Oh Thank you. The Thank you. Oh Thank you. good afternoon morning evening wherever you are tuning in from this is the radix recap my name
is adam simmons i'm the chief strategy officer here at the radix foundation thank you very much
everyone for tuning in on this Friday
afternoon for me. If you're tuning in live from X, if you're listening in from Spotify or on
YouTube, welcome as well from the past. So today we have a whole bunch of updates to go through.
Things are really heating up here for Radix. We've got some big news coming very, very soon
with major projects and updates hitting.
And the ecosystem has been going absolutely bonkers for the last two weeks since we last
Unfortunately, Andy can't join me today.
He is otherwise occupied.
So it is unfortunately, or fortunately, depending on who you ask, just me.
So excuse the monologue for a while.
As always, if you're joining live on X and you'd like to come
up and ask any questions or have a chat, feel free to request that mic. It'd be great to answer some
people's questions. But to kick things off first and foremost, let's go through some of the stuff
happening from the Radix Foundation side and what we've got going on here. So firstly, and probably
the one on top of everyone's mind is Hyperlane. So the Hyperlane integration, as frequent listeners will know,
wrapped up a couple of weeks ago in terms of the technical integration.
We had a slight delay on getting the technical audit started
versus the initial timelines that were penciled in for that.
So that kicked off a week ago.
It was scheduled in for a week, so that will be concluding today.
But that will not officially
conclude until the end of the day. So they're doing a fantastic job. Clearly, the auditors
have dove in really, really deep for all of the code. I'd also like to shout out those in the
Radix community who've looked over the Hyperlane integration code. They open sourced that this
time last week. And I know a bunch of Radix people have taken a look at that. Actually, no, two weeks ago. It's been that long already. And I know a bunch of Radix people have
put some thoughts into that and given some kind of code suggestions to it. And I do believe that
even some of those comments on the code have already been actioned. I know at least Beam
has left an update on there that Hyperlane have actioned. Good news on the audit. Obviously,
So this all goes with the usual pinch of salt that nothing's final till it's final.
But so far, there's been a couple of kind of minor issues, but no critical issues flagged as of yet.
Those issues that have been flagged earlier in the week, the Hyperlane team have been
absolutely on it, and they have already implemented the changes ready to go on their side. So they're
already being reviewed internally by the Hyperlane team and are actioned. So where does that leave us
with Hyperlane? So the intended plan is that by end of day, Zellick will come back with their full
audit and all of their findings kind of written up, including the ones that Hyperlane already know about. Then on Monday,
Hyperlane will have back to them basically all the proposed fixes, assuming there aren't any
others that weren't flagged earlier in the week as changes. They will then go back and go and give
those a review. And that review process is mainly a check of any code changes to make sure that it
solves any edge cases or issues that they had.
So far, as I say, these issues have been non-critical issues. So things that are good
to have, avoid some edge cases and some states you wouldn't want, but not things that affect
funds. So that is appealing for the timelines and a good bit of news and also just testament to the
great work that the Hyperlane team have done on a very, very quick turnaround with their integration for Radix. The process then
is on Monday, while Zelleck are reviewing all of the code changes that are going through,
is Hyperlane will begin their rollout onto the Radix mainnet. Getting a little bit technical
here, but what that means is that the various different
blueprints will be instantiated on the Radix mainnet. I know some people have already tested
these. I can say like Tiemann's in the channel. I know he's done some tests already on the StokeNet
to Ethereum testnet doing bridging and some bridging through Hyperlane testnets elsewhere
as well. So that's all there. That basically gets deployed up on the RADx mainnet. It'll have the
changes from the audit already applied. So hopefully that'll be the canonical version
that's used. So that'll take a few days for them to roll that out and do their internal testing
on that. Upon completing that internal testing, then the next things that need to get done is we
need to get a response from Zelleck on the code changes that the things that they flagged during this audit
are acceptable to them and close the issues that they had.
Once that is done, the final step to Hyperlane being live
and supported for all of you here to start bridging assets
from that 150 plus chains is to basically have
the Hyperlane validators signed to enroll Radix as a kind of public integration.
That is the point at which once they have done that,
then the Hyperlane team can add Radix
and any other front ends can add the Radix routes
into their UIs and you'll be able to bridge assets
So the good news is that from a technical perspective, all of those things
are still on track. So we're still looking in a position where launching that towards the end of
next week is plausible. I'll be honest, it is a very tight timeline. Obviously, we wanted to get
this live by the end of August. As I said, we had a slight delay in getting the technical audit started on that.
So while technically everything's good to go, we've got to get the results back from that, which is certainly doable, but is not guaranteed.
That's got to get back and those code changes approved for these hyperlane nodes to enroll RADx as part of the entire bridging system.
to enroll RADx as part of the entire bridging system.
And that as well requires a bunch of parties
that aren't Hyperlane to basically enroll that in there.
So a bit of, in simple terms, consensus stuff
for nodes to accept that update
to the Hyperlane protocol to accept RADx.
Those things are doable by the end of next week,
but does mean that everything basically needs to go to plan.
So we are still confident that it's very,
very close. It is still possible for it to be done by the end of next week. But I don't want
to pull wool over anyone's eyes that this is a very, very tight timeline. So internally,
we're planning on everything being live on Hyplane at the end of next week, and then incentives
launching straight off the back of that. There is the possibility though, that something on a third party means that we can't get that
done there, in which case it'd be the following week. Now, assuming everything goes live at the
end of next Friday, there's also a whole bunch of stuff going on. So myself and a bunch of the
RADX team aren't going to get a weekend next weekend, because we're planning to get all of the
H assets, so the Hyperlane wrapped assets, supported within the
incentives program. It's really important, and I think everyone here will agree that it is critical
that day one of the incentives program has Hyperlane assets supported. And so there's a few
steps that kind of go into making that happen. The first is obviously we need initial liquidity
bridged over Hyperlane to exist on the Radex side. So the first bit is
literally just a nominal amount so that the, say, like HUSDC or HETH is existing on Radex.
So the asset is actually created. Then we need to have enough of those assets to bootstrap the
first liquidity pools on the Radex DEXs. Once they are kind of bootstrapped and
there's some liquidity in those, that gets us the component addresses that we then need to
incorporate into the incentives program, RADX rewards, so that we can track LP positions there
and that we can also track trading activity through those. Once that's done, then the money
markets, so WEFT and ROOT, they need those DEX pools, obviously for any potential liquidations or things like that.
And the asset addresses, they can then incorporate those into their platforms to support the major assets on day one.
And then we can add those components into the Radix Rewards Program so that any deposits into the lending and borrowing platforms are also detected there.
all of those things to be done by Sunday night. And then Sunday night late, the Radix Incentives
program will go live and season one of Radix Rewards will start. So that's very, very exciting.
Obviously, there is still the risk that some of these things are dependent on other people and not purely
technical. So if for whatever reason, we can't get that live by the end of Sunday night,
it will roll to the next week because of the way the Radix incentives work is on like a weekly
cadence. It has to go live on a Sunday night in order to start a basically midnight UTC on the
Monday morning and run for the seven day period. So we're doing absolutely everything possible working weekend to make sure that that's there. There are unfortunately just
a few things that while they should be doable, aren't completely within our control or hyper
lanes control to be able to do that. So rest assured, we're doing everything we can there.
I also want to massively shout out all of the DEXs, all of the money markets, and many other
people in the Radix developer ecosystem
who have been doing things to get ready for this. They are lined up, ready to go as soon as
Hype Lane's ready, which means that we can be ready as quickly as possible with Radix rewards.
So a big thank you to all of the teams I've had calls with in the last week or two around this
to get these times sorted. Another part of that, of course, is getting that initial liquidity over. So this is kind of the BD side of things, so to speak. So while Hype Lane is open,
permissionless, and anyone can bridge assets over, another thing that we're doing just to make sure
this launch goes in a smooth way is that we've had outreach with a couple of liquidity providers.
So people who are prepared to bridge over
larger amounts of money through Hyperlane and bring that kind of predominantly BTC, USDC,
USDT, and ETH, and see those first DEX pools across the Radix ecosystem. Now, the main reason
for this, and this is something just for everyone tuning in to be aware, is while anyone can make a
pool on DEXs, the initial liquidity that comes in, the deeper that liquidity, the more concentrated that liquidity,
the less slippage you'll have on any trading that kind of goes on there.
Now, when the pools are first bootstrapped, you want that first bit of liquidity to be
meaningful enough that those pools don't get out of whack really, really quickly.
And if you are adding liquidity early on, important bit of advice for anyone who does
anything in DeFi, make sure when you're adding that liquidity that you're setting
the ranges that you want that liquidity in to be right. Because obviously, if the pool is out of
balance, and you go and add a whole bunch of liquidity, someone can then up that back to
the macro price of those blue chip assets. So we're making sure that we've got people lined up
as soon as Hype Lane's ready to bridge over the kind of first bootstrapping liquidity to get those pools set up so that it is a more stable
position for any other liquidity providers that come in after that. We're going to get that done
all before the incentives start so that they don't get any advantage or anything like that.
And obviously, Hyperlane will be open for anyone else who wants to come in. But that means that
there'll be an orderly time, hopefully over next weekend,
where everyone who wants to bridge assets, myself included,
will then be able to just use the open Hyperlane network
to bridge over any assets they want.
And initially, we're going to be supporting warp routes for,
basically warp routes are the way Hyperlane call,
basically they're different bridge routes for different assets.
So we'll be supporting routes from Ethereum L1, Arbitrum, Base, and BSC. And we will initially set up warp routes,
or the hyperlink team are going to be setting up warp routes from each of those networks for USDC,
USDT, Ethereum, and Wrapped Bitcoin. Those are the ones that obviously we already have
X assets for. And I'll speak a bit more on that based on today's news in a moment. But those will get set up first. And then the plan
after that is to very quickly off the back of that, add in bridging support for Solana and other
chains on top of that, as well as other assets as well. And we'll basically roll those out as we're
doing it with the incentives campaign, so that we keep adding more assets, more pools, more dApps, more activities in the Radex ecosystem with more assets supported through the incentives
program. So that's all coming along nicely. The expression, which I hope some of you here will
get, is it's very much a case at the moment of herding cats. There's lots of kind of dependencies
and codependencies on these things that all need to come together. And as I said, very tight
but we're still aiming for that August 31st evening launch of the Radix Incentives program.
Other things to touch on kind of semi-foundation updates. So it's not really a foundation update because it's not the foundation, but a big bit of news from the ecosystem today was Instabridge
announced that it is going to be closing down its service. So if you haven't read their blog post about it, check the Radix Telegram. Loads of people have
been sharing that. So take a look there. But basically, Instabridge was originally created
at the launch of the Radix network to offer a centralized permission route to bridge assets
into the Radix network and out of the Radix network in a very regulatory
compliant way. Over time, they found that there's been a big uptick in the amount of use of
decentralized bridges as being the preference for kind of crypto communities and less of an
uptick on this need for regulatory compliant bridging. And so they've taken the decision
at Instabridge that with the launch of Hyperlane, this is not something that is going to be viable because Hyperlane is there as a
trustless, permissionless route into and out of Radex for all of these different assets.
So what does that mean for people holding X assets? So this is something that we are acutely
aware of the foundation side. And so we've made sure that there's some contingencies in place for that. So the first thing is Instabridge doesn't shut down immediately. They are open as normal
for bridging and unwrapping any assets on the Radex network for the X assets up until I believe
it's the 8th of September. So that's a good couple of weeks until now. In the same vein,
good couple of weeks until now. In the same vein, we've also got a third party to release a dApp
called xhswap.io. And so xhswap is a super simple dApp where if you've got x assets,
when the hyperlane bridge goes live, this third party is going to deposit h assets into there.
So let's say h USDC, and you will be able to take your X USDC if you
wish to, and deposit that into it like a swap on a DEX and get one-to-one out. So it's not like a
DEX in the traditional sense, because there's no automated market maker logic behind or liquidity
pools in the same sense. It's literally just you deposit one X USDC or one X ETH, you get one XUSDC or one XETH, you get one HUSDC or one HETH out of XHSWAP.io.
Also aware that some people in the community flagged as well around EXRD. So EXRD,
there is a bit of supply of that still in the Ethereum ecosystem. A large portion of that is
from entities that the foundation is aware of and a small number of
them and predominantly providing liquidity in a uniswap pool for it. But there is still holders
of EXRD there. And Instabridge was one of the routes that you could swap EXRD to XRD natively.
There are other routes. So Bitfinex also supports depositing EXRD and withdrawing XRD. So does MXC.
But obviously losing Instabridge was quite right to be flagged.
That means that there's only two centralized exchanges that are third party supporting that.
So I've already been in touch with the people who are operating XH swap.
And there is no technical limitation to being able to provide a way to swap EXRD into XRD. That's
something they're looking at now, but they're very, very confident that's going to be able
to be supported before the 8th of September when Instabridge goes offline. The exact mechanism of
that is going to be a little bit janky because obviously EXRD is on Ethereum. So the exact route
will probably be something like you have to take your EXRD is on Ethereum. So the exact route will probably be something like
you have to take your EXRD on Ethereum, put it into Hyperlane. Hyperlane is setting up a
warp route for that. They'll then bridge over to Radex as let's say HEXRD. And then you'll be able
to deposit that HEXRD into XHSWAP and get out native XRD. And then they will go and bridge it the other way and
burn the EXRD on the Ethereum side. So all of this means that there'll be a decentralized route
to do that. Obviously, everyone is still able to go and use Instabridge up until the 8th of
September if they want to bridge their X assets before that point. But all in all,
this will be very smooth. On the incentive side as well, we will have equal points being earned
for X assets and H assets. So it doesn't matter which one you're providing liquidity for when the
campaign launches. So there's no rush to switch for the incentives campaign or anything like that.
The way it actually works technically behind the scenes is we'll have, say you're providing liquidity on a DEX for the pool,
like EXRD and XUSDC. That will award you points for a category, basically DEX stablecoin liquidity
is what the category is. In that same category will also be XRDH USDC. And so they will
earn points at exactly the same rate in exactly the same way. It doesn't matter if one's got more
liquidity than the other, $1 and one will count the same as $1 and the other for earning points.
And that means that there should be a really smooth transition. There's no rush to do anything
on either side there. And obviously XH swap will be up and running with the X assets and H assets in the very near future once Hyperlane goes live.
So hopefully that'll make things a lot smoother and that transition easy if people do want to
transition. Final foundation update from my side is the other bit, which I know there's been a lot
of discussion on in the community, is around market making activity on centralized exchanges. So a little bit of a look behind the
curtain on how market makers operate. So market makers are ultimately market neutral is their
purpose. So their job is not to speculate on price movements, but just facilitate any buyers or
sellers of any asset to be able to do so
very, very quickly and very, very easily with low or reasonable slippage amounts.
When a token has high volatility, as XRD has obviously on the news with Dan, and likewise
with potential good news coming up with Hyperlane and the incentives program,
as soon as they start seeing volatility within the market, naturally a market neutral force pulls out liquidity from the market to protect their underlying collateral.
So when you have very volatile markets, you usually see those market makers and ultimately
and depth on markets decrease until that volatility stabilizes in the longer term.
So we've been in daily discussions with the market makers for XRD around this across all
the different exchanges. And we're going to be starting to ramp that up now that A, the news
around Dan has been out for about a month now but also the kind of wider
market volatility that we've seen in the last week also seems to be stabilizing out so this
will be a scale up over the next kind of week two weeks or so back to normal levels on that as well
obviously that is assuming that volatility stays on the lower side they will still be cautious that
is ultimately their job to protect
the underlying market-making capital and be neutral on that. And that is something that you
will be seeing hitting all the different centralized exchanges over the next kind of
week or so and seeing that pick up. So that is all ongoing. There are, as I say, many spinning
plates, many cats to hurt. The team is working flat out to get all of these things lined up. And yeah, the timelines are tight, but we're still aiming for this kind of big launch next
weekend. So it's going to be busy. I hope everyone is ready. I'm really excited about the stuff that's
going to be coming out over these next two week period. Genuinely, the launch of Hyperlane and
the incentives campaign coinciding is the biggest single event
for Radix, probably since the Babylon Bay net upgrade. Having a completely permissionless
open source bridge to get assets into and out of Radix is huge. It means that initially those
first assets being bridged across with warp routes have far less friction to get them in and out the
ecosystem, which is a massive win. And also with the incentives, there's far more of a reason for
people to bring those assets across into Radix. And so between those two things, I'm optimistic
and hopeful around what we're going to see in terms of TVL, in terms of ecosystem activity,
both in the short term and over the long term for this. And that is ultimately
what we're striving for with all of this is to build good long term momentum around Radex,
around the ecosystem, which time and time again, every third party, every kind of B2B contact I
have in the space, whenever they come and look at Radex go, holy shit, the Radex ecosystem is awesome. Like for a relatively small chain,
you have such a breadth of dApps, but also such high quality dApps. So that is testament to many
of the builders that I see tuning in here today. Incredible work. So really looking forward to what
this can bring. It is going to be very exciting. And that's it for
foundation updates. The other side is, of course, the ecosystem updates. And everyone's been
extremely busy here as well over the last two weeks. So some of these updates you may have
seen already coming through on the Monday Radix Recap X article. So they go out every week where
there's spaces every two weeks. But yeah, a bunch
of stuff has come through. So first up on the list, we have XRD Vision V2 was released. So
XRD Vision is a dashboard for lending, borrowing and liquidity pools. They currently support WEF,
Roots and Search. They probably rolled out one of the coolest promo videos that I've seen from
the Radix ecosystem. So big congratulations to the XRD Vision team for that. Definitely go and check that out.
Visualization tools, dashboards are a major part of any DeFi ecosystem and become increasingly
important when things get more complicated as you're wanting to check your portfolios,
your positions, different opportunities within the space, and seeing more of those pop up as the
ecosystem matures, and especially as Hyperlane and also the incentives program kickoff is going to be
really important as new people come into the ecosystem and are looking for the opportunities
that are here. Next on my list is XrdGen. So XrdGen have launched a, I'm not sure if it's a new
Discord channel or just a big update to their existing one, but they've added a whole bunch of features into their Discord where they've got an integration
in with X where you can automatically like, retweet, quote, tweet, and things directly
from Discord. They're also going to be implementing token gated channels and internal incentives for
participants there. So that's again, another way for the ecosystem to get involved and the community to get involved with the ecosystem. And they've also announced their
phase two for XrdGens NFT marketplace with a whole bunch of UI upgrades, white listing, mint phases,
tiered pricing, instant mint staking, an airdrop tool, and a whole bunch of other stuff. So
congratulations to Machinist and the team over at XrdGens for doing that. It is looking super sweet.
Of course, it wouldn't be a Radix recap without mentioning Astralescent.
So Astralescent are, of course, well known within the Radix community and beyond now, actually, thanks to their bridging.
So Astrolescent has two main services that they offer the Radex ecosystem and other ecosystems.
So Astralescent has two main services that they offer the Radix ecosystem and other ecosystems.
In Radex, they have the ability to be a DEX aggregator.
So you can swap any Radex token to any other Radex token.
And they are an aggregator across all the different DEX pools to get an efficient route across there for you.
But what probably most of you, well, maybe not most of you, but people will be potentially more familiar with is astrolescent is also a front end to a bunch of bridges so the big one here and huge congratulations to
the astrolescent team is that they have hit four million dollars in total bridged volume
across the astrolescent bridge absolutely phenomenal milestone um that is doing a huge
amount of traffic currently across may and also across RocketX.
Those are cross-chain swaps rather than wrapping, unwrapping bridges. I know they support a list of
chains that is too long for me to rattle off quickly here, but they've been doing some
fantastic work for both supporting a whole range of different chains, a whole range of different
assets to cross-chain swap into XRD,
including some wallet integrations that aren't natively even supported on Myra or RocketX. So that's fantastic. I'm not going to say anything more about what they may do with bridging,
but I'm sure some people could make some guesses based on what we've been chatting around today.
Radix Hub have also deployed another update. So Radix Hub, for those of you who don't know,
RadixHub have also deployed another update.
So RadixHub, for those of you who don't know,
is a mobile app which basically gives you a bunch of information
and news about Radix and different things and different apps
and things you can do within there.
Really well designed, really well built.
And it's got some new features launched,
which include a token watch list, an NFT search,
really.fun integration, a Radix charts integration.
And they've started promoting the Radix incentives
campaign as well. And I'm sure they've got some fun things planned for that as well.
Atos Earn are getting ready to launch as well. So Atos Earn is, of course, built by the one and
only Beam. He's working on a coordinated launch with the incentives campaign. And he shared a
couple of sneak peeks with the community. So make sure that
you check those out as well. But Atul CERN has got some, is essentially a strategy aggregator for
DeFi. So you can automatically deploy into different pools, see different opportunities,
do some more complex DeFi strategies there. So launching that alongside the incentive campaign
makes a lot of sense because there's going to be potentially a lot of people coming in looking at Radix for the first time, looking for
where they can deploy capital that they bridged over in Hyperlane into the Radix ecosystem
to generate yield and looking to do that in an easy and convenient way. And that is exactly what
Atos Earn does. Second to last update from the ecosystem is the Proven Network by Flight of Fox
have announced that their testnet is going to be coming this year um this is mainly being spoken about in their
telegram so it's not being hugely um spoken through it's also on their website proven.network
um but definitely go and take a look at the proven telegram if you haven't because what
proven is doing with trusted execution environments is super cool and pretty unique. It's also a really
hot area of DLT tech is how to use TEEs as they are called. I know Flight to Fox has spoken to me
on many times and has done an amazing job of giving me some ELI fives of what TEEs do and
how they can be utilized. But super exciting. If you're already chatting in the proven network
I'd definitely go and join that because it's a great group
and it's a really exciting project that is building alongside Radix.
And then my final update from the ecosystem today
is a shout out to RataNode and RadixPlanet.
So those are two nodes that run on validators for the Radix network
and they have just released two open source blueprints that
allow delegated control of certain validator actions, such as like unregistering a node
without changing its metadata or being able to influence what owner stake actions can be done.
If you're not a node runner, that may sound a little confusing. Long story short is it just gives some open source tools and
Radex blueprints that the Node Runner community can utilize to make their job a little bit easier
and allow some more granular interactions there. And so fantastic work to RATnode and Radex
Planet for doing that. These tools that are put into the ecosystem may not mean something to everyone, but for those who do utilize them, they're incredibly powerful.
And I'm always a massive fan of shouting out projects, contributors, individual developers who build these open source tools or libraries.
There's been quite a few throughout Radix's history that make all devs and the entire ecosystem on Radix function just a little bit more smoothly.
So congratulations to them. And thank you. And also a shout out to Faraz for flagging that to me as well. Faraz does a huge amount
behind the scenes for the Node Runner community on Radix and is an invaluable help towards the
Radix Foundation for that. So don't say it enough, but thank you very much, Faraz, for everything
that you do there. And I know that all the Node-running community will be very familiar with all the stuff Faraz does.
And that, in near record time, probably for the amount of things I had to cover, was maybe record time.
I think I've got through the main list of things that were on my side.
I'll take a quick look through any of the replies onto this space.
But of course, if anyone wants to come up
and ask a question, feel free to request the mic.
You've got a couple of minutes if you're quick.
So yeah, Teman confirming XRD Vision is super cool
also saying that DeFi Plaza's Calm algorithm
is a great place to add liquidity,
as of course is AussieSwap and Caviar9
DEXs that I'm forgetting. And yeah, a bunch of other questions and stuff we can come back to
and some good memes. I'll give a final shout out for an opportunity for anyone to request the mic.
Otherwise, with all my spinning plates that I currently have and cats that I need to herd. I think we'll wrap up in a nice 30 minute spaces session.
As always, you can always find out more about Radex on RadexDLT.com,
in the Radex Telegram, on the Radex X account, X.com at RadexDLT.
And get ready guys, because we're in the running to kick off with hyper lane and also incentives.
And yeah, I just like to close out by once again,
thanking the incredible team,
very small team of the foundation who have been absolutely cooking with
getting incentives to the position is with all the stuff they're doing there
to the hyper lane team for the incredible speed they got up to,
up to with the radix tech and getting this out and everything they're doing there to the Hyperlane team for the incredible speed they got up to up to with the Radix tech and getting this out and everything they're doing to push to get this live in time
and to of course all the Radix ecosystem for all of the amazing things that they are building and
also all of the help that they have given to make sure this roll out of the incentives program
and Hyperlane goes as smoothly as possible as quickly as possible it's an exciting time to to be a Radvika and on that note thank you and speak to you all soon. Thank you.