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Pryzm Alpha Hour: What's Live, What's Coming, and Why It Matters
Recorded: Aug. 27, 2025 Duration: 0:59:15Space Recording
Full Transcription
Thank you. Thank you. Hello, hello.
How's everyone doing?
Any day above ground is a good day, but even better when I get to talk to you, Ollie.
Very nice. Where are you dialing in from these days, actually?
Oh, I'm sitting at home in sunny San Diego, man. Things are good here.
Very nice. Very, very chill. Have you been on the tour at some of the conferences?
I'll be honest with you. I've been trying to avoid it as much as possible,
but things are kind of falling on my lap and I might have to go to a whole lot
more very, very soon here.
So trying to stay low as long as I possibly can.
So I haven't traveled since RareEvo, really.
So it's been a week or two since I've come back from that, from Vegas.
And then before that, we did Bitcoin Conference and a few other ones.
But it's fun.
It's fun.
But, man, it takes a toll on you.
So I remember last time, I think I slept for 16 or 17 hours straight after coming back from one of those conferences.
Oh, man.
Crikey.
That's a lot, isn't it? Let me just put it that way. straight after coming back from one of those conferences? Oh man, crikey.
That's a lot. Let me just put it that way.
Yeah.
All right, cool. I'm going to try
and add you as a co-host just
in case I
get booted
out or whatever.
I just always get the advice co-hosts
but then it doesn't come up.
So hopefully something's happening.
But all right, cool.
And then who else have we got?
I've
obviously got JG.
How are you doing, JG?
Good morning. Good morning. How are you doing, Ali?
Not too bad, thanks, sir.
Not too bad.
And then got Damon as well.
Plenty of stuff to talk about, I think.
So yeah, looking forward to getting started today.
I think I can probably like kick off briefly
with some updates.
We put quite a few things out on the forum.
You know, I guess like slightly overdue for people to discuss um but people have provided some really interesting feedback on ollie before
you get into it can we ask you yeah a little retweet because you're about to break it down
yes we want to get people to come in and and this is just that moment where if everyone could just help out and hit that retweet or, you know, let's catch that algorithm. Sorry, I don't mean to interrupt.
So we've got that going and then we've got people already giving some helpful feedback on what they think the C-PRISM unbonding time should be.
And then we've also got people discussing what they think should happen with all the Treasury rewards that have accumulated.
So we can kind of probably discuss some more of those in more detail later on this call.
or those in more detail later on this call.
And then we are heading towards the end
of season three of Photons.
So I think that should be, you know,
as normal with these things,
I think there should be a lot of activity,
particularly this time, given Prism token price is known.
I expect there to be quite a lot of instant yield looping
probably from people.
I haven't actually checked out the implied prices myself of instant yield looping at the moment.
But I think that might end up being an interesting one.
Obviously, we've got the FactBone campaign going on as well.
We are working very, very hard on SEAL to launch that on PRISM.
Really hoping to have something live soon,
just figuring out a couple of little edge cases on the UX,
but the contracts are all ready to go.
Hoping to publish an updated UX for OpDrop claiming later.
And we also published the OpDrop final terms.
I think it's a bit of a time sensitive one
for people with OpDrop,
it was like two months post launch.
So, you know, and it's a 17 and a half million tokens
reserved for people that participated in the LDP.
I think the initial timeframe was two months after launch.
So that takes us through to
the 21st, the 21st of September. So check that out on Twitter or in the announcements channel
on Telegram. But yeah, the UX, we've made some changes to the smart contracts and the UX so that
based on people's feedback. So hopefully people are happy with that when we publish it.
And then yeah, and then on the net,
sort of working hard on sealer and theory.
And then JG probably most better than me,
but getting some exciting stuff going
with the refractive beast NFTs, hopefully.
Yeah, we finally have been able to work with Yves,
the artist.
And he's a lot of fun.
He's definitely a character.
He has a lot of energy.
And so we were just going over, getting a couple renders of the collection.
We did some, we generated a few batches.
And we noticed just a couple inconsistencies.
So he's just going back in and tidying it up.
And then, you know, I think the target is, I mean, should we we i think we could run it next wednesday to be honest holy shit that's that is i mean it's not far off right there's
like just like little things that are being tweaked and we're just kind of just going over
the iterations to see how that they all look right you know know? And yeah, so I mean, once that part is complete,
like putting it in the smart, the mint or the smart contract
for that is quite straightforward.
And then pulling and turning it on, you know?
So it's pretty straightforward at that point.
And the UI would be using your, using your grave.
I always, I've posted the terminology terminology but this is a great we have so
many products right so on the not on the just let's just call it our launch pad on the launch
pad okay cool cool you know and then if you know um and then we'll have secondary sales and uh
this is going to be a collection that's going to be minted in awu right that's the plan yeah exactly okay and then secondary sales will occur in prism and eventually once
um we work out the treasury slash inflation staking rewards dynamic at that point we get
excited because then we will deploy our contract for b Prism. And then the NFT marketplace will transact in an LST of Prism, which is helping secure the network.
It helps.
I mean, so many ways.
LSTs like really do so many side have so many side effects that most users don't realize.
It's good for the network.
It's right.
Securing the network.
It's creating another trading pool that doesn't affect, like, the base token price, arbitrage opportunities.
There's just so many side effects that happen when you start actually transacting an LST.
So that's kind of, like, what my sights are set on.
You know, I know Calabi.
There's another group, if you guys are interested in the Discord, if you want to join a discussion about this treasury inflation.
And there's some really great information and charts that Cali made.
If this type of stuff interests you, I highly advise you to check it out. He's made a really
dynamic spreadsheet. I don't know how else to say it, but you can see what's going on.
And being able to see Prism be profitable now in this stage, what i'm i'm really excited about that to have
a fully diluted market cap of like 2.5 million and it's actually profitable like if it stays
at this course at this click it's gonna it's like a 50 percent in two years it's made its
full valuation back which is insane yeah i think i put i i need to double check my um double check the maths but i think i put it
that basically if you if you kind of use c prism market cap is like the benchmark of like how much
has been staked because obviously if anyone has a prism yield lp token or um or uh or you know
c prism or something like that then that's kind of like the base of what's been done.
Like, you know, tokens like PRISM in the PRISM USDC pool or just Liquid PRISM that people holding in their wallets
wouldn't get a share of any treasury rewards that get distributed.
And so I think it was like something like, you know,
C-PRISM market cap at the moment is maybe a million dollars
or something like that.
And then the value of the treasury is something like $170,000 at the moment.
So that's like a one-time reward after a couple of months or a month and a bit after launch,
actually, of 17%, which is kind of crazy.
of 17%, which is kind of crazy.
So obviously the C Prism LST will dramatically increase in price compared to base prism.
So it's interesting to see from just what gets distributed here via the treasury module,
if that's what people want, how much extra rewards people would feel like they would want on top of that from chain inflation, because just the, just the treasury rewards are going
to give you a one-time reward of like 17% yield, which is kind of mad.
So I'm excited to see what, you know, all the points of view people have on it.
Can I ask something about the AU purchasing?
Yeah, do it.
JG, you said that it's exciting to transact in LSTs.
Do you mean that you'll be buying AU after the launch with B-PRISM?
Well, I mean, what do you mean?
Because the minting token, so we're not setting any of these parameters. This is just the asset that they want to mint the NFTs in, right? So where that goes, that goes to the artist or to the project. It's not to Backbone. I don't know what they're going to do with that.
I think we'd originally said like yeah like um
AWU was going to be AWU was kind of like the meme token for Prism
for people's first opportunity to yield trade it went to
people doing stake drop um and you know a few others as well and so like
you know it was kind of a the refractive beast was kind of like the
pot of gold at the end of the rainbow for people trading our woo,
because if they yield traded it well and learned how to yield trade,
then they sort of drastically increased their,
our woo amount,
without needing to spend any dollars.
And so like that,
it was kind of like a reward for that.
So like our woo was going to be used to purchase these,
these tokens,
but then in the primary market,
but then in the secondary market but then in the secondary market
people can trade in them in you know i i sort of deferred to jg's expertise on this but you know
whether it's ust or whether it's sorry usdc um long live long live ust uh but uh whether it's
usdc or whether it's um prism uh or whether it's our itself like in the secondary secondary market, I guess people should be able to choose what they want to trade it with.
And that would be on the back buy marketplace or potentially even on seal
if people want to just leave bids and offers on seal for the NFTs.
But it's just the initial minting and the buy at the initial mint.
I think we were going to do Aowoo.
I mean, there's a play here if you think about it. i don't know what the set awu price is but um you know if you think that this collection is going to demand
a lot of awu then i don't know right yeah you might want to grab it it's definitely going to
be some i think like i think you know for the people that are generally trading there's definitely going to be some i think like i think you know for the people for the people
that are generally trading there's a couple of really interesting things going on at the moment
um a instant yield at the end of season three um you know similar obviously with the backbone
campaign i think be like what you know what would happen with AUU when Refracted Beast gets minted?
I think if there is a treasury module distribution,
there could be some super interesting stuff to do with Y Prism and potentially some of the other tokens because if $170,000 is going to get paid out,
Y Prism is trading pretty low price at the moment,
and a Y Prism token would theoretically be able to get all of the staking rewards
due to one Prism for a fraction of the price.
So I think that's going to be an interesting one.
I think that's going to be an interesting one.
I'm looking at it now like one.
Yeah, like the 34 day left Y Prism token is trading at one and a half percent of the price of a Prism token.
So if you imagine that the yield is going to be 17 percent.
These are just napkin maths.
Someone can correct me.
You and my boy Luna can probably correct me on this.
But like if you buy a white prison token now for 1.5% of the prison price
and the yield from the treasury distribution
ends up being 15% of a prison token so you spend 0.015 and you get something
worth 0.15 that means you could basically like 10x your money um minus your cost in 34 in 34 days
just by buying that token or potentially if you hold that token and buy it now for 0.015 and then
sell it afterwards and it still has some value
and you've made even more profit so like there's going to be some really interesting um trading
for people that are kind of like into that stuff uh based around what happens with treasury yields
and uh and all the bits and pieces um so yeah i'm i'm excited to see what people think on that.
The refractive beast NFT is gonna be pioneering any refracting or anything or any,
are they gonna have any income in one or yield or anything?
I haven't thought of it.
I guess like, you know, we can all kind of collaborate
once everyone has a refractive NFB,
NFTs, on what people think is best.
But it hadn't been earmarked for anything specific yet,
or there hasn't been any specific contracts written for it yet,
other than the good stuff that JG's doing on the backbone side.
So you're saying there's a chance?
There's a chance, he's telling me there's a chance.
Exactly, exactly.
It's not a no.
Let's keep in mind that we're minting this
in a meme coin, right?
What the real goal of refracted beast
is to set the first tribe.
Like we need to start to get a little bit
of tribalness here because that's what people are drawn to set the first tribe. Like we need to start to get a little bit of tribalness here because that's what
people are drawn to in the early stages. And, and we need some art.
Like these are just some simple things,
marketing things to get more attention on what we're doing here. You know,
again, we're, I don't believe like NMTs don't have to reinvent the wheel.
Like I identify with a few collections and a few of these JPEGs tremendously.
They have a lot of these JPEGs tremendously.
They have a lot of value to me, I guess, on a personal level, right?
And I think that's what occurs. And the goal is to create that type of sentimental feeling here, right?
To make this type of welcoming or like you want to be a part of,
like this whole, right?
Like we're doing something together.
So we have to find a common thing to focus on.
Yeah, I agree.
I loved my, I know RIP, but like my Galactic Punks,
my Lunar Bulls.
And I, you know, I miss those.
Or not miss them, but I enjoy,
I really enjoyed like that side of it. Like hopefully miss them, but I enjoy, I really enjoyed, like, that side of it.
Like, hopefully we can, and it was,
I just think back to, like,
the buzz that was going on Terra,
obviously notwithstanding all the other stuff that happened,
but the buzz that was going on
when, you know, people were doing these first, like,
NFT mints and just kind of the expert,
like, exploration that was kind of happening.
And it was super interesting here. Like hopefully if some of that can get achieved with
what we're doing here, it'll be wicked. Well, I think, I think, and look, here's the thing.
People were excited about terror because terror was making people money right now. We're just
in the beginning phases of explaining how prison is going to make a money, right? Like you just laid out a pathway to 10 X your money in 34 days. And right. Like, so, and it's, I mean, it's not the most,
uh, it's a simple strategy, but it's not, it's kind of like a backwards thinking. Like most
people are not like, even how you said it, I had to think about it like three times. I'm like,
wait a second, I can buy this for 10 X below the right. Like it didn't click for a second.
And so we need to get really good a second and so we need to get
really good at this messaging and we need to get really good at these strategies and we need to get
really good at repeating them so that people start to learn them and try them yeah exactly i think
nft has become a big part of that i know because people kind of get together in communities and
then end up discussing and sharing ideas and you end up getting a bit more of that sort of
dow type culture i think 100 and i'll tell you what's really cool to see here is that And you end up getting a bit more of that sort of DAO-type culture, I think.
100%. And I'll tell you what's really cool to see here
is that AOL is not something that some random person made.
That's usually the scariest part of memes,
is are people actually in control of it?
Do we know these people?
Can we trust it?
Are we going to get rugged?
Knowing that it's coming from you know um from
prism itself makes a huge difference as far as confidence is concerned it's what people are
really missing in the mean you know in the mean coin trenches and they don't have to worry about
that yeah exactly like i think i think it was like trying to think back to why we did it in
the first place and i think like the main thing was just came at a time when it's you know
thought it'd be something you know fun fun for people to try out and trade like we wanted people
to be able to have a token to pay gas with on prison um that they could just kind of like get
for free so that and then we wanted something with like a high volatile yield so that people
could come and um you know try out how to Prism, how to do yield trading without risking any capital.
And then also just kind of like reward stake drop, reward, you know,
differentiate between people that were kind of like using Prism and people that
were just hoping for airdrops and not going to use it.
And, you know, I think it, I think it,
I think it sort of fulfilled the brief pretty well. And then, you know, I think it sort of fulfilled the brief pretty well.
And then, you know, the final piece of the puzzle now is, you know, like we have badges for being, you know, participating in the LBP or participating in Photon Season 1.
Like, I always feel like AWU is like almost like the ultimate badge because it's a transferable NFT.
You can use it as a profile photo.
You know, we'll make it so it shows up in your portfolio um on your bio etc so i think yeah i'm super i'm
super excited about it i'm impressed it's going to take that be that quick um jg i hadn't uh i
hadn't realized how how speedy things were going to be, but that sounds great. Yeah, I mean, he had everything.
Again, just a couple of little adjustments from generating.
He knocked them out.
I think maybe we'll have one more meeting,
and maybe I'll ask him to just do a few more attributes just to make it a little spicier.
But again, he's got a pretty fast turnaround time, and these are just little layers.
He's not like drawing full-out images so it's yeah it's quicker in this phase in this stage it's faster right because he's got he's been done for pretty much
95 done the whole time right for a while now but yeah yeah it's harder in the beginning when you're
trying to come up with a concept i mean sometimes you don't even know how long it's gonna take yeah always the hardest part to quantify when trying to pull this
off I swear doing the defy stuff is much easier to schedule okay I'm glad to hear
well um Calabi I was thinking I was thinking you obviously spent a lot of time as JG mentioned on the Treasury stuff.
I thought, yeah, if you'd like, we can kind of discuss that if you've got any sort of
questions about the mechanism, but also just sort of sharing your thoughts with people.
And then also, you know, I can probably help out with what is possible from a technical perspective with the modules that we have and what isn't.
But yeah, thanks very much for any thoughts, man.
Is he up already? I can't see him as a speaker, but if he comes up, we were discussing this.
Can y'all hear me? Can y'all hear me okay?
Yeah, cool.
Y'all can hear me all right?
Yes, sir.
Okay, cool.
Hey, how's it going, all of y'all can hear me all right? Yes, sir. Okay, cool. Hey, how's it going, all of y'all?
Yeah, I mean, I'm super excited with these talks of the treasury module.
I think it's one of the more powerful aspects of this whole community because, I mean, we really get to kind of be in the driver's seat, but creating some kind of framework.
So because there's a lot of different variables
and a lot of things that we haven't even turned on yet,
like the Alliance module, inflation,
but it's good that we're kind of going into stepping stone.
Like, okay, we have this much revenue.
What do we want to do with it?
And, you know, with any good treasury,
just prudent management of it,
but also knowing kind of like where we are in our phase, like
we're a community backed startup.
And so we're looking for growth and like reaching outside of like within Cosmos and
outside of Cosmos and like what's going to make us look like something that people want
to jump into.
And obviously one of those is, you know, got to get some staking rewards going the validators all of that but also on top of that you know and that creates utility for prism
and the lcc prism but you want when you have those rewards you also want them to become sticky
so the other side of that is like liquidity it It's like, okay, I've earned all these rewards. What am I going to do? Just go dump them now?
No, you want to provide some way for people to be like,
oh, if I put my prism over here and I do this,
I can stick it back into the system,
build a little liquidity, and turn that flywheel again.
So I spent a little time building this spreadsheet to kind of,
I basically just mimicked ThorChain's idea of like a pendulum that seeks to balance.
You think of market cap like a cup and liquidity that fills it.
If the cup is too small, the system tries to make the cup bigger.
And if the cup is too big and there's not enough liquid, then it tries to bring it more liquid into it.
So that's kind of
like what i was trying to work on it's just a framework just an idea to get the conversation
going but yeah i mean ideas were basically you know how much to distribute and then i think
ollie maybe you could speak more to this it seems possible that we could send to the CP with the idea of saying, hey, this is earmarked for an incentive towards a specific purpose.
It seems like that's doable.
Yeah, exactly. So like effectively, there's a governance vote to vote and tokens can just sit in treasury and
the yield bearing versions of tokens just carry on accruing yield and increasing the treasury value so the first option is to you know is to do nothing and just let it accumulate in there
um or you can end up uh voting to do a buy back and burn and what happens in that situation is
each of the tokens in the treasury gets put into a flow trade
and so people can say there's atom in the treasury people can go buy the atom with prism tokens in
flow trade probably buy as you know a small discount to the market price um and then the
prism tokens that are collected from those flow trades uh then can either be burned
to make Prism deflationary,
or it can be sent off to the community pool
and potentially earmarked for certain use cases,
but then that would then require
a further community pool vote to distribute those tokens
to a multi-sig or to incentives module
or something like that.
And then, or they can be distributed to stakers
and distributed to stakers just effectively means
like paid out like normal staking rewards.
And so for normal staking rewards that, you know,
that means that C-PRISM increases, you know,
the value of LSTs increase because staking rewards
are collected and then auto compounded. And then it also means increases, you know, the value of LSTs increase because staking rewards are collected and then auto-compounded.
And then it also means that, you know,
Y-PRISM would earn, each Y-PRISM would earn
the share of one staked PRISM
in terms of, you know, the distribution.
So those are kind of like the options.
So I think like you said, like I think having
a good framework in place, you know, how people should think about were thinking about it is, you know, when a company has, when a company makes profits, a company will, you know, look around funds into retained earnings and sort of save them for
a rainy day? Or do we earmark those funds for some kind of like capital expenditure
or growth that you think is going to have a high kind of return on investment? So that's
kind of like the treasury module was modeled on that basically where, you know, community
can think of themselves as equity holders and they
can decide okay like given the rewards that are here what is the um what is the best use at this
time that we think of those rewards and doing nothing doing nothing is also fine um that's
kind of like the way that the way that it works yeah i mean yeah there's so much that you can do i mean even building a
reserve like a yield bear reserve super safe strategy where there's some like floor backing
to prism like maybe you know that's that's an idea of dowdow we're deployed or something like
that i mean you could have a council of people that could manage, however it is, you can have, there's so much that could be done.
I mean, at least in my head, it seems now it's like taking rewards, incentives for liquidity and like marketing,
like that three-pronged approach of like showcasing the yield and then earning on it.
And then earning on it. And then also marketing and educational content to really kind of break down the complexities of showing what can be done.
If we can like get over that hurdle, because I've been in this space for five years.
And I'm telling you, I sat around for like months looking at Prism like, what the hell do I do?
And then, you know, it clicks and you're like, oh, okay, I see.
But if we can fast forward that process
and onboarding that just being like,
hey, come over here and do, you know, here's Prism.
It's like, here's Prism and here's what you can do with it.
I really think that good.
And then also bringing in advantageous assets,
like Athena's USD and stuff like that, you know,
from other ecosystems, I think it's going to be pretty profitable as well.
Yeah, definitely.
Definitely, definitely.
I think there seems to be a lot more interesting assets getting listed on Ethereum that can
now get brought over via IBC Eureka.
So I hope when SEAL launches launches like it's going to make
it super easy for people to get hold of those assets um they don't have to go over and mint
them on ethereum or um or kind of like you know worry about the gas on ethereum doing swaps minting
it they can just like leave an order to buy it on cm and someone else and go and get it for them
um but yeah i think i I think that side of it
is super interesting.
We pay our stakers in BTC at Opierdell.
In BTC.
Yep.
Yeah, I mean, that's the funny thing. It's like, obviously, there is BTC in the Treasury
or MBTC in the Treasury of Prism at the moment.
So that would be one of the things that people, you know,
can either sit there as kind of like yield bearing BTC in the treasury at the
moment, sort of accruing yield.
And then obviously either that can get used to buy back Prism to then
distribute stakers,
or it can kind of just sit there and you effectively just have btc in the treasury which is quite cool
that's a win-win doesn't matter how you do it it's so great it's nice to have it's nice to have the
btc comfort blanket unless unless you're terror and you use it for the lfg and then yolo it when
when it's all going down. I hear trauma.
I hear trauma here.
PTSD still.
But yeah, no, for sure.
Sorry, was someone saying something?
Okay, cool.
I was just saying shots fired.
That was like-
Shots fired, shit fired.
Shit fired. That was like... Shots fired.
And then what else was I going to say?
And yeah, so that's on the treasury stuff.
So yeah, there's a discussion going on in Discord on that for people that are interested.
And I think the vote time for that could be quite quick.
So as in like once voting,
once voting, we go up and go live on it.
If people seem to be in agreement
that a treasury distribution is a good thing at this time,
I think also then, you know,
anyone that's even not necessarily holding PRISM tokens
who wants to come and buy cheap Atom or cheap NUSDT
or cheap USDY or cheap VTC,
they end up needing to buy PRISM tokens
to be able to participate in the flow trade.
So it ends up having kind of a bit of a positive flywheel effect.
So, yeah, so it'll be interesting to see
kind of like how it works on the first example of that.
I think the other thing is, you know,
the treasury is owned effectively by all PRISM token holders.
So, and given that the treasury assets
are going to get sold by a flow trade,
increasing awareness generally in the ecosystem
to not just people that use PRISM.
So there's going to be a great opportunity.
There's going to be effectively some Atom tokens auctioned
and some BTC auctioned and some USDY auctioned
and making sure that, you know,
people who like arbitrage
or just generally want to buy those tokens cheap
end up participating
will maximize the value of the treasury
for Prism token holders.
All right, can I just step in and say that
Prism data.zone, the validator,
has a free telegram bot that people can use
that alerts them to new flow trades.
that alerts them to new flow trades.
Okay, nice.
Okay, nice.
So that does flow trades and pulse trades, does it now?
No, the pulse trade bothers its own thing
that tracks your own pulse trades.
That's also true.
Okay.
Okay, but it just alerts you to new flows.
God, the Prism Data Zone website is nice.
Okay, cool. both because the prison data zone website is nice um okay cool i said hey what um okay cool so is it linked is it linked on the website if people want to go and try it absolutely yeah just go to
prism data dot zone i'm on that i'm on there now where do you, where do you click?
Is it not at the bottom?
Cause maybe Enzo didn't update it yet.
It should be at the bottom.
I can't see it at the bottom,
but yeah,
otherwise drop a link in,
maybe drop a link in the comments here. And for people that are interested in getting,
accessing that bot.
But yeah,
nice.
And then the other,
the other one that was going up was people,
you know, discussing about what the unstaking period
should be for C-PRISM.
I think something that people, it's helpful,
maybe people understand is like,
for LSTs you kind of have two things,
which is the general undelegation period
of the underlying asset.
So, you know, Atom has a 21-day unstaking period.
But C.Atom at the moment has, say, up to a 24-day unstaking period.
So the reason for that is only a certain amount of undelegations are allowed by a wallet on the Cosmos hub
at any particular given point in time.
So the unstaking period of a token is two things.
It's the undelegation period of the underlying asset, so 21 days,
plus what's called an epoch, which is every three days,
all the requests to unstake CAT or D atom or whatever LST,
ST atom or whatever LST you end up using are all gathered together.
And, and then an unstaking message is sent to the Cosmos hub.
So that means that the shortest time period for you could be 21 days because
you might send your unbond request just as request just before the epochs message gets sent.
Or the longest period might be 24 days because you might send your unstaking request just the moment after the last epoch started.
So when you're looking at unbonding for C-PRISM,
the important thing to think about,
like you're effectively deciding PRISMs,
like general PRISM undelegation period,
and then the EPOC period, which will be, you know,
which is three days, up to three days.
So say, for example, people chose an undelegation,
you know, so they wanted a target undelegation period
in nine days.
That would mean that if you met sent an unstaking request it would be anywhere between uh nine and
12 days because uh you have three day epochs so i'm this one i'm super interested on because
people have been you know so many people that participated in prison, that have participated in protocols that have a 21-day overstaking period
and kind of like have seen the benefits of that,
but also suffered the pain of that
when, you know, the market is favorable
and they have to wait 21 days to translate their assets
to be able to kind of like take some profits
or take some chips off the table.
So, yeah, definitely interested in what
people think on that one just just curious and this just i'm just spitballing here would it ever
be possible to create different like buckets of c for like c prism with zero on bonding time but
you get less of the rewards or this is c prism with a three day on bonding time and you get a slightly larger share.
Not anything for now. I'm just curious if like on a technical level, something like that is possible.
On the general Cosmos SDK staking module, you can't do that.
but you theoretically could just allow people to stake this,
But you theoretically could just allow people to stake this.
you know, say you wanted to just do it with C-PRISM.
You could allow people to stake their C-PRISM
for longer periods of time and receive higher rewards.
Like we could, like we could do, I mean, C-PRISM
for me isn't necessarily the exciting,
C-PRISM is just a vehicle to creating Y prism and P prism for me. And then,
you know, using those in liquidity pools or whatever you, wherever you kind of like see the
highest rewards, but like, so I always think it's more interesting to look at things like,
you know, like Y prism, for example, and you could do something where you could end up having,
you know, Y prism that had a one day unstaking periodday unstaking period and the equivalent of 0.1 Prism per year,
but people that decided to lock it for a longer period
and the equivalent of 0.3 Prism per year per Y-PRISM
or something like that.
So you could tear it like that,
but not in the normal Cosmos SDK staking module.
Yeah, that makes a lot more sense.
I mean, that could be something worth exploring
later on down the road.
Yeah, definitely.
I haven't loved the, historically,
like I'm not just me, but just me personally,
but like not a huge vote escrow tokenomics
kind of fan on some of this stuff like i think there's
um i think you know when you started getting like the four-year locks on curve and stuff like that
i think was asking people to like effectively yolo their tokens for four years um for like a
high yield which which i think people did and then obviously regret it,
like regret it a lot.
But I think maybe there has to be, you know,
some sort of middle ground that kind of makes tokens go
to long-term believers and users versus people that are,
you know, maybe a little bit more mercenary capital.
Well, I'm glad you brought that up.
Like, you know, the Alliance little bit more mercenary capital. Well, I'm glad you brought that up.
Like, you know, the alliance module,
I mean, that's not even something we've even gotten to yet.
And, you know, it could be something to put a pin in,
but that's something very interesting that you can align.
Now, it needs inflation because it doesn't work without inflation.
That's a very interesting tool to internally and externally align. And you can do them decaying or permanent.
But if you had a system where you could vote how,
like another utility on top of C-PRISM or, you know,
some other token or derivative that's like,
this alliance is open and you can vote like,
oh, I want to direct inflation rewards towards this bucket of LPs
or this specific action
and you're if it's c prism or maybe it's p prism you know whatever it is allows you to say hey i
want i want to direct uh us you know a portion of these alliance rewards towards these specific ends
that could also be fairly interesting yeah agreed i think like. I think we definitely were and still are super excited about the Alliance module.
I think when this is back in the days immediately after Terra 2 launched, I think that we spoke quite a lot with Doe on the Alliance module.
And I think we were the first we were i think we were um the
first people to say that we were super excited and and the main use case that we were going to use it
for um was uh lp tokens and he sort of sent us a couple of drafts before before it ended up getting
published for us to kind of like give feedback on you know the governance issue was one thing that um we kind
of flagged that we thought was interesting but like uh but like for us you're like the alliance
module is like a super powerful bit of technology like for me it was like you know it was restaking
before restaking became cool um with eigenlayer and and Babylon and the rest of it, where effectively you can use any token to secure your blockchain.
And I think initially they were talking about alliances, you know, or the initial use case Terra were thinking about was like,
OK, well, some Osmo or some Atom could be used to secure Terra's chain and some, you know, Luna could be used to secure Osmosis or Atom.
you know, Luna could be used to secure osmosis or ATOM.
I think where it could have kind of,
we thought it was super interesting was,
what if you didn't use the underlying token,
you end up using LP tokens.
So people didn't have to choose, you know,
at the moment, for example,
if you're a prism token holder,
you have to decide whether you want to effectively stake your prism.
So making it C prism or P prism or Y prism or any of the prism derivatives,
which is effectively staking, you know, liquid staking it,
and use it in a liquidity pool or trade it or just hold it.
Or if you just want to hold normal prism without minting a derivative,
you have to decide, do i want to go and state that
and delegate it on the chain or do i want to use it to provide liquidity to the prism usdc pool
whereas the thing i i i thought was really cool about the alliance module is
you don't you don't have to decide you can if the prism usdc liquidity pool token is enabled on the
alliance module then you could be like okay well
we'll state that lp token um into the alliance module so not only does that token get to
participate in kind of normal rewards and incentive for liquidity providers but then it also earns a
share of chain inflation and chain revenue um so yeah like i think obviously we have the photon seasons at the moment and the kind of rewards for Prism UoCC LPs.
But, you know, so that kind of needs to be weighed rewards, you know, using the Alliance module is super powerful
to kind of like mean that people don't have to choose
between providing liquidity or providing security.
Yeah, and so something we explored with on Megaloo
back in the day is like, I mean, technically you could do it
as a way of providing governance oversight on grants.
Like you could create a single token and say, hey, this team said they're going to do this.
And it's a decaying alliance.
They have this token and maybe they're the DAO, you know,
but basically that one token gets these allocations of inflation.
And let's say they're not meeting some KPIs or whatever it is, they're not meeting their ends.
Governors could say, yeah, we're pulling the inflation
towards that.
And then at the way of oversight as well, too,
there's just so much that can be done with it
that's really, truly powerful.
Yeah, I think it's very cool.
I was just trying to think.
Is the season going to happen for photons?
Yes.
Exactly.
I'm just reading the comments from you, my boy, Luna, as well.
So anyone else, obviously, feel free to write any comments or raise your hand.
You, my boy, Luna, says, will there be a photon season four?
And if so, will Prism LP and Y Prism Stakers earn? Yes, there is going to be a photo on season four and if so will prism lp and why prism stakers um
um yes there is going to be a fight on season four um i think the current season ends in four
days um and uh so expect expect things to get really interesting with instant yield looping
towards the end of season three and then straight into season four um
i think unless people have any very strong feedback about uh about things they think
could be improved and iterated on from season three it'll probably look very similar season
four will probably look very similar um i think uh i think in terms of your question about Prism LP and why Prism stakers,
currently we've got the normal incentives going on for that.
So I think it's a case of whether those normal incentives,
when those normal incentives either get to the three-month period
either get to the three-month period
or 20 million Prism tokens are paid out.
And then, you know, people can give their view
on whether they think PRISM should be included in photons
or whether, you know, the rewards pool for that
should be kept separate as it is at the moment
and if new rewards are suitable
and kind of like what the quantum of those rewards should be.
They're kind of open to people's thoughts.
Oh, I'm adding Oprah,
who's left to request to speak as well.
Oprah, hopefully that's worked as uh as oh is that normal you add someone as a speaker
and then they disappear and then they uh i hope you haven't boosted them out yeah it happens
it's called getting a rug right you're getting right i feel bad i feel bad. I just clicked accept the speaker
and then he popped up and got it again.
I'm going to try again.
Oh, okay.
I've just requested.
I've clicked add a speaker.
Hopper, hopefully that's worked for you.
Yes.
Can you hear me?
Hopper, hello. Hello. Hello. How are you doing? First time talker,
long time listener. Yeah, exactly. And we've spoken a lot on Telegram before. Thanks very
much. How are you doing? I just have one. I have one real quick question on the, I know we're coming
up on the hour, but on the treasury model module, would it be possible that we can recreate a JLP token on Prism by using the treasury module as a way to pay out all those fee rewards into another token?
We can give it our own name, a Prism LP token, and we can freely trade it, buy it and sell it.
we can freely trade it, buy it and sell it.
And we can kind of create this massive pool
that is tradable and that could grow over time,
just like JLP does on Jupiter.
Yeah, I don't know.
I'm trying to think,
it's a super interesting question.
I'm just, I'd need to give it some thought.
I'm initially my mind's running to the stuff
we were just chatting about
on creating a specific token from the Alliance module
and then having the rewards go,
having Alliance folks send all the rewards to that token.
But I'll have more of a thing
because having a Liquid Treasury module token
could be very cool.
I mean, at the moment, in a weird way,
it's like the PRISM token is effectively
that liquid treasury token because the PRISM token receives,
or PRISM or C-PRISM, you know,
receives all those rewards from treasury theoretically,
or is the only claim on those treasury assets.
But I'm trying to think of a way
if you could make it even more isolated.
All right, that was my question. I just wanted to chime in.
I think I'm just thinking about it.
I think you could like theoretically, you know, if if if the because what can you do with the treasury module at the moment?
You can you can because that would involve a buyback.
I'm going to say I'm going to think about it because I think it's a really good question.
But yeah, that's good.
Other than that, how are you doing, sir?
Loving it.
Everything is great.
Okay, good.
Loving everything you guys are building.
It's fantastic.
Glad to hear. I'm hoping we can get seal out for everyone to test and give their feedback on soon.
seal out for everyone to test and give their,
give their feedback on soon.
And then,
yeah,
I think I'll just try to think what was the other announcement we made
today?
Yeah.
So the unbonding time for Y Prism and,
and the Prism LP tokens is going to increase 14 days as,
as kind of like was previously suggested.
We've given, you know,
the people have had kind of like a 48 hour notice period has started now.
So feel free to make any readjustments if you want.
Hopefully this will make the rewards pool last longer for people that want to
stay in it.
And yeah.
So if anyone's got any questions on that,
then feel free to ping me or...
I do right now.
Okay, ping me right now.
Okay, are we going to figure out what the next rewards cycle is going to look like on PRISM before they run out?
Yes, I think people like, again, maybe we should open up a forum discussion for it.
But, yeah, people are very welcome to give their opinions on it
and what they think has been successful this time around,
what they think could be improved.
Okay, great.
Okay, great.
Nice.
Nice.
And I was thinking about NFT.
Could we put some of the trading reward,
sorry, the trading fees that happened into the NFT
or something like that?
Trading?
Yeah, the swap fees that happened for trading,
sorry, refracted piece trading yeah i don't know whether they maybe maybe uh maybe there's something could go into
a contract but yeah like i think it'll be interesting to see what people think i think
like as jg says like the uh the first aspect of this is like the community side of it.
And then I think adding utility and stuff, hopefully, you know, once people get excited about it and it becomes kind of, you know, a real visible identifying factor of someone who's in the PRISM community.
Hopefully, you know, we can start looking at utility
and those kinds of things and trading and swap fees,
et cetera, et cetera.
Okay, are we gonna get the random APY happening again?
We should get a vote option,
we given it's coming into that time period.
I think maybe it might be time Given it's coming into that time period,
I think maybe it might be time for a crazy APY again.
We need to get the wolf back on Twitter.
Okay, cool.
Nice one.
All right, I'm just looking if there are any more questions that anyone's had on.
I think hopefully we could use another maturity too. There's only two maturities on that.
Okay. We can do that. We can do that. And then maturities wise on the other assets, how are we feeling?
feeling do we have any automatic ones coming in like when september maturities uh come up or does
it automatically populate another september i think i think i think at the moment it's two uh
the automatic ones are two annual ones um so uh i think it's only when the december one that
automatically comes out so like the september one that's maturing in 34 days,
I think people can then opine on what maturity they'd like after that.
I think I'm just looking now, for example, we've got Atom's got,
Got Atom's got, yeah, the Atom,
basically the parameter lets you choose
how many maturities there are a year.
And the second parameter is how many years
the maturities go on for.
And so for something like Atom at the moment,
it's one maturity a year
and the maturities go on for two years.
And then you can add manual maturities around that but um the governance control parameter is uh is kind of how many
maturities per year and how many years it goes on for so it's interesting people people do seem to
much prefer trading the uh the shorter maturities which is interesting because like in tradfire like the longer
maturities the ones with they just because they have more you know you'd call it duration um
they become a lot more interesting people to trade because there's higher profits
um available potentially from trading longer dated maturities. But yeah, we- Scalping violence in the front line.
Scalping violence, exactly, exactly, exactly.
So it's gonna be interesting.
My last question is about liquid governance.
So when is that going live so we can start putting
these proposals up and voting on them?
We've just been working on that as a team
today, actually.
we had an old UI,
the old UI for it. Obviously,
the reason that it didn't necessarily get launched
is because Prism already had a ton
of stuff for people
to learn, and we thought that
it might overwhelm people to add
one more feature.
So it didn't end up getting launched, but a UI had been built for it.
The module itself works.
So we're just looking at if we can adapt that to update it so that we can make it live, at least for voting on prison.
And then shortly after that, voting on other chains.
So, you know, Cosmos Hub, Osmosis, et cetera.
I don't have an exact timeframe,
but it's something we're working on as a team at the moment, for sure.
Fantastic.
Yeah, it's a Prism that I'm worried about.
I don't really worry about the other ones.
Yeah, but I mean, Prism, the other ones, you know, material voting power
isn't necessarily controlled on those chains,
but with Prism, so much Prism is in the derivatives
that giving P Prism and C Prism holders
the ability to vote will dramatically increase voter turnout.
And so, yeah, that's definitely a priority
nice one all right well look thanks very much everyone for um for uh coming and joining
and like if anyone's got any more questions or anything like that please ping us in the telegram
um quite quite a lot of things going on so maybe i'll put maybe
i'll try and put a summary out but between refracted beasts the two instant yield campaigns
prisms and um backbones and then uh these governance votes the update to the um the update
to the unstaking period for incentives and then also uh you know optrop expiry on the 21st
of september um yes plenty plenty of things to do plenty of trading opportunities potentially so
very happy to answer any more questions about it if people have got any on telegram or discord but
other than that thanks very much everyone for for coming along thanks to all our speakers thank you awesome thank you as always it's a lot of fun man have a good one cheers fellas
bye Thank you.
