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Pryzm Alpha Hour - $PRYZM
Recorded: June 18, 2025 Duration: 1:07:51Space Recording
Short Summary
Excitement builds as the Prism token launch approaches, marking a significant milestone after three years of development. The team is focused on community engagement through feedback and partnerships, with innovative features set to enhance the token's utility and growth potential.
Full Transcription
Thank you. Thank you. Thank you. Thank you. hello everybody
Oh how you doing? GM brother.
JG, how you doing? Good good good you know fired up 10 a.m. in Los Angeles beautiful sunny day
I'm trying to play tag on the phone with you all all week
I like it I like it uh 10 a.m. LA time, nice.
Hiss, where are you? You're back in Canada, are you?
I'm sorry, Damon, you're back in Canada, are you?
Yeah, 10 a.m. for me too.
Nice, nice, nice.
Who we got on GenVO?
It says it hasn't connected yet.
Dude, there's so much to unpack, man.
Honestly, I feel like this hour is going to just be crammed.
I like it.
I'm just sitting on my... That sound was me taking a seat on my spaces bean bag
which is the only time i end up sitting on the bean bags during spaces and it's
super comfortable and hard to get up from
um okay cool ohZo is requested again.
Nice one.
Yeah, I think like I can start with it. Oh wait, Melina, is that you on the GenZo account?
You're muted.
No dramas.
If they can't unmute, I can start.
Oh, unmuting.
The suspense is killing me.
Oh, no, it's gone again.
They're getting rugged.
All right, cool.
But basically, yeah, I hope everyone's doing okay.
Obviously, you know, some terrible stuff that's going on in the world at the moment,
which I guess is, you know, affecting lots of people.
But so, yeah, thoughts and prayers obviously out to everyone that's affected.
Like from, you know, our side, you know, the team's doing an amazing job
being focusing for the most important part,
being focusing on the token launch,
trying to get that out and done as soon as possible.
Thank you very much to everyone
that gave us some feedback on the webpage.
That's been super helpful.
SMD provided some, in the Telegram group,
provided some absolutely amazing feedback.
So the team's in the process of group provided some absolutely amazing feedback so uh the team's like in the
process of actioning that now and then you know it really feels like we're going to be able to
do like a final testnet one uh for everyone's try out and then it's going to be mainnet time
and that's it and that is uh you know setting the prism token free after three and a bit years, or three and a bit years of building.
So that is going to be a massive milestone.
And then in the background, we're building these other products
that are going to add more utility to Prism and Prism assets.
So that's Seal, the Border border book and then the money market um
which i guess we've got codenamed squirrel at the moment um and then we have an options protocol
which is a codename hedgehog um and so these are uh some of the things that you know we're working
on the product side as well. So they've been
the contracts
have been written for those.
And so once we got sealed
out of the way, it'll be
onto building the front end
for people to try out and demo for the other ones.
That's what we got. And then obviously
we've got the SCAR
campaign
launching
very soon as well,
which we're excited about.
So those are kind of the main bits.
As always, please do like, you know,
if people have any questions, thoughts, et cetera,
please do put in the comments section or like come and join us.
But yeah. Oh, I've got a request for a GenZ account. comment section or like uh come and join us but yeah oh i got requested jenzy account uh
damon i know you i know you've been following the launch um launch page stuff as well like i think
i think and jg yeah i'd be interested in your opinion on it as well because we've like
you know the way that we're doing this token launch for people that don't know is um we looked at like tons of different token launch methods and trying to
find something that can't be sniped is anti-whales um where it means if you're a community member
that wants to buy some then you're not likely to get
you're not likely to get front run people aren't going to like hoover up all the supply before you
you're not going to get bots doing that but i think we looked at tons of different methods
um including you know obviously like the very basic one that meme coins do where they just like
put a little bit in a liquidity pool and at a price and then it gets sniped into oblivion when the price is super low versus we looked at
doing a flow trade where we, you know, the tokens would be gradually auctioned.
You know, people have seen, people maybe have seen something like that with StreamSwap it is on Cosmos.
Also the token launch that I did the first time around
on Terra where we kind of did this sort of auction
and then people could add or remove tokens
for a finite amount of time.
And then after that time, it went on to remove only.
So the price could only go down from that period.
I think where we settled was,
you know, we do really like liquidity bootstrapping pools,
you know, where the price starts at a high price
and then gradually reduces until kind of like the community
steps in and you start finding like trading around an equilibrium price.
I think we really liked it because you can't,
you know, that can't be botted, that can't be sniped.
Like anyone that tries to move early or super early
and try and like jump ahead of all the people in the queue
ends up kind of like rugging themselves.
So it's kind of like very community but like a very good one
for the community
and it happens
you know it can happen slowly over time
so people can like take their time to
decide what they want to do and the other
you know the problem that we had with
with
LBPs
I think that you get a bit like you get a bit of fomo or sometimes you
can have a bit of fomo you don't know exactly when the price is gonna hit its inflection point where
buyers start um outstripping supply and so you start getting you know where when it hits the
bottom during the launch um and so we thought actually, this is something really cool that could work with
PulseTrade where rather than sitting there and staying up until like, you know, what a lot of
people do on LBPs is they will be like, okay, I've got $1,000 to spend. I'm going to either just
wait until I think the bottom has been hit and then phone them in, which, you know, sometimes, sometimes maybe you get it.
Sometimes you don't, or you're like, do you know what?
I'm just going to buy at regular points in four different tranches over the
next, you know, over, over the next four hours or,
or eight hours or whatever time period you choose.
And that you're kind of in that way doing your,
like your own manual dca um but then you know when the important inflection points get hit you know
which which are kind of probably you know people probably can come up with sensible ranges of where
a token should be priced based on you know comparables um you end up you know you might
end up staying up to like three in the morning to decide that you want to like, you know, to make sure that you get a good entry point.
With Pulse Trader, you don't have to do that.
You can just be like, OK, well, I'm going to set a Pulse Trader to gradually spread all my buys out over a day or two days or whatever you choose.
And be like, this is the maximum price I'm prepared to pay.
But obviously, if the price goes lower than that, then yeah, carry on buying me at the lower price gradually.
And then you kind of like get a much smoother average price.
You don't have to like worry whether you're like picking bottoms or not.
And so I think like the combination of a liquidity bootstrapping pool
plus being able to DCA into it with Poles Trade
feels like hopefully like it's going to be something,
you know, really fair and hopefully, you know,
a good example that, you know,
the Prism token launch goes well,
you know, the community are able to buy,
you know, a good cheap price
and the token performs well after that.
But also, you know, hopefully it'll be a good model
for other people as well, I think.
I don't know what you guys have any thoughts or questions on it i do um one of my questions though
is is is it going to be like the maturity launches uh seven day or is it going to be like the test
net has been which is much quicker yeah the test net ones are quicker just so we can cycle through them and you can do more of them just to iterate on it.
I think it'll probably be seven days, 10 days, 14 days.
That's like a configurable parameter.
So interested in what you guys think actually,
do you think it's better to like gradually do it over
say i i've seen ones that i've seen ones on ethereum for example that would do it over three
days and it's like bang okay all over very quickly people then probably get a bit upset because they
feel like maybe they didn't have time because they were somewhere else for the three days or
something like that so they didn't get time to set their pulse trades etc um but uh or you can do like
seven days which i think is a bit more standard or if you want to give people loads of time and
just have the price you know the weighting increase very slowly um then you could end up
doing it over say 14 days or 10 days or something like that uh i think it's kind of like pros and
cons to each firm.
Have you seen the price estimates
that have been coming out?
What, from other people?
Yeah, they're pretty wild.
I mean, it's kind of all over the place.
I don't probably, I don't know.
I obviously have my own thoughts about it.
You know, it's not a financial advice thing. Like I just think I'll like, I don't know where it's,
I don't know what will happen during the LBP,
but I have like my views on where I think fair value is over a longer term time
period.
Why don't you share with us all this?
Finally, it's me. I'm sorry.
No, no worries.
Twitter does it.
I think
it's kind of easy just to look at other
Cosmos
SDK-based L1s and kind of look at like,
you know, maybe, maybe you sort of benchmark,
you benchmark off of that.
But I mean, the price range on Cosmos, you know,
Cosmos L1s is wild.
Like, you know, you've got things like Kajira or Kajira or Stride at like a 40 million, 50 million market cap.
And then you've got things like, you know, Celestia at, you know, a billion market cap.
And none of these things are making any revenue.
Whereas the PRISM tokens actually, PRISM holders will actually be receiving a decent amount of revenue into the treasury module.
So like the token itself is like actual cash flowing, which most other Cosmos tokens aren't.
I think PRISM already makes more revenue than, you know, most, if not all, Cosmos SDK based chains I've seen out there.
So I think we make more than, actually not more than DYDX,
I think DYDX is kind of like the leader on that.
But I think that the chain makes more than real revenue
for token holders rather than just like revenue
for liquidity providers.
I think it makes more than Stride, Osmosis,
some of these other ones.
And then obviously, yeah, you have all the Cosmos SDK
based our ones that
don't have anything on them
like Dimension or
Saga or something like that
and you know maybe
Emissure and those kind of things
so I don't know
like longer term
you know
I don't know, like it's like longer term, you know, I can't, what's the phrase that someone told me before?
I can't remember whether this was from a TradFi,
back when I was in TradFi, whether someone,
no, it definitely TradFi,
because this phrase wouldn't work for crypto.
It's like price is what you pay, value is what you get.
And so I feel like for me,
I am out of control of the price that people pay.
But what we are trying to do is give value to people that buy the token, if you see what I mean.
So I have my views on the value that we can try and create for people. But obviously, people can sort of choose their own prices.
That doesn't answer the question
Oli well like where do I think where do I think it should trade yeah like I can
tell you what the guys have been saying behind the scenes we've got we've got
guys yeah sure I've got I've got guys who are saying that if it can stay as high as $0.02,
they'll be so happy.
And I have other guys hoping to be able to buy it at $0.14,
that it'll get that low, just to give you an idea.
It's interesting, isn't it?
I think even something like Milky Way at the moment,
I think is trading at an Milky Way at the moment, I think it's like trading at like an 80 million FTV.
And that's just like sort of smart contracts,
I guess built on Celestia at the moment, sorry,
an issue at the moment, but the,
I think it's hard, like, well, I think, sorry,
I basically just think Cosmos FDK based L1s are probably the best comparables.
I think obviously people should look at Prism Revenue and judge their own mind from that.
I think the price that, you know, the data points that we have so far are what people have paid in flow trade and what people have paid in instant yield
and i think people were obviously buying things in flow trade and instant yield that had like
you know that has 120 day unlocking period that doesn't have liquidity where they haven't seen
the tokenomics and the rest of it necessarily.
So that was kind of like definitely encouraging for us that it was like, okay, well, there's definitely appetite
for a token launch if people are doing instant yield looping
on a token where they don't need to have the tokenomics.
They don't necessarily know when they're going to get the token,
et cetera, et cetera.
So once people have all this clarity,
which they'll get in the next few days,
then yeah, hopefully it'll kind of allow people
to make an informed decision.
And that's, to be honest,
that's a lot of what we want to do with the launch page.
It's like, you know,
I just want to give people all the information
that they're going to need to make an informed decision. I just want to give people all the information
that they're going to need to make an informed decision.
And for me, that's what comparables,
what's the prison revenue,
like token distribution to an extent.
But if it's a 80 million FDV,
what does that mean price-wise for the token?
0.08.
Nice.
Because it's effectively 1 billion Genesis supply of tokens.
So, you know, 100 million FDV is 0.1.
You know, the starting FDV is effectively 0.49.
But I mean, there'll be like, there'll be like,
so 0.49 is the one that's, you know,
the liquidity pool is at at the moment.
And that is, that effectively is like 490 million
fully diluted valuation.
But as only say 10% or 15% of the tokens
will be in supply,
that's effectively a starting market cap of like, say, 75 million,
depending on how many tokens are bought out of the liquidity pool.
Because ultimately we might put, say, for example,
the way a liquidity bootstrapping pool works is not all tokens are bought out of the pool.
So say, for example, we've airdropped people 10% of Prism tokens, 11% of Prism tokens supply already
in terms of C Prism, Prism yield LP etc. What they, what they, what, so that effectively means 10% or 11% say of the 1 billion tokens are distributed to people.
And we might put another 10% of tokens in the liquidity bootstrapping pool.
But ultimately, only the tokens that actually get bought out of that liquidity bootstrapping pool
get into circulation, like at the end of the liquidity,
at the end of the bootstrapping event,
you know, any unsold tokens effectively get,
you know, put back into the foundation to be used, you know, for future value add activities,
et cetera.
So the ending token supply, say, for example,
5% of the tokens get bought, you know,
half the tokens get bought out of the liquidity pool. That's 5% if temps of the tokens get bought you know half the tokens get bought out
the liquidity pool that's five percent if if temps of the tokens get put in so that's five percent
plus the eleven percent that's been airdropped so that's you know say 16 percent of the one
billion in supply on uh on day one um you know and 16 percent of uh you know, and 16% of, you know, 500 million,
a 500 million market cap is carried to 80 million or something.
And that's kind of like the starting point.
One thing you said is that you were thinking that the flow trade
will have some indication of the price
i actually don't think so because all the flow traders are picking it up and not earning photons
right now i think as soon as you flip that photon switch that price is going to change drastically
yeah no i i uh i agree with that i think i think also i i think for the flow trade, actually, to be honest, I was looking at the flow trades where people were bidding
for Prism Yield LP tokens with their USDC.
So I think the ones where people were selling Prism Yield LP,
some people were just hitting the exit button and that was it.
And they were kind of almost price agnostic whereas i think the people that were bidding on prism yield lp with usdc and flow
trade were being a little more strategic about like what price they'd end up uh what price they'd
kind of like end up paying for it but yeah i i agree with you like i don't think i don't necessarily
think it was the best price indication.
It was just a data point. But I don't think it's, you know, too much can be read into it.
And how are you doing with JG?
We are cooking.
Hey, honestly, you know, I'm're going to get B-PRISM
Honestly, you know, I'm just going to chime in real fast.
going. We're going to try to time it so when the token's live that people can make B-PRISM.
We're going to make pools. Ollie said he's going to help us make pools. This is going to lead to
a PRISM grave digger. I don't want to give away too much, but all these code names for products
that they have plans for, we know Backbone wants to make communities around them and these are these are great you know code names
squirrel hedgehog seal I mean these are these are no-brainers and we want to get
eyes on prism we want to get eyes on the fact that this token really has a
utility this community is really earning together generating together this is
what backbone is all about my mission is like a communal earning paradigm.
And this is what, you know,
we can do something greater together.
The many can accomplish something amazing together, right?
And so, you know, we're just so excited to participate.
You know, Backbone, again, we're spinning up a validator.
So if you want to stake two Backbone's validator
when your token's live,
this will be a sole qualifier also.
So when that happens, there's a lot of things happening.
There's a lot of activities coming to Prism.
We are excited to help facilitate this.
In my mind, I see four easy collections and communities that are going to need to be sprouted up.
And right now, this is a thriving, it's thriving right here.
Like the cosmos, it's so funny.
You know, on crypto Twitter, there's like this weird energy.
It's like, well, it feels like it's shrinking,
but it's like people aren't paying attention.
People aren't paying attention to where the activity is.
And like right now, we have this great chance.
Prism's launching, like he said, three and a half years in the making, this is going to be, this is a big deal.
I'm excited to actually put my money to work in the system. I'm excited to do these strategies
for my own financial wellbeing as like an individual user, not as like somebody who's,
you know, making NFTs. Like I'm excited about Prism. Like I'm, that's, that's what got my
brain going five years ago was when I figured out, oh, my, my money can do stuff for me when I'm excited about Prism. Like I'm, that's, that's what got my brain going five years ago was when I figured out,
oh, my, my money can do stuff for me when I'm not having to do, like that was like the
switch for me.
So, so Prism opens up that possibility for so many people.
And I want to get eyes on this.
I want to get eyes on it.
We want to start shouting from the rooftops.
We want to get it listed.
We want to get more people involved.
We want to get a next wave of builders to build on top of it.
I think that's another crucial thing is the second wave of builders that
will come and build on top of Prism.
Totally.
Yeah.
Agreed.
By the way,
you're stealing my,
my thunder on the validator here.
They're supposed to be validating with prison data.zone.
So many good validators. So many good validators so many good i like it but no i think um i think uh the validators yeah all our validators have done an
amazing job um you know given it given we've had testnet and mainnet live and they've stuck with
us through it which has, which has been incredible.
But yeah, I'm just, I'm excited for the token launch to happen because I think it definitely will, you know, gives, it's going to give, you know, lots of new trading opportunities for people, lots of things to do. And I think like, you know, one of the problems with Cosmos at the moment is there isn't really,
there isn't really that much exciting stuff to do that,
you know,
where you're able to make profits when the market's going up,
when the market's going down and less,
you know,
and do it in a way that,
you know,
do it in a way where you're not just taking leverage risk on things that you could
be taking leverage risk on um a perp stacks or a perp centralized exchange anyway uh and so
i think yeah i think what these campaigns where we end up working together like the um
like scar campaign that we're about to start with you guys and you know you're going to reward it
we're going to be rewarding people as well you know like I think there's uh that's what that's
what's happened been happening a lot on Ethereum and it's been missing from Cosmos um so I'm I'm
excited for that to try and like give people some actual fun stuff that they can do that isn't uh
there isn't you know something that's better served on a centralized exchange or
just some sort of carbon copy of another protocol that already exists somewhere else.
Yeah, totally. By the way, that was a joke. I think people should be
spreading their tokens across multiple validators. And welcome to the party, JG.
Oh, thank you.
And again, you know, I didn't realize that you ran a validator.
So that's the other thing we need to do.
Ollie, you got to tell me who you want in the Gravedigger set.
Because again, the Gravedigger will foresee delegations to validators.
I mean, it's a small set.
So we can always just maybe just leave it open to everybody.
Whatever you want to do actually honestly for me like i just want um i uh and we we commit
just for transparency like this is something we already community you know uh we already said to
um the validators is like we have uh validators have like done an amazing job um and help support us
and i think uh they whilst there hasn't been chain inflation we wanted to give that you know the
validators uh effectively an airdrop and the way that we're going to do that airdrop is like
as long as the validators are doing their things, which are, you know, that are important to the protocols, you know, helping us produce blocks, i.e., you know, having good uptime, not getting slashed.
And then also voting on the exchange rates is obviously a very important part of Prism's chain.
By that, I mean, like, the validators actually report in the redemption rates of all these assets.
So now they're reporting in redemption rates of things like Skies, SUSDS, like on those USDY, like all of these things.
The validators are running nodes on Ethereum to kind of like report in these exchange rates.
to kind of like report in these exchange rates.
And that's super important because that tells the blockchain
every time some yield has been collected
and some yield needs to be paid to yield token holders.
And so we said to the validators that, yeah,
as long as they hit minimum criteria on the other stuff,
we're going to do an airdrop for them.
But the key component of the airdrop is going to be
how many of the community thatrop is going to be how many, you know,
of the community that buy Prism in the token launch end up delegating to the validators.
So, you know, that's kind of a long-winded way of saying, like, we don't want to,
you know, we've seen it with lots of blockchains where they end up kind of
king-making certain validators by uh you know by doing these
like huge foundation delegations like for us like we want to airdrop to validators based on
what the community decides and who the community decides the value the validators are that have
kind of like added the most um added the most and i think you know uh obviously backbone you got you know you guys coming in and i
think uh you know there'll be there'll be lots of synergies and lots of useful stuff that obviously
um the backbone the backbone team do and then yeah prism data zone you guys have done
you guys have done uh god's work for a long time on uh on prism as well and been super helpful
for people so i think
yeah like everyone should choose everyone who buys tokens in the token launch should choose um
you know wisely which validators they want to end up uh they want to end up delegating to
so i just want to shamelessly show again if you stick with us you'll earn soul tokens
jesus man Jesus, man.
We need to get a Prism Data Zone token.
I like that.
That's right.
Honestly, hey, Damon, you know,
Ollie said it best, doing God's work, bro.
Like, you really did make this whole partnership with Backbone and Prism.
That was all you, bro.
Honestly, like, that didn't come from anybody else.
That was just straight from the community.
So appreciative.
There's just so much stuff that's been coming from that connection.
Really grateful to you, bro.
Seriously, dude.
I'm grateful at what you've been doing.
You guys are meant for each other.
That's so awesome.
Yeah, I think we put out something to the community.
It was like, hey, look, we think Instant Yield could be a great fit for other teams that are looking to launch a token and give people the opportunity to decide how much of their yield they want to spend on new tokens, whether they want to be completely principle protected or do know do something like instant yield looping and spend their full principal amount like give
people complete flexibility um and uh we put that out to the community and we're like look if you
you know we'll do we'll do bounty like generous bounties for anyone that introduces um protocols
that come and do that and then i think think Damon was like straight into my DMs
being like, hey, I've got some ideas.
Like tell me about these bounties.
But also then like introducing us to the Backbone team
off the back of that.
So yeah, like really, really, you know,
appreciate that, Damon.
And same goes for anyone else in the community. Like,
you know,
I think community is better than any,
any BD or,
you know,
I'm trying to think of all the kind of like vacuous random roles that,
that foundations hire people for,
but like community is the best BD you can have.
And so,
you know,
in terms of onboarding new years, new can have. And so, you know, in terms of onboarding new users,
but also doing, you know, effectively business to business BD
where they suggest to, you know, existing communities
that they're part of that there might be some synergies
or some opportunities to partner up with another protocol
or use another protocol's tech.
So that's why, you know, like always, like we will, you know,
we would far rather do everything transparently
and through the community than have, you know,
backdoor private deals.
A funny thing happened.
I was, after I showed JG all about Prism
and what he could do with it and stuff,
I was like, i want to be completely
uh clear with you that i'm doing this for a bounty and he's like yeah i'll give you a
a fantastic bounty don't worry i'll take care of you with the soul token i did not correct him
no no you did not you did not correct me i did not correct you
i mean to be to be, I think obviously you've,
you've done loads,
Damon,
anyway,
over the,
over the top.
Like,
I don't,
I don't think you're,
you,
you're,
you're not a pure bounty driven guy,
obviously,
but like it's,
it's the icing on the cake and it's obviously like the least you deserve for,
for all the stuff you've done.
thanks man.
But yeah,
like I, uh, like, I,
no, I'm excited for that.
It's going to be a big couple of weeks.
I hope the market
will
unfuck itself
just for everyone's sake.
Like, it's never fun
trading in this kind of, like,
middle ground with
people wondering whether like war's hanging over their heads or not um so i hope you know i hope to
some sort of uh you know peaceful conclusion to like what's going on um and you know that the
markets can uh yeah rally on the summer i I actually do really well with the high volatility.
I don't even know what's happening.
Like you keep saying that the world's fucked or something.
And I haven't looked at the overall markets in so long.
And I don't watch the news.
I just know if I'm making more or less money.
But that's what Prism is great for, right?
I mean, basically, it doesn't matter what direction the market is doing.
If there's activity, just volatility, it can capture.
That's like the whole point, right?
Totally.
That's what we need to keep hammering.
It's very simple.
Mark it up, mark it down.
I mean, market sideways is kind of like the worst, I guess, the worst situation.
Just sideways markets the worst.
Yeah, but Prism is going to handle that with their options.
You can just sell options in the flat market.
I think also
like,
you know,
one of the fun things you can do
at Prism is you can obviously go on the historic
charts and look at
the historic yield of
Celestia, for
example, and you can see
how the yield on Celestia, for example, and you can see like how the yield on Celestia has changed
from, you know, where it was.
And this is just on like C tier, for example,
like the LST.
Like you can see that even in where markets have like moved sideways
or like Celestia hasn't particularly done anything,
you can kind of see like Celestia yield has like changed so much over time.
And that's given like a huge opportunity to people that have been trading, you know,
yield tokens, yield tokens effectively.
So yeah, like up, down, even sideways markets, like if you're paying attention to like the
yields of the underlying protocols and there's good volatility in those yields, there's some
really interesting stuff to do.
Same with Neptune's USDT and USDC.
Like it's a shame there's not more liquidity in those
because they've got like decent volatile yields to them
that, you know, can be super interesting.
I can tell which ones have volatile yields
because TIA I've done the best on I
actually 12x my TS so far without adding any money yeah and then and USDC and NUSDT are
definitely the most profitable for me because they're just wild they're crazy tokens yeah you're effectively getting long like nusdt and nusdt and the most yield like the
underlying assets and the most yield when people when there's kind of like um big demand for
leverage i i like you know uh people are paying lots of money on neptune to borrow usdt and usdc and so like if effectively like
when you buy the yield token of nusdt or nusdc you're you're going long people wanting leverage
so uh it can yeah it can get it can get really interesting because people are like
you know if you think that the market's about to start, you know,
adding lots of risk and borrowing, you know,
wanting to borrow lots of money, then, you know,
buying the yield token can actually be a really good way of,
a really good way of doing that.
And your yield gets paid out in, you know, NUSDT and NUSDC,
which are instantly convertible back to USDT and USDC.
So definitely some super interesting stuff to do.
We just need to beat the drum and get more work done.
I was trying to chat with the Neptune guys today
about seeing if they could maybe add some rewards
and incentives just to kind of try and explain it to people.
Because at the moment, it's a little bit complex for people to get hold of the token
um so it'd be it'd be better if it's kind of like incentivized and people were um uh you know more
rewarded for doing the work to learn how to mint neptune usdt and usdc yeah um if if they could just add to the lp that'd be great they don't need to add it to
anything else yeah agreed agreed agreed
um i was just checking whether we'd have any more questions in the comments but i don't think we
i don't know we have melina sorry oh is it she gone Oh, she's back.
I approved. I approved.
And then she went.
Can you guys hear me?
You went husky voice for a second.
I realized that I wasn't talking for a while.
So yeah, husky voice.
Sorry about that.
I did want to ask some questions
that we had from the audience.
Yes.
If you're down.
Okay, so the first one here, how does Prism
differentiate itself from other
modular DeFi platforms launching
this year?
Wow.
Yeah.
I guess like
there's um um where it's like modular d5 platforms i guess
i guess uh you know for the audience well the way that i interpret that message is like
in terms of like a a layer one blockchain built with core modules, basically. So like a modular blockchain is the way I'm like,
kind of like interpreting that.
I'd say, you know, more specifically,
when you start looking at Cosmos, L1s,
which is where you are launching modular blockchains,
you know, what's launched over the last 12 months
or around about the 12-month period,
I think you've had things like Dimension, Saga, Babylon, Initia.
I'm trying to think if there's any other, correct me if there's any,
or feel free to
like i don't know any others like how do we differentiate ourselves from them i mean what
we've what we've really wanted to do is we didn't want to please the vcs exactly and i think like
you know the approach we wanted to take was trying to do um all of those are heavy VC chains where the VCs all have tokens.
And I think the VCs all are able to state those tokens and dump and sell staking rewards.
That's like from a tokenomics perspective rather than kind of like, what we're trying
to do.
And so what we wanted to do was basically be like,
well, hey, look, like, yes, you can launch these test nets
where you just airdrop everyone who participated in the test net
and then launch the chain.
And then you're actually not going to get, like,
many real uses of the product on your chain
unless you then, like, heavily incentivize that.
We launched a test net.
It got botted into absolute oblivion, on your chain unless you then like heavily incentivize that we launched a test net it got
it got um botted into absolute oblivion which every test net does because there's no opportunity
cost for people um other than their time and so we ended up uh and then we wanted to be like okay
well let's let's launch mainnet show people that there's like an actual working product here uh
allow people to like
kind of learn about it create an opportunity where we airdrop people and actually people
who are active users end up earning more prism and also with the airdrop they're able to kind
of like earn more prism on top of their prism airdrop by using the platform and you know then
then sort of make people more part of the journey
rather than giving a load of tokens away at the start
to VCs and testnet users
and maybe some other kind of like generic airdrop
to Cosmos Hub delegators or something like that.
So we just wanted to differentiate ourselves
to those other chains by launching a real working,
usable product at the start. And I don't want to speak out of turn about all
the products but i don't think any of those other chains that i listed have correct me if i'm wrong
anyone but i don't think they launched with any working products um or any real users can i tell
you there's so many just ghost transactions on a lot of these chains.
It's wild.
It's wild.
How does that work?
Like ghost transactions?
What does that mean?
What is that?
It's just like bots and bot accounts.
I looked at it quite a lot as well, to be honest, because we had,
we were looking at like, okay, what's our active users compared to say a DYDX
or a stride or something like that,
trying to look at like, okay,
like how many real active users are there?
And then when you actually,
there's some quite good stats on this that you can see on the block explorers um but when you
go and look at it and you kind of realize that like you know on a lot of these chains there's like
there once you remove just like claim it transactions which are claiming staking rewards
there's basically no real users on a lot of these
chains um i think which kind of makes sense logically because when you go to the chain you're
like well there's actually nothing to do on that chain like they you know so and i think some of
the chains there's definitely a pretty murky game that gets played uh where chains will uh
where chains will spin up bots and manufacture activity
and create active users.
And I know, you know, just, you know,
from having filled in all these forms,
for example, with centralized exchanges,
you know, when you're filling in a form
with centralized exchanges, they're like,
how many users do you have?
How many testnet users do you have?
All this kind of thing,
which instantly just makes teams incentivized
to spin up like an unbelievable amount of bots
to like kind of give the impression
of much more activity on the chain than actually there is.
So it's just, it's the incentive's the incentive structure is way off in crypto
with that kind of thing where, you know,
you're being asked by centralized exchanges
to provide numbers for active users.
And that's just something that you can like,
you can bot yourself, if that makes sense.
You know what though?
I saw a good stat for you guys.
I thought it was pretty impressive.
And you can't
bought this stat i think you guys said like you had like 94 000 people staking with prism validators
and that's like if you're staking hard staking that's real wallets participating with prism
in a you know in a very clear area right that's not even blockchain activity that's just
people doing the activity with you guys so that's a very big number of real participants alone right
yeah exactly and that's something we that's something we really like as well because it's
not like there's not um like i'm saying like like, if you create something, if you create, you know, if you say to people, oh, we'll airdrop everyone based on your testnet activity, instantly that incentivizes people to bot testnet activity because it's all fake funds that they're moving around.
Whereas things like doing a stake drop where you say that, you know, we are going to airdrop everyone based on their delegation.
And, you know, for every dollar of commission that they end up paying to a validator, which they would have paid to any validator, we're going to give you 40 Prism tokens as well.
There's no incentive for people to split their tokens across wallets because they're
already delegating.
They're effectively locking their tokens anyway.
And if they split their tokens across wallets, then they end up paying more gas and they're
not earning any more commission.
So there's no incentive for them to do that.
I think in the end, we ended up getting, you know, we have, it actually is like across
all the different chains we delegate with or we run validators on.
I think it's over 550,000 wallet addresses now.
And the stat we have actually is like 550,000 wallet addresses.
Then we said to those 550,000 wallet addresses, look, which, you know, give us your Prism address that you would like your airdrop to.
which, you know, give us your Prism address
that you would like your airdrop to.
Obviously, the same users were delegating
on a couple of different chains,
so it was less than 550,000.
But I think that 550,000 wallet addresses
turned into something like 200 or 250,000 Prism addresses.
And I think, you know, I think of people that it's kind of delegating at the
moment and have registered their wallets uh we're still you know we're giving out whatever it is
like to 100 000 wallets a week basically 100 000 prism wallets a week you're receiving an airdrop
um i mean like if you're if you're a delegator, like,
it's our way of just saying thank you to people that are supporting us in the way that they're supporting us
is just by delegating tokens
that they were gonna delegate anyway.
And that they'd be delegating to another validator
that produces ropey YouTube content,
but doesn't really add much value
or whatever you know
whatever the validators end up doing I just wanted to punctuate the inadvertent
alpha you dropped there which was you've been filling out sex applications I Only fans? Only fans again? Okay. I have...
I feel that
an unbelievable name of sex
sex applicates, like centralized
exchange applications. Sex application sounds
weird, doesn't it?
But yeah, like...
Okay, now we know where to clip
an hour and 56 minutes.
No, we have, yeah, I mean, we're in conversations with all the major centralized exchanges.
It's just trying to, you know, it's an interesting one like i wish uh i wish the community could kind of see the process that
ends up happening behind the scenes on these sort of things it's it's it's pretty murky um
they ask for so much don't they aren't like the asks like insane or am i wrong like you look like
you look at kind of some of these protocols that have
like i'll just take binance as an example don't get me wrong i think binance is in it binance is
an amazing product it has 200 million users or whatever it is like it's you know it's it's a lot
of people have binance accounts and obviously don't even have self-custody wallets and stuff
like that it's an amazing on-ramp for the crypto industry but you know for a lot of people have Binance accounts and obviously don't even have self-custody wallets and stuff like that. It's an amazing on-ramp for the crypto industry.
But, you know, for a lot of projects, the one I get listed on Binance, the reality of what happens is you end up, you need to give Binance a load of your tokens to do a
sort of some sort of Binance Launchpool or
Binance Launchpad. Binance Launchpool
is effectively just giving away
doing an airdrop to BNB holders.
So that's
normally, you know, say that's something like
I forget what Say did,
something like, you know, 3, 4,
5% of your token supply,
something similar with Neutron.
I think Milky Way just did it as well.
So you give away a load of your tokens to Binance.
Then you need to give Binance $2 million in BNB.
It's kind of like a security deposit.
Then you need to pay Binance a listing fee,
which can be anywhere up to like a million dollars or more.
Then you need to go out and reach a deal with a market maker.
If you speak to one of the biggest market makers,
they're going to ask you for 5% of your token suppliers alone.
And then they're going to ask for an option to buy that 5% of the token
supply as part of the loan agreement,
which effectively means that they just have the option to dump 5% of your tokens
at a high price above the option strike if the token does well.
And none of this is made clear to communities,
and so communities don't know where the options are struck.
They don't know exactly how many, you know,
where all the big tokens gone to BNB holders are lying.
They don't know that Binance got an advisory fee
that effectively ends up selling tokens, et cetera, et cetera.
So it's good, but then you just end up with these tokens
that have completely artificial market caps
because the prices have manipulated up by market makers
who are, whose ultimate goal is to try and dump tokens
at a high price above their options strike price.
And so it's, you know, it doesn't, it sort of,
it doesn't feel like the future of finance to me
when you sort of see this sort of game going on
the whole time.
But it's a distribution thing.
And if you've got, you know,
if you're getting access to 200 million users
because your token is listed on Binance,
that, you know, there's obviously definitely
a huge value to it.
But I hope in the future,
there's more and more kind of like solutions
and unwrapping solutions where you're able to do this stuff
and give people like a Web2 type experience
where they don't need seed phrases and all the rest of it,
where you can access all of these kind of,
all of these things without necessarily needing to go through a centralized
exchange gatekeeper.
I mean, you know, and this is just to get your token launched, you know,
and I mean, Prism take,
you take it a step further and you actually are doing value. Um,
you have value games, right, from tokens.
But, like, just to get launched is, like, such a nightmare.
You know, again, and the community has to come together.
Like, how do we get pushes?
When you put your application on, you have to let us know
because then we have to make a bunch of noise.
There's a lot of other steps involved in just like activating participation.
And then like you listed, you know, you said Binance, you know, Coinbase.
But there's like then you have like 100 other weird exchanges that like you can't possibly list on.
The whole thing is such a strange dynamic.
And where do you, you know, is Binance the goal?
That's another question. Or would Coinbase be the goal? I think there's a, I think, I feel like with the exchange,
the main thing you're solving for is increasing the buyer base of your tokens.
That's why it's like, you know, you're a stonk.
You want to get listed on NASDAQ because, you know,
so many people are able, you know, so many people are,
or America makes up such a large portion of the buyer base.
You want to get listed on NASDAQ.
I think like, you know, for that kind of thing as well, like, so there's a price for everything.
It's like, okay, well, Binance is able to charge you 5% of your token supply because they've got 200 million users.
Okay.
KuCoin is able to charge you 2% of your token supply if you're an equal, you know,
for a similar kind of caliber project
because KuCoin has 10 million or 20 million worldwide users
and that kind of stuff.
I think it's a distribution game.
I mean, ultimately, you know, based on that,
like what do I think think in an ideal world,
what would you want to do?
You'd want to have your token listed on centralized exchanges.
You'd want to have your token listed on major blockchains that people are
connected to. So you'd want to have your token in a, you know,
able for people to buy on Ethereum, able for people to buy on Solana,
you know, any other, any other kind of like major blockchains.
And I think that's definitely, that's definitely a route that we'll,
we'll strongly pursue as well, because that's kind of like permissionless.
I think what Milky Way did is actually, you know, it's quite interesting, this new,
But it's effectively like Binance Launchpad Alpha.
but it's effectively like Binance Launchpad Alpha.
And what happens is Milky Way actually just listed their token on PancakeSwap.
So the same as listing on Uniswap on Ethereum, just listed their token on PancakeSwap.
But Binance actually just created a front end for that on on binance's website so and binance users with usdt in their binance wallet
can actually just click okay i'll buy the milky way token but what's happening in the background
is um the usdt is getting sent to bnb a swap's getting done to buy milky way and then it's uh
holding it in the binance's kind of like in the user's effectively BNB wallet.
So that's quite interesting.
It's just it's effectively just running a front, you know, Binance running a front end for PancakeSwap.
I think Kraken is going to have their own version of this pretty soon as well.
Oh, that's dope, actually.
I didn't know that.
That's really cool.
Yeah. soon as well. Oh, that's dope, actually. I didn't know that. That's really cool. Yeah, so you get that, and then if that goes well, then Binance will update you to include
perps for your products, and then if it goes well, then potentially launch you with the
spot exchange.
But yeah, it's quite cool because it's like, really, actually, you're just permissionlessly
listing your token on PancakeSwap and PancakeSwap concentrated liquidity.
And the reality is all Binance are doing is just running a front end for PancakeSwap that's integrated with their existing application.
And so users feel like they're getting a native Binance experience, but actually they're just buying these tokens on PancakeSwap. So yeah, like we would absolutely love to
get our token on centralized exchanges to increase distribution. And we would also, you
know, we'll definitely also strongly consider listing our token on, you know, the token
on Solana and Uniswap. But as always with these things, like, you know,
we want it to kind of be community-led.
So if community's got ideas,
community's got priorities,
like where they'd like it listed,
then, you know, that's the kind of thing.
And I think it's important for us
to do the token launch.
A lot of these exchanges
want you to do your token launch
on the exchange.
Whereas for me, like, I think it's much better to do your token launch on the exchange. Whereas for me, like I think it's much better to do your token launch on your protocol or
on your blockchain because for exactly the reason that you want to be on an exchange
ultimately because of all of the users.
But if you launch your token to 200 million users on day one and you just airdropped a
load of tokens to BNPmp holders they're going to kind
of like dump it's going to reach like a fairly fair market price you know you see the charts
on these things whereas if you launch your token to you know a just a core group of like prism users
there's a much better chance for them to buy in early before you end up you know uh increase
increasing the buyer base significantly
by listing on a centralized exchange
or listing on Uniswap and Solana, et cetera.
Do you have any statistics on the users
that come in from that?
There must be some kind of statistics,
not just people.
On which bit?
If they're connecting to a sex
and they find out about your token through that,
what's the percentage of people moving across into the DEX arena
or coming to use the platform that they just bought a token on?
For Milky Way, right, I don't think people know that they've,
a lot of people I don't think know
that they've bought it on BNB chain.
Like, they hold it in their Binance wallet
on, you know, for all intents and purposes
on Binance, on, you know, the Binance app.
And so I don't think they really know.
Like, I don't think, I don't think,
and I don't necessarily think Binance
is trying to convert them into self-custodial web3 wallet users i think binance is pretty happy with the arrangement that
you know they're there on the binance web app and then binance can highlight other tokens to them
and other potential opportunities and keep them on the web app which is where they want all their
traffic i don't know i don't i obviously it it's not the kind of thing you can see on chain
because all these transactions are being generated
by the individual's Binance wallet on the chain.
You can't tell whether it was generated from the Binance app
or whether it was generated from a self-custodial wallet.
Yeah, definitely would be interesting to know,
but I think it's like it's anti,
it feels like it's anti their business model
for them to want to make you into a Web3
self-custodial wallet user.
Right.
Okay, cool.
Hey, not to sidetrack,
but is the FMOC doing a rate cut right now or am i tripping
if they if they said they're doing it if they said they're going to do one but i think i mean
i'm just double isn't there like a meeting on right now or again am i there is there is
there is supposed to be a meeting say um thanks for reminding us what time it is
like i mean everything could go green right now.
What if they do a point cut, right?
Everyone's going to go, ah!
My post rates are all set up.
I'm good.
Good.
Nice.
I'm just trying to look now, see if there's anything.
U.S US interest rates
I haven't seen anything
Fed cuts out
no I haven't seen anything yet
it's probably starting but you know it takes time
it takes time for them to get
through the
process it always needs to be the most exciting
exciting time on the
trading floor at the banks when the FOMC
had their
meetings but time on the trading floor at the banks when the FOMC had their meetings.
yeah, sorry, we've also
gone blown well through the
air as well.
Yeah, I just, I mean,
to summarize, yeah, thanks very much everyone
for coming.
The Prism Token launch, really appreciate
everyone's feedback.
Please do give us any more thoughts, questions, suggestions.
Really appreciate it.
We're very excited to launch this SCAR campaign with the Backbone team,
hopefully very, very soon.
So stay tuned for announcements.
Tomorrow, tomorrow, right?
Yeah, over to you guys.
Tomorrow. Let's do it tomorrow. Tomorrow we're send it yeah we're gonna go tomorrow we're gonna get
the grave digger up we're gonna get prism going the dirt tokens going live we're gonna have
activities besides you know just defy communal activities this is i think that's such a big
part of this and again you have such a good community here already. The foundation is really strong.
You guys have held it together
for the last three and a half years.
I think this token event is really looked forward to
by a lot of people, to be honest.
I'll be honest.
I appreciate it.
We've also, the other thing I don't know whether,
I can't remember whether I'd mentioned it, JG,
is like we had all the,
we got all the artwork done
for the Refracted Beasts NFTs.
So once your marketplace is up and running,
we said to everyone that got airdrop the AWU token,
they'd be able to use that to buy Refracted Beasts NFTs.
So maybe we can run a minter and a marketplace
once the Gravedig is up and running
and we can give out the refracted beast
NFTs as well.
So we have all the art done.
That's easy.
Our system can,
we can do that pretty,
pretty quickly.
So yeah.
Yeah.
Awesome.
Yeah.
when you,
when you're going to launch this stuff,
make sure you invite me to the spaces.
Definitely brother.
Definitely.
Sweet.
Thank you very much,
everyone. Really appreciate it. Have a great rest of your day. All right. Definitely. Sweet. Thank you very much, everyone. Really appreciate it.
Have a great rest of your day.
Thank you, Ali. Thanks, JJ.
Bye, everyone. Take care, guys. Thank you.
