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WAGMI on Metis🙏🐸🌿
Recorded: Jan. 6, 2024 Duration: 0:51:01Space Recording
Full Transcription
Hello, hello, hello, sirs.
Good morning, GM, GM, GM.
I hope everyone's having a great Saturday.
It can be Saturday morning, Saturday evening, Saturday night, depending on where you're at.
We are hosting one of the best builders in the crypto space today, Danny, who we have right here.
So, Danny, we would love if you could give a little bit of intro for yourself.
Yo, yo, yo.
Oh, it has been a while since I've done an AMA and this kind of stuff on spaces.
So, everybody always like, oh, when Danny, when Danny AMA.
So, it's kind of funny.
So, yeah, the time has come.
Gentlemen and ladies and whatever.
We are here.
So, all annons I can see are here.
So, it's evening for me.
But I guess a lot of you are just starting your day.
I am Daniele.
Well, for who doesn't know me, I'm officially chief rug puller at Popsicle Finance.
So, I'm the biggest rug puller in the crypto space.
I constantly just think about new ways how to rug people.
And in the meantime, while I'm thinking how to do it, people seem to actually make it.
So, that's a little bit of a weird situation happening there with my protocols and people doing wag me, right?
And that's why I sort of made this new protocol that is not so much new.
It's more like an evolution of Popsicle Finance, which is called wag me.
Because, I mean, it's a meme, right?
We're all going to make it.
And it seems like we are in meme season.
So, why not?
Actually, it has been for many who I will give you some hint of why I had the domain wagme.com.
Back in the day, and one day I was speaking with the guys at Talamida, and they don't exist anymore.
It seems like a lot of people that were working back in the day, they're not anymore around here.
But we were talking about Solana, which seems to be like a big thing now.
It wasn't when FTX was involved, or maybe, I don't know.
It was not as much hype as now, but I'm not a huge Solana fan.
But at the time, Alameda was like, ah, Dani, Dani, need to make like a meme coin or something.
And in that time, I'm like, yo, I should buy wagme.com no matter what, if I'm going to launch a meme coin or not.
And, well, yeah, we were thinking about maybe launching a meme coin wagme at the time on Solana with Alameda and send like the LP and shit like that to them to send to charity and some stuff like this.
But then it didn't happen, thanks God it didn't happen, honestly, because it would have been a fucking mess now.
But, yeah, who knows how it would have been, but I guarantee you that it wouldn't have been very well.
And, yeah, that's how the wagme name came to life.
But then it stayed there, stayed there for a while.
And then I was like, yo, we did a lot of research.
We spent years researching Uniswap V3 positions.
We had managed the most out of anybody.
I think we were at a certain point, we were basically doing almost all the volume on Uniswap through our popsicle LPs, PLPs.
We were managing like 300 million plus worth of positions.
That for just being basically manager of V3 position was a fucking huge, huge, huge achievement.
To the extent that we had a conversation with G saying like, yo, we're starting to have a problem because we are so big that rebalancing our LPs requires such a huge amount of liquidity that we don't know how to source this because we become.
We became the liquidity.
And at that time, we started with just in time liquidity.
A lot of the MEV stuff, we did it first, and we were fucking around with all that kind of stuff at the time doing research for us.
And all of that basically experience and the real world experience on being liquidity provider of DeFi at the maximum volumes at the time, it has translated into our new deployment that is Wagmi.
Because of course, of course, in that you need to, I need to add that we added all the experience with all the other protocols that we had, all the mistakes that I did, all the mistakes that other people did.
Like now I don't need to choose treasury managers anymore.
Unfortunately, because next time I will try to employ someone that is already in jail.
So, so we don't have problems anymore.
I think I maybe can get it straight, straight for free.
Maybe who knows?
Definitely they can run with the private keys.
They are already there.
So maybe it's a good idea.
But part of that, I think there has been a lot of things that I've done in a good way, a lot of things that I've done in a bad way.
I spent a little bit retired, not really retired, we were building, but more like finding, you know, that balance in between the work and real life.
Sort of situation.
And that we, we made Wagmi.
And fuck Wagmi is the fucking best I've ever done.
And by far.
And so, so it's a fucking printing machine.
And I love it.
And I fucking love the fact that we are already giving like 90% APR without giving away one fucking token.
I just love it.
And it just proves that there is, there is value out there.
It's just about capturing property.
And Jesus, we are here and we are here on Mattis.
So finally we having a layer two that I like, a situation that I like.
The deployment is pretty much ready.
You know, like, I think it's awesome.
And then I spoke with these guys out here from Mattis and I was like, yo guys, I think you guys are cool.
What's happening?
And I found, I found the family out here.
They all super nice and very smart guys and very, very fast forward thinking.
I really like people that when we say something, we fucking do it.
You know, like, and because I'm like that, like I say, I say like, oh, let's do this.
And we fucking go ahead and try to make it as fast as possible.
And I find this great fit into this, this community and dislike minded builders of this layer two.
And yeah, I went ahead and I like guys, like actually say the truth.
I'm like, Anita, Anita, please write a proposal and send to forum because, because I wanted to deploy here and I, and I was hoping that we can get everything in check.
So, uh, we had the previous call and we prepared the proposal and what is the proposal about?
Well, make, uh, Mattis fucking greatest chain ever.
No, no, I'm joking.
Uh, it was about, uh, well, I mean, I mean, I mean, the greatest blockchain, it can't be, but the greatest layer two, why not?
Like, if you think about our, um, our history here, um, historically, uh, we kickstarted, uh, um, arbitrary.
So at the time, uh, when I was speaking with, uh, Michael, we said, okay, let's go, uh, let's deploy curve.
Let's deploy Abracadabra.
There is already a little exchange going there going on.
And, uh, there is, uh, the said cat coin or whatever that shit was.
And then the Alameda guys were asking me, should we deposit billions of dollars and fucking said cat coin and shit was happening.
And I'm like, yes, we can go.
But the important part is that we need to be able to bridge, bridge properly.
So that's where meme came in.
And that's where people started meeting.
And we opened the curve pool was the first pool there with, uh, magic internet money.
And we opened up, um, with now defunct.
I don't know if they're dead or not, but multi chain.
And we supported it right away.
And, uh, we were moving in and out all the capital of Bitrium for a long time.
And, uh, you need to think that the deepest, uh, liquidity on our Bitrium was a meme, Ethereum.
So, uh, the, the biggest pool was meme.
And, uh, the biggest protocol in TVL was Abracadabra on, uh, for months and months and months.
Uh, I think from science, it began till I kind of pulled out, right.
Uh, out of the equation, but, uh, it was, uh, it makes sense for me.
And the world kickstarting sort of ecosystem, uh, idea.
And, uh, this time I come in a different, uh, way because, uh, finally, uh, I mean, we tried with sushi, but then I had to resign.
Uh, at the time.
But, um, finally we have our own exchange.
Uh, we are, uh, working on building the version four, our own version four, uh, similar to Uniswap version four, but, uh, in our own way as usual.
Um, that doesn't cost money to people to use, uh, like it is there.
And, uh, yeah.
Yeah.
Yeah.
I mean.
Yeah.
I let, I think I let the host, uh, asking me the question.
If not, I can go on.
You guys know for hours and hours.
No, no, that was a phenomenal, like first, like phenomenal history about what me about the origins.
Like, uh, I fully agree, like in jail or out of jail would both, would both be phenomenal alternatives, man.
Like just like a proper, like liquidity manager, you know, something bullish.
And, uh, I'm a, I wasn't gonna come up with an icebreaker actually like not needed at all anymore.
I think, uh, Daniel broke the ice pretty, pretty well, pretty swiftly.
So I am wondering what I want to go in is a little bit about MEDIS, about what's coming for MEDIS, like what me and MEDIS.
So Daniel, tell us, tell us a little bit about what is being proposed.
Like we know that, that what me already passed CG is already a community verified project.
So what is being brought to the table?
What is coming or what's being proposed to MEDIS?
Cause I'm pretty sure everyone here is super keen to find out about that.
Yeah.
Yeah.
So, uh, the full wag me deployment, uh, on MEDIS.
That means that, uh, we are bringing, uh, our exchange, which is, uh, uh, Uniswap V3 type exchange.
Uh, we are bringing a full GMI, which is, uh, they're gonna make it token, which is, uh, our, uh, special solution.
On, uh, basically, uh, raising liquidity for our, um, exchange, which, uh, diverges.
Uh, then maybe later I can explain a little bit more on why and how and why we decided to do it.
And then we are bringing a first, which is, uh, our audited, uh, finish the audits of, uh, our basically sort of perpetuals, which is a new way of, uh, longing and shorting any coin.
Uh, and, uh, and it's, it's very cool because instead of being, uh, basically price dependent, it's more like time dependent.
And you would say, ah, but it's like options.
Yes.
But the options has expiration expiration.
This doesn't have expiration.
As long as you can pay, you can go on.
And, uh, and it's very cool.
And this all comes a little bit from history because everybody was like, ah, uh, Daniele, you get liquidated, blah, blah, blah, all the liquidation bullshit that I had before.
So I'm like, okay, we need to develop something that I can't get liquidated.
So nobody can say that, uh, I'm ragging or they, they get liquidated because of some reason that it's me or somebody else, or somebody can manipulate the market and try to fuck, uh, with the frogs.
Now this time, no more fucking with the frogs.
So this is the new, the new fucking good shit.
And many, many other things that I can't tell, but that they are cool.
And, uh, that's what you are bringing.
Go ahead, go ahead.
You were saying that you were not done.
Yeah.
Yeah.
Um, uh, yeah, this is the sort of starter pack, uh, additional to this, uh, you guys know that, uh, DWF, uh, is in partnership with us.
And, um, our partnership is not about, uh, market making the Wagmi token, actually.
Uh, our partnership is to market make on our decks, which is a first, uh, there has never been a deck that actually thinks like a centralized exchange and centralized exchange work exactly like this.
They need market makers.
They need quotes.
They need quotes.
They need to maintain tight spreads.
And this is what we are doing.
The, the cool thing about Wagmi is that it functions very, very well with something like Mattis because Mattis is fast.
It's cheap.
It's reliable.
And, uh, what we do is dynamically manage our, uh, liquidity positions, uh, to be able to, uh, sustain certain type of volumes and certain type of spreads.
And our collaboration with the market maker allows the arbitrage to be profitable for our, uh, GMI stakers, but at the same time allows the chain to quote prices that exist on centralized exchange at the same price.
Uh, which is what, uh, which is what we try to achieve constantly, uh, with deploying Wagmi.
Why is this important?
It's important because you want that the users that want to purchase, sell, buy, trade, the token Mattis, they get the same pricing on chain that they have off chain.
This is important for the activity on chain.
It's important to, to create the real defy, to create a real community and not just like having people buying the token moon boys and all like this.
You want them to experience the value that they're, they're actually purchasing on, right?
That is not the inherent value of the token.
It's, it's the actual usage of the chain, right?
And by doing that, you allow people to also boost the value of this chain because how many transactions exist every day?
How much volume exists every day on centralized exchanges that doesn't, that of course brings value to the price of Mattis,
but the inherent value of Mattis is the usage of the layer two.
So we wanted to make sure that all this traffic, all this value gets transferred out of the centralized exchanges into decentralized exchanges like Wagmi.
And of course, we are very happy to see other exchanges coming in because it boosts the overall value of the layer two and the arbitrage opportunities that exist that we also capture with our own bots that we run to maintain this pricing across all defy.
No, but that's, that's insane.
So pretty much the users will be able to provide liquidity, like in other dexes or in other prep dexes, but they won't be subject to exploits like price manipulation or et cetera.
That's so bullish.
That's a pretty innovative for the, for the defy space.
I don't think we've seen that in other layer twos.
I don't think we've seen that in crypto, honestly.
Yeah.
And having it in Mattis.
No, it's a first.
Yeah.
Like, like, so like, let alone that, like having it on Mattis, like in the moment in which it's about to deploy, it's so, so, so, I don't want to say bullish, but the word is bullish.
So I will have to use it.
It's so bullish for the ecosystem and for users in general.
So Danny, what are some of the timelines for this?
I know that the proposal went through TG.
Yeah.
So when are y'all thinking about deploying the protocol?
Monday.
I want to deploy on Monday.
Okay.
Okay.
So everyone's hearing that, right?
Like I'm not crazy.
Is that Monday?
So we are looking at Monday.
I know.
It's not my problem.
I think Vitalik is here listening.
It's going to be on Monday.
So in case anyone saw, Wagme will also be receiving the first disbursement of the Mattis EDF, like the Mattis Ecosystem Development Fund.
That's the 4.6 million Mattis fund that we were, that we announced a few weeks ago.
It's currently valued around $400 million based on the current Mattis price.
So this will be the first disbursement.
We're talking about a perhaps platform in which users will be able to provide liquidity.
They will be able to trade seamlessly using the same price feeds as in centralized exchanges.
So it won't be subject to manipulations.
And they will also be getting this piece of funding or this first disbursement from the Ecosystem Fund.
So as you all can probably imagine, next week will be pretty big.
So, huh.
So this changes a lot of things.
It changes a lot of questions that I had, actually.
But, ah, so what exactly, just so everyone's aware, what exactly is being deployed on launch, on this Monday?
It's the PERPS platform, right?
It's the exchange, our all arbitrage bots, and the GMI.
So we are starting to raise the liquidity for the exchange through the GMI process.
And we are starting to do these pairs.
So we are going to do Mattis Ethereum, Mattis USDT, Mattis Wagmi.
are going to be the first pairs that we are deploying on Wagmi exchange with the GMI commitments.
And also just to take a little bit about the proposal, which is important, and the disembursement of the Mattis that you guys sent us.
So I want to make sure that everybody knows that actually the grant that we are getting is going as a booster.
So it's going as liquidity with Wagmi, and it goes inside of the contract that boosts the APRs.
So it's going to be locked forever.
There is no way that we can take it off, and it's not used or dumped or anything for our own purposes or development purposes.
We have everything to pay everything.
So it just gets locked forever.
So you can think about that those Mattis are there to provide liquidity forever on chain.
And all the pairs that we raise with GMI are locked forever.
And this is one of the values that Wagmi brings to blockchains in general.
And especially at this point to Mattis because every basically liquidity position that we raise through the GMI process gets locked forever on chain.
What does that mean?
That yeah, a lot of people see the pumps and the momentum and we are all excited about the bull market.
But what happens in the bear market?
But what happens in the bear market?
All the liquidity pulls away because there is no more incentives.
There is no more paying for.
There is no more volumes, right?
But then you left to dry.
So you're using all these Mattis for incentivizing exchanges, equity.
Everything happens in the bull market.
But what happens after?
Like this is an important question for protocols.
Like what is going to be?
And with having Wagmi as a partner, well, you are guaranteed that everything that has been there before is going to be there after.
And this is very important, I think, for the long term, the perspective.
Dude, this is huge for the long term.
This is huge.
Because like to give a little bit of perspective around their bear markets tend to happen at the same time as when the economy has like high yields, high treasure yields, let's say bonds or any type of like yield bearing asset.
So why would investors, if they are already getting 5.5 APR on a US security, which is secure to be paid off to them, why would they risk whenever we're talking about millions of dollars and 5.5% or 6%?
It's a pretty relevant ROI, like yearly ROI on that type of money.
Why would they come to these type of like places?
So crypto, yes, brings better returns, like higher returns, but it involves a higher risk as well.
So during bear markets, all of these huge liquidity that we see or we were used to see during bull markets goes away because they can get these 6% somewhere else.
Why would they stick to crypto and be subject to higher risk if with all of the like lowering prices and everything that is happening in the space, they might be getting not such a higher return that the one that they will get outside and outside they are way more protected in theory.
So all of this liquidity on exchanges goes dry, goes missing pretty much, MIA, like the intern was yesterday.
So this liquidity, by it being locked permanently in Medis, it will make sure that there is, for example, AVE caps.
We didn't see AVE caps raised as much as we would have wanted.
Why? One of the main reasons was liquidity.
There was not as there was not as much liquidity in the ecosystem to keep raising the caps.
By all of this liquidity being locked, we can secure that we'll be able to raise caps a lot more.
People will always have good prices to be able like to trade and such.
And there will be a lot more pros that will come from it.
So just giving you an idea of how big this is, not only for all like we're going to make a lot of money type of thing and DJs doing their DJs stuff, but also for the ecosystems like health in general.
It will be huge, this deployment.
And then a bunch of the things that I'm hearing about that Danny is telling about like what me about what is going to be deployed.
Like I wasn't even like fully aware of all of these things.
So I am pretty excited right now.
Danny, how would you say this can impact or what if you if you could describe it for like explain like I'm five, how this will impact the ecosystems adoptions and growth?
What would you answer?
Well, I think I give you a bit of context.
That is relevant to our deployment on Kava right now.
You can buy the Kava coin with the same exact spread up to around the $60,000 worth that is on Binance right now.
Maybe even a little bit better.
Imagine that, right?
So when we deploy, you will be able to buy in within a few days that we raise the caps and we do all our stuff.
You will be able to buy Mattis in the same way that you could buy it on centralized exchanges perfectly without on chain, super fast, super easy, in my opinion, easier than on a centralized exchange where you have to do your KYC or whatever.
You can bridge right away.
You can do your thing like this impacts the ecosystem.
And efficiency like which how much worth of Mattis we need to be deep.
Right. And the cool thing about managing this liquidity in the right way is the real efficiency, because we look at the volume, the size.
We constantly do analytics on what is the most important flow that we want to capture and we maintain into that flow.
So for the small guy, the medium guy, depending on what what we are really looking at of the real important usage on chain, we are maintaining that value for them.
Right. Like I always think about the frog, right?
The small frog that wants to buy a certain amount, et cetera, et cetera, wants to trade.
Is there where nobody cares about like everybody cares?
Like if you do the OTC, whatever the other will, you're going to get the best price.
But what about the small guy?
No, it's going to get tracked unless he uses the bigger exchange or whatever.
So they all end up ending into the bigger exchange that they constantly capture all this flow, all these users.
And we want to change that paradigm.
Right. We want to bring them to decentralized exchanges to layer to Mattis, you know, to buy.
And as time passes, progresses, like we can raise caps and raise GMI positions of like, for example, Bitcoin USDT.
And what about if you can buy Bitcoin with the same spread of Binance?
What if you can buy it with the same spread of Binance on Mattis?
That's fucking cool.
And what is the size that you reckon is important that?
Well, we got all the analytics.
That's the cool thing about on chain, like we spent two years on looking at all these things.
And that's that's how and dynamically we constantly spend time and time and time to constantly make sure that the strategies that the depth that the certain certain things have more certain things have less.
And maintaining this like our LP, it's broken down sometimes in more than seven positions.
In one that have different depth of liquidity in certain certain specific ranges.
So you can imagine that this is really sophisticated decentralized, actually, the most sophisticated decentralized exchange ever.
So so you can of course you can have the purpose and it's one thing.
But what about like the combination of the two things and the cool thing about what we're working on right now is the updated version of Wagmi, which allows to utilize.
The treasury in that is locked forever to as for the purpose.
So then it's a total domination because then you have the liquidity that is locked forever and the purpose that are using that liquidity to to enable the trading forever.
And that trading fees that exists out of the purpose goes to the LP that goes then back into the GMI system that goes into the Wagmi and creates this constant positive feedback loop that still maintains that liquidity profitable even during more bear market situations.
So that's that's that's very cool.
Basically, it's confirmed y'all like Danny will single handedly onboard the next billion users, not even on chain, but on Metis.
So like all of this is actually pretty exciting.
I do agree with bringing tooling and infrastructure that users are familiar with.
Like if they find it super easy to go on trade on centralized exchanges, it's probably because of the UX and the UI that they are having.
So why not bringing that same UX to crypto to on chain and let them have the same prices, same spreads and everything as they would on regular exchanges?
I love that 100%.
I think it makes it very more usable and it knocks out it knocks down one of the main entry barriers, which is that user experience.
So I'm hearing like this will be a beast like Wagmi is going to have a lot of things like it's going to have like it's super bullish for all the Wagmi users for all the Wagmi like LPs and such.
How would you describe the potential synergies between Wagmi and other ecosystem protocols?
Do you think that there will be some type of composability like they would be able to interact with each other or will Wagmi be more of a single beast of its own?
No, definitely. Like, you know, like I like Lego for me, Defy is like playing with Legos and I always look into this, which type of component I'm building for let other people build on top of it.
Obviously, like Wagmi by itself is his own sort of juggernaut of trading because it's like it's like asking like how do you see Binance?
Like I kind of compare it like it is what I want is build the Binance of decentralized exchanges, right?
How do you see Binance as a component for others? Well, first of all, like we can be a platform that provides liquidity and even locks forever liquidity.
If we get into partnership with ecosystem players that we find relevant, we can be raising money for them in terms of liquidity into the GMI and allow that liquidity to exist forever.
Also for them for their own token. So that's that's already like a huge thing.
Like instead of them renting that liquidity out of others, we can enter partnership for getting benefits or whatever. In both ways we can benefit and we can we can basically allow them to have this liquidity on our exchange without having to rent it, which is I think a huge thing for for a lot because we spend every time we raise liquidity for our pairs.
Of course, of course, we do strategies and everything we can do that for other protocols to have very efficient liquidity without losing money and which is which is important.
And yeah, that's that's one component that I see. Additionally, with that liquidity, potentially we can allow even with their own liquidity, we can allow the perp to exist on top of that.
To exist on top of their own existing liquidity. So we could offer leverage to any new project meme coin or whatever from from day one, just because it deployed on wag me standard liquidity. Imagine that how fucking crazy that is.
Imagine being able to like imagine being able to long five million market cap coin 10x from the beginning, like that's fucking cool.
So if if you're launching something on Matis and you put it on wag me as non wag me protocol on liquidity as a normal liquidity, then you have access to the perpetuals.
So which is fucking cool. And that's a huge play for that because.
And then. Of course, like with our experience, we we still have all the popsicle finance old school volts and everything like that, which means that in the case of other exchanges.
That deploy on Matis, which I think is great. We can offer strategies on their own exchanges.
Where people can have a better positioning of their liquidity on on other exchanges on Matis, which is great, I think.
And that's what that comes to my mind at the moment. But of course, as prayers come in, I have a lot of ideas, so we'll figure it out.
Dude, that's not even great as mind blowing.
Like, so I have a lot. I'm seeing a lot of DJs in the audience right now.
So I know that many of you are like trading on Tethys. What about trading Tethys with leverage?
What about trading like GameFi? What about trading net trading home trading Athena?
Like all of these ecosystem tokens, being able to trade them with leverage? I know that many of you all follow each of these projects very closely.
Like you probably know what are the upcoming narratives. You probably know what's on the on the burner, on the back burner, what's coming soon.
So you all might have an edge and it's not even insider information. It's like following the project closely.
In crypto, there is a lot of information asymmetry. So there is a lot of like, hey, if you're aware of it, you probably won't win.
If you're not, you probably are not. And I know that a lot of people here have been following the ecosystem pretty closely.
What if you could actually trade all these tokens with leverage? Because I know a lot of people or a lot of times you might not have enough liquidity to really like to make something significant out of these price movements.
You might say, oh, I mean, like something is better than nothing. Yeah. But being able to actually create markets in perpetuals for all of these tokens, like I would personally use it a lot.
And yes, of course, it would bring a higher degree of risk as well. But I mean, it would be so, so fun.
And it would also be very it would be a very interesting opportunity for those who follow this project closely.
So, yeah, I mean, it sounds fascinating. It sounds like something that is definitely going to benefit the ecosystem as a whole and the digits in it.
And I am wondering, by the way, like if any of you all have some interesting questions, we will be bringing people up into like on the stage in a few minutes.
So if you all have any questions, like do raise your hands, do do let us know.
Or you can also type them like under the tweet and just ask the questions in there.
I also have some questions that some people sent me, so I will be asking them in a minute.
I'm going over the final questions that I have for Danny.
Danny, what in terms of Wagmi's short and long term involvement in the METI's ecosystem?
You touch a little bit on it, on your experience building on METI's so far.
You said that you've been surrounded by a lot of like people that like to do stuff, that get getting stuff done.
So I'm not going to ask you about your experience building on METI's per se.
I want to ask you about your, how do you vision, how do you see yourself in METI's?
Like, do you see yourself developing Wagmi into a full on like beast on the long term, as well as deploying other protocols on METI's?
Or what are like, what are your current views right now?
Asking mainly because we do have a builder on board.
So like, I'm pretty sure many of them.
Well, I tell you I'm already, I've been already in contact with multiple builders to bring them to METI's.
Famous one, less famous ones.
I've been talking with the small projects that already reached out to me.
that asked me, ah, should we deploy on METI's?
What are we going to do?
There is one project that it's an ending market that I'm helping out because I think it's important.
And, and yeah, I mean, I'm, I'm committed, like I'm around here.
Like if the opportunity comes and I'm making everything, like the first launch of our perpetual is here.
Like I'm here on AMA.
Like, I mean, why, why not?
Like, I think there is a lot of potential.
I, I've seen the start of Arbitrium.
Then I haven't been around after for a year and a half.
Now this time I want to see all the top side.
Uh, and, uh, I don't want to just the kickstart stuff and see them, uh, then be more successful.
Uh, this time I'm going to stick around and see the, take the wall ride along.
Fucking like, so I'm, I'm here.
Bullish.
Bullish.
Okay.
I'm pretty sure everyone is as excited as I am about that response.
So I think I'm, I'm, I'm going to sum it up, uh, right now.
Uh, I've asked most of the questions that I did have.
So let me go very quickly over some of the questions that we received yesterday.
And this is the time for everyone that may want to ask a question or anything.
This is the time for you all to come on board and ask us one second, finding those questions.
Okay.
So there was one user who asked, is Daniel building any product combination of products?
Not existing in other ecos.
If so, what?
I think that question, like Danny already answered it, the project or the version of whack me
that is about to deploy on medicine.
He has never been deployed on crypto whatsoever.
So it's not only a product that we haven't seen on other L2s.
It's a product that no one has seen in general in crypto.
So it's going to be a first time and it's going to happen on medicine.
So that, that was the first question has been answered.
Second question was, how will Daniel contribute to the long-term success of MEDIS?
That one was pretty much answered also with the latest response of Daniel and explaining
what's going to be the composability between whack me and other projects in MEDIS.
I mean, all of these questions were pretty much answered.
This is an interesting one.
So how can we repeat on MEDIS the success Danny's dabs had on Phantom?
Danny, I don't know if you want to take that one.
Well, it's just a thousand times better what I'm deploying here.
So, I mean, how can I like answer about success?
Like I, I put full energy all the time, right?
When I'm back, I'm back.
Like now I'm on MA, I'm on Twitter every day.
I'm fucking deploying shit on the, around the clock.
Like you guys know when Danny is Danny, like it's, I'm not on the back burner.
I'm fucking like burning hard.
So, I mean, I hope that not only I can repeat what happened on Phantom.
I hope I can do a thousand times better.
Amazing. Amazing.
I'm looking forward to that.
You, you explained this one a little bit before, but if it's not a hassle, maybe you could go back into it.
One user asked, how do we incentivize sticky liquidity and users for MEDISDAO and whack me to avoid incentives cash grab and leave the chain?
Yeah, so I think, I think I sort of answered it like when, when we use the GMI liquidity, basically what happens is that we are selling our own token, whack me, in exchange of protocol on liquidity.
Okay.
This protocol on liquidity goes into our management of liquidity system.
This makes this liquidity efficient.
So the difference in between whack me and uni be free is that uni be free relies on third parties to be good.
Okay.
Which, which most of the time is shit.
And also opens up depth of these pairs very deep, deep, deep.
So basically the APRs, what happens to the APRs is that everybody competes a lot with these venture capitals.
You just put wide ranges bullshit that I don't even know what they're doing.
And at the end of the day, the capital, the, the trade efficiency or the spreads are created by, uh, MEV and flash bots and all this kind of stuff.
And, uh, by depth of liquidity, so it's just a lot of everywhere, you know, instead, uh, what we do is to, uh, use.
The brain and make sure that, uh, we don't need so much liquidity.
We don't need 1 billion to trade the one to execute 90%, 99% of the trades of Uniswap.
You need the 10% of that.
Okay.
If you are good enough.
So in these optics, we created the GMI.
So we just need to raise 10%.
Another way that I look at it is like how much Sushi has spent over the years in incentives for the liquidity that then, if there is not enough incentives, goes away.
And the user is good to ask this question, like, how much did they spend?
Maybe they spent a 500 million, maybe they spent a billion.
I don't even know.
I don't want to know because it makes me cry, you know, but imagine if, uh, they would have just had, uh, the same system as Wagmi and they would have spent a hundred million slowly, slowly, slowly building up.
And now they would have a hundred million liquidity that is super efficient that Uniswap wouldn't even exist.
Okay.
Because we couldn't compete with this.
So this is what, uh, what we have been building.
And, uh, of course, how can I, so in the, in the case of Wagmi is built in to be a protocol for be a friend to a layer two.
Okay.
Or to a blockchain in general.
Like, but how can I disincentivize others?
I mean, that's, that's pretty difficult.
Like other protocols do what they want.
Of course, I'm more than happy, uh, to help the Mattis team.
Uh, if they have any question about what I think about rewards on other protocols and stuff like this, and how I can help to minimize the waste of money.
In our case, all the money we have been given is locked into the chain forever and we don't take one penny to pay our shit.
We don't dump anything.
So you can imagine that like, it's kind of, it's built into my mentality that we should use resources efficiently.
And this is why Wagmi exists by itself.
Like it's an efficient way to do a decentralized exchange or an exchange in general.
So yeah.
Capital efficiency, baby.
I love it.
Love it.
So there, there is one other question that someone asked.
It's a pretty important question.
They're asking if it's going to be a fair launch or, or what's Monday going to look like?
How can they participate on Monday's deployment?
Well, I mean, uh, the, the caps open and, uh, the, the caps constantly open on the GMI positions.
Like need to just to be a little bit aware.
Maybe, uh, put notifications on, uh, Wagmi, uh, at popsicle finance.
Uh, if you want the notifications, when we raise the caps, you get it straight away and you can just join the caps.
And, uh, uh, that's it.
Like there is no token launch.
Like the token is already trading.
Ethereum is trading on cover.
So it will be trading also on Monday.
On, uh, Mattis.
So that's, that's how you can participate.
It's going to be the same pricing.
So, I mean, we maintain spreads well for everything else.
Why wouldn't we maintain a proper spread on, on Mattis on the Wagmi token?
It will be, so there is a lot of arbitrage going on already.
Like there is a lot of volume.
There is a lot of liquidity on the Wagmi token.
Um, we are one of the few protocols, uh, in DeFi, actually in general, that has, uh, almost, uh, 25, 25% probably of market cap to liquidity ratio.
That's huge.
Like it's, it's proper.
So there we are.
Yeah.
Dude.
Uh, I, I can't even like begin to describe how much I'm looking forward to Monday.
Uh, I hope all the threaders were paying attention and taking notes.
I'm taking notes myself.
So, yeah, I, I am very bullish about like everything that was mentioned throughout this space about all of the alpha that was shared that there's a lot going on in the Mediterranean.
There's a lot going on in the MEDIS ecosystem and on Monday things are going to get rowdy.
Like, uh, so I'm, I'm looking forward to it like 100%.
I think that covers it all, uh, for the AMA.
I do want to thank Danny so much for his time, for joining us, for, for, uh, giving a little bit of words to the MEDIS community on what's coming.
I want to thank everyone in the MEDIS community as well for joining.
And Danny, I don't know if there's any last words that you might want to add.
Yeah.
Uh, my last word is, uh, I'm actually super stoked about, uh, staked MEDIS.
Uh, like, uh, like, uh, like, uh, I'm, I'm, I'm really like, I'm really considering on, uh, trying to be like an individual sequencer myself.
If it's possible, so let's see, but, uh, but, uh, honestly, I'm super, super, super stoked about it.
And, uh, that's why I started discussions with, uh, uh, with this, even if there are small projects like, uh, betting these teams and guys and whatever that are hanging around and writing me and stuff about deploying.
Uh, because, uh, I want the proper markets for, uh, staked MEDIS and I want to see staked MEDIS to be successful because, uh, if it is like the ecosystem is going to be fucking mind blowing and nobody else can fuck with it.
So, so I'm really, that's, that's the last thing.
Um, I've just felt like thinking about, um, but, uh, for the rest that I can, I'm looking forward to start, uh, our, our journey together.
And, uh, as usual, like frogs ahead and, uh, fuck the frog nation is back.
So let's, let's make it all back.
Fuck me.
Fuck me.
Fuck me.
We're fucking back.
All right.
Thank you everyone for your time.
Jose from MEDIS over here and let's get it Monday looking fine.
See you all.
