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Radix Recap: Ecosystem Updates
Recorded: May 9, 2025 Duration: 1:18:12Space Recording
Short Summary
Radix announces a billion XRD incentives campaign to boost liquidity and growth, alongside a strategic partnership with Zellic for a comprehensive audit. The ecosystem showcases significant developments, including new projects and wallet updates, reflecting a positive growth trend.
Full Transcription
Thank you. Thank you. Good morning, evening, afternoon, night, wherever you're tuning in from. Hello, Radvacates,
and welcome to another week of the Radix recap. I'm Adam Simmons, the Chief Strategy Officer
at the Radix Foundation. And unfortunately, it is only me here
today. So that means, as always, when it is just me, when Dan's called away to other busy activities,
if you'd like to have the mic and come and chat, please do. Obviously, we've had a big day today
announcing the launch of, well, actually launching the token holder consultation on the incentives campaign.
So I'm sure there'll be some questions around that. So plan today is I'll go through the normal
updates that we've got from kind of the foundation side, also things that have been going on within
the Radix ecosystem. And after that, if you've got questions, drop them in chat, drop them in
Telegram. If you do put them in Telegram, make sure that you ping one of our
community support teams so that they're able to highlight it to me. But ideally, please request
the microphone to come up on stage and ask your question in person and also just have a nice
little chat because nothing's ever wrong with having a nice little chat. Last week, we had
like three or four people up and it was a very good time. So highly recommend.
So first up on things going on, kind of alluded to it, but the big news of the day is the token holder consultation is now live for the proposal to repurpose the stable coin reserve for kind of
two main activities. The first one and the more immediate one is for a 1 billion XRD
incentives campaign to really drive more liquidity, more use, and more capital into the Radix ecosystem
and really foster growth and kickstart that. The second piece to that is also a billion XRD fund
for really just high ticket, but very impactful activities. So those could be things
like tier one listings for kind of large bridge partners for other things of that caliber.
And then the final piece of it is to change the emission schedule of XRD. So currently,
around 300 million XRD is emitted each year as staking rewards. And as a
result, the max supply of XRD currently is 24 billion. And that'll be emitted over,
memory's failing me now, but I want to say about, it was 40 years from Genesis. So we're talking
about 36 years-ish left. So the proposal on that piece is to halve the amount of emission time.
So rather than running over 40 years, it would be reduced down to 20 years. And that in turn
reduces total supply by about 6 billion. So combining this proposal releases a bit of XRD
to be able to fund the incentives campaign and also this growth fund.
And then the other piece reduces max supply by about 6 billion. So on that, I know there'll be
questions on the consultation. So the key things around this that's important to know is that
if you hold XRD, LSUs, LSU LP, and a couple of other kind of deployments of LSUs or XRD into the Radix
ecosystem. That will be used as your weight in response to that consultation. So you just need
to go to consultation.radixdlt.com. You then log in with your persona. You can then connect as many
accounts as you want to that and use that to signal if you're
in favor of repurposing the stablecoin reserve or are against using that. And your vote weight will
be the time-weighted average amount of XRD or XRD equivalents. So like LSUs, LSU LP, LSU LP
deposited on like root finances, one that we're definitely going to be supporting
over that two-week period until the consultation ends. At the end of the consultation, we will
be publishing the outcome of that as well as the raw data from it. So the raw data that will be
published is a list, a randomized list of all of the accounts that participated, what their vote
weight was, obviously whether they signaled in favor or against the proposal, and their public key as well as the signature they used
to verify that account ownership so that it is cryptographically able to verify all of
the information there while still remaining or retaining anonymity and privacy for all
of those accounts.
So that's going to be done and concluded at 2359
Universal Standard Time on the 19th of May. And from there, we will aim to get the conclusion
of that consultation out quickly. Next up, the other bit of big news from the last two weeks
is that we published the Zellic audit.
So those of you who don't know, Zellic is a very large auditor in the space and has a real speciality in complex projects. So they do a lot of work on other L1s and some of the bigger bridges.
So their clients include things like Berochain, SWE, Aptos, Nier, and Layer Zero, among others.
So they've done some pretty big audits.
They are very well connected, and they did an incredibly thorough audit
of Radix's asset model, basically.
So everything from Radix's engine through to the architectural design
of how security works, and all the way down, of course,
into consensus around liveness and safety of the network. There was kind of 33 weeks of work there. I'm really pleased to say that
thanks to the incredible work done by all of the devs and kind of architects behind all layers of
the RADx stack over the years, that had an overwhelmingly good response. And as the blog
post we put out said about this, one of the real joys,
whenever we get really deep into the RADIC stack with auditors, with integration partners,
or any other third party who really kind of scratches under the surface of what's there,
and especially those who come from a crypto background and are familiar with other chains
and other architectures, is at first they're skeptical
of going well why are you reinventing the wheel we we've got evm we understand this why are you
building a whole new system what's what's the benefit of it why are you doing this and time
and time again and as zelek put in their very detailed report they kept finding reasons to have
their radix revelation along the way and that is an incredibly high amount of praise from a company that has looked at so many L1s and kind of like big messaging bridges across the entire ecosystem.
So, again, that was fantastic news.
Congratulations to all the devs who inputted on that.
All of the people and auditors on the Zellick side for going through that so thoroughly. And of course, it's great
news for the community that now Radix has two complete audits from very reputable companies
within the space, really looking at everything that is live on the Babylon mainnet and giving it thumbs up across the board. So impact from that realistically is
that especially larger third parties, this ticks a big box for many that this has been not just a
fluke with like Haken or anything like that. There's two independent auditors have thoroughly
reviewed this. The network's now been running well since the Babylon launch.
And that is a big tick too. This is a stable, secure place to launch products, to integrate
and to adopt. There's not any kind of big concerns under that. So that really helps with a lot of the
BD work that we undertake. It helps with confidence for everything from kind of crypto native projects to bridges, to exchanges, all the way through to kind of enterprises in the Web2 space and kind of
traditional industries looking at platforms where they want to launch. So that was some good news
that has been sat on the back burner for quite a while while we're getting finalizing of the report
and syncing up the co-marketing with Zellick and stuff. So really glad that that has now come out. The other thing that we've put
out is a recap of everything going on in the Radex ecosystem in Q1 this year. So obviously,
for those of you who've been around for a while, we had a new social media manager join the
foundation team a couple of months ago. And one of the things that they're going to be doing
is putting together a monthly recap of kind of the big things that have happened within the Radex ecosystem.
So this is something that I've really championed since pre-Babylon, which is once smart contracts
go live on Radex, the entire reason that people get interested in a chain shifts from being
promised technology and what could be
built here to actually what can I use this for? What is live in the ecosystem? What's live on the
network? What's happening? And the silly analogy I always use for this is nobody really gives a damn
if YouTube releases an update to their video player if there's no good content to watch on it.
releases an update to their video player if there's no good content to watch on it. Likewise,
people will put up with some pretty crappy experiences if there are really desirable
things to use on that platform. So this is again another real strength of Radix. Things again,
kind of tying it back to the Zellic audit and Radix engine and the kind of core architecture
is that building on Radix is something that is able to draw in devs of incredible
caliber to produce incredible things. And many of them are tuning in here today, and I'm sure we'll
touch on some of their projects later. But the big thing about this is, again, when we get third
parties come and look at Radix, once they take a serious look, the thing that always blows them
away is the caliber of projects
already live on the network for the size of radix in in the greater market and the breadth of
different applications how polished they are how intuitive and enjoyable they are to use and how
sophisticated they are and i think this is something that in the echo chamber of telegram
or in kind of community channels we sometimes forget
is just how good the projects and ecosystem on radix is as well as the community on radix is
and it's something that always impresses third parties and people looking in from the outside
so one of the things we're wanting to do here and our community manager sorry our social media
manager is going to be doing is these recaps. So because they obviously started mid-Q1, they kind of bundled together January, February,
March into a series of posts around 28 updates from the ecosystem that have been going on,
kind of milestones hit. We're going to be running those now every single month. We'll be putting
together one looking for the previous month, and then at the end of each quarter, do a quarterly
one, et cetera, to really make sure that we're consistently banging the drum of the amazing things being built and developed within the radix
ecosystem because supporting projects supporting builders is really one of our north stars not only
from the grants program but also on promotion and all avenues that we can do to help drive more
users in there more activity to make them. We've also had the first wallet update go out since the restructure.
So wallet 1.12.0 came out and it was a pretty cool change.
So one of the updates in this is that you can now have multiple on-device seed phrases.
Now, for those who think I just spoke in a foreign language, what that basically means is that in previous versions of the wallet, you had a factor on your mobile device and you could also have hardware wallets.
If you wanted to have multiple seed phrases for accounts within the wallet, it was a little bit of a pain in the butt to do.
but to do. So this update means that you're able to generate unique accounts with unique seed
phrases and manage multiple accounts with unique seed phrases, all from a wallet intuitively within
there. And so for people who wanted this feature and needed as a use case, I know this is a much
requested and very welcome addition. And it seems to be going well. And obviously, if you do want
to create separate
accounts with different seized phrases within one wallet you can now do that as well very easily
within the app so as I said this is the first update that we've had come out since the wallet
team and the foundation has been up and running that team is already working hard on some of the
other features that Dan and I were speaking about as some of our priorities as we were looking to
shift development into kind of wins
for the community, wins for current users,
as well as dealing with some nice to have things in there
that we can get pretty quickly.
So two are currently being investigated
in kind of like near-term delivery,
one of which many will be pleased to know,
myself included, is dark mode.
So that's one that the wallet team think
we can get implemented pretty quickly there. And the other one is increasing the visibility of dApps within the wallet itself.
So with 1.12.0 update that went live, that's already been pushed a bit more. So there's the
banner is now permanent around going to go and explore the Radix ecosystem and find kind of
the leading dApps within there,
that now links out. What we're currently doing is investigating different ways to bring dApps and kind of a dApp directory into the wallet. And I know that's something that many in the community
have been very, very keen for. We're not necessarily going to do it in the case of like,
there's a one perfect solution that we're going to spend months working on to get in place
we'll definitely do it iteratively as you've seen like we put that banner at the top made that
permanent so that's always there the next version will kind of iterate upon that and I'm sure we'll
have further versions beyond that but we're definitely working from a mindset of how can
we get stuff shipped that makes iterative improvements rather than necessarily having to
focus on the perfect solution and not do anything until that is able to be achieved.
We've also had a bunch going on with PR. So Dan has been on the Xspace circuit.
Twitter spaces, for those of us old enough who remember. The big ones have been that Dan was a
guest on Monday on the Web3 Talk
space. That went very well. That had a few thousand live listeners and is racking up a bunch more
recordings on there. And as per usual, Dan has had a bunch of offers and interest to go on other
spaces off the back of that. Dan always does a great job on spaces. Unfortunately for us,
he's now getting so popular that his calendar means sometimes he can't join this one. But please will tweet at Dan and tell him that he needs to get on these spaces.
The other one is Yay Network, so the founder show. And Dan had a really interesting chat there
around Ethereum and how things were looking quite dark there. And actually, is this the dark before
the dawn? Obviously, recent events pretty
much today have said potentially, but Dan had some really good insights there and some of the
things going on. There's a few more Twitter spaces, X spaces coming up for Dan as well.
And this is all coming from the PR agency, who's doing a great job of promoting those and pushing
those through. So they do always seem to come in kind of batches that you'll get a flurry of
activity on one thing and then another thing in different kind of sectors.
But definitely something that we're seeing pick up and gets a lot of outward attention on Radex for people who wouldn't necessarily be there,
which drives that kind of top of funnel piece, which the Penrose report really identified as something that we need to prioritize in our total marketing mix.
Speaking of the Penrose report, and one of the
other bits of advice there was getting more events going. So myself, Dan, and Andy are going to be
heading out to Consensus next week out in Toronto. So if you're attending, do let us know. We'll try
and say hello. I know there's a big kind of Radix community group in Canada, and I have it on good
authority that they're setting up an informal meetup as well. So we'll make sure that we attend that.
We're not going to have a booth there. And the reason for not having a booth there is that
one thing that we saw, especially in token 2049 Singapore back in September,
is that the excitement of the market that there was going to be a bull market coming up kind of fizzled out
a bit. So all of the prices for booths and kind of the booth space and what was being spent in the
exhibition hall went up astronomically and is still staying up. Whereas actually the footfall
in the expo was nowhere near enough to really justify what was going on there. So what we're trying out to
start this year until the market and wider markets get a little bit less volatile is focusing on
boots on the ground there. Because the other thing that we saw heavily at Token 2049 Singapore
was that it was a great gathering of the industry, but most of the activity wasn't happening at the
main show. It was happening at side events, after events, private events.
So, for example, next week when we're going out there, I'm already booked in to go to a couple of really great side events.
One of them is actually an all-day one, which has about 100 different VC funds, predominantly from kind of New York and California,
attending really with a bunch of L1s and other kind of leading DeFi dApps to talk in a very
informal setting in a much more private group about where that industry is going and how they're
getting involved. So those are the sort of things that we're prioritizing. And Dan, Andy, and myself
will be hitting all of those as we're out in Toronto. And of course, it gets us a bit more coverage over in
the North American side of things, which is something that is really good to see, especially
as the North American market is heating up. So hoping to get some good things out of that.
Diving into community stuff outside of foundation side. So ecosystem milestones, there's been a load
in the last two weeks, which is basically the usual now, which is a fantastic thing.
So first up on Caviar 9, they have just launched their new HyperStake product.
So you can add XRD into the special LSULP XRD pool for additional rewards, and it auto rebalances and gets you additional yield by enabling seven day deposits and also instant unstaking
and the liquidity auto adjusts in it.
So again, this is another kind of what I consider
almost a third wave of product coming live on Radix now
where yield management is coming in for things
that are proven as being interesting
and desirable end user products
for people to put liquidity into.
So seeing things like this come live,
especially as we're gearing up and the planning and proposals for the incentive campaign and running this consultation is really good because these are all the things that are going to be
necessary as we drive that next wave of users and capital into the network to make sure that we have
an offering for basically every risk appetite and also every kind of participation actively managed
or degrees of
actively managed positions that people want to participate in. Where finance have also added
Caviar9's hyperstake token as collateral available. So that's another way where you can
utilize not only the initial yield, but get secondary yields, use that as collateral to borrow
other assets and put that into the ecosystem and utilize them in the ecosystem. Again, showing how the interoperable nature of an asset-orientated
network like Radix just enables these things to be produced very, very quickly and enables more
interoperability between dApps and ultimately allows liquidity to flow in a much more natural
way and drive up the velocity of activity on the network.
Raccoon.fun, a launchpad, they've launched their new lock on first buy. So creators can now instantly lock tokens on launch. So again, for those of you who take part in launch pads,
it just means that they are able to show that tokens are locked rather than it will be locked
later promises, which of course is a
great benefit if you're looking for that. The Bureau have also launched. So the Bureau is a
viewer marketplace aggregator for any NFT collection on Radix. It makes it easy to explore,
discover, and collect NFTs. It's already integrated with the Trove ecosystem as well as XRD Gens.
I'm sure they're going to be looking at any other NFT marketplaces to support as well. So again, this is another kind of one of these
third wave of dApps where it's actually aggregating information from other dApps within the ecosystem,
really curating and refining that user interface, giving people the information they need to
interact with assets on Radix how they
wish. JustLock are also now being tracked on DeFi Llama. So this is another big win. Radlock already
were, but this is a big way to increase the amount of TVL on the network because these are tokens and
assets that are locked and secured by the Radix network. And of course, getting more TVL on the Radix DeFi Llama page helps put
Radix up that ranking, gets more eyes, more credibility, and shows more breadth within
the ecosystem. So it's something I'd recommend to absolutely every DAP building on Radix.
Make sure that if you are able to get within any of the DeFi Llama categories for TVL and for volume
and for fees, et cetera, you do that integration because not only is it a great signpost towards your DAP, it all helps boost up the entire
Radix ecosystem in terms of visibility on the DeFi Lama platform, which is a pretty
staple go-to for anyone interested in DeFi and broader ecosystems.
On a bit more of the fun side, we've also got a poker tournament now up and running. So
the first poker tournament on Radex is coming up. It's a no limit Texas hold'em called Superturbo.
They've got their token poker. So you can go into the tournament. It's currently on StokeNet. But
again, this is another great use case outside of your traditional kind of like DeFi side of things
where builders
are building day in day out within the ecosystem so congratulations to them and I hope everyone
has fun in that so and that covers all of the main updates that I was going to give today so
there are a bunch of questions that have been submitted already and big thanks to Farah for
collecting all of these in Telegram, in Discord, across different places
and curating them for me. However, if anyone would like to ask their question or just have a
discussion, be that about anything going on with your DAP within the ecosystem, or if you'd just
like to have a chat about the incentives program and the proposal that went out on that yesterday
and kind of how that's working, would like to ask some questions, you will be prioritized. So please do request to speak if you would like to. I'd love to have
some people come up and have a chat, but otherwise I will start working my way through the list that
already exists. So one of the first questions, and I've seen this come up quite a lot, which is in the incentives proposal, there are three main ways
that you can earn or get season points effectively. And the season points at the end of the season can
earn you XRD. The first is by passively providing liquidity in certain whitelisted assets in DAPs.
The second is by actively utilizing liquidity, so interacting with
different dApps and doing those. And then the third is by having a multiplier that is calculated
by the amount of XRD or XRD equivalents you hold in order to multiply any other points you earn.
So one of the things that has been a bit confusing for some people here, and understandably,
is how will my XRD holdings be counted for that multiplier?
Will ALT be counted? Will certain liquidity positions be added and counted towards that?
How will it work? So currently the plan is that XRD or any XRD deployed in DAPS,
we are going to try and include within that kind of accounting for XRD. So a good example
here is like XRD and LSUs will definitely be included. Things like LSU LP or the new hyper
stake product from Caviar, XRD in different liquidity pools paired with different assets,
we're going to try and capture those. The main thing we've got to do here is just prioritize
based on the amount of XRD in these different venues and the technical overhead of incorporating, capturing those obviously has diminishing returns
as you get less and less liquidity of XRD in these different places. So we'll be focusing on,
for example, just by total amount of XRD, obviously XRD first, LSU second, LSU LP third, LSU LP
in say root and weft is another big one.
There's a lot of LSU LP put in there.
We'll be making sure they're tracking those derivative tokens to recognize that within the multiplier.
But currently, the proposal isn't planning to include ALT's XRD value into the multiplier.
However, the multiplier itself doesn't get you any season points.
However, the multiplier itself doesn't get you any season points.
So Braddock's alts and supplying liquidity, trading, utilizing other assets within the market and within the ecosystem is the only way that you can actually earn points.
So that is how these assets will still be used.
The big thing that I'm not going to pull punches on on this is that the big priority in kind of the north guiding star of this campaign is about driving overall economic activity within
the network. And so adding more tokens, more liquidity pools, whitelisting more dApps for
rewards, at minimum dilutes the amount of season points that can be given out for different
activities. So we will be weighting the amount of season points and limiting what is whitelisted potentially to the things that are
driving the broadest and biggest economic impact. So a good example of that today is anyone who's
familiar with utilizing the ecosystem on Radex will know there is a real demand within the entire
ecosystem for more wrapped USDC. So if the program was live today and the proposal and the consultation with token holders gets a big thumbs up from everyone who is participating in it.
A big amount of those season points in week one would probably go towards providing liquidity in USDC and also utilizing USDC in DAPs for different activities.
in DAPs for different activities. If in week two, we then find that actually we get a huge influx
of USDC, it's deployed, the market's looking a lot more comfortable for the demand or for the
supply of USDC versus the demand, then in week two, we may adjust the amount of season points
that goes towards those and put them into other things. And that is one of the things and one of
the reasons the proposal is heavily focused on this kind of retrospective each week giving season points.
So we can dynamically adjust the rewards and which activities are given what share of that week's season points to make sure that we are adjusting to what the ecosystem needs based on the overall economic activity.
And now this doesn't mean the things that are not directly included are going to miss
out because there will be some catch-all categories as well as high priorities. So
that might be things like the total number of unique components or dApps accounts of
interactor with each week, the total amount of fees paid, awarding kind of some season points,
as well as one-time rewards of season points. So for example, maybe XRD domains. If you own an XRD domain,
maybe you get each season a fixed amount of season points rather than every single week
to reward them. So our goal is to support and include as much as possible. We're working with
builders and speaking with projects in the ecosystem. And as again, with the economic
activity, we'll be working down that list, both on dApps and also assets, supporting those with the economic activity, we'll be working down that list both on dApps and also assets, supporting those with the greatest amount of use and the greatest amount of capital and
activity first. So hopefully that helps explain that question a bit more, that even though alt
coins won't be counted towards your XRD holding for the multiplier, they are likely to be essential
to actually earn those points weeks on weeks that the multiplier multiplies. Another reminder again if you do want to come up and ask a question please just raise
your hand and request to speak. I would love to have some people come and ask me some actual
questions. Next up we do have another question in chat so that was around the multiplier again.
So there was a bit of confusion around the multiplier so I'll explain
this a bit more simply so the multiplier follows an s curve and what that basically means is that
for low amounts at the start of the curve so for holding low amounts of xrd you get a very small
increase per additional xD that you put in
to that multiplier. In the mid part of the curve, which roughly is between around that like
$1,000 of XRD at common prices to around $100,000 of XRD, you get the steepest increase in each XRD.
The more that you hold, the more that multiplier increases by. And then past that point, you then
get diminishing returns up to a cap of a 3x multiplier. Now, one of the things that has been
a bit confusing, because I spoke about the multiplier being steepest between that $1,000
and $100,000 mark, is that people assume that the 3x cap was at $100,000. That's not the case.
The maximum cap is currently proposed in the actual math of it of being at around $100,000. That's not the case. The maximum cap is currently proposed in the actual math of
it of being at around $750,000 of XRD, but the diminishing returns come in at the $100,000 mark.
What that means is that as you start getting above that, you don't get exponential or linear
increase in the amount of additional points you get, but there is still benefit to holding more XRD. And I know one of the concerns around this from some in the community is, doesn't that just
mean XRD whales win? And it's unfair. Now, the first piece about this, again, it's something
that may not be popular, but a lot of the thought that has gone into the proposal is not really
worrying too much about being fair or equitable to everyone who wants to participate.
It is very much meritocracy based on the amount of capital and activity that occurs on the network.
However, one thing we didn't want to occur is to have a situation where passive holders of XRD or LSUs
are able to get very, very large amounts of points just from having bought and held large sums of XRD or LSUs are able to get very, very large amounts of points just from
having bought and held large sums of XRD. Because that is passive, it's not being utilized on
network, it's not contributing to TVL. However, we didn't want to completely ignore that because
obviously people who do hold the native token of the network and especially who stake it are providing economic security to
the ledger. It is helping drive demand for XRD and help secure up the entire value within the
ecosystem. So we needed to balance that. And the proposal that we have out at the moment, which
again is still a V1, so it's open to discussion, input, thoughts from everyone in the community.
The proposal is that XRD and LSUs
themselves don't earn you points. If you just sit on a big bag of XRD or staked XRD, you don't get
anything. However, there is a benefit that by holding XRD, you earn more points from actively
deploying capital or utilizing capital in the other activities. And that multiplier isn't that large,
even though 3x sounds like quite a lot, it's a percentile basis on percentile. So at the end of
each week, the current proposal is that each activity is set up in a way that say it was
dex volume and it was a nice simple $1 of dex volume gets you one point for that activity in
the week, hypothetically. At the end of the week, we would rank all accounts based on the amount of Dex Volume they did,
and then distribute the season points for Dex Volume based on which percentile of activity you came in.
So it won't be directly proportional. It will be buckets, basically, for each level of activity.
Based on that bucket, you will then have your
XRD multiplier applied to that, which gives you your season points. Those season points
at the end of the season, then again, come back into percentile buckets. So say hypothetically,
there was a hundred million XRD for the season. At the end of it, maybe X percent of it was given to people in the top 90% of season points earned over the entire multi-month season, a lower percent of 80 to 90 percentile, etc.
So because of this, individuals who get a large multiplier don't get exponential benefit over others because it's kind of a percentile on a percentile.
it's kind of a percentile on a percentile. So it does smooth that out while still giving a really
strong incentive to both existing users and new users to buy and hold XRD and then put that XRD,
LSUs or whatever into the ecosystem, utilize it within the ecosystem to provide more liquidity
and other assets as capital to drive economic growth on the network.
So another one on the multiplier is all around, is there a reason that there isn't a time-based
component to the multiplier so this again something i had some great discussions great feedback on
the reason there isn't a time-based element to the multiplier is because there's a subtle time
basis already to all activity so because season points are awarded each week,
in order to maximize your total season points and the amount of XRD you get at the end of the season,
you have to consistently provide activity and hold that XRD week on week on week.
So if you just did it for a week and maxed out your points across all different activities and had the max multiplier, great, you'll get a lot of season points that week.
But when we're assuming that seasons will probably be around four months each, you're then going, well, cool, you've got one out of 16 weeks season points.
If you don't keep it up, you'll get diluted.
The second reason for not looking at hold time is that it then becomes a bit of a barrier to entry on new people coming in.
And one of the big things we want to avoid is that if you haven't started early in the season, then you feel like it's hopeless joining later on or that you've missed out or that there's no point getting involved.
So each week becomes kind of its own level playing field.
But if you're consistent week on week on week, then you maximize the amount of season points and your overall reward. And this is why we're really focused on that goal of providing
long-term economic activity on the network and gearing everything around that, including the
fact that we're doing in multiple seasons. So things taper off over time, rather than these
being sharp cliffs that could cause sudden spikes or drops in the amount of liquidity, TVL, and activity
on different apps. We want to build things sustainably. Looking through some of the other
questions on here. So there's some other questions around the multiplier as well, which I'll cut you
on briefly. Farah, if you can, I know you're in the document with these. If you can highlight
questions that have been asked more, because I don't think we'll be able to get through all of these today. So one
of the other questions on the multiplier was around what stops people splitting wallets. So
there's two things around splitting wallets that we took into account with the proposal.
The first is that the rewards will be allocated based on user personas, not on individual accounts. So if, for example,
you have 10 accounts and nine of them are storing LSUs that you have staked, they're in ledgers,
buried one in each continent around the world, you only need to dig them up at the start of the
season. Connect your account, link all of those accounts, and then any assets held within them or activity held within them
will all be based against your user. So it encourages people to have good wallet hygiene,
it allows good flexibility there, while also making sure that you're not ideally incentivized
to do this on individual accounts. Obviously, you can if you want to. And this is where the XRD multiplier comes in. So on the XRD multiplier side,
yes, you could split accounts. If you have very, very large amounts of XRD, you can split it.
However, there isn't really an economic benefit to doing so for two reasons. Firstly, as I said,
the cap is at 3x. And currently, that cap in the proposal is set up at,
you don't actually hit 3x until you're at like $750,000 worth of XRD, which is a lot of XRD at
the moment. Even if you then split that 3x, if you're above that, the steepest part of the curve
is between that $1,000 and $100,000 mark. So you don't actually get a benefit by splitting in there unless you were doing exactly the same activity on both of
those accounts or on all of those accounts by bringing in additional capital. Because remember,
you don't get any points directly from having XRD. You have to deploy it in the ecosystem.
And so if you use this example, let's say this person was only providing LSU LP liquidity into a lending
platform. Yes, they get some points, but because it's all percentile based, you then have to work
out if splitting your LSU LP across two accounts, having two smaller multipliers rather than one
big one, and then keeping that is going to end up netting you more season points over the entire
season than if you just did it all on one account and got higher percentiles for the activity.
And so the only real scenario here where you win is if you bring an equal amount of additional
capital, mirror all of the usage across all of those accounts and get into the top percentiles
for all activities every single week with the highest, most efficient multipliers at
100k level across all of those accounts. And doing so due to the amount of XRD needed and
other capital needed, that is incredibly intensive. And again, because of the double
percentile based approach on the weekly leaderboards for the different activities and then
season points to XRD at the end of the season being percentile based, you've basically just got two slots on that,
which probably isn't going to give you a very good economic incentive based on the amount of effort,
additional activity and additional fees that you're paying on the network in order to do that.
So while it's not impossible, it's one of the big things that we're doing is like,
rather than stopping people doing things that are undesirable behaviors.
Instead, we're doing it in a way of making it economically unprofitable to do that.
And the other part to this is again around like what prevents people from creating dozens of wallets and basically flooding that.
Well, this is why it's again on the S curve so that you're encouraged.
It's again on the S curve so that you're encouraged.
And the vast majority of users are most benefited by having,
linking all their wallets up to maximize their multiplier
and doing that activity organically across a range of different things.
As well as that lower cap,
which means that some manipulations of where that curve falls also don't work.
So I'm going to go on to the last three questions.
And just remind everyone again, please, someone requests to come and speak.
Otherwise, I'll just be monologuing the whole time.
So next one is how often will incentives be paid?
Will there be some kind of vesting on the incentives earned?
So this is still one of the areas where we're speaking with kind of developers, with projects, with kind of closed groups at the moment, we have a rough feeling that it's going to be incentives paid out at the end of each season.
And each season probably lasting somewhere between like three and six months-ish.
But again, these are all things that season on season we can change and we can adjust if necessary.
The reason for paying them out at the end of the season is twofold.
A, it provides a bit of a lockup period
so you're not giving out XRD every single week.
But secondly, if you have a vesting on top of that,
obviously the longer it is between doing activity
and getting the reward,
the higher the friction is
for people to want to get involved.
And so we have to balance that
with the kind of end enterprise and
delayed gratification of it and the value of that versus how accessible it is versus how liquid it
is, because that affects how most of the capital in DeFi being very mercenary adjusts what the
return for bringing their capital and utilizing a new L1 is. So that is the current proposal.
We're definitely open to more. There's also the second piece that if you provide
at the end of the season
and then the next season starts straight afterwards,
is that you're then encouraged again
from a multiplier perspective to hold those rewards.
Because if you don't, then you're multipliable lower
and then you'll get less rewards in the next season, et cetera.
Another big question I've seen coming up a lot is, while generally people seem pretty positive on the incentives proposal, and while there's been some great questions and feedback on it, one of the big ones has been like, how do we attract people outside of the RADX bubble to come and participate?
So obviously, this is the billion dollar question of how do you get more people onto an L1?
And the boring, nuanced answer that I'm sure people will rip me for is that it's a variety
of factors.
So the first piece is you've got to have a reason to come across.
And this comes back to, are there interesting dApps?
Are there profit opportunities for my assets within that ecosystem?
How is the friction of getting into and out of the ecosystem?
What are my overall benefits?
Is there a great community?
All of these things play into it.
So one of the things that we're doing here to attract people is obviously by creating
the carrot of essentially saying, hey, there's this big 1 billion XOD incentives campaign.
There are a bunch of really cool applications in here that generate
real yield already and give you good return. And there's now these bonuses on top of that.
That's already a bit of a pull factor. The next piece is then getting people aware of it,
because you can have an amazing product, an amazing offer, but if no one sees it,
then no one's going to buy it, essentially. So this is where kind of traditional marketing comes
in. We need to get that seen by people. And we're currently looking at what is feasible to do as part of the launch. But unlike previous
launches, one of the big things that we're focused on here is while there will be an initial kickoff
is that this campaign is going to be running for kind of like 18 to 24 months at least.
So we want to be making sure that we're hitting that drumbeat, pushing it out consistently to the right users at the right time, and making sure that we grow that and use that
growth to also help leverage the things that will reduce friction, like getting more bridges
available, like getting more avenues to on and off ramp into both XRD and also into ecosystem tokens.
And those are things that we need to do. We can't necessarily do them all at day one we need to
build up on them and that's something that we're spending a lot of time with and looking with
third parties and why we're using things like the data we got through on Penrose to work out the
best most efficient ways to do that both over the coming months and also after season one starts
assuming that it goes ahead.
And then the final question that we've got here is around doxing. So when presenting results,
I'm assuming this is to do with the consultation. Will accounts be linked to each other and possibly persona? No, they won't. So don't worry about that. When you use the consultation app,
if this question is about that that what happens is essentially each account
is signed by itself with the roller proof it has to prove the account control and that you have
ownership of that account when you signal that then goes into a database along with public key
of that account and the signature of that account and then at the end of it we will randomize that
list of accounts so there's no way to know any of the group together or signed at the same time or anything like that. But you'll be able
to cryptographically verify that each one of those accounts had the right voting weight,
had the right signal direction, and also cryptographically prove that they signed the
roller proof that they were meant to participate within that and were eligible to. So I hope that answers
that. Now we do have one request to come up on mic. So Machinist, you should hopefully be able to speak.
We hope. I can see the microphone next to your name.
Okay, while we wait for Machinist to come through.
Oh, no, I can hear the mic.
Hey, can you hear me?
I can.
Can you hear me? Oh, good, good, good, good. Hi. Well, you said you wanted people to come up,
so I figured I'd come up, hang out with you. What's going on? I feel bad. I was in a meeting during the beginning of this, but I joined the space because I want to support you. I want to
support Radix. I want to support this amazing community community but i have no idea what happened in this space so if you could please start from the top uh and i'll wait
so i don't often say this to reasonable requests from the community but no not gonna do that
luckily the space is recorded though so you can after we concluded, just go and listen to the recording. uh everyone is in crypto i don't care what anybody said maybe like five people are here because they just believe in everything being decentralized everyone else is here to make money
right at the end of the day people want green numbers right uh and giving away tokens is
probably the easiest way to get people onboarded uh and 1 billion XRD is a beautiful number. So I'm pretty excited, man.
I can't wait to see how this works out. Yeah. And to answer your question on feedback,
so feedback so far has been brilliant. And I've got to give massive thanks to not only the team
on the foundation side, but especially to people within the community. Many DAP builders have had repeated
versions and kind of iterations on the proposal, the thinking with a lot of depth in it. They've
really given it the time and attention to digest it, ask sensible questions, think through some
of the ramifications and consequences of certain things and really help refine the
program. And this high level one that we published yesterday is just the first step of that.
And especially some of the stuff with the campaign is the one bit of feedback that we have seen
from some people initially is going, hey, this seems pretty complex. Why don't you just do it in a simple way um and the balance is that you have to create a
program that correctly incentivizes activity that's going to help the ecosystem and radix network grow
and the amount of value on that ecosystem grow and unlike a dap only airdrop or incentive campaign
there's usually other things so like one of the most common ones that i've had people point to
is going like why are you over complicplicating this? Just do it like the
hyperliquid one and just reward traded volume. And it's like, that makes sense because for
hyperliquid predominantly running as a perpetual product on their own chain, that's their North
Star. If the amount of trading volume goes up, they get more trading fees coming in, they get
more activity and a dollar
of petrol's volume is worth a dollar of petrol's volume.
That's their main metric.
As an L1, with a thriving ecosystem, you've got to make sure that you're accounting for
a lot of different competing demands and a lot of different competing things in order
to try and make the entire ecosystem grow.
And so that's why some of these things have had to come in there, things like making sure that there is some benefit to buying and holding XRD without making it so just if you're
selling a big pile of XRD, you reap all the incentives without actually providing more
economic activity on the network. But feedback has been great. I'm also hugely thankful to all
the people who've given feedback on some of the ways this is explained because no matter how well you ever try and explain something, there's always things that
can be unclear or miscommunicated. So thank you everyone who's kind of asked these clarifying
questions, given their feedback, raised their concerns. And all I would say just to avoid
pitchforks down the road, well, try to avoid pitchforks down the road, is that anything like
this will never be perfect. You're constantly making or trying to make informed choices that
are going to lead to the best net outcome. So a good example of this is I've seen some people push
back on having a minimum amount of XRD an account needs to hold to be able to participate in the
campaign. A, that provides
protection against certain exploits around that multiplier curve by making it economically
unprofitable to attack the bottom end of it with low value accounts. But equally is going when you
look at data from other networks, the vast majority of TVL and economic activity come from mid to large
size wallets. And from a cost of user acquisition
standpoint, getting those on is typically going to be a faster way of doing that and cheaper than
onboarding, say, 10 million people to get that same amount as TVL if they're bringing $10 each
versus a million people or 100,000 people bringing $100 or $1,000 each. So these are sort of balances that
we have to do. And I'm sure there's going to be things that is going to be frustrating to some
people. And we will try and mitigate that as best we can. But our goal is to make sure that the
entire ecosystem is benefited as much as possible. Well, that is an excellent excellent goal and to be honest i think a lot of times at least i do this
right when something like this comes out and there's a lot of information and it's something
that people have been talking about they've been passing back and forth and well i think it's going
to be this and she thinks it's going to be that uh when it when it happens right and people really
get in there and get into the weeds and
start picking it apart. It's easy to find things always, it doesn't matter what it is, uh, to
disagree with, right. It's nothing's ever going to be perfect, especially something like this,
where you're trying to make it. So it's not gameable, but it's still fun. Right. And people
still want to take advantage of it. Uh, but I think an important thing is just taking a step back and just looking at it for what it is.
It's a reduction in the total supply of tokens, and it is a 18-month to two-year-long incentives campaign rewarding users for on-chain activity.
And it's already started.
People are already, this is season zero,
right? So I think it's important to kind of take that wide view sometimes and just say, well,
this can't hurt. There's no way this puts us in a worse spot than where we are right now at around
a penny, right? This could be the catalyst that really makes Radix take off because it's always
that one thing. There's always something that's the catalyst to huge explosive growth with things
like this. So I'm excited. I can't wait to see it. That $1 XRD party may not be far away.
That's the other thing which I'd say as a second to your start things going quickly.
And then your challenge traditionally is going, well, what puts a damper on that?
And we've seen this before.
And I've seen people saying like, oh, is it why starting the incentives campaign if we don't have like more bridges yet or a tier one exchange yet?
And some of these are chicken and egg problems.
But the end result is we've seen from previous activity, there are more
assets willing to be bridged over onto the network if the incentive's there and people know about it.
And that unlocks more activity for dApps and more activity across altcoins, across NFTs, across
all different things that you can do, which in turn drives demand for different people to integrate
in those tier one exchanges, for bridges, for other partners, for new developers to come and deploy. And you've got to kickstart it somewhere.
And the better the fundamentals are, like the great ecosystem, like the fantastic community,
like the confident experience that you have whenever you go and use the wallet, like when
you go and read the Zellick report or Hacken report, and they give it this glowing recommendation.
These are all pieces that mean that once you scratch past the surface of radix
and go okay i'll take a look that seems interesting we capture people we capture
them and people don't leave radix ever that's a good point uh they don't it's pretty sticky around
here um personally i don't like getting sticky right eating ribs. I'm not a big rib guy or anything with honey on it. Cause I don't,
I just don't like being sticky, but Radix sticky is okay.
Now I just have this model of you being one of these people with like a knife and fork or
something. No, that's just too weird. I just avoid it. I, or, or I bring my own napkins.
I bring a whole big pack of like, you know, the, uh, what are they my own napkins. I bring a whole big pack.
Like, you know, the, what are they, China napkins?
They're good.
Anyway.
I relate to you.
Don't worry, machinist.
I don't like having dirty hands either.
Because then you've got to go, well, it's just not right.
Well, it's the only reason I've stayed in crypto for five years
and still have a good reputation.
You've got to keep your hands clean, my friend.
Good advice.
Speaking of good advice, Slammer, you have the mic, so you should be able to talk now as well.
Thanks for coming up.
The champ is here.
Thanks, Adam.
I just have two kind of quick questions.
I think maybe some other people will be thinking too.
The first is regarding civil protection so i think like it's it's pretty predictable and and almost
a certainty that the system for the incentives will will be gamed or will at least people will try to game it with bots and things like that.
So I'm wondering, is there some fallback whereby the points can be manually reviewed
and challenged or something, a bit like what Layer Zero did?
and like challenged or something a bit like what layer zero did and because obviously if
this thing is just bottled out of the gate and all of the the points are are taken up by bots
and all of the rewards flow to bad actors then it could it could obviously sour the whole thing
very quickly and be extremely damaging so i guess i think it
would just make sense at least at the beginning to have a manual review process and perhaps like
flagging um accounts midway through the season whether it's it's shown on the leaderboard as
as a flag that this is this is a this is being challenged and therefore whoever is the owner of that account
needs to kind of come and prove that they're not gaming the system. So that's my first question. I
have another quick question afterwards. Do you want to shoot the next one as well or do you want me to
do one at a time? You do the first one. The second one is quick.
So on that first point, the short answer,
yes, we will be able to manually adjust season points
if there's obvious exploitation.
However, when designing the system,
the goal is to really minimize the requirement for that.
And the reason being is that, as you saw with the Layer Zero campaign as a good example of this, is people who are spinning up many, many bots to try and farm a campaign like that are also able to spin up many, many bots to do reputational damage to a project, to a campaign
and have means to do so. So generally, as we saw with RagQuest as well, you can put the best
protections in place to try and prevent civil attacks or bot attacks by brute force stopping
them. But if the incentive is big enough on the other side, they will find
ways around it. So the ethos is going, okay, well, if you assume that there's going to be more actors
attempting to find ways around this, then there are people trying to stop them.
And there's going to be loads of disputes and potentially false positives. Is there
other ways to make it unviable to attack? And I've forgotten who it was,
I do apologize, someone linked me on X, a university like master's thesis, looking at
campaigns. And basically, one of the big things was, if it was profitable to do an action,
bots would come in and do it. If it was not profitable, they wouldn't.
And actually the economic cost of attacking a campaign was the biggest piece beyond any other
kind of attempts to mitigate it. There's been many different approaches taken and they all have some
issues. Whereas if it's just economically unprofitable, they don't. And so an example of that is on the bot side is that because things
are percentile based on both the activities that are awarded and those activities require you
actually deploying real capital, real assets, bridging them across, trading, using different
apps, paying fees on the network, and that gets you a percentile share of a weekly pool of season
points for that activity of which there'll be many per week and then those season points at the end
of the season get you a share based on your percentile ranking there of the overall prize pool
it's very difficult for a bot to calculate am i being profitable by paying these transaction fees
or doing these activities and deploying this
capital at a large scale, if you're not a good faith actor, essentially trying to use the network
organically. The second piece to that is then going on reasons why we have like a lower limit
on the amount of XRD an account needs to have. Because again, spinning up many, many accounts
for that is then going, well, that's adding a cost into it. And if you've got that, plus also needing to have real capital to deploy into DAPS's liquidity or
utilize that liquidity, which in itself requires you to have assets on chain and do activity there,
you need to participate in it. And then we'll be looking to stop any obvious exploits. But even
some of these obvious exploits aren't good. So a really good
example of this is like, say there was an activity each week for dex volume. And it was just a simple
like $1 of dex volume is one point. That's what ranks you for the week. Because the season points
are given for that activity based on what percentile you land in, you are not incentivized to do massive,
massive amounts. Because say the first place was a bot that was doing 10 million transactions to
get up there. But second place was doing 100,000 transactions because it's percentile based. That
because it's percentile based, that bucket might be, they both get the same amount. And so the
bucket might be they both get the same amount. And so the person who did the 10 million transactions,
person who did the 10 million transactions, guess what? You've just paid like a thousand,
no, 10,000 X more transaction fees, and you get exactly the same reward as the good actor.
And so by discouraging things like that and having the capital requirements coming into it,
it makes it very, very costly to undertake civil attacks or more specifically like bot attacks or farming attacks
for a very small potential benefit based on the capital you're risking across all of those accounts
yeah no look i get it i suppose uh the the sort of counter argument to that is if it is
The sort of counter argument to that is if it is percentile based, then it is you're judged compared to, you know, everyone else.
And so it's possible that bots could be spun up to increase the overall number of participants.
And obviously provided it's at a certain threshold, it would squeeze out actual human beings.
But I do understand that it is like you can't account for everything.
But I suppose my main point was whether whether there was a manual fallback.
And it sounds like there is. So I think that that's good.
Yeah, there is a manual fallback and the the north star is is this
economically valuable activity and the reason the other reason for this is one thing that is coming
increasingly common is and being talked about is a genic interaction with defy networks and defy
protocols and what you see on like the back end is like on things like curve, I don't know.
It was a curve or balance up.
I think it was balance up like balance or something like only 3% of the
interactions with balancer come from kind of end user or like front end
interactions.
All the rest of it comes from backend activity that again is economically
valuable.
They are paying fees.
They are driving trading fees,
going to the LPs that are providing
the liquidity. It's providing real yield for that, which creates better APYs, which means more
liquidity comes in, which means it's a more efficient market. And those activities do have
economic value. And so what you want to prevent is people farming, so low value farming, where
you're doing an activity that has a very low cost and provides very low economic benefit to the network, but gets you rewards.
That is what you don't want.
And that's essentially what happened with RadQuest is the approach was, hey, we can block them.
Didn't work.
And then you get basically a faucet for XRD, which is very, very bad.
But once you put capital requirements in a match you need to put things of value and use them within DAPs
that takes both network fees and DAP fees
and liquidity fees.
On top of that, you're improving yields
and generating real economic benefit.
And so if you're spinning that up
across multiple accounts and it's percentile based,
if you want to take a meaningful number of those slots
to push where those percentile buckets fall,
you're having to deploy huge amounts of capital.
And then you start
going into the point of going, well, is that even a bad actor at that point? If you're genuinely
spinning up millions and millions of dollars of assets on the network, transacting it, providing
as liquidity in a range of dApps from a range of accounts that are all trading against each other,
driving up fees, driving up yield, and driving up XRD burn ultimately through paying those fees,
driving up yield and driving up xrd burn ultimately through paying those fees
and they're holding xrd to get multipliers and all of those accounts
at that point is that economically bad
yeah no i understand the the point yeah um so just just one other quick quick question before
final two quick questions.
So are there any plans? It's like a Hydra.
Every time I chop off a head of a question, three more appear.
Well, I'm here.
I'm here now anyway, so I thought I may as well go ahead and push it.
But I appreciate it's over time.
But another quick one is, are there any plans to kind of gamify the system over time and i'm thinking
in particular about having some kind of disincentive from leaving the program part of the way through
so you know i'm thinking about something that could be carried from season zero to season one
beyond just extra d holding so whether it's regular, you know, maybe a badge for regular
daily usage or, you know, something like time-based holdings or an increased multiplier.
If you increase your holdings from one season to the next, things like that so that there's a kind of like a leveling system
that people can kind of aspire to constantly move up through the levels.
So maybe is my answer to that.
I understand exactly why you want to do it,
because you want to get stickier users and get people to stick around and ultimately reward the people who are showing the longest term commitment.
And also just to disincentivize people from actually just dumping their XRD rewards, both generally and from one season to the next.
So it's something that you could kind of flip into from one season to the next.
Yeah, so I think it's a really good point. or something that you could kind of flip from one season to the next.
Yeah, so I think it's a really good point.
The reason in this proposal there isn't anything like that included is twofold.
The first is that you never want to have people
feel negative about participating. And so if you have season to season rollover
or things where you get compounding benefits the longer you've been in then that means that say in
the week the first i know three weeks of a season of season one or something we just get a steady
uptick and then suddenly there's a big flush of users come in
and you go, Oh, I can never catch up to that person who's been in since week one,
or has been in since season zero. They're always going to be ahead of me. They're always going to
have an advantage if they keep participating. What's the point? You genuinely want to avoid
those feelings, but you also want to make sure that people who have been in earlier get rewarded.
So on a per season basis, that's why everything's done weekly is it's like cool you've got to be in week on week on week
and because that earns you season points that at the end of it equate to the amount of xrd you get
your each week is a completely level playing field but you're still getting incentivized for
being in there the other piece is that generally you tend to see from a gamification standpoint, people wanting to stay in more if there is a character staying in rather than a stick for leaving.
And so on the end of season rewards, as an example, if you and this comes into things like vesting or if you're going, hey, you've got to lock them up to get a bonus on the next piece or whatever else is these were reasons for someone to say no or take a bit of caution.
or whatever else is these were reasons for someone to say no or take a bit of caution.
Whereas a soft lock or like social lock of something where you feel you're missing out
if you pull out or that you'll be giving up something is psychologically very powerful as
well. So a good example of this at the end of the season, you might get that. But then if the curve
for the amount of XRD you gets adjusted to re rebase it based on
either price changes of xrd or the amount of holdings of accounts or something like that to
make percentiles um rebalanced you're going well if you then sell your rewards or whatever
you're going to get less rewards next season by that nature you will and those rewards will be
going to other people and And this is something that
we saw was hugely effective many, many moons ago with the EXRD liquidity mining campaign,
is that you got a multiplier the longer you stayed in. And you can leave at any point. You
weren't hard locked, which was kind of the trend back then. It was just like, if you leave, it
told you A, how much EXRD you were giving up, and that XRD went to someone else.
And as a result, we saw the vast majority of accounts keep their liquidity in the entire time,
because it exponentially felt each day was like, oh, I'll just stay in one more day.
But each day, you had a bigger carrot to stay in for one more day after that.
And so it's kind of training that behavior in a positive route,
rather than trying to lock people up or force them to stay,
or disincentivizing future people, because there will be some churn of people leaving the program or leaving the ecosystem for whatever reason.
And it's natural to have that,
and actually not then disincentivizing the people
who ideally you want coming in to replace them
and obviously increase the total users.
Yeah, that makes sense.
I think on the point of gamification, though, levels and things like that, obviously you've thought it through, but I feel like having a mechanism like that could sort of yield a disproportionate benefit. So, you know, you might not need to give away
too much of a multiplier per level
in order to get a very significant benefit.
But anyway, it sounds like you've thought about it.
So I'll trust you on it.
Yeah, I think there's also a range of things
you can do as well, Slammer.
So there's a kind of completely non-financial level is you can have true gamification rewards.
You can have like a season zero NFT that anyone who qualified for that gets an NFT cent, which obviously could have a monetary value to it in a secondary market.
in a secondary market, but it's like, hey, this is a cool thing. You get recognized. You get social
But it's like, hey, this is a cool thing. You get recognized. You get social recognition for it.
recognition for it. Then on top of that, you can then go to options of things like, hey,
if you've got a season one NFT or participate in that, guess what? You get a 500 season point bonus
in season two or something like that. And the balance is ultimately just going down.
How much of a benefit do you get for what you've done in the past? Helps retain people potentially,
benefit do you get for what you've done in the past helps retain people potentially but it makes
it harder for someone new to come in to feel like it's fair and disincentivizes them from coming in
and so that's really the big balance when the goal in my opinion has to be how do we get as
many new people and as much new capital in as possible as the big benefit to those already here. Yeah, no, understood.
So final two quick questions is,
number one, when incentives,
and number two, when hyper test, hyper scale test.
I think everyone is obviously itching
to see both of those, what things happen,
hyper scale tests in particular,
and I can imagine what your response will be but i think it's like extremely urgent uh if i can speak on behalf of uh the
community yeah i know i know you all know but like to hear me say well probably don't like to hear me
say it actually hyperscale at dan that is that is the person you need to direct that question to.
He is, as you know, working on a bunch of stuff with the restructure, which is unfortunately very pressing and very important to get done right.
So I completely agree with his prioritization of that.
once the train leaves the station for hyperscale,
he really needs to have focused time for that
because any success on that
will lead to a bunch of demands on Dan's time
for press, for X spaces,
for thought leadership staff,
for doing more tests,
for supporting other third parties,
for dealing with someone who comes out and goes,
well, actually this thing,
you'll need to go and argue with them on X.
And that gets engagement.
That hits visibility.
That gets people in.
And so he's got to have some clear weeks in his calendar that he knows there's not going to be something coming up to be able to hit those.
So on that one, ask Dan.
He's the man for that.
On when incentives, because we're all friends here, no one's going to tell anyone outside of this.
all friends here. No one's going to tell anyone outside of this. We're still targeting internally
the date I initially roughly said, which is like end June, early July kind of period for kicking
off season one and season zero would end at that point as well. Season zero, honestly, is one I
really want feedback from the community on. There are pros and cons to doing a season zero and how
generous, for lack of a better term, it is term it is obviously rewards people who were already here
but doesn't drive anyone new in until we obviously say that we're definitely going ahead with the
um incentives campaign which hopefully will be the case after the token holder consultation and
then some people come into the end of that season speculatively um, in also wise counsel from many in the Radix community, we're not sticking
an exact date up. We want to do it as soon as possible. We're not letting Perfect be the enemy
of the good on this, and it will be iterative. So whatever is launched on day one, don't assume
that that's it. Those are the only things that will be incentivized, or that's exactly how it's going to look, or we're not going to add some nice social features,
or non-financial gamification, or things like that. We want to get a good MVP of this out
that meets the core goals, and then iterate upon that as soon as possible. Everyone on the
foundation side knows the urgency of that to get that in place. And equally, that will mean
some compromises both on what we can get out on day one. But I'm also not sticking to an exact
date of saying, oh, we'll definitely be done by then because I don't want to go and delay dates
if something important comes up on that. And there will be some decisions that need to be made around
like, is there some big reason to do it sooner,
do it later, wait for this. So a good example I've seen many people raise quite rightly is,
should this be timed with height to scale? Sure, it can be. But then if you're trying to time the
two of them together, you're going to delay the other one for whichever is the slower.
And that's the nature of it. Should you wait for a, like if there's a tier one listing or a
decentralized bridge coming or something like that, do you wait for that? I'm sure some people
would say if it's coming the week after when you're planning, wait a week. And I'd probably
agree. If it's six months, probably not. And these are the sort of things which there needs to be a
bit of there, but internally, our goal is definitely late June, early July to get this kicked off.
Internally, our goal is definitely late June, early July to get this kicked off.
Good stuff.
My own view on that, by the way, is hyperscale, the incentives should be live when hyperscale happens,
but it doesn't need to wait until after hyperscale happens.
But anyway, the sorry, one last question um which i've forgotten now
um but yeah anyway thanks for your time i've i've took up a bit of your time already
well if you have the question later ping it to me um i will make sure to get back to you
um so there aren't any other requests let me just actually check to make sure there aren't
any more requests nope no more requests to come to make sure there aren't any more requests.
Nope.
No more requests to come up and speak.
So given we're 20 minutes over, I just like to say thank you very much, everyone who tuned in.
It's been a really great discussion.
Thank you, Machinist.
Thank you, Slammer, for coming up and asking some questions.
Much appreciated.
And please, the one thing I ask everyone is make sure you look over the incentives proposal. If you are an XRD holder,
please make sure that you take part in the token holder consultation on the plan to repurpose the,
or the proposal to repurpose the stable coin reserve. Your input is really important on that. And that's open from today until the end of the 19th of May at exactly 23.59 UTC.
Hopefully next week, we will be having an ecosystem spotlight.
So that'll be run by Farrah and the social media manager.
And then the following week, it will then be Dan and I again.
And hopefully Dan will be able to join me that week.
So make sure you all flood his ex mentions with,
we want Dan back listening to Adam monologue for 45
minutes is no good and that might tempt him thank you all and I will see you in a few weeks time Thank you.
