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Pryzm Alpha Hour - Sneak Peeks on Upcoming Developments
Recorded: June 25, 2025 Duration: 1:07:12Space Recording
Short Summary
Excitement builds as the SCAR token launch approaches, promising innovative features and community collaboration. The introduction of a liquidity bootstrapping pool and an IBC order book signals significant growth potential, while strategic partnerships and airdrops aim to enhance user engagement.
Full Transcription
Thank you. Thank you. Thank you. All right, chaps.
GM, GM, happy Wednesday.
Happy Wednesday.
How are we doing?
I'm good.
I'm excited.
I think a lot of people have been waiting for this space, right?
I think this is like the crescendo of all excitement
that's about to happen, I think.
And we have peace in the Middle East.
I mean, we kind of got like good market conditions.
Like a lot of things are kind of maybe, who knows, right?
Maybe we get like a little Goldilocks pocket.
I hope so.
I saw BTC come back Cosmos Cosmos coins a bit of a big bit of a
beating but hopefully I think I'll come back for everyone but yeah it feels it
feels good I don't think I've been glued to the news that much for uh i don't know call it quite a long time um but yeah like
craziness but like that it's uh that it feels like it's resolved itself for now hopefully
you're a little echoey is there any way you can handle that uh let me try
Let me try.
He's like, the only safe space is the restroom to do this space.
Exactly.
Is that any better?
Way better.
Excellent.
Yeah, it is a lot better.
Good, good, good.
All right.
I think maybe we might get... hopefully Melina's coming up. Melina,
fly up a request if you can. I'll try and add the GenZio account as a speaker. I'm loving the Gen Z accounts backdrop with the crypto bachelor invite to speak.
I need to watch some of that. But yeah, no, loads of stuff to run through. So I think, yeah,
I mean, first and foremost, obviously the launch of the
soul campaign, so the SCAR campaign for tokens so we'll we'll talk a lot about
that later on which is exciting um we are now going uh you know trying to still trying to get
the token launch out as soon as possible i think hopefully i i just posted in the comments here
um the link to the latest uh the latest page so we'd love to get people's feedback from that.
The team has been working really hard
to implement the feedback that we've already had from people
and just try and make the changes there.
Like, you know, obviously the token launch is a one-time event
for everyone in the community.
So, you know, keen to make sure that we collaborate
with everyone and take on board their feedback
and try and implement that.
But I mean, ideally we try and get the token launch done
started at least next week.
You know, it's for people that aren't aware,
like it's a liquidity bootstrapping pool um but it has some
sort of unique things that people won't be familiar with uh from you know people that have done
liquidity bootstrapping pools before but not people that have done prism because like obviously
a liquidity bootstrapping pool um you need to be you know try and pick your moments when you
want to buy but with prism um you can DCA using PulseTrade.
So it's going to make it sort of a much fairer process, much easier for people to participate in.
It's kind of like an anti-sniper, anti-bot, anti-whale launch mechanism.
launch mechanism and you know the good thing is that prisms the the path we've chosen is to
rather than try and launch this on a centralized exchange or launch this um on some kind of uh
launch pad where it gets kind of like overhyped um we are launching this just natively on prism so
um we are launching this just natively on prism so it's going to put everyone that's already on
prism at a decent advantage and you know the aim is to the aim is to um i guess like engender
long-term investment by making sure that you know people are able to get in at a good price and
hopefully we can try and you know uh you know we we don't control the price we
control the value of uh you know we all collectively once the tokens live we'll control the value of
what the protocol does but you know the aim is to make sure that it's not one of these uh
down into the right charts and instead it's one of these up into the right charts um you know and
making sure that we have a you know we have a happy community
because people have stuck with us for a long time
when we've been building this
and hopefully people can see the time and effort
that is taken from the team to build something like this.
So yeah, so please do let us know your feedback
on the launch page.
We'd love to hear what people think.
Please go and get some, yeah, go and get some faucet tokens and give it a go yourself.
And then if the, you know, if the feedback that people suggest is easy things to fix, then we should, yeah, hopefully be looking at doing that next week.
doing that next week and then other than that we have the seal uh order book which kind of like
is starting off as a um as a you know a cosmos uh a sort of i say cosmos like an ibc type order book
so you can pick any token across ibc that you have on any chain chain and leave an order with it to buy any other token.
And the order book will be able to kind of access liquidity from any chain.
So injective, osmosis, you know, the Cosmos Hub when it gets its DEXs, Neutron, wherever
there's a good price for your token.
You will hopefully get your order filled as quickly as possible there.
So it's kind of the IBC order book
is what it's initially gonna start off with.
And then it's gonna, you know, that's also gonna,
as a byproduct of that,
it's gonna facilitate lots of really good trading
for people on PTs and YTs,
because that's a lot of the feedback we've had from people
is they wanna execute at their exact price without any slippage or price impact and so this is going to enable people to
do that um and then yeah and then we're also going to be launching this uh on ethereum as well um
and so early users uh and you know pr and Prism token holders
can expect an airdrop on that
or to be eligible for an airdrop on that
again another one
where we want to do this collaboratively
with everyone
that's in the community so please
we'll share the links to
test it and then we'd love to get people's feedback
and thoughts and
try and make it kind of like the go-to place that people want to do their
IBC based trading to start off with so we've got that and then yes generally
generally seeing good trading volumes good liquidity the treasury is the
treasury module for prism holders is working well. When Prism token goes live,
we're optimistic. We've got the June expiries happening at the moment. And so it's the 25th
now. On the 30th, these tokens will expire. So we're seeing some really good trading opportunities for people now who are able to buy
uh cheap principal tokens um so please uh yeah please uh let us know if you have any questions
on that we've published quite a bit before on how to take advantage of these um maturities because
you're able to buy these pts at a very big um very big annualized discount uh so yeah so that's
that's that's probably those are probably the main uh touch points i'd say um but yeah we can uh
let's go for it um jg why don't you uh why don't you talk about the umAR campaign. Okay, sure. Yeah, I'd love to.
So I guess, so the SCAR campaign is our offering
to the Prism community for 1% of our token supply.
And what does the sole token represent?
I guess in the simplest terms is that, you know,
at Backbone Labs, what we really are is we are, I would say that we're a group of power users who have survived multiple cycles.
And then we've managed to obtain and collect and build a certain suite of products throughout the cosmos.
And now we are looking to essentially become like a co-op, right?
So Backbone is really focused on a communal earning paradigm.
And what we're trying to do as a community, we're trying to just run products, capture activity,
that's the value. And then we want to translate it into soul, which is a community store value.
And the way we do this essentially is, you know, we're NFT degens and we, we pair, we do what we like to call NFT
Phi. And so we develop NFT communities and we pair them with the management and revenue sharing
of their LST. So for example, you have B Osmo and the mad scientist, you have B Injective and the
galactic syndicate, you have B Luna and the skeleton pununks. And what we're preparing for and what we're hoping to do is
do BePRISM and bring NFTs and community and growth to PRISM. As you guys are getting ready
to take this next step, chains need L2 builders to come in and to support the ethos and to develop the education, right? All these are essential
components. And so we're just really excited to, you know, be able to participate in this phase.
And so that's why we're taking this opportunity to showcase the Instant Yield tool. And we're
doing the SCAR campaign. And, you know, this is just us, you know, we're ex-Lunatics,
Prism is ex-Lunatics. We have a lot of shared history. We want to, there's a lot of people that I'm rooting for here. And so we just want to be able to contribute and, you know, added energy is that's the value. Are we having fun? Are we doing stuff as a community? Are we making money together? This is, these are the tenants that will make a successful community. And I think Backbone is in a really good place to contribute to that. And so yeah, the scar campaign
The inward we're utilizing the instant yield functionality and you were talking about
Suggestions and so I you know, I was I was aping out on it and just playing around
Is there like a max degen button because I just looped all the way through but I had a loop like 25 times
Do you know what I mean?
Can we make like a match?
We need some sort of contract for it.
Cause at the moment,
each looping requires another,
a couple of transactions to swap it.
But yeah, we should,
we should go,
we should have like some full some sort of full
dgen contract if people want to do uh if people want to do that but i agree otherwise you end
otherwise you end up what people ended up doing um in previous campaigns is like that there's
there's kind of i guess it falls into a couple of buckets basically you're you're in the bucket where you're like i would like to spend
part of my yield on um on uh scar tokens in which case you are effectively um you know minting a yt
and a pt and um give it you know selling part of your yt basically um is kind of what you end up doing but basically
that's done by uh selling uh not all of your principal token that you get um so there's
there's people that are like okay you know i'll sell effectively like 50 of my yield to uh to do
that then you've got the people that are um you know would like to say well look i'm happy selling
all of my yield up until this maturity date that I've chosen in exchange for SCAR tokens.
And then, yeah, and then you've got the full DGENs that are like, I just want to swap my full token value for SCAR tokens, which is, yeah, as you said, it's effectively looping so you're swapping from atom to p atom um on instant yield and then
swapping that p atom back to c atom and then repeating the process over and over until uh
until you've got you've got buttons left um but yeah we should we don't have a button for at the
moment but we should do maybe that's the button that should have the confetti oh that's such a
great idea i honestly i'm being so serious i know a lot
of people feel the same way that i don't know what it was but that the pop effect was so good
i would wake up every morning and claim and claim those points and claim those prisms every every
morning before the crash i would wake up and hit that button like right, like right away. It was like the first thing I did. Like it was addictive.
But yeah, nice one.
Damon, I see you've done a little bit of it already
yourself, haven't you?
I have a couple other things that I'd like to see on there.
I'd like to see the countdown on the page.
And I'd like to be able to use C tokens,
the C atom straight.
I think we corrected it now so that you could,
because people weren't able to do the looping
without the C atom.
So I think we should have added the C atom now.
Awesome.
And what about the countdown?
Let me just check.
Countdown.
Countdown. Yeah, you can do Atom. We'll see Atom now. Countdown we don't have yet. We should update that.
Awesome.
Oh, and you know, we're going to, we know, so this campaign, these are campaigns. And so Backbone's like, you know, I want everyone to know Backbone's like really committed to, you know, working and generating and actually showcasing this and and educating it further right like it's not just this is not just a thing where it's like
oh we're we're just here to just hang out for a week and then leave like we have i personally have
a lot of plans for the prism chain like we have a lot of there's a lot more happening and so we want to be able to really educate like the next
as your token goes live like we all have to come together we all have to create this network effect
like that's the only way it's gonna really take off and and i really do it's so funny i'm looking
at the board i've been i've been in this space for a really long time and looking at the board
i really think that what you guys have developed here
and have fought for and have is unique.
And if we're not all together on this,
shouting that message, we're gonna get drowned out.
So we have to come together, unify,
and start to do stuff, right?
I don't know how else to fire you up,
but it's like, I'm fired up. I really't know how else to fire you up, but it's like I'm fired up.
I really see a beautiful opportunity, a beautiful suite of products that actually do something totally unique.
And I'm going to leverage this technology to gain wealth and auto compound.
Right. Because that's the message we want.
We want to teach people how to be smarter with these funds and these assets.
And I think, again, you guys have done such a good job.
And these little tweaks, these little refinements, it's just going to get better.
Hey, JG, can you speak on why people might want to own these tokens, the sole tokens?
Sure.
Yeah.
So, I mean, you know, look, so sole token is a hard cap zero inflation model that is designed to 50 percent revenue of all fees that backbone generates.
We have validators. We operate five validators right now. We have DEXs. We operate pools across five or six different chains right now.
or six different chains right now.
We have NFT marketplaces on four chains,
about to be five when we get on Prism.
We have communities,
and all these things generate positive cashflow.
And so what we want to do is because we've been,
just like Prism, building in this bear market,
and we have community that have really supported us
and helped us and rallied.
And it's kind of crazy that the people that you meet,
you end up forming very strong bonds with in this space because it is a struggle to kind of overcome these things.
And I want the community to win together. And so for us, the simplest move was like, you know, I want all of us to win.
So how do we make that occur? So for Backbone's model to be successful, we don't need to be number one anything, to be honest.
The truth is, is that, you know, there's tons of network activity. If we're able to capture just like a couple percent of that, we can really transfer that value to our participants. And
that's the goal. And so backbone provides some essential services, like an NFT marketplace.
We have an LST that we don't extract any value from the LST. It's a 100%
pass through to the NFT community, right? So we have a bunch of activities lined up that are
really geared to help a chain's activity flourish. And also, so like in our model,
you know, our NFT marketplace is capital efficient. All the transactions are settled in an LST. So
when you are selling something, you're technically, you're asking
prices going up every day, right? When you're transacting in LSTs, by doing that, you're
actually inadvertently securing a network, right? So transacting in LSTs is actually a much more
beneficial way to do a lot of these activities. And so we, again, we just wanted to educate people
on if we do these little activities together, if we're all, you know, transacting in LSTs, locking up tokens, securing the network, it has these effects that most people aren't realizing.
Instead of doing everything in a base token, that is just a waste of time, right?
It doesn't help.
It doesn't help anything, to be honest.
And so Backbone's goal is to come and provide these services and to give this infrastructure and then to capture our network activity and then share it with the people that want to be a part of our co-op.
Our little NFT5 sole co-op is essentially kind of what this is.
And we came from nothing.
We're wrecked skeleton punk community mentors.
And I was on that team and then we got totally destroyed.
And then, you know, we migrated the skeleton punks and we were like, well, how do we keep
an NFT community relevant?
And then we ended up developing BeLuna and we were like, okay, well, let's marry these
two things.
And all of a sudden we had our community revenue sharing and managing a DeFi product.
And we're like, oh, this is interesting.
And then before you knew it, we were like, you know, nowhere marketplace was closing down.
So we needed a marketplace.
So we're like, okay, let's try to do that.
And then we made a marketplace.
And then we just kept adding pieces to the pie.
And now we have this pie and we want to, I don't know, just take it to the next level and share it.
We think we have an interesting model.
I really like it i think i think like i mean i think i quite like um since we started chatting you know since we started chatting about the soul campaign um well scar i keep saying solo
scar i don't know i don't know whether I... Ultimately, ultimately Sol.
Is, you know, I think there's some really good synergies between what we do and what Backbone do.
Like, you know, us, our kind of ethos,
you know, refracted labs who built Prism is like,
we want to build really cool DeFi shit and we want to build stuff that isn't uh that doesn't
exist out there um and hopefully when people uh you know spend a bit of time clicking around the
platform they'll see that uh there's there's no amm like our amm there's no um you know you'll
like there's no product that creates its own lsts, takes in external LSTs, also does yield tokenization.
There's no product like FlowTrade out there.
There's no product like PulseTrade out there where these things are built into the core of the blockchain
and where transactions are executed automatically by the blockchain without requiring users to send messages
where you can self-custody your assets and not lock them in a smart contract where the chain will
automatically take the next small increment from your wallet you know without you uh without you
needing to deposit your full funds into a contract and all of these kind of things
you know and then you know our view is like we want to create all of this stuff it contract and all of these kinds of things, you know, and then, you know,
our view is like, we want to create all of this stuff. It's all, all of it's an experiment,
all of like, regardless of what anyone says about, um, DeFi, like everything that's going on at the
moment in DeFi is an experiment. And our thing is like, we want to create lots of you know lots of unique things um that we think potentially could add
value and our aim is that as many of these things are as successful as possible and i think everyone
that's kind of like been here in the trenches with us whilst we're doing it everyone that's
testing it out everyone that's giving us feedback everyone that's earning photons earning badges you know
earning soul tokens now like etc etc like you know these are the people that deserve kind of
like the rewards if of trying to see which which of these things you know experiments end up being
the you know the most successful and then to add to that yeah like this order book that we created
i'm i'm super excited about um the money market that we're you know that we're doing
the ui for at the moment that's you know where the contracts already been built again like fixed term
fixed interest no liquidations no oracles um something completely unique that we're really
excited to get people's feedback on you know prism token holders will be able to get upside in that
um you know the options protocol we're talking about where you're
going to basically be able to bet leveraged bet without any liquidations on the price of any token
in in denominated in any other token of your choosing um you know whether you just want to
bet on whether bitcoin's above 130k in six months time or whether bitcoin's above 100k in a week's time or something like
that like you're going to be able to do this with the with the products that we created
um and i think you know what the you know a kind of synergistic piece of that is working with um
a community that has you know good, good energy, good vibes,
can, you know, can understand that this sort of,
or an experiment and that there's going to be
some really interesting stuff that comes out of it.
And I think that's, I think that's where,
what we're doing works really well
with the Backbone community from what I see so far.
Yeah, and I mean, we loved, we loved,
I mean, that's part of our thing
is that we like to test out new products., I mean, that's part of our thing is that we like to
test out new products. We like to, that's why I'm saying that Backbone is kind of like a user,
like a group of power users within, right? You know what I'm saying? It's not really like,
we're not specifically designing a brand new product, right? Like that's not our goal. We
want to operate products that are tried and trued as a community. And again, we want to,
we want to earn together. That's
Backbone's mission. Backbone is on a communal earning paradigm mission. And we have these
pieces, which we think will add a lot of network support to what the mission is on Prism, right?
We have very complementary systems. And again, you don't just want a singular LST anywhere. That's
not healthy for any system. It becomes top heavy,
right? You want to actually have more than one LST in a healthy system. And, you know,
because our marketplace runs on LSTs, I mean, we can even accept other LSTs. We can talk about
reconfiguring it so that people, we can just accept LSTs and transact it to LST, right? Like,
there's so many ways that we can keep the network running more efficiently than it currently runs
in a lot of situations.
And, you know, Backbone's just,
I'm just really excited to have the opportunity
to participate, bro.
Like, you know, again, like you guys have done
a fantastic job and yeah, we're just honored.
We're honored and we're excited
to take this next steps with you.
Yeah, it says a lot to some of the biggest, I guess, like Prism experts. and we're excited to take this next step with you.
Yeah, it says a lot to some of the biggest, I guess like Prism experts
are members of the backbone community as well.
And so it feels like completing a circle
that we're now speaking when top people on our leaderboard, some of the most degen are Backbone Labs community members as well.
Damon, what was I going to say?
In terms of anything, I guess, in terms of the sole campaign, anything else you'd add on that
that you think people should know?
Obviously, share your,
you did a, I think you did a video on it,
didn't you?
Feel free to share that in the comments
on the space here so people can click on it.
But anything else you'd add on it?
I might put some, you know,
the funding that's going into the token, you know, how much that's been so far or what the monthly is or, you know, just some extra data on the token on the page itself.
But otherwise, at least a link to their website.
There's not even a link to do or there wasn't a link.
I don't know if you've added it for people to do research on the sorry on the you talking on the
backbone specifically yeah so like when you hit the backbone campaign will be a
link to their webpage because they have quite a good webpage listing how it how
it earns money and does all that yeah Yeah. That's, uh, yeah.
If you share that exact webpage with us, we will, um, we will get that added.
That's a good idea. Okay. Um, cool.
The other thing, oh yeah, go ahead. No, no, go for it.
Uh, well, the other thing I was going to ask you was how is, uh,
your seal product different than, uh and what Osmos is putting out?
Osmosis.
Yeah, so that's a really good question.
So in I realize this is how I start most of my most of my most of my things on my explanation for like in traditional finance when people are making you a price on an asset or bidding on your asset or something like that. One of the problems with order books at the moment is, you know, I can use, you know, let's just use Binance as an example.
um and i want to execute that order and buy one bitcoin for 100k i need to have my 100k right
there on on that um on binance at the time but that's kind of annoying for me because if i keep
my 100k on binance to buy the bitcoin at 100k um then but bitcoin's available um cheaper on kucoin
or bitcoin's available cheaper somewhere else,
then I have to transfer my money over there and then wait for it to arrive on KuCoin or Coinbase or wherever
and then hope that the order's still there for me to match with.
And so it kind of like doesn't really work.
Like if there's, you know, if I leave an order to uh if I will you know see some orders on osmosis
that they're selling some osmo or some atom or something like that and I want to buy that I have
to click a button right there and then have all the funds to complete that right there and then
on osmosis but um if it's easier for me or cheaper for me to buy on you know I don't know astroport
or something on neutron or to go over to injective
and to buy it on injective same thing i need to transfer my funds over to injective or transfer
my funds over to neutron and uh wait for my funds to arrive hope the order is still there
and then buy it so what we've what we've added um to the order book uh which like
What we've added to the order book, which improves capital efficiency by 100x almost, is what's called reserving orders, which is much more what you do in traditional finance where, say, for example, you're just holding some USDC on, uh on you know say noble or coinbase or wherever
and you see an order on seal order book that uh allows you to buy one bitcoin at 100k and it gets
to your level and that's the best price that you can get out there. What that means is I can go and reserve that order. So I will click
on that order and say, I reserve that order for five minutes or 10 minutes or whatever it is.
That'll be like a default parameter. I will reserve that order for 10 minutes.
And you pay a very small fee to reserve that order, which is refundable when you complete it.
And you pay a very small fee to reserve that order, which is refundable when you complete it.
And that means that you've locked in that price.
You know that the Bitcoin is yours at 100K and you have 10 minutes to get your USDC from Coinbase, from your cold wallet, from Noble, from wherever it is, over to Prism to complete the order or over to seal to complete the order.
So kind of like adding in that feature means that you don't have to be moving your 100k round all the time to different order books to try and find you the best prices.
It means you can just leave it sitting in one place and wait until there's a price that you want on seal, reserve it and then transfer your funds to do it.
price that you want on sale, reserve it, and then transfer your funds to do it. In traditional
finance, you call this kind of like a DVP, delivery versus payment. I guess you could also call it
a very short-term forward rate agreement where you agree to transact at a future date, which is
10 minutes or 20 minutes time or whatever it ends deciding and then
and then conversely if someone reserves an order and they don't fulfill that order
then the non-refundable fee or sorry the refundable fee that they paid gets actually
paid out to the person that left the original order so they kind of it's almost like win-win
for them they either get executed at their level
or they end up taking in a fee and someone else comes along and then does uh
does their order for them so that kind of makes sense like feel free to ask me any and all
questions on it that totally makes sense and how are you going to get people to uh use the platform
How are you going to get people to use the platform?
We will, I mean, ultimately, like, if you're leaving orders, there should be, you know, by all means, correct me if anyone knows anything better,
But there should be no better place to leave your order than on seal.
but there should be no better place to leave your order than on sale.
If your aim is to get your order executed as soon as the market hits your target price anywhere, there should be no better place to get your order done than on seal. you know 99 100k on any say centralized exchange or any decentralized exchange or something like
that and someone can reserve a seal order to sell bitcoin at 100k then they will instantly buy that
bitcoin for less than 100k or sorry they'll instantly reserve that order on prism buy the
bitcoin at 100k on wherever they need to and transfer over to seal to fulfill the order so
it it should there's like multiple prongs on this which is like to to get users like
a it should just be the best price to get an order particularly starting off with just ibc tokens that
we're uh that we're going to do like if you want to guarantee that the moment your order to buy Atom gets hit on any chain, like the moment your price is hit on any chain and they can transfer those tokens over to you, it'll be the best.
Seal will be the best price that you get consistently the best place that you can get it.
And then we will also, you know, because Seal will have its own token.
Then we will also, you know, because Seal will have its own token.
So we will be rewarding early users with kind of a leaderboard and then, you know, an airdrop for kind of like all the early users of the platform.
And, you know, an order book is based on trading volume we can also look at stats like you know potentially like profitability and stuff although that's uh harder to harder to track and less direct because people
might transfer their tokens to different wallets yeah like so it's it should be win-win for people
leaving orders because you leave an order you're you're um giving yourself the best chance to get
it done at your price whenever your price gets hit anywhere and then also you're gonna earn tokens in the exchange just by leaving orders and
generating trading volume so that's kind of uh that is kind of the plan and obviously as i say
like we're going to launch this on uh we've built it in cosmwasmasm and it'll be launching as a DAP on Prism's blockchain.
And then we'll also, we've started the work to build this in Solidity and we'll be launching this as an Ethereum-based contract as well.
And for users, you won't need to necessarily know, you can just connect with whatever your favorite wallet is.
And you can just leave an order leave an
order on whichever chain you want um and then you know the the rest of the work is done by
either users or solvers that check the orders check if they can buy the tokens anywhere cheaper
on any sects or decks than your order level and they'll continuously check that in the moment
they think they can and they can make a profit they'll reserve your order um pay a refundable fee and try and fill it
but with that having said open to any suggestions um anyone anyone has for you know generating uh
generating good users to start off with i was just, could you do it in like a way that Skip does it,
where they can add a small fee and be integrated into anybody's website?
And then other websites could use, you know, your platform basically saying,
hey, you can leave cross-chain limit orders.
And, you know, there's a small fee here and it goes you know
half to the other chain half to that whatever the chain is going to be called seal or whatever yeah
i so i really like that kind of stuff like where you um i think thought chain did a good example
of this where you have like affiliate fees for wallets that integrate uh thought chain so they can add a you can set a wallet address and
a percentage affiliate fee um for for these things for people to integrate and also you know we want
to like reward the community that got integrations as well so um community could also end up like earning a small affiliate fee on that I think I think to start off
with you know you will yes we'll create the initial website for which we're super excited
about working with you know Enzo who's in the in the prison community and is amazing at design um to design the seal website which is you know
anyone can check out the initial version of it at seal.deals um and then uh and then uh
yeah like people could do that we would make it modular so that people can do third party
integrations if they want an add-in uh add-in
affiliate fees but initially like yeah i think we want to make it just really good for um for order
makers um so anyone that wants to buy a token at any limit price i think one of the other
advantages of this is like you know if i want to go buy if i want to go buy bitcoin on
binance i need to leave my order in uh usdc or usdt or whatever like a like a non-yield bearing
stable coin to to jg's point earlier on uh how much better is it leaving an order where
you're leaving an order with usdy or a yield bearing stable coin or some sort of LST where you can say, look somewhere and it's profitable for someone to buy Bitcoin below 80K
and sell it to me at 80K, then I'm happy to do that.
And in the meantime, I'm earning yield on my USDY.
So yeah, so it's like any token to any other token.
Sorry, go for it.
No, no, I was just gonna say that's some advanced stuff
that I've been waiting for for a long time. And Prism's already been doing that, I think the centralized exchanges are good,
but everything's traded in pairs.
So if I want to go from,
I think it's a good thing.
I think it's a good thing.
I think it's a good thing.
I think it's a good thing.
I think it's a good thing.
I think it's a good thing.
I think it's a good thing.
I think it's a good thing.
I think it's a good thing.
I think it's a good thing.
I think it's a good thing.
I think it's a good thing.
I think it's a good thing. I think it's a good thing. I think everything's traded in pairs.
So if I want to go from Bitcoin to Atom, on most centralized exchanges,
you need to do a trade from Bitcoin to USDC or USDT and then do your USDT to Atom as a separate trade.
a separate trade you know on on um on uh decentralized exchanges normally that means
crossing across a couple of pools and paying fees on both of the pools i think like you know crypto
and defy is powerful enough that you should be able to leave an order in any asset to buy any
other asset and you can let really sophisticated market actors
see if there's a find you the cheapest way to um get the asset so for example like you know we have
say s usds on prism or uh p usds on or ps usd on prism um and youM. And you might be like, you might be like, you know what?
I don't want to go through the hassle of, you know,
minting SUSDS on Ethereum, bridging it over,
then refracting it and getting PUSDS.
Like I'm pretty happy to pay someone like, you know,
50 cents or a dollar or something like that if they'll kind of
do that uh do that for me and for lots of people they'd be more than happy to do that for um you
know whatever like whatever like is a meaningful return for them there's plenty of people with
in the world with an internet connection that are more than happy to do something for you know cents
on the dollar and uh this way you're able to just set
up a limit order and say look i'm i've got some usdc i want some pusds at this level i'm happy to
leave an order to do it and someone else can uh you know if you leave your order at an okay level
then someone else will do the arbitrage and um do the you know take the small profit and you've
paid someone a small fee and you haven't had to go through the hassle of finding out the very best,
most gas-efficient route to do something.
Yeah, I really like it.
I love that you can lock it in because cross-chain ARBs scare the shit out of me
because they can get eaten up from so many angles.
Yeah, exactly, and so up from so many angles. Yeah, exactly.
And so many moving parts on those.
Yeah.
I just wanted to throw something out there because I know we're getting to
the end, but our validators put out a pulse trade robot for everyone to use.
And it tracks your pulse trades in Telegram.
And if you jump into Telegram or Discord,
there's links there to get the robot
and it's really fun to share it in the sharing the comments here as well because
I think that sounds great okay I need hopefully Tony's listening and he can
share it I'm have you got have you got a link for it I do have a link for it but
I'm mobile right now like walking all right
okay fine fine yeah all right brilliant we'll get we'll get that shared in um telegram and discord
and we can uh we can retweet as well to make people aware of it I think the other one the
other cool one that I can't remember whether you said you were working on it or others but it was
like um a flow trade one where people could you know new new interesting flow trades could get uh
flagged on telegram or uh on telegram bots i still think telegram bots are super powerful like i
remember uh i don't remember you guys used to mess around with things like rb and stuff like that
where you'd uh you could set up a price limit and it would just like ping you on telegram be like bang your price limit's been hit on this
what turned out to be like massive shit coin but um but it's super it's super useful having like uh
it's super useful for notifications because you don't you know not everyone wants to download
another app um and
do something like that and i think for crypto like having stuff connected to telegram so people can
just like have a notifications app and be like like you're saying like yeah my pulse trades my
pulse trade is in range or executing or like yeah like this y asset is getting towards my price
level notify me and you can come do a trade i think even for prism token launch coming up like you know the
price starts the price starts higher to mean that there's no benefit to whales or sniper bots
jumping in early um but it'd be cool if people can set like a price alert or a price limit be like
okay you know my pulse trade is set at this level so you then get notified when your uh
when your pulse trade is like starts getting active and So you then get notified when your pulse trade starts getting
active and you can kind of like track it and see, okay, am I getting even better fills than I
thought I was getting because the price is going lower or is it gone out of range now? I think
that stuff's going to be super helpful. Yeah. And this bot does all of that. And
one of the reasons I really like it is it does track your trades but you can do things like unstake all of your y assets set up a pulse trade for it
then restake 90 of it so you're still earning your yield and then the bot will alert you on your
phone as it's getting closer to filling that 10 and you'll need to unstake more
to filling that 10% and you'll need to unstake more.
Yeah.
So it's,
it's really fun and you can attach your whole wallet.
It'll take all thousand or whatever pulse trades you have.
I think,
I think Tony has something like 9,000 pulse trades.
Gosh.
Yeah.
I thought,
I thought my 1500 was big.
That's crazy.
9,000 is 9,000 is decent.
What was I going to say?
And then, yeah, I'd love to,
either from UJG or Damon or anyone also who's got any comments
who would like to come up and do it.
When a token launch happens,
I would love to know what's important for you guys.
What would be helpful for you? what do you normally like to see um you know this whole thing for years
has been a collaboration with the community so we want to make sure the token launch is doing the
same so like you know what kind of tokenomics things do you see like any you know visuals you
like to see that that sort of stuff or like you know i i'm super interested in what you guys
find most uh most helpful or beneficial either either now or in the past well personally i'm all
about the the visuals so like when you were saying earlier that you wanted to uh say a few things
statistically i would love to see that visually represented but also
like in like a also future because we know that the chain is being built so if you're like this
is what we've done now and in comparison to say osmosis it's this much better percentage you know
of earnings to the token or or whatever but you know in a in a pretty way in a nice way yeah exactly
exactly in a frenzy way this is why we're better than everybody but nicely
exactly and pretty and pretty honestly you know look here's here's the thing i mean at the end
of the day you're going about it right because we just want to see a chart that goes the right direction.
And doing the lock drop in the fashion that I think you've set up to make sure that it's not botted and exploited or taken advantage of, I think that's just the right move.
You've been going slow and steady.
And I don't think – I think that is what the community that is held
with you, we expect to kind of, let's just take it still slow and steady and continue to add value,
right? Like, that's what I want to see. It doesn't have to be some crazy firework show. It's more,
for me, for me, it's more, you know, are we coming together and doing something with our energy
together, right? And we'll see it on this
chart we'll have this this this locking phase we'll get these pools set up and and then you
know the community we have work to do as a community yeah agreed i i look at i mean when
i look at it i kind of think like i look at all the um cosmos sdbased L1s, and I feel like you're much better trying to launch something on your own chain where, you know, most of the early users are there and aware of not suddenly launching on a centralized exchange where people are just
punting on something and you're launching at some artificially high valuation on the centralized
exchange and then giving a load of people an airdrop and some of them are going to dump it
some people are going to some people are going to ape into your coin that you've overhyped and
that sort of stuff and I think you know I think I think that's why I prefer the route of, and we've talked about it so much as a team, like, is it better to launch to your, you know, your close community that have been with you and been following?
with you and being following.
And yes, you're not, you don't have like
the huge amount of buyers from the start
and you're not launching to Binance's 400 million customers
or are you better launching a token
on a centralized exchange
and then kind of having some sort of down only chart
as people gradually just dump airdrops
and that sort of stuff. I as people gradually just you know dump airdrops and that sort of stuff um i think i don't know i look at sort of launches in the last year or two
of cosmos stk based chains things like um you know celestia uh you know dimension initia saga
neutron launched on finance all these kind of things.
I think it's, you know, it was the price action after you launch on a centralized exchange
ends up being quite brutal.
And I think if you want to reverse that, you need to remember why you were doing this in
the first place.
And it's kind of like to try and bring your community along from the ride and make, you
know, the early users and the early buyers
uh you know decent profits and so that's but that's why we've why we've ended up choosing
this route and then after we've launched a token that'll be the time that we end up saying okay
we've launched a token now the people that were in early got hold of it now it's time to um try and
uh launch this on other decentralized exchanges. So launch it on
Ethereum and Sol and decentralized exchanges there, but then also start firing up the agreements with
some of the centralized exchanges to distribute to them. So it's a different way of doing it,
which I think should hopefully mean a lower token price at the start, but a nice trajectory is you make the token available to more users
rather than trying to make it available to absolutely everyone
and their mom on day one.
And then just seeing some sort of gradual bleed.
gradual bleed time will tell whether time will tell what was right
Time will tell whether time will tell what was right.
which reminds me when are we enabling photons for prism need to do that soon i was i was uh
that will be before the before the toki launch um so soon
okay and how how fast is the test net going to be before you,
you said, you said this upcoming week. Okay. Yeah.
You said I, I, I, I shared the, um,
I shared the test net link in the chat comments here. So please do every,
everyone that can click it, but market, save it. Let us know. Um,
let us know what you think of it. Um,
and Oli, quick question, I went to
seals.deal, is there
a dark mode? This thing is
bright
it is bright
that is going to be
some good feedback
I will
ask on that, is it
is it offending your eyes?
I mean, it was shocking. I was like, whoa!
I was searching for the... I'm like, where's the little light switch?
And I don't think there is one.
Yeah. I'm sure it's coming. And mobile version and everything.
Oh, I want to say real quick, also, for everybody who's participating in the SCAR campaign, we're going to have some
like competitions and some prizes for the participants.
We have some mad scientists that we're going to give away.
We have some galactic syndicate we're going to give away.
We have some skeleton punks we're going to give away.
And we're going to, some announcements will be coming out around this, but for people
who are involved,
most likely it'll be like a lottery type of thing that we'll run.
And we've got some prizes for the people who are,
just to keep everything going, you know?
Okay.
Should we do, maybe we can, for the Backbang community, JG,
maybe we can jump in a discord,
either ours or yours,
and we can sort of,
walk people through step-by-step how instant yield works.
and we just do like a,
you know,
a whole Q and a on,
instant yield and how that works with the backbone campaign.
So I think that'd be quite cool and helpful for people.
I'm always game,
bro. You, you, you've set a time. Um, I'll be quite cool and helpful for people. I'm always game, bro.
You've set a time.
I'll be there.
Epic.
All right.
Nice one.
Does anyone in the audience have any questions they would like to ask us before we end up wrapping things up today?
I hadn't seen any in the comments.
Any more tokens on the horizon for Prism to enable?
We have a couple of stable coins that we're looking at from Midas.
I think it's been interesting that people haven't traded, even the DGens haven't traded much of MBTC yet.
There's some pretty interesting ARBs going on on that that are possible,
but I think maybe people haven't paid as much attention to that.
But obviously, given the price action of Bitcoin,
there's been some absolutely great trades that people could have done.
But yeah, so I'm interested to see that. Um,
and then other than that, yeah, like a couple more stable coins we want to add as well. I think,
uh, USDY is now like the second biggest asset on, uh, on prison. Uh, yeah. So that's,
that's really good. Yeah. So I think it shows that it's a decent amount for it.
I did some reconnaissance by the way, on uh gary cardone has been doing all these spaces with the basically the new phase of bitcoiners which are all basically wealthy people um coming
into bitcoin because it's been enabled for them basically and they they're like, they're terrified of DeFi.
So that was super interesting.
I was like, would you ever move your Bitcoin
into anything DeFi?
Nope.
This is, yeah, agreed.
No, no, I completely agree.
I was chatting with a hardcore Bitcoiner
a couple of weeks ago um and i said i was i was
asking him i was like what do you you know what's your kind of what's your what's your plan here like
how do you monetize it like you obviously want to hold a long time um you know how do you if you
need to facilitate buying a car buying you know um rent or stuff like that, what do you end up doing?
And because I was actually asking, the reason I was interested was because this order book that we're creating, because one of the reasons we're creating this order book is
because we believe that the kind of like peer to pool model in DeFi is kind of,
it's kind of a bit fucked. Like if I don't want to, if I've got Bitcoin,
like I don't want to lend my Bitcoin
into some huge smart contract on RFA
where there's also, you know, in that smart contract,
there's also ETH, you know, Pepe,
all other kinds of shit coins.
And if there's some sort of hack on the smart contract
that they can access,
uh, you know, access my funds, my funds are co-mingled with everyone else's funds.
So like one of the, one of the things we're trying to do with this order book is credit
so that it's only each put each individual, uh, order is effectively isolated.
Sorry.
With the money market is each individual lender and borrower
is an isolated uh contract so if i lend a bitcoin and you uh and you um sorry if i want to borrow
some usdc and i deposit a bitcoin as collateral and you lend me some usC, then only my Bitcoin goes into that smart contract
and only you have the right to redeem it
if I don't pay my lent amount back
and I have the right to redeem it
when I do pay my lent amount back.
So you're not commingling all of these funds together
that you have on the peer-to-peer model.
that you have on the peer to pool model.
But interestingly, what he said was,
But interestingly, what he said was,
you know, he had been using some of these solutions
like BlockFi and stuff in the past,
but now he was actually using,
I guess like highly regarded Bitcoin banks
or banks that have Bitcoin effectively like prime brokerage capabilities.
So it feels like people are happy transferring it.
My question to my, you know, the other question I made him is like, you know, but everyone
can see your address.
Like when you send your Bitcoin to the bank, even if you only send like 5% of your Bitcoin
to the bank, then the bank can see the address that you sent that Bitcoin from, the bank can see the address
that that Bitcoin was sent from, and the bank can see exactly how much Bitcoin in your entire
net worth, basically, unless you kind of put your Bitcoin through some sort of mixer or
something.
It doesn't, you know, given data leaks and stuff like that that you've seen on Coinbase and others, that doesn't feel like a great place to be where your data can get hacked.
It can show your wallet that you deposited from, for example, in the data.
And then hackers would be able to back solve.
They have your name, your address, exactly how much Bitcoin you held, all the transactions that have been made from that Bitcoin wallet in the past.
how much Bitcoin you held, all the transactions that would be made from their Bitcoin wallet in
the past. So I think when Bitcoiners do end up wanting to exit or monetize in the future,
I think they'll be looking for really robust solutions where their funds aren't co-mingled,
but where they kind of like maintain their privacy and they haven't had to give anyone their, you know, their, um, their name, their KYC,
their bank details, et cetera, et cetera, unless they wanted,
they have wanted to do that. Sorry. That's a bit of,
that's a bit of a rabbit on it, but yeah, like that's where I think.
The guys that I was in the spaces with, they're all about KYC.
That's how they know it's safe. Whereas'm i'm i'm an original bitcoiner
so i i think the opposite way these guys are wild when you say all about kyc as in
as in like how do they know it's it's safe yeah they know it's safe because you know they're
accredited investors and if they go through lots of paperwork it's government uh it's safe hey just wait until they get rugged a few times from those
like voyager or yeah exactly like blockfiling
you know but i'm like you you know i think there's security and anonymity right to me if you if you
are doing big plays you i think i i don't want to id or send anything anywhere i just want to participate
yeah 100 like if i if i want to um off-rap off-ramp tokens to uh you know some sort of uh if i want to
off-ramp tokens and i want to do it through um into fiat and i need to go through a kyc process
into fiat and I need to go through a KYC process,
I want to opt in to doing to what I disclose.
So I want to make sure that if I deposit from my wallet
to the off-ramping wallet,
I want to make sure that I choose what they're able
to back solve from that.
Otherwise I'm just effectively
revealing your entire net worth to um to the person that you've just came by by seed with
because they can just back solve what your wallets contain and as AI and algorithms get more
sophisticated like it's literally going to be a case of putting your address in and um and it's
saying this is saying this is basically
to a high degree of certainty, all their other addresses, this is their total net worth,
this is their trading history, et cetera, et cetera. So I just think this stuff needs to be,
I think privacy is kind of underrated in crypto. And I think this stuff will become more and more important for people.
I think the main thing at the moment is people need some profits to give a shit about.
Otherwise, people don't really care about privacy when they're losing money, but they care a lot more about it when they've got profits that they're storing or taxes that they need to declare.
Hey, but I think privacy, even when you're losing is important, like nobody wants to be exposed like losing like $10 million or, you know, like they want to keep their privacy also.
There you go.
You know, both restrictions.
Does sealed up deals, will that have any obfuscation
or the money market?
Will that create any obfuscation?
What do you mean by obfuscation?
Blurring the wallet trail
or token trail.
Yeah, I mean, you can leave an order
from any chain completely privately.
So there's actually some really good privacy solutions in Cosmos already at the moment with Penumbra and Nomada and Secret.
If privacy is your goal, there's no excuse to,
you know, there's the tools that are available to you
on to make sure that you don't dox your wallet
if that's what you'd like, if that would be your preference.
So, and same with, you know, same with sealed deals.
Like if I'm bidding on orders,
I don't need to keep all of my funds in one wallet at exactly the same time.
And people aren't able to kind of like track that wallet and say, OK, that wallet's got, you know, a million dollars in it.
Like let's watch that wallet because I only need to keep in my wallet any time the amount I need if i want to bid on an order and reserve it
for a very small fee and then only later on do i need to transfer the funds to complete the order
which i can do from another wallet um or i can do uh you know through a privacy solution such as
nemada or penumbra or secret um so yeah i thought i i think that's that's better than like having your whole wallet
kind of like either either doxed or um or having your wallet watched by all the traders to see what
you're gonna do okay i mean we could go really deep into these yeah yeah i think i do think it's
an important topic but yeah we uh we might be starting down the rabbit hole at the end of the spaces.
Oh, look, Tony, Tony has shared.
Tony has shared the telegram pot for Pulse Trades in the comments.
So everyone, everyone check that out.
And I'm sure we'd love the feedback.
But all right. Amazing.
Well, look, we will, we will wrap it up. Let's definitely get a
we'll get a discord going on a discord video share and a walkthrough going through one on scar. And
then please do everyone let me know on the token launch website, really, you know, the team have
worked really hard on it. We'd love to we'd love to get your feedback um and yes stay tuned thanks very much thanks ollie thanks brother take care guys ciao Thank you.
