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Pryzm Alpha Hour - $PRYZM Launch
Recorded: July 16, 2025 Duration: 1:05:48Space Recording
Short Summary
The ongoing liquidity bootstrapping pool for a new token launch is generating significant community engagement, with discussions centered around innovative auction methods and user feedback. As the launch progresses, participants are encouraged to strategize their involvement, with expectations of increased trading activity and growth opportunities.
Full Transcription
Thank you. Thank you. We'll just give it another minute and then we'll get started. Thank you. Hey, Melina.
This is an exciting space.
I mean, they're always exciting, Ali, but wow.
What a day.
How are you?
Not too bad.
Are you sleeping? not too bad I actually just found a Red Bull in the fridge so I'm feeling I'm feeling pretty happy right now but uh no
let's try to get him up on stage yes you had a red bull so you're you got a
little fire in you now yeah it doesn't be the caffeine doesn't hit like it used
to okay cool all right nice we I think we got we got um we've got plenty of
people haven't we I'm gonna if anyone wants to come up, like, you can let us know.
You can come up and ask questions and stuff and, you know, give your thoughts.
You're my boy, Luna, and I'm going to give you an invite.
I can't, I'm just looking at anyone else that, anyone else that would like to come up.
James, you can have an invite as well if you'd like.
Gentian, you can have one.
All right, cool.
Anyone else wants to put one up, feel free to request.
But, yeah, I mean, the point of today's one, I guess,
was we can just recap, you know, like what's going on with the launch um how it works if people have
kind of any any questions um you know what's left we're only on day two of seven so um there's a lot
of time left and like uh so you know the main the main reason for doing a slower one like this is to kind of like give
people plenty of time to um understand it think about what you know how they want to approach it
and that sort of stuff so um that is all good got jg um but yeah so basically just going to make it
make it about the launch and uh and answer any
questions if you don't want to ask any questions uh or sorry you don't want to come up and ask
a question feel free to put in the comments and we'll be watching those and uh and get to them
um but yeah like the update the the basic update on the launch
i guess from the team perspective is,
you know,
it's been super helpful to get people's feedback on the UX.
I guess it's, it's always funny.
You kind of like run these things a lot on test net.
So you kind of like have a good idea of how,
you know,
how it's going to work and kind of get people's feedback.
And,
but then obviously like,
you know,
test net without incentives for people
uh doesn't necessarily get kind of real feedback and people actually need to see it in reality to
give the feedback so it's kind of like i think people have um you know who aren't necessarily
familiar with lbps have been kind of like surprised how they work i think you know the fundamental thing to remember about lbps and
the reason that we you know we like the sort of uh reverse dutch auction method is because
um there are so there are so many launches that happen in crypto where the whole supply gets
um botted instantly or gamed or um you know there's some being some sort of whitelist attack
to get civil addresses and that kind of stuff like the alternatives a lot of the alternatives
in crypto are things like um you know someone like the meme coin launches where they just
see the liquidity pool at a really low value and bots can just like hoover up an absolute ton of
the supply or you can get a fixed price launch where you can either whitelist it or not whitelist it.
But if you don't whitelist it, then it gets botted.
If you do whitelist it, then you can get civil attack
where people get multiple whitelister spots.
And so it's not fair.
So in this version, you kind of like
gradually lower the price
and then you sort of naturally will find a place where people will start kind of like stepping in.
And that probably happens much more towards the end of the LBP because in the earliest stage of a liquidity bootstrapping pool, the price impact of a trade is lower.
So you don't see as much volatility
or kind of like movement in the price.
But later on, the impact of a swap is much higher
and you start seeing a lot more kind of like volatility.
And then, you know, historically during LBPs,
people kind of like look back at, you back at where they think they should have bought.
And hindsight is a perfect, obviously a perfect science and it's impossible to know at the time for people.
But, you know, at least you kind of look back and you haven't just launched a token with a, you know, launched a token that got botted and then dumped later on.
And people can look back and know that they did have the opportunity to buy the token at a, you know,
I'm not going to say like cheap or whatever price, but like people will know that they had the opportunity to do it
and it was a fair opportunity to do it.
And so that's kind of, you know, where we're sort of at with it at the moment.
I published a few things in Discord and Telegram to kind of help with some of the visualizations of like how this LBP works, how the kind of like weight changes work, what the price impact of trades is.
um what the price impact of trades is uh and so yeah i think we'd love to get anyone and
everyone's kind of like thoughts questions anything we could do to uh to help out you
know it's a very it's a it's a gradual process to kind of give people time to formulate their
views and opinions and strategies um and so you know that's that's something that we quite like
about it rather than it being like a a one day you know hit it or quit it launch for like a three-day
lpp or something like that you know we've got the bootstrapping period we had for seven days before
where people could familiarize themselves with the platform and set up uh pulse trades and now we've
got um this stage where, you know,
we're in kind of like price discovery mode
and the curve is flattening out quite a lot now.
So, yeah.
Whilst we're waiting for people,
JG, have you had a chance to look at the website?
Have you done many LBPs before?
You know, the only one I really did... Good morning, by the way, or good afternoonbps before uh you know the only one i really did
good morning by the way or good afternoon good afternoon i really participated in i think was
astroport back in the day on their launch but so on this though right now i i have i have uh dca
orders in and i think it's really interesting especially with the community launch how like like you said it's flattening out and what's going to occur I mean the hypothesis that I think you know as as these seven days come to an end you know we've already seen the people who want to get out get out people are buying at the levels they want and the community that's here now are the ones that are going to be the core right so this So this by far is the smartest way because you're going to hold on to the people that really believe in the project in this, right?
So the people who were just farming to farm have probably exited.
And that's why we see it like this.
And I'm looking forward to like the next couple weeks after this closes because I think that's going to be where it's really telling.
Because you have done such a good job of building core community and like the people here understand
that this is just like the first step in like a much bigger plan right so got to get the token
completed live we got to have a focal point to drive energy and value to and and i'm excited
to see this come to a to a conclusion right here yeah I think it's just like any of these things, a token one way or another has to go live at some point.
So this is the way we're doing it and just trying to protect it from Potsdam snipers to start off with.
And then, you know, everyone having the kind of like fair opportunity but yeah i agree like there's it's been you know funny seeing in twitter
and telegram i think i think um you know what we have is we have i think maybe it was kind of like
10 000 to 15 000 users who or wallets that had been, you know, doing the photons campaign kind
of had, you know, have just from using Prism a pretty, pretty decent understanding of, um,
of how the platform works. And then these people received the airdrop and then we have
something like, you know, there was 550,000 wallets that ended up, you know, across our
delegators that ended up coming in something like 250,000 wallets, Prism wallets. Once they've
consolidated, they got the stake drop. The stake drop is 1% of the Prism supply currently, and
the Photon's campaign is currently distributed 10% of the prism supply and currently and uh the photons campaigns currently distributed 10%
of the prism supply so i think what we're what you know we're seeing is probably
people that received uh you know what they you know people that maybe didn't follow along and
didn't kind of like read uh you know for whatever reason didn't read the stuff that we put out um
thought they had a hundred dollar airdrop and didn't realize that that was a kind of like reads uh you know for whatever reason didn't read the stuff that we put out um thought
they had a hundred dollar airdrop and didn't realize that that was a kind of like a 500 million
ftv placeholder before the lbp um and so you know now you're kind of like uh seeing people wondering
why it's not like that anymore because they don't uh they you know aren't familiar with lbps or
didn't get the opportunity to read what we put out. I think those people, you know, the reality is those people probably either exit the system
or, you know, the price is not high enough for them to necessarily care about.
So they kind of like keep the tokens in their wallets as an option.
But it's, you know, the reality is it's 260 260 000 wallets where people didn't receive very many
tokens and 15 000 wallets where people received 10 of the prism token supply so you always find
these things where um you know the noise can be hard to sift through and actually uh it's it's
it's the people that didn't read that were often the noisiest.
Just looking if we got any questions yet.
Okay, good.
But yeah, other than that, it's just going to be a fun week.
I think there's going to be a good learning curve for people um
and ultimately you know the prism token goes out into the wild and the one thing we've
yeah i just wanted to see because obviously we're talking about uh prism token launching going live
um i don't know if you know because i know we're you know looking at people for questions but um i don't know if you wanted to maybe also explain your lbp like what
the lbp is and the mechanic the mechanism and how it works again i mean i know we we keep talking
yeah yeah very very happy to so so basically you start off, it was originally designed by Balancer,
which is an AMM, one of the original AMMs on Ethereum.
And it was a way of launching tokens where you effectively want to do a reverse Dutch auction so or sort of rather than rather than the process you have um with very
basic launches that were happening kind of on Uniswap to start off with where uh you put tokens
in a liquidity pool there would be no real USDC in the liquidity pool so the value of the tokens
would be super cheap and then bots um would just snipe up all the supply early on. They wanted to start, Balancer created this mechanism
using AMM formulas where you start at a high price
and reduce it.
And the way that it basically works is
you create a liquidity pool
and you say at the start,
okay, 99% of the value of this liquidity pool
or 99% of the weight of this liquidity pool is the token that's being sold.
And the other one percent is USDC.
And so you say, OK, well, over the course of a week, we're going to gradually reduce that 99 percent weight down to 10 percent.
reduce that 99 percent weight down to 10 percent so linearly over a week you reduce that um
you reduce that uh weight by uh you know whatever that fraction is over a week uh from 99 down to
10 what that kind of means in uh reality is like you get a very very sharp price drop at the start and then the price drop flattens
off later on because if you if you think about it imagine a pool where the total value of the
pool is a hundred dollars and ninety nine dollars of that is the token because that's 99 percent
and one dollar of that is that is the stable coin.
If nothing changes and there's no swaps happen and you change the rule to say, okay, so we're changing the rule now to say that we're moving at 1%.
So we're going to say 98% of the value of the pool is the token and two percent of the value of the pool is dollars
so you know that a dollar there was only one dollar in the pool so if that one dollar needs
to be worth two percent of the pool then that means that the price of the token has just has
to halve when you move from one percent to two% in dollars. But obviously, as you get later on and you move from, say,
$49 in the pool to $50 in the pool,
that's a very small percentage change.
So the change in the value of the token in the pool
or the price drop is much lower,
which is why you see this curve very steep at the start
and then kind of like flattening off through the LBP.
And like peak flattening off is when you get to 50% weight
in the pool of the two assets.
And so, yeah, so you have that mechanism.
And what it means is at the start, I think I put out a chart earlier on, on Telegram and Discord, you know, at the start, to move the price of the token by, I'll just look up the exact one just so I get it correct.
I get it correct. But I think it's something like at the start, you end up having, you know,
to move the token price by 1% takes something like $250,000. And then by the end, only $300
is required to move the price by a percent. So that's why you end up seeing a lot more of the kind of like volatility
later on rather than at the start
because small trades don't end up moving the price at the start.
So I think I got those numbers right.
Yeah, like at the start, $250,000 is needed to keep the price flat.
And at the end, it's only $5,000 needed to keep the price flat for the hourly price change.
So there's basically like, there's a bit of mass involved in it.
You can kind of look at the price curves on the testnet ones
and the ones we've done now and see where the price is flattening out.
And ultimately, the reason we really like this as a way of launching
is it's fair, it protects users.
And I think with Prism, you have something unique,
which is where you can DCA so you don't have to sit there
and worry about
whether you're getting in exactly the bottom
or whether you need to kind of like spread your buys out
and manually buy once a day or something like that.
So you can just automate your buying with the DCA
as long as the price is below your maximum price
and it'll fill you at whatever the best available prices in each increment so I think it's I think it's like
it's just a you know LBPs can sound pretty complex but it's basically just an auction
and I think like we put a we put a tweet out about it I think personally like and obviously
not investment advice I think the best thing to do is just DCA and chill with saying,
like, I think it's set your max price, you know,
monitor it occasionally if you want,
but just gradually buy over the remainder of the period
if you are interested in acquiring the token.
There we go.
What is the other thing?
The other announcement that we just had
is we just have enabled IBC transfers of the token to Osmosis.
At the moment, because of the way LBPs work, people can't provide liquidity on Prism.
They can buy the Prism token and they can swap back and forth between Prism and USDC.
And they can go and use the Prism token to earn yield in the prism yield lp but but the rewards on that are lower
than they'll be on um the base lp when that goes live but if people do want to provide liquidity
and they have kind of like you know a bit of expertise in it um then they can go and now
take their tokens over to osmosis provide concentrated liquidity on osmosis and earn swap fees doing
that so we're seeing the pool the pool size at the moment small but um it's a little bit of
arbitrage volume going through that people are doing where they're sort of buying on prism and
selling into osmosis and kind of like making a bit of a profit doing that but um and that's also meant
that because osmosis is a dex that's listed on coin gecko
um that's also meant that prism token has uh got listed and got a price now on coin gecko
which is based off the osmosis price and then we're going to be working to get the prism
decks listed as a as an available source on uh on on coin gecko um so that is that is what we've done i'm sure i'm shocked if no one's got
any no one's got any questions or any thoughts um so don't definitely don't be shy to write them
down or come up or if everyone feels super confident on the launch and uh and you know or any questions around it i definitely want to
give it to the community first because or else like obviously i mean i have questions we can
talk about the ecosystem the momentum okay i see ed here ed just waved his hand let's see can we
bring him up yes let me bring it up invites me there, there you go, Ed.
I think Action also wanted to come in and join the convo,
but I know, I think we say this every week,
but I think it's a little ruggy today.
Action, you're up.
How's that worked?
Action, how you doing, sir?
Oh, Sadiq, you've requested let me speak.
Who's that?
Is that Action?
Is that working?
Yes.
We hear everybody finally
Update on how the prison
Sorry, how are you doing it good? Yeah, all good
a bit of color about You know, I'm one of the people who received the drop and looking at how best to use my tokens going forwards. Can you give a bit of info about what the prism base pool will look like once that launches in terms of how sort of
swaps and you work between the various derivatives
and Prism and how sort of yields will look on that
and what the sort of ratios will look like on that?
Yeah, of course.
So the, so yeah, so the,
so everyone that received the airdrop
and got Prism Yield LP tokens and some Y Prism tokens.
I guess one of the reasons we wanted to do that was to hopefully motivate people to kind of learn how to use Prism a little bit,
prism a little bit you know trade around with their wide prisms trade around with that prism yield lp
trade around with their Y Prisms, trade around with their Prism Yield LP.
um and and that that's worked well like we've seen some really good trading volume in those
um in those tokens so now with the prism token going live we want to facilitate people being
able to trade between prism prism yieldRISM Yield LP, all of the different PRISM derivatives.
And so at the moment, trading between the PRISM derivatives
is all facilitated by the PRISM Yield LP,
which is liquidity pool, which is live at the moment.
And then trading from PRISM, any PRISM derivative
to the PRISM token itself requires the PRISM token to be paired with the
PRISM yield liquidity pool. And so on PRISM we pair an LP token with the underlying asset
and that facilitates all of the trading between Y PRISM, P PRISM, PRISM yield, LP, C PRISMs etc
trading between Y Prism, P Prism,
Prism Yield LP, C Prisms, et cetera, to Prism token.
So that's the Prism base LP token.
And with the Prism base LP token,
it's exactly the same as say the Atom base LP token
or the Tier base LP token.
And what that is, is the weight of it is 10% Prism
and 90% the Yield LP. And what that is, is the weight of it is 10% prison
and 90% the yield LP. So what we want to really incentivize
is we want to incentivize smooth swaps between those tokens.
And so smooth swaps between those tokens for people
to kind of like find a fair price between those assets
involves quite deep
liquidity in that pool so we're heavily incentivizing that pool to start off with
with a fixed a fixed incentive yield of 200 percent and so that's going to be 200 incentive
yield plus obviously if you hold the prism yield, you're also earning fees from any swaps that end up happening in the liquidity pool.
And I think at the moment, the value of those swaps is something like another 10% on top of the 100% that we're offering on that liquidity pool.
What we've said is if you have the Prism yield LP and you end up buying some 10% of the value of Prism in the liquidity bootstrapping pool, then you can pair those two together and provide liquidity and earn 100% yield fixed for either three months or until 2% of the token supply has been paid out.
or until 2% of the token supply has been paid out.
And so once, as soon as the LBP is finished,
that pool's gonna be able to go live
and then people will, if they want,
then they'll be able to add liquidity to that pool.
And then anyone that wants to swap between Prism Yield LP
and Prism can trade in that pool.
And so if someone has the Prism Yield LP token like you do,
you can swap 10% of your Prism Yield LP for some Prism tokens
and you can add liquidity to that pool if you'd like.
So the choice for people is either
buy tokens out of the LBP to pair in that pool
or swap 10% in that pool
after the Lbp has happened
okay cool yeah that makes sense okay so it's sort of like a 10% sort of ratio so if you i can say
you can see how many of the yield lp you have sort of now sort of work out potentially how much
you'd be i to do like a simple deposit upon launch of that that pool i guess yeah yeah exactly it kind of
depends on what it basically depends on what discount um people end up putting on the on the
yield uh on the yield lp versus prism but yeah roughly if you you know uh you only need to add
10 to your prism lp amount LP amount in order to pair it with that
and then provide liquidity on that pool.
Okay, I think you say that sounds good.
And do you foresee that once all this is said and done
in this trade-in, do you foresee that the slow unbonding time
between C Prism and Prism will reduce as of as well just to facilitate the sort of dynamic
like without swapping I know I know sort of LST like arbitrage people do do that as in like buying
slightly discounted core tokens the LSTs and then slow on bonding well do you think that time frame is likely to reduce yeah definitely I think I think the main um you know the main thing that we want is we want to
make sure that there's a really efficient prism USDC liquidity pool and then there's good liquidity
in the prism base pool um to facilitate the swaps i think with the unbonding time we absolutely
uh think it'd be good to reduce the unbonding time significantly but what we want to do is
people are going to buy people are buying prism in the lbp at the moment and the way that we've
run this is rather than giving people an airdrop where it's like a locked airdrop that vests and
unlocks after a long period of time like we've seen with lots of cosmos airdrops where you kind of like you've sat there and had an airdrop
that's got a vesting period to it and you just watch the token price um get obliterated and you
haven't been able to do anything we wanted to give people a liquid token for their airdrop
um and effectively the unbonding period is a little bit like a vesting a vesting period um
but but they have a liquid token that they could trade and they can trade on flow trade they're And effectively, the unbonding period is a little bit like a vesting period.
But they have a liquid token that they could trade, and they can trade on FlowTrade.
They're going to be able to trade it on our seal order book.
But the main thing to do is, in order to kind of like have an efficient liquid market for Prism Base PRISM USDC, we think that PRISM holders, people that buy PRISM in the LBP,
need to decide on what the fair unbonding period is. I think lots of people that buy PRISM in the
LBP are going to be PRISM yields LP holders anyway. But I think basically, if we reduce,
if say we autocratically decided to reduce the unbonding period to say a week or something like that,
then I think people that were buying PRISM in the LBP would be like, well, no, actually, I'm not going to buy PRISM in the LBP
and I'm not going to provide liquidity to the PRISM base pool because I'm not going to facilitate,
I'm not just going to stand in the way and be a load of exit liquidity for people that got the airdrop. Whereas I think this way, because of the long
unbonding period, lots of tokens have changed hands during flow trade where it's actually been
willing buyers have met willing sellers at a price that they're prepared to pay,
rather than liquidity providers being asked to provide passive exit liquidity,
if you see what I mean.
But that's why I think the fairest thing is to say to prism holders afterwards, OK, look,
here's a governance vote.
You can choose what time period to reduce it to.
And as I said, I think it'll probably, I think something sensible would probably be, you
know, the usual kind of cosmos period of somewhere between 14 and 21 days.
But I think PRISM holders in the LBP should be able to, from the LBP, should be able to kind of like decide and vote on that.
Yeah, cool. That makes sense. I really appreciate the update. It's going to be quite interesting how the relationship between the derivatives
and the core PRISM token is going to react over the next.
It's quite interesting to think how that's going to be day one
because that's quite an interesting relationship at the moment.
But yeah, I'm looking forward to it.
I appreciate the answer.
No, no worries at all. Yeah, it's definitely a, it's definitely a fun experiment.
I think we've, you know, I think we're lucky that like the communities, you know, a lot of the community got really stuck into it.
It's definitely not, I mean, this isn't, we don't necessarily have a playbook of uh anything that's kind of
like worked like this before so i think what one of the things we're trying to do is try and see
things that i don't know see areas where things we think things haven't been ideal before with like
you know airdrops staking rewards long vesting periods you know private selling unfair launches
all of these kind of things and trying to build our you know trying to find solutions for um the things that we didn't think were
great that we've seen in other projects and so it's kind of like untrodden ground a little bit
i think a lot of the time we're trying to you know which hopefully the community appreciates
we're trying to get feedback on these things and these ideas before we do them so that the community
are consultative and give us feedback and you know a lot of the times it's super helpful the feedback
we get rather than you know us sitting in some sort of ivory tower kind of making decisions
without speaking to community first when community are already um in a pretty big stakeholders
through kind of the photons campaign the state drop so yeah it's it's it's an experiment but like you know happy very happy with how things are going
so far and you know hopefully hopefully the community is as well um you're my boy luna
how you doing sir hey ellie doing good can you hear me okay? Yeah, yeah, loud and clear. Cool. Yeah, hey, just a couple of comments, I guess, feedback,
and then maybe a couple of questions since it's maybe likely
there won't be another full AMA before we exit the LPP here next week.
But firstly, I'd say on that, actually, like I'm very happy.
I jumped in a Discord one yesterday to kind of like share my screen.
Generally, like for this week, you know, for anyone here,
like if there's any stuff you want to run through, any questions,
I'm very, very happy to jump on an impromptu spaces
or on a Discord and share my screen.
So if anyone's got anything, happy to do it.
But sorry, go for it.
Yeah, good to know. I think one of my questions at the end here i think might lend itself to a
an ama type interactive session like right before the lbp ends uh but anyway um i think goal one
as you guys have consistently communicated just you just not peeling off a bunch of tokens to somebody, some mysterious Oz-like market maker and preventing some kind of bot-type attack that scoops up all the tokens, goal achieved.
scoops of all the tokens, you know, goal achieved.
Curious, and I think the UI evolution,
having kind of peeped it a bit on testnet,
has been great.
All the additional tiles and visualizations
where you can kind of have a live sort of jumbotron,
MSNBC style.
Like you can pretty much find all the relevant data
you'd want to know if you're like semi-conversant
and kind of what's happening and knowledgeable
about what's happening.
Although I do think, you know,
this is a fine point to kind of balance on, right?
You dogpile too much data and it scares people away
that maybe aren't as educated on what's going on or how the project works, etc.
And the launch mechanisms.
But to me, it's like a really good balance.
There's some, I wouldn't call them hidden, but if you click around, there's some visualizing the different, you know, live trades, I think is great for people who want to make a data-based
assessment of kind of where they feel like they want to come in, like where they want to time
it. It's, you know, like I was explaining to somebody, it's like an easier way to figure out
where people want to spend and to, you know, a front-running tool in a way but just come totally
open to you know the whole community which i think is useful and it's going to get real it's it's
cutting our um i think in some ways it's been super helpful in some ways we probably like i've
i've had people message me privately being like um i they're like I can't believe you put up that
like showing how much USDC is in the wallets because I'm now not going to transfer my USDC
over to prism until the very last moment because I don't want to and then you're like okay well
we're trying to give clarity to people on like what's about you know so people have a bit more
visibility but then at the same time people are a bit like, okay, well I'm going to wait off chain with my USDC until the last moment,
or I'm not going to set a DCA until like the very last moment.
So it's, it's, it's been a bit of both, but sorry. Yeah. Go for it.
Yeah.
I think that's the one that jumped out to me as a little bit of shock.
It's like a Jesus.
Like what else do they know about my wallet that they're going to post
to post publicly here.
publicly here? I've never seen anything like that, but again,
I've never seen anything like that.
But again, it's to think probably the larger wallets, the bigger participants, or maybe
most of the people, the community members that are truly interested in swapping some
USD for Prism, we're likely going to be waiting until the last day or so.
At any rate, right?
So, I mean, at least in my view, I think the last 24 hours is going to be where a lot of the action occurs.
Although there's plenty of doing your research, figuring out like where you want to be a buyer and maybe it's
in tranches, but just setting that limit order and just, you know, letting it rip whenever
it, you know, when the numbers hit.
But anyway, main feedback is I think the various stats that are live and especially quick access.
I think there's like a launch info and a tokenomics tab
where you've centralized some of the,
it's about as TLDR as you can get on
some of the key items of
interest you'd want to know to be educated.
But anyway, all that to say,
I think this is a really
strong set of tools and products for folks to use.
But first question quickly, I guess, is I know we're just a couple of days in here,
but has there been anything so far that's surprised you or the team with how things have gone?
I think it's like, I mean, it's always surprising when we've i i felt like we were
trying to communicate uh communicate as clearly as possible about stuff but it's always surprising
how um it's surprising how surprised some people are i guess uh so that so there's been that so there's been that side of it I think also
um you know I think understandably like just reading the kind of like conversations that
people are having and stuff like that um you know people don't have kind of uh
I guess the mentality maybe is people are kind of like don't have necessarily strong conviction on
where they think price is they'd rather wait and see where other people think price is and so
it's interesting to see that because I thought I thought maybe some people would just kind of like
put their line in the sand and be like this is it on PulseTrade I'm going to leave my order here and
DCA below that.
But I think judging from a lot of the conversations we see,
people don't necessarily have strong conviction one way or another.
They just kind of wait until other people start buying and then start buying themselves.
But I think that's probably surprised me a little bit.
I agree with you that I think most of the stuff's going to happen in the last day
because that's when the price impact gets much higher from trades and so you'll end up seeing
a lot more uh volatility um but yeah like it's only day two of seven now so there's a there's a
lot of time for people to kind of i guess like uh fine-tune their strategies but generally um you
know we ran we ran quite a few of these on test net saw exactly
the sort of shape of the curve and stuff like that and so from a team perspective it's something we
we run drills on quite a lot so yeah like obviously in reality it's a it's a you know it's
exciting watching it as a team like seeing that the ui actually works and everything works properly
um so you never really know until you kind of like flick the on switch.
But no, generally happy and just a bit, you know, just the other stuff I mentioned, really.
Yeah.
Yeah, I guess I'm a slightly less surprised that folks are tentative, not just because
they're kind of like the macro economic period
where maybe hopefully exiting into a little bit more of a, you know, bull run or some
getting some alt love out there.
But also, you know, with the photon campaign, it's, it, this is an anchor, right?
This is not like deposit UST and you're going to make 18 and a half percent.
I mean, there's a lot going on on the platform, which is the strength of your product.
But also, it's just a higher barrier of entry in terms of like, nobody feels like they have no idea.
Nobody wants to feel like they have no idea how things work.
no idea how things work. And so I understand like the hesitancy. And then if you were involved,
And so I understand like the hesitancy.
like, you know, there was a lot of mathing going on, you know, in the photon season,
trying to figure out and you guys helped with some, um, some stats to help kind of
provide like implied value. But, you know, I've got 20 spreadsheets of this on various things
within this platform. And to me, it was not easy. It's more
art than science involved in putting like my own personal numbers together on what I think is
reasonable or what I think might happen. So just food for thought there. But last thing I'll let
other folks hop up is I think what'll be worth discussing some maybe in a facilitated way as we get ready to end the LBP.
You know, a lot of folks have got prism, you know, through various methods, photons and stake drops and all the others.
And that maybe have been active, but maybe not. And so those who've staked, you know,
turned their C-PRISM and LP'd it during the LBB period
are going to have a decision to make, right,
on whether they want to unstake
and then do some LPing with their PRISM tokens
before the unlock period,
unbomb period gets extended.
And so I think there's going to be a lot of questions,
including something I've got about like how, you know,
what the timeline is going to be for like governance to take shape.
And will it be,
will the proposals be like curated or like purely community run anybody could post and so there's going to be
some strategy i think that it's going to really be helpful to get out in front of with folks so
they understand the implications of actions they might need to take at the end of the lbp to put
them in a position to be flexible to pursue whatever opportunity they want to pursue with the various LPing options,
trading options, you know, there's probably going to be a nice opportunity there,
go from PRISM to C-PRISM and take advantage of that little ARB.
So there's going to be so many options.
I think having some discussion about those options and implications
is going to be real helpful here, you know, in a few days.
Yeah, I think that makes a lot of sense.
I can chat with the team because I think we have it already set up
that the unbonding period on LPs goes on the tokens at the moment
in the Prism campaign goes from one day to 14 days.
But I think if people would find it helpful to maybe have another day or two post the lbp to kind of make a decision and we can sort of
do do a spaces and put some um information together for people where it's it's you know
like uh i guess what you're suggesting is like okay i have prism tokens now what now what can i
do and then at least people have a little time to process after the LBP,
see where the price is settled, where yields are.
If people would find that helpful, we could look to do it.
And then I think, to your point on governance,
I think governance, we need to check our own UI for it.
But I think you'll be able to do governance straight away through Kepler.
So I think we'll just need to double check that
because I don't want to make any promises.
But we have our UI for it.
I think people have used it already on Testnet,
so we just need to make sure that's live.
I think the other feature we obviously have on Prism is,
which isn't live publicly yet, but it works,
is our liquid governance module.
So that basically means with liquid stake tokens you can still vote
on governance proposals and actually get a lot more voting power the reason that we hadn't really
made it live is it wasn't in a it wasn't a much in demand feature for things like voting on atom
governance proposal because ultimately people with the LST would kind of vote with the atom that Prism had liquid staked, which was,
you know, I guess like four, at one point was like $4 million worth of atom, which is,
is, you know, isn't enough to be significantly influential. So, so people were hadn't necessarily
been too excited about it. But now obviously, with Prism going live, you know, people who hold
LP Prism or P Prism or whatever might want to vote in governance proposals and so we'll look to try
and get that liquid governance um live as soon as possible so that people can participate in it
but i think in terms of your um in terms of what you mentioned about like what type of governance proposals there are like it's it'll be the same as any of these uh is it or the way the governance works on l1s basically
for sort of for people that don't know is you have um you have parameters on a chain so that
would be things like the inflation rate or you know what gas fees are or those kind of those kind of things where like it's it's an
actual parameter in the modules um that uh that you know form the blockchain and so these kind
of things a governance proposal goes up uh and effectively that that proposal specifies exactly
what the change in the parameter is being voted on.
And if that vote goes through, then that change of parameter automatically happens.
And then you also then have governance proposals where it's, you know, it's it's more just like a sentiment or,
you know, more like a sentiment thing because it doesn't necessarily control a parameter on the blockchain.
you know, more like a sentiment thing because it doesn't necessarily control a parameter on the blockchain.
So it's like, I think we should, you know, you know, consider sponsoring a major league baseball team or something like that.
I'm just giving it a blast for the past.
But these things, it's not like you can code that into the blockchain and like it automatically happens at the end of execution these are things that
if the proposal's passed then you need someone manually to go and do you know perform the action
at the end of it so both of those kind of governance will go live on prism i think you
know we want to get a lot more activity on forums and get discussion you know get discussions going
because some of that stuff's been really helpful on discord that people have uh where people have participated in
it but yeah like it's it's it's basically going to be the aim is to try and get full featured
governance live as soon as possible and the the enhanced governance factor is going to be the
liquid governance that you don't get on all the blockchains that you're going to get on prism gotcha yeah hey i just i would be a big supporter and be very smart um what you said at the beginning
of that response which is like maybe we go a day or two after the lbp ends with the one day
unbond period for like the prism yield l LP so folks have a chance to process what's happened
and then and then and not have to go oh I didn't realize a day before it ended I needed to take an
action so that I was able to immediately you know pivot to you know one of the other LP options I
think that would be wise yeah that makes sense let me I'll um I'll just discuss that with the
team and then and then we'll publish an update on it.
I think one of the other bits of feedback people had had as well as maybe giving a little time after the LBP,
after the weight change to stop for people to still swap before the pool gets paused to put it back to an 80-20 pool.
But yeah, we will get that sorted
because I agree with you.
I think that's a good suggestion.
Cool. Appreciate it.
No worries at all.
Thanks very much, sir.
And appreciate all your feedback in the chat
that you've given as well.
Like super helpful.
Crypto Goku.
Can you hear me? Who's gone? um crypto crypto Goku um can you
hear me
who's
gone
you gone
you back
I hate it
when that
happens when
you add
someone up
and then
they uh
I see
him I
don't
know
oh he's
there
says remove
speaker
Crypto
Goku
Goku you're muted It says remove speaker. Mr. Crypto Goku?
You're muted.
I thought maybe he didn't want to say anything,
just wanted to be a speaker.
Maybe.
That's how I feel, so it makes sense.
Okay, you're on the music.
How are you doing, sir?
I'm fine.
It's funny, I'm just working.
I didn't even know I was a speaker.
I was listening to you guys and suddenly it was CryptoVocal.
So what's happening?
You requested it.
I requested it no
feel free to
sorry I've put you on the spot
then if you didn't mean to
no I didn't mean to
but I appreciate it anyway
no I don't have any questions
I just want to compliment you guys
especially the UI
I've been in
Krypton DeFi for a long time
and this is actually
the first time in I think two years
that I
actually enjoy protocol again
and playing around with it
so very good job, like it a lot
thank you
I really appreciate that
I think
our front end team done an amazing job on that
and also to be honest like so much of this is based on community feedback as well so that's
been super helpful i think like you know you're my boy luna mentioned it as well like i've done
so many token launches where you know i had to i want i wanted to go and buy the token or trade
the token maybe but you know then i had to go like dig through i had to i want i wanted to go and buy the token or trade the token maybe but
you know then i had to go like dig through i had to like leave the website and go to the blog to
try and find the tokenomics and then maybe the tokenomics wasn't there it was on the medium
you know on medium or something like that and so we're trying to we're trying to put everything in
one place um i think you know the plan plan is that after token launch,
we can almost kind of,
we can remove the specific launch stuff from this page,
but that page will be like where you go
to specifically look at the token, trade the token,
like see, you know, you can just have the tokenomics
and everything there, you know,
into perpetuity for people on that.
And I think, you know, if, you know know time will tell kind of obviously um you know with
the launch and stuff like that and if people are happy and people like the fair launch kind of
style but this is obviously something that uh you know is is very easy for any protocol to
set up on prism if they want to launch a token. And I think that we're, you know, we've got our,
these are the protocols where
Prism holders are going to get tokens in them.
And we could look at doing the token launch,
you know, via a similar method on Prism
if it's kind of like well-received by the community.
So, yeah, these are,
appreciate all the feedback.
Now, you guys are doing, you're doing a great job, I appreciate all the feedback. No, you guys are doing a great job, I think.
The one thing I would like to add in thinking about it,
I've been playing around with Prism a lot for like, I don't know, six months or something.
I think there are two, three, maybe four main strategies you can apply to just make a decent income.
I think by highlighting this more also for new users, I think this could be a win-win situation.
Because if you start playing with the UI without understanding, you get lost pretty quick.
playing with the UI without understanding, you get lost pretty quick. But if you start with like
three or four strategies and you actually see that you can basically set up a pulse trade,
keep an eye, you don't even have to spend a lot of time. But it's like I said, it's one of the
few protocols that I'm into and I've seen pretty much everything on every chain for the last
three or four years.
This is actually, on Prism, it's actually possible to make a decent income that's structural
also.
So I think by highlighting those three or four maybe strategies, I think you can attract
a lot of people that once you, you can actually make some money.
People will stay.
I think this will be your next phase
of bonding users.
But props again.
So green candles,
best marketing there is?
Exactly.
It's green.
Green candles,
profits are good marketing.
You're not wrong, actually. I agree with you. it's green he's saying green can green candles uh profits are good marketing um
but yeah you're not wrong actually i agree with you but i think i think um
i think what we were what we were kind of thinking as well could be a good thing is like some of these strategies people uh you know lots of the prism community are really happy doing manually
um they they you know they're expert in them and they like to be able to have like flexibility and Lots of the Prism community are really happy doing manually.
They're expert in them and they like to be able to have flexibility in when they do it, how they do it.
I think one of the things we were thinking could be quite good
is to build some vaults of some of the strategies.
So like a pulse trade strategy where you just trade back and forward
between the base asset or derivatives or, you know, Ed mentioned earlier on that some people like to do,
you know, the arbitrage between, you know, LSTs and underlying assets, those kind of stuff.
I think what we, you know, for people that wanted to earn the income and earn the yield
in a more passive way, creating these kind of vault tokens
where people just, you know, you deposit your asset
and then, you know, a vault manager
can run these strategies for you.
So, you know, and sure,
they take a small percentage of the yield
that you make,
but then you can like do these passively,
I think could be a good thing.
And then also, you know,
you'll get a token representing your share in the vault.
You'll be able to compare that token price to you know the underlying asset and so you'll just be able to see
you know hopefully see the outperformance of it and that will kind of um speak for itself you know
i think we've tried to get the visuals right on lp-ing for people but uh so that people can see like normally if you're a liquidity provider
you know across across cold muscle or on unit swap and you know if you're providing liquidity
in a 50 50 pool you normally actually you know end up doing kind of worse or any marginally
better than actually the underlying asset whereas you know our liquidity pools because the structure
of yield lps um you've ended up kind of like significantly outperforming just holding the
underlying asset so i think we need to we need to get our visuals right on the website just so
people can easily see um the outperformance that they have had holding one asset versus the other
the same way that you know if you've ever looked at an ETF or,
you know, some sort of managed fund in TradFi and you kind of log on to your brokerage account and
you go in and it's like, okay, this is, you know, the fund, this is the index, this is the performance
of the index it tracks, this is how much has outperformed the index, you know, it'd be good to
be able to work on the UI and get things to kind of like that stage.
And I think after token launch as well, you know, that would be the UI will be a big priority.
And then shipping these kind of all the products and features, I think, is going to be the thing that we're going full steam ahead for after the token launch.
full steam ahead for after the token launch
um yeah i would i wouldn't take away the fun part though personally i don't like
uh just personally i don't like fault managers um i like i actually i don't trust fault managers
I'm completely the same.
Honestly, it feels so anti-DeFi to me to put stuff in with Vault Managers.
But one of the things this cycle has shown me or made me personally feel is like there's a huge amount of capital that seems very happy with Vault Managers.
You know, there's a huge amount of capital that seems very happy with vault managers.
Just look at something like Athena, which, you know, Athena's USTE, which is basically just a vault managed by Athena that deposits your tokens on decentralized exchanges and runs ARBs,
you know, Shorts, Perpetuals, and people seem perfectly happy that they're not going to get rugged,
Shorts, Perpetuals, and people seem perfectly happy that they're not going to get rugged despite Celsius and all these other things that haven't been in the past where people kind of deposited to manage strategies.
Exactly.
Yeah, but I think there are a lot of people in DeFi, other people I know, they use Pendle also and they like to play around with I like to play
around with math with v2 v3 you guys are why we talked about the you got the balancer
the balancer pools basically which I like a lot I'm kind of worried that if you if you start using
vault managers too much that you also take away the counter-trades.
If Vault Managers actually start working,
they take away the peaks and the chart basins,
basically flattens out.
So I think there's a risk of using too much Vault Manager,
there's also a risk there.
And I think there's a lot of,
there's a big pond of DeFi users
that are actually looking for,
yeah, I think protocols like Prism
where they can play around and understand.
It's not that hard.
If you just have to understand the counter trade
that's in the market basically.
And I think that in the next phase,
there's gonna be a lot of people who like you
to use Prism for that.
So for me, the Vault Manager stuff is, yeah, for me, it's a no-no.
But I understand you can use it.
No, I agree with you. That'll make sense.
Makes sense. I think it's just, it's more just a solution for people that want to provide passive stuff.
I think it's more just a solution for people that want to provide passive stuff.
It's not, it's, we've had several people kind of approach us saying that like,
build some vaults on top of Prism. It's not, it's not something that's like actively on our roadmap ourselves,
but like, we'd absolutely support people if people did want to build some kind of vaults strategies.
strategy to buy Grootie like you know the um you know the they can be a bit of a uh
you know managed vaults and um managed products can end up being a bit of a volatility suppressant
which kind of like can um reduce some of the beta but i think uh i think yeah it's it's it's definitely
it's definitely something that uh i think will end up happening in the future.
But I think that's why when you're an early user of a product and you're an early user of tokens, there's so much more alpha because there's so much more volatility and mispricing before the market starts to get a bit more efficient.
And you've seen
that on like you've seen that on pendle right like you know pendle you used to be able to buy
you know principal token stable coins with like 30 um fixed deals and stuff like that and now
obviously everyone's wise to it and you don't get that anymore you just get you know it's just buy points or buy
kind of an okay fixed yield that's like the variable yield whereas um so yeah so i think
it's the market you know the early users end up getting way more alpha out of it and then
volatility gets suppressed a little bit when um you get wider adoption but no i appreciate
very much appreciate all your all your feedback like here today as well and also
um you know all the stuff you shared in the chat as well uh so I think thanks very much for that
sir yeah bro I'm actually sweating when I heard my name what the hell's happening here
three screens and suddenly I heard I heard my name now it's a job well done again and
congratulations on the launch and please don't take away the fun of messing and playing around.
So good luck with the rest.
Yeah.
I appreciate it.
All right.
Well, look, I realize we've blown past the hour.
But as I said earlier on, like, yeah, thanks, everyone,
very much for coming today.
Like, over, you you know me and the team
um you know we're all very much available over the next uh you know five days you know the
remaining of this so this isn't the last space until um until the end like if anyone has anything
that they'd like to know or anything they'd like to discuss or any kind of like, you know,
things they think would be helpful to run through
on the web app with visuals.
Like we're really happy to do it.
So please do, please do message us.
And, you know, the aim of this is to try and make this
kind of the fairest launch that we could possibly do.
And so, you know, we hope people appreciate that.
And if people have any other ideas
or suggestions please do
please do let us know but yeah thanks very much everyone
for coming
bye Molina bye action
bye JG, Ed thank you very much
you more boy Luna appreciate it
bye only catch some Z's
or more Red Bull
I'm going to have another Red Bull
get them wings
bye bye take care guys or more Red Bull. I'm going to have another Red Bull. Get them wings.
Bye-bye.
Take care, guys. Take care.
