Alright, we can hear you loud and clear. We are good to go. I want to welcome everybody to Big Hit's Twitter space. My name is CH and I will be your host. We've got a very special one for you all today as we'll be talking to you.
to say the fastest layer one for trading. With me is the co-founder Jay Jog, who was previously the head of engineering for Robinhood. Jay, thank you so much for taking the time and welcome.
Awesome. Thank you for having me on in. Absolutely. We're very excited. So maybe we can have you briefly talk about maybe introduce yourself and a bit about say labs.
high school, I was doing a ton of speech in a bit. And that's actually where I met my co-founder, Jeff. So both the Fusteder practice debate back in 10th grade against each other, because we went to competing high schools and we would vocationally meet up to do debates. And that's where I met him, got to know him.
And then afterwards I went to UCLA to study computer science and I ended up getting into crypto originally back in 2017. At that time I roommate he was starting a crypto company. They're going through Binance Labs. So we tinkered on a couple of projects together. And afterwards I
I ended up joining Robinhood. So I spent almost four years in Robinhood. I saw the company 10X and I was in engineering lead when the entire game stop saga happened. I don't know how many folks from the audience were following along with the game stop saga, but for a little bit of
context, there was this entire meme stock frenzy happening in the United States. So it stocks like GameStop, AMC, and several others, they were just pumping straight to the moon, right? And it was essentially a retail versus hedge funds kind of situation.
where it was retail, those buying all these mean stocks and pushing the price up. And hedge funds were actually shorting these positions. And when the price kept rising, the hedge funds were getting short squeeze. So hedge funds were losing a lot of money. And it was kind of a true Robinhood moment at the time, right?
was basically take from the rich and give to the poor. And the primary place where these retail positions were being opened was on the Robinhood out. Right? So December, January, December 20th, and then January 2021, Robinhood was getting insane amounts of traction. These names oxalboing straight to the moon.
and then one day just completely out of the blue Robinhood turned off by us. So no one was able to buy any of these meme stocks on Robinhood anymore. And Robinhood gave absolutely no justification for why that decision was made. And understandably, the entire
country was outraged about that. And it was just incredibly chaotic to be an insider working at Robin Hood at the time. I had dozens of people hit me out that particular day when that decision was made. I had some colleagues that I hadn't talked to in years to message me. I had friends that I also hadn't really
I became much more for decentralization, Maxi, because anything that happens on Shin is inherently trustless. And I think that is the single biggest issue with any centralized kind of entity right now. You need to be basically trusting one or two dudes at the top to be making decisions. You don't really know what is happening.
And in Robinhood's case, it just ended up being completely opaque. And I mean, we've just seen this cloud time and time again, right? Like, we've seen this happen with FTX. We've seen this happen with 3AC. And there's certainly going to be more examples of centralized institutions abusing their power. So that was your original inspiration for us.
One of the friends that actually messaged me when the game sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp sawp#
exchange. That led to us looking into all the infrastructure that we could use to build an exchange. We realized that infrastructure was lacking and that's when we decided to build Z, which is a general purpose layer one. We've optimized every single part of the SAC to give the best possible experience for trading applications.
Thank you for sharing. I remember going through that whole saga and watching it closely and just thinking, wow, how can anybody do that? So it's pretty crazy to hear from
from your perspective being the lead or the engineering lead, and now of course coming out and trying to solve that problem. So could you maybe elaborate on the unique value proposition of say
Of course, yeah. So internally it's say we have one core thesis which is that the exchange of digital assets is the most fundamental use case.
for blockchain applications. Every single successful application crypto right now is either directly or indirectly a trading application.
So if you look at Uniswap, it opens C. Those are both extremely straightforward. They let you trade, findable or non-fungible tokens. So very clearly trading applications. If you look at Steppen, Steppen is a game. Right? So you wouldn't necessarily
So, the second thing that I'm going to do is I'm going to do a trading application.
Same thing with MetaMask.
The core reason that people go and install Metamask is to be able to go on chain and then trade in some capacity. So even if you put aside the swapping component of Metamask,
Metamask is still a trading application. So trading applications are currently the most clear use case for crypto. And they're becoming more and more relevant because there's significant tailwinds pushing them forward as well. Right. So one example of that,
be regulation. In the past year, there's been a ton of unethical behavior by centralized entities, which is leading to more and more regulation being targeted towards centralized exchanges and more broadly centralized entities in general. And the trading kind of demands that normal people have isn't going away. In fact, it's just increasing as
There's more and more tokenization happening in general. So all of this trading demand that otherwise might have been going to centralized exchanges is now going to be going in a greater and greater capacity to decentralize exchanges and just start happening on chain. And there's just a more and more kind of focus on tokenizing at
in general and being able to trade them 24/7. So because of these tailwinds as well, it's becoming clear that trading applications are critical and there's going to be more and more doctrine happening for them in the future. So the question then becomes how do you build, like, what are the problems preventing
and creating applications from getting bigger right now. So when we got started building in exchange initially, we investigated all the infrastructure we could use, right? We looked at every layer of what? We looked at every layer too. And we realized that if you looked at exchanges that were out there,
right now. They basically all face what we started internally calling the exchange trellima. So between decentralization, capital efficiency and scalability, every exchange out there right now is only able to get two of the three. So if you'll get unislawed B2,
It gets decentralization and it gets fillability, but it does not get capital efficiency. That's why Uniswap came up with Uniswap v3, which gets decentralization and has much better capital efficiency, but it's not really as scalable as Uniswap v2 was. And if you look at any centralized exchange, well,
I mean, by definition, it's centralized, so it does not get decentralization. So we don't think that the solution here is to keep iterating on Xian spectrum systems. We think that's been tried and done for the past several years, and it hasn't worked. We think the solution here is to do a complete rewrite of the underlying infrastructure.
And that's how innovation typically works, right? If you're familiar with the idea of application infrastructures like course, it's basically the idea that there's some infrastructure that gets created. This then leads to many new types of applications that are enabled. Some of these applications find product market fit.
Other is to not and the ones that find pmf they then need more specialized infrastructure to continue helping them scale So if you look at the database industry for example, you started off very kind of general purpose with Solutions like Oracle getting created this then let
to all of the web one and web two applications that we use today. Right? And now we're starting to see more specialized infrastructure getting created, like Databricks Warehouse, which is Taylor made for AI and ML. The exact same thing is going to be happening on chain. So we started off with Ethereum.
This led to all the decentralized applications that we used today. Most decentralized applications have no semblance of product market fit, especially when you take away their token based incentives. But exchanges do. Exchange has very clear product market rate right now.
The next step in the evolution of these is creating more specialized infrastructure to help these exchanges go. And that's exactly what we're building at Zay. We're building general purpose infrastructure where we specialize every single part of this stack to help give trading applications and exchanges the best possible experience.
Absolutely amazing. Love to hear that. Then of course, you know, from a DeFi standpoint, any exchange of security components is immensely critical. So how does the state approach security, particularly with regards to its change?
Of course, it's interesting to be building a blockchain because in many ways it's similar to actually building a FinTech application like Robinhood. And one of the core things that was kept being
people's actual money at stake over here. And we need to be extremely thoughtful about every single design decision we make and what the security implications for that are. From say's perspective, the single most important thing we care about is security.
Every other thing that we're doing right now, such as building fast performance infrastructure, all of that comes second to security because if the chain is not secure, it really doesn't matter how good the performance is or how nice to use our experiences because at the end of the day, no one's going to use a blockchain that's not secure. So yeah, security
is top of mind for us. So from a consensus design perspective, today makes use of twin-verbal consensus, which is extremely secure. It's built on top of 10-dermint consensus, which has been battle tested for the past several years, and we essentially took the core parts of that consensus mechanism.
And then we tweak the parts of it that were inefficient specifically around the way the block propagation works, the way the block processing works, and we just turbocharged them. So we've been able to get down to 450 millisecond time to finaly in our internal test net through all of the
Optimizations that we made and for context most chains out there right now are nowhere close to that most chains are a magnitude slower even Solano, which is generally considered one of the fastest chains out there It might have 600 millisecond lock times, but a block is not finalized until multiple blocks are added to that specific
So it's one of my dendup having three to like 10 second block times. So say it's just incredibly fast from that standpoint. So we made use of proof of state consensus over here and there needs to be two thirds consensus for any block to be added to the chain. So from that standpoint, from a more consensus design
10 point, say it's extremely secure, it's making use of battle tested consensus mechanism design as well. From more of the core technological standpoint, security and also just preventing bugs is top of mind for us as well. In case we got started building with the Cosmos SDK, and this is again an extremely
And this has made it much easier for us to build technology that is super reliable from the get go. Because many other blockchains like I guess case in point would be Solana for example. They have to create everything from scratch right. They have to write all the cryptography. They have to do all the state management. They have to do every single
a part of what it takes to build a blockchain. And that just greatly expands the blast radius of any potential bugs that could happen. From say side, because we got started initially building with something that has already been battle tested for the past several years, the blast radius of bugs is substantially smaller in say skis.
So obviously it's not possible to entirely prevent bugs with complete certainty until that battle, until that software has actually been running production and gotten a lot of traction. But from say standpoint, we've done everything we can to just mitigate any potential risks.
There's been insane amounts of testing that have gone into just making sure the chain is production ready. So unit tests, integration tests, load tests, chaos tests, we've died all at this point. There's also been audits that have been performed by Oaks Security has finished their audit. Certificates performing audit as well.
So multiple rounds of audit as well. There's also an incentive by assessment period that has been running. So just a ton of activity that's been happening in that incentive by assessment to help make sure that there's no issues with the chain. So yeah, I mean, security is absolutely top of mind. And there's a ton of work that's gone into making sure the chain is very secure.
Definitely, it sure does sound like it. Thank you for explaining that. Moving forward, I wanted to explore more, say's vision and future. Say has positioned itself as a general purposelier once a
solution for trading. Could you maybe elaborate on why this focus is important for say and what unique advantages it brings to users and development and also how does it differentiate from other layer one solutions in the market?
Yeah, of course. So when we started looking at infrastructure and the way that other folks actually built it, we saw what was there on the market right now, right? We saw what's offered by Chains like Ethereum, Suanna, Avalanche, and also AppTaus in Sweden. And we saw that there were some core issues
issues for building an exchange on any of the infrastructure that currently exists. The biggest issue that we saw was around time to finality. Many of the chains that I just described, they do not have single thought finality and they also, as a result, end up having a much higher time to finality.
So I guess for listeners, time to find out is how long it takes for a block to actually be finalized by the network and a lower time to find out the leads to much better trading experiences. And one example of how this would work is let's say that you are a market maker and you want to open
open a position on chain and you want to hedge it off chain. So let's say you're on Soleno and you open a position to purchase one sole on chain. How do you hedge that position? Well, Soleno has multi-slot finality. So one approach that you could do is you could
Um, hedge that position immediately before that block is actually finalized. And in slantice case, roughly 5% of blocks are reord. So you could hedge that position immediately, then that block might get reord where you purchase that sold. And then you might not actually end up ever having that specific transaction
at thought or might get filtered at a different price. On the end result is a market maker, is that you're left holding the short position and your long position might not have the same price, or it might no longer be there. So you end up losing money from that and the way that you count for that original risk is by offering wider spreads, which leads to a worse user experience.
The alternative would be to wait until the block is finalized. So maybe wait 6 to 10 seconds. And then after the block is finalized, you would actually hedge your position. That's also bad because during that 6 seconds, the price of soul will move. So the price of soul moves like 2 bips, then gets
That's two bits of exposure that you have to accept as a market maker. And that risk is something that you will account for through offering wider threads. So that's just a small example of how time to find out what matters. The lore to the time to find out is the better the user experience.
people had. In case case, it makes use of single slot finality. So for a block to be added to the network, it needs to go through consensus. And this means that when a block is added, it is finalized. In case case, as I mentioned before, we're seeing 450 millisecond time to finality. So it's just a massive win in that sense.
The second issue that we saw.
So many of these existing chains were not optimized for offering higher throughput and specifically offering higher throughput for trading applications. Say offers a native order matching engine and say also his parallelization built into it that vastly helps trading applications.
So what we're observing right now is 20,000 orders per second that can be processed. And most of the other networks that are described, they get between one to 3,000 orders that can be processed every second. So the same thing.
And the last thing is just around specialization at the chain level. If you're building a completely general purpose chain with no specializations at all, it's hard to offer better user experiences for training applications. They have the native order matching engine that's built into the chain.
So if you want to build an order book basic change, you can write a smart contract that makes use of this primitive and this allows any exchange building on top of say to both scale better and offer better user experiences. So a couple of things to mention mentioned
around that would be frequent batch auctions, which basically means that because say has this logic built into the chain, every single order is actually able to get process at the end of the block. And this helps every single order get filled at the same price, which you can't do on
other chains like Ethereum or Solano if you try to do this on chain. So this helps give price fairness. This also helps ensure that there's no front running. So it helps prevent negative MEB, which helps improve the user experience. And it also supports this concept of order bundling where
a transaction can be submitted that's composed of multiple orders across multiple markets. And the chain is able to natively parse that and then have all those orders get filled correctly. So those were kind of the trade-offs that we saw with existing infrastructure, which is what we ended up using to decide the direction to take say.
That was definitely very comprehensive. Thank you for sharing. You also share some great insights on the other chains. And so I wanted to ask you, how do you see the broader blockchain industry evolving in the future? And how do you envision, say, impacting the broader blockchain ecosystem the next few years?
Yeah. So from say side, there is one core value proposition that say has for any team building on say, which is that building any decentralized application on say will offer a better user experience than building that same
application in any other ecosystem. And there's, I mean, we were discussing before, there's like significant tailwinds that are pushing more and more adoption for on-chain trading to be happening. And we think that in the longer term, there's going to be just a massive increase in the amount of creating
And in the long term, we think that one of the biggest things, one of the biggest areas for improvement is going to be improving the user experience of creating an on-chain. Because right now it's incredibly clunky, right? Right now there's a lot of missing pieces. The onboarding experience is clinging to the user experience.
So the longer term vision that we have for say is that building the kind of decentralized application experience on say will be asked close to or identical to the web to the web to the web to the web to the web to the web to the web to the web to the web to the web to the web to the web to the web to the web to the web to the web to the web to the web to the web to the web to the web to the web to the#
to user experience. And right now, I mean, there's a big gap, but that's the primary thing that we're focusing on from the outside. And I mean, as a result, of course, successful, there's significant tailwinds that are pushing more of trading activity to happen on-chain. And so it will be the primary place where a lot of that trading activity will end up occurring.
Very exciting. Thank you for sharing. So could you maybe share with us, you know, any forthcoming projects or initiatives at SAID that you're particularly excited about?
Of course, yeah. So when we're chatting with teams, there's one core promise that we make to teams, which is that say we'll focus on building the best infrastructure for them and teams can then focus on user acquisition and mechanism design and all the other things.
Some of the ones that I would that I think are particularly interesting to highlight would be more of the social types of applications. So I guess one common misconception that people often have about say is that it's completely defy focused and that is absolutely not true. Trading is quite possibly the most general purpose application
that exists in crypto right now, since every single type of product is a trading application in some capacity. So it says the most general purpose type of chain out there, it is not a DeFi chain. So as a result of that, some of the gaming projects that are particularly exciting on C-Retail would be fable
So if anyone wants to go ahead and play on them, you can basically build your own team and then compete against other teams on games that are being incentivized by the fabled team. Another project,
is Tatami, which is a game publisher, which is being built on chain as well. For more of the social side, there's Senet Dow, which is building political tokens. For more of an NFT side, there's multiple NFT marketplace that are getting built on sale. And at this point, there's tons of NFT collections that are launching as well.
So there's a lot of these projects that are already live or are going to be live pretty soon. There's also an incentivized test that appeared that is running right now and has been running for the past several months. So the incentivized test net is a way for the community to get their hands on today very early.
that launch rate. It's a way for the community to stress that's the chain, to try out new applications that are there right now, and to also get rewards for helping stress, just for helping stress test the chain. So the incentivized assessment period is a very interesting way for folks to play around and get more involved with the state community.
Wow, definitely lots happening there amazing and of course community is everything in web 3 so I wanted to explore more of the community and user engagement aspect how does say encourage and manage community participation and user engagement
Yeah, it's definitely been pretty interesting to see this community grow over the past year. I think one of the things that has been most helpful for this is first of all the incentivized stuff. So making it possible for people to actually use, say, has been a great way to kind of build
more hype and more interest around the ecosystem. And another thing that I think has been very interesting to see get together is the Atlantis program. So this is a worldwide ambassador program. There's over 3,500 people that are part of this program right now and it's folks that are just super interested
in helping grow the save vision. So that's also been one of the more organic things that have spun out just from the SAE ecosystem so far. And I mean, in terms of growing a layer one, I think that the community is honestly the symbol most important thing, right? Like, there's a ton of really smart people.
that are building infrastructure in crypto. Most of that infrastructure gets absolutely nowhere. And if you build anything that is interesting at all from a technical side, because all this software is open-sourced, it's going to get worked like there's no tomorrow as soon as it's clear that there are -- as soon as it's clear that you're building
something that is offering benefits compared to existing infrastructure. Generally speaking, the only way to have any kind of mode when you're building infrastructure is through the ecosystem that you create and through the community, the data enables. Honestly, that's also why if you
look at the kind of distribution of infrastructure out there. There's one approach which is to build general purpose infrastructure and focus on building the community. And then there's another approach which is to focus on building really application specific infrastructure where there's just one type of application. And
It becomes much more difficult to build a community by taking that application specific angle. Which is why we think that it's really, really critical to focus on building out the ecosystem and building out the community. Which is why from say, I mean, we're doing all we can to help really, really talented developers come and start
And the second order effect of that is that once you have cool applications getting built on top that leads to more and more engagement from the community. So to help these developers, a couple of things we have right now are the Art Trainer Investiveness program. So this is a
position that you would have to apply for to say labs and say okay your salary for several months and help you get started with building on the SA ecosystem. So every small step of the journey from ideation to go to market to fundraising, they will help with every small step of that journey.
So any developer that's interested in doing that, that would be a really easy way to get started. So it also has a $120 million ecosystem fund right now. So this is money that has been committed by investors and by market makers to both provide liquidity on chain. So if you're building an exchange
any kind of application that needs the liquidity. This money is there to help get you kick started and there's also money that will be used to invest in tiny projects that are interested and that are getting traction. So there's at this point a ton of resources for developers to get started building on the state ecosystem.
Wow, those are some absolutely amazing incentives. Really glad to hear that. For the individual, though, maybe you can speak to those who are listening here. How can interested individuals contribute to or get involved with say?
Yeah, that's a great question. The two things that I would highlight, first of all, incentivize testnet. So if you're interested in learning more about that, you can go to say Twitter handle. Say it's currently one of the speakers so you could just go ahead and follow, say, and the incentivize testnet period is a really good way to get
your hands dirty, you would say. The second thing is we're actually going to be having a hackathon happening pretty soon. So this is going to be a AI-focused hackathon for having more AI-focused use cases being built on chain. And it's something that I think is going to lead to really, really different types of applications.
than what we've seen being built in the past several months that tend to be very geared specifically towards D5. So there's going to be this hackathon happening soon as well. So anyone that's a builder that is interested in getting more involved with that, there'll be more details getting published from there on that hackathon as well.
Awesome. Thank you so much. Aside from the Twitter handle, which I'm sure there's a lot of good stuff on there. Are there any other resources that are available for users who want to learn more about your chain? Maybe get started using?
Yeah, I think on our Twitter we have a link tree. So there's links to Discord, our docs, a bunch of other resources over there. So I would recommend just following these Twitter and checking out the resources that are available over there.
Besides that, I think that, yeah, I mean, if you have any questions, feel free to just DM me personally on Twitter or reach out to the say Twitter account as well. And we'd be more than happy to, yeah, help answer any questions that you have.
Thank you so much, Jay. All right, so before we open up the floor to some audience questions, Jay, are there any last remarks you'd like to share with the big community?
Nah, this was a ton of fun. I really love these questions. So happy to answer any questions that folks have to meet right now.
Sounds good. So I am going to now allow some folks to join. I see a lot of hands being raised. So I love that. So please I just want to say to keep your questions.
and precise so we can move along. Please avoid shilling and so we can get through having some questions from our community. With that being said, James, you have the floor.
Thank you for giving me opportunity to ask. So I just want to ask, what do you think is the best strategy that you can be more users into your ecosystem?
what makes you feel confident about the survival and sustainable success in the near future. You really answer? Yeah, that's a great question and that's something
that is definitely pretty existential for us. I think building good infrastructure is difficult, but getting users to start using infrastructure is one of the hardest problems in crypto overall. And the way that we think about it is that
Users are kind of a second order effect, kind of similar to how building community is a second order effect. The primary thing that you need to focus on is helping good developers start building in your ecosystem. Right, because good developers are going to be building good applications. Some of
which will do really well. And these applications that do really well, they end up being the killer applications that help draw a lot of users on to the ecosystem. And as soon as you have normal users coming on, I mean, then afterwards everything else becomes much easier. As soon as you have normal people coming on, that's when institutions
come on, that's when everyone else becomes more interested in coming into your ecosystem as well. And every ecosystem, like every piece of infrastructure that has done well, has been able to do that one specific thing really well, which is getting killer applications to build in that ecosystem. And that ends up being the difference between ecosystems like
like Solano versus ecosystems like Harmony or Phantom. If you're just able to get good developers to come on, developers end up being a leading indicator for which ecosystems are going to be successful. So that's why there's a ton of resources that they put together. There's the $120 million ecosystem
to make say an old brainer, a brand new developer that is considering building across any major ecosystem right now. There's one entrepreneur in residence program to help you build your sketch started on set. There's hackathons as well and a ton of other resources that are there to help developers get started.
Thank you for sharing. All right. Next we have Jimmy. You have the floor.
Yeah, thank you so much for giving me opportunity. Am I audible?
Yeah, we can hear you Jimmy.
Okay, okay, thank you. So my question is like what are your plans to educate more and more non-crypto users to join your project and like what are the market you are focusing right now? Like you know that
So from our side, it's a labs. We're just helping good developers get started building on the ecosystem. We're not really doing any marketing to help.
I guess get more adoption for say that's something that say foundation does. In terms of the I guess developer talent that we're seeing right now. We're seeing that there's a ton of really good developer talent in places such as India and other places such as South Korea
Japan and place like Singapore as well. So one of the biggest pushes we've had over the past six months is to start getting more for presents for SIE, especially in front of developers in East Asia and in South Asia. Because right now I think that the United States
has already had a lot of folks that have started building in crypto. But I think that there's a much larger set of really smart people and really, really good engineers in the countries that I just mentioned. So that's one of the bigger areas that we're going to be focusing on in the near future.
Thank you for those insights, Jay. All right. Next we have Alexa. You have the floor. Can you hear me? Yes. Go ahead.
My question is, I would like to know that on moving forward through your roadmap, what are your most important next priorities? Does your team have enough fundamental funds, community etc to achieve these milestones? Thank you.
Yeah, so right now say is an incentive by a test net period. The next biggest priority for say as an ecosystem is the main net launch, which will be happening in the near future. That is the top priority right now. That's what a lot of the focus
from say side is on to just have a smooth main that launch happen. And yeah, I mean afterwards, I think for more of a overarching strategic standpoint, it's to get more really strong teams to come and start building on say. We also recently from say a lab site
we recently raised a $30 million series across two strategic grounds. So there's a ton of capital that will help say labs keep building really solid infrastructure and then say foundation will have the ability to go and start getting more and more developer adoption as well.
Glad to hear that. Thank you for sharing. All right. Next we have Maxwell. You have the floor.
Hello, what is your question? So, my question is
Could you share with us say a road map what are the future plans I'd like to know?
Yeah, I think this is similar to the last question. Biggest priorities are main headlines and helping grow the developer community.
All right, next we have Rhea, you have the floor.
Rea, hi. Can you hear us?
Hello, can you help me? Yes, please go ahead.
Okay, my question is, what is the most ambitious goal of your project? Who share with any usher?
update app for me and feature.
Yeah, so I mean the world that we imagine is one where the Experiences a developer of building a decentralized application is identical to that of building that same application as a Web2 application and Right now there are massive differences
between a web to application and a decentralized application, right? As I was mentioning earlier in this session, it's incredibly funky to do anything on-chain. Developer tooling is definitely nowhere near Web2 Developer tooling, and there's just a lot of missing parts that make the experience of both building
Decentralize applications and using them pretty subpar, right now. So our vision is to build the best infrastructure for Dex's and for any kind of decentralized creating application to offer any user experience that is no different than that experience in a Web2 format.
Thanks for sharing Jay. Alright, we're just going to go through two more questions. Last two. Okay, Alpha, you have the floor.
Hello, can you hear me? Yes, sir. Okay, so my question is those in terms of scalability, mouse, siletzalk, tension, and so on. My scalability one accommodates in network as current demand are user pays increases.
I think that broke off to me a little bit, but the question was just generally how is this helping skill the network rate?
The question is how will you say network and show stability under so-accomendate growing demand of users as the network continues to grow? Yeah, so say currently offers 20,000 orders per second. There can be process in the current public test net. Moving forward, I mean 20,000 orders
per second is a massive amount. If say is able to get anywhere near that type of activity, say is probably going to be either the biggest or the second biggest blockchain after. In terms of the vision that we have for the core infrastructure itself, we think building one global state machine is the
longer term, cleanest user experience that can be offered. Like if you look at the types of narratives that are there in purple right now, one of them is around having like a very roll up center road map where you have a bunch of separate roll ups that are not synchronously composable with each other. Another approach is to have
have a bunch of charts that are also not synchronously composable with each other. And then another approach is to have a bunch of options that are also not synchronously composable with each other. We think that Synchronicity and having just one global state machine just makes things so much simpler and leads to much better user experience
And it's just less complex. So that's the direction that we want the infrastructure to go in. In terms of the mechanism to do that, it really depends on the type of activity that we see happening on set. What we think most likely is going to happen is rather than just like,
one specific piece of state that has 99% of the activity happening on it. We think that today is going to be having many different applications all with their own separate state that will be getting adoption, right? This leads to intervalidator shorting to be a pretty interesting mechanism to
help scale the chain, while also having one global state machine that under the hood is distributed. And the way that you would do that is each validator is composed of multiple machines. Each of these machines is responsible for tracking certain parts of state to out of the global state
one portion of state will be in that machine. It will also be responsible for compute. So all of the compute tied to that specific piece of state will be handled by that machine. And we think that's an approach that can help ensure horizontal scalability, while still giving you that one global state machine that offers the best possible user experience.
Thank you so much, Jay. All right, last to our very last question, John, you have the floor.
Do you have any coin bun buyback system or any token bun plan to increase the value of token and attract more investors? So I think the question was whether say has any token burning plans in place?
Say has not publicly announced any token burn plans right now. So if you followed the same network, Twitter handle, you'll get more updates around more tokenomics related announcements that happen.
Alright, thank you so much Jay. Jay, I just want to say again, thank you for providing such an incredible and high level comprehensive dive into say I'm sure everybody's had some great takeaways. I know I certainly have. Is there any lasting you will like to say to
audience before we close it up? No this was really fun conversation. Appreciate the questions as well. So thank you for joining everyone. One last reminder to follow is say Twitter handle if you have not and feel free to just DM me on Twitter if you guys have any questions.
Yes, thank you so much. Be sure to follow all the speakers in this space always providing great value to you. Thank you all for joining us and we will see you next time. Bye bye.