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Pryzm Alpha Hour - $PRYZM Launch!
Recorded: June 4, 2025 Duration: 1:04:42Space Recording
Short Summary
The Prism community is buzzing with anticipation as the launch of the Prism token approaches, promising enhanced utility and engagement. The introduction of yield-bearing Bitcoin and strategic partnerships with Backbone Labs signal a commitment to innovation and community growth, while initiatives like the SteakDrop campaign showcase a trend towards sustainable funding models in the crypto space.
Full Transcription
Thank you. Thank you. Hello everyone.
Hey Oli.
How are you doing?
I'm sending out some invites.
You're my boy.
You've got an invite.
How are you doing, Mel Melina I'm not bad someone
I don't know who I kissed in Vegas but I'm recovering from some sickness like how are you
guys what was going on in Vegas is it a conference yeah there was the Bitcoin conference. You know, last week I was there, but we had such a good conversation going on.
But yeah, there was a Bitcoin conference last week,
but I'm happy to be home
and hopefully I don't go to any more events.
I'm tired.
What's the vibe like at a Bitcoin conference?
Is it literally just one presentation
after another on bitcoin or like what kind of stuff do they uh what kind of stuff they got going
on yeah so this one i would say is um and as we're you know as we're prepping the room here as
everyone comes in but yeah it's mostly you know like i would say especially the one in the u.s
there's like michael saylor there was like Eric and Don Jr. Trump speaking.
And like, you know, they try to make it, you know, I'm from Canada, right?
So they try to make it very like, look at all the institutions coming to buy Bitcoin.
But it was a good conference.
It was really fun, but it's specifically Bitcoin, which is what I tell everyone.
If you want to be there to learn about other things, do not come to the Bitcoin conference
because there was just like a ton of like mining companies and like a ton of like people
building on Bitcoin, but nothing else.
Like they're not interested in any other coin chain token.
So yeah, I'm just excited to talk to you, Ali, today about the Prism token launch.
So you can't do that at the big conference.
Okay, cool.
And then we've got, yeah, just for everyone,
everyone joining.
So we've got obviously Emelina,
then we've got Damon from the Prism community here.
And then you're my boy Luna, who I don't know,
hopefully people in the audience have seen some of the amazing strategy threads he has been putting out.
Which is super helpful.
Like, obviously, hopefully you won't mind me saying that he's like, you know, one of the obviously one of the top traders on PRISM has like been using it to the max.
So and is sharing the love now with his tweets.
So welcome everybody.
I can probably give like a little bit of an update quickly
and then we can get into a bit of a chat.
And then if anyone's got any questions
they would like answered,
then please do just write them in the comments and we will
try and get to them. And then, yeah, so we are, I guess, is the sound quality okay, Melina?
You're on mute. I'm hoping sound quality is okay.
Yeah, it's great. It sounds great.
Okay, cool.
Yeah, basically we are hopefully launching Bitcoin today or tomorrow on Prism.
And so this is going to be Midas Bitcoin, which is a yield bearing Bitcoin, which we're pretty excited about.
yield bearing bitcoin um which we're pretty excited about uh and then i think you know i
think two of the biggest most exciting use cases are bitcoin and then um and then stable coins you
know seem to seem to be very popular so i think we're seeing uh a lot more traction on um on those
usdy which has been great so i I think liquidity, but like liquidity providers
have realized that on those USDY is a really good opportunity, not only because you can buy it below
its fair value on osmosis, which is like an instant kind of return, assuming you can sell it
at its nav or get rid of it at its nav. But it's also you're you're able to earn usdy yields so kind of
like treasury yield plus you're earning swap fees plus um you're earning double photons so that one
has been um pretty successful then the other news is uh which we can chat about strategies on in a sec is um we've added some new maturities so the september
25 maturities are currently in bootstrapping mode for a few assets um which is very exciting
so i think uh i think um there should be some interesting uh useful um or some good strategies
and profitable strategies for
people to do and you can see which tokens are in bootstrapping mode when you go on the yields and
discounts page and then other than that the I think the launch page for Prism token launch
is nearly there like thank you very much, everyone,
who's been giving us the feedback.
Then we're going to try and run
one or two more little tests on it.
But hopefully, token launch
is a matter of a week or two away
is kind of what we're aiming for.
Obviously, these things are always
hard to put exact timeframes on,
but we're trying to get it out there
and everyone can kind of follow our progress live by logging on to the the launch testnet link and
they can see themselves there like what the launch looks like and kind of give us feedback and they
can see the changes that they made as we can kind of continually update that page based on people's feedback. Obviously, you know, most people on this call
are already Prism token holders through the airdrops.
And so, you know, I guess the token launch
is for the benefit of everyone.
So people's feedback is really appreciated on that.
Then we have the seal order book um which hopefully we'll be getting live soon
uh at um we've managed to get the url seal.deals um so that is going to be uh the order book on
built on top of prism but it'll allow you to trade kind of any asset for any other asset so you can
leave limit orders in a yield bearing
stable coin to buy bitcoin eth whatever asset you want um and your order is always earning yield as
you as you do it um and you're also because we have kind of a unique reservation mechanism that
we have um you stand the best chance of getting the best execution possible on your trade and allow people that are filling your trades to access kind of global
DEX and SECs liquidity.
So we're doing that.
And then we're pretty shortly going to be building the Solidity contracts for
that.
So that can be launched on uh ethereum as well
and um we've also built the money market so we're going to be starting to design the front end for
that because all the contracts are done so that's uh lend any asset borrow any asset for a fixed
period of time for a fixed interest rate that gets paid up front and no liquidations and
no oracles so that'll be that'll be a first of its kind money market that we're that we're working
on and that again will launch on prism providing like lots of utility for prism assets and that's
also going to launch on ethereum mr plan as well and so you know prism token holders also going to launch on Ethereum as the plan as well. And so, you know, Prism token holders are going to be the first people to use these products.
And Prism token holders are going to get airdrops in these products as well.
So it's, you know, the aim of these is all to add utility to Prism tokens.
But we spotted a gap in the market.
And so it seems sensible to use this to increase a lot of the utility for Prism tokens, but also launch this on like the home of DeFi on Ethereum as well.
And then Prism token holders can benefit from activity on Ethereum as well.
So that is kind of the main bits.
Um, so that is kind of the main bits.
I think we're nearly there, um, with the backbone labs campaign going live for the,
uh, scar token, the soul token via that, um, scar tokens and instant yields.
So, um, excited about that one.
And then, yeah, that's probably, that's probably most of the uh most of the summary um holy moly that was awesome
i think so any any questions or any thoughts uh you guys have got on those ones
and otherwise we can jump into a couple of other bits
i was just looking at seal.deals it looks great there you go it's gonna be uh
oh i didn't realize it's actually live brilliant
um we are working away on this one so you'll get a uh so you'll get a bit of a oh that's it that's
a slightly older version but yeah like that's um that's what it is so it's
we're super excited about seal.deals because um it is going to be the first time
that you effectively have like this uh reservation based mechanism that um allows you to get like much, much better kind of like pricing and liquidity.
And also like it puts the power in, you know, normally in order books,
you know, the matching of orders is either done by a matching algorithm
or it's done by like really sophisticated users.
And Seal.deals is going to allow people is allow anyone any
community member to go and match an order so if they see if they see that someone has
some you know someone's left in order to buy say one bitcoin at 80k or something like that
and they can see that the price dips and they can buy that
bitcoin on a centralized exchange or on ethereum or somewhere on you know on the cosmos for less
than 80k they can actually go and reserve the order to sell it at 80k and then they lock that
in knowing that if they now buy it at less than 80k they've made an instant they'll be making an
instant profit and so they haven't had to take the risk or take the timing now buy it at less than 80k, they've made an instant, they'll be making an instant profit.
And so they haven't had to take the risk
or take the time and risk of buying at less than 80k
and then transferring it over to Prism
and then hoping that the prices,
someone else hasn't filled the order by then.
So like actually it's gonna be super profitable
for people that want to like monitor the order book
and fill orders as well
so yeah really really excited about those
um so yeah i was thinking i was thinking maybe briefly actually before we get on to
poker launch stuff we could probably just chat a little bit about the bootstrapping of the new
maturities so I can so yeah like I'll kind of like give a bit of a just a
refresher for people on like how that works and then maybe you're my boy
you can tell us some of the some of the of the stuff you've done on it as well and your thoughts on it.
So, I mean, like what it is, is Prism has one liquidity pool for all the different maturities.
So in traditional finance, you'd call this a yield curve.
And in Prism, Prism has a unique AMM that allows all the different maturities to trade in one liquidity pool.
So you have the underlying liquid state token and then you have like the June maturity token, the September maturity token, the December maturity token, and then the, you know, the following June maturity token.
And what this means is if you're a liquidity provider, then anytime anyone trades any maturity, you earn fees.
And it also means that when a maturity happens, the liquidity pool is designed such that when you hit an expiry, the liquidity pool actually automatically removes old maturities.
And when a new maturity is added it automatically adds in new
maturities so liquidity providers don't need to do anything they don't need to remove the old
maturities manually or add in new maturities manually and the way that old maturities are
removed is when it gets to maturity the price is kind of like gradually lowered of the matured assets
through like a sort of Dutch auction type process where it gets lower and lower and the price gets
made lower and lower by the algorithm until buyers step in so kind of like arbitrage step in and they
then buy the matured asset out of the pool go and do an arbitrage which is redeeming
that asset for the liquid stake token and then they go and repeat the process um and so the
competition for the arbitrage makes you know trends towards um the minimum viable profit for people
which is kind of like the cost that it would cost a user
to manually remove the liquidity if they wanted to.
So that's kind of like how removing old maturity is worth.
With new maturities, it's kind of a reverse situation,
which is a new maturity gets added.
And when a new maturity gets added to the pool, there's no real tokens in the pool because the new maturity gets added and when a new maturity gets added to the pool there's no
real tokens in the pool because the new maturity has been added but there's no actual tokens in
the pool um on what prism prisms amm does is it says okay well look let's start off uh the
principal token the new maturity has been added into the pool at a really low price
and then gradually we're going to increase the price of that principal token and what that means
is as the price starts increasing enough where people are like okay wow um that price is too
high now so i'm going to sell the principal tokens into the pool and i'm going to buy out some of the other tokens in the pool. So effectively doing a swap that that starts putting physical tokens in the pool because
traders are selling the real principal token into the pool and taking out other tokens.
And so that's why the price gradually increases to find that inflection point where people start selling tokens into the pool.
Previously this process has been quite, as people have been learning about it, there's
been some really good trading opportunities for people because that inflection point has
probably gone a lot higher than it should, which meant that people were able to sell
principal tokens at quite a a large profit
um and the other sort of you know with that without getting too technical the other way
prism works is the amm when someone uh buys a yield token on prism the way that all the plumbing
works behind the scenes is like when they buy a yield token um to get that yield token
behind the scenes the prism uh liquidity pool actually sells a yield token, to get that yield token behind the scenes,
the PRISM liquidity pool actually sells a principal token.
So what happens is principal tokens are getting made more expensive
until people are buying them.
And conversely, that means yield tokens are getting cheaper to buy.
So for traders, it's good to kind of like watch and be like,
okay, at what price is that yield token
getting so cheap that i want to buy it or at what price is the principal token getting so expensive
that i want to sell it so you're my boy luna over to you sir um how you doing i'm doing? I'm doing good. I'm doing good. Do I have audio?
Yes, loud and clear.
Awesome.
Yeah, thanks for the chance to share just a little bit. But yeah, there's, I think, all kinds of profitable trading opportunities sort of in a typical week or a month.
you know week or or month but to me where prism really gets exciting is either when
maturities are expiring or when new maturities are launching and um because that generally at
least for now like doesn't happen all that frequently i think we're pretty locked in
right now it's like a quarterly process one early lesson learned, by the way, is to try to take notes
like on what the trades are that worked
and the ones that didn't work
because you're going to wait three months likely,
at least for a while
before you get another chance to do it.
But, you know, we're June 4th.
So as like we approach the end of June
for the June expirations,
you're starting to see some really solid opportunities to pivot maybe out of your LPs or to refract and swap your C tokens or other LSTs into like pretty cheap P tokens like PADAM. You can, if you've been pulse trading, you've been probably scooping up some, you know, a dollar's worth of P atom for 92 or 93 cents.
It's one of the only trades where you're not earning photons.
And because there's a lot of photon focused folks, I think that adds to some of the opportunities.
So we're now within the window where it's going to be 21 to 24 days to unstake anyway.
So if you can hold that P token for three or four weeks, you're seeing tasty returns and 120, 140%.
And if the previous expiries hold, those APYs over the next couple of weeks are probably going to get better.
And so this is where like the power of like setting these pulse trades and not jumping in with a with a regular swap,
like, you know, becomes a smart move.
And then to me, it's even a little bit more complicated,
but more exciting is when we see new maturities launching.
And one thing I didn't realize the first couple cycles that I did,
the last one is particularly if you're LPing,
and this is not financial advice, by the way,
but if you unstake your LPs, you're getting back those various P tokens and maybe you've held on to your Y tokens.
jump on these opportunities to see like oh i can scoop up like two years worth of adam or tia yield
for less than the price of a y atom that's expiring in three months and like there's a ton
of those opportunities um and the windows i think are getting smaller or like there are these market
inefficiencies and you see, I don't know, two
quarters ago, I think I got like the December 26th Adam for like five times less than what the
three month expiry Adam was. So those opportunities maybe aren't out there as much,
but having some P and Y atoms available makes sense.
Sometimes you can, um, you can just refract into the new expiry and then trade the P or the Y atom.
Um, and so like, this is where it really gets, it gets cool is, um, looking at and catching these,
these little opportunities. So there's a couple of initial thoughts on how that works.
Oh, and then maybe one last thing,
and I didn't realize this until the last cycle too,
but right June 30th, we will see some expiries
and like the P tokens aren't necessarily
always fully sold out of the LP on June 30th.
And so I think it even gets cheaper and cheaper and cheaper that next day.
And so don't stop looking on July 1st.
Like you might be able to scoop again,
some immediately redeemable,
like super discounted,
you know,
Adam,
Tia,
Luna,
Osmo,
et cetera,
et cetera.
So anyway,
just a few tips that have uh worked i think pretty well
in the past and i expect to be um opportunities that are available you know coming up here over
the next couple weeks yeah i like those i i think like um i think what i but you know encourage
people to do is go look at go look at the price chart of some of the past
maturities that have been added so go look at like when you know um the different the other
the existing p atoms that are currently that are not in bootstrapping mode mode go and look at
their price chart compared to um c atom or atom and you'll see there like where
what the price went up to and where the price went ended up going back down similar with the
yield tokens and you can see during their bootstrapping period that like you know on a
on a principal token if you traded it well you could have made you know 10 15 in a really short
space of time um or like growing your atom stack in that and you can see that in on yield tokens
if you've got the timing right you can literally like triple your money in the period or something
like that um so you can kind of look at the past charts i think are quite a good indication and we
can probably we can probably just I can probably do some screen grabs
and share some of the ones there.
But you can see on the swap page
gives quite a good indication of that.
Or even actually just on the yields and disk,
yields and disk maturities page,
you can click on each P token and see its chart.
So I think that's a good one.
I don't know if you'd recommend that.
And then...
Yeah, just real quick on that, Ollie. I think there are some sneaky good research tools
that don't often get highlighted in the chats or in X posts, but for sure, found like the swap page ui is like the best for doing that research
and it's like again these these patterns as you said they they they repeat and so you can literally
go back in time and see and it's quite interesting because sometimes you know the nadir like the best
entry point is like those first you know hour or two after you become tradable but there's been other
instances where it's like days later you know there'll be an initial purchase surge and then
it'll drop a little bit further so like the tools are there and um if you're willing to put in a
little bit time you can you can really juice your your profitability on on some of these early trades yeah and i think like i think to that
point like um one of the reasons so so yeah like that's why we that's why we put the trading view
on the swap page and why we've actually allowed it so that you can chart any token versus any
other token rather than you know when you go on a lot of these swap pages you can only chart the
token versus USDC.
Because I think people need to be able to look at the relative value historically between two tokens to be able to kind of like make more informed decisions.
And then I think the other, you know, the other thing that you mentioned as well, which i think is super important um is pulse trading these maturities so setting up your dca so that you know it takes the
so you don't you don't have to stay up at 3 a.m to decide whether you know it's a good time to
be pulse trading or not or you know buying all in one go or not you can sort of set your pulse trade
and you know the good thing about pulse trade is that
you can almost set like a scaling order
where you can say, look, if YATOM gets to,
you know, if YATOM gets, if the December,
if the September YATOM gets to the same price
as the June YATOM, then swap all of my June YATOM
for September Y atom but or you can
be like or you can start like selling scaling orders to say like I'm happy to do a pulse trade
if you know if it gets to this price but actually I'm going to add another pulse trade as well that
if it gets to this price plus 10 percent then start scaling me in even harder.
And so you can start doing that with your pulse trade where you kind of like almost lay your pulse trade orders
to say, I'm happy doing this amount at this price or better.
And then you're like, but if it gets to this price or better,
like double my order size effectively.
So you can do that.
And I think the other point you made was kind of like around,
you know, one option potentially being if you're a liquidity provider is to kind of like get back your P's and your P'sstrapping process, you're providing liquidity
for people doing the bootstrapping and your liquidity pools is kind of is setting the
price of these tokens.
So as a liquidity provider, I always think it kind of makes sense to set up your pulse
trades and be like, look, I'm a liquidity provider.
I know the liquidity pool is going to make the principal token for the new asset more
and more expensive, effectively making the yield token cheaper and cheaper and cheaper.
I'm happy to switch from the LP token into the principal token at X price because I think
it's, you know, I think it it i think my liquidity pool is selling the
principal token too cheap if it gets to this price or too expensive if it gets to this price
whatever like i'm paying too much for it um so i think as an lp token holder one of the good things
is like you don't have to have your lp tokens your lp tokens on prison are all um they're all
liquid tokens like they're not locked.
You're not having to like lock them in a contract
to earn incentives.
So you can, if you hold an LP token,
just set up a pulse trade and be like,
look, I'm a very happy liquidity provider
because I'm earning swap fees plus underlying yield
plus lots of photons.
But if the principal token goes,
becomes this expensive,
then I'm happy selling some of this principal token. Or if the Y token goes becomes this expensive then i'm happy selling some of this
principal token or if the y token goes this cheap i'm happy buying some of the yield token
um and so that's what i i kind of recommend doing because if it goes that far you know that it's
probably going to bounce back and mean revert pretty quickly and so you're going to be able
to then swap your y token back for a load of profit and then and then buy back the lp token that you sold um for much cheaper so i think i think
sending pulse trades anyway if you hold an lp token is is generally quite a good strategy
um i don't know what you think of that versus like the manual withdrawing of them
yeah i um it's interesting to me because um if you look at like
the biggest um pools currently and then you go to like the pulse trade page and look at all the live
trades like there's you know significant liquidity in the atom lp and there's like literally
like nine or ten pulse trades set on the entire platform that are selling like the atom lp and there's like literally like nine or ten pulse trades set on the entire platform that
are selling like the atom lp for some other some other token um in my experience though like the
ranges have been tighter like to me it's a little harder to predict like like um like bottoms and
tops to like trade the chop and trading the LPs directly but that could be
something on my end I'm just not I'm not seeing as clearly I like the simplicity or I found it's been
uh more useful to me particularly the end or beginning maturities to pull some liquidity
and then be able to trade like the p token for p token. But I've got at least StinkBid set up with all my LPs.
I think months ago on one of these, you'd said,
if you hold a token, including an LP,
you should have PulseTrade set just to catch the crazy wicks that happen.
That kind of stuck with me, and a few times I've benefited from that.
So I guess that's another good exercise i think for people to look at is like crazy shit happens sometimes everywhere
including on this platform so set some crazy bids and catch some people who are looking to like rage
exit some of these positions it's happening less often i think a little bit now than it was those first months, but it still happens.
Yeah.
Yeah.
I've taken big advantage of that.
And I do Paul straight out of my LPs.
That's the way I do it.
Yeah.
Nice.
I think,
I think as well,
like,
yeah,
the,
I know,
I know what you mean.
I know what you mean in terms of,
it can be harder to look at the relative value of the LP versus the YT or PT.
But I think the trading view charts, again, you can switch out because you can see that an LST like C atom versus the new P atom or something like that is super highly correlated.
the new P atom or something like that is super highly correlated.
And you can see when you chart up,
if you go on the tokens page and you chart up C atom versus say the atom
yield LP, you can see that the tokens are super highly correlated.
So once you go on the swap page and you kind of like pick your levels,
you can do it. But I mean, also like, as you say, you know,
the other advantage of lp-ing um well sorry pulse trade is that you don't need you can
set a pulse trade to you know pulse trade a million dollars and and do one dollar at a time
and it'll let you set up that pulse trade and all you need to set up that pulse trade is one dollar
like your first your first swap size uh is all you need to set up that pulse trade is $1 like your first swap size is all you need to sell at
that pulse trade. So you can actually like, you don't have to withdraw all your liquidity if you
end up deciding that that's the way you want to do it. You only have to withdraw a little bit for
the first, you know, for the pulses to give you comfort that your pulse trade isn't going to get
timed out because it's going to run out of funds. But if it starts getting to your target level,
you can sort of withdraw a bit more liquidity and the pulse trade is already uh is already working for you um i think it's like
i think the maturities give you the maturities bootstrapping is a really good uh kind of like
crash course for people on some of the stuff that can happen on
Prism.
And I think that moving this from the bootstrapping side to the Prism token
launch side, obviously we have C Prism.
We have the Prism yield LP.
We have obviously P Prisms in the liquidity pool, et cetera.
I think we're going to,
with the Prism token launch coming up
and turning on of photons for prism lps i think there should be some like super interesting
opportunities to people because at the moment like why prism isn't earning any um any yield
uh but once we kind of like turn on turn effectively, you're going to be earning yield on Y Prism and Prism Yield LP.
Some people will end up locking their Prism Yield LP to earn this photons.
And I think, again, there should be some really big opportunities
and there should be, you know, there's going to be quite a big wealth transfer
from people that got airdrop tokens and aren't doing anything with those tokens to people that got airdrop tokens and are doing things with their tokens.
And so I think I think that's going to be good for people to get people to potentially participate on.
Have you if you guys done much training?
Sorry, go for it, Alina.
I was gonna say, what about SteakDrop?
We're hearing a lot about PulseTrade,
but any improvements with the SteakDrop?
So the SteakDrop side is like,
I guess, you know, for context people that aren't aware,
like SteakDrop is how we've, you know, for context, people that aren't aware, like Stakedrop is how we've, you know, tried to fund Prism, like community fund Prism.
So we run validators on multiple different networks and then and people who are already delegating on those networks can delegate to our validator.
And then in addition to their normal staking rewards,
they're also going to receive PRISM tokens on top of that.
So it's just, it's effectively,
people would already be paying commission to other validators,
but if they delegate to us, then we earn their commissions,
but we give them PRISM tokens in return.
So they're earning something you know
effectively when they compare it to the same validator that charges the same commission which
is five percent um they are earning the same uh they're earning more than they would earn with
kind of those other validators and that's our way of like trying to keep prism community funded um not to have to raise uh private capital
and at the moment the rate is for each dollar of commission that um the validator earns 40 prism
tokens uh get paid out so that's kind of like uh you could either look at that, you could look at that as a valuation of, or basically people are buying Prism tokens at zero opportunity cost if the alternative is another validator at 5%.
the campaign's going to, the State Drop campaign will carry on running.
But it serves lots of purposes for us because it helps us keep this community funded.
It helps add awareness for Prism as a project.
I think we've had 550,000 wallets that have delegated.
And then it kind of helps us a bit of a funnel for introducing people to Prism
because they can earn tokens doing state drop.
But then they can earn, you know, if they then move their tokens over to Prism, they can earn significantly more Prism tokens by using them in Prism.
So that's kind of been the purpose.
What do you, I guess, like, question for Damon and you're my boy, Lena.
Like, did you guys, were you guys both doing state drop before?
Like, how do you kind of look at state drop versus,
versus like, I guess, other alternatives?
Like I know validator, validator airdrops
always can like be a kind of contentious topic.
And I think lots of other validators get fired up about it.
But I think, I think you'll tell us.
I was on early when it was 10 Prism per.
And I mean, it just doesn't compare with being on Prism.
So I moved, as soon as Prism opened,
I moved it all over to take advantage of all the opportunities
and the much, much
higher rewards. One thing you didn't say though, is the validators are getting a weekly airdrop
now, which is really cool. Yeah, you're right. Sorry. We take a snapshot weekly.
We take a snapshot weekly and everyone gets airdrop weekly. And so I think at the moment
that amount is like 150,000 wallets or something like that.
Get airdrop Prism tokens weekly.
And I think like obviously that will carry on once,
that little thing will carry on for a while
so people still get it.
And hopefully once the token is live,
that'll get more eyes on Prism, I think.
Sorry, go for it.
And I agree with you. I think it's a great way to get eyes on Prism. I think. Sorry, go for it. And I agree with you.
I think it's a great way to get eyes on Prism.
It's a great introduction.
Nice one.
Yeah, I hope so.
It's definitely,
it's hard to know with these things.
You obviously hear some noise,
you know, you see noise and stuff on Twitter
on these kinds of things. But I think it's, to know with these things you obviously hear some noise you know you see noise and stuff on twitter on uh on these kind of things but um but i think it's you know the reality is you see
noise from 100 people or 100 accounts but then you see that the reality is you have 550 000
different wallet addresses that you know that have participated in it. So the lion's share, I guess, must be happy with it.
And I hope the ethos is just to try
and keep things community funded,
which is why again, we're doing super staking,
why we did the Instant Yield campaign,
why JG here is doing um uh you know the the uh backbone and soul campaign jg how you doing
sir i'm good i'm good uh gm or good evening or i know you're in in europe and i'm in la gn yeah gn
exactly um you know everything man i i love i love i think it's so your your numbers are of the people
participating i'm like man see the cosmos isn't dead and and those hundred people that you talked
about they don't even hold any cosmos tokens anymore and yeah those hundred naysayers are
just like the swill that just won't flush down the toilet and go away yeah yeah this is great dude honestly
we're super excited for scar you know there's like just this last final step um and we are just
really excited to participate in look honestly i'm going to tell you prism like these these groups
your calls we've been coming to them now for like the last couple weeks and they are very uh
reminiscent of like what it was uh like uh last cycle talking about strategies and ways to earn yield and
be smart with your money.
I totally love that energy and highlighting how other community projects can come and
leverage the tools that Prism has built.
I think it's really exciting.
It puts us in a really interesting position to, again, it's all about building energy and capturing on this energy and then pulling it into your community project, right?
So we're really, I'm really excited to start to make noise.
We have this Medium article that we're going to tweet about today.
And I think, what, are we like 48 hours maybe from turning this thing on?
I think we're really close.
I think so.
I think so. It's like from our sides, from turning this thing on? I think we're really close. I think so. I think so.
It's all like from our sides, we've got the back, we've got the backend up and running.
Um, the scar token is ready to be fired up.
I think so.
I think it's, yeah, I think we just want to make, you know, we want to make this, you
know, people, people are familiar a bit with instant yield from um from our campaign and
hopefully people are now like will learn even more and like really lean into it for the uh
for the soul campaign but i'm i'm just excited to do it i i and i think again i think it's you know
we're we're a good fit you know again i always like to highlight you know we both kind of dabble
in similar uh things but but they're used so differently like the way that backbone utilizes our lsts is completely different and and i don't
feel like there's any competition i think actually you know you don't want just one lst that's never
good for the system you always want to have a couple to balance it out right so i think this
is a really good um partnership in the sense the sense of emerging of kind of like the communities getting to get this exposure for, you know, because you guys really have built like adult DeFi.
You know, I don't like that term really, but it's like it's very it's a sophisticated product.
And, you know, I definitely look forward to starting to educate people again on like what is possible, what, what can be done,
what activities are available and how, how it's different over on Prism.
So, and, you know, for me, I'm always like looking like five moves ahead.
You know, I definitely, I'm already in my mind thinking about Prism, Prism NFT community
for like dedicated for Prism, Prism marketplace, you know, so now there's other stuff happening
with Prism tokens.
And, and, you know, I mean, again, like there's other stuff happening with prism tokens and and you know i
mean again like there's so many shiny vc projects especially in the cosmos i fucking hate it right
so i i love the fact that you know communities are coming together that people are waking up and and
that we don't have to go and like sell our souls to these vCs. I fucking, I absolutely hate that part of this industry. I'm so much more excited to participate
in a community experience that's occurring here on Prism, right?
That's possible to build a community with these tools, you know?
So, you know, thank you so much, Ali,
for, you know, battling it out these last four years.
And we're really excited, man.
We're really excited to get this going.
It's good.
You're my boy Luna over to you
You've been a big part of both communities
right, so
you see it from both sides
Yeah, I just wanted to chime in
with, like for the
folks coming to this call, like from the
PRISM side, my guess is if you've been
in the Cosmos for a while, you're familiar familiar with backbone labs and sort of the projects that they've incubated
and supported. But, um, to me, this was inevitable, like some kind of collab between
Prism and backbone labs, because although I think today, this idea of being community focused is a bit of a meme and often kind of like bullshit.
Like JG and BBL's actions have been community focused.
Like you've made choices, hard choices with Prism's path that made things harder, but it was at the benefit of the community and like, it's real.
And so, um, you know, it's exciting to be able to see what, um, how this launch works for Backbone
Labs. And, um, I, I would hope and expect there'll be not only success there, but also some crossover
and, uh, all second, I think a recommendation JG throughout out a couple meetings ago like we're going to need to make
a grave digger here for
for Prism
I hope so anyway
I just think it's great to see two
like-minded communities coming together and
excited to see
what happens next
Can I just say that
I'll be doing
spaces or broadcasts
showing how to get
the SCAR tokens, ultimately the
SOL tokens, and also how to trade new
maturities for anyone who's
a total newbie.
That's coming up. So follow me.
When you do those,
I'll amplify you
when you do it.
Yeah, I like that plug.
You should also res you know reshare
they'll probably retweet what you uh what you put out there it's a good job thank you thank you
that's gonna be great so like i think um you know in really in really simple terms
people are going to be able to tokenize their future yield and and buy sole tokens
tokenize their future yield and and buy sole tokens um or also buy sole tokens by buying
the scar token effectively and uh so that's going to be like you know quite a simple strategy
i think obviously uh you know if uh if a principal token is trading at 90 of its
face value then you're going to that you, so say you spend 90 cents on a
principal token, that means that 10 cents is going to go towards buying your sold tokens.
If principal tokens are trading even cheaper, then that means that you're keeping the same
exposure to Atom, but you're getting even more sold tokens or SCAR tokens. So it's going to be
great for people watching where principal tokens are trading, because it's going to be great for people watching where principal tokens
are trading because that's going to provide them a great opportunity and it also means that um
even for people that don't want sold tokens like uh there's going to be some really good
opportunities to kind of like normalize it because people will be effectively buying p atom when they
do this which will push up the price of p atom
which will make y atom cheaper so it's gonna you know it's gonna go it's kind of like gets that
flywheel going where um people you know there should be opportunities for everyone depending
on what they want to do and then for the true d gens uh you're you're just going to be able to
loop and do instant yield and then repeat and then repeat
and then maximize your exposure to soul and scar.
So I think it's cool.
Forgive my ignorance because I know a little bit about it,
but I don't want to clown myself by pretending I know everything about it but I don't want to uh I don't want to clown myself by uh pretending I know everything
about it talk me through what great grave diggers are and how they work sure sure so uh Backbone
Labs um we have what we call NFT-Fi and so we use our LSTs um not so much as um I mean it's a
financial tool in the sense that it's auto compounding, but the way we use them is that we use them to build our community. So our LSTs are part of our mission.
They're managed by the NFT community paired with each Gravedigger. So on the Terra Gravedigger,
the Skeleton Punks manage it and they revenue share with that Gravedigger. 100% of all fees
go to the managing NFT community.
Backbone Labs doesn't extract any value from providing these LSTs.
And so we have, you know, the mad scientist on osmosis with B-Osmo.
We have the galactic syndicate on injective with B-Injective.
We're getting ready to do the boneyard NFT community on Chihuahua with Bwawa.
So these communities actually revenue share and manage their respective gravediggers.
And so they can technically, if they want to, they can buy.
So the yield that they're generating as a community, that community can say,
oh, well, we want to speculate on a different token.
And as a community, they could buy a different token with their Gravedigger yield if they so choose, right?
This is just one of the things that they can do.
And so we took it a step further, and then we opened an NFT marketplace that's powered by LSTs.
This has many rippling effects.
Transacting and LSTs is by far better than transacting and base tokens.
When you utilize an LST besides auto
compounding, you're securing the network. And also, so if you have deep pools of LST pools,
if somebody needs to sell out, you're not actually affecting the base token price
because it's happening in a secondary pool, right? So there's a lot of positive rippling effects from the system that Backbone is implementing.
And now we've acquired DEXs from our white whale merger.
And these are lightweight DEXs.
I see a lot of fluff and frill around crazy DEXs, but these teams extract a lot of value. And so Backbone's ethos is we just want really simple things that work well,
that we share the value with the community. So now we've taken all of these components,
and in this SOL token, what we're doing is 50% of all revenue earned from Backbone's real
participation will go to buy SOL off of the open market. And that's going to be the staking
rewards for the soul DAO. So essentially, we are sharing everything that we've built
with the people who want to hold soul and who want to, I guess, be a part of this evolving thing
that we all keep trying to find how what you know how to grow together so
for backbone you know we started as an nft project community slash thing and then evolved into an lst
and then backbone and now it's kind of becoming more like well as a backbone community how do we
really go forward and just build and earn value together is kind of becoming the ethos.
Because we're not an L1, right?
So as like an ultra L2 community, how do we go around providing real services for the community,
giving back, capturing that energy, that energy turns into value and then goes to soul seekers.
It's kind of like the model that's shaping up. And by no means, you know, this is definitely, I guess,
I mean, I don't know how else to say it.
We're trying to assemble like a web three army.
I think it's like, right.
The never dies, the won't give up, right.
If you can survive Tara and you keep going and you can flourish,
then, then join us
right because personally again i really i have so much conviction that that this space is the future
there's every day there's just more and more proof that that everything's gonna become tokenized
it's gonna be streamlined and we all want to be here when all that happens because all that value
has to go somewhere.
And if we're doing the educating, we get to set the tone and the standard in the space around us.
I want to be a part of that. So if you want to be a part of that, too.
Right. If you want to be a part of that and you want to be at ground level, you know, we're here.
Join us. Rally with us. The more noise we can make, we become like gravity.
I mean, there is an inflection point. point right we want to start to draw people in we need to be engaging we need to have activities and we need to be passionate about this shit because honestly that is the thing that resonates with other people when you're fired up
shit it gets other people fired up good news is is that we have a real reason to be fired up like
we're like on the precipice of like a major financial technological shift in the entire world.
Like nothing even close financially has ever happened.
Like that's happening like right now before our eyes.
This is this is insane.
And so the fact that we can come up with new ways to be smart with money and to teach the next wave of users.
to teach the next wave of users.
I mean, it doesn't get any better than this, to be honest.
I mean, it doesn't get any better than this,
to be honest, right?
Right.
Man, I like the energy.
I'm hyped.
What was I going to say?
Yeah.
We got to get fired up again.
I mean, shit.
We got a president who has a fucking meme coin.
I mean, what are we not doing here come on speaking i actually i had a um actually it reminds me like
i actually had a really interesting call with um the team at ondo earlier on today like for people
that don't know like ondo um i guess it's like one of the original yield bear you know uh treasury
yield bearing stable coins so like one of the original rwas we we have on those usdy on prism
so what what is that like in essence you deposit someone deposits usdc and that usdc gets you know
used to buy us government treasuries which are kind of yielding 4.3 or something like that
um and so now you you sort of basically have a stable coin with a yield for for all intents
and purposes and so you can actually use that usdy on prism to trade yield etc but like ondo is
you know on those thing is rwas um and so the next step for ondo is that they are uh
tokenizing uh stocks and etfs and they're going to put those on chain so that's kind of what i
was talking with with the team about today they're launching their own cosmos l1 where they're going to be issuing some of this stuff um and i don't know people like
i in the olden days messed around sorry messed around on mirror um protocol a bit um you know
uh which was which was fun but the uh but like that was like um was like synthetic stocks.
I think, I think, someone raised their hand and correct me if I'm wrong shares, then there might be a rights issue where Amazon says, OK, well, we're going to raise money from our existing shareholders and we're going to offer you more shares. If you hold a synthetic stock on injective, you can't participate in the rights issue and you actually get diluted.
issue and you actually get diluted um also if there's dividends that get paid out i don't think
in the injective version please do correct me if i'm wrong in the injective version i don't think
you end up getting um you don't end up getting your dividends so like on those work really hard
behind the scenes to make it so that you hand over a thousand dollars or whatever whatever amount
a hundred dollars a thousand dollars and that goes to buy amazon stock
and if amazon does a rights issue amazon does a stock split amazon pays a dividend all of that
kind of like compounds into your token so you actually don't need to do anything so why this is
really cool for prism is because you're now like we've built the infrastructure where you're now going to be able to trade
dividends on things like um on things on real world assets so like treasury etfs or you know
high yield bearing stocks like real estate investment trusts all of this kind of shit
you're now going to be able to like uh trade yield on and chain and then also for these other products we're building you're now going to be able to like
you're now going to be able to hold tesla shares in tokenized format and borrow against them using
our money market or you're going to be able to bet on whether tesla goes up or tesla goes down
using our um options protocol that we're building so like it's i i'm super
excited by more of this rwa stuff coming on chain and not just people just saying oh like hey great
we've we've launched our was on chain like people doing it the way that on though we're doing it
where they're really thinking about um you know, stock splits, dividends, rights issues,
all these kinds of things that can really fuck with you if you just do a one-to-one backing
and say to everyone, oh, we've launched our WAs on our chain,
but actually you're not considering, you know, the issues that might arise
if you don't do it properly like Ondo are doing it.
So that got me pretty excited earlier on.
And this stuff, and potentially this stuff is coming in july or august so definitely want to do uh cosmoism
uh or are they going to prepare for the other version they are so it's an l they're doing it
in an l1 um and then potentially um also launching these things on ETH and potentially maybe later on Solana.
So I think it kind of like, so either way for Prism, these tokens are going to be able to be put on Prism because Ethereum is now connected via ibc eureka so we already have skies susds we're about
to have all this you know this um yield bearing bitcoin that uh is on ethereum so it's all all
of these assets are going to be connected so i think it's going to be super cool i don't i don't
know if they're going to have a cosm wasm left um that people could build smart contracts on top of their cosmos l1 i think
my suspicion is that they won't um because uh you know for similar reasons to dydx that does doesn't have it at the moment for example or celestia like i think they want to keep it like a pure kind of
token issuance chain um but i think that's that stuff super interesting like when you think about the market cap of
bitcoin uh you know and suddenly be like okay well so you know loads of loads of that bitcoin
is locked on bitcoin's chain not being used in defy and you start thinking about okay but what's
the market cap of the u.s stock market and the uf etf market um it's like it's absolutely enormous and suddenly all of this stuff uh people can just
anyone in the world can now send a hundred dollars and um and buy tesla shares or amazon
shares and know that they're going to receive the dividends um that any of these uh these stocks
earn which i think is a huge hack i think the other thing that they're doing with it
is um with on those usdy to become a minter or a redeemer i think you have to like do a 40-day
waiting period plus aml and kyc uh i think that you're going to actually end up buying this
through intermediaries like buying this through metamask or buying this through
other kind of like service providers where you don't necessarily have to do um aml or kyc and there's not like a lock-up period or a cool down
period so anyone's kind of going to be able to theoretically access it so this stuff this stuff's
super cool definitely got me pretty excited uh early on about the stuff that kind of like
it's going to be is going to be possible today i love that they're like black rock and they're going through all the the old trad fi rails and
that prism can just jump on from a defy perspective and use all these products that's this this is a
marriage made in heaven to me yeah that's i mean that's a big reason we could like did things um ended up building it as
an l1 and ended up building like taking a lot of the architecture choices that we had is like
our sort of view that all these assets are going to come on chain
a lot of these assets aren't going to be you know things like um you know tesla is not going to be running some sort of points
campaign uh to try and get people to trade its tokens in defy uh you know amazon isn't going to
be running some sort of points campaign like these um these kind of uh you know attention
games that end up getting played are you know a lot of fun and can be very rewarding
for users um but at the same time like long term you need to build something scalable that people
are going to use when the attention games are gone and so i think this is you know this is this is
proper grown-up stuff happening now with uh with these things getting tokenized and the ability for anyone in the world to buy u.s stocks and etfs so i think it's yeah i think the the structure we have with
prism and some of these other products that we're building as well uh is like you know it's perfect
timing for us so we're super excited about that to be honest um sorry i realize i realize we've gone uh well over the hour
but i'm just looking down the questions i think i think we've hit most of them nat chandy we're
gonna gonna do it very soon is the plan with with photons photons prism photons uh will be turned on
before prism token launch um and we're turned on before prison token launch.
And we're aiming to get the token launch out in a matter of weeks. So stay tuned.
But yeah,
other than that,
thanks.
Thanks everyone so much for coming.
Stay tuned for,
I guess,
announcements from us and from backbone labs in fairly short order.
And yeah,
other than that,
I hope everyone has an amazing Thursday.
hist and Melina,
anything else to add before I hit the end button?
You know,
just that we're really grateful for this chance to participate.
And if anybody is doing crypto activities,
just make sure to double check your links.
If it's something new and just always,
always double check, right?
Just take that extra second.
It's always a good hygiene.
I've got got before a long time ago,
and I'll never get got again.
So have a great day, everybody.
And we look forward to your participation.
Thank you. That was a great spaces Oli and JG that was amazing cheers for
joining thanks very much everyone Melina thank you very much as well thanks to
Genzio team I will leave it there cheers everyone bye guys
