and never know where it's coming from and just don't let me get it
somehow we think the things that I want you to know
all the same thing it took to get out of my mind
all the things that you'll have to do to keep it
all right cool the music cool cool cool cool all right welcome everyone today is
Wednesday Feb 7 I barely have a voice but that's how it goes
no voice but I'm here we're cranking and it is
February 2nd month of 2023 and five days after one year after our
one-year anniversary of launching Paloma mainnet
I feel like Satoshi you know I'm gonna say that yeah I feel like Satoshi
you know I launched this thing not too many people are taking interest not a
big deal but every day every year it's getting
better better better and we are way better than where we were
last year last year when Paloma launched we essentially
bulk bugged up the the the mainnet due to inflation we had to reset it
and turn inflation when everybody was online even though inflation was low it
was still kind of crazy people were pissed
and messenger came back online the first mainnet
this is the second mainnet
to that what's powerful about this mainnet is we did not have
a crushed chain execution working really well when we launched
we had to deploy we we did have some tests going we finally deployed it
and it was working but it was only working on ethereum and bnb chain and
we didn't have you know we didn't have seven chains we didn't have any apps we
didn't have nothing now we have apps now we have seven
chains now we have 30 30 validators we have more
validators coming on board so every validator who's been here
early good for you now people are telling
validators to come onto Paloma it's kind of wild to see that happening
and so we're still stealthy we're operating in stealth we're not like
doing too much boasting and you know hard press
and that's a good thing in my mind because we continue to find
a real use case for the chain and a real use case for the application on the
chain so welcome we're going to talk about that talk about
the exciting stuff we have coming in on this week so
for this basis overview for today is we're going to talk about this
is our goal as we move on to the level of volume
this is all about decentralized custody trading bots
decentralized lending everything managed by the tool of blockchain
woman blockchain is the hub i'll tell you i'll tell you a quick
note if you forget everything i said today
i had one investor tell me that it looks like Paloma could be a cosmos hub
for evm chains Paloma can be a cosmos hub for evm chains and i was just like
whoa dude that's huge so the validators in Paloma are the
rock stars here and we are going to be more and more is
going to come to the surface that's where you go
so we're going to talk about automation we talk about bots and we talk about
revenue and profits of validators this is you know Paloma is very much a
validator story is about validator wins and validator
progress and validated profits i want every
validator in Paloma to to earn enough money they can drive a
lambo they can have two lambos if they want
it should be that Paloma validators become a a coveted space everybody wants
to get full of a validator because it it burns and pays the most
money all right so how are we going to get there
from here all right well where we're going to get there
from here is first we're going to talk about last week and the upgrade
so Paloma testnet is now on version 1.12 that oh
wow we are 1.12 that oh remember the old days when we were on 0.7.2
uh so and then we we have blockchain also 0.6
it's reaching all since your point board so we're well 0.12
um and testnet is all pigeon feed everything we're working on
is monetizing relaying for validators is pigeon feed
um so the first phase of pigeon feed phase one is in testnet
and that is where we collect metrics validator performance very simple
if your uptime your uptime is connected your message relay time
um your your uh pigeon uh you know coverage your meb
implementation all these are available and these metrics are being collected
um in real time or a window and so uh what we're going to see is that
validators are already ranked we don't have a dashboard
and god we'd love to have a dashboard but again
dashboard is pretty we want to focus on the purchase right now
or more focus on its functionality and product so what we're going to do is
move quickly to phase two but before we talk that um
if you're a validator you can check your metrics um
the command for checking your metrics is again here
um on on mainnet it's on testnet right now
so if you take a peek on puloma testnet um you'll see that we have the metrics
command which is puloma d q metrics m e t r x
validator and then your validate name so puloma d q
metrics validator name and that will give you
the value to metrics your value for your value address how much uptime
your success rate and executing messages for execution time
the fees that you charge and of course uh the feature sets so
um these are all available in our documenting
documentation we call it the puloma metrics module
um and we're going to make that part of our that's going to be in our weekly
wings so we're going to get our weekly wings out today
we're going to talk about the metrics module metrics module
is about measurement okay um and we're still operating it um i think
this week we're going to be operating for 1.12.1
and 1.12.1 will have a new release to capture and make sure we're collecting
all the metrics so if you're a validator um once we start
collecting these metrics you'll be able to check it yourself
um and and um our goal is that this metrics will become
a continued benchmark for us to improve the limit delivery
but let's talk about the money partner you're here for the money if you're in
this trigger spaces you are saying tark show me the paper i need to touch the
papers like michael you know uh it's like you know um
you know it's like wwe wrestling you want you want to you want to you know
you want to you know you're sweating and you want to dry yourself with dollar
bills you just want to dry yourself right how are we going to do that so
pigeon phase two um for pigeon is what we're going to
do is uh that's going to be implementing the new feature
where the paloma validators are assigned messages based on
their ability um their ability to uh they're going to be assigned messages
based on their ability to um mainly be highest performer and then lowest cost
right so we're going to start ordering message assignments to
um pigeons that have the highest messages
um and the lowest cost and so um this is very exciting because now
instead of just being uh you know hey we're collecting it
now message assignment will trans transition from
random which is it to hey if your vision in your data center
is you know handling messages and have the maximum of time your first in line
you will get the first message and then the third piece
all right so that that we're going to take next week um i hate roadmaps but
for now i'll just do a roadmap for brief brief one week roadmap
one for to do it is now that we finished collecting the metrics
the next step is we're going to uh assign messages based on your
performance on the metrics and then the third one is we're going to
assign messages based on your performance in the metrics
and then of course your cost so validators will get to set their relay
fees and relay cost they can do so for themselves
and it will be hey if you're the best performer in the lowest cost you will get
messages if you are the worst performer and the
highest cost you won't get messages so then
validators can adjust their fees dynamically here's the fee that i want to
set for being able to relay messages right
and so we're excited about that because then the fourth phase
is you just claim your refunds you claim your refunds directly
um they're going to be claimed on the target chain so we're not going to do
any refunds in the cosmo section why because cosmo doesn't have a
dex right so why are we going to manage to suffer
collecting refunds on the dex you want to collect refunds on the target chain
and those refunds will essentially be in grains because grains will then have a
market on that target chain so grains will get swapped for eat
um and most right now we're in evm so grains get swapped for eat
and then values just claim their grains which will be their cost
plus their revenue cost plus revenue and once we do that
then there's no more we're not waiting for volume to issue refunds
there's no more centralized refunds everything accepts on chain
and all we have to do is get more people a little more bucks
so um that is the phase and and once that is accomplished
we will have achieved the promise of polymer in which validators are going to
get paid for executing transactions on chain
making it to maximize that revenue and of course users
will then pay those fees directly into polymer so the fees don't get paid
to us anymore they'll get paid directly into
the compass evm on each target chain and the compass evm on each target chain
will move funds and the validators can get refunds now
because polymer already records the successful message
it records the cost um essentially the calculation is very simple
um the polymer compass will then say great
i have a hundred bucks here for katilin i have a hundred bucks here for zyden
hundred bucks for salomon and 500 bucks for same jame
you guys will just pick up collect your fees and go and then you can swap
on the target chain back to eat you can swap back to usdc you can swap back to
usdt but because there will be an active market
you will be able to do so and there will be no locks on the on the grains
you can swap get back you can bring the grains back to cross the bridge
steak for steak if you wish um it totally depends
because if grains are cheap and you can get more grains for cheap
right um then definitely bringing them back across the bridge can
for staking so those are the last three more phases phase one is done
the phase two uh selection phase three payments uh phase one is done
phase two is election um and phase three is going to be payments
and phase four is going to be collected so refunds and there we go all right so
super excited about that very possible that february will be a
good month but march and even more awesome month for poloma um so
that these things are live now um what we want to do is we want to
drive more volume across poloma while this work is being done that's a
strategy right so this week we launched first if
you're going to follow our twitter feeds you'll see that we started talking about
bitcoin lending right and bitcoin lending is awesome
there everybody has bitcoin they want to borrow against their bitcoin
get some cash and then get that bitcoin back into the bitcoin world
now who is really perfect for handling your bitcoins
getting you a bitcoin loan and then getting that loan repaid does anybody
know the protocol that will sort your shit out
yes there's only one protocol that will do that today and that's poloma
all right so currently we're working with a number we're just connecting with a
bunch of new bitcoin customers um and we've never
been here before uh because they saw the other box
so all we saw the curve box and they saw the the
new swap box we had and then they were like hey can i get the course we did
i'm sure that i'm gonna ask volumify to retweet
um that that uh that thing that we did it's a
it's on my twitter handle we want to retweet it from poloman volume
because that is allows now if you're holding bitcoin
you just come to poloma and swap right and of course
um if the customer is paying they're gonna be paying bitcoin
um on the target chain they're gonna be paying an ethereum because we're gonna
do the loans on it but if they're able to come back and keep
you know essentially returning um we see that as a very very
compelling use case for poloma servicing the bitcoin
blockchain for ethereum-based lending and that's cash and you want to pay the
polymer value so we're excited for that that was one of
the things we worked on last week on volume
another thing we worked on last week on volume was improving our curve box for
lending um i'll tell you we've hit some
records um so the polymer validators have
managed over 24 million dollars in volume
in the last four months so essentially from november december
january to now poloma validators have managed 24 million in volume
that 24 million in volume is without a list of tokens there's no token price
there's no token trading values are just cranking out getting
that keeping those those those those nodes on
and running that process this is amazing so what we want to do is we want to keep
building this volume up right so a lot of people ask me
tarik why is the green token not listed and i always tell them the green token
can be listed it's live anybody can list grains if you
want to go call up by an answer and say please list
grains you can do so you do not need poloma of all use
permission to get green listed if you wanted to create a DEX on
poloma you could create a DEX on poloma today
anybody can do this this poloma is open software anybody can write a DEX and say
hey i'll trade it uh say tarik what about the bridge you
you can say hey axler please connect the volume we'd like to bridge our IDC
channels we think that most people aren't creating
the grain deploying the green token on their own because
they just don't know what's the value of it right and they don't know why is it
this token is even worth our time so what we are doing is building that
value message before we have the token launched the value
message is that there is volume already being transacted on the chain
so it is my approach that if we can if we continue to build up spend the next
month of february and march driving volume from customers who
will keep using poloma for execution when green when the
when the pigeon feed is done the price of grains will be
supported by demand not by hype right and if the price of
grains are supported by demand validators are going to make money
right without having to worry that um you know the hype cycle has died so
um and and without incentives everything we're doing has no incentives so
the 24 million in volume is non-incentivized volume
we aren't rewarding anyone for grains for using poloma
bots today so that means we think uh that we have a reason there is a
very valuable reason that people are using it and we need to keep building
that as pigeon feed comes online because when
pigeon feed comes online grain prices will come online because
grain prices will require a dex right because the users we're not going to
require users to pay in grain we're just going to require users to pay in
whatever token they're using the bots so if the bots native token is eth
that's what they pay for their gas and their relay fees and so we're going to
make it so easy to like fuck i just want to pay and eat and we're like that's
fine here's the calculation that's it move on
right so once we do that and we launch pigeon feed
our of expectations our goal is grains will have demand
so when validators need to sell their grains to pay for their gas
they will already have a demand curve right there will already be a price
and that will attract more people who want to buy grains and whole grains
which will attract more validators um and will attract more relay activity
because people want to take advantage all right so that is for us um
essentially the vision of what's happening with pigeon feed and what's
happening with these new volume bots um so historically right now we're at 24
million uh we hey our biggest bot continues to
be our curved t-wap with over 20 million volume uh the second
you know largest bot is our euro off-ramp people are off-ramping euros
um so if you need to get euros off to home uh using coulomb is a great way to
get it done and then of course our leverage bots
which are really really successful now leverage
bots um are still very much alpha software
but it's a very very straightforward model if you want to put a leveraged
position on curve and then de-lever automatically
or add more leverage the Paloma network with Paloma validators will have
the transaction for you and they will take your money and
lever you up or they will take your money
lever it down and send your money back to you right so
Paloma becomes a custody Paloma becomes or cross your execution
Paloma becomes smart contract management and relaying and position
all right um we are also working on a new project
called the juice we're not going to share more about the juice yet
but i would like to say that juice is coming
um and the juice is going to be juicy um we just like the juice and every
every bird is going every Paloma pigeon wants to hatch
and you see that juice egg come to life so we're going to be working on that
um and it's something for us again to get more volume
onto Paloma so that again validators get paid more volume
again when pigeon feed is in production all right so um
again super congrats to everyone welcome uh get ready for the upgrade we'll have
to pick up uh there'll be i think this picks 45
we'll pick 54 uh for proposal 45 um so that will be up today please uh read
also the uh weekly wings talking about these
metrics um uh we'll have to get it out i want to
get it out so i'll be trying to move on that today as well
so you'll see how am i getting paid um and how it works
as you noticed in the in the in the in discord we have new validators
that is not fake people are actually telling folks to come validate on
on Paloma so for everybody who's been here over a year
um it's kind of like you can laugh where do these guys come from
because people are like hearing the story about how validators can make
money on this network and so they're coming over say hey i
want to i want to get set up so that is motion we're going to continue
to find it um as we get ready to get more volume
um we'll we'll see if we can you know break how how much more volume we can
get before pigeon feed launches but i think uh we're going to be aggressive
about it all right so that's it have a great
week ahead thank you for everyone for attending
um cuckoo and we continue to make pigeon profitable so you can buy your
lab book see you later next week