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QuickPitch #4 - In partnership with Base, AWS, & more!
Recorded: June 15, 2023 Duration: 1:29:22Space Recording
Full Transcription
Hey, everyone.
We're still giving it a few minutes or two for people to tune in.
Thank you all for joining today.
It's going to be a really exciting pitch competition.
I'm excited.
Josh, how's it going?
Going well.
Nothing more exciting than a quick pitch day.
Yes, I love it.
This is now the fourth one that we've done and the biggest that we've done so far.
So this is really exciting.
And we have six startups today.
So Summon Treasury Management, Bug Bounty Marketplaces, Web3 Affiliate Platforms, and Crosschain Swaps, among others.
Some really incredible builders that we have lined up.
First, I want to start with a huge shout-out to our judges and partners for today's quick pitch competition.
We have Brad Feinstein, head of Web3 North America at AWS.
We have Taylor Caldwell, senior developer relations engineer at Coinbase.
We also have Conrad Sane, evangelist at Chainlink Labs.
And Jeff Morris, Jr., managing partner at Chapter 1.
That was awesome.
Josh, was that you with a round of applause?
Because we've been needing some sound effects.
I really like that.
That was not me, but I'll take full credit for it.
No, I think that was our guy, Nick.
Nick.
All right.
Love it.
So I guess while we're waiting for people to join, we still have a few minutes until the official start time.
I know we started a little bit early.
Josh, you just got back from 3XP.
I did.
What is it?
Where was it?
Tell us all about it.
3XP was the Blockchain Gaming Expo in Pasadena.
It was an incredible event.
It was the first year, but it was very electric.
It was amazing to see so many innovators in the space getting together to talk about blockchain gaming.
And some of the amazing narratives that came out of the event were the fact that the best games are going to be chain agnostic
and that people are really starting to focus on actual quality of games.
And shifting more away from kind of like the NFT tokenomics of gaming into building like real AAA games.
So it's like a very exciting experience to be part of that.
That's awesome.
Yeah, I'm jealous.
You got to go out to Pasadena for this one.
So very cool.
All right.
Well, yeah, while we're waiting for everyone to join, Brad, looks like you made it.
Brad.
Indeed.
Thank you for having me.
This is just a fantastic event.
We have been supporting a couple of these.
Finally get a chance to take the mic and listen to these incredible startups.
So thank you for having me and look forward to participating.
Yeah.
Yeah.
And it's a pleasure to have you as well.
Thank you so much for joining.
So, you know, what are some exciting new initiatives that you're seeing at AWS right now in the blockchain world?
Yeah.
Well, thank you for that question.
Right.
For us, it is supporting the builders.
Right.
We are at the stage of watching infrastructure get created that's going to allow for the next generation of the Internet to be built.
So we are here.
We are providing the infrastructure, the architecture, the go-to-market, and the support, really.
Right.
That's how we think about this.
That's how we differentiate.
We provide the Web3 community with the different aspects of support that they're going to need to continue to grow,
to continue to build, to create these incredible new experiences.
And what wasn't possible before that is now possible because of this tech is how we look to embrace and ultimately expand the ecosystem.
AWS here is to provide value, to provide support, to demonstrate to the developers, the startups, and the enterprises.
We are listening, and we're excited to be a part of this journey together.
Yeah, wow.
That's awesome.
Huge fan of AWS, and you guys have a lot going on right now, especially in the Web3 and the blockchain space.
It's incredible.
Conrad from Chainlink.
Conrad, how are you doing today?
I'm doing fantastic.
You guys able to hear me all right?
Yeah, yeah.
You're coming through great.
Really appreciate you joining today.
And kind of recently, I think two days ago, we just officially announced our partnership between Chainlink and Quicknode.
We just have a lot going on with the Chainlink Spring 2023 Hackathon, Chainlink Build.
I'm just really excited to have you here today and to kind of double down on this partnership.
One thing that really caught my eye that was in the news is the partnership Chainlink has with SWIFT.
Tell us more about it.
I'd love to hear, you know, and maybe the audience would love to hear more about what's going on there.
Yeah, absolutely.
And thank you so much, y'all, for having me on.
And I appreciate the kind words.
SWIFT, you know, for me, I've been with Chainlink Labs for over a year now.
And before I joined, I was a member of the community.
I was a Link Marine.
And the SWIFT partnership was always something that was kind of on the outskirts that was talked about, but we weren't really sure how it would come to fruition.
And it's been really exciting to see this partnership arise with not only SWIFT, but I think 12 of some of the larger banks.
So essentially what SWIFT is piloting is CCIP, Cross-Chain Interruptibility Protocol.
Essentially, the solution allows you to pass arbitrary messages between blockchains.
So as part of this partnership, SWIFT, which is a global financial messaging platform, I believe they transact more than $5 trillion a day.
It's one of those things where you look into it and the number is kind of eye-watering, almost incomprehensible.
But they are trying to modernize SWIFT has been around for a long time.
And as part of this, they want to be able to transfer tokens.
I think, and Josh may have mentioned this earlier, but it's clear that we're living in a multi-chain world.
And they need to be able to transact and transmit value across those chains.
So we're very much excited and fortunate to be working with SWIFT and looking forward as well.
I know you mentioned kind of the partnership that we forged with QuickNode.
You guys are a fantastic team and we're really excited to be collaborating, not only in this, but the hackathon and other initiatives.
So once again, thank you so much for having me here, Jordan.
Yeah, no problem. Likewise, excited to partner together.
Taylor from BASE, how are you doing today?
Pretty good. How about you guys? Can you guys hear me?
Yes, sir. Yeah, I really appreciate you taking the time to join.
So, I mean, just kind of speaking, you know, from what we've seen, because, you know, we now support BASE testnet.
We've just seen some incredible adoption.
So what's next? You know, kind of what are you seeing from your side?
Yeah, so we made a huge splash at East Denver this year with our launch of testnet for BASE.
And ever since then, we've kind of been on this path to mainnet.
So that's pretty much what's next for us is getting towards a mainnet launch with BASE.
Along the way, we, you know, we've been working towards a few things before we can make that happen.
So as many of you may know, like, our BASE network is built on the OP stack alongside Optimism.
So we've been working with them to, you know, perform some internal audits, external audits,
just to make sure that our infrastructure is good to go and some stability tests.
And we were also dependent on a few upgrades.
So Optimism made a upgrade to their bedrock stack.
And yeah, that was successful.
So I don't have any concrete dates yet, but that's the path we're going towards is a successful mainnet launch.
And it should be happening pretty soon here.
So super excited for that.
Amazing. Yeah, we're fired up for the mainnet launch as well.
And yeah, it should be a pretty incredible launch.
Jeff from Chapter One.
Jeff, how are you doing today?
Doing great.
Yeah, really excited to be here.
So thanks for including me.
Awesome. Yeah, thank you for joining.
Well, first and foremost, congrats on the recent addition to your family.
I know that that's a pretty exciting time in your life.
Any exciting deals or trends that you've seen recently over at Chapter One?
Yeah, I think in the bear market, probably the most ambitious projects we're seeing are in two categories.
So one being D-Pin.
So, you know, the Hive mapper Heliums of the world who are creating real world infrastructure that is incentivized by token networks.
Those projects are just hugely ambitious.
Because we've seen new teleco companies and it's just really, really interesting to see.
And then, you know, I think real world assets is the category that we'll talk about today.
But if you think about that category as being today a $300 billion category and, you know, it will expand to being, it's been estimated like $16 trillion by 2030.
We see a lot of value in making capital markets more efficient through tokenization.
Then lastly, probably like the most topical debate right now is the intersection of AI and crypto and whether that intersection exists or whether it's kind of more crypto parties who are trying to push that narrative.
And so there are a ton of really interesting pitches that we're seeing through that convergence.
And so I think, you know, like the example we've seen recently is like the Airbnb for graphics card idea or token incentivized reinforcement learning.
And so that's just a trend that's fun to think about because it's so topical.
And anytime there's these huge platform shifts, you want to try and figure out what the intersections might be.
Really love that.
Yeah.
And some very exciting stuff going on.
Totally agree.
The intersection of AI and Web3.
I think there's a lot of opportunities there.
So, all right, judges, really appreciate you being here today.
Let's go ahead and kick things off.
So thanks, everyone, for tuning in.
And welcome to our fourth Quick Pitch competition.
The event today was organized by QuickNode, where I'm on the ecosystem team.
And for those of you who don't know what QuickNode is, we are the blockchain development platform.
We make it dead simple for developers to read data from and write data to the blockchain.
And right now, we support 22 different chains with the recent additions of Polkadot, Tron, and Base Testnet.
And you may recognize a few of our customers, Twitter, OneInch, Dune, Phantom, among others.
And given that we operate at such scale, we can handle virtually any amount of traffic you send our way.
Our platform is built and operated by infrastructure experts.
So you don't have to think about the low-level details of scaling a node cluster as your project starts to take off.
It just works.
And in addition to our core API that offers RPC access, we recently launched a product called QuickAlerts, a real-time alert system for on-chain events.
So if you're building a wallet, for example, you can keep track of transactions to and from specific wallet addresses, ensuring the security and integrity of digital assets.
We also recently launched our Graph API, which enables developers to fetch powerful market insights, historical trading data, NFT and ERC-20 token holdings, and more.
For example, if you're building in DeFi, you can use our Graph API to fetch real-time historical ERC-20 token data, such as trading pairs and transfers, to build enriched features and surface token data in your app.
And looking back, it's kind of incredible that both QuickAlerts and our Graph API have both been released since our last QuickPitch three months ago.
So kudos to our engineering team.
So, all right, time to get started with the competition.
And as a reminder, these are our judges for today's event.
So make sure to go out and give them a follow if you're not already.
We have Brad Feinstein, head of Web3 North America at AWS.
Taylor Caldwell, senior developer relations engineer at Coinbase.
Conrad Sane, evangelist at Chainlink Labs.
And Jeff Morris, Jr., managing partner at Chapter One.
But before we get started, you may be wondering, how does this work?
So we've selected six companies that will each be given five minutes to pitch.
After the pitch is complete, two judges will each ask one question, where the participant will have two minutes per question to respond.
We've pre-selected which judges will ask the questions for each company.
And at the end, judges will vote to determine the winner.
And the winner will be announced live on this Twitter Spaces.
All right, let's get started.
First up, we have Bricken, the Shopify concept reimagined for effortless tokenization.
Edwin, how's it going?
Hi, hello, guys. How's everyone doing?
Doing great, doing great.
Really appreciate you being here today, and congrats on making it up as a finalist.
Let me go ahead and I'll hand the floor over to you, and whenever you start speaking, we will start the timer.
All right, perfect.
So let's do the countdown, right?
Three, two, one.
Yes, hello, everyone.
My name is Edwin Mata.
I'm an M&A lawyer, formerly doing restructuring of family offices here in Europe.
And one of the conflicts that I saw was how inefficient and bureaucratic it is for capital to flow, increases, transmission of participations or acts or shares.
So we're talking about kind of like how the stock markets needed to be renewed.
And we are talking about real-world assets.
So as we started our journey here, breaking the study in 2020, we amassed a bunch of know-how and understood that the market is very fragmentedized.
We have lack of expertise as to how digital assets are created, how they're distributed, how they're sold even to third parties.
And then once you create a digital asset, you have the pain of having to deal with your investors, taking corporate actions, how the governance is going to go.
So we see that the market is thriving and understanding that the future is about digital assets.
But then the solutions out there are probably very fragmented.
And there's not a one-stop shop solution that can onboard any kind of company coming from Web 2 to Web 3 or even Web 3 and understanding that their equity can be tokenized, their debt can be tokenized.
Promoters' real estate can be tokenized.
And all of that is just a simple factor of finding the solution.
And for that, we created Breakin, a one-stop solution that can cover the whole token lifecycle.
So we have divided and understood that the digital asset is made of three parts.
The token creation, through our no-code, legal compliance, and auto-managed transactions, we can enable companies to create and digitize their own assets.
Then the second part, the offering.
We have on-ramp, off-ramp, for crypto to fiat, fiat to crypto.
We even provide them with the website generation as if it was a Shopify.
And we provide them with all these solutions that can allow them to pass the KYC, to decide who to invest, to allow, to transmit that digital asset.
And finally, we go in one of the most important factors, the management of the token or the digital asset.
So we provide them with real-time analytics to understand who has the asset, how is it being transmitted, for communications between the issuer and the investor, for them to also be able to vote.
And finally, we connect them with an open API to third-party solutions to amplify that scope of management.
And all of that is what we call here in Breakin, a token suite.
We have been it since 2020, but we did a hard pivot in 2021.
The hard pivot allows us to amass even more know-how as to we wanted to provide a solution for any company to be able to digitize their real-world assets without intermediaries.
So we wanted to scale by providing a one-stop solution for all companies to be able to grab that technology and deploy the digital asset in the jurisdiction of their choosing.
These hard pivot allow us that once we went live late March, we have already onboarded more than 20 clients.
We have already digitized more than 200 million.
We have already clients of above 190 and in several jurisdictions around the world.
That means there is an appetite for tokenization, and while companies do not understand how it is possible, once they see our solution, they're onboarded into this new market.
And basically, our business model is made out of three parts.
Since the digitization and the token lifecycle is made of three, we are able to monetize during the whole lifecycle of the digital asset.
That is, during the creation, we charge a fee of $5,000.
During the fundraising, if they want to fundraise, of course, that we charge a 3% out of the success fee.
And then for the management, we go in a full SaaS that right now it's a $45 USD, but we are starting to implement even a tire system as we start onboarding more functionalities that allow a better management for the whole life cycle.
Obviously, this journey will not be possible without an excellent team.
So, we have the legal compliance, myself.
Then we have business analytics, doing macro and micro, but before jumping into blockchain.
We obviously have the blockchain engineer, the marketing expert, operationalists and sales.
Right now, we are a team of 25 after being funded and having raised above $2.5 million.
We even got a grant from the Spanish government for developing our solution.
And we tested even in the regulatory sandbox of Spain before the Spanish Security and Exchange Commission, which can establish that we are a well-positioned company in the European Union, that we have amassed great partnerships and backing up, even by the government, for digital assets and tokenization to actually thrive and become a reality.
And thank you very much.
That is what is breaking.
And hopefully, any of you would like to join the journey of tokenization, as it was established at the beginning of this track.
It is, by 2030, a 16 trillion euro market.
And right now, the valuation is approximately 200 billion.
In my end, the growth that is going to take from 200 to 16 trillion.
Thank you very much.
Edwin, excellent pitch.
Thank you so much.
For those of you that just tuned in, that was Brickin, the Shopify concept reimagined for effortless tokenization.
And in case if you haven't noticed, we do have slides pinned to the Twitter spaces for each one of the finalists that are pitching.
So if you want to drill in and learn a little bit more about Brickin, you know, don't hesitate to click into their slides.
So, Judd, let's see.
Judge number one, Jeff, you are up for the first question for Edwin.
Yeah, Edwin, great pitch.
And, you know, my initial reaction was to ask a compliance question.
But given your legal background, I don't want to bore the whole room with compliance.
But I was really curious and I'm curious about the types of businesses that you're seeking to partner with who will tokenize their businesses.
And if you can, I know you mentioned 20 partners, if you can give us more color on who they are, where they're coming from.
And then also in kind of giving the current market conditions, how you're selling the idea of tokenization to them and what that sales cycle looks like.
Yes, of course.
So, I mean, in the end, we are not developing utility tokens, but securities.
And the securities have always been the form on the principal way for funding any kind of project.
So what we're providing them is with the technology to make it more optimized and efficient on their fundraising processes.
You don't necessarily need to fund 100% through the security method, but now you can approach that kind of like retail part being syndicated with the VC and whatnot.
So it's kind of like an alternative form of funding, but also allows you to be more efficient throughout the journey for the funding.
Now we're seeing kind of projects all over the place because we're agnostic on the asset.
Us providing the infrastructure allows companies coming from real estate, franchises, fragrance, banking, agriculture.
We're seeing it all over because in the end, capital fundraising is what every project does in every single country.
We're just providing them with that tool for them to be efficient in that journey.
During the partners, while we secure the technology layer, we don't provide the services.
And that's why we went during the past two years going through various countries, talking to various law firms,
onboarding them in the tokenization process for them to become our partner.
So, for example, in Panama, we digitized the free trade zone worth $120 million.
How did we do it?
We created the layer of technology, which was us.
Then we partnered up with the very reputable Panama law firm.
So when the client came, they had the technology.
Then they had the container of legality already ready to deploy by the law firm in Panama.
And then we secure a partner on marketing for them to be able to thrive.
So we created that kind of like ecosystem where we are the owner of the technology and the service provider,
in case they need legality, marketing, financial advisor, we secure those partners.
And then they have a curated list for them to be able to choose what they need and when, if they need it.
Appreciate it.
Awesome.
Thank you so much, Jeff.
And then up next for question number two, we have Taylor from DACE.
Yeah, sure.
So I think my initial question was going to be around like the business model, but I think you cover that pretty well.
I guess my question is around like, so you have these users that can tokenize their real world assets.
And you mentioned a management piece towards the end where you can create the asset and then manage it afterwards.
Can you shed a bit more light on how that, what like aspects they can manage after they launch their token?
Yeah, of course.
So, I mean, the important thing is once you create a digital asset, it can be complex if you don't have the tools because you don't know what happens.
I mean, it's kind of like you get just lost in this journey.
So what we created is kind of like you just created a digital asset, you have investors, you have corporate actions, and you have all of these functionalities and things that you may not necessarily understand at the beginning.
But as your journey grows, you will understand that you need.
So, for example, we have reporting tools.
So the issuer can make communications to all investors, provide them with documents, provide them with like news links and a constant feed for the company to be communicating with that investor.
We learned that, obviously, from the utility work, because in the end what we want to do is kind of like the investor become a community or even become like a client.
So we are pushing that kind of like format for the investor to – for the issuer to always have that constant communication with the investor and because, obviously, the investor may be a future reinvestor.
We also have corporate actions.
So they have voting systems, polling, and whatnot.
Again, kind of incentivizing that.
And we also have the treasury management because, obviously, you capture funds and you want them to put up to move.
So based on our open API, they can connect to certain protocols for yielding in case they want.
And we're amplifying that scope.
We're about to sign up with a crypto taxing reporting so all the transactions can be downloadable and also to make them more efficient because they might need some reporting to do on how the transaction happened or how the funding.
So, in the end, we want to provide them that like one-stop solution where they can access functionalities that we develop but also from experts in the field, such as third-party applications.
And then through that, they don't have to move around to other formats, and they can successfully manage their digital assets, their investors, their governance, and whatever else is required.
Awesome.
Awesome.
Great.
Taylor, really appreciate that question, and Edwin, excellent work.
Up next, we have Oliver from Hats.finance, a security protocol that aligns incentives, creating a scalable primitive for a safer Web3 ecosystem.
Oliver, do we have you up on stage?
There we go.
It looks like Oliver is connecting.
Just give it one more second.
Oliver, how are you doing today?
Thanks for having me.
Yeah, thank you so much for joining.
So, I'll go ahead and hand the stage over to you, and as soon as you start your pitch, we will start the timer.
Great.
So, yeah, I'm Oliver from Hats.finance, and we are on the mission to, yeah, like solve the big security issues that we have in Web3.
So, what we realized in 2021 is that there's like a lot of big issues in Web3 security market.
One was that there's a lot of big hacks happening.
There was around $3.2 billion worth of assets stolen, but at the same time, there were not a lot of bug bounties claimed.
There were only like $10 million worth of bug bounties paid out.
And at the same time, the whole auditing market completely clocked up.
So, we had like VCs blocking auditing slots six months in advance with good auditors just to be sure that the projects they invest in will actually be able to get good audits.
And so, what we then thought is like, hey, can we not build security infrastructure that is way more scalable and solve some of these issues that we have seen with, for example, bug bounties and audits?
And so, we started this mission to build it out.
And now, since February, we launched our second product, which is the audit competitions.
And what we have done is we have cut out the intermediary.
So, we directly match the projects requiring security goods and services with the security experts who can provide them.
In the example of bug bounties, it looks like that you have an on-chain vault that holds the funds.
And the biggest issue that we have seen with bug bounties is that the way the discovery and then the hand-in information process works
is that a security researcher has to disclose all of the information about the vulnerability for the project to evaluate if the vulnerability is legit or not.
And so, what we have then seen is that a lot of the projects realized, hey, wait, I now have all the information I need and I still have my money.
All right, I'm not going to pay out.
And so, a lot of security researchers came to us and were complaining, hey, I got ghosted again, I didn't get paid.
And this made bug bounties really inefficient way of increasing security.
So, what we have done is we put the bounty in an on-chain escrow.
And if the security researcher submits something, he actually gets on-chain proof of the submission.
And we're going to roll out an arbitration service.
So, if either party feels treated unfairly, they can activate this digital court that will then rule on what should be a fair reward b.
Then the second product that we have rolled out are audit competitions.
So, this is a really cool way of adding another layer of security to your project.
And what we typically do is that after initial audit with an audit firm that clears out all of the common issues, acts as a trusted partner in architectural choices and so on.
And we run this competition where you only need to pay anything if there's another audit finding.
So, it's zero risk for the projects to do it.
And anyone can come and compete.
So, in our last competition, we had around about 290 hackers that were competing to find audit findings.
And you only pay out if there's like a certain severity in that bracket.
So, it's great because even after you have like two or three audits, you can still run this kind of audit competition model.
And either you're already completely safe and then you don't pay out anything or there's still something left missing.
And then you're really, really happy that that vulnerability has been discovered.
And so far, every project we have done these competitions with was after they already have been audited and every time we had audit findings.
Only one competition that had high severity findings, actually.
And so, this has been going really great.
And our hope is that we can make the auditing market a lot more liquid than once the next cycle starts.
And the auditing pipeline is starting to clog up again.
And because we have this free market of security researchers and projects where they can meet.
And anyone can compete and only gets paid if they actually find something.
And this should make it so that it's way more scalable.
So, the platform essentially doesn't care if it's running two competitions or 50 competitions at the same time.
As long as there's enough talent on the other side to match this kind of demand for security needs.
And to make all of this possible, we basically have built this protocol below that has the on-chain vaults, which act as an S-pro.
We're building out the arbitration service to make these kind of transactions fair.
We have fully encrypted information sharing and communication, which is especially important for bug bounties.
Because sometimes you hand in information that could lead to a loss of funds of like $10 billion, right?
And if you have an intermediary sitting in the middle, you always have to worry like,
okay, when will this intermediary use this information to steal my money?
Maybe not at $100,000.
Maybe not at $1 million, at $10 million, at $100 million.
Like, you don't necessarily want a third party to have access to the sensitive information.
And so, we believe that only the team should be the ones who get this kind of information.
And this is why we're completely end-to-end encrypted.
And we have no access to either the vulnerability information nor to facilitate any kind of payments.
We're just providing the infrastructure.
How much more time do we have?
Excellent pitch.
You're out of time, Oliver.
That was an excellent pitch.
Thank you so much.
And for those of you who just tuned in, that was Oliver from Hats Finance, a security protocol that aligns incentives, creating a scalable primitive for a safer Web3 ecosystem.
For our first question, we have Conrad from Chainlink.
Conrad, you're up.
Awesome.
Oliver, thank you so much for presenting.
I think that security is such a big pain point for the wider space and absolutely needs to be solved in order for us to continue to push forward.
So, thank you for all the time and thoughtful kind of energy you put into developing this product and sharing it with us.
I was curious to dive a bit deeper into the audit competition side.
I know you mentioned, and I think I had a chance to look at your pitch deck, you've completed five of these so far.
I was really curious, what are some of the pain, maybe one major one or a few minor pain points that you discovered through that process of completing these audits
and how they'll be used to inform the product roadmap or features moving forward, if you don't mind sharing.
Yeah, so, since all of what we do is on-chain, what we had to do is we had to create kind of a simple resistance
because how other people are running other competitions is that anyone who discovers the same vulnerability will share the reward.
But with us, that's not possible because the hackers, they don't need to sign up.
They simply come, compete, and submit.
And so, the model was, we had to design a model in a way that only the first submitter will get the full reward for that vulnerability.
And the amazing side effect of that was that it got really attractive for experts because suddenly they can claim,
we had one guy who got, I think, like 19K for a single submission because it was the most important submission.
And 19K for 10 days of work is something that is attractive for audit firms and for, like, really, really well-paid experts.
And the other side effect was that we didn't get, like, 5,000 submissions, but instead we got, like, 50 good ones.
So, the teams wouldn't have to go through a lot of duplicates of the same issue by different people,
but we would flag the issue after the first submitter is coming through in the GitHub repo,
and all other security researchers saw, like, oh, right, this is already found.
I don't need to waste any further time on this.
I will go to a different section in the code.
Awesome. Thank you so much.
I appreciate you sharing all of your hope and for all your success moving forward.
Awesome. Thank you, Conrad.
Up next for question number two, we have Brad from AWS.
Hey, thank you for the pitch.
This is really hard, and we all appreciate what you're doing here.
I, myself, am a two-time founder.
I have the utmost respect for this journey and everything for the entrepreneurs and builders here.
My question is this sounds like a multi-sided marketplace, perhaps B2C, perhaps B2B2C.
So, I was hoping that you could talk me through the acquisition journey for both sides.
On one hand, how are you acquiring auditors?
Do they have a reputation score?
How are you following if they continue to participate in your ecosystem?
And then on the separate side to that, how are you attracting your customers?
What are you doing to bring them in?
And at what frequency are they coming to your platform?
All right.
So, we are mostly focusing on B2B to attract projects to come and use the protocol, because what we have figured out is that if we bring in a fair process and attractive rewards for security researchers, then they will come.
There's, like, literally no lock-in effect on any kind of these platforms.
These security researchers are freelancers, and they will go where they can get paid.
And so, while focusing on the protocols, with the bug bounties, it actually was a little bit harder sell, because the space is educational-wise not that far yet that projects know that they have to have a bug bounty, that it's really something mandatory.
And that kind of, like, know-how is not yet widely spread, but for the audit competition, all of the projects instantly get it.
So, since we rolled that out in February, it has been going really well, and we're currently only running two competitions per month, because we are still learning and building and improving tooling and UX.
But we will soon ramp up to having a lot more competition each month.
So, and, yeah, I don't know what to say.
The sales calls have been amazing.
We jump into a call, and after half the meeting, we say, okay, we get it.
We have zero risk.
We can do this.
If you don't provide value for us, then we don't pay you.
That's amazing.
And, yeah, so it has been great since February.
Thank you, Brad, and excellent pitch, Oliver.
Thank you so much.
That was Hats Finance, a security protocol that aligns incentives, creating a scalable primitive for a safer Web3 ecosystem.
If you haven't already, make sure to retweet this event and support your fellow builders.
You're tuned in to Quick Pitch, a contest where we have received hundreds of applications, narrowed it down to six finalists, and everyone's competing for a first-place prize of over $80,000.
Up next, we have Cashmere Labs.
Who are you on the line?
Looks like he's joining, so we'll give it another second.
So, Cashmere Labs is the number one MEV-protected cross-chain asset aggregator.
Who are you there?
Hi, yes.
All right.
Well, the floor is yours.
Whenever you start your pitch, we will start the timer.
Okay.
Thanks, guys, for this opportunity.
So, we, as Cashmere Labs, we believe we are the future of the cross-chain with better offers, lowest slippages, and the MEV-resistancy system that we have generated.
We are a team of 18, which grows day by day by hiring its own community while building.
And we are answering the need of cross-chain transactions for more than $45 billion of dollars market.
And first point that I want to highlight here is the importance of the MEV and the security.
Recently, Hashblow, last year, Wormhole and Rain and Ronin, more than $1 billion of DeFi exploits and the MEV, although it may be seen as not important in a few hundred dollars of transactions.
But by attacking those transactions and grinding dollar by dollar and MEV gross profit was nearly $1 billion in the last two years.
So, we can sum up the problems of the cross-chain market with three points, high slippage rates, security and the MEV, and decentralized models.
So, as a solution, Cashmere Labs enables users to swap any asset between any chains.
And Cashmere uses cross-chain interoperability messaging protocol of layer zero without actually bridging and while staying MEV-resistant.
And also enables the inter-chain stable swap as well and solves the problem of inefficient liquidity usage on six different chains with nearly close one-to-one ratio for stables.
And apart from the speed and security, unlike its competitors, Cashmere not only has access to all the liquidity on the chains, but also adopts a unified architecture that exclusively uses secure and highly liquid assets.
And in doing so, it consistently finds trading opportunities while maintaining extremely low price, extremely low price impacts.
And this makes Cashmere the only cross-chain swap application with such a high degree of scalability where these futures are offered concurrently.
So, while being a problem-solving platform for years, and also for users and for developers, even with the test nets, Cashmere Labs has seen some tremendous support from ecosystems and the other platforms alongside with the community.
Especially, especially, I want to highlight here, Polygon, Arbitrum, Linea, Metis, BMB Chain, and Evalabs teams.
And also, of course, you guys here.
So, with Cashmere's algorithm, users are able to swap their assets between the chains just in a few minutes.
And with the golden section search, Cashmere Labs simulates the transactions off-chain before sending it on-chain.
And by that, we simulate Cashmere makes reverse engineering by that and against the MEV bots and calculate the optimal slippage that is the unprofitable amount for the MEV bots.
So, in our first month of test nets, we have seen some amazing support from the community and also from the ecosystem teams.
And we have reached half a million transactions with 150,000 users.
So, that was really tremendous and thanks to our community right now.
The AMM system, I also want to highlight the formula that's generated by Cashmere team.
So, Cashmere's stable AMM has the most effective curve and effective and efficient curve in the cross-chain industry right now.
By using Bayesian modeling and Braden-Fletcher algorithms, our curve actually enables us to get the best outputs and give better offers to users.
And, yeah, decentralized security model, maybe I can talk about it also.
So, you know, undeniably the new trend in DeFi is protocols with revert protection.
So, while Cashmere relies on external liquidity to maximize the user experience and scalability,
its decentralized relayers ensure swap parameters are kept up to date to get the highest degree.
And this results in a notably low swap reward rate.
So, all exchanges departing from the source chain and arriving at the target chain are immediately being indexed.
And that's how it's being recorded by Cashmere indexers.
I guess that's all.
Yeah, also we are using our token to bootstrap some liquidity and incentivize our institutional investors
and also our users to provide liquidity as stables because we only need stable pools to be able to swap the assets between the chains.
We are using, let's say, USDT and USDC on seven chains.
And we are using them to buy and sell the assets to be traded on the platform.
So, we don't need to hold the liquidity of the assets other than stables, NATO's stables other than USDT and USDC.
All right.
Sorry to interrupt.
That was an excellent pitch.
We are at our five-minute mark.
That was Cashmere Labs, the number one MEV-protected cross-chain asset aggregator.
For your first question, we have Taylor from BASE.
Taylor, you're up.
Hey, thanks for sharing.
So, it's very interesting that you can do cross-chain swaps while having that insured protection for, like, MEV.
Make sure you're not getting front-wrench and all that.
I was curious about pricing and, like, if you guys have any additional fees for these swaps.
And then the second follow-up question around scalability of this.
So, you mentioned that you're using layer zero.
So, does that help with, like, if you want to add more assets to your product?
Like, is it scalable in that way where you can support any asset at any time?
Or does it take a lot of engineering work to add another asset to swap cross-chain?
Yeah, great question.
So, our swap fee is 4 BPS.
So, it is, right now, one of the cheapest on the market when it comes to swap fees.
Other than that, we don't take any other swap fees or another fee.
And on the layer zero side, so, as I said, we don't hold the liquidity of any asset to be traded on our platform.
We only collect liquidity as stable and we are using that stable coin to buy these, buy and sell the assets via other aggregator dApps also and find the best offer on source and destination chains.
So, we don't need to have that liquidity.
We are using the public liquidities and we only use our own stable liquidities.
And so, all of the assets will be traded on our platform with the best offer that can be get from that chain and from any DEX.
And adding new chain is really simple for us.
It just needs to be integrated with layer zero first and after that, it's really simple for us.
Awesome. Thank you, Taylor.
Up next, we have Conrad from Chainlink for question number two.
Awesome. Well, thank you so much for sharing.
I really appreciate you taking the time to walk us through the protocol and how it assists with met protection.
So, my question is, I know you mentioned towards the very beginning a few notable hacks and exploits that have happened that have resulted in significant loss of user funds.
I was curious from your perspective, what do you see as the biggest kind of risk on a technical level to the protocol?
And how are you guys addressing mitigating that risk?
You're on mute. Are you there?
Yeah, I'm there.
Oh, there we go.
So, I couldn't catch the question, to be honest, completely.
If you can just repeat that again, that would be great.
Yeah, no problem whatsoever.
I was just referring to the beginning of the pitch.
You mentioned that there have been several exploits and a half that have affected, for example, bridges that have resulted in a loss of user funds.
I was curious in your perspective at a technical level, what do you think is the biggest technical risk that Kashmir faces?
And how are you guys addressing or mitigating that risk?
Yes, great question. Thank you.
So, as I said, mostly the exploits are coming from not being decentralized enough because people can always make mistakes and always forget something.
But that's why we have the Relayers model.
And it's like a validator model on the CSM.
So, as I said, the transactions are being indexed and being recorded by CSM stakers.
So, I think that would be a huge part.
And also, it's a common knowledge, but audit it constantly, audit the contracts constantly, especially if you are a DeFi protocol, is just a must.
Thank you. I appreciate it.
You might need to get an audit from Hats Finance as well.
But thank you for sharing. I very much appreciate it.
Awesome. Thank you, Conrad.
And thank you, Kashmir Labs, the number one MEV-protected cross-chain asset aggregator.
You're tuned in to Quick Pitch, where we have six finalists competing for over $80,000 of prizes.
And if you haven't already, make sure to retweet the event and support your fellow builders that are up here on stage.
Up next, we have ShareMint, the Web3 referral and growth marketing platform.
So, it looks like we need to get Ellie up on stage.
Let's see. Let's go ahead and – looks like he's connecting.
All right.
So, we'll just give it another second or two.
Ellie, how are you doing today?
Hey, I'm doing well. How are you?
Doing great.
Thank you so much for joining and pitching today.
We're excited to hear about ShareMint.
So, whenever you start your pitch, we will start the timer.
Yeah, sure.
So, hey, everybody.
My name is Ellie.
I'm the CEO of ShareMint.
We're a Web3 referral and growth marketing platform.
Imagine you're a passionate developer creating a dApp.
After weeks of hard work, you launch, but no one signs up.
It's a common problem.
Many amazing products go unnoticed in the vast sea of Web3.
Referral marketing has proven to be a powerful tool to overcome this.
GMX drove an astounding $25 billion of volume using a referral program.
But creating a referral program isn't easy.
Teams are too busy building their core businesses,
and creating a robust, secure referral program in the complex Web3 environment
is a daunting task.
Lido's referral program, which brought in $2 billion of stake data,
was run via spreadsheets initially.
There were times they were losing money running the program
because they weren't aware of basic metrics in their program.
They'd have to wait months for their dev team to create the right dashboards
for them to fully understand what was happening.
And the V2 of their referral program has cost them over $200,000 to build.
Levels Finance, another team that ran their own referral program,
but a month ago they had a critical bug which led to a million dollars
being drained from it.
This is where ShareMint steps in.
With our platform, we make it incredibly easy for Web3 teams
to launch effective referral programs in mere minutes.
We're not just about launching the referral program,
but also provide comprehensive solutions like analytics,
automated payouts, fraud prevention, and token gating.
In addition, teams find it difficult to put their product
in front of the right audiences.
And via the ShareMint partner network,
we help teams partner with top names in Web3.
But we're not stopping there.
Referrals are just the beginning for us.
Our grander vision is to empower Web3 growth as a whole.
We're excited to launch new products aimed at nurturing growth for Web3 teams.
We're developing a referral protocol and have other products in the works too
to help teams with their growth.
Our first product has already seen an incredible response
with 7,000 users and 400 campaigns launched on our platform.
We've helped teams generate over $400,000 of extra revenue using our platform.
And we currently generate around $5,000 a month of revenue ourselves.
Our partner network includes names such as Zeneca, Llama vs. Zengo,
and many other top names in the Web3 space.
With the potential of a $400 million market encompassing DeFi and Web3 gaming,
we're setting our sights on achieving $30 million in annual recovery revenue
within five years.
And we're ready to take on the competition, boasting a strong standing against their competitors
like Spindle and others.
If you look at sort of available stats on similar web and other websites,
we fare very well against our competitors right now.
Our current business model is to charge clients between $100 and $500 a month
to use the platform.
And we also have a 2.5% fee on affiliate generated revenue that we charge.
We're a team of two founders.
Previously, I founded a developer talent network with $3 million in sales.
I also founded a fantasy soccer game with over 200,000 users.
And back in 2018, I launched an NFT collection called Crypto Fighters
that had over 1,000 ETH in volume.
My co-founder, Amir, he brings to the table his rich Web3 experience
with Zengo, MPC Wallet, where he worked for a few years, and Koti.
And he also runs a popular Hebrew-speaking podcast on crypto called Proof of Talk.
He also served in an elite intelligence unit in the Israeli Defense Forces.
Together, we also created ERC-721R, the refundable NFT standard,
which is now officially recognized as ERC-5507.
At ShareMint, we envision a future where Web3 teams are equipped
with the best tools for growth, where content creators have access
to stable and ethical revenue streams.
We're thrilled to be at the forefront of this underexplored space,
crucial to the success of Web3.
And we invite you to join us on this exciting journey.
All right, Ellie, great pitch.
That was ShareMint, the Web3 referral and growth marketing platform.
For our first question, we have Jeff from Chapter 1.
Jeff, you're up.
Yeah, hey, Ellie, great pitch, and really love this space.
And full transparency, we are investors in spindles,
so we know the space well.
But I'm curious on the partner network side of things.
I know you've built out the ShareMint partner network.
And how big, when teams are coming to ShareMint and looking to use your referral platform,
how many of the partner networks have they approached to partner?
And what's the general conversion rate you're seeing when projects go to that part of the platform
to define partners?
Yeah, so it's definitely, like, a very important part of the platform.
It's funny, I was actually speaking to Antonio, like, from Spindle, like, a few weeks ago.
And this was one of the struggles they were having with some of the sort of programs they were running.
And to answer the question, yeah, like, so the partner network,
there's around 40, like, more high-quality partners that we have on the platform.
And it really depends on, like, sort of the quality of projects
and, like, sort of the interest in terms of conversion rate.
Like, if it's an NFT, certain partners will be relevant.
But even then, they'll only be interested if the project is of a high enough quality.
And we try and, like, sort of help as many partnerships as possible.
But if it's a low-quality NFT, it's unlikely it's sort of, like,
a top partner is going to want to work with them.
And, yeah, I mean, it really depends.
Like, some of our partners are, like, more Web3 gaming focused.
Some are, like, more DeFi.
Some are just sort of Web3 as a whole.
In terms of, like, conversion rates, I, like, don't sort of have an exact number.
But, yeah, it's quite specific on, like, a project-by-project basis
in terms of what partnerships make sense.
Awesome.
Congrats.
I love this space.
So congrats on everything you've built.
Awesome.
Thank you, Jeff.
Great question.
And then up next, we have Brad from AWS for question number two.
Hey, thank you for the pitch.
I'm definitely interested to learn more.
My question is, can you provide a specific example of a success story or customer
that has used your platform and how you have helped them achieve referral-based growth
and marketing success?
So both, let's start specific.
And then I'd also like to hear about your scale plan for how you take those results
and expand it outward to X number of new customers.
Yeah, sure.
So one really good success story we had was with a project called MetaBrew Society.
They generated around $150,000, maybe even $200,000 of extra revenue using our platform.
They were an NFT mint, like, brewery based in Germany.
You both got an NFT and became part of the community if you joined their collection, basically.
And then you also got physical products in the form of beer and so on and helping the
brewery grow.
And so for them, yeah, they were able to achieve, like, really good success in, like, relative
to sort of how much they raised.
I think in total, they may have raised around $700,000.
So it was, like, upwards of 20% of the revenue actually came via the referral program.
Their success, a big part of it, was from their existing community.
It was also via partners that they had brought on themselves that, like, were very, like,
specific to that niche.
So that, like, people that had reach and had followers related to sort of, like, breweries
in Germany and, like, their target market was very sort of focused on what they were doing.
And, yeah, I mean, in terms of sort of when you asked about scale, do you mean in terms
of, like, sort of our go-to-market and how we plan to grow further in the future?
Yeah, you mentioned, if I have the numbers right, 5K and MRR now with the plan of $30 million
in five years.
How do you plan to get there?
Yeah.
Yeah.
So, like, rough, like, sort of pen and paper, like, where we would, like, get to that $30
million, we would, like, roughly, like, look to get around 100 customers paying us around
$10,000 a month and then around 5,000 customers paying us, like, $100 a month per month and
a bunch of tiers in between.
And in terms of sort of where we see value in, like, the higher packages, which we don't
yet offer today, but where we think we can generate these larger amounts of revenue,
we believe there are, like, a lot of opportunities for upsells, like, a huge amount of Web3 funding
is going towards marketing and growth.
This is sort of where money has to be spent.
It's obviously building the products, but the other side of that is how do we get in
front of as many people as possible?
So, we believe, like, there are definitely, like, a lot of ways for us to upsell greater
marketing services and especially when it's sort of much bigger teams running, like, much
larger programs, we think there's definitely opportunity for projects to be paying upwards
of $10,000 a month to use the platform.
And in terms of, like, our strategy today, we continue to sort of grow month by month,
working with whoever we can.
The main, like, sort of customer base is, like, within the NFT space, within DeFi and
within Web3 Gaming.
There's our three main areas of focus.
We've also worked with conferences like ConsenSys, NFC that recently happened and a bunch of others.
And, yeah, it looked like continued to sort of work on partnerships.
The more our platforms use, the more others see it, the more teams are likely to want to
use it because they see its success and they see it in the wild helping other teams grow.
And, yeah, that's sort of our plan for the foreseeable future.
And then I also mentioned where we are looking to sort of increase our product offering in
the future.
One is a referral protocol, which we're developing.
And, like, there are also some other growth-related products that we're looking to expand and
to grow our market share and our offer.
Thank you for that question, Brad.
And thank you for that pitch, Ellie.
Super powerful case study that you shared there.
For those of you just tuning in, that was ShareMint, the Web3 referral and growth marketing
platform.
And a quick reminder, if you haven't noticed already, we are pinning one-pager slides to
the Twitter space for each startup and each project as they're pitching.
So if you want to learn more, go drill in, view that slide, go follow them on Twitter,
go check out their website, and help support your fellow builders.
Up next, we have Meowon, Firebase Off for Web3, a mobile wallet SDK using account abstraction.
June, do we have you up on stage yet?
All right.
Looks like we don't have June up on stage yet.
We'll give it another...
There we go.
All right.
We have Meowon.
June, how are you doing today?
Great.
Thanks for having me.
Yeah.
Thank you for pitching.
And we're excited to learn more about Meowon.
So what we'll do is I'm going to pass the mic over to you.
As soon as you start your pitch, we will start the timer.
The floor is yours.
Okay.
Let's go.
Hello, everyone.
I'm June, the founder of Meowon.
We are building a mobile wallet SDK with most hassle-free user experiences and cold wallet-grade
security using decent technologies like account abstraction, hybrid custody, and multi-seek.
We aim to be the Firebase Off for Web3.
So let's get to the problem.
Suppose that you are building a D-app for a mass audience.
What would be the most problem?
The problem is always the wallet, wallet, and the wallet.
There's a thing that we call wallet triathlon, meaning that there's no such wallet satisfies
UX, security, and recovery needs at the same time.
Even worse is mobile UX.
Mobile developers still need to let users to install a separate wallet app or use custodial
solution, which can cause legal and security problems.
These problems become a big challenge for builders.
So that's why we built MewOS.
If developers use MewOS SDK to their app, they can make users to use their phone as a super
secure cold wallet and their faces and fingers as a password.
Users can log in to the app with familiar methods like Google Login or SMS Login.
And of course, users don't have to pay the gas for transactions.
So how can it be happened?
MewOS coordinates various reading edge technology such as hybrid custody, multi-seek 2FA, and
account abstraction.
Let me explain for that.
When a user creates an account, a multi-seek wallet is being set up with three type of
keys, device key, server key, and recovery key.
Device keys are stored in user's phone, actually in a special hardware chip called CQ Enclave,
and server key is stored on MewOS server, and recovery key is stored on user's cloud storage
like iCloud.
To send the transaction, at least two keys are required to sign.
Usually, that's user's current device key and the server key.
User can add more devices into the account or kick out the server key to achieve full self-custody.
Even if user boasts all their devices, don't worry.
The recovery key stored on user's cloud can be used to recover the account.
This checks and balance design makes MewOS to the most secure solution and able to recover
the account from animals.
Next is the business model, NND Market.
Our business model is both B2B and B2C.
For B2B side, we charge apps by their MAUs, which is a basic SaaS model.
On the other side, within our SDK, we provide wallet UI screen for end-users, as you can see
in the deck on the right side.
In this UI, we provide basic financial services like swap, on-ramp, and off-ramp directly to
our end-users and take a fee from them.
This model is already verified by MetaMask.
As you can see, these two-sided business allows us to scale for consumer DM market and Web3
gaming market, which is expected to grow 8-7 million by 2025.
To go to the SaaS B-ing market, we will become the must-use SDK for everyone building DApps
for the Meta audience.
To be prepared for that, we are currently building the beta version on Flow blockchain,
and we will expand to EVM and Solana Ecosystem soon.
Finally, we have a great team in AWS that most of our team members have from a single
team that experienced building a consumer DM on Polygon, which has currently 20,000 MAU.
And we have a mobile developer that experienced eight years of iOS and Android, and a tech
great experiences, SaaS and mobile SDK business over seven years, and a blockchain dev who
created various DeFi on Ethereum with over a thousand million, oh, no, sorry, 100 million
TBR anonymously.
This was Miros.
Thanks for listening.
Wow.
Great pitch, Jun.
Thank you so much.
That was Meowlog.
Firebase Auth for Web3, a mobile wallet SDK using account abstraction.
For our first question, we have Brad from AWS.
Brad, the floor is yours.
Hey, thank you for the pitch.
Interested to work with...
So, Brad, I don't know if it's just on my end, but I think it sounds like your audio is
cutting out.
If you could hear me, maybe go ahead and disconnect and reconnect.
What I'll do in the meantime is let me pass it over to Taylor from Base for his question
and see if we could get you disconnected and reconnected, Brad.
Taylor, the floor is yours.
Yeah, sure.
So, when it comes to, like, you mentioned that Meowlog would be available on a user's mobile
device, and you mentioned that you guys plan to scale out to be EVM chain compatible and
also other L1s like Solana.
I was curious if this would also be compatible with other platforms like the web, like, for
users that want to, you know, interact with dApps from, like, a PC.
Would this be, like, cross-compatible with different platforms, or is it only available on mobile?
Yeah, absolutely.
We are also planning to expand to the web using the technology called Web Ascend.
Web Ascend enables us to use biometric apps like Face ID and Touch ID on the web, which
can deliver the same experience with mobile.
And currently, we are more prioritizing on mobile side because we think that in the web, I think
there is already, or they already have a bunch of dApps who are targeting the Web3 consumers.
And these apps are using the browser wireless like MetaMask.
And since we are targeting more on the consumer side, I think the platform that the consumer
side that occurs more is, we think that that's the mobile.
So that's why we are prioritizing more on mobile.
So, yeah, we have plans to expand to the web.
Awesome.
Thank you for that, June.
And Taylor, great question.
Brad, let's go ahead and try to flip it over to you again.
Let's see if your audio is back on.
Hey, can you guys hear me now?
Yes, much better.
All right.
Yeah, sorry about that, Brad.
The floor is here.
We are back.
And thank you for the pitch.
I'm interested.
You mentioned you're starting with Flow.
Could you perhaps talk me through how you're working with Flow blockchain and any specific
projects within the Flow ecosystem that you've gone to market with already?
Actually, we are currently building our beta version.
So there is no current customer app on the Flow blockchain.
And the reason why we have started on the Flow and interacting more with Flow is, first of
all, we, this project was from the Flow blockchain hackathon.
So we got the prize from Flow blockchain hackathon.
And also, Flow has a great account system that everyone, every other people knows.
That is, Flow is basically account abstracted by native.
So in Flow, every account can be multi-seq wallet.
And these accounts have different cryptographic schemes, such as P256.
And we thought that the Flow is the best platform to build our MVP scheme, because Flow satisfies
all the requirements we need without implementing any complex techniques by account abstraction.
So that's why we start on the Flow.
Great.
Awesome.
Thank you for that question, Brad and June.
Really great pitch.
For those of you just tuning in, that was Meow Auth.
Firebase Auth for Web3, a mobile wallet SDK using account abstraction.
And if you haven't already, make sure to retweet the event and support your fellow builders.
So thus far, we've heard from Brickin, Pat's Finance, Cashmere Labs, Chairman, and then most
recently, Meow Auth.
Up last, we have FIDE, Trustless Treasury Management.
Okay, Carlos, looks like you're connecting right now.
I'll give it a few more seconds.
And looks like you're up.
Carlos, how are you doing today?
Okay.
Looks like your audio is not coming through.
Let's go ahead and give it another shot.
Carlos, can you go ahead and try to connect your audio?
Looks like you're on mute.
Okay.
So while we're working through these technical difficulties, go ahead and interrupt me whenever
you get your audio, FIDE.
So summary of FIDE Treasury Protocol.
I think, you know, you may have seen the slide that's pinned to the spaces right now.
So FIDE is a trustless treasury management protocol.
Their modified liquidity pools replicate characteristics of index vehicles that enable crypto companies
to diversify their on-chain treasuries while minimizing impact on native token prices.
Let's see.
It looks like they're disconnecting and reconnecting.
So FIDE Treasury Protocol, it offers crypto treasuries, diversification, liquidity, yield,
and governance.
Looks like we have FIDE requested to come back up.
Okay.
Let's see.
FIDE, are you there?
FIDE, are you there?
Okay.
It looks like we're still running into technical difficulties here.
Let's go ahead and just go ahead and interrupt me.
Maybe you could try to tune in.
I don't know if you're connecting from your AirPods or if you could just try to connect
in from your phone.
But FIDE team, they consist of four PhDs, physics, neuroscience, and comp sci, two masters
in finance, and one MBA from London Business School, as well as a CFA and a CA.
So it looks like you're on mute, FIDE.
I don't know if you want to try to come off mute and get back up on stage.
Give it another minute or so.
All right.
Let's see.
Oh, hello.
There it is.
Ah, there we are!
Sorry about that.
Success!
No, it's all good.
It's always fun running these, you know, kind of on the fly.
So, you know, without further ado, Carlos, let me go ahead and hand it over to you.
And once you start your pitch, start your time.
Yeah, I appreciate that.
Thanks for the opportunity here.
It's my pleasure to present on behalf of the FIDE team.
Like you mentioned in your summary, we are looking to build a protocol here to really solve
the blockchain treasury management issue.
I think we believe this is a pressing item and one with a huge market opportunity.
As we've seen over the last year, with all of the kind of failures and even items like
bank runs in traditional markets, blockchain should be the solution.
And the importance of holding your assets on chain in a non-custodial way has never been
greater.
However, DeFi is still lacking in a lot of ways.
All right.
Concepts like impermanent loss.
There's a lot of items that happen that really still make it so that holding assets on chain
is a lot riskier than it should be.
So we put our heads together and really from our experiences building and interacting with
other people, we are proposing the FIDE treasury protocol.
The idea is really coming from a traditional finance vehicle called an exchange fund.
And we believe it's a good vehicle to emulate on Web3 that would really solve the four key
pillars that we've identified that need to be solved cohesively to really have effective
trustless blockchain treasury management.
This vehicle is called an exchange fund.
And in traditional finance, this was built for startup executives and founders whose net
worth was largely comprised of their own company stock.
So in traditional finance, they would get together, you'd get 30, 40 different executives.
They would all put in portions of their own company stock into a fund, and then they would
get the returns of the overall vehicle.
And we believe this is a kind of a really good use case for blockchain treasury management,
especially groups like DAOs and Protocols, whose treasury is largely comprised of their
own native token, making it difficult to transact because they end up moving the markets.
And those votes oftentimes come with voting as well.
So they open themselves up to governance attacks.
So the way it works with the FIDE protocol is that we have a list of pre-vetted assets that
have gone through a multi-step filtering system.
So as long as we have capacity for those assets, a client can swap directly those assets into
the FIDE pool, and they would mint back what we're calling the treasury token, which represents
a slice of the overall pool.
Now, when the assets are in this vehicle, there'll be concentration limits that we'll adhere to
with the goal of lowering the volatility of the overall pool.
And there'll be concentration limits that will effectively enable swappers to swap in assets that
are overweight and deposits assets that are underweight.
So in this way, we're able to decentralize the portfolio management process.
The assets in the vehicle as well will be able to create yield.
Initially, it'll be through accumulation of items such as stake Ethereum or some yield-bearing
stablecoins.
But then over time, we will also be working with yield aggregators to create different
yield opportunities, which is very difficult for some protocols to do, especially when their
asset isn't necessarily widely accepted as a way to create lending, for example.
The third thing that we're doing is that we're also allowing proxy governance voting for the
assets deposited that have voting.
So this is very, very relevant for like founders or delegates or contributors to different DAOs.
So we'll very simply redelegate the tokens back to them and they can continue voting on their
governance as they usually would normally.
So the fourth thing is we're providing liquidity through the treasury token.
So when the client gets back their treasury token, we have a series of different incentives
that will enable protocol-owned liquidity to incentivize other actors in the DeFi space to open up LP pools
for us with treasury, USDC, treasury, Ethereum, et cetera, so that this becomes a very highly liquid way of
doing payments or providing DAOs bounties.
And by having this protocol-owned liquidity, we will eventually buy back the LP tokens that other
actors open up for us and it'll become a permanent state of capital for the pool.
So this is something that we've been working on since last August.
We're on testnet right now in the private testnet.
We're on track to launch on mainnet towards the end of August.
We already have a wait list of over 75 people.
Really, those are kind of executives at different companies, different DAOs.
There's groups that are kind of Bitcoin miners.
There's a really wide variety of different use cases that people see in this index product.
So yeah, I think that's who we are.
I'm happy to answer kind of any more questions.
Awesome.
Thank you so much, Carlos.
So that was FIDE, trustless treasury management.
Excellent pitch.
For our first question, we have Jeff from Chapter 1.
Jeff, the floor is yours.
Yeah, I appreciate the pitch.
I guess my question is mainly around other alternatives that DAOs or treasuries are considering.
So, you know, there's things like SEP protocol that have been around for a while or on to finance, which we're investors in.
And a lot of those projects focus on investing in money markets or U.S. treasuries.
And I'm curious, from your perspective, in terms of the volatility of the crypto market as a whole, how teams are weighing the pros and cons of investing in crypto indexes versus other types of assets that they might consider.
Yeah, definitely.
I mean, we have a few different key differentiators.
One of them is the ability to deposit any number of assets directly into the pool.
A lot of our competitors, you really need to buy their token using USDC or Ethereum.
And for a lot of these DAOs in particular, who most of their treasury is in their own native token, any time they go into like a DEX and transact their token for USEC, if they do so at scale, they run the risk of an order book imbalance.
So just having very high slippage on that transaction.
We've seen instances where even a 2% to 3% move in supply results in an 80% to 90% price decrease.
So it's not a really feasible way to diversify those assets.
Groups like SET protocol as well.
There's an issue with a lot of these kind of default protocols of impermanent loss.
So anytime the rebalancing process occurs, arbitrageurs are able to extract a lot of value from the pools.
This is especially the case with a balancer, for example.
So for us, the mechanism that we build aims to minimize that and really incentivize the arbitrageurs to work alongside us to contribute the types of assets that we need into this pool.
So it really becomes more of an autonomous type of system versus some of our competitors where it can be very manual.
So it's really dictated by a central group, for example, which is why groups like SET protocol, for example, when they look to rebalance, they have to do it very slowly and they really need to do it over time.
And our entire goal is that we want to be able to shift the weights of the assets on the spot very quickly because you can very easily get things like a USCC DPEG where if that happens, you can't wait around even a couple of days to reshift those assets.
It really needs to happen within a block or two. So that's kind of our goal.
And I think our differentiator and we really are able to provide the goal of the portfolio is to emulate this kind of Yale endowment approach.
This very liquid, but high growth, low volatility type of vehicle, which really we believe is the appropriate type of strategy for more of an end stage for these crypto companies.
Eventually we will have other strategies on our platform as well, but for now, that's kind of the main, main strategy that we're going with.
Appreciate it.
Awesome. Thank you, Carlos. Great answer. And Jeff, great question.
Up next for the last and final question of the day. All right. We have Conrad from Chainlink. You are up.
Heck yeah. Awesome. Well, thank you so much for sharing. And that was a very thoughtful answer to the last question.
So my question, I would like to kind of dig a bit deeper into this conflict of governance that you referenced earlier.
I was curious if you could tell me a bit more about, I think you mentioned it has to do with the assets, like what gets listed and what doesn't.
But we'd love to hear in your own words, kind of repeat what the value of governance is here, what the upside is of allowing for this governance within the protocol.
And then what do you see as potential downside of allowing this level of governance? So please, thank you.
Yeah, of course. I think it's a very important topic for our protocol and something we're doing a lot of research on.
So one of the key issues now, especially I think let's use the use case for DAOs.
When they give bounties, a lot of the times the bountying recipients will liquidate that token on the spot, right?
Because if, you know, they need to pay their rents.
But oftentimes that causes a lot of unpredictable volatility for the DAOs token.
And there's also been instances in the past where malicious actors can accumulate enough of those tokens and pass through governance proposals that are malicious or don't help the DAO in the long term.
Right. So by having the DAO or the bounty contributor deposit into our protocol, one, that'll stop the token and the voting power to just be loose on the open market.
But then they could decide to retain the voting powers of those assets.
So they'll simply go on our front end, say they want to retain governance by checking a box.
And then that token will be housed in a separate contract within our own FIDE contract that will redelegate the voting powers back to them.
So they can still go on their snapshot portal or they can still redelegate if they want to do so.
The kind of the downside there of just in general allowing people to kind of diversify with the pricing but still retain voting is that there is a bit of a game theory analysis that needs to go into that,
where we want to make sure that people that use that are still the ones that are actively voting.
And then there's also like a rebalancing process that we worked out on our back end.
So we won't always have all of the tokens in our pool be tied to governance.
There needs to be a limit because there is this rebalancing process that occurs within the tokens of our pool.
But we believe in this way, like if you're a founder and most of your money is in the token that you sold in the VC round,
you know, I think common sense makes you think that you should hedge away some of that risk.
But if you still want to grow and decentralize your protocol, you oftentimes still need to participate in voting.
And we believe we're kind of a good way to bridge both of those gaps there.
Very thoughtful. Thank you so much for sharing.
Awesome. Thank you for that question, Conrad.
And excellent response there, Carlos. An excellent pitch.
That was fine. Trustless treasury management.
All right. So that concludes all six pitches for today.
Right now, our judges are working behind the scenes to go vote for the winner for today.
And we'll have a first, second and third place.
But before I go through what those prizes look like,
I want to recap all of the great builders that we had on stage today.
First up, we had Brickin, the Shopify concept reimagined for effortless tokenization.
Then we had Hats Finance, a security protocol that aligns incentives,
creating a scalable primitive for a safer Web3 ecosystem.
Up third, we had Cashmere Labs, the number one MEV protected cross-chain asset aggregator.
And then up fourth, we had ShareMint, the Web3 referral and growth marketing platform.
Up fifth, we had Meowla, the Firebase auth for Web3, a mobile wallet SDK using account abstraction.
And then last up, who you just heard from, was FIDE, trustless treasury management.
So, again, our judges are all voting right now.
Josh is kind of – my co-host is working behind the scenes with the judges to tally votes.
And while they're doing that, I want to do a recap of our prizes today.
So, first place is going to receive $10,000 of cash, one year of free QuickNode up to $25,000,
$25,000 of AWS credits, one week of ad space on IC tools,
a one-on-one mentoring session with Chainlink's head of strategic partnerships and build, Oliver Birch,
a social blast to 28,000 Twitter followers on the QuickNode Twitter.
And you're also going to get highlighted in an email that goes out to more than 100,000 developers.
Up second, for second place, we have six months of free QuickNode up to $10,000.
We have $10,000 of AWS credits and then a QuickNode Feature Friday blog post and Twitter thread.
And then for third place, they'll receive six months of free QuickNode up to $5,000 and $10,000 of AWS credits.
And then everyone that applied is going to get one month of free QuickNode up to $299.
All right.
So, another reminder, you know, go ahead and take a look at all of the startups
and all of the projects that we're pitching today.
In the Twitter thread for this Twitter space, we have a one-page or a single slide for each one of these builders,
projects, and startups.
And go follow them.
Go support their projects.
Go visit their websites.
Really a lot of great stuff that we heard about today.
So, looks like judges are still deliberating.
Okay, Jordan.
I think we've got some results here now.
Oh, all right.
Okay.
The judges work quick and decisively.
Huge thank you to all of our contestants here and to the judges as well for some amazing,
thoughtful, and engaging questions.
Also, quick shout-out to Jordan for running the show.
You're an incredible host.
Okay.
So, I guess we'll just jump right into it.
In third place, we have ShareMint.
Okay.
All right.
Yeah.
All for ShareMint.
All right.
Congrats, ShareMint.
Congrats.
That's huge.
Yeah.
That's a big one.
Awesome presentation.
Huge pitch.
Awesome.
Thank you, Ellie.
Second place.
Drum roll.
Drum roll.
Second place, we have Fide.
Woo!
All right.
Fide.
Excellent work.
Nice.
Nice, nice, nice.
And then as we build a little hype here, first place was almost unanimous here.
We have coming in, big drum roll, hats finance in first place in our fourth quick pitch competition.
Security for the win.
Yep.
Yes.
Okay.
Wow.
That was an incredible turnout.
We had a ton of great finalists today pitching.
We also had a lot of really great judges.
So, thank you again to Brad, head of Web3 North America at AWS.
Taylor, Senior Developer Relations Engineer at Coinbase.
Conrad, Evangelist at Chainlink Labs.
And Jeff Morris, Jr., Managing Partner at Chapter One.
Big round of applause to all of our judges.
Big round of applause to all of our finalists.
And big round of applause to everyone that applied for this fourth quick pitch competition.
We received hundreds of applications.
It was incredibly competitive.
It is so difficult for our selection committee to narrow it down to six.
And, you know, we look forward to doing more of these in the future.
Thanks for all your support.
Have a great day.
And congrats to Chairman Fine and Hats Finance.
All right.
Thanks, everyone.
Thanks, everybody.
Thanks for listening.
Thank you so much.
