What's good everybody? Finn here on the Terra Spaces account. Gonna pull some peeps up here and we'll get started shortly.
Howdy, how you doing? Great, thank you. And yourself.
Not too bad. Getting everything sorted out here. Getting spaces posted. Living the dream.
The rich in the house. What's up, Rick? Deeps DeFi, welcome.
I'm sure the space out spread the word admit and we'll get started just smooth.
Orbital command, good to have you up here.
cohost in case my phone falls into a pile of water? Nah, you're good man, hold that grip on that phone. This is that one here, no see.
And so what we'll do is give a quick overview. We'll let Eris explain what the the ask is.
to keep an eye on the Terra Telegram as well. I know some people have some questions in there. If you don't want to or can't come up and speak, you can toss them in there and I'll get them worked into the document we have. I did get
And then yet a lot of this like the purpose of this is to reach people that don't generally frequent commonwealth that may not know about how community funding and all of that works.
Obviously, all of this information is on the post and I know I think Philip or somebody from Eris just posted some points on some of the questions that were previously asked. So yeah, if
If you frequent Commonwealth all the time, a lot of this info probably won't be new, but we want to get it recorded spread out to people like myself who don't spend a lot of time on there. So we're starting just to...
If I missed anybody from Eris that needs to be up, or is it just you, is it Phil? It's just me. I think some of the colleagues will join later, maybe I'll listen, but I will be the main talker.
And MB, I'm not in the validators discord. So if you want to toss that link up in there, I assume most of those cats are like crawling commonwealth all the time. But if they're curious and want to come have a chat with us, definitely.
That should be good. So we'll start things off, Philip. If you want to just like a real quick like 30-second brief overview for anybody that may not already be aware of what Eris does and what you've created so far since the crash for the ecosystem, we can start off with that.
So where do I start? Eris protocol is a liquid staking and slow burn arbitrage protocol. This is still our, let's say, something like our slogan, but it's much more and it has been developed over the last six months. Initially we started working on Eris protocol only the slow
Bernabé Trash protocol before the crash and yeah so we even were live on TestNet already when the crash happened and afterwards yeah it was some the new terror was like a greenfield so there was no defy and no applications on there and we only saw the
that Larry discontinued the development of stake and we said, and we also saw the announcement of stata that they would launch in a week and we just said, hey, it would fit our model and we don't want to have a token and having your own liquid stake in derivative makes a lot of sense in that way because
it can play very nicely with our slow burn arbitrage. I will explain later what that is as well. And yeah, we launched our liquid stack in derivative even before stator and have been developing this kind of vision around liquid stack in derivatives and how we believe to make terror unique and rebuild
the DeFi ecosystem on Terra and we have designed multiple different products. Maybe it's a little bit different to other teams, other teams would probably call these kind of things all different protocols and we decided to just go with one protocol that has multiple products.
And they are all to provide some kind of stable liquid stake in derivative economy. And you need this kind of so in the next in the next few months, there will be a lot of launches in the DeFi sector and it will be a lot around liquid second derivatives because usually
DeFi applications are built around some kind of yield bearing tokens and liquid stacking is some kind of yield bearing token and the most basic one and each cosmos chain usually has some kind of yes security rewards for participating in an economic
security of a chain by staking, you may have spoken something like Luna and you will receive some kind of inflation rewards for providing this kind of security and liquid staking. The main difference between this norm is staking and liquid staking is that as
a liquid-staking provider, you would deposit your lunar into the protocol and the protocol would stake it for you and give you back some kind of receipt token. And this is amp lunar. And the advantage of this kind of model is that first you don't need to think about too much about the validators and if they are valid ones because we do it
this as kind of service to check that the validators are community based, that they are not chaired or don't have any slashing events and we have some kind of monitoring as well that we provide as additional service and we split your delegation up over all these kind of different
data that are vitalist. And this is one of the main things what we want to change in the future as well. And because by staking through a liquid second derivative, you give away your delegation and governance power because you can't vote anymore with your staked Luna and you can't decide which valid data you want
to support which is community based, your favorite validator like OC for example. And yeah, and this is what we want to change and this is also something that we have developed over the last six months, this kind of vision. And it's these three parts, a stable liquid second derivative economy, a fair delegation
and governance framework and the liquidity hub. So yeah, stable LSD are common in here. It's about this kind of product amplifiers or liquid second derivative. Then we have the M compounder which is a yield optimizer. It will auto compound astro rewards automatically and recompound them in your
underlying LP token and then we have this manual arbitrage GUI. This is the slow burn arbitrage that will be done by our protocol automatically in the future but allows users right now to just check it out what the protocol will do and manually do it. It will just swap Luna to
any kind of liquid secondary derivative and then you can unsteak it and usually you can get around 2 to 3% profit with one of these swaps but it takes 21 days and to unbound of course. And this is what our repeated will fully automate so it will be
some kind of pool like a product where you can deposit Luna and it will we have some kind of arbitrage spots running in the background or even using a web protocol and running this and it will just search for the best opportunity and automatically executed. And then we have M governance
And this is also part of our fair delegation and governance framework that means instead of us deciding or currently the validators are being decided by Eris protocol by our team. And we have some kind of basic checks if the validator has enough
People running it has the right infrastructure, the right security, are they community based? Do they have some kind of fair commission and so on? But we want to give this kind of power back to the user really, decentralized, the sole process a little bit more. And our idea behind it
is similar to what the astro was, the idea behind the astropop was was. So you can lock in your astro and in our case it will be the amp-luna amp-app here. That means you lock in liquidity pool tokens. And you can decide how long you want to lock them.
between three weeks and two years. And based on your locking period, you will get a higher voting power. So that means if you just lock it for three weeks, you will get around 1.3 X of the voting power. If you will lock it for two years, you will get 10 X of your voting power. So it gives also the possibility
to leverage the voting power and the, sorry, I don't know the English word for that. So you can leverage it and make your voice a little bit more heard for the delegations but also for the governance. And then in the second part you can just vote
for in the Vampgosh you can just vote for your validators and say something like, "Yeah, this validator I liked this one and he will receive, I don't know, 60% of my voting power." And he will just get more delegations with the next period and we will update it once a month.
And the second part of this AMP governance is also the AMP Gorge. It's the areas merit point scourge and this allows validators to participate in some kind of community interaction because we want to incentivize validators good behavior of validators because validators have a lot of
of decision power over a chain and they are very important in running the chain and involved validators are always better in our opinion and because they know what is going on they know how the network behaves and the team is building on it and so we want to also incentivize some kind of
Yeah, good community behavior something like for example running relay us or Creating educational content for the community and something like that And this whole cool. Yeah, is there more Yeah, but the third part is our liquidity hub because
We see liquid stacking is very important in the future and what we are thinking about liquid stacking more in an economy way. So we see the Terra blockchain is one economy, but all these kind of different cost-moss chains are also different economies. And so we want to create the
This kind of import export possibility to export AMP Luna to different DeFi ecosystem like, for example, to Cuchira that it can be used on FIN for swapping or even as collateral for USK. We are currently in the progress. I'm in talks with the team Cuchira about that. And we also want to
do it the other way. So we want to also deploy our contracts on Cuchira and have M-Couchy and bring it back to Terra as a liquid-staking derivative liquidity hub and allow it for trading but also for the usage in the DeFi ecosystem on Terra. And this
This allows the usage of any kind of cosmos based liquid second derivative that has this kind of basic yield bearing underlying token and used in the DFA ecosystem, for example in the solid stable coin.
Okay, okay, you guys have been busy so off of the from the agora Over your TFL TVL excuse me for it in slip your TVL over $950,000 utilizing 16,612 emergency Luna from the fund
And the ask currently is 450,000 Luna. That's at a buck 60 per Luna and that will go to scale the work for the next six to 12 months. So what if people go to the site now, they can see a variety of these.
pieces already implemented. So for moving forward, what you're asking from the community fund, what is that going to unlock basically or what will that allow you guys to accomplish? Okay, so Eris protocol is for us multi-
project really because liquid stacking derivatives it's very easy to be to be launched we have seen it for example at the joy chain it has been launched in one day so liquid stacking derivatives is an easier protocol to launch but the difficult part is these kind of integration and
utility. If you look back, for example, at Terra Classic, the Luna B Luna pool was so heavily used that without any incentives, it has been generating around 100% APR, a trading fees on Terra Swap. This is all based on utility
So back then we had anchor protocol and this kind of flywheel there as well that might not have worked but we still believe that this kind of economy can be rebuilt. So the 450,000 Luna will be used
both for audits and marketing and some kind of infrastructure. This is one probably I'm not sure how much it is one fifth or something like that one one quarter of the whole funding for this part and the remaining part will be done or will be used for
for salaries. We have the main issue that currently we are quite a small team and we have, like you have seen, we have a lot going and we still want to expand this kind of utility around Ampluna and by providing this kind of additional utility, we also increase the
value of the underlying token because it will be used in different DFA ecosystem, it will be locked in all these kind of different ecosystem and just can be used everywhere. So we have re also requested around $500,000 worth of
for salaries and there has been this kind of discussion about this back what pay. And for us, like I said, it's a multi-year project for us and we are currently around 30% to 40% into this project and we have invested
a lot of time and money and energy to get where we are. And initially when we started working on this, there was this, I'm not sure if everybody knows this, but there was this Terra builder, how was it called? I have to lick it up.
the Terra developer mining program. So because the crash happened, we already knew that it would probably be the start of the BMarket, the economy, the real world economy also didn't look as bright and we expected to be in a multi-year BMarket. But based on this kind of
develop a mining program, we thought at least that we can make it until the chain can be revitalized and rebuilt from the ground up. So we still believe in this kind of vision where Terra has the possibility to go to the 40 billion market cap it has been before.
And that we would be also able to get in high enough share of the TVL on Terra to also participate in this kind of developer mining program to get to the other side of the beer market really. This kind of salaries part, it's still a little bit fuzzy, mainly because
First, our calculation was mostly on the core team, but we have to extend it to more people. So we need another death. We need a full-time marketing specialist. We need some community manager as well that the core team can focus on their special
And we also have included the maintenance cost. We have not made it public into the proposal itself because the proposal itself is already very big and has a lot of information about a lot of small details. So we have created this kind of FAQ and
below where we go a little bit deeper into the details of the funding, how the funds will be used, and what we will be doing with that. Okay, okay. Let's see, what does that timeline look like? So let's say the
the grant passes, you guys obviously you haven't stopped building, but you are able to then get the extra help that you need, more support, more devs infrastructure, whatever. What's that timeline look like as far as when the community can see some of these results like on the protocol?
Okay, so M governance we are quite far ahead already because we have launched it on testnet already at least one part because it's these two parts it's the delegation framework and the governance framework delegation framework means how the protocol delegates to different validators this will
one has been implemented yet. We already have contacted audit companies and have gotten some quotes and the initial estimates of when the contracts will be audited will be somewhere starting in January. So we are already in the progress
of getting it launched on Maynard. The second thing is the proxy governance so that users can use the same voting power also to vote on governance proposals and this still has to be developed. We have three milestones planned for
for a proposal. The first one is the launch of M governance. We estimated it the quarter four of 2022. So this will be super close and based on the audit, we could go live on mainnet before the audit, but more some kind of beta version.
and it will be quite close because we also have some kind of vacations going on. So it's more probably early Q1 of 2023 and the second milestone is the launch of our up repeater as I've said and we already have written the contracts already but until now we have not
seen any major volume and liquidity on the chain so that it makes sense to directly launch it. So we have been trying to build this kind of economy around it first. But we have seen over the last couple of weeks, two months, we have seen that the volume is increasing.
especially with more liquid-staking derivatives on the chain itself. And it makes sense to launch it as well. So we will have to rewrite it for a Terra Tour, which will be quite simple and then also get some kind of audit for it. And the plan is to launch it
that Q1 2023 to Q2 of 2023. And then we have this third milestone. And this is to reach $10 million TBL over all our products. And this also corresponds to another question we have been getting over the last couple of days.
And this is when will RSP self-sustaining be on the funding? So some community members are a bit worried what will happen if we have been going through the funding and what happens afterwards. So as of today with our 1 million TBL, the protocol itself can cover all of
automated operating fees. So it means if we move it, for example, to WAP protocol for the execution, it is self-sustainable completely. The next big milestone for us is 10 million TVR and if we can reach it within six to nine months,
we would be super happy because we are still in the beer market and just writing out some kind of magic TVL number is like looking into the house it called glass bowl I don't know and yeah the 10 million dollars TVL
would mean for us that we can continue our collaboration and integration work. And because utility is so important for our liquid stack and derivative, we think that 10 million TBL will be enough to keep growing, to keep it as a sustainable growth, to build up collaborations and integration.
and so on. And this would be quite big for us this milestone. And for us to also contributing new products and protocols around Ampluna would be around $50 million TBL. We don't expect it to be reached in the BM market
earlier because it needs to be so Terra still has the issue that there are only very few users on the default channel right now. I'm not sure if you have seen the stats of coinholes here by the way, really awesome product. I'm really looking forward to
to it launching. So we can integrate that as well. They have shown only, I don't know, in the last 30 days, around 30 to 100 people interacting with the smart contracts. And this is far too few people. The same is for governance, by the way. So we have
huge community funding proposals, but only around 200 people, 200, 300 people are voting on it. And this will be one of the main focuses really as well for us to bring in more people back to terror. And yeah, this kind of 50 million TVL is more
some kind of future goal if we reach the end of the beer market and just get started really. Oh, not if it's when and hopefully soon. A lot of chatter has to do with liquidity and number of users and stuff is this
protocol something that you feel would help bring in new users or is this kind of more tailored to existing users and people that are kind of already familiar with the ecosystem. So LiquidStackin is for me at least it's a very basic, deep
and this will be used in a lot of different products. So I think this, we will still need to do a lot of education and of course there's still the terror naming issues. So, so terror will still need, even though the
The community has started the sentiment has started to shift around terror because yeah, we have seen the the audit report of the DPEG and things like that and we also see a TFL building more awesome DFI apps like or modules like Alliance Models
you a var protocol enterprise, they will probably also soon release some kind of road maps for these tools. Liquid stacking will be at the core of all of this. Liquid stacking is a super important topic. For example, a lines module will allow liquid stacking derivatives to be used
as economic security between different chains. So, Eris protocol, or at least how we see it, will be at the core of most or of many defy systems, will be building around it. And that's why we think this kind of stability approach, a community approach, and also this given
back the delegation and governance power to the use of the protocol is super important. So maybe not necessarily something that's going to attract new users but a foundation that we will need, well some sort of LSD 4 once, there's more liquidity and defies
really picking up again. I definitely got like these reminiscent goosebumps when you mentioned doing the B Luna Luna arm and I'm sure a lot of us in here did as well. Maybe not rec news because they're new but the old school lunatics they got they know they know. Yeah and it's still the
But I'm thinking about it because probably all of us were also during the deep pack in this kind of slow vanabe trash, but you have to look forward. So as far as the sustainability of it, you mentioned that the mechanics themselves, the contract, all that stuff is done
If you just put them on a server, like people could redirect their yield to LunkDow, to Burn, or to Terror Spaces, or whatever, and that would just work as long as obviously you have a server to run them on. What sort of metrics and stuff do you kind of need to meet for the total project to be self-sustainable?
What does that look like? It's really mostly about these kind of three milestones based on TBR. So in our calculation, we calculate with a robust reward fees we would get. And this is currently the liquid stacking derivative. So we get 17%
usually at 17%, or a little bit less than 17, so you usually have 16% APR and Eris protocol has this kind of reward fee of 5% on the liquid stacking derivative, but we are sharing 50% of all these kind of tools we are building and with the
the M-pluna holders. And the main reason why we are sharing with this with M-pluna holders is exactly this kind of export import economy that we are building as well because M-pluna will be used on different D-Fi ecosystems as well and we just want to have an easy way to distribute
re-bought fees to amp-luna holders even when they are off-chain. So even if the amp-luna hold on Cuchira or on Osmosis or Juno, they still have the best APY possible. And then let's talk if
the prop doesn't pass. What are the plans moving forward? Are you guys have plans in place to kind of keep building or are you guys done like what is that look like? This is the most difficult question probably because we will have to realign what we are building of course.
Currently there's a big risk in building generally in DeFi as well and especially on Terra because we don't know the future as well so it will be super hard to estimate how we can continue really. We have made a
deal with TFL, for example, that we will at least deploy AMP governance, how we have been developing it right now. But we still have to re-valuate our options afterwards. Because the biggest advantage of being funded by the community
is that we can focus on the maximum value provided for the system. So our stable economy will all be applied to any liquid stack in derivative that is being launched on Terra. And if we have to to revaluate our way of funding, for example,
And we will of course need to get probably get some kind of VC involved. And then this kind of goal that we are having by providing the maximum value might change to something like maximum profit, which we would not be as happy as if we could provide the maximum value really.
because right now with rebuilding Terra, we need to provide the chain that is special, that has a lot of value on the chain. And if we stop people from building, the devs from building on the chain, I think it might be an issue long term.
And yeah, I mean nobody knows the future. So all we can do is the best we can and hope for the best and see what happens. If anybody in the group wants to start thinking of their questions and coming up, I've got a couple here from Telegram that we'll get through and then we'll get to questions from the audience.
So, Flores in the telegram wants to know, is Eris protocol products anything other than an LSD and auto compound which is copied or forked from stake and spectrum? And then they have a couple questions about like the expenses we'll get into after.
Should I answer it now? Yeah, yeah, yeah, go ahead. Okay, so as I said, we have started with the fork because Larry didn't want to continue with it. So we were the first fork because we wanted to provide value and we wanted to provide competition to stay there because we didn't want
to make the same, not maybe mistake, but as previously only state was available as the first liquid stake derivative on Terra Classic or the same S-Respir Luna. And we wanted to give them some kind of competition that
is completely different from the idea with no token, the most value provided for the users, and why we have started with a fork. A lot of the internal logic has already been changed, and like I said, it's not about
the liquid second derivative, it is about the utility of the liquid second derivative. And this is where we have been focusing a lot of the work over the last months, like integration with Finn, with Rizkaba, with AstroPort, the Terra Bridge. We have provided a lot of value there as well, and pushing forward.
CW20 transfers to our most as Junu Kuchira have gotten relares running to this system. So any kind of CW20 token can be transferred, not only Ampluna for example. So we have provided some kind of value for the whole community as well. Blackweight integration and we also have made a lot
of plant integration partners, for example, with Tim Kuchira regarding launching Ampluna SQL Editor, there still need some kind of liquidity on their system and we will still need to provide this kind of liquidity as well. And also, Neptune Finances is a
great integration partner for us. And so we also are in contact with them about listing M-pluna when they launch or afterwards after they have launched. And so this is really our focus. And it's more the whole products suite that
make sense together really, then these small products in itself. Because for example, M-compounder is also, while it is a fork from Spectrum, there have been huge changes underlying, essential underlying changes that make this kind of economy possible.
For example, we have introduced a token usage for the M-component so that we can use the M-PAR piece in different products like the M-Governance. So we can still have the maximum capital efficiency for the M-Governance while still having this kind of auto-compounding.
And the same with our separate launch. So we have some kind of additional tool there as well with the separate and while it is it's a great user experience in the GUI to to SAP a single token into an ample peer. This is not the main main usage while we have developed this. The main usage is integration.
because we want to have some kind of landing markets or collateralized markets being able to SAP Luna so they can provide some GUI and just allow deposits in Luna that will be deposited in AMP APIs directly without thinking about the swap ratios.
And also about the liquidations. So the SAP goes both ways. You can both SAP into an LP, but you can also SAP out of an LP into Luna, for example, and liquidated. So there is a lot of underlying changes that makes sense in this kind of structure.
Sure. And not having to reinvent the wheel and redo all that stuff from scratch allows you the time and the dev power to do those things. That makes sense. I mean, when people create web games, they don't make a web browser first. Well, I mean, most of them. But let's see. Next question.
And I've been seeing this quite a bit also in the TG and Discord about the back pay. Why should 558,000 for the past expenses and salaries for the last six months, as well as the next six to 12 months be paid by the community funds? Did we agree to pay for past salaries?
why should we agree now to pay that much in advance? Okay, so there are two reasons why we are asking for BackPay really. The first reason is the Terra Builder program. So there is clearly stated about the TVA projects.
And based on our TBL, we have around 3% of the total TBL on Terra. And the Luna would be would have received for the same period of time would have been twice as much as we have been requested right now. So that would have been around
900,000 donors that we have been planning to of course building up the team and focusing more on these kind of integrations and providing additional value for the ecosystem. So without this, because T-Veres are bad metric and it is also bad for
many of the projects and we think about what is the best value for the ecosystem and based on TBL, the spending is not the ideal way. So we totally understand the community backtracking, this kind of decision. We had a lot of investments and the initial proposal
And also how we have written it, it was a little bit different and we still intend to use these funds in this way also. So we will need to provide liquidity for this kind of liquid stack and derivative up. We need to provide liquidity to different chains.
And only asking for some kind of liquidity provision proposal, it's a lot more difficult to deploy capital to other chains. So we would need, we still need to move capital in Ampluna out of the system to Cuchira, for example.
provide liquidity in M Pluna, USK so that we are getting launched at four USK. So we can use this as not as leverage but as advantage on these kind of different systems. We as a core team, we also have
We have committed ourselves so there will not be any kind of sad pressure because of the back pay and we have committed ourselves to keep the funds at least three to six months or at least under Significant liquidity is being built up as a P on different chains. So we have a high
high vested interest into the success of that whole terror ecosystem, because we will use it as liquidity. And when we reach this kind of point where we need the liquidity for salaries, and we of course will use it as salaries. And we will still pay ourselves in Luna.
Hopefully by that point, Luna is like 25 a pop and not like a buck 60. But you know what, it's a long road. We'll get there. The next question, they ask, Eris wants to spend 50,000 on marketing. What is the marketing plan?
or do you have any of that kind of laid out or sketched out in your mind yet? Okay, so we have specialists in developing and building collaborations, product ideas, coding, design. We have some special designer for the app, a contractual one.
But we are missing a marketing strategy really. That's the basic truth. We don't have any marketing strategy and we have been asking around in the community about some kind of people who could help us with that. And we have gotten a rough quote of how much
it would cost for us to build a marketing strategy and also to execute this kind of marketing strategy. And the sum we have requested here is 50,000 USD/D, approximately, to be honest, in
In my opinion, it will probably be higher what we will use. We will use it from the celery spot. Because we will still need to do some kind of incentivation at specific kinds, something like again the bow and on the kuchiri ecosystem or something like that.
that means the $50,000 is really based on a quote we have received just to get some kind of professional marketing going and we also see it as an investment into the ecosystem because you have asked about how are we planning to get users into
the system and of course we will try to bring these people in and not only for air spot or call but for usage of TFM for coupled for all these kind of projects that are building on Terra. I think it makes sense to have this kind of budget as well.
Yeah, I actually prefer devs to dev and marketers to do the marketing. Like when you see smaller teams that just have like a few devs and they're all trying to like be out there shit posting on Twitter and doing the marketing and stuff. Like I feel like it works so much better if you can just focus on what you're good at.
and then they can focus on what they're good at and like the team just does it, you know. So I don't know what sort of quotes are out there, but yeah, that makes sense. And then the last question I had here from the telegram, and again, if anybody in the group here has any questions, definitely pop your hand up and we'll get you up here.
They asked, why would LSD staking for the interchannel alliance be interested to a third party when it's not clear how they're going to fund themselves? Why shouldn't it be built by TFL and why should it be built right now in the bear market?
I think we should be a little bit, I'm not sure how to say that, but we shouldn't depend too much on TFL. Don't get me wrong, the products TFL is building are top-notch, they have great builders, it's awesome to work with them,
together and that's also why I think Terra can be again at 40 billion because the team is behind it, they have the funding for it, but it bleeds to quite a centralization and this kind of centralization is always some kind of risk that we have also seen with the collapse of Terra Classic because
There was a lot of centralization on TFL and I think it makes sense to have more ideas, more people involved, more different teams that try things out in a different way, even if it's similar, but just try it in a different way if it makes sense. And this is why I think it makes sense to have some kind of
of separation between the blockchain development and also the protocol development and all these kind of protocols, Terra's building right now, are all about developer tooling to make running a protocol on Terra or on any kind of alliance chain as easy as possible.
For example, in our FAQ, we also go into the details. Our protocol or what we are planning to do is we want to migrate all our automated processes to what protocol because this is really some kind of decentralized way of executing a protocol, which is great because it makes it more stable.
more scalable and we have seen the issue on Terra Classic again. The crash happened. Many of the liquid-staking derivatives did not work anymore. They just stopped running their bots and even though the chain was still working, the bots have been stopped and nothing
the most executing more and the same status as today. So, the classic is still not really running again, and even though the same functionality has been restored mostly. And that same thing is for enterprise. We want to move over the protocol. So, decentralization is some kind of process.
It's not as easy to go out there and say, hey, he's a new protocol. It's fully decentralized from the start. How can it be decentralized without a community here? And that means enterprise will allow us in the future to move over the whole protocol to it and make the governments through enterprise and the
treasury management through enterprise and we also think that that makes sense for us for example I'm just to move towards more decentralized approach and the third thing they're building is the Alliance module and we think our
or protocol fits perfectly to the Alliance module because of our approach of how we are doing things, especially with the M governance. It makes sense to have this kind of fair system, a community-based protocol that is being used by Alliance module. Alliance module is completely LSD agnostic.
The developer of the chain, something like, I don't know, some kind of oracle chain, for example, they can decide themselves, which kind of LSD they want to allow to secure their chain. So it could even be that multiple Terra LSDs will be used
there as well. And what we find quite funny or maybe correlating is we've released the the impact structure somewhere quite earlier I think when was it junior
July probably something in July we will launch the MPEX tractor way before the alliance module and we have the same mechanism of how we do this kind of donation. So we have this kind of extract rate that is 10, 20, 30, to 100 percent and it can do
a part of the yields to a project. And this is also how the Alliance model works. So you deposit or you lock in your amp-loona into the Alliance module and it has this kind of take rate and take rate is similar to this kind of 10% extract rate so you can decide how
much is being taken per block from the stakers and it will take the amp-loona part of it and distributed to all other stakers of the system. So it's a very similar mechanism of how to do this kind of extraction process even in the chains or in a different chain.
Yeah, that's what I'm looking forward to. I like that we have one for Terra, but I want it for Cosmo stuff, because Terra is already taken care of. But all these Cosmo spaces and shit, we need them to be able to dump a bunch of Joe Coiner, Juno, or something
that thing and redirect the yield. But yeah, that's cool man. You guys have been super busy. I remember it was like back in July when you hit me up and was like, "Hey, check out this donation yield redirector thing." I was like, "Well, you guys just built that, let's know." Yeah. Does anybody have any questions?
in the chat, in the peanut gallery here, the lunatic stadium. Definitely poppy, you end up. By the way, it's still something, this kind of yield conversion stuff. The MPE extractive was more some kind of proof of concept. Is it possible to extract some kind of yield from any yield bearing token?
And we also have a huge internal roadmap about that as well. We have skipped it in the proposal because it's too much detail is really here. And we are currently also in talks, for example, with Kike Finance. And we would love to get them, for example, also on Terra. I'm not sure if it's
If you know what they are doing, but they are doing around DCAing and it would fit to their use case also quite well. Oh yeah, you can actually go to tarispaces.org and in that big ol' search box, just type in Calc Finance and you'll find some spaces from them. I think there's even one in Spanish, which is cool. So we did have one
One question, Popin, on the Eris and SCV, if SCV gets their funding through the grant, then does Eris still need funding for the audit, or does that the funding of SCV lead to reduced fee for you? I know there were talks of some sort of reimbursement or something happening.
So my favorite way would have been that the SIVA proposal would have completely eliminated this kind of double spend issue. So if they would have said something like audits are covered by this proposal,
But as far as I understand they are not covered. And I still have to talk with Vinnie about that as well. We still need to do some kind of quotes from multiple auditing firms because this is the normal approach and
This is also the approach at TFL is pushing forward. So we will always need to create two quotes from different auditing firms and usually take the better quote of course to be more efficient. We have received open quotes and
we posted our proposal, we did not know about the SCV proposal and we will only take of course the part that is being used for our smart contracts but in reality I also think that we will be able
to provide enough contract and utility for the ecosystem and to use this really for auditing because auditing, while you have seen the salaries, we have been requesting auditing firms are charging even more.
Yeah, and I'm just looking at it here on the governance in station and it looks like that one is getting close. But we'll have links to these in the notes and on the space here so people can go back and refer to them.
How many days left? 22 hours for this one and then we'll see what happens. Is any other questions and are there any thoughts you'd like to leave us with before we wrap this up? Anything? I have one more. You have asked
about the Alliance module before and why it makes sense that another protocol is running it. It is a lot of collaboration work and that means we are going out, we talk to teams with a lot of teams, try to build connections and also help them developing their own products.
And because we have this kind of maximum value approach right now, it's super easy to share ideas with them as well. So even though we have planned for example to do this kind of field conversion stuff, because we are focusing on the maximum value on the chain, we can easily
share it with protocols like like Carch Finance so that they could provide it because they have more knowledge in this kind of direction even though we still have great ideas in this space and we try to push this kind of collaboration work and while TFL of course has
a lot of manpower as well in this kind of direction. It might make sense to have a little bit outsourced what we are doing right now. Got a quick question from one of the gentlemen.
here in the chat to orbital command, inquiring as to the direction your vote might be going. I don't know if that's something gentleman discussing public. I don't know how this works, but just thought I'd throw it out there. So the reason why you wanted to join this conversation
Y'all hear me stuff, thumbs up, we good?
Okay, yeah, I think he's getting robbed.
right and you are so close man.
there's a trick if you're getting rough, you can hop off and then hop back on, I think if you do it within 30 seconds or I think somebody said they upped it to like 60 seconds, I've never timed it, but it usually fixes that.
This is the part of the space where I would be juggling, but you guys can't see it. So just picture me juggling.
this technological magic happening right here before your very eyes. Watch this.
Back from the dead. You know what's funny like this has happened before where as soon as I'm gonna say something like I get a scam call or a random like telemarketing call. Anyways, what I was gonna say is that we obviously have been discussing this
since the puzzle started. The reason why we wanted to join here was to hear you answer these questions, right? These are some that we have been asking ourselves internally because obviously we
We want to support the growth and terror as much as we can. And that means supporting all of the liquid, staking, you know, protocols that are being built here. And so we just want to hear from you and we'll discuss this as a team to see how ultimately we go.
We wanted to support here, you know, Fin as well so that more community members can be involved in the process of knowing what's going on in governance and participating, right? Actually, like we've seen a lot of division in the last few weeks.
in all of these governance proposals that are coming up. So, so with that being said, I don't have an answer for you right now. That's not my alone decision. It's going to be the decision that we make as a team and we'll discuss this later on today in a few hours when we have our meeting.
Last question that I have for you, Phillip, is now that you've gone through this process of you putting up your own governance proposal, what has that experience been like for you and your team to see all of this feedback and all of maybe this division that your proposal has called?
because it's not just you, right? I'm not blaming anything on you. I'm just saying there's been a lot of conversations. I know people are getting banned on Telegram and all this stuff going on because of so many division between Kushigem and Money
Yeah, this is I'm glad you are asking because the community should know as well. It's it's really demotivating because we have put into so much work in both what we have been building on terror as well as the proposal that it took probably a full month of work to
two weeks to get it up, then discuss the same questions again and again and again. It also got a lot of hate and this is not great in my opinion because right now we need the community to rebuild Terra. It's the wrong sentiment
to stop investing into the ecosystem when the chain is still in its infants here. And we still need to rebuild and for rebuilding we need developers. And if the community is, yeah, some loud noises
are in the community that can be toxic at some times. It was a devastating process in our opinion. Afterwards, I'm not even sure if we would do that again because it was a lot of work and a lot of nerves. We still hope to get
the support and right now it still looks good our proposal but it will still be very closer in the end of how the boat really ends and is still open what will happen and yeah we have received a lot of feedback and we would have liked to talk a little bit more
about what we are building for Terra, what the value is, instead of focusing too much on the amount of Luna. Because in our opinion, in the grand scheme of Terra right now, with the community pool, and also the 10% of the
or 10% of the network, earmarked for development. We think that the community is a little bit too gating regarding these kind of proposals. And I think the community needs to decide which kind of teams they want to support.
So they should decide, has this team been involved in the last six months, have they been building and have them been able to provide value, bring in new users, bring in new capital, bring in new collaborations, new applications, new ideas to the whole system.
This is the kind of investment, at least I would make. But this is my personal opinion. So anybody, it's decentralized. Everybody has a strong opinion. That's right. And if you don't like it, you can take it to the telegram. Now, and I get it, like I can see, but
sides of it. I mean, it's like that catch 22. We kind of mentioned on the last space where like you want more people to be here building, but you you don't want to spend a bunch of Luna when it's only a buck 60. But in order to get a bunch of people building, you need to fund it somehow. So it's like, how do you how do you
walk that line between keeping enough Luna in there so that by the time it is higher that you're able to do more with it to further the sustainability or the longevity of the chain. But like without turning away too many people and then obviously picking and choosing and hoping that everyone's
being as honest as we would like them to be. But yeah, there's no good answer. Governments have been dealing with this for centuries. There's no reason to think that we've got it sorted out just like that in a year of development. But the important thing I think is having the conversations. There is a lot of new people
coming in from all of the cross-pollination between all of these NFT projects and it's good to expose them to this information and hopefully get more people over on the Commonwealth on Nagora here and like interacting, leaving comments. I see it a lot in Cosmos.
just you know specifically like whenever there's a discussion about some sort of prop like the first three comments on Twitter or like take it to Commonwealth like take it. Here's the link and they kind of encourage everybody to go over there and have those discussions so that it's all nice and threaded and documented. But yeah,
I feel like a lot of people are just like me and like we don't go to it very much to read like we just scroll doon scroll Twitter and shitposts So hopefully this gets out to everybody and they can make a more informed decision on on which way they would like to vote so If there's no questions in the group will wrap up
that up. That's about an hour here. So definitely thank you guys all for your time. And I'll be reaching out to, we have a few more projects to get interviewed. So we'll be having a few more of these spaces and probably make it somewhat of a regular thing while this community funding stuff is happening just so we can keep bringing this to you. Orbit
Command as always you guys are amazing appreciate the the backup and the help you guys have been here since day one of Terras basis like supporting me so you guys are awesome you're awesome thank you for hosting us yeah absolutely and tell up for your time as well
Cool. Yeah, and we'll have links to all this stuff once it's posted on Terra Spaces. Right now you can find it in the pins on the Terra Spaces Twitter if you want to go back and listen to the recording there. And yeah, have a good day night. We'll catch you all later.