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Radix Recap
Recorded: March 14, 2025 Duration: 1:23:10Space Recording
Short Summary
The transcript discusses a foundation proposal for a growth fund and incentive campaign, aiming to repurpose the stable coin reserve. Key updates include the public release of a repository, APTOS integration for Astrolesson Bridge, and new staking features by Weft. The growth fund is intended to support exchanges and ecosystem projects, while permissionless bridge integration is prioritized to enhance network accessibility. NFT Wars' milestone of over a thousand participants highlights increasing user engagement.
Full Transcription
Good evening, everybody. My name's Adam. I'm here with our lovely sang to Dan, who hopefully can unmute his microphone now.
Yeah, I think so.
All good. I don't know why the music didn't work this time, but I know you don't like the music. So have you...
I know Elon was tweeting about a massive cyber attack against X earlier in the week.
Was it you to prevent the Autospaces music before people start talking?
Unfortunately not. I was too busy.
Yeah.
Ah, it will remain a mystery then on how it occurred.
I guess so.
How are you doing it anyway, Dan?
Nice calm, relaxing week, I assume.
Not too much going on, has there?
No, it's been nice and easy.
Nothing happening.
It is the way.
But we've got a lot to talk.
We've got a lot to talk about today.
So for regular people who tune in,
Firstly, you may notice I sound different and that's because intern has introduced themselves now.
Those of you who've been in Telegram, we'll see Intern has said hello this morning.
But I am still dual-phoning the way the spaces is running.
So sorry for that.
I've had to dial in for my phone rather than my nice proper microphone.
But we're also going to be running the space a bit different.
So we'll go through kind of the high level
kind of ecosystem milestones super fast as well as the normal like updates on like hyperscale progress and stuff.
But of course the big topic that I'm sure all of you are going to want to talk about is the foundation proposal that went up on Reddit at the start of the week around
essentially a big incentive campaign, a growth fund and repurposing the stable coin reserve for that.
There's been, I mean, I've been.
as I scroll down to the list to get the actual number, 167 comments on it.
So thank you for answering the request to comment.
Gonna be honest, we're not going to hit all 167 today,
even though I have read all of them, even the ones that are getting downvoted.
But we'll probably go through those starting with the higher ones
and pick up any big questions there and spend most of the space on that.
Unless, of course, Dan, you have other ideas, in which case you are the founder.
So it's your prerogative to tell me.
Nope, we're doing that.
We're going to do something else entirely.
We're going to talk about fish.
We should go through some of those.
I'm sure you've shortlisted a bunch of them for us to discuss.
So, you know, people have spent the time to write them.
We should spend the time to discuss them.
So let's do that.
Awesome. So let's kick off with these things and Dan, if we can keep them super concise,
because there's so many questions to get through on that. How's high skill going?
Good. So having to test for a few days because I've been working on the repo this week and between everything else it's been happening.
A few community members had a quick look through just to make sure that it was sanity checked.
And I wouldn't do anything stupid that they didn't understand and it was clear.
So they had they had hold of that for a few days.
And then I've just flipped that from private to public.
So it's now open.
But I've still got a bunch of stuff that I wanted to add that I haven't added this week.
So I'll be doing a bunch of commits over the weekend.
Just things like some additional docs, how to generate your own universes,
how to use the spam tools.
what the API spits back if you happen to want to build something against it.
And just bits and pieces so that people can play with it properly and stuff.
And yeah, I've got a bunch of things to bring over.
And there's also a nice read-me there that explains how terrible my code is
because it's been hacked to death.
for like the past two years.
So it's not the best in the world.
And what's included, what's not included.
So it's basically everything.
So it's all the consensus.
It's all the state model.
It's all the verification.
It's the state machine.
It's the VM, which isn't the VATX engine right now.
That's the next step is to shardify the VATX engine.
It's all the sharding stuff.
What isn't in there is the...
Basically dynamic shard reallocation and shuffling validators between shards because that's potentially very useful to some competitors and there's been quite a bit of noise on the community that are against sharing everything.
Also, the asymmetric pow isn't included because that's potentially useful to
Other projects or somebody doing a fork of Bitcoin that is more minor efficient, which that would enable, which I actually have myself.
That's one of the ways that I tested the asymmetric power.
So I have a Bitcoin fork from a couple of years ago with that in.
So I think that's being kept back.
I think that's it.
It's just those things, really.
Just basically stuff that would allow somebody to fork the repo.
and deploy a main net or implement those features into, say, multiverseX, right, if they wanted to do some interesting dynamic sharding with the model that we have, which is quite efficient.
Personally, I don't think it would happen, but yeah, there was quite a noise in the community about it, so it's just easier to keep it back.
And I'm still working on some of that stuff a little bit as well, so.
And it's not needed to prove linear scale and atomicity across shards and all this kind of stuff.
So a few bits of pieces that aren't in there right now,
but in order to validate these tests that I've been doing and that we've been doing,
are doing all the things that you would expect, consensus, verification, validation, execution, all those things.
That's all in there.
All good news then.
Yeah, yeah, like I say, it's...
it's both the best and worst code i think it's a mess like some of the guys that jumped
in and has luke didn't agree with me um but i always feel like you know those wilding videos
that you see on youtube where in the comments like i'm gonna be honest we we clearly get a very
different youtube algorithm i don't think i ever get recommended welding videos i don't know how these
things pop up but i'm sure some of you all know what i mean like uh yeah everybody's an expert
It could be perfect and some people would still think it wasn't so, but it's definitely not perfect.
It's, it's, thanks so.
As a non-dev, I'm curious, my only basis of like how big a thing this is is like how many lines of code is it?
It's about 100,000 at the moment.
I've got about another 10,000 to go in on bits and pieces that I'm just wrapping up.
But most that's like spam tooling.
I've got a few tweaks that I haven't pushed across to it on some of the consensus stuff.
I have also got to modify some of the unit tests because I had to make a bunch of changes.
to all the packages and everything and that caused some problems because it was it was very egoistically called
org dot fuselier and i realized other day i should probably change that to org dot radix and the java packages
and then for some reason that broke a bunch of my unit tests which use reflection so if you're
a dev you know what that means right so i've got to go in and just fix up a bunch of unit tests so
and integration tests and stuff.
So that's probably about another 50,000 lines of code and tests that will go up over the next week-ish.
So in total, yeah, there'll be maybe 150K.
Then if you add on top the stuff that's not there right now, it's probably another 30.
So it's almost a 200k code base with tests and everything in there.
Right now it's about 100, 105.
So it's quite big for just me.
That does sound quite big for just you.
That does not count all the lines of code that have been deleted because I tried something that didn't work over the year.
So shipping code.
I think the query of you don't buy code or the people trying to thud that is well and truly put to get fed with that amount out there now.
Yeah, so yeah, if you are a developer, go and have a look.
It's, it's, it wasn't written for, it wasn't written to be commercial grade, like, it's a, it was a research effort.
It actually started off as a hackathon, like, over a course of, I think, a month.
just to get things going and it was an interesting thing to do.
I mean, it wasn't really a hack-in-law.
It was nothing for after you streamed the Matrix of it.
Was it that one that kicked it off,
or was it the streaming tweets onto a network?
The kick was the original kicking light for it.
It was one of those things.
Yeah, I mean, like a lot of, a lot of the stuff that enables that isn't in there either.
So because I got about halfway through,
the whole research effort.
And we had,
you know,
we had the Radflicts app,
and we had the streaming tweets
and a bunch of other daps, right?
If you remember.
And then I got about halfway through
and Babylon was making really good progress.
And I thought, okay,
if this potentially is going to serve the basis
for Cheyenne or, you know,
something like Cheyenne,
then I should probably...
just go and double check what's happening with the Radix engine and how all the state has managed there.
Because I think I started this before there was even a line of code cuff on Babylon or like really early.
So about halfway through, I did a bit of a research piece on Radix engine.
And the way I was doing some stuff didn't align with the way the team were doing it in the Radix engine.
And they...
They were building the Radix engine somewhat forward-thinking to sharding, and obviously I'm building this with sharding, so there was some misalignment.
So I basically refacted most of the state model, which broke all of those daps, basically.
So I've just never got around to fixing them up, which I probably should do, because they'd be pretty cool demos after the actual, you know, the big test, right?
So...
You know, there's a hunk of stuff there as well, which shouldn't be too much effort to realign those depths again and get those things in again too.
So, yeah, there's just a lot of stuff that from the past as well that just isn't there now.
You know, the whole Twitter demo and stuff, like all those things.
Maybe it's worth bringing those back in as well and spending a little bit of time on some of them.
I just remember the big one from the Radflicks side was the incredible and honestly better suggestion from the community that it shouldn't have been Radflicks. It should have been only dance.
Yeah, only dance. I remember somebody suggesting that. Yeah, it's like no. No, no, no, you're not getting nudes.
So moving on from the high-scale stuff, one from my side.
So if anyone was in Telegram this morning, you want to see now gave an update around
kind of Penrose partners and the audit they've been doing.
So Dan, Andy, and I, we had a 90 minutes with them yesterday where they did their kind of
first presentation of their findings from all the research they've done.
First and foremost, like I want to say a massive thank you to everyone in the community who
went to user interviews with them. They had amazing things to say about the community as a whole and as well as the people who took the time to kind of give really thorough feedback there. So that was immensely helpful. They also reached out to their own contacts, independent people in the industry, institutions, etc. They're very well connected there. So that really helped guide a lot of that.
Kind of the headline was that quite a lot of the things in there, and Dan, I'd love for you to give your perspective on this as well.
Quite a lot of the things in there were things that reinforced, thinking that Dan and I have already had and have had for a while.
But basically, next step from that is we have a whole bunch of follow-up questions we're going to be sending them tonight to basically really make sure it's 100% clear what they're proposing, what they're suggesting.
Yeah.
as well as what their findings are.
And then we're going to work with them to basically have that in a format that can be presented to the community.
Because obviously there is some confidential information in there, as well as things from kind of their first party confidential market information.
They're quite understandably they don't want shared, but that doesn't impact the conclusions of what they're getting to.
What was your thoughts on it, Dan, obviously, because you've been less involved or less directly involved in the process of working with them.
Yeah, yeah, so I think I was on was the intro meeting with you and maybe one afterwards and then
I wasn't needed so I just kind of stayed out of the way and let you guys do your thing
So yeah, that was a that was a big meeting yesterday went on for two hours or so where we were they were running through the pitch deck
It not the pitch deck the deck they put together you know the those 63 slides and they weren't your typical consulting company slides either they were and
All very detailed, not big pictures and few words.
High charts and all this different kind of great.
I'm very, very comprehensive.
I was very impressed the work they put into it.
And yeah, they'd...
So there's a lot to digest for me.
And I think we're having a retro again with them next week, right, after we've done
a bit of digesting and then we've,
Adam's got a bunch of questions,
of course,
that he's already gone back to them with,
I believe.
So we're going to have a recap again next week.
They're going to answer some of these questions and then kind of,
you know,
put together a plan of action.
They're going to suggest,
you know,
what we do,
what we can look at,
areas where we can improve.
But it was very encouraging that a lot of the things that me and Adam
have been brainstorming for a number of months now.
those recommendations were in that report.
So it was good to get it.
Okay, right.
These guys do this all the time.
They're professionals.
We're not completely insane.
We're not completely stupid in our current thought process.
So that was very encouraging.
It was good to see that.
I mean, it would have been good either way, right?
Either we would have realized we were stupid and idiots
or we would have realized that we weren't stupid and idiots.
And thankfully, it seems to be the latter.
So that's pretty good.
Now, going at the continuing lightning speed, the other ones are ecosystem milestones.
So first up, astolescent are still cooking.
The good advantage of us doing these places regularly is it is definitely making Tiemann ship
at unbelievable speed, so he gets a shout out basically on every single one of these spaces.
So their APTOS integration for the Astrolesson Bridge is imminently going to go live,
early next week apparently. So that means that they'll then support Salana, Suri, Aptos,
all bridging into XRD and obviously all of the ETH tokens as well.
And they're working to add even more tokens per chain in addition to the main network tokens
that they're planning to launch next month too. So continuing adding more venues, more ways to get assets
into and out of the Radix ecosystem, which of course is going to be critical for the big topic of this space of kind of the incentives and driving on chain activity, TVL, and adoption of the ecosystem.
So great work there, Astrolesson.
Indeed. Yeah, I'm getting a bit bored of Tim and Astrolesson being in these updates every time.
But well done anyway.
They did the double win of A, they put an update out at least just before we do one of these spaces.
And two, they went with a name that starts with A. So if we did do things alphabetically, they always are first up on the list.
Big brain 4D chess moves.
Yes, indeed. I'd expect nothing less.
We need someone to come out with like Aaron, Aaron swap or something.
That's the only way they can get beaten with a double A Aaron.
Yeah, Adam swap. There you go.
A.D. Adam swap. Somebody to make Adam swap.
Who are you going to swap me for?
I don't know.
Wait, don't answer that.
Don't answer that.
HR will get involved.
It'll be terrible.
So the other big one, of course, is Weft.
So weft have added a bunch of new features that are now live.
So you can now stake XRD and receive LSUs as collateral.
And you can unstake LSUs and receive a claim NFT as collateral for those as well.
And those claiming unstake receipts.
are they're ready for when you want to receive the XRD that was the collateral for them.
And that can be used to repay loans using existing collateral of the same resource.
So this just brings a whole bunch more flexibility and efficiency to managing asset positions on Weft
and of course money markets and lend borrow markets are a key catalyst of so much
crypto activity in DFI ecosystems. So great work there.
Anything you want to add to that time?
Very good.
You handled that report excellently.
I mean, so much happens in two weeks, right?
There's always something new happening.
And people building out their DAPs, that's a great initiative by Weft, what they're doing.
Aschal lessons, always in there, there's always new NFTs, there's always new launches.
It's very encouraging.
I love seeing this stuff.
And for me, these recaps that we do, because I'm stuck down a rabbit hole somewhere,
I don't see a lot of this stuff going on at the moment.
So a lot of this stuff is like when my first time hearing about all these wins that's going on in the ecosystem.
Yeah.
Yeah, great. I just love to listen, so you carry up.
The other thing as well, looping this back to the kind of Tenros' apartment's presentation yesterday was one of the other things, and they sang the community's praises so much, but how hard the Radix community ratios, engagement, building, ecosystem activity for the size of Radix and its current ranking compared to chains in like the top 50?
Yeah.
is absolutely bonkers.
So amazing work for everyone here,
like the passion, dedication, commitment,
and alignment behind the vision.
was repeatedly highlighted as being absolutely spectacular.
And so that gave them, and through their report, to us,
a huge amount of encouragement on just how much potential is there kind of behind the dam.
We've just got to get a crack in it to start it all flowing out quickly.
Or phoning in quickly, depending which way.
Yeah, I think we, I think as a community, we know this, right?
But because it's kind of like been normalized, I think, right?
So occasionally somebody who's external to Radix will, you know,
take a look at Radix and the community is always a point of praise, right?
It's like, my God, these guys are like relentless, so active, constant all the time.
And I think that an example of that that,
I think stands out is, you know, the whole deck screener thing, right? Where
I forgot who else was on the pole, but you know some much bigger projects than us and
didn't we get up to like second or first place. I mean unfortunately they didn't they didn't
I think we actually got the highest on their discord like poll engagement thing and like it was like an
order of magnitude above everything else. Yeah the radical community just like stormed it. It was bonkers right and
You know, Discord isn't even that popular, I don't think, across the community in general.
So, I mean, that's even more impressive, you know?
100%.
So final shoutout for ones this week.
There were some others ecosystem wins from last week,
but they've been in the VADEX Recap Weekly X article that will be going out tomorrow.
So we won't go through those since they've kind of been covered in that last week.
So the final one was NFT Wars.
They've just celebrated getting a thousand plus total participants so far taking part and engaging with NFT Wars.
So a thousand people is...
a very good number like outside of outside of like the crazy numbers that you you read of like
unicorns and stuff like that a thousand users is a massive milestone and something that should be
really well celebrated so congrats to the nfts team yeah that's a lot of people a lot of people
for wow yeah amazing all done guys incredible
Right. Before we tackle the big topic, Dan, is there anything else that you wanted to cover in today's spaces?
No, I mean, well, there's always stuff, but nothing really worth chewing time when we have all of these nice responses to go through.
So let's get into that, huh?
I think the first thing is, Dan, if you could give a...
quick elevator pitch of what the proposal is.
I'm assuming everyone here has obviously read the Reddit thread about it,
but just give a quick summary.
So everyone's up to speed on what the proposal is, why we're proposing it,
and kind of the work that's gone on behind the scenes over the last few months
in order to get to this state that this is where we think
and why we're advocating that this is the route forward.
Okay, so rewind a little to October-ish.
And I was thinking about the stable coin reserve and how we're probably not going to do anything with that, right?
And it was like, okay, what do we do? Do we just burn it at some point? Do we burn it in trenches?
And I was like, you know, that just seems a bit crude, right?
So maybe there's some other utility that we can do with that, but it's obviously going to be a controversial thing.
topic to address, so I'll just ponder it for a while and I'll come back to it later and maybe
revisit the idea, right? And then obviously over the past six months, things have become what
they've become. And this thought of, okay, the tokenomics probably needs some adjustment here
if we're going to write the ship. What else can we do? Right. Stable coin reserve, can we do something
with that? What about...
a good incentives campaign that is very different to what we've done before.
And then I think hyperliquid started doing something, Sonic started doing something else.
And I think that was the point where I mean, you started having a conversation, right?
And I started sharing some of these ideas of, okay, well,
Why don't we think about this and how can we adjust tokenomics and the emission and all this stuff?
Like how do we balance all of these things so that we can come up with a good proposal and we went on a bunch of different ideas as well and.
Over a number of discussions, this all just kind of clicked together.
You know, it balances a bunch of things.
It allows us to achieve a number of different targets that we want to stimulate the ecosystem.
In one particular domain, right?
There's many different domains of stimulus that you can apply,
and this is one of them.
Quite a big one, of course.
But it needed to make sense.
It needed to tick a number of boxes of things that I wanted to do.
And so we were kind of thrashing this out quite a lot over the past couple of months,
digging into what Sonic had done.
Adam took most of the lead on that.
I roll in with some stupid ideas now and then.
And then, yeah, it just kind of all formed.
Okay, yeah, reduce the emissions.
That'll offset if we use the stable coin reserve,
that'll short term not do a great deal,
but over medium long term, it'll kind of promote scarcity a little bit.
Yeah.
and you get a snuggle in that negative even if you use all of the stable coin reserve for things
and then incentive programs and have you just been you know some some crude air drop where you'll just get people that take the air drop and then go and dump it on market how can you have it the way around in the way that sonic and and hyper liquid have done where
you only get an air drop if you've generated demand and stuff, right?
That's a much better route than just helicopter money.
And then, yeah, that's kind of where the proposal came from.
And, you know, just to see what the community thought about it, right?
It's controversial to use that stable club reserve.
I think I was very anxious about what the response would be
because it was obviously promised that we'll either use it for stable co museum
or we'll burn it, but given the situation that we're in
and the fact that, you know, for an incentive's campaign
to really get traction and a bit of hype and a bit of FOMO,
it needs to be big, right?
And simply just could not fund
something that large from the foundations existing Treasury without potentially putting us under water over the medium term with regard to its current liabilities such as, you know, the dev incentives and the network subsidy and the grants program and all these other things and the fact that, you know, the foundation really needs to be around for
years, right? If we are, if we turn this around, you know, there's all governance and stuff to do if the ship gets rising and stuff. So it just didn't make good sense from a business point of view either to, okay, let's take a billion tokens out of the foundation's treasury and try and do this and the foundation is left with four or five hundred to continue doing the day to day of all those things plus into the future, right?
So, you know, if the value of that treasury was 10 times wherever it is today,
then, of course, we could do it and it wouldn't cost a billion tokens.
But it's just trying to balance all these things and find a way where we can have
some strategies that can help us to get back on the right track along with other things
that me and I'm working on at the moment.
The other thing I'd add to that as well is...
this, even though discussions between like Dan and I around this kicked off in the October period and looking at some of these things, like it is being discussed quite heavily both
internally and presented, especially when we were looking at this as alternatives to around the approach of like RadQuest, for example, that obviously history is what it was there.
Won't rehash that anymore of that not working. But it has been discussed at length. And I'd also, I won't name the people in the community who I've had long discussions around incentive campaigns with, because there's been a few of you. And I don't know if you want to be
named, but I've had at-length discussions with quite a few different people who are
prominent in the community and the ecosystem around these sort of campaigns and how they
could work and the potential shortcomings of them and like working sessions on them going back at
at least a year. And I'm really thankful for those conversations and if any of you do want to
self-identify and have a little bit of asking glory that you were involved in that, I will
happily back you up and be like, yep, that was true, but I'm not going to dock you here.
So this is something that has had a lot of thought put into it.
And it is obviously a big commitment.
And there is a lot of evidence going all the way back to things like the avalanche launch and some of their bridging campaigns through to like obviously arbitram, through to the more recent like hyperliquid and sonic campaigns.
That have shown very good correlation to not only driving network effects on chain, but also kind of.
token performance metrics that are critical in the space.
So there's a lot more thinking behind the scenes that what was presented just within this,
we wanted to give enough context in this proposal to make sure that the overarching aims and
some of the considerations were there for the community to discuss and give feedback on,
because ultimately, if there was really strong pushback to some of the things in here and the broad strokes,
there's no point.
going into much finer detail on exactly how these things work if the core concept was an on-go-up.
So that's how we're doing that.
And you may have seen as well with the request for input that we put out at the end of 2024 around kind of the foundation priorities and the thinking around
actually the key barriers to successful radix at the moment
are less about specific features,
and much more about getting more use in the ecosystem,
getting more on-chain activity,
getting more users in, getting more capital in,
and how we achieve that.
So these aren't panaceous.
That's the other thing.
It's not like we're saying,
this is the only thing that needs to happen.
It's just some of the big ones that need to get in place,
and we're trying to order these in a very strategic way
as we're getting the communities input on them as well.
Yes, maybe I should also just make a quick point on the growth fund as well.
Yeah, good point.
Yeah, so the intention of the growth fund is to be able to fund things like exchanges, bridges, get ecosystem projects on exchanges.
Yeah.
partnerships, like big partnerships and stuff, right?
And again, for largely the same reason why we can't run an incentives campaign from Foundation Treasury,
we are in a place where, you know, if a T1 exchange was to come to us with a significant
listing fee, then that would potentially where we are right now today cause issues for the longevity
of the foundation treasury, right? So, and I think that a lot of time, a lot of people just think
it's a money thing, right? It's not a money thing. We have put,
very large sums of money on the table for T1 exchanges in the past and still hasn't got us over the line.
And that was, you know, six, 12 months ago, right?
So considering where we are today, the amount of tokens or the amount of cash treasury that would have to be forked over is obviously much greater, right?
Right.
So, and also in terms of market makers on these big exchanges, that's also a high amount of tokens will be required for market making and stuff.
So until we're in a healthier place, it made sense to use some of that stable coin reserve to also able to fund those efforts and continue to chase them aggressively because...
you know it would kind of suck if it came across my desk one morning that yep we're all good
and it's like okay how do we how do we meet these terms right um so growth fund and a growth fund will
be used for very specific things. It's not foundation treasury, like the, it's not the foundations,
it's for a specific purpose. It will be ring fenced. It will be in a doxed wallet. And if there
are any large movements that need to happen there, then community will be informed of them
ahead of time. We might not be able to say what they're for because good old NDAs, which we
obviously don't want to breach. But if there's going to be 100 million XRD move, then
then it will only move if we're absolutely sure
that it's going to achieve whatever goal it's intended for,
community will be told about it,
and then it will move to wherever it needs to go.
So, very open, it's not going to be used for day-to-day business,
it's not going to be used for grants,
it's not going to be used for dev incentives or any of those things,
it is specifically for ecosystem growth, however that looks,
in terms of like the infrastructure, right?
And if we end up not needing it, if we get back into a great position with incentive campaign and all this other stuff that we plan to execute, then we will burn it quite simply.
If we end up not needing it and we get growth anyway and the value of that growth fund gets excessively large, we'll burn some of it.
because the intention here is to also reduce the amount of supply and also reduce the amount of concentrated supply, which to a newcomer, you know, they see a big bag of 2.4 billion tokens.
They don't know what it's for. They have no history about Radix. They just see a huge wallet. That's definitely a turnoff.
So distribution and supply reduction by any means is the ultimate goal, but done in a way where we can utilize some benefits if we need to.
Hope that makes sense.
100%.
It did to me, but we spoke to them out quite a lot.
So I always open up that if anyone has any questions,
throw them in a reply to the space.
Equally, if you've got questions afterwards,
this is exactly why we put up the Reddit thread.
So there can be a bit more nuanced discussion there,
especially without the chronological nature and quick flooding of telegram channels,
et cetera.
So there is stuff there as well.
And also the option, which no one has taken,
which actually amazes me, Dan,
that in all of these radical recaps we've done,
despite saying we're open if you want to ask a question,
just request to speak and we'll probably open up
and you can come and ask a question.
No one's taking us up on that.
Maybe we just do such a great job that nobody has any pressing questions.
That's probably complete bullshit.
That's the optimistic side.
So let's play devil's advocate.
Or everyone just listens to this on a Friday night while drinking a nice beer or something.
And it's just dozing off on the sofa to our British voices.
We're just calming.
It could also be that too.
So the way I'm going to tackle this because there has literally been hundreds, well, nearly just over 150 comments on the Reddit thread is there's a couple of key themes that have come out.
And so we can start by tackling some of those. If there are any specifics that come through, we can grab those out. I do think it's fair to say that on the whole, that the community themes,
at least on board with the proposal to explore this further and get more details.
So the first step of that is obviously there was a request at the end of that Reddit thread
for people to basically apply or say they'd be open to joining some focus groups.
As well as those focus groups,
I have also been reaching out to key people in projects,
key people in the ecosystem,
people who've been long-term kind of token holders and stuff,
to form some working groups around really working out some of these details.
So if you are interested in that, please,
Put yourself forward, please apply to be part of those focus groups,
because the more information we get from the community,
that would be really helpful, especially from people
who have participated in incentive campaigns
on other networks or have been involved in running them
for other projects or anything like that.
So there is a lot going on there.
I think one of the kind of big things that is kind of the top concern around this, even though
generally response has been pretty positive, is around obviously some anxiety on kind of dilution of this.
So and the emission schedules of the rewards and what safeguards will be in place to kind of minimize
dumping of rewards and how this impacts a lot of things. So to kind of put that in in two key questions, the first is like,
Are we planning to have safeguards in place to minimize dumping of rewards coming through?
And the short answer to that, if you don't mind me taking this one, Dan, is yes.
The big thing is that like,
There's clear evidence in market that these successful campaigns work best when they run over a prolonged period of time with multiple seasons, with multiple snapshots within each season.
Probably going down even to the granularity of retroactively looking on a weekly basis on allocating those points.
And then having...
benefits to rolling your rewards or rolling your points forward into future seasons to stay engaged and having those each season kind of slowly taper off so you don't see that sudden cliff edge that some of the earlier kind of incentive campaigns run.
So we're very much aware of that. We're very much aware of needing to make sure that there's also a season zero.
I think that's something that's really important because a hell of a lot of people, especially many of the listening into the space today, have been involved and supporting the ecosystem really from launch of Olympia, but especially from kind of the launch of Babylon through to kind of.
the proposed date of kind of somewhere in June as being the cutoff for season zero is an important one.
And participating in that, if you choose to kind of
go use those points and roll them over into the next season, help you get some extra bonuses or maybe a multiplier or something to season one, etc, etc.
So there's a lot of mechanisms that can be done there.
All I would say is it's also important that if you want people to participate in these things, hard locks and like hard vesting typically don't work as well as having kind of voluntary
positions where you're incentivized to hold and kind of loop assets back through rather than being forced to do so.
So that's something that we're exploring and definitely will be looking for community input on.
Dan, the other side to this, of course, is
as you mentioned in the Reddit thread is around kind of reducing the emission window and how over time that makes there still a net decrease in the total of max supply of XRD and fully diluted value.
Why is that something that's important and how's that being considered and does that have impact on like staking rewards or in terms of like kind of FDV on things like coin market cap and coin gecko?
Yeah, so it reduces the FDV, right, at any given price point, because there will obviously be about 6 billion less tokens that are emitted over the course of 40 years, which cut it in half, it becomes 20, about 6 billion disappear.
Yeah.
So the emission window is cut, but in terms of the emission rate, that doesn't change, right?
So it's not going to affect things like APY on staking and all that stuff.
That all just stays the same.
It's a nice, simple adjustment.
It's something we can roll into a future network upgrade.
The validators can vote.
year or nay on that, right?
And then the emission window is then 20 years rather than 40.
So from today it's about 17 years, right?
And so that reduced emission window.
It adds a portion, you know, a ratio of scarcity,
especially once any of the supply that gets unlocked and distributed from, you know, this proposal.
Once that is offset, then I think I calculated that in the worst case that would take about three years
if the entirety of that 2.4 billion families were in circulation, which I don't think it will.
So worst case, after three years, that cut in an emission window starts to then have a positive impact on overall tokenomics and scarcity and those kind of things.
Plus, as well, don't forget, if we do achieve some traction with this proposal in the incentives campaign,
and we do manage to bring in sticky users that check in to get some incentives,
and then they hopefully realize just how great our ecosystem is and all the things they've been built there, and they stick around.
And we end up with a kind of permanent increase in the number of transactions per day and stuff.
obviously half of the feet gets burnt as well so we further accelerate the
kind of demurge of supply over time right and so it's just all of these things put together
that ultimately contribute to a much higher decreasing circulating supply over a window of time
and the less supply of something there is if you have
the same or growing demand then the more scarce it is and the more valuable it becomes so
those dynamics play i mean it's much more in-depth than that's like a high-level thought process
of what i was trying to achieve and what is in that proposal um hopefully that explains that
question without having to get into the detail too much
I think it does. So moving on to kind of some of the other questions that came through here and key themes. Obviously, we've touched a little bit about rolling incentives and like compounding rewards across multiple seasons. So obviously the big goal here is long term net value adding to the ecosystem being rewarded. So I've said this to a couple of people and this is super high level overview thinking, but actually
At the core is the idea that essentially you want to kind of have some minimum amount of XRD or LSUs that an account needs to have to be eligible to earn points.
So you've got to have some stake in the Radix network to be able to participate.
You want that to probably have some degree of increase and diminishing returns on the higher end.
And that's probably a multiplier for other points you want,
rather than just being a way that you can just have a large amount of XRD
and get a load of points for doing nothing, active on the network.
The second piece and third are very similar to what Sonics
approaches, which is around kind of passive activity and active activity.
So on that, both of those, you kind of want them to be relatively exponential in how you earn points,
but with a cap on any one activity.
So one of the big things we're looking at is what's the whole breadth of things that add value to an ecosystem on chain
that we can look at and really make sure that the accounts that are doing the most across all of them,
consistently over time are doing well.
So on the passive side, that's like holding certain assets,
say, like, or lending out stable coins or
LPing into kind of dex positions,
things that are passive use of liquidity.
And then active things are like trading, looping assets,
buying and selling NFTs, etc., etc.
There's a whole bunch there.
And ultimately, you want to be making sure that
you're incentivizing on a regular basis people who are doing all of those consistently over a long period of time.
Should be the ones that are generating most points because they're really using the network both effectively and at a decent volume.
So the way the kind of rough formula I have in my head around this is like if XRD or LSU Holdings is kind of like a multiplier of points you can get,
with diminishing returns on the top end.
And then you have passive activity plus active activity
times by the amount of time that you do that.
So if it was like weekly,
there might be a cap of points you can earn each week,
so you can't just like mega farm for one week
and then do nothing for the rest of the season.
It's really rewarding people who week in, week out,
are actively engaging and finding the great opportunities
that are in the ecosystem.
Great. Great explanation. I've seen a lot of messages on telegram and stuff as well about, you know, demand and activity and things.
If there's no activity, there's no demand, right? And if there's no activity and no demand, then there is no air drop.
And so this, this whole requirement of,
you need to be active in order to earn anything, right?
And even, you know, just just, just sticking your LSU,
that's an activity, as Adam said, it's passive.
But that's still an activity that you have to do, right?
And if you don't have an LSU,
then you're going to need some XRD or some asset
that is represented in the network
in order to be able to obtain an LSU
because you want to go and chase whatever particular incentive
for doing that LSU activity that is attractive to you, right? So by requiring there to be
activity which is correlated with demand somewhat,
you have an inherent civil protection mechanism there, right?
You have an inherent protection against low value vampire farmers, which we suffered with Radquest.
You've got to have some value already to be able to participate.
And it doesn't need to be a lot of value, right, like $10 and you can participate.
But if you're a farmer and you need $10 across a share.
a shitload of wallets, then that adds up pretty quickly, right?
So you have this inherent protection because you need to have some value in the network
to be able to participate.
And if you don't have that value, you've got to go and get it somewhere, hopefully from an
exchange and add a bit of buy pressure.
I think there's also some interesting things that could be done as well with the rolling incentives that I know, Dan, we've discussed around potentially some of like the multiplier NFTs that you might be able to get for future seasons, making them non-soulbound.
and there are things that can actually be traded and stuff like this.
Like the secondary markets for these things,
there's a bunch of cool stuff you can do here.
But one of the things that we're approaching differently
than perhaps has been done, let's say in Radix's more recent past,
we're also conscious not to overcomplicate things. We've got to make sure that it's a good enough system,
so it doesn't have flaws that get exploited, but equally perfect is the enemy of the good.
And running over 18 to 24 months, we can tweak things. And the other benefit of doing things on a
rolling or a retroactive basis on, say, like a weekly basis, is that you can have bonus points that
can't be game because people don't know what the bonus points are going to be until
they're actually applied for activities that are either underrepresented or that people have been,
that have been shown to add a lot of value to the ecosystem, etc. And so there's some cool
mechanisms there that can really help exploitation or kind of farming attacks and things around
that side of things. Well, I mean, you could guess, right? But let's say you think, oh,
dex activity is a bit low over the past couple weeks. That's potentially going to be one of the
mystery things at the end of this week that gets promoted a bit a bit stronger, right?
So then you go and start doing something on on a Dex.
I mean, a Dex is probably wrong because if you were to guess, you probably want to guess on passive stuff, right?
So I don't know, like, all issues on this particular lend borrow is is a bit lower, right?
The liquidity that's in there is a bit low.
So you might think, oh, I'm going to go in and put some liquidity in there just in case, right?
But then if other people are also doing this same kind of analysis and they also come to the same conclusion, then by the time everybody's piled in, expecting that to be the mystery thing, there's actually enough liquidity there.
So that doesn't become the mystery thing.
Because it's, oh, there's plenty of liquidity there now. Okay, we'll pick something else for this week.
So the whole kind of.
like equilibrium of the gamification of it also works against the gamification itself, right?
Because you're doing this analysis, other small people do the same analysis.
Lots of people come to the same conclusion.
So they'll pile into a particular thing for the passive rewards,
but then that negates the need for it to be promoted.
There's loads of interesting little, like, you know, game theory stuff in here, which...
I'm sure I could get on the rabbit hole on and not come up for a week.
I'm going to resist doing that just yet.
Yeah. And I also think like a leading North star for me at least is when you have a massive
service area of people trying to optimize these points campaigns,
you do see a trend of them getting more and more complex trying to avoid it, is sometimes it's like you're trying to avoid the impossible.
There's so many people going to be trying to do this, that actually just need to have a simple specification of what you're trying to achieve.
So the best way rather than trying to avoid this is like, or trying to gain the system, it's just the case of,
If you hold a lot of XRD for a long period of time,
you deploy a load of assets into the ecosystem,
and every single day you're using a whole range
of different apps in ways that are economically valuable,
you're probably going to get a lot of points proportionally.
And realistically, from an entire network perspective,
that's probably a good thing that those are the people who are actively using Raddix,
because if they're doing that and finding these opportunities,
building familiarity and getting rewarded and incentivized for doing so,
then the moment's most likely to stick around as well
and create other opportunity for everyone else in the ecosystem
and more daps to thrive and more developers to come into the system to get their attention as well.
Bingo.
So I'm just conscious of time, so I'm going to jump into some other ones as well.
So I know there's also been a lot of comments around kind of like referral systems and off chain incentives, so like social activity or outreach to be recognized and rewarded.
I think just being candid, this is a really tough one. So this was one of the things that, especially in Radquest, was unbelievably farmed.
and was a real point of exploitation and is very challenging.
So those activities, when done in good faith by basically good actors, is incredibly beneficial.
It also adds a huge degree of complexity and a huge degree of risk of the system.
So we're definitely open to looking at them, but I'd say they're adjacent to the primary goal of economically valuable activity on chain.
being the primary thing we want to focus on.
So if there are good methods and good ideas and good implementation ways to add these in,
definitely is something to be looked at,
but I'd say they're not primary objectives just because of the risk profile of them.
Yeah, plus as well, right?
Like the intention is for this campaign to run for 18 to 24 months, right?
And obviously we would like to get things rolling as soon as possible.
So there's a...
plenty window of time for us to look at these,
you know,
bolt-ons, right? It's like not everything has to be ready to go
on the day.
There's time that we can work these problems out
and if this really is something that
is beneficial and there's a and there's a there's a route forward that is safe and secure then then we can do
it right but it's like there's already a lot to get in place for this so starting simple and then
ramp it up um with with new features and new incentives and all of these things you know it's not it's not just a
drop it one day fire and forget thing.
This is like an evolving campaign as well over the course of 18, 24 months.
And I think it will have to be evolving because we don't know what we're going to have in the network,
what the current craze is going to be in six months, 12 months, 18 months.
So there is going to have to be this, you know,
long-term evolution of this campaign to capture opportunities as the ground shifts beneath our feet
or as crypto goes into a full-on bull market and there's a new craze or if it goes into a bear or
you know whatever it does right um so there's plenty of time but let's just
Start it simple.
Me and Adam have a huge list of things that we could incentivize,
but we're like, okay, we really need to trim this down for like season one
because there's way too much in here to do.
It's going to add a lot of complexity and complexity begets security holes
and farming holes and civil holes.
So do it steady, do it simple, do it smart.
And we have plenty of time to mod it.
Another big one that's come up as well is something that a couple of other projects have attempted, which is, is there going to be kind of like a community-run feedback mechanism to look for Sybil or farming and stuff like that? And...
It's one I'd be really interested if there's been a really good example of where that's gone well.
I've seen a lot the layer zero air drop had a similar system where they had a bounty for people looking for farmers.
I think that is another thing where you add a huge degree of complexity on top of a system that is already complex,
which ideally in a perfect world would be beneficial.
But I think any of these sort of kind of bolt-ons, as Dan mentioned earlier, should definitely be considered.
But also need to be looked at through the just genuinely, genuine lens that it has significant both technical lift to implement and also social lift of how do you prevent those systems and mechanisms being gamed by the exact people you're trying to stop farming, end up farming them to stop legitimate actors getting rewarded, etc, etc.
So we are aware of these things, but it's something that is definitely more on the peripheral of,
if there's a really good case for it and a really good proposal on how it could be implemented,
definitely open to it, nothing's off the table.
But core is definitely people who are adding long-term consistently,
holding passive liquidity and also active activity on chain is the key market.
Yeah, like those kind of detection systems, like, and civil in general,
if you try and have...
special rules to catch certain cases with just civil protection in general, then the more complexity that you add to your civil mechanism and the more special cases you add to try and combat something.
that complexity generally opens up exploits elsewhere else, you know, somewhere else in the system that once they're figured out, they just get farmed to death, right?
So civil systems which are simple and I guess uniform always generally tend to work the best.
Right.
You add complexity, you try and catch this edge case over here, opens up a simple attack vector over here, you try and plug that one, you've added more complexity, then there's two more attack vectors.
It's, yeah, it's such a difficult problem.
The only real solution is to just have a strong, uniform, civil.
anti-farming, whatever you want to call it, mechanism that just applies to everything, right?
And it's like the whole social aspect as well.
Like you're opening up another civil channel, right, which is different.
So then if you try and protect against that, then that potentially imports some exploits into your
internal civil mechanism, right?
Because you don't really have any control either, like on my X, for example, right?
You don't have any control over that civil mechanism there at all.
You can only react to it, right?
You can't actually prevent or improve the civil characteristics of X.
You can only react to it.
And so that makes it even more difficult.
Like reactive civil is even more difficult than preventative civil.
So, yeah.
that's just another rabbit hole that somebody can go in,
spend a weekend in quite easily,
and be non the wiser.
I'll come the Monday, it's like, fuck, okay, yeah, civil's nasty.
I really not just I need to stop telling you about rabbit holes, Dan.
Every time you're like, oh, that's a rabbit hole, someone could go down for a whole weekend.
I feel like it always makes me nervous.
It's been my rabbit hole for a decade.
I'm still down there as well.
It's what is the proper name for it?
It's not just a symbol rabbit hole.
It becomes a Warren, isn't it?
Oh yeah, it's definitely a Warren. Yeah, yeah, definitely.
You've created a whole Warren, Dan. It's not just rabbit. It's not just one rabbit hole.
But yeah, the, how are you doing for time, by the way, Dan?
Because looking at my list of things, I've kind of short listed of things to cover, I reckon it's about 15, 20 minutes more.
So do you want to try and speed through some or are you good for that time?
Well, I see that the machinist is still in the audience, so he's not bitching at me that I'm late yet.
So I guess until he does, we carry on.
I forgot you going straight on to that next phase.
I'm going to take a bathroom break first, but yeah, I'm going from here to there.
So, yeah.
I will speed on some of these then.
So Dan, apology.
If there's any really want to jump in on, just shout.
So obviously, a big thing is found like, is this existing users or getting new capital in?
The answer is getting more users and more capital in.
Where that comes from, the big thing is getting more capital and more use on the network.
So that's the guiding star.
And because we are still on the smaller side of ecosystem,
a lot of that has to come externally.
going through these lists more, cross-chain capital as well, that is obviously going to be key.
Wrapped assets drive a lot of interest, a group drives a lot of activity across
all major functions in the ecosystem and other ecosystems. So we'll definitely be looking to support that.
A lot of people have really helpfully referenced a bunch of other campaigns, so from like
Solana campaigns to obviously Sonic and Hyperliquids, scroll, Barrow chain, etc.
And we've definitely been taking a good look at some of those.
We are looking at some differences and adapting those to the benefits of Radix and the way the asset-oriented nature of the chain to be able to get a lot more granular on how we're incentivizing things and how we're looking at things there.
I know a lot of people are being concerned.
That is definitely a good point, right? Like, our
our asset-oriented approach maybe allows us to do some really interesting
incentivization that is difficult or impossible to do elsewhere, right?
So that's something else that we can stick a pin in for the long-term window of,
okay, can we do some really interesting, really exciting, you know,
DGEN, phomo incentivization of particular activities
that you just couldn't capture anywhere else because, you know, the...
the state model or the execution model and stuff just doesn't allow you to do it in a way that's viable.
I'm sure there's some potential there where we can have these, you know, this, this intensive campaign can only happen on Radix and it's really interesting and, and,
Yeah, DGEM-FOMO.
If we can have those kind of things and it does something completely different to anything anybody else is seen on any of these incentivization campaigns, that could potentially bring in a whole horde of new users.
So definitely why I'm interested in getting into a bit deeper.
And there's also complementary strategies.
So another thing raised here is like, oh, is this going to work on its own?
Like Sonic had a bunch of other things, obviously, most notably a complete rebranding.
Those are other things that are going on behind the scenes.
We're looking at the feasibility of them.
Realistically, we are going to have to pick the things that we think are going to have the highest.
overall success, we can't do everything all at once.
That would be spreading us too thin.
And so that is definitely something we're looking at.
This is actually a really good one for you, Dan,
which is some of the questions have been like,
if this does cause massive growth,
what does that mean for kind of like network throughput?
Are we going to get a similar situation to like Radquest
when the network was going slow or something?
Like how can we deal with some of those things?
Yeah, so one of the things that is on the list of to-dos to explore with the team, network team, is, okay, where are the low-hanging fruits in Babylon?
I know there's a bunch of places where there's a lot of low-hanging fruits, and these guys know the code base much better than I do, right?
So...
I think at the last estimate,
the 100, 150 was fairly easy to get to.
But on some conversations I've had since then
and dug into things a little bit more,
just potentially even more than that.
So that's one of the first things I'm probably going to be looking at
with the new team on the network side
to see if, okay, what can we squeeze out to a, you know,
if we can get to 150 great, that that pushes the problem.
It's a great problem to have, right?
Like, if this campaign is, is that successful that we're hitting, you know,
100, 150 transactions a second, I mean, God damn, right.
Yeah, this is great.
So, yeah.
absolutely a problem I want to have.
And there's a lot that can be done to
lift that cap with Babylon.
So I'm not too concerned about it.
The only real, I suppose, issue with that
is making sure we stay ahead of it, right?
So, you know, if...
if we're hitting 50 TPS and we're starting to get congestion, really we want to have already had a network update that pushes that to a hundred, right?
So that's really the only problem, but I think that it's going to take some time for this potentially to ramp up to 50 TPS where that becomes a problem.
And it's high on the prior list.
to have a conversation about and identify those areas so we can do some work on that.
So I don't think it would cause an issue.
We're just going to make sure we stay ahead of it if we're seeing growth.
And then the final kind of couple of points to come in through here is like there's one around kind of like execution and timing of it.
So one of the reasons that having or proposing that season zero runs until kind of end of Juneish time is a it gives reason of people before details are out to
come and get involved with Radix because you're going to be eligible for that season zero.
So the best time was to get started back at Babylon.
Second best time is to get started now in doing stuff.
And the other reason is to give some room to really work through exactly what season one looks like,
what we're going to be measuring, and we can update things and make them retroactive throughout that.
So...
We are very much aware that it needs to be well thought through,
which is why we're getting the focus groups and the working groups and liaising with the community on this.
And it is something that, as I said, I've been having active discussions with people in the community
and also internally on these sort of things for at least the last year in a serious way.
So that jumps into that.
And then the kind of final point that came up relatively frequently from my quick overview of it was obviously the...
side around of, well, what about just raising a bunch of VC money and using VC funds to do the incentives rather than XRD?
So, A, as Dan's mentioned, that's something which is why the growth fund is there, because obviously VCs do have a powerful bit.
But I think just being a bit candid on this is raising money from VCs
is a lot easier to say than to necessarily do.
Surprisingly, VCs typically aren't sat there waiting for their phone
to ring for someone to ask them to get some money off them.
They are the ones in demand and it's something we're pursuing actively,
and want to be able to do, but equally, they need to
they need to see growth. They need to see that growth is happening, same as exchanges do, same as other partners do, to really prioritize integrating and working with Radix. So these things aren't a single panacea to being successful. It's usually a combination of multiple things to tie into that. Is there anything you want to add to that down?
Yeah, and like it's also very important that you get the right VC as well, right? So, you know, aside from the obvious ones like A16 and Sequoia and all those guys, like, you know, if it's a smaller to medium size VC, then you want to make sure that they're the right VC for you. This is just like, you know, startup 101. Yeah, you want to make sure that your vision and the VC's vision is aligned and that you're.
you're both very clear on what the goals are and stuff.
And if you get the wrong VC,
it can actually be disastrous for your startup and stuff.
So it's not just about picking anybody, right?
You want to make sure that the VC is right for you
and you're also right to the VC.
Otherwise, it can cause...
that can cause issues. Now, you know, if Sequoia came along, then I'd make sure that we were right for them.
But say for those like big headline VC firms coming along that are, they can, you know, they have different departments for different things.
And so it's not like, it's a lot more flexible. Yeah. So.
they have these different investment strategies for different things and so it's more like a subsidiary of that VC which you want to make sure that you align with and they're very well covered because they're huge companies right but just grabbing you know a small to medium VC there's there's a lot more that you need to consider that you don't you know make the wrong choice or that they don't make the wrong choice with you right so you know it's a two-way street after all
So it's not just as simple as running out and getting any old VC, it's making sure that it's the right fit.
I slightly sarcastically use the example of like, I'll just get to VC.
It's kind of like the boomer analogy of telling like Gen Z to get a job.
It's like, oh, just put on your nice suit and tie and go and hand out CVs and have a firm handshake to everyone in the city.
Yeah, you'll get a job in no time as like.
That's not really how things work nowadays, Grandpa.
Unfortunately, very little is as simple as it seems on the surface sometimes, especially in crypto.
So, yeah, it's a pain in the ass, but yeah, things to consider, right?
I mean, imagine, you know, if you pick the wrong VC and then you've got to deal with that headache,
or you're wrong for that VC, right?
It just causes problems that...
that you don't need and problems that we definitely don't need.
So yeah, all kind of decisions at this point,
at least for the medium term,
have to be well thought out, well considered,
due diligence, et cetera,
you know, forward thinking, critical thinking,
all those things, right?
Can't afford to spray and pray, as it were, it won't work.
And also the obvious one is you just have to be,
aware of where the current market cap of XRD is.
Is there there isn't some magical VC out there who's you're going to raise half a billion dollars on XRD where XRD currently is on market cap?
It's just simple math.
No, you could probably raise 25 to 30% if you are lucky right now.
Would that move the needle?
Yes.
Would it move it to where we would like it to be?
No, there's still been work to do afterwards.
So the more we can do ourselves and then attract those parties.
And it becomes a much easier and more interesting conversation
if we've already seen a bunch of uplift, right?
Then we start to become attractive.
And it's...
It looks bad from where we are, but the whole rally in December did quite a bit of analysis on that with help from some friends.
And tangibly, there was like a million dollars a day of extra legitimate buy pressure that did that move.
That's nothing in crypto, right? Absolutely nothing.
So, you know, and obviously people on the way up as well were capitulating and stuff, which is, you know, it's fine.
And we still...
managed to climb from I think two to four. So fortunately went to shift afterwards, but point is there isn't a great deal of resistance between now and there. So indeed, I'm going to be confident.
One final point for me and then because we actually had someone requests to speak, I do want to make sure they get a chance to do their piece.
I've got a full bladder and five percent of battery on this phone.
No, let's go. So the final one I was going to tackle, which actually wasn't raised that much, but I'm acutely aware of is like,
Alongside this, there are some other things that are obviously critical.
So I mentioned things around like looking at stuff like rebranding,
obviously that's something that is a
a thing that can be looked at.
It is a big undertaking.
There are different levels of undertaking that can be,
but shouldn't be stiffed up.
There's things like permissionless bridges,
which obviously would amplify how effective incentive campaigns are.
There's things like tier one listings,
VCs, we've just been talking about.
So there isn't any delusional thinking between Dan, Andy, and I that,
hey, just run an incentive campaign.
It's a panacea or it's the silver bullet that will solve everything.
A permissionless bridge integration is like that's urgent on my to do, right?
I've got a conversation on Monday about permissionless bridges.
So, you know, in order to get people in, you need to have a nice streamlined way for them to get in.
And we haven't had that.
And that really needs to change very quickly.
And the wallet can help us a lot there as well.
you know,
permissionless bridges,
our existing bridges with growth,
if they need more liquidity,
that could potentially come from growth fund,
right?
So there's a lot of,
additional kind of infrastructure parts here that are needed for it to be a success.
And we're well aware of what those are, those are getting utmost priority and going to get pushed as quick as we can.
There's also a third option there, by the way, Dan.
If we make these X-Bases daily,
Astrolessent will eventually run out of crypto networks to integrate with.
And so then they'll be announcing that they've integrated Swift or the Federal Reserve into the Astrolesson Bridge and problem solved.
Tiran is sweaty and like that gift right now.
So because you've got 5% left Dan, opening up to Zombie, who requested a speaker slot.
So thank you for being the first person to want to speak on one of these spaces with Dan and I.
Prove that you are alive.
Of course, it's going to be the guy who never shuts up that is finally the first person
to start talking on one of these spaces.
Man, I think first of all, I'd just like to say thank you guys for listening to the community
and for pushing these directions like this is with the airdrop going further than I would
have even hoped for.
And I even had particular asks that
that I had presented before.
And, uh, and we're just going even further beyond what I had, had even asked that I felt
like was a big ask for you guys to, you know, allocate towards this.
And so I'm just like, dude, fuck yes.
Like DJ and, DJ and Dan going hard.
Uh, so thank you guys.
But, uh, one thing that I do think would be cool to hit on, Adam, is just if we can,
if I can kind of pick your brain on how you, you,
plan on promoting season zero just you know season one i think makes a lot of sense we'll have
the points dashboard um but uh with season zero there won't i'm assuming there won't be the points
dashboard yet so how how are we going to promote it uh in in lieu of having that live
Honestly, I'm not afraid to say that it's something that I don't know yet. I haven't given in, I had enough time to really think through what activities we can do there. So it's something that as part of the working groups and the focus groups that I'm putting together, I'd love to get community input on. I think there's some cool things we can do around traditional marketing approaches to that to complement it. We've obviously got things like hyperscale that's going to get a lot of attention. But
Really, some of this is staged. And stage one is getting this kind of proposal out to the community, getting some feedback on it to see if it even has legs to run with.
Stage two from that is looking at, okay, how do we make sure that we align the community behind the specifics of what the campaign will be looking at, actually, what is reasonable to produce technically and to get in place, and also some of the...
potential things that help amplify the success of it,
then the traditional marketing side.
And then also, I think there's a bunch of really exciting
guerrilla marketing stuff.
And I'll pull it back to what Penrose said,
or one of the things Penrose said on the call yesterday,
which is just how freaking awesome the Radix community
is, how good they are at engaging with stuff
and making noise when there are exciting things
that they want to push to people.
And ultimately, this is something the crypto industry
has shown time and time again.
and Penrose saw with not just our internal interviews,
but the interviews they did with kind of industry leaders
and other people within the space in their own network that just
gets people involved is, hey, where are the incentives? Why would I want to come and try this out?
Give me a reason to and I want to come and look. So I think the level of activity that's been
got from other campaigns that have had way less detail than what we've even presented so far.
There's just been kind of like a rumor that maybe someone in the future there might be a token and
that token might have an airdrop based on doing something, someone somehow was involved in this project.
People ape into that. So
I think we need to amplify it. We need to do a combination of traditional marketing stuff and also a good push on kind of the guerrilla side of things as well as some smart marketing around that with input from the community.
What do you think, zombie?
I can't hear you. You're very quiet for me.
yeah and i'm at 2%
that's dangerous zombie write up right up your thoughts in telegram or reddit on that
i can hear i can hear dan's bladder exploding so just uh that all sounded great to me adam
and uh yeah thanks guys yeah just it just before before this dies and i have to switch to my other
phone for the machinist one um
You guys got this proposal pretty much as soon as we were like, okay, this is this is a good idea, right?
Like we've got these pieces together. It makes sense to us.
There's a load of stuff that isn't worked out yet.
There's a load of stuff that we still need to work on.
But.
this is good enough to go to the community with now.
So let's just go with it.
And it was literally like two or three days after me and Adam were like, yep, this is cool.
Let's get this written up.
Let's deliver it.
Let's see what the community thinks.
So the things around marketing and promotion and a lot of the details of the campaigns and stuff, we just haven't fleshed those out.
to the point where we have any tangible information yet, right?
But also the purpose was, well, the community can help us with a lot of this stuff.
So, like I said, literally as soon as we had it, okay, this is good enough, let's go.
That's when it landed into the laps of you guys.
So there is a lot of stuff that we need to figure out.
But there is also a lot of stuff that me and Adam have made some progress on too.
So I just wanted to, you know, set the expectation there, right?
This was out the door almost immediately.
Thank you very much, everyone for tuning in.
Dan, please do not explode and go and switch your phone.
No, I'm going to run it real quick.
Machinist and Felix, I'll see you in a few minutes.
Thank you, everyone.
It's been a pleasure as always, and we'll see you on the next Radix recap.
Make sure you give your feedback, and thank you for everyone who already has and keep up the discussions about this,
because all of the insights, all of the ideas are absolutely fantastic.
Thank you, everyone, and good night.
