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Pryzm Alpha Hour - Earn $PRYZM in Photons Season 4
Recorded: Sept. 17, 2025 Duration: 1:00:18Space Recording
Short Summary
Prism is making waves with the launch of its first NFT selection and the introduction of liquid governance, enhancing user engagement and participation. The upcoming SEALs project promises innovative trading experiences, while strategic partnerships and treasury distributions signal strong growth potential for the ecosystem.
Full Transcription
Thank you. Thank you. you
Hey guys, can you hear me?
Loud and clear.
I can't.
Oh, it is.
My headset is not working.
I thought we'd just give it another minute or two and then hopefully a couple others will come and join.
Hit some retweets.
Good show.
Good show. good Thank you. All right, cool.
How are we going to get going?
Well, how's everyone doing?
JG, how are you doing?
Big week?
I'm doing pretty good.
Honestly, I think last week was pretty crazy with a lot of world events,
but I'm looking forward to the Fed meeting and hopefully getting some interest rate cuts.
Exactly. World events were pretty crazy.
The refractive beast was pretty crazy.
But yeah, like, I'm praying for some interest rate cuts as well.
It feels like it's about time.
I see you're rocking the, uh, what have you got?
You got a hedgehog with, uh, with an iPad.
Nice.
Yeah.
It took me like, it took me like 30 times to get, to get one of these special ones.
I just wouldn't quit.
The eye patches are like top rarity, are they?
Yeah, the eye patch, the pipe, the top hat.
I don't remember them all.
I think there's like seven traits that make them like ultra rare.
Very cool.
I see.
It's just fun.
I see, Oprah, you've got yours on as well in the
audience cool having in Gen Z account as well all right cool so yeah we had I can
do like quick updates just for the We got, we had,
yeah,
obviously the refractive basement,
which was awesome.
So like the first NFT selection on Prism this week.
So hopefully everyone that wanted to get one or more managed to get some.
That's been fun to see everyone like rocking them on,
on Twitter and Telegram and Discord and showing them off.
So yeah, hopefully if anyone
um didn't get one and would like one then uh the kind of like public mint is open so you can go and
you can go and try it out and get one um uh go to the uh backbone labs link for that. And if anyone's got any questions, let us know. So that's really cool.
And then we have been,
people might have noticed on the web app
that kind of liquid governance has gone live.
There's like, as mentioned before,
there's a couple of parameter changes
that need to be made to make governance
more sort of fully functioning which is changing
the vote time to a slightly longer period and changing quorum um to slightly longer so those
proposals will um go up soon and then once those proposals go through everything should be uh you
know a lot easier but people can people can go on governance page now
and see kind of like what governance,
what governance folks have been going through, for example,
and also kind of get a feel for kind of like
how the UI works.
At the moment, it's intentionally kind of like super simple
just to be a first iteration of it.
But we hope that, you know, over time, people will give us some more feedback and, you know, tell us the sort of things they like on it at the moment.
It gives you a bit of an idea of kind of like how much voting power, you know p prism holders will have uh and and just like as a reminder for
people like you know people that choose to vote rather than rather than what happens normally
in on other blockchains where if you you know if you hold one token you vote with the power of one
token um and if someone doesn't vote then their validator ends up voting for them.
What happens on PRISM is, you know, everyone who decides to vote ends up voting with the whole power of all of the LSTs.
So every PRISM token is liquid staked.
token that's liquid staked. Even if only one person turns up to vote with PRISM,
they would vote with the power of everyone's liquid staked PRISM token. So it really kind
of like puts power in community hands and removes the need for validators to kind of get involved,
which I think there's lots of kind of conflicts of interest that we've seen historically that kind of, you know,
make us personally think that validators aren't always the best stewards of absent voters.
And so I think, you know, this really puts power in the community's hand, which is cool.
And then once we get these votes up on, you know, quorum and, you know, things like, you know uh quorum and you know things like you know what should be the amount people have to
deposit for a vote um what's minimum voting time so just some of these like very preliminary things
that um are important then we can start voting very quickly for cprism on bonding time treasury
um treasury distributions and kind of all these other good things that uh
that people are excited about so that is what some of the team have been working on getting this live and testing it and make sure it's working properly so looking forward to everyone's feedback
and then uh and then other than that we are um very close to getting out SEALs.
So hoping to have a kind of like power tester group.
That's been going through some big testing internally.
Hoping to have a power testing group of community members who would like to, ideally in the next few days.
So that's very exciting.
And that's on the Pism side of it so that will be smart contracts deployed on prism's blockchain um which will allow people to set an order with any token
um this ibc connects on any other chain so you can set a limit order with some atom that you have on
um the cosmos hub or you can set a limit order with some Atom that you have on the Cosmos Hub,
or you can set a limit order with some USDC that you have on Noble.
And, you know, people will be able to source liquidity for your orders from anywhere
in a much more capital efficient way because they can reserve your order
and then go and find the liquidity for you and
fill your order so it gives you a high chance of your order getting executed if the price
touches your limit level that's it so really excited for people to see that and kind of for
the ui um to get uh feedback uh and then yeah and then on the Ethereum version of it we are moving it's moving along
really well it is there's also kind of new innovations out on Ethereum that are allowing
us to build something that's completely gasless and hasn't been and there isn't a version of
already out there and then it forms the, you know,
this is kind of going to form the backbone of, you know,
how trading works for some of the other products that are coming out.
So for example,
the leveraged options that people are going to be able to do.
So yeah, those are kind of like the near and present things
that we're working on.
I think internally we have a target
to be testing the Ethereum version
by the end of the month.
And then, you know, that should plug into the existing
front end that we're making for the prison version as well.
So people are now, you know,
anyone that has tokens on Ethereum
or tokens anywhere on any IPc chain will be able to
kind of like leave limit orders um like that so those are kind of like the exciting developments
and then on the prism side obviously we have photon season uh season four which is kind of
like well underway now i think people have had some thoughts and feedback um around that so i think we put in
you know i put in telegram earlier like please do let us know any questions that you have on it um
so i think that would be a good one for us to kind of discuss maybe in more detail later on
because i know people uh who've usually been following along have some you know good thoughts on it so i will
yeah i'll leave it i'll leave it there and then um you guys tell me if like any any of that's
clear like jg maybe you can like if you got a chance like just speak a little bit about the
minute how it's going um if you know what sets people can take if they want to get involved um because that'd be cool if if if your mic is working
all right maybe maybe we've lost jg like if um if and we can come back to the uh oh no i'm here i'm
here all right yeah i'm here you know what i'm listening to you, but in Los Angeles in the summertime,
sometimes ants go crazy trying to escape the heat.
And I've seen some crawling on my walls while I was standing on a desk right now trying to vacuum them off the ceiling.
Oh, wow.
Bro, I'm in San Diego. I'm right there with you.
Oh, man, it makes you so crazy every summer, man.
But, yeah, I'm sorry. Say it again. What's happening? I'm here.
No, I was just – I'd give the overall summary. I thought you could give maybe a more specific one on Refracted Beast for people.
Yeah.
In terms of where we're at and what's happened.
intensive like wherever at and what's happened so uh again you know this is uh refractive beast is
kind of like uh our banner call for for the project of coming in for new people who want to
really rep uh what prism is doing like on a social scale um and so right now you know we did the two
whitelist phases i'm pulling it up right now we did the two whitelist phases one for the au holders
and one for prism holders and i believe we're like 11 or 13 percent through the Mint.
But this is an ongoing thing because this is the beginning of growing PRISM.
So essentially, I mean, the PRISM token is only like two and a half months old, two months old.
And so now as the token grows, so can the beginning of the NFT community and NFT-Fi systems that will evolve
out of these powerful tools that are being developed. Because, you know, Backbone is really
focused on like NFT-Fi, where Prism is really focused on like pure DeFi. And I think this makes
it a good pairing. So as these new products come out on Prism, you know, Backbone is really focused
on building communities around these products, like the seals,, you know, Backbone is really focused on building communities
around these products, like the seals, the hedgehog, the squirrels, all these are in
the pipeline. And so Refracted Beast is really, I think it's going to be one of those collections
that's always going to get a lot of love as Prism grows. And so where are we right now?
We're right where we're supposed to be.
We just need to keep spreading the word and keep organically growing and keep seeing more of these pop up in feeds. And that's how you kind of catch the wave and the algorithm and keep bringing
people in. And the other thing is, is that we need to get some people on the Refracted Beasts
Twitter, because it can't just be the artist, right? We need some other influences on the
Twitter that will post informational guides and strategies. That's some of the stuff that I find
to be most helpful, because coming up with these strategies on my own, I don't do that very well,
but learning from the community is something that I've been able to excel in. And so, again,
if you want to join Prism community and you want to,
you know, do it on a social level, go to BackboneLabs.io, go to the launchpad and
mint yourself a couple refracted beasts. Yeah, nice one. We're also,
alongside the GenZo team, kind of like brainstorming,
you know, ways to kind of like create, you know, exclusive communities for refractive beasts
in the Prism Discord, you know,
where people can get together,
discuss strategies for the beasts, like, you know,
BDE, that kind of stuff.
So I don't know if anyone's got any good examples
of ones they've seen in Discord
that they think we could model it off,
but yeah, we'd love to do something like that to kind of like give people a um
you know kind of like yeah like a playground and a private space to kind of like discuss all things
all beastly things we are all refracted beasts you just don't know it yet exactly exactly did
you say beastly things beastly things exactly exactly did you say beastly things
beastly things always why are you thinking beastly things action no i just i had not heard that
before i love it i don't i don't know when you said when you said it back to me it did make
think okay maybe that sounds maybe maybe that doesn't sound the way that I know it sounds. But yeah, obviously things.
But all right, cool.
It would be the worst thing that you said to me.
Okay, okay.
Okay.
All right, cool.
And then, yeah, we had some,
we had had some,
like I wanted to address some of the uh i guess like
comments and stuff that people had put in telegram so i think people had asked some really good
questions in there um i don't know if anyone's specifically got um things they'd like to add to
it but please do feel free to kind of like raise your hand or um come and uh or write in the comments but i think
like yeah we've been getting questions around kind of you know uh season four phyodons but also like
you know generally you know chain inflation and these kind of things. So basically things that put new Prism tokens into supply.
And so I'd love to hear people's thoughts on that.
I think people have written a lot of very thoughtful stuff
in the telegram.
I think, you know, for me, things like photons
and chain inflation and these kinds of things
are all sort of ways that Prism tokens
get into the hands of users, you know, inflationary, I guess,
or like circulating supply increasing.
I think, you know, the challenge on these things, there's lots of chains have, you know,
fumbled before is, you know, making sure you allocate tokens to people that are going to do net positive things with those tokens.
So it's not gonna be straight going to farmers
who just cheat and then send the token to zero
for everyone else that's kind of like loyal holder.
I think for us, as a team,
the thing we probably look at is like,
price is something we can't control um and you know i think people that have tried to control price
and i'm not naming any specific names of protocols but i'm sure people can probably imagine but like
protocols that have tried to control price through um you know market manipulation is a strong term but like you know through kind
of like these um these fundraising buyback mechanisms or similar like i think end up uh
you know it's a it's a short-term um band-aid on a longer-term problem but i think you know for us as a team like what we what we're trying to create
is something where uh you get value so you know we talked about it before but like something someone
told me once it really resonated with it with it it's like that price is what you pay value is what
you get um and what we're trying to do with prism and, you know, Seal and Hedgehog and Squirrel and these other kind of things is, you know, we want to give value to Prism users.
People can choose what they price it at and what they want to price the token at.
And that isn't something that the team's going to control or the team's going to mess around with because we sort of longer term,
we kind of believe that like cream
will rise to the top and we're still super early
in what we're building.
But I think, you know, the value of what people get
is what we're trying to do.
And so, you know, keeping liquidity relatively high,
I think is something that definitely deserves to be rewarded whether the multipliers are exactly
right or not on photons
you know really interested
to hear people's thoughts and feedback on
I think
you know chain inflation
is another one you know
we have the chain inflation
on Prism isn't like
chain inflation you get on other protocols
where on other blockchains where
it just kind of blanket goes to stakers with prism chain inflation can be allocated towards
any any token that exists on prism so anyone that wants to stake an lp token and help secure
prism's blockchain or you know even just like a liquid safe pattern for example could be used to
secure prism's blockchain and would earn some chain inflation.
And PRISM token holders decide how much of the inflation that's released every single
block would go to that token.
So it's kind of like a vote allocation kind of mechanism that PRISM token holders control.
So there's that side of it, which I think is going to be super interesting
because Prism doesn't have any private capital
and hasn't done any venture capital, you know, VC rounds.
You know, we're in a great position
where any tokens that do go to, you know,
those kinds of tokens that would have gone
to those sorts of users are actually, you know, can be earmarked to go to the community.
And so it's trying to get them out to the community in a really thoughtful way.
And, you know, and conversely, any tokens that end up getting sold,
really, in these situations are tokens that are getting sold by the community.
Like you don't have, you know, a VC vesting or a secondary OTC market that's kind of you know creating
creating sort of random sell pressure on the token so you know that's that's kind of like
trying to put it as much as possible in in community hands but you know very happy to
answer like more specific questions on it.
But just I just wanted to stop there just to see if like Damon or anyone else had any thoughts or questions on that stuff.
I have a question on the governance.
You were saying that the P holder will have all the power of the LSTs.
But aren't the LSTs able to vote too?
So, yeah, so P and, so P,
principal token holders and liquid stake token holders
are able to vote.
So when someone mints, you know, just for,
you already know this, but just for the benefit of others,
when someone takes a PRISM token or an ATOM token
and they bring it over to PRISM,
PRISM takes that token and it liquid stakes it.
Effectively, it says, right, okay,
well, you brought me a token.
We're gonna turn it into a yield bearing version of that. liquid stakes it effectively it says right okay well you brought me a token we're going to turn
it into a yield bearing version of that and so that means we'll take your token and we'll delegate it
and we'll issue you a liquid stake token so those those on prism are called c tokens um
and then your c token is uh can then be split into its yield bearing component
and its principal component.
And that's where you sort of effectively deposit a C token,
you know, a liquid state token,
and you get a P token and a Y token.
Well, this all can kind of just happen in one go.
So you don't necessarily even need to hold the LST
or do anything with the LST.
Effectively, it just says, okay, well, you're giving me an atom or a prison um i'm just going to give you a uh
a atom yield token and an atom principal token um and you can kind of combine these together
at any point to get back your original token or you can you know trade them around, take advantage of, you know, yield movements and price movements.
So with PRISM, with voting, you know, in the initial kind of construct,
what we decided was, well, look, you know, there's people that have staked,
there's these underlying tokens that have been staked and or delegated and the people that
should control the voting rights of those tokens are either people that are just holding liquid
stake tokens um because you know we've sort of seen it around cosmos a lot there's you know with
with maybe you know protocols that were uh you know had a lot of TBL with liquid staking. So things like Stride, for example, where, you know, there was a lot of liquid state tokens,
but actually validators ended up controlling all the voting power of those liquid state tokens.
And if you held STS and you never got to vote with that.
So we had, you know, sort of flipped that on and said, well, why shouldn't you be able to vote with it?
And so if you hold a C token, you can vote with it.
And also if you've deposited your C token to get a principal token and a yield token,
well, the principal token holders can vote as well.
So what that means for prison now is, for example, I think there's something like
165 million prison tokens that are liquid staked, so 16.5% of total supply.
And even if only one PRISM token, one PRISM holder or one CRISM holder votes,
they would vote with the voting power of all 165 million PRISM tokens.
So that's a long-winded long-winded answer
to your question to say yes uh you're right it's either holders of the liquid state token or holders
of the principal token which is also a liquid state token okay nice i just wanted to make sure
because the way it was said um when you originally said it there, it sounded like the P was controlling the C,
but it is the C and the P controlling all the votes.
Okay, that's awesome.
Yeah, exactly.
For someone to hold a P token,
a C token has to have been deposited
into the refracting vault.
So it's not like someone can hold both the P
and the C token of a Prism token.
Like, to get a P token, they've had to deposit the C token,
and then they've got a P token and a Y token together.
So many acronyms.
It's alphabet soup, I realize, with Prism.
But we live and learn.
That's my favorite kind of soup, though.
It's good.
It's tasty, and you're learning at the same time.
So I can see why it's such a great soup.
Bingo.
Huge win-win.
Exactly.
All right.
Cool.
So that's that.
But yeah, Damon, so that was a clarifying on liquid governance.
And then I guess anything else on terms of token supply and token emissions or any uh any questions you had on that stuff
or thoughts i have i have a question uh a further question on governance and that is is there any
way we can put up a poll on the page for example um instead of having a huge well after we've had
a big discussion maybe we could put up the three best choices or the four best choices.
Actually, maybe that could be done in discord.
Just, you know, for like the time that we're going to be voting, for example, how long the vote's going to stay up or what the quorum should be.
Can we just, can we put something up?
That's like, you know, you just, everybody chooses a choice and, and then we have something that we can throw out as a vote quickly.
Yeah, I think I'm just thinking aloud, like of one way you could do it where it's actual chain parameters or chain transactions that are involved.
So something like spending from the community pool, that is something that you put in the transaction into the government's proposal and the government's
vote yes and no.
And if it's approved, then, you know, automatically when the proposal is passed, the funds are
spent from the community pool.
Or you have something like changing a chain parameter where it's like, okay, you know,
decrease C Prism on bonding time to seven days.
And if the vote passes, then that's automatically done.
And then you have things called, you know, signaling proposals
where people will say, you know, I've, you know,
I would like, you know, X person to, you know,
head up the, you know, community, you know x person to you know head up the uh head up the you know community you know refractive
beast community dow or something like that and that's kind of like the signaling proposal it's
not it doesn't like change anything on chain but it you know allows people to vote you know do
proportional voting so if it's something like what you're suggesting there where there's more
than one option it's not like just a yes or no.
You know, if you wanted to do proportional voting, you could either do something in Discord, like you're saying, or votes on Facebook, but they aren't necessarily proportional to what people, how many tokens people are holding or like representative ownership.
So it's not like people voting at a
company meeting or something you could you could do something where you would uh say to people
all right look there's three different options here vote yes if you want to go with option one
you know no if you want to go with option two or no with veto if you want to go with option three
option two or no with beta if you want to go with option three,
or abstain if you want to go with option four or whatever.
And then you'd be able to kind of like see what people felt from that.
Okay.
I think we should,
I think we should set the threshold kind of low,
lowish to start off with so that people can put out some test proposals and, um,
and kind of like feed around and see what they like. Cause you know,
liquid governance is something completely new. Uh,
so it's definitely, it's not as, um, you know,
it's not as straightforward, but it is way more powerful for users.
for users yeah that sounds great I like that and distribution I don't have too many ideas on that
Yeah. That sounds great. I like that.
I know there's some in here that do have a much deeper understanding of that I just I'll vote
but I don't really have any proposals on that. Yeah, cool.
I think it's an interesting one.
It's like, you know, it just comes down to,
you know, like JG said, you sit there and you sort of,
you know, you're waiting for JG, you know,
not JG Powell, JG Jerome Powell to,
you know, to decide on interest rates. And this is kind of basically just you know what the monetary policy of a blockchain is like you can like inflate away
your blockchain at 150 apr like um you know evmos did for a while or you know have very high
inflation like you know like the cosmos hub does or um or know, Osmosis did for a while.
Or you could try something, you know, something much lower and kind of like,
I've always kind of generally subscribed to the fact that, you know, it's more about,
you know, the kind of like the movement of the money necessarily than the in the inflation
rates particularly so it's like trying to get tokens to um people that have uh you know that
are going to be longer term holders and you know trying to avoid giving tokens to marginal sellers
i think it's like um you know velocity of money. You might end up calling it if you were in sort of like tradfire terms.
But so I don't, you know, I think it's,
I think sometimes these things can be like, you know,
moving deck chairs around the Titanic and hoping it doesn't sink.
Whereas like actually, you know,
if your protocol is strong enough and it's producing enough fundamental value and fundamental cash flow then it doesn't really matter how many
tokens um you know trade hands and go from weekends to strong hands um because you know at some point
there's going to be 100k 500k a million dollars worth of dividends paid out and at some point
people are then going to start valuing
something on the cash flow it produces for people that,
for people that hold that, hold that equity, right.
And for Prism that cash flow is going to be, you know,
stuff that's put into the treasury, but then it's also going to be,
you know, these are the products that we're building and creating
and they're going to get airdropped.
And I think that's something that you know terror did amazingly well back in the day with you know the
sort of anchor airdrop and the mirror airdrop and you know even pylon or some of the other ones and
i think um you know a lot of these protocols you know i haven't seen something that's done that quite like Terra in the last three and a bit years where it's, you know, you've seen a layer one blockchain create utility for its main,
for kind of like its main products that are actually built, you know, created by the core of the blockchain, which in Terra's case was UST.
that are actually built you know created by the core of the blockchain which in pera's case was
ust and then it was creating this utility through you know mirrored assets through anchor which
obviously like ultimately the monetary policy is what like failed anchor but um but you know that's
that's the kind of thing that i thought was super exciting got a lot of people really motivated and
interested and learning new things and
created like super strong communities. And so that's the kind of thing that,
um, you know, I think we're, you know,
we're hoping to recreate a bit with prison is, you know,
build a really strong community and then, you know, take,
take that kind of like, you know, energy and, um,
education and loyalty and kind of like
you know bootstrap these other these other products and add great utility to um the tokens
that prism creates at the core of the blockchain which are you know fundamentally c tokens y tokens
and p tokens yeah wait i'll see i'll see like 50 comments in the thing, but then I don't know. I can't see
anyone. I click on it. Sorry, go for it. Go for it. I've always been a fan of real yield.
I'm not I'm not big on inflating. And I mean, I think Prism is set up perfectly to be a
cash flow token, but real cash flow. I don't think it's gonna need to inflate itself
to death or anything.
Yeah, and it's gonna be really exciting
for everybody to be getting these other tokens.
And I can't, I don't understand why people are dumping Prism
if they are dumping Prism,
because there's so much future for it it's going to be incredible
yeah we've got the you know there's a hopefully when when our liquid governance is up we can
get a um get a treasury distribution going and you know then i think it'll uh that'll kind of
speak for itself i think the main the main thing uh for people to be aware of when a treasury distribution
happens is there's a load of tokens that have been sat there and gathered in Prism's treasury,
which are things like Atom, some Midas Bitcoins, some Osmo, TIA, Injective, all of the tokens
if all of the tokens that are on PRISM,
that are on Prism. Anytime someone does a swap on Prism or some yield is collected,
like anytime someone does a swap on PRISM
or some yield is collected,
then some of that token goes to the treasury
for PRISM holders.
And so I think,
what happens when a treasury distribution
is proposed by governance
is those tokens in the treasury are then put in a flow trade so
effectively auctioned off so there will be an auction for some c atom there'll be an auction
for some minus bitcoin there'll be an auction for some you know c osmo or c tier and so i think
um you know it also offers a great opportunity for people that are trading on Prism
because these tokens are getting auctioned off.
And unless the market is super efficient at the start,
there's going to be some good opportunities to buy these tokens slightly cheaper in the auction.
And the only people that can buy these tokens in the auction are people that hold Prism. So you bid with Prism in the auction. And the only people that can buy these tokens in the auction are people that
hold prism. So you bid, you bid with prism in the auction.
And so say someone, you know, say,
see atoms fair value is $5.
You might be able to bid in the auction, say, you know, $4.90 or $4.50 worth
of, of prison and um so you might then
get a good deal and that prison that you've bid with then uh then would get burnt or distributed
to prison holders i think like you know part of the thing you want to do probably is uh make sure
that you know when the auction is happening
you know if you're a prism holder and you're not going to bid in the auction one thing that you
want to do is make sure that people are aware the auction is happening so that um you know you get
max competitive attention and kind of like max amount of prism gets paid during the auction
um but for people that are bidding in the auction there will also be some good opportunities because there will be arbitrage
otherwise people wouldn't turn up to the auction
This is the flywheel that people don't understand
I think this is what's going to blow Prism's stats
sky high, personally
Yeah, and this is why Photons is good
because the more Atom and Osmo and the rest of it that people are using in Prism and trading in Prism and using as liquidity or just collecting yield or trading principal tokens, yield tokens.
You know, all of this is real yield that gets generated.
And so we're, you know, Photon's campaign is rewarding those kind of liquidity providers and traders for effectively putting money in the, you know, in the prison bin for everyone
and kind of like increasing the value of the treasury.
So yeah, that's it.
That flywheel, yeah, is a good word for it, I think.
Is the stuff that's gonna come out on Flow,
is that gonna be plugged into a seal at all?
Or is that gonna be entirely different?
So Flowtrade is kind of a a module
built into the blockchain for people that haven't used it before so flow trade is like a it's kind
of like a gradual auction or you know has some similarities to something like stream sort of I will sell one atom a minute for 100 minutes and people can come in and put in some USDC
and then every minute whatever USDC you know a hundredth of whatever USDC is in there
is swapped for that one atom.
This is assuming there's no limit price.
So if you're saying you'll sell one atom a minute for 100 minutes,
and in the first minute there's 100 atom in there,
then one atom gets swapped for one USDC.
So people have managed to buy one atom for one USDC. So people have managed to buy one atom for one USDC. Then it says, okay, the next time,
all right, swap another atom for another dollar USDC. And then suddenly, if someone doubles the amount of USDC, then the next minute, it swaps two USDC for one atom. And so that's like,
you know, effectively like a gradual auction, where people can add and remove usdc and it
uh changes that it changes the price um up or down and then seal is really see it is just a
really pure play limit order book where it says okay um i want to sell one atom at five dollars so
I want to sell one atom at $5.
So the moment $5 gets reached somewhere,
so say, for example, you know,
atom price goes to $5.10 on osmosis,
someone would come to seal and say,
someone would come to seal and say,
all right, I'm reserving that one atom there.
And so they would then go and reserve your atom at $5
and then sell it at $5.10.
And so it's just kind of like a pure play order book like that.
Partial orders are allowed,
but it just, the aim of it is to try and get you
your limit price as soon as possible
on any, you know, accessing the liquidity of, you know, Binance, Osmosis, any chain really.
Because this reservation feature means that you can reserve the order
and go and sell your Atom on Binance at USDC and get, you know, $5.1.
go and sell your atom on Binance at USDC and get, you know, $5.1.
And then you can come and buy it back immediately on Prism for, you know,
for $5 or on Seel for $5.
So it allows you to do that rather than needing to both buy and sell at the
same time and manage inventory in loads of different places.
So it's kind of like the difference between like flow trade,
which is gradual auctions and seal, which is, you know,
kind of a pure capital efficient limit price order book.
Okay.
Is there going to be limit orders set by Prism for their,
for selling off these treasury assets?
And is that the uh already set no i mean i i i don't think um the treasury module uh has limit
prices uh i think the treasury module is just pure like pure market forces um every every man for
himself um in terms of what's uh what's done from the treasury. So I don't think the treasury does it because, you know,
you might get price spikes one way or another and a limit price you set now
might not end up getting executed.
And so I think, you know, when you're selling stuff from the treasury,
all the treasury tokens that are in there, you know,
have a trading price on Prism already.
So you know that you can buy something instantly in the flow
trade and then instantly sell it on the AMM.
If there's some sort of arbitrage to be done.
All right. Is, is it going to be like Y assets, C assets underlying,
is all of that being sold out?
If community decide then yeah, all of it.
You can have a look on the block explorer
and see everything that's in the treasury at the moment.
So you can see that, you know, it's got yield tokens in it.
It's got principal tokens.
So something for everybody in there at the moment, I think.
Oh man, this is gonna be awesome.
I don't understand.
I don't think people get what this is gonna do.
What do you think the timeline is for getting this rolling?
I think, I think whatever, like, I mean,
all it takes is a governance proposal. Um,
so I think that I think the timeline, uh,
timeline could be pretty soon. I think we just need to, um, as a team,
we're just working on getting these proposals up for voting period
and quorum and those kind of like simple things.
And then once those are done, you know, I think that would be a great time to do the
treasury distribution.
At the moment it's something, I forget the exact fact, but something like, you know,
15% of Prism's total market cap would end up getting
distributed all in one go um so yes it's going to be material for uh material for holders and
when you say that it's being distributed when you say that do you mean that it's going to go
through flow trade first or is the first thing just being distributed as bits and pieces or?
So say for example, there's $150,000 worth of tokens
in the treasury module at the moment.
There might be $100,000 worth of non-PRISM, and then there might be $50,000 worth of non-PRISM,
and then there might be $50,000 worth of PRISM, for example.
So the $100,000 worth of non-PRISM tokens
will get auctioned off for PRISM tokens.
So hopefully that auction raises $100,000,
or hopefully it raises at least $90,000 or $95,000 in Prism tokens.
And so you're left with $150,000 or $145,000 or $140,000 worth of Prism tokens.
And then all of those tokens can either get distributed to stakers,
which benefits C Prism holders and y prism holders or um those token that 150
thousand dollars worth could just get burned so it just kind of like deflates the supply by
115 or whatever um so yeah jg go for it yeah you know i'm always in a fan of a good burn, but I'm definitely a fan of some staking rewards through the Treasury.
And that's because that will allow Backbone to make B-PRISM and then have an LST in our marketplace.
And then that creates opportunities for arbitrage between C and B-PRISM.
arbitrage between C and B prism right so there's a lot more possibilities for our protocol if we
are able to achieve some sort of staking rewards from the treasury that's just my two cents
no I I I tend to like obviously like community can decide what they would think is best in the
end but like for me I I tend to agree with you and i think also with prism um you know what we what we want is like lots of trading opportunity
and lots of you know opportunity for people to make profits and i think staking rewards getting
paid out to delegators which also means it gets paid out to yield token holders um i think would
be really cool because you know
people are going to be able to buy up yield tokens for fractions of a cent or whatever and receive
like one you know big off distribution um also one off large distributions and so i think like
that yeah i think doing distributions rather than burns at this early stage i think will
be more um exciting and impactful and offer much more trading opportunities like a burn
i always think like a like if i if i held if i held some atom on binance and i didn't delegate
it i didn't delegate it,
I didn't stake it.
I just had it there and I was kind of like trading it.
And there was like a big atom buyback and burn,
you know,
then I benefit on Binance as much as the person that's been delegating
their atom on the Cosmos hub for,
you know,
eight years,
like bleeding out the eyes as they watch the token price decrease like so you you end
up you know burning ends up meaning that you know everyone benefits regardless of how loyal they are
to the protocol or not whereas like staking rewards at least give more um more rewards to
people that are performing positive actions like delegating than people that just passively holding tokens and doing nothing to contribute to the ecosystem or
contribute to change security. JG, go for it. Yeah, brother. I just wanted to say that, you
know, when you burn these tokens, you've essentially eliminated all possible trading
for those tokens. They're gone, right? But if we give them out,
and then all of a sudden network activity,
whether someone sells their rewards
and somebody else then has an opportunity
to buy their rewards,
but network activity go up.
That's what we want, right?
Like I don't want stagnant network activity
by burning tokens.
Yeah, exactly.
I think it's like,
I think it's one of these things isn't it like if you um
it's like a share buyback in a company like if you have you know if apple has a shitload of cash
like and it's you know as apple's made a lot of real yield through you know selling iphones etc
um and it has all this cash
and it can decide what it wants to do with it.
Like is Apple going to,
Apple shareholders get the vote on,
does Apple go and distribute this all as a dividend,
which is really good,
great for stockholders
or stockholders that are you
know able to get paid dividends um or does apple go and use all that money it's got all those cash
reserves it's got to go and buy back apple shares on the open market like definitely there's a time
and a place for it and lots of companies do share buybacks and those those shares are then taken
out of circulating supply and burned effectively so you know the same as you get with tokens
um i think that's you know a great time for it is if a company's you know if companies raised
you know say a million dollars worth of cash and its market cap is five million dollars then
you know its market cap is probably way too cheap compared to the amount of cash and its market cap is five million dollars then you know its market cap is probably
way too cheap compared to the amount of cash flow that it's generating and so using that money for
a share buyback could you know send the share price stratospheric because uh the share price is
so cheap whereas like if the company is worth a billion dollars and it's got five million dollars
worth of cash then uh you know and it's generated that over a year then maybe it's not a brilliant trade for
them to go and do a share buyback because they're just kind of like pissing five million dollars
into the wind um and it's not going to make any difference to uh the share price so kind of like
you know it's about being i think i you know at least in my opinion it's about being kind of like you know it it's about being i think i you know at least in my opinion it's about being kind
of like strategic with the cash flow that you have at the time to be like okay well look is this uh
um is the share price trading or the token price trading super cheap to the point where
you know buyback could have a really meaningful a buyback and burn would have a really meaningful
impact or um actually you better doing like a buyback and distribute would have a really meaningful impact or um actually you better doing like a
buyback and distribute because you get some of that buyback pressure but also um which will be
offset by some people selling the stuff that they give and get given after the buyback you get that
buyback pressure plus then you get like you know to reward your like most loyal holders your stakers
and your kind of users so yeah i think i think like i
think feedback in telegram and discord so far from like what people are thinking i think sounds like
people are erring more on the side of you know what you're saying jj in terms of uh um uh a buy
back and distribute rather than a buy back and burn. I love how people freak out whenever you say buy back and burn.
You just put it out there as an option, but nobody likes it.
I like it.
Yeah.
I definitely think it's a really good time and a place for it.
I just don't know if it, you know, it kind of depends.
If now is, if now is the right time for something like that.
I think I'm cold right now.
I mean, the price is crazy.
Yeah, I think you're right.
You might end up getting into a situation where you might end up looking at something.
You might end up, say there's like 150 000 in there at the moment
or 200 000 or whatever it is you might get to a stage where you're like in yeah in six months
time you're like oh my god i wish i wish 200 000 there had been used to buy back prism tokens
because that would have bought back a huge amount more prison tokens than you end up buying back now
a huge amount more prison tokens than you end up buying back now um you know with price six months
so yes it's going to be interesting i'm excited to see you know more of this kind of discussion
when these kind of proposals actually go up um but we need to we need to kind of like fine tune
what we think the vote a good voting period is um i think people have had some good thoughts about
you know something that was a lot shorter than what you saw on a lot of these other l ones that have
i forget whether it's like 14 day voting periods and stuff um
but yeah nice one i saw uh i think it's cosmos they have a seven day but they also have
a three day voting period for essential votes or something like that i saw they have two different
time frames yeah i thought i need to remind myself i think osmosis has one as well where it's like
you have like normal proposals and then you have like emergency proposals and so
something like an emergency proposal can go through if quorum of 60% or 70% gets reached really quickly.
So if there's some sort of like, you know, big chain issue or something like that,
and you don't want to have like a seven day voting period,
you can have like an emergency proposal with a higher quorum.
By me, I need to remind myself which one the Cosmos hub has.
So do we think we're going to throw up a proposal for timing
um this week pretty soon pretty soon i think we're waiting for one final push on the um
on the uh on the uh front end for liquid governance then i think we should be good
i'd love to get i'd love i should be good. I'd love to get, I'd love, I know the team as well,
would love to get at least some,
at least even if it's a test proposal or two on main metrics,
people to be able to mess around with it and see what they think.
Okay, cool.
I was thinking we should have, we should do more updates for,
more team updates. Like like what did you guys
do today oh we you know because the updates are so secret you have to be looking around on prism
and you're like oh look what these guys did and look what they're up to and while all the fudders
fud um the people who use it notice you know that you guys are working really hard
yeah i think we should we would we were talking about this as a
team I don't know whether we should have like maybe like a notifications icon or
something in the top of the web app so that it can you know you can for people
that want to they can kind of click on it and be like okay this has just been
you know pushed out okay this is the thing that's been pushed out this is
like you get like change logs on web apps
where it's like, okay, these are all the changes we've made
to, you know, this page or that page
and that kind of stuff that we're trying to do
for user experience.
Because there's obviously, I think there's the,
you know, there's a side of it where you end up,
you know, where the front is the front end and that's kind of like visible changes on the web app for people and then there's the side of it where you know there's the
core engineering the blockchain engineers and the smart contract engineering um where people don't
you know can't see that stuff every single day and i think it's you know i know it's easy to sit there and be like during times like this where there's not like a launch event
going on or loads of changes getting added to the web app every single day people are a little bit
like you know what are the team doing like is everyone is everyone in the bahamas like all this
kind of stuff you know is everyone
no you know not not taking the mickey out of sandbank and free but like you know that those kind of things like where people are wondering like you know what's happening was and i've
definitely been on the other side of that where i've been a you know a community member and being
kind of like why is you know why is this thing not getting shipped immediately like i you know i want
it i want it really bad.
Like, you know, they told me it was happening.
It's not happening.
So I know that, you know, I can completely understand
when people don't necessarily have the visibility
to see all the stuff that's going on.
But like, you know, we've just,
the team's just made some hires.
Like, you know, we feel really good
about the product suite that we've got.
I think there are some, you know, I feel very lucky to work with a talented team that we've put together.
And so I think, yeah, like it's these stages, you know, maybe we could try and definitely try and do more updates on like where we are
on all of the different roadmap items.
Cause there's so many different kinds of like things that we're working on.
Even if you use like steel or anybody myself as like a liaison,
it's like, Hey,
we've got parts of the team working on this and we pushed out this small
thing and we're working on that. And think that'd be it would go miles I
actually think that would be better than marketing at this stage just just real
tight communication between the team and the community even if it's even if it's
something that most people wouldn't deem necessary it it really is uh because the community basically creates a vacuum
and futters fill that vacuum
yeah i i completely agree with you i think um jg i think you might you might be uh
flying off the ceiling right now.
Federal Reserve just lowered rates by 25 basis points.
I know.
I was hoping for 50, but I'm not complaining.
It's starting.
It's starting.
Cool.
All right.
Well, I've really rallied on now.
Now the Federal Reserve has shown that they can cut some rates.
We'll see what happens.
But yeah, cool.
Really appreciate everyone
taking the time to tune in today.
And do let us know any other questions
in Telegram or Discord
or reply to this chat
if you don't have anything.
I can try and reply in the comments.
But yeah, thanks very much, everyone. Thanks, Brilliant. Thanks, Ali. chat if you don't have anything. I can try and reply in the comments.
But yeah, thanks very much, everyone.
Thanks, Brilliant.
Thanks, Ali.
Happy health day, everybody. Take care.
Cheers, guys.
Appreciate y'all. Take care.
