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Updates from the Lab 🧪 Bitmosis: Making Osmosis the Leading BTC DEX
Recorded: March 19, 2025 Duration: 0:46:58Space Recording
Short Summary
The discussion highlights a resurgence in interest around Bitcoin and Cosmos, with institutional adoption trends contrasting with crypto Twitter sentiment. Technological advancements include the open-sourcing of EVM capabilities and integration efforts by the Cosmos Hub. Osmosis has seen significant growth in Bitcoin trading volume, driven by unique features like concentrated liquidity pools. The upcoming launch of the baby token on Osmosis and the focus on building an ecosystem of applications on the Cosmos Hub are key developments.
Full Transcription
I'm going to
I'm going to
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I'm going to
Hello, hello.
Looks like we've got some, uh,
good familiar faces in here today uh david thanks for sending this up as always also is my uh sound
bad i'm in a bathroom trying to be be quiet sound just fine okay cool yeah yeah it's the classic
going to bathroom to not disturb the peace strategy um
Well, sweet. Well, thanks everyone for joining.
Robo, good to see you here.
We've got to get Robo up to talk.
Although the thing that we want Robo here to chat on,
I do think we should save for the end.
So Robo, we're going to save the best for last year.
I think we got some exciting stuff to talk about.
Anyways, we've got Sunny on as well.
Sunny, how's it going on your end today?
It's going great.
Where in the world are you?
I'm back home in New York City.
A lot of people are here found for Das.
But yeah, so back home.
How's Das going?
Anything exciting over there?
Or rather, maybe we should, with Das as the subject here, we should talk about
Das and also like how you feel about osmosis, bitmosis, Bitcoin, and, you know, the new
climate going on.
I think that's like a good little start here.
Yeah, I mean, DAS is, for those who don't know, it's an event hosted by Blockworks.
Blockworks kind of hosts like two big conferences every year.
One is like permission lists, which we were at.
That's more, you know, crypto-native audience, more tech-focused, you know.
Das is more for the suits, you can say.
A lot of bankers, a lot of...
Are you wearing a suit when you go to any of these meetings?
Yeah.
I think I own a single suit, and it's at my parents' house, so I am not.
I haven't actually gone to the conference, actually, myself.
I've been just going to, like, side events and, hangy, you know, chatting with folks.
Any good side events and chats happen that you can share?
Yeah.
I mean, I think there's a lot of talking, obviously a lot of excitement around Bitcoin, a lot of excitement around Cosmos, resurgence.
A lot of people just talking about, you know, Cosmos is going to come back.
How do you feel about that?
Actually, maybe a spicy one would be...
What are your thoughts on the neutron departing the cosmos hub?
While some people are saying, wow, this is super bullish and other people are saying,
how in the world can you perceive this as bullish?
It's literally leaving the cosmos hub.
So, yeah, so there are two sides and nothing in the middle, it seems like.
Yeah, I mean, I think it's, honestly, I think it's probably bullish in the sense of
This is a weird arrangement from the get-go.
I think the Cosmos Hub was a little bit hamstrung,
because while Neutron was also hamstrung in a lot of ways,
and I think sometimes it's just...
you know, a divorce might be good for everyone, you know, good for the kids, you know.
It might be a beneficial thing for both sides to pursue their, you know, I think Neutron has a pretty, I mean, I spent a lot of times,
spades in New York as well, so I spent a lot of time with him recently.
They have a lot of, like, interesting stuff they're doing with, like,
building a very defy-focused cosmossom chain,
working closely with Mars and Astroport and duality and stuff.
So yeah, I guess, yeah, I'm excited for them.
I think they're going to be able to do cool stuff.
Nice.
Do you think part of the, like, maybe infrastructure stuff
is an issue like some of the upgrades on the causal stuff
kind of just like ruined things for neutron for X amount of days.
Oh, honestly, I don't, I haven't really followed that stuff too closely.
Gotcha, gotcha.
Okay, sweet.
Well, I mean, since we're still on the Cosmos Hub topic and a lot of the, you know, OG Skip Team are around New York, any other thoughts around the Cosmos Hub and, you know, the strategies they're taking?
Um...
I'm excited for, you know, them to have cosm bosom build up an ecosystem.
I think, you know, IBC Eureka is cool.
You know, we're planning on.
We'll definitely add the eureka assets to the alloys.
One of the nice things about alloys is we can just like,
spliced in Eureka assets and they work just as well as to Axler assets.
And so without any like liquidity breakage or migration needed.
So that's, that's going to be pretty exciting.
Yeah, or for the sake of, you know, on the recording and probably for the marketing team that will want to take clips,
can you like do like a 20 second explainer of Eureka and, you know, why it's good or why it's, you know,
potentially not as good as another asset?
Sure, yeah. So IBC, Eureka. So let me let's maybe start with IBCV2.
IBCV1, which is live today, is a very complicated protocol, very much more opinionated.
While IBCV2 kind of simplifies a lot of the architectural designs of IBCV1,
And so basically what they'll do is it will make it easier to write IBC implementations in other stacks like EVM and salons and all these other things.
And so IBCB2 is a lot, you know, change and upgraded to it now.
I think there's a hub proposal up right now to upgrade to IBCV2.
But then IBC Eureka is basically the hub's product of being like the IBC routing hub for like EVM and non-C Cosmos assets.
So you can say they're kind of trying to become like an Axelar of sorts where they were.
Sorry, Axelar and Cosmos Hub now competitors?
Seems like it.
Okay, nice.
But it's interesting to see, like, you know, I mean, Axler is a Cosmos chain, Cosmos Hub is a Cosmos
chain, Warhol is a Cosmos chain, you know, maybe, I don't know, when Stargate can have
a Cosmos chain eventually, I guess.
All the bridging hubs are Cosmos chains.
Yeah. On the EVM side you mentioned, what are your thoughts from yesterday's post about EFMOS?
And how do you feel about like, you know, ability to deliver on the EVM ability of Cosmos and timelines?
I mean, this is super exciting because I think like open sourcing the EVM, like,
The EVMOS team has done a lot of cool stuff on making the EVM much more capable and better integrated with the Cosmosis SDK.
And that's something we were working with them pretty closely on integrating some of those features into osmosis.
But it's just really exciting to see that now it's all open source and usable by any Cosmos chain.
And I think that's just going to...
you know, grow,
I grow the,
more people are going to be interested in building causal chains now
if they can have EVM native stuff.
Yeah.
How hard it did for like an existing causal chain?
Let's say osmosis to go and bake this in
now that it's shifting with,
I guess, open source.
I will say like it's E,
easier in the sense of like we can just go do it ourselves.
But actually, you know, we were working with the EVMOS team.
And there's a level of like expertise as well.
And so I think that like we were, if we're going to add it,
we actually still want to work with the team to like make sure we're adding it correctly.
You know, open source code just because it's open source doesn't mean, you know,
all the expertise and like foot gun knowledge is.
all suddenly like available and it's helpful to work are they sticking around i believe a portion of the team is
gotcha gotcha to help kind of like with the transition and stuff yeah sweet
Okay, cool.
You know, that was a little segue on the cosmos hub, climate stuff back to the DOS and
crypto climate.
And then we'll transition that into kind of osmosis and bitmosis.
What is your take, you know, you're in New York, you're around all these things and obviously
you're on Twitter all day long like everyone else is?
What is your take on Bitcoin?
current climate not just crypto climate but also like tradfai climate all the tariffs factoring in and like
you know how do you see this all playing into bitcoin and then ultimately how does this like kind of funnel back into
osmosis and bitmosis yeah i mean i think there's a lot of excitement around bitcoin especially amongst
like institutions um like i think like a lot of like
more institutional folks are like, while crypto Twitter is down bad, they're just like, yeah, I mean, obviously, like, you know, all these like meme coins are going to die and like, what, of course we need.
Yeah, and these institutions aren't like, maybe it's like a difference of the way, you know, the crypto community kind of soaks in information where we have this weird sentiment where we're incredibly.
zoned in with how everyone feels like you know if the sentiment is bad we feel it you know you feel it in your day
You go around like kind of maybe a little less a pipping your step a little mopee
Whereas like institution this is just their 24-7 job and they just buy and hold and if if this is their long-term strategy
They're just buying and holding probably unless they're just like traders and they're probably not tuned into the crypto community sentiment in other words
If they were bullish at 40K, they're still bullish at 100K and at 85K, whereas we're bullish
at 100K and then it drops to 80K and we're like crying in our pants.
Yeah.
And I think it's also a level of what assets.
I think institutions are mostly just focused on Bitcoin and like.
And then a lot of interest around like RWA assets, like issuing, you know, they're all tracking stable coin growth very closely.
They're tracking like, you know, USDG and like yield opportunities on chain.
There's been a lot more discussion recently around like tokenized stocks and like how how those are going to finally start like start to materialize.
Coinbase, I know.
I think they're like issuing, starting to issue like coin.
Isn't that already in existence?
Is it?
Someone confirmed.
I swear I saw a post maybe three days ago and it was already in existence.
Wait, how this was done regulatory-wise?
Yeah, I'm not sure.
But like, yeah, so the Coinbase is starting to issue the coin stock on base chain.
And they just launched like a regulated pools on top-
Yeah, I saw that.
Do you know how they're doing their verified pools?
Coinbase issues an NFT for KYC things, and then they use Uniswap v4 hooks to limit trading to people with that KYC NFT.
How hard is that to implement on osmosis or let's say any cosmos chain?
It shouldn't be difficult. I mean, with cosmosom pools, we can do the same thing pretty quickly.
Nice, nice. Wasn't that already baked in because like the chats with one of those teams from maybe like a year back?
Oh, yeah, with provenance. We were like working on some stuff with them.
Yeah.
For anyone listening, like I knew what the team's name was. I didn't know if I should say the team.
So I let Sonny say it.
Yeah. And yeah, so I think like, yeah, it's funny. It's like, I feel institutions are more bullish than retail right now, which is, you know,
a funny situation.
Right, right.
Yeah, and what about like,
I think I was seeing David Bailey's tweet the other day,
like, you know, people are trying to shit all over Michael Saylor.
And David Bayes, like, look, he added,
like, he single-handedly added, like, hundreds of billions of dollars to the market cap.
Yeah. He's only doing this for Bitcoin.
Like, you know, you might not like him, but you shouldn't hate on him.
Yeah, honestly, I mean, I just saw that.
Mycestrategy is doing some new preferred stock sale.
I didn't look into the details.
I don't have any comment right now.
Gotcha, gotcha.
Well, sweet.
Well, then let's shift over to osmosis.
Well, bitmosis.
Mm-hmm.
Yeah, I guess, we are executing our own micro strategy of using real revenues, not just stock sales to acquire Bitcoin for the protocol.
You know, we had this like great article Johnny and David put out earlier this month.
I think it might have been one of our most like read, most shared articles I've ever seen.
Like I had like, you know, a lot of folks like investors and everything like DMing me on
telegram me like, oh my God, this article is awesome, like so super exciting.
So yeah, I mean they laid out a bunch of different things.
I think buying Bitcoin for protocol on liquidity,
Osmosis Bitcoin trading volumes are like skyrocketing.
I think in February we had like almost $200 million of like Bitcoin trading volume in the month, which is like...
David, do you remember what the number was?
I'll pull that up right now, I believe it was around $225 million for February, which was awesome.
What was it in December?
Or what was it on other months?
So I want to see for the audience, like how much it's scaled up.
Yeah, so including March, we're now at four months at over 100 million in Bitcoin trading volume per month.
November, 82 million, December, 107 million.
January, 180 million.
February, 223 million.
So up only.
That's what about like to be?
October.
Oh, yeah. So in July, for your example, in 2024, it was just over 100,000.
So things are going up pretty exponentially.
I'll see if I can- Wait, there's no way it was only 100,000, right?
Is it because alloyed assets or alloy Bitcoin wasn't like big in July?
Correct.
Because there were still other Bitcoin.
Yes, this is specifically relating to alloy Bitcoin as it's the primary.
Good live stats, very helpful.
Yeah, that's, I mean, that's the trend I like to see.
And we're going to keep growing.
A couple of big sources of where that's going to come from.
I think a lot of that growth is going to come from.
We have...
two big up to, you know, two big volume drivers coming soon that are going to drive that Bitcoin volume.
One is that we've been working with Swap Kit to integrate osmosis swaps into, uh,
into SwapKit and SwapKit, for those who don't know,
it's a routing API that's integrated with,
you know, Trust Wallet, OKX wallet,
Ledger Live, lots of different, like, routing,
you know, like swaps and wallets.
And so...
when users want to swap from Bitcoin to ETH or USDT,
they'll be, currently they're routing mostly through Thorchain and chain flip right now,
but they'll be adding osmosis as another routing option.
You know, one of the things we have that others don't is concentrated liquidity pools, order books, and alloyed assets.
So if you want to go from Bitcoin to WBT, this will definitely be like the cheapest way of doing that.
And so, you know, we expect that once that integration goes live with SwapKit, we're going to see like a massive boom in the amount of, you know, in that Bitcoin volume number.
Can you put a number on that?
Yeah.
You could probably look at, I think the best way to put a number on it is you can look at what Thorchain Bitcoin volumes are today,
and most of those are coming from swap kit.
And so you can assume that like, okay, if we are able to take like even half the like swap kit volume just because we have much more concentrated liquidity, a lot of that volume will shift over.
Is swap kit on their end, are they going to make this like whatever product is better,
or are they only going to use the Osmos aside if they have to over like Thorchain?
I think they're just going to use whatever is giving better pricing execution.
Nice.
Nice. Is there, do you, I mean, naturally you would expect other teams that might be at risk of losing volumes to try and push back on this.
Do you think that's happening anywhere or it's just going to be survival the fittest?
I mean, I think it's up to SwapKit to like, you know, give the best execution to their to their users and customers.
And SwapKit is an independent company unrelated to any of them.
Yeah, they just want to do the best execution.
Nice.
Because they're providing things for trust wallet and ledger, are they also doing Exodus wallet or is that separate?
I'm not sure.
Because they're providing for a lot of these major places to hold your assets, are those places having any opinions or feedback for them or they're just going to use SwapKit and whatever Swap Kit does, Swapkit does?
I think whatever Swap Kit does, Swap Kit does.
One of the big things that SwapKit also does is enable, it makes it easy for these wallets to take their own affiliate fees on top.
And so that's going to be, you know, one of the things we're adding in to our integration for them is like to make it easy for them to take those affiliate fees.
How do you do this on like a technical level? Is it like a front end thing, a back end thing?
It's at the API level of the swap. It's done by our Cosmosin contract.
Gotcha. What about for Polaris?
Does the Swap Kit also consider things for Polaris?
Okay, so that was the second point I was going to say.
One big volume driver I think is going to come from the Swapkit integration.
The second is going to come from Polaris.
So Polaris is starting.
Rollouts have already started actually.
So if you were on the waiting list, check your emails.
You might have already gotten an invite code or invite link.
I think we're like sending out like, you know, 30 a day for the last two weeks.
So it's all.
If you have access, check it out.
Bitcoin's not activated quite yet, but we have Cosmos, EVM, and Solana.
There will be a bunch of new EVM chains being turned on in the next like day or two,
as well as a bunch of more cosmos chains being added.
And then we can expect like Bitcoin probably to go live on Polaris in the next like,
two-ish months probably.
We just want it right now.
We just want to like scale up and like get a lot of EVM chains activated.
And then from there, we'll, we'll, we'll activate the Bitcoin integration,
which is I would say probably like 80% completed at the technical level.
Is the Bitcoin integration just much more difficult or?
It's not that it's more difficult.
It's actually a lot of it is, uh,
around we want to make it.
Bitcoin has very, so, okay, in the current version of Polaris,
you actually have to keep the browser window open the whole time of while you're doing the trade.
Like, you can go switch to doing a different thing while you're, you know.
For Bitcoin or for all trades.
For all trades.
Got it.
And this is slightly, you know, this is fine for most trades that take less than like,
you know, a couple minutes or like, you know, longest probably, it's probably some trades that might take 15 minutes if you're coming from some like OP stack chain.
But the, we've actually designed ways to make it take much less than 15 minutes if you're coming from one of those.
But right now, Bitcoin trades take like probably like over an hour just because, uh,
you know, Bitcoin block times and finality.
And so we have our V2 version of like the Polaris autopilot, we call it,
which doesn't require you to keep your browser window open.
So part of the delay on the Bitcoin stuff is we're just like,
hey, we want to get the autopilot V2 finished before activating Bitcoin,
just so it gives a better experience to everyone.
Yeah, because the final release will be, you can shut your computer, delete, or close out of your browser tab and just walk away.
Exactly. And this is especially important for mobile, because, like, you know, you don't want to keep an app open the whole time a trade is executing.
Yeah.
Yeah, I mean, like, let's say like you're looking at fidelity and you're just creating regular
Tritfi dinosaur assets. And the thing over there is this gets executed in, you know,
seconds and then you get your satisfaction right away. Or, you know, maybe if the market's
closed and you execute after like five or whatever PM Eastern time. You know, you're confident
it's going to execute in the morning because it's Tradfi and its fidelity. How do you –
give users confidence in Polaris that when they close their laptop and close out of their
browser that it's going to execute is there some product ux design thing that you know makes people
tingle happiness and comfort or yeah any thoughts on that yeah i mean we're making it very
easy to track what the status of your trade is it's not just being sent in the
void, but rather it's being sent to Polaris and that you can see like, oh, where along the pack it is.
Like, you know, there's often a lot of these trades require many steps, right?
Oh, it'll send to Solana, do it swap there, then send to here, do it swap there.
How do you give people these updates if they're walking away from their laptop?
Are there any text message notifications they can opt into it?
Oh, actually right now, no, but that's a good call out.
Right now you have to like on the,
you can open up the app that you can see the tracker.
Once we have mobile, the mobile app,
that's when we, you know,
we'll be using push notifications quite a bit.
But, you know,
You know, that's a good, good idea.
If, you know, I think we'll, that's a good thing to ask during, uh, customer feedback
sessions of like, hey, do people want like telegram notification, like a telegram bot?
Oh, yeah, telegram bot would be key.
I was like, should this go to your just mobile text messages or do you get a I message?
But then on telegram, you just have that, uh, your trade, you know,
you know widget not widget but like trade chat just pinned to the top and then it just gives you all your updates and it's it's like the one chat you don't mute or something yeah so yeah we'll we'll uh once this autopilot b2 is ready we'll like active
we'll we'll get back to working on the bitcoin integration there's also just a bunch of like stability stuff that's we needed to do salana is
very finicky, I'll say.
You know, it's...
What happens with Solana, like in these stability issues?
There's something, like, how does Polaris
Basically, if Solana goes down and it's about to reach Salana and Salana goes down, it's like, is it just stuck in limbo?
How does it stay there in limbo for how long?
It's not about a Salana going down.
It's like, Solana is just like very hard to land transactions on.
Like if you make a transaction, like, there's just like moment periods of like five minute, like five minute periods where it's like Salana just doesn't like.
It's just like not working and then like suddenly it starts to working again.
And so it's like, how do?
Yeah, so there's a little, I mean, you know, once users get their hands on it,
they'll see like, okay, we give people the ability of like, oh, here,
retried the transaction, okay, it didn't work.
Let's try to like, if it's been stuck, if you retried a couple of times,
we can just like refund the transaction, send it back to your original place
because clearly Salon is not working right now.
We give users the option to choose what they want to do.
Yeah, makes sense.
Yeah.
Nice. On the Othmosis in Bitcoin, like accumulation side, you know, there was that article
and Johnny Wiles was working on the prop and the prop went on chain for, you know, accumulating
Bitcoin. I didn't feel like the current rates of accumulation and so the osmosis go harder
on this or do you think it's in a happy sweet spot?
I mean, obviously I'd like to buy more and more Bitcoin.
But I think, like, yeah, using a portion of its revenue to acquire, you know, what is it at right now?
25% I think is being used to acquire Bitcoin.
I'll take a fee, yeah.
So what was that?
Yeah, we're only up to, we're up to seven Bitcoin at the moment using 25% of take a fees.
Nice. Yeah.
Oh, nice.
Wait, that's 7%.
When did that start or that 7 Bitcoin?
How fast will we accumulate that?
That's since November.
oh okay got it nice but yeah like what red do you think would be uh turned up too like like how aggressive could
also get
I mean, I think a max aggressive probably would make sense to be like a 50%.
But I think like right now that's...
I think the current rate is pretty good.
And I think the big thing is we should just be like make sure we're LPing that as well
through like different vault providers to make sure that like, hey, we're accumulating Bitcoin,
but we're also using that to provide liquidity to, you know, osmosis and like make osmosis, like,
keep growing like osmosis as the best place to like sustainable...
protocol on liquidity growth yeah i mean speaking of you know up paying it um how's magma mc going
maybe johnny or robo can provide an update on magma given that robo has a vault going johnny
do you have a vault rolling right now i have a few volts they have is don't you have a few
is uh is don kerptoneo on here can we like throw them on real quick
Someone sent him a ping and get him in here.
I think he was asleep, probably.
Oh, true. What time is it over there?
Like 1.30 a.m. I think.
Mm, I see, I see.
Fair. Yeah, Robo, Johnny, either of you, tell us about your vault and how they're performing.
I saw Robo, you had that one fault that someone deposited 30K and Adam in a tone.
Yeah, I've been having a lot of fun with Magma, honestly.
I have five vaults live right now.
Mostly just because people have been asking me to like, I have like three atone bolts
because everyone has been asking me to launch Atone Vaults.
So, yeah, I've got three Atone Vaults.
Are they all the same pool?
No, there's a tone BTC, a tone Adam, and a tone USDC.
Got it, got it.
Is the account manager able to have multiple vaults but in the same pool?
Sure. Yeah. Yeah, you might want to launch one that's more conservative, one that's like more aggressive, tighter range.
I don't even think there's a limit on how many vaults you can spin up.
Gotcha. Is someone doing mantra vaults because their air drop was supposed to be yesterday,
but then they had the new governance proposal. But I wonder if anyone's playing games around
this hype and trying to do vaults around it and potentially earn a lot of fees.
Yeah, I'll shout out Rarma here. He has an Ome vault. So if anyone has own, they want
to deposit, just go drop it in Rarma's fault.
Nice. And you're able to deposit just like single assets into the vault, right?
I don't think so. I think you have to keep the same ratio that the vault currently has.
Gotcha, gotcha. Johnny, what about your vaults and how have your thoughts been around magma?
Mine are probably a bit less D-Gen.
I've been trying to work on a Euro-USDC one recently.
I think that's surprisingly good.
Someone reached out about this, right?
Someone was like saying that, oh, that's right.
Felix was saying that the Euro, Yuri, but like the problem with the Euro stable coin is that no one cares about that coin, and that's the issue.
Yeah, but also there's no liquidity so no one can use it if they want to.
Like liquidity's there, but it's in a range because it's not managed.
Yeah, I wonder if it's like Noble's liquidity or that company that issued it.
I forget their name, but there was the company that issued it via Noble.
Yeah, but it's kind of, it's weird, but even though there's no liquidity in range, some days it's been doing 100,000 volume.
Yeah.
I've been looking at, I've been watching that vault actually.
Aren't you up to like 40% APR on essentially like USDC and the Euro?
Yeah.
So there is weird, there has been no volume in the last day, so I'm not rebalancing
yet.
But yeah, when there is volume, it seems to have a very good rate for that.
Sounds like a defy is back on the menu, boys.
Yeah, magma's baby.
Can we get a meme around that?
With magma, I think it's a good meme to do.
We also have a, well, we'll be adding magma to the,
you know, there's been a, on the,
when you create a position on the osmosis front end,
that managed position thing will have that be linking to magma pretty soon.
So that's,
Should be a training. Nice.
What do, John, maybe a question for you.
What's going on with Locust faults?
And isn't this meant to be like a, you know, maybe a slight competitive magma, but more like a different type of magma?
Yes, so Locust faults are margin volts, which is what we currently use for quite a lot of protocol liquidity.
so that they're automatically rebalancing,
whereas Magma, the manager has to make a decision
as to when is an appropriate time to rebalance,
whereas margin just rebalances when the price changes.
Because of that, we've seen a bit more,
like, impermanent loss that has then become permanence,
but they can cater for way more volume.
So we've kind of broken even on the deployments
after swap fees and they take a fees that they've generated.
But so far those bolts aren't a great return.
They have other vaults that are also great,
like the liquid staking arbitrage vaults
that are quite interesting.
Do you foresee them becoming more competitive or is this just like a, you know, like a downside of the more passive?
Is this like a little more passive like the Astro, Astroport PCLs?
They're working on some interesting things about deposit into the vault and it will pick the area to deploy with the best return.
They're working on kind of automatically hedge positions.
Yeah, they're really kind of, they're really working on some interesting things.
Nice. Nice. I think one pretty key thing to point out with osmosis right now, not necessarily only D5, but even though, you know, market cap has been kind of at the whim of the markets and cosmos.
But you take a look at all these apps that are still choosing to deploy on osmosis. And that, I think, is actually like a pretty big thing to highlight.
Not just magma, not just locust, but you even have like the those two new NFT projects, architects and what was the other one?
Like Relactic something.
I think it's a galactic mining club.
Yeah, yeah.
Like this still, this keeps happening.
These are all within just like a month or two.
So, you know.
Price, price action aside, ecosystem is still growing.
People are still choosing to build on osmosis.
And not just build boring, generic things,
but pretty exciting things that are useful.
And speaking of architects, shout out to them for making
some pretty cool NFTs.
And I'm excited to probably change my NFT for X amount of time
once I get mine from them.
It's definitely going to be hard to pick which one to use.
Yeah, I'm going to have to do this, like, rotation.
It's going to be hard to let go of the mad scientists, so we'll see how things go.
But we love them all.
Yeah, maybe it's time to dive into the stuff with Robo and Sunny and something that's been, you know, in the wraps for a little bit.
Yeah.
Yeah.
Fire away.
I can start on the Robo can get some updates from his end as well.
One of the big...
things on Bitmosis related and how we're planning on growing our relationship with Bitcoin.
As many know, we have a pretty close relationship as a team with the Babylon team.
And so we've actually arranged for a pretty exciting structure with Babylon to kind of make it so
osmosis will be the best.
launch like defy venue for buying their for acquiring the baby token uh once it goes live in
just a few weeks from now and so uh part of what we're going to be doing is
You know, I think we've talked a little bit about it in the past, but just is we're going to be,
osmosis is going to become a BSN, obviously pending governance approval once BSN capabilities are live.
But what's unique is that osmosis is not going to be...
giving away any inflation or osmo staking rewards rather we'll be using the taker fee rev share mechanism and giving the bitcoin stakers
a cut of all baby trading fees and Babylon LSD trading fees.
So that way, if there's trading of baby token or LBT, which is like Lombard BTC, that would like go to the half of that would go to the baby stakers.
And to clarify these assets, Sonny, which ones, if any, would be going into alloy assets or would this not take place because they're not compatible with the Bitcoin alloy?
These are not compatible with the Bitcoin alloy because as LSDs, they are like...
increasing in value like same as like ST Osmo is worth more than one Osmo because it's occurring the staking rewards.
So similarly these won't be able to go into the alloy. They'd have to be separate asset.
These LSCs would be separate assets.
But yes, will the LSDs have an alloy for them or they're all they need to be separate because they might be different?
Sorry, what?
Like, could the LSDs have an alloy for themselves?
No, they're all separate.
They all have different take rates.
They all have different validators and different BSNs.
They're validating.
They're all going to be, like, floating just like, you know, ST atom is not compatible with D atom.
Got it.
But, so, you know, what's awesome about, what's cool about this structure is that, you know,
osmosis is not giving up any...
staking rewards or like revenue.
But now it makes Babylon hyper-incentivized to drive volume to osmosis for baby tokens and their LSDs.
And so as part of that, they are structured, they are going to be giving the osmosis community pool a significant
uh portion of the baby supply of the baby supply uh especially at the launch circulating supply
uh for the osmosis community pool to deploy as liquidity so that way uh
we can increase the baby volumes.
And so, Osmos, similar to how, you know,
basically on day one launch of Babylon,
osmosis will be the Dex venue to buy baby tokens.
Robo, I'll pass it off to you.
You can talk a little bit more about this.
Yeah, totally.
So it kind of like is part of this governance proposal that's coming up.
The proposal will include a provision to allow the OGP to be the ones that essentially like take control of these tokens, at least in the beginning.
The reason for that is one thing that osmosis has always done kind of like really, really well at is ensuring that these tokens get listed day one of launch, right?
So like as soon as the launch happens, if it's possible to be on osmosis, these tokens are live. They have a pool.
This is like, you know, one of the first venues that you can trade this on.
I think a really good example of that, probably one of the largest examples was when Tia launched about a year ago.
Osmosis was live with Tia liquidity almost immediately.
It was the only decks that where you could buy Tia and because of that it drew in
like massive amounts of order flow from outside of the ecosystem and basically, you know, everywhere, like so much so that the relays had trouble keeping up at times.
So this is a similar type situation where Baby is anticipated to be this really huge high-volume token that's going to see a lot of demand from, you know, Ethereum users, from, you know, Ethel2 users, from Bitcoin L2 users, from, you know, Bitcoin Maxis.
Everyone's going to want this token.
So pretty critical to get it live on osmosis as soon as possible.
Like, you know, if it's trading on a centralized exchange, it should also be on osmosis.
So in order to facilitate that and make sure that that happens on day one,
OGP is going to temporarily take ownership of the baby tokens,
subject to governance approval, of course,
and ensure that we move quickly enough to get these listed day one
so that everyone that wants to buy baby on osmosis can do so.
Nice, and I believe, well, maybe that's,
Not something they're sharing, but they're targeting like, wait, maybe that's more off.
I shouldn't be able to share it.
Never mind.
I'm cutting myself off.
But anyways, really good information, Sonny and Robo.
You know, I think it's going to be pretty exciting that Bitmosis now has Babylon joining
the Bitmosis narrative, and it only helps.
And this is all within the cosmos ecosystem as well.
Sonny, do you think the...
The Cosmos Hub is going to take any strategies with Bitcoin, or are they kind of just neglecting it or just don't care about it?
Not really sure.
Right now, I think our boards is focused on like playing, you know, on catching up on building the ecosystem, building an ecosystem of apps.
on the hub, get ad-end, like, you know, I can imagine Eureka might eventually build a Bitcoin bridge.
I think right now they're focused on Ethereum first, then O.P stack chains, and then Solana,
and then, like, next after that might be Bitcoin.
So maybe at some point they'll get around to the focus on Bitcoin.
I think right now their focus is on connecting to, like, EVM and...
than Shalana.
Yeah, makes sense.
Okay, sweet.
Yeah.
And also shout out to Omnity in the crowd as, you know, they're a big part of the Bitcoin.
So love seeing you guys here.
And also, I think I saw them in Denver, which is cool.
Anyway, sweet.
Well, thank you guys.
Let's maybe open up.
the floor to any questions. I see a lot of familiar faces. Tony, the mad scientist,
trendy Zerk, Will. Good seeing you in Denver as well. Um, anyways, uh, anyone want to hop on and
ask the question or not, in which case, uh, any final thoughts from any of our speakers?
Um, you know, I was just excited for the Babylon launch. I mean, it's something, uh,
We've been looking forward to for years now, and so exciting that it's really coming close to being a reality now.
Yeah, didn't this all start in the little office room near San Francisco with you and David?
Yep, yeah.
They were like pulled up in the office room.
East Denver two years ago, and then we had a lot of follow-up meetings about it since then.
Nice, nice. Well, sweet. Sunny, David, Robo, Johnny. Thank you guys for shipping in today. Since they have no questions, I think we can call it here. Thanks, everyone for tuning in. Thanks, everyone.
All right. We'll see you next month. Thanks, everyone.
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