I'm going to see you guys just now getting started. Wait on Kirk who is going to be MC in this.
Go ahead and turn the music back on it. This is a new little feature there. I don't know when Twitter decided to do that.
Okay, can you confirm music just kind of weirdly stops playing randomly?
Not entirely sure who at Twitter did that.
That was nice to meet you all. I am, I'm Rob Young, I'm the CEO of Revest for those of you who don't know me. And, uh, yeah, they were going to be talking about some buffer.
So it should be a lot of fun. I have not actually really met them yet, but I can remember BD basically ran the whole deal. So it's going to be good, you know, getting talked about it.
side by what they've been building but haven't actually had a meeting with them yet. Here's Kirk, we'll bring him on up.
My life the past few weeks has been just running around we are
Well, I'll let Sean know we're doing when it's done, but. How are we doing? I'm doing pretty good, curg you. Doing pretty good. Doing pretty good. Anyone else in here who we're supposed to be inviting up? Yep, we've got a.
CK based that bit. This is what I get for like the BD's run the BD entirely. Somebody's got a rain S&M and make sure we actually do things. Someone's got a
run around to conferences and I guess source, source capital flow in both senses of the word. I invited him up to speak.
Yeah, capriches, capriches, capriches. Mine is a lot of fun. How did you get time? Got to fly my drone a bit. Got to hang out with a lot of friends. We had a whole eight little squag going there. It was great. Me and one of our backers, one of my wife's
friends who's also into crypto. Fantastic. Just kind of ran around Miami. You know, talked to a ton of hedge funds VCs. A few really cool protocols who were well, you know about them. Not everyone does. Ah, buffers you're question. Come on up, guys.
got back was absolutely just exhausted yesterday. Yeah, those things are going to you down a little bit. Very much so. For sure, for sure. So we're giving another minute or two and then we'll get started. How's that sound everybody?
Sounds good to me. Thanks for the invite guys. I'm excited to talk to you. Yeah, good to connect with you guys. Excited to go over what we will be get cooking here.
And wait, I'm really, I haven't looked too much into the pool and how the upfront API works. So excited to hear about it. It'll be going live in the next
24 hours. Well, that's the desire at least. It's going to be really interesting how that system works and I've got a good feeling about it.
Yeah, yeah, definitely. Well, I'll save my thoughts for a little bit further into this. I don't spill any of the beans. Do you prefer CK or a CK based? What do you want to get by, by the way?
Yeah, let's go with CK. Let's add another name. I go by HLs, get based and a couple others. But CK is fine. - You just call me Rob. - Hello? - And then we've also got a, what, a Feynman? Is that how you say it? - Yeah, right.
Awesome dude, welcome, welcome. Appreciate you guys happening on with us. Thanks, thanks for the open.
So you're going to be MC in this whole thing Kirk. I am. So I guess that's a good place to actually kick it off. So, you know, hey, welcome everybody. You know, we've got some people from the Revest community here.
You know, some others joining from from the buffer community as well. And you know, we're kind of excited to talk to you guys about the partnership, you know, between buffer finance and and revest. I'll start with the introductions. I'm Kirk or K Mac. I've kind of got my hand in business to
development for ReVest Finance primarily on the deep five partnerships. So, you know, I get to go talk to some really, really cool people and cool protocols and try to, you know, bring value to what they're doing. Rob, you want to go ahead
Yeah, so I'm Rob Montgomery, I'm the CEO and founder of Revest Finance and Resonates Architect. And yeah, these days my time has mostly spent sourcing capital flow. So both senses are the word, but
We've got a really interesting thing to talk about today. Indeed. And the CK, why don't you go ahead, sir? My name is HL of CK. I'm the social media manager and I help out with BD and community management for
offer. I've been with the team for a little over a year now and I'm very excited about it or a huge mainnet upgrade and our transition out of product beta. So exciting day today. Thanks for having us.
Yes, sir. Yeah, we appreciate it. And then last but not least, the faint man, go ahead, sir.
My name is Femin and I take care of business development and product at Buffer. So, majorly initially I was working on the product side designing for the
So, mechanisms and thinking about what else can be done doing market research and all that. And now, since we have a secret map done and we have clarity on what we want to build in welcoming
weeks and months. I'm more focused on talking to a new protocol, seeing how Buffer can be integrated with them and we raise being one of them and really excited about talking about
how the BLP pool can be expanded and we are also going to increase the limit for our community since we have seen a lot of interest. So, you know, Revest would be very
important for us in terms of expanding the pool.
Awesome, awesome. I think that's really the first question I had for you guys. So from my perspective, just in layman's terms, you guys are combining the market-making structure
of GMX and bringing that to the options and the 4X platform that you guys have launched. But can you guys kind of go into it for the crowd just in layman's terms? What both are finances and where you guys are going?
sure. So as you mentioned, you know, like Buffer Finance is basically a peer-to-pool-based options trading platform where pool takes in all the counterparty
risk and traders can trade against it. It is pretty much similar to GMX but you know the payoff that we offer is binary nature. It is not a delta 1 order
a normal linear payoff. So now also, you know, GMX works on a mechanism where they work on a index-based pool where you know, it's a multi-acid pool.
they take up all the counterparty risk. We do take counterparty risk, but we work only on a single pool, single asset pool which is USDC right now. And the risk also is not, you know,
completely on the liquidity providers. We have capters specific probabilistic edge for the pool so that you know passive liquidity providers
can sustain a blemic yield providing liquidity whereas it does not and it gives something new for two traders to trade which is right now not available anywhere in DeFi.
awesome. Awesome. Yeah. And I guess just speaking from our perspective, you know, from an organization that's building on top of vaults, right? And we look for juicy, old opportunities. I think it's really interesting.
to have a single side where you just have to come in with USDC to deposit into the pool. I think that's really really big and an underrated part of what you guys are doing.
I am actually incredibly curious how y'all managed to solve the Oracle problem for binary options. How are you getting price data up to date enough? Yeah, so our actual problem is real seriously. That's the
we spend the most time solving it. So right now we have a system where we collect prizes from multiple sources, clean them up and we have
multiple sources and then we store it at a second by second basis and sign it through a price publisher. Now whenever someone places a trade or that's immediately take the trade and it's time stem and then that particular trade is then opened by
a keeper that takes in the price from the price publisher where the price is stored at a time, you know, second level accuracy. So that's the model that we are currently using. It's pretty much same as, you know, what, uh, changing low latency or actually,
is doing they have recently launched that just the documentation. So they are not ready yet. So we wanted to launch as fast as possible. So we kind of build the whole solution in house. Again, it's temporary nature till the time, you know,
like some decentralized solution comes up. So, so that you know we can have some kind of initial first mover advantage to use this price publishing and give traders the experience, you know, most trekkhai centralized systems again.
That makes sense. It's getting fast enough data for those sorts of things. Definitely seems like it would be the biggest lift. So I'm not surprised the data that is in fact the biggest lift for those of you don't understand what we're talking about. If you want to do binary options, you need very
very up-to-date info and prices. Chainlink doesn't offer that. Chainlink offers. I don't know what, like, what would you say? I'd say, like, maybe every hour if that. Yeah, for Forex, I guess it's our link.
But the problem is they are not updating it at a fixed interval so that also becomes difficult. So you know that's the time at which we update the prices unreliable and they have built the solution already
a specific for derivative protocols and can be used by us as well, but right now it's already far away. So right now their current solution is not gas efficient cost efficient and still underlapped before building a binary option protocol over time.
Yeah, that's that's a really cool novel way of going about it. You know, and I think like the innovation I guess that I've seen on on Arbitrum specifically from you know from you guys and from everybody else just kind of blows me away on a day-to-day basis So the next thing I kind of wanted to get into
was obviously one of the reasons we're all here today is to kind of talk about the Opt-Opti NFT collection. Can you guys kind of go into the NFT collection and what kind of benefits you can utilize on the platform if you hold one?
I'll talk about those because I like talking about them. So yeah, they're called up to P because they're up to process that trade options. A lot of people are confused about the name. I hope that the clarify is that the bit. Their first and foremost
most utility NFTs for traders on the platform. They make huge profile pictures. You can see some among the listeners here. Nick has a very nice one. Troy has a very nice one. You can see the rings on their front tentacles.
We all have blue ones. They indicate the tier of the NFT. They have four tiers. Silver gold, platinum and diamond. And the traders on the platform get a fee reduction based on the tier which results in a payout
So you don't have to do anything, you just have to have the NFT and your wallet. The contract checks when you open a position, whether there's an NFT present or whether you're using a referral link and then applies the respective fee reduction
that open trade, which results again in the payout boost. And the boosts are for silver, 2.5% extra profit for gold to year. It's 5% extra. Platinum is 8% extra and diamond is 12% extra. So that's pretty significant.
We introduced Forex options trading today with a base payout of 80%, so with a diamond tier NFT that's 92% payout on 5 minutes options. I think that's plenty of utility for an NFT
But what they also do is they give you direct access to the upcoming trading leaks Buffer will host permanent trading leaks Again teared with daily and weekly and monthly payouts and You don't have to grind your way up basically if you hold an Ft you get direct access
You also get access to Buffer Prime Club, which is kind of a VIP community layer where we're onboarding ambassadors and educators who will share their setup, teach TA, all the good stuff, share alpha of course.
And the fourth utility is, but that's temporary. I'm not sure when that ends, maybe from I can share that. Strader rebates. So some of the accumulated fees, the paid traders have paid over
certain amount of time will be paid back to them. Finally, can you tell us how long that will last? Yeah, so it's based on the community feedback. We haven't decided when it will end, but generally
really trader debates are initially used to boost volumes and incentivize to get in new traders. So we can keep doing it until you know we have some significant volume and we have good trader community.
So that's the initial utility. If you want one, you can still mint them. You can buy them on OpenSea. They're very cheap still because I think a lot of people don't.
don't even know about the the payout boost utility. We have to definitely improve our communications on that. And what they will become eventually is
a kind of 10-gen total community product layer a little bit similar to GMX Blueberry Club, this 2GMX, but with stronger tie-ins
to the platform itself and with stronger utility on the platform itself. Yeah, that's that's the opt-to-be. Awesome, awesome. And I saw what the couple days ago you guys increased the the fee payouts to each tier. Is that right?
Yeah, we raised them from 2% for silver to 2.5%. 4% for gold, to 5% for gold, 6% for platinum, to 8% for platinum, and 10% diamond, to 12% for diamonds.
So the gold and platinum line up with our referral pair of boosts. So referrals have three tiers. The first one you can just create your link. That's a 2% pair of boosts.
bit below server tier. Gold you'll have to bring in quite a bit of volume to the platform then your riff gets upgraded to 5% a pair boost and then the highest tier of referrals reserved for
or ambassadors and partners, which gives you 8% pay off boost to users of the referral end. Well, rather than you share, of course, to the referral. Gotcha. Now, is that something that you guys will be reviewing on a
you know, an item going basis as far as the fee shares, or you think they're pretty much set where they're where they're at.
or is that too much alpha? Yes. Already the fees is quite high. We are offering about 0.25% of the trades
size straight away or if someone comes and plays a treat of $100 they get $25.00 and so on. So that's the first year or it can go as high as 0.75 cents.
You know, like it's quite time, but yeah, we always review and see how it's going Sure, I mean, it's very juicy Those are some juicy benefits for for an NFT. You know, definitely love love the utility layer that you guys have added to it
So I guess the segue into like, you know, what does Reves finance have to do with any of this? Rob, you know, you say it better than, you know, kind of describe it better than anybody else, but can you tell the people what resonate is and what it does?
So it resonates basically away for those who need fixed rates to get those fixed rates underwritten by people who want to take stronger risk and get much higher rewards on variable rate systems. And that's a fairly
large amount of words, but the long short is that let's pretend you had a pool that was turning between 3 and 5%. You're somebody who needs to have stable rates because you're executing some pretty complicated financial strategies. Maybe you're taking the interest in leveraging it.
Maybe you're involved in Delta Neutral Farming is an institutional fund and need that stability. Either way, you realize that with saying so volatile you want to make this the safe play. And you can come to resonate and
In the example we're using is range between three and five somebody will underwrite you a 4% rate and what that means is that you know they give you 4% up front and whatever token you want and You go ahead you lock up your principal
pull, your tokens, for however long the two of you agreed on. Oftentimes, that's going to be in between one, two weeks or so. We found that's what people's appetite is mostly for. And you're done. You get an FNFT that represents the right to reclaim your principle.
principles deposited into a yield farm in this case. Of course, that would be deposited in a buffer. And the guy who's underrating that trade, he gets the risk. He gets the the upside on your position. He also gets the downside. If he pays you four percent
He's down 25% but if he made a good play and it hits 5 and he only paid 4, well, 5/4, he's up 25%.
So, Resonate allows him to amplify the earning potential of his capital by risking it a lot more than he normally would, but which much higher upside if he makes a good bet. And that's what we're doing here with Buffer.
is we are using their underlying system as the basis for these sorts of trades since they've got some incredible yields and Kirk please please correct me if I'm wrong they are doing an appointment correct yep correct correct so so buffer five
finance for everybody on the call. Buffer has agreed to underwrite the fixed rate for this particular pool, being the BLP pool. They're going to put 15,000 USDC onto the ResNet platform. The offering is for
users in the market to earn a fixed rate on their USDC that they would deposit into the BLP pool. I believe we're doing a four week period. So you will bring your USDC to resonate and you'll lock your USDC into the BLP pool for four weeks.
And what you get is you get a 1.4% upfront payout in USDC to compensate you for doing that. And then the Buffer Finance team will essentially be earning on your USDC for that, that's where we
period hoping that it outperforms the 1.4% that they just paid you. And kind of tying it into the NFT collection. Buffers been gracious enough to kind of give us, I think, 50 whitelist spots to play with.
As long as you have a $250 deposit, that'll be the minimum on Resonate. If you decide you want to take the fixed rate, you will earn one of those white list spots. So in essence, it might be the first time in history, I don't know, but this is probably one of the rare times that you will actually get paid.
to get a whitelist spot. And to add a fee collection. I think we should go ahead and stipulate that the offer here, Kirk, is, you said 1.4, well, that's not the sexy number. That's the number on a monthly basis. There are 13, four week periods in a year.
If you multiply 1.4 by 13, you get 18.2. So what Buffer is offering is a guarantee of 18.2 annualized percent return on USDC.
18.2 That's a damn I'm gonna have to take that Jesus I've been I've been a good yeah
Yeah, yeah, so actually I think one of the best ones I've heard yet. Yeah, well, in terms of USDC farms, I guess, and obviously it's a guaranteed rate. You know, you would just come back every four weeks to resonate if you wanted to continue it, you know, in perpetuity, as long as buffer is willing to
offer it. And yeah, it's a guarantee to 18% return, which I don't think you can really find 18% anywhere guaranteed on stablecoins. That's pretty insane, especially for, you know, I know I know plenty of people who are always reticent to hop into these sorts
things. Because they're like, oh, you know, is it really going to hit, is it really going to hit 20 percent? Well, it doesn't matter. You, uh, you just get 18 percent now. I've seen people offer higher APR on staples.
but it didn't work out that well. Yes, I've seen it, but never up front. It's never like no more concerns. Just lock up your dollars for four weeks and you'll get them back at the end. Yeah.
It's a great first partnership for expansion plans for BLP because there's a lot of interest on depositing USDC because it's a proven model that BLP or GMX is
GLP system as long as you keep the limits on trades in check and don't waste getting wiped out by lucky whales basically. It's a very safe setup. I can go into a short history of BLP.
to explain how we arrive here. That's okay. Yes, I love to hear it. And when we launched on Abitrum, we launched with the BLP pool with much higher limits. I don't quite remember what the BLP was.
on as a trade limit and max pool utilization above 50%. And yeah, well, some large players had a lucky streak, I guess, and the cost quite a drawdown on the beer
PPP pool, depositors, PEN-AICT and with GRU. And over time I think it would have evened out as we've seen with the next pool we introduced. So we halted VLP trading, reimbursed everyone
made everyone hold. That was the first step. The team was very quick to do that. Took them a day or so. And then we switched over to protocol only liquidity. So zero risk to depositors was only
protocol on funds we've seeded that with 75k and traded against that and then start balancing out our trade limits and pool utilization limits to to make sure we have a we're safe from from these major drawdowns
that protocol-owned liquidity pool did really well. As I said, we see it with 75K. We deposited some, we withdrew some for various uses, but it grew to a little over 100K.
I would say $230,000 in fees with a course of, I think, like three months, which is pretty incredible considering the pool size.
like it made more than double the pool size and fees in three months and that's possible because trading on buffer is mostly five minute binary options so you can you can turn through the liquidity again and again over the course of the day or just a couple of hours
So, yeah, when we were confident in the new limits, we decided to bring back BLP with much lower thresholds on the next trade. And there's a bunch of limits in place now. Maybe Fremont can go onto them.
As you know, I should mention, we should add a little higher limit. Now we have four
reduce the limit. So currently we have 0.25% of the total pool size for each trade of a
$500,000 that comes out to be around $1,250 per trade and all the assets max at a time can go up to
3% to 4% of the utilization depending on 4XS higher limits and crypto as lower and total pool utilization is up to 40% although it limits itself to each asset level limit right now but as we
go to you know more number of assets or they would be also a limitation on the total pool that can be utilized at a time. Again you know for specifically for BLP pool the ability to
generate or revenue is much higher because the liquidity keeps getting tuned over a very small period of time so the capital efficiency is quite high. So we are currently at a very
good stage we have actually tested the whole modeling production. I've seen it working for our own liquidity and quite confident of it, the BLP pool going forward. Yeah, I think it's a couple of things you guys just said.
Resonated with me but primarily You know, I always respect when protocols if they recognize that something's broken You know, they rip the bandaid off and they they do what's right right and kind of go back to the drawing board so I think You know that that's a very
very big thing for a protocol to really self-analyze something like that and then really take it down before market participants are affected in an extremely negative way. So I'm really, really glad to hear that. And obviously I'm glad to hear that it's back in operational
for the audience. If you guys have questions, by the way, feel free to request and I'll bring you guys up as quickly as I can. So, Kirk, I swear, are you in a very large area?
I always sound that way, don't I? Yeah, no, I'm in it office. I'm in my office. No, it is crazy echoing there. Like more than you think that feedback for future AMAs, then I got to find an ideal spot.
No, I totally feel y'all on having to fix financial products.
Sometimes the theory doesn't match up with the actuality and you've got to implement some governors and then it's off to the races. I mean we've seen something similar with GLP where they had to improve what was it it was like the value of their vaults system I had like something that was off by
I want to say it was like a few millions, but it was causing a progressive issue, fixed it, and back out there. It's a highly experimental finance. So kudos to y'all for putting the time into doing a rigorous analysis.
developing a product that has been working ever since.
Thanks, yeah, I'm very impressed by the teams.
not just the ability but mostly willingness to make these changes and to own up to I won't call them mistakes but there's been two instances
instances of exploits where people manipulated the price feed from Binance, which we took initially. And they made everyone whole. We had an issue with an unaccounted for stock split back on on Binance March
when we were still trading like more vanilla type options. Same thing happened, liquidity poor got ran but everybody was made whole like this always first priority to the team which I haven't seen
haven't seen so far, I worked for quite a couple of teams and the usual approaches well exploit step and nothing we can do, maybe partial compensation.
to calm everybody down, but not to this degree where the primary goal is always to keep user funds safe and expose them to a minimum risk.
It's a very nice experience working with offer so far. How's the echo now that I fix it?
No. It's still terrible. Just keep falling though. So I always like to ask everybody, you know, what attracted you guys to build on Arbitrum? You know, as opposed to maybe some of the other chains out there.
So we launched on Binance initially, Binance Marching. We kind of tried to educate initial users on how options work while they are helpful.
we kind of spent like few months there. Meanwhile, we were always looking to expand on multiple chains and looking at how different protocols are doing on different chains. We saw that, you know, a bit from kind of stands out in terms of how the team is
building which kind of the philosophy resonates with us as well. These guys like from start focused on the base utility security and kind of saw most of the growth coming through organic users without having a token
in or any kind of ecosystem for and as well which is very surprising in that even they are not offering anything so many users and traders are coming on GMX trading and
the ingredient, the whole ecosystem is growing there. On the other hand, other genes are kind of struggling. So we thought of why not let's try and deploy hair and move the token hair and see how, whether you know, the problem
has a problem or we are not getting users because the chain right now has the community has not evolved yet. So we kind of that from our perspective that was more of an experiment to see how it goes and it kind of worked very well for us.
So a lot of users coming in, trying it out, adding funds to the BLP pool and trading, and suddenly took up.
we sort of let's keep building here and then eventually we will grow to other chains as well but till now the decision to launch an arbitrage has been amazing
Yeah, we'll definitely echo that as well. You know, because obviously our product is
You know, somewhat complex to the everyday user, but I think, you know, just the level of intelligence I see, you know, on arbitrum and really optimism as well, you know, and main net, you know, from some of the traders and the participants.
It kind of blows me away. So it's kind of crazy to see how different chains react to different products. Obviously we're happy to see that you guys are getting off to a good start over here on Arbitrum.
I don't think I had anybody jump up for questions. If you do have a question, you know, give you a minute or two to get your question. And if not, I think it's a good place to maybe call it for today.
I'll say something. Yeah, we're raising the BIP pool cap right now, basically, or a couple of minutes. So maybe you want to go over the details final time.
everybody knows what's what's going to happen here in a couple of minutes. Yeah, so we initially had a max limit of 500,000 USD and now you know, a lot of new and peace are looking to
take advantage of the PLB tool. So we are increasing it to 1.5 million sometime.
We are the pool is already in short by share of team so up to 2 million limits. We are slowly increasing the pool size as we see the trading volume coming in. This added to initially
keep it low and as we get increase our insurance up to 5 million we will be increasing to 5 million 5 million eventually right now it would be 1.5 so yeah that's that's the update we wanted to show
sure that is sometimes ignored. I can tell you all are adaptor to the buffer pool and this pool offer that we're doing together that will be going live tomorrow. We in final cross checks on the solidity you know I
Under Internal Review, as we have a very stringent process for pushing any live solidity code on Shane, and it's at the very tail end of that. So, should be going live this evening and then activated tomorrow.
I'll be right in the same time.
That's awesome. I think we had somebody. I think we had somebody with a question. I think it was Nikolay. Well, yes, he's in your life down, didn't he?
No, he's back. I'll send him an invite.
And I guess while we're ringing them up, I'll just add to what Rob said. So definitely pay attention to the ReVest Twitter handle and to the Buffer Twitter handle as well. We'll announce when the campaign goes live. We got an echo now. Cool.
Oh no, no, no, I was just saying I pressed that back, student guys.
No, no, no question. There enough there was a false alarm. But yeah, it was definitely pay attention to the Twitter handles will announce when everything's live. And again, just the kind of
the offering. There's going to be a $250 USDC limit. So it's got to be 250 or above. But you can bring it to resonate and get paid 1.4% upfront in USDC in your hands and then repeat that
every four weeks to get 18.2% guaranteed fixed rate on your USDC. So if you deposit more than $250, you will be eligible for the the whitelist spot for the the opt-up the collection.
So definitely excited to get that out to you all. And as Rob said, that'll be live within 24 hours on Resonate. And we'll communicate that with everyone when it's available. Is there a limit on deposits? Yep, so great question.
You know buffer is going to be putting you know 15,000 into the pool on the the purchaser side that we call it. So there's 15,000 USDC available in the pool. So the first come first serve until the USDC is gone. The bottom thing is dollars.
It was a port of million dollars. So that's the point that it runs out. Okay. Sounds good. We'll be able to expand the LPs. So yeah, thanks for inviting us.
exciting stuff. I think that's a good foundation for a very long-term partnership between Buffer and Revest. Excited to be working with you all. Yep, we appreciate it. Thanks for your time, guys. Everybody, thanks for attending.
Yeah, thank you to everyone for coming. Always great talking with you all. Stay tuned. We will be dropping any link to this pool when it goes live and hop in and get that 18% up front. Guys, can I ask one question? Now? Yeah.
The white list spot is that what's the price for the mint is it cheaper than the public price? It would be I'm not sure what rate I think it's a
0.04. If I'm in, do you have the category for that? We haven't made the category yet. So we'll add the details. Yeah, just want to get myself another cheaper document.
Yeah, I wouldn't mind if I wanted to eat mint. I'll jump in as well, I guess. So yeah, thanks everyone. Yeah, we appreciate it. Stay tuned or talk to everybody. Oh, you talk. Thank you. Bye bye.