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Sanctum Forecast #10: Sanctum Mobile, RockawayX RoXSOL Launch, and sCLOUD Updates!
Recorded: March 26, 2025 Duration: 1:24:55Space Recording
Short Summary
Sanctum is actively expanding its ecosystem with strategic partnerships, innovative governance models, and new token launches like Rock Soul. The introduction of a decentralized governance system and a mobile app, Wonder, highlights technological advancements. The platform's growth is evident with significant token staking and user participation in governance, while yield opportunities and incentive programs like ASR encourage community engagement.
Full Transcription
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Ladies and gentlemen, boys and girls, clouds of all ages, welcome to the most entertaining and fun stream in crypto.
I am your host, Eno, I am the chief vibes officer over at Sanctum.
And why are we here, right?
Well, of course, we're here to talk about all things related to the Sanctosphere.
But not only that, we're here to talk about.
the most bullish news regarding cloud and sanctum. We're here to talk about the most delightful
products that are being built on salana, not just by us, but also by our partners. We also have a
very, very special guest today. Actually, it's not just one guest, it's two guests, which is rare.
We usually just get the one, but today you get a two for one special, okay? So it's going to be
a lot of fun. We're not only going to be talking about sanctum, but also our lovely,
loving partners. In addition, we are also going to talk about the sanctum governance machine, all right? Now,
look,
Sancton governance is the most decentralized form of governance that has been built on Solana thus far.
Not only can proposals be put up by the entire community, but also proposals can be nominated from ideas all the way to deliberation just using your staking score.
Of course, we'll get into that a little bit later.
And we're here to discuss it with the most earnest cloud fam.
Okay.
And that is you guys.
You guys make this all worth it.
And we're here to build Sinctum together as one big family.
Quite frankly, can't do it all by myself.
Nick, I'm going to bring you on.
Three, two, one, Nick.
Nick, how's this week been?
It's been a long week.
Every week is a long week.
Every week.
Yeah, yeah, yeah.
But like seriously, Nick, right?
Like, even though we bust our asses off 24-7, like we cannot do this by ourselves.
Like we need community feedback.
We need community participation.
We need community criticism, right?
Like, we don't need just the good.
We also need the bad and the ugly.
And all that together means that we build a more robust, a stronger sanctum.
Ain't that right, Nick?
Yes, that is very right.
Okay, all right.
We'll bring you back on, Nick, in just a second.
Let's talk a little bit about the house rules, all right?
What does Albus the Cloud want you to do?
Well, number one, Albus the Cloud wants you to spam the chat, okay?
This is no fun if you're just talking to nobody, right?
So I need you to spam the chat.
And number two, I need you to think long term.
We don't talk about short-term price action here.
We are building for the future.
So if you align yourselves and get yourselves ready for when the macro markets are back, you know, wag me,
you know, you're going to be able to take advantage of those opportunities, right?
So think more long term.
And of course, you never know what battles people are experiencing in the day-to-day lives.
And I know that sometimes crypto Twitter and telegram, people can be a little sour.
People can be a little mean.
That's okay, right?
Just be thoughtful and kind and treat your fellow human being with respect, right?
And of course, have a good time, all right?
Because if you're not here and if you're not here to have a good time, like, why are you doing it all?
Right.
Okay, so as always, we always have like 50 USDC up for grabs for the best forecast thread on X.
And I am excited to announce I'm going to bring Nick back on stage.
Nick, can we do the thing?
Drum roll, drum roll.
Okay, I think Nick's frozen. That's totally okay. I am drum rolling and three, two, one, boom. All right. Our forecast winner for this week is Web3 Roy. And why this is so special is because he's a two-time winner. This is not the first time that Webthy Roy has written a
bang or thread about the forecast.
In fact, this week, he used a bunch of 3D graphics.
He definitely stepped up his game.
If you scan that QR code, you can see a great example
of the type of content that we're trying to see here at Sanctum.
So again, congratulations to Web3 Roy.
You are our first two-time winner.
All right, so congratulations to you, Roy.
All right. Some honorable mentions. Of course, we have Crypto John, Vic, Kate, XBT, Diro, Nenye. You guys also did a wonderful job writing threads. And we continue to do so. We really appreciate the effort that you put into it. And we definitely see you.
So for today's agenda, you guys know the drill.
First, we are starting with big warm welcome.
And big warm welcome is with a very, very lovely partner
that has just launched something with us in the last few weeks.
So we're going to be talking all about that.
And the amazing things that they've been building
in the Solano ecosystem, not just for the last few years,
but also what they're building in the future.
I don't know, maybe there's some alpha
that I can't share right now.
Maybe they'll be feeling generous
and share a little bit about what they're working
with foundation later, but I'll just leave it at that.
I'll leave it at that.
I'm not gonna spoil anything, right?
So first we're starting with big warm welcome,
and then one of my other favorite segments
of this stream is of course, Lightning Strike,
where we talk about
the latest, the greatest update dates to the Sanctosphere. And of course, we have to talk about
governance, right? Like this, none of this works without community participation. So we want to let
you know everything that's going on with Cloud 004, which is a proposal for should Sanctom build
sanctum mobile codenamed Wonderland, right? And of course, at the very end, we're going to talk
about what to expect. I am so glad to see everybody on the stream. And let's look at
this first partner, okay? And before we bring them on stage, we've prepared a very, very sexy
video. So without further ado, you guys know the drill. Three, two, one. Let's fucking go.
Welcome to the stage Rockaway X with of course the co-founders Victor as well as Hassan.
Hey guys, how are you?
Hello, hello, how are you?
Hey guys, thanks for having us.
Where are you guys calling in from?
So I'm calling from Dubai.
Okay.
I'm also calling in from Dubai, just the room next door.
Yeah, he's just over there, Hassan, I can see him.
Well, you know, al-a-a-a-a-a-a-a-com. Very happy to have you on the stream.
We obviously talked a little bit before the stream.
You know, before we get into Rockaway X and Rock Soul and what we're doing together,
like the first thing I just want to ask is tell the little people about themselves.
Why, you know, maybe a little, adding a little flavor never, never hurt nobody, you know?
So, Victor, how long you do you know?
Yeah, yeah.
Yeah.
I was a seed investor in Solana in 2018 when I met Rush and Anatoli at 500 startups incubator in San Francisco.
And do you know we were talking about also Burning Man, I go every year.
and you know supported also all breakpoints and I look forward to seeing people at Token 2049
because I don't want to say but cool things are coming.
Okay, I see.
And Hassan, well, a little bit more about yourself.
Yeah, yeah, yeah, sure.
I've been in space since late 2018, I started at a hedge fund in LA called ARCA, ARCA.
And then, you know, just doing everything under the sun.
It was a different time then.
So I was there like for three or four years, a very alt heavy long only fund.
And then I left for a family office in 2022.
And then I've been there just doing, you know, similar things like on chain derivatives and
and yield farming and trading majors.
And then I joined Rockaway X as a venture partner about, call it like eight, nine months ago
at this point.
So time flies when you're having fun.
I see. You know how I know you guys are cracked? Just looking at that whiteboard behind you fills me with confidence.
That's a total green flag. That looks like world domination being planned, you know?
Yeah. Yeah, we spend so much time thinking about, you know, like the markets and salon and auto build and yeah, like tokenization of real world assets, reinsurance.
All of this is coming. It's just great. So exciting.
Yeah, and Victor, I got one question for you.
What's a story that's like you feel comfortable with sharing about when you first met Toli and Raj over at 500 startups?
I actually had no idea that they were there.
What's funny is that Tully did not want to meet me.
So it was just Rush.
So we basically set in a small room.
So you enter 500 startups in Kuwaiter.
You had a small kitchen.
Then you go into a small meeting room in the back, you know, Rush took you and he was like, he's a great sales guy who was like pitching us.
Solana and then at the end I said, okay, we are in.
But before I confirm, I need to meet the CEO.
Back then we didn't know that there would be a foundation or whatever.
So I said, yeah, I need to meet the CEO.
And then I said, yeah, but he's coding.
He doesn't want to meet investors.
And so then we went to the kitchen area of 500 startups.
We had coffee and then Tully came.
And he was like, okay, guys, what do I tell you?
And then we immediately said, okay, we just want to back these guys because they had the vision and they were just building.
Yeah, I actually, you know, this is pretty public knowledge.
Akshay talks about this all the time.
And he says that Tolly loves to debate and argue as a sport.
He just absolutely loves it.
Can you confirm with your own personal experiences with Tolly that he loves a good debate?
Yeah.
No, I think we are friends mostly, you know, we more like, we never got into discussions.
We are always thinking more like, how can we help Solana?
I see, I see.
And I guess the first question, and I think a lot of people might be asking this question, is like, what's the pedigree of Rockaway X, right?
You guys have been in the space for so fucking long.
I mean, just tell us all about it, right?
Yeah.
Yeah, yeah, so we are a bit in the background. We basically just run blockchains.
So we are number one investors. Within Solona ecosystem, we invested, you know, tens of companies.
So Camino, exponent, fragmentric, eclipse, Helio, which was sold to Moonpei, so many, I don't even have them all of them.
Ranger. Ranger. We have so many babies, you forget their names.
So that's number one.
Number two, we are also providing liquidity.
So if a protocol needs liquidity to grow their TVL, we do that.
We have a separate credit fund with roughly 90 million assets under management.
We just provide loans to Defi protocols.
We will also speak at the Solana Economic Zone in Dubai.
which will be mid-April, we will speak about best practices, how to provide liquidical protocols.
And number three, what we do is that we run validators. So we run Solana big validator,
which is Solana.orgwayx.com. You can see plenty of statistics. And then we also run Firedancer
validator, firedancer.orgwayx.com. If, you know, there are some issues with the chain, for example,
you can see it on our dashboards.
And so our servers have huge internet connection. We are uploading roughly 1.5 gigabits per second now of data just to be able to run those variables.
Wow. Okay. So you guys truly do everything. Lastly, we are also contributor to 00. So we are building the optical networks within Europe to start with.
Yeah, you guys truly do everything.
So not only are you investing in like a whole cadre of startups.
And by the way, Fatu is a very close friend of mine.
I had no idea that you guys were also an investor in Ranger, but geez, Louise.
Yeah, we like it.
Yeah. Sorry, fail on my part. I should have known that. Fatu, if you're watching, I apologize, brother.
So you guys are investing in OG projects. You're obviously involved with a lot of the main players, especially if you're working on layer zero as well. Not only that, but you're helping grow...
Double zero, right, right, right. Yes, double zero. Excuse me. Sorry. Not layer zero. Well, you're also helping, you know, grow TVL specific protocols who need it, especially in the early days, right? When they're trying to build up credibility, it adds confidence to the protocol, right? If there's a major player who's able to kind of give that credibility boost in the very beginning, right?
In addition, you got not only regular vanilla validators, but also a fire dancer validator.
How many validators are there for fire dancers so far?
Do you know?
I don't know the latest.
Last time I looked was three.
Three. Okay. Yeah. So you are in rarefiting research and us. I see. Yeah. I see. And Hassan, you know, I heard that you got all the alpha as it pertains to Rock Soul. So you want to tell the people like why Rock Soul, why why even claim the LST? Like let us know all about it.
Yeah. So, I mean, Rock Souls are new LST, and we really pride ourselves on being
DFI power users and liquidity providers. And one of the seminal thoughts that we had at Rockaway
X is that you cannot...
be a good venture capitalist to provide good support to the poor coast unless you're a power user of defy
you need to use this stuff you need to play with it you need to get into the contracts and you know you
need to yield farm and you need to put your money where your mouth is like you know a lot of people
like this is not saying negative about other vCs but like it's very quite easy to cut a small VC
check and walk away what we do is we cut the check and then we take our capital and we utilize the
protocols
And we do this for two reasons.
One is what you said.
We want to give the protocol credibility.
We want to give it TBL.
And TBL is assigned to the market that the protocol, the codes been audit in and it's trustworthy.
The second reason we do it is we want to generate yield on our assets.
So one of the things that we're doing with Rock Soul is we're taking our Rock
Soul and depositing into Fragmetric.
Fragmetric is another portfolio company.
Fragmetric is a liquid staking protocol.
And we're taking that, when you do that, you get fragsoul.
So we're depositing rock sole, getting fragsole, and then going over to Exponent and basically locking in a yield for our fragsole.
And people love farming airdrops.
The way you could use Exponent is instead of waiting around for yourirdrop and then potentially getting a yield that you're not satisfied with, you're able to actually buy a principal token and lock in a yield today, giving up your upside for theirdrop.
So what we're going to be doing in the future, I don't want to give too much away, but we're going to be publishing like a tweet thread that will take all of your listeners exactly through step by step what we're doing with the Rock Soul.
And we're targeting with the strategy that we publish, we're targeting between 25 and 35% APY.
And it will be available for everyone to use and copy and.
You know, we're going to be using three or four of our port codes.
We're using fragmentric.
We're using exponent.
We're going to be staking our tokens in squads.
So, yeah, I mean, there's a lot to look out for it.
Yeah. I mean, so I tell, you know, early teams this all the time is you actually don't want the dumb money.
There's so much dumb money in the space. And not to be rude. And again, to your point, we're not, it's not so much that we're trying to talk crap about other people.
But I would like to shine a light on practitioners, right? People who actually get their hands dirty. People who actually learn how the protocols are being used. Right. And that's smart money right there. Investors who can give you real feedback on your product.
and also kind of understand the ecosystem from a practitioner's standpoint, right?
So that's why I'm super excited about Rock Soul and everything you're doing with Dragmetric.
I would say one more motivation is that on Ethereum, only 30% of Ethereum is stake directly onto server, to validators.
On Solana, 60% of Sol is take directly onto Veritius.
And we think it's wrong. We think more soul should be in DFI.
versus just stake directly.
And so, you know, multi-coin tried to change this game by publishing SIMD 2 to 8,
which unfortunately didn't go through.
But right now, we think liquid staking and liquid restaking are exactly the tools we need,
because then, you know, these tokens reach 20, 25, 30% APY, which is higher than 9% or 7 to 9% of base yield.
And then you are not staking directly on the server, you are staking through,
the entirety of Defi ecosystem, which is great because it grows TVL and Solana, and we have so much more TVL to grow to compete even more with Ethereum.
Yeah. And like, guys, we're not saying that we don't want to secure the network. Of course we want to secure the network, right?
But we can have our cake and eat it too, right? We can have cake, pie. We can have all the baked goods, right?
Not only can we secure the network, but you can use those tokens in Defi to earn more yield. It just,
it kind of perplexes me sometimes why more people aren't just trying to extract like if crypto is all about making money right like if you don't use LSTs if you don't use LRTs I think you hate money like what's the matter with you you know what I mean like why would actually actually you are helping the security of the network even more because you are sticking to smaller validators like ours which are bare metal you know sticks machine in separate data centers not running on cloud to Google Cloud or Amazon.
And that way you are you are distributing network even more decentralizing it versus, you know, Galaxy and Helios and other players who are having, you know, 3% plus of the stake.
Yeah, absolutely. And also shout out to my friends over at Fragmetric.
Aniazza, they're, they're Korean, so I love that team.
Don't they look like they were, don't they look like they're in a Korean boy band?
like does yeah a little bit exactly yeah they were like it's basically a korean it's two guys
from a korean boy band but like they're really like i spent like an hour on the phone with them
yesterday like going through the math for the for the uh for the principal token idea we're gonna
put out on x and like they're they're really sharp guys and like they they're so driven and
we could not be happier to support them
Yeah, well, if they look like they're in a K-pop band, then I'm obviously their manager because I don't have to be in the band.
I don't have the face for just to be in that band.
But yeah, not only are they good looking, but they're also cooking all the time.
So Victor, Hassan, it was great having you here.
Not kicking you off.
I mean, we can keep this conversation going.
Is there anything else that you want to talk about, Rock Soul or any things that you've got in the future?
Yeah.
I think you should all come to Dubai, mid-April for sure, be here during token 2049.
It's confidential, don't say anyone, but we might be launching Solana City, together with Foundation and other friends from Solana ecosystem.
But yeah, exciting things coming, yeah?
Yeah, well, I mean, you know, Dubai is in my travel route on the way to crossroads.
So I actually think I might be meeting up with you boys over in Dubai.
All right, amazing.
Ask Victor to take you out when you get here.
I'll show you a good time.
Yeah, yeah, we'll get some Shisha and some hummus and, you know, falafel and everything.
All the good stuff.
There's stuff way better than that, too.
Yeah, sure, sure, sure.
Okay.
Oh, thank you so much for you.
I kept my promise, right?
I said you'd be out of here in 20 minutes, just about that.
Yeah, we had fun.
We had fun.
Thank you so much.
Okay.
I appreciate your time, Victor and Hassan.
Bye, bye.
Bye, bye, bye.
Thank you.
Thank you.
Thank you.
Peace.
Okay, so that was, of course, the legendary Rockaway X.
I mean, like, not only are the OGs in the space that have been building here for a very long time,
but, like, obviously, have some of the earliest investors in Solana and running a validator.
They're working with a bunch of OG projects, not only in the investment side, but providing liquidity.
And, you know, what I really love is the work that they're doing around liquid restaking tokens as well.
right. So most people just claim the LST and that's just it, right? But these guys are really
thinking through how to change the game. Not only do we want to secure the network, but we also
want to support a small devaladers. So shout out to RockawayX. You should definitely check out
their Twitter right over here. And also check out Rock Soul and the work that they're doing
with Fragmetric. I think that's awesome what they're doing.
So Victor and Hassan, thank you very much for joining.
Now, moving on to my second favorite part of the programming, Lightning Strike,
where we talk about all the latest and greatest updates to the Sanctosphere.
And of course, we have to start with 44 million cloud-staked.
I got in a little bit of trouble last week because apparently when I said the word 15,
I meant to say the word 15%.
People heard 50.
And I looked over the footage.
I can't really tell. I kind of mumbled it a little bit.
So just to be really clear, I think this is about actually 20%, right?
I got the numbers wrong. It's like 20% of circulating supply of cloud is now staked.
So it's like it's 44 million. If you scan this QR code, actually, you can go and stick your cloud.
If you haven't staked your cloud yet, what are you doing?
If you haven't staked your soul yet, what are you doing?
Check out RockSill also stick your cloud.
Okay.
And, you know, we have a beautiful UI for it, of course.
And you guys remember Cloud Zero-N-3, right?
The proposal, it was, you know, should Sanctum use up to 2.5 million cloud to incentivize
INF sole liquidity via Kameenovolts?
And the reason why we wanted to do this was because we need to significantly deepen
INF liquidity, especially for institutional players, right?
So that they feel more comfortable swapping in and out and INF.
holding INF and then also generates more fees for sanctum,
which means that we can do more things with cloud,
which means we can do more things with product,
which means we can do more things with community, right?
So you guys know about Cloud Zero-Z3,
especially if you've been attending this forecast over the last couple of weeks.
I will not stop talking about it.
And look,
The Camino vaults launched last week.
We had Deuce, who is a core contributor to Camino here.
And if you remember, you know, we have 2.5 million.
There was two volts, right?
So this first vaults,
was, you know, I and F sole, right? And we're incentivizing this with cloud, right, to make sure that we're on par with other pools, right? And then we also have a second pool, which is Bonk Sol INF, right? And that's incentivized with one billion bonk per month, right? And they were a total success. So what I mean by that? Well, we smashed
through the caps. Like, we absolutely murdered the caps. So, congratulations, you guys. We've
grown INF liquidity. Al-Kine told me to be careful with the numbers that I share. I mean,
like, they're not confidential or anything like that, just making sure that we're crossing our
T's and dotting our eyes, making sure we're getting the details right. But we've grown it by, you know, over
over 2 million in TVL, right?
I'm not in TVO in terms of liquidity, right?
So we have significantly deeper liquidity for INF, which was a couple hundred thousand before we started the comminovults.
But now...
You know, we grew up by around 2, 3 million.
Closer to 3, but if we're being exactly accurate, it's over 2 million, right?
And so what we decided to do was raise the caps of the pools, right?
So we had a 2.5 million value TVL for INF Soul.
You know, that was the old cap.
and we increased it to 3.5 million.
And for Bonk Sol, INF, we increased it from, you know, 1 million to 2 million.
And actually, the INF sole, you know, the INF Soul vault is completely filled.
You know, it's already hit 3.5 million.
And last I checked, Bonk Sol, INF, not Bonk Sol Sol, but Bonk Sol, I and F, we increased it,
you know, to 2 million.
And it's not completely full, but I think it's at like 1.1 million, the last time I checked.
So in literally a week, you know, literally millions of dollars have been added to the Camino
vaults, which is a huge win for us and for everybody in the CloudFam because...
More revenue means we can do more things for cloud.
It means we can do more things for community.
And it means we can do more things for product.
Right.
So let's eff and go.
This has been a major week, especially for our communal campaign.
So that has been a major success.
And of course, we have to talk about fun tarkey updates, right?
So with regards to fun tarkey updates, let's check this out.
Oh, man.
Okay.
So we're smashing through records.
Okay.
So what kind of records are we talking about?
We have had...
over 1,600 unique voters for Futarki, right?
And you're like, okay, like, does that really matter?
Well, check this graph out.
This is like unique participants by Dow, right?
So it's like, what are all the other projects on Solana that are using, you know,
Futarky?
And as you can see over here, sanctum, you know, over 1,600 unique participants,
Medidau is around 176.
We're almost 10x.
the amount. You guys are absolutely nuts. That's insane. Like a Nick, I'm going to bring you back on over here.
Three, two, what? Isn't this crazy dude? We have like literally 10x the next Dow. I mean, that's insane.
Like no one matches the Cloud Fam vibe. Like we've made everyone said that, you know, a few Tarky was too complicated. People wouldn't get it. And of course, there are questions. But like, let's be very clear. Like this has been a smashing success, right?
Yeah, definitely. I, to be honest, I didn't know about this statistics until I saw this graphic. It was crazy, man. It was, yeah, like the numbers. I didn't expect it we outnumber them by that much. Sorry to say that, but yeah, fantaki is much better than futaki.
Right.
So I'm actually mixing up my terms here.
There's actually two different types of feud turkey, right?
There's, you know, original few tarkey.
So that's like classic Coke, right?
And then you have fun tarkey, right?
Which is like, I don't know, Diet Coke.
I have no idea of the proportion of classic Coke to Diet Coke drinkers.
Maybe not the best metaphor.
I bungled that one.
But you see what I'm saying, though, right?
Is that like there's no comparison that fun tarkey, the simplified UI, is just superior.
And it's better to, uh,
I mean, if you're a serious, serious trader and you want full flexibility and the ability to really get into the weeds of Futarki and to trade pass both buy and fail and then trade the fail market, both buy and sell, yeah, then you'd want to use the OG platform.
But we have democratized Futarki so anybody can participate.
So that's that's a site to see.
And I can't believe that we've 10xed, you know, you could add up all the different, you know,
projects that are using Futarki and we still murder them.
So congratulations to the Cloud fam.
You guys have been participating in governance very hardcore.
We can't wait to see this grow and get more people who are not only earning ASR,
but also helping us in discussions for our governance.
So I'm very happy with this.
I think we're doing a pretty good job here on the governance side.
Not to do our own too much.
So good job this week, Nick.
Okay, we'll bring Nick back up in just a second.
But first, we have to talk about the biggest, the baddest, the greatest proposal that we have ever put up for a vote, right?
So without further ado, just a quick reminder, especially the new joiners of the stream.
We almost got 5,000 people on the stream.
Thank you so much for joining.
And this is what we are voting on this week.
You know,
Oh, man, I just love that video.
It's such a banger.
But yes, the biggest Fon Tarky proposal that we've ever put up for a vote is should Sanctum build the Sanctum mobile app, code named Wonder, right?
And trust me, it's been a doozy of a week because we've been paying attention to everything.
And Albus is listening.
Albus is the name of our mascot, the cloud.
And he's definitely listened to all community feedback.
And I think that there's this one clip from last week that I'd like to play just because, you know, it really gets at the core of like why we scrape all the comments from Discord, from Twitter, from Telegram, as well as the research forum.
Like, we listen to it all. And here's a little clip explaining a little bit.
of that context.
That's not a strategy document.
It's wishful thing.
We're not trying to shut people down or say, like, don't tell us your real opinions.
We want people to tell us their deepest anxieties.
We want people to be honest with us.
In return, we promise that we will honor that openness by listening.
And we're doing that systematically.
We're not just like haphazardly reading tweets.
You guys have seen in previous weeks, we have prepared full reports of literally every
comment said on Discord, every comment said on Telegram, every comment said on Twitter.
we literally document these things and we read them and we kind of collate them together and form a point of view
and we don't always agree but we will honor your openness by actually reading and considering what
you have to say and then having an open discussion about it i mean tell us your fears right like
the most important thing is the fears internally when we build a strategy document we don't be like
okay we're gonna do a and b and c and everything's gonna be great that's not a strategy document that's
wishful thing
right a strategy document is where we sit the whole team down and we're like these are all the
existential threats and sanctum faces right now and it's like that could kill us that could kill us that
could kill us right and it's like okay but you know don't worry we're all here in this both together
we're going to mitigate we're going to have a plan for every one of these like risks that could
come through and then we're going to do a and b and c and that's the plan that's a strategy
that's not wishful thinking as always i really appreciate everyone's like time feedback everything
i read every single comment
So, I mean, that's why we pay attention to everything that you folks say.
Seriously, we read everything.
So there's definitely been a lot of discussion about this proposal,
whether or not Sanctum should build a Sancta mobile app wonder.
And you know what?
I like looking at data, right?
So I want you to know we're not just...
reading a couple of random tweets.
We actually do go through the pain and the trouble.
Actually, it's Nick who's doing all the work.
Nick, I'm taking credit for your work again.
I apologize.
But when I say we, what I really mean is Nick.
But Nick does all the hard work of making sure that we get a report of every single comment that's made about Cloud 004.
We might be missing a couple of things here and there,
but I feel confident that we probably hit close to like 98, 97% of everything that's set.
So by the numbers, what does the Cloud Fam think?
Well, in favor, we have 49 unique profiles and or, you know,
people on Discord or unique accounts, people who are in favor of the proposal.
We have 12 who are opposed and we have 20 who are neutral, right?
And these are just the numbers, but let's go more into the art of what's being said, right?
Right.
So, of course, mostly, again, it's been positive feedback.
Like, people seem to really want this mobile app.
But this isn't propaganda, right?
Like, I'm not here just to tell you, vote blindly for what we want.
The whole point of fun tarchy and what makes it different from token voting or like token democracy, right?
Like, what makes sanctum's governance better than any other governance out there in Solana is that...
The traditional model of voting for something is a very simple yes or no question, right?
It's yes or no.
That's what everyone is used to.
But with Fun Tarky, you are not asking yes or no.
You could want a proposal to pass, but that's not the game that you're playing, right?
The game that you're playing with Fun Tarky is guess the economic value of this proposal.
Right? So like right now cloud is trading about 90 cents, right? And we're not going to talk about price specifically. But what we're trying what I'm trying to illustrate a point about adding economic value, right? So let's say that we we do have this proposal, cloud zero zero four, which asks very simply like should sanctum build a sanctum mobile app, right? You are not voting yes or no. That's that's that's that is not what you're voting on. What you're voting on is okay, if the current price of cloud is 90 cents, then how much economic value do I think that a sanctum mobile app?
will add to the price of cloud or how much economic value will a sanctum mobile app take away from
the price of cloud right it's possible that we put up a bad proposal and you guys think like this is
actually a very bearish move right like this would be bad for the price of cloud right so that's the
whole point of fun tarky you're playing a completely different game it's called guess the price right
and let's say for example you know cloud is is trading at 90 cents and then the conditional
pass market is trading at the you know
$50, right? I think we could agree it would be kind of insane for, you know, you could be for the
proposal. You could want this proposal to pass, but you know, you wouldn't vote yes in a sense,
you know, for passing the proposal if it's trading at $50 on the conditional pass market. That
would be dumb, right? Like there's no way that a single proposal, especially in the early days,
maybe long term value accrual, that's possible, right? But in the early days, right, like this idea of like a
thousand X, even more than that, just off a single proposal and the first day that it is approved,
just makes no sense, right? So it's not about yes or no. It's about whether or not the conditional
pass or the conditional fail markets are priced accurately. So in a case where, you know,
the conditional pass market for whatever reason, because some whale really wants to sync the mobile app
and buys conditional pass cloud all the way up to $50,
like it would be irrational for you to push up the price of conditional pass even more, right?
Even though you want the proposal to pass.
So again, the real name of the game for Fun Tarky is guess the price.
It is not yes or no, right?
You're trying to guess whether or not the conditional pass market is trading at an accurate price.
And you're trying to guess if the conditional fail market is trading at an accurate price.
Okay, so by the numbers, again, we have, you know, 49 people who are in favor, 12 people who are opposed, and 20 folks who are neutral, right?
So let's dive a little bit deeper.
So first of all, we should start with why build wonder?
And since we have over 5,000...
just about 5,500 people who have joined the stream
might not have been here for the last stream.
So I think it's really important to
provide the context for Why Build Wonder?
And, you know, don't listen to me blab.
Hear from the man, the myth, the legend himself, FP.
We've been thinking about a mobile app
for a long time.
And I think it's taken us this long
to kind of really sort of like firm it up.
And to be clear, it is still not filmed up.
But I think we're at a point in Sanctum.
We have a successful core business that's profitable and growing.
We have some really exciting product features down the line.
You know, we haven't announced yet.
What's the need in the world that we are trying to solve?
And I think the real need here that we're all trying to solve is in the core belief that everyone in space has is that crypto is going to take over the world.
forget about Bitcoin flipping gold or whatever.
Like that's like small potatoes.
The whole idea of crypto is that it's going to be as big, if not bigger than the internet.
It's going to be like a literal trillion dollar industry.
And why?
I think because the main reasons is I feel that it just allows people to collaborate and innovate at the speed of light.
The internet allowed people to communicate, right, at the speed of light and look at all the innovation that we
have, but it's always been kind of hamstrung by kind of like a good payment layer.
And throughout decades, you know, people have tried to build some things on top, right?
There's been web cash and PayPal and Stripe and all this stuff.
But none of that is going to be like really fit for purpose.
purpose. So crypto basically allows kind of like anyone to earn money. The way people earn money
nowadays, it's kind of like 90% speculation, 9% investment and maybe like 1% building like actual
value. I think that really needs to be flipped on its head. I think Sankton can build this ad
that focuses really on earning money through the latter things. earning money through building
to contributing your skills and your assets, earning money through investment and then finally
earning money to speculate.
But as of right now, everybody's building that app for speculation.
And of course, there are some apps that are about investment, obviously, right?
And pretty much nobody is building that app for builders.
Yeah, that's absolutely true.
If you look at some of the biggest projects in the space, even in Solana, it's all primarily based on meme coin trading.
And these teams that I'm about to mention are my friends, right?
So I have no issue with them.
But, you know, we're talking about Vector, right?
Formerly the Tensor team, I know they're still working on TensorFlow, but, you know, they're working on a meme coin app, right?
Vector. It's like social trading.
Then you have BunkBot, you know, which allows you to trade beamcoins via telegram, right?
Right.
And then you have, I think they rebranded it to trenches, you know, which is a Jupiter product, which was formally known as ape.pro, right?
Also, it's like a meme coin terminal, right? It's all based on that. And so what we're trying to build, like why build wonder is the anti-memecoin app, right? Sure, we might in the
in the very, very long term, I'm talking like years in, you know, consider having more volatile assets.
But like really the thing that we're looking for is to build an app that is not all about PVP meme coinery or, you know, quite frankly, extraction.
What we want is for people's first experiences with crypto to be about the substantive stuff, right?
Because if you peek under the hood just a little bit, you'll notice there's a lot of cool stuff.
in crypto that has literally nothing to do with meme coin degeneracy.
And meme coin degeneracy actually has some utility in the sense that, you know, where do all
the yields from USC come from?
Well, a portion of that.
I'm not saying all, but a portion of that is people want to borrow that USDC and pay, you know,
fees on that.
so that they can buy more meme coins, right, just to increase their exposure to meme coins.
So like obviously there is some utility with meme coins, especially as it pertains to defy,
but like why build wonder? It's because like that should not be what crypto is, you know,
in the long term, right? Like crypto, like if you think about the total addressable market,
and I'm not even talking about numbers, I'm talking about the people that make up that total
addressable market.
We like to think that crypto is 100% degen's, right?
And at this stage in the industry, it's very close to 100%.
But if you think about the rest of the world, the people who aren't onboarded onto crypto, like, why aren't they?
Why aren't they onboarded onto crypto?
Well, it's because they don't have the same amount of risk tolerance as the people who are already in it.
right that's why they refuse to participate because they just don't have that risk tolerance they're
not willing to save see i mean even just the basic security of like having to save your seed phrase like
on a piece of paper and keep it hidden in some vault or some drawer like in some sock you know like
is is ridiculous on its face of course my mom wouldn't do that of course my grandma wouldn't do that
like nobody like it like if you look at the total addressable market and the people who make make
uh make that up it's like they're they're not going to
they're not going to do that like store seed phrases in that way additionally they're
not going to be trading meme coins right um and so like we're trying to build not for the people
who already here per se what we're trying to build for is everybody else who's
crypto curious or just thinks thinks that crypto is a scam you know and crypto needs a new face
uh it can't just be meme coins forever like we have to find sustainable uh
clean yields, right? And we also have to provide a really easy payment experience.
We need really good on off ramping. It's just the basics, right?
And what will wonder do?
See, this is what FP means when he says, like, the idea isn't totally firmed up, right?
Because if anyone's built a consumer app or has experience with this, you would know that anyone
who tells you, like, I have a very firm idea of want to go to build.
And it's going to be that way for 10 years from now and until later is either an idiot
or a liar, right?
And the reason why I say that so strongly is because, like, when you build a consumer
app, it will change.
Over.
over time, based on what users are telling you.
And so, yes, we do have a very strong thesis.
We want this to be an app where people can earn sustainable yields, right?
We want this to be an app where people don't have to save seed phrases.
We want this to be an app where that crypto is actually spendable, right?
It's not just living on chain, right?
We want this to be an app where you can move money easily back and forth
between a bank account and, you know, the app.
But we don't want to commit to saying this is exactly what the app will be because it's going to be completely based on what people tell us, you know, based on a very small closed beta.
So one of the things that we're toying with is that only people who have a high enough staking score might qualify.
Right.
to participate in this closed beta.
Because if you have a very high cloud staking score,
like you've staked your cloud and your staking score is high,
it means that you're a very hardcore sanctum user
and we trust you a lot more.
You put your money where your mouth is
and you've said you've believed in us in the long term.
And so we'd like to give these people first access
and first crack at what the app should specifically be.
And again,
we have a thesis.
This idea that we don't have an, like, oh, it's going to be app,
but we have no idea what it's going to be is untrue.
But we're unwilling to commit and to communicate here
in front of thousands of people.
This is exactly what it's going to be.
Because in one week, two week, three weeks time,
like that will change and evolve as we talk to users, right?
And who are we building this for?
I can't get the story out of my head.
And the story that I'm thinking about is the story that FP shared last week about his little cousin, right?
So he's driving back from dinner.
You know, his little cousin is on his phone.
And he sees that his little cousin has downloaded Moonshot, right?
And Moonshot has really easy, the,
using your credit card, you can buy your first crypto. But again, Moonshot is mostly focused on
meme coin degeneracy. I know they do a bunch of other stuff. I got no problem with Moonshot. I'm just
saying that like FP was watching his cousin trade Trump. He had only like $5. It's not like a whole
bunch of money, but it's like $5. And you saw it like, not rug, but like decreased to three. And his
cousins feeling dejected and sad. Right. And the point here is that
that should not be anybody's first experience with crypto, right?
We need a sane mobile app that's built for the user.
And especially for people who are just trying to earn honest yields,
people who are building in the space, people who want access to investment opportunities
that are like, I can't show other tokens, but there is clearly a difference between, let's say,
I don't know, some random pump fund coin and like a defy token, right, from a serious team with serious builders, right?
You can see those two things are very different, right?
Like a random pump fund fund CA or, you know, a value accruing token from a defy protocol that actually has revenue shared with it.
Like these two things are not built equally.
They're clearly very different.
So like how do we provide an experience where the investment opportunities that are available and given are,
are.
you know, sane and rational.
And yeah, of course, there's risk in every investment.
But, and again, I'm not committing that that's exactly what we're doing.
But that's why we are building this and who we're building it for.
It's for the rest of the world, right?
That's not interested in mean coin degeneracy.
They want something of substance.
They want something that's positive.
They want something that's not just 24-7 rugs, right?
So that's who we're building this for.
And now I want to go through all the feedback, right?
Broadly, broadly.
I don't want to, we obviously can't go through every single comment.
There were literally hundreds of comments on Twitter, on Discord, on the research forum, on Telegram.
But I tried the best that I could to provide.
an even point of view from supporters, opponents, and people who are neutral, right?
So we'll go through the supportive feedback, we'll go through the opposing feedback,
and we'll go through, there's only one piece of neutral feedback that kind of fits in a broader category.
But this was my best attempt at trying to summarize what people are saying, right?
So just going through the supportive feedback, you know,
Owning the end user means that you own the market, right?
This was a comment that was echoed by profit, as well as a few other people on Twitter.
And it's true, right?
Like, one of the things we want is like a Netflix or Amazon discovery-like experience.
And so what we mean by this is that when you go inside the Wonder app, there's things to explore.
There's like when you go to Amazon, what do you do, right?
You go shopping, but like you get stuck in Amazon.
You're just like, you're looking at all the different products and all the different verticals and maybe even like audio books because they own an audio book company and they, maybe it's subscriptions for, you know, daily goods that you need like toothpaste or whatever.
But because Amazon is so expansive, right, once the user goes in, they get stuck.
Right.
Same thing with Netflix, right?
You go into Netflix and what do you do?
I mean, like, yeah, you watch shows,
but you probably spend like a solid hour
figuring out what to watch first, right?
And you're looking to all the different genres.
You're looking at K-dramas.
You're looking at blockbuster movies.
You're looking at comedies or dramas, right?
So you go in and you get sucked into this kind of discovery experience, right?
We want wonder to feel the exact same way, right?
When a user goes into wonder, they have a lot of different options and things to explore, whether that be sane tokens, whether that be different borrowing and lending vaults, right?
Whether it be like Camino style like multiplier vaults like JLP, for example, right, or you're getting insane APYs for providing liquidity, right?
Maybe it's also discovery, right?
Like here are different platforms that you can use on Solana.
So that's what we want Wondered to be because we will, if we create that experience,
that discovery experience, it means that we own the end user, right?
And also another for, you know, feedback that we've gotten, you know, as a friendly
UX done, the sanctum way will be killer.
And you know, quite frankly, I agree with this, right?
Look guys, we made LSTs sexy.
All right? No one thought that LSTs could be sexy.
Furthermore, right, before we got started with liquid staking tokens,
People said that it was a winner take all market.
It wasn't possible to have an infinite LST future wrong, right?
We have over 1,200 LSTs at this point, right?
And dozens, if not, like probably over like, I want to say over 100 or like 200 of them have been claimed already.
So my point being is that like we have found a way not only to subvert.
the conventional wisdom, but we do it with the most delightful products. If you go over to sanctum.s.o,
you'll see, like, we are providing really clear data on how much yield you've earned. We're providing
really clear data on, like, you know, whose API is bigger than whose. My API is bigger than yours.
Inside Joke with the Cloud Fam. And so we have...
a lot of experience building UI and UX in a completely different way.
Even Wonderland, right, completely changed the meta in terms of how people thought about community participation and how to incentivize users and how to make that experience fun and delightful.
We have a track record of making beautiful products that just makes sense.
Even Fun Tarky, if you think about it, right?
i showed you earlier we have 10x the amount of participants in fun tarkey versus the main team that's
building it and call in profit no offense i know you guys work very hard on that website but again
time and time and time and again sanctum has proven to all of you that we can build an experience that
users, right? That makes it very easy and fun and delightful and colorful and bright and happy,
right? So that's another piece of supportive feedback is that a friendlier UX done in the
sanctum way will be killer. And I do agree with that.
And, you know, wonder will change the, the crucial first interaction with crypto, right?
You know, that still remains to be seen.
That's, that's certainly what we want.
And that's what we're aiming for.
But, you know, the devil is in the details here.
So even though I do believe this is true, I don't think that this is given.
this is something that you have to earn.
And we do have to earn it.
And it's going to be painful.
It's going to be a lot of iteration.
It's going to be a lot of user interviews.
It's going to be really hard beta tests.
But what we do want is, again, to build for that top 10%, right?
Right. Like the 90% of the people are in it for just speculation and in the current market, right?
But what we want to do is reach out to the 90% of people like kind of the rest of the world, the people who already aren't in crypto.
And the reasons why they're not in crypto is because the current face of crypto and how it is is very unattractive to them.
It's just like scams everywhere. Let's change that. Let's change that paradigm. We did it with Wonderland season one. We could do it again.
Okay. Now.
Let's get into opposition feedback, which is, quite frankly, hey, guys, opportunity cost is too high.
You guys are just, this is just a distraction.
Like, what the hell?
You know, you don't have the resources to do this.
Well, look, I want to be really careful here.
I don't want to shut people down.
I've already said this before.
You saw the clip, right?
I want people to give us their fears and their negative feedback and what they're thinking.
But I also think it's super important that we're operating on the same basis of truth.
right? So what do I mean by same basis of truth? Last clip for today. Let's see.
This is not like the Hail Mary Beck. What's going to happen at this point, we have something like 20 people at Sanctum, which is pretty insane for me because like a year ago we had like five people.
The vast majority of the team will continue to improve the core products, right, and grow and actually build some sort of like interdependent.
institutional verticals, right, while kind of like there are two of us, which is me and Cdubs, right, are going to sort of like explore this like idea maze.
But I want to be like absolutely clear. Like it's not like we're dropping everything and we're going to do that.
But that's absolutely not the case. The vast majority of like 90% of the team is actually still going to be building actively growing the existing core products.
So that's something I want to make clear.
Yeah. So that's just something that we want to make absolutely clear. It literally cannot be a distraction because there's only two people working on SynctaMobile right now. And quite frankly, we have enough runway and revenue to grow out the team in that direction if we need to without disturbing the core.
Right. And to be clear, we still call all of our LST activity, everything that we do with INF, everything that we do with institutions, everything that we do with retail.
We still call that core. And we call it core for a reason because that is our Google search engine. Right. What do I mean by that? Well, well,
How does Google make its money?
Well, Google makes this money through ads.
And those ads are displayed via their search engine as well as YouTube.
But that's the core product is the ad business, right?
All those other stuff they do like Gmail, they don't charge a cent for Gmail.
Right. Like there is no enterprise version.
I mean, well, there actually is an enterprise version of Gmail.
But my point is, it's very expensive to run billions of free email accounts, right?
But you need the core.
Right. And I think Google is much better off having Gmail, which was also a moonshot bet.
But I just want to be very clear here that we are not pivoting from our core business because that is the thing that makes the money that makes everything else possible.
So this idea that like.
That's what I meant by where we should be talking from the same basis of truth.
This literally cannot be a distraction because it's only two team members who are going to be working on Synctom mobile for now.
And if we do need to add additional resources, we'll be adding people to the team, not distracting the core team from their mission, which is our Google search engine, which pays for everything else.
So that's just one thing I want to be clear about.
And let me look at the comments to see whether anybody has a counterpoint.
I want to be fair and not just like talk over people.
If you guys disagree with anything I'm saying, like please just like, just write it in the chat because I'd love to have a spirited debate with you.
You know, very, very happy to be to be proven wrong.
And I do listen.
So, but anyways, those are my initial initial thoughts.
It's like literally cannot be a distraction because only two people are working on it.
And we don't want to distract from core because that's how we make our money.
Right.
And then this is kind of this misconception, I think.
It's like, why do this?
There are so many wallets already.
Well, I mean, what should be apparent to you if you've been listening to the stream for the last, you know, 10 minutes or 20 minutes or so is that like this is not a wallet in the way that you're thinking about it.
This isn't a competitor to Phantom.
This isn't a competitor to SoulFlare.
This isn't a competitor to Jupe Mobile.
This isn't a competitor to backpack.
Like, we're thinking way beyond that, right?
Like, yeah.
Let me just ask you this question.
Do you think that the backpack experience or the or the Jupe mobile experience or the or the soul flare experience, you know, or the phantom experience is geared towards your grandma?
Yeah.
or your brother or your cousin that doesn't know anything about crypto no right like we're not
competing in that space like those folks are competing with people who are already crypto native
right or or people who are are crypto curious but like there's no other way so they just they go
with those wallets right
What we're looking for is discovery.
What we're looking for is sane yield generation, a little bit of defy integrated.
We're looking for on off ramping.
We're looking for a way to spend that crypto.
You know, wonder is for everyone, right?
It's not just about.
you know, this kind of smaller group of users.
And it is, it is quite frankly smaller than we want it to be.
We want it to be much bigger.
So this is not a wallet experience.
And like normally, I mean, just people have said this over and over again.
It's like this is this conception there's a wallet.
Let me ask you a different question.
If any of you use, you know, Robin Hood or if any use, we use the World Coin app,
you know, you got your eyeball scanned it.
Now you got World Coin.
Do you consider those wallets?
I mean, like, certainly there is wallet functionality.
But like Robin Hood.
does not feel like a wallet. It's not a crypto wallet, right? It's a it's a mobile app that facilitates
trading, right? Whether that be stocks or crypto or what have you, right? So just want to make this very
clear. This is not a what we are not competing in the same space as as as as as as
phantom or soulflare or jute mobile or backpack. We are actually competing against apps like
Robin Hood.
You know, we would be competing with apps like WorldCoyne, right?
Like these are this, that's a more accurate comparison, right, to, to what we're doing.
And you might even have criticisms there and say like, oh, man, like if they, if, you know,
if Sam Altman, you know, couldn't do it, then what makes you think you can?
Well, I think that not only do we have a more delightful, you know,
you know, UX, UI experience.
We have hardcore users.
We have hardcore fans.
But also, you don't have to scan your eyeballs in order to use it.
So that might be one little hurdle for our good friend, Sam Altman.
Another thing too, like probably another big piece of feedback is this will delay Wonderland season two.
And you guys have been very patient.
you guys have been waiting for a very long time i know everyone talks about wonderland season
two let me be very clear we do have intentions to do it okay this idea that we have no i
no intention of doing it is just false right we do have intentions to to do wonderland season two
last week what i said was look
Would you rather have, you know, Wonderland Season 2 that's, that's, you know, we do it really quick because people want it, but it's not as good or it's just as good at season one.
And, you know, that ruins it for everybody, right?
Or would you rather wait and build the best version of it?
Because it has to be two or three times better in order for people to think,
Excuse me.
It has to be two or three times better in order for people to think that it's just as good, right?
But I actually take back my comments a little bit from last week.
I'd like to change my mind a bit.
And what's really where my mind has changed is that actually...
Working on Wonder gets us closer to a Wonderland season two.
I'm not guaranteeing that the Wonder app will be 100% of,
I just, I don't want to make promises I can't keep, right?
And I don't want FP or anybody from the team messaging me saying, like,
why did you say that Wonderland Season 2 will be related to Wonder?
We haven't talked about that yet.
That's true, right?
We haven't talked about that yet.
But what I'm saying is that there's always existed this tension in sanctum, which is like, how do we make our money?
Well, quite frankly, we make most of our money with institutions, right?
It's like it's large, large people who are putting their, you know, their soul into LSTs that we've spun up for them or into INF and, you know, we get the swap fees from that.
It's like, that's like the institutional side.
That has nothing to do with retail, right?
And so.
Yeah.
the wonder mobile app is like literally the only like retail focused experience that we have
in incubation right so and again you know fp says this all the time but what tokens are very good for
is supercharging and incentivizing consumer behavior right but if you look at the institutional side
there's actually like no consumer behavior that we really need to incentivize aside from i don't know like
buying more INF, like deepening the liquidity and INF, like that helps for sure,
liquidity provision. But with a mobile app, you know, theoretically, and again, emphasis on
theoretical. This is not confirmed, right? But we have way more touch points to incentivize consumer
behavior.
Right. So I actually think that working on the wonder, right, the, the, the
sanctum mobile app gets us faster and closer to season two because that's one of
the main hiccups that we've had internally is like, okay, but then what are we trying
to incentivize? Like what's important to our core business? Like what is good for
Sanctom? Like what is good for cloud? What is good for the community? And quite frankly,
that's just been an open question for the last few months. It's like, what the hell are
we trying to incentivize? And if we do it, it needs to be the best possible version. Again,
I think that the Wonder One mobile app answers that question for you, right?
And it gets us closer to a season two.
But again, I want to say this with emphasis.
There are no guarantees here.
There are no promises.
This is not something that I've discussed very deeply with the team and said, like,
like, you know, we need to tie Wonder with Wonderland Season 2.
I'm just saying that if you look at this tension that exists,
which is like how we make our money with the institutions versus like how do you use,
you know, native tokens like cloud responsibly without just like,
creating these behaviors where people,
farmers get them and they dump them and that's just bad for everybody.
Like working on a retail focused app gets us closer to on Wonderland Season 2,
in my personal opinion.
And the neutral feedback is cool,
but we need more details.
Fair enough.
All the details that I've provided so far are as about...
as far as I'm willing to commit to, right?
Especially on a public stream with over 6,500 viewers.
Hey, guys.
Thank you for watching.
But yeah, truly, we do need more details.
And it, and it,
It might be possible that some people don't know how to price this proposal.
Is this bullish or bearish for cloud because they need more details?
I would like to think that I've talked for at this point over an hour and like 40 of minutes of that has been dedicated to governance.
I would like to think that I've addressed a lot of the concerns about like who is the app for, right?
And like, why are we building wonder?
and what will wonder be.
And so hopefully the last 30, 40 minutes
have convinced you that we definitely have a product direction.
But the only thing I'm not willing to commit to there
is like it's definitely going to be this, right?
Because again, we have to talk to users
and see exactly what it's going to be.
But again, some broader topics of what we want it to be
definitely wanted to be a discovery app, right, in some sense, right?
We also want it to have sane yields, right?
We also want your crypto to be actually spendable.
We want your crypto to be able to move, you know,
smoothly between Fiat and crypto, right?
In what order do we develop those features?
And...
what is the most important and what's the thing people really want, right?
Like how are we going to onboard millions of users?
Now that is an open question.
So not committing to any of those things in terms of priority or what the exact features are.
But those are the broader topics about what exactly wonder will be.
Okay.
Woo!
Okay.
So Cloud 004, next steps.
Last week, you know, we started the seven-day deliberation period.
And again, thanks to Nick, we now have a very, very firm point of view about where the community stands.
I would like to think that we've addressed all the concerns and answered questions and we're operating on the same basis of truth.
But, you know,
People are mostly in favor.
There's definitely some opponents.
And there's a lot of folks that are neutral because they would like more details.
Right.
But the seven day deliberation period is over.
And today we will be commencing with trading of the proposal.
And again, this is not a question of yes or no, right? This is a question of how much economic value do you think that this proposal will add to cloud, right? Or how much economic value do you think that this proposal will take away from cloud, right? That is your own personal judgment. So we will see you in the order books.
And if you scan this QR code, that will take you to vote.sanctum.s.o. The vote is not live yet. It should be live in the next hour or two. That's the update that I got right before this call. But in the next hour or two, this proposal will be live.
And you'll be able to trade on whether or not you think that that sanctum mobile should be built.
And also, one more thing, to be clear.
And I think everyone got this from the last call, but I just want to repeat this for emphasis.
This does not include the community allocation of cloud, right?
We are not taking any money away from the community allocation of cloud.
This would be paid for from our treasury and from our resources that we already have.
So again, this does not involve community resources at all. This is like built from Sanctum team money. And again, it's not the entire team. We are not pivoting. The core is being left alone. But we have two people who are going to be leading this initiative. And it's as FP and CW. Okay. So now we have to talk about Sanctum ASR. How can you get your share of active seeking rewards? There are three different conditions. Number one.
you need to stake your cloud in order to earn a staking score.
So when you stake your cloud, you receive S cloud.
And the wallet that holds the S cloud earns the staking score, right?
And staking score is calculated by how much S cloud you hold and how long you hold it for.
The second step is you need to use the same wallet that is earning staking score to vote, right?
I've given this warning many, many times.
This is probably the fourth time I've said it.
Like, I don't know how many times I've said this, but it's like you need to use the same wallet that you're earning staking score to vote.
Right.
Like if you're trying to sible and like get like a bunch of wallets and distribute, like you're going to have a bad time because why, I mean, you're just creating more work for yourself and it's just all going to be kind of.
I mean, you're screwing yourself over.
So just do yourself a favor.
The wallet that you use that holds the S cloud and is, you know,
earning the staking score is also the same wallet that you should use to vote.
And also, you need $10 volume minimum in trading volume.
So that's either...
pass or fail using, and this is the next big update,
you can now use S Cloud for voting, okay?
Like we got a lot of complaints, and I think deserved,
totally deserved from last time.
Because it used to be that, yeah, you're earning your S Cloud to stake,
but then you have to use cloud to, you have to get more Cloud
to vote either pass or fail.
And, you know, that's just a very confusing experience.
Like what the heck, right?
And so we heard you guys.
We totally heard you.
So now you can use S cloud for voting.
And again, I'm really clear about how kind of fun Tarky works under the hood, right?
So you have a pass market and you have a fail market.
Okay.
I've called this in the stream conditional pass and conditional fail, right?
But really it's like pass and fail market.
Okay.
You know, what do you mean by our passer or fail market?
Okay, think of it this way.
I've asked you a question, right?
And this question is, should you build sanctum mobile, aka codenamed wonder?
Should you build sanctum mobile?
Okay?
That's the question.
Now, there's kind of two different scenarios there, right?
The first scenario is if this passes, what will happen to the price of cloud?
Will it increase the price of cloud or will it decrease the price of cloud, right?
Okay.
there's also a second scenario what if this proposal fails right if the proposal fails will it
increase the price of cloud or will it decrease the price of cloud that's why it's called a conditional
market because it depends on which condition passes or fails right so you are trying to play this
game of okay if this passes this is what this proposal will do to the price of cloud if it passes and if it fails
This is what this proposal should do to the price of cloud, right?
That's why it's called a conditional pass and a conditional fail market.
And again, you're playing this game of are the markets priced accurately?
Is the past market priced accurately?
If the proposal passes, is this market priced correctly?
If this proposal fails, is this market price correctly?
You're not asking yes or no.
You're playing guess the price, right?
So if you have S cloud, right, then you're basically selling.
either past market or you're selling fail market.
If you have USDC, you're either buying past market or you're buying fail market, right?
So totally up to you, right?
But you do need two tokens.
It's either S-Cloud or it's USDC.
And all you need is just $10 in volume.
And look, there's another piece of feedback that we've been getting that we are very aware of.
And Ross, I don't know if you're on the stream, but I am thinking specifically about you.
It is the risk of arbitrage, right?
So essentially it's like, okay,
cloud is is priced at 90 cents and I think that this is going to add this proposal is going to add you know five cents worth of value to cloud so the past market though is at 95 cents now when I when I buy you know
conditional pass, right, with USC, if I buy the pass market, it's like you're slightly increasing
the price of cloud, not spot cloud, but conditional pass cloud, right? From, let's say, like, 95 cents to like
96 cents. But really, the market is correct. The market, it is priced correctly at 95 cents.
This is all theoretical, by the way. I'm just giving examples.
you know, an arbitrager would be like, oh, this guy pushed the price up, but really like everyone
else thinks that the, that this was priced correctly. So now I'm going to arbitrage it back down to
95 cents and this guy's lost a little bit of value. So like, you know, you put it in $10, you lost
lost 10 cents or 20 cents, which I know bothers a lot of people. You know, like it's,
it's not so much the amount that's being lost. It's the principle of the matter, right?
Which is like, man, like you guys asked me to, to get ASR. Like, in order to get ASR, like,
I have to, you know, do pass or fail. I have to, you know, vote up or down on this proposal,
you know, pass or fail on the economic value. But,
You know, that doesn't sit right with me because like I thought that the markets were priced correctly in the first place, right?
But you need me to vote at least $10 million, not $10 million, but $10.
If anyone's voting with $10 million worth of value, that would be impressive.
But, you know, hey, you know, I'm getting arbitraved away like 10, 20 cents on my $10 vote.
And we understand that, right?
Two counterpoints.
Number one, and by the way, I'm open to feedback, right?
Number one, the ASR will make up for it.
Okay?
The ASR would totally make up for it.
And number two, we are exploring a third option, but it cannot be abstain.
Everyone says that they want an abstain option.
Like if they want, okay, we want to be able to, you know, vote pass or vote fail or abstain.
And the reason why, and we had so much debate around this.
Like, why don't we add like a third option abstain?
It's because people will be incentivized, everyone just to vote abstain, just so they can get the ASR.
But they won't actually be participating in sanctum governance, right?
And so we had to make this really hard decision of like, okay, the ASR should make up for it.
And that's my personal view, by the way.
The ASR should make up for it.
And...
And this abstain option that people have been asking for just doesn't sit right because it means that a lot of people will just be like, oh, I, you know, I'm not going to trade this.
Then I just easier for me to click a button and say like, I don't choose yes or no.
I don't, I don't try to, you know, guess the price.
I'm just going to earn ASR that way.
And we just don't want to incentivize lazy voters.
I'm sorry.
If anyone else has any constructive feedback about what that third option could be,
that's not abstain.
We are very receptive to it.
Okay, getting towards the end of the forecast, we have a not a weekly Albus Award.
It kind of happens. I see some questions here, by the way. I will answer these towards the end of the call.
But, you know, we have a Albus Award. And the Albus Award is rewarded to an outstanding cloud who helps and contributes with sanctum governance.
This isn't every single week because we don't have a vote every single week or a discussion every single week.
But this week's award and 50 USC, this is...
The second time that we've offered this reward just for good clouds that participate in governance is our very good friend, FlaG Ross, you know, Rice Raccoon.
I don't know if he's here right now.
But if you scan that QR code, you can go to his profile.
And I just want to say, you know, he's been extremely active.
He's also just been like answering a lot of people's comments.
And like we didn't pick him because he was pro the proposal.
He does have his reservations here and there.
But the reason why we picked him is because he was super active.
He was very helpful and he answered questions to other people.
And so I really appreciate that.
Okay, what to expect.
Again, we have another forecast thread on X.
So, you know, we would like you to create threads on the forecast.
Not everybody has an hour to be here to listen to all the updates.
So, like, let's give the people, you know, the distilled information.
We had a, we had obviously a two-time thread winner, Web3 Roy.
Congratulations for winning again.
But quite frankly, I want to see some more competition.
So Web3 Roy, as much as I love you, I want to see more people who are, who are,
who are...
you know, writing threads about the forecast.
And that is it, but I am not going to leave, you know, love you all, but we're going to start
answering questions.
And I'm going all the way to the beginning of the stream.
So thank you so.
Oh, Web3 Roy is here.
Thank you.
He says.
I love you, Web3, Roy.
You're great.
You're awesome.
Or as we say in the sanctosphere, I cloud you.
Yes, we do very much cloud you.
Um, Romio said, uh, I just grab some rockway rock soul. Awesome. Consider using it, uh, with, uh, with fragmetric, um, which will earn you additional yield. Um, frags soul. That is amazing. Let's see. What other? Nate says, happy sanctum forecast day. Hey, Nate. What's up? Cheshik says, I can't hear you. Guess what? I can't hear you. Uh, what else is here? Let's answer. Um, um,
Nakamoto, always good to see you.
Fire emojis, fire emojis.
Lucio!
What's good, Lucio?
How are you?
Coletta, hey, hey, hey, hey, hey.
Good to see you.
Just going through all these.
Mm-hmm.
Coletta, I know that I owe your merch.
I owe you merch.
I'm going to be visiting the backpack offices.
I'm still in Tokyo, by the way.
So they have a team.
I mean, they're based out of everywhere all around the place.
But they do have offices in Tokyo.
So I'm trying to get that sorted out.
It's just, you know, I'm busy.
They're busy trying to find a time to beat up.
I will get the merch.
Please be patient with me and kind.
Let's see.
What else we got?
Let's see. Comments, questions, comments, questions.
I think Coletta just shared his staking score, which is like pretty impressive.
That's like he's almost at a billion. That's insane. That's huge.
That's huge. Oh, Nick is giving us the real numbers.
24.4% of cloud circulating supply is staked, which is freaking nuts. That's amazing.
That is amazing. All right. What else we got?
Does the TVO increase effect?
Yeah, so this is talking about our Camino vaults, right?
We increase the caps.
So let's go back to there, right?
We increase the caps.
Where are you, Mr. Slide?
Aha.
All right.
I screwed up here. It's not Bonk Sol Sol. It's Bonk Sol. I and F. But for anyways, for, for
INF Soul Vault as well as Bonk Sol INF vault, you know, originally the, it was at 2.5 million
cap, TVL. And Bonxel INF was at 1 million cap. And then we increased it to 1 million.
And we increased INF sold old, you know, that that vault from 2.5 to 3.5 million. This is
completely full, by the way. You know, there's still demand for people to earn incentives.
you know, does the TVO increase affect the advertised API and how long it lasts as it's
approximately 30% increase in the vault? What was the decision process for the TVO increase? Very good
question. Yeah, of course it affects the APY, right? But I mean, whatever you're seeing in the UI is
the advertised APY. There's no like,
mysterious or I don't know how to phrase this,
but there's not like some hidden APY that we have that we're not sharing with you.
What you see on the UI is correct, right?
But what's also correct is that with increasing TVL,
it means that the incentives shrink, right?
Because...
you know there's more capital that that needs to be spread across more people who are providing tvl
which is a good thing that's a good thing because it means that you're getting more bang for your
buck what was the whole mission here the whole mission was to deepen in f liquidity
And if I can use the exact same amount of incentives to get more liquidity for INF and people are willing to get kind of that reduced yield anyways because it's still an insane yield.
Right.
It's like I think like last I checked like 13, 14, 15 percent.
Some around there.
Right.
It's insane yield.
Right.
So if I can pay out the same amount of incentives, but then get more liquidity for it, that's like a good thing.
Over 15 percent.
Right.
That's a good thing.
Right. So what was the decision making process? Uh, the decision making process was very simple.
There was demand. People wanted to deposit. They were okay with a lower TV, like a lower incentives, um, because they still want to deposit. Basically, you want to keep increasing the cap of something with the same amount of incentives and people, until people are like, I don't want to deposit anymore. And I don't want to deposit anymore because.
The incentives are not enough for me.
It's not like we're increasing the incentives proportionally.
It's like we have the incentives that we have.
And if we can get more liquidity for those incentives, that is strictly a good thing.
So that was the decision-making process.
Crypto-fundamentals must be exalted, I agree.
We are Solana.
Yes.
Oh, man.
Very nice.
Says Jesse Jeshik Borat.
Okay.
What happens to...
I like Johnny the clown is asking the questions.
I dig this. I like more questions.
What happens if to your ASR, if you're using your S-Cloud to vote with as well as leaves your wallet?
Um...
I'm not so sure I quite understand the question.
I think you're asking, like, are you still earning staking score if the S cloud is used to vote?
I'm fairly certain we track this.
I'll double check that for you.
But if you're asking about staking score, please let me know if I didn't understand the question correctly.
Like, are you still earning staking score with the S cloud that you used to vote?
My tentative answer to that is yes.
But first, let me just double check that with you.
Johnny, you have my, you have my, I don't know if you have me on Twitter,
but just it's at you know, Eno, just message me.
And I will, I will make sure that we get that answer for you.
How does it get settled on S Cloud warehouse it sold?
That is also a confusing question.
If you could kind of specify exactly what you mean,
happy to answer.
I just need a little bit more specificity.
How does it get settled on S cloud warehouse?
Are you talking about the conditional pass and fail markets?
Or like what are you talking about there?
Okay.
Well, you know what?
I don't see any of the comments.
I don't see any questions.
Thank you very much, everyone, for joining this week's, you know, Sanctum Forecast.
Love you all.
I'm going to close on a more, on a more serious note.
It's been a really rough week for me personally.
You know, we had someone, you know, very close to us, you know, pass away this week.
And it's kind of been like that for the last year.
It's just a lot of people for whatever reason have been going.
And I, you know, I, the reason why I mentioned this is I just, I'm having this epiphany over and over again, which is, you know, you never know what other people are going through.
And look, if anything you can do to be kind, even when people are being sour with you, you know, try to do that.
And, you know, treat your loved ones well, treat your family well, treat your friends well, you know, uh,
And like, you can still disagree.
Like, it doesn't mean, like, you have to agree with everything that someone else says.
But there's a nice way to say it and there's a mean way to say it, right?
And I, if at all possible, you know, you can, you can brighten someone's day or be more positive or if I can even convince one person on the stream to press delete on the mean tweet and instead go for the more constructive tweet where like we're having like a real conversation.
Yeah. I don't know. I just want to, I just want to push people in that direction. It's, you know, life is short and, uh,
yeah i just want us all to do positive things for the world and you know there's this insane
question that brian cheski who's the uh the founder of air bambi i mean there are three co-founders
for air bn b but he's he's one of the co-founders of air b there's this insane question he would ask
i think he asked it to the first 100 employees at air b and he was personally involved in
recruiting all of them um but
you know the question he would ask is like if you were going to die in a year would you still work at
Airbnb and i remember when i first heard that i thought that was an insane question because it's
like what the heck it's like if i had a year left in my life i wouldn't work for anybody right
like that's what i used to think um and now i kind of understand that question a little bit better um
I think the epiphany that I had is, look, I've had stretches in my life where I'm not productive, right?
Like where I don't do a lot of productive things.
And I'm definitely unhappier.
I'm definitely unhappier.
Not doing productive things.
But this forecast, like speaking with the cloud fam, you know, whether you're happy clouds or sad clouds or angry clouds or confused clouds, whoever you are, like...
I think if I had a year to live, I'd still be working at sanctum.
I mean, maybe not for the last month or two of my life, but like, I'd still be working here
because it's been a really rough week, but the moments where I felt really good about myself
was like talking to people and helping people and, you know, doing cool shit together.
Like, that's, that brings a certain type of happiness that I think, you know, I don't know.
I don't know where I'm going with this.
I don't know.
I just, yeah, hold your loved ones tight.
Be nice to each other. Have a great day.
I do see one other comment, though, that I do want to answer.
Ginga!
I love that red panda. Not a fan of increasing caps after the 2.5 million was mentioned in the proposal.
I need you to be very specific about why that bothers you, all right? Because let's look at the facts.
If you can use the same amount of incentives with no extra cost to you to get more and deeper liquidity into INF, why would you not do that?
Right. So for example, if I had a proposal that said,
I have $10, right?
I have $10.
And I'm only going to spend like a dollar each month, right?
To buy apples, right?
And then in the first month, you know, you're able to buy, you know,
one apple for $1, but then you realize that the price of apples, like this liquidity, apples,
is cheaper. And then you can actually buy $2 for, two apples with $1. Why wouldn't you do that?
So I understand that it's different from what was written in the proposal, but it's different in a good way,
which is that with the same amount of money or cloud, right, incentives, we can get more INF liquidity.
So I don't really understand what the disagreement is.
I get that you're not a fan because it's different,
but the difference is not a bad thing.
It's a good thing.
So you can buy more apples for the dollars that you have.
Or it put in a different way,
you can get more liquidity for the cloud that you have on a per unit basis,
which is good.
Okay.
Thank you, everyone, for joining the forecast.
I'm sorry for rambling towards the end.
But yeah, you have a great day, and I'll see you soon.
Bye.
Oh, Nick. Actually, I should bring Nick back on. Nick, you okay to get back on? He's giving me a thumbs up.
Thanks so much for holding down the fourth this week. I know that I have been all that emotionally available, but I do appreciate all the time and effort that you put into this week. So thanks, brother.
No problem.
Okay. You doing good?
Yep, good.
Okay. All right. Say bye to the people, Nick. Adios.
Adios. Love you.
