're going to talk about what's coming next, actually what's
coming this week, the work we've completed on pigeon feed, this is really a pigeon feed
Twitter spaces, and we're going to talk about the new Paloma EVM that is coming,
and the work that's going to be done to launch that, so a lot here, of course let's remind you
what's volume, volume is a software company, our goal is decentralized custody, decentralized trading,
decentralized lending, all managed by the Paloma validator set, we believe in the Paloma validator
set, that is an expertise area in DevOps, which is very important to making blockchains run,
and we want to nurture that and pay for that, our goal is to tell people how they can use bots
to manage private keys, and how they can enable more automation for the bots, more community, and
of course more profits and revenues for validators, in this world, in the eigenlier world, validators
don't have a reason to live, because all the staking activity is done on Ethereum, and you
sell that security, so there is a threat to validators, people want validators to go away,
because they believe validators aren't that valuable, too difficult to work with,
our view is different, we believe validators are important, we believe validators are
experts in data centers, and we want to nurture them, protect them, and with pigeon feed them,
all right, so let's talk about what we're doing here with pigeon feed, all right, so
first things first, is we're going to talk about pigeon feed, in the Paloma forum.palomachain.com,
you can go to the forum.palomachain.com, and if you go to our R&D section, you'll see we
read up a post about relayer performance metrics, and why are we doing relayer performance
metrics, this is the first and second phase of pigeon feed, so how we're going to do it is,
the architecture design for Paloma is that pigeon feeds are the way we get grain to go up,
right, everybody wants grain value to go up, if you are staking grain, you don't just want the
grain value to go up in inflation, you want people to demand grain, there must be demand
for grain, this is the big problem, demand for the native token, why do people demand it? Our
hypothesis is that grain will be demanded when people pay for their relay activities in grain,
right, so when a bot on Paloma runs, and it sends messages across multiple chains,
that gas fee that people pay for the target chain will contain the revenue for the relayer,
and that revenue is, you know, is going to cause demand for grain to go up, so if you hold grains,
it will go up in value, the more people send messages across the network,
all right, so validators of Paloma is tier one citizens, if you're a validator,
yes, we know we don't treat validators as tier one citizens, we're not paying them as yet,
but we are working, everything we're doing on Paloma is to make validators be able to buy
Lambos by creating demand for grain, so because validators are tier one citizens, they secure the
Paloma network, and also they relay messages, right, so Paloma, now today Paloma's current
relay assignment is a random, if you're a validator on the Paloma network, you get a sign,
a relay message to send randomly, it's not based on anything, it's just random,
so the next phase is that we're going to start measuring pigeon performance,
so pigeon uptime, pigeon support, so pigeon uptime, we're going to also measure a bunch
of other things, pigeon message delivery success rate, pigeon message delivery speed,
and whether or not pigeons have any of the endpoints enabled, these four areas are going
to be the first wave of metrics, so pigeon message uptake rate will be how often pigeons
collect messages, so when a pigeon is assigned a message, how often do they take the message,
also, somebody's messaging me, are we good, the next one will be, we're going to be looking at
pigeons delivery success rate, how successful was this pigeon's RPC endpoint, this is why
we want pigeons to start investing in better RPC endpoints, is how successful were they able to
deliver the message, of course also delivery speed, how long will it take to deliver a message,
and then pigeon MEV endpoints, are pigeons running active MEVs, for example,
are pigeons running MEV endpoints on block route, and we have that already in our documentation,
so there we go, now measurements of these metrics will all be done in a shifting data window,
it won't be like permanently, so if you're a pigeon and you start off slow, you won't suddenly
have to, you know, if you're a validator and you start validating in time t100,
and metrics have been measured since time t1, you don't, you'll have to have like a hundred
time periods or epochs to catch up, we're not going to do that, what we're going to do
is have a shifting time window, so even if you're a validator and something happened with your system,
you know, say your data center went down or, you know, your wife got angry at you,
and she yelled at you for validating on Paloma instead of validating on Eigenleer,
and she took the kids and left the house, oh wait, sorry, wrong chat, so there's something
going to happen here, you can immediately join back into the network and start performing well,
so we're going to have a shifting data window, so that old performance gets flushed out,
and new performance waits, so it's going to be weighted higher to new performance,
so it's going to be like, you know, yeah, you can rest on your laurels, but, you know,
again, it means that new validators can enter the network and start performing well,
and capturing that value. Now, if you're an old pigeon who's been like doing well, you know,
yes, there's an opportunity for you to get pissed and be like, I've been here since testnet,
god damn it, my wings are old, I've been on this network, I deserve to be able to fly,
and get messages, the network will become competitive, why? Because you're going to be
able to collect revenue directly, and now we switch from, you know, hey, you know, every pigeon is
treated as equal, to now there'll be a pecking order, right, and so the first phase of that
pecking order is performance, the second phase of the pecking order, which will be phase three,
will be then based on how much you're charging, so if you're a pigeon who does, you know, really
well, and you charge a high fee, you can still lose out to a pigeon who does so, so well,
and charges a low fee, because essentially, once we order by performance,
and then we'll order by fee, right, so you don't have to be the best pigeon,
but if you're the cheapest, you're like, god damn it, I've charged the lowest rate in the nest,
if you're the lowest rate in the flock, it is possible that you can compete for more messages,
and compete for more wins than other validators are charging higher rates, so very excited,
we're working on that, what's the timeline? Timeline for this is that we're going to have,
we're expecting to have binary and updates to Paloma and Pigeon at the end of this week,
and then we will most likely do a testnet proposal for upgrade to testnet next week,
we will test to see that the messages are being relayed, and being assigned according to these
metrics, the shifting windows working, and then we will upgrade to mainnet. Now,
once all that is done, then we have to go to page three.
Phase three is where validators will be able to set their fee amounts and assignments for relaying,
so it will be a percentage of the base fee, so we'll have a base fee for relaying,
and then validators can then set their percentage, you can say hey, you know what, there's a base fee,
because base fee will consist of the security for the network, it will consist of a fee towards
stakers, and then lastly for the validator fees, so what's going to happen is I can get to say, you
know what, I want to charge 0.5%, I want to charge 5%, 50%, 500% of the base fee, here's my rate,
validators get to set it, it's dynamic, so you can change it at any time, and then of course
messages will, you know, so I'm just going to tweak out how messages get delayed to them,
they can start essentially optimizing for being better relayers on the network so they can
we want to get first phase one and two done, and then of course phase four, phase four is going to be
claiming your fees, so the way we're going to do it is that fees will be cleanable as
grains, even though you're spending each for gas, even though you're spending each for gas,
what will happen is Paloma will swap all gas fees for grains, all refund gas fees will swap for
grains, so that there will be five pressure on grains, so even if you're a validator getting
you're claiming your rewards in grains, the beautiful thing is you can say, dude, price is
going up, I get more grains, and then you can sell those grains, of course, to capture
the upside or stake them or however you want, so by essentially using the DEXs on the target
chains, so we're going to first do this on Ethereum, we're going to first launch a pool,
we don't know which DEX yet, but we will first launch a pool in the DEX,
and we'll be testing it, what we will have is immediate, what we want is immediate by pressure
on grains, right, now we could have created a DEX on Paloma, but DEX works done everywhere else,
it's on all the target chains, we can, we have seven EVMs, we have DEXs on seven EVMs,
we can deploy grains to seven EVMs, therefore we can do relays on seven EVMs,
and we can allow folks to claim grains on seven EVMs and charge them,
it will be arbitrage opportunity, right, so the grains swapping on
arbitrant will be different than the grains swapping on ETH, as in pricing,
those price mismatch again will cause and create more demand and more trade for grains,
which means number go up, right, so all we want is the number to go up from an economic value
proposition, which doesn't require volume or pool or more of the validators to really influence it,
economic value will come from, hey, more people are relaying, they're paying for their
relays, relays get swapped in from ETH into grains or target chain native token into grains,
and then validators can swap that back, because price will go up, right, so you start thinking
about it, it's really that price goes up, and if the price goes up, then of course what will happen
is more people will buy grains, right, and if more people buy grains, then the grains become
more valuable, so this is how we create value, right, in the system for the maximization of revenue
and profits for validators, this is about profit maximization of revenue, at one point somebody
asked me why don't we just refund ETH or the native token, we said yes we can do that,
but then again what happens is we don't have a loop to drive value or demand for grains,
so if you're in the grain network, you want grains to go up, you want more people to see
the price action, you want to attract people with trading, you want people to look at
grain price, see it's moving, see there's volume, you want people to trade it, and then if people
are trading it, they'll start buying it, what does that mean, number go up, value of the grains go up,
therefore more grains to validators, of course maybe even less grains to validators,
because the price relative to ETH goes up, but that means that they can capture more profits
and more value, so that is the story that we have for Pigeon Feed, it's underway, obviously
one of our main things working on the portable side, something we promised in the white paper,
we haven't even published the white paper, I think we need to publish the white paper,
but it is part of the political white paper, I think we may do that, publish the political
white paper once we finish it, so that people can see this is what was promised and it's
actually delivered, keeping in mind that's what Satoshi did, white paper came out
when Bitcoin was actually launched 2009, so we want to do the same thing,
white paper coming out when that is complete. All right, some more exciting news, so we
had the volume team have spent the last week talking to Arbitrum, really we've been working
on Arbitrum, you may notice we have a volume bought on Arbitrum, we deployed to Arbitrum
by a Paloma Compass EVM, all the validators have Arbitrum running, we deployed a Uniswap
V3 T-WAP Arbitrum bot last week and that has been really really awesome, so anybody can
do T-WAPs on Arbitrum using Paloma. We were talking to the Arbitrum folks about featuring
Paloma bot and marketing it, they have said to us, hey we'll do so as soon as your contracts are
audited, and so we decided, okay great, we're going to get the contracts audited, so Arbitrum
team is helping us with audits, so we have a grant going out today for Arbitrum to support the audit,
but more importantly we've spent a lot of time talking to Arbitrum about running an L2 or an L3,
so as of last night we have said, hey we're going to run on Arbitrum L2,
all right, so you've heard it right, so hey Cosmo, it's Casio here, no problem, welcome,
so you heard it here folks, we are going to launch an Arbitrum L2, all right, now guess what, so we
talked to Arbitrum and they're like, well you know you could use all of our roll-up providers, and
we were like, why would we ever use an external roll-up service provider, because we have 35
validators who are experts at running blockchains, so Arbitrum L2 for Paloma should be run
by the sequencer, we think should be run by a community member in the validator set for Paloma,
so if you're here and you're listening, you heard it here first, we are going to launch
Paloma EVM, and we're going to put it to a community vote for who will be the sequencer
to run Paloma EVM as an Arbitrum L2, all right, so what does this mean? We're going to put some
signaling votes together, we're going to discuss it in the forums, put it up on Discord and get up
to Discord and tell them, one, we are going to request a signaling vote for us to launch
a Paloma EVM as an Arbitrum L2, so before we do that, of course, a lot of people were saying
why don't you just launch an EVM, why don't you just do that on Cosmos, and we said because we don't
want to write more code, we don't want to do more customizations, we really want something out of
the box, and the Arbitrum Foundation has been like, listen, we actually want more Arbitrum,
we will give you incentives, so what we get with Arbitrum L2 is incentives, we get
essentially a full-fledged EVM, we get access to the EVM and the Arbitrum ecosystem, and we now give
our validators an opportunity to compete for the role of sequencer, so we don't want any outsiders,
we want Paloma validators to be one of the sequencers, unfortunately, we're going to have
one sequencer at this time, so it'll have to be a vote for who, you know, which of the validators
will be our best sequencer, it will be a vote by grains, so we'll see what happens, so we're
going to look out for our forum post, and look out for Paloma EVM, we are excited to say it will
be an Arbitrum L2, also here's some notes about Arbitrum we should also consider an L2, now because
we have Compass EVM already deployed to Arbitrum, it means that we can have Compass EVM deployed to
the Paloma EVM Arbitrum L2, simple vote, and also we will have to tweak Paloma, so Paloma currently
blocks are 1.5 milliseconds or 750 milliseconds, Arbitrum blocks the 250 milliseconds, so in order
for Paloma to keep up with Arbitrum, we will have to reduce block time to 250 milliseconds,
now this is not new, this has already been done by Injective, it's already been done by Say,
but I think we may not need to come down to 250, even if we come down to 500 milliseconds,
for us that would be a good enough goal, because even if Arbitrum L2 for Paloma EVM is faster,
two times faster, we can still provide cross chain execution or relay execution on Paloma EVM,
that is a little bit slower but can get there, so we're really excited about it,
but this also leads into our Cosmos SDK upgrade, so you know we guys we have finished the Cosmos
SDK upgrade for Paloma to Cosmos SDK 0.50, alright that means we bring in 0.83,
even no Comet, and they're pulling out stripping out the app specific mempool,
so we've had a lot of change to do that, we have a lot of testing still going on,
also the Bitcoin team has upgraded Pigeon, so Pigeon is now Cosmos SDK 0.50,
so these two modules which are main modules are now upgraded, what we're going to do is then merge
them into a private testnet for testing before we bring out the heavy guns to let folks know that
we're going to bring this on testnet and then to mainnet, of course what we want to do is have
Pigeon feeds first, phase one and phase two completed by that time, so we want Pigeon
feed to like sort of clear the decks, so we can do the upgrade because it will be a lot
of changes for a lot of folks, things will break, but the best time for things to break is when our
token is not yet trading, so nobody's going to risk losing money right now, and of course Paloma
can still be a value relayer right, so the good news is that we have continuous upgrade,
we're really excited about it because then we can do a lot more, our Pigeon operator keys again
allow us to do a lot of validators to sign multiple TXs for relaying, so that means that
validators can sign and digest more relay activity, not just one TX per block, but they can
do multiple TXs per block based on Pigeon operator keys, but we're also hoping to get optimistic
execution, which means that Paloma will be able to go very very fast or have as high throughput as
Solana, so again we're a very quiet chain, but we're looking for Solana speeds with massive amounts
of parallelization, parallelization both on the block level, on execution and parallelization
that's signing for relaying, so we're going to do these things as it's coming, but what it means
is that now you can essentially program to execute on Paloma EVM more complex trading bots, faster
trading bots, so we can attract even other arbitrary projects to come deploy Paloma EVM for the speed
and for the complex execution, so that is happening, and I want to say thank you to all
the validators that are alive, it's because you guys became to this place, also because we have
deployed and because we're running the bots, now the bots will have even more demand because
the only place you can build fast bots that can run and execute at arbitrary type speeds
will be on Paloma, right, so the bots still have to be written in cosmoasm,
so that they can interact with the essentially the target chain EVM contracts, so we are going to
be that chain that's allowed devs to do that, we're not ready to bring devs on as yet, we want to
get this right, so that we can tell devs it's very easy, just fork, copy, imitate what we're
doing on the bots and build your own, all right, so recap, Paloma EVM, Arbitrum L2, run by one of
the Paloma validators, that's going to be exciting, and that means yes, the winning Paloma validator will
get A to be the sequencer, who knows, we might even do a rotating sequencer, you know, where
sequencers rotate, you know, we'll see if we can get that going, secondly Pigeon Feed, phase one and
phase two will be in binaries this Friday with testnet next week, and then of course lastly after
that we are going to be working on Paloma Cosmo's STK 50, Pigeon is done, we're now getting ready for
testing end-to-end, so that we can merge, get it to private testnet, public testnet, and then
a new mainnet, so a new mainnet, new chain, new speeds, new capacities, awesomeness,
that's it, we're at the hour, with that, thank you, cuckoo, the music.