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Pryzm Alpha Hour: Ethereum and Pryzm's Roadmap for Growth
Recorded: Aug. 6, 2025 Duration: 1:02:18Space Recording
Short Summary
Prism's recent token launch and strategic expansion to Ethereum signal a robust growth trajectory, with innovative yield opportunities and community-focused incentives paving the way for increased adoption in the DeFi landscape.
Full Transcription
Thank you. Thank you. how's everybody doing what's good not too bad how you getting on
quite excellent how are you man not too bad how's uh rare evo
it's great you should uh you should hop on a flight real quick and get over here
not too late how many more days does it go on for five more days just getting started i'm
serious though you should come it'd be fun nice nice uh whereabouts is it which part of the world
in viva las vegas viva Las Vegas. The one and only.
Nice.
Nice.
What's the schedule for it?
There's like, I think like 5,000 to 10,000 people coming,
and then we have like a gaming house.
I know we're going to be showing off some Prism tech and on some of the computers too,
so there should be some
cool videos for everyone here to check out the community um but it'd be great if you could go
i know this isn't the topic of the space but always good to hear from you and i think it
could be fun no no i don't if i could if i could legitimize a trip to Las Vegas, I definitely would.
You don't need any excuse to go to Vegas.
Vegas is always here for you.
Exactly.
Crypto is as much of a gamble as Vegas.
So you're just substituting one kind of work for another in a way.
Just hit the block track table or something.
There we go. Who else am I adding up?
JG guys feel free to, feel free to, um,
request if you, if you want to come up and then, yeah, we've got, uh,
I guess we've got some good, good stuff to run through, but then also the, um,
if anyone's got any questions or any bits they'd like to run through,
then feel free to put them in the comments here on the spaces
and we can go doing it.
Cool.
Awesome.
Well, thank you, everybody, for joining.
I'm sure we'll have more people kind of come in as we get started here.
So thank you guys for for
joining just to kick things off for those who are not familiar with prism
would you like to give us an intro see we have some new look welcome
perspective AI see you guys
Good to see you guys.
We, yeah, I can give the very brief one because I think most people here have been like, yeah, it's obviously layer one dedicated to yield and yield tokenization.
So we recently launched our token, but we've been live on mainnet for a year.
We deal with everything from kind of spinning out the yield for defined periods from assets, which creates fixed yield assets or discount tokens.
And it also creates yield streams that you can buy and speculate on.
So if you think the yield is going to increase, then you can buy yield stream and hopefully the realized yield ends up being higher than what you paid for it or if the yields are going to decrease you can sell your yield
stream and buy it back cheaper when the market prices it appropriately and then we obviously
have a suite of tools around trading of those assets and that's an amm that is a dca module
there's a graduate auction module and
then lots of other bits and pieces and then we've got some other dApps that
we're going to be launching on top of Prism starting with seal which is a kind
of a interchain order book so allows you to leave orders for any asset to any
other asset and has a very unique reservation based mechanism that
means that you can access kind of global decks and sex liquidities with your orders so people can
if they see anywhere on any chain where they can buy your token for you to give it to you
and make a make a small profit then they can reserve your order and you to give it to you and make a small profit, then they can reserve
your order and do that. So that will be coming out fairly soon. Looking forward for people to
be able to test it. And then we've got a couple of other dApps, which are the ability to trade
options and the ability to do fixed term, fixed-interest money markets,
which is going to not have any liquidations or oracles.
And there's more to it than that,
but that's the kind of like rough summary at the moment.
Awesome.
And how has the launch been?
How has everything been going from your perspective? Seems like the community is very positive.
But what have you been seeing on your end?
Yeah, I think getting to launch was a lot of work because we were doing it on our own platform. So I think it was, you know, there aren't, I think most launches will either
launch on a launch pad, or just, or just list on a decentralized exchange or list on a centralized
exchange. We sort of built everything bespoke on our sides just to try and make it as fair
as possible, give the community, the actual Prism users, a community kind of the first chance to do it
and try and do a type of launch that we thought was fairer.
I think it's hopefully everyone's pretty happy
given the pricing since launch.
Obviously, prices are out of our control,
but it suggests that there was a fair entry
and a fair opportunity for everyone who wanted to buy tokens.
The market's going to do what the market does after that.
I think we have then been working hard.
We've listened to people's feedback on additional incentives that we were offering people that had participated
in the form of these OpDrop tokens, which allow you to
buy cheap PRISM tokens.
So we've heard a lot of people's feedback about that.
Obviously, in hindsight, things were, you know, things ended up being different to anyone,
you know, how people maybe anticipate or how people maybe anticipated when the scheme was
initially designed. So we've made some improvements. We're currently building some improvements to the claiming process.
It's going to allow for a very fair claiming process and remove the fastest finger first sort of concerns that people had.
So that's what we've been working on partly in the background.
And then other than that, yeah, it's just been really good in the chats
and Telegram and Discord.
I feel like it's got way more highbrow now than just like the airdrop,
some of the airdrop comments that you end up getting in.
So it's been pretty cool, like obviously because Prism has a working product
and because there's things you can do with your Prism token,
it's been really cool seeing people chat
about those different things rather than, you know,
just having token launch to chat about.
So generally, yeah, generally it's been really good.
I mean, tons of stuff we're working on,
which takes up, you know, takes up a lot of the team's time
and trying to expand the offering on Prism
and expand the opportunities for Prism token holders.
So that's kind of like taking the primary role
now that launch is out of the way.
But yeah, it's been good.
Can you share any early insights from the launch and first few
weeks of on-chain activity yeah like what would i say insights from the launch um we've seen a lot
of people like we we ran run a bootstrapping campaign um prism liquidity and derivative liquidity for the prism derivatives
we've seen really good activity in that and really good tvl going into those pools
because of the incentives so we've we've been following that and i think that's that's working
well like you never know when you're gonna when you sort of set these initial levels what um you know whether you're gonna strike the right balance between
uh not firing out incentives to mercenary capital uh or crazy amounts of incentives
to mercenary capital but also making incentives attractive enough that um people are happy to participate and also try and create a structure where early
participants don't get diluted by later participants. So we've got the scheme there
where you're getting 100% yield, fixed yield, plus a variable element on top of the 100% fixed yield for the base LP is working well.
The Prism USDC LP at 200% fixed yield
plus variable swap fees is working well.
So I think that's, yeah, I think overall it's been really good.
The price is kind of the, I think the final token price
or the final average was, you know,
or the op drop activation price becomes 0.015. So I think the price is kind of like hovering a
little bit below that. So it's been interesting whether the price is hovering there just as a
factor of the op drop or whether there's,
you know, it's just how the market is at the moment.
But I think generally, yeah, like we're seeing, you know,
decent amount of active users,
obviously like liquidity going up.
So all the kind of like key metrics that are monitoring
at this very early stage, I think we're happy with.
Okay, so we're kind of going to get into the ETH side of it now.
ETH has obviously seen a huge resurgence in both price and activity within community discussions.
Why do you think that ETH is, like, getting so much attention right now?
Like, what do you make of the current momentum?
Um, I think when we, when we started building prison, it wasn't, it wasn't
clear to us where the home of D5 was going to be, uh, or, or the home of,
you know, specifically stablecoins.
you know, specifically stable coins.
I think what was, you know,
ETH was super high gas, super slow,
felt like a bit of a whale environment
because, you know, transaction costs obliterated profits
on a lot of things.
And so, you know, for us, it was,
and it's very hard to build on ETH with smart contracts,
like build really complete products
on Ethereum with smart contracts.
There's a lot of limitations to it.
And so, you know, overall, like I don't,
I still don't necessarily think ETH is gonna be the home
of Bitcoin DeFi or RWA.
So I think that a lot of that's going to be done on bespoke app chains, which are going to be IBC connected.
So that's a big reason why we have Prism where it is.
But I think for a lot of trading activity and a lot of DeFi activity,
Ethereum seems to be where most institutional capital feels comfortable deploying.
I think getting an ERC-20 token listed on an exchange is a lot easier than getting a bespoke token listed on a bespoke chain token listed on a centralized exchange.
I feel like there's a decent amount of mind share and a lot of great dev tooling. I think Ether's done well bringing down gas levels.
So, you know, transaction costs are cheaper.
I think that, you know, there's been a lot of, you know, quote unquote stable coin issuance, even though these things aren't really stable coins on Ethereum, which I think has generated a lot of interest and activity. What do you mean by that? Like not really stable coins on Ethereum, which I think has generated a lot of interest and activity.
What do you mean by that? Like not really stable coins?
Because they're not, these stable coins like derive a, like, you know, for me,
a stable coin is a dollar backed by a dollar in a bank account. And when you have things like,
when you have things where someone pays you,
you deposit a dollar and they issue you what they call a digital dollar,
but then they go and yeet that dollar on something else.
It's no longer,
even though that dollar might still be worth a dollar in the thing that it's
been put into,
it's not a stablecoin for me.
It's just a, it's either a fixed income instrument or a variable income instrument,
or you're taking some sort of risk that means that you aren't necessarily guaranteed to be 100% backed.
Because even if you're backed at one time, you're not, for me, a stablecoin should always be backed by a dollar.
And if you put your stablecoins into something like very short term, AAA rated U.S. government debt, then that's pretty much as close as you can come to,
you know, the quote unquote risk-free rate.
So like that's still not necessarily a stable coin,
but it's still like AAA backing for your dollar
that you put in the account.
Like a true stable coin, I think,
is what Circle was doing originally,
where it's like take a dollar, mint you a digital dollar.
Your dollar is in a bank, always redeemable. the issue obviously is like you want to be depositing your stable coin into a triple a rated bank um who's the custodian of your dollars so
like you know your your jp morgan's your city banks um your bank of America's, you know, you're like super well capitalized,
extremely highly regulated banks.
Like the moment that dollar that has been deposited gets bet on anything else,
you're taking additional market risk and credit risk.
And I think that, you know, when you start doing that,
you can't start calling things stable.
To my mind, you can't start calling things stable coins, whether it's like betting on basis like Athena is or whether you're betting on, you know, dividends or equities or whether you're betting on a basket of other assets.
Like when you start taking on additional credit risk and additional market risk, for me, it doesn't really become a stable coin. It's a bet.
And the amount of risk that you take should like, you know,
you should be compensated for that with the yield.
But like if I go and, you know, if I go lend money to, you know,
the US government, then yeah, like my dollars are kind of like sort of backed
one-to-one you hope because the US government's going to pay you back.
But that still wouldn't be called a stable coin in like traditional finance what on you know what on those usdy is is a is a um is a uh it's like a government a u.s treasury
basically um but then fine you could bet on u.s treasuries then you could be like okay well maybe
i'll bet on german buns all right then maybe i'll take some pounds in and bet in UK gilts or like okay right now I'm going to go right down
the risk curve and I'm going to start betting on like you know Botswana currency or you know
Ecuador or Vietnam and that kind of stuff and so like you know which are nothing against these
countries but they they have higher credit risk and higher sovereign risk and so you're getting paid much higher yields for these
um but they're not state they're not stable coins in to sort of to my mind um that's a really long
winded answer of saying unless it's unless it's a dollar put in a bank account with a AAA rated bank, then for me, it's not a stable coin.
If anything else happens with it, any additional credit risk or any different market risk is taken, then I don't think it's a stable coin.
Sorry.
Even a Canadian dollar?
I don't know.
What is the Canadian rating at the moment?
I'm going to...
It's not as good as the US, is it?
So I think, unfortunately...
Actually, do you know what?
Canada's got a standard of pause and a Moody's rating of AAA.
Although Fitch has given it AA+.
So...
But it's okay.
But it's A plus. So, but it's, it's okay.
But it's not the, it's not, it's not triple A.
Gotcha.
Hey, GM Ali.
How you guys doing? I've just been kicking back, listening to the greatest pitch of the greatest chain.
You gotta let them know, man.
Honestly, I think people are really sleeping on it.
You know, I posted up in the top in the nest.
Prism, once again, in the top five dApps
being used on Keper wallet.
I think this is huge.
You know, these other chains,
a lot of people talk about them
and I think they're missing the bigger picture.
Like Prism actually does stuff, right?
Osmo does stuff. Noble just issues stable coins. They don Prism actually does stuff, right? Osmo does stuff.
Noble just issues stable coins.
They don't really do stuff yet, right?
But I think that, you know, and I mean, I text Ali like the craziest times at night.
Like I really want to stick it to the Cosmos cartel, right?
So like I really want to get this project out there so badly because I know those motherfuckers aren't in here.
Sorry. Excuse my French. want to get this project out there so badly because i know those motherfuckers aren't in here sorry excuse my french i hate it i think it's it's fun like i'm like i mean i'm in um i mean
obviously i'm i'm completely biased so i agree with you uh on all of that but i think like the um
i think we did the, like,
I'm in a load of the Telegram and Discord chats for these other, obviously, Cosmos chains,
some of the ones you mentioned, and all those as well.
And it's fun, like, being in the prison one
and seeing, like, what the prison community,
like, are actually talking about and actually doing
is, like, it's pretty cool.
You go in these other chats, and it's sort of like a,
like a semi-ghost town, because there's nothing really for people to do on the
chain or talk about.
They're just sort of like,
you know,
pumps,
pumps a coin kind of chats.
Whereas it's like,
it's,
you know,
the prison users are a different breed because they're actually doing stuff.
Better than when moon is what I'm hearing.
Better than when.
When Lambo.
When Lambo. Exactly. When Lambo. When Lambo.
Exactly.
When Lambo.
It could be a mix of both.
Is that backbone?
For some reason, my thing only shows us speaking.
Is that backbone speaking?
I'm not.
For some reason, I can't see anyone else speaking.
Oh, yeah.
I've been up here with you for probably since five minutes after the space started. Twitter's probably just tripping again. You messaged me, and I was like, wait, I've been up here with you for like probably since five minutes after the space started.
You know, Twitter's probably just tripping again.
You messaged me, and I was like, wait, but I'm here.
I know.
I'm just like, what the hell?
Because, yeah, it's literally glitching.
It just shows me and Prism as speakers, so that's funny.
I swear like X can be so glitchy with spaces, and it's been out years and still still does not work the way you you
would hope i don't get it i do not get why it's so bad the um yeah but like yeah it's funny it
pops up like i'll be you'll be speaking and i'll i'll see my little whatever it is accordion looks like it's talking and I'm like, I'm definitely not.
But the, uh,
I was,
what was I trying to think?
so join just to hop into the next question.
Rain fart.
So mentioned that prism will expand to,
Ethereum in the future as outline in the roadmap.
Could you shed a little bit of light on this?
Like why you guys are doing this?
What the plan is there?
Yeah, we started building.
So we started a bit like prison itself.
We, when, when we originally looked at it, like you just can't build a, it had to be built as its own bespoke blockchain with its own custom logic at the blockchain level.
So many of the things that people take for granted now on Prism happen actually at the blockchain level rather than smart contract level.
And so we had the choice to build when we built prism when you're
when you're building a blockchain you've got a choice you can either build with smart contracts
or and also you have the choice to build with modules and build bespoke modules into the
blockchain and i think like when you build on another app and on another layer one you only
have the choice to build with smart contracts because i think it kind
of the the stat i use basically for it is we had the choice to do both on prism so like obviously
like you're giving yourself more um weapons in your arsenal to to use and when we had the choice
of both and we could we could have done you know either or and everything we built
was with modules which kind of should give people an idea of like how much more powerful building
with modules is rather than building with smart contracts um but so but then some of the products
that we've been looking to build on top of prism things like the seal order book we started looking at we were like okay well look you know
we have uh products and tokens that are on built on top of prism that i think would really benefit
from having just that look this is the price i want to buy and sell at if it gets here you know
someone fill my order you know exactly exactly like that like we have the ability for people to dca and kind of set
limit prices via the um via the dca but we didn't have just like a clean order book for people to be
able to do it and then we and then we thought to ourselves all right like if we were designing an
order book from scratch um for what we'd like on you know for what we'd like on prism what does
that look like okay well the problem with a lot of order books at the moment is you know they require people like if if i leave an order to um to you know buy some atom on prism
for example uh but then that at the limit price gets cheaper somewhere else so either you know
might be cheaper to buy on injective or on, or on osmosis or on neutron,
then I actually can't fill that order,
even though I know that I can buy it cheaper on those chains
and send it over to Prism,
because I would need to go and buy the cheaper atom
on osmosis, then bridge it over via IBC,
and then try and fill the order.
And all that time, like I'm taking risks
that the price might move away from me
and I might not be able to fill the order
when I get my tokens there.
So that's why we then thought,
all right, well, let's create this reservation-based system
where you can say, look, I'm going to reserve that order.
And then you know that you've locked in that price
for five minutes or 10 minutes.
And that gives you the opportunity to go and buy the Osmo or sorry, buy the Atom on Osmosis, send it over and fill the order.
And you know that you're guaranteed you're going to do it.
So it's going to it's going to turn, you know, normally market making is a really professional business where people have to hold inventory on Prism's chain.
They hold inventory on the Cosmos Hub. They hold inventory on Osmosis, et cetera, or wherever the exchanges are.
And this completely flips it on its head and says,
well, look, we don't need professional market makers.
What we need is to give an opportunity to retail users
to be like, hey, look, I've got some capital spare.
Like I'm happy to make a quick profit here
by buying it cheaply on Osmosis and sending it over.
Like I don't need to have inventory on both chains in order to be able to like buy and
sell on both chains at the same time.
And so once we, once we created that, we were like, okay, you know, this, this is perfect
for prison.
Would, would this work anywhere else as well?
Like if it's a good product, like, you know, um, and then we started looking at what was
available on Ethereum where like most of the DeFi trading
and most of the DeFi activity happens and we're like okay there's nothing like this on Ethereum
as well like if you want to leave a limit order on Ethereum it's way less capital efficient for
people to leave their limit orders you run a much higher risk that the order reaches your price and
your price still doesn't get executed because the inventory isn't right there for you at that time.
And so we were like, okay, well, you know,
this is also gonna fix a problem
that we believe exists on Ethereum.
And there's also some cool things you can do on Ethereum now,
like make it, you know, make these orders gasless,
you know, get all the people to kind of like sponsor gas
for execution and stuff like that. So that's why we were like, okay, well, you know, get all the people to kind of like sponsor guests for execution and stuff like that.
So that's why we were like, okay, well, you know, let's, if we're building a great product
and Prisma holders are going to benefit, why don't we try and maximize the tradable universe
for this product and maximize the users for this product? And so that kind of led us to building
that on Ethereum, which is what we're also doing at the moment. for this product and maximize the users for this product and so that kind of led us to building uh
to building that on ethereum which is what we're um what we're also doing at the moment um and so
you know and we'll expand the you know as and when trading activity picks up on other chains as well
we'll expand you know we'll look to expand to other chains because i think i think you know
defy is easy to feel like wedded to one chain,
but ultimately, if you have a product trying to maximize the users
and revenue you can generate from that product,
like if you can, like why wouldn't you?
So that's sort of the view we're looking at it for.
And I think one of the questions in the chat actually was,
you know, Prism holders will get airdropped.
Some of these seal tokens,
for example,
we haven't,
we haven't like specified exactly which derivatives it's going to be,
but,
but all of these will get airdropped Prism holders.
And if you're,
you know,
we will,
we will absolutely wouldn't want anyone to anyone that's, you know, value, like value add to get penalized on this.
So if you're holding Prism derivatives or you're an LP provider or you're, you know, staking your LP tokens or whatever, absolutely, like, we would be expecting to include all of that.
I think, again, we'll probably put a forum post up and
get people's opinions on thoughts and everything that should be included and
um you know how things whether some people deserve like a higher uh roi on their airdrop than uh
than others i think yeah i think i i think it feels like there's a niche on all the blockchains for this product that we've built for Prism.
So that's kind of like the genesis of moving it over to the next operation being the biggest blockchain
or biggest DeFi activity at the moment, which is Ethereum.
I guess like for Ethereum-based products, it sounds like they'll reward prism holders can
you walk us through how that might look and why prism holders should look forward to what's coming
yeah of course so it's going to be um you know what i liken it to uh in my or what i what i feel like it is in my mind is it's like
um you know for people that were around in the terror days where like tfl launched launched
terror blockchain which you know you know burned hot and bright obviously for, for a while for a lot of us.
But it was an amazing place, an amazing ecosystem,
like huge community activity and excitement.
And obviously, in the end, a faulty algorithm,
but as well, the slightly rogue things.
But there was a lot of positives to take from it.
And I think that tfl launched uh
mirror protocol on top of the terror blockchain which you know was was super cool like to be able to trade tokenized stocks um or tokenized you know tokenized representations of stocks
and then i think also tFL then launched Anchor Protocol.
And that was, you know, the money market on Terra.
And then TFL launched Pylon.
And, you know, TFL helped build Prism version 1,
or the Prism version that was on there.
And then, you know, TFL worked with, like,
a couple of other projects as well.
And so that created, like, a lot of excitement and a lot of activity on the network.
Lots of new tokens for people to get airdropped and people to trade.
You know, people were getting weekly airdrops in these tokens.
They got big one-off airdrops when the tokens launched in the first place.
And sort of it created like a lot of excitement.
And so I think there's that which i think will benefit the wider
prism network just having um you know people being able to like isolate which which ones of these
which ones of these products they want to get exposure to i think also there's the other side
of it which is um the added utility side of it like this is definitely going to help trading
side of it like this is definitely going to help trading um and strategies around yts and pts and
and cts you know on prism so like this is really going to allow people to kind of like level up
their trading um and level up the utility of those assets i think prism you know i think generally
cosmos needs a money market where um you're not taking liquidation risk,
you're not taking Oracle risk, you're not entirely dependent on how much liquidity there is in the liquidity pool
to process liquidations, which completely hampers the amount of borrow and lend capacity
and some of these money market protocols.
in some of these money market protocols.
And so that's kind of like it increased the utility a lot,
which I think is a big benefit to Prism holders.
And then just from a revenue perspective
and from a token holder perspective,
expanding to another blockchain
and issuing these tokens as say,
like a native Ethereum token
that can be bridged between Ethereum and Prism
using IBC Eureka, you know,
massively widens up the potential holder base of those tokens and massively
increases the potential revenue the products can generate.
And then that revenue filters back to token holders,
which Prism holders will get airdrop these tokens.
And that revenue can, you know,
the revenue probably at the start
will be like something simple,
like a buyback and burn,
but it can also be, you know,
distributed to holders, et cetera, et cetera.
So I think it ticks lots of boxes for Prism,
which is like utility, revenue, token holders,
excitement on the chain, et cetera.
Well, for Prism holders, I guess, like, will they be able to share in revenue and fee generation?
So the easiest way I see, like, if you end up issuing this token as a, say, natively
an ERC-20 token, like an an Ethereum token and you bridge it to
Prism or vice versa you mint it on Prism and then IBC re-kit over to Ethereum so you have an ERC20 version of it so that people can trade. You could do a couple of things which is like
you can generate all revenue in lots of different tokens.
So like take a fee, for example, on the order book,
and the fee will be paid in whichever token people are trading.
And those can all sit on Ethereum or sit on the Prism blockchain.
And then you could either have those tokens used to do a buyback or you could swap all those tokens to, say, USDC, for example.
And then you could just send that USDC over to Prism, do the buyback and buy back the SEAL token and distribute that as like a sort
of staking reward. So it's like,
so there's different options basically kind of like depends what people,
I think, you know,
one thing we did with Prism that I think we've,
has been a good learning curve for us is,
you know, we're keen to get the first version out
so that people can play with it and people can use it
and get like a basic revenue strategy
like buy back and burn operational.
And then I think we'll, you know, look to add features
and iterate on the governance models for these so that people aren't waiting another three years to use a product or something like that or for a token to come out, basically.
So I think giving people something to use sooner rather than later and then iterating on exactly what the preferred extra features and revenue capture and that kind of stuff is.
like extra features and revenue capture and that kind of stuff is.
So really trying to do like, here's the MVP, try it out, bash it around,
see what you think.
And then let's really, you know,
let's really zero in on the extra things that we should add to this so that we
can maximize this product for everyone.
Also, I'm getting a DM from Mig Toshi.
Is there any way we could let him up?
Taveek, I think he had a question.
He might already be up.
My ex is glitching out.
Hey, I can always give a quick update, too.
Ollie, if you want Yeah, I mean go ahead
All right, so you know
Backbone, we have our marketplace deployed on Prism
We have our launchpad deployed on Prism
We have the layers we were getting ready to generate
We noticed that a couple layers may just not have been included.
So like a psycho, I messaged Ali before he woke up telling him to message the artist
on vacation and make him give us the layers.
I don't know.
Hopefully it wasn't too rude, brother.
I hope you took it in the right.
No, dude, I appreciated the, dude, I appreciated the morning energy.
Yeah, you know, anyway, so where we're at is once we have the rest of these layers, we're going to generate the collection and we will have a mint.
And people will have some culture and some identities that
we can start to support uh on on this journey i think it's really important um especially in a
project of this phase that we can get um pfps i think it's important and the pfps are sick so
i'm really looking forward to getting this up and out there um hopefully hopefully our boy in Brazil gets back to us yeah I think I
think so I think the artist did some cool stuff is a he's a he's a very funny
guy so I think we'll yeah I'm trying to get it done because I think it's gonna
be really fun to get the collection out there
and also for these other collections do we want to start to pre-plan NFT communities?
Should we start to maybe put out tweets?
We got to get artist submissions.
Maybe people want to have a chance to shine.
You know, I think that might be a great engagement factor.
And, you know, you don't have to be an NFT artist to learn how to do this.
If you're a sick artist, we can tell you the steps on how to make layers and create a collection
yeah i think that i think that would be really cool because i think i think like he's
he's done some amazing stuff but yeah like as you say like you're definitely working hand in hand
with people that actually can handle the kind of like minting etc like you guys do will end will make it
pretty cool and I think yeah like like you've been to like you've been educating
me on like the community community side of having an NFT collection up and
running on a chain is it's huge
it's for your most diehards right like that's that's that is what you know for
the first collection is gonna is gonna cement the people that are the true believers, right?
I think that's how it usually works.
And then you're going to have these other products that you have on deck.
And each one of these things has a purpose and is revenue driven.
And so why would we not hybrid it with community and culture?
I really like that tagline.
I was like, where finance and culture collide.
Bam.
Exactly.
I like it.
I like it.
Can we, Mr. Refractor,
can we also let up Mig Toshi?
I think he requested.
Not sure if X is just glitching out,
but he DMed me and said he had a question.
Sorry, do you know Migiktoshi have you spoken to me
like is he i do okay yeah i just say i'm just yeah he's he's a real dude here at uh in rare evo
okay okay let's make miktoshi you're up
now don't make me look bad miktoshi no just kidding yo what's up can you hear me okay yeah
yeah gm bro cool gm thanks for uh for getting me up here um happy uh happy day from vegas i'm out
here waiting for the rare evil event to start my name's miggy miggy crypto miktoshionix um
i just wanted to ask i see that you guys are doing things on ethereum and so i don't know if
anybody has brought it up but do you foresee and maybe any challenges um with the ethereum updates
that are going to be coming up or is that something that maybe y'all are going to kind of plan for to
kind of work around or anything about that yeah there's a so um actually some of the recent updates on Ethereum have been super helpful.
So there was the recent Pectra upgrade, and that has added in some pretty cool stuff that we can use for the order book and also the,
all three of them.
So the order book, the options and the money market,
it is to do with like, kind of like smart accounts
in an intense based system.
So basically what it means is like,
you'll now be, we'll now be able to,
someone will be able to sign an order to
swap something and pay zero gas so you'll we're effectively building an order book here where
you can set an order and do a trade and pay zero gas um on that you're also able to like batch up
lots of orders and execute them at the same time so that you end up paying a lot less gas. So I feel like the updates or the upgrades,
obviously it's like a system that we're sort of looking at now
and being like, okay, slightly frustrating
that you can't do some of the things on Ethereum
that you can do when you build your own blockchain.
But the updates that are coming out on Ethereum
definitely seem like they're net positive for kind of like improving the UX experience,
improving the gas situation, which I think is critical to be able to like offer a product to people where, you know,
it isn't just a whale chain where whale activity is going on.
So generally, yeah, like, you you know building with solidity is definitely has
its challenges um and solidity is like a higher risk language um by that i mean things like you
know boring things like re-entrancy and and those kind of uh those kind of like um risks that get
added in smart contracts that you don't necessarily have when you're building with Cosmwazim or building your own blockchain but the updates and the mindshare
and the dev tooling and stuff like that is really good on Ethereum so I feel like they're working
you know working more towards the right things now in my view the right things whereas i think for a while
over the last couple of years people like okay ethereum's pursuing this kind of like
slightly bizarre l2 roadmap where they're trying to move activity away from ethereum and just have
it as like an ultimate final settlement layer one all the interesting trading activity would happen on L2s but yeah so I I feel pretty
good about it to be honest that's awesome thank you yeah I uh I don't think enough uh developers
you know uh are talking enough about you know maybe some of the challenges or some of the
things they've noticed so it's good to hear you know uh some positive uh things about you know
what these updates are doing.
And so I appreciate it.
No worries at all.
Thanks very much for coming up.
Of FearDow, is that you, Calabi, on the Of FearDow account?
Yeah, how's it going, y'all?
Not too bad.
How are you doing, sir?
Doing good. Yeah, I mean, we're talking about revenue and that kind of stuff.
So I just wanted to you know chime in real quick
I've been working on this
Pretty robust kind of like I guess you could call a treasury and inflation management simulator
Because I mean honestly what I'm not a great trader. I'm more like big I do like stuff on like macro larger trends
I'm not like day trading in the trenches
but one of the things that excites me most about prism is like, it is a complete economic engine at the like blockchain level with their bespoke
treasury module, the incentive module, the AMM module, all the, all the things that they built
out custom for this. And yeah, I'm just trying to build something to help frame the conversation
around how best to distribute revenue because the thing if we don't
we don't start talking about it now it's you know too many cooks in the kitchen kind of situation
and so and there's so many ways to play it and cut it having some way of like framing it especially
also with the alliance module so i kind of went in and took some ideas from ThorChain, like the idea of pendulums between what to incentivize when
and not overpaying for security.
And anyway, I don't want to get into all the minutia.
I'm going to write a whole abstract in Notion
and then release it in the general chat
so people can start tinkering around with it.
Yeah, I saw the things you posted already,
and it looks like super thoughtful. I think this is exactly, I definitely wasn't expecting this stuff this early in the lifecycle, but I think it's like super cool that it's happening this early because I think that's one of the reasons we built the treasury module the way we did because i think it's exactly i think like
with all these other chains you're left with you know you're left with the situation where it's
like oh do we do inflation at 10 do we do inflation at 5 do we do inflation at 3 or something like
that and so like that's the only tool that people have to play with and people are kind of like
putting their finger up in the air.
They don't, most of these other chains don't have any real revenue or kind of like real
treasury.
And also, you know, if they do have real revenue or treasury, then that ends up just
very bluntly either getting used for a buyback and burn.
Maybe like you have an injective or you, you know maybe it get maybe it gets buyback and
distributed stakers or that i don't think there's that many examples of that so i think this is
really helpful to have this conversation and be like okay you know we have we have these
four main tools which are you know do we leave uh do we leave tokens in the treasury
leave them there some of them are earning yield anyway so they're just sort of compounding away
in the treasury for token holders um do we buy uh do we do a buy back and burn so just buy back
tokens from uh buy back prism tokens with what's in the treasury and then burn those prism tokens
buyback prism tokens with what's in the treasury and then burn those prism tokens
or do we buy back you know do we sell the tokens in the treasury for prism tokens and then distribute
those prism tokens to stakers or do we take the treasury and then you know use that to buy back
prism tokens and distribute those to the community pool kind of like for future spending.
And so, yeah, like I think it will, like you say, like it'll depend a lot on macro trends and the macro environment
and the kind of opportunities that are there for, you know, Prism growth that, you know,
will decide like what the community, the community thinks is the best idea,
but having like a, having like a framework,
like some of the stuff that you put together,
I think is going to be super helpful.
Yeah, it was a lot of fun to put it together
and just kind of think it all through.
The next thing I want to do is get some help from some people
and try to get some info from Prismatics
and kind of come up with like scores
for um pools and find out what are our best performing pools and using that as a framework
to guide where to place incentives not as like an end all be all like this is what we're going to do
but like this is kind of some of the stuff i did for megalu back in the day is like doing like a
custom score for our lps based on like revenue and utilization and you plugging that into Terra liquidity Alliance to then like
utilize our votes to push the Alliance module to push incentives to like our
most powerful pools and pools we want to bolster
yeah wicked I don't I think that sounds great
you're gonna start to have to make vaults, like Calabi vaults, that people can participate in.
Because these strategies are complex and you're a smart guy.
So with all this new functionality throughout the IBC with these mass messagings, we can create these systems.
But they'll have to be like Calabi, Volt, brother.
Calabi, YMB, and Hiss, and whoever, all the other power players.
There's so much mindshare here. It's pretty awesome to see.
We need to get a dashboard for what you're building right now, so it's not just a spreadsheet. And the other thing is, Oli, when are we going to have active governance
so that these ideas can then be implemented?
I think governance, correct me if I'm wrong, but governance is live,
so you can see all the historic votes.
I think you can vote in Kepler.
I just don't think people have yet since we
uh we've had one proposed by anyone since the um prism token went live but you can sort of see that
government you can actually look through the chain history and all on all the governance
votes that have had to happen um because everything's kind of like controlled by
pretty much all the important things are controlled by governance. So every time there's been like any kind of update, it's had to be done with Prism tokens before the Prism tokens were distributed.
So like the team ended up having to vote on these things.
So that should like give people a great idea of like all the different things that community and tokens end up um getting a say on and then uh
so but the thing we want to add is the ability for people with p prism and c prism to be able
to vote in governance as well and exercise leveraged um voting power which we're going
to try and you know it's on the roadmap to get live as soon as possible and then on your vault on your vaults
point like i would i know some people have got differing views on vaults and we've discussed it
on uh on this chat but i'd love to see some vaults like i think there's so many as you said
there's so many great traders that um that have really good strategies i'd love to see some stuff
where people you know whether it's like some people have been doing you know doing amazing stuff delta neutral where they're just like look i'm just gonna deposit
some usdc on mars protocol i'm gonna borrow some atom and then i'm gonna go buy some p atom and
then lock in my profits repay the loan and like earn a really good yield on my dollars um and like
those even those basic strategies like getting
something someone you know like a vault operator and just being able to deposit your usdc and chill
and let someone else do it for you um versus people just being like i just i just want to
deposit into an atom yield vault and it's going to either buy me p tokens or it's just going to
actually buy c atom when the p atom yield is low or it's
going to you know buy me the lp token when the lp token yield is very high and i can compound that
into more atom and that sort of stuff i think it you know would be really cool because there's
some some djent users on prism who've got like a lot of expertise and i think there's some people
that would just be like look let me see how this vault's performed historically.
Okay, cool.
I'm just, I'm happy just to deposit some atom into it
and just like let this person take over
trying to make that atom grow for me at 30, 40, 50% yield,
which you can get on Prism versus, you know,
you can't get those yields really,
I don't think anywhere else.
So yeah, definitely. um can I just take one
more second to shamelessly show yeah because I would like to have a say in how this works
please delegate to backbone we are a validator and we also this will qualify you for
sole when we do the sole claim we have an allocation for all of our
delegators across the cosmos thank you thank you very much
yeah no completely agree i'm excited for the um for the nft stuff as well and then so yeah
jg just like your your one minute summary on the end of the first umAR campaign and the start of like season two,
just so people are aware,
because I think midnight tonight is the,
is the last,
is the last bit of the soul campaign season one or SCAR campaign season one.
So actually like it's probably expecting a good bit of instant yield looping
from people that have done the mass the same way that we did at the end of season two for
prison so if anyone's got any questions on that like wants any help with the
mass then you know we're more than happy to one happy to like put together a
little sheet or something but there's you know however long is it six hours
left or something like that and then we roll into season two yeah and um so we're gonna we're doing a new token scar two right that's how it's
breaking down i think big time yeah yeah yeah so then um let me get with i think i mean motion
either mo's doing it or i need to ping him but but we can get that contract going up within a day or two, right?
I mean.
Yeah, exactly.
That should be good.
And then it's just the end of this season, basically,
the instant yield looting.
People will be able to work out effectively exactly the valuation
that they're buying sold tokens at in the final few minutes.
So, you know, that'd be fun for people to watch.
And it's funny, Thomas asked me last night, he's like, is it still live?
And I was like, I haven't checked.
I was like, I thought it ended because we were talking about the new contract.
So he's probably going to go loop right now.
There you go.
I like that.
I was just thinking if there's any other questions we hadn't answered.
I was just thinking if there's any other questions we hadn't answered.
I guess this question for me is,
after Ethereum, do you plan to expand to other chains?
Like maybe Solana or Cardano or something?
You had me until you said Cardano.
Yeah, I think like, yeah, definitely.
Like I think if there's good, basically like, I think there's going to be really good product market fit for it on Prism because it's going to be super helpful for trading or, you know, for utility for the assets for the actual products.
I think on Ethereum, you know, there's definitely a big need for things that are more helpful for retail users rather than just being, you know, sort of whale games on Ethereum.
So I think there's going to be good market fit there.
I think Solana, you know, I think for us to like want to invest more time on there, I definitely think we'd want to get comfortable that solana is going to be like a long-term home for defy um and it's not just sort of a meme coin casino but we're like
completely open to launching the product like anywhere where there's like good demand and
there'd be good product market fit um i think we we're happy to do it obviously you need to
write the contracts um for solana where it's like you know Obviously you need to write the contracts, um, for Solana,
whereas like, you know, once you've got solidity contracts launched on Ethereum,
you can just use those on, you know, base, Arbitrum, any, um, any EVM, uh,
within reason. So like, you know, that, that works really well because it,
it means we've got, you know, prison plus, then we can launch, um,
on all those other Ethereum and L2s.
And then, yeah, like Solana, if there's good activity on it,
definitely would probably be like the top next one.
Awesome.
Anything else you want to cover from anyone on stage
or let the community know about what to look forward to next,
like in the next week or in any kind
of alpha, I guess you want to share it at all?
Just, yeah, just want everyone to know, like we've, we have, you know, had everyone's feedback
on the op drop.
So that is definitely one to monitor.
Like, I think there's going to be the up drop mechanism is going to be,
there's going to be big sort of anti-dumping penalties.
So anyone that was worried about the overhang from that can,
will hopefully be able to take some good,
some good solace that we've come up with a good plan that like prioritizes
fairness, removes fastest finger first, removes people being able to,
you know, wanting to sell tokens before to fund buying prism tokens with optrop and it kind of
removes, you know, any incentives for people to sell their, any prism tokens they buy in the
optrop straight away. So that I think should be, be you know a big positive for people and for
for the prism token um and then we've got yeah like the end of the backbone campaign today is
obviously like very the most kind of pressing one for um for anyone that wants to check that
out and participate and then we've also got um the prism campaign season three ending at the end of
this month so you know now that prism token has
a price now that people can see what the you know exactly how many prism tokens are going out like
people will be able to get a good sense of what their what the rewards are going to be so that
should be that should be fun um and then other than that yeah like please please keep all the
helpful feedback coming that people have been giving us. Really appreciate it. I also...
Sorry, go for it, Zach.
I was just going to say, Bitcoin Barbie message me and said she's trying to come up.
My thing isn't working, so I can't tell if she's already up or if she's requested.
She might have a question.
I don't see that one, but I think we might have to close it down anyway.
So I appreciate it.
Bitcoin Barbie can slide into my DMs if she's got one
or drop us in Telegram.
Sounds good.
Real quick, I just wanted to highlight,
you know, right now the market cap for Prism is 2.1 million.
And when you look at comparable projects like Pendle,
you know, there's 667 billion dollars, right? And you have, you know, you have
Dimension 82 million. We have a product that's a top five in Kepler. We have a chain that's
really doing something. And we're at 2 million market cap. I think like I've said it before,
I really think that prison is the dark horse, not just in the cosmos, but I think this is just my guff feeling.
I've been wrong before.
But one thing I'm really excited about is the activity that we're seeing and the people that are coming together to build and contribute to the chain.
I don't want to be snobbish, but it's a smarter user and there's just more intelligent stuff happening here in this community.
So this is kind of what gets me excited.
This is kind of what I guess terror used to feel like a long time ago, a little bit.
You remember? It's kind of like that sparkly feeling of people learning and sharing information.
And I just want people to know that, you know, we're here to do something together, right?
Let's not forget what crypto is about.
Like this is, we're here to find some financial freedom.
We're here to build something, to get something off the ground together.
And we're here to share in that together, right?
I always feel that like this time around, the heart and soul of crypto will be at, it's at risk.
All the companies are coming.
All the governments are coming.
And remember, this is a movement of freedom.
And so, you know, I really want that to be able to resonate while we're here.
Anyway.
Making me more excited about it I think like
I think we're early and I think it's
I think it's cool that
that we get like
I think it's cool
to launch this thing like just a community
on Prism's chain first
and so I still feel like this is you know this
is super early and we're trying to build something that's you know going to be around in 10 years
time not something that's just like going to die a slow inflationary death um nice one all right
well thank you thanks very much everyone for uh for like coming along and if anyone's got any
follow-up questions please ping us in telegram discord.
And then yeah,
like JG,
Zach,
Mikatoshi.
Thank you all very much for,
Calabi.
Thanks all very much for,
for all of you,
all of your help and input and stuff.
And,
I'll see you in Vegas.
I'm going to,
I'm going to,
see y'all soon.
I'm going to go downstairs and chat with my wife now and just tell her that I'm just
booking flights to Vegas and I'll let
you know how I get on, Zach.
See you at the game house again, Joe.
Okay.
Bye-bye.
Cheers. Later, guys. Thank you.
