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RUJI Trade and Pools celebration!
Recorded: June 3, 2025 Duration: 1:13:51Space Recording
Short Summary
Excitement builds as RUJI token prepares for launch, backed by strategic partnerships with Kraken and MEXE, promising innovative trading solutions and yield opportunities in the DeFi space.
Full Transcription
Thank you. Thank you. Thank you. Hello, hello.
Anyone there?
I guess I'm the only one here.
Let's see until AeroDad figured it out.
Hey, GM. I guess I'm the only one here. Let's see until AeroDad figured it out.
Hey, GM.
Hello.
There's still some issues with getting everyone as a speaker.
Yeah.
Good things.
As there's always issues with X spaces. Hey, guys. What's up, JP? I don't know if you guys can hear me yes we can hear you
awesome big day today what are they what are they to be alive exactly just try to get pm and hans up
Exactly.
Just try to get PM and Hans up.
Yeah, stop hiding, guys.
Embrace the glory.
I'll just move myself.
I'll be back in one minute or so.
I'll be back in one minute or so.
Okay, we're at three out of four.
Just PM, which is not yet.
So we have Hans missing.
Meanwhile, if you have nothing to do, head over to rogera.network.com.
Slash trade and start clicking around. I can hear your notifications very well.
Sorry, I'll mute it.
Mute them.
Okay.
I don't know.
What's up with Hans and PM?
Nobody wants to request speaking.
I'm here.
Just listening in for now.
Okay. I can't see you as a speaker okay
anyway have you guys I guess not but have you guys seen how our candle
develops when the book updates it's just so pretty so small i have a question for hans uh is uh are
you sitting at the pub enjoying celebrating is that what's going on now is that why you can't
speak i'm still at a laptop it's just a few little teething issues which we're sorting out but nothing serious it's all gone quite nicely
yes indeed question for you jp what was the first thing you did are you the one who creates the green candle on nami the nami usd usc uh trading pair obviously cannot have a red one okay now everybody's hunting the mechanical i guess we'll have a red one then
no i know right is that the hour is over the hour is over so you can you can create a red one now
yeah of course
i tried all the pairs a little bit very smooth
I tried all the pairs a little bit.
Very smooth.
Yeah, all good.
No problems.
No problems, nothing.
Very nice, very smooth.
I start, even though I only have the four books for now, I start them all.
And onto my favorites to prepare once we have thousands of books.
Yeah, and a shout out appreciate all the people
I'm sure there's a bunch in here
who's been testing rigorously
the past I don't know
many many days and weeks
yeah so
I appreciate it guys whoever has been
adding to the backlog
writing
feedback we since the last 14 upgrade we've been And adding to the backlog, providing feedback.
Since the last Thorstein upgrade,
we've been hesitating to open this up because we wanted to make sure all the initial bugs
were fixed before opening up for everybody.
I appreciate it guys whoever contributed there.
I appreciate it, guys, whoever contributed there.
Yeah, we had a great team working together, trying out the UI, trying out the UX, fixing
some bugs.
Really awful stuff and really cool to see the community engaging so much with helping
to get the best version of Ruji trade and ruji pools out because in the end that's um that's where
the apps are for for the users um and i think crypto has has done a has done a good way in
creating all these cool stuff but at the end it's it's we have to make things accessible and easy to use,
especially if you want to onboard everyone.
And I think having a group of community members,
I mean, it's just a perfect way to go at it.
Yeah, and it's something we want to continue doing, right?
We spoke about a team meeting today, the weekly team meeting. We might even do the same with Perps and perhaps Index also
and the other products that's coming out.
It's a very powerful thing to engage the community like this,
I think.
So, yeah.
Yeah, for sure.
And it looks like we got the AM on as well.
Hey, guys, yes, I'm on. Sorry, I missed completely at the beginning of the space,
was having issue with my audio, so I turned from my phone. Can you hear me well?
Yes, we can hear you perfectly.
Okay, great. Well, I hope everybody's excited. I'm personally very much today. It's a big milestone and it's very something.
We have been walking our ass off for almost 10 months now and we are finally live.
We have a product that I think is honestly a real game changer in the context of DeFi. The first 100% chain order book decks that allow you to trade effectively any native asset from any connected chain.
This is big.
We are starting small with just three ecosystem tokens.
Just to try things out, but also because we need to implement still the visualization strategies that will allow us to tap into the base layer
liquidity. But this is just the beginning, guys. It's already super neat, super clean.
I mean, of course, I'm biased, but I think thanks to the work of our amazing group of
testers from the community, we have improved things tremendously in the past two weeks and there
is much more very good stuff to come. So just super excited and happy to that we are taking
this little moment to celebrate a big win after all those months of hard work and patience and frustration for some people in the community,
it's finally happening and it's just the beginning.
Yeah, it's been a pleasure also seeing the past two weeks how much and how fast things can change
and just seeing Brad and Hans at work, it's just crazy it keeps blowing my mind um
so yeah it's awesome what we already created and where we're heading because this is just
the first two products out of many um so a few months in it's it's going to be the same
So a few months in, it's going to be the same.
PM, what's your favorite feature of Fuji Trade now?
So for me, I think it's Oracle Orders, just because, well, I mean, there are a few steps that are really brilliant.
Well, if you just speak about future, I think Oracle Orders does because it's a very, very powerful tool.
Effectively, what it will allow is to execute, for example, very large trades very rapidly, more than a standard streaming swap, while controlling your pricing back so you can for example now like a big waves that want to sell like a for a hundred million of bitcoin can just come and put an oracle order a seller
oracle order at let's say a 20 bps premium to the oracle price that should less leave
enough margin for an arbitrator to come and make a little profit by arbing against other venues just one block at a time
and you can like that have a very very rapid execution in a few blocks without actually
moving the price just paying the premium you set and as long as you leave enough margin
for an arbitrage to make a profit you can fill in very large order very efficiently.
So that's very exciting.
But I'm also excited by that because then what we can do with the Oracle orders is,
so for now, we started with just a very basic XYK strategy.
But the plan is to add much more to that.
Like I shared in the Telegram earlier, like my personal wish list, of course,
it's all in the hands of hands to make the magic happen.
So I don't want to oversell on that.
But we want to have much more strategy.
We need to have like a univitory style constructed liquidity strategy that will place order at fixed price.
We'll have other users putting their limit order at fixed price.
We'll have the XYK strategy also at fixed price. We'll have the virtualization strategy at fixed price we'll have other users putting their limit order at fixed price we'll have the xyk
strategy also at fixed price we'll have the virtualization strategy at fixed price so all
of that adds liquidity in the book but then what we need is to implement a different market making
strategy and i have some id in mind but once we do that once that use oracle orders and once we
do that then we create a system where effectively, as long as there is volatility, you have your Oracle order strategy that starts to trade against a fixed price strategy.
And we can create this layer of strategy with recurring volume that just executes as long as price moves high enough.
And then, of course, volumes mean fees and means good cash flow for RUJI stackers.
So that's a very exciting thing.
I think there is another very cool feature that people are probably not aware of, which
is the internalization of certain arbitrage that we are making between the three different
lanes that exist in Finorder book. And that's an extra source of revenue for
Rooji stackers. So effectively whenever that we have on Fin we have it you can
think of Fin as an aggregator of Fin tents where different parties can put
orders at a given price. You can have regular users or active market making
strategies that place limit orders in the book.
Then we have the queue that is Oracle orders, which is a different type of order.
And then we have a third queue, which is for the passive market making strategy,
which for now is how the X, Y, K strategy works.
It's passive, meaning it doesn't actually place limit order in the order book.
It just provides a quote each block based on a certain formula,
that's replicates, y, k.
And if there is a take care for this quote,
then only at this point in time fonts move.
And so we have those three queues that provide quotes every block.
And sometimes you will have overlaps in this queue and you will have a little arbitrage that exists by executing another in one queue against another.
And what we what ANS has done in the new implementation is quite beautiful.
And every time there is a trade executed, the logic of fin checks that if there is an arbitrage that exit and if there is one
it's taken and it's on top of the fees to a rugist hacker so that's very cool as well
so that's for me a very long answer to what is exciting me but there is a lot to be excited
about once you you dig a bit into the cities yeah oh my god i would recommend everybody to
just open the book and do a one
dollar trade or whatever go through the onboarding flow i mean the access is just accessibility
and the experience is just crazy but mark what's your favorite feature
yeah took them all it's unfair
i guess uh not so much directly with the trade and pools but the way you can deposit
easily connect your wallets on the portfolio page i've said that time and time again to the team so
i'm sure they're getting tired of it but But that's a completely game-changer for me.
Being able to connect all your wallets, stack up all your different addresses,
having a full overview of all your different assets
across all these different wallets and networks,
for me that's such a game-changer.
And as you said, JP, try to deposit, let's say, $10, $1, whatever, of USDC on Ethereum
just to play around and check it out.
Because I really do think once you've done that once,
you just don't want to go back.
Like having assets on all these different wallets
that most people have in crypto, I'm sure.
Not having an overview, a nice overview, one place of what assets you hold.
Yeah, that's a game changer.
We keep saying that we are the decentralized version of Binance with a portfolio page like this.
That's a big step in that direction for sure. And then of course, having an Audible Dex and the pools
is obviously what's needed to actually be able to compete
with the centralized exchanges.
So yeah, not directly related to Roochitrade and Roochitpools,
but anyone who hasn't tried onboarding,
depositing $1, $10, whatever, try that now and let us know your feedback.
I'll rest my time for now.
Nice.
And there's only one guy left, the man who built it all.
What's your favorite feature, man?
Well, I didn't build it all. I'll start with that. Lots of very awesome people were part
Well, I didn't build it all.
Let's start with that.
of this, so it's very nice to get to this stage. Yeah, I can't pick. There's kind of
every time we got a chance to look at a different part of the stack, a different component of
what we built in Kajira in the process of moving over. It was another opportunity to,
to borrow something or improve something or pay back some technical debt.
You know, all the real time stuff, all the WebSockets,
the subscriptions to all of your data, of course, your orders, positions,
balances, just getting pushed out to every browser window you have open.
It was, it was a really nice thing to be able to kind of,
I guess, bring over from the musty Web2 world, which I mean, honestly, I think it's a bit lacking in
crypto products. And yeah, all the kind of, I guess, the new features we've managed to bring to
the contracts themselves. And we have what will be nice for integrators we have a
more declarative interface into your orders now so before you had to place an
order you got an index or like an ID back for that order then you'd have to
manage it individually you now just have a single message you send and say hey
this is the state that I want all my orders in figure out how to do it and
you know for example if you're claiming a filled bid and placing an ask,
you don't have to move the money out of the contract
and put it back in again.
You can just say, take those funds
and replace them as a bid.
Yeah, lots of little bits,
which I think lots of people
of people and doing lots of different things are gonna find them quite quite hopefully quite enjoyable
and doing lots of different things
are gonna find them quite, hopefully quite enjoyable.
nice okay i didn't know that but you can just for the integrators this is really a game changer
yeah for market maker in particular it's a it's huge like uh if we can get them to um
to don't have to pay uh gas to cancel and replace order every time and instead be able to just state what's the state they want at a given point in time.
It's much more cost efficient and it should make it much more attractive for people who trade at high frequency.
frequency.
Okay.
Will, by the way, I was wondering, and I saw it, Hans, when will there be an NPM package
of wujira.js?
Yeah, working on bundling it.
Yeah, I mean, compiling these kind of things is always a massive headache.
Soon, hopefully hopefully but we
want to make sure that we retain the development velocity inside the core UI
which means being able to import the raw typescript files in the rest of our
one-hour repo but be able to test up the package I mean it's way too technical
there so the package so we can publish it for external use. So yes, it's coming soon.
Now that we also have everyone together,
if you have any questions as a community member,
if you always have wanted to ask something
to either Hans or PM or of course JP,
feel free to ask, either join the spaces,
request to speak, or you can leave something behind in the original post, and then let's get your question answered.
So one of the questions that's on everyone's mind, probably, is when we're going to to start trading richie token um maybe we can give some information about that yeah yeah so let's uh
it was a bit of a leak earlier from kraken anyway so so we may as well uh uh address the elephant
in the room so we are not gonna communicate any clear date until we are sure
everything is lined up and it's gonna happen because well by now we know how this always
needs to just more frustration for people and more pain for us so uh but what i i can say is that uh
we are highly confident this will happen before the end of the month more towards the end at the beginning
and yeah and kraken is on the party and they kind of confirmed that today when when they
posted this this little leakage so yeah good news we we keep kraken they uh they are merging or actually they are not merging they are doing an OTC deal because we couldn't get them to merge but it's happening they will support RUG and so we'll be on a very
good centralized exchange from the start. MEXE is also joining the party so we have at least two
good centralized exchange partners and we will look to expand that we are speaking with a few
people already,
but just one, a good base to start,
and then we can grow organically at that more of a time.
Kraken was a big one to try to keep,
and very glad we managed to do that.
So TG, our token launch, rather, by the end of the month.
Yeah, of course, that's a very, very exciting moment everyone is looking for.
It will be tradable via three different sources.
So, of course, via Richard Trade, which we just launched, you will be able to buy it via the centralized exchanges.
And the thing I'm personally very excited about is that everyone will be able to also trade it
via the frontends for TC, because it's also
going to be in a base layer pool, Rujiroon.
Yeah, so very excited that people will just
be able to buy it via Trust Waller, for instance.
Yeah, that's very cool as well indeed.
It means like, so initially, we are not
going to make the Rujiroon LP a a base layer pool because it was some technical constraint.
But the buyer got pushed thanks to the work that Alex and his team did for TCY.
So we're able to piggyback on that and effectively use a base layer pool to be able to for the the main LP for the RUJI run LP and ideas that means that effectively
we will be RUJI will be listed on all the front ends that integrate with Torchains or Ledger Live
Trust Wallet so this is quite good it's a different way of thinking about listing strategy you also
want to be on the front ends and that means that people that just interact with blockchain via their ledger that would be able to buy your route G as well
So it's very good
Yeah, so let's let's see what's what's what's next
Hans what's next we're going to work or you're going to work on? What are you going to cook?
Yeah, I think next is probably the virtualization strategy. So we can start listing
the base layer pairs and get access to that liquidity inside the order book,
which will require lending vaults because of the way it works which probably kind of
naturally lends into borrowing and lending so yeah things hopefully will
start coming together quite quite quickly now it's a lot of a lot of
foundations a lot of scaffolding put into just getting to where we are now yeah I think it might well we'll see so I think it's gonna be pretty good
you know I think it's a base layer of utilization strategy is the next big one
definitely and maybe a little little leak which will so very soon before that
be able to release our leaderboards, which means that
every time you will be using the products and the expectedly paying a fee, so generating
economic activity on the network, you will be earning points.
And those points for now, they are just points, but eventually this is going to be converted to RUGLEAKS, where we will have a system where you can effectively stack tokens and rewards from the stacking actually into a contract.
We will top up this contract with some extra rewards as well and some extra stack tokens.
And we will play a game every season.
So we'll have six week seasons and we'll have a leaderboard.
And every six weeks, top of the leaderboard, we'll be earning USDC and we'll have a leaderboard and every six weeks uh top of the
leaderboard will be earning uh usdc and rogery what and uh so from uh very soon you will be able
to able to already start uh acquiring points at the points that will account for the first season
of uh of 4g leagues that will come later uh in the coming months
of 4G leagues that will come later in the coming months.
Maybe we should talk about the NAMI index also, which is going to be the next product.
I don't know if it's too soon to move on from trading pools, of course,
but I guess some people could be curious about what to expect with JP on also.
Yeah, good idea.
JP, maybe you want to present a bit of plan for Index.
And in the meantime, we can collect more questions and answer anything else that pops up.
Yeah, let's go.
I mean, Index, actually, we made it in the cut.
It was an awesome race last week.
Congrats on that.
It was really interesting.
It was actually, we were using, I'm doing it the first time, right?
Because it's the first contract for us.
So we used all the special tools, all the development process Hans has implemented over the API.
Also getting your head around StageNet and sorry, all these things took a little while. like always in the beginning, you need to play around and fail until you figure it out.
But honestly, it's once you get a hang of it, it's super smooth.
And I think the more people get a hang of it now, obviously the core team, but we all are here to help for everybody that will or is developing or will develop in the future.
And yeah, you will be so fast ultimately.
We can give you some hints here and there.
And yeah, you can build and deploy super nice application, super fast on RUJIRA.
So that was really, really, really a nice experience. And what's following is just the final touches on our RUJI Index UI that we are developing.
We are preparing our own documentation.
We have already prepared some documentation inside RUJIRA for RUJI Index.
And then it's on to testing.
And as soon as V3.7 goes live and testing has been completed
i will not say any timeline but soon um yeah and you guys think it's ready especially uh obviously
rogera when we can we can put it up we can put it on and you will have two indices
one is wyroon you want to know more about why room you should head over to
the index and then the bigger big guns we will happen once we have the
visualization strategy and you can do also says the first ever 100%
decentralized indexes for native tokens altogether so that will be the first ever 100% decentralized indexes for native tokens altogether so
that will be the first time in the blockchain history where you can have an
index made of Bitcoin XRP ETH and the USDC for example that doesn't that use
each of the token in their native form without any bridge or third-party
custodian that for you
and that's that's i think very cool and powerful that's the future yeah and i mean it doesn't get
right you have you have this you have this receipt token that resembles all these native assets that
you can then use for whatever defy shenanigans we all might think of um you will have a lot of opportunities around the index, you will have a book for
the index. So I think also the power in generating economic activity for the network in this case
is there and we are prepared here and there some little tweaks and surprises
around the products that we are also still planning.
Obviously, once we have the money market, there will be the savings one.
But yeah, I think it will be really cool.
I'm looking personally obviously forward to most forward to this Bitcoin index
because I will, I'm building it for myself.
I will use it and I can build more and trade less or hopefully I don't trade. index because i will i'm building it for myself
and i can build more and trade less or hopefully i don't trade or however or only trade on your rudy trade no yeah no it's a bitcoin index is gonna be a good one if you can if you can calibrate
like a like you could have like different um level of risk by pairing it with some stablecoin.
And then if you can capture volatility, rebalance in a way that you capture some profits every time it goes below or above a certain threshold, it can be a very good product.
can be a very good product like a yield bearing index of bitcoin with a lower volatility because
part of it is in usdc but capturing some profit on volatility i think that's a very cool exciting
product and uh yeah should get some uh some demand for that actually that's quite quite funny always
in crypto you build something with a specific purpose and once you are getting a hang of it
you you think about it more and then the architecture you can use for like this for different purposes,
like trying to obviously, it's a more high risk strategy than just holding them spot
and not trading them in brackets, but you can create forms of yield generating indices. And there are more such things.
We can't wait to use whatever strategies you guys develop.
And yeah, I don't know.
I'm really excited.
I cannot stop.
And especially once you think of,
we are in talks with many of the interfaces as well.
So we should be able to get the index or the indices
and spread like out far the ecosystem and spread the word about ruji and nami and uh index would you trade uh yeah very far maybe uh
let's let's dwell on the bitcoin a bit uh right now uh you can sell bitcoin even though it's a cardinal sin but you can sell your bitcoin for
liquify uh as the only pair right now i pair with bitcoin i don't know if you did that pm
but i haven't i think you probably did yeah yeah you can you can actually trade a bitcoin using liquidity and directly it's um just to be
clear so under the choice of having usdc uh pool and ptc pools uh i personally encourage all
projects will certainly do that for roji to beside their own uh having their token paired with usdc
or UG to beside their own having their token paired with USDC.
If you are bullish Bitcoin long term,
if you are in crypto and you believe that in the long run,
central governments are going to continue to print money,
fiat money and devalue the dollar effectively.
And therefore some assets like Bitcoin,
which has a finite supply and is well regarded and used as a store of values those days,
is going to increase in price compared to the dollar.
Then you should absolutely also pair your token with Bitcoin.
And RudiTrade via RudiPool is the first and only place where you can actually do that using native Bitcoin.
So that's a very powerful proposition.
And I hope to see more projects doing the same as what Liquidy decided to do.
And this has also benefits for the RUGITRA ecosystem.
Because from the moment you pair your token with two different assets,
so US$ on one hand, USDC,
and on the other hand, Bitcoin.
Then what happened is,
as long as there is volatility between Bitcoin versus dollar,
from the moment price deviates enough,
it creates an arbitrage opportunity,
which creates more volumes into your two trading pairs.
And as long as it goes back and forth,
you effectively create additional volumes that will not exist without this arbitrage and most of the volume in crypto realistically is
mostly arbitrage even if you look on torch and it's like two-thirds of arbitrage volume well
you create this dynamic for your own token and that means that because of the way uh lps work
on uh on rudy trade and rudy pool pool, you make money on volatility.
Effectively, you have a bid at bid ask spreads.
And every time the price of one token goes up versus the other one in your pool,
you sell the token that go up and you buy the token that goes down.
And when price reverse, you do the other way around.
And every time you do this process, you capture a little spread, a little margin.
And that's what generates your yield.
And so by having two pairs like that, you can have more volumes,
therefore more yields on your LP.
So it's a very good strategy even for projects,
especially if you think like we are going to look to eventually allow
to stream the yield from the LP.
So even for a project, it's a good way to create
a new source of revenue. Like now, any project, instead of having to pay external market maker
to provide liquidity for your token, you can internalize what used to be a cost and make it
a source of revenue to finance your project. And you could even think like in the future,
like all sorts of businesses, let's just do that and create this new stream of project. And you could even think like in the future, like all sorts of businesses,
let's just do that and create this new stream of income.
And effectively, thanks to blockchain technology,
thanks to this smart contract
and this decentralization process,
transform some things that used to be a cost
into a new source of revenue.
It's quite cool.
So yeah,
Rujitrade is the only place where you can trade
the native Bitcoin in an order book.
And it's also Rujipool is the only place when you can make markets
automatically on an order book using native Bitcoin.
And so if you are a project, come and launch on Rujira
and then pair your token with Bitcoin and native Bitcoin
and make money making
market uh on it actually yeah that's a nice that's a nice pledge man wow it's interesting
interesting uh you should do a bit of uh nami uh btc lp
yeah just just thinking in general also personally when i think about providing liquidity
i would be more declined from my personal account to provide any token against bitcoin instead of
against the stable but yeah because you have less uh usually
they are much more correlated so you you get less uh implement loss it's a it's a very good point
and you want to hold bitcoin and not a stable i guess exactly yeah
If we are in beer mode, you are happy to have a...
if we are in a beer mode you are happy to have a
Sorry?
sorry
Hey.
Somebody else was talking.
Actually, Erudite, we can hear you.
We just need to talk.
I don't know if you could rock now,
but when you were asking, we were able to hear you.
Until then, I have a question for you, Hans.
Over these last 10 months and two, three years on Kojira before,
how has your thinking changed when developing blockchain applications,
a blockchain now, in this case, an app layer?
Like, what's important?
What, where did you change your position, for example, like quite drastically?
It's a good question that.
It's been four years of Kajira actually, over four years now.
I think kind of like it's, you know, smart contracts in general have been on this kind of journey
and whatever the kind of, whatever somebody might say,
like the EVM is quite technically restricted.
You know, it hasn't got efficient iterators.
It can't do, it can't build.
There are certain classes of application they can't build.
And I dipped my toe into it in 2016, 2017.
And obviously there are some very strong products you can create
and we've seen massive protocols being built.
But I think there's kind of the,
almost like the birth of the Wasm VM
and CosmWasm just kind of unlocked
a new class of protocols.
And that really,
I really think it started with Terra,
you know, it was the first protocol
that used CosmWasm and Anger. And, you know, it was the first protocol that used Cosmysm and Anger.
And, you know, it birthed things like the liquidation queue,
which the internals of which were kind of what allowed
Finn and the order book to exist.
And so it's only whinny been in the last couple of years
that this kind of like this exploration of what this new class
of application, like on-chain application you can build is, what it looks like, what its features are. And, you
know, the audiobooks, like I said, and Pilot and Orca all kind of fell out of that. And
that kind of that phase, I guess, the Kajira phase was very focused on kind of what are
the, what's the kind of like, what's the art of the possible with Cosmos
and this new VM that we're building on. And we did some nice innovation. We had a lot
of stuff teed up, but it was all built on this kind of very kind of sort of traditional
crypto stack, I guess, you know, we ended up with five or six disparate protocols because
that's what exists on Ethereum. You have a different brand and a different protocol and different
websites for each different thing that you want to do um and it was only latterly that we started
looking at putting it all together into into one unified experience and so i think this phase has
been um kind of less about the sort of like the raw innovation and the understanding what we can
build and it's really understand really kind of thinking about what we should build and what
products and features will just delight users and give them the tools and the features they need
um to have that kind of financial control and financial freedom um and that's kind of that's
that's then trickled into everything it's trickled into the way that we design smart contracts the
way we design the interfaces the way we design the interfaces, the way we design the hooks,
and the way they integrate with other contracts.
But also, as you said earlier, this whole kind of more traditional Web2 stack,
the data layer, the real-time stuff,
the unified integrated front end across all these wallets.
And there have been a lot of kind of details
that are pulling us much, much, much closer to
that centralized exchange experience, but built on these DeFi rails.
A small example of that today is back on Kajira, the size of your order was always shown in
the offer asset, but centralized exchanges show it as the base asset.
And so we made those changes today and it just makes the whole thing
feel more like that product and service that centralized exchanges have been able to deliver
using established technologies for so long but we're now getting to the point that the underlying
technology allows us to build it in a decentralized and community-owned way.
us to build it in a decentralized and community-owned way.
Yeah, I think the only piece here now missing for the full smooth experience is on one hand
the on-ramp via credit card or debit card.
It's coming.
Oh, Alpha.
We have agreements signed.
We just need to integrate it now.
And then obviously...
KYC-3 below thresholds and certain
uh geographies as well kyc free for certain limits and certain geographies just to be clear
but yes okay it's more small amount like 800 500 euro or something like that so not big but for smaller expenses you can we could build a
contract that stream out the maximum legal every day and use it okay okay that's crazy i mean
that's nice and all of this as i'm working on it will RUJI station, and then you have it at your fingertip in your wallet,
using all this nice technology, all the data layer,
the same feeling, same look, obviously,
than you have on the desktop.
What else you wish for, I guess?
But for me, another big one.
So my personal view is now that we should really focus on delivering the best possible
Ruggie trade, but mostly Ruggie pool, because trade is pretty much done, but Ruggie pool
is the part that needs some more love to really bring it to its full potential.
And then by the end of that, I love that we have a framework that allows easily onboarding
of third party strategies that can just come spin out the board, set the management fee,
a performance fee and start to effectively generate trading activity and make money because
they offer good strategy.
And then we can add to that a framework, a referral framework.
So I think that's something we want to replicate across all the apps similar to what Torchain is doing.
But except of having just this affiliate fee that you had on top,
I think the better way of doing that is to have both. You have an
affiliate fee on top that for integrator like Ledger Life or Trust Valid, they have a very
captive audience that is not fee sensitive, they can add on top, that's fine. And then
we can have a referral fee when we take a cut on our own fee,'s it's a bit of a cut for the protocol but on the other hand it means
that those integrators that can be key opinion leaders or any sort of uh of uh at different
time can offer the same service but targeted to a different audience without increasing the cost
for the end user so it's a great way to scale and we can also do that a bit differently for
ruji trade and ruji pool and for ruji pool especially then we can have the third party
strategies that have this management fee and performance fees they can say okay i'm gonna have
a referral code and i 10 of my fees i send them to whoever bring me business and then imagine that you have a system
where anybody can come and uh become you can create a decentralized sales force effectively
of uh an army of a thousand people that go and try to bring tvl to you they will be incentivized
to allocate this tvl to the voltage that generates the morphee and if it's using a performance fee
it will be the most performance the better performing vaults so interest are aligned and they can make money
by collecting a share of this year perpetuity as long as the deposit they bring in stay in the vault
so this is kind of a bit of a technical challenge to put that together but it's possible and i think
if we can do that so step by step like we those great tools, and then we build not just those great tools for users, but also for integrators, for builders.
And then we just have to have the right incentives to create this decentralized
workforce, which will promote our products everywhere. And that's, I think, how we win.
Okay, we become this decentralized cross-chain DeFi hub that everybody can tap into
if they want access to DeFi with native assets and they can do so profitably by using a combination
of just a referral fee if they don't want to increase the cost to their end user or a referral
fee and an affiliate fee on top if they already have a wide captive audience
that doesn't mind paying some extra dollars for the service. So that's one of the things I'm
really excited about as well.
All right, then one very important question for everybody in here.
When will Rujira Trade be listed as an exchange on CoinGecko?
So that's on my list of things to see with hands.
We need to provide some API and documentation for that.
They have specific tasks. So that's something
we are going to look to do in the coming days now that it's live. But that's one of the things to do.
I cannot give a date, but it's on the agenda. Okay, so subsequently for all the tokens on
RUGITRADE, we first need the listing of RUGITRADE as an exchange and then everybody can update the details
just FYI yeah of course yeah there will be another one I answered it that's an important
one even to get visibility and everything it's a it's key yeah so I see some new speakers. Perhaps we tap into there. I see Hams. Hello, Hams and OG as well here.
Yeah, hi, JP. Congratulations to the entire team. This has been long coming.
And I'm sure the community is glad to celebrate this with you tonight.
I have two questions. And I wouldn't know any one of the things can jump on
the questions my first question will be that so can we start adding liquidity to the strategies
that are already available that's my first question my second question is that um if we say
the ruji real liquidity will sit on the base layer right and of course you're
looking forward towards um starting to trade ruji does that mean that the virtualization of the pools
in the base layer would happen right about the time ruji will start trading because i mean i'm guessing it will be the same technical limitations or whatever
thing magic could hands needs to hands needs to do um to the big layer liquidity to be able to
for us to be able to trade it on the half layer so without virtualization strategy come around
the same time with when we will be trading life those are the two questions okay so i first question
hey by the way i am nice to to speak to you live we speak almost daily but rarely uh over a voice
so it's quite cool uh so on uh first question whether you can deposit in the strategy so for
now yes you can uh but there is a very limited choice of strategy.
We have effectively four pair live with XYK on the app layer.
So with the three native tokens,
but you can absolutely deposit liquidity there if you want.
And then via the pool interface,
Hans has also been doing a great job with Brett
to allow the deposits in a very easy way into base layer pool.
So this is available already. However, I was personally not able to test
because I always use a ledger and there is a limitation for now
if you use a ledger, but if you don't, I believe it's working now.
So those are your options. What you see there, you can use it. There is one strategy that appears currently, which is a TC wire run strategy.
I would not advise to LP there.
It has been made by design by the Ninrium team and Alux in a way that there is no fees.
The fees collected don't go to LPs, they go to Torchain and it's by design because they
want to keep the liquidity low
to allow easy price discovery.
So we should probably hide it in the UI, actually, and I would not advise anybody to use that.
And then your second question was around timing for the virtualization strategy.
No, it won't come.
I think it will come later, most likely after the TGE because we will also need to go through
edits and all of those things.
And we don't need it for the TGE.
Yes, you will have a base layer pool that cannot be directly accessed.
Yes, the utilization strategy on the app layer, but we will also seed the app layer with some RUJI USDC pair will effectively be migrating most of the liquidity that we have already removed most of it,
the Kuji liquidity, and we will remove probably a bit more of it,
and we will migrate all that to Torchain to seed the RUJI USDC pool.
So there will be also a option to trade using
just this liquidity on the app layer and then because there will be a base layer
pool and I play a pool it means that there will be arbitrage strategy is
possible I'm pretty sure that in no time we will have some some smart arbitrage
that will already be be running some bots that will make sure that the price
is balanced between the two venues.
So it should be working efficiently,
even without the virtualization strategy.
All right, nice.
Thank you, Pierre.
Well, nice to hear, man.
All right, and we have another one.
Ophir Dao.
Hello, hello.
Hello, everyone.
Can you all hear me?
Very well.
Yes, thank you.
Excellent.
Well, first off, just want to start off and say congrats to everyone on y'all's hard work here at Ofir Dao.
QG, which was one of our core holdings, now Ruji and Rune, really trying to create those to be a dual income stream.
We kind of run DeFiOps cross-chain within the Cosmos and are building a redemptive treasury.
And one thing that kind of we're interested in and just are you all with like DAO tooling and integration?
is Dowdow coming back and then also just kind of questions on your thoughts of like Thorchain and
Is DAODAO coming back?
Ruggiero being the new stewards of CosmWasm. Okay so on Dowdow I can answer that quick yes it's
absolutely coming back we are I mean it's a it's a critical tool to facilitate economic activity across the ecosystem. I'm a big fan of the tool and of the team.
So we are, I think for me,
like we that's a place where we need to store.
So the various pockets of tokens
so they can be managed transparently
and efficiently on chain.
So that's what I'm pushing for.
And Dao Dao is definitely coming
and it should be there
probably with
let's see, maybe with 3.8
to be confirmed but possibly
with the next release effectively
second question was about
Torchain
and Rujira
and taking stewardship of Cosmoism.
On that, I think there are better people that need to reply.
So is there an answer?
Or Mark, maybe you can comment on that.
Yeah, I can just put a few words to this.
Can you guys hear me?
I'm having some issues with my microphone here.
Yeah, okay.
Yeah, so we're basically building a CosmWasm coalition,
let's call it that, or fan club, with different chains.
So we're not the only ones.
And basically the former team that supported and maintained Build CosmBosm is dismantling. And the key people from Confio that built CosmBosm and maintained it for years, they're being placed essentially in different organizations and chains that represent this,
is represented in the coalition.
So yeah, we're happy to support.
We want to double down in CosmOsm and yeah, essentially build native rails on CosmOsm
with the apps that we deploy.
So yeah, it's not just us, but we're certainly trying to
take a lead there and getting all the different teams that are struggling in Cosmos, because
Cosmos seems, or the hub at least, is switching to EVM and Solidity. So yeah, we welcome everybody
to build, deploy on Rojira and come talk to us.
Thanks, guys.
And are these going to be permission deployments?
I assume it's like if you want to upload, it's going to be permissioned on Rojira.
And that's my last question.
I'll step down.
Yeah, it's going to be permissioned for some time.
That's the short answer.
But yeah, I'll let the others speak
so maybe uh just on that so we have this rule is not gonna be a permissionless uh
mix match of things like you see on evm the vision is very much uh try to create a curated
environment with this unified ui UI and all those tools working
together. And so one of the things that was made very clear by GP and which we liked when we started
was that it doesn't want duplicates and every apps should be unique. So we are keen to speak
with any builders, but what you do cannot be something that we are already doing or planning
to do in the roadmap.
It has to be something different and complementary that either add value by building on top of the core apps
or something completely different that is not on the roadmap and you want to build.
But to all builders in the cosmos, if you have any ideas, if you see anything that can fit into this roadmap and you want to be able to access,
to have your accessible with native deposit from all connected chains and being able to use those native assets
and also this great tool we have been building and tapping into this 160 million of liquidity of the base here,
just reach out and let's see what we can work out.
Thanks, guys.
Appreciate it.
I got two more questions from Little Bunny on TG.
And one of them is a very nice one, which is,
what can the community do to support with JIRA?
Yeah, you want to go for it?
Yeah, so our community is amazing.
They are already doing a ton to support for JIRA.
I think it's the same as always, like just being
present on social media because that's
sometimes exchange like this.
And yeah, just try to create, to make some noise
and eventually we, that's how we,
I think it helped a lot back in the day
when we were trying to get Kraken
to have all this community effort, like reading,
just trying to push out to get attention from them.
And it worked, so we can replicate that. For now there is no
particular target, well maybe, well yeah it's a bit too early to give a particular target but
that's it, like just stay present, keep retweeting and engaging and just stupid clickbait stuff when
socialized exchange posts something.
If you don't mind participating in that,
at the end, that's how this game is played.
So it always helps.
But I think...
Use the products, try to break them.
Exactly, I was about to say more fundamentally.
And all of this, because the ask is specifically
in regard to centralized exchange.
But I think at the end, the best marketing we can do is just use the product.
And if you like it and then you speak about it, that's how we get attention.
And then ultimately, that's how we get good numbers.
And that's how we get centralized exchange to look at this as well.
That's the goal. we get centralized exchange to look at us as well. Is that the angle?
And the cool thing is also that we're now
part of the Kaito Pre-TGE Lead Award.
So all the noise we make gives us some nice boost
in the rankings, which also helps with the visibility.
Oh yeah, at least some centralized exchange, look at that.
Help amplifying things so we get good in K2
and hopefully it helps us with those processes.
Can you drop the link, AeroDyde, to the leaderboard,
the free TGE leaderboard?
Yeah, I'll drop it.
Yeah.
The second question is, how will tokens be, new tokens will be listed on RUGITrade going forward?
So the ones outside of the base layer pools, will those be posted, will those be listed?
So you mean the one outside base layer pools? So for now, you only have two scenarios possible.
You have an exogenous asset from a connected chain that has a base layer pool, and then
we can create a market for that.
And we can do that without having to go through node operator every time.
We have a multisig that is the admin of the so
wait listed multi-six that it's the admin of the fin and pools contracts can
create new pairs I mean that's my understanding unless I'm wrong
because an answer can correct me but I think that's how it works so permission
like it's permission but we have control of it so we'll probably create virtual
pairs at least once we have the virtualization strategy for pretty much all the big assets on the base layer.
And then otherwise, you have to be a native token of Torchain, like RUJI, like TCY, or like now NAMI, OTO, and Liquidy.
auto and equity there is no yet a way to have to represent assets from exogenous
chains that don't have a base layer pool but that I mean I've discussed that
already several time on spaces for me that's a very important point we should
be able eventually to find a way and is technically possible we have discussed
it with answer ready and we should have a way to observe assets on any
connected chains and be able to create secure assets out of those by looking
those in asgard vaults without requiring to have a base day or pool and for now
because I think like everything to rune at the end we are very much is that
device to see rune performing well as well because the biggest LP for
RUJI will likely be the RUJI rune LP so that means our price are kind of
correlated and personally the last thing I want to see is see rune doing the
osmosis model or even what's used to be the montadao model but which research
teach us a lot of lesson you don't want your token to be paired Montadao model, but which teach us a lot of lesson.
You don't want your token to be paired with a lot of Thailand assets with very bad tokenomics
that are going down on Li and effectively creating a drag on your token price and taking
the quality liquidity of exogenous assets out of your vaults to increase the quantity
of a shitcoin.
You don't want that.
So we need a way to have whatever is the flavor of the month memcoin
and solana whatever we want to create a market for that we need to be able to do that if we want to
compete with centralized exchanges uh but we need to be able to do that without to create this uh
big drag uh on uh run price and um the only thing that prevent us from doing that because there is a tv check
every time you you want to create a secure asset so you need to have a an oracle for those price
and currently the oracles the way you get the oracle price is by having a base layer pool
we are working now on uh recreating on top chain effectively the unshrine oracle like we had on uh
on roger, which would
give us a lot of different advantages.
And one of the advantages this will add, it means that suddenly we will be technically
able to replace the oracle from the base layer pool by our own enshrined oracle.
And as long as we can observe source, a price source on a few different venues that have deep enough liquidity then we can we can implement this
creation of secured assets that don't require a basier pool and we can start to make market for
a much broader variety of of tokens
i hope this is a good question.
I just checked the Kaito leaderboards
and we made the ranking of top gainers.
So the engagement today definitely helped.
That's great, guys.
Okay, let's keep pushing.
Let's go to the top of Kaito.
Can you share the leader?
Is there a way to share a link on the space like uh
maybe post it in uh in the comments but yeah it's in the it's in about in the comments
um eric also requested to speak jim eric you have a question for us.
Hey, yeah, thank you very much for letting me speak.
I am part of the Torching community and by proxy,
I was able to learn about ruji and guys i just wanted to let you know that that we are very much uh cheering for you wait i'm hearing my voice somewhere else
one second you're good audio is good on my end at least
good on my end at least okay sorry about that can you hear me yeah okay now I can hear myself
sorry I I was listening on another tab and I was it was a little bit lagged but yeah i just
wanted to say uh congratulations guys i i'm very very excited to see what's gonna happen in the
future not just the near future but the long-term future because i know you guys are building for
the long term and that's exactly why i'm gonna be one of the top speakers in terms of putting out there RUJI and RUJIRA.
Of course, the Kato leaderboard, it's helping a lot,
but I was already speaking about you guys
without even knowing that you're already part of Kato.
So looking forward to what you're going to do.
And as part of the Mocha team,
I just want to let you guys know
that we have something in store to work together, guys,
to make Rooji apps be able to reach a wider audience by tapping into the user base that Mocha will have.
So congratulations, guys.
Pretty excited to what you guys have in store.
You can DM me, Eric, and let's have a chat.
Yeah, let's do it.
Unless you want to spill the beans already here, Eric,
in here on what you guys are cooking.
Okay, so I'm not really allowed to say a lot, but let's just say that what we're building is going to tap into normies.
And like, here, let me rephrase it.
The product market fit that we have is very normie friendly.
And we are going to have a small Dapp store, you could say, that all of our user base will be able to access to with just a couple of clicks.
And they will be able to see a catalog of all of the Ruggie apps that are in existence and that are adapted to be some sort of like an app store built first for Rudira Dapps and then for the overall crypto ecosystem.
So that's as much as I can say.
Well, that's great.
Glad to hear.
And that's exactly the case where, so I hope we don't delay that too much, but where having the referral and affiliate model would be super helpful because then you can
do that and at the same time monetize it by uh taking a share of the fee on on whatever volume
you generate so i think there is a lot of uh opportunities for uh uh synergies here so very
happy to see you on board thanks for for your encouragement and yeah let's uh let's uh discuss uh at some point yeah i just want to say thank you very much guys i just want to say i met zay
in dubai and which is the founder of mocha or ceo or whatever but and it's really cool guys what
you're building so keep going i think it'll be a lot of fun we'll have a lot of fun together
be a lot of fun we'll have a lot of fun together there's definitely 13 and ruji so building and to
to you know yeah just just stay focused on building and and not worry about the outside
noise and and all of that i know that the future is holding pretty good stuff for Thorchain, Rugira, and by ProxyMaya Protocol.
Man, I feel like we've been living in the bubble the past 10 months.
So, yeah, no point in going outside.
Anyways.
Yeah, and, you know, looking at you guys building from,
you could say from scratch,
because you had to basically rebuild after a couple of collapses.
So it just encourages everyone in the community to cheer for you and to work together.
So I know that the future is holding something really, really amazing for Rooji.
So yeah, let's just keep building.
Yeah. So yeah, let's just keep building.
All right, I think Aerodyte got rugged again. So anybody else has some questions here
or something we should talk about?
Yeah, let's change for questions as a wise let's be over an hour so we'll I think we'll wrap this up and and we yeah okay that sounds like a good plan okay cool well
great guys thanks a lot for everyone for joining it was a super cool to to have this little improvise
space on this what is basically a very big day, like that
zero to one moment from not having apps live to having apps live that people can use.
And from now on, it's going to be just more and more of that.
And one little piece at a time, we are building something very, very unique, very great.
And I'm super excited about the future.
The hardest path is being less now, so now start the fun.
Looking forward to show you that in the coming months.
It's going to be fun.
This is going to be good now. It's gonna be fun.
This is gonna be good now.
All right, any closing words from you Hans, from you Mark? Or are we shutting down here?
Nothing from me.
All good.
Just excited to see how this uh all the feedback all the developers hopefully
who wants to build on top of the core primitives that we're rolling out um yeah there'll be a
stranger i keep saying it on twitter but i'm gonna say it again here um super exciting man
i know we don't necessarily have the exciting voices on, but that's just because we've been heads down the past 10 months.
So just eager to get this out, I guess.
Okay, cool.
So my last word is, if you want to build something cool, hit up Mark or PM.
Okay, then guys, bye-bye. Thanks, guys. Bye bye thank you guys bye Thank you.
