Community Call Transcripts

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all right welcome fellow sovereign individuals my name is engemar aka ingalandia i'm a contributor to sovereign it took about uh 11 years for can whoever has thank you it took about 11 years for decentralized financial services to begin incorporating bitcoin and we're here because they're now starting to truly develop so we have multiple lanes of initiatives for getting bitcoin onto a d5 application layer each with trade-offs and security capital efficiency liquidity and trustlessness nevertheless we know for sure that defy needs bitcoin more than anything defy needs to tap into bitcoin's liquidity in order to reach its full potential can't reach its full potential with that point so if we're building a decentralized financial financial application it deserves proper governance where trust is minimum our decision making are as decentralized as possible so as you know sovereignty has formed in our forum launched wednesday of last week which you can check out at forum.sovereign.app new proposals are being drafted and discussed with tremendous support from the community we're being remarkably vocal um even when uh many are unable at the to vote on chain so hats off to you guys for making your voices heard loud and clear our bittocratic process is being developed some of the brightest minds in d5 dao governance and we're very excited for what's to come so thanks for being a part of the sovereign community and thank you for sharing in this mission um i would like to uh introduce iago a contributor to sovereign uh but first if anyone who is new to these calls would like to um introduce themselves and maybe say um you know what what got them curious brought them here or is yours we'd like to keep this a very very open discussion sure um obviously the the whole d5 on bitcoin got me interested um i just happened to find it the other day searching um the only question i really have to start is you know what kind of similar project would you compare this to that already exists on like all the ethereum d5 um well i don't know that there is a project like this at ethereum d5 ethereum has a very very different logic the logic of ethereum is right now everything is built on layer one and all of the different d5 dapps are heavily dependent upon each other that is going to have to change because uh ethereum layer 1 has reached the limits of its scalability anyone who's tried to transact on ethereum recently knows that they have to pay for a simple transaction 30 40 for complex smart contract transactions 100 120 um sometimes as much as 400 so what's happening is the entire smart contract space and this has always been the criticism that bitcoiner said you know bitcoiners when they criticize ethereum said that you can't scale during complete systems on chain in the way that ethereum is planning uh what's happening now is that systems are migrating to layer two and nobody's sure how that's gonna play out with sovereign uh we are doing the same thing so servant is a layer two system um it runs bitcoin layer two uh it's going to be introducing even more scalability which we'll be talking about later today and it's going to be deeply integrated with ethereum but as a result it's got different logic so sovereign is a full stack operating system for finance it's got lending um it's got borrowing flash loans amm oracles uh uh stable coins and um trading and leverage trading so uh it's got all of the basic primitives that you need and that's important because as we move to a world where more and more projects move into layer two the issues of composability and the ability for different smart contracts to interact with each other as they do on layer one that's going to change and and so um we think that for the next phase or next gen d5 you're going to need full stack systems by the way mariano what were you searching for that you found us uh it wasn't mariano but um oh sorry no i was just i was just i don't even know what i was searching for i was just on the you know back pages of google looking for uh just different d5 projects probably what i looked up does anyone want to introduce themselves or anyone else or should we get into the meat and potatoes i can i can say something so hi folks my name is john light and um until recently i was working on the the aragon project which is a project on evm on ethereum and other evm chains for uh creating daos and i'm also a long time guest and uh and i have been brought on to help uh sovereign with uh its plutocracy governance transparency documentation related to governance um so um yeah i'm [Music] looking forward to you know working with the community on bittocracy and if anyone you know has any thoughts or feedback concerns questions about bipocracy um my door is open so i'm always happy to chat about any of these topics thanks awesome thank you very much john it's really cool having john on board the team he's one of a number of new contributors to sovereign i just like to ask before we move forward if everyone can please mute themselves and i'm going to ask if the moderators or admin can please uh in a couple of minutes if people have them using themselves um mute them because otherwise we get interruptions like this all right yeah were you asking me before were you asking me a question sorry i wasn't in the meeting i thought you were talking but you weren't all right guys we have a community meeting at the end of every sprint what we mean by a sprint is um the work that the sovereign core developers do um we break up into two week periods called sprints and then we sprint like mad men uh to get all of the stuff that we want to get done uh done and um this community call like um all of our others is a banger there has been so much problem one of the things is you know uh the way you get to the moon is uh is not slowly it's fast and more than fast it has to be accelerating and one of the coolest things about um sovereign is that the pace of development the speed at which we're moving the growth of the community on all these fronts the pace is accelerating so what um i'm gonna try and do is uh give you guys an update on some of the stuff that's been going on over the last two weeks and then we can talk about some of the things which are coming up and answer any questions all right so let's start with development um there over the last two weeks we have launched governance v1 we've already had four votes passed with very very high uh participation right uh uh uh rates uh no issues have occurred with the governance system and we are now upgrading already the system to governance v2 which is going to be um time weighted and it's going to be the fully fledged our governance system that we've been imagining and it's going to also include tge so the creation of sov tokens so we'll talk a little bit more about that as well in addition to that um as you guys know there have been uh difficulty it's been difficult to get bitcoin onto the sovereign system and that's because we've been relying up until now on the rsk rbtc peg the rbtc peg has a number of disadvantages but one of the big ones is it's very hard to use it's hard to get liquidity onto the system we now have a new peg which we're currently calling um the sovereign btc peg or sovereign btc which is going to make it much easier and much much more trustless to get your bitcoin bitcoin onto sovereign that is already on testnet so the pace that that's a huge project um and and the devs have already managed to get on to test it it's currently in testing and i think we are looking at between four to six weeks before it's uh on maintenance in addition to that um there's also the tight integration that we want with ethereum another very big piece of work so the sovereign token bridge to ethereum is also on testnet now and uh off and and once it's sufficiently tested that too will start allowing uh transfers of tokens um quite seamlessly between ethereum and sovereign in addition to that we had the sovereign genesis reservation system so uh we built that system to facilitate genesis we learned a lot from it we've improved that system built additional functionality and we now um are shifting that to uh being used for the sovereign origins pre-sale sovereign origins pre-sale has um is going to have to be improved by you guys when you uh vote but assuming that you uh um choose that you want to move forward with the origins pre-sale there's two big pieces of new functionality that have been built out one is the ability to have a dutch auction to have an auction system the second is the ability to pre-fund to have a pre-funding period so that people don't need to rush like we had with genesis with everyone rushing in in the first few minutes people can um take a little bit more time and and not have to go crazy with uh fees and it also means that um the uh difference in speed between bitcoin transactions and uh and rsk transactions is uh mitigated one of the cool things about the sovereign origins platform is that it is going to become a platform it's going to become a launch platform so we realized as we were building this that that technology can be used now to facilitate the launch of other projects so if somebody is building a different project which requires a governance token or are looking to launch something else they no longer need to launch on centralized exchanges they can now launch on sovereign and that system is likely to be another big feature of the sovereign system and will continue to improve in addition to that you guys might remember that we had a thousand concurrent users uh or more using uh sovereign during genesis and the system worked seamlessly there were a lot of people using it and we didn't have enough csv to go around but the system didn't go down that's because we have substantially improved the nodes uh we are continuing to improve those nodes to make sure that the the the system is able to have higher and higher throughput and so the throughput of the system has also substantially improved we also have two teams that are currently working on mobile applications for sovereign that will integrate with suffering and several other um wallet teams who are looking to integrate sovereign there's a new uh so another big thing that happened is we have taken the feedback from the community around the trading introduced a lot of improvements and changes and relaunched trading as of today in addition to that uh there's a new trading ui that is coming and we expect that it might be on testnet as early as monday or tuesday next week and then maybe even by the end of next week it will be on maynard so um one of the best things that happened this week was we announced that we were turning the trading back on on testnet and we asked the community to help us test the system and a lot of you did there was a huge amount of participation in the testing it helped us identify an issue and correct that issue before it was put onto mainnet super important so thank you very much it's you know we'll talk a little bit more about some of the stuff that's been going on with the community but that is what makes sovereign so strong so um uh keep your eyes open for this new trading ui it's going to have a more functionality more beauty and and it's going to be easier to use i think than what we currently have would be great to get you guys using it on testnet in addition to that we're trying to figure out how we can help reward users who are using things on testnet and contributing in other ways um we're open to suggestions um um but but we are we're actively looking to put out a program which can also be somewhat retroactive for um for uh rewarding our most dedicated members um we have new analytics coming out and um and then there's uh and so that that's been a very big piece of work which which uh which is now starting to uh come to fruition and then in addition to that and all of the other things that we've been discussing um there is uh work that has started on introducing the rollup which will allow us to scale our system to 4500 transactions per second and reduce fees we think by at least a factor of 10 and allow for near instantaneous validation of transactions so that is going to probably be in partnership with the arbitrary team we're also working with the starkware guys and um that work has already started and uh it's a big piece of work but it might be out sooner than uh than we think so um huge huge amount of progress has happened uh the the team are absolute beasts and and um we owe them a huge debt of gratitude they've been working their asses off in addition to all of that uh we've got uh for the sovereign btc pick we've been working with the keep team we've been working with starkware equality have um been providing one of the best rated wallets by our community and so um you've probably started to see the quality team appearing more and more in our channels they've noticed that we are driving them more users than any other project and so now they have become more part of the um sovereign community um we've been talking to a number of other projects and while it's in the space i you know uh some of those are commercial companies so we can't necessarily you know we don't want to make announcements it's for them to make announcements we're like you know sovereign is an open source project that it's not really going to be announcing these things but i can tell you that a lot of these things are happening as well as a number of exchanges uh seem to be very interested in sovereign and sov and then two of the coolest things we have um a really awesome team of articles so we've got um can someone please uh mute jc channel um so we have uh um a partnership now with the pessimistic team they are an awesome group of auditors who are now auditing every single pull request that goes through our system which means that every single line of code um is being audited at least three times by three different groups with sovereign in addition to that immunify are working on putting uh together a sip um even though they are not uh sovereign stakeholders so this is one of the first third party sips they're putting together a sip to create a bug bounty for sovereign and i think that that might be out pretty soon um which again a very big deal in terms of making sure that sovereign is the most secure system possible and then finally over the last two weeks we also had four uh sips for sovereign improvement proposals go through the plutocracy system and and be voted on and um so the first one was the creation of the multiseek treasury system the number two and number three were around the creation of the genesis sale and number four was the um uh allocation of additional csov to those who who had sent funds during the genesis reservation period right um one of the coolest things that happened during that was that the community came together and i think gilpi was one of the the key architects of this and put together a way for them to create a vote even before they had the ability to vote and i think this is so super cool because if you one of the things that you keep on hearing about d5 projects and so-called decentralized projects is that they struggle to get their token holders to vote with sovereign uh you can't stop the people from voting even if they don't have their tokens it's it's it's phenomenal it's it's it you know every few days there's something which causes me to fall in love with this community again and then we've also been getting a whole bunch of messages from people looking to help so the team's really really grown and um you know it's anything from uh people who are like john who have come on to help with governance people who are helping with creating documentation uh cash june who is trying to create sovereign swag and showed me some some images of some stuff that she's looking to create uh which is super cool so there's there's so much happening and all of this just has been in the last two weeks it feels like months and it's like one of the things i always experience with with crypto is you know it's faster than regular time but with sovereign every day is 21 regular human days so i'm gonna pause here for a second because maybe some of you have questions or thoughts around what was just said and um then we can move on to next steps move on to so i just quickly just guys i can hear myself talking because someone's not muted um so just a quick reminder about the tradition that we have here uh when somebody wants to say something you can raise your hand by muting and unmuting your uh yourself and that's sort of like a way of signaling that you want to talk basically doing this so if anyone wants to comment or ask a question hey y'all go with whipper how are you good how you doing whipper good good um i i'm not sure if you want to elaborate or not with regards to the um the sov token peg i just curious if you can elaborate on that or not um just wanna understand how it's gonna work if you can speak about it i know it's pretty complicated uh subject matter maybe you don't wanna discuss it now but i just wanna sort of get a better understanding just very briefly if you don't mind sure thanks for that question it's a really good question so i mentioned that we're working on an improved peg and that's what whipper is referring to so let me explain what that means and why it's so important um the bitcoin pick is the way that you basically peg bitcoin you put bitcoin into a um smart contract on the bitcoin side and then you create uh bitcoins uh on the rsk or on the sidechain side that you can then use to interact with the smart contracts like sovereign the way this is traditionally be done is you put your bitcoin into a multi-sig contract and then create a token on the side chain but any multi-sig contract has owners which means the system isn't entirely trustless you're basically putting your bitcoin into the hands of the multisig owners question is is it possible to create a more trustless pig right now in the wild i think that the most trustless pig in the world the most permissionless pig in the world is tbtc which is currently on ethereum and is built by the thesis and the keep teams the way it works is you instead of creating multi-sigs they create these threshold signature schemes which are kind of like multi-sigs doesn't matter really right now how they're different but instead of just having one giant one for every new deposit a new one is created and that new one is created by randomly selecting from a group of validators um three validators who are going to hold it now how do you become a validator well it's important that anyone can become a validator so it's a permission a system and the way tbtc do this is to to be part of the validator pool you need to put down collateral so this achieves two things first of all it creates this pool of validators but the second thing is it makes it uh extremely uneconomical for the validators to cheat they can't steal your funds without hurting themselves more why because they need to put down more collateral than they could possibly steal today that means more than one for every bitcoin that goes into the system there needs to be more than 1.5 bitcoin worth of collateral and the collateral that the tbtc system uses is ethereum now tbtc has been growing quite a lot i think it's got like um about 30 million dollars worth of bitcoin in it right now um but it has some significant limitations it's computationally very expensive and as a result because it's running on ethereum it's very expensive to run and so it's very expensive to do the transfers the second issue is that um it's you know it's not part of the bitcoin ecosystem is not um validated by bitcoin in any way um and um and there's some some other things so what we have been doing is we've been working partly with the keep and the and the thesis teams and we there's a a team that have kind of come on board and are are contributing to sovereign and what they've done is they've designed and created a version of this which is different it's validated by the bitcoin miners it is running on our system so it's computationally far less expensive and it also instead of uses in using ethereum as a collateral right now what it uses is soviets clutter it can use any native asset um but right now the only native asset is so so and then in addition to that there are some improvements which we think we can introduce which will allow us to reduce the collateralization ratio below 1.5 maybe below one in other words you would be able to have fractional collateralization because the threshold signature holders wouldn't be able to steal the funds um this is very important it has a lot of important implications one is it will make it much easier to move funds onto the sovereign system second it will mean that the f the b the bitcoin held on the sovereign system are held are pegged in a much more trustless permissionless and censorship resistant way but there's also another implication and this implication is a little bit exciting and a little bit terrifying because what it basically means is that there's now a whole new use case for sov that we didn't envision initially which was staking in this system and if you look at the amount of potential interest there could be hundreds of millions of dollars worth of sov sorry where they're bitcoin that want to flow eventually into the the sovereign system and they will all need to be collateralized by sov on the other side this could create a huge amount of demand for sov which you know from the perspective of driving demand for sov and interest and the the desire to acquire sov is great but it also means that there's a potential limiting factor uh because it could create a supply shock for sov it might be that there's more demand than actual sov circulating and that could create substantial volatility around the sov price so it's something that we're thinking about very carefully and we're going to be watching carefully but it is an extremely important and exciting development for for sovereign um whipper did i answer your question yes thanks but just quickly um so will the sov token be primarily used as collateral or the keep teams uh ethereum um like or will they just use ethereum like they're doing right now uh on the t btc i'm not so familiar with tpc but it's not possible there is no native ethereum uh in sovereign so at least to begin with it will only be sov right the only the only ethereum we can have in our system is ethereum which is rapt ethereum which comes through the bridge and the problem is that then you have an additional trust requirement which is that you need to trust the bridge um the ethereum bridge doesn't we it won't have the same level of trustlessness as as the bitcoin pick and therefore you wouldn't want to limit the trusted sensors bitcoin peg to the to the ethereum bridge now there are improvements that we are looking to introduce to make the ethereum bridge more stressless but that will take time and so in the meantime sov needs to be uh the only form of character i think that we can actually use understood thanks yoga any other thoughts or questions solbit hey thanks can you hear me yep uh first of all thank you to the team um you guys have done a really amazing job so far and same to the community as well everybody's been really engaged it's really good to see um i have a couple of points uh just one question um first point was uh regarding bitocracy and plans to you know open that up to other projects it's a really great idea reminds me a bit of polka starter something like that kind of a nurturing space for projects to grow that's great um then in terms of uh rewards for participating in testnet um have you guys considered rewarding sov tokens potentially absolutely that is pretty much so the basically the thinking is either directly rewarding in sov or rewarding in special nfts which provide you with like benefits like enhanced liquidity mining or things like that and they look cool as well and they look cool as well i think you guys yeah but i think we put out some very cool uh nfc so far yeah really impressed sad that i couldn't get the higher tier ones um one last question then um you mentioned uh sort of adding additional tokens to the platform so ethereum tokens uh what process would there be for adding a token on to sovereign so would it be similar to um uniswap where it's effectively you know democratic and anybody can can add something or would it be a case of the team approving tokens to be added or how would that work that's an excellent question uh in theory the system can work and be and is as permissionless to add tokens as uh uni swap right now in practice it's not because um we haven't built out the interfaces which would make it really easy for people to do that and so what are the things that uh yeah you know that one of the the things on our backlog of like to do wish is is make it much easier to add new token and that's going to be true for the bridge and it's going to be true for the amm and it's going to be true for the lending pool so no small amount of work required there but at least the amm is designed from the bottom up to allow us to do that brilliant that's really good to hear that's kind of what i thought um yeah look forward to hearing more about that in the future cool so uh your questions were a great segue into next steps so what's coming next um all right so today is friday starting next week we have a new sprint this new sprint is about as action-packed as this one maybe even more uh on monday or tuesday we think what's going to happen is uh we will launch sov token and it's going to be live the baby's going to be born with the launch of sav token we will also have the upgrade of the plutocracy system one of the first thing that's first thing that's going to happen after that is that the sov token holders which is the founding team and the early funders are going to vote uh to allow uh csv token holders to become sov token holders as well uh guys uh nlh hybrid thank you um so there will be a vote on sip five then um oh by the way something that we did that i didn't mention there's a new forum forum dot sovereign dot app for deeper conversation especially around governance issues uh i'd love to see all of you guys participating uh you know you can start threads at the threads just an aside so sip five then um all of you who have cso v will become sov token holders and you'll participate in the next vote and the next word is is probably going to be six sip six is going to be a vote on the origin pre-sale if sip six passes we will be able to to to have the origin pre-sale and if you guys go and read sip six you'll see it's like a dutch auction starting with a maximum price currently proposed to be ten thousand sets and going down to three thousand sets even before that maybe um middle of next week we'll be able to start the pre-funding process and in addition to that middle to end of next week we expect uh also to have um tested the new trading ui uh a little bit and hopefully by the end of next week or beginning of the week after that we'll have the new trading ui up so the week after next week is probably when we're going to have the origin uh pre-sale the new trading ui and um we might be able to already allow you guys to start trying out um the ethereum bridge on testnet at that point um so that you can see what it's like i'm not sure because then there's a ui which needs to be built out on that and there's also uh one of the the most important things that you guys can do is try out the new uh governance ui um because this is gonna be the way that you participate and control the destiny of this project and the easier it is to use and understand the better so you know we'd love feedback um and then um there are two other proposals which don't have dates on them yet but could potentially happen around end of february or beginning of march one proposal is that we've been approached by a number of um groups uh who are sort of um look they want to be larger participants in the uh sovereign ecosystem some of them are exchanges some of them are funds some of them are like um organized groups from different geographies and so one of the ideas that has come up is to basically uh allow them or ask them to explain why they should be allowed to purchase sov and become major stakeholders in the system basically ask them um you know what value they can bring and then discuss that with the community there is an additional uh consideration which may be making that an official vote for the community although some people have raised the objection that that would mean much less uh it would slow the whole process down it would make it more complicated and would mean that some some of these groups which are quite private can't participate and so some people are suggesting that uh the founders should try and just best decide um whether or not such so strategic sales of sov should even be allowed but that's something that we can discuss as a community and and come to a conclusion about um and then the second thing is to tie us more closely with the ethereum community access the liquidity and ethereum and start bringing people from ethereum over to sovereign there's also an idea to have the final pre-sale before sov becomes public on ethereum probably also as an auction and probably using our interface which means that our interface would become a rsk and ethereum interface uh able to manage two different chains there's not a small amount of work that needs to happen there um and so a decision needs to be made and one that you know the devs really need to figure out whether or not they can handle that additional workload but that also is an additional thing that might happen um towards the end of this month and around which there may be an additional vote and then finally we are planning once those things are done to start liquidity mining um and referral mining and then potentially also have some other programs like we discussed around supporting community members to take on more active roles um and um uh uh supporting devs uh or or deaf sort of like other teams who want to start developing on the software protocol so we're very open to ideas around all of those things and probably the best place to flesh out some of those ideas is in in forum.sovereign.app and um one of the one of the the the key things to remember is anyone can write a sip so you need to have you need to be a delegate or to have a substantial amount of sov in order to actually turn your sip into a proposal which which can be voted on but anyone can write a sip and if it gains traction it will become um a proposal and if it's voted on and passed it will become part of the system so anyone even if you don't have the ability you know even if you're not an active coder anyone can effectively contribute to the design creation and future of the sovereign protocol so a lot of big stuff coming up over the next two weeks and um and we're just getting started are there any thoughts questions comments on that uh and i think also we can open it up to just general we have another 20 minutes in the call of it yeah which is great for questions and uh i think i see serrata yes yes hi serrata ask a question ah so you told we need to have some amount or sustain like some amount of s4b for creating what would be that amount no anyone can create a slip but in order to you have to make it uh whatever like yes so you get to the amount the amount is you you need to be a delegate or in other words you need to have one percent of all sov delegated to you or uh you need to have yourself one percent of of of the voting sov in other words of all the state sov in order to be able to put forward the proposal now that can change right so we can have a proposal to change it but that's the way it's currently structured um one thing i'll say about that the um the way the governance system is designed is it's we are extremely conscious of the fact that i mean just in the last two weeks and this is just the beginning we've created seven sips i think it's a lot it's a full-time job to to uh to pay attention to all of these which means that not everyone will be able to so we've created a system where you can delegate your vote to people who you are are happy with the way that they're voting happy with the type of analysis that they're doing happy with their participation in the community you can always stop delegating to them you can always remove from them but one of the opportunities here and you guys can start um if this is something which is interesting to you i i very much suspect that in the very near future being a delegate could become a full-time job um and an and a profitable one too so one of the things we want to do is interest introduce a way for for delegates to earn sort of a revenue so if you guys think that uh having you know a deep interest in the future of this protocol is just something that is interesting to you uh start cultivating yourselves as potential future delegates because in just a few days people will get the rights to delegate and you can start campaigning now to become a delegate and to get people to delegate their votes to you okay um yeah sorry i uh there's a huge number of people on the court i don't always see if somebody is trying to say something no no questions or comments um oh all right i see way street bus and wooligan and maybe unicum as well so let's start with way street bus then william unicum way street bus was rebus i don't know all right shifting to wooligan uh yeah you said you mentioned a lot about um first you mentioned having your your launch like a one to two week time frame but then you mentioned a whole lot of other stuff including the ethereum possible ethereum pre-sale and stuff is that all gonna be done within the next couple weeks or did i miss something with the timeline there uh the ethereum cell could potentially be at the beginning of march um it's a question of whether or not we choose to have it and how long it takes to implement and all of these things ultimately require sov stakeholders to to decide to do them so um i can't see anything sorry so sorry so if you're but if you're launching sov token in this one to two week time frame then is that ethereum really a pre-sale yes because the that's a great question sov when it launches is not going to be uh transferable it's going to you'll be able to use it to vote but you won't be able to transfer it until the pre-sale process is over so it could be another a couple of weeks before that happens okay thanks and in fact aurora i want to ask did we set we set a timing around that right it was going to be 30 days or is it adjustable um i think we have to set it in advance before we start it but well we could also make it adjustable um shouldn't be too much work if it's not a lot of work then we should probably make it adjustable but otherwise i think maybe we should consider making it 21 days yes so the question is if um because the investing will be late but this time and to make the start of the investing associate would be a little bit more work than um just making just reducing the transferring capabilities um so yeah but 21 days sounds like a good number okay uh well um maybe we'll do that uh if anyone has any objections you're welcome to write them up uh i think uh william did we answer your question do you have anything else right uh unicum i think you wanted to ask something yeah but nothing specially great or something i just saw a question being asked a lot in many different channels and it's about the origin sale and that they people did register themselves for the uh email like confirmation on the origin sale and they didn't get anything in return so they don't know if they are registered or not and um everyone was asking like how can i know that i'm still registered for the origin sale participation or not that's an a question yeah i've been seeing those comments as well we've been looking into it so we created a form where people who uh registered but think they didn't get an email um can you write to us and then we can investigate we've investigated all of the ones that have written on the form and all of them had emails sent to them so the system was sending the emails now there have been several thousand people who have registered i think it's almost three thousand right now um so even if you know uh uh one percent are are not seeing the emails or it's going to spam or whatever we will get a whole bunch of people telling us that they're not getting the emails but it's also possible that there's a more that there's some other issue that we haven't identified um but right now we it looks like the system is doing what it's supposed to be doing it's sending out the emails we've tested ourselves we've gotten the emails don't know what's going on with that okay thanks so if i have a problem or i never got an email just write it on the forum there actually is an alternative we we have we we've tried not to publicize this too much because it's better to have everything organized in one place but there is actually a backup way of doing it which is if you go to the dap there's you can register yourself on the dap and that goes to a different email list so if you do see people who are complaining about that uh tell them to try the dap and then because at the end of the day we're just basically going to merge those two lists got it thanks sure tm i think you were trying to ask something yeah that's true um there's one trading functionality i would probably die for and that's the use of limit orders is this something the system or is it feasible to expect it maybe in the future or is the current system not able to provide that at all can you give me a small outline on that great question um jamie aurora do one of you wanna answer yes um so yes we're planning to have limit orders and conditional orders of all kinds um it's bad to have it in the decentralized way is quite costly if you like implement it in the smart contracts and have to pay for each action which is creating an order cancelling an order updating an order like everything would be associated with the cost the alternative is to build out a completely different distributed network just for exchanging the limit orders and like relaying services but um the thing is that we are currently preparing our deployment on an optimistic rollup and when you're able to do it then suddenly the transaction costs for creating limit orders for updating them at orders and for cancelling them at orders will be diminishable so this means that a smart contract solution for this becomes suddenly not feasible but also economically interesting and then we definitely will have um conditional orders in fact it's already planned for the next spring spring like you will not see it you'll see it um deployed on the next french but it will be in work on the next friend jesus that's a killer that's yeah that's blasting me away so to say awesome thank you awesome in the meantime i was just informed that i was wrong there the depth actually was rerouted and now they both send emails to the same place so uh people who want to be registered probably still need to write themselves in the form and then we can try and and and make sure that they added the issue is if they're not getting emails then even if we email them about the fact that you know the the pre-sale the the the pre-funding for example has started they may not get that email so um you know we do what we can but the best thing to do is always just pay attention in telegram or like the announcements channel or here in discord or we try to announce as well so that even if you don't want to use email or can't use email you can still get informed uh i'm scanning up and down for any other people who would like to ask questions so if you sort of raise your hand i think i'm seeing dooley dooley did you want to ask something no okay actually if there's no nobody else i i have just uh two quick questions sure one is could you repeat uh please the the place where the the governance issues are uh taking place you said it's a form dotsovering.net forum.sovereign.app yeah just go to the sovereign website and put for like the word forum before sovereign okay awesome and uh the other thing regarding the um genesis sale i just got my um 4 000 after the 4 pass through i just wanted to ask what's going to happen with the excessive funds i sent a bit more can this be added to my sovereign wallet and then used during the origin sale or it has to be yeah that's that's the plan where all all excess funds are going to be transferred to the uh the pre-deposit flow so that you can still withdraw them if you want but they will just basically put your front of line for for origin okay uh one thing that i really want to mention we bitcoin main chain doesn't work like a smart contract system so on a smart contract system we can re like basically if you send us too much funds the system can auto redeem for you so basically sends the excess funds back with bitcoin we can't do that and so it can create a huge amount when thousands of people send us more money than uh uh we're supposed to receive it can create it can create an issue so you know it suddenly means that the treasury needs to pay back redeem all of those transactions and the treasury in order to keep the treasury secure is a multi-sig system which means that multiple different parties need to agree to those transactions so the overhead on redeeming you know a few you know 0.01 bitcoin that was sent uh can be quite huge so here's a question that i have for you guys one thing that we've just that we've been considering is with origins uh just telling people listen please only sends the amount of funds that you're allowed to send if you want to send more that's fine but we're going to treat it as a donation to the sovereign nation so you won't get your funds back and i kind of want to hear what you guys think if anyone has an opinion on this zoryago could you just repeat that real quick sure so let's say you have so what one of the things that we want to try and do is make their make there be a maximum that any given wallet can send right so that we can allow as many people to participate as possible i have suggested it be 0.1 btc it can be anything but it's likely that there will be with origin a maximum uh that you should be funding you know per watt uh or per address um if people but some people might send us more uh and there's substantial overhead in in in basically sending all of those funds back so one of the things that we're considering is telling people this is the maximum you're allowed to send i mean you're allowed to send whatever you want but this is the maximum like you can send that will actually be converted to sov uh and any more that you send will be cleared a donation the idea there is not so much to get the donations it's more to kind of let people know that they should be a little bit more careful but i'm curious what you guys think about that no i think that's a great idea i agree yes the one thing i would say is if we're going to do that we should make it very very clear on the deposit page i will make that very clear does anyone think it's not a good idea i think that there could probably be a better idea of like the ui not letting you you're allowed if there's no not possible because basically people can send any amount of money any amount of bitcoin right like they once they get an address they could send all of the bitcoin now if someone probably made the mistake of sending us 100 bitcoin by mistake we could probably assume that's a mistake and we may be willing to give some of it back but but i think you know the problem becomes when you get a whole bunch of like almost dust transactions that that are being sent so but i i'd really like to hear if someone thinks this is a bad idea light you you wanted to come yeah i mean i i i think i think that um like it it if there is this you know attempt at like limiting the amount that can be sent from addresses i mean i first you know i commented in the forum like i just i don't think that works like you know i'm already splitting my bitcoin across a bunch of different address i'm not literally but like i'm saying like if if i really care about getting more uh tokens then then the limit on a single address i'm i'm already like splitting my bitcoin across multiple different addresses so it's just it seems a little bit uh like uh more theatrical and less practical um but let me let me just respond to that because i think that's a good point and it's also something we've discussed well you're right and there's nothing we can do to stop people from doing that uh however there are things that we're doing to make it more inconvenient so that because because because basically the more friction you add to something the less it's going to happen right so to make it more inconvenient we require you to provide your email in advance we then require you to input your email uh and attach it to your wallet for this particular purpose so you don't ever need to use that address again but if you want to address with the pre-funding then you need to have it associated with an email address and then we also make you go through a captcha so is is there a way to add another item like saying by signing this i agree that i will not send more than the amount otherwise it's just not going to be returned back and then you check the box yeah we actually have a a flow where you have to check the box as well people don't issue nfts like you did last time is that even an option to prevent people from double dipping it is but it actually i think we thought about it and we realized that sort of there's no additional benefit that you get on the nft beyond sort of tracking the address right so we can see unique addresses we can see unique nfds and so we've we think right now that associating it with an email is probably about it you know or we could just ever have everyone go through kyc but there's no one to do that so so you know there's no perfect system yeah i mean my my my my suggestion in you know in the forum was was basically like you know we we we actually have i i think a a decent civil resistant uh you know system like like the nfts that have already been airdropped on original users like you know they they didn't know that you know these nfts were going to be used like this um and so it's unlikely that they had kind of prepared a civil attack ahead of time um and so you know my suggestion was basically you split the origin in two you have half that goes to the nft holders and then half that's a free-for-all so you have basically no sybil resistant mechanisms on the on the free for all side and then you know for that for the nft side you get a a you know a relatively wide distribution uh that's civil resistant and and so you kind of get the best of both um where yeah whereas if if the entire thing is uh you know this like yeah i mean you know i can't email addresses for free all day i can sit and click on captions all day there's a lot of money on the line so it's like i i'm i'm willing to do whatever it takes to bypass the civil you know mechanisms if i'm if i'm really a motivated uh a motivated actor here so i think that's this i i i i'll discuss that idea more with you and others in the forum because i think it's a good idea um in practice there are probably still like if we did um yeah we that that's not necessarily a bad idea we could consider doing it and i don't know i i i like to talk to the devs as well about whether or not they would add a lot i might um and at this point we just can't add additional dip overhead but uh it still doesn't sort of solve the problem because even the people who had the limit last time they transferred us a whole bunch of like excess btc which we're now transferring into the pre-deposit flow um so yeah that gets me to the to you know the question that was actually that whole thing was a setup for my actual comment on your on your thing so like um so i assume assuming you know we we get over that hurdle and we still have this question of you know what what if people send access btc um and you're saying you know what do we feel about just considering that a donation to the sovereign project my comment was basically you know i i think that's fine especially if you know there's a bunch of you know flashing warnings like you know like you can only send up to this much like anything gets sent over it's a donation to the project i would just say like i probably wouldn't make any exceptions for that if someone sends 100 bc like you you have the warning but good for the sovereign treasury you're saying yeah yeah all right like i i i don't want to give any users kind of preferential you know treatment because then you know where do you draw the line it's like i get it i think that i think that's a great comment i think that's a great comment listen guys this has been one of my favorite community calls so far uh in part because the discussion has been so two ways and you guys have been contributing so much it's now 5 p.m which means we've had our hour and because people you know so i think what we'll do is what we always try to do which is we'll bring the uh community call now to an official close but anyone who wants to stay uh and and talk some more i'll stay for a bit and anyone else who wants to stay can stay as well so um think about i'm going to hand it back to you to bring the call to an official close yes sure um i appreciate you all for for coming in and sharing your curiosity on how this governance is you know how it works and uh you know in the process you are shaping it um so i really appreciate the support um it makes all the hard work worthwhile and uh you know we're blazing a trail for for financial freedom here so um you know we're dismantling what people know and understand about money and uh making an art of it along the way so help us spread the word and create more [ __ ] individuals thanks everyone guys just a question for the community um because i didn't receive an email and i registered where exactly in the discord should we be posting or where is this form that we should be filling out um so that we can be registered uh dragonly i think you created it can you respond to that is dragon lady here and regularly is muted he's server muted someone has to unmute him wait i'm trying to do it i can speak yeah dragonling can you can you respond yeah can can you repeat your question again hey dragonly it's uh it's whipper how are you buddy um just a question so i i registered on the app uh with my email for the pre-sale but i didn't receive any email where exactly is the form that i could uh sign up for just to make sure that my email address is associated with the pre-sale okay i can dm you the format yeah could you dm it yeah can you dm it that'd be awesome no no we should have somewhere very public where people can find it um i shared it to return in the group also yeah maybe we can pin it to um the user feedback group or something okay i'll do it cool thank you thank you um other questions thoughts yes complaints yes one question please um i was just wondering could you give us an overview on the coming uh timeline maybe in key dates uh perhaps uh concerning the private sale and public sale you have also once mentioned an auction so is that still uh up to date and you have yeah uh yeah and you have also mentioned the reserve price for the auction so i was wondering if you have an idea of how much would one sov cost in these sales ahead so uh yeah we will try to put out a document one of the difficulties with giving exact dates is um there are two moving parts always one is development and like when things get audited and and and sort of past is secure and the second is when they get voted on because these are important decisions like distribution of token is a very important thing for the future of the system so that's something which requires a vote um that's it we think that pre-deposits right the ability to deposit funds in advance of any sale or which would be probably the auction uh will start middle of next week um then or middle of or end of next week then the week after that the pre-deposit period would end and there would be an option now there's one exception to that and the exception is that currently the the sip six proposal and this can change but right now no one seems to be objecting so it looks like it's going to go forward the sip six proposal uh proposes a maximum price of 10 000 satoshi's per sov that would mean that if two million satoshis are sold it would raise a total of 200 bitcoin if during the pre-deposit period 200 bitcoin are pre-deposited it will basically cancel the auction mean that there will be no option it'll just be a distribution of sov to those who pre-deposit and that's because the pre-deposits will automatically get applied to the auction at the clearing price now i know i'm using a lot of words here that maybe aren't familiar to everyone right reserve price clearing price opening price but basically the way a dutch auction works is it starts with a high price and the price goes down and people can make their transaction anytime they want but the moment they make the transaction they make it at the price that the auction is currently at but you don't pay that price you pay the price which is known as the clearing price which is the price where all of the tokens would have been bought up at that price um but if everyone basically is going for the clearing price at the beginning and then then the maximum price becomes the clearing price so uh the the the market will decide what the price of sov is um and if the pre-deposits exceed you know basically reach the maximum that probably means that even the maximum price uh is actually less than what the market is willing to pay so that that's what's supposed to happen over the next week and a half two weeks and then after that um as a final pre-sale uh and this is up to you guys as well it's not you know it's it's a decision that we will make together so it would be great to hear your thoughts on it is to have one final smaller pre-sale on ethereum and that would basically uh be to to um make it you know bring access to the liquidity and ethereum get the ethereum you know people who haven't heard about sovereign yet because they're more ethereum-centric to hear about sovereign basically bring over the liquidity and the users and and and make the integration between sovereign and ethereum title so um that that's the that's the roadmap great really interesting um do you have maybe i think it's too early to say this but do you have um an idea of how could be how much could be the clearing price and reserve price for example or and the starting price the sip six uh has a starting price of 10 000 satoshi per sov and a reserve price of 3 000 sov and the clearing price can be any of those two numbers or anything in between yeah true sorry because the currying price is not defined for sure yes cool any other things people want to bring up i see dnk did you want to say something no okay hey buddy i'm sorry but i i couldn't uh be i i couldn't be here on time so i didn't heard all the other [ __ ] so i'm i'm asking if there's a possibility of a a very nice sieve as you guys are usually as you guys usually make or if there is any possibility of complementary complementary report of this call or something in order to keep keep us aware of what yeah absolutely so um a recording of call will be published on the sovereign youtube channel and in addition to that don't know if dollar crypto is here i didn't see him today but dollar crypto usually writes a summary of every uh of every governance call oh awesome awesome thank you thank you a lot sure it might be a good idea to post those on the sovereign forum yeah i wasn't even aware that he was doing it until about two days ago you can you hear me guys yeah hi hi hi yago um you already mentioned the key project and um i'm a validator for tbc and i'm very interested in your project and how in how ways you can interact uh together and maybe you can share some more information if you are allowed uh yeah so sorry who who's speaking it's uh johnny ace no okay uh well what what's your username it's so gentle yes oh you guys are near near each other okay all right um yeah so awesome that you're a validator um uh right you know what would be awesome actually is you could uh help us test the the implementation that we're doing uh on test it um if you could message me actually that would be super cool um right now it's on testnet and we're testing it internally but i think maybe even next week we might be looking for third party validators who could help us test it currently um we're we don't know exactly how it's going to be rolled out um part of that is based on conversations that we'll have with the with the the thesis theme um but they'll definitely be like they earn something like keep or keep itself or something uh as a validator so please message me because i i think we could have very interesting conversation okay great sounds great thank you um by the way i see some other people now are messaging me that they want to test as well um that's awesome it's like one of the biggest things that you can do is is help test the system uh any other uh any other thoughts or questions another question sure who's speaking please um cats cats cats all right yes cats so you said if enough people um transfer money i mean not my money sorry if enough people transfer like before the the auction there will be no auction right that's right uh uh how do you actually transfer because um according to the like the guide says use like just click the top up button button oh yeah yeah great that's a great question uh we've removed the top up button due to the fact that they were liquidity um there were liquidity issues with rbtc pick so we've built an alternative system but we are only going to expose that alternative system when the pre-funding uh becomes available so you can use rbtc and you can use btc but you don't need to convert to rbtc just for that uh if you register at token.sovereign.app then you'll be in the queue and you'll receive an email that will let you know when you can pre-deposit okay great thank you sure all right guys uh let's do just two more questions uh so who gonna be you would like to ask the second to last question uh is that tm are you asking are you looking to us something team yeah exactly thanks um i i read and and commented i had a little bit of conversation about the platforms revenue being distributed to sov holders like stickers but i couldn't find any more details or or the plan for it can you highlight that a little bit more or is it too early for that sorry i'm not sure i understood the question the what's going to be transferred um like that um a part of the platform's revenue is distributed oh yeah yeah yeah so all of all of the platforms revenue yeah so the the the protocol is the protocol earns fees right uh kind of like the way bitcoin miners are in feeds every time you do a bitcoin transaction you need to pay fees right every time you make a transaction on server you need to pay fees you pay in bitcoin but you pay basically two types of fees you pay the transaction fee and you pay the trading or the the lending fee that trading and lending fee uh the fee that you pay for the service that goes into the sovereign treasury um but it goes into a specific type of treasury that treasury gets paid out on an ongoing basis to the active sovereign stakers so it's kind of like um by being a staker you're kind of in some ways that's not exactly the same thing but in some ways you're kind of like playing the same role that a minor plays in in bitcoin so you're participating in the the governance of the system right in in managing the system and you're getting paid or incentivized to do that and uh i hope i answer that question and we have time for one more i know no um what you explained is clear to me um i thought about the a little bit more in detail how it should work and and if there is an outline yeah form already how it should work exactly or i don't know if it's too early so it's already constructed it's already built into the system uh but there are some changes that we want to introduce and we are doing a technical or sort of less technical write-up of how it works um there's quite a lot of work right now around trying to document the entire governance process uh but it's not ready yet it's it will take you know those things will be written over the coming few weeks of course thank you very much sure all right guys who's going to be our last question uh i'm not sure maybe we've done maybe we're done does anyone if you want to shout out in case i'm not seeing you all right awesome guys girls sovereigns thank you very much this has been i think my most enjoyable community meeting yet um thank you all for joining and for participating and for helping and i look forward to seeing you at the next one

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so uh welcome fellow sovereign individuals new and and old and i'm gonna do a quick freestyle rap ready intergalactic sovereign space badgers community call discussing what matters here and after come talk with me cast an unchained vote in the bittocracy open forum debating like i'm socrates send bitcoin between astral colonies centralized banks they be robbing me i've got to preserve my sovereignty we gotta tech lead her names aurora master architect in the github dojo yago the dude showing up and showing down smuggled gold from a south african town have a shot of whiskey or hennessy and earn some fees when you stake sov defy bitcoin on proof of work stay sovereign all across the universe there there's your there's your rap intro i thought you were joking when you said you were interrupted when i realized that you weren't joking i was horrified uh and now i'm still horrified but i think that was amazing okay awesome so uh welcome fellow sovereign individuals new and and old traders bitcoiners developers d5 enthusiasts members we're here because we are early participants of sovereign a d5 platform secured by bitcoin proof of work we are a newly forming governing body that will guide the future of the sovereign protocol and the execution is well underway so whether you hold sov csob or no sov your presence and your voice are important to the development of our plutocracy the first on-chain proposals for our predominantly bittocracy have been implemented and the sov stakeholders are shaping the early launch of sov as the token releases to the market so we are seeing proposals that go beyond the token launch and address newer issues and ideas such as the security of the sovereign protocol and through utilizing the sov token in our governing body we aim to deliver an easy to use defy platform that is native to bitcoin secured by bitcoin enabling and protecting your financial sovereignty so thank you for joining us here thank you for sharing in this mission and the rules are if you're not speaking please meet yourself if you'd like to speak please toggle the mute button back and forth to get our attention if that doesn't work just feel free to politely jump into the conversation so i'll have yago go through uh overall updates and we can go from there thanks very much uh in glenda um okay so great to have another call with everyone today um we're going to be trying things a little bit different this time because more and more people are becoming involved and there's a lot to cover so what we're going to be trying to do and this again subject to change is start having um our town hall once a week and having it be merged with the um contributing team meeting and so in a contributing team meeting the primary thing that the team is trying to do is update each other on what they're working on and to talk through the key issues so we're going to try and merge that into this call today um so we'll start with an overall update then we'll have the updates and discussion of the team leads and then we'll uh um end with a discussion on what's coming next and um various actions so what were some of the big things that we had over the course of the last week well we had the tg so the system was launched just over a week ago we've then uh introduced some we've had several sips pass so we've had a sip to allow people to start converting their csop into sov and so there are now a large number of new sap holders and we also completed uh the origin pre-deposit process which was effectively uh also meant that we completed the urgent sale because the pre-deposit demand substantially uh exceeded the potential amount that could even have been sold or or offered on auction and so if anyone has seen the updated sip six we acknowledge this fact and um proposed to simply skip the auction which would be a mere formality at this point and move directly to distribution of sov so that could happen quite soon in addition to that there are a number of other things that we're currently working on one is um many of you are sort of our ogs of the system uh not that the system has has been around that long but we already we already have a class of ogs and you guys are already whitelisted to use the system and are actively trading borrowing and lending our goal is to increase the number of people who have access to the system for that purpose and that means increasing the number of white listed addresses one way that we are planning to do this is to allow everyone who's got above a certain threshold probably it's going to be 50 or 100 sov to be automatically white listed so that means that everyone is a stakeholder in the project will be able to also use the platform uh freely we also are going to be looking for a way for contributors to invite specific members and then once we've done that we're going to be looking for ways for whitelisted participants to start whitelisting their friends basically allowing their friends to to to get early access to the system why do we have the white listing in the first place well we've discussed this a few times but just as a quick reminder right now there's more demand for funds to go into the system and trade then there is an easy way to get funds into the system so we have a liquidity issue which is primarily due to access and the limitations on the total amount of potential rbtc we have a few solutions coming for that and we expect to be rolling them out of the course of march and maybe early april um and so that brings and until then we expect to have whitelisting just so that the the system doesn't become too unbalanced so that brings me on to uh some of the chunkiest coolest innovation that we are working on um as we mentioned we already uh last time we we had a call we were we were expecting to have the bitcoin peg the new bitcoin peg on testnet and the token bridge to ethereum on testnet as well that has now happened both of these systems are currently being tested on testnet and are getting closer to a situation where um the community will be able to start testing them and test it and then to a production launch on mainnet once that happens it will create new use for sov by allowing the staking of sov to for the pig it will um introduce more functionality and most importantly it will allow more bitcoin onto the system so we're very excited that that is moving forward uh particularly because those were potentially high-risk complicated projects um you know which you know it's the kind of thing which very very often gets kind of you say um it's going to launch in 2016 and then it's only really launching in 2025. this is that kind of work but it's it's being done by the team on time so um we're you know it's making me less nervous and and the team really deserve kudos for being such beasts um we also have a number of uh new contributors one of the things that we've really been excited about uh is that this community has been extremely giving from the get-go i i don't think i've ever enjoyed being part of a community more than in fact i know because i've never enjoyed being part of a community but i'm starting to enjoy being part of a community and um and it's because of the nature of this community no trolls just people who are trying to be helpful people who are answering you know the questions of newbies it's really a very giving community but in addition what we've really started to see now is more and more people volunteering taking on on on um responsibilities so for example during origin sale people noticed that there was um uh not as much information as as as a lot of people wanted easily accessible and so now there are a bunch of people who are working on a wiki there are a bunch of people who are writing new documentation but a bunch of people who are documenting the code bunch of people creating videos about how to use wallets [Music] and and broadly this isn't just on the content side we've been seeing more and more people looking to to contribute one thing that i'd like to point out is um solbert has written a really cool uh request to be uh a contributing member a paid contributing to sovereign in the bounty channel go check it out i think first of all he deserves our support but also the way that he went about it and um the way it was written up i think is exactly the type of thing that uh we should be looking to do as community members when we are looking to contribute and in particular when we're looking to have paid contribution or a grant we also have a lot of work on front end and wallet so i'm sure you guys have noticed that we've been rolling out improvements to the front end uh we are working on our own mobile wallet uh we're working on our own direct integration with hardware wallets so making the whole system much much more user-friendly and easily accessible which is after liquidity the most important thing for being able to drive adoption making it really easy to onboard and getting to you know the first hundred thousand users the first million users and as i previously mentioned there's just like a small dedicated special forces team right now working on content that have come together from the community have met each other been talking to each other and and have become involved and so i think we'll start to see a lot more easily consumable content and educational content in particular coming um and um i think i'm gonna pause here i got two big things that i i wanted to discuss before we go into the um the teams but i wanted to ask i don't know if stefan's here but stephen if you are here do you want to give a very high level quick overview of our current timeline like near-term timeline yeah maybe maybe he's not on the call all right so two things i'd like to discuss one is chaos and the second is uh one of the biggest changes that we're br sort of feature advances that are going to be coming to to sovereign so um chaos i don't know how much sort of general community members are feeling this but certainly the team uh of of people who are dedicated contributors and are working around the clock on the project i'm sure you guys have noticed um that we are sort of constantly operating in a situation of what feels like chaos um and so for everyone on the call i think it's important to understand uh that that is something we're going to have to accept um we are in absolute face melting hyper growth right now and um when you're in face melting hyper growth everything changes all the time the team grows very very fast as a result roles grow very fast the ambition of the project changes and grows the features and the rollouts and everything just there's every single week there's so many things happening and everything interacts with everything else and changes everything else and it feels like chaos the important thing is that you have this dynamic equilibrium between accepting the chaos but being able to surf the chaos which is really cool because we just had someone join us who's been helping a lot on this who's called exiled surfers so perfect person to help us surf the cows but the thing about surfing the cast is the cast is energy chaos is power and so the thing that you want to be able to do is to harness it so one of the conversations that i've been seeing happen in some corners of the team or the chats right now is you know people saying we need more procedures we need to maybe slow down and i completely disagree with that um i think we don't need more bureaucracy we do need more better processes but those better processes should never be about slowing down they should be about speeding up in other words if you improve your processes the way you know you improve your processes is because you manage to speed out without sacrificing the most important thing which is security and so one of the things that we have been doing is adding more and more layers of um audits securities security processes have been growing as fast as the rest of the project and i think that's exactly the way it should be should be done but we've so far managed to make sure that there hasn't really slowed down development and i think we should all be very very proud of that so that's what i have to say about chaos chaos is a ladder and we need to climb that ladder the second thing i want to talk about is the one of the biggest changes that is going to be coming to sovereign already on testnet we have a roll-up which basically allows us to get to a point where we can have base near instant transactions at about a hundredth of the cost of the current transactions and do 4 000 more or less transactions per second this obviously isn't fully working but we have the first parts of it already untested and we're trying to have this system basically ready by april this will give users an experience much more similar to a centralized exchange in terms of speed without giving up their control over their keys or or the security assurances of rolling up to the bitcoin uh proof-of-work uh miners um and so it will really be the best of both worlds potentially and the other thing is it will allow us to add things like limit orders stop loss orders like much more sophisticated uh feature sets which right now hardly exist or don't exist in d5 but and this is a big and an important but then i think it's really important that everyone in the community understand uh it will mean moving our smart contracts moving the sovereign protocol to a different chain all right it's basically the same chain but it's like a higher level of abstraction to the chain so the right way to think about is it's like a different chain and there are two ways we can go about that one is we basically have every single user do it themselves now this can be an extremely confusing time consuming process uh where every single user have to move their funds themselves and so it is an option the other option is that we treat it almost like a hard fork and then we would basically allow uh a sip to go through with over 70 consensus uh which would allow the protocol to move the funds for the users so the reason i bring this up is because i think this is a really big deal you don't want to have hard forks frequently and for the same reason you don't want to be moving users friends even if it's the protocol doing it and you know the funds are just being given back to the user you you don't want to be doing those things lightly and so i'm bringing it up now so that people are aware that this is on the roadmap and um it's probably and and and we should be looking to have a discussion about it for people to be aware of it uh and um for us to be examining all different aspects of it so i'm gonna um pause here uh we're uh not gonna have community questions during the call at this point we're going to continue with what is effectively the contributor part of the call and so i'd like to start with aurora would you like to catch us up on what's been happening with the sorcerer team yeah of course um i mean you already covered a lot of the development effort but i will still just start and give a quick recap of what the dev team has been working on the past two weeks i think the biggest update was the launch of our token the tge and petroc 2 so sovereign tokens are now available and can be staked to participate in governance the bureaucracy system was even already in use and there will be another vote today directly after this community card or almost directly one hour after the community call we're going to start the vote on step six which is approving the origin pre-sale and all of the general sale investors amongst you can participate at the vote if you claim your vested sov before the vote starts so therefore you can go to the wallet section of the dap and claim your vested sov and then go to pitocracy.surrender.app to vote on the origin precisely there was some confusion from genesis participants which have sees off and claimed their vested sov and they could still see the csuv in their wallet this is no reason for concern this is the expected behavior what's happening is that the smart contract is reading your csuv balance and is assigning you the appropriate amount of staked sov so the csv will remain on your wallet and they will be untransferable forever so they are like a nice souvenir but nothing more um then of course there was the origin pre-deposit where a lot of you also participated and um i'm not talking about the pre-deposit itself which raised uh 200 bitcoin quite fast over the weekend basically and what i wanted to rather speak on is that with this pre-deposit we improved our back-end processes to detect bitcoin deposits almost instantly um you might have realized that it usually just takes a couple of seconds until the deposit is recognized and this is an improvement which is now also built into the new fast ptc we are improving fast btc to make it more secure and more robust so we can reactivate the top ups this is something most of you have been requesting and most of the questions in the discord are about how can i get rptc and so we are reactivating the top-ups to provide you a frictionless accessory system and this will be on test net sometime next week and it would be great if you could help the testing before we put it to mainnet we there was also an issue with the rpc not working um which a lot of you also realized and this is solved now we added an auto scaling load balancer to our node farm so our nodes are now super robust and can take not only the load from the front end and the back end but also from all of your wallets so feel free to connect and [Music] i would also advise you to connect even if the public node of rsk is working just because when we move to a rollup later on the migration for you will be more seamless apart from that we improved our surveillance and analysis system which helps us look into user-reported issues more efficiently and allows us to just have a better overview of the system and what's happening and so we are more alerted and can easier make sure that nothing goes amiss um then there was the talk of bridging um as diego said the spdc bridge is on testnet and so is the ethereum bridge the etherean bridge is especially important for our ethereum sale which we are currently preparing um as we need to move sovereign tokens to ethereum and also the funds raised on ethereum to rsk we deployed the arbitrary layer 2 contracts on the rsk test net and are currently in the process of setting up the validator and aggregator infrastructure so this should also be on the testing phase the next print apart from that we have a couple of things in the review which are already built like the affiliate system which allows you to earn um fees forever basically when you're referring new users and the white listed flash loans which a couple of you requested also so if you would like to get early access to whitelisted flesh and functionality let us know um both are ready for testing on testnet next week which brings me to the most important thing i would like to raise today and this is that we really need a lot of help testing and you guys have been amazing with testing so far um so if you could we had the discussion before that we could set up a bounty system for test net hypers and i'm looking for volunteers who would like to specify how this bounty system should work it should be some kind of automated kind of manual process which like maybe on a weekly basis where we can have a set amount in suv which is distributed among the most helpful people so if anybody here would like to take this on uh please let me know i think that this testing is so very important for us and that anybody in the community who's investing time helping us with the testing should be rewarded and yes um i think that's it basically from my side if anybody from the deaf team would like to add something on this point feel free to do so if not i will pass the word on to whoever wants to speak next i think it's slider hi slider here um so i'm part of the adoption team my role is to build awareness of sovereign and build out our user base uh with this goal in mind um origen's sale was a great success from our point of view we had over 3000 sovereign individuals participate meaning that the design of the origin cell worked to our goals which were to build a decentralized community um on top of that we had a further 17 000 people join our email list um and um we so i have uh some metrics around that that i wanted to share with you on a public link in the spirit of uh opening the opening what we're doing out to the community um so i'm going to share that in the channels in discord and in there you can see our growth metrics on discord twitter telegram and with our email list and we'll keep adding more data there as we get the time to do that so for us the next focus will be the public sale that we're officially calling the evolution sale so that's the the grand reveal for today um so we'll be updating all of our materials to reflect that and we're going to be kicking off the promotion for that um over the next few days um actually the promotion has started we some of you may have seen that we have ads running on brave at the moment so um one of the strongest things that we have going for us is obviously the community so here is where i attempt to enlist you to help us with our efforts um so obviously the combined noise of of all of us um is pretty powerful and it's something we'd like to harness um firstly just by sharing our content which we post in media links so if you if you want to help to spread spread the word um you know share that share the links in there with your networks we would be very grateful but also dragonly had a great idea to try and get trending on twitter with our hashtag stay sovereign so um the plan is that next week we'll set a day and a time and we'll let you know when that is in the channels and we would like to test our combined noise and see how much collective power we have to get our name out there so we so i hope you'll take part in that and finally i want to just thank the many of you that have come forward with offers of help um as jago mentioned we've um we have some well needed help we've had some well needed help on our documentation and video content but i'm still keen to hear from anyone who is interested in helping out um on the forums uh you would need a decent standing on bitcoin talk for this role but um if that sounds like you then please um dm me um and if you have any other proposal for how you'd like to help us um just let us know and we'll slot you in and that's it from me i'm not sure who's next on the list i'm afraid but maybe somebody can um okay you already started i think you can also go first uh okay so hi everyone my name is dragonly uh first of all i'd like to thank you everyone for all the support all the patience in being very cooperative you are the great community in ziago said before now as you guys know the safe pipe has passed and everyone is able to claim their sov community support is ready to help anyone in any way possible if they are aiming problem converting csoe to soe sov the process is pretty much self explanatory but still we have some video guides on how to claim your soe i will share the links in the group i will make a pin post with it i am thinking to create a faq also in sauron forum with a step-by-step guide on how to do that how much rbtc would you need increase and anything else uh i will try to cover as much as possible uh little update about the community growth we have now around 10 000 members in telegram in the sport combined and we are growing day by day and redeem requests will be processed shortly hopefully they will be done today or tomorrow anyone who dm me and requested me to cancel their reading will be taken care very soon as well and that's it for me [Music] thank you everyone yeah you guys can hear me yes okay cool so yeah the first thing that i want to talk about is is is chaos uh thanks for the shout out taco about serving that um yeah i love this environment um my first big job in crypto is joining the bitcoin foundation as a system administrator about a couple of weeks before mount gox collapsed and went through all of that insane years in 2013 was basically my baptism in the space and it hasn't really stopped since then except for the last two years where everything was really not chaotic for me it was boring and and just not really incentivized and what's been amazing in joining this the sovereign project is this is the energy that i've been looking for that basically died off for me in ethereum over the last year or two there's a lot of stuff going on but this sort of like crossover hybrid project that's happening with sovereign is what it what excites me it's we've been waiting a long time for this to come to bitcoin and now it is it's here and in the last six months this team has built an amazing working product on top of bitcoin um so i'm very very excited to to be in the middle of this chaos and all the team members that i've met so far are just so dedicated and and just such good vibes man i want to i want to give a shout out to this team that i've just joined with everything you guys have accomplished man so you guys are doing a good job in the chaos so a couple of the initiatives that i've been working on since i have since i got here um first of all we're going to expand the universe the the comic universe of sovereign we've uh found uh some writers and collaborators to create a comic strip series which we'll be using to prese to promote and market sovereign and also to teach people expect to see some of the first results of that using danny's danny's work and a new writer from from spain his name is carlos matas really cool he's got a uh spanish language crypto podcast called crypto birds you guys might want to check out if you're spanish language speakers so that's pretty awesome uh and the second thing is the wiki uh we've got a live wiki now it's wiki dot sovereign dot app and that happened in the span of 48 hours i want to give a big shout out to the team of scotty g lord commander and unicum man you guys just kicked it out it's all basic right now um it comes from content that lord commander has been working on over over the last weeks uh and then added to we've got sections for basic users we have some basic developer content up there that'll be the go-to space where you'll be able to find out all of the technical details about sovereign about governance uh we'll have faqs there we'll have tutorials um and so this is my ask to the community if you're a good writer if you're a good creator you feel that you are fluent in what sovereign is and also about crypto reach out to us and join the wiki team um it's a it's a small team at the moment and uh we're looking to have people join the team and push out more content by the time the priest by the time the public sale comes and look forward to interfacing with anybody who needs anything from me across the internal teams or in the public just reach out to me i'm here to enable you in any way that i can awesome thank you very much thank you very much uh exiled um and then um next up two you wanted to discuss design and creative if not we'll skip to armando on operations uh um sue might understand he actually have to push to talk not just hit the mic can talk so you want to try again uh hello all right let's let's just let's search in the mind and then uh uh we can come back to two yeah can you guys hear me yep great so hi everyone i've been focused on a lot of the back end operations uh over the last couple of weeks what i'm focused on right now is exchange listings um and so right now i'm focused actually on centralized exchanges even though we expect sov to be trading not only on sovereign but on other dexes um in line with the general philosophy of the project we also believe it's important that we give sov holders the ability to trade where they're currently trading um and there is the additional importance of having sov on exchanges so that we can pull external price feeds primarily for the new peg that will be deployed um so i expect over there thank you um another piece of work that i'm doing and we had a team meeting today is about reviewing and performing a postmortem both on the genesis and origin sales there was a lot that went well i think there was a lot that improved from one pre-sale to the next both in terms of the technology that was deployed and in terms of uh incorporating the feedback from the community um however there were still glitches there were still places in which we need to improve and so we did um quite a comprehensive review on that and we and we'll be working on incorporating um those fixes both for the both for the next sale and also um in the governance flow in general armando are you guys planning to publish the results of that yes that should be uh sometime next early next week um lastly i want to introduce selena who joined the team this week selena will be working on um talent uh acquisition um finding uh and helping us recruit a new talent to the team uh in addition selena is going to be working on improving the onboarding process because there has been quite an influx of new contributors and people who are adding to the functionality of sovereign and we want that process to be much easier than it is today we want people to have all the information they need in order to to dive right in and so um i'll i want to welcome selena and let everyone know that with regards to understanding who's who um who's working on what that's a big piece of work that we'll be undertaking over the next week um lastly i want to congratulate ingomar and his great wrap and hope he understands that he needs new verses every week now so good luck that's all for me thanks um two do you want to try one more time so you might have to go to user settings and under voice and audio switch to voice activity rather than push to talk can you hear me now oh yes okay sorry about that didn't know what was going on there uh yeah i'm sue uh i'm head of uh design and creative uh we've got quite a small team it's me myself uh is uh fine line and danu bastardes bastidis basically danny so that's fine line's the uh designer and uh danny is our illustrator um so for the last couple of weeks we've been working on quite a lot of different things we've been working on creating a new website to make everything a bit more easier to understand we've been working on a design system for the dapp and while doing that we've been creating a style guide this is something that i think a few members have been kind of requesting uh so yeah we're putting this together and hopefully it'll be done pretty soon please bear with us on this because we've got lots of other things that we need to work on as well but once that has been done uh it'll be a nice little package which you can download that has logos illustrations all the fonts uh explains to you how to use the logo what to do what not to do um so that would be quite straightforward um so what we what i've been designing the most recently is all the stuff that you've been using like the origin pre-sale interface um the cso v conversion interface and the sav redemption interface i'm hoping that you guys are finding it relatively straightforward to use i've had quite a bit of feedback about the origin cell that uh more of a confirmation would have been nice um so i've taken that on board with anything else coming forward i understand a lot of people might have had problems with wallets but any feedback that you could give us on the actual process um i've also been working on the trading interface so there'll be hopefully a new trading interface coming soon and the staking interface for when um everything's liquid and you can stake your sav at the moment you have a little vesting tab in your in your wallet but soon there'll be a whole interface for staking as well uh we've also been working on a chinese new year promotion so that danny illustrator has been creating these amazing illustrations every day today is the day of millet so hopefully it's a fine day where you are because if it's cloudy it's going to be a bad crop this year um others of that we've been developing this sovereign universe with excellent surfer and um yeah looking really forward looking really forward i think that's me done i knew absolutely sergey can you mute yourself please yeah that that was me if that's what you got okay cool so before we get into more general q a and then into discussion of the sips and up and uh upcoming action updates um i'd like to open the floor first to active contributors if any of the active contributors have questions um that they want to ask or things that they want to bring up between the different teams things that they want to raise that are important that they noticed while the conversation was going for the purposes of coordination now is a good time and then we can have we can open it up a little bit to the floor are there any other um people from the team would like to see any other people from the team who would like to raise anything victor you want to talk about front end at all lights do you want to talk about um glass frog or uh sips uh i i yeah i can talk about some things um let me see you just muted yourself all right well i think light may be working on figuring out how to unmute himself so in the meantime are there any people from uh dragonly i just want to check if people want to speak now they're able to is is kind of awkward in discord sorry um can you hear me okay yes all right yeah um yeah so i i can give some updates on the uh plutocracy and governance side um so in the past couple of weeks i published a couple of new documents in the in the forum for review these are just draft documents uh the first one is the new sovereign budget system uh which aims to provide at least a short-term solution for uh budgeting and fund management among the the team the folks that are paid to work on the project and then the second document is the uh sovereign improvement proposal process um which which which uh proposes a a somewhat more formalized process for for drafting and submitting sips for a vote by sov holders and then the second project that i've been working on is is is working on a new organization model uh for the team uh which which i'll be sharing uh more about next week um uh and the goal here is just to try to um uh yeah as the team is growing uh put put a little bit of scaffolding in place uh that that team members can grab onto um and and easily uh get oriented and begin working and uh coordinating and collaborating with each other with as little friction as possible um getting started um uh some some other uh updates um are about uh this the sips uh so you've heard about a couple of sips uh in this meeting um in the past uh since the last meeting uh sip five and sip seven were passed uh so sips five being uh converting uh approving the conversion of of csov into sov at a one-to-one ratio and uh sip seven about um setting up a new exchequer multisig to manage some of the redemptions from the earlier sales as well as handling some funds for promotion and adoption purposes um so congrats to the authors of those sips uh on on having those approved um brief summary of priorities between now and the next meeting [Music] so i'm going to be continuing to to work on the new organization model that i mentioned um i have a a a a plan to share and discuss this uh next early next week um i want to uh start work on the sovereign platocracy constitution this would be like kind of the base layer governance document for the sovereign protocol so so that sov holders have a a point of reference when they're thinking about what kind of proposals should be approved or should be rejected i want to finalize the sip process draft and uh prepare it for a vote and i would like to also finalize the sovereign budget system uh that i mentioned earlier and and put that into action i think we can put that into action without a vote uh at least we don't have to we don't have to have sov holders uh vote on that um but uh in terms of um what i would love to have from the community during this time i i would basically like to have as many eyes as possible on the sip process draft if you have ever drafted an sip or want to draft an sip or you're just generally interested in seeing the biotocracy system work well it would be great to get your eyes on the sip process draft and uh please share any feedback questions concerns that you have about that and same thing for the sovereign budget system um if you have any interest in requesting funds from the sovereign treasury or ensuring that the funds that are spent from the sovereign treasury are are are well spent uh uh please do take a look at the sovereign budget system draft and offer any any feedback questions concerns that you might have about that and that is my update okay awesome thank you very much light uh let's open this up to uh general questions about what we just heard so not questions about you know other things but rather about progress or comments you might have concerns you might have things that you would like to do to get involved just anything that we've discussed up until this point hi yago it's whipper how you doing buddy how you doing with her um i just have a question with regards to what you mentioned at the beginning of the call with regards to maybe um changing chains um are we still going to be operating on the main rsk chain um are you able to elaborate a little bit more about that change yes i actually am writing um a fairly extensive document on that which i think is probably going to take me at least another two weeks to complete at this point in time there is no plan to move away from rsk um the the the thing that we're doing is so very briefly uh you've got bitcoin which is the the heart right and the bitcoin miners they generate the security for bitcoin what we're doing is we're leveraging the security of the bitcoin chain how rsk is merge mind in other words rsk is mined by the bitcoin miners as part of their process of mining bitcoin so you get very very similar security assurances and if 100 of the bitcoin miners were doing this and currently it's typically between 50 and 70 percent you would get 100 the bitcoin security uh level now uh that's it um trying to do everything on layer one even if the layer one is a side chain is a recipe for going away of ethereum and ending up when you become popular with extremely high fees no way around that there's no chain which has been developed which which doesn't face that problem so what we're doing instead is we're taking the difficult expensive part uh of of transactions which is processing the the actual computation right for an interaction with a smart contract off chain entirely and the way you do that is with a rollup so what you do is you take the computation of chain you prove the computation uh hash or hash those proofs and put them back onto in this particular case the rsk chain what that allows you to do is have effectively very similar security assurances to the layer 1 chain leverage the layer one chain but not pollute it with massive amounts of computation so um what that basically does is it creates sort of like a chain which is secured entirely it doesn't have its own security at all it's completely secured by the bitcoin miners uh merge writing um but um uh it it it it it it all of the data the unhashed data is is uh it doesn't go under uh someone figure out who that isn't there we go sorry i'm server muting you um yeah so that that that's a brief explanation of what it is but what what it basically means is and this is one of the reasons it's important for you guys to be using the um sovereign rpc rather than any other rpc is because um you need to be looking at the no when you're operating you need your system to be talking to the nodes of the roll up or the layer 2 chain not the base chain and so if you are already incorporating our the sovereign rpc into your wallets then when the transition happens you won't need to do anything at all did i answer your question thank you perfect and yes so uh i'll just give you guys a quick reminder if if you do what i just did that's kind of like raising your hand and it's the easiest way to get attention and then i can i can try and talk to you so who who wanted to speak now light are you trying to speak yes uh yes are you so you mentioned that you'll have a document about that published in a couple of weeks um so i have i have some you know uh or i i'd love to you know hear hear more about uh the plan for the migration um i have some opinions about you know what you you know the question you asked about you know having the protocol migrate funds versus you know a manual migration um but i think you know the the discussion is probably more in-depth than we could have here um will you be you know maybe starting a forum thread or or should we you know start start a forum thread sooner rather than later to discuss that yeah so first of all if anyone wants to start like like if you want to start a forum threaten it feel free i'm trying to write more like a deeper you know like like uh my thoughts on it in a deeper way but i think we we can start engaging this question immediately and feel free to to to to to raise it on the forum okay thanks okay since i don't see any other hands going up uh i think we can move on and then feel free guys it's whipper again i have one question with regards to the token tag um i just want to confirm we're still going to be using rbtc as the main currency um because there's a lot of talk of the sov token tag i'm not really sure how that relates to the btc peg could you elaborate on that yeah i don't know that we will be using uh our btc as the main bitcoin representation and the primary reason is what we've constantly encountered which is that it's extremely limited and i also think though this is more open to debate uh that the the pig that we're working to construct is more permissionless uh and more trustless so um i don't think anything's gonna happen with the rbdc it's not going to go away but the idea is that there should be the ability to use let's call it the sovereign peg as a native asset uh at least an equal footing with rbtc and and frankly i would like to see more different kinds of pigs you know the more we can drive right able to compete in creating better pigs the better our pigs will get over time right what then happens since there's such a small limited supply of sov with regard like if you get an explosion of demand which probably is going to happen by the looks of it how is that going to affect the overall um peg with regards to you know like the demand that comes in since there's such a small limited amount of sov at the beginning i think that's an excellent question but i'll i'll rephrase it it's not a question of the amount of sov it's a question of the value of sov so at the beginning you'll need to have more than 150 of the value of the btc that's coming over collateralized in the form of sov and that will create substantial demand for sov and one of the things which i and other people are very concerned about is can we meet that demand now there's one very very easy way for that demand to be met and i think this might speak very well for the price of slv going forward is you know the basic laws of supply and demand say that we know that the supply of sov is pretty much fixed uh but the demand could be very very significant um and so in that respect the problem can take care of itself simply the price of sv will appreciate until it reaches equilibrium with the demand um that's it there may be a degree to which people don't feel like the price of sfe can appreciate beyond a certain level right so like if the price of smv was on par with bitcoin i think you know if it was one rsvp per bitcoin i think everyone would feel a little bit like maybe this is overpriced so um in the longer term um there's um two primary things that we'll be introdu we can and will be introducing one is the ability to use other forms of collateral so long as they are native and trustless i think we can consider using other assets uh as collateral for the pig the other thing is um there is already work being done on changing the design and improving the design in such a way that you would be able to use fractional [Music] collateralization because the system would be uh would be designed such that it's basically impossible to profitably uh steal or defect from the system uh even if you only have at stake a fractional amount of the amount of bitcoin because you'd never be able to steal the bitcoin so um so those are the two primary improvements that we expect and and i i i think um both can happen over the course of let's say the next six months i have a question thank you yoga sure uh you said the the uh the amount of uh sav was pretty much set what do you mean by that so there is a um issuance schedule over the course of about seven years uh as you guys know there's a hundred million suv that have been issued now in theory governance with a very high level of [Music] consensus which would be over 70 consensus can decide to issue more sov however uh it is that is not something which is going to happen frequently or maybe ever and the reason is it basically would be the people who said you need to get 70 of the people who hold sov to agree to dilute themselves so there might be situations where that is obviously the right thing to do and there would be a high degree of consensus one of those situations and i think this is where the constitution comes in is if it is agreed upon that if due to an error in the protocol users lose funds that it would be permissible and in fact desirable to issue and sell or issue and provide them with sov in order to cover losses but other circumstances uh would be a much much more uphill battle for the issuance of um for of new sov so that issuance process means that we expect to have 5 million or fewer sov freely circulating in the market in the first month and about 10 million in month 6 for example so that's pretty much fixed that can't change there could be a situation where governance changes the issuance particularly of the adoption pool but again those those sorts of decisions would require uh a sip to go through um and so uh i i think at this point we should expect that the issuance will pretty much play out the way we expect it to okay cool we're not some server i'm i'm muting you um any other questions before we go on yeah i didn't see who it was because we have too many people in the room so just feel free to speak okay in that case i'm gonna i'm gonna move on so now we're getting to the discussion phase of the call uh and we'll try and go through this relatively quickly so one of the big things uh one one of the things i've found really really cool is there's a sip called sip eight sip eight is a sip which has several interesting things about it first of all it was written by um a different community it was written by the munifi company actually um who are a company who specializes in creating bug bounties for um crypto projects and and particularly d5 projects um the fact that they felt that they were welcome enough here to come and and propose a sip uh is i think testament to how open and permissionless this project um already is and and and is only becoming more so the other interesting thing about it is uh what it is about it's about creating a very substantial bug bounty for the project but should also potentially uh mean that the that the substantial amount of funds from the treasury would um uh be allocated uh potentially to be paid out as bug bounties the third interesting thing about it is that it is our most controversial so far and the reason it's been controversial is because the community rightly i think are extremely uh pedantic and concerned when it comes to large outlays of treasury funds they want to make sure that you guys want to make sure that you're getting maximum bang for the buck people are protective of the treasury of their of the protocol i think all of those things are great things now i have a personal opinion on this which i've written about uh in the forum i think that um now is the time to try and get every single talented hacker in the world to attack our system mercilessly and pay them for the pain that they inflict upon the system the amount of funds in the system right now are not huge the maximum payout that i would suggest that we would have would be 10 of the funds that they could potentially exploit and i think it would provide us all with a greater sense of confidence going forward when we have better liquidity and we have the roll-up and potentially we can start allowing for tens of thousands hundreds of thousands of users to to be using the system at any given time that their funds would be safe so um this is an important issue i i think you know you guys should um take a look at it and i think we should expedite it because if this is something that we decide to do the sooner we do it the better in terms of allowing us to discover any issues that might exist in the system quickly fix them quickly before there are substantial funds at risk and then the the the second thing which a lot of people have been asking about is uh upcoming sales so there's two important things to discuss here one is there's the public sale or as it is now called evolution sale evolution cell is planned to allow people to participate from the ethereum network in other words they would connect to our adap from ethereum and be able to purchase sov with um with wbtc or nbtc and the idea is that way we can take wbdc and run btc and bring it back home we can bring it back to bitcoin the other thing is it would allow us to reach in much larger audience and a much larger pool of liquidity than what we've been tapping into up until now because right now as i'm sure you're all aware the frictions of using our system are quite high you have to figure out your own wallet you have to figure out a whole bunch of stuff uh this would introduce a whole other class of potential user to sovereign so a sip is going to be written up about that and um and you know we'll go through the regular process of you guys uh being uh seeing that and i think that's probably we can probably target um something like march 10th for that event the second thing is uh strategic partnerships so there are a number of um we live in an ecosystem right sovereign isn't the only thing in the world there are other exchanges other projects other uh influential people um some of whom have been reaching out to different members and saying we would like to get involved we'd like to take a position so what we're trying to do is get them either collectively or individually to put together sips or we will do it in collaboration with them but the idea is to allow for a separate strategic round for those who can bring real value to to the protocol and one of the features that we've been discussing with them is that they would commit that all of the sov that they purchased would be locked up and used for staking in the pig helping to deal with the issue that whipper um raised where we want to have substantial value uh collateral value in the pig so that as much bitcoin as as possible can be moved over to the system as seamless as possible so those are um two things on the sales side to pay attention to and which might be interesting to you guys um so i'm just gonna quickly go through those two things one is sip eight which is potentially allocating two hundred and fifty thousand dollars per critical bug i personally think it should be a million dollars i think we should have an eye-popping amount that we're offering people who show us how we [ __ ] up um before we actually do [ __ ] up and uh the second thing uh token sales are there any questions thoughts comments uh wraps about that hey y'all go it's whipper i just i want to back you up on on that i completely agree with you um and i fully support that idea um rad there's been so many exploits that have happened to so many different projects in the past i think putting up a nice size bounty like this will potentially um you know avoid any disastrous event in the future so just as a sovereign community member here i just want to put forward my support for that thanks very much rupert i uh i can only assume you're a very intelligent person since you're agreeing with um anyone else okay cool so then i'm going to move on to the final part of the conversation today which is upcoming action items and the most exciting most important most delicious action item is this sip six which will allow uh us to distribute to people who have pre-deposited in origin their sov grow our community increase our treasury and have more sov stakeholders who can participate in our system is going to be voted on and the and here's the kicker right we want as many people as many people as possible to be able to participate and to actively participate in that vote so the way the system works is it can only allow people to vote if they already have sov when the vote is created and so what we're going to be doing is we're going to be creating the vote in about an hour after this call ends so if you are a cso holder the thing to do after this call ends is to go to the wallet redeem your cso v for sov and then go to bitocracy.sovereign.app and vote on whether or not you want to uh allow for sip six to pass okay now this is for many of you it's going to be the first vote i think it's an important vote i think it would be great to see a high level of participation and you know we've we've we've delayed sip six vote so that you guys can vote here's something else you should know you can delegate your vote so voting can take a lot of time uh and it can take a lot of attention you know to the different tips to know what to vote on so uh you can uh go into the forum uh and i would propose using burtocracy channel for this and you can propose an address it doesn't even have to be the address with which you hold sov in fact you could even do this without holding sov if i'm not mistaken and if anyone thinks i am mistaken correct me but you can propose yourself as a delegate you can say to the community listen guys i will be a uh i'll be paying attention i uh have been a good member of good standing in this community and in other communities and i if you don't feel like you want to be bothered with every single sip you can delegate your vote to me and i will vote in your favor now anyone who does decide to delegate you can always remove that delegation you can always switch delegations you can always vote by yourselves um at any time except when actual vote is happening you can change um you know who you're who your delegate is or even if you're delegating at all but that's another thing to be paying attention to because uh what we uh have been discussing is creating a way for delegates themselves to be paid by the protocol and effectively by the people who are who are delegating to them um for the service of managing those votes paying attention and being a good member and a good a sort of a good representative um so those two two important things to be aware of final thing as i'm sure you guys have noticed and has come up several times during this call our team of contributors volunteered and paid is growing rapidly it's awesome because otherwise we would be you know struggling to do all the things that we're doing uh but overall we we you know aromando spoke about selena coming aboard we are going to be looking for and nurturing talent wherever it is in the world however there is one place that we particularly want to see talent from and that place is here so uh the the number one place and the place that we prioritize for bringing people onto the team are people from within the community people who have come up groceries from the community and the best way to become part of the contributing team to is to start out as a volunteer prove that you are engaged get the other contributors to know you and then like seoul would propose hey actually i'm spending a lot of time on this i would like to be incentivized to do that um so that is an open door and will probably always remain will always remain an open door uh so i encourage people who are interested in the project uh on a full-time part-time or whatever time basis to to explore that option now here are a few of the roles which we have noticed we need in particular right now one is sort of a biz dev or partnerships role someone who can help us connect with strategic partners wallets exchanges etc um and so that's something that maybe one of you would like to consider the other is growth if you have a highly uh data-driven quantitative product management growth-oriented background um come make sure that we go from 10 000 users to 100 000 users to a million users to 100 million users the opportunity is amazing and if you have the right skill set uh you have the opportunity to to to move mountains here um third thing founders what do i mean by founders sovereign is one project but you can compete with sovereign you can complement suffering you can work on some of the projects that we would like to see being built around the sovereign ecosystem um if you have an idea or even if you don't have an idea but have a lot of initiative uh ping me because we have a lot of ideas of cool things that would be extremely useful to build and um there's opportunities for grants uh or or bounties around building things and and there are ways for us to support initiatives around the sovereign ecosystem third someone with a crypto background and a finance background who can help manage treasury be a responsible person ideally uh you know um is someone who uh maybe you know in another organization we would call him with the gray hairs right someone who can come and help make sure that the finances the budgeting uh the payments all of that is happening smoothly very important role uh especially from the perspective of transparency so that everyone knows what is in the treasury how it is being used for now and into the future you've already heard substantial need for writers educators ambassadors if you see a gap in the way that we're communicating and you're the right person to fill that gap try and fill that gap there's a million other gaps after that and artists uh sovereign is some sovereignty is something that that is not for everyone in an easy way all right this is not a coca-cola this is something for heroes and sovereign should be as inspiring as what it is trying to accomplish and so that's why the visual aspect of sovereignty is is i think so important so if you would like to contribute to that uh start with some memes start with some comics and then maybe you know you can get the dream job of of being a full-time superhero comic person who creates a superhero book about an actual thing that is actually happening so if you have any other ideas of how you can contribute highly encouraged and with that i'm going to open the floor one more time to questions and then where we will bring this call to a close with one final extremely important call to action so guys comments questions suggestions can i just announce our poker tournament this sunday absolutely hey guys it's whipper uh just a heads up we've got our sovereign poker tournament happening this sunday one o'clock p.m eastern standard time free entry for all sovereigns uh come and play it's fun win up to 50 000 sats nice thank you okay yeah let me just say one one last thing yeah i'm gonna remind you guys now is the time to go to your wallet convert your csv over the next hour all right and then go to bitocracy.sovereign.app and make your voice heard over and out hello hello yes yes myself sam i would like to yeah i have a question i'm a member of blockchain whispers community yes awesome community yeah yeah so just would like to know like uh i have deposited my bdc for this origin sale right so just have this question like when do we get sovs token or what is the further process because i'm not yeah please so the first thing that needs to happen is that the current holders of sov need to vote for sip six if sip six passes then uh aurora you wanna you wanna uh yep so sip six is going to start in well let's say 40 minutes from now um and then it there will be a 24-hour voting period where everybody who has sov can actually vote if a proposal passes it will be a two day time lock because it is involving a token transfer um this means that monday at night the proposal is ready for execution and we to start kick off the actual claiming process then on tuesday okay so do i really need to do anything or we can just sit and relax it's not being patient but you will do claim so there will be a button click for you to claim your sov but you will be informed and i think we're going to also um email it out to the original investors just so everybody knows but also here on the discord and the announcement channel you will definitely see it okay so that means i must receive an email from you stating that i can claim my sovs and i can go and click it on the computer and i'll be getting my suvs correct exactly thank you very much thank you very much are you welcome thank you okay cool so i'll close this out um as much as i enjoy rap more yeah yeah all right guys meeting's officially over but i will stay on for more questions and maybe some other members of the team will as well hey guys whipper here just have a question going back to the whole peg discussion um is it possible to have a scenario where we're using rbtc and sov as forms of collateral or i'm just trying to yes i think that would be ideal yeah i think we should have many different pegs so long as they meet basic standards of permissionlessness trustlessness yeah um because then you can have a competitive environment which allows pegs to you know compete to improve any updates with regards to um i know that there was talk and mention of the keep and tbtc team um has that made its way over to testnet any updates with regards to that it has made its way over to testnet that's what we're currently working on yeah very exciting it is yeah any other questions guys thoughts um yes maybe i have a noob question sorry but i just wanted to know your personal opinion jaguar concerning uh for example all the noise we hear the regulations or for example the imf uh taking a close look to bitcoin and the whole crypto currency uh topic does it scare you at all that one day this could be a major problem regarding regulators and does it put any pressure on your timeline to get your product to the market um very quickly i think that's a great question i think it doesn't scare me with regards to sovereign um i think safran the way we're constructing it will be robust to any regulation because its permission is decentralized uncensorable i think it is important that we grow the system as fast as possible as you mentioned because that way it becomes more established uh you know more distributed and harder to take down i think if there is any risk it's probably risk to you know people like me who are particularly associated with the project and so one of the most important things is making sure that if i get hit by a bus or by a regulator the project will go on and that that is also true for aurora for victor for armando for slider uh for jamie you know um for all of the team that are working on the project that um there should be no uh individual uh who is centrally important to the project and uh no point of control which is essential to the project thank you for your question can i can i say something about that as well sure so my opinion about this is always is that the banning of drugs prostitution arms sales etc have worked really well you know there's it just doesn't work yeah states have not been able to stop any of those things there's just degrees of what is considered criminal to what degree things get prosecuted so i'm really not concerned about any of that what i'm more concerned with is things like clean and dirty bitcoin that's why i hate companies like bitpay and coinbase they're basically running up the regulatory compliance angle and what they will eventually do in order to secure a monopoly position not because there's anything intrinsically wrong or illegal about bitcoin is they'll try and say our bitcoin is the only bitcoin yeah these are the kind of things that will will pollute crypto and a challenge but i i just literally technically don't see any way without shutting down the electricity grid and shutting down the communication grid and shooting satellites out of the sky that either bitcoin or any decentralized cryptocurrency can be stopped yeah i i agree with everything that exiled said and um and i think it's it you know i think the reason that sovereign is so important is because the big battle you know for the last 10 years we've had an amazing time like price has been going up regulators mostly ignored us uh we've basically had the opportunity to do whatever we want um and that's starting to change because it's becoming a really big thing and it's actually starting to become a threat to the status quo so i think the the the you know over the last 10 years because we we haven't really been challenged by external forces we've kind of turned on each other you know we we had a fight between bch and btc we've had a fight between ethereum and ethereum classic we've had a fight between bitcoin and ethereum right and i think all of those things are going to become far less important in the future and what we're going to realize is that we have a crypto community that needs to come together because the real danger um are all of the potential centralizing forces in crypto kraken coinbase uh binance uh um uh the regulators circle uh you know um uh even in a way michael saylor right and i love you know all of these people are playing an important role but there is the danger you know coinbase are about to ipo they're going to have shareholders who are going to uh not have any interest in bitcoin or freedom they're going to have an interest in how do we try and squeeze out all forms of competition and they're going to try and lobby the regulators to make that happen for which is why it's so important the real reason we need to get sovereign off the ground now is so that by the time that happens in a year or two sovereign is just you know the obvious alternative and everyone can switch in a moment you know there's always so much there's always so much concentration on what america does and that everybody follows america and i just i think that we worry about that far far far too much and really as a born american tired of our exceptionalism part of our our of our viewpoint that we're the center of the world and that we can say that the rest of the way the the way that the rest of the world works if you look around there's bitcoin is being used in so many uh developing countries i hate that word they're world countries or basically people that are already experiencing the collapse of fiat it's already working there already works for people and those things i think that the threat is more when governments get into mining bitcoin yeah like we've seen pakistan now we hear about iran and when governments start to being interested in mining bitcoin that's when we have to be concerned about the protocol of getting changed when people actually getting rubber hosed and uh and and and attacked for for being core maintainers of the bitcoin protocol when state actors come in and start mining that's where the the real concern is otherwise i really believe there will always be jurisdictional arbitrage there will always be an isle of wight a bahamas a luxembourg a switzerland or wherever it is there will always be a rogue financial nation which provides jurisdictional um clarity for for cryptocurrencies for bitcoin and and i actually will say one last thing about this um i think that while the big risk is regulatory it's also the big opportunity i think um [Music] the the the big end game for sovereign is that the regulators do start squeezing they do make it basic basically impossible for you to to withdraw your funds from exchanges so they make it very hard they uh start ramping up the kyc they start ramping up the taxes they start introducing more capital controls i think you know what's happening right now is bitcoin is going to the moon and beyond because the regulators have gone too far with their money printing the the government uh the federal reserve the central banks have um have gone too far with with their um power they're abusing it too much and so even corporates and uh and and and municipalities and um the most you know status quo organizations are realizing that they have to get out and so they're getting into bitcoin well that's going to happen again there's going to be another cycle of that there's going to be a cycle where people are like we can't use these exchanges we're going to completely lose control we're going to be completely taxed we're going to have our funds potentially confiscated we're going to have our personal information spread and hacked and distributed to to various types of law enforcement we're going to lose the ability to transact as we want and what's going to happen is in the same way that everyone's escaping from fiat into bitcoin people are going to escape from centralized fear uh centralized finance into decentralized finance and and um and what that means is i think they'll escape into sovereign so on on the on the on the end of that you know we're so in the middle of this bull cycle right now with orange coin go up that people forget about money print to go burn we really haven't even seen the results of all of this quantitative easing and we literally i mean i've always said that that that cryptocurrency cryptocurrencies are the cypherpunk you know apocalyptic cult it's sort of like dependent on everything so it's sort of collapsing we really haven't seen the results of all of this money printing and and we're still years away from really really seeing that and literally we can be talking about the collapse of countries that we would never expect to have collapsed we can be talking about complete redrawing of borders we can really be looking down the the barrel of civilizational collapse here with with the areas that we're in so there's so much that's left out to play we're so early in this game i and the reason i mention that is that i'm not convinced that states will be in the place to regulate this type of trend this type of transaction i do believe that we're smarter and faster so that was a pretty good question any others you can also just make comments or suggest things this is like this is us working together we're a team here so it doesn't sound just an ama it's like hey guys it's it's uh it's whipper again i i can't help to notice and i'm sure everyone else has been noticing the amount of explosive activity that's happening on binance chain and i think it just goes to show just how many issues there are with the ethereum chain in general and i think the fact that sovereign is doing what it's doing is opening doors of un like unbelievable potential um i i just think that like if you look at bs if you look at finance smart chain just as a small example of how explosive a chain can blow up just because people are so fed up of the congestion um wait till you see what happens with sovereign when you get the bitcoin backing it's just unbelievable it's it's great to be part of this project well like like ludibertheimer said you know he predicted a long time ago that a centralized version the centralized fork of ethereum would pick ethereum's ass you know and he was very prescient about [Music] that come on you guys don't lurk there's a lot of people in this channel there's got to be a lot of questions or a lot of people want to have something to say about sovereign hello can you hear me we can yes uh i would just like to add um this is scott i'm actually uh part of the wiki team um and i would just like to throw out there anybody that would like to contribute some content uh maybe there's an area that um you know you've got some experience in with the sovereign platform even if it was your experience through onboarding um perhaps a different wallet that you might have used nifty or or liquidity the quality rather i'm sorry any sort of content that you think might be useful to others any knowledge you might have that might be useful to others um i would encourage you to maybe jot some of that down you know write something uh that might explain what your uh you know the step-by-step process that you may have gone through or or if there's uh an area that you feel that you can contribute to i'd love for you to um uh pass that information along to me so we can add it to our wiki project so hopefully we'll have some of you that will take the initiative to write something put something together so that we can continue to build the wiki to help support our community as we grow thanks very much scotty what you've been doing is awesome um as an addition for this uh points people who can translate into languages that we do support in this uh discord may um write to me ipm to unicum and maybe we can uh start translating things we do for the wiki as well yeah excellent point i forgot to mention that actually we set it up for the multi-language support i've totally dropped the ball danny you wanted to say something no all right guys i think we should wrap this up then anyone who wants to say is welcome to uh but i think uh uh this has been maybe maybe uh you know we've covered everything this time so that's awesome thanks everyone for joining and have a great weekend and don't forget to vote cheers cheers cheers thanks everybody hello hello hello you

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okay awesome welcome everybody uh my name is engelandia welcome to the sovereign community call i'm gonna kick this off with a fun little freestyle wrap for y'all so just keep your microphones muted and just dig the sound one second all right give me a second [Music] all right everybody here goes swapping stable coins and bitcoin across the galaxy i am sovereign therefore i determine my own salary i am a space badger who wields his own private keys slaying the outlaw to impose the repressive hierarchy life of the party like lions in a safari we can rise as an army bitcoin is bigger than lambos and ferraris we can make a sovereign state that is scalable low gas fees when the payments do arbitrage zk roll up layer 2 whichever solution we cater to will render central banking and stick like a saber tooth this is why we're here it's a battle for freedom building protocols and products like a magical kingdom it's happening around you whether it's local or global you can join the talks be vocal drafter proposal the governing botocracy is doing it all come one come all to this week's community call so there there's your freestyle rap thank you for listening thanks a lot guys i appreciate the cheers uh thanks for joining us here thank you for sharing in this mission um welcome to the sovereign community call everyone my name is ingalandia the rules are if you're not speaking please meet yourself if you would like to speak please toggle the mute button back and forth to get our attention if that doesn't work feel free to politely jump into the conversation now before we go through the agenda and before i bring in edoniago but anyone here who was a first timer like to introduce yourself really briefly just say your name and and um and hello and how you came across sovereign hey uh my name is david came over from a group of friends that recommended this project uh i haven't been paying attention too much just because i just got my baby uh so i'm a brand new dad excited about it but thank you but can't wait for the culture and the community here looks awesome so i'm just here to spectate and you know enjoy the ride and learn more thank you awesome thanks welcome welcome david and uh welcome to your newly sovereign child thank you cool anyone else like to say hi briefly cool uh i'll let yago come in and deliver the governance report thanks very much uh hello everyone it's nice to be on another call with all of you um so i'll give a quick summary of where we stand with this uh this sprint uh as you guys know we break our work up into two week sprints um we see the road to sovereignty as a marathon which you run like a sprint so the uh so every two weeks at the end of each sprint we get together with the community on this call and we talk about what we've done i would define the last sprint that we've had as the quiet before the storm we have been working on putting together the lost pieces uh we will over the next uh additional sprint continue to work on the last pieces of some very very large uh pieces of technology that we'll be shipping bridges to other chains um a better bitcoin peg improved scalability reduced pricing on transaction fees um uh new types of transaction types uh all of these things are coming quite soon and the team has been working extremely hard and delivering them at the same time we've also been getting our legs stretched and getting used to working as a community together to make decisions so the last two weeks we have put forward a number of sips and voted in three of them um the three sips that we sorry guys i'm just going to please make you some meet andrea there you go all right so the three sips that we've been working on one sip a1 this was a purely technical sip um and was the first amendment sip that we had it was an amendment to sip six which introduced a small change in the way that the um the protocol worked uh allowing us to set a slightly different price a slightly lower price for the uh sets per sov that were distributed in origin the uh goal here was um there was as you guys remember uh the opportunity to deposit uh to pre-deposit for origin and people did pre-deposit and we closed down the pre-deposits early because we saw that we were going to go over the limit as a result we had a small amount of additional uh deposits that we could have taken in and chose not to there was a discussion with the divs about whether or not we should open it up and take in the final deposits or um close down and effectively reduce slightly by about two and a half percent the price of sov for those who manage to participate in the pre-deposit for origin because we are so focused on shipping right now the decision was that it's not um worth the distraction to the dev team to reopen the system just for a small amount of additional deposits and so everyone effectively benefited the devs got a slightly reduced workload and the people who participated in origins got a slightly reduced price so that was uh six amendment one sip eight uh was my favorite tip of the um of this uh period sip eight uh was uh interesting because it was presented uh and proposed by immunify a project that became interested it's actually a company that do security bug bounties for uh smart contract systems they got really excited by the sovereign community and the sovereign project they proposed uh to effectively turn sovereign into a customer and to put together a particularly attractive package deal for sovereign in particular they wanted uh us to offer a bug bounty of up to half a million dollars the community came back and said no that's not nearly enough and so as a result uh we voted on sip eight and approved the largest bug bounty in d5 of uh one and a quarter million dollars currently so the idea here is we start with the bug bounties early um right now there's not a huge amount of value on the system uh as you guys know system is whitelisted many of you will be whitelisted um as you uh take advantage of the sov that that you have acquired and you'll be able to begin using the system but the idea was let's keep the amount of value in the system relatively low offer the largest possible bug bounty make sure that we basically get all of the white hat hackers in the world to attack our system so that in a few weeks as we're opening up we are even more convinced that our auditing process that our security process that our code is the most secure it could possibly be and this is a different approach and many other projects many other projects don't do any audit at all or they will have someone audit code and then launch the project we do not believe that that is secure enough so the sovereign process is we do multiple large-scale audits um at least uh every couple of months we have a third-party order team audit every single code change on an ongoing basis we have an internal audit team um every single dev also participates in code review of other dev's work and now we also have this additional bug bounty so we have a very multi-layered approach to making sure that our system is as secure as it possibly can be um and that's because we are placing our own funds in it and we take this very seriously and then septem so septem um is uh again it was primarily a technical change uh introducing a small change to the way the contracts work to allow people to claim their sov septem has also passed and uh sov claiming will from origins will start very very soon so that was a high level on the key things that the community participated in in from the perspective of governance of the system through the plutocracy and um what i'd like to do now is uh open this up to a brief very brief like one or two questions and then we'll we'll um turn this over to the team leads to discuss the work that's been going on over the last two weeks so does anyone have like a written question with regards to anything that i just said okie doke then uh in that case aurora would you like to tell us about what's been happening on the dev side yeah sure uh so on the dev side um we are about to reopen fastptc to allow all of you guys to move your bitcoin onto the system in a much faster way then it was an easier way than it was currently possible um the first fast btc transfers will be limited for the first couple of days to i'm not sure what the limits are going to be probably a couple of hundred dollars it's just i mean the system is battle tested it wasn't used before we improved it but still we need to make sure that our liquidity gets to the system first before we can start offering you the liquidity so um this is why the first days you will need to deal with a couple of hundred dollars only this is mainly for you to be able to get money for fees onto the system and then in on the next week we should be able to increase the limits as we are moving more and more liquidity onto rsk then um we are starting the origin claims today um the preparations are made that are already in progress but they are not yet finished they should be ready in approximately two hours so the original investors under you will be able to claim the sov and then automatically get access to the system for the dac so any smv holder is able to use it up [Music] the other big chunks of work for the bridges and we made some progress here although we would have liked to make more progress but um the 8th bridge was a bit delayed because we found some issues with the setup which are now fixed our other reports are in progress and the bridge is already up and running on testnet but the user interface is not yet ready it should be ready by monday or tuesday so then all of you guys can start help with the testing as well we also need some bitcoin bridge um the manufacturer ready for more serve testing than on the next print working on the rollups and ethereum and sing it roughly just so to find out um and simultaneously they're working on deploying the roll-up on our native chain um apart from that will also because allow which will be required if we have our own ptc bridge and it should also come handy for everybody who is holding on to different tokens so we've been looking into enveloping as well and which way we go will be decided within the next sprint when we have a better understanding for how fast the road up is progressing if it's progressing fast enough it will not need it if it's not progressing fast enough you might want to start offering um a service like this as well for the meantime then we've been working on migrating our tests from brownie to hardhead just so we have a very consistent and fast test base throughout the system um to further improve our confidence in the system and in our test coverage we started working on an improved am ui and because this was considered kind of confusing until now and you haven't been able to see how much profit you can expect from investing into the amm from providing liquidity into the mm and so we prepared all of the analytics and make sure they can pull the data and as soon as the ui is ready you will be able to see it on the mainnet as well starting up the ui updates i quickly check if victor is available and he he would like to give a quick overview of what has been done on the ui picture are you there now in this case i'm going to give it very very quick overview so apart from the amm like i said and apart from the fast ptc interface and the interface for everything else you were speaking before um we also improved the maintenance mode um we improved the bitter crazy website but also worked on the staking interface which is not yet visible maintenance it will be in the next print which will allow you to better see your vesting contracts and all of the dates you will be able to extend staking positions or withdrawal from staking positions we've been working on an improved swap ui and in general on some design elements and component upgrades as well as bug fixes so this far about the development update for the last sprint and for next sprint our focus will be on getting the bridges ready to allow for more liquidity in the system to integrate a very simple liquidity mining process and doing the concept work for a more sophisticated one and then focus on user onboarding and improving the user experience are there any questions about the development update in progress okay um if not i will um i would suggest that two i'm just curious not to hold you to anything but like if you had to give like a brief timeline with regards to the zk roll up option um how far out are we from that the ck roll up is an option which is much farther in the future than a possible optimistic roll up so what we're currently working on is an optimistic roll up just because it's mostly ready it's evm compatible so we can migrate rather smoothly and um it will give us the immediate benefit of lower transaction fees much faster transactions um conditional orders and all of the stuff you want to have whereas the ck roll-ups might have some big advantages over optimistic rollouts but at the same time at the moment it's much more complex um to migrate to a ck roll up then to an optimistic roll up so um currently an hour roadmap is an optimistic product first and then a possible ck roll up in the future awesome anyone else i have one more question if that's okay uh if no one else is going um i know that there's still a lot of talk about a new bitcoin peg but i'm just curious will rbtc still be used as the main bitcoin peg and if so briefly for how long will that be the case until there's a change um currently the rbtc pack i mean the other dc pack will always be an option currently it is needed for paying the gas and this will only change after we're either on a roller or implemented a different solution like the enveloping the rsk team is working on or um a fork of the gas station effort or similar technology which allows us to pay transaction fees and other tokens as well as soon as we have one of these technologies ready um the rbtc pack will not be strictly required anymore it will still be an option but not a requirement thank you i'll just add one thing there is some work that the team is working on uh to effectively combine the two so that from the user's perspective it wouldn't matter so they would effectively be merged into the same asset just be different ways of picking but um still provide you with bitcoin so basically a unitary bitcoin on on our system thank you yago so if there are not any more questions um i would suggest sue do you want to give us an update on the creative side hey uh so uh we've been pretty busy this week a lot this sprint sorry um so to start off with something that you're going to probably be using later today we designed the uh origins sov redemption interface uh hopefully it's very straightforward fuel to use it's essentially two two clicking of buttons at the moment the staking interface isn't live so in the interim as the same for genesis csov where it was state vested in your wallet you'll be able to see your sav vested in your wallet section under the vested tab um secondly uh yeah we've been working on the staking interface so hopefully that's coming out very soon uh we've been working on the fastbtc interface so that should be up and running next week we've been working on the eve bridge interface hopefully that's kind of very straightforward for you guys to use i'd love to have your feedback once that's live a big majority of this sprint has been put on designing the design system and the style guide for you guys unfortunately we haven't got it ready for you guys yet but we've managed to get the design system into a place where we can hand that over to the dev team so moving forward um everything should be a lot smoother too i think you know one of the race reasons that's that's interesting for the community is because the idea is to make it much easier to start working on creating you know allow the creative elements of our community to start using uh the art assets for memes for swag for everything so that yeah we can we can as a community start putting putting out more of that stuff basically when that's ready for you guys i'm hoping it'll be the end of next week yeah you'll have a nice little package of stuff to play with and a nice set of guidelines explaining how to use all the assets we've also been working on the website redesign that's going really well hopefully that goes into production next week so that we have a new website that makes a lot more sense and there's a much more information for you guys to use and finally we've been working on the arbitrage amm interface um so that like aurora was saying you'll be able to um understand it easier and see the opportunities uh in the arbitrage and be able to take advantage of those much easier that's pretty much what we've been up to for this sprint uh does anyone have any questions i think we can move on to um sliders update and just move a little faster so there's time for community questions afterwards sorry it took me a while to find my mute button there um so uh over the past two weeks um the adoption team have been busy working on the new of the sovereign website as sue mentioned um apart from a new look and feel the the website will have major improvements in the seo so we're having optimized copy and google should finally call our blog so this should significantly improve our organic reach um we as mentioned we expect it will take two to three weeks and before the new site is live but we're excited to show you that when that happens um this week you may have seen we also put out a press release around the origin sale raise and the bug bounty um that's uh obviously one of the biggest rewards available to date so that was a great headline for us um and it was picked up by coindesk and the block among others um which shows that the sovereign project is still able to attract tier one press and we we hope this will continue um from this press release our reach was a potential 58.2 million people um but from those we estimate that just over a hundred thousand people will have read the release um this is information i'll be reporting on um for each of our press releases and i'm going to put that directly into the google data studio so that you can see what we achieve um each time we push a release the google data studio is a link that i shared in the last community call i've posted it into the announcements again today in the announcements channel so please take a look or bookmark it um it also shows you that we are continually achieving growth across telegram discord and twitter channels um twitter is growing at just under two percent per day which which is a great achievement um so what's next for the adoption team well we are pivoting away from token sales as our marketing objective and towards the product now so part of our work in the next iteration is to look at what sovereign is offering in terms of its um trading borrowing and lending features and how we stack up against others in the marketplace so we have a piece of research to do there um we have quite a few competitors across across the different products we offer and we'll be looking at how we compare and what features and messaging will form the basis of our promotional campaigns over the coming weeks and months um as you also already know the origin sale addresses will be automatically white listed so if you are an origin cell participant you will be free to use the suffering trading and lending features which is super exciting for us uh on the adoption team obviously our main remit is to get users into the platform so uh we hope you'll try out the services and we welcome your feedback on your experience um good or bad and there is a channel in discord specifically for feedback called user feedback where you can drop your comments but um we're looking into gathering feedback in a more formal way and um i'm not sure if exalt surfer will comment on this yeah i i'll just mention that in the dap itself there is a feedback button which allows you to take screenshots of what it is that you're interested in commenting on to write comments and those uh get sent directly to the team and you can also add your email to get the team to respond to you uh if you want feedback on your comments or if you're raising an issue which you think is a bug and is impacting you one of the other things that we're going to be looking to do is to introduce ways uh for us to reward um so you know for the protocol to reward people who are providing useful feedback um both on mainnet and on testnet perfect thank you um and that's pretty much it for the adoption updates but i just wanted to also thank everyone who's offered to help our team so it's great to have your support um and also one of the biggest things as previously mentioned that you can do to help us with our marketing effort is to share our news within your networks because this is how every great project grows from the core community out so please do help us in that if if you feel you would like to do so so that's it from me and thanks so much yeah okay then i'll jump in hi it's excellent surfer with our community report so uh we've made huge progress uh with the wiki uh both in creating content uh and language support we have been able to support let me see here how many languages um we have spanish portuguese german french greek russian and czech which are supporting the wallet setup and the claiming of sov um the claim of the sov video will be available in german and spanish as well today um and so essentially what we spent time with uh during the sprint was figuring out our content management pipeline to be using the wiki as our internal documentation and source of truth uh to be able to serve that content then out to our different website properties um and so the team has done a lot of uh has had a lot of accomplishments on that we're still looking for additional translators so if you'd like to participate in the translation of the website uh content on your website for the dap or for the or for the or for the um excuse me for all of our content please reach out to us and you can participate via the wiki team um then as far as we're rolling out a new channel strategy where we're going to be using telegram as a doorstep and pushing people to the forum or to the or to the discord uh or to or to the wiki uh we'll be answering questions uh more deeply um and our message focus will be on onboarding as as slider mentioned uh shifting away from any sort of price for public sale discussions we're keeping our heads down and trying to get the thousands of users that have purchased sob up onto the platform teaching them how to use it with staking voting and the rest of the features that are going to be getting rolled out um the next big thing that's uh that's happening inside the community internally is our governance process getting up with john light uh we're progressing towards defining the initial circles of the organization and the roles and people that will be involved in them which will enable us then to get into our budgeting structure and percolate that up into a more cohesive and productive environment we've grown so fast over the last weeks um so that's progressing really well on monday we have our next meeting to define the initial circles uh really looking forward to that and then the fourth thing is event planning so since we're looking forward all these seeds have been planted and are growing really rapidly we're going to look forward to planning a hackathon sometime in the next months where it is that we will uh do similar posting of bounties like we did within unify working together with um with with the gitcoin people and also hopefully with the solidity people at the ethereum foundation so that we can basically put out uh bounties over the hackathon to encourage development of integrating with our platform so really excited about that so kind of like a slow thing but you get a an early idea of where it is that we plan on going with the with the next in the next months with community involvement that's it for me and if anybody has any questions happy also to answer them inborn i'm just checking what's next on the agenda no updates from me perhaps we can open this up to a q a since we have some time left hey can i ask a question it's david again sure yeah go ahead hey yeah sorry about it i've i've been gone for like the past week and a half just because again i was on leave from work from a baby didn't get to participate in a lot of the um white listing and the events uh again i'm not like sulking over it or anything like that but i was wondering you know towards the future is there anything you guys can do in regards to for the community in regards to just maybe getting a few sovs i just want to participate in like the testings and just like the um open polls everything early just to get a hold of it and just get understanding of it and if not i'm totally fine with that i can always wait for later well one thing you could do is always is is use the test net there's a faucet for you to get tokens and you have access to the to the full uh full functionality of the application awesome yeah i actually have that pulled up right now so i'm actually going to look through that too thank you so much for that yeah i'd also add that um we're looking to create the system in such a way uh that as we open up basically everyone will be able to uh participate in um plutocracy and the way that will work is that the protocol will distribute um through the adoption fund uh sov to users who are trading who are lending who are depositing so effectively anyone who is integrating with the protocol will earn some sov for their participation and there's uh in addition to that several other things that we're looking to put together uh are bounties for example around testing which i already mentioned um bounties around specific tasks and so the the goal is that anyone who would like to participate in the bitocracy will have the opportunity thank you that sounds awesome that's all i wanted as a reply being part of the community that's the answer you want thank you i've got a quick question on um i'm interested in the dilution of our current holdings if we look out over the next year and look at the uh the plan distribution of additional coins can you help explain how that will work so if let's say i've got x amount and i i stake it for three years how much other coins are going to be issued to start diluting that position out there's a blog post which covers that uh in fact i think they're two different blog posts one which covers it over the course of the coming seven years and one which covers it over the which is the economics blog post and one which covers it over the course of the next year um we don't know for sure uh what the actual amount of tokens that will be circulating uh will be but we have a strong sense of what the maximum will be and what we've been seeing is that it typically is coming out under the maximum because people do stake because most people are in one way or another looking to you know either bond their tokens or stake their tokens but um what it looks like over the course of the coming year for example is uh by the end of uh the coming 12 month period so pretty much exactly march uh 26th 2022 we would expect to have a maximum circulating supply of 30 million tokens um i'd also like to point out that um our most recent deck and all the tokenomics are available on the wiki um and there's the projections in there and also the tokenomics blog posts that uh that eat on reference so wiki dot sovereign dot app you'll see it in the sidebar the black deck all right i'll go back and read that i i i saw where the it was looking at the tokens that were going to be distributed i just didn't fully understand how the the mechanism for um for issuing those if they were to new people or if they were you know rewards for staking or or how that was going to work i think nobody knows really it's not a it's not a decision that anyone is making it's a decision that we will be making on an ongoing basis together um so uh we're currently working on putting together the tools that will allow us to have a high degree of flexibility around this but ultimately things like referral rewards trading rewards liquidity mining etc those are going to be decided by all of us together through the plutocracy process and those are part of specific specifically earmarked dispersals right you know so i mean there's caps on on that's correct that's correct so so the protocol on an ongoing basis will unlock tokens so the protocol currently basically controls all of the tokens uh uh in our name and uh over time the protocol will programmatically unlock those tokens and we'll get to decide how to use them okay thank you that's that's essentially the programmatic uh dispersal that's in those uh links that i told you about okay so it'll be coming out of that out of that uh quantity of tokens so we do have a general idea hey guys it's whipper just have a sort of question looking to get some feedback with regards to the amn model that we have set up i'm not really sure if anyone else has noticed or perhaps have been um hesitant to make trades on the platform but i know for me like you know the price is usually like anywhere between like a thousand to fifteen hundred dollars north of the actual price i'm just wondering what sort of suggestions we have in place to sort of uh reduce the um i'm not sure what to call it slippage or whatnot on the amm just so that traders can feel like they're getting a more accurate price there's a lot that we can do and that we're working on uh we will be encouraging people to provide more liquidity we'll be making the interface more intuitive so that people can do it more easily uh we are going to be looking to provide for users to more easily see where their arbitrage opportunities uh and we're looking to increase the uh ease and availability of getting liquidity into the system uh that's it the best way that this will be kept in check is by people taking advantage of price discrepancy for example if you're seeing um the price of bitcoin being a thousand dollars too high right relative to other trading venues on sovereign that right now is an artifact of the fact that there is pretty much everyone in our everyone on the protocol wants to go long bitcoin they are bidding up the price of bitcoin and there's no uh countervailing there's no there are very few participants who are trying to push down that price but what that basically represents is free money right if you can um uh deposit bitcoin into the system right now basically sell bitcoin you can make immediate thousand thousand five hundred uh and i think it's uh uh it's something which people haven't realized yet that their opportunity exists and um the easiest way to take it you can do it manually the easiest way to take advantage of that on an ongoing basis is to have a simple box that will that will do that trade you and so um i expect that uh very quickly people are going to be attracted by the community and put those those opportunities down when you sell when you say sell do you effectively mean going short or actually swapping btc out no it would be depositing into the amm btc for the purpose of purchasing dollars right so you're basically getting dollars you know if the price of bitcoin right now is like fifty thousand dollars and uh and and asking it's 51 000 or on that order you basically make a thousand dollars free by selling bitcoin on our venue and purchasing it in you at the same time make money money money make money money but i noticed in the swap you can't you can't even like you can't do that through the swap can you yeah yeah so this is why actually these opportunities is part of what will become clearer in in sue's uh new ui that was been gone over the last week so he's really striven to make these opportunities clear and how it works for people in the interface there's got to be some other questions out there from all those lurkers speak up raise your hand i am is the [ __ ] uh we've had a question in the general chat um they don't have a microphone so i can read it out it's basically asking um how will we deal with the growing amount of scammers in the discord um can we make a dedicated channel to report scammers to yeah we can we can look into that of course yeah hi guys alex here um i know that there are some people that are asking um about the 25 that of uh tokens that the team own and think some people think it's a bit much i know that there are many um d5 projects where the up to 40 i was just um requesting if you would take this opportunity to elaborate on why you chose to initially allocate 25 to the team yeah sure um the approach that we have taken is very different from many others we've discussed a few times um our belief is that the way projects uh succeed by having an extremely dedicated uh team founders uh it is those projects companies startups uh countries that have uh uh very clear uh dedicated founders who are who have a vision and are looking to implement that vision long term that succeed in the long term and longevity um and so that's one part the second part of the answer is um that one of the things that we've often felt was a bit weird about the crypto space and particularly the bitcoins but is that um uh people are extremely libertarian and people give me libertarian uh capitalist free market oriented when it comes to bitcoin but then they want all the devs to work for free they don't want anyone to uh uh you know organize any potential products that they're building uh so it's like uh uh when it comes to bitcoin we're capitalists but everything else we are uh and that is definitely not what we we view it we think that the way to properly uh construct a system is with the right incentives if you construct the incentives right everything else takes care of itself and that was a core insight that's told she had he didn't uh just release bitcoin he released bitcoin in such a way that you had to work to get the bitcoin and the people who worked hardest at the beginning when it was much risky most uncertain uh were rewarded the most um uh and so it is out uh out of those two that one you need to have the correct set of incentives to the the people that you want to incentivize are the people who have a long-term vision project that we've constructed everything from the allocation for the founders who the way that the potential works the autocracy for example the longer you stake the more weight the more voting weight you have um and so it's definitely not a democracy it is um a a uh plutocracy of the dedicated um and uh uh we think that that is permissioned permissionless in that sense yeah anyone can participate anyone can predict and and and um and it's permissionless right the the axis is is open but um just because x is open doesn't mean everyone is equal and different people are doing very very different amounts and have um and are systemically important to the product in very very different ways can i um add on to that so part of the circle's governance process that we're instituting is to move towards transparency where we'll have uh open budgets uh and people will be able to see how much money is dedicated to development to marketing and whatever we're having discussion discussions as to how granular that will be and also how identifiable it'll be with the purple the people in the team um we have to remember that with a decentralized non-state currency there's a target on our head um so we're going to move towards being as transparent as we can possibly be about how it is that the funds are are distributed uh amongst the team that is working yeah so i think you'll see over the next over the next month and then moving forward in the next quarter um you know much better insight in into how it is that things are structured and where the money is going so to speak it's a key goal of us developing this system thanks that um definitely led to some good quotes oh thank you uh are you cover are you covering this for uh for media no no i'm um i i just like was taking down a couple of things so that you know next time people ask then i can just say well i asked them and this is some of the take outs i do proof reading of the articles cool so yeah i mean feel free to push those messages out that you're hearing here in the channel it's the best thing that you can do to support us definitely anybody else we got a few more minutes here for somebody else to jump in with anything that's burning well i'll just um add this as far as the general channel is concerned i noticed that there were some people having questions about um uh how to still how to get uh rbtc into their wallets and so forth i just wanted to let everyone know that uh if you head over to wiki.sovereign.app um and go to the wall setup guide there is a section in there of uh how to get rbtc there was also a question uh that's come up several times of um what's the easiest or fastest or cheapest way to make that happen and although there are several ways to do it um one that uh keeps coming up which seems to be relatively straightforward is uh setting up an account on uh kucoin um and converting um btc to rbtc there seems to be straightforward and relatively inexpensive from uh from what my understanding is um also just to reiterate since a lot of you will be whitelisted today and uh maybe looking to convert your um arc i'm sorry claim your sov in the wiki again uh we have uh in the sidebar there is a link to claiming your sov it will take you to a page that even for genesis people uh links to videos uh one to claim your sov for the origin and the other to convert your cso v to sob for the genesis people i just wanted to throw that out there so that you knew that that existed on the wiki again it's wiki dot sovereign dot app and just remember that as soon as fast btc is back up and running you don't have to worry about any of that stuff anymore yes so um it's currently in the works it was planned to be unrunning today but we have a flight today here so it will be up tomorrow so from tomorrow nobody will have to worry anymore about where to and how to get the bitcoin optional system aaron here i just wanted to follow up i know there's some discussion with the community as far as moving away from a discussion of the token sales and whatnot and just wondering is is there actually going to be an evolution token say or is that uh something that i was confused about thank you hello everyone okay something currently in draft mode um andrea um they're we're just not focusing on that right now we need to we need to serve the users uh we need to get the best amount of features into the application we need to launch the brand identity and the ui and these things and we want to use that to gather data see what people are doing on the platform see what it is that the origins token holders do when their vesting period ends genesis token holders are a lot different um you know they have vested for 10 months origin holders have a just a very very short time we've seen our communications channels that we have a lot of people who are i want to flip the coin bro 10x moon not really what we're interested in so we've kind of like made a choice to say yeah that stuff's gonna happen let us just move forward with the with the thousands of people that were that we've onboarded so far and see what it is that they do we have a good we have a good war chest uh and and we want to implement it and do the development and we'll talk about that stuff when it becomes more relevant so this is uh jago here and i have a slightly different take on that um because i wrote the sip for evolution and i proposed it um i i still think it's a good idea potentially but when i proposed sip 9 which is the evolution sales sip there i opened it up for discussion on the forum and they were um a large number of very very different um uh opinions and so i feel uh that i really wanted your proteins if not under those circumstances given that i didn't feel like was community consistent on the direction so i have some ideas and other people have some ideas on how how well regression and i i still think it might be a good idea to have an additional cell like that and integrated with ethereum um but um i think right now for me as well uh as for most of the people who are actively engaged in the project all right like the number one thing that we are interested in is getting everyone who is already involved being able to use a platform that they would love and and i think from that also there will be a much clearer path will emerge for all of us around hello every future that we do hello hello everyone i want to discuss an issue with all of you can i say something uh sure okay uh this is alex taran and i am a security researcher and i have found a few security vulnerabilities in soviet alex i think you've emailed me a number of other people on the team the correct way and the only way we accept bug bounty reports is through the unified platform yes this is not an issue yes i know i know i know this is not from that right okay actually i want to discuss something up about immunify the reason why i came here and i want to uh discuss uh an issue about unified with all of you if you allow me so as i i i i you know uh i know a little bit of the context here um so i actually don't think this is an appropriate form uh you would like to discuss it uh yeah you can but um but given the emails that you've sent us and and also the discussion we've had within beautify i think probably the best thing to do is you want you can have a conversation with me i'm happy to address any concerns that you have but i don't think this is the correct form oh okay okay i will discuss with you privately sure okay i got a pretty serious question um what is up with the x-men names you don't like them no i love it i'm just curious why so uh i'm happy to feel better unless you want to what uh um so it's several months ago we started working on this uh some of the people who i actually don't know uh maybe who some of them are um chose uh to work pseudonymously and they chose uh mutant names and the reason they chose mutant names is because we consider ourselves bitcoin mutants where we're the next evolution in uh in what bitcoin can do and um and uh we also see everyone who's working on and using sovereign you everyone who is sovereign as a superhero and so it just sort of emerged and then it kind of became a culture primarily among the deaf team a lot of the people who joined uh chose x-men related pseudonyms for themselves but i think aurora was the first one to do it or you wanna you want to give a little thought on that or um sure you think of some excellent so yeah in general like jaguar already explained very well like why the superheroes and why the mutants um but i want to just chime in on why speedonomous and there are a couple of different reasons speaking for it one is that people tend to trust in people who are standing behind the project instead of just trusting the work they're doing or not trusting but verifying the work they're doing so um there's also an article about it that you can read don't trust me but very fine so um this is important but you are serving individuals you are responsible yourself you put your money and what you do with it and i think it's not the right approach to um trust organizations or people to handle your money but instead rather verify what has been done and this is here possible you can verify the smart contracts you can verify the ui code everything is open source there should be no need of trust involved at all and so the most important reason so these these x-men characters and and how they're playing out and the rest of us will all become much more part of the narrative uh that we're moving forward in developing the comics you'll see that on the new website um we've engaged uh writers uh and creatives create a complete world around this and so we'll be explaining all of these concepts through the voices of the of the different characters that are represented uh as archetypes from the team it's really a large part of the sovereign community uh communication channel is to develop this this world and communicate all the things about sovereign and about crypto economic economics and being sovereign so that's a long-term project that you'll see folding out this year cool i'm curious uh ingalandia do you have like a closing wrap or do you just have closing comments because we're about just in crows just intros um but yeah to respect everyone's time um i will close this out and uh uh do you mind if i just say one thing first yeah go ahead right yeah so so selena is working on putting together a a new bounty which will be open to anyone uh we should be posting a number of uh roles that we are looking for for people to join the team and help with with this is on dev side partnerships and all kinds of other things and she's creating a thousand dollar bounty for anyone who refers someone that joins the team as part you know of one of those roles that will probably be published soon in the bounty channel so just keep your eyes open for it and then the other thing that i point out is we've had a really great of especially over the last two sprints a lot of people have taken it on them just to just kind of fit and start working on the project and a number of these people have ended up coming um effectively full-time members of the team so uh if this is a project that's interesting to you it really doesn't matter what your skillset is if you can think of any way to contribute we've got you know there are people who can videos or people proofreading translating things doing work uh bots running nodes anything that is interesting to you and there's just an entire will here um dive in and find a place for you i mean it's like it's the cypherpunk thing and you shall know him by his code you know that's what we do so when we recognize people that do things in our channels there's a number of them here in the community call that have just joined us in the last week if you show us what you can do man there's no reason why it is that we're not going to make you part of the team you know we've got a lot of things a lot of things to do this year so reach out to us be proactive and then there's one other thing that i would uh mention um we've had sips coming from uh most of the sips so far have been coming people who are like part of the core team um but anyone can and i think what immunify proof is that there's uh opportunities to have india um right up and um very likely uh uh if it's excited community will get approved pretty quickly so now don't be shy if you have a killer idea um write it up uh let us know let us debate it together and um maybe you'll be the uh the author of the next step that gets approved and with that i'll hand it to you thank you also to add to that um we are looking for more appearances on youtube channels and podcasts so if you have a favorite um you know youtuber in the d5 space or podcaster like let them know about us so that you know we can we can appear on that and and spread the message even further out and create more uh sovereign individuals so please hit me up name's ingalandia um if you have a great idea on on like a d5 platform or protocol that we can integrate with that would that would um you know improve the the offering of sovereign if there are wallets that you think would be cool to like introduce us to for integration uh purposes um yeah i'm the guy that contacts regarding that um so i will close this out but you guys are free to hang out if you like so thank you all for joining this call your support makes all the hard work worthwhile so we're collective carving out a trail for financial freedom dismantling what people know and understand about money and making an art of it along the way so help us spread the word and create more sovereign individuals so thanks everyone for joining have a great weekend cheers thanks everyone thanks everyone all the best thank you thanks guys where's the outro wrap look we are wrapping this up okay there's no rap oh god guys anyone speculating whether or not binance will list rbtc it's a question a time frame i think

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welcome everyone to the stavran community call uh issue 12 my name is ingalandia and i help with community and business development for the sovereign community now if you'll allow me i would love to open up the call with a dope freestyle wrap so just give me a second to load up the music and we'll see how this goes very unrehearsed very raw world premiere sounds like one of our token sales yeah there you go all right here goes another week full of hype with the bittocracy so i'll wrap a sovereign verse like no one stopped and me yesterday we had an influx of tweets and new follows after the proposal from anthony popliano he wants to get involved though and create a new stronghold for bitcoiners who put potential yield on hold we need d5 for bitcoin secure and permissionless so we can all build our wealth as central banking diminishes rapidly building solutions at light speed from the amm to new pegs with the likes of keep jumping on calls with potential market makers preparing for live trading sov sooner or later transferability is happening a week from now dig the sound say goodbye to dollars euros and pounds we govern without crowns no centralization allowed sovereign the d5 black chip talk of the town glad you all enjoyed it thanks for joining us here thanks for sharing in this mission my name is ingalandia again and uh the rules are if you're not speaking please mute yourself if you would like to speak please toggle the mute button back and forth to get our attention and if that doesn't work feel free to politely jump into the conversation um i know you may have questions about pompliano's proposal so please save that for sunday's ama if you can at uh 11 am yes est so new york time so before we go through the agenda with anyone like to introduce themselves if you're here for the first time would you like to just say your name and say hi this is a completely open floor forum so the floor is yours if you'd like to say what up what up awesome uh so let's uh what up guys hello hey what's your name henry nice to meet you henry welcome to the sovereign community call uh so allow me to bring in uh idoniago um the chief cheerleader of sovereign project feel free to to take the floor i take it i missed the wrap you might have but you can catch the recording you're a mute on case you're trying to oh sorry um okay well thank you everyone for joining uh it's how these uh calls grow from portugal uh there's a lot going on and a lot to talk about two things in particular uh we have um two upcoming sets which are very important and we have uh liquidity trading and sov to discuss and so uh what's going to be happening in the very near future is we can expect two sips the first you probably have already seen is the uh strategic sale being suggested by a syndicate led by anthony pompliano i'm very excited that we're starting to see the community grow at an exponential rate more different and larger players are looking to get involved in the future of finance and help us build the financial operating of operating system of the future and i'm extremely excited that um most or many of you who are on the call are ogs who have been with us before um uh you know the let's call in the institutions got involved it's it's uh it's exciting and and i'm proud that uh you mutants and i all get to be og's in this project i don't think we'll be talking too much today about the syndicate proposal um put forward by anthony dompiano for two reasons first of all he's not on the call second of all there is an entire ama dedicated to that at uh 11 a.m est which i believe is 3 p.m gmt uh on sunday so anyone who's interested in discussing that that will be a great forum to ask questions to discuss um and um to this and for us to have the opportunity to discuss with uh as a community beyond that there is another ship which we expect to be coming forward i know that some people are working on it and and expect to have it done today which is all about managing our uh treasury as a community so at this point um the sovereign protocol has somewhat over 400 bitcoin in its treasury and um that is a powerful tool that we can use uh to uh advance the protocol but also and this is one of the key things uh utilize it for improving the pricing and liquidity in the system and that brings me to the matter of liquidity so uh as many of you uh have pointed out um the prices and in particular the price of bitcoin it's like you know sovereign tells the future uh when when the price of bitcoins are gonna hit sixty thousand dollars it hits sixty thousand dollars a day or two in advance on suffering um but what we would like is we would like the pricing to be effectively the same as on other platforms and the reason that has isn't happening has been discussed uh multiple times we'll we can talk about a little bit more today what is key is that we as a community are now going to crush that liquidity uh uh problem we're going to squash any price differentials that shouldn't be there and there's multiple things that we can do in order to make that happen and that i think should be the primary thing that we discussed during this call because we if we crush that uh price differential and if we increase the liquidity in the system what that means is that we will be able to remove the white listing and allow the entire world of liquidity and the entire world of users onto our system and that i think goal is extremely close so i'd like to talk with all of you guys how we make that happen over the course of the coming couple of weeks um so uh we will have the opportunity to discuss those things in greater detail uh after the the updates from the different team members um and so i'd like to hand it over to aurora hey everybody um so yeah like you heard um bringing liquidity into the system was one of our or the not just one of our most important um both at the moment but the most important goal and so our development efforts were centered around this purpose so we made a lot of progress on all of the bridges so we launched fastbdc um with 0.1 bitcoin limits um this is an improved version of our old fastback dc which is now better distributed more robust and secure and we're going to increase the limits to one bitcoin after a successful audit of the system um some of you helped us testing the ethereum bridge so thanks very much for the valuable feedback like this really helps us to improve and um there at the moment we are in the process of setting up a distributed federation so we're preparing for maintenance launch as well what needs to happen before the main at launch is that the audit of the back-end site needs to be completed currently we're just having an audit of the smart contracts but you would like to have a full system audit before launching the bridge with a um considerable amount of funds in it so um the same bridge that you're using for e3 and we're also using for binance chain and this allows us for even more easy liquidity onboarding from this side and for better arbitraging opportunity um public crashing has been on topic which has been discussed here in the community a couple of times like you can see that our prices are sometimes diverging from the prices created on other venues and this could be this would not need to be if our arbitraging opportunities would be taken often enough but what is currently keeping us from taking advantage of these opportunities is the difficulty to complete the orbit rushing cycle so you can't sell bitcoin for a higher price but then it's hard to um transfer like to swap the usdt back to bitcoin because you cannot do it in rsk there is no sufficient liquidity and so you would need to go to a different chain and with our bridge to the binance chain they are enabling exactly this use case so we hope this will help us to make a big step in getting the price to the worker rate um we've also made progress on our bitcoin bridge so we ran the first end-to-end test locally and by doing so found a few issues which are currently being solved and we expect to have a running test and version ready sometime next sprint so we will keep you updated about this and we'll ask your help with testing again um as most of you know by now we're also preparing roll up arbitrarium and having a running data note on the avatar test net our complete system is deployed there um we did some internal testing and what is the next step is to connect it to a front end which allows like all of the community to join in the testing efforts and then we need to enable the roller from the rsk test net because currently it's only possible from kovan we need bridges directly to the rollup and we need to test the migration of all of the existing funds on the existing contracts so these were like the main the main points of work for the sprint we also had some smaller tasks which are working on we've almost finished the test migration from brony to hardhat we introduced some improvements to the survey notes mostly on the front-end side to make the operation easier so if any one of you would like to run a surrey note let us know and then there were some updates on the ui side um so staking is now live on mainnet if you haven't seen already check it out and once your tokens become liquid you can choose to stake them in autocracy for more voting power and later also fee sharing at this moment it's not yet enabled but it's going to be enabled sometime soon we are having new data feeds and new graphs for trading prices we made a huge progress on the hardware vault integration but it's still not live because it's still in progress and our design system and patterns are nearly finished and apart from that there were a couple of bug fixes so on the front inside there's also always a lot of different things going on but really like the main point here is that looking at life on maina and yeah that's it for the update from the sprint so on the next point we're still going to focus on the liquidity side so we're going to still be working on the bridges because there's just a huge amount of work and maybe we have also time to look into improved liquidity mining um what is coming next sprint which is rather important for all of you is that the first and the original tokens become liquid next friday and so um we are planning to have suv listed on the platform by the state so you can directly use them to provide liquidity to the serving amm pool or to stake them or if you would like or to sell them so just to jump aurora with one clarification um so that people don't misunderstand we will have uh the sov btc pair trading on our platform uh and our target date for that is march 30th the tokens become unlocked on march 26th and part of the reason that we want to do it on march 30th is to allow people who would like to act as liquidity providers and earn uh fees and every single transaction that happens have opportunity to deposit their funds as market makers to effectively add liquidity to that pool yes but adding the quincy of the pool you're will be earning trading fees so it um can be quite a locative business if you do not know what else to do with your sov um yeah and i think that's it mostly from the development side [Music] if there are any questions now specifically about development updates i'm willing to answer them what else you can also yeah um i have a question so with regards to the pool the btc sov pool is it strictly trading fees or will there be some sort of liquidity mining attached to it as well um it would be great to have liquidity mining attached to it as well um we might have it and i think it's on the plan um but i'm only i'm only asking so that people can obviously make informed choices obviously impermanent loss is something people need to consider but obviously having liquidity mining will obviously compensate for that but i just wanted to know if maybe it's not at the beginning maybe it's something i'm sure it's on the road map but i just wanted to know when you initially launched the pool yeah it's probably not going to be ready when we initially launched the pool but i think it's something we can consider giving retrospectively as well [Music] so this would need to be discussed and then of course communicated accordingly but i think that you're having a very valid point and it's important to um offer liquidity mining rewards especially at this early stage thank you um doesn't a bancor v2 protocol which sovereign amn is based on actually uh have mitigations for impermanent loss the thing is that impermanent loss does not happen like on a regular amm it's because um having a different model like we are having one-sided liquidity provision to the contracts and the model of the contract should ensure that impermanent loss is not created because the oracle is creating the incentives for the market to always restore the balance of the two different currencies so if the market would behaving as expected by the model which means that arbitraging opportunities would be taken frequently enough then it would not be created but at this moment we're having the situation that arbitration opportunities are not being taken frequently enough which means that at this point our amm is also creating impermanent loss however this should be only a temporary um phenomena because as we're having more liquidity in the system in total um a liquid like the price will not move as much arbitraging opportunities will not be created as frequently as they are now and be um we're going to have better arbitraging as well so add more market participants so this is more a problem we're having now in the very early stage and which should be less of a problem later on but this is one of the reasons why it's important to offer liquidity mining now this very early stage before because um later according to the model and maybe we might need to tweak it a little bit um the impermanent loss should not be created any longer hello can i can i can i make a question hello yeah if the if the sov btc pair is going to be working on an amm pool based on oracle amm pool uh what what is going to be the price fee because eslv has no price in any market at all in this moment this is a very very excellent question and something which i almost forgot mentioning but exactly because of this purpose um sov will be a v1 pool this means that sov will be a very regular amm like unisport for example where you need to provide two currencies and the price is determined by the function and you do not have so this is why this will also generate um important impermanent loss just like any other regulator okay thank you some later point in mind yeah it might be a good idea to say what impermanent loss is um yeah so impermanent loss is a loss which is experienced by staking up to a protocol in contrast to just muddling your funds just because you're always [Music] to provide two different currencies and the market dynamics are like the price of the system is being computed by the relationship between the two different values so because the amm is trying that the ratio in each pool remains at 50 50 in terms of the value of the liquidity you can make you can make a loss in comparison to the gains from the asset which should be posited um i think this was a very terrible explanation let me let me let me give it a shot all right so in a regular amm like uni swap what you do is you deposit two assets so for example you deposit ethereum and you deposit uh wrapped btc right and those two trade against each other now if you were just holding wrecked btc and the price of btc goes up in comparison to ethereum you would despite the fact that you're making money uh from every single trade that happens in the system you are losing maybe you might be losing more money in that you in that you're you're splitting your exposure away from bitcoin okay now our system doesn't work that way our system uh what we have is the ability for you to deposit only one asset right so you don't experience impermanent loss in the same way however let's say that you i mean you probably have some desire to hold sov otherwise you wouldn't have sov you wouldn't have acquired a city and in doing so what you've demonstrated is a desire to sell bitcoin and hold sov now let's say that you deposit sov into our pool right before there's an oracle once there's an exchange which is trading uh or even external exchanges like unisa which is also trading sov that we could start pulling in those data feeds but until then um there's no oracle which is constantly rebalancing the ratio of the price so what could happen is that the price of sme continues to go up um and because you're making a market in other words you're saying to people well maybe maybe i should take this a step back what what is market making market making is there's uh john and there's mary okay and john wants to buy sov and mary wants to sell sov okay now in a regular environment right in a pure p2p environment john would have to find mary and they would both have to be willing to make the same size trade at exactly the same time this is obviously extremely impractical and so into the middle steps the market maker the market maker in a traditional market is basically like the guy who sets up a store and says i will always be willing to buy and sell these two assets and so when mary comes he sells uh uh he sorry he buys sov and when and when john comes he he sells sov and that could be two days apart right or 30 seconds apart it doesn't matter he's making a market all right now that that's what you know the big banks that's what the hedge funds do they make their money by making markets robin hood is free because market makers will pay robin hood just for the opportunity to make a market because it's extremely lucrative because you take a little bit uh you sell at a slightly better price on each side but if you're in the business of holding rather than maintaining a neutral position right what it basically means is that you're saying to people listen guys anyone who wants to buy my sov i'm willing to sell soviet if the trade is all going in one direction in other words people are all looking to buy something people all looking to buy btc like in in our platform right now versus usdt um it means that over time you just basically constantly selling to people your sov now you're selling your sov if you are interested in selling your sap the best way to do it is to be a market maker why because you you get to basically dollar cost average right bitcoin cost average down your sov and you're always selling at a rate which is slightly better because you're taking the market maker fee right so if you want to sell slv the best way to do it is to be a market maker instead of just being a player right but if you're trying to huddle and maintain a position which you know you've got 10 sov today you want to have 10 survey ss srv tomorrow acting as a market maker does not guarantee that fee uh diago just a quick question on that um does the sovereign treasury or platform plan to provide its own liquidity for that pool to begin with yes we have been discussing it and that's one of the reasons that we're going to be having a treasury set because we want um to set up a uh committee for a treasury which we call the challengers of the exchequer and the chances of exchequer what we're going to look to do is have them have the ability um be be granted the ability by the uh community to manage the treasury in such a way that it can provide liquidity to the different pools are different pools etc so that we can start providing that important function within the system but where will the sov come from i can understand where the btc will come from but where is the sov coming from most of the sov in the world is held by the sovereign protocol and so right now there's a small amount of sov which is controlled by the protocol in other words it's already unlocked and can be provided to the treasury i think it's about 600 000 sov and uh uh if you guys have seen the the graphs right where you know the adoption pool gets unlocked over time where that is supposed to go uh is decided by us by the vetocracy and so we can choose that right now for example until we've got the liquidity mining system set up it goes to the exchequer so the extract can make use of it cool thanks cool are we moving do we need to discuss that further well i think uh it seems like dude either i didn't explain it at all or i explained it well enough it doesn't look like there's an additional question at this moment we can always take more questions later if anybody has any questions let's we can continue yep let's see who is next on [Music] uh i do have sorry wbtc sov uh basic answer is that it doesn't directly impact it because the the funds held by the programmatic sale uh uh pool remain in there to utilize them um that said uh starting march 30th um there won't be quite as much sense in doing said i have a system which sells into that over time uh we could want to have the evolution cell i mean evolution cell for example was planted to be a cell on ethereum so it might be that we still at some point in the future decide to have the evolution set in order to open up that market a good example of this is if you guys are you know reading the crypto news you know that coinbase are planning an ipo but the coinbase stock already has a price right because it's traded on secondary markets now not everyone can participate in secondary markets only really accredited investors in the us can participate in the secondary market so when there's an ipo it just basically moves those makes it creates a new market called the nasdaq where uh coin shares can be uh traded right but there already is a price and that's how they came up with this idea of 100 billion dollar ipo because that's the price that is indicated in the secondary market so um it doesn't mean that you can't do sales it doesn't even mean that you can't try and set what the price will be but of course in the extremely liquid environment which is crypto having substantial price differentials because of uh new markets might not you know it it still happens but it might be somewhat reduced give you an example of a way in which it does happen so let's say that there's some uh token which is trading on unison right and it's trading at ten dollars a token right and then uh everyone starts to get really excited because they hear it's going to trade and finance and what typically happens is that that market will open up and finance and suddenly will be trading at 40 right um so uh introducing new markets even though from a theoretical perspective like an economic theoretical perspective should not change price in practice does and um you know the the the line you know which i think we should all be very familiar with about this is that in theory there's no difference between theory and crack and practice but in practice there is thank you okay is that it for questions um hi guys uh if you don't mind i think iago made an excellent point with uh first establishing a market price for solve and that indeed opens a door to a lot of other opportunities into a fair evaluation i was just wondering and i know we said we didn't discuss the the pomp proposal but this uh question i'm having doesn't actually concern the other side only concerns us wouldn't it be wise from us to first establish the market price and then consider outside proposals for acquisition thank you yeah i'm happy to respond to that although again i don't think we should talk about this too much and it would have been a great question to ask and you still can ask it on sunday but so i'll just say you know i don't think we should get into that too much now but i will respond to that question um what um what anthony and the other investors know or think right when they make an investment is that they're gonna make a lot of money and that's why they want to make an investment i mean but you know they have other reasons as well support the mission etc but you know they want to make a lot of money now um they know that what will happen uh when the the the token starts trading on a market price uh they suspect very strongly that it's going to trade quite a bit above the price that they're offering and so they're trying to get in at what they think is a lower price of what the market price is going to be so in a way one way to interpret usman's question is should we let them and i'm going to suggest that we should because i spent a bunch of time in our forums and telegram and the truth is that i think that the profile of investor who would be coming in um is more valuable than the money that they're bringing they bring substantial strategic and intangible value and so we would want to give them a discount however once the token has a clear market price convincing this community right to give them that discount will be like herding extremely angry cats no one will want to do it and so can you please mute yourself if you're not speaking and so i think that the reason or one of the reasons that the syndicate have made their proposal now is because they are aware of the fact that it is likely to become um liquid they know that there's likely to be a market to emerge and they know that their window of opportunity is closing so they want to grab the opportunity and i think we want to grab the opportunity as well because it's true that in theory we could let the price be whatever the price is and then come to them and say listen guys we're going to give you a 20 25 discount right and also remember they're locking their tokens up for a long time etc etc but trying to explain that to this community uh not to the guys on the call not to you people who are on the court but all the people right the thousands of people who are not on the call but can still vote is going to be a very very difficult task they'll want to negotiate the discount they want to ask why there isn't a discount they want all kinds of things you've seen the the telegram groups just as well as i have and so i think that for us the window of opportunity is closing as well and so i for that reason supports doing this because i think it will bring substantial benefits to all of us uh and to the the future of the protocol [Music] thank you for the detailed answer appreciate it jump in here as um i think it's my section now there's no further questions um so uh my name's slider and i lead the adoption team um i just want to give you a quick update on what we've been doing so um we're obviously we're really excited that the origins of will become liquid towards the end of next week and it'll be possible to start doing things with it um what is really exciting in terms of our market making efforts is our marketing efforts sorry is that we will be um opening up the sovereign experience to new users this means that we will start to lift the white listing although this will be in a very limited way to start with starting with the sov btc pool and this presents us with the opportunity to begin promoting sovereign offering to the wider crypto community so we can start testing the market um and ultimately start getting new users on board part of our task in the next iteration is to describe the the many ways that it's possible to earn funds with sovereign and we're working on how we communicate that opportunity to you and people outside of the community here of course as discussed just now there will be opportunities to earn through lending through arbitrage and through providing liquidity to the various pools some of these opportunities are up and running now but some uh some are coming down the line so please look out for further information on that and how you can get involved and where are the best we will try to communicate where the best opportunities are to supersize your stash um another theme this week has been the website and the team have been busy preparing this and the copy and graphics are pretty much finished um we're now going to push this to the developers and we expect it will take about four weeks before we can reveal the final site to you um but having reviewed it today i can tell you we're very very fortunate to have a talented group of designers working on this um and it's going to be well worth the wait oh and a shout out to two for heading that setting that project up and that's pretty much it for me it's it's not a long update this week but um i want to thank you for supporting sovereign by continuing to share our updates within your networks um please continue to do that and of course we're always open to offers of help if you have a particular skill set you'd like to put forward we're always happy to hear from you so you reach out to me i'm slider um thanks very much back to you and tomorrow thanks brian um i mean slider uh let's look at who's next on our agenda um excel surfer that'd be me hey everybody first thing i'd like to do is is a big word thanks to our awesome community management team with uh with their ability to respond with patience and knowledge to people in our channels spreading knowledge shout out to the wiki team for enabling that it's really great watching that and seeing the community grow and being 99 welcoming of people that that jump in and seeing the dialogue shift to knowledge about all the things that are happening in the ecosystem so one of the big things that we have moving forward is we've been looking into ways you know how to do uh education activation programs and uh we've developed now based on the information on the wiki a 50 question multiple choice quiz which will get put into a type form with shiny shiny graphics from our awesome design team sue and danny uh and we'll look to attach some sort of rewards program to that so that's in planning look for that to be coming out soon um the second thing is that we are looking to build an nft platform also for rewards and badges natively on rsk yago and i have spoken to a team based in spain and argentina that are already building such a platform and are hoping to onboard them into building a system for us that would expand out to the community and allow people to create their own nfts and for us to do uh curated art and stuff like that so that's another cool feature uh the big news that i have though is that we're pretty close to like settling details for the sovereignthon hackathon which we hope to hold in the first week of may reached out to git coin this week and spoke with founders there who i've done other projects with yago and i have a meeting with them on monday to settle the details we're looking to offer uh five hundred thousand dollars worth of sov and bounties which would be the largest um of bounty program to happen on gitcoin uh they've been highest i think like 300k the reason for the hackathon is uh not only community building but essentially to reach out for talent and to reach out for features and bridges into the uh into the sovereign ecosystem this will be our four-way and our foray into the so developer side uh of the ethereum market since we're thanks very much uh surfer um so i'd like to take this now to the question of the liquidity and the pricing within our system and talk about how we together can eliminate uh the price discrepancies that we're seeing make sure that we're all able to take the type of positions and then remove the limits on transaction sizes and remove the white listing so what is the path to getting there so we've already discussed the amm right the automated market maker the ability for all of you guys to be market makers and so um i i want to make a distinction here there are two ways that you can help fight price discrepancies in the system both of them are profitable both of them are things that you could be doing right now and we're going to be looking over the course of the coming week or two weeks to put out tutorials and information which will help you figure out how this works but you're smart guys and girls so let's talk about how you could start doing it like right now so the first way you can do it is by acting as the market maker providing to be by being a liquidity provider to the uh pools um and the number one pool which is causing trouble right now is the bitcoin to usdt and bitcoin to doc pools in other words the bitcoin to the dollar denominated asset pools what they need is more bitcoin we have now uh reintroduced fast btc which means that you can very easily get btc onto the system and we're going to be increasing the limits so that you'll be able to transfer much larger amounts of btc soon right now you can transfer 0.1 btc but i expect it will be one btc and more in the near future so what you could do is you could go and deposit that btc into a pool for example the btc usdt pool uh you do that on the market making page and you will begin to earn money on every single trade that happens in the system there's something you can do which is even more powerful more valuable and more lucrative than that and that is that you can balance the prices you can arm the prices yourselves right so you can provide liquidity but that's a passive activity and it doesn't uh as quickly impact the price it just means the price from in the future will move more slowly but you can literally move the price and the way you do that is let's say the price of bitcoin is too high what does that mean it means that if you sell bitcoin you're going to get more money than you should you're going to get more money for your bitcoin you're going to get like let's say that the price of bitcoin is trading in other exchanges for 55 000 and on our exchange it's trading at sixty thousand dollars that means that if you sell a bitcoin you immediately make five thousand dollars free money so how do you find those opportunities we are working to put together a page and it's going to be ugly because we're looking to put it together quickly but we're looking to put together a page will make it easier for you to find those opportunities but you can already find those opportunities all you need to do is go to the swaps page and look for a trade for example a big hint here right bitcoin usd and if you see that the price of bitcoin on our system is too high just sell bitcoin now some of you most of you probably all of you don't particularly want to sell bitcoin maybe some of you do well if you want to sell bitcoin our platform is by far the best place in the world to sell that bitcoin right now and but um uh let's say you don't want to sell bitcoin you really want to be an our trader right that's very hard right now and will probably be hard for another week until we get the bridges up once the bridges are up you'll be able to buy that usd send that usdp to a different platform buy bitcoin send the bitcoin back in do the whole thing over again and basically just print money for yourself right now you have to be a little bit more sophisticated the best way to do it if you want to keep your bitcoin position neutral but still print money is let's say you have a finance account right you go you sell bitcoin on our platform and at the same time or more or less the same time you take a leveraged 2x long position on bitcoin on binance now what happens you've already just made money on our platform if the price of bitcoin goes up and your leverage long works you've made even more money if the price of bitcoin goes sorry if the price of bitcoin goes down on your leverage loan then what's going to happen is you're going to end up in a new position this is a this is a typical arbitrage play it's basically you get to control the situation so that you can print money on average and in fact if you're if you if you're if you're careful about it in other words you're watching the screen or uh uh you are uh you know you build a box you can not just print money on average you can print money on every single trade all right so uh we don't need a lot of people to do this because there are big discrepancies now but they're caused by relatively small amounts of trade but if just a few people started doing this and you know i'm planning to do some of this myself we will very very quickly crush squash that price differential in a way which will allow us to consistently have the right pricing and to basically start eliminating all of the limitations that we have to trading on our system in addition to that to encourage you guys to go and participate in this to learn about this to look in this we're currently looking to introduce some rewards uh this will not be typical liquidity mining rewards because um either liquidity mining isn't set up yet and probably won't be properly set up for a few weeks the reason the liquidity mining system isn't set up yet and won't be properly set up yet for a few weeks is because what's most important for us now is to make sure that we can get a huge amount of funds into our system once there's the ability once we can open up those gates right then it makes sense for us to start aggressive liquidity mining because then we could just like become a black hole that absorbs all of the liquidity in the world right now would be wasted so there's no point in us having that liquidity mining right now but we can have targeted liquidity mining programs and these will have to be done in a retroactive way so we're planning to retroactively effectively airdrop sov to people who are participating in this and will be uh if we if we uh have the um if you if we manage to get sorted in a way where we are happy with it and it doesn't distract the team from the other important stuff that they're doing um we will basically be starting that asap so keep uh listening and and we will be looking to post about that about through all of the different channels so you can hear about it and take advantage of it and then finally come march 30th there is going to be uh the sov btc uh uh pool and here again there's an opportunity to print money what do i mean if you are interested in selling sov you could just go and sell sov but that would be silly because you'd be missing out on money you could make the best way to do it is to deposit that sov as a liquidity maker and then you every time you sell you also earn the transaction so you make more money than you would the other way around the other side of it is if you're one looking to sell btc then deposit btc and act as a btc market maker and both by the way because trades are symmetrical that works in both ways right so if you want to buy sov right the thing the thing to do is to deposit btc now if that's not happening quick enough for you you can always withdraw the funds and buy you know do it you do just a a market buy like on the spot but if you don't have like a a need to buy at the exact price that is happening right now right but you have a general sense that you want to go long or want to go short on any one of those assets the best way to do it is to act as a marketplace i suspect through the conversation that we're having here the um educational materials that the team are working on to put out and the various uh rewards that we're hoping to do i i believe that over the next two weeks we will crush squash destroy eliminate the price discrepancies in our system which is going to mean that our system is going to become unlimited very very soon and there will be no turning back um and um there's one other thing i want to talk about in terms of earning a way to earn sov but before i get into that i was wondering if there are any questions uh or extra explanation that i or anyone else from the team can give on this issue yeah spread out your investments here's the entire sorry who is speaking okay i think somebody got lost there um can i answer can i please ask a question sure um there was so much uh good information in everything you said but i couldn't uh let's say um memorize everything could you please tell us where uh we could find the recording of everything you said and where where where and when will you post it so that i can listen to it again and do what you were saying or maybe you can tell us if you're going to put information about it somewhere or something in grandia thank you okay great thank you by the way there are much more sophisticated games you can play right there's basically no end to the sophistication and creativity you can have like for example let's say you've got sov all right and you want to print money and you spent all of your hard earned bitcoin on sov well what we're going to be doing soon is we're going to be adding sov to the lending so what you'll be able to do is take your sov deposit it into the lending pool as collateral borrow bitcoin go sell that bitcoin all right which is bitcoin that you don't even like properly own right you you've borrowed bitcoin you've now made a profit on that bitcoin okay you can then uh go pay back your loan and you're like again you're printing money and you're printing money on money that you don't even like there's this is what decentralized finance is is is is is it makes possible right not everyone's going to want to take advantage of these things right i am not sophisticated enough to take advantage of most of these opportunities which is why i'm i'm i'm a simple clip who goes and builds [ __ ] right but many of you um were smart enough to find someone early on i'm sure you guys know how to do these things um and educating yourself on them um is an education worth while because it's the future of how you manage your finances like until you guys die so there's there's a really interesting opportunity here and that's one of the things that's exciting about sovereignty i have one last thing sorry if there aren't any more questions i'll also stay on as will i'm sure many others uh after the call to to continue the discussion but there's one other way that you can start earning sov starting today i'm sure it will get published in the bounty room if not today then very shortly uh we uh are offering a thousand dollar boundary reward uh for any referral that ends up with someone being hired by the protocol in any position so that's a thousand dollars worth of sov that you can earn from just making a referral you can go into the wiki look at all the different positions that we are looking to fill you know someone who does this you know even yourself refer yourself refer a friend get a thousand free dollars in sap but there's one particular need that we're looking for in particular which is senior developers all right extremely talented engineers right we want all of the extremely talented engineers in the world working on sovereign and so we're offering a ten thousand dollar referral bounty all you need to do is refer someone who actually gets hired you will earn ten thousand dollars so uh hit your your your network hit your linkedin call that really really smart guy that you met once in a bar whatever right uh and start referring them to suffering because if we hire them that's ten thousand dollars start printing money with sovereign i'm unfortunately disqualified because i'm not a senior developer or anything hey guys what's the eta on the uh on the east bridge uh yeah i mean i can't give an exact date tell you it's it's it's so close i can feel it breathing in the back of my and any updates on the use of tbtc and using those guys to bring in more btc liquidity into the platform that's moving forward um but we'll take several weeks more that's extremely complicated uh tech not to mention the fact that we're introducing all kinds of impacts to it so yeah that's going to take a little bit longer thank you guys thank you guys thank you guys

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my name is angelandia and we're about to begin the sovereign community call if someone is able to record a backup just in case um just in case something happens with this recording because it's continuing from when i attempted recording an hour ago just as a backup i think this is fine um but that would be very helpful i appreciate it so without further ado i would like to kick off this call with a an awesome uh rap verse uh specifically designed for all you sovereign knots and um i'm going to kick it off right now so here goes world premiere once again okay one second grab a chair and see yourself insiders know we crossed 7 million tvl sovereigns looking sweet as hell we are making strides on the rise now you got yourself a chance to liquidity mind plug your wallet to the single-sided amms bitcoin usdt i shouldn't have to say again maybe you'll relay a friend pushing out proposals like send it passing votes with the positive percentage what you know about consensus making sure that nobody can take away your money because the private keys are held in your custody and easy like it's one two three engellandia is sovereign this is chess and i am stockfish if you're bearish you should stop it yeah yeah better hurry up and blogging cause the sovereign call started permission list protocol censorship resistant scalable system now it's time to reconvene and get a brief of the mission okay i hope you all heard that yeah that came out okay cool so thanks guys for listening i appreciate the claps i appreciate it thanks a lot it keeps me going uh thank you guys um thank you for joining us here thank you for sharing in this mission uh my name is angelandia i help with business development for uh sovereign and the rules are if you're not speaking please mute yourself if you would like to speak please toggle the mute button back and forth to get our attention if that doesn't work you'll freely feel free to politely jump into the conversation so before we go through the agenda would anyone like to introduce themselves and say hello is uh okay all right so i'm just going to go ahead and introduce indonego one of uh one of the leads of sovereign with the governance report hi everyone uh great to have you all on the call i'd like to start with a story which i think helps illustrate the chaos and insanity and innovation that is uh sovereign and sort of what a day in the life of uh contributed to sovereign looks like so um today uh i think at like um 6 a.m in the morning i got a message from someone saying why this is a very angry message why has fastbtc been renamed to top up and then later over the course of the day there were a number of messages most of them angry from different contributors especially on the um [Music] on the community team who very uh uh uh i think justifiably pointed out look the community know what fast btc is we've been putting out a wiki we've been putting out videos we've created a huge amount of information uh about what fast btc is people are using it we've had like 2 000 different transactions over the last week on fast btc why would we suddenly change the name without telling anyone so i started trying to uh research this or you know like like put on my sherlock holmes hat and and and figure out where this happened so i spoke to two who manages the ui and to us well many months ago we had it named as uh we we we used to call it top-up because um eventually we want to have seven billion users who can use the system and it needs to be extremely clear what they're doing and so it needs to be action oriented and so it needs to be something like top-up and then you know intuitive to any person in the world what they are doing and why they need to do it but at the same time we don't want to change horses in the street midstream so i'm not entirely sure why this was done anyway this entire process has gone on until about uh 30 seconds ago because 30 seconds ago in fact i'm not i haven't even finished the process i'm currently in the middle of a flow uh which is the answer to why it got changed uh to top up and the reason i got changed to topic turns out is because um part of the team one of the contributors um have uh implemented two sovereign a fiat on-ramp so that now people from most of the countries in the world can use credit cards or banks without kyc uh or with extremely like kyc to basically uh get uh bitcoin on server which is [ __ ] bonkers it's like a phenomenal accomplishment um and it just kind of happened and um and so i i use this story to illustrate uh the the monster of chaos that is sovereign right all of these different contributors are working uh uh very hard to put together things there's uh not the typical kind of you know there's no company there's no uh a setting of direction in the same way that you would see a company right people get clear mandates people can basically take initiative and do and as a result we get vastly more innovation and vastly more chaos so um i think there's you know a lot of a lot of things to learn from this first of all um we can't expect sovereign to behave as a company uh we can't expect it to provide customer service instead it's got community support a lot of that is volunteers who are providing answers to questions a lot of it is just members of the community kind of just answering something because they got the same answer yesterday um we can't expect it to be as organized uh and and and and and and and and as clearly predictable as other projects like there have been every single day i go onto the channels and i see people asking when is this going to happen when is the sale when is the there you know there's not going to be the same level of uh here's a release date we commit to most of the time the release date is not something that anyone can commit to until there's been a vote or even the decision to do something doesn't happen until there's there's you know a vote in the top on the other hand right you know we sort of we're paying the price of not having a very clear organization but on the other hand you wake up one morning and you've got a fiat on ramp you wake up another morning you've got new statistics pages you wake up the the other morning and and and uh a feature which no one was expecting is is suddenly available and so i think that is the the glory and the beauty and the disadvantage of sovereign and uh uh it's just really living in the belly of this beast is is truly a a a a mind-bending wonderful experience so with that story um [Music] i'd like to take us through the my part of the agenda which is the governance and a few other uh bits and bobs um we have had um from my personal perspective uh you know a very binary experience i think we have been working on a lot of chunky things and one of the big things that we were hoping to have is um uh sovbtc trading basically start this week and it's been postponed i expect it will probably happen next week um and the reason it got postponed was a number of things one there was an issue that we discovered voted on and corrected with regards to the ability to claim origins sov and the second thing is um we had a coincidence the team is very stretched as it is but we had coincidentally a whole bunch of people who for medical religious or vacation or monsoon reasons were not available uh this week and so um unfortunately that got pushed off and i think the thing is you know we all take this extremely seriously one of the you know we talk about basically the sovereign court team having three priorities the first priority is safety and security the second priority is speed and sometimes those are in conflict but we always always always want to uh be uh moving you know as fast or as any project in the world or faster uh so we get frustrated when uh when when things are a little bit slower than we'd like but for the team i think it's important to remember that the stuff that we're building out bridges uh bitcoin trust us bitcoin break roll up all of the various different features liquidity mining all being rolled out in parallel i don't think there's another team in the world that is doing it i think there's another project in the world that is doing it and certainly not with the sort of um not one that is like seven months old and a relatively young and small so i think everyone on the core team really should be proud of themselves okay so two the tips that we had over the course of the last two weeks we had uh sip 14 which flew through c14 was a vote to allow a syndicate of strategic investors to acquire from sovereign 1.5 up to 1.5 million sov that passed with a very very high degree of support it was over 99 support and um and most of that is now coming to a close and actually we are in the process of trying to find out which of these syndicate members want to be public and i think it's going to be the majority of them but they'll need to do that at their own time but i expect that over the next uh short period let's call it a week or two that all will be sorted and announced second was sip 15 sep 15 is the first vote that has ever passed with a hundred percent consensus which was really cool to watch um and 17 was about creating the exchequer uh in which uh uh uh the community appointed seven chancellors uh of the exchequer to help manage the treasury that exchequer has already made a few decisions the two most important decisions you already are we've already started seeing implemented one was by having the exchequer we were able to start the liquidity mining program that is happening and which if you haven't already looked into and participated in i would strongly suggest you take a look at because it's very cool and a way to to earn some sov the second decision which was uh taken was that all of the core contributors have received a sov bonus uh which is going to be vested over a 24-month period in light of the contribution that they've made and to make sure that they are now trapped with this project because it's investing over 24 months so they they now have no choice but to continue working on the project for at least the next 24 months not that i think anyone feels trapped um but you know golden golden golden cage and then finally sip 16 which uh was uh uh i think a really great demonstration of coordination even under chaos um a uh the these taking contracts that we have for governance are relatively complex and were not initially designed with the idea of having separate lock-up and vesting periods and so when the lock-up but no vesting was created for origins and introduced a small bug this bug was identified voted on by the community and fixed within a few days a really impressive job and in particular uh james um howlett uh was the dev who was working on that and i think deserves a great deal of recognition um so uh because we have uh so actually i i'm gonna go on to talk about uh the development work which has been happening which is quite a lot um and i'll be talking about this because aurora is not currently uh available but um but before i do i wanted to check in with you guys are there any questions hey guys it's whipper just a quick question with regards to the fiat on ramp um what sort of precautions is the team looking at uh with regards to the use of illegal credit card activity or freight credit cards fraud related what sort of things do we have to protect ourselves uh before giving up any rbtc or btc for those types of transactions um so given that i only recently discovered this uh was implemented in this way i can't give a perfect answer my maybe someone else can but my understanding is that we're actually not taking on any of the risk that um there is an integration with a with a company called transact and there's basically an integration via their api and i think they are taking the risk but um in glendale i think maybe you are the best positioned person to answer this question i'm sorry could you repeat it the question was are we taking on any risk from credit card credit card fraud um taking on risk from credit it's the same amount of risk that other exchanges would take on in my opinion i don't think so uh so i i don't know if um victor or bitcoin era are on but basically the only way uh a user who uses fiat receives rbtc is if we've already received the btc is that is that correct uh bitcoin era i don't think either of them are on the call all right my understanding is basically guys if we don't have a clear answer today just because it's so new you can push off the question for another time that's totally cool i believe that basically there's no one offering no sovereign isn't touching credit cards or fiat or kyc and never will um so the the way it's been implemented is basically transacts in bitcoin we receive the bitcoin and then the user receives rbtc and transact receive the fiat we are not in the fiat btc loop at all and are not taking on any of their risk totally cool and i think that's a super awesome feature to have so congrats to the team for that any other questions guys um cool oh yes yes sir um speaking i heard in the uh tm is speaking okay i heard in the i think in a forum or discord or telegram i can't remember about the considerations of having a legal entity to established and my question would be do we need such thing and is there any progress or what's the the kind of thinking around that question yeah so that's a good question um yeah yeah please i was going to ask if you're here yeah so the simple answer is no we do not need a legal entity the sovereign treasury and majority of payments uh and expenses made by the protocol are in crypto and were a crypto native project however there are instances when it's um important to have a legal entity in order to transact with external third parties such as exchanges market makers um and others who facilitate trading with um with sov beyond the sovereign exchange um so the idea behind the legal entity is that it is a nice thing uh and the legal entity that we're exploring um is a new construct in which the only mandate that the entity has is to follow bitocracy um or or actions that are approved by the autocracy um and the legal entity itself will operate as a non-profit um so you know as i mentioned it's it's not a must but for a number of the projects that we're involved in and in order to give as much exposure to sov to the community um it's it's it's an important piece of the puzzle yes thanks for your answer i totally get that point but in my thinking and i may be wrong totally it is more of i mean it's nice to have yes that's true maybe it's a requirement on on certain places but doesn't it give a lot of exposure to legal like it is a burden and it gives a lot of legal headaches and like bans and whatever so that's that's my kind of thinking you know what i mean yeah i know absolutely what you mean i think it very much depends on the jurisdiction in which um it's established and it also depends on the structure whether it's a for-profit a non-profit um whether the directors themselves can be dismissed by bitocracy in the level of control that burtocracy has in essence if structured right it's not an entity that will exert any level of control over the ecosystem and as such i don't think will be viewed as a nexus of control um that can jeopardize either the project or be in you know non-compliance with any regulation again this is an ongoing review that we're doing and the constructs that are arising in different jurisdictions are relatively new and are actually being created in order to facilitate this kind of activity so yes regulation is always something that we're keeping an eye on um also in this regard but overall i think the what the team thinks and what we've the opinions that we've received so far is that the risks or the benefits uh with doing this far outweigh the risks i just add to that um while it won't be exactly the same as an analogy one can think of the bitcoin foundation that was formed in uh 2012. the bitcoin foundation was phoned very early on in bitcoin's history and it still exists today it was quite useful for a year or two managing to help organize conferences direct messaging uh there was someone for a journalist to talk to while this was still so so weird and no one could understand what it was and so for a year it was uh useful uh after that it became a bit of a joke and now no one even knows that it really exists anymore in fact there are people on the team who were part of the the bitcoin foundation back in the day yeah i'd like to add to that so i was the system administrator from the bitcoin foundation from 2012 to 2015. went through mount cox collapsing and all of the attempt gavin anderson going to speak to the cia and charlie shrimp getting arrested and all of that chaos and um more recently uh worked with status and going through that it's pretty standard to establish a foundation uh in a proper jurisdiction um it's been going on for about three years and now we call it jurisdictional arbitrage um there's many many many jurisdictions right now competing for crypto uh compliant crypto and fiat compliant um company structures so it's not really odd and things are moving in that sort of direction yeah and i think the the thing to remember is that the bitcoin foundation while a little bit useful never really never had any particular um it never happened really yeah yeah yeah i mean so companies like uh you know coin center uh went on to do lobbying in washington and took over the things that the bitcoin foundation was initially intended to do it was kind of conceived as something like the linux foundation but it never really it never really achieved that but i think that the the message that we would like to transport is that contemporaneously there are jurisdictions in which uh a uh an organization like sovereign can interface with legacy institutions um and that space is developing very quickly okay so i'm gonna move on to the uh development report so um bridges uh there are currently two bridges uh in development the east bridge and um the binance smart chain bridge which will make it much easier to stop bringing on uh stable coin liquidity as well as many other types of tokens which can be traded shorted et cetera um both of them have been untested for a while now uh work has been done towards um deploying them on mainnet and that work is ongoing um for religious reasons the two primary devs who are working on it have not worked on that uh this week um but we expect that um the uh next week they'll they'll continue and then quite shortly afterwards we expect to have the bridges on mainnet there's also been progress on the uh sovereign ptc uh trustless peg um i have been managing to uh work through it on testnet so we have an internal test networking right now um and i'm hoping that quite soon there'll be a publicly available test that says you guys will all be able to uh get some experience on it and i i think that after that we might be able to start making very very fast progress in getting it to maine it and there'll be quite a lot of information about how you guys can participate in that you uh you know run nodes act as um uh uh bond providers earn uh fees through that um it will also make it much much easier to transfer funds uh back to bitcoin main chains it's a bitcoin back to bitcoin mentioning and i think is a is a uh i you know i think it's going to be a big step forward for us there's also been progress on the roll-up we are uh running it on two separate test nets right now uh we're running it on the rsk test net there have been some issues importing it to rsk so we're also running it on an ethereum testnet to test out a bunch of things um i think their progress has been slower for us and also slower for for the off chain labs team who we're working with on this uh but it feels like it's getting pretty close and i'm hoping there as well we will shoot soon have a public test net that you guys will be able to experience uh and give us feedback on we have as you guys know um always placed a very strong emphasis on uh unit tests for the system um we decided about a month ago to migrate um our unit tests were written in brownie and truffle we decided to migrate them all to hardhat most of that work which has been a very a lot of boring work it has been uh completed now tyrone has been managing their process as well as uh gm crypto so hats off to them hard hats off to them most of that work uh is now complete um there's been a lot of improvements being introduced to several nodes which is an ongoing process and at the team working on that is growing um i think it will take a long time before we have an easy ui so that pretty much everyone will be able to use sovereign nodes but it's becoming easier and easier for people who are a little bit more technically technically oriented to start writing nodes in a useful way uh a lot of ui work has been happening and a lot of ui work still needs to happen uh you know some of the key things that have been happening you know that have happened to the last sprint is uh introducing the ability to withdraw sov tokens which which works and and once we execute the change that was voted on next week uh should be a pretty simple process hardware wallet integration we're working to do something different from pretty much every single other depth that i'm familiar with which is allow you to operate with adapt directly from your hardware wallet without having to go through a browser wallet that work too is has been a huge amount of work and is almost done um victor really uh er er gets the uh has been you know putting in the hours around that um we have a a design system which will make it much easier to improve and launch ui in the future so if you look at the new stats page the hard work there was building out these the the analytics engine uh to do that and that that was done by betsy but once it was done it was very easy for betsy to basically get up and test it and get it up and maint within a few days and so i think that's going to allow us to start getting now that you know we've been laying a lot of pipe i believe that we'll start to see faster progress in terms of the front and being able to represent that um and then they've also been improvements to the botocracy uh some of them are on testnet you can go check them out there and they'll be migrated to mainnet uh once we've had enough testing so again i encourage everyone to go out and try all of the different things and test it they've been on ongoing you know anytime you guys have been reporting bugs we look to to squash them and that has continued and then um we are currently in the process of finalizing the testing of the rbtc um sorry of the btc sov trading pool and so i expect that that will be on main next week uh and i'm testing it uh before that uh or or early next week so i'm gonna pause here if there are any questions uh happy to try and answer and then uh we can talk about creative design with two um hey my name is david i have a quick question on the sovereign btc peg i guess yeah why is it needed is rbtc inefficient and if we do opt for the sovereign bc pig which it sounds like we are is there a concern that we're kind of bifurcating the market and we have you know btc rbtc sovereign vtc i'm just curious kind of the thought process behind all of that and what the inefficiencies of rptcr yeah fantastic questions um so why have it in the first uh there are a number of limitations that we've discussed several times with the current rbtc peg one of the key limitations is that there's a hard limit on how many bitcoin can be moved into the system uh we have consistently hit and broken that limit and so that limit has been increased but that limit is increased in a centralized manner which is unpredictable and [Music] um i don't think something sovereign should be relying upon um there's also the issue that it is quite inefficient in that um it takes 24 hours to move funds on and off the system um and there are also several current limitations on which addresses you can you can even perform the transactions from uh which type of bitcoin addresses and then finally it's um the the trust model on rbtc is i think better than pretty much any other peg in the world but it's uh not as trustless as the uh at least in my view and you know this is a debatable question but i don't believe it's as trustless as the sovereign btc peg will be so um so that that's the answer as to why now the question around bifurcating is a very important one there's currently a team called babelfish who are working on building technology to aggregate different asset types and what that would mean is that you could have multiple different ways of of getting you know generating an asset so for example you could have two different types of pegs for bbc you could have different uh types of usdp depending on which chain or which bridge they come from but you would then be able to have a smart contract aggregate them into one token uh unifying them for simplicity and um and liquidity purposes i think it's a really interesting project uh and uh i don't know if uh dark knight is here dark knight are you here hi yes hey you wanna you wanna tell uh people a little bit about the babelfish uh yeah sure thank you um cool so yeah like iago said i'm really i'm part of the community and uh this is a need that we foresaw uh for sovereign there's a lot of liquidity coming on the btc side and there's a lot of uh stable coin liquidity coming as well and uh we we're just trying to unite it right so not only to bring uh btc and stable coins from one chaining to rootstock but also to to unify all of these wrapped assets of the same pegged assets in different chains and uh try to solve this this problem and bring it to liquidity uh bring liquidity to sovereignty to begin with um right now we are just starting you can follow us on twitter uh it's just battlefish money and we're always looking for new people uh this is a very exciting project and it will definitely be an important piece of the of the lego that sovereign is helping to build on bitcoin day or two yeah so thank you very much dark knight i think you are the hero we need if not the hero we deserve um and uh yeah so they're i'm certain that it's not going to be 100 uh smooth sailing we'll need to you know people need to understand how to use it and we'll need to figure out how best to implement that into the system but it is being built and um and i think actually is probably only a few weeks away from at least testing it if not may not so uh sovereign btc and um babelfish might be ready at around the same time uh did that answer your question yes awesome thank you any other questions i've got a quick question with the hardware wallets if we lock our sovereign if we stake it in our current wallets and then that rules out will we be able to use that hardware wallet or will we need to wait until that time limit on staking is done um i let me try and make sure i understand what you mean you're talking about the liquidity mining and you're talking about placing btc into the btc usdt pool and you're asking whether or not your funds get locked up is that correct well we'll saw will the soft token be able to be put on the hardware wall and if it is and we've got it locked up and staking using another wallet will we be able to uh then not be able to use that hardware wallet to to move our slav into here's what i'm thinking if saab really takes off and it becomes um the price really goes up it would be great to have the security of a hardware wallet but if i've got it staked in a you know meta mask wallet let's say then will i will be locked there until that term of the staking is up okay that's a good question uh so let me make a differentia so first of all the easy part of that on that question to answer is that yes uh uh sof will work on a hardware one it already does actually um with regards to the second question let's make a differentiation between a wallet which is sort of like the um you know the implementation it could be a meta mask it could be a mobile phone it could be a hardware wallet uh and the um the private key right or the seed um the which is kind of the actual wallet right you can um take a seed right and you can move that between the different instantiations so you could have a meta mask wallet and put it to a nifty you could then port it to a hardware wallet it's not always the most fun it's you know like any time i'm doing that i'm basically having a heart attack but it's definitely something which can be done i think that because introducing a seed is something that you want to avoid doing as much as possible it's best if you would like to use a hardware wallet to try and start with the hardware wallet but it is possible to move it between different different instantiations think an important point uh to make here is is you know what you mentioned is that like you know you can already use sov with a hardware wallet um there are several uh like browser extensions that work with the sovereign dapp um like nifty and metamask that support plugging in the hardware wallet um the the hardware wallet integration that was being discussed earlier was being able to actually just plug in your hardware wallet into your computer and use it directly with the dap without needing to have a browser extension like metamask or nifty installed so if you want to use a hardware wallet today with sov with the sovereign dap you can just just use it with a meta mask or nifty or or any other uh rsk compatible like wallet interface that supports hardware wallets um and if you don't want to install one of these third-party browser extensions then you'll have to wait for the hardware the direct hardware wallet integration and the sovereign dap to be to be ready thank you cool and with that i think i'm going to hand it over to two hi guys um so um last time i was telling you they've been working on a new website the website is now in development so we expect to have that in a few weeks um so that that should be really helpful for explaining uh especially more i guess to new users what's going on but it should be helpful for you guys as well um we've also been working on the uh the the interface for this uh hardware wallet connection and at the same time as that we've like we we've changed the flow kind of slightly um of how all of the wallets connect uh it should be a lot more straightforward and easier for everyone um and then we've started working on the market making interface uh to make that more intuitive um have a history and be able to show you uh what you're what you're actually earning on top of that we've got some kind of interesting kind of projects kind of bubbling away so we've got like a comic book writer in now who's starting to write up uh some stories so we we hope to start kind of creating some comics to kind of go along uh with the product having some interesting stories based on the d5 universe and our characters and um kind of storyline um and on top of that we would then kind of be creating some kind of like animations so yeah creatively everything should be coming together and looking quite nice kind of soon um so yeah i'm kind of looking forward to that and i hope you guys uh enjoy what we kind of produced uh does anyone have any questions about anything i have one question yes please that's directed also at whipper is are we gonna have a chess tournament again anytime soon um yeah things have been really really crazy busy i'm hoping that we will be picking up our community events uh sometime next weekend um yeah we'll be pausing this weekend but sometime next weekend but uh thanks for that i appreciate it well you can kick my ass then nice i look forward to sweet so do we d i'm just curious like are there plans like what time of the year will there be like this story comic release will it be in like tiny episodes like the form what do you see well we've basically only started writing the story so i guess as we see how the stories are coming out we'll work out a kind of how what what works best kind of thing uh we were imagining kind of actually i wouldn't want to i wouldn't want to say anything because like yeah it's such a kind of early kind of stage and to say creative like there's so many different possibilities of way things could happen sorry don't be sorry it's so english sorry i'm just making a comic book for you guys um stefan should we switch over to you talk about adoption yes hello everyone stefan here i'm part of the operations team at sovereign unfortunately slider was not able to to participate today she apologizes for that and i will give you the updates from the adoption team as you all know we launched the liquidity mining program uh we are offering 50k sov to liquidity providers of the btc usdt pool so we hope you will uh you will all get involved since the program launched just four days ago we have taken in 3.6 million dollars worth of btc and one million dollars worth of usdt the 50k sov reward the rewards are split evenly between both sides of the pool so 25k is available to usd depositors and 25k to btc depositors this means there are currently three times the rewards for the usdt depositors so we encourage you to take advantage of that by moving usdt into the into the pool uh thank you levin one of our community members he has released a tutorial on how to get usd onto the sovereign platform so definitely check that out and get involved also now that we have the liquidity mining up and running we are looking to get sovereign into the leaderboard at d5 pulse as as we stand today we hope to to to make it to the leaderboard somewhere around the number 70 and the challenge of course for all of us will be to see how quickly we can rise to the top uh in other news uh our press release is going out next week naming the companies that joined joined pump in the investment round uh like eden mentioned let's see we're still waiting uh for some of them to confirm uh we have also started shaping plans for outreach to the asian markets especially focusing at the beginning on china and south korea we are talking to three companies that offer various services and partnership opportunities also something of interest of interest of major interest for some of you guys we are now distributing the rewards of our bounty campaigns that took place to promote the token sale and to celebrate the chinese new year people that took part in these campaigns earned a small amount of sov each on average around 100 or even less and in return in return they undertook various promotional activities uh happily we had around 500 participants overall so we will shortly have 500 more sob holders in our community and that that's it for now uh if there are any questions hey guys i just have a question with regards to the uh that btc uh usdt pool um any idea on an eta when we might actually see uh sov rewards uh accumulating in real time uh we plan to launch an improved interface next week perfect that's awesome thank you any other questions all right in that case i'll just jump in here there's a really big opportunity uh for anyone who has btc uh that they've transferred to sovereign if you're sitting on some btc uh don't just sit on it put it to work uh there's the ability to earn sov so i'd encourage you guys to take advantage of that there's an even bigger opportunity for those of you who have usdd uh to trot on ethereum to transfer it uh over the uh rsk bridge now rsk bridge is extremely slow and annoying and it's not a system that is being built by sovereign so you have to use a different system however if you're willing to put in that effort because it's hard the vast majority of people are not transferring usdt and so those 25 000 sov are going to a relatively small number uh right now i think you know like people are going to get if no one else participates the people who did participate are going to become very very very more better rewarded than than anyone should be so i would encourage anyone who does have usdp who can get their hands on some you try and talk to the you know community here figure out how to use the rfk bridge and get some usdp into the system it's a right now i think an extremely profitable opportunity uh and actually that's a really great uh segway to excel surfer yeah i've got a bunch of usdt in my pocket i'd like to get rid of um so um in far as the community update uh we're moving forward on on satellite uh settling the details for the sovereign hackathon uh after conversations yesterday with the get coin team uh we've we were securing the timeline uh to start we're looking at the mid of may what's really interesting is that rsk is doing a hackathon uh on gitcoin starting on the 11th of april uh which has resulted in bitcoin uh integrating rsk onto the bitcoin platform which gives us the opportunity to easily integrate sov for our bounty programs on uh during the hackathon um sue and i are working on the interface for the inner space conference platform which will offer um all the participants to to give their talks and for us to do webinars and things like that with discord integration and the calendar and direct integration with the git coin platform so that's moving forward we would expect that the promotion for the hackathon would start about three weeks before the mid of may uh to on-ramp um we had we heard some interesting things from from bitcoin team about doing the finance hackathon they had 150 submissions for the finance hackathon uh for projects um there was a lot of interest bitcoin has uh basically 97 000 developers around the world who are working on uh on different products and projects in the open source space so we're looking forward to not only doing the hackathon on bitcoin but then supporting ongoing development and bounties and different kinds of projects for people to contribute to sovereign um so that's the major thing that's going on there uh with the wiki we've been struggling to keep up with with the different changes that have been happening the features that have been getting implemented um so we're we're catching up on on that level trying to keep that updated uh another interesting project is we're going to probably be putting out a uh a book about bitcoin and bitcoin on d5 so we've got our team working on that as well which will be illustrated by zeus team uh which will be probably doing some sort of cool promotional offer with limited edition uh books that are signed by the author which is a well-known podcaster in europe uh and back in and pairing them with nfts we're also moving forward on uh building the team for the nft project which will result in us having being able to issue nfts for different community activities for participating in the different uh pre-sale rounds and things like that and also to have an art curation platform so those are the things that are primarily happening in the community area and if anybody has any questions happy to also answer them oh and a shout and a shout out to whipper an apology for what seemed to be a little bit of a tense exchange yesterday in our in our forums no worries mate that's all good text is hard sometimes yeah but yeah for sure um absolutely but i appreciate you uh coming out like that we all mean well and we all want to see the success of the project oh yeah so i mean basically our numbers are growing in telegram our numbers are growing in discord the the strategy of using telegram as a as a doorstep and pushing people over for for technical support into discord has grown our members greatly uh twitter is also expanding on its on its numbers so on all of our fronts uh we're gaining members to the to the sovereign universe over to you yago organ galandia any more questions before we i have um i have a i have a question it's uh it's whipper again i'm just wondering if the team is uh considering i know that there's uh other stable coins available on the system but it seems like we're really pushing with usdt and i'm just wondering if anyone else has a concern with regards to the lack of transparency um from the usdt i forget who the it's tether right um yeah so tether i'm just wondering if there's any concern with regards to the lack of clarity and transparency from the tether uh community or team uh with regards to using that stable coin specifically um i think the reason we're using that stable coin specifically is because it's the most liquid right now and we needed to choose one because having enough liquidity in any stable coin right now until the bridges are set up is extremely hard uh however i think it is a really good question and i actually want to ask dark knight to step on stage again because i know he's got quite a lot of thoughts on this um yeah sure who asked the question by the way yes yeah so first i would definitely invite you whipper uh to follow us on twitter and then from there get to our discord i would love to speak with you and with anybody that shares his concerns i agree with you i agree with what iago said it's a it's the most liquid one and it's used across all of the most respected exchanges right so you can look at ftx and you know they're working closely with usdt they're across the most chains as well um and right now they seem to be trading overall uh at peg um at the same time we do want to give the opportunity not only to usdt and usdc which are the two largest ones they're also the most centralized ones so you know keeping with sovereign's uh spirit uh we are also establishing uh early conversations with projects like maker dial uh we're also participating with a fei money protocol so you know creating those relationships at the end of the day what we want is liquidity so we want to support the centralization but we need to be realistic about the situation ideally with the basket or the solution that the bubble fish protocol will create um there will be a level of uh of uh of obstruction that will afford some some decentralization and also for the users of battlefish to uh hedge the risk um across a selection of stable coins that we will accept um to bring on i hope that i hope that answers kind of like your question on where where we're going but we would love to uh to talk more about it with you uh of this of this channel and i think it's a really interesting topic uh and it occurs to me that maybe we should just have like you know one of these days like uh sort of meeting just around stable coins because it is such an important part of the ecosystem and it is so different in its logic when it comes to decentralization uh we're talking about the risks how they can be managed uh how someone should be thinking about them and how users should who want to remain sovereign that should be thinking about them so um maybe we should put together like an ama kind of thing or q a kind of thing uh with some like a panel of extras actually exiles maybe that would be a perfect sort of panel to have um with the mini conference that we're thinking about yeah um i yeah definitely so what we're planning on doing is uh the the hackathon will probably run from four to six weeks seems to be the optimum to draw out the maximum amount of of of uh viable projects and the hackathon will be sandwiched between two three-day uh events start events where we have speakers and panels and discussions so or six hours a day of people giving talks over three days at the beginning of the end of the hackathon i think that could be a stable coin discussion would be really interesting i could reach out to uh to um the nan x cool from maker dow and different people so if you guys have any uh in the community if you guys have suggestions for either judges uh or speakers or for uh companies in the ecosystem that could participate in the different tracks that we're putting together uh please ping me directly on discord uh with those ideas and and uh be happy to to see how we can fit people in great idea thank you i'll reach out to you separately excel surfer thank you all right um i think uh we we we're already at the hour um so i don't know if we have time for additional questions uh but um i think i'm gonna hand it over to you ingomar sure sure um i'll close it out uh also iago you usually remain on the on the call to answer more questions but i'm not sure if that is the case this week i would love to but i think i i i'm gonna i think i'll stay on for another 10 minutes but i basically have a meeting starting in two minutes but i'll they'll wait all right cool if you want to stick around for two more minutes for for any more questions for iago feel free to feel free to stick around uh but i do want to close this out thank you all for joining this call your support makes all the hard work worthwhile uh you know what we are as a collective who is carving out a trail for financial freedom dismantling what people know and understand about money um through through our through our comics through our our messaging through our videos through our raps all that help us spread the word and create more sovereign individuals thanks everyone thanks single india and great rap thank you i'd like to say something about so the delay on on the fix um so there's been some issues so in understanding how it is that we can deploy uh contract changes um and it's clearly uh part of the policy that after vote passes for a contract change so we have a 48-hour period before it is that we can deploy the contract so that it can be audited and people know what's actually going to happen uh it's for protection of the users um so actually we could have deployed today but with this being an easter weekend and with us having low depth count and uh looking at it overall we decided that it was best to deploy the fix so that we can deal with the community um questions and everybody onboarding as i'm sure you're all familiar with and participating in our forums how crazy that can get we decided to do it at the beginning of the week rather this weekend so i wanted to make that clear that there was an additional issue as to why it is that we we moved it to next week hey guys i got a question uh if nobody wants i'm curious how will the the the saab btc trading pair mechanics work i'm just wondering i know there's going to be so much demand like because you know only so many tokens have been unlocked but if there's just crazy demand for the soft token if and when it opens up next week is that going to impact the btc usdt trading pair like i'm just trying to think of how the um how the amm will essentially work next week like if there's just crazy crazy amounts of demand for soft like what what are the impacts of that like should we stock up on some usdt for like potential arbitrage opportunities if somebody could speak to that it'd be great that is a bullseye question um because yeah i think it really cuts to the heart of how our system works in lots of different ways and uh so how does how will the uh sov btc trading there's going to be a pool an amm pool all right there are a number of mm pools right now there's like uh btc sdt btc dock etc it's gonna be a new one it's gonna be btc sov right now um most of the trading uh that will happen will probably be btc to assets right so if somebody is uh buying uh uh sov the price of sov against the dollar against bitcoin will go up if someone is selling the price of bitcoin uh against sov will go up right and basically there's like you know so the the the the two prices that will the the single price that will move is the btc to smb price however it could get more complicated than that so let's say somebody is trying to buy sov with usdt how does that work so what they would actually be doing is they would be selling usdt uh to the system and that would go to the usdt btc pool so uh usd would get sold for btc and then btc would get sold for sov so they would end up with sov but there would actually be two trades happening and this is this happens automatically behind the scenes but if a lot of people were doing that what they would actually be doing is pushing up the price of btc which could also have a knock-on effect on the price of sov because basically sort of implicitly make the price of sov lower versus btc so that is one of the reasons that we uh wanted to make sure that there was sufficient liquidity in the btc usdt pool and there may definitely be arbitrage opportunities uh so if you have it usd and you can get some used t ready the probably the most profitable thing you could do right now is place that usd into the btc usd pool as an lp right as a liquidity provider and then if an arbitrage opportunity arises you could actually just withdraw it from there and then um uh sell or buy with that usdt um although if the sort of flow that i just described were happening the best way to arm it would be to sell btc right and take advantage of the fact that the btc price was going up um that all that said i don't anticipate that there will be all that much activity uh with usdt to be simply because the vast majority of users hold way more btc than they do hold usdp there is one way that they could change and if the bridges were ready before this would almost certainly be implemented whether or not it would be implemented now i cannot say but one thing that you could potentially imagine people doing is going leverage long on sov for example in other words using the margin trading and the way that would happen is they would borrow usdt from the system right they would have some kind of some kind of collateral let's say btc they would borrow usdt from the system and then they would uh effectively buy sov with it and they don't they can do that with any assets so you can always find the asset with the lowest interest rate so for example you could borrow btc sell the btc for sov you could borrow b pro seller b pro for for sov the nice thing about having the amm system is that basically you can trade any two pairs right because the system will automatically route between those two asset types um so uh i think i probably answered much of your question but are there parts that i didn't answer i think that probably answers it i guess the mechanics would be interesting to see how it plays out like an example you get you kind of gave the impression that like the saab price would go down and btc price would go up and so sell btc but i might go and tell me to be the opposite i thought that there would be extreme demand for saab which would actually cause btc to drop but yeah maybe i have it backwards there so i think the thing like thinking through this it's obviously we don't know what's going to happen um we know that about um i think about 180 or 200 worth of 200 bitcoin worth has been transferred by users into their wallets over the last week mostly i think in anticipation of the sov listing on the other hand there's going to be about two million sov that become available so there's two possible scenarios um well there's more than two scenarios but let's talk about two extreme scenarios right one extreme scenario that everyone wants to buy and nobody sell that would uh send the price of sfv probably higher than it should be um and so then you know you people might want to sell their sov into that because you know it's gone to hundred dollars per suv and that's insane at least in my opinion um there's the other uh uh a situation where getting vtc into the system has become much easier but you could still imagine a situation where there are a lot of people who can't figure it out they would love to buy sov but they still can't figure out how they get their ptc onto the system and so they're but everyone on the system you know uh who's participated in genesis or origins has some sov and so there could be a lot of people who want to sell and then even if there is sort of organically in the world a lot of demand for sov there could be an artificial lack of demand within the system in which case the price of sov could drop uh below what it should be and then sort of the way to to to to to to benefit from that would be to sort of arb the difference between where the system is now right where it's relatively still quite difficult to use and where it will be in a few weeks plus the fact that probably in a few weeks there'll be centralized exchanges trading it etc and so um i think on either of the extremes it makes i think you can probably make a pretty safe it's not exactly an art but it's like arbing between the current state and the future state odin exactly and if you have the wisdom to do that i think you could potentially make a lot of money assuming we even get into an extreme state awesome thank you one of the things that i'd like to point out is that as long as the the platform works whatever extreme any trading goes on on the on on the platform is is just a is just a blip or a part of our history yeah what's important is that the platform functions for those things to happen um yeah excel got a question about that do you know if the team will be allocating a specific amount of sov for that amm pool the sov btc pool so i'm i'm not party to to how the allocations would be used to support the pools that would be a a question from friago or mondo what the strategy is on that uh let me actually uh shoot that question back are there people here who would like to provide liquidity either in btc or in sov and act as liquidity market makers basically liquidity providers when uh when that goes live and and you don't have to sort of respond vocally you can just go like this so you know we can get a sense of whether people want to do that yes both if we provide liquidity of course for solving and get it back and just make the visa in the meantime yeah for sure so whoa but hang on a second would there be would there be a liquidity mining program also associated with that or it's just market making straight up i think we should probably have a liquidity mining for that as well yeah it would it would only make sense i mean uh otherwise people potentially yeah i know you have freezing about a slogan yo dog i heard you like sops putting sop into your um yeah i think even people who want to sell their sov the best way to do it is to do it as a maker because then you basically because look in all likelihood i don't know what's going to happen but there's a chance that at least 50 percent up 50 chance that the price of sov goes up in which case one way that you could sell sov is just place it into the pool as a liquidity provider and then the bids will eat it up but you'll also be making the trading fees and the liquidity mining fees at the same time so uh you know that's if the price goes up and if the price stays where it is then you both so like that that's a true arbitrage opportunity like if you know you want to sell an asset the best way to sell that asset um is to is to put it into the liquidity mining pool um but uh does the team intend to supply any sov to that pool like initially we've certainly been discussing it it's not a decision that has been taken yet and it would need to be a decision made by the exchequer but um i i i think that is very likely yeah i think that's probably the best thing you don't want extreme crazy price swing for sure um yeah from what from what i understand um so the the mechanics under the the way that the contracts are written the way the allotments are vested or releasable there's a determinative factor about where that would come from and how that would happen which the team is working through uh dragon leah if you're on the call uh it might be a great idea to run another one of our polls and find out like which users are interested in using you know who's planning on selling who's planning on buying um who wants to be a liquidity provider might give us a sense of sort of where things are interestingly are you here no he doesn't look like he's on the call all right well uh excel maybe i'll leave it with you then gee thanks like i don't have enough to do uh i i think i i can take one question if it's for me if not i'm gonna drop off all right guys uh well in that case i'm gonna drop off uh great talking to you guys again it's uh it's a highlight of my two weeks all right guys cheers thanks man whiffer and anybody else interested actually um in terms of statistics and data display in the dashboard uh late last night i was having a conversation with with uh with betsy about the fact that we're going to need to be displaying what the circulating supply is and so she's working on all the endpoints and all the data on the test net for us to do not only

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does its job okay awesome all right welcome everyone this is ingallandia i help with business development for sovereign um a bitcoin defy application um for those who are here for the first time i i like to kick off these calls with some hot bars which i'll be playing for you right now so if you can all just put yourselves on mute uh for the duration of uh this rap verse that would be really appreciated um hopefully you guys can hear the background music so that's um you know so that the experience is optimized okay cool so i'm gonna kick it off right now and everyone enjoys it's trading in it's about time got 100 million market cap we all on cloud nine how fine volume hitting maximum like fast btc ain't fast enough but it's all good we just got to stay on path solving problems from liquidity to fiat on ramps top bat if you're sovereign you should tweet and flaunt that for questions head to wiki dot sovereign dot pack plutocracy is growing and the numbers are showing ui improvements looking fly like a boeing 9 million came in from pomp syndicate coinbase did an ipos now we're about to flip the script fire it up and press start the sovereigns got the best art from comic nfts to graffiti somewhere in denmark they don't know the vibe we're on in the month of ramadan sun up sun down a decentralized phenomenon [Music] next level next level i wrote some fire stuff thank you guys that that was really fun to do so thank you all for joining us here i i really appreciate the claps and and the praise i'm glad you all enjoyed it uh keeps me going thank you for sharing in this mission the rules are if you're not speaking please mute yourself if you would like to speak please toggle the mute button back and forth to get our attention if that doesn't work just politely jump into the conversation um so before we go through the agenda kicking off with iago would anyone here like to introduce themselves uh say your name and say hi okay looks like we're mostly regulars here hi i'm gabriel from mexico hi everybody hi gabriel welcome thank you very much okay cool thanks a lot um so let's kick this off with the governance report um with iago thanks very much huh it's great to connect with you guys again nice to connect with you every two weeks in this way and actually i started trying to spend a little bit more time in this room in the community boys room as other people from sort of core team just every now and again so we can you know as a community talk but this um this call i think in particular is very exciting because we can be really really proud of ourselves as a community of sovereigns i think we had one of the most spectacular perfect project launches in the history of crypto and i i can't think of another project that has done what we've done we um we built a system uh on a virgin chain uh built out all of the infrastructure that was required in order to make it usable build out a system which is able to operate as an exchange provide liquidity built out the bridges to allow liquidity to flow onto it and then we launched uh our sov token on our own platform no one does that everyone goes to you know like some other exchange everyone needs to rely on some other infrastructure we rely on our own infrastructure the project itself is sovereign and we launched with a huge amount of excitement um the uh token i think outperformed like token price sap prices outperformed anyone's expectations and there were no whales to dump on anyone because there's no whales uh who got in early um and i gotta say for us on the team it's been um emotional because for a long time we we've been told that everything that we're doing is wrong you know here building on rootstock doesn't make any sense everyone's on ethereum you should be on ethereum you shouldn't be doing token sales you should be doing air drops that's what works uh you shouldn't be doing a a distribution the way you're doing you should do a fair launch that's what is really fashionable right now you shouldn't be launching on your own system you should be launching in uni swap or some kind of exchange uh and um and maybe the biggest one was you shouldn't be decentralizing so soon the project needs to start out centralized and then um you know slowly gradually it needs to be handed over to the community when you feel like they're responsible enough and you've done all of the work haven't you read a16z's paper on how to gradually decentralize and we didn't believe that any of those things were right but we didn't know we we assumed that everyone else is probably right in terms of what will work because it's what's always worked before and and so we worked really really hard to try and prove them wrong but i think at the back of our minds was always the feeling like maybe we were working in a vacuum no one would pay attention to this project maybe every single decision we were making was wrong and um with you guys it's been amazing because you know we discovered that we weren't alone in the world that a lot of people share our values um and that we can find enough support to really build the the mission uh and the the project that supports our mission so thank you thank you all for being here thank you for all the support you've given us all after over all of these weeks and months thank you for putting up with all of the ugly broken ui that we sometimes put out thank you for putting up with all of the bugs thank you it's it's it's meant everything um and and you guys you know you give yourselves a round of applause it's uh it's it's been great um and um i um i just you know i think we've done a really great job um and i really also want to thank all of the the core team who have been working with me uh uh and who dragged me into this project and um uh it's it's phenomenal it's it's the most phenomenal community i you know i've only twice i think in my life seen a community grow this enthusiastic this fast early days of bitcoin early days of ethereum and if our trajectory looks like those other projects it's going to be amazing that said we are just at the beginning you know every single other project that pulls out all of the stops like right at the beginning you know go on to an exchange go into coin get go go into coin market cap you know turn on the marketing everyone does that at the beginning we haven't done it yet so now we have all of those levers that we can still pull and that i think is going to be exciting and the other thing is we haven't even turned on all of the features yet uh we have a whole bunch of work that we have you know we're testing we're making sure it's safe we're making sure it's secure uh and we're about to put it out and and that's really exciting and so i'd like to talk about a couple of those things um because they're going to be important to you guys uh and because we're all going to need to participate in voting on them as we release these different features um but before i get into that i just want to um say two things first of all um about two weeks ago we decided that we were going to slow the team down for a bit um to make sure that there isn't burnout we're still in the middle of that phase and i think we're probably going to keep um working a little bit sort of like less intensity than we have for the last few months for the next sprint or so that said i think you guys can see that we're still pushing out stuff at a pretty uh uh gob smacking rate and then the other thing is um there's been some bugs and i want to use one as a particular example i wrote about it earlier today right so we had we have a bug with uh with how we're displaying the values in um uh for the loot drop in the usdt btc amm and um you know it's it's a silly little bug it wouldn't have happened if the uh platform hadn't grown as big as it it did you know we're basically able to sort of code things in with the assumption that the numbers would be smaller but i don't know what i would like to say is um we're making certain design and and development choices and one of them is we try to make sure that the system is secure right and so you kind of the the project is very big the code base is very big the project is very ambitious and so you have to decide what you're going to polish right are you going to polish the ui are you going to optimize for pushing things out fast are you going to optimize for more and more features um um are you going to optimize for security and the decision we've made is we're going to optimize for security first that's the thing that we always polish the most and so if like we have you know percent dev resources eighty percent of them are going to the security uh and then like 15 are going to extra speed and then as a result sometimes certain aspects of the ui are not getting enough love we are fixing that by adding more resources and i think you know there's a lot of front end ui changes that are coming soon but i just wanted to explain why we sometimes see bugs because i think the bugs you're seeing are very visual uh and that could reduce confidence in the project which is ironic because the reason you're seeing visual bugs is because the bugs that would be hidden from you are the actual dangerous bugs and those are the ones that we that we spend all of our time looking for so um um a quick i just want to give a quick outline of sort of where where we think things like what what what's coming up in the near future so um there are a number of things that we're working on one is uh bridging to other chains particularly ethereum and bsc um it's abandoned smart chain um to allow for more liquidity we've got some partnerships we're working on which will provide more functionality and sort of grow the ecosystem like with table fish and money and chain um there's some water integrations that we're working with and then there's quite a lot of having the adoption side and a lot of this will start sort of uh coming out over the next um really i think we'll start seeing it uh towards the end of this coming sprint to start seeing like all of these um things coming forward but one thing in particular and we have to make a resource allocation decision here and it would be interesting to hear your guys's opinion one of the things that we are uh thinking of prioritizing in terms of what we might be able to push up by the end of this coming sprint so like perhaps two weeks from now is margin trading um which would uh yourself if you're not speaking all right thank you um so margin trading would basically be the ability to take positions long and short on um sovbtc uh up to 5x and this um would be a very cool feature but to introduce it we need to introduce a new type of article for our system where basically our system becomes its own article using the v1 pools as as articles because sovbtc doesn't trade anywhere else and this would require an upgrade of the v1 system uh which would require us to connect the contracts without you guys approving it the reason we're considering sort of prioritizing that uh and and and you know there's there's pros and cons so maybe the bridges get delayed so for example one one thing that i you know would be interesting to hear your opinions on it's like if you get to choose between bridges and martial trading like what you're most interested in so and if anyone wants to ask any questions about anything like i said or say you know have any comments uh now's a great time and then we can we can move on to aurora hey i'll go with whipper um congratulations to the congratulations to the team um fantastic job um just a question with regards to sov margin trading are there any potential risks um of someone taking an oversized leverage position and then either dumping or going along in either way in a way to try to manipulate the price of sov that's my first question and the second would be is the main driving factor for that approach to try to drive more rbtc borrowing um yeah two questions yeah so definitely i think there's the there's a potential for it to introduce more volatility right taking more extreme positions with less collateral um and there is the potential for people to also short right so you know they could try drive down the price drive up the price um at the end of the day um uh you know that that's sort of like the market and we might see more volatility if people try to drive down the price um you know i suppose in a way it's an opportunity for all of us to to to buy it cheap um but it is a risk and so i don't know that i have a definitive answer uh on you know whether or not this is like the thing that we want to do which is kind of why i'm asking right doesn't that sort of also potentially hinder the plan or the idea to use sov as a pegging um in the future for like sov btc peg um if there is that that's a that's a really good question i actually think that volatility early on um would help us add a discipline because one it would um effectively deepen the market right so like if you can trade 5x what you would usually be able to trade you're adding a lot more liquidity and so a deeper more active market um will find the price more quickly and will stabilize it's kind of a way of hardening the price early on by accepting pain sort of potentially accepting pain early right um because you get much deeper uh market um so again i don't have a definitive answer here but my intuition is that we might it might cause you know things to go but bizarre at the beginning um but then settle down much quicker in in a way which could be positive can you guys hear me yep any other questions yeah i have a question so this is aware [Music] one question about the um what you told about linkings with the eth network and bsc uh yeah i'm just trying to uh trying to grasp why why would we want to do that and what is your expectation of that so what what would be what does that practically mean by connecting that to those networks it's maybe a very noob question for my side but uh i just want to know what your vision on that is or so my djing answer is because i want to short if um so basically what it would allow us to do is any token that is tradable and any of those chains could be ported over to but not not immediately it would like take a little bit of additional work on a per token basis initially but basically you would be able to bring in any token and have a trade on sovereign it would allow you to trade long and short and margin with all of those tokens i would basically allow us to compete with uni swap at much much lower prices plus the advantage of having margin trading on top of it plus the advantage of having the graphical display that we've got for pricing um some people who are data um it would also allow stable coin flow onto the system which would allow more users onto the system more easily with their sort of liquidity and it would allow us to our prices between our system and other systems better so that we wouldn't get pricing balances quite as frequently [Music] okay this sounds pretty pretty huge this connection to building that to those two networks i think it's a very big deal i think it's like a game changing yeah right this is this is literally when maxie's on both sides of the fence freaked the out that it exists so yeah it's a pretty big deal i think would our token bridge be much faster than the current rsk token bridge yeah we uh expect it to be much much faster uh whitney are you on the call he is not all right um aurora or james do you guys want to talk about how long you think we'll we anticipate transactions will take uh yes i do not have the exact numbers in mind but in general it's depending on the amount that you're transferring with um confirmation blocks ranging from one block to a couple of blocks [Music] there is a table for the configuration and like i told you i'm not sure now at which setting we're going to start but it will definitely not be like a 24 hour period for each trade like it with the rsk bridge but instead it will be fairly fast yeah if you're not transferring multiple millions at the same time then you might need to evade it we anticipate minutes instead of hours um thiago did you want to speak a little bit more about rollups as well because you mentioned that yesterday on on coindesk yes i think you know you as you guys know there's actually a lot of stuff that we're working on um i mentioned two big features right like adding the articles which would allow us to have the margin trading uh margin trading itself um the bridges uh and the improved peg which would also allow fast btc to become additional so all those things are like deep in development already and then there's another thing which those of you who have been on these calls before also know about which is the roll-up which is um our goal with sovereign is to compete not with other d5 debts but with decentralized exchanges and ultimately the entire global financial system and so we want our system to be as performant in other words to be as smooth as easy to use and as fast as possible um and so the idea with a rollup uh is that um we would take almost all of the computational complexity uh off of the the chain it would occur off chain and then we would use cryptographic proofs to to confirm that computate like the computations that are occurring so basically what is happening when you're interacting with a smart contract is smart controlling is just a little piece of software code but all of the miners run it to make sure that they all agree on the outcome right so we would basically take that off get the agreement off chain and then just provide a cryptographic proof on the chain of the agreement um what this means for the user is that fees will drop from there already low level by about 50x so we could potentially make trading on the system free and just let the system pay the users fees through the transaction fees like the trade fees and it would mean near instant confirmation it would also with some potential sacrifices around decentralization at least in the short term also prevent any type of front running so it would basically give you a decentralized system with the feel of a centralized system and we don't think we're that far away from that either but i don't i don't think we feel comfortable yet putting a a timeline around that any other questions before i we move on to the development report with with roro i i just uh hi hi this is nicholas here uh just have a question on the rollups uh interesting interesting topic but first of all i reckon some of the comments uh i think yahoo what you said that launching launching sovereign on sovereign uh and beating all expectations is amazing so i don't think anybody was expecting such a huge success so congratulations to the team well i'm sure you guys would expect him but but everybody was like wow launching in sovereign was like extraordinary so thanks uh thanks uh for that um my question on the on the roll-ups is um what what what are your thoughts in terms of um i'm not an expert on roll-ups but i understand that the moment you move into a roll-up uh things if you want to be interoperable with other platforms other landing poles now that is uh i don't know these guys tropicals and i'm sure more more protocols will come uh so how how do they interact once you're in a roll up is that a trade-off there it's a big decision because the fees are clear so this is awesome uh but but is is there any trade-off or what what kind of decisions um are relevant when moving into a roll-up yeah i do think there is a trade-off i think you lose sort of what ethereum would you know the ethereum ecosystem is being built around this idea of composability right uh where all of the no no none of the depths themselves are sort of like a full system they all are a part system and they rely on the other pieces the thing is doesn't work layer one can't scale like that and so that's why sort of the ethereum ecosystem right now is fragmenting into all of these different uh side chains and and layer twos and zk roll ups and the composability is breaking so what we made as a design decision for sovereign is we said we're going to build sovereign is kind of like the apple or the macintosh of of d5 right um it's a system which is integrated it has all of the basic components and it just works and then on top of that people can build additional applications right um so tropicos for example would still be able to interact with certain but it would be more inconvenient than it would be now but because we are basically building the entire d5 for bitcoin ecosystem from the ground up we have the opportunity to build it right to build a single protocol instead of like a million different protocols that um that is easy to use deeply integrated and that anyone can permissionlessly build it and so like one of the things that we're going to be doing and i think you guys will see the first example of the sioux is with babel fish so they're you know they're looking to build in ecosystem and they're going to be sort of applications that is building on the server protocol um but we're going to integrate them into our own ui so you'll just be able to you know come to one sort of interface and that can be then they they will have their own interface and they'll have their own you can go ahead and use the thing but you'll also be able to do it through the sovereign dot app interface so you can basically start to think of serving that app as the gateway to all of bitcoin d5 um and anyone else who sort of builds a front end because and we would you know we'd love it if other people built front ends to server could also basically do the same thing and have like a single integrated window into the entire protocol in the same way that bitcoin wallet provides you you know the only gateway you need into the entire bitcoin ecosystem um so i think that's how we're thinking about it okay i'm gonna let's move on to the next uh section if any let's say the questions about the roll up to the end um aurora would you like to give the development report sure so forgive me if things are mentioned twice today on this call i'll just run through our progress um so yeah the big event you know was launching of the sov and like jago mentioned one of the things we are working on is a oracle integration for our v1 pools which is not only usable for the sov token but would be very useful for any other token which we might add to the system which does not have an external price feed like new projects launching on our system for example um so this oracle implementation is currently in the contact phase and we are now i need to make some decisions regarding polarization which will decide when we're going to have suv usable as collateral on the system and when we are going to have margin trading and lending available during the launch we had some issues with the nodes which led to us seriously improving our infrastructure and we now have nine rsk nodes running in a balancer so we're quite confident that we shouldn't be running into issues of that sword anytime soon again um the 8th bridge is progressing well it's been like mostly ready for a long time but we were working on the hardening part and security of the federators which are the nodes which are operating the bridge and are now in the final testing stage of the mighty federator setup on testnet and here it would be great if you guys could help us again with testing and just make as many transactions as you can so we can observe that everything is working well on the back and side and i think that julio might here tell you more about it and give you more detailed instructions on in the next week um also our sbtc bridge is progressing um we completed the local end-to-end test but on the test net end-to-end test we're still having some issues with the relaying which should also be solved soon so we expect to have a publicly testable version um sometime next week we finish the test migration from brownie to hardhead so we have now on our content trading and lending protocol a uniform test framework which will make it much easier to maintain and enhance the test suite from here working more towards 100 coverage and improving the security of our system even further we also introduced some improvements to the summary notes above all optimization of the arbitraging bot so now it's um not just exchanging a setting amount but instead computing um what amount is needed to restore the balance of the a m completely here again a reminder that any everyone can help with balancing the m and by helping to balance cm you even make a profit because you are getting the undersupplied asset for a cheaper price so at the moment we have a different specific diff well we do not have enough usdt and so this means that you can buy bitcoin for cheaper price so it's a good opportunity to buy some more bitcoin um so that's it mostly from the back and side and we also had a lot of update on the front end um the complete page flow for the buying suv page the new graphics um the pricing graphs we revert the volatile engagement gave final touches to the new swap and the new trading ui we're working on the swap history which i think many of you are waiting for and um we're fixing some of the bugs you guys reported like which appeared when trying to withdraw from the amm and we're also preparing the front end for the visualization of the liquidity mining rewards i think that's it on the high level overview of our development progress and state at this point anyone any questions hey aurora it's a whipper you mentioned an arb bot um is that just for information purposes so that the community can arb the amm or is that an actual rbop that the sovereign platform will be using and utilizing for its own profit which i'm assuming would probably be distributed back to the team or community no sorry not the team the community of course or sov token holders now this output is part of the summary node and anyone can run a server node and it's even encouraged to run as every node which if i remind you that every node is taking care of liquidations of rollovers and of arbitraging so um the arbitraging bot has always been present and particles are renowned and we are operating once every node um but we would like to encourage the community to run more of them to have a more robust setup because the security of the platform and especially the liquidations are important for the security of the platform should not depend on a single party running a node that should be a distributed setup so um i forgot now where i was stuck so yeah the trusting bot is now changed in a way that it's not anymore just trading a static amount like it was in the past which you could just configure in the settings but now it is dynamically computing how much is missing in a pool and you can restore the value of the pool by supplying this amount of tokens so this is why i said it's improved i also wanted to add that up there there is a video um that um it was emm that put out of just recording himself creating uh deploying a software node uh my answer to that for you um ingolandia yup take it away um so as a result of him putting out that that video uh we had a long conversation last week with the akash team and the akash team wants to come on as one of the members of the hackathon and wants to provide computing resources for for hackers during the hackathon and during that conversation we explored together with jamie and eom games um how it is that we could uh duplicate these services and the nodes on the akash network so we're going to be exploring that which would also include doing hosting on ipfs with ens resolution and also looking into hns so we'll be building a relationship with akash to to do that and explore how much of it we can do on decentralized cloud computing infrastructure as well so it's a question of which parts of the nodes and which parts of the system uh can run there and we'll be exploring we'll be exploring that uh what makes sense to be doing on their infrastructure thanks a lot excel server um so i i would like to move on just for the sake of time um to create a design uh with zoo i don't believe um he's available at the moment to speak because he's in the middle of travel um so i'll just um just share his notes there's a new website in development with the babelfish integration ui as mentioned earlier um there's a new design of a connection to the wall interface to now include hardware wallets and work has been started on a new market making interface uh so those were the updates from from um to clarify that in glenda what that means is that you guys can now use your hardware wallets so ledgers and treasures you can plug them directly into the computer and use them directly with the dap you no longer need to use a browser wallet like metamask or nifty to use the hardware wallet so you can do it directly so so this is huge and um if i could add a little bit more around sue's notes so um what we'll be able to do now as well is um is that the swap page uh that uh so selling sov will be updated uh in this um and we'll be taking over sort of the structure and the identity that you guys have all seen on the landing page with the easy user journey so it's a big step forward with the rest of of the pieces that sue is going to be rolling out over the next weeks any questions before we move on okay cool uh can we get uh the adoption report by slider sure can hi everyone um so i'm gonna report on the sov launch campaign um it's still ongoing but i'll give you the activity so far so last weekend we sent out an e-shot to our entire email list to announce the launch of sov trading um that list included the genesis and origin cell participants in total thirty one and a half thousand emails were delivered out of those a staggering 12 000 people open the email which gives us an excellent open rate of 38 then of those people two and a half thousand click through the links to prov uh provided um to get started with sovereign um and this is a click-through rate of 7.7 um this means we have a very engaged audience so we're very happy with that um and we are looking to use the email list more going forward um in addition we sent out a press release to announce the pomp investment round naming some of the other investors um you may have seen that includes bitmex blockchair solutions and a bunch of others that press release did very well it gained the attention of mainstream investment press um probably over the crypto press this time around um we estimate in the region of half a million views of that story across um 44 publications um our top publications were city am which covers the business news in london also yahoo finance and bankless times we had spanish coverage in cointelegraph and investing.com and french coverage in fr24 um if you want to take a look at the campaign summary i've posted that in the media links channel so so have a look there in addition to press coverage jago appeared on coindesk tv yesterday if you missed it live and you want to watch it back i've also put the link in the media links channel um there are additional podcast appearances coming up we're booking in tech talks daily and andrew keane's keen on capitalism podcast and one of the things we're working on is a community-facing calendar so that we can just update you as we book these events and you can just check the calendar whenever you have time um as part of the launch uh we engaged with a growing number of twitter influencers who are supporting the sovereign mission uh we had around 20 high-profile accounts push our messaging on launch day um which was really impactful and we're hoping to continue to work with those influencers on in the future we launched advertising campaign today to bring in new users to the platform um this is now live on the crypto ad network coinzilla so you might start to see sovereign ads popping up on crypto sites that you visit we're going to scale the ad campaign now over the coming week we've got additional creatives and landing pages to roll out and plus we aim to be up and running again on brave soon um and i'll bring the results of that for you next time we next time we convene um in terms of the bigger picture the adoption team it's our mission is to help raise the profile of sovereign um and we want to bring it into the top league of d5 platforms in the world and one of the metrics that we're tracking success against is the total value locked among other things but if we use a site like defy polls to gauge our progress at the moment we are theoretically sitting at position 47. our goal is to rise up to sit in the top 20 within the next few weeks and also i say the adoption team is here to help grow sovereign because there are many activities that will contribute to our success um the biggest driver is of course you the community as yago mentioned earlier silver is nothing without his community so i want to thank you all for your ongoing um support um you are our brand ambassadors as such um and i'm always amazed at what we can achieve together um and the most exciting part is that we're just getting started so um that's all from me thank you for your attention and i hope you have a great weekend that was amazing uh thanks a lot slider uh very informative updates any questions before we move on to excel surfer i have a question this is aware again sure maybe maybe two two uh one is uh is there any do we have any uh is there any way to see how many suv holders we have or how that is growing or uh decreasing and the second question is completely different um i heard or forgot your name sorry about the influencer campaign uh i typically get a bit uh yeah my english is not so good but a bit itchy when i heard about influencers and mainly because uh for example it's just from top of my head if you look at the launches for example on polka starter and tastes like that it's just known that the influence get advantage and then [Music] we get very early access and at a very very low price and then basically uh to put it very very negatively dump on their followers so i'm just wondering how we approach that as as a sovereign community is basically engaging engaging with the influencers uh can i uh respond to that uh sure can so um yeah everything you're saying is true um and you know like the the people who were participating um they're not paid influencers although we have no problem with paying influencers if it you know bring more users it's part of why we have a treasury is for marketing but in this particular case it wasn't people who were paid it was people who paid for the privilege and then the question becomes like how do we make that decision well the way we made the decision was via a vote so um in sip 12 we i think it was sip 12. we as a community came together and decided do we want to put together a opportunity for a syndicate of strategic participants uh to participate in the round among those participants were influencers i mean what that's what pomp is he's an influencer it's what uh you know actually you know um crypto birb uh is an influencer uh these guys participated in the rounds they invested and they're now staked in the protocol and so they are incentivized to talk about it but they wouldn't have done that unless they believed in the project and so not only are they participants they're also state participants they're staked for 16 months some of them um others estate for 10 months like you know like the genesis participants for example but um yeah i mean what we try to do uh is play the game to win right we want to win and that means using all of the all of the tricks that everyone else uses but we wanted to do it in a way which is principled um so we're you know people can't dump on you and indeed we didn't have whales dumping and everyone you know is locked up for long periods of time and and do it in a way where the community decides that they are you know um cool with it and doing it in a way which is transparent so so i think uh we're not opposed to being machiavellian um we're trying to do something which is really hard which be my video and principled and so far i think we've been doing a pretty good job of walking that line um also to answer the first question if you uh regarding token um yes go ahead i'm sorry and glendia all right uh so he was asking also how many sov token holders there are so if you look in the rsk explorer um and search for the for the sov token the one with the contract address ending in bbd uh there's about 8 000 holders of the sub token so you can always check there um that's that's why i'm i'm dropping the link in the general channel so you can just click on it and see it's a 8 000 something oh great thanks and also thanks uh for the answer on the influencers is uh i think it's uh i'm it's not that i'm against it but uh so i think it is very useful to engage with these people but uh it's just uh um to make sure that there's no um uh imbalanced advantage of these people over the other the rest of the community and that's yeah that's that's my only well the only the only advantage that they had was an approved offering price from the community at the 12k sov they were not given any they were not giving any tokens before they're not getting any tokens after um there's none of that side of the of the of the token of influencer payoffs happening other than what it is was approved by the community in the sip right right okay great then thanks for uh for the transparency there yeah let's move on to the community court with uh report with exiled surfer all right so i actually got a lot of stuff to run through um so the sovereignthon hackathon that i've been talking about over the last community calls is finally getting a start date which is approximately may 16th that'll be happening on git coin there'll be a site up soon where people can sign up to participate as speakers judges uh hackers partners uh etc um and as mentioned earlier um akash is one of the first uh partners that's that's coming on to the hackathon we'll be announcing others along with the uh along with the tracks it's going to be 500 000 sov in 500 000 usd value of sov for the for the hackathon which will be split between about 250 000 in prizes for the winners of the tracks and then another 250 000 in grants which would then be happening on on the get coin platform with the quadratic uh matching uh so that we can incentivize and support the best projects that come out of the hackathon um this is also will then be happening very very shortly after the hopefully shortly after the integration of the ethereum bridge and so the main purpose of the hackathon is to draw the solidity developers and app developers and interface designers that have been built by the the gitcoin uh community which includes about 97 000 developers at the last uh at the last number that i heard from them uh to incentivize them to be building applications for sovereign um and if we have the ethereum bridge and the binance bridge happening at that point um i would imagine that we would see some pretty interesting uh and and promising projects coming out of the hackathon next thing is the sovereign bomb campaign that you guys saw yesterday what was just like a brain fart out of me uh uh just sort of like happened uh at the end of of coindesk seemed like the moment that we had a lot of eyeballs to launch that we've been sitting on the graffiti uh the graffiti wall for about two weeks now that was made from one of our community members um and that really took off it was an interesting experiment for us to look at how how viral that went or not there seems to be a demand for for a global uh similar type of problem uh program and we've spoken with the uh with the crew who wants to do additional walls uh in europe uh we'd be looking to embed them with puzzles and qr codes and do something a little bit more uh extensive along the lines of what uh what the french artists have been doing and also crypto graffiti in the states so to make that a lot more sort of like a journey with easter eggs that then had incentives inside of it and so that was a kick off of that idea um the next thing uh that's interesting is we're having a lot of staff changes inside of the community team eom games who uh you guys have seen as a helper is moving up in the world and is pretty amazing he's exactly the node uh containerization optimization engineer that we've been looking for so he's coming into the devops role uh part-time and won't be seen so much in the channels handling people but what's really awesome and this is probably the coolest part about my job is is this amazing pool of talent uh that's just like right in front of my face every day is pulling people up out of the community so i looked around and asked our community managers for uh for um candidates and satoshi badger who you guys have seen in the channel is now going to be taking over uh the time zone uh that eom games has been handling uh next one that's moving up the chain is is the legend the is literally a legend is also going to be doing less work in the community channels and shifting over into full-time uh on the wiki um and also going to be doing technical documentation writing along the lines that you've been seeing on the wiki um and is also going to be working as since he has such perfect oxford english is going to be working as a book editor on a book that we're going to be bringing out written by anita posh you might have seen the podcast um that edon was on a couple of weeks back anita posh is the uh chairman of bitcoin austria uh a colleague of mine that i've known for a number of years uh and so we're gonna be bringing out a basically wrote to sovereign bitcoin book in five languages uh russian uh english german spanish and chinese the is going to be working on that project um so congratulations to him i mean really what a skyrocketing career he's having what a piece of talent we're so happy to see him move up the chain um the next one that we've got joined the team is hanzitko we now have an instagram uh so at instagram.com sovereignbtc um all those hot graphics that that our designers have been doing and sue's been pushing out is going to start being available on instagram so that's another way uh that will be expanding our community um and then the next thing is the api bot that you guys might have seen posted in some of our channels that's also a piece of work that uh eom games has been whipping up and basically what that's going to do is it's going to give you all the ability to give commands to get all of the endpoint data that we will also be having in the application so if any of you have been wondering why i've been a little bit testy about the ui glitch in in in our dap is because our data mage betsy braddock has literally been working uh sleepless hours on tons of red bull and with health issues and stuff to be taking all of the endpoint data that we that we're grabbing from the uh from the blockchain and getting it into a mysql database so that it can be displayed in our dap interface and so the um the bot for um that's being tested right now in in discord is drawing from that same data so we're going to be building once a node.js application which then will be implemented in the dap and be giving everybody all the pieces of information that they want to see that we haven't delivered so far and that will also be available in the bot in uh discord and what's interesting about that is that then it becomes basically an api zap so we can plug it into google studio or we can plug it into anywhere and be drawing all the data that's going through the system and display it across all kinds of applications and stellar piece of work from eom games um and that leads me on to this sort of like a little bit of the change in tone that you guys have seen me having in the in the in the channels a little bit of what comes across as frustration or a little bit of brutality but that's actually going to be a shift in tone and how much responsibility it is that we're taking as stewards of the project for the decisions that people make to use the application or to invest in the application it's going to be a repeat of the stay sovereign which is not only the positive message but it's also a warning message i mean this is a it's a beta uh project now not really alpha anymore um the members of the community are are beta testers essentially with skin in the game and so while we have this sort of human empathy and concern for the security of the funds um we've leaned very very closely to helping people and advising them about what's the best thing to do in the application and so you're going to see a little bit of a step back from that sort of assistance and an insistence that people take responsibility for interacting with the platform um there's a couple of uh very very important things that are going to be coming up in the next week um we're going to be moving our dns resolution for security reasons uh from from the the scripting and the way that it's currently working um and that's going to require a very very short period of time where the site may be unavailable and not loading correctly we'll be putting out a message advising of that and giving a time when it's going to be happening we're going to be very very much out in the front of this so the people know that we're optimizing the security of our system by making some changes there's going to be a second optimization outage that's going to happen at it at a different time and that's going to be for fast btc which brings me the issue that have been pretty much the thorn in our side from a user a usability perspective just the bad luck that we had with the bad health of the node and also burned out staff and not enough of us to track the uh the complaints that people were having so we're going to be doing two things we're going to be optimizing uh the fast btc network which will probably result in about one hour of outage where the transactions may not be going through as fast as people would like and for us to be seeing them that'll be notified far in advance which leads me on to two optimization issues that came out of the triaging from our experience of launching uh sov this last week um the first one is is that we don't have a ticketing system so franklin one of our devs uh started today uh configuring um uh fast desk i believe it is or free desk which is a which is a inexpensive version of of zendesk and we're gonna be having a ticketing system and when we get that set up eventually we'll go to get it built directly into the dap uh and we'll be doing a promotion campaign around that so people know that we now have a ticketing feature so that we won't have that kind of discussion happening in discord anymore and people also be able to track their issues and this way we'll be able to triage better uh better the way that things are happening on the platform and hopefully serve you all better another thing that came out of our internal triaging process is the desire for us to have what we're calling an internal error log and the internal error log is that all of the paid contributors to the project will be um incentivized or basically beaten with a stick to um admit their mistakes um [Music] failures that we make in our process where it is that i'm on twitter do something incorrectly or whatever or somebody else what we want to do is uh or sue misses uh an implementation detail in the u.s he's here actually and he can he can comment on that but i think we're getting a little bit towards the end of the call i think we're actually two minutes over so um yeah i understand but many people were speaking before me and i'd like to cover my last point so we'll be doing the uh the internal error log as an optimization um and triaging internally and the final thing is to notify everybody that the budget and circle process is coming along very well we submitted our budgets to the exchequer uh to to begin the approval process for the way that things are moving forward and we've done a pretty good job in defining uh the circles and who belongs where and that's where i'm at the end cool thanks a lot excel uh yeah i'm sorry i didn't i didn't uh you know just leave up enough time for you to go over all those updates um so that that was a lot um shared with excel surfer i would like to close out the call in terms of updates um if you guys like we could stick around for q a but i'll adjourn this meeting now and close off the recording so thank you all for joining this call your support makes all the hard work worthwhile we are as a collective carving out a trail for financial freedom dismantling what people know and understand about money so help us spread the word and create more sovereign individuals and for those who would like to stick around for questions to exile surfer um feel free to stick around and excel survey would appreciate if you could hang for a couple more minutes for any questions oh yeah i have i have no i have no time pressure i'm perfectly willing to stay here fantastic so yeah i'll stop the recording any questions hey guys any plans for a fast btc out or fast rbtc going outwards so you know you can deposit rvtc and get btc out yes we mentioned it earlier

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all right everybody welcome to the sovereign community call this is ingalandia um happy to kick this off with some fresh bitcoin rhymes here goes one second one second okay here we go i'm not sure if you can hear it but let's do it listen up y'all bitcoin is above all we're about to go against the things that we were once taught struggle for sovereignty cuts deeper than a buzz saw more than just a twitter meme like that elon musk dog privacy at stake in a surveillance state leveraging proof of work to secure our cake dm's in my phone it's buzzing all day what is babelfish and when is the launch if you can vote here's something i'll say sip17 from moneyonchain they're the makers of a token called doc bitcoin back stablecoin i'm keen homie if i dare to speak to truth and it will set me free we should leverage that more than usdt that's plenty of bullet points to chat about sovereign community call let's hash it out okay thank you for joining us here thank you for sharing in this mission uh once again my name is angelandia the rules are if you're not speaking please mute yourself if you would speak please toggle the mute button back and forth to get our attention if that doesn't work feel free to politely jump into the conversation um before we go through the agenda um i just want to warn that we have some guests here from money on chain and so we'll have to uh you know um kind of breeze through some of the updates so that we can you know squeeze in their their presentation um so we have manu and maximiliano for money on chain but i'm going to kick it off with the governance report featuring idaniaga so feel free to take the floor hey everyone it's nice to have another community called uh there has been a lot of exciting stuff happening it's really nice just the um protocol in action um most of the activity right now has the usdt btc pair and the um sov btc pair um that's going to change i think pretty rapidly uh and we'll talk about how but um let's talk about what what we've seen already so the protocol is already driving quite significant uh trading volume uh trading volume has tended between 3 million and 10 million dollars daily which is right up there in terms of uh sort of industry standards it's actually quite a bit higher than most um platforms on a per pair basis what that also means is that uh liquidity providers are making uh good money uh so um i took a swag at uh calculating apy uh on the usdt btc pool for usdt that seems to be about 12 14 apy annually if you're a liquidity provider that's not including it's on the fridge uh ingram you may need to [Music] otherwise i'll look for you and meet you thank you um so that that's not including the additional rewards so that's pretty exciting and then on the sovbtc pool it's about 16 apy um we also have about 35 to 45 percent api depending on the day on the usdt lending pool so it's um the the protocol's driving substantial revenue one of the things that we really need to get in as soon as possible is the ability for people to not have to calculate themselves but for the ui to just display that so hopefully that will come soon um what in addition to that so that those are funds that are being provided you know basically being earned by the lps in the platform which is you guys but in addition to that they're the stakers in the platform who get paid by the platform earning um fees itself and that also uh has been happening the protocol has started to become profitable which means that staking rewards are likely to start pretty soon um and are likely to ramp up in terms of their api and and value uh so uh watch this space uh i think that's coming quite soon um beyond that uh i'm sure everyone already knows we have a bridge already deployed to ethereum and finance we've spent a lot it's been deployed they've both been approached for several weeks now we spent a lot of time testing many of you have helped participate in that testing we've been doing a lot of hardening and what this means is and there's going to be a blog post uh coming out about this tonight but um it means we're going to start bridging tokens and the first token we're going to bridge is sov and we're going to bridge it initially to ethereum for an upcoming uh listing on unison so that will be our first uh listing outside of the sovereign platform will introduce us to an entirely new audience and probably help us drive uh more interest more awareness and more uses to the system um as well as allow far more people more capital to have access to sov um and um as with everything that's open does is it's it's highly dependent on you so starting either monday or tuesday there's going to be a liquidity mining program for um for sov holders to participate as lp providers so liquidity providers to that uni swap pool so you'll be able to start earning fees on that as well and then in addition to that uh there's uh two uh things which i which we which we should be introducing so men those of you who participated um on in the genesis cell or the origin cell know that we've already built out a sort of token cell system and anyone who's used the amm knows that we have uh a trading system and so both of these things it looks like they're going to be used again and we'll be um expecting to see more and more listings um based on sort of the the conversations where we we are seeing um but the two that we can talk about now is money and shay um have already published a sip um and manu and max maliano from will be speaking after our updates telling you more about that more about the mlc listing more about doc what it means why it's important and why this might be something you guys want to participate in as liquidity providers or or token holders and then in addition to that we've a couple of times mentioned uh the babelfish project which has been seeing a growing community and um dark knight messaged me who i think is on the call today messaged me to let me know that he also plans to put forward a sip um which his community is working on right now around um a uh token sale on our origins um launchpad uh platform so uh after we've provided the updates i think we should give um you know 10 15 minutes to manu and max and and a little bit of time to dark knight to discuss what they're looking to do and with that i'm gonna hand things over to aurora thanks um so hi everyone um like you've already said we are preparing the east of listing on unisport and this needs a bridge to ethereum which is deployed and a lot of you guys helped us testing it on tesla which was amazing thank you for this also what we will do is we are going to provide a contract where you can start providing liquidity in sov for this new esop port on unispot if you would like to to earn um on the units of trading fees and some additional sov liquidity mining rewards and this contract will allow you to just put your funds in in advance and have us move them all at once over the bridge decided to offer this service because the breaching fees to ethereum are very high due to the ethereum gas costs um so this is a way to saving on it and do not have to do any manual work i think that you will be able to read more here on the channels in the upcoming days but it will happen early next week um then some of you might remember that last week we were talking about suv margin trading but we decided to delay this um which would have needed us to build the oracle for it um in favor of liquidity mining and with liquidity mining i mean smart contract-based liquidity mining so we're going to switch our process from backend phase to a very nice decentralized smart contract-based approach and um yeah this is why we needed to delay the work on the oracle but the srv margin trading is going to come eventually we have issues a lot of you like if i'm looking at this code i'm always seeing the questions about when um that will be taking reports paid and when the fees are going to be withdrawn and shared with stakeholders and um the answer is that hopefully quite soon um the sharing contract has been developed i can hear myself um please meet yourself if i don't see you muted i will mute you okay thanks i know that's better so um the fee sharing contract is being tested on testnet um has been tested internally and again i would ask for your help to help us test everything extensively and test that before we put it into production well a feature in contract at least that we start using it um currently there are already more than 400 authors used usb in fees generated by the protocol which are ready to be distributed and apparently they are going to be distributed in form of liquidity pool tokens of the landing pool and but then we're going to change it to allow you to withdraw all of the fees and ptc instead we're also working on the one-sided diversions check some of you might have realized that they were not able to close their position due to the mm being out of balance and this caused the price diverged too much from the oracle price and currently the smart contracts are always taking both directions so it doesn't matter in which direction the price diverges if it's more than five percent it will not allow you to make the transaction and be in the process of changing it so it only prevents you to making a loss of more than five percent but it will not prevent you from making the profit apart from that we drastically improved the code documentation of our contracts we refactored some of our contracts took a look at the changes bzx introduced over time and copied what we liked um on the vacant side we developed a faster and more fault and fast btc which is already ready for production and about who pulled this data into into a pretty chart for us um it may take a little while to load it pulls several data sources in life but what i hope it will convey is the enormous amount of growth we've had on the platform in a very short space of time our total number of users has left over 10 000 last week and continues to climb steeply our total value lock now stands at over 36 million putting us at position 49 on d5 pulse which is my my go-to reference and the sov price has been buoyant since its listing and you'll see their growth over time of a number of other data points and we're still tweaking graphs and adding more info but we look forward to getting more of the sovereign story to you over the coming weeks and that's it from me so thanks for listening hi it's exot surfer here with the community report so uh we're finally going to be doing we've signed the contract with git coin for the uh the sovereignthon hackathon and they will be opening up making an announcement uh on the 5th of may next week and opening up for uh sign ups for the hackathon uh which will be running between 21st may and 21 june uh right now we're going to have a total of 500 000 uh dollars worth of bounties and grants for the hackathon that could increase as the uh partners are gonna be coming on board ingamar and yago and myself and joshua are all working on bringing the partners on board to uh add to the value of the hackathon the big piece of news that we have coming up is we've uh implemented this week uh customer support ticketing desk software and uh the community manager team is busy working on uh canned responses and tagging for that so that we can offer better service uh to people who are having issues with platform we'll be moving technical uh technical support out of discord and pushing people to a ticketing system so they can actually track that uh their issue is being taken care of and are not just lost in a endless scroll of discord or telecram chats um also next week uh in anticipation of the of the uh east bridge launch edon will be on the bankless uh podcast which is a major accomplishment uh ethereum maxis that are very excited about interviewing iago next week also next week jago and i will be on the burbness podcast which is um a large trading community with five and a half million subscribers on on youtube a massive market uh so we're going to be getting good promotion next week and leading up to the bridge uh launch also hopefully coming up in may we'll be getting out our crypto native merchandise shop with uh with sovereign schwag it's been set up by one of our community community members named that map on shopify and it's integrated directly with btc pay server from nicostoria so everybody will be able to pay natively in bitcoin and ethereum tokens and hopefully we'll be able to motivate btc pay to also integrate sov at some point rsk payments um and the last bit of uh news is that we're probably gonna launch next week it was called the sovereign sage the sovereign sage is a new bot for uh for discord which will provide the community managers direct access to all of the links of our wikis with a couple of key commands so that they can answer questions more quickly and secondly there will be data and price feed commands available to the community managers for requests and there will be a price ticker in discord as well at the top corner top right hand corner so we've also been really busy uh in the wiki and production teams with everything and that's everything for me cool uh looks like we're a little head on time so i'll i'll give some uh updates on the business development side so um we're working on get getting an oracle platform on sovereign on rsk as well as on the the roll up and it seems like we have uh we do have a company who's down for that um we're having meetings with wallets and so far have one offer for a wallet integration um and this this wallet has millions of users so we're very excited about it and we'll announce when it's signed i'm also talking to a new york developer firm to see how we can get some added dev power and um i've also brought in another dev shop looking to work on some exciting new stuff that iago has been ideating uh this week and i don't know if you want to share more about it yoga but i'll leave it at that um and working on on um setting like a framework for new projects to launch on origins which um which we we're discovering as as we go with projects like um that you may have heard about um so i think with that we can i would like to introduce um manu from money on shane he is one of the co-founders and i believe he has uh some information and maybe a visual presentation on on money on chain and then we can go from there and um open up the floor for questions thank you england i really a pleasure to be here an honor i've been following this project since early early days so i'm very very happy to be here and yes i think i have a very brief a presentation i will try to do it very very fast because maybe some of you don't know too much about money and chain so the idea is to explain you in 10 minutes maximum maybe five minutes what is money and chain and from then on actually yesterday there was a a zip proposal that a very good friend of a manager chain founders but a a really early early user of soaring had presented so i think there is a a big opportunity for both of this project to to work even more together because i i from my point of view we are already working a lot together so i i will shut my screen if there is any any question um just let me know okay i'm sorry twins and ice cream here so i'm going here so is everybody able to see my presentation yeah perfect so what we want to do is to bring bitcoin to the mainstream so in that sense we really align with sovereign values and objectives we are bitcoins the founders of money and chain are all-time bitcoiners we love bitcoin and what we want is that the whole humanity uses bitcoin and for for doing that we built a there is like big four big pieces of software one is the stabilicon protocol that i'm going to talk a little bit more afterwards then we have oracles to provide a price price to the to the stablecoin protocol actually our oracles are being used by soaring and it's open source any any protocol wanting to do something on our sk can use these price feeders and then there is a decentralized token exchange that we call tax that is another book is completely different to the amm for example that a sovereign has but we we it that because when we launched this telecom protocol initially there was no exchange the centralized exchange on rsk and we thought it was important for one to be there and on top of that there is a governance token which is called a moc from money on chain token and it allows to make this protocol completely decentralized we are we have not implemented everything to be this product protocol completely decentralized but uh we are in the path of doing that and the first step for that was the launch of this token that happened this monday so regarding the esteban protocol it has three tokens um one is the dollar and chain the st the other engine is still going back by bitcoin the the price of the dollar chain is is hard packed to to the us dollar and it's guaranteed by the smart contract that that i'm going to talk a little bit more about that in a second then we have the big pro the b pro is a token design for bitcoiners willing to have free leverage some coded income so part of the fee is from the protocol gold is a liquidity token this provides liquidity pro it's impossible to issue dollar chain so this monday and and it's going to take a little bit of some some months to to to finish all this this is not completely decentralized yet but in a couple of months it's going to be ready we need to implement several several [Applause] changes and then what offers this moc token for for soaring community if they are interested to list it in the emm if you are holding a moc token you will be able to stake this token and get a most of the piece of the platform eighty percent of the fees that are paid by user using money on chain goes back to the moc token holders that stake their tokens and if you just take these tokens also 100 of these tax goes to the token holders on top of that there is a staking rewards that i'm going to talk in in two seconds and also there is a discount if you are are paying the fees of the protocol in a couple of weeks we are going to implement a way for you to pay this fees with moc token with a discount regarding the rewards program that i mentioned 37.5 of the tokens are now going to be distributed for mlc token holders 75 percent of these are going to moc token holders and 25 goes to b pro holders so there is a big chunk a very very big proportion of these moc tokens that are going to to go to holder so that that's and and this starts actually next monday um if if um and each month it decreases a little bit so there is like a huge incentive to be early early moc token holders and just take them so that's very very briefly what is money on chain i don't know if you know our telegram groups i know that a lot of our users of our community is in serving and i would love to see all of you also in to we you are welcome in our in our community so that that's very briefly uh i don't know if nicolas is here nicole nicole that maybe he he might want to share about this about this proposal that he he he presented yesterday yeah thanks uh hi everyone um yeah no i'm i'm just um i think i i was uh part of money on chain before it existed uh helping uh with because i know most of them that was uh i was no i was never part of money on chain but it was like a community as i was also for sovereign that i think i was i i know i was also one of the first main users here in in sorry so the same way i loved both services uh i was finding uh hard to to use uh not not to see these uh money and chain tokens and docs into sovereign primarily because i personally only use bitcoin and do not use any other d5 protocols so therefore i'm only living here in this space in bitcoin or something rsk etc so i don't have stable coins from other from other from my networks and i know that i could find easily uh docs into the money on chain protocol because the smart contract gives you straight away so that's why i was insisting i was uh i was in sitting in the other community hey guys soaring is going like crazy this uh this is going very fast it's growing very rapidly and i strongly believe uh the money and change should play a bigger role there so this is a great great great place for money on chain to play a big role so that's why i was insisting over there i was also many times talking in this community about dogs etc and well that that ended up with this sip and i hope uh yeah after after comments etc we can finally go for voting so that's pretty much the rational but i truly believe that uh it's it will be great to see a bitcoin a bitcoin back um stablecoin being the preferred choice for bitcoiners in rsk and and that's that's what i'm trying to achieve okay so yes there are other stable coins out there and that's all fine but i i love uh to see a bigger role of the doc token here thank you nico really ready thank you for your words uh you know i i i need to do many many asados uh yeah yeah thanks would you guys like to take some questions sure i've got questions so one thing i didn't understand about during the presentation was was the money unchained token launched this monday or is it going to be launched next monday it was launched this monday so anybody who is interested you you you can trade it in the decentralized exchange what's called text er token exchange but the idea is to list it in in solving so you can trade it in in sovereignty i that's the proposal from from nicolas and i think it's a great proposal yes i think it's good yes but um yeah i will leave to the other answering questions sure so hey um yep oh sorry can i ask yeah i was gonna say that the sip 17 was posted yesterday and it's in forum dot sovereign dot app and yeah if for reference you can you can look there under photocracy uh for the draft of that sip so go ahead whipper um hey money on chain guys um happy to have you guys here just a quick question because i obviously don't know too much about your project but like is doc similar to like how dye is on ethereum and do you create doc by using like cdps and stuff like that well it's it's not like a die the the financial model behind is completely different it has i as i presented three actors it has the b pro and it has the the drawing chain and the third token is the btcx and you know to to to mint a die you have to open a bolt and have a cdp in our case if you want the sterile coin you you just send smart bitcoin to to the protocol and it gives you back the dollar chain the same amount in in dollars if you send 50 000 in in bitcoin it will give you fifty thousand dollars in the aussie for for that being able to happen before some other bitcoin need to provide uh the liquidity for that the collateral and that's the big brokers and the third actor are the btcx which are long long positions that take most of the risk most of the volatility is taken by the btcx so it's a it's a completely different um model and actually it's a much much more robust model as you know other protocols they had a very very tough month in march 2020 and actually they need to change the the model and for us it was this business as usual they the the protocol have any any problem to to react to to the to to the drop to the bitcoin crush price do you mind if i jump here for just a second so there's uh in economics there's a very sort of well understood rule which is um no uh convertibility no parity what that means is if you can't instantly convert from one asset to another you those two assets will not stay in parity they will not stay equal right and and there's amazingly they're amazing examples of this throughout history should be the same price do not say the same price uh unless they're convertible the big difference between dollar and chain and die is that you have convertibility so uh you can instantly convert bitcoin to dock or dock into bitcoin at the exact price instead of trying to rely on a promise of collateralization very powerful advantage that the money and chain model has thank you very much i'm curious uh where's the oracle data coming from for to maintain the price parity it comes from the the most important exchanges that trade bitcoin dollar dollar cash um so we we took the price from those exchanges and we have a a mathematical a media from from that and then it feeds the the price to the protocol so is is our actually we evaluated all the oracles and in the market and we we decided to build our own oracles i can show you afterwards the information about that yeah it would be great to have that in the general channel for everybody to see who the exchanges are on the oracle uh contract and maybe a link to the oracle contract as well would be cool okay so we seem to have breezed through most of the agenda so uh we can open up the floor for general questions uh we i think dark knight also wants to say a few words since he's looking to propose a sip as well is that right dark knight yeah sorry i'm just about to ask uh for the floor thank you um cool yes i think uh this the second half of uh celebrities by weekly meeting uh is uh turning into a stable coin uh call which which is great um just briefly um yes i've also you know been an active participant on the sovereign community uh some of you may have met me already i'm also a user of money on chain really excited about you know all of them of the mocks that i've been earning by minting some duck and i definitely recommend you guys um to check that protocol and i definitely will be voting um in favor of this sip and so yes today i actually also shared um a sip that i am drafting right now um together with a community uh for a project called bubblefish which uh some of you may have heard in the community call that we had here in sovereign a while back um and so very briefly and simply uh good battlefish um one without from from this realization that you know um stable coins have been growing massively you know so in like three years ago there were probably less than a dozen stablecoin projects and today there's over a hundred of them you know the most recent example is uh faye which raised over a billion dollars in ethereum to create this sort of like crypto backed slash algorithmic stable coin i am also a part of the fey experiment and so bubble fish um sees you know the future of stable coins as a as very dynamic full of experimentation we honestly believe that anybody with an internet connection will be able to make stable coins with their friends online what battlefish is being built for and in one phrase i would say that battlefish is like a decentralized bank with branches across different chains where we can accept all of the stable coins that have demands are generating new we take that stable coin deposit and then you can you know travel to a different chain where you would want to use a dollar which is what powers basically d5 um we do not want to charge fees for this instead um what the bubble fish decentralized tank will do with its collateral across different chains is to lend these stable coins earn interest and then use that interest um to buy some bitcoin insurance on good stock periodically to ensure the protocol this is the alpha proposal that we're working on this is something that um i've been hashing with uh some members of the stubborn community uh two has been very helpful dark matter has been very helpful um iago's vision has also been super helpful um and so i recently also just posted today you know i posted in the forum you know to be like a delegate for votes because i am committed to suffering over the long term but today i posted basically you know an invitation to the sovereign community to come check out uh this massive organic discord community that we basically announced like a month ago and somehow the world has been spreading i would give a lot of credit to the sovereign uh to the sovereign vibrations for that for that massive growth right now in just a month we have uh over a thousand uh discord members and we're nearing 1000 twitter followers and these are real followers you know we have a bot to check that they're real and they're all super excited not only about sovereign but about the potential of what double fish is and so um we want to uh you know i see if you go to the forum right now where we are proposing in the slip is that we need to launch this protocol in a decentralized way um unlike center which issue circle um you know and you can go to their website center that io double fish actually put the website dcenter.io what this means is you know it cannot be managed by me you know i'm trying to like bring a community together of developers and community organizers really build this project but that right now we hope will be um in alpha um in around four weeks but to do that we really need to do a token cell to have a governance to vote on proposals um and to make this a reality so being a passionate member of this community a really active member of this community i would like for it to launch on sovereign it would effectively be the first d5 project launching on top of sovereign and uh yeah please come and check out the community uh check out the seat that we're drafting we want to make sure that the sleep you know is solid and that's why i share that you know just inviting you guys if you have comments we want to make sure that the proposal which we hope to post up for real um next week early um gets approved and that we can make this real reality and basically you know what bubblefish allows is to increase stablecoin flow uh at first it will bring a lot of liquidity from different chains um to sovereign by leveraging technology that is being built already by sovereign such as the bridge that was mentioned earlier in this call but what's also awesome is that it it doesn't do like vampire attacks because it lends the collateral it will basically keep uh you know d5 crops fertile and you can also benefit projects like for example the money on chain if people have you know dollar on chains they can quickly you know they want to use it outside of uh a sort of rootstock then they could easily you know trade it one by one um to for example usd which is earning 20 uh on the terror money slash luna uh blockchain so there's a lot of innovation we expect this innovation to keep on growing and double fish basically seeks to unite all of this liquidity and and facilitate um stable current flow and eventually you know also help to bitcoin's value by getting a bit of bitcoin insurance and so that's basically in brief um thank you for your time guys looking forward to two things two things uh dark knight um you're still interested in running a stablecoin panel uh for the hackathon talks right absolutely yeah i call myself a stabilista and that's really how i felt on the rabbit hole cool and the second thing is um sue would you like to explain how we'll be integrating money on chain um into the into the dapps interface for people yeah yeah so i don't know how many of you guys are users of uh um centralized exchanges i will uh i will assume that most of you are nuts but um right now if you even if even by using sovereign's example right now uh sovereign accepts uh usdt and accepts stock so you have two rows in your portfolio or in your wallet um and we expect that with these bridges you know you're going to have another row for usdc and another bridge for die and this basically fragments liquidity right and it just becomes really complicated to manage not only for for the protocol itself um but also for users it's very messy from a user experience point of view so what we want to do is that it's basically uh um sort of like a single row that is usd and then basically you have an option to deposit until it's wrong you can deposit from any chain any accepted stable coin um and we will it will be counted as usd or x usd and then you can withdraw when you want to withdraw you can withdraw to any chain to any stable coin so it really aims to be a very simple uh product at least in the alpha stage and of course you know if we launch a decentralized product protocol um it will evolve according to the community decisions there's a lot of feedback we are already getting on you know why don't you do this or why don't you do that but at first we just want to simplify the experience for for serving users uh prove our and basically you know serve us a proof of concept which i think you know uh will be really exciting actually uh it gives us the opportunity to ask a question to everyone here which would be when you're um depositing and withdrawing would you want to deposit and withdraw from other addresses or would you just want to deposit and withdraw from your metamask or the quality wallet that you're using on rsk but from your the ethereum part of it um yeah i think that's a very good question um that we're figuring out right now um it's much easier with metamask to auto populate all of this with uh with web grid uh but as i am i am aware that equality is also working an upgrade to facilitate this and since equality is a partner in sovereign we definitely want to include them so these are these are decisions that we hope to uh to solve in the coming weeks we're actually addressing that specific question right now what i mean is it's more of a question to the community which is like um i guess if they're withdrawing their stable coins from sovereign uh whereabouts do they want to actually withdraw to um would they want to be just withdrawing it back straight into their their metamask and then the quality wallet on the ethereum chain of of it or would they want to be a uh withdrawing to another address completely yeah it's a good question i think you know the weather we want to build the the protocol i'm sorry for if i didn't understand the question at first uh we definitely want to incentivize people keeping moving stable coins you know we want to incentivize stable coin flow within the protocol itself uh but uh but yes if they want to withdraw it to another wallet uh and you know probably that's something that we will do at a later stage when we can you know request a different address where the user can send it so if it's much simpler to develop a solution where it's you know you can only withdraw it to your uh to your metamask addresses and that's how how it will probably begin i hope that answers your question well yeah actually he sue was asking the question of the community users does anybody have an opinion on that that would like to uh to say what they'd like to see i mean if i can jump in here it's whipper i wasn't exactly sure i understood sue's question what do you mean by withdrawing to e well say if you've got your um you've got your x usd stable coin in sovereign and you want to um withdraw it uh you can withdraw it to any chain you want and have it become any stable coin on any other chain um so at the moment you would be able to do that in your say for instance your metamask you would be able to just withdraw it and it would go straight to uh the the if address of your meta mask or the binance chain address of your meta mask so i guess my question was was from a usability standpoint and from like what you are kind of doing as a user what when when you were going to withdraw uh usd from sovereign how and where would you want to be withdrawing it too so yeah so these are conversations that you know suanna you you you and i we've been we've been really trying to crack to crack at this um and so you know we can keep that conversation um you know outside of of this forum um but sovereign will be the first partner and that's also you know what we would like so we will be the first partner where we can use x usd as a proof of concept so if you're and then you know then it's a matter of doing vd with different um you know protocols or just you know just really working on you know getting accepted in um you know in different d5 protocols the the use of x usd um otherwise i'll just have to withdraw um into the underlying into any of the other chains i'm just not sure if i'm i'm getting the question right excellent did you get my understand what i was saying guys let's move on this is such a esoteric question for this quote any final questions before i close out please if anybody has more questions uh you can also either shoot them here or add them in in the document that we have it's open for comments uh we do want to make we really think it's a very simple project to understand um but as you can see you know when when it comes to building a really simple product there are actually very complex um you know usability questions that are taking place in the background awesome thank you thank you so much dark knight um does anybody want to raise a different uh question here for the last minutes of the call i'm just wondering if you guys can expand on the use of sovereign sort of it sounds like a launch pad um which is super cool very exciting i've seen a lot of launch pad on ethereum do exceptionally well um anyone just sort of describe how this work how it plays out what sort of pricing or incentives just a little bit more clarity on how these the use of sovereign and using these projects as a launch pad would work on sovereign sure i'm happy to jump in on that so uh building a decentralized system and a community around it is a hard job we've uh taken it extremely serious uh and um now that it exists there's an opportunity for other projects to piggyback on it so let's say you're interested in launching our project um you need funds you have a great idea um wouldn't it be nice if you could allow uh if you had a springboard where there was already a decentralized system that could launch the system for you it would reduce your regulatory risk it would provide you with a built-in community will provide you with the ability to take funds from any chain that sovereign is connected to and would it give you substantial liquidity a place to trade the whole package but the most important thing maybe is the fact that you can effectively um allow an already decentralized system to do the two most important things for you one make sure that you are not acting as the issuer token and two have a community that is able to vet projects so that you don't end up with a whole bunch of [ __ ] coins and i think that's something that sovereign can provide on a uni in a unique way that no one else is able to provide it's one of the things that we started to see uh projects uh approach sovereign about and we you know we've already you guys have heard of two projects tonight but there's there's a number of reached out to various members on the team um and so what that means for sovereign i think is first of all a growing ecosystem second um substantially more value in the protocol remember what we're trying to build here is the financial operating system future and so um having the basic functions of things like issuing or listing a new project is a very important part of that right the ability to to do capital acquisition um [Music] and more volume more traction more uh a fees generated by the protocol on all of these different activities and i also think uh based on what the conversations have been having with people like the dark knight that this is probably also going to be a way for projects to sort of um take advantage for themselves of the community that we've built but also give that advantage back to the the the the stakers the the the sov stakers and so um they've been a number of different proposals in different directions anything from air drops to sov stakers to sort of exclusive deals that are going to be offered to sov stakers and you know we'll have to see how this evolves because it's going very much going to be sort of uh experimentation i assume the next two months and we'll need to see which projects come which projects are accepted by the community and what they're going to offer um but i think this is a a very key part of how we're going to grow the sovereign ecosystem uh how we're going to grow the functionality uh that the operating system can have by sort of having apps within the os and um is going to allow us to to provide a huge benefit by allowing really good projects to to to get the best possible start may i add to that yago so there's there's two things i'd like to say one is is that the focus up until now has has primarily been on the launch of the coin and the launch of of the exchange and its availability but the underlying thing that i think that we need to be communicating as we move as we move forward is that sovereign is a protocol that enables these uh these types of things to happen so it's it's less of a coin and more of a platform and a protocol and an os as yago says and to answer your question specifically uh whipper as diago mentioned so different type of incentive programs and you can see in the sip that was uh that was put out by by money on chain they're talking there about incentive programs uh for holders on the uh and stakers on the platform and of course anybody that's involved in the community will be getting the earliest news about platform launches so i i would expect that it will be up to each project uh that wants to launch uh um on on sovereign that they would be enumerating the incentive programs that they would be offering to sovereign holders or stakers in some way yeah does that make sense whipper yeah i mean everything you guys said um totally makes sense uh as i mentioned earlier like i love the idea of a launch pad i think it's super super useful i was just curious if there was more specifics about like incentives for sovereign community but i guess as you just mentioned uh it's probably more on a project project basis and uh yeah i'll check out those forums to see what sort of information they those projects put out i think well i think we're also open to two ideas on that but let me let me close this out first and everyone but uh just to try to respect people's time uh you know a little a few minutes over so i want to say thank you everyone for joining this call this was a great one your support makes all the hard work worthwhile so what we are is a collective who is carving out a trail for financial freedom dismantling what people know and understand about money so help us spread the word and create more sovereign individuals so as i said if you guys want to hang um and you know ask more questions i'm gonna end the recording but the sovereign community call has now adjourned so thanks when level but whipper what what's something that you would like to see maybe out of out of this like origins platform sure um yeah no problem for sure i've noticed that a lot of the launch pads on ethereum um give first rights to different tier levels of people staking or different levels of people holding you know different tokens of some sort so i think it would be nice i think and it's advantageous to give sov sort of a very strong incentive so that not only will participate but the participation will also pay off

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and uh kick this off the way i always do okay so sit back stay on mute and just uh enjoy the show okay the saga begins we gotta build our way to freedom the fiat lords are coming in their numbers and their legions we ain't scared we're prepared and here's the main reason we are sovereign and bitcoin is our beacon there's this concept called defense and depth building layers on bitcoin will add to its strengths protect your privacy protect your loot do your research or get wrecked it's true sovereign is the place where you can long bitcoin you want to stack more sets well you gotta deploy you can leverage trade if you're bullish that way or lp single-sided if you want to play it safe high demand for tether there's incentive to lens like 17 or something to that effect ingalandia spits nothing but alpha we got two new proposals let's just let's discuss the outcome all right guys sorry for the slip up but thank you for joining us here [Music] all right cool uh thank you for sharing this mission the rules are if you're not speaking please mute yourself if you would like to speak please toggle the mute button back and forth uh to get our attention if that doesn't work feel free to politely jump into the conversation it's an open forum um before we go through the agenda would anyone like to introduce themselves and say hello can you can you say that again okay can't hear you that well but welcome either way um so let's get started with the governance report with iago are you there yaga can't hear you hello okay here you are yes can i be heard yes fantastic all right sovereigns hello uh so i'd like to start with the last community call that we had in a quick recap we discussed a bunch of things that were very getting very very close in particular we spoke about the bridges we spoke about um money and shane we spoke about babel fish and um then we also mentioned uh that we were basically ready to go on and take sov tokens onto the ethereum network and have them start trading on a different platform which is unislof so a large number of people started reaching out to us and saying uh why the uh sov token is highly desirable it's growing in terms of interest there's a larger and larger body of people who are becoming interested and just learning about the project as people learn about the project they want to start using it and in particular as more and more interest grows around sovereign and the sfv token more and more people uh want to take a position in suv right now we have a strategic weapon in the form of an exclusive uh trading pair that exists only on our platform and everything seems to be going up and to the right all numbers are increasing why go on to uni swap now and um what was even more surprising is a lot of these people were people who had previously you know been pushing us to try and go exciting to see those people convert into long-term thinkers and it was more exciting for the community to come give feedback on what was effectively uh a a team a plan that has emerged from the core team um and so the core team listened and um decided uh to go open this topic up on twitter it was opened up by a bunch of people on the forums it was opened by a bunch of people and what eventually ended up ended up looking like the consensus was that we can wait let's see what happens and so we waited and what happened was growth accelerated uh certain uh trading volumes doubled the sov token price uh trading volumes uh and the price uh doubled the system started seeing more and more activity uh hundreds of new users every single day and uh recently uh as uh hundreds of new users every single day and uh recently uh as more and more liquidity has become available it was also possible to create to raise the limits which currently exists on on on lending and borrowing and margin trades to 100 000 and so we start to see more and more activity on margin trading as well right now the platform is doing every 24 hours um something between eight and ten million dollars in transaction volume which is kind of phenomenal for a system uh which is very very early so i think this is a very powerful teachable moment for everyone um learning to make decisions as a community and um and and and the fact that we have such an engaged community that is willing to provide feedback uh is an incredible strength so what i've been doing uh recently is talking to the different people get to know each other more and so the the speed of development the communications are is accelerating as well but what i've done is i've gone and spoken to a number of these different people uh stefan has been working on this as well and compiled what looks like the emerging roadmap and so next week i plan to um have at least one and possibly two sort of um open calls uh to discuss what appears to be the uh the uh the emerging roadmap to give everyone who's working on the project and involving the project greater visibility into the different pieces that are happening and also to provide more of an opportunity for the community to give feedback we also during that call spoke about uh money and chain the stable coin and the stable governance system uh uh being introduced into sovereign and babel fish both of these projects are driving a huge amount those sips are going to be ready to be voted on about half an hour after the close of this call so i'd encourage everyone who has gone through the documentation to vote and everyone who hasn't to go do your own research come to a conclusion and decide on your vision for how we should move forward but i think the really exciting thing here is we're starting to grow an ecosystem and we're going to have the ability to introduce soon is the origins platform which is basically the launchpad platform adding a whole new set of functionality to sovereign and um so we'll open some open this up to some questions but uh before we do that i want to uh give a very quick summary of of of where we are going and so what i'm seeing so the progress in the project is of where we are going and so what i'm seeing so the progress in the project is accelerating substantially over the last few weeks we have been in a situation where i would define it as we're building out the critical infrastructure uh which is going to allow um more advanced uh products to be built allow connectivity uh to other sources of liquidity and assets like ethereum bitcoin um and a lot of that critical infrastructure which also includes analytics improved ui is really starting to come together and we've been laying down a huge amount of pipe there is now starting to be liquidity being pushed through those pipes and i believe that we are extremely close to an inflection point in terms of the critical infrastructure will be there the bridges will be there the ability for liquidity to flow will be there and from that point uh um metric and i think this is um probably going to happen over the course uh but by the end of the of of next sprint i think we'll start to see this happen so i think the the beast is stirring and is about to awaken in a in a very um dramatic fashion um and i think it's great that um the money and chain and babel sips are happening now because i think that they speak to the potential of the project and where this is going and so frankly i don't think i've been more excited about sovereign than i am at this point and i am i i i'm really giddy to see how things play out over the next two three weeks um what i'd like to have this uh 17 and sip 18 um for money and shane for babelfish i'd like to uh before we get into the the broader context and updates just open it up to the broader context and updates just open it up for a few minutes for questions um if anyone had i believe the money and chain ambassador teams are both here and if anyone has any questions or issues that they'd like to raise with regards to those things now is a good time whipper you have to ask a question hey guys what's happening i was just waiting to see if anyone else was going to ask something though waiting for you man um yoga are these questions just related to those sips or can we ask anything i think you can ask anything um um okay fine um jago i'm just i'm really curious if we can get like a timeline or close to with regards to the bridges and maybe a fast out btc i'm really curious if we can get like a timeline or close to with regards to the bridges and maybe a fast out btc um i'm concerned overall about just the getting more liquidity on to sovereign um i'm just curious how things are working in the background with regards to the bridges to finance chain as well as ethereum i think that's a great question i'm not going to answer it uh because i think aurora is going to cover it in a moment um but um i think when i'm talking about basic infrastructure uh that's a very big piece of it um and um what i also just mentioned is you know there is no road map in the way that maybe a regular company would be able to schedule releases because the work happens differently um but uh yeah i mean i'll let a little recover you get a sense of how close you are okay cool remind me how many transactions per second the rsk network can actually handle um i'm just curious how we will fare out against sort of gas prices once we start to see a big flow of liquidity start to come on not only to sovereign but just rsk in general um so it's not so simple um transaction sizes vary to a great extent in the basis of the so i think you need to think about it in form in terms of gas use right so there's no um more complicated smart contract interactions consume more gas and as a result take a larger part of any given block um i don't think we're going to be hitting our limits before we have the roll-up ready so right now i don't think we have a particular reason to be extremely concerned about that and if it did become a concern there would be an amazing situation to be in because we will have the roll up thanks yoga i can give you a quick impression if you would assume that most of the transactions sent our single simple transactions and not smart contract cards we would face approximately transactions per second i would say um and if you consider that probably there are some larger transactions among them than maybe the number drops to like seven just to give you a like these are not precise numbers just to give you a feeling for what we are facing thank you um hello guys this is can you guys hear me yep okay so yeah i will just leave some um some thoughts regarding the that we have about baba fish and sip 18 um i i won't i don't think we should boil down and discuss a lot of things because it was very disgusting it's going to be reflected in voting um one thing that i believe that is very important to sovereign is some um i know that you guys are working on there's a it's a lot of work to come up with some solutions but you know you i know in the voting power the total voting power have some some information like this will help us make better decisions in the general sense um may i answer to that so i'm interested to hear what types of information is requested the total voting power if you're already answering i was a little bit late okay calculations have now been completed and all we've been able to um provide points for all of the circulating tokens all of the issued tokens and derived from that are the end points for all of the different token distributions genesis origins and then public sale tokens that they will be able to be tracked with um with who's staking and voting so that is all coming in a very very soon period the the work is done and needs to be moved over into the ui and you will begin seeing that in the depth very soon okay thank you i know it looks a little bit better next those questions but i guess it's just important to highlight that we are not making we can maybe not making good decisions and voting whenever we don't have this information but i totally understand it's part of the process um i think the second part is that it it it feels like to me and i'm a um not technical person at all or even a very uh let's say people are very people are more knowledgeable about it but i guess uh we are becoming also like um uh launching that platform which is great right but if um if that's the case or if i'm missing this please correct me but if you're becoming a launching pad we should have like like launching bad rules right or or a structure of how uh new projects that nothing to do with bcw or anything like that but if somebody else comes with an idea and wants to launch through sovereign it might be a good thing to uh start accept and try to figure out what's the structure that we would like to have i totally agree and um i personally plan to try and put together something more standardized which i would like to propose to the community my thinking around this is i'd like to see a few of these happen um get a sense of how what the concerns are what the thoughts are you know what the variability between guys it's whipper again i'm sorry to jump in but is that the direction that we're headed like sort of like a launch pad or do we eventually plan to open sovereign up in a decentralized way where you can add any token that you want similar to like a uniswap to my mind i think we're moving towards doing both things and the reason is that there's value to both uh and as a financial operating system as a you know an open financial os you want to have those various capabilities so um even a launchpad right looks different from an amm launch uh it could be curated but even if it's not curated uh it looks different uh you know it could be um that the project wants to object wants to uh accumulate some funds rather than put everything into an amm um it could be that um there's a necessity to accumulate funds just to provide the initial liquidity which is part of the reason that launch pad launch pads exist in d5 at all so i see the two as complementary uh and you probably want to have both luckily we do be good other questions all right let's uh let's actually move on to uh aurora with um some of the dev updates hey thanks um before i start with the updates i would just very quickly like to introduce some of our newcomers on the development team there's max irony head of shadow and therefore leading the efforts on our backend services like fastptc or the sovereign notes uh wanna quickly say hi max yep sure hello everybody um despite my name i'm not actually a villain unless you're probably in the fiat world in which i probably am so but uh be glad to join the sobering uh cause and be working on the carnival with the rest of the devs on the project so exciting times thanks max and then also on the shadow team we have two more new additions on especially on the devops side which are colossus and roberto da costa um you go especially when i say hi no okay i'm not nobody forcing you to speak here nobody forcing you to speak here and then we have um rain sinclair joining this duty team are you hearing i recently joined sovereign and i was always fascinated with d5 so excited to have a more interesting experience in this field thanks thanks ryan um if there is any death i who was not yet introduced to the community and would like to introduce himself feel free to do so i think we might have forgotten to introduce new deserts one or the other card sorry aurora did you just say colossus there yes i could have this earlier i am i am apparently colossus um great yeah great part of the team um yeah earlier i am i am apparently colossus um great yeah great part of the team um yeah enjoyed it so far uh worked in a couple of um oh yeah working a couple of uh i guess digital currency bits and uh yeah very interesting like what sorry he's doing and yeah hopefully we can get some get some good [ __ ] done all right thanks colossus i'm good then let's get started with the death update so um there are already questions about the bridge so our heath bridge is updated now on testnet and it allows for native heat transfer and is connected directly integrated with an aggregator so this aggregator is going to be used to unify all of the e tokens which are entering our system to a single coin this means that all of the native each or any other bridges which we might have in the future would all become aggregated in a single token to concentrate the liquidity on the market the babelfish team just very quickly provided a simple version of an aggregator to use as a first step which will then be incorporated into the babyfish protocol these new updates of the eath bridge do also come with some changes of the fee structure allowing us to overcome some of the limitations we had the original version where the fees would be set in an absolute amount and now um we can set them per token per currency and with a base and variable value this bridge is obviously the requirement for our eth pool launch which we are um this bridge is obviously the requirement for our eth pool launch which we are expecting to have soon i do not want to name any final dates now else just to make sure i'm not disappointing people later if you cannot meet them um so much about the bridges then we've made a progress with liquidity mining the smart contract with liquidity mining or the liquidity mining program you're currently witnessing and the smart contract-based liquidity mining system is already on testnet it allows you to earn liquidity mining rewards by depositing your liquidity pool tokens into the liquidity mining pool and as long as the tokens are there they are accumulating rewards this means that existing liquidity providers need to manually deposit their tokens into the liquidity mining pool so they start earning rewards the system will have a notification for you to tell you be done automatically so in the future it will not be necessary to manually deposit any tokens in additional ports but all would be automatically done by the system for you we were also working on oracles for our v1 foods you might remember that we've been talking about margin trading for sov i think it was not the last community called but the one before that and we were saying that in order for us to be able to do that we would need oracles that we needed to postpone them in favor of liquidity mining but now we were able to work on them simultaneously after all thanks to rain and they are almost done these oracles are going to provide us with exponentially moving averages of the price which is more manipulation resistant than using more manipulation resistant than using um current prices obviously and because the exponential moving average has a couple of configurations well mostly one configuration but still um we are going to monitor the pricing for a while to see um and tweak the configuration a bit until we're happy with it and then we will finally be able to allow margin trading on v1 tools aurora may i just jump in for a sec just want to emphasize what this means it means that sovereign is about to launch its own oracle system which will mean that it becomes not reliant for almost anything on external oracles it means that uh server will be able to provide its own article which other projects will be able to use and it will mean that basically any single asset that we introduce into the system will be able to use for um entirely decentralized without the need for external articles i think it's an extremely powerful tool exactly thanks jacob for pointing this out um yes so these are the biggest news um then we are currently preparing i test the deployment of the improved affiliate system and the trading rebates um so we should be able to turn this on soon and i'm going to explain it to you a bit better at the time where we actually turn it on we distributed liquidity mining rewards so those of you who had tokens in the rbdc and uct pools received vesting contracts you can see them in your portfolio section and the liquidity mining reports for the rbdc sov pools will be processed shortly um we were also working on our numbers and some of you might have seen in the announcement that we were sharing some numbers about the sov supply the circulating suv supply which should give us all better insight into what's happening with our token and apart from that it's the usual ongoing improvements of the system like fast btc server nodes documentation testing there's always always a lot of different things going on which i'm not able i'm not able to list all of the things you're working on in a single call so i'm going to leave it at that um are there any questions so far just curious about this oracle party like a chain link of some sort we're building it out um it is integrated into the ev1 pools directly and it's working quite similar to how uniswap is tracking the accumulated prices on their [Music] contracts just that unit swap is providing these cumulative prices for others so others can build oracles on top of them and we are actually directly computing the exponential moving average because it saves a lot of gas and it makes the whole thing much cheaper so we are tracking the cumulative price as well as the exponential moving average on our contracts can you briefly just explain this concept of like eth being aggregated into one token on the east bridges i wasn't too clear about how that worked too clear about how that works but the is is that just like a technical explanation or like is that like a difference that the user will literally see themselves um it's mostly a technical thing for the user it should not um mean any complications um it means that if you're having these different heath tokens we're depositing them into one pool it's being done automatic as soon as you come over the bridge they're being deposited in that pool and that pool is just locking the eth tokens and minting the same amount of aggregated tokens then when the user wants to withdraw the ease let's say to the 8th chain then he would send these ease back to the aggregator the aggregator would then [Music] burn these aggregated tokens and pay ali sends the tokens to the bridge on behalf of the user so the user does not have any additional action but i'm not sure that this is the implementation of the first aggregator we're having now we would need to ask dark matter i'm not sure if he's on the call but the contract is upgradable and this is something which we're going to have as soon as possible so for the user it should be no difference right so the idea is that this simplifies things quite substantially for the users so what we're seeing across d5 is a complete fragmentation of all of the assets so if you look at you know eth you've got wrapped eats and l eats and various kinds of different kinds of eats even just on ethereum and then as you go on to different second layer things then you've got even more tokens and you've got like eight different versions of usdp on binance smart chain and each of those goes into a separate pool which needs liquidity and they they even just on ethereum and then as you go on to different second layer things then you've got even more tokens and you've got like eight different versions of usdp on binance smart chain and each of those goes into a separate pool which needs liquidity and they they um are no longer fungible and so what we're doing is cleaning all of this up and the babel fish project is an extremely important part of that allowing all assets to be aggregated under the asset rather than broken up into the fragments of the different types of tokens representing that asset so on sovereign you just have if s you just have usdt s or your problem wouldn't even cst because the actual asset is usd you'd only have one version of every single asset in deep liquidity for that asset and much more simplicity for the average user is that specific to sovereign or once that token is on the rsk network it could be pretty much used anywhere like in other words like this version of eth that you said s can be used anywhere okay so it's like a basket currency do you uh follow up on that if i may um great i think it's beautiful this idea too um expensive to be lending their assets on on aad and all these other platforms and then use that uh to build an insurance fund [Music] and a long timeline we've been replacing all of these um different staple coins broken up fragmentations and then we're building the insurance sending them out but then on a macro aren't we kind of expecting them to become useless or is that too far into what would happen if that if they become useless then the foundation for lending them the way what about the insurance but maybe i'm thinking too far ahead simple answer if they become useless then you don't need the insurance pool because the only reason they became useless was because the sub-aggregate components were all effectively fungible and identical at least on a non-technical level so it's very much going to depend on a per asset basis [Music] but the basic principle of aggregation uh i think stands and then how you manage the potential risks that might be associated with that aggregation change from asset to asset nice hey that's again amazing i thought it was just stable coins and having wrapping up all the ether and all the other solving platform or they will have their own plot so um let's talk about what it means to be inside of sovereign so there's two ways to be thinking about what's inside of sovereign one of them is the right way and one of them is the wrong way the right way to be thinking about what is inside of sovereign is anything which is controlled by the autocracy is inside the sovereign protocol um the wrong way to be thinking about what's inside of sovereign is what's on the sovereign app so babel fish will not uh or as i understand it will not be controlled by sovereign plutocracy and therefore it will be a separate sister protocol or a partner protocol however um the approach with sovereign dot app front end is that all of these different projects can be deeply into the sovereign dot app front end is that all of these different projects can be deeply integrated providing users with a single like apple like experience like you basically just come and you have all of this um easily consumable and the idea there is that even the most inexperienced user should be able to use in a few months it's important to point out that sovereign dot app is not part of the sovereign protocol it's just a front end um and there are other front-ends being built and through which you can access the system already there are people who are doing this you can also access the system directly via command line so um i think what we'll see is deep integration of the front end at least in servant. most likely on other front ends as well but it won't be part of the sovereign protocol as well but it won't be part of the sovereign protocol that's clear i guess i had the wrong mentality but it's a it's i still have because that's what i was hoping to to hear and it's good that it happens this integration i think everybody wins right aurora do you want to move on let's go yeah let's move on to the next i'm already finished with my updates and if there are no more questions then i'm happy to give the virtual suit okay we have to we have to move on uh to for the sake of time um zoo are you there cool i'll bang freelance then uh first of all we've got a new member of the team um helping with uh working in ux and ui uh his name is gilad uh gilad would you like to introduce yourself yeah hi everyone lovely to be here perfect um okay so i'll go bang through this so first of all uh we've been finalizing the design of babelfish and that's now in the front end and being worked on uh so um that's that's in the works um the new margin trading sport trading and swap interfaces are all on uh test net and ready to go live on monday uh i'm just putting a request in to push that live so uh hopefully there's no push back on that we've been designing a new liquidity page that will hopefully address all the issues that you have um understanding what's going on what your position is what kind of profit you're earning uh how many rewards you're earning um so that's that's in the world to be tested by the users soon um we've also been working on some new lend and borrow pages uh so all the pages uh liquidity lend and borrow kind of work similarly because they're all working around pools um so there there's a nice consistency there and it should make all of your lives a lot easier with understanding what is going on um we've been updating the ledger flow so that users are now able to like copy their address and actually work out which address that they want to use by by uh allowing the balance to be shown so that should be coming out pretty soon uh the new portfolio page which will aggregate all of your data into one place so that you can easily see all the different tables um is almost finished being designed and being designed and put over to front end we've designed a reward sav page uh and so this page is going to be very useful for you guys uh this is where you'll see where all of the reward sav that you're earning from all the different incentive programs uh will accumulate um and then from there you'll be able to um claim it which will then vest it on your behalf for 10 months and then give out per month uh along with that we've been working on the referral page uh which will give you like a link um so that you can share it and earn sov for getting people to come into the system and trade with us um and then in terms of the creative we've started with the concept work for the comic book uh it's all looking [ __ ] um for the comic book uh it's all looking very very very exciting um and we are currently generating characters for that comic world uh and each one of those is a member of like to start off with the core team and then we'll work out through the whole team so that's quite fun i think um how how often do you get the opportunity to make yourself into a cartoon character um anyway that's my update and uh if anyone has any questions i'm all ready for you let's save questions for the end just just to make sure that uh slider and excel get their time no problem okay uh slider hi thanks uh slider here from adoption um today is actually a milestone for us as it's it's pretty much one month since we listed sov it for us as it's it's pretty much one month since we listed sov as ofren um so to celebrate we've produced a snapshot of how our growth figures stand um and because we're sovereign our stats are laid out on a spaceship dashboard of course um shared there's an announcement and this graphic is something we'll update and circulate periodically uh if you don't want to wait for updates you can find there's ongoing reports now in the wiki and the team there have worked hard to collate this data so it can be found under sovereign under the tab sovereign growth statistics so um as mentioned previously we've been running the ad campaign for the past month to promote the loot drops which have now come to an end so that campaign over to our product promotion so i mean this is really exciting there's plenty somebody making dinner um yeah if if anyone's unmuted and you're not meeting yourself i will mute you and i would have to manually unmute you for you to be able to speak again so uh just me yourself please thanks cool so we've turned the ad campaign over to our product promotion um it's exciting because there are lots of ways that we are actually competitive and and you'll start to see our promotional materials cropping up to that shout about this so for instance our lending rates are extremely competitive um i'll give you an example so from very recent stats um in fact just from like one hour ago on the sovereign platform you can earn up to 25 apr for lending your usdt now you can compare this to um compound and and their lending rates five point three percent three percent eleven percent and between nine and ten percent on the center eleven percent on and between nine and ten percent on the centralized lending platforms um block five nexo and celsius um so on top of that we have obviously very cheap transaction fees compared to other d5 platforms as as you probably know we are so cents single digit cents versus dollars um trading price for bitcoin is consistently really competitive which means plenty of opportunities for arbitrage trading that's your thing um if you haven't checked out the latest video about how to make crypto with your crypto then i do recommend that you go over to youtube um to our channel there southern btc where you can educate yourself on how to super stack and hyper huddle in the latest video from eden where he explains that very well so um finally for those of you who don't already know we are increasing the number of channels that we're present on we have an instagram from btc and we're also on reddit at our forward slash sovereign so please um you know show these channels some love follow us and comment where you see fit um and that's it for me everything awesome thanks slider uh exiled yeah so my updates are as usual around the sovereign hackathon so the public announcement uh will be made next monday we've shifted the dates uh to start later because of all the work that's been going on had my hands full um so the sabathon hackathon will be starting on fourth of june concurrent with bitcoin miami and the first three days will be a virtual conference and uh as as of june 4th all the bounties that we're offering will be available for people to uh go through and and start uh submitting projects for um this sponsors the wrong word the confirmed partners that we have that will be adding additional uh bounties to the 500k and bounties and grants that we'll be doing include the akash network uh api three stacks and you neep from stacks will be participating as a judge in the hackathon uh ens will also be participating with uh bounties for integrations with dns um and interlay i o from alexis zamyatun who will be judging uh bounties for rsk and pokestarter integrations um there's numerous other partners that we're in negotiation with that will be announced between uh the initial announcement and beginning of the hackathon there will also be after the uh public announcement on monday there will be a type form for everybody to sign up on they can apply to have you type form for everybody to sign up on they can apply to hacc uh comply to speak can apply to judge and also apply to submit partner bounties for the hackathon um the next thing i want to talk about is the issue with esob and the claros challenge that uh that came up yesterday um the uh the challenge will end in approximately seven hours it was made as a result of miscommunication inside of our team about what was going on with building the eath bridge the esv token is actually what we'll be seeing on ethereum and uh is necessary for us to be bridging over there um i don't anticipate there'll be any issues with that because the evidence is clear that the token was documented why it was created um also we'll be launching the ethbridge on testing on testnet uh sometime soon either for the reviews uh the best reviews for the test net and we also have a new team member on the wiki uh johnny pickles who's working together with betsy braddock on the charts that you've seen uh appearing on the wiki and this is becoming a part of the new uh circle of numerix which we've been hiring into uh for data science as as iago mentioned uh earlier so if anybody out there in the community has mysql skills there's a job and a whole list of other skills there's a job description uh for a team lead that is on our wiki and of course we're open to other suggestions from people who think that they can fit into our data science team that's it for me given over to you inglemar all right just some quick all right just some quick business development updates uh i've been prioritizing um getting partners for the upcoming hackathon um of which most of which exiled surfer has already mentioned um we have signed an mou in partnership with an oracle provider and we'll be making an announcement uh within the next few days um we're still finalizing our agreement with a wallet integration to have um uh sovereigns uh lending and earning interest on bitcoin offered on that wallet which is exciting um and we're working out a deal with a market maker for market making services on the sovereign decks as well as um future centralized exchange um listings and uh yeah we're currently redlining their agreement um that's mostly it from me and um we have some time left for time left for questions on everything that has been discussed or anything that's that hasn't been discussed yet so the floor is open sovereigns i'd just like to make one clarification it's the evidence period that will be ending in about seven hours on claros and then arbitration starts after that uh hey sovereign team just curious if there are any liquidity mining rewards programs um to be announced anytime soon i know that both programs have ended and were obviously very successful just curious about uh some upcoming sure the community wants to hear absolutely i think there's gonna be a wave of uh of opportunity very very soon um the uh there's a gap right now we didn't want to use the old liquidity mining system again too centralized um too confusing and in any event it was only supposed to be used once as an experiment experiment was extremely successful everyone who participated made bucket loads of money next one i think will be even more successful in terms of the users participating but also in terms of what i can drive for the system so um to give you guys a sense of what i think is coming very very soon i expect we will soon have ifpc trading i expect we will soon have babelfish allowing for an aggregated uh uh usd pair against basically anything i mean anything any any token that exists in our system can be traded against any other token um and um and then i expect we will start to ramp up any other token um and um and then i expect we will start to ramp up uh lending borrowing on bitcoin or and all other other assets and and then very very shortly after that um we'll be in a position to start allowing um margin trading on effectively all of these assets so um the pools that i think you should expect um we're going to be looking everything trades against bitcoin in sovereign so there's going to be plenty of space to bring your bitcoins in lend them out borrow them or place them into amm pools um we're going to have um what is looking to be a pretty aggressive push on the sov btc pool um there's going to be uh liquidity mining around new assets like money and chain mock dock and stable coins um if the fish uh uh uh surpasses the babel fish surpasses then fish as well we'll uh once it's launched on um on the origins platform join but in the very very near future i expected you guys who want to participate in the british mining want to get your hands on some east that you can bring over the bridge and stable coins that you can bring over the bridge thanks iago one other thing i actually want to mention uh we've got a few dark horses being built into the system as well one is as we are ramping up uh the margin trading so i think our confidence in the margin trading system is is substantially higher we've seen millions of dollars in margin trades over the last couple of weeks and they've been improving and i think they're going to continue improving as liquidity improves in the system so one of the tools that we think in that trading um so if you like trading this is about to become the best platform in the world do it and then um the other dark course is affiliate and referral marketing we built a decentralized affiliate and referral system which is currently in testing and that will become an additional way in which you can share the gift of sovereignty with your friends and make money doing it any last comments on on the on the sips maybe to just get a sir uh just to get a feel for it who who intends on voting for the sips who intends on voting against the you sips see it in your but everyone's raised there you can't see it in your but everyone's raised there [Music] voting with their feet all right uh so we can end this early if if there are no more questions on the sips or what um uh so yeah i'll just close this out um thank you guys for joining this call your support makes all the hard work worthwhile uh we are is a collective who is carving out a trail of financial freedom dismantling what people know and understand about money so help us spread the word and create more sovereign individuals i just saw sure go for it yeah is there any particular reason why we should not uh why we are not allowed to use sov to trade for double fish tokens or would it be possible in the near future that's a good question uh yaga would you like to answer that actually i don't think he's here um so at the moment this was more question for dark knight maybe because darkness here i think sure um yes at the moment just you know there's higher liquidity for rptc and that's also where we will be providing um some of the fish to create the initial uh liquidity for the decentralized automated market maker so not for the foreseeable future as sov becomes more liquid over time which honestly i don't have much more liquidity with rbtc thank you very much all right any any final questions we got a couple minutes left guys i'm just curious what the motivation behind having uh margin trading behind sov is i mean obviously okay i get it if somebody wants to go you know extra long or short but like i guess my concern is that uh i just worry a little bit about the fact that you know the main governance token you know behind the whole system do we really want margin trading behind that i mean obviously if the team is you know bringing it forward they must have really thought about it but i'm just curious to get you know everyone's thoughts uh on that um you know especially if sov is ever going to be used as some sort of collateral for lending in the future i just worry that you know perhaps manipulation could be a factor as an sov you know community you know volunteer i'm just curious about the overall health of sov and i'm just wondering what the motivation behind having that as a marginal marginal trade i guess if we don't someone else will right right i think at some point it will be possible to do that with sov the cut but yeah i think it's right we definitely want to be the first i um i think your concerns are appropriate yes of course we do not really know how this will affect the token price so it's going to be an experiment in a way which should be very thought through and i'm happy to have a discussion about that with whoever is interested and core team members and whoever just to speak about the possible implications before we launch something like that um yeah um i wanted to just clarify one thing about the question which was previously asked and that even if there is no fish sob pool itself which would be tradable with sov because all of our pools are connected with the swap network so you can trade any token in the system against any other token so there is no problem with directly exchanging sov and fish it's just that when you're providing liquidity one of the sites will need to be bitcoin so you cannot provide the second side of the liquidity with sov one last question that whipper just reminded me of with this question is um or a request a big request to be able to long or short bitcoin without leverage because right now i do at least two times level because then you can yeah if you think you know which way price is going you can make more but without leverage um you think you would just go want to go one time short bitcoin is that what you're suggesting yes or long for that matter yeah um well i mean one time long is the same as just holding bitcoin so it doesn't make sense to have a one-time long trade um but a one-time short is something which makes sense um which we're currently not having due to the way the smart contracts are constructed it's not possible without a smart contract change and at the moment we're working very hard on validity side and so many different features and things we're going to add that um we do not have the spare capacity to allow for a sierra or one x short at this point but if the demand from the community is becoming loud that you guys one guys want to have that feature and it's important to you then we can rearrange our priorities of course

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all right guys this is a uh sovereign community call issue 17. uh my name is ingalandia and i'm going to kick off the call with an awesome freestyle rap so kick back relax and uh enjoy the intro just one second all right hopefully you can hear it sovereign the awakening started on monday interstellar protocol bridging to other chains creating new pathways for users to come and stay staying sovereign harbors are positive some game you can earn sov and the btc pair with crazy apy so put liquidity there throw your hands in the air if you're a bull not a bear bitcoin layer two the fiat lords are not prepared neither is elon musk or john mcafee does peter schiff have any gold here in fact whether you're an ethereum or bitcoin maxi on sovereign you will save on gas fees that's something that both sides can agree is rather sweet it's time for the botocracy to come and grab a seat because believe it or not bitcoin can do it all let's talk about it in this week's community call yeah you guys heard me okay awesome thanks guys thank you for joining us here thank you for sharing in this mission uh the rules are if you're not speaking please mute yourself if you would like to speak please toggle the mute button back and forth to get our attention if that doesn't work feel free to possibly jump the conversation uh before we uh go through the agenda um starting with aurora would anyone here like to introduce themselves all right let's kick it off with aurora with a governance and development report iago is traveling at the moment so we're gonna have oro row cover for him hey everyone i'm just going to smoothly combine both reports into one and not make two separate reports here so let's first talk about what happened the last two weeks or especially the last week as the last thing was a very active one it was a week full of releases on monday we started liquidity mining for sov and the fiat on-ramp on tuesday we launched the east bridge on wednesday we launched the eighth pool today we're going to launch liquidity mining for the pool so a lot a lot a lot of things were going on and i'm just now going to talk you through them one by one so the biggest news for sure is our bridge launch um due to our earth bridge now being up liquidity and assets can freely stream to sovereign and trade here with more security and with less fees so you can transfer now your eth from ethereum and save while trading it and soon we're also going to add stable coins and then further down the road all sorts of other currencies um we are also planning to add a new on the risk to binance so we are already prepared for this with aggregators these aggregators are taking tokens from okay thanks so aggregators um all of our tokens are now aggregated well all the tokens that are coming with the bridge will be aggregated and is aggregated this is because we are planning to deploy the binance chain soon as well and we do not want to split up liquidity for one in the same asset um so when you are transferring your funds over the bridge your funds get automatically aggregated and um you can put them into the pool and do not have to worry about anything else if you wanna withdraw to another chain you can and you process and aggregate the token you can just withdraw the chain of your liking so um short again now assets from east can travel sovereign and soon also from binance chain but the other direction is working as well so suv and other assets which are rsk native like fish will also be able to migrate to other chains the second big news is the new liquidity mining program we started the sob pool liquidity mining on monday with 40k sov in the first week and today is the start of the liquidity mining program of the east pool with 35k sob in the first week which is also a very generous amount and i think it's worth participating in the pool a lot of people um seem to see it the same way because we've got lots of liquidity in the east pool by now so this is quite amazing thank you guys and yeah so what's the big need to stop this week and we are going to have a lot of other releases coming shortly one being marching trading for eth you might have realized that currently you can just swap well just you can add liquidity and you can swap and margin trading is going to follow soon we're going to have the binance bridge up as i said we're going to add stable coins aggregated stable coins with help from babel fish although this is not yet the finished babelfish protocol but it's a simplified aggregated smart contract which can be upgraded later and incorporated into the paperfish protocol so we're going to have unified stable coins in the system we are about to launch our referral system which means that if you are referring serving to your friends you can start earning sov on each of the transfers they're doing and also earn some additional fees um another thing a lot of you might be waiting for is the origins platform and the babel fish token sale this is something which is also being prepared at the moment on the governance side we're having two sips coming up um one is regarding the sov token and if it should be added as collateral to the system i think severe collateral to the system would have the um benefit that you could take a loan for example in bitcoin and put your sov as collateral down or um so long on sov basically doing so um and also the option to add sov to landing pool this means that you could provide your sob for gaining yield just interest by others borrowing it and it also means that people would be able to not just go sop long but also look so we short because just to remind you guys if you want to go short on the system what you're actually doing is you are borrowing the currency you are shorting and you are exchanging it for a different currency so if you go short sob against bitcoin for example you would borrow sov and exchange into a bitcoin and the other way around you're borrowing bitcoin and or exchanging it for sov so adding a severe collateral type and this lending pool would enable both and we here have to decide what we want to do if we find it scary that sov should be available for march and trading already or if you want to see how it goes if you want to enable just one part of it or everything i think here we have to decide as a letter as a community how we want to see this evolve so this is a very interesting set where i'm very curious to see what you guys think about it another upcoming sip which is not as exciting but also very important is a sip which is updating the staking contract now updating the staking contract is not a thing i like to do because it's taking contract is very critical it is holding basically all vested in state sov so a lot of money however we were having issues as some of you realized that some of you had a stake in contract could not withdraw completely and this is an issue which we had in the delegation logic and it is now fixed um the fix is in review and as soon as we have the review done we are going to have a zip around it to let you vote if we should include that fix or not um so these are the two sips which are going to be coming very soon now um i just remember we had a third sip as well and this is the zip above the budget sorry for almost forgetting about it um we're having a ready draft for the budget zip so this will also be up for discussion very soon so um let's talk about that what is currently work in progress apart from everything which i just listed which is coming next we are also still working on arbitrom and now we are making big progresses so we have our own arbitrary roll up running on rsk testnet now and we are starting with the migration plans to make it as easy and smooth as possible for all of you guys to migrate with us to the roll-up saving even more on fees and being even faster and the like i said in previous sessions the roll-up is enabling us to do a lot of cool stuff which would be difficult in layer one such as conditional order types what you are asking for um without it from you also want to launch sbtc which is our bitcoin pack and we want to treat sbdc and rbtc basically equally on the system before i close the development report i just would like to introduce a new developer you're having and that's stan who joined us on the development side development site on the solidity development side stan do you quickly want to introduce yourself yeah sure thanks so yes all you wonderful people i have recently joined sovereign uh this is my second week going on it's been very interesting here i find the project very interesting and i have been in the blockchain space for almost three and a half four years uh mainly worked with the enterprise blockchains uh before joining software and and a few d5 projects as well so yeah i'm glad to be here and working with each one of you thanks time it's great to have you quick question before i move on to the to um creative and design with zoo uh aurora you were talking about conditional orders is that the same thing as like limit orders on arbitrary yeah that's all it's a limit or a lot of conditional order the conditional orders are also like stop loss take profit like every order which is linked to a condition okay awesome um so zoo would you like to step up and give one update on creative design yeah hi guys uh so uh we've been very busy hold up let me just um yeah we've been very busy um creating all of the assets for social media all of their images we our illustrators have been flat out making all the crazy crazy artwork that you guys seem to love um on that we've been uh also sorting out some um nfts uh where it looks like we've got some very super special nfts in the works being made at the moment uh more more will come out about that shortly um we've been uh other to that we've been finalizing the design and the development of uh the babelfish integrate integration um and that is actually gonna change how you guys interact with the bridge um so the bridge uh won't feel like so much like a bridge anymore it'll be more like you just depositing the assets that you choose into um into your portfolio um we've also been working on the origins launch pad and that's actually now in development um all in prep for the babel fish sale uh the origins platform will be heavily based around nfts so we're creating nfts for that and all of the origins users will be retroactively dropped an nft uh for participating in the origins sav cell so uh you should be looking look forward to that that will come out shortly we'll obviously announce that in the announcements when that when that's ready um so margin spot and swap are now live um we we're taking on your feedback and uh updating as much as we can there are certain things that we can't do we're waiting for the back end and then we can but yes please keep on providing feedback on your experiences using those interfaces uh the liquidity page is now the new liquidity page is now live i hope you all are in agreement it's a huge um upgrade from what we had before hopefully now you can kind of understand a bit more what's going on i know there's been a lot of issues with uh confusion with the data and we are working on sorting that out and making sure that all the data in the interface makes sense to you and um allows you to um make decisions based on the on on the data rather than on blind faith um we have been working on the lend new lend and borrow pages um they're going to be on test net hopefully very soon so we'll ask them and give your feedback uh the ledger the ledger flow allowing you to be able to see your balances that's actually been causing there's quite a lot of issues but we think we found a solution for that so hopefully that would be coming out shortly um our new portfolio page is almost finished uh in terms of how the logic of it is working so that will be in development very shortly and i hope it helps you all have a better oversight of what what is going on um with your assets other to that um the referral page is hopefully coming soon um so you can all start earning sov from sharing your links um that's all from me if anyone has any questions or anything uh let's make sure we get through all the updates before we do questions at the end just no worries sorry spider yeah someone someone spoke uh maybe we can just ask do you have a question like a question quick one muscle sam i'm from blockchain whisperer community yeah so just wanted to know like i do like this concept of liquidity cooling right just wanna understand like do we get uh the reward in sov or rbtc if we choose to go with ethereum or vtc our rewards all liquidity money rewards are being paid out in sop and are being paid out invested soviet more precise this means that they are vested for 10 months and to be even more precise what you are getting is a balance on the adopt sob contract and the doctor savvy contract is just a contract which is holding all of the sov which everyone is earning until the person deems it ready to vest it this is because vesting is a rather expensive operation that's wise so it's not investing each time you make um like a small earning so it's better to just um accumulate it on the locked survey contract and whenever you think now is the time to waste it press the button and have it rested or it happens automatically if you're withdrawing from the pool so it will be for 10 months vested yes exactly that means that one tenth of it unlocks each month each month correct and another question like see i can invest one bdc or how much whatever i want but i'm not able to calculate like how much will i earn or how do we calculate that so that we should know like how much maximum money or btc we can put in so that we can get the maximum profit how do we calculate that yeah that's a good question it's like one of the numbers we really wanted to have in place for the launch of the liquidity mining system but we did not manage to have it in place for you yet however i think i saw on our channel as a calculator for the current expected yield i think excited you shared that one and you tell them it's just an excel sheet that calculates um and right now we're at uh 15 mil in the pool um and which is giving us 413 expected apy at the beginning of the pool with a 7 uh yield right now and i'll be posting those numbers basically as as the pool goes forward regularly but i don't have a calculator available for everybody okay so according to you like we are earning 7.66 interest per month or per annum on the bdc or ethereum we deposit for liquidity pooling or mining is that right remember that this is a dynamic number that will always change based on uh the amount going up in the pool right so the more that's in the pool that number will change and these things are just estimates and this liquidity mining event is just for these seven days for that seven day period you would extrapolate an apy of of uh of 400 at the beginning and and and seven percent yield right but that number will be dynamic um um will that uh so are the rewards being calculated and delivered uh at what rate i mean is it daily or is it delivered at the end of the at the end of the pool like 10 months no no the question to aurora is at what point is the actual rewards distribution determined is that happening on a daily basis or at the end of this pool seven days okay seven days correct i am asking aurora this question so she can give you the answer please thank you okay so i'm trying to answer it this time um so the rewards are being accumulated on a per block basis this means that each block the a certain sav amount is being paid out and if you would sum up all of the blocks being mined in seven weeks it will equal 35k sov for the east pool um so but because you are earning on a per block basis it's like you are being paid yeah each blocks have to say so this means that also the percentage you get is not determined now it's not determined at the end of the pool but it's always depending on how many funds are currently in total in the pool what is currently your liquidity in the pool how much time you're in the pool and it's just very exact because this time also we're having a smart contract-based model on that second base model so this is making it all very smooth and what is the block time aurora sorry what is the block time when you say per block um it means ah you mean ayah now i got you yeah every 30 seconds so you theoretically you could withdraw every 30 seconds if you wanted but that would not recommend it um can i ask a question to slider essentially is it just like uh each block essentially could have a different apy on it yes which is why it is that everything is an estimate yeah it's an extrapolation an expectation from this point in time yeah and so if you can all start to grasp why it is that we can't give exact numbers it's because the way that it's calculated dynamically based on this block time yeah cool let's move on to slider hey can i please ask a question on the same way please please please save it for the end thank you thank you very much thank you after afterwards we can come back to q a thank you all right um go ahead slider okay thanks i'm i'm just going to talk about a similar thing um but uh anyway um so at the moment we have some extremely marketable offers which we have just been talking about um and we're taking every opportunity to shout about them of course we opened the 40k sov liquidity mining offer on monday which is on the sov btc pool as exile mentioned we have a calculator that the rates are variable but yesterday the api was around 400 percent and and we are looking to bring you updates um you know so that we can we can all stay on top of it um today we launch a further offer on the east btc pool um there's over one million dollars worth of sov available in the first seven days on this pool this is by far the biggest yield on eth in d5 today and we did some quick maths on the yield and it will start uh well in excess of a thousand percent apy so so if you haven't brought your ether over the bridge it is well worth doing now um and i think it's fair to say that um you know the the earlier that you get into the pool the fewer people there are in the pool and the more uh returns you make and the more people that enter the pool those returns will will start to kind of decrease but there's still it's still a very very profitable um pool to go into so i just do encourage you to take a look at that and um and take a look um the 413 number that i just gave is the number for the pool at this point at this point okay cool um that's great so um that's all they wanted to say on that but just to give it a massive shout out like it's we're all very excited about it and um we we hope that you will also be very excited to take part um beyond these seven first seven days those um rewards won't stop we will just revise how much rewards that we'll be issuing so we hope that you will want to continue to provide liquidity to those pools beyond this first week so um on to our ad campaign so we we are currently promoting these offers on brave um and also on coinzilla and bit media ad networks um the ad campaigns are going well we're driving about one third of all traffic to our website um we're optimizing the performance all the time and we're looking to expand the number of channels we advertise on um for example we're bidding on bitcoin talk ads for june to july we've had some good results from that community in the past so i'm excited to see what we can do there we're also looking to start outreach to selected telegram communities um and of course as usual i'll bring you details of our activity there once we have data to report we have launched our korean marketing efforts and we have a telegram channel for that and i've shared the link in our korean discord channel and we are beginning our chinese campaign on monday and again i will share any official channels here when i get those um and as part of that program we're looking forward to getting some good exposure on agency finance which is the chinese equivalent of coindesk so um yeah looking forward to that in other news we are um we're involved in the bitcoin miami conference um as you're probably well aware that's taking place next weekend um jago is expected to speak there so but we're also looking to supersize our presence with a few other activities um one of these things is the cross-chain miami meet-up it's a side event it's designed to educate the bitcoin community about cross-chain technologies like side chains and atomic swaps and and how those technologies are helping bitcoin scale and expand um beyond the the store of value on layer one we've taken the hero tier sponsorship and with that we get a booth and we get the longest speaker slot which is going to ingalandia and i hope you'll consider wrapping part of it and other things we're trying to make happen but i can't confirm right now are interviews on the ground at bitcoin 2021 and possible participation in an additional side event um that looks very cool um that's auctioning nfts and there's djs and i just wish i could be there but we'll see what we can make happen um and and get the word out about sovereign and that's everything from me thank you slider yes uh excel surfer yeah so um i have a uncharacteristically short report today so anybody that's in the discord channel this is what we think it is but they can somebody need that um yeah remember if if you're unmuted and not talking i will just mute you thank you so um those of you who are in discord will notice uh in the moderator um [Music] sidebar where all the users are listed we now have the uh sov price ticker bot which uh has been done by um team member neo and that is showing the sack price and the dollar price and also reflecting the market cap so thanks a lot to neil for finally getting that out to us um it's what's unique about the uh the sob tickerbot is that it's the uh the first infrastruc microservice infrastructure deploy on our new kubernetes cluster so um this is where we'll be moving a majority of our services for for optimizations and also uh backup and scaling solutions great work being done by the uh the circle of shadow with the new team lead max and everybody that's joined the team things are really pumping up that we're going to have good data services on the back end um in addition to the sov price ticker bot we now have uh in test for the wiki team and the community managers we have the sov sage and what the sov sage does is allows us to return um uh searches search queries from the wiki so that when uh the community managers are in the channel and somebody asks a question can very quickly provide a direct link to a wiki page or a subsection of the wiki uh to very granularly answer people's questions so it's a big step forward and thus being able to do community service um soberthon is now upcoming we'll be doing the press release on monday or tuesday which will have the full list of uh sponsors our partners um judges and speakers uh we've added a huge amount of really cool people to uh to the sovereignty to be to be judging um and that'll be launching simultaneously with bitcoin miami on june 4th on the first three days there will be uh talks and panels uh and presentations from our partners who are doing the bounties uh live streamed on soccerthon.sovereign.app there will also then be a schedule embedded in in the page uh as well as connections to the discord channel and connections to git coin on the fourth uh all of the prize bounties will be going up uh and looks like right now we have a total of about 750 000 dollars in bounties and grants post hackathons so that's really cool um and as far as the nft projects that that sue has mentioned we're also moving forward on the development of the nft portal where not only will we be able to mint all of the nfts natively on on rsk um to do the air drops for the earlier token uh holders and also for the different tokens for the token launches going forward but there will also be a platform for people to upload their own art and mint nfts natively uh on on um on the sovereign platform uh we're working together with a uh startup from coin the coincilian group called minty uh and the coder is a guy named dave appleton who's also involved with ethercards uh and does all of the auctioning for the ethereum foundation for uh the different events that they do and so we're looking forward to roll that out really super soon um and uh that's it from my side thank you very much excel surfer so next up we have john light are you there yeah can you hear me all right yep great so i'll give a a quick update about what's going on in on the bitocracy corner of the community um so since the last community call there were two sips that were approved by bitocracy stakers voters one was the money on chain sip uh which which is basically uh approving um a a loot drop campaign uh for money on chain assets uh the the moc governance token and uh as well as approving a loot drop campaign for the doc lending pool you can read that sip if you want to know more details about that and there was also a sip approved for the babelfish project which was proposing to be the uh the first or at least one of the first projects to launch using the upcoming sovereign origins platform uh which is a platform that's being developed so projects can launch directly to uh the public uh using the sovereign protocol you can read more details about the what babel fish proposed in their sip if you're not already familiar with that changing gears a little bit um i recently uh kind of put a 1.0 uh version 1.0 designation on on some of the plutocracy related documentation that i've been working on there are there are two main pages in the wiki that are being used here uh one is the about sovereign governance page and the other one is the staking voting and delegation page i i think both of those are in a uh not necessarily a finalized state because uh those aspects of the system will be evolving but i don't anticipate any uh major changes uh to those pages anytime soon so if you're looking for the most up-to-date information about the current state of sovereign governance and how the platocracy system works uh definitely check out those pages in the wiki and finally as a slider mentioned earlier uh there's going to be the the cross chain miami meetup this isn't directly related to plutocracy uh but i am actually uh the the organizer of that meetup um and so uh just want to give a shout out about that meet up thanks to sovereign uh for the sponsorship and uh also thank you to everyone who rsvp'd uh i would like to uh just mention we are currently looking for a videographer or a live streamer someone who can help film the meetup so if you're going to be in miami or you know a videographer a live streamer who's going to be in miami and is available on the evening of june 4th please hit me up here on discord my username is at light and be happy to talk about trying to get someone in into the meetup to film uh and those are uh all of my updates for today all right thank you very much light um so i i will talk a bit on business development um i'm trying to get more partners involved in the upcoming soverathon um been having some great meetings lately and very exciting um what we're in need of is more solidity devs um and also people who who know node.js um please hit me up if you know someone would like to participate in um and you know the biggest bitcoin d5 project around um so yeah we're the faster we can onboard new devs the the faster we can ship things guys so um you know there's an incentive for for anyone who who's a stakeholder uh or you know a fan of the community to to um to help with that um so i wanted to shed some light on the origins platform um like for the rest of the year um we'll be i typically meet with um prospective projects who are interested in in having a sale um on sovereign origins and it's a growing process right um because this is entirely new each sale is different each project is different um what tends to happen is is there's an introductory proc process where you know the the uh the project at hands you know wants to learn more about what what sovereign is and uh how they could potentially propose a sale so for the first couple projects there's some hand-holding required from from our end um how to approach the community how to um how to allocate a portion of their token supply for for a sale um and also which demographic they want to tap into um what i would love to see is um you know for you community members that have a project in mind you're connected with one um the best way to propose a sale would be to go to the forum forum dot sovereign dot app and anyone can go in there and say hey i have a proposal for sale these are the the tokenomics this is how much we would like to sell these are the audiences we would love to uh you know whitelist early users of the app or [Music] or specifically sov stakeholders or sov liquidity providers uh i mean i know you guys have a lot of ideas on how these sales should be conducted so you don't necessarily have to wait for our proposal to come from whoever's making that noise please mute thank you um so i i i'm just saying that the these sales are um something that we you know we wanted to centralize the process of like proposing proposing these sales in the in the near future and uh if you have a project in mind or you know a project that could be interested in in doing an origin sale feel free to have them contact me and the more the more proposals we get out there for sales the more streamlined the the process will be and the more examples you'll have to some to model after um but you know i'm bringing this up to say that like anyone can propose an origin sale it doesn't necessarily have to be um you know coming from people who are very very close to the internal sovereign team so that's my speech on the origin sale um and that's more or less it for me from the business development side um i know that we had a couple of questions um post earlier and i wanted to to make sure we have time for that um so those who have questions on anything mentioned in the call feel free to jump in and voice them now hey guys this is david i have a question so kind of along the lines of like the origins platform and the soccer thon and then just kind of like the internal team we've all kind of like discussed a little bit about it but but how has that been like like pulling in dev resources i mean it sounds like everything's trying to grow but like if we pull back that curtain like is it just been a massively uphill battle it's very tough to pull in devs or are we actually having a lot of success in that and like seeing that in the deaf community where people are wanting to join this project i'm just trying to gauge that like because that sounds like it's kind of the biggest impediment right now it's more an issue of there's not a lot of people available it's not that there's not interest it's just that everybody's working um and the level of solution developer that we need is top drawer and we don't have time to onboard people that know something about solidity or had some experience with something related to solidity but we need really top shelf people and everybody's working at the moment and so what are what are like if we have like a potential you know solid d-dab it's like i don't even know that process like the the incentive and the reward for them to like you know come and work on on sovereign is it just like a salary or is it you know tokens or like what is shoot uh sorry i think i got disconnected can you guys hear me yeah i got disconnected like everyone did yeah everyone issue our server probably reset or something um in any case so i mean we have we have good compensation uh we also have uh signing bonuses um so that's really not so much the issue it's just the majority of the candidates haven't met the standards that that that we're looking for so we have tests that we do with potential developers and unfortunately the majority of them don't complete the test adequately hey uh exiled can i make a suggestion sure please well i would just like to suggest over the years i've known some people who work with pretty high level recruitment um in the tech field my my brother started a publicly traded company that's done like really well and so i have kind of like a nice grab bag of um people to to to draw from who are friendly um so that seems kind of an interesting idea but then also it occurred to me i don't know if this is a little bit too like um i don't know not our style but what if we tried to offer an incentive for um for bringing on uh really high level devs you know like a reward okay signing bonus we have a signing bonus for both the death and for the referrer and the referrer okay that's what i wanted to check okay thanks so all you need to do is get in touch with selena on discord and shoot her over uh you know potential candidates and mention those candidates and then and then she'll onboard you into the uh referral bonus yeah right on cool so uh yeah we can i think if we if i've shared that with a few people i think they'd be excited to uh to help us find some some candidates i just need a little bit more like bullet pointy um what specific dev requirements we need so they're necessary that are on the wiki open positions and there's validity devs there and the requirements are are there and then there's uh testing basically okay right on thank you yep another another note it it's ideal for us if we have um candidates who have like full-time availability um and yeah working with agencies is is not ideal but like you know we can we can always make things work you know if there's great talent that wants to work with us long term yeah we'll try and sidestep that structure and go right to the direct connection you know so there's a lot of people out there that are really that are willing to work as mercenary contractors and part-time but it just doesn't work with the speed of development that we're that we're at and also team integrations we have daily team calls and you know people are spread out across time zones and we found an optimization and so you know there's those types of issues as well you know sometimes basically people aren't available for a full-time commitment hey guys so uh my name is franklin i am one of the team members so i just want to glad for one thing that we are more looking towards the senior soldier daves and we have a referral commission for that mainly and it is if i'm not wrong it's 10 000 usd for just referring them serena please correct me if i'm wrong so uh if you guys know someone who is very good at solidity please do refer it to selena then as i'll say she will take care of it thanks did any of the community were you aware that there is that that amount of incentive for bringing in devs we've we've made that aware in the past i mean yeah i've been aware i've heard you guys mentioned that many many times actually yeah so the the offer still stands maybe we can maybe we can do another tweet about it as a reminder i'll retweet that and that sounds like a great promotion for the for the brand yeah okay we've been doing this regularly and it just hasn't crossed your radar but we we do it we've we're also working with many agencies things mean we really have our feelers out and as i said it's really i can tell you from personal experience everybody that i know from years in the space is like yeah i would love to but sorry i'm busy i'm contracted that's really i will put it up on the bounty channel again and just to clarify it is uh like franklin said a 10 000 usd for senior solidity developers sov that's not ten thousand dollars in usd that's in sov again that's invested on ten months hey guys uh it's whipper checking in um before i start with my question i just want to give a huge shout out to the sov team um the speed at which you guys are just shipping stuff is amazing and uh props to you guys we're so happy and like super stoked um my first question is with regards to total value locked um i've noticed that there was a [ __ ] ton of eth that came in yesterday has that been added to the stats page to show how much like i feel like there's like we don't have stats for the e4 yet and betsy is working on that and there will be chart and integration coming as soon as we can get it out it it should be out end of today tomorrow um it's sort of done on the back end we're just deploying it no no worries at all i'm actually very impressed with how much liquidity has moved over in just a day i think it's super super impressive so great work on that i did have a question to maybe one of the devs who worked on the eath bridge i did bring this up in discord but i was just wondering if someone might have a minute to chat about it as a user i know that eth fees are very very expensive but i noticed that bridging from rsk back to ethereum is crazy crazy expensive i think it's like .15 eth which again i know that we are not in control of gas fees on ethereum but it just seems really really high and i was wondering if there was like a way to maybe batch fees so or back transactions on the way out so basically we've reduced the fee today uh it was originally higher we've reduced it and we will be coding and deploying a price oracle for transaction fees as soon as we yes can to be more precise we launched with 0.15 e's fees which would be what we expect that we would need on the east side of the gas crisis were 300 gigaway which is not really the case on if these days um because you need to consider that we're having um multi-seek transactions on the ethics so it's not just one transaction but three transactions and the actual code needs to be executed so this is summing up now by reducing it to 0.05 it means that we are expecting an average gas price of only 100 gigaway which is we have to monitor that if this is something which finances itself because obviously we do not want to operate the bridge at a cost so even if we have the gas oracles in place i would expect to be paying around this amount what really helps what really will help is if we are changing the signature exchange process to happen off chain instead of unchained to have this different federators just exchanges their signatures and one federator collecting them and pushing them all to the chain at once this would save transactions and um the other option is like excited sat to just batch transactions and send them over the bridge together but sadly all of this is just taking a lot of time and it's not just development time it's also the audit because these are very critical contracts you cannot push anything out without it being audited and auditors are crazy busy these days so you have to basically tell them one two month in advance if you want to have something audited just so that they can get the time so this is why all of these changes take time so i think for now people have to live with the high fees before we can do something about that yeah and that's totally cool the fact that you guys are aware of it you're changing it is good enough for me um so thank you that's great good stuff guys any more questions guys i can't believe that's the only question that you have whipper but we can ask anybody else if they have a question uh novak's here wanting to ask for direction and clarity and feedback on sci-fi creative writing narrative stuff i need a little bit more context the question yeah i can have some caller like right right now we do have a writer um um who drafted like um you know a first episode of like a comic book series and it's something that that's probably that's probably me just for context oh that is you yeah yeah it's novak too yeah cool no not you no definitely okay okay sorry okay okay cool all right i drafted something to just fyi so i'm i'm yeah so go on sorry uh no since you're since you're the guy what what with your what was your question oh well i'm it sounds like there's somebody else who's drafted uh something you know way before i got involved as as well so yeah i was just kind of wondering about how what the vision is for that and how we can you know develop that more how i can um you know i can participate in that more i think um i think it's really cool idea and the few a handful of people that i've shared some of those ideas with are all pretty excited about it we have some artists who are developing amazing images um from the uh from the written text that we've done so i would just say that i would continue working on and developing that stuff and i would publish them as nfts as a you know as a series with with text and an image uh on the platform as soon as we have that ready i may be getting contact with too because sue is leading our creative efforts nice yeah yeah absolutely i think that you two guys are actually already in touch sue and novak's correct right yeah yes correct yeah we've been we've been chatting a bit about it and i know that there's so much focus on the you know on the platform and everything right now so some of this creative marketing stuff is um you know not the highest priority at this exact moment but i just thought i would um you know come in and see what uh what i can be working on and how i could be most helpful in that regard yeah that's super cool and i think even though we are currently so very very busy with a lot of stuff i think it is important so that's very cool that you're taking the effort and creating material here oh it's really fun you know that's the thing is like that's how i in my opinion that's how the decentralized um at least the marketing and the art really needs to be is fun so that the creativity is there and also what i noticed is that the the idea came to me by way of slider who said maybe we could do some sort of can we have you do some kind of creative writing about the bridge and the bear and the bear market and the bear that symbolizes the bear market um and i realized as i set out to do that that there's this whole universe of backstory and context that doesn't exist yet that can exist but kind of needs to in order to do appropriately this exists we're completely building it we've been building it for the last like three or four months nice and it's it's coming so actually when when iago contacted me uh in january to join the team the first thing that he asked me was do i know any comic book writers and i went out and found comic book writers and we paired them together with uh sue's uh uh creative team and we've been actually working on long-term multiple narratives of the sovereign universe it's going on and not only do we intend to be putting that out um in comic book form but we intend on putting that out in um in nft form and also to be using that for artwork on the store uh for t-shirts and coffee cups and everything all of that stuff is happening in the background uh amongst all of the development of the platform that you guys see and so for you particularly novak's and for the rest of the people creative people in the community aside from the narratives that we're creating inside with our artwork um what we're looking to do is by the nft platform and by other publishing platforms to create the ability for people to just basically do this themselves without our oversight yeah so that's where it is that we're that we're moving is enabling users to create uh art and narratives around around sovereign and then to monetize them essentially and use them for for uh for community uh marketing yeah right on that's yeah that's exactly the goal and the vision that i have with um babelfish art so i bought the babelfish art domain a few weeks ago and started developing this idea of decentralized art collaboration and that's kind of where this idea of creative writing and comic book stuff came to me so after you guys had already started in this direction uh it occurred to me i said wow we can really capitalize on the the um the synergy of one one creative writer's vision of something paired with an artist's ability to bring that to life and crossing mediums and in artist collaboration and we're producing some incredible stuff already i'm super excited about it but now i'm sort of seeing the um the the possibilities with that to be minted as nfts and marketed as a collaborative work and to take on the the storyline that the community sort of um chooses it's just like such a fan fiction kind of potential for for so many different options i'm really excited about it so that's cool that you're technologically and and in terms of like uh uh not only the social aspects um so basically sue has been planning for two months now or maybe even longer a complete pokemon style gamification of the nfts and the reason why we're going to be working together with mint tea is because dave appleton is also involved with ethercards and ethercards is like the master of nft gamification in the space at the moment so we're looking to pair all of these tools and contracts so auction systems gamification um uh technology and then also the narratives around them we're trying to we're getting to the point of building that platform natively on rsk so that basically you have the tools that you need to just go and do your thing right now that's what i'm looking for that's great and um so there's a lot of thought that's been going into this and we talked about it you know here and there on the community calls but um it's coming right on is it what is it what a fan are we working are we making progress with trying to build it on that chassis are we kind of looking to do our own thing or is that not even we don't really have an answer to that so one of the core devs that came in that was involved with what a fan has come into the team uh and his resources have gone elsewhere for more important things than the nft project um and i've moved on to other collaborators that i've mentioned here uh today yeah nice all right so i'm gonna close out the call just to respect people's time um but everyone feel free to hang i'll hang out for a few more minutes um but i will close this thank you all for joining here uh your support makes all the hard work worthwhile so who we are as a collective carving out a trail for financial freedom dismantling what people know and understand about money so help us spread the word and create more sovereign individuals stay sovereign everyone cheers

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so welcome everyone um oh can you please meet yourself i'm sorry i'm here all right welcome everybody uh this is ingalandia uh the mage of ceremonies aka business development um for sovereign a bitcoin d5 project um i'm going to kick off this call as i always do with some dope ass bars uh so please keep yourselves muted uh sit back and enjoy the show okay just give me one second hopefully you can hear the background music yeah someone got twitter acting rowdy maybe it's the market just dealing with the downswing hack with the sovereign catch another bounty let me say it once and i'm gonna say it loudly sats rule everything around me but we stay sovereign if it's sunny or it's cloudy sovereign not sparking a debate about tbl such a silly metric about as far as we could tell heath maxey is getting toxic just to hear themselves speak brashly even so we gotta treat him well giddy up time to ride the unicorn even though it's a feat we ain't never do before bringing sovereignty to the planet of aetherians will expand photography that's what the theory is some may call us awesome or just delirious but we stay sovereign and we're gonna take it serious all right i nailed that one [Music] thanks everyone thank you for joining us here thanks for sharing this mission the rules are if you're not speaking please mute yourself if you would like to speak please toggle the mutant mute button back and forth to get our attention if that doesn't work feel free to politely jump into the conversation now before we go through the agenda would anyone here like to introduce themselves and say a quick hello i like the idea of a mutant button instead of a mute button that's pretty pretty cool right it's all it's always on for me all right so let's let's kick it off with uh uh the governance report uh with iago hi everyone exciting to be back i've just had several very very very bizarre weeks um i uh was under a rocket bombardment i've been traveling a lot i've was at the miami conference which was a very bizarre place they were the whole city of miami was filled with with bitcoiners um and it was nothing like any bitcoin conference i've ever been to before was honestly it was a lot more like a [ __ ] coin conference at a lot of other conferences i've been to um but there were but one of the cool things was i was just walking around and getting stopped by people who just wanted to say how much they liked what was happening are we still waiting to get started and just want to check if my just my headphones are oh can you please meet yourself whoever spoke i'm going to start meeting people if i had jumped in um so what was really cool was was meeting a lot of people who just wanted to say how much they loved what was happening the sovereign and to see the degree to which awareness around the sovereign project and bitcoin for diva in general is growing um and then there were the weirdest things about the last few weeks you know uh ten years ago i remember sitting on panels and explaining uh or describing how i thought that you know in 10 15 or 20 years bitcoin would become the reserve asset of the world and even while i was saying those things on a panel everyone who was doing it with me i think we all were wondering whether or not we had by mistake become flat earthers and where had just lost our minds because it was such a ridiculous thing to say when bitcoin was trading it down you know forty dollars um but here we are just uh ten years later and bitcoins being adopted by a sovereign nation as legal tender and um i don't love everything about it and other people on the team john light had some really good comments about why maybe it's not such a brilliant idea but the fact that it's happening is remarkable and strengthens my conviction that we are building a financial layer to the monetary layer of things and it also strengthens the sense that we need to build these tools so that the people of el salvador the people around the world have access to transparent financial tools before i was in miami i was going around in the caribbean meeting with various communities there and i think there's a huge amount of opportunity and i think that there's going to be some projects that will be coming out of that from for sovereign uh which which i'm hoping at some point there'll be time to talk about so um in addition to that there was the budget tip which passed i think it was the first time we ever had a budget tip with posh with a 100 consensus so that was phenomenal there's a number of new sips that are going to be coming up and then um the the the the for me the thing that's been missing a little bit is the level of engagement that i've managed to have with all of you guys because i haven't really been able to be online online as much as i would like um but that i'm i'm hoping will change but what's cool is that nobody missed me you know things um things have been been uh been great without me and i think uh i always knew they would be um but um you know everyone's been sort of extremely jacked up and motivated and um it's been phenomenal to watch so a lot of things have happened and i uh i'm going to be covering the development report as well and the reason is as i'm sure some of you are aware um today sovereign is going to be listing the sov token on uni swap up until now all of the bridges have been used for is um allowing people to transfer funds in to sovereign from other chains and so we've seen bnb move over uh we've seen all right we've seen um yeah bnb and east and stable coins move over um but today we'll see uh sov move in the other direction um and so the deaf team are hard at work at that so what was done on the development side during this period well um we've been moving at a cracking pace um the community of developers launched uh the binance bridge introduced transferable tokens for stable coins from both chains dye usd usdc and busd by the way if there are any other key stable coins that you think are are valuable um uh let us or the babelfish team know so the stable coins are being aggregated into xusd which is the first implementation of the babelfish project um and so this is a core collaboration between um the sovereign protocol and the new protocol which is babel fission so that's a big deal uh we saw well over 6 000 eth move over to uh uh moved over the the sovereign bridge bnb and in addition to that the money and chain which is the money and chain system which which provides for the world's um only currently bitcoin back stablecoin launched the money and chain token uh as well on our platform um we saw um the introduction of liquidity mining rewards for all of these different pools and in particular uh most recently um the liquidity rewinding reward for usd which has been 25 000 sov for its first five days i think one thing which has been really interesting is looking at what our initial expectations for liquidity mining rewards which were quite high we expected that liquidity mining rewards might be about a thousand percent yield um which we thought might be too high but in practice because there's been a huge influx of of of funds which have flown into the system they're still extremely high somewhere between 200 and 250 percent apy um and and and remain extremely attractive but um i think you know it goes to show how much interest there has been in moving funds over to the sovereign system we've also seen as a result an increase in the trading volumes on the system uh which are now for the last few days have consistently been above 10 million dollars or somewhere between 300 sorry 250 and 350 btc a day so what's coming next so today sov will be transferable over to eth the staking sip which was approved will be executed um and this solves the issue that we had with the vesting contracts some users being unable to withdraw from the vesting contracts liquidity mining rewards for lending so up until now we've only had liquidity mining rewards for the amm um but the code is complete for liquidity mining rewards for lending the system is currently that is currently being audited and is already available on testnet so you guys can go check it out um east margin trading will become available uh which means it will substantially increase the amount of margin trading that is available on the system a referral system has been built out so this is i think really really key um we have built out what might be the world's first fully decentralized unchain referral system um with the idea that uh you guys are going to have the opportunity to give your friends the gift of sovereignty let them know about sovereign and then have an additional incentive beyond sort of just your own good will in that um you'll be able to earn ongoing fees from the activity of the people that you refer now this is uh built as a blockchain system so it's also scalable so it can be used for referrals between individuals but can also be used as a way to encourage wallets to integrate so they can earn the referral fees by effectively referring their users or getting [Music] affiliate marketers to begin using it and so um this is something i think we're going to be focusing on with the goal of doing two things at once distributing uh even further the ownership of sov and at the same time massively increasing the the user base that is able to use a sovereign on the 21st this month um the origins platform the uh sovereign token launch pad um is going to be um functioning it's going to launch its first uh project and that will be babelfish and that's super exciting because that's going to open up an entire new world of projects that are going to be able to launch in sovereign and become part of the ecosystem and already there's beginning to be um a queue of interested parties who would like to launch on origins um we're also trying to make sure that over the next sprint we'll be able to introduce sov collateral into the lending pool and that will allow a borrowing and lending with sov as well as margin trading this is going to require at least one sip and maybe two and so that's going to be something that we'll be working on um i think the first drafts of the sips were written by um mr light and are likely to become uh something you know i i expected probably they'll be on the forum soon enough and then um uh we're going to take the final step uh towards the full decentralization of the system where any contracts which are remaining under the ownership of uh some kind of multi-sig will be transferred directly to the direct control of the pitocracy protocol now in addition to all of that there's been major progress on the tbtc uh peg which would introduce the new faster peg and allow for much easier ways for users to withdraw funds as well as deposit funds onto sovereign in the form of bitcoin and there's also been a lot of work that's being done on arbitrary and i think you guys are aware that these are extremely complex projects um which must be handled uh very very uh delicately uh to make sure that they're secure uh and the and it's sort of unusual that that any project will try to tackle all of these things um but substantial progress has been made in all of them um and today you know um someone was telling you that they were trying out the the the roll-up test net that that is currently unlimited testnet and we're amazed at how fast everything was basically instantaneous um now um there are complications with uh the arbitrary murder and so it it's still possible it will discover some kind of flow with it that will make it not possible to launch but that is becoming less and less likely with every single day and then there's another very big piece of work which has just begun and that's the work on perpetual swaps perpetual swaps for those of you don't know are basically uh a way to generate a really interesting type of futures market it is the type of trading that was invented by bit mix and has become by far the biggest product in the crypto world and also the most important probably the most important um asset uh sorry uh uh trading type or asset type that was invented by the crypto space in particular and so um we're looking to bring that in a decentralized way uh to sovereign and then sovereign would effectively become the only place that you can have decentralized bitcoin uh collateralized perpetual stocks but that would allow you to trade not just bitcoin but anything from the price of gold to um really any market that you can build the futures around so you could use your bitcoin to trade on you know the future price of each the dollar whatever so a lot of progress has been made um work is accelerating and um i think you know a lot of exciting stuff is going to be coming not just in this coming sprint but also in the upcoming sprints and uh with that i think i'll turn it over to two so you want to talk about yes i just couldn't find the mute button uh what what were you saying sorry creative and design yes hi hi guys um so we've been working hard we've just pushed out a lot of kind of little little changes here and there that should help with your experience um there was about i don't know 14 15 days worth of changes so you should hopefully not notice anything if we did that right um other than that we've kind of been working uh on the v2 flows for um babelfish and the bridge uh that seems to be going all pretty well uh so what this will do for all of you that have used the bridge interface um we will basically kind of get rid of that and it'll be more uh like a withdrawal function from uh inside your portfolio so everything should just be a bit more logical and make a bit more sense you'll have all your history and see what's pending um other than that we've also been working on looking at how the flow for tbtc will work i'm imagining it it will be very similar um to the flows that i just mentioned uh just to keep consistency so everything everything feels the same when you're doing things instead of like really different kind of flows for each um action that you want to take we've almost finished the origins launch pad so we hopefully will be able to test that in the week or so um and that's the same for london borrow new london borough pages because as you might have noticed we've been updating all of the interfaces like step by step so london borough is kind of like the last one before we do a big portfolio update on a more creative side of things i've been working with a community member to create some really awesome video nfts um so those will be dropping at some point hoping you guys love them moving on from that we've been organizing kind of what merch uh we're gonna be creating for you guys and organizing a loop drop calendar uh when we'll be dropping each thing so maybe within a month we'll be starting that up um like i said the portfolio page uh has been underway and um so that that should be starting development very shortly as jaeger said we've been designing a referral system and that's almost finished so that'll be ready for testing soon as well and other than that the other main kind of news is is we are almost ready with our new website so i expect next week you guys will all be able to check out our new website um that's everything from me slider do you want to take over sure thing thanks um just a short one today um as mentioned the babel fish sale is coming um this week we launched a bounty campaign on bitcoin talk um to promote the fish token sale um this is obviously the first sale to take place on our newly launched origins platform so it's super exciting uh we had over 100 people sign up to take part um within the space of a few hours and the program's now fully subscribed so so we're taking that as a positive signal that there's excitement in the market about what's to come um uh and then as as you're all aware um we've got the unit listening today and we are busy preparing promotions for that there's a number of activities we're rolling out over the coming days to support the outreach around the listing this will um this includes uh podcast appearances we'll have some ads running and we hope to get inclusion on defy listings websites so i'll bring you an update on those in time then in other news we have an ama with our korean audience tomorrow on the d5 career telegram channel um ingalandi has kindly offered to represent sovereign at that event as we start to gain visibility to the asian audience so that's that's also exciting um that is all from me for now stay sovereign excel thank you uh thank you slider excel server are you there yeah so um for soberthon since we launched last week we've had 512 people sign up to participate and there's already 44 product projects that people have named we've also basically added another quarter of a million in partner bounties to the uh and grants to the uh 500k that we initially proposed so apparently it going live got people's got people's interest and the first day of talks are edited and uh will be pushed out as well so that people can look at that um and also there will be uh john light's cross chain miami talks that are currently being uh edited and uh post-produced that will also be going up for you guys to check out okay um yes you know there seems to be some like static or feedback coming from you okay i have no idea why that is but i will let's give them a second to come back i found it like ground um do you maybe we want to take some questions in the meantime until it gets back does anybody have questions yep go ahead uh this is david i got a quick question i just want to talk about like uh xusd i think uh some people are kind of discussing that love the idea i get it all of that but i am wondering uh like is the whole premise of xusd that there is like an insurance fund backing if any of the stable coins go bad it's like i feel like we're pulling all these stable coins into it yet there's no insurance fund yet set up so i'm curious does anyone on the team see that as a potential systemic risk or is it just kind of like hey in the short term pull as much liquidity as we can in and then the rest will sort itself out i can only give my personal opinion on this and i think it's you know it's a valid thing for us to be discussing my sense is that is that in the short term yes we are taking on a risk no it is not already higher than the risk of holding any one of these particular stable coins so um the centralized stable coins tend to have more or less the same risk profile um but um so so i'm not i'm not sure like assuming one of them were to collapse right if you were just holding that one then you'd go to zero whereas if you're holding this one everyone kind of loses 25 so you know mathematically it's the same risk um but uh definitely worth a discussion and i think you know having a deviant discussion in the forums or in the discord makes sense got it and then just small quick follow-up long term are we planning on only having x usd on there and then maybe also like something like doc or will all stable coins be exclusively represented in x usd like what's the long-term vision there so far well the oh basically anyone can create any sort of like amm pair on server and it's just really not exposed as a simple ui to do it um so there's nothing anyone can do to stop people from trading whatever pairs they want um the bridge right now is does is more permission so it requires actively adding a new token um right now those tokens are coming through but through our interface uh through through sort of like the ui that is exposed to users they're all immediately calling a method which sends them to the xusd aggregator so in practice if you were to interact directly with the bridge you would be able to bring any of those over individually and so what i suspect will happen at some point is that those uh individual tokens will begin trading or circulating on rootstock and in sovereign that's it i'm hoping that we can delay that as long as possible because i think the benefits of having really deep pool of liquidity around xusd and having the simplicity for users of xusd is going to make the future adoption and use of sovereign far far better and i actually i i rather think that having all of these different tokens represent the same as it is is limiting to the industry in the long term great thanks excellent are you are you back yes i am i've switched machines is that better much better less yeah let's have you finished your updates cool um yeah so next week we'll schedule another day of content with additional partners uh and speakers um and uh and the well five another five weeks uh of the hackathon before it comes together uh it's gonna be interesting to see how much traction that actually gets with project submissions up until now um it's some interesting stuff there um and that's really all that i have from from community everything else is is happening happening elsewhere at the moment awesome great stuff excel surfer i think i think what you're doing is truly truly amazing and like so grand for the forwarding of of the ecosystem so hats off to you i think what's really interesting is is this debate that we're seeing happening you know around the tbl and the you know sort of like the chain arguments that are that are coming in you know that people don't want to recognize side chains and layer two solutions on bitcoin as d5 they're looking for the same you know security guarantees on a level two solution and watching you know both uh the bitcoin side and the ethereum side um arguing about that is kind of like really exhibits the whole problem everybody just wants to talk and nobody wants to actually build and hopefully we'll be able to to overcome that dialogue with what it is that we're doing with soccerthon and and you know sort of like separate the week from the chat and get back to people that are that are building and thinking adversarially uh and creatively and with a spirit of curiosity uh on both chains as opposed to you know this just sort of like arguing going on from from very hardened positions um so this contrast is incredibly interesting to me uh as a member of the space for a long time like edon as well i also agree that like back i remember the earliest days in our hackerspace when people were had you know mined bitcoin at 30 cents and were putting laptops into you know secure deposit boxes at banks when it was at a dollar and going should i sell you know at ten dollars i really never anticipated that we would actually be at the state of of el salvador you know basically making it a national currency uh in in that 10-year period um i always did think though that it would be you know what america considers a rogue state um because when i look at the mining uh numbers when you look at the fact that five percent of hashing power is in iran and iran has been you know basically economic sanctions for almost 30 years on and off um is just the the proof of the use case of bitcoin if a nation state can't be censored pretty much an individual can and so my message to everybody in our community and outside in crypto is that we really need to stop you know having the fear that what we're doing can be taken away from us because from what it is the way that i see the market um and the landscape it can't even be taken away from nation states so we need to like look forward and start stop acting from this from this like position of fear um and forward again into curiosity and building and adversarial thinking yeah i agree um that's good stuff man uh can we get the bittocracy report from mr light yeah hi hi folks um so there have been a a couple of votes that have happened since the last call there was a vote on sip 19 the exchequer committee budget proposal which was approved and there was also a vote on sip 20 which was a technical sip to upgrade the staking contract and that sip was also approved uh if anybody missed those votes or wants to learn more about those proposals you can check them out uh in the sips repo or the discussion sovereign forum and speaking of sovereign forum um the mint layer team just recently published a draft sip uh in the sovereign community forum uh in the photography category for for community review uh so this this sip has not been scheduled for a vote yet um but uh so now is a good time for sov holders who are staking in bitocracy and anyone else with interest the proposal to check it out review the proposal give your feedback and help shape it up before it gets scheduled for a final vote by sov holder and uh that's that's the plutocracy report for today all right thank you very much john light um so yeah i can shed a little bit of light on on business development um i've been in charge of sorting through the origin sale candidates not just the the sale metrics but also what kind of value can they add to the sovereign protocol on the short and long term mint layer was one of those projects that um i had the pleasure of meeting with during the bitcoin miami conference um that's where i've been the past week um so yeah i'm looking to meet more with with into um and i'm working on more partnerships with the with top ethereum d5 projects and shepherding some of our layer two efforts so that our devs have the resources and the time um they need to sort of implement the roll-ups from uh the off-chain labs team um so with regards to top ethereum d5 projects if you if you know of one that uh could add a lot of value um to the sovereign protocol without any overlap to what we're already doing um suggestions and intros are certainly uh welcome um so i think that's it for updates um does anyone have questions on um the topics we mentioned so far whether it be the sovereignthon or the sips um the upcom the upcoming origin sale the tech updates or the the unit swap listing hey guys it's uh it's whipper got a question for the team um this is sort of was brought up before by dave i just had a question if anyone knows from the team if the babelfish project is 100 decentralized i just want to get a better understanding about that and if it's not what sort of pressure or assurances can we get from them since we're basically holding a token that they have i guess authority over um if you can speak a little bit about that that'd be amazing and before i let you guys answer just huge shout out to the team the speed in which you guys are rolling everything out and all the hard work that you guys are doing is like it's insane it's super cool and super awesome so big shout out thanks so much whipper uh great question uh so the answer is it's not fully decentralized uh yet um the um the the their team is currently working um after so they had a governance system um which is based on a prediction market which i thought was pretty cool but they uh thought had too much risk and so they basically shelved that and are in the process of re-implementing um the burtocracy system so that they will have a governance system which matches the plutocracy system which they feel is like more hardened and and and has you know been through some battle testing and and seems to be working really well um so as a result right now the uh xusd is actually controlled by sovereign and um as part of the sip what will happen is so we had to sip with um to allow them to to participate origins effectively the way that that is constructed is that sovereign is going to be launching babel fish and then um will hand over control to the um their version of the bittocracy and actually while we're on the call too i i forgot to do this but i wanted to ask you whether or not we could potentially adjust the our current interface to allow for multiple projects to basically run their own bitocracies through our interface because mental error have asked for the same thing that would be amazing i think um and like yeah that will align with some of the stuff i think i might have been talking with john about uh because we need to update how how the users are actually interacting with it so that they get a better experience i think light's got a lot of good ideas whipper i hope that answered your question um it it did but i'm wondering um and again i'm coming from a place that i'm like i'm i'm a member who's quite concerned about the overall safety and i'm sure it's safe in every way i just want to know like what sort of assurances we can get from them since we're dealing with a different project that's sort of intertwined with us what sort of assurances or what sort of things can we do as a community so that we know that their road map for decentralization from their point is is happening and happening quickly um that's a good follow-up question so the i think the we i don't know if we'll need a sip for this but i don't think ex-usd or anything really should be handed over to their governance to the protocol to their political governance until it's ready and i i i think um also uh dark knight is on the call with us dark knight if you're here would you concur he doesn't seem to be responding um but yeah i mean i think for everyone's sake it's better that we have a sense that their system is robust before uh their system would become take over governance now there's a secondary part of that is like do we trust their community and i think the good thing about it is that um there's a large amount of overlap of the communities um and also if a good amount of sov is actually going to be airdropped to sorry of fish tokens is going to be airdropped to sov stakers on the basis of how long they're staking for so i think there should be a good alignment there as well do people who have vested tokens um they don't necessarily earn fees in the photography but they do have voting power and so when the airdrop happens is that going to just those people who have like um like if your tokens aren't yet vested are you still getting the share of the fish tokens i guess is what i'm saying because like i know those people only have governance power no no right now no so i think the decision that was made that only people who have staked tokens that were previously liquid so for example our founders who have tokens which are under some kind of testing will not receive fish tokens but please just a quick question regarding this is it people who have taken the past and now maybe their stake is over or is it people who are going to be staking during the sale and yeah so um i haven't been as engaged with this part of it but um to my understanding it's on the basis of the amount of state so the stake weight that you have at the time of the airdrop my understanding is is that a snapshot is taken right prior to the sale going live and it's that snapshot that will be used to then airdrop at the end so you need to be in staking and the stake uh the state waiting value will be determined at the time that the snapshot is is taken okay can i can i raise something um so i'll i'll do this shortly quickly but basically one of the things that i've been thinking about a lot recently has been the issue of the protocol is going to generate increasing fees over time but sort of like the cost of staking doesn't change right so like the lack of liquidity that you have when you're starting to stake and doesn't change uh and so there's sort of like a mismatch there so one of the things that i'm planning to write up and i'm hoping i can write it up in the very near future is um i think that what we could potentially do is create a uh token um which right now in my mind i'm calling the roin token uh sort of as the partner to the sov token which would bring forward revenue from the future um and would uh be minted to sap stakers so the people who are sap stickers now and in my mind i think also sort of who were sop stakers in the past would basically receive those tokens and then have a way to a have something which is immediately liquid and b uh uh sort of smooth out the basically earn out fees that haven't been generated yet even even though they're staking now and i think that that could be a really to my mind that could be a solution to um the issue with the relatively low earning of the of the sap stakers now and would also compensate people who have been staking in the past so um i'm i'm planning to write that out but um i'm kind of interested in people's thoughts i'm confused what what value does our white token have i mean i get that it's like a reward for stakers imagine it would imagine it would earn 10 of the protocol earnings for the next uh 10 years or something right like i mean that's not going to be the math but the basic idea is that if you have an ryu token at the end of a certain period you can cash it in for all of for for for a percentage of all of the fees that were in by the protocol during that time and so it has immediate value because people could basically be trading it it's kind of like a futures on on the the the earnings of the protocol uh but you're earning it now and and if you want uh you could sell it you could keep it you could do whatever you want with it i mean it sounds interesting about the creation of another token i'd rather see uh um updates to how the current token is used based on uh sips and and contract changes i have some ideas about that but i'm skeptical of introducing another token into the system with any properties uh did someone else have a comment and also for listening in unison which is going to happen soon and we are really looking forward because sovereign success actually contributed a lot in our nft heart success as well so thank you guys for that uh i had a comment on yoga's token idea so i understand people's hesitancy to list new tokens but the entire idea is you can't really create functionality for the sovereign token if it has to do with the sovereign token itself so if you want to augment how the token invests or how you can earn fees you're going to have to make a new token it's just inevitable otherwise there's no way to create value to trade prior to that discounted value being realized in the future so maybe it's not something to do right away now and see how the fees are developing over time maybe they'll just grow as user engagement grows but at some point if you don't see that maybe you do want to do that well i think that there's an alternative way to do that actually and that would be to make uh staked tokens or vested tokens transferable um because you can't which would also create a futures market so you know that they're unlocking at a future date uh and you purchase them at a discount or at a premium uh and that would be possible with a sip and a contract change to do it that way to create a futures market and that would be much more preferable to me with the existing token than with a with another token muddying up um you know the value of the of the primary token interesting okay well yeah again that's uh that's another discussion to be had then but i would say you should talk tiago about that then uh because that sounds interesting too oh we have had these conversations diagon and i you know did argue about these things uh with different points of opinion there is a dialogue internally about uh about these things and so this is my my position publicly and his position publicly um and so we're looking for sentiment analysis obviously a sentiment inside the community about these ideas by talking about them uh as well i think that i think that if you make the uh sov token like you know transferable before it's uh reaches unstaking period that that kind of defeats the purpose of the uh staking and early unstaking penalty um so i don't think that's a good substitute for what why be under the unstaking penalty why shouldn't they be what's the argument and not make them transferable other than you don't want to have the danger of a futures market on a young token you you want stakers to be long-term aligned and if they're able to get immediate liquidity then they have no longer they're not getting liquidity they're getting staked tokens they're getting the token that's the stake remains um all right maybe let's not have this debate here i think the best place to have this debate is in the forum and i apologize always for bringing it up i yeah um because i i see that it's starting to get heated i have an unrelated question hi it's just bond um while we know that there's discrepancies in the definition of the tbl something that we touched upon earlier as well um i wanted to check and see whether we have any communication plans to short sort of share that information on the crypto twitter um as long as uh also on top of that um any of that information um that can be shared in any of the web forums um the idea is that or the question my concern really is that the the narrative that you see on the crypto twitter right now is that we changed information prior to reporting numbers now we know that the third party site that went ahead and updated the numbers based on the tvl uh was nothing that we can control uh because it's part of a feed but we want to understand that we if we have any communication plans out there to tackle that in the future or maybe arm pontiano with some information related to the tbl just curious my feeling is that uh funders are gonna flood um it was always going to be the case that if we start being successful uh you know ignore it most of the time um also uh i will freely admit that i kind of brought this because i was being cheeky on twitter right so uh d5 llama posted that we had a tvo of 1.9 billion which is true um um but it also is true that it includes the staked sov and so you know i posted it and said look how look how well we're doing we're bigger than utop v3 right it was a very cheeky post and so it was cheeky post which which caused a lot of uh ethereum maxis to get uh their feathers ruffled i actually think in practice it worked out really well uh we saw uh the number of new users to our system over a 24-hour period double uh we saw more than 7000 new followers on our twitter um like in a much faster rate than we've ever done seen before and you know while i don't think being cheeky should be our number one strategy this particular case it worked out kind of well so i think my approach and and you know uh this is my personal opinion but my approach i think is that we need to spend the time to communicate what we're doing make sure that what we're doing is secure and safe and do it on the basis of educating people like actively going on educating people and much less and trying to respond to every piece of fight because the fud i think is only going to get worse i mean look at what's happening with bitcoin right like elon man elon musk is fighting bitcoin because it upsets his ego that there's something which is getting more attention than he is right um i i the bigger you get the more fight you're gonna get and i think the way you deal with that is sticking to your principles i mean the thing is uh iago is that the way they you guys uh whoever is doing this tvl calculations doing it is is highly idiosyncratic basically no other project uh measures deal including you know tokens locked in governance like maker you know we don't measure makers tdl with like m you know the amount of mkr that's in the maker voting contract we don't count the number of curve tokens that are in the curve staking uh governance system and curves tvl it's just it's uh it's just highly unusual uh and basically no other project on d5 pulse is measured that way and that's why you're getting the pushback that you are but yet d5 pulse's um own definition says that it includes staked value there is differing opinions on that from differing camps people have pointed out that there's a disrepaincy and there is no standard there's no white paper on what that standard should be it's different across all portals and there are different camps that that view it differently i disagree with that john so i i don't know that it really matters what they do i think it matters what we do and i think if what we're doing is confusing to people we may want to stop doing it um i think it's important that we show everything that is in the protocol including the sov tokens that are staked because they are in the protocol but we can break it out i actually think that tvl is most accurately represented in the way that we represent it and that what other people are calling tvl is actually more like aum um but uh yeah i think uh we can we can we can show things in a way which is going to be as clear as possible to everyone may i add to that um iago so actually on the data science side betsy braddock has been working really for a number of weeks if not a month and a half on us separating out not only the different token groups uh and how long they're staking for but when it is that each one of the stakes and when all the vests are going to be coming out and this came out of a conversation that we had two months ago wanting to be able to have the data to give to people to be able to see what the inflation rate is actually going to be and what sort of risks they want to take on how long it is they stake so we're working on the data science side to give people all of the granular numbers of all of the contracts and all of the different periods of the release schedules of the allotments and then hopefully in real time also to have the what's being staked and unstaked you know in a cached value that's as up-to-date and immediate as it can possibly be available on on the dap and this beginning of that are the charts that it is that you see that johnny pickles has built that are on the wiki all of those things came out of this initial question how long are people vesting for and how long are they staking for in each of those uh in each of those token groups and when will they unlock so we're working very hard to get this granular data out there um and i find that this this recent uh you know blow up over the over that data um you know comes from the fact that we just don't actually have that in an api and displayable to people yet uh and my largest frustration in being the person that you guys see running the twitter account who who gets salty here and there um about people is that there's all these allegations being made about our data and the frustration where the language changed in those tweets is with very very particular people who refuse to look at the on-chain data that is there to be verified themselves um there's no manipulation of data here and everything is verifiable um the links were provided to the github repos the links how the the links were provided to the actual pull requests which show that they were happening um all of the commits were happening over the last 10 day period to include this type of data and the people just do not want to look at that and just look to their favorite um twitter pundit who's alleging some kind of you know point of view that they have for whatever reason um so this team and a little bit of the frustration that you see from my part publicly is that we're working towards these things and people just do not want to look at that they literally do not want to look at the facts they only want to follow their narrative i don't think that the um that this should be the way it is that we're communicating um but at a certain point you do have to stand up for what it is that that you believe in they know to be correct and true and you also have to point out to certain users um that there are people out there who have followings who refuse to actually do their own research and those include very very you know well-known accounts like anti-pro-synth uh and hassu um they refused to actually look at the data themselves and just continue tweeting and i just find that to be abhorrent so i'm actually the one who was asking you on twitter about this um and for me it just it just you always have to kill them with kindness in a certain way the moment you start saying it's not wrong you know just it's just really unprofessional-looking and i'm i'm trying to imagine being a user who's not already on the platform and i see that there's no way i'm gonna react positively to that i'm just gonna at best i'm gonna be like both these people sound crazy and i'm just gonna have nothing to do with either of these projects um what i want to communicate is that i'm not uncognizant of that fact but i was the 600th user of twitter when it was in beta and i've been there from the beginning in crypto and i know most of these people and i know what their narratives are and i know the kind of junk that they that they put out um wait just let me give you my my point of view because it's important that everybody here hears it and these issues have been raised inside of the team as well um at some point the numbers are 7 000 new twitter followers a doubling and maybe even a tripling of the new wallets that signed up and a coindesk article that is talking about the fact that tdl is a metric that needs to be looked at and there's a certain sort of like calculation about how much it is that we're in the dialogue and i understand that it can be offensive uh to people um but you know i will modulate that moving forward i've been i've been requested by team members to do that um but there is a certain amount of roughness and controversy on twitter um inside of crypto that you have to stand up for um i think the important distinction though is um that you can be controversial you can be upsetting but you shouldn't be aggressive i think you know i want to say that publicly that i accept that and uh we're gonna modulate that moving forward i just wanted to be clear to everybody that's participating in the call how it is that i that i see these things they are decisions that i do rationally make as a risk calculation for communication um and the feedback has come in and and i'm listening to it thank you very much that was a very healthy conversation yes thank you cool people hear me i would like to close this out uh you guys can certainly hang uh after the call but i would like to um adjourn the community call as the hour is up i want to thank everyone for joining in on this your support makes all the hard work worthwhile who we are as a collective carving out a trail for financial freedom dismantling what people know and understand about money help us spread the word and create more sovereign individuals stay sovereign hey uh before you guys leave i just want to say one quick thing so today um probably in about i don't know depending on you know if everything's working properly about half an hour uh we expect to have ease of so if

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building the number one deck you will see made the deaths and the teamwork reflect truthfully had to buy for the dip hope we get to the green x usd helping leverage the dream there's a bitcoin and dmv pool now for the masses trade against the main assets in two-sided baskets our protocol is multi-chain can't make it go away i kick another flow today stay sovereign when the soul is gray r.i.p mcafee sad to see the man leaves feds common stampede whatever tax me fiat prone to atrophy there goes your salary bitcoin scarcity stock to flow plan b alternate reality volcanoes powering peer-to-peer transferring energy through galaxies bitcoins remorseless in a way but it's gorgeous the way it survives despite outside forces okay now that was that was this week's freestyle rap thank you for joining us here um it's a pleasure it's a pleasure thank you for sharing in this mission and the rules are if you're not speaking please mute yourself if you would like to speak please toggle the mute button back and forth to get our attention and if that doesn't work just politely jump into the conversation so we have a couple of people out this week um before we go through the agenda would anyone here like to introduce themselves say your name and say hello is that someone unmuting don't be shy this is your moment all right we'll just kick it off with uh aurora giving the governance and development updates thanks everyone so since the last community call we launched the bnb as pool so now you can bring airbnb over the different bridges and trade them on sovereign we'll launch it also with the liquidity mining campaign and apart from that we launched the x usd lending pool and this is bigger news because this means that now um margin trading is possible against xusd and along with it we are deprecating our usdt therefore we build a very easy way for you to exchange your rusty to xusd on the portfolio section so you can just be possibly are usd on the aggregator and get x usd without any loss so it's a one-to-one conversion um yeah so please people um with the time you know there will be less and less liquidity on the rusdt pool so it makes sense to start migrating to the ex-usd pool instead and there was a lot of discussion going on remember to please meet yourself if you're not speaking okay um so a lot of discussion was going on about staking rewards it was kicked off by ingamar with the a revenue token proposal which was a nice idea but it's maybe adding a bit too much of extra complexity so if you missed a conversation go and check it out on the forum and you can still give your opinion on it um but it is true that currently sov stakers are disappointed because the sticking reports are not um satisfying especially comparing to the other liquidity mining rewards for the liquidity pool so this is something we need to tackle um and there were voices coming out that we should exclude the vesting contracts from the staking rewards and i agree that this is an excellent way of getting [Music] bigger rewards to those of you who are staking voluntarily and are not forced into staking by a vesting contract so i think this is something we should definitely go forward with um this is something which needs a bit of work sadly because the staking contract does not differentiate between voluntarily staked or vested stake so it just knows someone's staked and it doesn't know what is the western country and what does he what is a user so if you want to have this change on the statement contract we would need young guys please mute yourself so um all right yeah if anyone here is not muted and you're not talking i will have to mute you and uh like when i when i mute you i can't on like you can't unmute yourself so just be aware of that thank you so it's some development effort so we will not have it tomorrow uh we are looking into it we are looking for the best ways to do it without adding a lot of additional complexity and without adding extra gas costs um but this is the direction we're going to move forward with and in the end when we're done with the development we're going to present a sip which you can read all of you can verify the changes and then we can vote on if you want to have the change or not because the whole thing is going to take a while we also proposing to pay an additional sov reward to the stakers um which should be distributed at some time in the soon future until now we still did not finalize the terms as of the numbers and um the liquidity aspect so it will most likely be liquid sov but even that currently is still under discussion it's we only have a wide agreement on that slv rewards should be given for the stakeholders to compensate for um not earning as much on the sticking pool as in other pools so apart from that um staking should be quite lucrative because um the origins platform where new projects which are launching are given part of their tokens to sovereign stakers and we're working on other ideas as well where i do not yet want to um say anything i do not want to just destroy the surprise um speaking of rewards we're also finishing um the referral system i'm currently giving it the final touches it's on testnet on testing um um i think we can give you more updates on this than the coming week and apart from that one of our main focuses now is on improving our existing um above all margin trading it's time to finally once and for all solve the price confusion um which a lot of you have been reporting and we always answer it with the same we always giving the same answers um but there's the issue of the different prices on the system with the oracle price and the actual aim and price and i explained the difference already a lot of times so i'm not going into the details here i just would like except someone would like to know then please ask what else i would just wanted to note here that we are going to solve this price confusion by in the future pulling all of the price data from our contracts and not show any external pricing data for bitcoin we are also making the data more accessible on the interface for example the apy or where your rewards come from and generally just improving the user experience according to your feedback and all of these improvement work is going on we're still working on new stuff and above all that's still the roll up there's perpetual swaps which is a very exciting product because it allows us to create anything only with bitcoin and bitcoin packed stable coins so in general we are focusing on improving what we have and adding new products which are all around bitcoin i'm just going ahead here a bit and will also tell you about the amazing ui updates we had and we'll cover that section for two who's not available today so we currently have the babel fish and bridge flows on testnet this means that in future you will be able to just access the bridge via your page it should be much easier we are testing the original yeah it's really nasty if there's always someone talking so you can now see your rbtc balance when you're licking your ledger and we're also improving the reward page um and so you're going to get more information there in general the reward flow will be much improved um many of you know that currently you have to withdraw your assets from the pool to withdraw the liquidity mining fees and then afterwards just um add liquidity again to the pool which is kind of unnecessary and in the future you will just be able with one single click to claim everything from the liquidity mining pools and into the investing contract then i mentioned before already that we are working on the referral system that it's almost finished so here um the ui is currently still under construction and we are going to extend the current program with a few more ideas and yeah can i answer a question or can should i wait until the end of the call uh yep wait till uh was done with her with her updates yes i'm almost done i'm almost done um there's a soft launch of the new website expected on tuesday and just to finish off the development update i just want to introduce um new developers we're having there is um vasily who is um working on the perpetual swaps avasili would you like to introduce yourself pleasure to be here i'm excited to share this mission with all of you um i joined from the banks so my experiences from banking and also computer science i have a background in computer science and financial math and i'm looking very much working on searching thanks thanks a lot brazilian i'm glad to have you on the team uh then on the depop side we are having kurt bagner joining the team kirk do you want to quickly say hello are you here kurt um not here okay um then last but not least we finally found a um a quality assurance engineer jonathan storm do you want to say hi hi everyone i'm jonathan um it's really a pleasure working here um my last role here was with coinbase so i'm happy to bring all my experience on board as well and i'm currently working with the um i'm currently on the circle of light and i'm very very impressed with everyone i'm working with it's really a pleasure working here thank you thanks jonathan um so yeah that's basically the bi-weekly development update are there any questions so far hey aurora it's uh whipper thanks for the update um you touched a little bit upon the xusd rbtc margin pair i feel like that's been a huge pain point to be honest with you for a trader for someone who's actively involved in the community i know that there are hopefully some fixes down the road i'm just curious if there's been conversation around perhaps lowering the spread so that margin traders trade frequently will actually utilize our platform for trading because in all honesty right now it doesn't seem like such a great place to trade with such a huge spread um not i'm not even talking about the oracle or price issues that that in itself has just been horrible but i'm sure that that will be fixed but i'm more focused on the spreads if you can talk about that if there's any intention if there's any possibility of maybe having two separate amm pools one specifically for margin trading and one specifically for swaps you know what you think okay so the spreads are mostly depending on the total liquidity in the system and well a the thing is also that the x usd is only one pool and one pool has by default higher spread than the v2 pool because it's it's relying more on arbitraging to keep the price following the price of other venues so it's creating bigger arbitraging opportunities as a v2 pool would um but the main problem here is just that the liquidity did not yet move from the usdt pool to the x usd pool and so with higher liquidity and frequent arbitraging opportunities the pricing of the x usd pool should also become um quite good and not as volatile but i don't understand the amm pool right now for x usd rbtc is pretty liquid oh yeah there's there seems like a bigger spread on the xusd rbtc than there was on our usd or btc um did you also compare just the base price because the base price might be different if it's not properly arced the thing is that here in ob14 we do not have an excellent oracle price which we are following but the price is always being calculated by the contract just by um just through your actions so if people are buying bitcoin and the bitcoin price rises if people are selling bitcoin and the bitcoin price falls so this is the only logic here it's not following any external price and if the prices diverges from prices you have somewhere else and then you usually have a much better price in the other direction i think that the main big issue we are having here which you really need to focus is proper arbitraging we need to make it easier also for the community to arbitrage this because there's free money to be made we should also take better advantage ourselves the difficulty with arbitraging is that it's difficult to fulfill the cycle in a single operation so because we are ha we are handling our btc here and if we just want to trade it on a different venue to do the trade the other way around you would need to convert the rbdc to btc and therefore we either have to use a centralized exchange where we have a the problem with which vehicle entity to use and b horrible spreads or use um the two-way pack which would be for big amounts the best way but it takes 30 hours so this is kind of making the arbitraging a bit difficult and but for someone who is just having bitcoin and dollar at hand at all times it would be very profitable to just hold bitcoin and dollar and sovereign and to hold bitcoin and dollar in a different trading venue a different exchange and then just if you're buying bitcoin and server and sell bitcoin somewhere else and make an immediate profit this is the most important thing apart from that we could think about changing the amm if we think that we still have the issue if the price is properly armed um did you check whipper if you're getting much more attractive prices on the other side if you're saying you're getting a bad price on one side well to be honest i'm mostly long but um what happened to me this week was awful i mean i got quoted uh during the crash like 28 900 something and i got filled at 30 500 which was horrible but i mean listen i don't really care i care about the longevity of the platform i'm just sharing my comments i personally think right i think if there was a great i think if there was a way to have like maybe a specific amm for for margin trading where maybe the spread was like closer to like oh i don't know maybe 100 bucks as opposed to five or seven hundred dollars like it ends up turning out to be like a four percent round trip like if anyone opens a position there if you open a one btc position and it's a 700 spread in both directions it means you're out fourteen hundred dollars regardless the trade well usually you don't go in both directions but you make a profit in the direction which is under-supplied when you go long you have to you eventually have to sell to get out right so if there's a 700 spread it's a 1400 the thing is that it's not a 700 spread but there is a price difference 700 spread would mean that we have a 700 spread in both directions which is not the case what you're seeing is a price which is different than bitcoin price you're seeing somewhere else including our system because we're showing oracle prices so this is because the price of the pool is not 100 following the price of um bitcoin traded somewhere else now obvious crashing was running low on liquidity and there is not yet sufficient arbitraging um action going on in the community anyways i'm happy to discuss this more with you i don't want to take up too much of your time and everyone else's but um i'm happy to discuss thank you yeah um do we do we have any other questions yeah i would like to ask a question hey there everyone um aurora i wanted to ask uh will there be differentiations investing contracts for being excluded from the uh staking contract or will all west's for example the team compensation vests be also excluded from the staking rewards the team compensation investings would also be excluded from the sticking rewards so team members would also need to voluntarily stake their tokens after they unlocked from the vesting in order to get rewards it's just not really profitable for most people to wait two years to stake afterwards uh and not get any rewards in the meantime it's just yeah that's very very true and the the idea was also behind that you should be earning already with investing contracts even if they are not liquid yet this is why they were included in the first place however the community here also has a point that i mean your tokens are not all becoming liquid after two years but they start becoming liquid earlier and as they are unlocking there should also be incentive for the team members to stake these unlocked tokens again [Music] that kind of i i just wondering it was there an expectation that i'm sorry i'm bobbers um it kind of dovetails was there an expectation that the rewards or the amount of revenue generated to the state um token whatever you want to call it would be a lot higher than what they are has there been a uh an expectation problem oh there has not really been an expectation problem i think it's just now recording it's not that we did have very different expectations um it's rather that for us it was clear that the revenue would just rather start accumulating as the platform grows and in the beginning it wouldn't be that big however we did not yet realize that we're creating a problem for the people who are staking now very early and then missing out on the other uh promotions we're having on the system which is rather unfair because then the people who stacked in the system in the beginning because they're here for the long run they believe in them and um the project and its future that these people are having a disadvantage so this is why we are now also planning to um at least make an air drop of sov or something similar to voluntary stakers and to reward voluntary stickers um better in the future okay fair enough thank you so much okay thanks for for answering me you're welcome do we have any more questions before we move on to um report with slider yeah can i ask a question yeah one more yeah um or aurora is it yeah so uh i was working on one of those sovereign boundaries like the naming service one so just a small question you guys uh must be thinking of going with some kind of root zone so i wanted to know like do i have to work on it are you guys planning on going with the icon i can root zone or do you or like you you would be preferring handshake or any decentralized thing in the future do i even have to work on that um i cannot give you an answer to that okay uh slider are you there i am here hi everyone um so i not so much of a marketing update today as a general update on my status um so i am sad to report this will be my last community call i will be stepping down from my role as adoption lead at the end of this month but for happy reasons as i am leaving to have a baby so um i'll be leaving you in capable hands then and in fact over the past week or so i've been busy on boarding um my successors who i'm sure will be pleased to introduce themselves before long um i want to thank you for being a great community and there are not many projects that enjoy the support of such an engaged group as yourselves and and it certainly helps the adoption team to have you there sharing our content and giving us feedback and and i know you'll continue to do so for for the next the next person or the people that come along um there are so many good things coming down the line for sovereign and i'm extremely excited about the direction of travel um and and it's why we've been getting a korean marketing team on board and we have now a chinese marketing team on board i mean the future is big um and that's always been the sovereign way of course um you go hard or you go home um so so you know the the marketing team will will have uh somebody take over from me as i as i continue on my journey to have have another baby um anyway it's been a wild ride with sovereign and i've enjoyed every second of it um of course i'll still be present in the community and i'll be sure to join the community calls where i can and then put the team on the spot with some tricky questions um so yeah and that's that's my update for today but i i look forward to seeing you all online congratulations thank you very much congratulations can we get like a round of applause for her for all of her excellent work the past few months congratulations thank you so much for it's been it's been great working with you and uh you know i i i know i'll still i'll still see you around these calls and in the chats um so she's she's not gone she's out there creating another sovereign individual so with libra to uh handle those responsibilities thank you so much thank you uh so i will um continue with the community report and exiled surfers dead he is on vacation which as you can imagine is well deserved for the amount of work that he has put in uh on the wiki on the uh the communications and and the hackathon that is still ongoing until july 18th we've recently solidified covalent as a new hackathon partner with two bounties one of them is for an analytics dashboard another one is for an rsk soft rain web 3 wallet using the the covalent api which i think is really interesting so i'll give some background on what covalent actually is uh so for a lot of blockchain projects that want to utilize um their blockchain's data they have to build a subgraph um that sort of catalogs the data of their blockchain and they actually have to build it themselves and manage it themselves and it is kind of siloed out from other subgraphs from other projects so covalent solves that issue where if you just use their api you can use the data from from the blockchain that you're building on as well as other ones so um you can access ethereum i believe phantom bsc and now rsk so there's um there's a lot of projects that are multi-chain uh such as zerion for tracking your wallet holdings and uh and ethereum as well as bsc um there's coin get go uh there's there's queen market cap so it's you know it's it's a huge step forward for uh especially the rsk ecosystem so that like other multi-chain projects can have access to to what's happening on rsk um and it's definitely helping our dev team uh save time uh and uh and energy so um yeah we're really grateful for having uh covalence on board with us and willing to build alongside us they actually had um a hack a workshop um about their their project and about the the hackathon i think it started like a half hour before this call um but uh yeah feel free to check out the the sovereignthon um page so you can get more insight on on those um on their bounties that they have up um let's see and at the moment we have 99 ongoing projects with 1100 participants still going on for about three more weeks it's not too late to get involved um it's not all just coding there is some there are some research opportunities such as uh governance how to incentivize more more participation and how to gamify the system make it rewarding for for for users um so feel free to have a look um i can post the link in the in the general chat for those who are interested uh give me one second and it is there for you to see okay um so in terms of uh the plutocracy report john light are you there yes hey folks um so it not much has happened in platocracy land uh recently since or i should say since the last uh community call um mint layer had a draft sip that they had published about listing their mint layer token on on the origins platform but they actually decided to withdraw the sip uh in favor of of waiting until their uh until their platform is more fully developed before coming back to to lists on origins so exiled surfer and actually uh just created a category for them in the forum um to to i guess brainstorm more ways uh of how the the mint layer and sovereign communities can uh collaborate uh so if you wanna learn more about the mint layer project and and and check out the the thread about the sip they had published um that's all in the forum um one of the uh sovereign um writers uh contributors uh mickey uh posted a draft sip for his sovereign helping hands love and appreciation protocol proposal that draft is is also in the forum so if you want to check that out um learn learn what mickey's proposing uh you can you can find that in the bittocracy section of the forum and um yeah that's that's pretty much all that's happening in in the bittocracy world at the moment um uh aside from the uh kind of ongoing discussions uh that that aurora mentioned earlier about um staking rewards and and such um one a non-photocracy related uh update i'll give uh so i mentioned on the last community call that that i was organizing an event uh in miami uh during the bitcoin 2021 conference called cross chain uh miami that uh ingolandia was uh speaking at and uh along with a bunch of other people representing different projects in bitcoin's cross chain ecosystem uh i i think the event went great i got a lot of great feedback from the attendees and the speakers um and uh i i just want to say you know thanks to sovereign for for supporting the event and uh for anybody who missed it or or who is there and just wants to you know re-watch the presentations uh all of the presentation videos have been uploaded uh to several different video hosting platforms and so i think the easiest way to find those videos right now is to either just like go to uh youtube and look up uh cross chain miami or you can go uh to my twitter profile twitter.com litecoin l-i-g-h-t c-o-i-n and uh you'll be able to find a thread linking to all of the videos um as my pin tweet at the top of my twitter profile um so yeah those are those are all the updates that i have to give today cool thank you very much um i think we can open this up to questions uh for anything that has been mentioned earlier we we have a decent chunk of time left hey guys it's david just a quick question i might miss this book do you know approximately the date of when the reward for um like lending x usd would be i think that was kind of like speculatively announced right sorry could you just repeat this question so um i i thought i read somewhere in one of the forums that there would be like a reward for um for putting x usd into the the pool not not not the swaps but actually borrowing and lending pool and is that still going to happen and and when do we think approximately the date is going to be for that still going to happen um the smart contract code has been ready for a while it's on testnet and we are just waiting um for the frontend team to finish the new landing interface because we would just if you're going to start it now there will be no way on the interface for you guys to see your rewards which as they're being earned and it's nicer to wait with the update until we can provide you with the correct interface for it as well and this should be ready at the beginning of next week awesome thank you welcome yeah hello greetings my name is uh um thank you guys for all the effort you're putting into making this uh project real um i have a question regarding the um term limits uh on the loans and the borrowing you can do on the platform um especially um regarding the um case that you have other um e5 um protocols that uh for example i'm not shooting anything but for example the zrx has um fixed terms and um and you can roll over your your credit terms as long as you give interest but do you have any plans on doing that because um if you're gonna think long term you should be able to also be able to use the borrowing platform on a longer term basis yeah that's a very very good point and we do actually have it so if you are borrowing on sovereign then you are having fixed interest so if you throw it over the interest rate stays the same it's just the margin trade so you're having a variable rate so when a marching position is being rolled over um it's going to be rolled over with the new interest rate and so if you paid in the first 28 days 10 interest and in the meantime the utilization rate of the pool went up it could be that now you're paying for the next 28 days 15 or it might be the decision rate dropped and you're now paying for the next 28 days only five percent um so marching trading is variable but the if you're borrowing then your interest rate is fixed so at whichever interest rate you enter you keep it as long as the position is open because in burn you have a term determined let's say 30 days and this b rolls over none is being rolled over but it's being rolled over the same interest rate not doing a new loan um your loan is just being extended so what happens at rollover is that you're paying and advance the interest for the next period yeah you're front interest that's what they're saying so the interest rate doesn't change in case of borrowing it's just um i think on the new interface and a new borrowing interface which isn't works so we're looking at an improved interface there too and if i'm now not mistaken then on this interface you can choose a start duration as well so you do not have to start with 30 days but you can start with half a year as well if you already know you want to hold this um loan for a long period of time and the only thing which the loan duration specifies is for how much time in advance you need to pay the interest because at the time you're taking the loan you're paying the interest for the whole duration if you are leaving the position earlier let's say you open a loan for six months and after three months you pay everything back then you will get the excessive interest for the remaining three months funded so you're never paying too much but it's just you to know this is the only thing the duration is about in case of loans it's just telling you for how much time you're paying the interest thank you so you'll see this in the new in the new um ui in the new update um well definitely in the new update you should be able to choose a duration in the beginning and you should also be able to see the rollover date and maybe we should just add some some explanation somewhere explaining that the rate is fixed for this position so if the road ever happens it will still happen with the same interest rate you're welcome hey aurora it's uh whipper just sort of continuing um on that last topic about lending um i just wondered if there could be more functionality where you could sort of choose your collateralization ratio um as it stands right now i think the last time i looked at the lending it's fixed at 150 um some users might feel more comfortable with a collateralization of maybe 200 250. um just putting that as a suggestion i'd love to see more adoption on the lending and borrowing and with that um i know i suggested this and i think exiled surfer mentioned that this was being discussed but i really love the idea of lending and borrowing um like maybe there could be like an sov yield farming uh to incentivize people to lend and borrow more what are your thoughts on that yeah definitely and um like i said before for the lending pools the contracts are already ready and we're just waiting for the new lending interface to push everything out at once and then there will be liquidity mining rewards for lending and in regards of borrowing we're having no offer borrowing we're just having the um regular rebates which we are going to launch probably also in the duration of the next print um and the trading rebates so there might have been a change which we need the auditor for and the auditor is currently quite busy but hopefully in the next sprint the rebates are um refunding you half of what you're paying and borrowing fee as sov now we can of course think about if you want to have a bigger incentive for borrowing and potentially add that as well [Music] yeah cool thanks aurora you're welcome um i would like to touch a bit on that revenue share token idea that i had in the forum um shortly after posing that thread like i i did understand that like this separate token might um you know dilute the market for sov uh so if i were to start it over i think the idea of um uh having a non-transferable token that could be redeemable for fees uh earned by the system at any point um i think is a overall better opportunity than um having having no uh non-transferable token that like you're instantly earning the fees now which is um you know it's not an impressive amount so if we were to just think of it as like a point system where you're sticking now you're earning points uh for the first year and the fees are are you know you don't want to redeem it now because the fees earning for the first year the platform growing the users are are still you know adopting the platform but let's say five to ten years from now you can still redeem the points that you that you earn from staking early for the fees that come later on mass and that could be a way for rewarding the early stakers later on uh i'm just wondering if that makes more sense to people um yeah yeah i appreciate this all right i appreciate the suggestion i think my concern was that are we taking the shift away from a fundamental objective of making the core value proposition of holding saab you know more attractive because if you don't increase by pressure then you know the fundamental you know token of governance loses value and that's what we're transacting in so it isn't just the dilution of the value of salt itself but it takes focus away from incentivizing people who participate in the first place right so the idea of making it non-transferable means that it's not like a trader and yeah it's only it's only like uh retrieval the suv token so you can only get it through staking sov like a potential like rewards voucher that you can redeem at any point um that you can't trade at all you can only get it through sov and you can't like it can't leave your wallet if that makes sense that that's why i think looking at it as like a point yeah i get that how are you generating value and this is this is probably better in a different form but i never got from the proposal how it was how you were actually accelerating value it's a distribution method but the aggregation of value still hasn't been agreed we talked about getting funds sharing in the upside or driving marketing or driving you know other people to participate all those things you know add value but that token in itself is really all about distribution and aggregation of the value if it isn't being generated because we have you know a rep share in the upside of liquidity pools or there isn't more people coming into the platform or we're not you know if you're not generating more revenue having a means of distributing it doesn't solve the poor problem in my opinion you know it could be looking at you wrong yeah i see your point um well we're always like looking for ways to generate more revenue for the protocol um and i think what like that's happening anyway um and i guess it it wasn't necessarily a solution for like ways to generate more more users or more trading but some uh a way of allowing the early stakers to sort of speculate on the value of early staking but like through this voucher system you know the one thing i did see about it i just you know i like the incredible part of this do because of oro's sorry um uh concern about the contract differentiation between investing contracts and voluntary contracts could could this help solve that problem and if so this this might actually have multiple new benefits so just a thought is aurora still there uh yes i'm still there i'm just not sure i answered the question completely um what could what solve which problem so the proposal was to have a non-transparent token that aggregated benefits from mistaking and the challenge one of the challenges we have is differentiating between voluntary and involuntary staking right at the contract level you know what the with the distribution of value via this token exclusively coming from certain types of staking positions would that be easier than recoding you know the contract to differentiate between voluntary and involuntary staking i i don't know right it might be i know i understand your question good it might it would probably be simpler to do it that way but i'm not sure it would have the same efficiency because it would mean that still a big bunch of all of the rewards of all of the reward tokens would go to the vesting contracts and i think that changing um reducing the number of wallets basically which are receiving the rewards is much more effective than creating a token which gives you access to a revenue at a later stage which is highly speculated because you will not know how much it will be burst by then because you do not know how much will be distributed until that when will it start accumulating at what point will i start to be able to um claim the rewards so it's um i think while it might be easier to implement now i think that it comes with so much more complexity at a later stage that it's rather verse changing mistaken contract okay i appreciate this clarity and uh yeah i'm just going to go for my positions to be let's look at rewards directly and see if we can make that more tangible in the near term well thanks for the questions uh do we have any more uh final questions while we still have time did anyone show up to the um the twitter spaces event last week because i actually enjoyed that and i was wondering if uh the people who attended who attended that event would um who would welcome a transition from uh a discord chat to to with twitter spaces i'm just throwing that out there okay yeah so yeah i was there i really enjoyed it i thought it was really awesome um but my personal opinion this is just my opinion from being part of many many groups um i love discord uh for community calls i think it's a great place to host them um it also attracts new users to come join our discord and stick around as opposed to like if you're just on twitter people just join on twitter or whatnot um plus it's nice like it's like a nice tight community thing here but that's just my personal opinion but like i think dave did a great job and i really really enjoyed the ama so and i would recommend if there's another one for everyone to come out and join but that's just my personal opinion i don't know maybe others disagree i have to share that opinion as well i enjoy i'm i'm a newbie too and i i wouldn't do both and i think having discord's important though yeah i mean this is david i'm the one that hosted the ama um i loved it i thought it was a ton of fun especially as we kind of went off on the champion to the marianne there but even i agree i mean i think the discord is 100 necessary but it would be fun just kind of in the off weeks when the discord is not happening is to keep posting those amas i think it's just it's a different venue to pull in questions um that's kind of my opinion on it the other thing inglendia sorry if i could just jump in is that the problem with the amas on twitter is that people don't have the option just to speak they have to request to speak um and people can't really join in so freely i feel like here in the sovereign community like everyone is open to like hearing everyone talk and there's not like this whole like request to speak thing so that's something to consider as well yeah i think we're kind of leaning towards the request to speak format just because we always get a lot of interruptions and i feel bad for the speakers who who get interrupted by background noise from people who accidentally unmute and there's a baby crying or something um in the middle of a tech update so that that's what has us considering different different channels we we might explore the staging feature with uh with discord um i i've been like really bad about like yeah like learning how it works yeah that's how that's how others do it too they have they do have a stage feature as well within discord so that's always an option to um cool all right well if there are no further questions um excuse me uh is my mic working yes sir oh uh hey sovereign team uh just been lurking for a while i have a two quick questions for you um how long can we expect uh yield farm rewards to continue for and is there a targeted or expected apy in the longer term so the legitimate rewards are here to say this does not mean that they will stay with the current setting so i'm quite sure that the rewards are going to decrease over time um but in general you're going to like currently there's no plan to turn off the utility mining campaign um regarding your api question on the longer term um i cannot give you an answer to this question yet because there are not yet the decisions around how exactly the insecurity mining program will be assisted in the future background noise um happening but did you manage to hear that sir uh yeah i did uh thank you thank you very much and uh i'm happy to know i can leave my liquidity working away on sovereign thank you very much thank you um yeah so it's it's worth saying we we are exploring uh ways like other alternate ways to earn passively uh on sovereign um and with like in a single asset asset sort of false strategy way we are working on that with um the bitcoin back steel coin i am also talking with another prominent uh bitcoin focus dow on uh creating a uh a cross-chain liquidity strategy which i think would be really exciting you know once we uh figure out the complexity of how that would work but i did map something out and we're looking into it very cool um sounds great i will be looking forward to any material published okay any more questions before i wrap up okay so feel free to hang out here but i will be closing and thanking you all for joining in on this your support makes all the hard work worthwhile uh who we are is a collective carving out a trail for financial freedom dismantling what people know and understand about money help us spread the word and create more sovereign individuals thanks everyone thanks aurora um thanks everyone who gave the updates um feel free to hang out though i'll be here for a couple more minutes if a question pops into your head otherwise stay sobbing everyone

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again like like normal so there are three things that i'd like to cover today one of which way before i got booted off the server one of the big things that i was trying to work on is talking to all of the different teams that are currently working on sovereign figuring out what they are working on and putting together a road map [Music] so that everyone can see the various different projects that are happening and have a sense of what is the road map going forward um i think this is really important to give people a sense of the amount of work that is being done a lot of which never actually gets discussed on this channel because it's a whole bunch of like pirates who are just doing independent work um and that was before we started even before we started the server zone which now has over a hundred different teams working on different things for sovereign with a thousand different developers which is insane i only realized this a few days ago when i came back um so we're trying i'm sure i'm you know that network got delayed i'm going to be trying to put that out and i'm hoping in about a week to be able to do like a special meeting to to present my findings on that second thing um sip 21 there's a write-up called i think very appropriately sip 21 which i think is a really really important uh sip and is the culmination of a couple of months of intense community discussion uh one of the things that um a lot of people have been talking about is the fact that um we basically are bootstrapping governance right now and because we're bootstrapping governance at the same time as we're bootstrapping the protocol the people people are staked and are voting and are participating in the governance but they're not getting rewarded in the way that is commensurate with the work that they're doing and so for the last two months the community especially in the forums have been discussing various ways to try uh and tackle this and this has been distilled into a sip uh to start um providing sov stakers with um better rewards basically immediately that's i expect will be up today or tomorrow we'll announce it um when it is it would be great for everyone to take a look at it um it's it's it's basically the combination of thinking from all of these different discussions plus a lot of input from the various devs uh around how we can do this in the best possible way and one of the key things to remember is governance the governance system the mitocracy system is the holy of holies it's like the last thing you want to touch because it governs the entire rest of the system and so you want to introduce as few changes as possible to that thing and so one of the nice things about sub 21 is it basically has a pass towards providing sov stakers with rewards without having to make any changes to the plutocracy system itself and then the last thing is we are on a long-term mission and step one in this mission is building out the basic infrastructure uh which is going to make sovereign useful early on is going to make it possible for users to use sovereign early on and then is going to make it as easy as possible to onboard more and more users early on and we've frequently spoken about the need to have the basic primitives um of trading lending and leverage and to have the ability to easily introduce more liquidity into the system now this phase uh of building out that infrastructure is ongoing and will continue always but especially is going to be intense for the coming i would say probably a year but we are now at a stage where a lot of the space infrastructure has been built out and a lot of the work that is going to be that is being done will be done on ongoing basis is polishing that improving uh onboarding and off-boarding making it easier to get rbtc in and out of the system improving the ui so a lot of the work that's happening now is polishing those basic primitives and yet already the system has quite a good amount of users it has growing um tvl is like tens of millions of dollars that the system manages and there's hundreds of millions of dollars in trade activity that have happened that have occurred over the system and so i think we're now at a point where uh we can start thinking more aggressively about what we call adoption and would more typically be called marketing right it's now i think we're now at a point where it makes sense for us as a community to start investing in building out a marketing and adoption team which is on par with our ambitions and on par with our dev team and our community team and the right way to do this ideally would be to have it emerge from the community so there is a strong need to um gather people from the community from here who are interested in helping out on um adoption and marketing and ideally have an understanding of sovereign and a background and the skill set in marketing to go with it and that could be anything um it could be people who would like to generate content it could be people who have experience with social media marketing or um you know digital marketing um because we want to really grow this team to be world class but the two most important um roles that we're going to be i think needing to start with is someone who can coordinate all of the different adoption efforts sort of like a um project and strategic manager for that and someone who would like in a regular company be called a cmo the chief marketing officer so those are two different roles uh one being very coordination and tactics driven and one being strategy and initiatives driven and if anyone here feels like they are that person or they know someone who has that skill set dm me or dm selena because we're going to be offering especially for the cml role cmo roll ten thousand dollars in sov for anyone who even um refers a person who goes on to end up um taking ownership of that role so those were the four things that i wanted to cover it's great to be back um i missed uh sovereign and i missed these meetings and with that i would like to hand it over to aurora thanks diego we missed you as well so glad to have you back um on the death side jago already mentioned that we're going to um publish the sip regarding the first bonus for the sov stakers um it is actually already in the repository so people who cannot wait for us publishing it can already have a look at the draft um but it will not take much longer until it is formally published as well um what this zip is going to propose is to distribute the some sov amongst the voluntary stakers um as a immediate measure which does not require much changes to the existing contracts or any changes of the existing contracts pay actually but um like i said on the last community call we also decided to exclude or to make a proposal to exclude the investing contracts from the fee sharing um in the end it will be voted on and it might be that we will have to see if it gets accepted or not but the idea is to exclude them investing contracts from the fee sharing and we started the work on the contract changes this is something which will um not be deployed very very soon just because it's very critical so we need to be very careful about this and need to have sufficient time for testing and reviewing the whole thing getting third-party audits before we do any change on that contract um apart from that we are um proposing to use the protocol from the ui side for regular swaps as well which would mean that also for swapping margin trading fees are being generated and would be added to the profit to the fee which is generated by the protocol so all of these things should help making sob staking more attractive in the nature um then also you might know that we invested a lot of work in preparing roll-ups but while we would very much be ready to jump onto the road up solution as soon as it presents ourselves um optimistic roll ups are not as far as we expected them to be by now um so it will take a few more months until any roll-up solution is stable enough for us to launch on it which means that we are pushing this back a bit and are going to um wait and see how it plays out and which projects are making the best progress and on the meantime we do not want to miss out on all of the great stuff which we wanted to achieve with the roll-up which was paying gas fees and different currencies in rptc like in the currency in which you are entering your trade or conditional orders or um potentially also increasing leverage um these are things which we can also work on in different ways without the roller so that we do not have to wait for them too long um we are now especially starting work on um being able to pay gas fees in different currencies we are going probably going to use a technology which is called enveloping which has been developed by the rsk team and where a newer version is at the moment of test net so we are investigating here and um hope that we are going to be able to use it for our system um then there are a lot a lot of things which are already finished and which are now either on test net or waiting for the audit um order to be published to domain it as well um that's a referral system that the improved averages check which would also um allow you to pass a maximum divergence yourself so you're not exposed to the standard five percent divergence but you could say i want to enter the trade but my maximum divergence is at 1.5 for example um and which would also include a one-sided diversions check because currently the system is preventing you from entering a position if it would make more than five percent start profit on it which is not what it uh ideally would do um we added emergency better emergency stops mechanism to the complete protocol um just because we want to be on the very very same side because we want to officially transition the ownership to the governance as soon as possible and this means that we need always to be in the control to pull any emergency stops as quickly as possible we cannot wait for uh 24 hour voting period and two day time lock to execute an emergency stuff um we have a big upgrade of the bridge again um which will make it more compatible with other smart contracts and will enable us to unstuck the two e transactions which got stuck on the bridge during the last aggregator update we are um we're waiting for the audit on the trading rebates and on watcher v2 um what shall we two is quite interesting because it is now um it's shifting a lot of work which was formally handled by wallets to a smart contract so um you do not it's much much much more secure because um the wallets which are on your server which are running um which are observing the system and which are liquidating and rolling over positions now do not need to hold any considerable funds anymore themselves and this makes it much safer for us to run them it makes it much safer and easier for other parties to run them as well and this should help with the decentralization of the sovereign node system and improve our overall system security um we on the back and side we are also um having general improvements for stability and resilience um this is the nodes these are back-end services a lot of effort is being put into this we're having the coin market cape api support completed so soon if you're checking the prices and volumes and market cap it would also be considering the volume on our platform in contrast to just the units for volume um we got the first version of the of the apy deployed which a lot of people were waiting for and have been working on our test coverage which is now um reaching 88 and should be by 90 by the end of the week so um we are very happy with the improvements you're making here and another important work is fast btc because it's our main pack onto the system so most of you have used it already um we are working on a way to make fast ptc more secure and more decentralized it's um already as good as finished you could say but of course it needs testing before it can be deployed and it removes some dependencies on the masternode we are generally going to improve fastbtc more as after this update and um this further improvement will most likely be tightly tied to the second pack which is in the works which is the spdc pack of which we have been talking um in the past which is on testnet now and um which we want to take into production as soon as possible um apart from that we calibrated um the we won pool oracles on historical data so we are now having settings which we think are feasible and i'm offering prices which are very very very close to the current spot price but at the same time manipulation resistant and um we are therefore planning to update the lending the liquidity the liquidity pools of the amm early next week so we can have the oracles integrated and so we can just observe how the oracle prices are following the um pricing in our system over the next two weeks or so and then make a decision to start using these oracles which is also a necessary step before we can offer margin trading on any token for which we do not have a different external price feed on rsk um also on mainnet next week will be the liquidity mining update for x usd which was supposed to be launched um this monday which did not when go that well just because we had a mismatch with different versions on the smart contract which should not have happened so the affiliate logic was already merged into the lending pool logic um we updated the lending for logic but we did not update the protocol so the affiliate logic was only on one side of the contract or not the other and therefore the margin trading did not work anymore so we needed to roll that back and we're going to repeat it this time without the affiliate logic on monday um with the affiliate or referral system then to follow um shortly after that um i think that's the big points from the development side um apart from that there's a lot a lot a lot of small work going on there's a lot of improvement working on margin trading and the ux and the ui and um stability and performance improvements which i'm not going to go into detail i would just like before i pass on to two i just would like to introduce one new um team member on the dev team i'm not sure if he's on the call but it's shin woo i'm pronouncing it correctly are you here shin you hope you like to introduce yourself not sure welcome if you're here please raise your hand if not um maybe we can try answering some questions on what aurora and yaga spoke up so far so if you have a question uh raise your hand okay we've got david siroy you're invited hey guys can you hear me yep awesome um so i just a question regarding the optimistic roll-up and i know oro said that's kind of backed up a bit i'm curious is that because optimistic maybe wasn't as advertised or that there's too many people trying to get into it i guess i'm just curious like what is causing us to be a little bit hesitant from launching on there is that like our hesitation or something wrong with optimistic and then in terms of the future because then we're just gonna start skipping immediately to zk uh just some more information on that would be great so just to be all right i'll just give some quick background and you can edit um at no point were we considering using optimistic uh optimism right so we were planning to use an optimistic roll-up and not the optimism system from ethereum uh optimus and a and this is you know we basically did an analysis uh months ago of the different uh pieces the different technologies out there our assumption was that optimism wouldn't launch anytime soon that they were building the system to be much too complicated and it turns out we were spot on with regards to that they they're still nowhere near being ready what we started looking at was a technology stack called arbitram arbitrary is far ahead of optimism and and and we've put a lot of work into working on our return for several months now and what we've found is that up arbitrary is also um having issues the complexity involved in creating these optimistic rollups is very very high and so what's what we've observed is that the complexity of these systems has been increasing over the last few months as sort of like more and more edge cases are uncovered and and and so they're becoming very heavy pieces of tech and and that introduces various risks this is unfortunate because we've invested a lot of dev effort into this at the same time it's possible that zk rollups will solve a lot of these problems around complexity particularly around the compiler which can be much much simpler but where the complexity is reintroduced for zk road ups is in in is in having evm compatibility so neither starkware nor you know zk sync or any of the other efforts have yet managed to demonstrate something close to evm compatibility and so unfortunately i think where we are after putting in a lot of effort and research is we our current assessment is that to get highly functioning secure uh roll-ups um is going to take many more months than we expected maybe will happen this year but we'll probably want to observe these things working in the wild for a while before we commit to them um and so uh the it was always less sort of urgent for us to have a roll up and for say an ethereum project but we felt like that was where the space was moving and we wanted to be ahead of the curve and we've learned a great deal from all of the research and dev work that we've done but i think our assessment at this point is that um the this is this this type of frontier attack is not something which is mission critical for us and introduces a whole bunch of risks which we probably don't want to have to introduce into the system now as well as a huge amount of dev resources would need to be dedicated to just keeping these things stable while at the same time we could choose and i think this is where we're we're looking now and like where the devs have been working on us are looking to invest more effort is there's a large amount of optimizations that we can introduce to the rootstock based system which will provide us with many of the advantages of rollups while at the same time making rollups in the future easier and more performant so i think from the perspective of the roll-ups we are now at a point where we feel like probably we should pivot our attention from immediate deployment of roll-ups to getting as far as we can with the base rootstock tech and preparing for probably going straight to zk roll up uh when it's available which is probably six months to a year down the line okay awesome super helpful i appreciate the clarification on optimistic versus optimism it sounds like a bit of an unfortunate setback um and this might have been mentioned but just to recap are there any specific features which we had planned on the roadmap that cannot be introduced without roll-ups i know the main intention is just to you know kind of take um you know things off chain and make it faster and more efficient but like are there features specifically that we now can't have because of that setback and then your term all right let you jump in on this sure um so we had planned to have conditional orders on the roll-up just because on the roll-up we could have had everything on chain so also the um order book so to speak and so we could have watchers which are observing the order book and then executing orders against the amm as soon as the conditions are met so it would have been a nice and easy way to have a completely decentralized um way to process conditional orders without costs associated with creating and managing and cancelling orders and come with close to zero delays as well the thing is that while it would be nicest to have this piece of technology on the roll-up it's not strictly necessary to do it with the roller so there are other ways around one would be to have an order book on the rsk main chain but like i said the downsides is that it's just costing each time you're creating or modifying your orders which is not that nice another alternative would be to um combine it with our enveloping um relaying system so enveloping means that you're having guest transactions so you are just signing the transactions and are sending it to the relayer and the relayer is then propagating the transaction for you um this three layers then taking a fee and whichever currency you want to pay the fee in and your transaction gets executed and in the same relaying system we could just add the possibility for limit orders by allowing people to submit orders to the relay and the relay i could then only execute them when the conditions are met but this has a downside that you are communicating with a specific relayer and um so the three layer has the power to modify the order of in which the orders get executed so this is why i do not like that solution that much but it is a possibility that you could explore further and maybe their workarounds um and then there's also the option to store these signatures for these orders on let's say the rsk test net and anyone could read the signatures and anyone could take the signatures and propagate them on the mainnet when the time is ripe and therefore then also execute the order without um without and we are not having the cost involved with creating the order both types of would still require unchain cancelling of the orders so the only safe way to have conditional orders is if they can be cancelled on the main chain just to prevent them to be executed if you do not want them to be executed anymore so these solutions are all not exactly as nice as it would be on the roll-up but there are a few different approaches which we can um explore and discuss with which one we would like to move forward but i think that this is definitely something which we can have also before we are moving on the roll-up um then there is the purp swap protocol which we are working which is a bit computation heavy and which might require also a lot of throughput and there it would have also been good to have it directly on the roll-up but we're also constructing it in a way that it can work on our scalia one as well and especially if all of these improvements are introduced to the rsk mainnet which have been discussed previously then we might be well enough off for some more time on the rsk maintenance as well for this so um to just summarize it it would be better for us to have all of the advantages of the roll-up now there is nothing which we really cannot do at all just because we're not moving ahead but it's just that we need to change the way in which we are building things understood makes sense thank you cool and with that let's uh let's move on to just for the second time whipper i got you later let's move on to zoo with uh design updates hey guys um so the big things that we've been working on this sprint are we carried on working with the uh new babelfish and bridge flows that will bring it into the into the dap um we had some issues come up in testing about uh the engagement of wallets so uh we are currently addressing that um which will actually make make the system more robust for changes in the future um the origins launch pad has now been fully tested um and is pretty much ready and waiting to go so like we're just waiting for babelfish um to be ready for the sale and basically we need to wait for bitcoin to do its thing we've got the reward page uh so your sov locked rewards um will now soon be uh accompanied with uh liquid rewards um and it will also be the place where you will um collect all your fees from across the hold up so all the fees that you've been earning in liquidity mining currently uh you collect them when you withdraw from the pool um so this will allow you to claim them without uh taking the liquidity out of the pool and that will be the same with the reward sov that you're earning in the pool you'll be able to see it on the reward page and and claim it without um taking liquidity out of the pool so that's going to be quite uh cool uh the referral system is almost ready to launch as aurora mentioned there was a bit of mix up with what was deployed with what and so yeah that will be coming hopefully next week which will allow you to earn fees from all all the people that use your unique code to sign up to sovereign with we're ready to launch the new lending interface that will be going ahead early next week monday i believe with the new lending mining rewards on xusd the soft launch of the website has been rolled back a bit because uh the adoption and marketing people were looking over the copy and making a few changes and it was decided that it was better to do that before releasing what we had so sorry about that it shouldn't be too too long i'm kind of in agreement with that as well though so it will come out and it'll be much better and make more sense for you guys the biggest thing we're kind of working on now is that now most of the new interfaces are out and uh it's becoming much more functional uh always in the background we're working on issues and bugs and ui fixes but now now that the majority of it is functioning uh we're we're looking at making an account section for you which would like house your wallet and your portfolio it would hold all the different balances of everything that you're using across the um that have a nice dashboard uh you you have a settings kind of section where you can kind of switch on notifications um and things like that this is where all the like reward claiming and fee claiming that i just explained about will then migrate to um and in in general all your histories will be put into one place instead of having different history tables all over the place across the dap they'll be all in this one place for you um that's pretty much it with like the dap and the website other than that the uh the we're kind of like really excited about the book that anita posh um worked on with us we'll be launching on the 24th um and i yeah i definitely recommend you all give it a read um other than that i don't really have anything else to update with if anyone has any questions yeah let's open it up uh whipper i don't know if you wanted to go first and then the mesh you can go after guys what's happening can you hear me yeah awesome awesome yago nice to have you back two great work england as usual awesome rap aurora kicking ass keep it up um i had a question guys just with regards to how close we are to allowing any asset to be to be bridged over um i think one of the nice key factors of the rsk network in general is like the strong sense of bitcoin security and decentralization and i guess i'm just thinking out loud for different ways to you know while we're building things out how to bring more value over to sovereign in general and i was just curious if you thought allowing other assets to be bridged over might be one of the ways that we can bring in some more value and um you know overall tbl how far uh sorry just out of interest what what assets would you be looking to bridge over um so it's nothing specific but like i feel like up until this point um it's been very restrictive right like you can only trade what's available right now whereas the flexibility with let's just say the likes of like a uniswap or like a pancake swap gives you the functionality to not only add liquidity to any asset that you want but you just have the flexibility to trade any asset that you want so i guess i'm just thinking about like different way i'm just trying to brainstorm ideas of how we can just start to bring over more assets more tbl and i was just wondering if that was even something on the roadmap you know about adding any asset and how close we are to that okay yeah go go well i'll just say there's work being done uh to make it uh much easier to create basically any for people to set up their own amm pools with any asset against btc i think that is going to be the higher priority uh because people can bridge over assets but if there's nothing for them to do with them without having to go through a sip it's less exciting and then the next step would basically be allowing any um any any asset to be brought over over the bridges uh my and i'll be very interested to hear aurora's opinion and thoughts on the timeline here my feeling is that um while that would be good uh and and indeed might you know might be one way to to drive a more interesting liquidity the system right now where we are for my personal my personal feeling is that where we are is we want to sort of incubate what we have make it really really solid um and if we are going to be investing beyond that we should primarily be focusing on those uh advances products and tooling which is going to make uh sovereign the number one place to use your bitcoin so things like uh borrowing against your bitcoin lending bitcoin earning yield in your bitcoin um it was important to bring in like major assets it was important to allow stable coins in more than anything else so we could start allowing that kind of of training and we definitely want to open this up and there there is work that is being done there and um but but uh you know i'd be really interested in hearing other people's thoughts and maybe whipper you're really onto something here i don't necessarily know that the number one thing we need to be doing is competing with bsc or with um you know polygon uh rather what i want to do is i want to create the number one place to use your bitcoin i don't think it's about competing necessarily i think it's just about having the flexibility um i mean again listen i agree with your approach it's probably better to solidify everything and make sure everything is working perfectly before you just open the floodgates but keeping in mind that like our system right now is somewhat restrictive in the sense that like you can't just add um to any amm you can't just bring over any asset where a lot of those other chains allow that flexibility and again this is not a criticism this is just a thinking out loud moment where i'm just trying to brainstorm different ideas like i'm sure this is something that we can talk about down the road but um generally speaking i'm like more open to non-restrictive type environments but again i don't know if i'm onto something or whatever but it would be nice to have the flexibility down the road this way when you're borrowing and lending you can do different things with your assets and not necessarily just be restricted to what's ever available on the platform itself right now i think it also falls in line with uh the mantra of the anything that improves upon what bitcoin does should be adopted by bitcoin and i think it's just a matter of like resources at the moment and i think we do want to have features like that um but i suppose that we're prioritizing the more bitcoin native features at the moment but it doesn't mean that like we don't want that to from a technical perspective it would be very easy to allow all of the tokens to be brought over um so if we would want to have it we could have it tomorrow so to speak so technically there is no issue at all it's mostly that like jacob said currently you could not do anything with the assets you're bringing over there is not a pool for it and if we would be creating pool for all of these assets where maybe there is not even interest but all of these pools would require a huge amount of liquidity to be offering attractive prices and people would need to up the prices to keep them um aligned with the prices the assets have somewhere else on um like on eath or in centralized exchanges so it's just adding a a lot of additional liquidity requirements and a lot of overhead in these tasks it's also that we need to make sure that there are enough liquidations running so we need to have more parties running the liquidations we need the liquidators need to be able to basically um purchase any of the different collateral types and to pay back any sort of loans so it's mostly this complexity which comes with adding new pairs to the system aurora uh just out of curiosity let's say we simplify it just to allowing anyone to set up any amm pool that they want um how where where does do you know where the status of the worker on that is ah yes um it's it's already possible on the smart contract side for anyone to add an amm pool we do not have an interface for it uh so this is something which um sue would need to schedule in somehow for the circle of light um but the smart contract site is already ready so ammun pools anybody can create at any time so maybe um if i can just jump in real quick just uh to be more specific i wasn't talking about adding any asset to the margin trading or lending pools more just so on the swaps yeah so you wouldn't have to worry about any liquidations of any sort um either on the lending or margin trading but if you're saying that the technology already exists then might be something to think about or even consider i even want to incentivize other types of liquidity coming over from other tokens just to you know open up awareness in general i don't think a reform is valid though it's like if we don't have liquidity enough for the swaps like somebody can do it but then it causes these huge arbitrage issues like it may just backfire on us is my concern yeah i don't know that arbitrage is such a bad idea it might be great for us to have really mispriced prices and a whole bunch of long tail assets people want to bring them in then people will be you know arbiting all day long right so uh a really interesting idea whipper um glad you brought it up uh two i think uh we're gonna be interested in you thinking about this and and coming up with your thoughts um or figuring out a way to let anyone permissionlessly create the ui uh cool let me um let me go over my updates real quick and we can continue with questions while we still have 12 minutes left for the call um so solverthon still ongoing 10 days left uh then we'll begin the judging of the project's missions and as along with the follow-on grants working on an adoption strategy for the asian market alongside edoniago and alf um who we're still on boarding uh to the adoption squad um we're currently exploring multiple options for for fiat off ramps uh exploring options for onboarding traditional finance lending platforms to integrate with our system uh which is pretty interesting there are two main candidates for the origin sale after babel fish one of them is a little further along uh sorry that i have to be vague but that's all i can say at the moment um we have um i have actually a couple of cmo leads uh one of which i i think would be able to meet with um us tomorrow and he has some prior he has prior blockchain experience from well-known projects in the in the defy space and we have a new upcoming integration with um descent wallet if you guys haven't heard of decent wallet it's it's a hardware wallet as well as a software wallet d-c-e-n-t wallet.com uh from the korean market so they've they would be doing the listing of the rootstock sov token as well as the ethereum esob token um and they they've tested the the hardware and software wallets with our uh with our with our trading actual trading platform and i've been able to successfully swap for so fee so um yeah you can expect a third hardware wallet uh alongside trezor and ledger um integrated rather soon so that's it for me um we can continue with uh with questions for the remainder of the call hey can you hear me yep uh one small ui uh experience i want to share uh can you automate that update button every time it's annoying to press update update update hello like can you repeat the question please yeah no you're totally right nemesh every time the app updates you have to go through this update flow uh two i know you guys were looking into that well you click update because you need to update the app yeah but then you have to go through this entire flow of getting that pop up and then re it would be nice if there was a smoother flow anyway it's a good comment we don't need to solve it right now i think that um maybe it would already improve the situation if we would not have that frequent updates but fewer updates just so you should have to update the app less frequently i personally get super excited every time i see that update because i just know the team's moving and kicking ass so i understand both comments just saying can i ask some question now yep go ahead uh yeah so i had one uh thing um i went through salvation's general area and a guy was asking more about nft so i went in through i'm new to rsc and sovereign as a whole can you tell me more about nfts and the liquidity situation in the rsk space like in any call that i go in uh people are really worried more and so about the liquidity situation because after when we get some kind of liquidity then only we can make more progress on projects and then only you know we can move forward so can you tell me more about the liquidity situation on rsk mainnet and the can can we make nfts here so i think there's two questions there one is i i i know there's i think two teams who are working on nfts one seems to be further ahead and i think they mentioned to me that they expect to have uh some kind of nft minting and trading for sovereign uh by july 21st um i can't say for sure that's what happens when they seem pretty confident about that with regards to liquidity on rootstock main chain what do you mean by that what what what are you referring to when you say liquidity um i'm referring to like uh i guess it was last week i was on uh the polygons so they also have some kind of office hours and stuff so they were also talking about the same thing like uh on most of the calls they're like uh like i asked them some kind of question like can we have this or or something else the protocol always says we don't have that kind of liquidity as of right now so that's what i wanted to know like um are we uh like as vapor said are we progressive enough uh have uh more uh projects like uni swap or uh on other uh other chains can we have more projects based on sovereign here on our rsk mainnet is liquidity the main issue yeah i don't think liquidity is the main issue but it depends what you mean exactly by liquidity if you mean like the amount of fun so uh so let me try and yeah again i can reframe that uh do you know more about like the harvest finance the harvest protocol like how is finance so they have these um these walls of pools right so you you given your token and then you stake them or yield uh farming they say so can we have that kind of adapt over on the rsc mainnet as of right now like if you're working under sovereign can we have that do we have that kind of liquidity for uh even even like four or five um tokens yes well i think i think you could have something like that on okay so on set for sovereign right now or you know like as a separate project which was doing it with sovereign right now and and then obviously as the project grows there'll be more and more opportunities for depths like that yeah that's so cool uh and i i really admire the thing that you said uh previously that you don't want to have something like bsc and polygon you don't want to be the layer 2 kind of thing but you want to be layer 1 for bitcoin right i guess that is what you meant um well not layer 1 for bitcoin but i think you know way i think about sovereign is sovereign is the is basically the extension of bitcoin into decentralized finance into finance um and i think in that respect it's a very very big opportunity which is um doesn't have that many projects that are working going after it uh primarily the two leading projects i think would i would say are sovereign and stacks and i think you know stacks has been around for three or four years now servants been around for three or four months in comparison and and and the rate of growth is just income incomparable so uh yeah i'm very bullish and sovereign becoming sort of the de facto financial error for brooklyn and i had like i guess one more question um yeah so um the the rsk test net faucet is uh kind of like won't say cheap but it gives in very less cryptocurrency so if i have to test my ses how do you guys test your scs like like on the test network do you fork the main nato test net with ganache or something i wanted to have like a small idea so that i can work in that kind of in that workflow as well it's a kind of a noise because because it gives you an ip band for one day if you ask for like more than once and i have to test this smart contract if you could thank you we are usually testing on ganache with hardhead or truffle depending on which project we're working on on our margin trading protocol it's hardhead on our amm it's truffle and we are just using a local ganache without any forking of mainnet or testnet but after the first stage of testing locally we are deploying our contracts on testnet we are testing them thoroughly again there before we then deploy them on mainnet oh okay thank you you're welcome any final questions before i close this out um ingolandia if people want to chill and stick around like usual um is it possible to sort of open up the floor so people can chat once you officially close the call that's a good question i think with this format i'd have to manually invite everyone to talk uh which unless i'm wrong about the normal community it might just be easier to jump into the lounge room yeah there's a lounge room below uh which we can hop to okay cool cool does that sound good yeah yeah for sure i'm gonna hop in there uh right after you close alrighty so i'm gonna close this out and then we can hop over to lounge room if you feel like hanging out for for a little longer so thank you guys for joining on this call your support makes all the hard work worthwhile wait someone's talking hello hey uh moved over to the lounge room um okay so thank you all for joining this call your support makes all the hard work worthwhile who we are as a collective carving out a trail for financial freedom dismantling what people know and understand about money help us spread the word and create more sovereign individuals stay sovereign everybody um so top with me to the lounge room if you guys want to chat cheers guys take care everyone bye

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today hey everybody so we're doing something a little bit different today iago is going to be presenting our roadmap for the next quarter uh and after he does q a for that then i'll talk a little bit about sovereignton all right cool so let's kick this off the way i always do uh everyone keep your microphones on mute and uh i'm gonna open up the room with some good old wraps all right so kick back and listen and stay on you thank you gonna kick it off with another rap just to show you our progress and where we're at just wrapped up our 500 000 hackathon now we're about to judge them according to what track they're on bitcoin defy the holy grail pass it on we're on a sacred quest formula working every day to improve adoption what makes our protocol the number one option what makes us stand out and highly rated is it the fact that we're bitcoin native burn borrow swap in all its greatness so d5 sweep it's all at one station look at unit observe innovation don't be a hater we out here building the answer to your prayers and bitcoin needs a financial layer okay thank you for listening with um uh i run business development and these community calls so it's great to have you here the rules are if you'd like to speak just toggle the mute button and we'll we'll call on you um otherwise just wait patiently and uh we'll we'll start this off with uh iago hey everyone today i'm going to be looking to present a synthesis uh last uh meeting i told you guys that i was working on speaking to different people in the community different people in the core team different external teams trying to synthesize that into um something which uh we could all align around so what i'm going to be doing now is presenting my findings to you um and then we'll open up questions and anyone who isn't on mute if you could please do that i would really appreciate it thank you okay so can uh i'm assuming you can see my screen if you cannot see my screen please let me know and let's get into it all right so before we get into sovereign specifically let's talk about the current crypto environment right so crypto environment has been tough um especially for um i think people who are new to the space um the prices of altcoins and tokens has dropped anywhere between 60 and 90 percent sometimes more if they're small uh from their recent april peak but much more significant volumes on exchanges like binance and fdx are down 85 percent volumes in coinbase down 94 from uh peak and there's been a net withdrawal of bitcoin from the exchange and we've also seen and this happens every single time there's you know a slower market slowing adoption so socials are forming falling less engagement than twitter less engagement on reddit fewer new users for every single product across the states pretty much and this is because crypto has for a long time been and continues to be an extremely cyclical and extremely self-referential industry uh it's um people trading on and speculating on the future and so because the primary product is the speculation when there's a lot of speculation there's a lot of attention and there's not that much speculation there's much less attention and as a result adoption as well one of the reasons that sovereign exists was to try and help change this to take bitcoin from being simply a monetary asset which as a result would be you know the focus of a great deal of speculation to also being an economic ass to extend bitcoin into a hyper-victimized world where it supports real economic activity and basically the activity be it uh remittance or payments or whatever it is doesn't change dramatically or as dramatically with sort of the whims of the market we're not there yet bitcoin isn't there yet crypto isn't there yet we're at the beginning of a journey which is going to take a long time uh but i think i think that's a good way of uh framing where we are and also let's think about where sovereign is within so like this particular instant in time so um sovereign has suffered just like any other project uh but in some ways i think we've we've done quite well actually during the last period so trade volumes are down on sovereign significantly you can see that they were growing um quite significantly now trading volumes are always spiky but they were the trend was very very strong and we've seen a drop off the drop off of 70 very very significant but you know not nearly as bad as coinbase is 94 over the course of the last three and a half months sovereign platform has done 370 million trade in btc terms if you convert those btc terms into dollar terms at the time it actually happened it's closer to 600 billion and has generated over 1.2 million dollars in fees for liquidity providers based on the current ptc price at the time again they would have generated more fees this is um very cool for an extremely early extremely young extremely proof of concept protocol um obviously we're expecting to do much much better over time and also you know when that times are good for for the industry will grow faster than we than other times but even now in terms of uses we're seeing steady admittedly slower growth but steady growth on an ongoing basis so i think that's that's really cool guys could you please mute yourselves um i think that's really really cool and i think you know a lot of people seem to be freaking out about the market there seems to be like a moment of peaks here that we're having right now um but for many of you i think have been in the market for longer and you know like this is basically just tuesday or maybe i should say it's like monday because everyone hates mondays but you know on monday you go to work you keep working so let's talk about the work that we're doing so sovereign we expect will go through four key phases i'm gonna go very quickly over what these four key phases are now and then we'll talk about them in a little bit more detail so phase one is where we are now it's a proof of concept and what does that mean proof of concept that uh when the work started on sovereign uh the general uh reaction that we got was that this is a totally stupid idea and the proof of concept the number one thing it needed to do is prove that sovereign isn't a totally stupid idea right so people said things like ethereum's already got a lock on d5 it has unassailable network effect and we've seen with bsc with sovereign with polygon with solana with many other projects which have seen traction that actually the network effects aren't where people thought they are ethereum doesn't have the level of network effects that was expected people also said things like no one no one's ever managed to launch a successful project in rootstock no one uh is building our root stuff and and and and you know we had to prove that you can build a successful product and launch it on rootstock and then you know people who said things like bitcoiners aren't interested in d5 they actively reject e5 and so we're proving that bitcoiners are attracted to d5 and given the chance to participate in it in a way where you know they can do it in a bitcoin native way it's extremely attractive to them and so we're still in this proof of concept phase because we're still proving those things and also because the system right now any one of you who is using it knows that it's kind of clunky um can you guys please try muting anyone who isn't use it right now thanks so the system's still clunky it's not yet ready to be a prime time product right this is definitely for the early adopters who are willing to put up with the fact that it's an extremely early three and a half months live alpha right oh and the biggest thing about that is that um we built the fast btc it allows you to move bitcoin onto the system fast but it doesn't allow you to move bitcoin off of the system in a convenient or fast way so to inspire confidence and to really integrate well with bitcoin we need to have a two-way bitcoin fast btc uh we need to have you know that feel like an improved peg and right now we also have a cap on the amount to beat btc that is available in the system like the you know we can't aggressively go after uh getting more bitcoin into the system because there's just a cap right and the cap's going to be removed very soon and that will mean that we'll be able to start moving into phase two which is providing bitcoin superpowers so um if you think about what sovereign has built out in this proof of concept a lot of it is built around trading and in fact trading many assets which aren't even bitcoin and that was necessary to build out the initial liquidity and also because as we mentioned they were because bitcoin building deep integration with bitcoin is a hard problem um it was easier in some ways to bring out other assets and it was necessary to bring stable coins to have bridges to integrate with a wider economy over the next 10 weeks we expect to have a removed peg remove the limits on the amount of bitcoin that's able to be in the system and uh to have a two bi-directional um fast btc this will mean that the level of seamless integration we have with bitcoin will go up and this means that the types of products that we'll be able to offer which will be unique and special to bitcoin and and really start to make even more apparent the usp of sovereign are going to start emerging and i think that's very very exciting because if we continue to do that we continue to show how this could be really valuable for bitcoin we'll go from being a proof of concept to being a niche product for you know hardcore brickliners and then from there the goal is to continue to grow the leads that we have in um bitcoin for different right i mean like right now sovereign by far has more real decentralized financial activity than any other protocol you know more than stacks more than liquid even more than lightning network which is kind of remarkable given how young the protocol is and as this continues we're going to continue to see that government becomes more and more part of the bitcoin consensus more and more people start to be aware of it and understand it as we're in the market for longer people are going to become less and less skeptical there'll be more and more integrations and that's going to allow for financial activity at scale and so that is what's going to allow us to help extend bitcoin to meet bitcoins what i think bitcoin's true purposes i think pretty much everyone who's working on sovereign beliefs bitcoins for purposes which is to provide a solid foundation a transparent and incorruptible foundation for the real economy and you need to have the base liquidity the base integrations the easy access that financial activity at scale provides so that you can start offering stable coins to everyone that you can start having remittance for everyone so you can start having global lending for everyone and start really providing for real world uh economic activity and and so ultimately our goal is hyperbaric organization so that's like the long arc of what we're trying to do but we need to remember of course that we're in the proof of concept stage so let's talk about the stage that we're currently in and the proof of concept so i mentioned a moment ago that for sovereign time in market is very important and the reason that's true is because bitcoiners are the most conservative people in the entire crypto space someone like me uh probably wants to be able to borrow against their bitcoin uh is scared terrified or really disgusted by the idea of doing that through a centralized system but that doesn't mean that they're going to use supper and the reason is because sovereign's a new idea everyone's heard about hacks that have happened to smart contract systems people want to see that this is safe and secure and so security is one of the best compounding investments we can make because the longer we are in market and the longer we show through operations and and continued audits and bounties that sovereign is a secure system the more and more people will feel comfortable beginning to use and so time and market actually for the protocol becomes sort of like a strategic advantage because anyone who's starting afterwards right and we're still hoping to encourage others to compete with sovereign but they're going to then their clock is going to start ticking from whenever they start providing evidence that they are secure and so um you know we're going to see the the benefits of this compounding benefit of security over time in a growing way that was the first thing we needed to do with the with the proof of concept is show you could build these things out securely and that's why we've had so many audits it's why we ordered every pull request that's why we've had um several uh uh you know it's why we've got the biggest bounty in d5 and i think it's something we need to continue to do uh even beyond the proof of concept phase right it's just like this is the base this is the foundation upon which sovereignty spoke the next thing is we need to provide the basic access connection to wallets explorers explainers the wiki to allow the first sort of hardcore users to begin to access the system at all so that we could develop the liquidity which allows for trade which allows for uh demonstrating that this can work and all of those things help build out the user base the community that talks about the system that grows the awareness for the system the stakers that helped govern the system and the change in the bitcoin narrative which is uh another necessary part of um making um sovereign a consensus extension of the bitcoin protocol now uh this has been uh as proof of concept goes uh you know i think it would be actually a little bit of an understatement to say it was wildly successful i mean there's tens of millions of dollars managed by the system securely uh with hundreds of millions of dollars traded by the system that is a remarkable proof of concept and so this is not really an alpha system like you'd regularly think about an alpha system i think it's important that we remember in terms of where we are it's an alpha system so for example the vast majority of users still access the system through the reference implementation front-end right so a lot of people when they think of sovereign the protocol they actually don't think absorbing the protocol at all what they think about is sovereign the sovereign dot app right or you know the the depth that you use um but that's just a website that i and a bunch of people who are now part of them are part of the core team built out to make it easy for us to demonstrate what the protocol can do we're starting to see people build out their own front ends build out their own systems to integrate uh their own depths that integrate with the protocol and i think that's a very very important stage because uh we don't want to just have one way of accessing or one type of audience that accesses uh the system and people shouldn't confuse sovereign for just a dab it's it's it's it's it's a a much broader protocol than that so what are some proof points that the proof of concept has been successful well we've been on an ongoing basis reducing liquidity mining rewards and have seen continued uh interest in staking which uh means that the staking is far more organic than i think we realize and and that it is a strong audience who want to continue uh providing liquidity sorry not staking providing liquidity to the system we remarkably uh passed the amount of funds locked in the system past uh lightning network and now we're integrating with lightning network and i think we can help kick start as we move into the next phase much faster growth for lightning network and this will be part of the sovereign mission to be an operating system which takes advantage of the entire and integrates in a way that you know is really necessary integrates the different parts of bitcoin layer 2. and the fact that this is happening uh where you know lightning network has been so hyped for so long is a very powerful proof that even this clunky system that we have now is extremely useful it's so useful that people are willing to put up with the clunkiness to use it and maybe the most important thing that's happened is the narrative change six months ago there was no such thing as d5 for bitcoin no one mentioned it it was considered maybe even blasphemistic to consider now we're starting to see hardcore uh members of the community talking about it more and more we're seeing other projects uh like stacks basically go after that sort of branding and rebranding themselves in that way as well and this idea of uh d5 for bitcoin is starting to become consensus now that's not a hundred percent sovereign but a lot of it uh is due to the fact that sovereignty have managed to put that idea on the map and show that it is valuable and the biggest thing that came out of this just happened a few days ago so jack dorsey announced that he's going to be building a business to create an open developer platform for bitcoin define and um this is i think really big news for sovereign as well because it's not going to happen immediately um you know it's this is a very new project but um it's going to bring additional substantial additional resources to building out tools for bitcoin layer 2 which sovereign will be able to integrate it's going to give us access to them to a huge potential audience right the square crypto not to mention the twitter audiences are huge and it means that um uh more i think this is not the last time we're gonna see something like this we're gonna see more and more significant players looking to join uh the bitcoin d5 space um and so we've spoken with people uh who are involved in this project um and we you know i think it also validates the strategy that surveillance data images instead of trying to build out um some kind of layer to itself integrating building the os which integrates lightning network with rootstock which with this tbd system that is going to be built out is going to prove to be the much more powerful strategy i think so over the next few weeks i think we're going to be moving into the phase that emphasizes bitcoin superpowers to make that happen there's some base things that need and these will happen over the next 10 weeks so two-way bi-directional fast btc that has to happen before the vast majority of users can or should trust sovereign uh the potential for peg improvements and most importantly um l2 integration specifically with lightning network i think those are the key things providing seamless integration and accessibility which will also allow more bitcoin water to integrate with sovereign over time and when we have those things it's going to become and you know the most important pac improvement of course is removing the limitation of how many fans can move into the system it's going to become much more obvious how we provide utility specifically to the niche of bitcoiners who are looking for moving their funds from centralized exchanges into these decentralized exchanges or have been standing on the sidelines like i was right unwilling to basically use anything because there was no decentralized alternative and that means um providing a pathway to stability through a bitcoin backstable coin it means trading and it means providing yield on bitcoin right so the ability to borrow against bitcoin the ability to lend against bitcoin and other ways of earning yield for example through the amm and then what this means is that we'll also be growing an economy financialized economy around sovereign with homegrown liquidity with things like babel fish launching on sovereign first rather than in other places and perhaps most importantly as we introduce the sovereign dollar and have bitcoin back stable coins avoiding the problems that occur in other d5 ecosystems where the primary stable coin is centralized so if you look at ethereum one of the biggest concerns i have around the ethereum ecosystem and and you know again i'll say i i think ethereum is amazing and what they've constructed is fantastic but one of but i have concerns and one of my biggest concerns is the primacy of usdc right uscc is so important to d5 that if there was like an argument in the community and um there was maybe a fork that could potentially happen if circle said we're going to go on this fork and we'll honor ustc tokens on this fork and not on network people would just have to accept the fork that usdc chooses and so having truly decentralized native stable coins backed by bitcoin i think is is what is required to move from experimental default to true default and as we grow these things we continue this along this path we will continue along the path of uh growing mindshare and market leadership for sovereign and for the idea that people should not accept bitcoin centralized services because then they lose the power of earthquake and so by doing that we'll continue to build what becomes undeniable volume on the system will continue to grow the uh narrative shift um so that people understand you know that there's we can be excited about innovation on bitcoin again that uh uh uh we can decentralize bitcoin and change sort of what has often been a very nihilist maximalist and toxic conversation in bitcoin into something which is more like what bitcoin culture used to be which was very very future oriented uh uh very very optimistic very adventure courageous adventure uh into innovation and i i think that's that's a really exciting vision uh for bitcoin which sovereign can help uh deliver and will continue to uh drive broader and broader integration with bitcoin and as a result also with other parts of the economy and all of this to get to the final goal of assisting playing a role in hyperbaric ionization sovereign isn't going to be responsible for hyperbaric ionization yeah it's a global effort and it's going to take another 10 years but i think servant has a very very important role to play and i think without something like sovereign it probably won't happen because for regular people who are not interested in speculation to be using the technologies that we're using they need fast transactions at scale which is something like rollups and lightning network can provide they need stable coins so they're not exposed to uh volatility they need easy ways to do capital formation like uh being able to uh borrow money to start a business um or to buy a house and they need ways of saving which are simple like pensions all of these things already the primitives exist in the in the in the southern protocol like if you wanted to provide a way for people to to offer people pensions today there's maybe i should you know write up some of the thoughts around this but there's you could already use everything that's in the protocol right now to do that uh you just need the right front end um it might be a little bit premature in terms of the audience i don't know but um but this is i think what moves us from being this very very self-referential speculative industry to being an economy okay so where are we in this uh in terms of oh actually before before i do it let's just sort of tldr what i just said right so right now reference implementation one primary front end for a proof of concept for the protocol uh we build on that start introducing more clear uh bitcoin apps uh that are unique um and that the people who are using native bitcoin uh native d5 we can get excited about in a way where um right now we've perhaps been limited in doing continue to grow the market leadership that we already have to build market power so that sovereign becomes a self-fulfilling prophecy in terms of people integrating which causes everyone else to integrate in other words building out them network effects with the ultimate goal of helping achieve hyper recognization or in other words giving everyone access to a real world economy uh guys can we turn that off thank you okay so let's talk about uh how we're where we are now sort of is like here right it's like between the poc and the bitcoin apps and i think we can bridge this gap over the next 10 weeks so what do the next 10 weeks look like so we're off the back of the sovereign sovereignty was a really important additional part of the proof of concept because it was a demonstration that we can also substantially grow the developer community around software there were over 1 400 applicants 55 teams who made submissions in 30 different categories and six different technology partners outside of uh uh sovereign such as api three for articles um and and and and and and others for lightning network um and and so what has come out of this is um first implementations of integrations with lightning network new front ends for the system including new explorers new apis allowing making it easier to pull data from the system and to build new types of front-ends and a large body of developers who are familiar with at least parts of the protocol that didn't exist before and so as we are moving from the proof of concept stage we now need to start growing out this ecosystem of developers and and and sort of harvesting the fruits of that so one of the things that's going to be happening now is going to be the judging process and we're providing the prizes and additional supports to the best submissions and then one way to think about becoming products and this isn't everything but it's a good overview is there's the stuff which is definitely getting built there's the stuff which maybe will get built and then there's the stuff which is being delivered outside of the core team by um the community and maybe that will grow the community that and and it's also going to probably grow the core team so in terms of the definitely column one thing which is definitely going to happen uh is the bi-directional fast btc that is a game changer yeah i didn't know you could build for a big wave yeah i thought you had to fire it but this is i guess where you put some guys can you mute that please right so bi-directional fast btc allowing people to come on and off the system massive improvement in the ability for people to use the system and to feel confidence in the system also a bunch of governance improvements i'll talk more about those in the next slide the sovereign dollar first bitcoin back dollar uh totally independent of the fed no uh centralized uh collateral and no need to sell your brick coin in order to to uh uh uh gain access to to a bitcoin back stablecoin this will integrate with a dollar and chain which operates slightly differently as we've discussed many times where you have to sell your bitcoin in order to get doc and so those two things are going to be extremely synergistic and i think are going to create a uniquely powerful stable coin one of the things that community have been talking about for a long time is having limit orders and other types of advanced order types that work is getting done and on the last community call a number of people spoke about the needs to introduce a way for uh anyone to add a new pair to the amm and so that was something that we've been investigating and um it's now in the works so that's going to be coming too now then there's also the column of maybe right so these are things where there's more risk technological risk the more questions about whether it can be developed and also there's more question about what priority they should have this is limited resources but uh introducing economic assurances for the peg developing capital more capital efficient uh pools for the amm ongoing uh uh uh progress on the government side in particular making it much easier to be a delegate or to delegate your votes i think is gonna be a key thing making sovereign nodes easier to use and introducing sov is collateral so people can borrow and lend against it those are all things which are also being worked on but maybe are not going to be coming in the next 10 weeks and then on the community side there's uh babelfish and other projects like xero who are working on integrating uh deeply with the sovereign protocol and are also interested in launching on the origins platform urgent's platform from a strategic perspective is going to be very important uh i think it's going to really help accelerate the growth of a developer ecosystem around sovereign and also a team working on synthetic assets in the form of rebase assets so that you'd be able to uh trade bitcoin against um uh you know tesla shares or the s p 500 or gold or apple or whatever and that's important because finance have recently announced that they're going to stop allowing people to trade those types of assets and finance we've seen other exchanges doing the same and in general what we're seeing like if you look at block fi block fire i have now received cease and desist orders from two states in the u.s over the last three or four days what what we're seeing is that this the regulators are starting to go after the centralized providers and that makes the need for decentralized bitcoin services much more obvious much more apparent and much more urgent we need to be building out this alternative so that we can protect our ability to continue to use uh not just for ourselves but for everyone the ability to continue to use these the these these products these services to basically do what they want and in addition to that um and this is a lot of this is coming out of the sovereign better data so uh um for example there's currently work being done to implement the graph um for sovereign and have a sovereign subgroup uh better ways of pulling data better uh analytics so there's like a a new sovereign explorer uh that or a couple of sovereign explorers that have been built out new front ends yeah all of this is going to be will also make it much more user friendly because you know people who are only interested in borrowing and lending for example can now have a user interface that is specific to them and mobile interfaces will also make it much easier for for people to start integrating and so i expect we'll start seeing more of that as well so what are the next 10 weeks look like so the the first thing that is going to happen we just passed sub 24. sip 24 is going to change the staking experience for sov entirely um for a long time there's been debate around how to do this um and now there's uh the sip is past the work is progressing well on building out the code to implement that and what it's going to mean is that people for people who stay for three years they're going to be a base apy in other words this is the minimum api that they'll be earning um on averaging 21 percent over those three years and starting at over 36 percent in year one there is no bpc product there's no bitcoin product that offers that or anything close to that right now um and in addition to that all right so that api would basically played out an sov in addition to that uh the rev share will be paid out in btc so you'll be earning sov and btc and the rev share is now being concentrated to what we have been you know in the forum's quarterly marginal stickers in other words the people who are now new stakers to the system instead of people who you know like for example invested in the project earlier on so that's a huge improvement to uh the staking and with that there will be additional improvements that we should be adding to the voting and the delegation system that will take a little bit longer but the first thing that's coming out are these staking improvements then on the amm side it's going to become permissionless for anyone to add pairs to the amm uh that actually is already in place the technology is built out and now it's a question of introducing the ui to do that and in addition to that adding advanced order types and specifically limit orders will also allow for the creation of an order box around the amm and allow people to have more advanced ways of trading which i think everyone's been interested in after that the sovereign dollar which in and of itself is a very very big deal because finally we will have a bitcoin back stablecoin where you don't need to sell your bitcoin in order to get it but it's also going to allow a different product called zero and what zero is going to allow you to do is to borrow these dollar denominated assets with your bitcoin paying zero interest rate um and that that's something no centralized service is offering it's going to be unique to sovereign and it means that you know you want to you've got some bitcoin you want to pay your rent you can borrow against your bitcoin you don't have to worry about paying out the interest it's it's it's such a different way of thinking about it you you think bitcoin price is currently low you've got some bitcoin you borrow some some dollars you buy some more bitcoin you're not paying any interest you don't have to worry about the interest eating away you while you're living off your bitcoin so you can huddle forever i'm in love with this idea this also will allow for better ways potentially of providing for btc yield and then perhaps most importantly at the end of this more or less at the end of this 10 week period will be the two-way fast btc peg and i think if anything moves us from being an alpha product to being like a beta product it's that it's a real game changer and then on the maybe side you know we've talked we've spoken about babel fish we've spoken about different systems that are integrating that are looking to launch sov collateral synths and lightning network integration so i think it's going to be a very very exciting 10 weeks going forward i think we are with these 10 weeks and the cusp of moving from being a proof of concept to being you know bitcoin with superpowers and really starting to demonstrate the power of what sovereign can do and i think that if we are able to achieve those things then um it means that more and more people will have easier easier way of staying sovereign so uh i'm glad i spent the time to uh go through uh with all of the different people who are working on the project right now it's a very large and exciting and diverse group of people and and we as a community i think are doing something very very special uh in a very different uh uh in a very different way and so with that let's go back to you guys and like let's open it up for questions comments or any of your thoughts questions guys iago it's whipper um very nice presentation thank you very exciting things down the down the pipeline so happy to see all that stuff coming out i had a question with regards to the permissionless amm um will sovereigns bridges pretty much support any token transfer to and from ethereum or binance chain so that if users are putting up uh new tokens within the sovereign system you know they have a way to get on and off yes so the idea is that the bridges will also begin to allow basically any asset to be added so how would that work right now with xusds like so for example let's just say for argument's sake somebody wanted to put up usdc not sure why they would want to but just as an example because i think the way the bridges are set up right now for those specific stables that get converted into xusd would there be some sort of conflict um from like a technical perspective yeah that's a good question so i think this is a good example of the difference between the protocol and the deck right so the dap is sort of among other things it's it's a way of holding people's hand through the process as they are using it and i know that right now pretty much everyone uses the dap like very few people are interacting through command line with the protocol right but uh but you have to recognize that when you're using the depth to an extent you're using the protocol with guardrails on and one of those guardrails for example is that right now stable coins get directed to x usd but in practice you can convert and move stable coins over the uh over the bridge just have like the the bridge token on the other side so i think it will be a question just doing that the reason these things are complicated and take time is because there are edge cases like that and because um i think responsible design of these systems especially on the ui side needs to try and minimize the number of people who can screw themselves by using the system in ways they weren't expecting uh and so even though the protocol already allows you to add to the amm the bridges already allow you to move any of the tokens on the front end is much more limited and and and i think i think that's a responsible way to do it um but all of those things are are are going to come thank you hey guys it's david um on the the the software dollar or the zero protocol um is there anywhere that we can read or hear about that before it kind of comes to release yes uh definitely we will be publishing about it and the xero team will probably be publishing about it um i would expect it to you know start happening about two weeks before it comes out so if we assume it's going to come out in between six to eight weeks i would start looking um for it in about three or four weeks to have more information about that great and then uh a second question real quick is just uh you mentioned a couple times like uh lighting network integration and i was curious is that just kind of like referring to submissions that are happening on socrathon or is that something that internally the software team and like the lighting devs have kind of worked on like i don't know can you elaborate a little bit maybe on what you're getting at by the network so with lightning the reason i put it into the maybe column right now because it's in the definite column in the fullness of time but in the maybe column right now is because specifically with lightning network uh the bulk of the effort is being done external to the core team um and a lot of it came out through the sovereignty so i think we're uh looking to see how that plays out uh and then we'll have a better sense of how quickly it will mature right next i'm just wondering what is it possible um to make the fast btc um more decentralized than it already is um the reason why i bring this up is because one of the criticisms that i've heard from some hardcore bitcoin maxis is that they didn't feel that it was so super decentralized uh in nature i was just wondering what sort of technical advancements we can do to sort of yeah beef up that decentralization so that you know we could really push that as a selling point um i mean obviously it's amazing anyone that's ever used fast btc like loves it it's like the greatest thing ever like boom within one confirmation two confirmations you're good to go but i'm just wondering about that yeah so that's it i'm glad you asked because not only is fast bdc going to be bidirectional it's going to be integrated with the peg itself and so um it's got the the right now the way the fast btc system works is it's um semi decentralizing that there's like a master node which signs the transactions for processing uh rbtc to the users and then there's a number of other nodes that confirm with the integration into the peg itself it's actually going to be all of the pignatories as well as the liquidity providers who will be participating in signing the transaction there'll be no leader um and uh and there will be multiple different liquidity providers competing against each other to provide liquidity so it's going to achieve an entirely new level of decentralization that's awesome and a game changer thank you hello just one question please i remember i was in a meeting back in maybe january or february on uh here in discord and we have talked back then about the citadel release and the legion release and among those steps in the road map we have talked about synthetics and additional features like social copy trading and like for example having a vision like a uni swap where you can have any token you want and swap it are those um still steps uh that you envision for sovereign uh yeah i've been thinking about that a lot as well because uh i think all of the things that are described there are happening uh and happen quite quickly but the discrete steps thing isn't really happening it's kind of happening on a sprint by sprint basis yeah one thing that i tend to say about sovereign is that the sovereign goal and its mission is like a 10-year marathon that we run as a series of sprints um and so sort of like these discrete releases which are described in uh black paper um we may evolve to having those sort of discrete releases but right now it's more fluid and it's happening sort of on an ongoing basis um where things kind of get released every couple of sprints so probably we should revise that part of the black paper to describe this methodology more than sort of like the high level plan that was that was described a few months ago in the black paper exiled you wanted to talk a little bit about silverthon i think that might be a good time okay yeah cool i can do that i'm going to share my screen before before you do that uh let me just say um i've written a blog post which covers some of what uh i described but we will also be publishing this presentation uh so you guys can take a look at it again if you want or spread it around if you want i've posted the uh the slide deck link uh in in the general channel so you can look at slide deck and uh is being recorded it will be transcribed and available on the wiki as well cool so sovereignthon uh you guys saw the or heard the stats from from yago we had over a thousand four hundred applicants and 55 submissions at the end and uh in 30 categories with our partners and judging will be starting today and ending a week from uh today on the 29th at 11 59 pm midnight and the winners will be announced on monday august 2nd um this longer time frame than was originally originally planned was designed to be able to to bring the community uh into into the judging and so what we're going to be doing is there will be uh three groups that will all be judging separately uh the submissions and the weighting of of the of the uh the results will be 35 percent of the expert panel which you've seen us promote on our channels 35 from the sovereign team and 30 percent from the community and the rating criteria will be 10 adherence 10 practicality 20 impact 20 originality and 20 technical merit and 20 on the implementation each of these uh rating categories will get a zero to five score from each person that submits a rating um and they will all be totaled together and then weighted and the uh the winners will be will be then shown from from that there and um so i will be publishing a link today in in our uh in our channels um and so each group will have a code so here in discord there'll be a a post with the community vote code the team will get their community vote code and um and the judges and it will bring you to a type form where we're not gathering any personal data we're just asking for the name that you're being that you're going to be judging upon and then you'll be able to select through all of the offerings and submit a rating and um so we're hoping to get basically more i mentioned this on the ama but uh you know our intention here is is actually to grow the ecosystem and so taking the time to hear what what the sovereign community uh thinks about the submissions felt like a much more democratic and and transparent way than just uh than just having the experts in the team uh judging the submissions which is which is pretty common what i've seen in the six months that i've been here is is how much knowledge we have in the community and also uh you know how much how many uh autistic obsessive people there are out there about details in addition to those of us inside of the inside of the team so really looking forward to have the uh you know the extra eyes on on these submissions so pay attention to our channels i'll be uh putting out that link with the code later this evening and if anybody has any questions uh regarding that now would be the time to to ask them they're all just out there just going wow this is so awesome are you all so speechless about our vision for the future in this sort of like dark market or are you all just super all right uh ingerborg maybe we should bring the recording to a close and then we can stick around for a little bit as per tradition and have a community conversation cool so i'm going to close this out thanks everyone for joining your support makes all the hard work worthwhile we are as a collective carving out a trail for financial freedom dismantling what people know and understand about money so uh help us spread the word and create more sovereign individuals this call is now adjourned but feel free to hang out um for as long as you like

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we're live uh exiled zoo can you hear me okay loud and clear awesome cool let's get this rolling uh so hello everyone this is ingolandi here from sovereign i wanted to start this a little differently and bring up a term that i don't think is mentioned enough so chances are if you're here on this call you might be a bitcoin mutant now what's the bitcoin mutant a bitcoin mutant understands that bitcoin is an evolving force of nature and that any anything that clearly improves on it must be added to its arsenal so a bitcoin mutant is not a maximalist that blindly disparages or ignores the innovation happening on other chains and other in other ecosystems nor are we aligned with the plethora of ponzis and scams and rug pulls that happen literally every day in the d5 sector a bitcoin mutant observes the mad science laboratory that is defy with its accidents and unicorns and selects its most fruitful creations to augment bitcoin's potential for decentralized finance because bitcoin is our champion in the arena of global reserve currencies so like x-men's rogue we absorb the superpowers developed from other ecosystems and make bitcoin defy stronger so welcome bitcoin mutants thank you for joining us here thank you for sharing this mission so the guidelines are if you wish to speak raise your hand wait patiently and we'll bring you on stage and before we go through the agenda would anyone here like to introduce themselves and say hello just raise your hand okay so i will kick this off with governance xl surfer would you like to carry on i think you might be muted sir are you there looks like we lost yeah i'm not sure what's happening here um perhaps we can [Music] start with uh soul [ __ ] presenting for aurora regarding development your thing thanks inga uh so yes uh aurora is awake so won't be able to do her update um so uh i will be doing it instead uh hello everybody lots of um exciting stuff in the works um starting with sov staking rewards um obviously sip 24 just passed recently i'm sure everybody is looking forward to getting some sov back from uh staking so the reward contract is currently under review it's going on to testnet next week and from there hopefully it will be a speedy process to mainnet more updates to be coming soon um then sov staking and fee sharing update uh to inclu to exclude the vesting contracts from fee sharing exiled i can hear you again could you just mute yourself thanks so excluding the vesting contracts from fee sharing that is expected to be ready for external review next week once the audits have been done that will be going out to testnet and then mainnet in due course limit orders we've got a prototype for creating and executing limit orders against the amm ready currently this only works for swaps and only with erc20 tokens not rbtc the next steps will be to add native currency support so rbtc limit orders as well as adding limit orders for margin trades adding stop loss and take profit orders for margin trades and i think all of those the traders among you definitely have been requesting this for a while so i'm particularly excited about that one then we have some news with perpetual swaps we are on track and expect to be ready for test net in september the audit has already been scheduled so hopefully once that is ready it should be a smooth process to get that live then we're also working on a large release which upgrades several of our contracts and combines a lot of features that have been kind of on the back burner for a while so we've got the improved divergence check the user can set the maximum slippage he's willing to take on a trade i think currently this is included in a couple of areas of the dap but this should now be more consistent across the rest of the dap and hopefully be a bit more user-friendly we have also been working on uh updates to the protocol to allow for emergency stopping um in case anything goes wrong um hopefully won't need to be used but it's quite an important one in the case of stuff like the hard fork upgrades that are coming soon for the rsk network uh then we also have a rollback function to revoke contract logic upgrade this is a safety measure for after the ownership is transferred to governance in the case of any issues there we also have trading rebates coming down the line these specifically are sov rewards to refund part of the trading or borrowing fees when you're making margin trades we also have a referral or affiliate system coming up so soon you'll be able to actually invite your friends to join sovereign and actually earn some crypto based on their trades which is quite exciting so hopefully that's a good way to build the hype around the project and really introduce a lot of new people to this then we also have a unified vesting registry currently the different types of vesting contracts are split up across a couple of different contracts which is a little bit hard to manage so we will be unifying those in into a combined registry that will hopefully make interaction with them a lot easier for both internal and external users of the protocol so that's all all of those things are coming in a huge release sometime soon we will give more updates on that closer to the time then moving on we will be having an upgrade to the bridge we've addressed all of the issues which were reported by uh users or through audits medium medium severity issues i don't believe there were any high severity issues which which is good to hear and we're just waiting on a final audit report before we actually upgrade the bridge on mainnet now um what this means is uh specifically to shout out to some specific users the two users who have been waiting for their stuck eath we'll finally receive those so i believe the team will be reaching out to you directly with more information on that and we'll be announcing that once it actually goes live uh other stuff uh we have deployed a v1 pool oracle for the moc pool on mainnet we are currently going to just observe its pricing um and monitor it for any issues we've also got a dashboard in development for improving our internal processes this will hopefully make the exchequer's life a bit easier when it comes to making payments for say payroll and other um stuff that is based that is um coming or authorized from the exchequer multisig we also have upgraded to watcher v2 on the test net uh mainnet we will be rolling that out uh at some point soon but it's currently pending a bunch of other kind of infrastructure upgrades one of those is actually upgrading fast btc currently we have v2 on testnet and again deployment to mainnet is currently pending then some other updates for infrastructure side of things um we have performance and stability improvements to the rsk node deployments um obviously i think people who have been around for a little while will have experienced some issues that we've had with the rsk nodes so we've been doing a lot of back-end work on the infrastructure side of things there to really just give everybody a more consistent and better user experience and then finally in preparation of the upcoming iris hard fork on the rsk network we have deployed rsk nodes v3 to testnet in order to work through the migration of that um so in in the days and weeks coming up to the iris hard fork we will be sending out some more information on that and what it means for sovereign and obviously for the users of the sovereign protocol so stay tuned for that um not only uh is it exciting to have a an upcoming upgrade to to the rsk network um i think there's actually quite a lot of new features that will be enabled by this hard fork that people will really like to see and that's it from my side awesome um i see i see one person who might have a question uh i'm gonna invite you to speak okay if anyone has questions i'll invite you ah there we go there's whiffer hey guys if you go ahead first bud um just at the very end there you mentioned that there's a couple good changes from the iris hard fork um like anything in particular that that you're kind of eyeing that you think is gonna be a cool addition for sovereign iris um so personally i don't have too much information about that because a lot of that is actually related to uh stuff that would be implemented on the smart contract side um however i know that it's definitely going to help the peg in peg out process uh from btc main chain um i believe i think in the in the last community call i think i think yoga went into a little bit of detail on that um but yeah there'll be more information coming out soon but there is definitely a lot of upgrades being made to the network with this hard fork so lots of cool stuff in the pipeline for sure just had a question with regards to limit orders um you briefly mentioned that erc20s would come before rbtc just curious about that why that is and what sort of limitations are you guys up against um i guess at the beginning with our btc that doesn't allow for that to happen right away um i can't comment too much on specifics uh just for everybody's reference i'm one of the front-end developers um aurora or iago would definitely be the right people to speak to about that i would imagine that erc20 tokens are just easier to implement this for and kind of test for that um whipper i think it's most probably because uh in the way that we're the smart contracts that we've been using and and that we're kind of using as the base uh probably came from ethereum awesome and just to be clear for everyone um these limit orders are going to happen prior to any l2 migrations right right correct awesome good work guys thank you yep i might have a little more to say on that later uh in terms of the iris hard fork from what i can recall it's it's going to allow like for a better peg in experience and i believe it'll allow for like the peg in person to specify which which address they want the rpdc to go to uh so it will be random random addresses in and out so any address in and out will be enabled by diarrhea the highest the hard work got it and you have an idea and y'all might have mentioned this a couple so i can't i can't remember but like you know once all the upgrades are made to the fast btc and iris hard fork like do we kind of expect almost instantaneous pagan pig outs or is that kind of too big like do we have an idea of like the scope of what is what does instantaneous mean to you personally okay prepare for what i'm saying like within a couple of of minutes we can't estimate what that time is going to be until we start building it fast btc is pretty fast on the way in it's only two confirmations which is pretty sweet okay let's let's move along to uh governance with exiled surfer okay so um soul bit covered most of it so that we're rolling out staking rewards very very soon we're hoping uh we're scheduled for the end of next week but we don't have an exact date yet depending on testing um and then the big thing that is coming up is also as a result of the rsk hard fork we were looking to to schedule for the following week uh the uh the babel fish the battlefish sale um and then it was announced that the isis hard fork would be happening on a similar date uh so we will probably be doing the the origins battlefish launch the week after the hard fork unless the hard fork is delayed by rsk currently scheduled for the 19th but if it is delayed by if it's decided to delay by rsk then the battlefish sale would take place uh prior to to the hard fork from around the 18th of of august um so we're going to have to look forward it's kind of a fluid situation with that um the next thing is uh solbit also covered the governance improvements that are happening the internal dashboard for the exchequer uh it's in development that has account and exchange management and two new multi-sigs uh based on gnosis for the for the exchequer and the guardian multi-sigs looking forward to introducing um making it easier to become and to delegate uh in voting uh in in bitocracy uh sip submission process uh also improving that you see there's a forum post from from john uh light that is uh outlined the submission process we're looking to develop a dashboard for that a ui um and we're also having internal discussions about the length to which uh bitocracy can become a standalone product along with our other smart contracts um many of the projects that are looking to launch on origins have expressed an interest to be utilizing uh the the autocracy governance contracts for their projects as you know babel fish is already planning on doing that on a url of their own um so we're having discussions and engineering questions around plutocracy um and then the next thing is as you all know sovereignthon has ended and we've announced the prize winners um today or tomorrow there will be a blog post going out with links and embedded videos to all the the winners and with the overall wrap up for soverethon we've are lucky enough to identify a number of developers that we want to continue working with based on the quality of their submissions uh there's also a couple of projects that uh that have reached out to us for grants that we intend to to uh further mentor and and support so that's going to be happening over the next weeks uh if you're uh a winner of of one of the uh soberthon counties don't forget to uh to reach out to me uh personally on either in the sovereignthon channel or or directly um if you intend to further develop your product uh or project um please reach out to me and stay in touch so that we can see how it is that we can assist you moving forward uh it's going to be about 10 days before we'll be able to do the payouts uh for that working together with with git coin and the exchequer to make sure that all the eyes are dotted and t's are crossed um that's it for the governance report um well but we might have a question or two okay so now's the moment if you got a question please raise your hand anybody up out there have a question well we do see corsairio in there that's requesting to see he has he hasn't accepted the invite so of course sorry if there you are oh a little fidgeting with my uh with my finger to your choice right well big uh big up to the um sovereignty team um really happy uh how things are going and from the continuous updates and so forth my my question um comes around here um i i asked one of the past community calls is the is there is there going to be a way to front interest and and in that way lengthening the uh the 30-day uh lending contracts or borrowing contracts will that be enabled the way because i think that's probably the best use case at least for me to uh be able to borrow money uh in a defined manner and be able to perpetuate this uh this loan by fronting interest and uh well several sovereign has a lot of liquidity but let's have this term limit extended uh so to speak uh is there something in the works on on that that's definitely in the works uh should be coming out in a few sprints time um so yeah on the borough function you'll be able to help can you hear me yeah you're good okay cool yeah you can't hear me yes we can hear you okay cool uh yeah so that that will be enabled in the uh borrow um part of the dap uh especially uh we'll be uh we're up [ __ ] yeah sorry we're currently upgrading the interface and we will allow you to when you open the loan to choose the length of the loan and also allow you to extend the length of the loan at any point well he dropped off so i don't know oh wait he might have dropped off accidentally because he's asking to come back on sorry guys yeah but i did uh you're gonna i heard that there's going to be a an update on it will set a term uh uh a loan term right uh the terminal loans i mean the length yep you'll be able to set the length at the beginning um and then once the loan has started and you're coming up to the date you will be able to extend it before you get to the rolloff date awesome there is there an uh approximately eta for this uh i would i would expect two sprints but it depends um it depends on uh everything else um and all that um it would be actually it would be based on um some of the other features that we're having to build out at the moment and develop all right as soon as i is that disabled i know i'll be able to move my uh my loans from vsc from buying smart chain to to sovereign which i would rather prefer to do that just just for a point of reference our sprints run on two-week cycles from wednesdays to wednesdays we're talking about the earliest possible time being about four weeks from now based on other development priorities okay just to be clear nice nice ballpark figure thank you thank you um surfer okay we have spidey up if you want to accept the invite otherwise let's move on to what we have next design with zoo hey guys um so uh you might not have seen so many updates coming out or any new features and stuff just because we've kind of um not taking a break we're working very hard on actually optimizing what we already have out improving it cleaning it up and just making it easier for third-party teams to be able to come and work with us because this is something that we are looking to have happen in the near future um this should uh make make everything a bit more consistent as well and it's a kind of attempt to kind of start moving away from um an alpha project into something more like a b eater um so other than that we've also been doing a lot of like structural management um and defining work processes across all of the different areas and different teams so a lot of time has been put into this sprint into organizing the first part of the structure of that we're using a management platform called uh tiger now um and i'm moving away from github um so the meaty stuff is that the reward page uh where you'll be able to claim your work where you claim currently claim your reward sov from um soon we'll have the liquid sov and the fee types um we are just creating the last data points before testing so we expect that to come out hopefully within a sprint um we are currently working on a new landing page for the dap this page is to um until we have the account section which i've talked about before uh sorted this will allow you to be able to be aware of all the promos arbitrage opportunities that are happening across the dap as well as that it will uh include some of the stats in there like tvl 24-hour volume what's going on with our amm so a lot of the data that's already on our stats page will be integrated into this page as well as bringing information that will be useful to you like all the apys and um the token prices so yeah we're looking forward to having that it should kind of make a more focused journey and especially make it uh sovereign a bit more straightforward or understandable for first-time users to the platform um as uh solbert mentioned earlier work is underway now so we started designing uh the limit order types uh for the sport book trading so that's very exciting um other than that uh we've had talks with our external team that are working with us to create zero interest loans i believe um jage talked about this in the last call um we've had a quite a few meetings now with them uh we've sought and we're now starting on the ux and the design with them so that's going to be a very interesting thing for you guys uh zero loans and earn btc um as well uh salbit mentioned that we've been working on perpetual swaps this should kind of bring a kind of refresh to the whole of the trading interfaces and should be very very very powerful so we're looking very looking forward to that um like stalwart mentioned that's looking at coming out in around september time and um lastly is the uh the portfolio dashboard account section that we're working on just kind of bringing everything together making everything understandable for you and having all of your information and data in one place and easily easily manageable for you this part is will and is taking the longest that's this is due to the fact that this is basically where all the data endpoints are coming to and we are still um building um endpoints uh i believe that's pretty much it for me finger by the way what the hell happened where are the bars today i spat some bars today they just didn't rhyme i'll see all right so next we have uh community with the [ __ ] hey guys can you hear me okay loud and clear perfect so first i want to go over the sovereign wiki so we've been looking to transition the wiki to be more public so more people in the community can begin to contribute to it and write up their own documentation and knowledge so for example the other day we had somebody write a full guide to deploying a sovereign node on a cache um and that sort of content would be quite valuable for us to have on the wiki um and generally the goal is to make it easier for people to upload that sort of stuff to the wiki um also the other reason for us doing that would be to enable um better translations for the content that's up there now and new stuff coming out so right now we have a team of translators that have handled specific languages like french spanish german um etc uh but we would probably like to have those languages translated by more people from the community uh and secondly start having other languages being translated going forward so we've had a couple of requests um from other communities um so if if you're um if you speak arabic and you think a specific resource on the wiki would be valuable to other arabic speakers or that sort of thing and you'd ideally like it translated that's something we'd like people to be able to do um to get those sort of resources out easier for better visibility at the moment the wiki is a fairly closed system so we assign specific accounts um permissions to write things at the moment and i'm thinking the most likely path will be going down in the short term at least is to open parts of the wiki so anyone can come along create an account and write there and then if we like the content that's being created there we can be adding those resources to the index pages and that sort of thing to make it easier for people to find on the wiki um to be more public and i think anyone that would be contributing quite frequently and producing some really good work i think at that point we'd either give them more position more permissions to write generally across the wiki and make edits um for updates coming to the dap or the protocol and that sort of thing and eventually hire them going forward and on board them into the wiki team itself um because talking of hiring we're currently looking for a technical writer um for the wiki and in general for sovereign so this would be someone ideally who could on board on a full-time basis that would be able to produce technical documentation on a variety of new technologies and systems we're looking to implement um as well as just general everyday updates that we've been making to the wiki as things change a long time uh so if you think you'd be able to fill this role or if you know anyone else that could feel that role uh please make yourself known to me or we will be putting an open position up on the page on the wiki so you can also go through the procedure listed there uh just make sure you get yourself known or anyone you know because we we do need a technical writer another one um something else i want to touch on is the dojo educational series that's been going out every friday on the sovereign blog so this has had some pretty good feedback so far especially last week's episode for some reason we got a ridiculous amount of feedback uh positive feedback and the next part of the series is being published tomorrow i'd actually be interested to hear some feedback of what people thought about the series and this kind of educational content in general because this is something we can continue um making sorry dog wells just went cool this is something we would probably look to continue making more educational content in the future um so i'd like to hear the community in general's opinion about that uh whether you like it dislike it or how it can be improved so i'd like to hear from you either after this segment or after the ema later if we don't have enough time and the last thing i want to touch on is generally the concerns that a lot of the community has been raising um i'm quite in touch with the community i mean all the channels um i manage the community managers that have been helping you guys out with technical issues and answering questions and that sort of thing um the ongoing concern that has been around for a long time has of course been the staking rewards being lower than expected um i think the changes for sip 24 will definitely help with that and as part of that program as well the other changes which i would like to not be forgot about which i think are equally as important i think uh uh changes like removing the vesting tokens from earning because at the moment there's a very large amount of vesting tokens that are earning um so when you when you think about the difference it will make it actually considerably change the amount of free rewards being earned by stakers so that's one change that i think is going to be very good then there's other things like the peg out to bitcoin with fast btc and the bridge issues and other technical improvements that um as solid said earlier these things are actively being worked on and should come out relatively soon and then the other suggestion that i see a lot from people is for greater marketing and to get the sovereign name out there um so we've actually been working very hard in this area recently um preparing a lot for a lot of things to come uh the survey that went out recently was a part of that getting your guys opinions uh so now might actually be a perfect time to hand back over to exiled surfer for the adoption update to talk over that hey thanks [ __ ] that was awesome um so yeah as the game mentioned it's not that we haven't been working or that we haven't been been listening to the community the concerns that they raise across all of our products and also all of the teams um we're working together with uh with some external contractors that are providing analysis and started with this community survey we're looking into competitor analysis we're looking at uh we're looking at not only the products that they're offering but how it is that they do onboarding and uh how it is that sovereign compares to that we're formulating that all together uh into into a big beat road map so as you know uh there's been a transition with with slider having departed and we're rebuilding the team so we're looking for a players uh to be joining the the adoption and marketing team we have open positions on the wiki feel free to to reach out to us or to be recommending people that you think they could be uh filling these roles that we have open uh we really appreciate the the feedback that we've gotten from the from the audience survey helps us to understand uh what's working and also where it is that we need to be paying closer attention and also how to prioritize going forward we really appreciate this input if you haven't already completed our our survey we'll be posting a link in the uh in the general channel uh for you to give us additional feedback so moving forward to in immediately uh in in the next two sprints while it is that we're putting together a process and building the team we have a couple of big beats that are happening as we're calling them so with the pulses that we're we're setting our communications to over the next over the next quarter and the first one is um is obviously the babelfish origins launch i mentioned earlier that the scheduling is kind of fluid on that that's going to be a large piece of promotion that we're working together in sync with um with dark knight on the babelfish team and also with the rsk team for a synchronized message this will be a little bit more unique than the promotions and marketing that we've done in the past because we're gathering our marshalling our forces so to speak to have a unified message the next uh the next beat or pulse that's coming up is as solbit mentioned the technical implementations of the affiliate referral program um is coming up very very soon um this leads on to another uh sort of move from from one of our contributors uh luca who came up through the blockchain dojo and became one of our community managers uh is now also going to be moving into the adoption team to be uh to be the lead for our affiliate and referral program so look forward to hearing from from his work he's he's provided us with amazing outlines and experience already so we're looking to to integrate him into the team and set him out into the world to sell our products so shout out to luka man proud to have proud to see the progress that you've made and it's going to be awesome having you part of this team uh and then the next big pulse that you guys have been hearing about for a long time uh is the version two website uh the designs are done we've been spending basically uh the last three weeks uh together with uh with external contributors going through the copy optimizing the copy we've been refining the message and defining the specific products and taglines uh descriptive content for the website in the same way that sue is talking about the landing page for the dap the landing page for our website will be much more refined and have uh calls to action and direct links into the application that we hope will will also um increase usage it's also been seo optimized and is tied in with the research that we're doing so that we can continue to iterate forward with the with the language i also want to take the opportunity to thank fine uh for all the work that she's been putting in for months uh on moving this forward through this transition period and hoping every day to be able to release it but we're just basically tying up the loose ends now and unifying our communication uh to move forward and that would be the end of the adoption report for me if anybody has any questions be the time otherwise we'll move over to gladia with business development yeah we got one guy phonics would you like to ask a question i don't hear you does anybody else hear him no i can't hear him either all right phonics you might have to fix your microphone or you might just need to unmute yeah i don't know what's up with this person okay so i will move along with business development i see that mickey i see that mickey mallard has uh has his hand i know i sent him an invite he hasn't accepted yet so um ladies and gentlemen when you raise your hands i send you an invite you have to accept the invite to to get on stage just uh a quick note alrighty so business development we've got tranzact working to raise the limits uh for fiat to crypto they're waiting on us to uh update the website and make the make the the crypto purchase button more prominent and uh yeah they're willing to work to raise the limit from a few hundred dollars to more than that um as well as offer the direct purchase of rbtc with fiat so we are also exploring um other potential fiat off-ramps uh which would require a third party to handle bank transfers for those who wish to do that um we're also meeting with d5 aggregators uh for the adoption of sovereign in their interface and thus the root stock chain so i don't know if you guys have used those aggregators that have like the whole like all of the d5 platforms maker compound of it on the protocol and like you just switch the chain to whatever you want and offering that so yeah my my new directive is to um speak with those platforms and see if we can get sovereign slash rootstock added on there we've pivoted from developing sovereignty arbitram but sovereign on a rollup will uh resume development towards the end of the year um and as some of you may know we have grown quite fond of covalent an api project that brings visibility to the data points of multiple blockchains um and over the over the past couple months we've we've had a few hackathon bounties put out utilizing their api it has improved the quality of life for sovereign developers so you can all expect to see a partnership happening between sovereign and covalence very soon so that's it for updates on my ems um i know i'm i'm vague but i like to um you know i don't i don't talk things up until things are signed and solidified so um that's the best i can offer in terms of of details does anyone else have questions okay all right well this is just like i just like to i just like to add to that so um so often it seems like the community is waiting for information and and doesn't have the impression that things are happening but again i'd like to echo ingomar sentiment that we really like to make sure that we have we have things very very solid before it is that we announce them and so oftentimes the work is happening simultaneously and the announcements come very very shortly before it is that we actually deploy things so there's a lot of cool stuff happening guys so we got victor up on stage you may need to fix your microphone because we can't hear you at the moment can you hear me now yes now it's good excellent look i just wanted to say i'll i'll keep uh to the guidelines about uh uh not over exciting folks on some of the discussions but i do want to say that this has been a very responsive team whether it's um in the forums or business development everything else i very much appreciate um the fact that there is engagement there is a responsiveness and and just all the communication we had today has been tremendous so i just i wanted to acknowledge that in a in the public forum thank you thank you so much yeah victor has has helped us with uh one of our directives recently so shout outs to you my friend do we have any other questions hey guys dave again uh yeah i mean i just want to kind of echo what what uh victor said i mean i think in all the calls that i've been on top to bottom all of you guys uh sue sold it [ __ ] and glenda exiled that was probably one of the best updates that we've heard and i personally have also kind of naively fallen in that trap wow the forums are blank nothing's going on and kind of questioning what's happening on the back end and i just want to upload you guys and say uh great job and um thank you for all that uh so with that said i did have one question that that didn't necessarily i don't think directly got covered is are we still looking at putting um uh the fees on swaps and taking a percentage of that and potentially allocating it to the sovereign stakers i don't know if that got specifically meant yes it's definitely it's definitely happening and we're we're also looking to uh to take a portion of that actually uh for the sovereign protocol itself um so look forward to the actual mathematics of of that what the division would be would be but that is coming there's no question about the fact that that fees are coming to stakers perfect and then um another kind of um off-topic question but potentially on topic is this past week you know a lot of the stuff in the u.s all the sec announcements and kind of potential regulation and on one hand it's like hey we're d5 who cares or um another game was that was that even discussed internally in the community where people are like okay cool what's going on here or is it just like hey whatever keep building more decentralized nobody's even phased by it i'm curious what if any reaction the team had that despite they can give you the us i can give you well don't forget i'm i'm still an american citizen uh and we have multiple uh american citizens you know in in the contributor team um no it hasn't left us cold um and we are we are discussing it um specifically when uh the stablecoin announcement that they're looking to regulate stable coins came out i reached out to uh to both iago and the dark knight and i said okay guys you know we need to be unified on how it is that we're approaching launching a stable coin uh a token for a stable coin here um so we are having those sort of dis discussions in the market um and and how these things uh affect us my personal opinion of this is um yeah i'm looking for the regulators to basically fill all of our competition so to speak so i mean sovereign is a decentral is is set up as an adversarial system that is negotiating the landscape and offering an alternative to uh permissioned custodial exchanges right um and so from my reading of of of what's happening in the states is there's a number of so gensler uh pierce you know they're making conflicting statements um the sec is you know saying saying one thing the cftc is saying another thing uh politicians are taking positions it's not really exactly clear what it is that's going to be happening and i think it's going to be taking a lot of time before their before this shakes out and we see how it's going to be affecting the landscape essentially we're positioning ourselves to be an alternative to regulatable um exchanges so i've always been of the opinion that um the crypto can only be regulated at the edge of the networks where it is that it intersects with fiat and essentially the sovereign protocol doesn't intersect with fiat some of our third-party providers like tranzact does so we're positioned in a place that's not really regulatable so to speak it's my personal uh opinion about this does that give you any sort of clarity david yeah no i think so i think it's good perspective we'll just see how it plays out i try to make sure that you guys were aware of it and discussing and that's awesome so again top to bottom thanks everyone and great call so far let me speak to one more thing point that you raised so in terms of the forum so i i do feel that that we're not involved in the forum enough you guys put a lot of effort into uh into writing in the forum and you know we have a lot of sort of very short contact that happens across twitter or discord or or telegram and and i'd like to see myself more activity in the forum from our team members if you don't see it it's really because people are booked out all day long [Laughter] with with communications and with work yeah so i'm hoping to to see that improve as well definitely appreciate it all right excellent um do we have any closing remarks from anyone or questions from our audience before please i want to speak can i go for it there's mickey yeah yeah hello hello everybody mickey moly here uh i i didn't introduce myself yet so hello i am the sovereign dojo writer and also contributor to the sovereign vicky uh and i just want to add something to the game speech he just did or maybe he did one hour ago and i want to make my own kind of oscar speech right now so i'm the author of the series and i really hope you like reading it and please do let me know what you would like to change your ad and i would love to also to thank so much to mr john light for his bitcoin guru suggestions and recommendation since he basically changes my content directly under my hands which is awesome thanks so much to bitnim for another round of review and awesome suggestions regarding the tech and the language then thank you so much to kim for applying his uber oxford english for my content and does the publications dude you rules and thank you so much to two fine line and danubastidas for the awesome pictures and complete sovereignization of the dojo content guys you rocks and this is my dream came true i'm so glad that this project which i was you know developing for three years now see the light of this world and please do let me know like any kind of feedbacks questions suggestions and thank you so much to franklin who unfortunately leaving the sovereign team for taking over the helping hands and the love protocol which will be a way when team members can you know kind of appreciate and help other members or community members out of the sovereign payroll so thank you so much for that that's all do you have something that you wanted to ask or to say you need to unmute yourself yeah i'm not sure if he's trying to say anything uh i'm moving you back to the audience uh do we have any final questions before i close out okay so i'll close this out a little bit early but we get a bars next next community call right well if there's demands we'll see cars where he spits bars at the beginning of the call okay you mean like rhymes yeah right right right oh wait we got somebody raising their hand i see here you can go ahead and end the call and we can continue sure sure uh so thanks everyone for joining us call your support makes the all the hard work worthwhile who we are is a collective carving on a trail for financial freedom dismantling what people know and understand about money so help us spread the word and create more sovereign individuals if you guys like you can hang here we also have have the the lounge room uh if you want to hang out past this call so take care everyone i do have to run um i'll see you in a couple weeks yeah if anyone wants to stick about uh it's probably best to go into the lounge because then we can all kind of talk you

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give me one second okay all right we still got about 20 people in the lounge room hanging out but it's all good so let me kick this off yago can you hear me okay i can okay excellent okay welcome uh sovereign community call episode 23 this is your host angelandia i help with partnerships and integrations i just want to speak a little bit on why we're all here so bitcoin defy it is extremely early and we're here um for those of us who are here you're either here to observe it's unfolding or even better be a part of it um bitcoin d5 is it's a very unstandardized uh fragmented space um it isn't center stage the way ethereum and solana and crypto punks are center stage because it's early there are there are a few bitcoin d5 startups several of them um relying in various degrees on the actual bitcoin based layer however they tend to point to the same thing and that is augmenting bitcoin with d5 superpowers and what is the best way to do it a side chain waiting for bit 300 to get merged dlc rgb there's no real consensus here because this space is early but what we do know is that what we as sovereign individuals are building is intended to be pragmatic integratable with other d5 platforms out there regardless of the chain censorship resistance native to bitcoin and simple to use so we are here to arm bitcoin with super powers so welcome bitcoin mutants thanks for joining us here thanks for sharing in this mission if you'd like to speak raise your hand wait patiently and we'll bring you on stage and before we go through the agenda with anyone here like to introduce themselves and say hello don't be shy this is your this is your moment all righty uh i'm going to bring in indonego with um some words and updates what no rap okay today is an exciting day it's the first hard fork on rootstock that sovereign is going to be undergoing we have spent a huge amount of time thinking carefully about how we can avoid any potential edge cases and so over we expect the hard work basically now and the system will be in maintenance mode while this is happening so that we can monitor that there are no major issues and so that's something that we should be expecting and then the other thing about the hard fork is because of the hard fork and because of the emphasis that we place on um security um we have postponed various things so i think you guys all know that um and if you don't know we'll discuss it uh that there's the babelfish launch on origins which is our first test of the origins platform and uh that we have introduced changes to the staking rewards and both of those we changed the date and have moved to next week in order to make sure that they wouldn't there would be no risk of something going wrong during the hard fork so i will discuss those things in a moment i will also discuss origins uh and and why i think this is something we should be paying attention to um but i wanted to speak about something so um one of the things that i've noticed is that um we have a weird little paradox like sometimes people will message me and complain about why something hasn't been delivered that we already spoke about in a call or why there is like a lack of transparency in the project and it initially uh i found it confusing but what i've come to realize is that one of the interesting and cool things about sovereign is that sovereign actually probably has a very very high degree of transparency um and as a result people are exposed to the sausage factory right so imagine you had to eat sausages but before you ate those sausages someone took you on a tour of the sausage factory i wouldn't want to eat sausages after that and the process that we go through is frequently a messy process this hard fork is a great example of that right so there's a whole bunch of development that was done and uh and then dates were changed in order to accommodate and make sure that there was you know things were secure around the hard fork and i think one of the frustrations that i've noticed people having is we will say that we're developing something we'll say it's on testnet and then it still takes a long time or what they perceive as a long time for it to be on mainnet so i thought it would be worth taking a moment to explain a little bit about the process and why uh why that is the experience so sovereign is one of the most audited pieces of code i think out there um on average for every single day that we spend developing a feature we probably spend between four or five days writing uh a suite of tests for it uh auditing it uh getting a third party to order that uh deploying it to testnet and testing it there deploying it to staging and testing it there um there's you know way more time is spent on testing things than on developing them and i think that's the right way to do this i think it's the only way that we build um extremely solid foundations what we would like the future of transparent incorruptable finance to look like but the result is that we will say that we're working on something and then it takes a while before it gets developed at the same time i was thinking today that if you look back just like three months like what our depth looked like in right the the reference implementation depth that you that we have at 7. looked like just three months ago it's crazy how much it has changed and so i know that this is not a frustration that most of you guys have because you know you guys join the um calls and i think you guys are aware of what we're doing and but i think one of the things that i've noticed is that this is like a thing that the community managers need to discuss with people on an ongoing basis like people will be asking these questions and i think it would be great if you know if you guys are in community calls or uh community channels or talking to your friends and they're asking these questions you're able to explain look the project is moving very very fast but this is why you'll hear about something you know a couple of weeks maybe a couple of months before it gets released it's because you are exposed to the sausage factory um the other thing i wanted to point out is the changes that are coming to staking rewards so there are two changes that are coming to staking awards in the immediate future and a third chain and several other changes that are anticipated and there's a really you know there's some some good blog posts that have been published and some more that will be published on that um but next week staking rewards are going to be changing in two fundamental ways first of all staking rewards right now are distributed across all stakers um that is going to change the staking rewards are going to be distributed only to those people who are staking tokens that have already been made liquid and this will concentrate the rewards quite significantly the other thing that is happening is that staking rewards uh are now going to get a minimum and that minimum is going to be provided by staking rewards which are provided in the form of sov and so the longer you stake for uh the more you will receive that's going to always be the case but now if you stake for three years you'll get a minimum staking reward of 21 in the form of sov in addition to any additional staking rewards that the system generates and so that's starting beginning of next week and in addition to that and this brings me to babelfish there's going to be a snapshot taken of people who are staking at the beginning of next week and fish tokens are going to be distributed to stakers on the basis of their stake weight in other words how much weight you have staked um uh as sort of like um a kind of airdrop to sov stakers and this is something that we expect to see happen in the future um so there's a number of different projects that are looking to launch in origins and it's likely that they will be distributing tokens to sov stakers on ongoing basis so sov staking is about to change quite dramatically one uh there will be the staking rewards becoming more concentrated two staking rewards will have in addition to the system revenue sov uh which will be provided liquid like liquid sap will be provided to stakers and three projects that are launching on origins are going to start becoming a new source of tokens and this is actually an interesting type of source because what we're building here and what we will be building over the coming years is a decentralized financial platform for bitcoin and um our goal is to you know provide a protocol which is going to have all of the different things it's going to have stable coins it's going to have nfts it's going to have um lending but it's also going to have options and futures and and and and mortgages and each of these is going to be you know some of these things will be developed by the sovereign community or the sovereign core team and some of them will be developed like money and chain or babelfish by um sort of affiliated groups and those affiliated groups if they're launching on origins are going to be in one way or another distributing to sov stakers part of their tokens so what happens is i think sov kind of becomes like this index like when you hold sov or and certainly when you stake sov kind of like holding an index of the entire development of the uh open finance protocol uh that is being built with sovereign and around sovereign and i think that is one of the exciting things about origins and um you know we're gonna see we'll see how it works out and we'll learn probably a lot from the babel fish sale that is coming next week but we'll be having the pre-sale we'll be having the sale later when it launches on the amm i think the the exciting thing there is the future gets built when the future gets funded and if we want to build out this optimistic future for transparent incorruptible finance we need to have a mechanism which is going to allow for promising projects and teams to get funded and i think origins is going to be basically the origin story of a huge number of these uh bitcoin mutant projects and i'm very very excited to see that happen so that's all i wanted to say with regards to that and i'm handing it back to you ingomar um can we move forward with aurora uh with the tech updates sure hi everyone so sorry to just repeat some of the things with thiago are really sad but i will not spend much time on them um we just enabled the maintenance mode about five minutes ago and the maintenance mode will remain until we are sure that we are having consistent data on our notes and the hard fork went well we're currently expecting the hard work to happen in approximately 10 to 15 minutes um while this is ongoing some of you might have realized that the bridge has already been in maintenance mode um before and this is because we're upgrading the bridge and we're not just upgrading widget is actually already upgraded and it is expected to go up again then with the rest of the system so this means that um the two transactions which got stuck on the bridge on the last aggregator update will finally be unstuck so that's good news for the people who were affected and apart from that it's giving us some other benefits like better contract interaction with bridge um apart from that we're currently very busy with preparing um the origins platform which was already mentioned before so here we are in the final phase of testing everything and making sure that everything is a plan and going and repeating the plan to make sure that everything runs smoothly and these are um [Music] probably the biggest things but then there are also the sap staking changes which you have been waiting for that the sov staking rewards in form of sov where the contract review has taken longer than expected um we are expecting to receive the report by tomorrow um but currently we are still waiting in the meantime we are on test net and um [Music] are just testing the smart contract also manually together with the interface in addition to the unit tests we already did in the development stage the other staking update are the sov staking and fee sharing changes which exclude vesting contracts from the fee sharing and [Music] um this update is not going to be released alone but it is going to be bundled with other changes which are affecting the same contracts this is an update to the fee sharing contract which allows you to withdraw your fees not like now in different liquidity bull tokens and start to withdraw them all concentrated in rptc and also an update to our vesting registry um which just allows us to handle our vesting contracts better than we currently do because this is a combined update the testing is a bit more um more effort and we are still in need of thorough testing on testnet before we can release it in the meantime we are waiting for the external review it is already scheduled but did not yet start anyway both things are well on the way and it shouldn't be much more longer until we can finally release them and on the limit order side um i think you already told on the last community call that we already finished the limit orders against the amm on the smart contract side however what is still missing is the ui and this is currently in the works and as soon as we're having the a ui for it set up and then it will inform you guys so you can already check out everything on test.net and let us know if there is anything you would like to have changed about it before we are going to port it to mainnet as well in the meantime on the solidity side we are adapting the limit orders to also work for march and trading um then there is one more update coming which is actually combining a lot of small medium-sized development streams there will be better ways for you to limit the slippage on your orders so you can you're not only protected by the five percent maximum slippage deck which the protocol itself is having but you are able to [Music] pass along a custom slippage which should avoid the cases where you end up having a position which is diverging too much from the size which you were expecting it is including more emergency measures for us to either stop the complete protocol or to roll back after a contract update on these emergency measures we need to finally transfer the ownership of the protocol to the governance because currently it is still controlled by the exchequer and this is something which we have wanted to do a long time ago and it will finally be possible after this update and also with the ir trading rebates introduced which means that you get back a part of your trading fees on each trade an sov and also a referral system so you can refer friends and get rewarded for referring on each trade they make um and i think that this list is not even complete but you see that this is an update which is really combining a lot of different extremes and therefore it also requires a lot of testing so this is what we're currently doing and apart from that we started working on a peg out process for fast ptc but this is still in a very early stage and i will keep you updated about this i believe that these are the most important updates from the development side are there any questions so far do we have any new developers on the team um let me think do we have new developers i do not think that we have new developers on the team i miss anyone guys is there anyone who's new and would like to introduce themselves do we have any questions from our audience on anything that iago mentioned or aurora mentioned simply raise your hand and i'll bring you up on stage it looks like lights wants to say something okay hello hello hey there hey uh so question for iago uh or anyone else on stage who can who can answer this um uh you mentioned you know there were there were these few different changes coming to uh staking um i i was able to catch that the you know the the first change concentrating rewards to only um stakers who are staking fully vested or liquid tokens is happening are the other changes that you mentioned also only going to apply to fully vested stakers or will they also apply to stakers who currently have sov investing contracts as a matter of the sort of general principle from this point on all rewards will apply only to liquid stakers that is clear thank you okay we got whipper hey guys how's it going a little better if you can speak closer to your microphone yeah sure perfect um i'm not sure if this is the appropriate time to ask or not but i just want to know what assurances we have from the sovereign community with regards to giving over the xusd contract over to babel babelfish once they complete their sale i just want to know what sort of you know that they're working on a security and risk management uh protocol but i just want to know what sort of things we're looking for on sovereign from that team before we fully release over the xusd contract i don't even know if i'm naming it properly but i think you understand my question yeah so the contract is uh the xusd babelfish aggregator i suppose is what you might want to call it the it's a great question um as you know um there is a sort of risk committee that has been set up which is a community based committee of multiple people who meet to discuss any change that is being done to the ex-usd contract and discuss its potential implications and risks and i'm participating in that as are a number of other people from the sovereign community one of the key ideas that has come out and i think is is a really cool idea which will have implications for how we construct sub-components of the sovereign protocol and the sovereign ecosystem more generally is that um so as you know uh there is in this area or just mentioned it there's the ability for um the plutocracy to halt uh the system so like if there was a need there's an ability to have an emergency stop uh on uh transactions occurring on sovereign and then there's the ability to restart it uh using that principle there is the uh idea right now which hasn't isn't it isn't the decision so i'll emphasize that but um the consideration right now is to have the bittocracy the sovereign bureaucracy um have the ability to call emergency stops to x usd as well as have the ability to veto um decisions that are made on the x-usd platform and what this does is it creates a new way of thinking about how doubt how does work so up until now most dows have been basically sort of like these um fully autonomous systems each one is a world unto itself but in a ecosystem where systemic risks are shared where resources are shared it actually makes sense to have [Music] projects sort of um have some level of responsibility to each other and you can think of it as almost like a federalized system right where you have um the highest level uh primarily involved with managing the risks and coordinating the risks that could emerge from the sub-components of the ecosystem of the protocol and i think that starts to give a feeling of what having sovereign as an operating system for open incorruptable finance looks like so what is currently being examined is this ability of having uh the pipocracy being able to overrule risky decisions that could potentially in the future be taken by the babel fish community and using this as a more generalizable principle so that buttocracy kind of becomes a governance platform allowing users to know that because something is part of the sovereign protocol it uh that there's a general like high level of consensus around what are the systemic risks that the ecosystem as a whole is going to be exposed um yeah just to add to that and i couldn't um really have summarized it better um on behalf of the babel fish team um yeah i just want to say that we're we're here following uh sovereign steps um we're we're really excited um to be part of of this experiment um and we're learning a lot from sovereign's community um our governorands will also be a fork of ketocracy um on babel fish and you know the first things that the governance will be focused on are about how to weight risks um setting the right standards and you know other besides what i was said on potentially creating like a second chamber that could um veto uh risky decisions as sovereign is extremely important for ex-us liquidity um but even as we begin to expand we're also um exploring um you know doubt we will be exploring doubt without partnerships or creating separate buckets where we can experiment with some parts of the assets under management without putting at risk um deposits from the from the sovereign community great do we have any more questions before we move on with updates from uh let's see who's next from zoo on on design zoo come on up hey so um like everyone's been saying uh things kind of might look like they take time um as i pointed out last last uh community call uh we're really digging into like improvements on on the code um and clean up at the moment in the front end code so like those are kind of things that you you know you won't really see um but but will make a big difference in the in the long run uh makes it easier for us to scale up on things um so just understand that when you don't see stuff happening it doesn't mean that we're not uh completely always making this um better and better every day uh we've also been uh we're still currently working on the overall structural management of everything and defining our work processes um that's coming along very well excuse me a second um and uh should uh help uh with um everything moving forward um other than that we've been uh working on things um in this sprint uh like we've been prepping everything for the fish token um pre-sale that's coming up next week um we've been getting the reward page where you get your uh locked uh sov your liquid sov and where you can claim all your fees um ready that's in testing at the moment so is the affiliates interface so we're hoping that those will both be dropped next week um the babel and um like the aggregating flow uh is in its final steps of testing it's kind of been given the green light now um we don't um release on fridays so that will come out next time next week in in in time for the sale hopefully if it all goes to plan um other than that the new landing page uh is ready again we were going to release it today but because of the hard fork we've held off uh so that will be coming out next week um and the limit orders are actually now in development the designs have been completed along with the designs of limit orders on the spot trading page um which i know some of the users couldn't understand what the difference between swap and sport was but i think hopefully now you'll see uh there's a bit more of a difference and you'll be able to understand exactly uh what the difference is um along with that we've done margin trading updates to the interface taking on board a lot of the feedback from the community and from the users so hopefully that will be very useful for you guys when you're making your margin trades you'll be able to see your estimated liquidation prices and your apys before opening any models or anything i know a lot of you have asked for that so um we it just takes time for us to get these into sprints but we've got that into a sprint now and then we've just updated the swap page as well so that you can see the top prices of the main tokens and see any arbitrage opportunities very easily other than that we've started uh we started work on the uh zero percent um credit uh product and uh that's that's going to go well but we're expecting that's going to take a maybe a month or so to come out but that should be very interesting for you guys being able to take out zero percent uh loans and credit essentially against your bitcoin and um we've finally started designing the new portfolio and account section we have the first page of that done there's about 11 but um that is definitely underway and should be coming i would say roughly four to six points as there's a lot of um useful metrics that we're adding to that so that you can understand uh your positions better and and make better decisions based based on the on the analytics and the data i think that's pretty much everything from my site um i do want to carry on with the next person or get the questions i know pierce wanted to get up on stage did you have something you wanted to ask yeah can you hear my voice yep yes sir my question is about fees because when i was trying to climb my reward it was eight dollars i think aprox so anything you guys are thinking about fees on rsk because more the people are using the gas fee will go high that's what you paid a dollar for claiming the reward sov yeah six to eight it's not exactly it between uh-huh but was this the first time you claimed them yeah yeah first name then on this transaction investing contract was deployed this is why the costs for this transaction are higher so the following transactions whenever you withdraw your fees it should be very cheaper because a contract does not need to be deployed then but the tokens will just be sent to your existing investing contract two do you think we could potentially have something which you know lets users know that the first time they do this will be more expensive than other times yeah i mean so basically that's a vesting creation fee yeah but like in the interface yeah we could say that um to make sure that they understand that that shouldn't be um an issue all right cool thank you very much puge uh let's move on with excel surfer are you there sir he's talking but we can't hear him i'm not sure that he can hear us exiled we can't hear you uh mr pooh would like to ask a question maybe we'll take mr poo's question in the meantime okay he he was sent an invite i don't know if he rejected it or oh wait here here we are excel surfer your microphone still doesn't work um mr food you have a question can you guys see me bye all right i i don't know what that was but can you guys hear me now now you're good yep okay good all right had to switch machines don't know why it wasn't working before so uh team reorganization uh in adoption is continuing um last community call mentioned that that luca out of the community managers team was going to be joining to be working on the affiliates program um now we're also adding unicom from from the um from the wiki team uh who's who's joining us as a as a sprint and scrum master planner gantt master um and so we're really excited about that um also we've made the decision to start working uh highly with external agencies from for marketing actions that are coming up in the next quarter uh and also uh so multiple agencies we're also in discussion with a couple of and final discussions with a couple of staff hires uh for key positions um that should be should be done by the beginning of september um we're looking then also uh in the upcoming quarters start uh doing paid content influencer content which we haven't done in the past um we realized that so with the current narrative and the current dap that we've we've reached a certain level of saturation with the type of messaging that we've been doing and we're looking forward to attracting new audiences which means stepping into the dirty world of so to speak of of um the hype phase um looking out for for for different types of users that are are using other other platforms um so there's going to be a shift there and how it is we're approaching uh marketing i think it's probably the type of marketing that most people have been been wondering why we haven't been doing up until now and relying on the organic growth but we are going to be moving into a different phase that would probably be more familiar to to the crypto sector and to other other users um outside of our current user base um part of this uh team reorganization adoption is that we're also going to be moving to a much more data and analytic based decisions on what it is that we're doing and why looking for product market fit for the different products on the dap and also product market fit for the protocol there's going to be more of a separation in our communications with sovereign as a protocol and the reference implementation iago gave some of the some of the uh overview of that uh and during his his um presentation and so um this also includes uh we've been working very very strongly now uh on what the narrative for for sovereign is and uh around the protocol and the products the products including origins as a launch pad as a service uh bitocracy and governance as a service uh and then partner implementation of our of our different financial primitives and products and then also our own individual reference implementation dap products like xero and the things that sue and aurora have been mentioning um so we're looking to do much more analysis of of how people are using uh the the products and also what our drop-off rates etc and so all of the team members and agencies that we're bringing on our people and companies that are familiar with this process and are looking to assist us in optimizing our user base so i'm really excited about the progress that we've made so far in the last month and then also this is the first time speaking about this publicly uh from october 1st to the 3rd in prague we are the general partner for the hacker congress there which is a yearly event of cypherpunk and bitcoin og people this year it's an invite-only event uh of peers in the space so bitcoin core programmers uh you know a lot of a lot of philosophers in the space um and edon will be having a keynote event uh on saturday um and john light will also be be speaking about about crypto um crypto projects and crypto economy analysis and i will be moderating the live stream of the event on friday and sunday and be interviewing um our peers who are present at the event and the last thing that i have to talk about is something that came out of soverethon so as you're many of you or all of you might be aware there were two submissions uh that received um prizes for for the lightning submission and those two um groups of people decided to come together and submit a grant as a team with with rsk and with sovereign and hopefully today or tomorrow the payments should be going out uh for the rest of the uh of the prize win for all of the prize winners um we've had um you know a few delays with departures of team members and sicknesses and you know many other responsibilities but that should be happening today or tomorrow that all of our prize winners will be receiving their sov and that would be it for me if anybody has any questions cool take away anymore okay i just want to give them an extra second but all right um we'll move on to business development i have a few updates um we're currently exploring the idea of putting together um a bitcoin defy focus conference um where bitcoin influencers can dialogue with um the various bitcoin d5 startups um and to discuss this very early space um so not just rsk projects but um you know the the other project like for example block stack or uh or atomic finance like we just want uh people from this uh community to to to come together and just discuss what they're working on how they're doing it you know what what can advance the space um because it is a very early one i think it would be great if if um we could sort of push this discussion forward um so rsk has begun testing with the zk roll up they will have a road map soon and uh they are extending their hands to to sovereign uh for becoming like a a testing partner uh in this whole process um so that we can you know create a feedback loop between uh their team and our team uh which i think is an awesome thing um so version one these are very very raw notes that i that i got from them version one of of the zk roll up includes the following so swapping between uh tokens minting transferring and swapping nfts withdrawing nfts to layer one and uh zinc smart contracts so again they're porting the zk roll up over and testing has begun and a road map should be coming soon um also we've we've had a pretty deep relationship as you can imagine with um iov labs and rsk and they're probably our biggest partnership in this whole in this whole project and uh there has been some conversation around listing the the rift token on our front end so there should be more details on that soon uh and perhaps a forum thread to follow that's it uh from me regarding business development um does anyone have questions on this section or anything that has been mentioned we have 15 minutes left we can open the floor up to uh to our sovereign individuals hey guys just curious um on the status developments of the improved peg i know that there was talk about using sov as a potential peg in the future just curious to touch base on that wondering if there's been any developments and i guess the reason why i bring it up is um wondering if with recent regulations that have been passed in the u.s um matter to rsk in the terms of like running a federated um node operators and whether or not that matters and i'm wondering if having maybe a more improved peg might assist with with regards to that curious on your comments so i i would uh i would say that there's two threads that we're working on uh aurora will on talk about i think the more technical aspect from a technical aspect a lot of the work was completed but was not launched because it would require enveloping and i think our can talk a little bit more about that which would increase the costs of and complexity of transactions in the system then the other aspect of it is that we're working with um sergio who's really kind of the inventor of rootstock uh to look at ways that we can potentially introduce this as improvements to the rootstock peg so a lot of technical progress has been made there and now it is more around having other other pieces of the puzzle which would be necessary to make it work in place aurora yes i also wanted to say that um the rsk team is working on power pack improvements and they already introduced some changes to the peg in um which would allow for a decentralized pagan where we would not need to have a federation um like not like fast ptc is federated um but this is only for the peg in um originally uh we were expecting the peg out to also be included in this update and the iris hard fork but the peg out option the fast packard option is not yet supported by the power pack so um while we were planning to start using the rsk bridges um the rsk power packs inbuilt functions for fast picking and pack out of the system we will not be able to do the full cycle so um here what we're currently focusing on is adding a peg out so even if we cannot use an improved version of the power pack in the background we can still add a peg out using the same system which you're currently having and further decentralizing it and making it more um homogeneous at the same time we will not gain the same level of decentralization as with a truly decentralized pack but this way we can have fast ptc setup which is already more um more trustless and more reliable than what you're currently having and most importantly working in both directions the other peg like yago said which we were building which respected sov has actually also said the downside that we need enveloping in order to use it and enveloping is adding extra gas costs to each and every transaction that's because a relayer has to pick up your transaction and send it to a contract and there then your signature needs to be verified and then the call needs to be executed and this consumes gas and the top of that there is a fee you have to pay for the relayer because the relayer is paying the gas for the front for this transaction so for the reader to do it you need to be compensated which means that you pay up you end up not just paying the extra gas but you're also paying a fee for the relayer so it makes really everything a bit more expensive and [Music] um i think this is in this moment um most important consideration okay awesome guys thank you for that all right we still have 10 minutes left do we have anyone else are there other uh prominent bitcoin d5 projects that uh that you feel don't get enough attention or do or you feel that like we could potentially uh collaborate with so i was following rgb for a little bit but i have to openly be honest that like i i think the devs in that community are just too smart and i have a hard time following what it is that they're trying to work on um maybe yago or exiled know like a little bit more about the project but from the surface it seems really cool what they're trying to achieve so yeah that's the main one that sort of comes to mind but again i've talked to a couple of people within sovereign that have been in and out of that discord and telegram server that have had a very difficult time understanding exactly like the technical background of what they're trying to do yago do you follow rgb at all i do not as closely as i would like to because as you say it is complicated um i have to admit i don't fully understand rgb and i'm not sh even when i have conversations with their devs there seem to be different versions of what they think rgb is overall i think rgb is potentially very promising but so just to give you guys a sense of what rgb is rgb is a way of using basically uh users have like an additional node besides bitcoin which uh creates um [Music] a history you see you can like for example you can create new tokens and then when you transfer those tokens to a different user you transfer the history of the token as well and so instead of everyone having to maintain sort of a record of everything that's happening as you would do on a blockchain it's more peer-to-peer how the history is shared and in that way it's a little bit like a you know next generation colored coin system and it can potentially be integrated with lightning networks to make the transactions uh much much cheaper that said i i have a lot of questions about what actually uh it will act what it will actually allow in practice and how long it will take before there are um working implementations of it i do think it's one of the cooler things that is happening and so and and also because it works across blockchain so you could potentially have it working not just in bitcoin but on rootstock and ethereum and other chains as well and so it kind of becomes this like cross-chain platform i suspect it will take a while before it is production ready uh and so we'll continue to monitor it and if it rip you know if if the promise proves itself then we can consider integrating advanced moving significant parts of the protocol to rgb yeah i agree with iago i think that was an excellent summary of of of of what rgb is and and and projects on doing it's easily actually understandable but i have the same i have the same problem with her when i dive into the the devils in the details you know the details and the devils it i i lose myself as well um but i'd also like to point out that um you know lightning also felt that way at the beginning and also had a long-term development path and um and and so i i agree with iago that that it's interesting to see how it's going to be coming into production and what pieces of it are actually going to be available for us i have some more questions around the peg but i don't want to take away from other people who might have questions um so if it's okay with you guys i'll just wait a bit and if no one raises their hand i'll just go ahead and ask going once from the community going twice go ahead um so just back to yago and aurora so with regards to the sov peg i guess being a little bit more expensive you guys think that maybe it's a worthwhile charge almost like a toll charge to get on and off um in a more decentralized way and maybe users wouldn't have an issue paying a little bit more it sounded like the main sort of showstopper was maybe i guess the aggressive or excessive gas cost um with regards to the peg what do you think oh um there is a gas cost but the thing is also that the um other peg the one with sov is also less user friendly because it has a quite a complex setup just because it is fully decentralized so it's not so easy and it has um certain slots so you cannot just transfer any amount but you can only transfer specific amounts so um [Music] and for transferring back over the pack you need to have also the exact amounts and it gets a bit more complicated because some of the utxos on the bitcoin side are then still reserved others are open but you need to get onto the nft to be able to swap back so the whole thing around it is a bit complicated so the idea was to take this as a way to introduce it to fast btc so we can use the truly decentralized pack as a way to balance out the different sides of the fast ptc pack and then provide the difficult interface for very technical users and users who just want to make the experience and have a easy interface for the other users um but then this would not really um for most users it would not really reduce than the thrust factor there is in the multisig which is managing pass btc um so this is also one thing to consider and it would be off um quite some complexity to change fast bbc to use that pack in the background so our thinking with the rsk team developing these better pack in and pick out methods into the core protocol then we would have the option to build out the decentralized fast ptc pack without having to use the sov backed peg and then there's sorry and then there's one more point to consider and this is just that the sov act backed peg would be secured by sov which means that all of the reason why the people who are participating as liquidity providers for having the bitcoin back up and the peg are committed to behaving is because it would lose their sov collateral in case that they run away with the money and this is good as long as sob is um sufficiently valuable but if we are having high fluctuation of the prices which can be rapidly up rapidly down um we are also facing a risk here because we need to liquidate positions which become unhealthy and if we are having very high liquidity this is a risk which you also have to consider great answer thanks aurora okay so if we don't have any final questions i will close this out going once going twice all right thanks everyone um thanks for joining in your support makes all the hard work worthwhile keep kicking ass keep carving out a trail for financial freedom dismantling what people know and understand about money to help us spread the word and create more sovereign individuals if you still want to hang feel free to go to the lounge room uh but for now the the call has been adjourned so have a good one and stay sovereign delandia cheers thanks everybody for coming

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landia i help with partnerships and integrations and i'm here to kick off the sovereign community call episode 24 september 2nd 2021 i am going to kick off this call with some hot bars to warm up the room and iago is going to give a presentation on what's ahead uh for the sovereign project so keep your microphones on mute as he said earlier and just enjoy the intro okay here we go okay french off success from the battlefish sale sovereign origins bringing crazy stats without fail sold out in 30 minutes got the funding locked in got more sales in our pocket with no sign of stopping upgraded the amms and gave the bridges some polish bitcoin and sovereign are like batman and robin decentralized gotham tilden ignore the nonsense stay sovereign whether you're an og or a novice a predator of the metaverse been a while since englandia said a verse regulations coming and it's gonna get hella worse bitcoin defined now it's time to put our heads to work dig the new landing page shout out to zoo and them making our protocol look and feel intuitive we're just getting started no time for relaxing got some updates on the project now it's time to get cracking okay welcome to the community call everyone uh the rules are if you like to speak just toggle your your your mute and wait patiently um and uh before we start with iago and his presentation would anyone here like to say hello okay well let's let's get iago on on stage with his um with his presentation let's let's get cracking thanks in glenda bitcoin and sovereign like batman and robin somebody [ __ ] tweet that so i can retweet it that's awesome um all right so i just realized now that you put that it's uh community meeting number 24 that that means that we started our community meetings exactly a year ago i think uh or 12 months ago almost exactly a year ago we should check and when we when we if we get out if we figure out the right one then we should do a um uh and a community call where we sort of talk about all the stuff that we've done over the last insane year but ain't nobody got time for that right now because we have a very big month coming up so sovereign's september i think is going to be a a very very substantial september there is a huge amount of things planned so we have continued improvements to staking we have adding sov as collateral to the lending pools we have the launch of the the expected launch of origins as the first version um the first example of a sub protocol and the introduction of the og token potentially the launch of the xeros token just in advance of the zero sub protocol and we have exchange listings as well as a whole bunch of other things which i will discuss before i get into a description of what all of these things are i'd like to make some notes about roadmap and transparency i think we've been struggling a little bit figuring out how do we publish one of those really beautiful roadmaps that all of these other emails do hey guys please mute the audit process isn't perfect and it's really so hot you know all of these projects like cordano or whatever and they all have these beautiful roadmaps of all of the [ __ ] that they're going to do we don't publish roadmaps like that and the reason we don't publish roadmaps like that is because uh it's a community driven project everything requires a sip and so there's really nobody who can say okay we're going to be doing this and then we're going to be doing this and then we're going to be doing this we don't have a vitalik we don't have a charles hoskinson and so at the same time i think it's really important for us to have a sense of where we're going and so the compromise that we're going to be trying is that we're going to be for the month of september putting out what we believe is a roadmap but you need to recognize that this road map is driven by you guys and the rest of the community is driven by simpson so it is liable to change this is a road map under the assumption that the subscape passed the second thing is there are a bunch of things that we aren't able to put onto our roadmap because external partners are going to be making their own announcements uh centralized projects make their own announcements we can't uh announce things for them or uh you know we have no control over them and so for example exchange listings that is the case there and so for both of those reasons and also because this is extremely ambitious roadmap it may not happen exactly as we expect it may not happen uh exactly as uh described but this is our best effort to try and get everyone onto the same page before i uh go into the roadmap itself there's also two things that we need to discuss around them the first is the exchange listings that i mentioned so we know now that there are several exchanges that are planning on listing sov and i'm talking about centralized exchanges that are planning and listing sov this month this includes but is not limited to strategic partners who made investments in previous rounds made investments in sov including those who participated in the strategic round led by pump i think this is great timing because it's going to potentially open sovereign up to an entirely new set of audiences right now if you want to engage with sovereign or if you want to acquire sov the only way to do it is to surmount the very high of user frictions and learning curve of figuring out how to use software which means that we have purposefully uh in a way limited to the number of people who are able to have access to sov have access to sovereign as we were continuing to test and improve i think the system has proven to be extremely robust the ui has continued to improve it's now much much easier but even so this sort of bypasses that entire thing because centralized exchanges are things that people are very very familiar with and so this will be a really really easy way for people who are aware of sovereign uh to participate and get involved with sov but it's also going to substantially boost awareness because these exchanges are planning their own marketing campaigns they are going to be letting their communities know but at the same time things like this mean that this whole project is going to get more visibility uh it's going to be on coin gecko and coin market cap more there's going to be more buzz around it and so um we can expect a higher degree of awareness this will also connect sov with the wider crypto market sov has been kind of like bitcoin in the early days right bitcoin's price was highly volatile it was disconnected from everything entirely and sov has been the same way and its price has not been connected to anything else including the wider crypto market once sov is on exchanges it that's going to change and one of the ways it will change is that sov is now probably going to be much more correlated with the wider market and that probably over the course of the short term and certainly over the course of the long term is going to be of benefit to sov and to the sovereign project now there's probably going to be people who are going to try and front run this i would expect that we will be seeing uh you know telegram communities or groups that are associated with these exchanges probably announced um and so we might see some people trying to acquire survey before it is listed and so i think it's also important that the sovereign community know about this first because if anyone's going to front run ourselves it should be us so that's on the exchanges with regards to the sub protocols what the hell am i talking about what are sub-protocols so those of you have read the black paper and that's probably most of you on this call know that we have been thinking about and developing sovereign as an operating system what does that mean it means that this is not designed to be adapt already if it was a dapp it would be the most feature-rich depth anywhere it just does more things and more and and covers more ground more completely than any other debt right it's got trading lending borrowing an amm an origins platform et cetera et cetera et cetera um we expect this to continue to grow and to scale and what we need to do is generate a system which has the ability to grow and scale while at the same time maintaining a unified ecosystem and and as much as possible the an easy unified user experience but most importantly which will have a unified community and set of culture principles and governance and so core to that is the plutocracy system that we have developed and the use of sov as a coordination token so um in the forums recently uh john light posted some thoughts on how this could work and his thoughts were reflective of conversations that had been happening amongst core members of the team and some others around what this would look like one of the things that you can't have in a bitocracy is a situation where um as more and more systems are added every single thing that happens in the entire universe that is sovereign requires a vote uh of the bitocracy it's just too many votes for one single system and so what you want to do is you want to have localized governance localized governance is always more effective more educated more efficient usually better for the participants then sort of uh monolithic massive governance if you think about the difference between your ability to influence uh you know uh a pta or or some community small community that you're involved in versus your ability to uh impact anything sort of happening on a national scale you can see the advantage of unified governance so the idea around sub-protocols is that sub-protocols will have their own sub-biocracy system and they will be tied to the sovereign protocol by having the bittocracy able to make sure that they don't introduce systemic risk so the highest level of plutocracy sovbitocracy would be able to overrule or stop the those protocols under certain circumstances and at the same time these protocols would have their own token and this token would be generated through sov so how would that work well i will use an example of origins origins one of the goals of origins is to create the best launch pad in the world and one of the advantages of this launch pad is that um it will be vetted by the community so it will be self-regulating and so we've already had a few examples where for example babel fish or mint layer or some other projects have come to the bittocracy and asked can we launch on origins please and that requires all of us to look into those projects and vote it would be much better if there was a way for those sorts of decisions to be made by the people who are most interested in that type of activity to generate that the current plan is to um attempt an exten in an experiment now this may work very well it might not uh if it works great perfect then we will take that learning and do and use the same model again and again for other sub protocols so for example zero would potentially become a sub protocol the sovereign mint would potentially become a sub-particle and there's you know nft system would become a sub-protocol etc if it doesn't work we will learn from it and revise so what what would that look like it would look like people would be able to utilize sov in other words place sov into a bonding curve and by placing sov into a bonding curve they'd be able to generate the og token or in this in this case that's what we're calling the origins token generate an og token now you can stake that og token into the origins sub-protocol this means that as origins becomes more valuable more popular drives more revenue there's more demand than sov as there is more demand on the sov ecosystem and the and the sovereign ecosystem grows uh the price of og token rises with it because they are paired and the goal is ultimately also to allow og token holders to effectively treat origins as a delegate to the highest level of autocracy the sovbitocracy such that we actually end up decentralizing this entire ecosystem so it remains unified but at the same time then decentralized so you have a whole bunch of sub protocols through their specific tokens people vote and those votes are they they go up to the highest level of plutocracy and this is something that no one's tried before no one has tried to create a unified decentralized form of governance with multiple different protocols this i think is the future i think it's a huge win for sovereign and will be reflective of the fact that we're trying to build strong decentralized governance an operating system for sovereigns that will last for decades um uh and and so this is going to be our first foray into that so we expect that we will be able to and will be working towards us we may slip because there's a lot of work but have that first sale which will be open to sov stakers and allow them to be the first to participate in um this new og token and this new model uh in this coming month um and before i get into the roadmap maybe i will pause because i think there was a mouthful uh and check if anyone would like to ask questions about either of the things that i've just discussed yeah yeah do you have a estimated time frame of one where we'd see the first sub protocol so we can kind of start battle testing it yes so uh what um what you'll see right is going to be very very similar to bitocracy from a governance perspective it's effectively going to be a fork of autocracy and what we expect is on the uh the staking and voting pages you have a drop down menu which will allow you to participate now we'll probably do the og sort of will allow people to get their og tokens somewhat in advance of this being developed um and that will allow that community as it is developed to already have their tokens and to begin participating and until then governance will continue to happen through the bittocracy um as you guys are familiar with well that's a that's a good question um i think also these are two big topics and it's probably going to make sense for us to have like ama calls or something like that on each of them um and so we'll be looking to organize something like that maybe this weekend or next week uh any other questions okay please announce yourself okay thanks yeah yeah i'm just curious everything that you just discussed is this now becoming the top priority over things that we discussed prior like adding limit orders to our trading desk or um our layer two solution i know that arbitrary just launched i was curious whether or not now that they just launched if if we are able to scale i'm just curious where all this lines up in terms of the priority uh ladder okay so no this does not change those priorities in fact the limit orders you'll see in the roadmap are expected this month um with regards to the scaling tech scaling tech in the way that we would like to see it is not yet mature even our trim supposedly is on mainnet but it's not truly on mainnet it's not certainly no no no it's like in a very controlled release right now and i think it's also become clear to us that zero knowledge proofs uh are are a far better way of generating a rollup so no i don't think that that has impacted um those other things that you described but of course this does impact how we are thinking about the the project it was always the goal to create a scalable operating system and um to to an extent we are you know learning as we are going um how best to create that i think i'll allow for two more short questions before continuing all right awesome no other questions then i will continue go go you're muted just in case you're speaking oh sorry uh yeah i was waiting for any additional questions but i will now share my screen okay so this is our proposed roadmap for the month of september um and again two caveats one a lot of this is so this could change over the course of the um of the month and also the order here is not set in stone this is our best estimate and then finally we will be looking to accomplish all of this but of course it is a very ambitious project to accomplish all of these things and so um i you know we will see if we accomplish 80 90 100 or 120 all right so we're here we're in the community call uh tomorrow we expect to have after having inspect um uh uh in debate for a while now uh and and reviewed by a bunch of mem you know by different people um the sov as collateral for borrowing sip will be published what this will mean is that sov will become allowable if the sub passes as a form of collateral you'll be able to borrow against your sov and it will also mean that margin trading will become available for sov however at this point because of the way the system is constructed you have only the ability to do margin long on sov with us allowing a collateral for borrowing to allow for margin short on sov we'd need to introduce a different sip which would allow sov for lending and so that is something which we as a community can decide to do a future point um at this point it will only be the ability to borrow against your sov or to go long with the margin trading system uh not short uh and then of course there'll be a vote on this and once that happens the borrowing will be introduced and shortly afterwards margin trading margin long will be introduced we also expect on monday to have an increased loot drop for sov rvtc to increase the liquidity in that pool this will also help uh in light of what we expect are going to be higher transaction volumes in the coming weeks and then two will discuss this further but there's a big bundle update release coming of front end improvements um so this is sip a the vote end and it's execution we then have a second tip which we're currently referring to here is sip b and this is about concentrating revenue with liquid stakes right now um as i'm sure you guys are aware uh the revenue that the system generates is distributed across all stakes including vested stakers this dilutes the liquid stakers and so to reconcentrate the revenue in the system which is already been quite significant uh and will become more significant with sub c uh we will be looking to concentrate liquidity in stakers and i i expect that this sub may be published um as as soon as next week with that tip we'll also be publishing the uh sip uh here describe the sip c which is um amm fees for liquid stakers what that means is that currently there's a 0.3 uh percent fee on amm trades uh the proposal and a net a great analysis was done by diesel roy uh david siroy around uh the ability for this to generate significant revenue for uh sov stakers if we have a split where 0.25 percent uh will continue to go to liquidity providers and 0.05 percent will go to sov stakers and so these two tips in combination will substantially change the economics of sov staking and then when you add that with the advantages that have already been introduced including the sov rewards and additional rewards like the ability to participate in pre-sales and air drops sov sticking is just getting more and more attractive a landing page update is then planned um which will update our current uh landing page at sovereign.app that's sort of like what you would think of as the sovereign website we'll then have you know this will be of two weeks we'll have our community call and you guys will be able to see how many of these things actually happened and shortly afterwards we expect the srv margin long to be implemented which will allow margin long trading on sov as well and if this goes well we can look to introduce the same thing for other tokens and in particular the fish token now what we're getting to here is the origins token sale this is what i was describing earlier on is a effort to take origins and use it as our first example as of a sub token which can be governed by itself has some governance rights and this may take some while to implement through the delegate system into the sov burtocracy and where the sov plutocracy will continue to have some governance rights on the og token so effectively we it remains the same protocol but this becomes a self-governed sub-protocol and then we expect to have these sips voting end and having them introduced we then have another big bundle of front end releases this will include improvements to trading view and limit orders and then depending on how things go with the argent's token sale we may also in the month of september see the zero token sale in advance of the introduction of zero interest loans that will be provided through the xero system which we've discussed a few times on these calls all right so that is the roadmap there are also a bunch of things that don't appear on the roadmap which i will describe now those things include a number of wallet integrations um so uh decent and mass wallet are going to be integrating and will become available through the front end transact are looking to support uh direct uh rbtc purchases from from fiat we expect to be integrating a fiat off-ramp as well so you'll be able to move your stable coins or your bitcoin off of the system directly into fiat this is currently being tested um and there's also the work that we've been moving forward on around lightning network integra integration and so um there's going to be we're going to be funding a team that came out of the sovereign to continue work on that all right so quite a lot of things that we expect to be happening over the course of the month of september um i think it's time for maybe one or two questions and then we can move on to div updates hey y'all go it's whipper um can vested sov be used uh to borrow against no uh the there are a number of reasons but the the primary reason is the design of the system so proof of stake has a strong potential for corruption we believe it basically makes the rich get richer and it sort of and it creates basically a elite of landlords who extract rent from everyone else by by staking and it also has a very strong pull to economies of scale so it's much better to be a big staker than a small staker if bitocracy was built as a pure proof of stake system in a way that other projects build proof of stake systems we would have the same kind of problem and so if you look at that in comparison to proof of work proof of work instead of you just getting richer and you know your coins making more money you actually have to burn money to participate in proof of work right it's a proof of burn it's you you're you're you're a simple humble factory worker or farmer you're not a landlord and that's because you're putting capital at risk um what we've chosen to do and the way we've designed design the botocracy governance is to create a real economic cost to being a sovereign staker to being an sov staker and that is that you introduce those tokens into the photography you can't do anything else with them there's no way you can create the derivative and go borrow against that there may be ways to redesign this in the future but it is a significant risk in the long term in the short term it would be awesome would be like we would all be on crack and we'd be like would be fantastic and you'd be able to make money you know your stake but it doesn't cost you anything it would be perfect right um but we're not building this project for the next month we're building this project for the next two generations and so the answer bottom line is unless we find a good way of doing it now yeah can you clarify what you expect the the fee to be on the swaps uh in the september pass i kind of am hearing some conflicting percentages like how much out of that 0.3 percent swaps in theory is going to go into the sip 0.25 which continues to go to liquidity providers 0.05 or 15 percent of the total would go to srv stakers okay but you know again this is subject to debate could change this is why we publish subs all right in glendale i'm handing it back to you so yeah i don't believe that aurora or soul bit are available to give the development updates i don't know if anyone from the dev side wants to step up for that um otherwise i'm going to pass it on to zoo to share a bit on design updates and i think that might be it in terms of like updates and we can have uh general q and q af i'll do an adoption update as well after sue okay cool hey guys how's it going um so basically last week i actually took a holiday so i managed to get some sleep finally uh but um come back and uh back on it so the update for this uh community call is so uh jaego um just told you about the update that's coming next week so in this update we have uh improved slippage control for margin trading so hopefully that will solve a lot of the issues that people have been uh telling us about we will also be adding the um finally integrating the babel uh aggregator into sovereign so that's uh kind of huge stuff um the release of the token went really well last week and uh next week we'll be releasing the actual aggregator along with that we'll also be bringing the bridge into uh the dap so that you don't have to disconnect your wallet and reconnect your wallet so from inside the portfolio page there'll be two buttons uh deposit and withdrawal um and you'll be able to uh bring in your if and your bmb uh or send it out uh to uh eva chain uh we have um started working on the new trading interfaces and working on the limit orders uh so so far that's all going well it doesn't seem to be any crazy things crop up yet so uh hopefully that that's all gonna come out um on the timeline that is everyone on me now we can hear you okay cool cool cool um sorry where was i uh yeah so along uh along with that you're gonna get um a revised swap interfaces everyone please please beat yourself if you're unmuted otherwise i will have to yeah and if i mute you you cannot mute yourself kcio can you please mute thanks cool um so yeah you'll get a revised swap interface um that will have more uh data in there for you and uh the margin trade interface along with the well actually all of the three trading interfaces will now have much better selectors uh so you'll be able to select your pair much more intuitively much more like a centralized exchange so that should make the experience much easier and make it also something you're more used to using um we have been also i've been telling you for the last couple of community calls that you know there's a lot of like background work that's going on with like working on overall improvements on the front end code so we've been um implementing all the new tailwind css um and uh starting on adding uh the components into the storybook um that's been like headed by uh front-end guy shin um he's been doing a great job on that um and that's gonna help us with uh the vision that jago was talking about with all these sub protocols we're essentially trying to make a kind of lego uh a lego kind of brick front end so that um all these other teams can easily integrate and work with us and end up with a consistent user experience for you guys um overall like i said i was away last week but um from the feedback we've got overall the origins interface was um working uh for the sale there's a few slight improvements that we would wish to make after gathering user feedback on that so they should be in place by the time we do the next sale hopefully uh the reward page that i've been telling you about unfortunately we came across some issues with the data in the history and we want to make sure we're showing you the right thing so we're delving into that and digging that out uh but we expect to expect to have that sorted by next week um other than that uh we've been working on xero so that that's in progress so hopefully soon after um all the exchange uh listings we will be able to launch that other than that um in terms of uh more of the creative side we're we're just working on creating uh graphical timelines like the one you just saw uh so that we can easily um let you guys know where we're at and what we're doing and what's coming i think that's everything from my side cool let's kick it over to exile surfer hey everybody so you've heard me talking in the last couple of community calls about rebuilding the adoption team and as part of that process uh we have now a marketing lead uh named malvarosa and i'd like to give him a chance to introduce himself where he came from and uh why he's here hey everyone um alvarosa here so thanks for the introduction exiled i've been um working in traditional finance for the last seven years as head of marketing for a retail banking platform so going through all the nightmares firsthand so you don't work in traditional finance you cannot even imagine how difficult it is even to launch apps or connect to payment gateways so i've lived that for seven years and i've been down the rabbit hole for over two reading the bitcoin standards changed my life changed my whole perspective on what is free and sovereign and uh so i've been really following you guys for a while and i just happened to bump into online exile and yeah go and have a chat and say look there might be a position for me here to come in and contribute and bring this platform forward so i'm delighted to be on board this is my first week i'm just trying to get my head around everything and get to know people in the team and the community and um really trying to um contribute and talk to you guys and listen to the community and see um hear the feedback and move forward and just make this as much a success as i know it can be so great to be here and just looking forward to getting stuck in loads to do behind the scenes guys there's so much going on so um so exciting so nice to meet you all um and hope to meet you all over the next coming and weeks months years in all the chat rooms and all discord channels etc thank you awesome thanks so much malvarossa um so as also as as part of rebuilding adoption uh we've seen a lot of chatter uh a lot of salt and and chatter uh almost to the level of fud uh in telegram groups about why no marketing uh for sovereign and well uh you know up until now the the growth's been very very organic and we've been we've been happy with uh with that approach and and not being part of the overall market being this this secret little project but uh we've now engaged um three external agencies that will be supporting malvarosa and the internal team we have a pr agency that is going to be working on us for earned content which means that they're pushing out our messaging across media channels and getting those channels to write about us by virtue of the strength of the project which means not paid content they've worked with many many uh large projects that are well known in the space we're looking forward to see how they perform this month we have a second guerilla marketing agency which will be then in wider present uh pushing out the same messaging that we're developing for the month of september and then moving forward uh that will be very present as community members across social media channels and amplifying our content so that we're picking up the awareness and getting that out across a wider group of people and the third agency we've been speaking about in the past function labs in new york is now working together with us uh on developing new content messaging our strategy building out the affiliates program and so they've started work also uh last week and the first piece of their work will be the new landing page that uh sue mentioned uh which will be consistent with the uh with the front page uh the landing page identity of the dap uh so we've been spending a lot of time over the last two weeks optimizing the messaging and so the first piece of the work that you'll see from them will be that we're also now going to be working together with a company called the thai which is very very interesting it's a bloomberg level uh terminal for a crypto sentiment analysis it was born out of the traditional banking sector and has a terminal for institutional investors and they have a new product uh um which they are offering to uh crypto projects which gives us essentially access to the twitter fire hose the youtube fire hose a tick tock fire hose so they're basically linked into all of the social media channels and have granular search terms about not only our own project but about all influencers about all of our competitors which we can start using to be doing more data-driven analysis for the decisions that we're making and when we're launching projects and also the messaging that we're doing so that's really exciting we've closed all those negotiations and started working with those teams in synchronous with malvarosa coming on and i think the the biggest thing that it is that i have to announce is you guys all know john light um as being uh you know our governance guru john light has now moved up to be uh our product lead and this is in synchronization with the process optimizations that we've been telling you about for the last month that we've moved over to a project management tool the team's been working uh you know documenting our sips and specifying our products more together and john has uh stepped up to be leading the head of product and what it is that we're looking to do uh over the next of the course of the next month is to be bringing adoption and product more in sync with each other so that we can start how it is that we're building these things and testing our hypotheses that we're doing much more a b testing much more user information traditional ui ux research and so that by the time that we get to actually launching our products our language is totally refined and we've had the time and the space and the planning to be able to be doing much more concentrating marketing uh over the next quarter um so that's what's going on inside of adoption also you guys have noticed that at the end of the month will be in prague hcpp uh at the uh crypto anarchist uh hackers conference that happens uh every year in prague and um the last thing i'd like to talk about is a dish token launch uh and the discrepancy uh in in in the distribution so um i woke up this morning and discovered across our channels that uh there was a discrepancy so reached out uh to the uh to the team that had uh deployed the contracts spoke with them and made them aware of the issues they looked into it and i've posted twice on the forum the status of that um there's going to be a script now that is running to do an analysis of the of the snapshots and see where it is that the mistakes became uh evident what they exactly are and once they've triaged that then they will determine the acts the actual methodology of uh rectifying uh the token distribution for the airdrops so i really appreciate uh the active community members that pointed that out last night and this morning uh and also in your patience with us while it is that we look into the issue i'd like to take a moment to to talk about so general sentiment in the community uh in crypto communities so to speak that that yago touched on our last community call and that's this sort of like zeitgeist that we live in that is uh you know so much distrust we have so much distrust in our institutions we have so much to trust distress in you know rug polls and hacks and and you know just the general sentiment is that there's always something wrong and i just like to say that you know working with this team um if you want to say inside it because i'm part of the contributor team and and party to our daily work still um you know a community member i've really never seen a a team uh that is so dedicated to you know to to integrity and to doing things properly and right and so if you see me in the channels being a little bit short uh and testy about these things it's because you know this this general sentiment of distrust that is a that is like i said it's a sight guys um you know it's sort of like a thorn in my side but i just want to assure everybody that if you're not hearing from us it doesn't mean that we're not listening or we're not watching it just means that we're you know of a huge workload that we're doing and be rest assured that that you know we pay attention to everything and we deliver what we promise and if something's wrong we correct it and a lot of the times you know those watchful eyes in our community point out things to us that we didn't notice and also i'd request that you remember that also just a group of humans working long hours and we make mistakes um and we learn along the way and we we correct them and we're looking to build sovereign in the best possible platform that it can be for defy on bitcoin excel though i'd add to that so i wanna you know if anyone was uh disappointed in uh the fact that they didn't get exactly the right number of fish tokens i want to point out that this isn't really um the babelfish's team's fault they were um they needed to work with the sov plutocracy system that we built and we built it to make it very very hard to work with for doing things like this that wasn't the goal was the results the goal was to make it very very difficult to have other parties come and build a system which would allow for someone to go and create a derivative of tokens that are held in the bittocracy and this is exactly for the reason that i mentioned in my response to whipper a moment ago right we don't want people to easily be able to go and create like a wrapped sov so that you know you can just put your sov in staking and now you go and you start trading your wrapped sov and it's like you didn't actually do anything we there needs to be an economic cost there needs to be skin in the game or you don't get good governance and so um we've built it kind of like a nuclear facility where it's very very difficult to touch anything or get direct access to anything and the poor babelfish guys were trying as hard as they could to work with that system at the same time as we were very very you know busy and so maybe didn't give them as much help as they as they could and so they are working in absolute good faith they have really really strong divs dark matter in particular is a [ __ ] killer um and and they and and you know they they they managed to figure out a way to do the airdrop and there was just one little oversight because we made the damn thing like fort knox and i think with that we'll hand it back to you in glendale all right awesome so i have a couple of quick updates um tranzact will be adding fiat to rbtc uh i think within a week or two and soon after fiat to sov and uh maybe sometime next week you'll you'll be seeing a button for just purchasing rbtc which uh powers uh all the transactions in the system as you know um more visible on on on the landing page um i'm working on setting up a bitcoin defy conference and uh speaking with a an event partner today um about potentially um you know working with them to to run that uh this conference would uh focus on the emergence of bitcoin d5 as as a serious contender in the space um which will involve a lot of bitcoin influencers a lot of bitcoin startup founders not just uh building on rsk but building on things like rgb uh dlc uh other chains even like block stack so we just want to pull all these people together and uh have you know all the fireside chats and like where this where the space can go and um i think that'll be really exciting um i'm working with a few candidates for the next origin sale a lot of it involves sorting out the the economics and and compliance for them because a lot of them aren't um like as distributed as we are so um the process is slow but um you know hot off of the success of babel for sale we immediately want to um you know start preparing for the next for the next sale that's more or less all i can share at the moment um we have eight minutes left i would like to open up the floor for anyone here who would like to um bring up a question or or or share something hey guys uh the zero token um is that gonna be an an origin sale is that gonna be a potential airdrop for stakers like i know we've kind of been highly anticipating that but i don't think it was specifically mentioned as a product of origins so we expect that that will launch on origins as well there may also be an airdrop associated with it to sov stakers or something like that part of the zero tokens are intended to go to sov stakers but probably not as an airdrop as you guys can see airdrops are problematic we've like i said purposefully built the system uh in ways in which makes certain kinds of um you know cheap tricks difficult with it um so instead it's going to be zero tokens that are distributed to sov stakers as part of what they earn by staking sov over the course of time based on their stake weight um and yeah i think every single project which is going to be launching is probably all most projects are going to launch through origins whether or not there are sub protocols um third parties that are very very closely related to us or projects um that are looking to build for the bitcoin ecosystem like bitcoin miners mint layer and other projects that are looking to launch uh on origins take advantage of the fact they're now smart contract systems and a d5 system for bitcoin got it so just clarify that you're saying it's kind of like moving forward the expected model is not going to be air drops but almost just like like a bi-weekly yield kind of kind of like what we have for sip 24 is that what you're saying yeah yeah that's the the primary reason we didn't do that with uh with babel fish um was because we felt it was important to reward people who had been staking previously um yeah and you know i think one of the things that has happened is a lot of people have been thinking about the rewards the whole reward system hasn't been fully fleshed out now it is much more fleshed out and what we're looking to do is have systems which are fully decentralized air drops aren't fully decentralized and so the things should work through the sovereign protocol thanks i saw andreas from mint layers here and you admitted yourself would you like to speak [Music] hey there if you're speaking we can't hear you hey guys how are you doing [Music] you're doing well yeah so uh no i i i i just um um wanted to participate in this circle and uh i i'm glad that uh jago mentioned us because uh we are actually going to uh be submitting a new sip very soon um for our um fair sale and also our public sale um so um just to give you a sneak preview we we would like to uh give the sovereign community a chance to get in at the same terms as our vcs uh so the same price and uh investing conditions as the vcs got and um and yeah we would like to offer that just to sov takers and do that sometime just a few a couple days before our test net comes out um which uh is going to be later this this autumn um yeah just uh just i think you know heads up keep an eye out for for our upcoming sip i think you'll like it thank you very much andreas thanks for the update all right we have five minutes left would anyone love like to uh share some questions [Music] hey what about our rbtc pack out any updates yeah so that's something we're working on um it's extremely delicate work to make sure that it is decentralized enough to make sure that there isn't uh a honey pot of bitcoin that can be stolen by anyone um as you guys know there is much limited scripting capabilities on the bitcoin side and so that means that the funds will have to be held in some kind of multisig and building out that multisig to be secure and to be able to read what is happening on the rootstock chain so that it can do the peg outs on an automated basis is very very delicate work and you know our philosophy of development here is measure twice cut once and then test test test test test so it's probably going to be several weeks still before we have it on test net and then it will be a few more weeks before it is live but it is a very very big priority of what we're working we have very very uh talented devs working on it one more question can you explain with numbers about that origin sales like some numbers you can give so that we can visualize something also uh no i cannot yet but we will uh so there there is a team that is going to be working on the origins project i have been working already on the origins project and they're working hard to put all the pieces um together so that they can present that to the community and i expect they will shortly uh be looking to present it to the community we'll probably have a caller about it thank you speaking of rptc i was wondering about the the sex listings um you mentioned sov will be listed do you know if they'll have rbtc listed uh either you know are there other rbtc plants uh so that if people get sov and they decide to transfer to rsk they also have a direct source for rbtc so some of those exchanges do um maybe all of them that i've heard of uh but to be honest i'm not sure because i haven't checked broadly speaking i personally am not a fan of trying to get exchanges to list rbtc um because our it sort of creates the illusion that rbtc is somehow a separate token and should be thought of as a separate token which trades at a separate price from btc i think the right way to do it is for them to connect to something like fast btc and allow people to withdraw their btc directly into rbtc and that's what we have been working to encourage yeah thanks so are the sorry are the listed tokens going to be rrc 20 or erc20 on the sexes aranda do you want to respond to that i don't know how much information we have so again i can answer that question um so the exchanges uh uh will be listing the rsk native uh um sov and some of them might or might not also be listing the rc 20 uh ethereum version or the bsc version not clear on that so they won't be listing it as a separate token what they will be doing is allowing you basically to deposit or withdraw to any chain that you want but the default will be if they if they do allow that the default will remain rsk rootstock okay so we have reached the hour i would like to close this out but if you'd like to hang feel free to do so i just want to thank everyone for joining on this and being a part of our mission to carve out a trail for bitcoin secured financial sovereignty dismantling what people know and understand about money help us spread the word and create more sovereign individuals so the community call is now over i will stop recording but feel free to hang out if you got more questions i'll be lingering i'm sure some of us on the team will be lingering as well um thanks everyone stay sovereign stay separate yeah all a bunch more questions if any of the team members won't stick around that'd be great i'm

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recording so we have a backup much appreciated let's see just making sure okay here he is awesome well welcome everyone to the sovereign community call this is angelandia i help with partnerships and integrations uh we've got some exciting updates for you this week um i am going to kick off the community call like i usually do with a sovereign verse so just kick back enjoy and uh listen up when i go here all right here goes sovereign d5 this project was born to win len borrow and earn bitcoin that's the core of it the code is all open source you can explore the git launching new projects on a pad called origin 70 million tvl let's lock it in no one can stop the system we stay dominant we're starting a movement hope you rally with us because soon regulators will want to challenge our funds hey coinbase you want users to borrow or lend well guess what the sec is not your friend you can be david trying to step to the goliath but there's only victory if you decentralize it want to secure your funds bitcoin fixes this inflation going up bitcoin fixes this regulation sucks bitcoin fixes this sick of all the fud bitcoin fixes this wow another sovereign verse for you guys hope you enjoyed it thank you for joining us thank you for sharing in this mission and the guidelines are if you'd like to speak simply raise your hand and wait patiently and we'll bring you on stage and before we get this started with anyone like to raise their hand now and uh say hi okay let's just kick it off with iago and the governance updates thanks very much in glendale we really need to uh turn your verses into nft's dude um okay well it's uh another community call exciting to be able to talk to you guys again um so much has been going on in fact a lot uh a few a bunch of the people who would usually be presenting during this call won't be available today just because they're working hard on all of the stuff that's going on uh on the governance side we've got except 28 which passed with a high degree of consensus which adds sov as collateral this is being implemented and will allow lending against sov and then also margin trading long on sov uh depending on how that goes it will be possible to start adding additional forms of collateral as well which will substantially increase the uh use of the lending pools um increase the amount of assets the system is able to manage for users increase the utility of the system then also add to the utility and then for the revenue generation by the margin uh trading we also have sip 30 and sip 31 uh coming out so both of those are focused on concentrating um and improving staking revenue so 30 concentrates taking revenues with um liquid stakers only and so will be a big shift in the economics of being a sov staker it will represent a significant increase in the stake that liquid stakers see and then also amm fees which represent a significant chunk of the fees being generated by the system now will now be shared with sov stakers assuming that both zip 30 and 31 pass then we also have a number of sips around the origins protocol one is by mint layer who have created a new draft around looking to launch mint layer through origins and then the sips around the origin sub-protocol were published today by shebin on the forum and shebin who has really played an important role in building out origins and the team that have working with him are looking to uh move this forward as the first sub protocol which will allow servant to scale now sub protocols is a big topic and i think it's a topic that we're going to be discussing quite a lot over the coming weeks it's an experiment in creating a much more scalable form of governance and a much more scalable protocol and moving serving towards it the vision of an operating system for bitcoin layer 2 and an operating system for sovereignty i think also shebin is looking to find additional community members who would be interested in working on the project and and so he'll probably we will create an opportunity for him to talk during this community call but i think you can also feel free to reach out to him if this is a project that is interesting to you then in addition to that we had a large bundle release which introduced a large number of improvements i'll leave that to later in the call for the development team to discuss and um we also had the first uh exchange listing uh centralized exchange listing for sov and so that was a uh you know an important milestone in sovereign's sort of uh maturation sovereign has taken a very very different approach from pretty much any protocol i can imagine um building first its own system launching its own governance using that governance to launch its uh launch the protocol then using that protocol to launch the token and then trading that token um and i think that was exactly the right thing to do i think it helped us uh hone in on what's most important eat our own dog food and build out the community that we've built um and i think that now that more players are starting to uh integrate with um sovereign and with sov and start listing sov there's they're basically becoming front ends for the sovereign protocol there was an interesting conversation that happened on twitter in uh in the first episode of sovereign spaces where um you can find it on our youtube where uh anthony pompliano was a guests um but also a centex workers and spoke about some of their plans around integrating directly with the sovereign protocol we also know that there are a number of other centralized exchanges that are looking in the near term to be listing sov so i think this is going to be a growing and an accelerating trend and you know i think for me personally of course there's a degree of mixed feelings around this right ideally we would see everything decentralized but i think as these projects become more like front ends or exchanges become access points to the southern protocol i think this is a very powerful net good for the protocol and so it's been a lot of stuff coming out i think it has been very you know powerful two weeks uh and we're you know in deep into our september roadmap which is moving along quite quickly the one thing that we presented during the last meeting where we had a very aggressive and very packed uh you know ambitious road map that might look like that looks like it might be slipping into october is the um is the limit orders and that's um primarily around making sure that we are able to provide correct notifications to users around their limit orders uh being executed or not so um a huge amount of work being done by the team um a lot of support that we're getting from the community you guys have been you've really taken it upon yourselves like we've been seeing way more um discussion and way more effort um by the community in twitter and reddit and social media and in discord also helping new users and we've been starting to see more and more new users and that has been extremely helpful that that's awesome and and let's keep that up so uh with that i'll hand it back to england uh and glenda the only thing is let's try and make space for sheban to talk about um his thoughts around the origin sub protocol the og token and let's have some opportunity for the community to discuss one other thing i'll say i don't know how much depth we'll be able to get into that in the limited time of this community call and so there's plans for i think tomorrow a uh ama around um origins and sub protocols and i think there will be plenty and we should be creating plenty of opportunity to discuss this all right next one thanks a lot yoga um exiled would i i figured we'll go through the updates first and then we'll let shephen um share about his proposal that he just submitted um excel are you are you covering uh aurora and sue who aren't here at the moment uh i guess i can do that i've got notes from aurora so please be tolerant of how much information i can give everybody because i'm going to be reading from notes sue's is really quick and then i'll just go right into adoption i'll do it all in one go okay all right cool um so the first thing as as yago mentioned was the bundled release which um has improved emergency stops and this was requirement for ownership transfer to to governance uh via the sip um there's improved protocol events uh that the team has implemented trading rebates uh with 50 rebates 90 of which is liquid and 10 is vested there's now the possibility to define max slippage on margin trades the referral system has been completed but is not yet implemented so that's going to be coming up in the next in a future release without being enabled same thing with swap fees this will be dependent on on the sip passing but the technology is done we also have implemented sov collateral for borrowing next monday uh the sov margin long will be uh available it's now finishing up its testing so look for that on monday maybe tuesday of next week the team's also been working this sprint on the preparation for our next bundle release um so previously we've been you know just pushing out all of the individual updates to the protocol into the dap and we're moving towards this bundled release schedule which is in synchronization with uh with our uh biweekly sprints um so upcoming in in the next bundled release is uh fee distribution only in btc which everybody's been looking for so that means that there won't be all of these token address these these pool token uh um stuff in the in the claim interface so now uh fee distribution will be natively in btc bringing us closer to bitcoin native uh d5 so it's taken us a while to to get to that point but that's coming next week in the in the bundled release uh vesting contracts will be excluded from fee sharing also a result of the of the community input and our sips so that will be getting implemented in the next bundled release um the vesting registry has been refactored which enables us to register multiple vesting contracts per address which simplifies a lot in the in the user experience and there's also been the vesting automation contract which now which enables the system to save time on internal processes which means also an improvement in the user experience on the dapp the big one which i think that everybody's been looking for i see it so often across our channels is being key to the success of sovereign everybody loves fast btc in everybody wants fast btc pegging out it's not yet ready for production because there's a couple of important things that need to be implemented and tested like double spend protection and gas fee bumping but we have a working uh proof of concept that is in testing so we're not far away from this one guys don't hold us to any dates but we're working on it as fast as we can and this is going to be a huge step forward for us um we've also updated our internal sovereign node the washer nodes to use version 2. the main difference here is that funds are being held by a smart contract which is more secure and concentrated liquidity previously liquidity was split between different wallets with different purposes uh you know there were like two for liquidations one for rollovers so this is a this is a huge uh optimization as well we advise our community members who run a sovereign node to do the same upgrade to v2 and this is another big one is the first version of perp swaps has been been deployed to test net and there's optimization improvements being worked on before it goes into testing and a front end so that's uh been a lot of work in progress there um on the creative and design side uh from sue the team has been working on the same things mentioned in the last call but have also are working now on the perp swaps interface and xero integrating those into into the front end of the dap and they've doing putting quite a bit of work into creating nfts now um you guys have seen we did the the booklet uh el salvador nft uh last week and there's going to be we're going to be issuing special edition uh nfts for the sex launches and hopefully we'll be batch minting the uh the fish tokens coming up soon so the artwork and preparations for that has been done and i'd like to give a shout out to um to fineline for the infographics for social media that you guys have seen that we've started uh that we've started posting this work grew out of the amazing uh productivity of the adoption team that's that's come together over the last weeks um we've started doing uh brainstorming and have got into into more process oriented uh discussions about everything that's coming up and um so really the team's coming together so well and and thanks so much fine line for for your great work under deadline getting out these infographics around the sex launches um for myself in in adoption uh i guess you guys probably have noticed as a community that there's quite a bit more chatter going on across multiple different channels about sovereign um this has all been essentially in motion for the last three or four weeks where uh jaguar and myself have added external agencies in addition to bringing malvon to the team who'll be coming on full time in october he's handing off in his in his previous job but the two weeks that he spent with us so far have brought a lot more organization and process into into the team which has enabled us to create content and get it out to our external agencies we have a guerrilla marketing agency working for us we have uh earned content agency working for us getting us uh articles that are about sovereign uh in the media and like i said um we're reaching out to to influencers with uh with documentation um all around what is is that's happening this month um essentially our narrative is is the sexy sixth september spelled c-e-x-y um you experienced yesterday the first one there's a couple more coming up so as we've been saying that's up to the to those exchanges to to make the announcements but we have the materials to back it up and continue the trajectory of everybody talking about sovereign so it's been really really an exciting a couple of weeks and months here to actually see the results of our work another part of uh our narrative is obviously as as jago mentioned uh the sub protocols we've been also working on the communications materials for origins uh creative team has been designing uh designing new elements and a brand identity um and so that goes as well for xero so there's a lot of work happening there in adoption preparing the communications for that additionally um we've we're bringing on anita posh uh who you guys know as a podcaster is now going to be broadcasting from the sovereign youtube channel um continuing her work uh interviewing key bitcoiners in space key lightning people in the space doing her research in uh south america and uh and in africa uh as you know we've released the book uh together with with uh anita uh on learning bitcoin and so the um spanish language version of the book is going to be launched in november there are two bitcoin conferences one is a lightning conference and another one is a bitcoin conference that are happening in san salvador in november and anita will be down there creating content broadcasting live for sovereign from there and launching her book um but hopefully tomorrow at the latest by friday we'll be putting up the first podcast from anita which is an interview with adam back from block stream and also on the schedule on a week by week basis are people like diego gutierrez from rsk joshua skagalia from the standard io york platzer and elise colleen and then after anita comes back from uh el salvador in november then we're going to be doing a weekly news roundup half hour monday or tuesday show alternating with myself or yago together with anita doing a weekly news wrap-up show also uh coming off of our experience with the pomp podcast uh the pomp spaces a day before yesterday uh we've decided to do this as well on a weekly or bi-weekly basis uh inviting people to discuss and debate uh issues with us on twitter spaces um the amount of amas that are coming in now are around the sex listings it's just the the floodgates have opened and so we're juggling schedules and getting more people uh onto the communication promotion schedule like the [ __ ] who is going to be uh doing an ama tomorrow where there's a giveaway as you guys have seen in our channels uh for creating uh great video and uh and static image memes we've got a lot of stuff in the pipeline uh coming down for the next months to really up our marketing game and that covers it for me awesome thanks a lot a child uh i can run through some brief updates regarding the business development side um by the way if you're based in new york and going to mainnet uh i'll be there so feel free to say hi um i'm working uh on uh the raf listing which should be proposed in the forum rather soon um just to shed a little bit of light on the origins um sale process uh you know for projects that want to um be you know take part in the actual launch pad launching their token um it's often the first step is figuring out the tokenomics what you want the uh the proposed sale to be to what audience what you want to raise in uh how much things like that and then next would be the forum post and then the on-chain proposal the ratification hopefully and then the promotion and the sale so there are half a dozen to a dozen projects that are um looking to get on this pipeline and i'm sort of just streamlined streamlining the the process for for that um to happen um we have uh we just had diago interview with chris black his new podcast series about decentralization with u5 projects and he'll also be he'll also be featuring at a wyoming conference next week and i'm also speaking with wallet apps on integration so not just the listing of this will be token but involving sovereign products on the back end with the goal of creating adoption of our stable coins such as our bitcoin back stablecoin as well as xusd um so does anyone have questions on anything uh said thus far i i haven't seen a single hand raise there's a hand up is there yeah goldbands and there was another hand previously okay by the way the chris black interview just dropped like a minute ago you can find it on my twitter uh and it's a very long conversation um but i think gets to places that we usually don't get to get to so it's pretty cool all right i i'm having trouble seeing the raised hands so are you guys able to bring up the people or i can just switch to my to my desktop maybe sure so the hands have disappeared right now um but i'm sure people will will have a desire to bring bring up questions right but i think maybe yeah so i'll just give a quick introduction so um [Music] there you know we've been talking about sub protocols now for a few weeks and um the primary reason that this has emerged was uh due to babelfish so if you remember in previous community calls when babelfish was being discussed one issue kept them being raised which was a very important issue which is how do you manage systemic risk from protocols that are working with several for example babel fish creates the xusd token xcsd is now a primary stablecoin in the sovereign ecosystem if something goes wrong with xusd that potentially can have knock-on effects on other parts of the sovereign ecosystem so uh what you want to have is the ability for sovereign to be able to the sovereign community to be able to have some degree of sovereignty over things like systemic risk in the system that was the genesis of talking about sub-protocols uh a way for um the sov plutocracy to scale to to manage uh or have influence over sub protocols and a second part of it was um you can't have the sov buttocracy vote on everything it's too many votes it would become too much of a queue and it would also mean that voters would be forced to vote on things where they had too little information because there would be too much going on so how do you scale governance is the second big part of it right how do you keep the community together manage the safety of the community and the ecosystem together as a community while at the same time scaling governance and from there the the um need to if we want to build out a different type of ecosystem um the the the need to create these types of subprotocol systems emerged and that's where the conversation is coming from and origins has presented itself as a really good example of that because things that launch through origins are likely to be traded on sovereign are likely to be in the lending and borrowing pools and potentially get introduced as collateral and they also introduce the cultures of the different projects that are launching uh and become part of the wider sovereign ecosystem um and so i think with that introduction i'd like to ask sherman to join us seven are you there let me see if i can invite him up uh he says that his handwriting did that i just invited him i just invited him yeah so he's got a raised hand um oh there he is no problem hey guys hello thank you for having me uh so origins uh is going to be one of the first protocols which is being done by sovereign this is going to be like i am really excited on uh how the possibilities are with the origins and how we can actually scale uh things for the bitcoin decentralized finance system and the entire ecosystem so this uh with this uh we are like the vision is to provide every project which uh like uh when we take the case of the coinbase the problem was that they are a centralized system they are linked to a country so these are the problems which uh i think we could solve from using origins and uh having origins as a decision-less autonomous organization it gives us a very good cover over everything so uh these are the things i think we want to do with origins i have really good ideas and would like to discuss this with the community members and see how this goes and build uh this system uh with a nitrity model and see how we can scale these things yeah i am a little too excited for this community right now chairman do you mind if i give like a quick overview sure sure okay so origins platform i think you guys are all familiar with what does a sub-particle origins look like right so what does sovereign origins become well as a sub-protocol under the current proposal origins would continue to be part of the sovereign protocol it would uh have a token which is bound to sov through through a bonding curve this token would be usable in the bittocracy when it comes to voting on things that are related to origins so for example new upgrades or implementations use of budget and um maybe most importantly which projects are allowed to launch on origins it would also provide a path to delegation right so how do we create an even more decentralized governance system one of the uh early implementations is to introduce the ability for people to delegate their vote and to have multiple different parts of the community delegating together this uh needs to needs further implementation and one of the ways that we can get this to become more useful and more used is to have these sub protocols effectively become communities within the sovereign community and participate in sov governance using the sov tokens that are sort of within the bonding curve this will take time to develop and there are questions around exactly how to implement it but it provides a very very interesting path towards creating a decentralized community doing many many things but still remaining uh unified it also is the case that the og token which is the proposed name for the origins token would also be uh used for origin specific things so for example um participation in pre-sales could be white listed through uh for og stakers in addition to or separately from sov stakers and then um there's also the matter of revenues that are driven so the idea is that revenues that are driven by uh the origins platform and solicitor for example the fee for listing on origins would be uh collected by sov stakers in part so in the current proposals 50 would be collected by sov stakers another 20 collected by the origins protocol treasury itself and then um the rest so that's 30 effectively shared upstream to the sov mother protocol the sovereign protocol and uh because origins would be staking and acting as a delegate it would also receive part of the wider ecosystem in downstream revenue and so what this would mean is that all sub protocols would be tied together both sharing their revenue upstream and receiving parts of the entire ecosystem revenue downstream and participating in each other's voting uh well they would participate in voting upstream and the sovereign plutocracy would participate downstream so for example let's say origins decided to list um bitconnect two right a obvious scam uh the community got greedy right uh and and and they decided that they wanted to introduce the scam the s of v bureaucracy would have guardianship over uh uh og token plutocracy and would therefore be able to veto that decision right so this is not expected to be something which happens frequently but it is expected to or for example like let's say the with the zero sub protocol zero star protocol decided to make it too risky uh you know change parameters to be very very risky again sov photocracy could step in and say no this is introducing systemic risk or introducing some other form of of undesirable activity into our community so um this is this is a an idea which i don't think we've seen a parallel for in the crypto space but it is something that we've seen a parallel for in um in other types of governance so you know switzerland has been extremely prosperous and extremely uh um peaceful now for 500 years and they have a canton system where um you know switzerland effectively has 50 autonomous zones which govern themselves but also participate up to um overall uh uh swiss governance which has some veto rights over what um the uh the the these you know cantons can do there's a very powerful tool here in terms of being able to have localized governance for for specific communities um and there's also a big question which is are we constructing this in the right way uh to move forward and i think that uh as opposed to you know the um the federal structure in the united states uh the the canton system emerged organically and and was a form of experimentation over time and i think that that's what we should be aiming to do what happens with origins will become something that we learn from and then we can adapt based on that just like we've adapted to what we've seen with babelfish and improve uh our understanding of how to develop this kind of scalable governance if i could can i say a couple things eat on sure great so so ingomar uh yago myself uh john light uh and a couple of other people have spent the last week uh together with with sheban uh designing this draft proposal looking at the alternatives and you know trying to align the incentives both financially in terms of governance and uh the reason for the forum post is for that to be picked apart by the community uh and look at the holes in in the logic on either the economic or on the on the governance side and for this to be a process uh that we decide on together this is our best uh you know draft proposal uh and it's up to the rest of the community to to be involved in the forum post and and to to basically optimize uh this first experiment uh with the sub-protocol token i'd also like everybody to know now i've enabled requests from everyone so if you raise your hand now i will see you there you don't have to turn it off um and we can bring you on stage at the proper time did you want to continue yoga or should we uh invite you i think it would be great i think it would be great to to use this as an opportunity to discuss and for to you know for us to have like a conversation right okay so i mean i've seen some people request to speak and then they disappeared in uh in the in the sidelines so if you want to okay there we go fu inviting you up to the stage now great anybody else that wants to get involved please send me a speaking request okay yes so i think when they're not in in the community it's probably they're probably just a troll so we have going to give people an opportunity and so we just banned him so no problem yeah so first off like amazing the past few weeks i i just feel like are incredible so like props to the team as always just really exciting uh future so on the sub protocol i'm kind of confused like when i read shevin's um draft proposal it's like there's tokenomics where there's coins that are already kind of being allocated but my understanding is there there's essentially zero tokens in a sub protocol until you mint those new tokens by entering into the bonding curve so so maybe you can talk a little bit about that are there like a certain allocation of tokens that already exist and then you can create more by adding into the bonding curve i was confused by that sure so i think one of the other questions that i've seen and it's a related question and it's a very good question is uh let's start with an even more basic question david if that's cool with you why even have another token and um there's effectively i think three reasons the first uh before i get into the reasons let me say i think for a long time uh i've been thinking and i think other people in the community as well have been thinking of ways of doing this even before the babelfish issue sort of became an example that we could point to of why this was important how do we create these local governance pools and do so in a way which where there's proper incentivization and so i don't know if you guys remember but a while back in the um in the forum i proposed for example the creation of a different type of token which would um provide future rewards uh from uh the sovereign protocol to take into account the fact that sovereign's going to grow and people who are staking now um are like staking now but they're but really they're growing the system and um for various reasons the community didn't think that was a good idea i think i agree with the community but it was my attempt to try and think like okay how do we take sov tokens and maybe like wrap those sov tokens or or or provide additional utility around those sov tokens so they can be more specifically geared to a specific use case um so er the the the truth of the matter is i think we haven't found a way of doing that and we may never find a way to do it it may not be a practical thing to do to just use sov to do you know either wrapped or unwrapped to do all of these things um with and and still create the proper proper incentives and so it's also a lot of complexity just adding functionality onto sob right yeah i i don't know if it's necessarily more complex like maybe if we had a way of doing it at all we could find a simple way of implementing it but i don't think anyone has a theory even which which is coherent and i think what this comes down to is that a a a phrase which i think about a lot which is that in theory there's no difference between theory and practice but in practice there is right so for example with bitcoin the theory is you only ever especially with bitcoin maxi maximalism theory is there only needs to be ever one token in the world that token is bitcoin and anything else is a it is a scam right that doesn't work it doesn't make sense and it's part of the reason why we have uh sovereign right we why sorry why sovereign has sov you need to have some kind of tokenization of of the specific types of powers incentives uh risks that allow you to express that in a way where people can use it use it as a tool for coordination when we introduce the sub-particles we encounter the same kind of issue and it basically boils down to three things the first is how do you create local governance how do you create a way for people to represent their opinion or even to separate themselves right as a part of the community that is particularly interested in one thing right and uh and and galvanize in other words how do they coordinate their ranks themselves as this uh this part of the community and then obviously there's the part where you don't want uh everything going through the same plutocracy now why not just have people stake into separate bitocracies which work in the same way and that brings us to the two next reasons one is the problem of incentives so uh building out a sub protocol um means an investment of resources it means a team that's focused on that it means that we want to have more decentralization so we want to have you know parts of the community able to focus on specific things and um you want to be able to on the one hand have that group be able to coordinate amongst themselves without having to drag in everyone else or be exposed to all of the other things and on the other hand you also want to limit the overall ecosystem's exposure to uh the decisions that they make because you know each of these sub-particles is is an additional layer of experimentation and uh uh so you want to allow that experiment to to to go you also need to create the right incentives for that community to participate in that to invest in that and for the the core team that is going to be working on it uh to you know be properly incentivized to work in it and then that's very related to the third reason which is that what ultimately each of these things is is a separate project as you are building out an entire economy around sovereign and around bitcoin um for the same reason that you know uh not all uh yeah the companies spin off separate projects that not all companies have the same shares right it used to be the case it was just like one big company did everything right the the dutch east india company for example was the one company uh it became obvious that that is not an efficient way of managing things because there's not enough sensitivity to the specific to the people participating do not have enough specificity of incentives with regards to the decisions that they're making or the things that they're involved in and beyond that when we look at what has been successful time and time again in the crypto space we see that allowing for um this type of tokenization really really grows in economy so you know we've seen it on ethereum we're seeing it on solana now we're seeing it on the other protocols as well when you try to limit everything to just one token uh you make it very very difficult for people to galvanize around particular projects to incentivize those projects and to fund those projects and you also don't create the trade that you want to have where people you know there's a very very important predictive role to finance right finance helps allocation of resources and one of the ways it does that is by buying and selling right investing right so when people are selling apple stock they're basically providing a market signal that something is going wrong with apple and by having a separate token which can trade on the amm of course there's a nice side effect of having additional fees on the amm and additional tvl in the system but what's really important is that the market is able to provide a signal which is separated and unique to what happens with origins what happens with zero around the decisions that those projects are take are taking and allows competition to arise and so for those three reasons local governance incentives for the community and the team and the ability to develop an economy and the financial signal that comes from it you want to have a separate token to my mind right and then with regards to david's part of the question the idea with the ability to create these additional tokens which in other words not all tokens so if it was a one to one in the bonding curve then what you would only be doing basically is wrapping an sov token and so you would always have this one-to-one relationship you could basically at that point say that there's no need for the separate token and you also don't have the way to incentivize the fundraising the community development and the um the community that's going to be building and developing on that on that project and so uh that was a long answer but those are the reasons around why to have a token at all and why also you would create sort of a separate tokenomics for separate dedication so i'd like to give rob a chance to ask a question now thanks david for that one uh hi guys uh yeah i i might have been a little early to to raise my hand um just because the long answer uh jaco uh gave already uh is uh kinda answers my my question uh already because um just as you um told us to express our uh opinions in with regards to uh the governance in these sub protocols uh i might not have been up to date quite well but um i just remembered the uni swap governance protocol in which there were some proposals um perhaps in some some some protocols as well where a few wills were trying to get some grants from the uni swap treasury in order to get some donations or some funds allocated to their purpose and that purpose was i think it was some education purpose but it it didn't do anything so but then uni but the but a16 did come out uh with with adjustments to their governance procedure to to address that so even the large vcs are are responsive to to altering the the governance rules to make uh voting more equitable and and to guard against uh you know unequal inequal uh voting yeah just to point that out rob exactly i i just wanted to to to express this um uh this in case you hadn't thought of it and and i just wanted to to make sure uh that we think about some kind of um warning or some kind of mechanism that that something could not happen to to sovereign so that's what i wanted to tell but i i think that if you have uh a separate token instead of the so separated from the sov token that that could be guaranteed as well that's a guarantee in order not to drain funds for anything exactly i think that's exactly right yeah that's what i wanted to make clear thanks thanks bro great thanks rob uh k coin you have to unmute if you want to ask a question k coin if you can't find your unmute button k coin i'm gonna remove you from the stage and give john lambrecht day a chance to ask a question hey guys great job so far i'm wondering if you can speak on the role of lightning network and rootstock just basically an overview of what the plans are with sovereign lightning and rootstock so i i'll give a quick overview and then excel maybe you'll talk about what the status of the grant is so there's uh from the hackathon there came uh came through two teams which have now combined and are working on a number of ways of integrating lighting network with sovereign and with rootstock and the key primitive that they're building first is the ability to do submarine swaps which are basically atomic swaps done through the lightning network and would allow direct deposits of btc to rbtc or even conversion of btc directly into sov for example maybe other tokens it also would allow um for a connection between lightning network and lumino lumino being the rootstock side of the lightning network and that would also allow for bitcoin back stablecoins as well as other tokens but i think it's most important for the stablecoins to be transacted on a lightning network type system so an extension of the lightning network um and i think in places like el salvador that's going to be like one of the first test grounds of how we can bring dollars to el salvador that are backed by bitcoin instead of being controlled by fed issuance this is going to take some uh doing right uh like i think the the perimeters are being built out but making sure that it's really really seamless will take some time um and so the first experience that i think users will have is just the ability to move in and out from lightning network um uh and and maybe exiled you you'd like to talk about the status of that ground yeah so we've we've uh done the the the approval of the grant uh and we've we've notified the team members that we're going to fund the grant what we've been waiting for uh is a final review of the spec uh from dark matter who's been as many communicator many community members know busy with sorting out the misallocation of fish tokens um so the the babel fish team have been working very very hard on that and dark matter hasn't had the time to do the final review of the spec before it is that we actually commissioned the work but i will give you guys an overview of the goal and the milestones and as soon as it is that dark matter is given the the final review we'll be posting the uh the funded grant outline uh to the forum so that the whole community sees uh what it is that we're supporting but essentially the goal of the team is to build an open build an open source and fully working decentralized and well documented submarine swap implementation that supports rbtc and sov to bitcoin on lightning and bitcoin on lightning to rbtc and sov that can be deployed by anyone that's the goal the milestones that they have are to deploy an rptc uh lightning network contract back end front end and they're looking at the milestone is is three weeks for for that deliverable uh the milestone two is to build uh an sov community lightning network bridge node and to move it to mainnet also another additional three weeks for that milestone the third milestone that we're funding is to build an erc20 support to enable sov lightning network contract back end and front end again a three week timeline on that the fourth milestone in the proposal is to dockerize the uh the insof bridge for self-hosted nodes uh and in the fifth milestone they're looking to then aggregate liquidity um the final milestone would be maintenance uh uh of of this of this system and so looking over that we're looking at you know a two to three month development period is is what is in involved in the grant um congratulations to the to the team for being so extensive in documenting that and as i can say again you guys have seen the results of the things that we've been working on for the last month we've there's too few of us who have too many tasks to to to move everything forward at the same pace but um very soon uh we'll be getting the lightning team working on this on this grant proposal k coin are you ready to ask a question now you'll need to unmute i think he just likes chilling on stage okay well you know i personally find being on stage not chill but nerve-wracking but whatever to each other great um so um it's surprising that whipper doesn't have seven questions um today um anybody else in the community that has questions for us on on this call about anything you just have to send us a request looks like david sirois wants to and then i think uh we can also switch over to the unrecorded part where frequently there are more questions yeah okay he he disappeared there we go you're there he's figuring out his my situation okay i've uh off radar has has been invited to come on stage um so yo can you guys hear all right me let him go first that's cool all right so um let's do it in this row d siroy and then off radar and then corsario okay can you guys hear me um uh zero protocol and then sovereign mint i'm just confused what's the difference between those so so those are uh like the working titles right now so there's the xero team which is um working on creating an ability to generate zero interest loans on bitcoin the way this would happen is it would create a um token currently codenamed zusd and zusd would be a bitcoin backed stablecoin however most people will never see or touch the usd and the reason is uh we have previously i think it was around three community calls or four community calls ago discussed how um to create the most um or the least volatile and and most secure uh stable coin you want to have different types of issuances so for example money and chain type issuance has one advantage the z uh type issuance is another advantage the raya type issuance has a different advantage and so the goal of the sovereign mint protocol is to effectively aggregate these into one canonical bitcoin backstable coin which is going to be more stable uh and cheaper to use because it uses uh these different types of issuance mechanisms and so um the purse the the the there's currently three developers working on the sovereign mint thing they had provided a lot of assistance to the babel fish team um and so a lot of the technology that was used in the xusd aggregator is being used in the sovereign mint aggregator and so basically zusd would become one component with doc and with other stablecoin bitcoin stablecoins that other projects are working on so for example the real team uh are looking to get a ground to work on uh another way of doing the issuance and then the perpetual swap team have an idea for another way of creating issuance um and then uh sovereign mint would aggregate them all right we have one more question and then i'm gonna have to close out the community call of course if we want to continue the discussion we can go over to the lounge area well no we can we can continue here you just have to stop the recording ingomar right yeah i mean if that's what we want to do sure yeah there's no reason to change the room if everybody's here yeah okay um so off radar you had the the next question and that'll be the last one that we record for the call thank you um i appreciate you touched on our origins earlier when you were speaking about it and i thought the information was quite helpful um and the question i have also i appreciate that this is quite this may be quite early um but in regards to cells of the origin token um would there be a pre-sell or white listing mechanism as you can sell if you go to the if you go to the to the forum post you'll see that there will be that there will be multiple uh opportunities to acquire the token it's specified in the sip these are our draft proposals so pre-sale conditions for sov stakers and pre-sale conditions for early funders which would be large funders uh in the proposal that uh that is is now on the forum uh the price will be different uh will be the same for both sov stakers and for early funders but the vesting period and the caps on how much that can be purchased will be different right um and then there's also additional programmatic sales being offered and nothing is fixed in stone yet the best place is to read the uh the sip on the forum and get involved with the discussion on how it is you'd like to see it take place shephen would you like to comment on that at all yeah actually uh some excel summed it up really good so that's how we are uh thinking we we should go but we are actually open to how community sees it and uh if there is any um better way we are actually open to that and please comment in the fourth fantastic thank you very much all right and with that i will close the recording of this call alfredo can you please mute thank you so thanks thanks again everyone for being part of our mission carving out a trail for bitcoin secured financial sovereignty dismantling what people know and understand about money so i help us spread the word and create more sovereign individuals so this adjourns the recorded portion of the call anyone who wants to hang ask questions you're welcome to do so

[00:00:00]
all right here we go this is englandia from sovereign i work in partnerships and integrations uh welcome everyone thanks for being here i will kick off this call with a quick freestyle and just kick back and enjoy the show about to light up the flames len barros swap yeah you know the place here's a couple updates for the ogs and new boys sov listed on a cenex gate and coupon trading volume rising up hitting new scales hats off to the builders shipping without fail we're working on exciting new products and features smart contracts are not exclusive to either but what if i said this is bigger than flipping tokens long-term vision a society unbroken ungoverned by outside centralized forces something to put your hope in distributed but focused spreading like locusts while going unnoticed the time is now people wake up and smell the folgers bitcoin a beacon for digital property rights now we're here to spread it everywhere in sight awesome so thanks everyone for being here uh thank you for listening thanks for joining us in this mission so the guidelines are if you'd like to speak raise your hand wait patiently and we'll bring you up on stage um and if before we go through the agenda is there anyone here uh for the first time who would like to introduce themselves and say hello simply raise your hand and we'll bring you up alrighty let's kick it off with light on governance can anyone hear light no no still not you might need to leave and enter again okay yeah light we'll need you to hop back in um in the meantime do we have exiled surfer here um to speak about the the chaos event are you able to join us on stage or do i have to invite you testing ah yeah now we can hear you live okay all right we can hear light now but we'll bring up exiled uh a bit later all right um great so hello everyone yes there are a few things happening in the land of plutocracy um i'll start from the uh the oldest event to the most recent so earlier in september sov was added as collateral for borrowing to the lending and borrowing protocol so now people can use their sov as collateral to get a loan on sovereign and with that sov margin long trading was enabled so people can use their sov as collateral to borrow uh stable coins which they can then use to or or uh rbtc to go long on sov um that is not financial advice uh but that is that feature seems to be uh um popular recently so now um that sip as i said has been approved the next uh two sips that are under consideration right now are adding sov or sorry uh concentrated staking revenues and splitting fees with sov stakers these these sips are somewhat related in that um for the first tip concentrated staking revenues is a is a sip that's being put forward to propose that all the revenues that are currently going to all stakers would be concentrated only on stakers who have a fully vested sov so broadly speaking there are kind of two groups of people in the staking protocol right now those whose sov is locked in a vesting contract and those whose sov is not like we can't hear you anymore yeah like you might may want to fix that i think something something went out pardon the uh microphone issues everyone all right welcome back yep we hear you that's weird because i i can i can hear you but for some reason my voice keeps dropping out um okay what was the last thing you heard the um we heard that there are two types of stickers on the system those who like those who have their suv in us they can con an investing contract and those who have voluntarily staked the tokens right right okay thank you uh and sorry for the technical difficulties not sure what's going on there um yeah so the consensus in the community seems to be that um because the people who have sov investing contracts um that you know the sov isn't really theirs yet it's you know they've got to they've got to wait for it to be vested before they can really take control of it um [Music] that uh it would probably make the most sense to uh concentrate the the revenues that are going to stakers uh to the uh only to those who whose sob is fully vested so not not encumbered by the terms of a vesting contract um and so the technical implementation of that um is uh being worked on and uh planning to put that to a vote within the next couple of weeks and then there's another change that's being proposed which is related to staking revenues which is about splitting fees from the amm with sov stakers so basically right now the amm fees are going 100 to liquidity providers um and so uh the sovereign uh treasury is uh or stakers aren't getting uh any any share of the fees from the amm and this sip is meant to address this um perhaps a kind of misalignment of incentives because you have stakers who are responsible for governing the amm and ensuring that it is well parameterized and the contracts are maintained and such um but they they don't really receive any sort of financial benefit for doing so so the proposal is basically to split the fees two 0.25 percent to lps am mlps and zero point zero five percent to stakers uh there's still some discussions about that um you can follow the the conversation in the forum but that is also planned to to be put to a vote uh shortly after the concentrated staking revenues proposal hey like does that cover everything or did your mic cut off again i can't see you in the london seems that today is a day of technical issues here yeah just just for light though i think the community stage is just totally borked and hello all right we hear you again yeah he has to reconnect every you know every ten minutes or five minutes very very sorry uh for the technical difficulties um yeah so there were there were two other proposals i'll try to get through them before my mic cuts out again um related to origin so one is actually about origins itself um basically spinning out origins uh to be its own sub protocol we talked about sub protocols on a few of the past community calls and origins is is proposed to be among the first sub protocols and so that proposal is also still under discussion you can find the the conversation in the forum and then there's another project called mint layer that is proposing to launch on origins they also have a kind of contingency in their uh uh or our condition in in their proposal that you know if if they're if they're approved to uh launch on origins then sovereign would also kind of strongly consider um launching a version of sovereign on the the mint layer side chain that they are proposing to build uh or they they say they have a test net going live very soon so the the the chain will be live and they want to have a version of sovereign that that operates on that chain um so that is certainly something to uh for the community to consider um the thread seems pretty active it's got like six more than 60 posts on it so go check that out if you haven't already i i still need to dedicate some time myself to considering this proposal and i'm thinking about how how to uh all right here we go this is zenolandia from sovereign i work in partnerships and integrations uh welcome everyone thanks for being here i will kick off this call with a quick freestyle and just kick back and enjoy the show about to light up the flames len barros swap yeah you know the place here's a couple updates for the ogs and new boys sov listed on ascendex gate and coupon trading volume rising up hitting new scales hats off to the builders shipping without fail we're working on exciting new products and features smart contracts are not exclusive to either but what if i said this is bigger than flipping tokens long term vision a society unbroken ungoverned by outside centralized forces something to put your hope in distributed but focused spreading like locus while going unnoticed the time is now people wake up and smell the folgers bitcoin a beacon for digital property rights now we're here to spread it everywhere in sight awesome uh so thanks everyone for being here uh thank you for listening thanks for joining us in this mission so the guidelines are if you'd like to speak raise your hand wait patiently and we'll bring you up on stage um and if before we go through the agenda is there anyone here for the first time who would like to introduce themselves and say hello simply raise your hand and we'll bring you up alrighty uh let's kick it off with light on governance can anyone hear light no [Music] no still not you might need to leave and enter again okay yeah light we'll need you to hop back in um in the meantime do we have exiled surfer here um to speak about the the chaos event are you able to join us on stage or do i have to invite you testing ah yeah now we can hear you live okay all right we can hear light now but we'll bring up exiled uh a bit later all right um great so hello everyone yes there are a few things happening in the land of plutocracy um i'll start from the uh the oldest event to the most recent so earlier in september uh sov was added as collateral for borrowing to believe lending and borrowing protocol um so now people can use their sov as collateral to get a loan on sovereign and with that um sov margin long trading was enabled so people can use their sov as collateral to borrow uh stable coins which they can then use to or or rbtc to go long on sov that is not financial advice uh but that is that feature seems to be uh um popular recently so now um that sip as i said has been approved the next two sips that are under consideration right now are adding sov or sorry uh concentrated staking revenues and splitting fees with sov stakers these these sips are somewhat related in that um for the first tip concentrated staking revenues is a is a sip that's being put forward to propose that all the revenues that are currently going to all stakers would be concentrated only on stakers who have a fully vested sov so broadly speaking there are kind of two groups of people in the staking protocol right now those whose sov is locked in a vesting contract and those whose sov is not locked we can't hear you anymore yeah like may want to fix that i think something something went out pardon the microphone issues everyone all right welcome back light yep yes we hear you that's weird because i i can i can hear you but for some reason my voice keeps dropping out um okay what was the last thing you heard um we heard that there are two types of stickers on the system those who like those who have their savings taken con an investing contract and those who have voluntarily staked the tokens right right okay thank you uh and sorry for the technical difficulties not sure what's going on there um yeah so the consensus in the community seems to be that um because the people who have sov investing contracts um that you know the sov isn't really theirs yet it's you know they've got to they've got to wait for it to be vested before they can really take control of it um that uh it would probably make the most sense to uh concentrate the the revenues that are going to stakers uh to uh only to those who whose sob is fully vested so not not encumbered by the terms of a vesting contract um and so the technical implementation of that um is uh being worked on and uh planning to put that to a vote uh within the next couple of weeks um and then there's another uh change that's being proposed which is related to staking revenues which is about splitting uh fees from the amm with sov stakers so um basically right now the amm fees are going 100 to liquidity providers um and so uh the sovereign uh treasury is uh or stakers aren't getting uh any any share of the fees from the amm and this sip is meant to address this um perhaps a kind of misalignment of incentives because you have stakers who are responsible for governing the amm and ensuring that um it is well parameterized and the contracts are maintained and such um but they they don't really receive any sort of financial benefit for doing so so the proposal is basically to split the fees uh 0.25 percent to lps am mlps and 0.05 percent to stakers uh there's still some discussions about that um you can follow the the conversation in the forum but that is also planned to to be put to a vote uh shortly after the concentrated staking revenues proposal hey like does that cover everything or did your mic cut off again today is a day of technical issues here yeah just just for light though i think the community stage is just totally borked and hello all right we we hear you again yes yeah yes we connect every you know every ten minutes or five minutes very very sorry uh for the technical difficulties um yeah so there were there were two other proposals i'll try to get through them before my mic cuts out again um related to origins so one is actually about origins itself um basically spinning out origins to be its own sub protocol we've talked about sub protocols on a few of the past community calls and origins is is proposed to be among the first sub protocols um and so that proposal is also still under discussion you can find the the conversation in the forum and then there's another project called mint layer that is proposing to launch on origins um they also uh have a kind of contingency in their uh uh or our condition in in their proposal that you know if if they're if they're approved to uh launch on origins then sovereign would also kind of strongly consider um launching a version of sovereign on the the mint layer side chain that they are uh proposing to build uh or they they they say they have a test net going live very soon so the the the chain will be live and they want to have a version of sovereign that that operates on that chain um so that is certainly something to uh for the community to consider um the thread seems pretty active it's got like six more than 60 posts on it so go check that out if you haven't already i i still need to dedicate some time myself to considering this proposal and i'm thinking about how how to uh this is just usability friendly but it can also be done directly on the testament and then these part dc3 layers kind of serve the order on the test net and when they see that the conditions are met they can execute them and they get a certain fee for it um so this is taken from your tradable amount um yeah and then the order is executed by the relayer this means that you already need to give your token transfer approval in advance so you need to approve the amm and that it can transfer your tokens or in case that it's rbdc you would like to trade you would need to deposit the rbdc into the settlement contract first you could withdraw at any time but else we cannot execute the order if the rpdc is not deposited first yes there's one thing to mention and this is that cancelling orders is not free um it shouldn't cost much because it's just a flag so it would be a few cents but still worth mentioning because orders have to be canceled for security reasons on mainnet because else the mainnet contract could not verify if you cancel the order or not and people would have the option to execute your order even though you do not want it to be executed anymore makes sense so much uh thanks for the for the explanation and yeah i really hope you don't kill yourselves on the on the workload your experiencing every day that almost brings me to the to the initial question about it was raised in the forum and i find it maybe a very good way to to clarify some things on the mint layer uh launch or sip so to say and the required dev resources and and how yeah how's the progress what is needed on the dev side and and how you think it is going or some i don't know official or not official statement how do you think this is going forward um with mint layer um well i can tell you that we haven't yet scheduled anything into the death plan which is mostly because our death plan is focusing on the nearest future as we are deciding a lot of things very spontaneously in last minute um so our development plan is not developed for a very long time um so we will need to schedule in the resources for that as required but we are seeking to keep the resources and our team as light as like the requirements in our team as light as we can all right and we have uh andreas uh chiming in welcome hey guys uh yeah so uh thanks so much before bringing up um just here to to say that uh we we haven't spoken to you to aurora yet personally but we we welcome the opportunity to do so um we we know that obviously uh what we're proposing uh demands a lot from severance developers and that you guys are swamped right now so we want to keep all that in in consideration and uh to to see how we can help you with our resources as well um if there's anything that we can do to to uh to help with what we've got on our side so um yeah i'm just uh i i know i'm going to meet a few of you guys uh tomorrow and over the weekend in prague as we're also sponsoring the the chaos event but um just uh just to let you know that we're really looking forward to talking nice thanks i personally will not be in the conference in prague but i'm sure that you will have good conversations with the other team members thanks very much andreas um that was andreas from the mint layer project um guys um huge shout out and uh congratulations on all the hard work that you guys are doing i love the speed in which you guys are shipping all this innovation i just had a quick question around the borrow feature like the ui just wondering if at some point we might have the ui allow the users to adjust the collateral ratio when they're borrowing funds right now it looks like it's set in stone yeah no um we we were planning to do that but um we have at the moment uh higher priority stuff come in uh like perp swaps so uh it's it's in the backlog uh and will be coming um just just bear with us yeah yeah no worries no worries perfect thank you so actually i had one question of aurora um where are is the team at in triaging the issues uh with martin margin trading as it exists now i know that there's been a an assessment uh and maybe you could fill in the community uh on on where the team is at in solving those issues sure so there were two issues one issue is an incorrect estimation price which is shown on the confirmation window which is diverging from the price which you actually receive when opening a matching trade and we figured out that this is um due to a different input size when it comes to estimating the swap rate which will be used and it is not um that simple for the front end to um calculate that rate but we are already on a solution which is actually better than any estimation we could do on the front end and this is using tenderly simulations tenderly simulations allow us to simulate the outcome of the transaction before the transaction is actually mined which means that people have exactly um the amount which the smart contract will um like exactly the position that's in the rate which the smart contract will use before the trade is being made so this issue should then be um issue of the past the second issue we had was a pnl calculation and there a lot of things weigh in so on the pnl calculation the current price is currently calculating using the swap rate of the amm and the swap rate of the amm in contrast to the last traded price that you're seeing on the price chart is considering the slippage so especially if you're having a big position the slippage if you would close a complete trade and a single goal can be considerable so like i said it depends on the size of your position and heart so the price which is used here is the first possible rate if you would be closing the complete position and be closing the complete position while receiving the your profit and your collateral in the currency of the loan rather than the currency of the collateral this means that for a bitcoin loan position if you're closing the position and the collateral and you say you want to receive your collateral and your profit in bitcoin then it comes much cheaper you will get a much better rate than if you decide to close the position and take a profit and dollar that's simply because all of your position is held in bitcoin and if you are withdrawing bitcoin then you have to swap less dollar less bitcoin back to dollar than if you would withdraw your profit and better as well because then you have this the complete position size so what you're going to do here to avoid um the price confusions we decided that we're going to use the last traded price for the p and l calculation on the open position list but to also show the estimated slippage if you were to close the trade right now and then if you are pressing the close but the close button and you have all of the options like how much of the position to close and which currently you'll close it you will see then the actually um the actual rate and the actual rate again will be coming from the simulations so it should be exact all right thanks lateral let's uh move on with and what sort of time frame are you looking at to be able to implement implement those updates excel with like for the sake of time i think we should move like let's get to the updates first if that's okay uh can we have zoo with design updates hey guys um so uh the first kind of news i've got for you guys is um so as aurora was saying uh we're currently building um the purp swaps uh now this will be a kind of mvp version uh so it's kind of quite it's gonna be kind of experimental so we will be putting it in our new uh branded thing called uh sovereign labs um so moving forward i think um projects like xero will probably take us a stepping stone in in sovereign labs before they uh move out and become one of these sub protocols um so that we can kind of test really uh how these interfaces are working so because of that we're kind of going through a slight rebrand at the moment which will take a little bit of time just so that we can create consistency across across all of these different brands so that's going to be quite interesting um in terms of like the structure i've been telling you over the last community calls that we've been restructuring stuff in the in the background um it looks like we're going to merge part of our uh back end team with the front end team so that we have a more full stack team um this should allow us to become unblocked uh by each other um having having these uh different teams i also allow for the developers to kind of work a bit more up and down the stack um so that uh no we don't get bottlenecked and uh everyone has a more uh understanding of the code um so moving on from there uh we've been working on the trading and the faces um that will come out with the limit orders that aurora was talking about and they should have uh you know some nice little um ui updates in there uh for instance like when you're selecting um what pairs you want to use uh it's gonna be a lot nicer than what we've got at the moment so i'm thankful that uh we've got such a patient community uh that uh allows us to uh update um we've got dappy integration coming pretty soon they're going through dd checks at the moment but they've pretty much built everything i've been testing it today and it's looking good um so that will allow you to be able to spend uh to basically uh cash out interfere to any country to any person in the world um with a bank account or a mobile phone you will have to do kyc to use that service um and that's part of what our dd checks are on about the moment just to make sure that the way they're doing that is all in line with uh our sovereign um ideals um like i said we've we've been making the perp swaps and um that that's looking good uh it is gonna be a very very interesting product that we're going to bring you there um xero i believe are working on the front end at the moment so i assume that will be coming out through the sovereign labs pretty soon we're expecting the reward sov page that allows you to get your fees in rbtc and get all your reward sov and liquid sov all in one pace so that you don't collect dust in different places and instead accrue it in one place and and claim it at the same time we expect that to come out around the 12th um we found a few issues when we were bug fixing uh on on how it was all uh turning all the different fees into rbtc but that there's not really any big problem there so that that should be coming for pretty soon um we've been working on in the creative side of things we've been working on um a set of nfts for the sex launches that we've been having uh i believe the adoption team are gonna create some kind of marketing campaign where you can win stuff so look look out for that um we're back at creating tutorial videos i just had a meeting today about that and so we will uh hopefully be putting out new tutorials tutorial videos pretty soon but like i said we're rebranding so we will we will be holding back slightly just so that when we release them they'll have the new rebrand and other than that we're back on creating the characters for our comic book world and um soon we're going to be starting writing the first comic strip so yeah this uh a lot on but it's all all pretty much fun uh does anyone have any questions uh we have nimesh hey hi can you hear me yes just a small solution in the portfolio area like can you add the st the amount which was taken you know to show in the portfolio area okay so basically uh the portfolio section is something i have mentioned it previously but um because of uh things coming in um as higher priority perps whoops it's been kind of put to the sideline a bit but um essentially uh we're going to do a complete overhaul of the uh portfolio section it'll become more of an account section where you will be able to uh you'll have a overview dashboard which will show you the complete amount of everything that you've got in the system in in staking in margin trades in lending um and and then there will be many other different pages that will show you uh breakdowns of of that um we are still in the design stage of that at the moment um but i would hope to have that out in this quarter thank you thanks awesome let's do one more question if if someone has one then we can move on and introduce malvo all right guys um so malva is one of the newer members uh in the core team uh we're really excited to be working with him he'll be coming on board uh full-time in october to um take over with adoption um belongs which has been led by exiled surfer [Music] and i just want to open the floor to him and give him a warm welcome to the to the core team and the community it's great thanks single india um hi everybody and malva here um as ingallander said i start kind of officially tomorrow my first day i've been kind of working alongside exhauster for the last month more or less shadowing him learning from him and just seeing how how the adoption team has been run and very excited to be on board and i suppose i'll just maybe give you a background about me who i am where i come from so i studied um software and hardware engineering and university work mainly worked in tech and for many years and a lot of startups and then maybe when i was working for microsoft and data center as a network engineer wanted to change career into marketing then started working for a few startups in in europe and the last seven years i've been working with two startups in the fintech space um mainly um core banking transformation platforms so working in um traditional finance trying to go into traditional banks with the legacy technology and try and improve it as much as we can and since falling down the rabbit hole two years ago um i over time became a bit um fed up with traditional land and seeing that it it's it's unfixable and i don't know if anybody on the call here worked or works in traditional finance trying to set up um payment gateways or transactions or accounts in different jurisdictions across the world it's nearly impossible it takes so long and it's so complicated that i don't know if it'll ever be fixed so yeah two years jumped into the rabbit hole reading the bitcoin standard um austrian economics then you know following the big players in the space of the big guys like they're gg breedlove and then just reached out tiago and exiled over twitter a couple of months ago saying look i want to jump on board this sov or sovereign is something that i'd love to do i'm very passionate with the space and where it can go and look enough there was a spot for me so great to be here and you'll be seeing a lot more of me well maybe hearing a lot more of me than seeing me um but great to be here and i supposed to give you an update about what i plan to do in the next couple of weeks or months um first thing is really build the team and that guys are as i've seen over the last month i've worked in startups for the last for 10 years and startup land is health or skelter but it's it's nothing like sovereign the the speed that they're delivering stuff on and the motivation in the team is just really outstanding but having said that we need to build more i need to get people more on board and hire them so you'll be seeing a few job opportunities come up um over the next couple of weeks to building this team a lot of skill sets needed and i'll share that with the team and if you want to reach out to me about anything just ping me on my telegram be on discord etc big push as well content we're looking to hire some content creators and maybe hire some externals in the beginning huge push over education about sov about sovereign what we're doing our vision um explainer videos animations all that sort of stuff and as sue mentioned there we're working on the new uh website and so we're working with a really good copy team from new york and then two is working with internal design team for the brand finish off the brand to sign the website and so that's going really well so far on the content side you've seen yago has been on many many youtube uh twitter spaces probably the biggest one probably was the altcoin daily one so great great uh feedback from all of those appearances as most you probably know we are now sponsoring the anita posh podcast and so there's two already up on the sovereign youtube channel many many more to come adam back george platzer elise kalina coming up in her in her podcast so lots going on there and then the sexy september so we've you know we've launched on three sexes this month and um since doing that and we've been approached by many many more big exchanges who want sob on their exchange so that's going into overdrive at the moment to get us on more sexes so please stay tuned for that um a bit about nfts that you mentioned before or come up with a kind of a competition and to get people up more on board more involved in this would be community or sovereign community would so nft has been on um so i'll share that news with you in the next coming weeks and as we've seen like the sov token the price is going up which is amazing and great for everyone who has it who's staking dating etc but i suppose it's up to us the core team and the community if we just keep on delivering keep working hard as you know any sports coach will tell you you know the scoreboard will take care of itself so the vision for a sovereign and the reason why i joined and the reason why i'm so passionate about it i think it's this could be something massive so we just keep on working hard i think we'll we'll all be very very happy in the future so uh i won't keep this all um if any questions shoot now but you'll be seeing a lot and hearing a lot of me in the next couple of weeks and months going forward so great to be here welcome thanks a lot malva uh very very excited to have you uh working alongside us we have one question from this hi can you hear me guys good yes sir yeah go ahead hi um uh malfoy i have a question for you welcome to the team first of all um good that you joined great thank you i uh i really liked what you guys are did in the marketing team with all the the the the twitter the the hype you created with the sex listings the interviews i think you really did well to create some kind of like momentum and hype uh i feel personally and i also try to contribute with some other people in telegram groups and comments on youtube twitter that kind of stuff my question is basically um can i know you cannot tell about certain details but is there anything we can expect can you tell us more about like next listings or a big event or something like that that at least you can get i feel like we have to like keep the hype going a bit around the project to really um get more adoption now it's hot and we are going well yeah yeah great well nice to meet you and thanks for and welcome and thanks um oh yeah i can't just yeah let's let malo finish answering please meet yourself sorry dude no worries no worries yeah so unfortunately i can't say who these listings are but they are pretty big and we're very excited and we've another massive announcement next week i think so i'm on calls all this week and next week about a huge development um down in el salvador so that's coming and that will be i think be massive news not only in um bitcoin space or crypto space but um normie normie news so that's huge news coming so that will start being presented the pr plan is going for next week's meeting on monday with some other we're participating in a four or five organization plan for there so i can't mention it now but that's going to be two big things but we'll keep you all informed and i suppose from my point of view on the the adoption team is when i build up the team we'll be able to give you more assets and more reason or make it a bit easier for the for the community to start sharing our story and we're we're looking at a few tools to um you know incentivize the community and not only with you know monetary rewards or sov or stuff like that but you know talking with you and exiled maybe launching our shop with our swag and you know t-shirts caps stickers all that sort of stuff so the community can share because you know they believe in us but also they get some rewards um and we're figuring that out and how we can incentivize people more to participate so fortunately i can't give you details just yet but yeah lots to come i'd like to say i'd like to say something about that so i i think i spend a lot more uh in the channels uh than malva has had the time to do you know working two jobs and and onboarding here and i see that every time we announce something the first thing that people say is when when this when next thing yeah and so i think that i think the thing that i'd like the community to be able to understand as much as possible possible is that we're working at breakneck pace to make these things happen and we really just cannot talk about them until the deals are done and the timelines are secure we can't give any heads up any hints any thing like that because we're just not in a position to do that until things are actually happening we're very very careful about all of the uh the the you know um agreements that we get involved with the people that we get involved with the projects and the minute is that we know that it's actually gonna happen is usually days or weeks away and then there's a timeline about actually setting the communication for it um and we just we just can't give you guys any hints all right yeah the disruption is gone sorry people so yeah that's just be patient with us everybody we give you the information as soon as it is that we know we can yeah thanks exile yeah so nimish thanks for the question and i i can confirm exile there like from the month i've been kind of shadowing him and the adoption team we learn about stuff on the in the morning and it's gone live in the afternoon so as soon as we know you guys will definitely the community is always gonna be the first to know always yeah can i ask questions sure oh yeah if there is any plans to make tutorials by big influential peoples like altcoin deity making a sovereign how to use the sovereignty app tutorial or um or i want to record some big youtubers like box mining so i i think that that um already answered to that um that we are going to be preparing learning content and we'll be making that available both to the community and to influencers um during the ama in in telegram i spoke a little bit about that process process of what it's like to work with paid content and we're very very careful about who it is that uh that we're uh budgeting for for sponsored content so everything is on the table for us to move forward that with that type of content but nothing uh that we can confirm at this point and about this budgeting are there in ship like in budgets we can see so so sip uh 15 gay or 14 or 15 i forget the number again john light mentioned it to me this last week but the sip that gave authority to the exchequer to uh to distribute funds uh was approved by the community um and those are the numbers that are that have been uh named in the sip is is what will be dispersed by the exchequer and there's not uh plans for specific granular line item uh um specification of exactly uh you know how much is spent for what inside of each of the circle's budget and that's the authority that was granted to the exchequer by uh by the community so there's not additional sips for additional uh you know dispersals of funds it's already under the authority of the exchequer committee awesome i know you wanted to to also say something xl surfer i'll give you the floor since we have only six minutes left yeah so uh i'm sitting here in prague uh at the parallel only polis venue uh where the chaos conference will be happening this weekend uh uh passed through i met him for the first time the is in town looking forward to meeting the he's also uh somewhere in the city with spro uh our community manager and uh ponzico uh is also here and we'll be at the conference malva is arriving tomorrow uh um armando uh and edon are both arriving as well betsy braddock um we're gonna have a huge presence here the schedule is up at chaos.hcpp.cz schedule and there will be three days of livestream content which i will be uh moderating it's parallel to the uh to the talks that are happening uh with a lot of uh additional great guests and you'll also be able to see uh me speak with edon uh and john light who will be uh giving small abstracts of the talks that they gave here at the event so i encourage you all to tune in to hcpp.tv starting tomorrow at 12 central european time that's 10 a.m utc um and then on friday night we will also be co-sponsoring the opening night party for the event which is called never touch fiat again and our co-partner for that event is materium who are doing railroad asset nfts so this is the connection to the uh the mortgage projects that we've talked about they've also issued nfts that are backed by physical gold delivery um so the theme of the party is never touch fiat again and you will be able to also attend the party live stream which is going to be a one hour live mix from eclectic method um an old vj colleague of mine from i guess about 15 years who's now very very successful in the nft art space he just sold an nft today for 240 000 uh dollars i asked him if he was going to come to work tomorrow night and he laughed he's doing this as a as a friend deal uh for us just because we know each other and so there's going to be a one-hour live stream of really cool mixes uh that also includes content from iago and and myself and sovereign uh so uh encourage you guys all tomorrow night to join us at the party virtually uh on youtube and i'll be pushing out those links all right fantastic uh thanks a lot excelled we got three minutes left so i will zoom through the business development updates uh obviously i can't speak on a lot of developments until things are signed and set in stone um but i i can give a few um as you mentioned uh or as you can see on the website uh we're nearing 100 million dollars worth of uh volume locked in the system and i think that will be really huge for us and it will open us up to a bigger stage with bigger players and a lot more supporters going uh going public uh tranzact our fiat on ramp widget now allows for direct purchase of rbtc with fiat alongside bitcoin um i'm exploring the introduction of other foreign currencies into lending borrowing and swapping on the sovereign decks so think of things like um like pesos like brazilian real um very curious what the community would would think about that uh we recently listed the the rift token the rsk infrastructure uh token um and that should be accruing in in um the pool should be increasing uh rather soon we have other players that that will be pulling more into that pair we are moving along with building the sub graph using the graph protocol and we'll be looking to form a deeper partnership with them the chain link price feeds are on testnet we have mainnet slated for the end of october so this will open up a lot of daps on ethereum uh that rely on chain link exclusively uh potentially porting over to the rsk side chain and potentially integrating with with sovereign and and the the assets and stable coins that were that were building so it is 12 59 pm eastern i'd like to close this out but still uh if if you guys would like to hang out we can move over to the lounge um and and just hang out i will turn off the recording so thanks everyone for joining our call being a part of our mission carving out a trail for bitcoin secured financial sovereignty dismantling what people know and understand about money so help us spread the word and create more sovereign individuals so for those who would still like to hang out hop over to the lounge um we will be adjourning this community call so thanks everyone for being present and stay sovereign hey ingomar thanks so much for for all these these uh events man it's it's really great having you leave these calls oh likewise my pleasure thanks all see you soon everyone bye-bye

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all right so here we go on the path to greatness i'm making bold statements sats we're gonna rake in we're all gonna make it bitcoin might move slow but as you know it's not at this advantage as the critics tend to imagine anything that improves on bitcoin will get swallowed and conjoined well at least that's the point two more weeks until taproot emerges and once it's working that'll more than serve its purpose smart contracts and time locks can start running private multi-cigs abundant man you gotta love it cream got drained that's quite a scare flash loans causing nightmares over there but honey badger don't care take any smart contract as an option battle test and go through audits and eventually we'll adopt it another verse from the docket spreading like pollen keep calm and stay sovereign now let's get it poppin thanks everyone for joining me here um the guidelines are if you'd like to speak um just unmute yourself uh and we'll call on you and if if um uh just feel free to jump in at any point and if you have a long-winded question save that for the end we have a lot of updates for you today and uh if there's anyone here who would like to give a quick hello feel free to unmute yourself and say hi all right let's start with um with idaniago with the governance updates hi guys so um we uh we've passed a number of sips uh recently there's been a lot of uh activity on the governance side um in particular uh we passed the um sip to concentrate uh liquidity mining rewards sorry not liquidity rewards uh sov staking uh revenue with liquid sov stakers that's a very important change to the um the economics of sov staking and should substantially shift the the value accruing to save stakers and it also opens the way for sip 31 which is going to start to provide amm fees with sov stakers as well and then um 34 which uh passed earlier this week um is going to allow or is basically a continuation i think of uh 15 where we chose to provide the exchequer with um the ability to utilize unlocked sov um from the adoption and ecosystem and development pools and um and this uh 34 um allowed for an additional amount under that original sip to be transferred but um what we have upcoming is even more so um there is uh a new um newly organized sip around argent which is being rewritten um taking into account the comments provided by the community i've been looking at the conversation in the forum and i think the new changes are um being very well received in addition to that um this uh friday um hopefully we'll be able to uh uh i i'm writing one and i think the [ __ ] is writing the other publish uh twos draft sips one for government servant is the bitcoin stable coin aggregator which will allow sovereign to start minting bitcoin back stable coins and that will also open the way for zero which is the zero interest rate uh lending it um or basically borrowing so the ability to borrow um bitcoin back stable coins against your bitcoin at zero interest rates and um what we're hoping or at least what i'm hoping is that um these will be received favorably because that will allow both of these new sub-protocols to be launched fairly shortly so to have a bootstrap events for both of them these would both be using sov bonded tokens so uh we can talk about sv bonded tokens again if we need to but again a quick summary um the tokens for these sub protocols are generated through a bonding curve where sov is used to generate these tokens effectively locking up the sov and creating a new sub-governance system and we also have a number of additional projects that have published mint layer uh niftify and some others are also looking to try and take advantage of origins so um hopefully there's going to be a high degree of consensus around origins and these other sub-protocols which will allow for um the next phase in sovereign ecosystem growth and expansion and will make it much easier for um other projects um outside of core team to begin to contribute and so i think that's going to be a big chunk of the conversation today and so uh in order to not take up enough uh not take up time that can be valuably spent on those conversations um i'd like to pause it back to you all right thanks a lot yago um light are you there awesome uh sure um so the one update that i wanted to cover today was just to let folks know about an update to the lightning bridge project um after the sovereignthon earlier this year there was a grant that was given to one of the winning teams to continue their work on building a lightning to rbtc uh bridge of sorts uh kind of like an atomic swap mechanism and they recently uh released the tool that they're building on testnet um so as of the the time of that release a couple weeks ago um the the channel in the sovereign discord server uh where they are kind of coordinating their work and and doing testing and answering questions is is now public so you can find that channel it's called the lightning sov channel and here in this uh sovereign discord server where you can learn more about the ellen saw bridge project find the the link to test it out and if you're a developer you i'm sure they'd be interested in chatting about ways that you could contribute to development and uh that's that's all i had to uh talk about today cool thanks a lot mr light um very interesting very exciting stuff um aurora hi everyone so jago already mentioned that there was a ship around the ravine chair and this sip was a requirement for the abundant release we had at the beginning of the sprint which included the updates to the sticking and official encounters yeah please mute yourself if you're not speaking um so this introduced the changes to the staking and the fee sharing contract which were required for us to exclude the vesting contracts from the fee sharing meaning that the fees are now concentrated to the voluntary sov stakers um during this update we also realized that we will need to have a another very small update to also allow for withdrawing the fees including rbdc because currently all of the fees one of the other updates of the fee sharing proxy was to automatically convert all of the fees to um rbtc so that you do not get any longer the fees and all of the different tokens but instead receive everything concentrated and this was so far not possible for rbtc but it will be shortly enabling us to withdraw really all of the fees um it also came with the refactor investing registry um which means that we are now able to register multiple investing contracts on a single registry which should make it much simpler to monitor the vesting contracts and to find investing contracts and also for the parties to access this information it was also a requirement for the vesting automation contract which should make it easier for us and save time on internal processes um so so much about the release then as many of you already know we have the poc for the fast ptc pack out like we have the first version of the first ptc pack out on testnet and it can be tested we are it also already contains some of the nice features like double spend protection on the swords which we didn't have in the very first version but now it's there as well we are just finalizing a few things before we hand it over for the audit so you should be able to see fast btc pack outs very soon part of the works on the new margin trading interface is the introduction of limit orders so with the margin trading update you can also expect to see limit orders and limit orders for entering margin trades and also limit orders for swapping what the happy part of that update is conditional orders for closing positions such as stop loss or take profit orders but they will be worked on next on the perps website the order started and we're currently running integration tests we're sitting on the front and data services and um are on a good track and hope that we can provide you soon with a link for testing everything on testnet we're also about to finish some updates to liquidity my liquidity mining contract so the yield farming contract which will allow you and which will allow other projects to um reward users who provide the quality to the amm in their own tokens so also step protocols like zero if they are launching and um they will have a zero pool on the mm then they can decide to pay liquidity mining rewards and zero also the vapor fish team could then decide to pay liquidity mining rewards and fish and the mrc team could decide to pay liquidity mining rewards in mlc and it would all be possible on the same contract in a very easy way jago also mentioned that the first zip we had was a was like paving the way for another sip which is the ammv split the original version of the fee split sip draft was still considering that we would have the fee split happening on the margin trading protocol instead of the amm itself but because more time passed now until between the sips or until the first was voted on we were able to actually implement the fee split on the amm itself um these are changes which still need to be reviewed but the development work is already finished so we should be able to directly vote on an ammv split on the mm itself instead of the protocol then we started work on bridge improvements to reduce the gas costs um some of you might have noticed that the gas cost something especially in the earth bridge increased a lot this was just because of the crazy price gas fluctuations we had so that a rich transfer could cost us several hundred dollars of tokens so um this is showing how essential it is for us to improve the gas costs of the bridge and we started working on that apart from that we're having more and more third-party integrators which are interested in integrating serving features into their products and we are providing the documentation and helping and just figuring out the way like the best way for third-party integrators to integrate in a very easy fashion which does not require that much support from the core team and i think that these are basically like the major applications make sure you move your bike okay um wait is that everything aurora yeah that's everything okay uh be sure to keep your mic muted if i don't see you muted i will mute you and you will be unable to mute yourself so just keep an eye on that mute button everyone thank you very much um zoo i don't believe will be present for the updates uh i see him in the in the chat but um i don't know if that means you would like to uh take the floor zoo otherwise i can try i'm not sure whether my uh my connection will cut out though um but yeah now okay cool um so hi guys uh good to see you here again um so a lot of the things i'm going to go over i guess has been brought up by aurora and yeager already but a lot of our efforts at the moment are based around working on the perps blocks uh we've been very happy to get the finally get the reward sop out um as aurora mentioned we need to make a few changes to make it work uh completely properly one thing we learned about this uh and we're now looking to do is to create better live test environments uh so that we don't have issues uh when when uh releasing these kind of things um we have the trading release that i've been telling you about for uh i think two two of these calls we're delaying it a tiny bit before i told you that we were going to release our sport limit orders for you we're delaying it uh shortly so that we can bring that release out with uh margin limit orders as well so we're expecting that to be in roughly two and a half three weeks time so that should bring a lot to the to the margin trading and trading in general and it should make it much more usable for you guys to play with other than that the fast btc two-way peg uh interface we've started working on that it'll be very similar to the uh cross-chain deposit flows and is working towards our new overall send and deposit flow that will be coming later in the quarter other than that we've been working on the branding uh creating the logos [Music] and they will be coming out shortly and the most most important thing for me anyway uh since i've been here we've been working towards this for a long time comic issue one is finally being scripted so uh looking forward to that uh coming out sometime in this quarter uh inga i think that's everything for myself awesome super excited for a comic book um malva are you are you there yeah i'm here hi everybody um give you my update so i suppose everyone here is wondering what i've been up to the last two months i've been here and i'll just run through what i've been up to what the plans are and how we go from here so as many of you probably know we haven't really had a marketing function in sovereign up until now it's been a lot of work from loads of different people from exile to the [ __ ] iago to two to everybody who's just dipped in hanzico as well publishing stuff on twitter on social media and the channels writing blog posts but there's been no real marketing function dedicated to marketing sovereign and promoting the brand um across lots of channels so that's what i've been trying to plan out and build the team around that so we're very on board judas who's going to be the marketing lead for the marketing team he started a couple of weeks ago and this week we're going to bring on over the next couple of weeks some um internal content writers to start writing about sovereign about sovereignism about bitcoin about private property rights um a social media manager email marketing video and analytics so gradually building up the team so we have a proper kind of internal media agency so we can start creating some really cool stuff working very closely obviously with zoo and the [ __ ] and scotty in in guidance um so that was kind of the major thing try to get see who we can find in the community and in internal um members of sovereign already and assign them new roles and with that new website is nearly ready to be handed off to developers so that's probably going to develop that to hand it over next week and it'll probably take a couple of months to build out but that's very exciting i've been working like on an adoption strategy working closely as i mentioned before with the marketing team judas the [ __ ] wiki how we can work together to create lots of mainly educational stuff um educational marketing how-to docs videos and in the long term think about putting together like an academy like the sovereign school not just about how to use the sovereign platform but how to be sovereign in our day-to-day lives that's very exciting that's more of a long-term play um with what we have planned and some sex updates i know people have been calling out um unfortunately for us they're kind of out of our hands we are talking to many of them were kind of on a waiting list for a few of them um so we're working on it closely and we're very focused on it and we're just have to wait until they're ready to announce it so i will keep you updated on these calls and on the channels when we know more um on coin market cap and coin gecko i know there's lots of people including us in worrying about the wrong numbers being shown up on both of them so hopefully unicom's taking that on resub bit of the form so hopefully that is fixed or will be fixed very shortly so they'll be showing the right tlv exec etc on that as you can see in the last month we've reached out and worked with um a good few influencers um some have worked out well some are haven't um so we're going to you know really select on people we want to work with in the future who have the same values and the same vision for the future as we do rather than just working with maybe any influencer who may just shill any project or any coin so we want to be a bit more selective there um loads more happening that i won't go into here but i'll hang around after the call if um if anyone's a chat one one-on-one ask me questions happy to oblige but i suppose in summary is that i'm putting in process in place building up a team putting together our marketing strategy working closely with the internal team so we can really hit the ground running from november december and in the new year start creating really good bits of content and educational pieces to get everyone else excited as we are about this project so yeah that's it for me for today thank you everyone okay thank you very much uh malva um next we have myself uh and then and then we can answer any questions that the community might have um so right now we're taking one of the the winning hackathon projects from the sovereignthon and exploring further grants and investments uh with this particular project um they're building a new bitcoin product um inspired by reflexive finance um tranzact now allows for direct purchase of rbtc with fiat but we have yet to turn that on from the front-end side um we are exploring the introduction of other foreign currencies in to the lending uh borrowing and swapping so expect a proposal uh regarding that within a couple days um we have the chain link price feeds on test net it should be on mainnet uh within a few days and this could once again open up dats from ethereum and improve on our price feeds for for xusd for example um and finally i i wanted to discuss the the sip from the folks at niftify uh for launching a sale for on origins for niftify and i believe we have a couple of representatives from there uh in this call right now uh so roman are you are you with us hang over yeah we're here um and we've got uh bruno uh and jan as on as well hi guys bruno here one of the co-founders and ceo of niftify and then i have jan with me who is our ceo hi nice to meet you everybody here i'm the city of mystify awesome could you shed some light on the on the premise of niftify and what your goals are and maybe the synergies with um [Music] well um i'll try to say from my perspective as a ceo and co-founder i'll give the word to to uh to yan from a technical perspective and then maybe roman who is who has been with us from the beginning and who helped us with the tokenomics and who has been a very good advisor from the beginning so um the main reason why i started this venture is because i feel um that um we need more and more um easy to use uh platforms and that's not only from uh from a cryptocurrency perspective where you can buy and sell uh yeah basically cryptocurrency but also from an nfd perspective um i've been in crypto for 10 years and and many times i noticed that i've i've been spreading the word and telling people you know what you should buy some bitcoin um and then lately i've been telling and motivating people to buy some some nfts but even still today i feel like for the average joe it's not so easy to get involved so the main reason why i'm doing this is because i want to be part of the community i want to build the community and grow the community and i want um more and more people to join um this uh this community and make it as easy as possible i think that's that's that's my main uh reason why i started that uh the venture talk more about nifty file i think it would be good to go to yan now from a technical perspective and also to a quick introduction of jan and then i afterwards i can come back and and talk a bit more about what we are doing and who we signed so far in terms of uh go ahead john yeah sorry so yeah nice to meet you all uh what we're trying to do with bruno set is exactly that we're trying to bring user experience and kind of uh usability of websites to the web 3.0 so we're trying to build a really ux friendly nft marketplace that anybody can use it so we are targeting that people without any crypto knowledge and they want to just dip their toes we are here to help them uh so that is our main priority of course we wanna we wanna create a marketplace as well that is kind of uh built and it works on top of the blockchain meaning that every every transaction is going kind of uh recorded and everything can be proved that everything happened uh yeah these are my these are my main objectives with building the product thanks jan so um yeah let me fill in again so um i i think what's really important also is that um from a marketing perspective um we have signed a already a bunch of really cool superstars like ice tea two unlimited uh we got villa real we're talking to barcelona and real madrid to do some really cool stuff for us that's really important because if you can get all these uh superstars on board on board it and and and and those are the ones who are close to the average joe i really feel like we can grow the community um and then what i also have noticed in in in this nft uh in this nft industry is that many of these platforms out there are pretty expensive so how many people uh in this in this group have minted an nft didn't sell it and then they lost money or they sold it and they end up losing money i hear those stories the whole time so that's why we created also lazy minting so you don't have to pay anything until your nft gets sold um like we really want to do it for the artist um for the people who are um i know a few people in portugal they lost their jobs and they really they are living off nfts and then they lose money selling nft it it sucks really hard so i think and then yeah also what happened with opence recently was was what's not so not so kosher so you know it's trying to trying to do the things right and and and and and um and being good for the community and then of course come with a really easy to use platform uh we we try to be very open open-minded and open to listen to people to suggestions one of the suggestions that came up was nft on demand many people who want to do nfts but they're not really designed smart so they don't really know how to create one so they can now talk to somebody who is who is a designer and then they can basically sell it together um maybe roman i don't know if you want to fill in something as well should unmute roman or did we lose you i have a question on the on the lazy mint does that mean that gas costs are fronted by niftify no there is no gas you can basically upload uh and young please correct me if i'm yeah yeah i'm not a technical guy i'm a visionary and i'm an i'm an idea guy you know i have these crazy ideas and i'm like i hope we can build it um so you can basically upload your nft and then put it for sale and once you have somebody who's interested who wants to buy it then you basically mint it and then you can choose you can either mint it on ethereum which is quite expensive or you can even say you know what i'll maintain on polygon because layer two will have it will have polygon matic and we're also looking at layer three layer four we're looking at multi multi-chain basically that one yeah we're also looking to build an nft bridge so for example an nfc might start its life on one chain and then a person will want to move it to another one we will support that another thing that is kind of uh revolutionary is what we're trying to do is we're trying to build an nft oracle meaning that people will know what the fair value of nft is of course this this will take some time but we we already started working on it and we want to create a system that will make a fair prediction on the current value of the of the digital asset based on demand and based on based on reality and all these different parameters and also yeah what what bruno said about lazy minting is true so you create an nft you don't pay you don't have to pay anything for creating it and when the first buyer comes they will create a transaction record their purchase on chain and with their purchase they will also mean the nft so it's kind of like minting on demand like how they do print t-shirt printing on demand kind of thing yeah exactly so that that would bring uh all the people that want to create nfts and don't have the graphical knowledge it would bring the nfts to them and enable them to create nfts that they want and the metadata associated with the nft are you holding it for them until it's ready or how does it work like do they upload something to your servers or do they upload it to an ipfs or how is it done yeah so currently so that's also one one of the specialties of our product uh what they will do is they will they will select all the metadata they will upload it so we support uh multi multi kind of uh generation of assets so for example if somebody wanted to do a drop they can do it and then the metadata will be the metadata will be uploaded uh include including the metadata that we do but one thing that we actually supported this kind of special is the metadata gets hashed so we save a hash so we save a cache uh and then user gets this hash and they can prove to anybody that this metadata was never changed so the metadata is not saved on the blockchain the user can of course store it on the ipfs but we also store it for them so the so the delivery of the data is faster uh and what they can do is with this metadata hash they can come anytime and they can just verify that this method that hash is valid and they can prove to anybody that this nft has the same metadata it hadn't start and that nobody changed it okay and what if i take metadata and just create an nft with the same metadata resulting in the same hash yeah so metadata so so yeah the cache is the same the hash is basically a hash of the metadata uh stringified so if you get a new nft it gets signed a different id so the metadata is different uh but uh yeah that's it okay so if the idea is already part of the hash then if you are minting the nft only when there is a buyer then you wouldn't know what the hash hashes in advance because you wouldn't know which ideas assigned or am i wrong here no you you're correct uh i i i spoke to them the id is not in the in the metadata but the creator is so uh so you can prove that you are the one that who created this uh metadata so if somebody else would want to falsify the metadata they would also get a different user id assigned to it and this would change the metadata completely and in the metadata there's no id but there is a collection id that specifies which collection the nfb belongs to okay um all right but still this if the creator is not the one who is creating the nf like sending the transaction to create the nft but it's just an address which is already known in advance i could still if i would get access to the metadata i could still just deploy exactly the same thing couldn't i no because the metadata that actually gets deployed it has to be signed by our platform so uh yeah so we verify that this metadata actually came from this user and then in the transaction there's a signature that that is verified on change the distance actually this transaction actually originated from a real source and it was not front run or something like that okay okay but then there is a point of centralization there so there is uh one point of centralization here to protect to protect the integrity of the data and from there yeah i thought so i thought so because when you're sad that you were having the laziness i thought that it's very hard to do that without having a centralized part even more yeah you're right so so that's all right is actually done so the the creator that wants to sell this they actually just sign uh and then the buyer actually provides the signature and to protect we actually uh signed that this is actually a valid transaction and nobody's front running another person all right can i ask how niftify intends to bring uh nfts uh and all their goodness to the sovereign ecosystem hey yeah i'll uh i can take that one so i've been following and you know uh the sovereign community for quite some time now um you know i've known englandia for many years we've worked together in the past actually um and yeah i mean the idea of essentially making bitcoin a bit more useful right essentially building out bitcoin defy services um and directly uh on you know on rsk instead of everything just happening over on ethereum made total sense to me um and so you know why not continue that that process why not continue uh developing further solutions for kind of bitcoin centric or bitcoin native folks um and you know nft seems like the next logical step right um why not have nfts mints directly on on a bitcoin you know sidechain um and particularly you know with sovereign you know as part of the sovereign ecosystem so that's that's kind of the the thinking behind um wanting to do it here as opposed to a number of other let's say evm compatible side chains um you know big believe in bitcoin and support that ecosystem and uh yeah i think sovereign's essentially the place to do that so that's kind of our thinking behind um behind that that addresses it happy to answer you know further follow-on questions around that do we have other questions from the other sovereign citizens on this call anyone can jump in here just like uh as usual the floor the floor is for everyone it's a open dialogue and maybe ask a question um so if i just understood it correctly the the tactical discussion just now there will be in total uh kind of two points of centralization here the kyc process and then the lazy minting so way in which those points of disintegration centralization also uh uh come together that the krc information can sort of uh interfere with that and the mris is in in seeing those two points or is that a mistake so i guess sorry can you repeat the second part of that question uh is is tying in to kyc or what was the question there this little choppy i think the question was if there's a way to circumvent like two and not be subject to the centralization aspects like to is there a way to um not have to do kyc and i guess that the lazy mint could just is optional right so that would also be the option to just mint it yourself i'll i'll i'll i'll try to answer the question uh from my perspective i i i would love to um the the the only the only uh problem i have is that the sec in the u.s considers nfts as securities um and that involves actually potentially yeah potentially now that involves a future investigation and that involves um that if you don't have certain licenses and if you don't do kyc then you're you're you're basically um doing a criminal offense and that would mean that if i would fly to the u.s i could get arrested and i don't really i don't really want that so that's why does that mean that you will not be allowing u.s participants to use the system okay i'll uh i'll i'll jump in on that uh iago this is actually something we're uh currently talking about so i guess there's a few different um things uh you know that that this question is getting at one is as a regards to relates to the lazy minting and the centralization of of the data there particularly the user data which i'll actually let yon address uh after after i address the other parts um second part is the as it relates i guess just the the sale itself so um yeah for the sale itself we we we are looking to do kyc um just from a kind of a compliance perspective i know people had obviously asked about that in the um proposal on on on the sovereign forum so i wanted to just kind of address that head on that that relates specifically and only to the uh to the sale and you know we're not doing anything with that data it's exclusively just for the purposes of the sale it's not you know stored anywhere like on sovereign or tying it to sovereign it's it's just for kind of like our own internal purposes for for conducting the sale itself now as it relates to the uh platform itself nifty fi itself as a platform we're looking to roll out um i guess jurisdiction by jurisdiction and so we absolutely will um at some point uh aim to have u.s citizens of course use the uh the platform it might not be ready immediately for like day one launch but um you know certainly we would like to have us um at some point in the future uh yeah early sometime early to mid next year essentially um for when we would expand it to to us so i hope that uh answers i guess those two points um and then yan if you want to touch on the the the lazy mints part yeah for sure so uh as far as the question was if we support the use of u.s citizens on the platform so the answer is that exactly because we're going the kyc way we're requiring the license to work with that so we'll be able to once require the licenses we'll be able to legally and compliantly accept all u.s customers as the users of the platform sorry what license are you referring to so i think i am not part of the legal team so i i can say exactly but yeah one of the licenses that we need is the reg a license and then there is a second one um you you would be looking to have a separate reg a for every single nfd if your concern is there you need you need you need it as a company so as a company you need you need a license because not not enough for and if not for uh given nft sales no yeah if your concern is that nfts might be considered securities kyc is not going to assist in that and the reg a would then need to be performed for every or some kind of security licensing would need to be performed for every single mint um i i i am not i'm not part of the legal department but i understood that one of the licenses that we need is the regulator but there is two or three licenses in total now if you want you can definitely jump on one of the calls with with with the legal with the legal team um i'm not i'm not trying to provide you with legal advice i'm just pointing out okay if you're so so uh i think having kyc is not a bad idea in and of itself right and there might be places where it's necessary and useful the the thing is that the point of building sovereign systems right decentralized systems is that they effectively become their own jurisdiction and that allows for unencumbered commerce between individuals that's the point and then if you are trying to protect yourself by going down the regulatory route it's important that you go down that regulatory route understanding in detail what the regulatory requirements are and so i'm just pointing out that so just you know this might be of interest to people on the call a reg a listing is a listing with the sec to perform a sale of a security for the purposes with with certain limitations for example um the sale of that security the secondary market for that security is not allowed for at least a period of a year and typically a period of two years it also requires various disclosures and there are also limitations on how much can be raised and there are also limitations typically on how many participants there can be although sometimes with reg a you can eliminate the limitation on a number of participants i'm saying this not as a lawyer just as a person who's curious about regulation um kyc is a totally separate issue from sec regulation kyc is primarily around money transmitter issues for the purpose of making sure that pips or other potentially high-risk individuals are not participating in the sale and kyc can be used in a secondary manner for security issuances where you can choose to do the kyc in order to disallow the participation of u.s residents thank you yes go ahead bruno there is there is another one and i'm really sorry i don't know the exact like license but my main concern is you know if i fly to the us i don't want to be scared get arrested and that's why i'm trying to do things the right way um and that's one of the reasons we are doing it and then also there is also the physical nfts that we are looking at doing in the future so if let's say i buy a physical nft i would like to have it sent to my house to somebody's house um then um it would us to require to know who does it come from and where does it go to so because yeah if you buy something from someone you want to receive the item so that's another reason why we are asking these informations all right any uh any final questions from the community i i'd just like to have to put in a kind of a closing you know thought there closing remark um so yeah no i mean i just want to make clear like we're not y'all go no we're not looking reggae for every sale of an nft absolutely not um that would only be relevant like for for you know raising funds from us-based investors which um you know as part of our existing tokens that we we haven't even uh you know anyway um and you know as such you know as it relates to just the sale itself it's just a kyc um check not a not anything beyond that um and then yeah again i'd like to you know reiterate that we're definitely looking to roll out uh kind of jurisdiction by jurisdiction the 95 platform overall and um you know our end goal is to make it as open of a platform to to anyone um so that we you know people can uh transact in an unencumbered fashion to your point um for for you know for for nfts and and critically you know bringing that to a whole new you know ecosystem here um you know ethereum certainly has a lot already done on it and we would of course look to also be on ethereum uh but you know we we really value the kind of you know differentiator if you will um that uh sovereign ecosystem you know on on the bitcoin you know essentially you know bitcoin sidechain uh can provide um and hopefully you know kind of the community will see the value in bringing nfts to to that to help expand kind of available market opportunities um so that's kind of yeah that's that's pretty much where where we stand um certainly open to different uh you know idea suggestions as it relates to specifics around kind of the um the structure of it um on sovereign i know some people had different ideas around uh you know as it related to sov stakeholders for example um so we welcome that um and uh whether you know here on another call or anyone in the channel so yeah silence is it just me malva here uh you will need to leave the call and enter again that's a discord issue you have sometimes they also needed to leave and re-enter okay thank you alrighty um sorry for the interruption but yeah thank you very much roman thank you yan and uh bruno for um sharing more insight on niftify's mission um yeah if you have more questions thanks thanks for having us yeah refer to the to the sip thread um i would like to take the last 10 minutes we have and address any questions or concerns um from anyone regarding the the updates on this call or any general questions hey guys it's david um so this past week um you know we did the concentrated staking and then there was also you know i i think people were kind of pleasantly surprised who were stakers about the um the the fee reward that they received uh do we have any idea of like over how many days was that for was that was that for just you know since we voted on on the concentrating of the uh staking rewards or was it two weeks or was it a month like i'm just trying to assess like kind of what the apy uh impact was from the concentration of the stakes so to answer the question really exactly i would need to look when the last three sharing was done before good um and maybe let me just check if max is on the call because i believe that we still do not have the crunch up which is distributing the fees on a regular basis which would mean that until now you only receive the fees from the doc um trades and not the other currencies which means that most of the fees are still to come when the function to withdraw fees from the protocol is called which is permissionless by the way so anyone can call the function um [Music] and so to give you a short answer until now just ace my knowledge i would need to verify just a small fraction of the fees which is currently accumulated has been actually distributed and more is to come and the duration is several weeks for because we were waiting on that update with the fee distributions um and like i said to tell you the exact date and the exact duration i would need to do some research okay not a problem and then along the lines of the fee stuff um aurora you kind of covered the um the amm swap fees and you know those kind of being added to the stake i'm not holding anybody to a timeline but do we have an idea is that like something you know next week next month like is there just rough idea of when we think that may go into effect so currently it's under review people then need to update it on the test net and after it goes through the quality assurance process we can't schedule a main deployment so i would say we can see it um like within the next sprint or two depending just on um when you're getting the review and when we can get these final checks done it should be rather soonish great thank you hey hi it's anime my question is that in the origin ship i thought i saw that seven eight acres i get around so what are the conditions of the taking part like our eligibility rules do you mean how much voting power uh yeah yeah that kind of like that like what are the conditions so uh we will be doing an analysis on how much voting power is uh there right now for each users based on the wallet uh and based on that we will be having different levels of that and how much they could buy on that right now i don't have any hard numbers but that is how we will be going forward with the analytics for that in any time frame we can expect the same sorry i didn't catch that when would we when would we can expect the sale date like from before yeah sure so uh with respect to the sip uh we are expecting to do it uh early next week and with from that time that it is passed uh we can expect the sale to be happening the sovereign stakeholder sale to be happening on uh somewhere between sec two weeks to three weeks range so uh if by this uh timeline here it is somewhere around mid number thank you thank you for the question nimish alrighty we have four minutes left uh any final questions before we close out going once going twice is this the first call ever where whipper doesn't ask questions that i think is also the first call ever no one has a question before like we finished with the questions before the call ends well i mean what typically happens is once uh we say that the call has ended and we go into the unofficial time everyone is questions gotcha they're waiting for the for the off the record yeah uh okay well i i will close this all close this out and thank you for being a part of our mission to carve out a trail for bitcoin secured financial sovereignty dismantling what people know and understand about money so keep kicking ass everyone help us spread the word and create more sovereign individuals if you'd like to um to hang out feel free to to do so um i think this channel will serve as the lounge uh i am going to um turn off the recording and uh hang out here for a few more minutes um but i think we have a couple calls in the next hour or so so i won't be here long the sovereign call has now been adjourned thanks everyone

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okay cool now that we're all here i'm gonna kick this off as you guys know this is ingalandia head of partnerships and integrations uh for the sovereign protocol i'm going to kick this off with some oven fresh wraps i know you guys look forward to it every week and uh here they are without fail all right here it goes all right november 11th and the devs get to step in 160 million tv l reach the heavens i'm talking about our very own sovereign decks and galandia the deal flow architect at the helm when it comes to partnerships give me a deck and a contact and i'm off to pitch from protocol integrations liberal collateralization i'll propose the idea and an opening statement i'm the greatest a myth among the metaverse nations finance on bitcoin the purest of creation we've had a few sips ratified community is satisfied we're not here just because my raps are nice we stay sharp and on point like a samurai sovereign men's stable coins gonna standardize your keys your control i'm just here to amplify bitcoin stacking high like nobody can deny all right that was a world premiere first ever run through of that first hope you all enjoyed it thanks guys uh let's kick off the sovereign community call episode 29 uh with the governance report uh led by edoniago are you there i'm here hi everyone to reconnect with you again um yes so there's a lot of things going on i think we're having the densest period we've had so far in terms of uh governance and um it's making me think that um the uh idea that we should be looking for ways to provide more scalable governance and the the sov bonded token sub-dials uh might prove to um have been something that we turns out we needed even sooner than we thought there's more and more projects and development work being done in parallel and um and that's creating uh the need to have more and more votes occur uh closer together and um because we it's important that these votes can have the an adequate amount of attention you don't want to have i think too much density of governance decisions in one particular voting structure so i think the fact that we're starting to see this increasing uh density of uh votes is an indication that probably it was a good idea that we started moving when we did towards having more scalable governance and that's something that's you know going to be a bit of an experiment with the uh with the sub dials now as so it happens one of the first subdials uh is um in the process of being born right now the bootstrapping event for the sovereign mint is currently undergoing uh there have been over 2 000 participants so far there's still um i think four days what is the date uh yeah four days until november 15th that it's possible to participate in the summer month um the team has also been putting out a bunch of more information to make it easier to answer questions that are coming from the community um i put out a couple of videos explaining my views on the importance of settlement and the associated protocol origin uh sorry um zero um i'm very very excited by the fact that we're introducing these uh um bitcoin backstable coins and such a an easy way to create them with your interest loans i think a big deal so um we've got a few more days of mint um we also had the sip v5 or um origin sub-protocol past so origins will be um becoming a sub-protocol and that passed with a high degree of uh consensus and so i think we uh you know oh i did of gratitude and congratulations to sheban and the rest of the origins um team for taking the time to listen carefully to the uh to the community to discuss with them and i think what the community managed to do in terms of analyzing the proposal proposing alternatives and eventually ultimately helping the origins team come up with a better proposal was what allowed us to go from a controversial proposal to a proposal which had a high degree of consensus as well as um i think just you know um improved good governance uh and and a thoughtful community as well as thoughtful teams coming up next we have the xero sub protocol uh sip um i from what i've been seeing in the forums there seems to be a lot of support for that and i think that makes a lot of sense tip 31 splitting amm fees with smb stakers this one's been a long time coming uh we uh we're able to postpone it to uh to improve the methodology and so that's coming soon we also have mint layer and niftify as well as a few other projects that are looking to launch on origins in the pipeline there's also the sip to introduce both as a new amm and lyndon collateral um bzr or a stable coin tied to the brazilian real which i think can give sovereign access to the brazilian community um and and a very big user base which really needs bitcoin and is using bitcoin for um everyday needs both savings and international transactions um i think that's a very very exciting one in particular because it opens up the world of fx to sovereign and one of the biggest deals is lightning network integration which came out of the hackathon and then later grant the first version of that is on mainnet and the integration of lightning network into sovereign uh and with sovereign is a very very big deal i think both for bitcoin users in terms of allowing them to use seven more easily for sovereign in terms of allowing easier on-ramps and off-ramps and also for lightning network one of the big problems with lightning network is that all transactions appear to appear and they can't even be from multisig address to multisig address they're from single address to single address and that makes it very very difficult to have enough channel capacity to manage transactions of of of significant size or you know any size and route them to wherever you want and and one of the big opportunities i think here is to have the smart contract layer being built by sovereign effectively act as like a back office for routing transactions between channels uh and a way of effectively pooling liquidity and this is going to take time to develop but it's a it's a big deal so um there's a lot going on um and you'll hear more about that from aurora and the rest of the team there's one thing that i wanted to raise um and we can discuss it later uh if you guys want but um i've started looking into the opportunity to have um another sort of more institutional fundraise for sovereign i think that there's um uh a lot of infrastructure that sovereign is building we want to expand the team we want to make sure that sovereign is going to have the firepower and the dry powder to continue development rnd and adoption for years to come and um and so i've been starting to have conversations with people who either i've been reaching out to or have been reaching out to me about the possibility for the exchequer to um perform a sale of sov tokens um and um so you know that nothing nothing has sort of been structured around this yet but um i think it's a good idea for us to all be aware that this is an opportunity um and and and if the community has any thoughts or ideas around that i think that would be great to hear and so with that i'm going to hand it back to you ingomar cool do we have any questions on anything that yagura mentioned go ahead you have a question yeah this is david uh how big of a raise are you guys looking to do like ballpark i think on the order of everything that we've raised up until now and maybe a little bit more so if uh right now the treasury's sitting on something between uh 265 or 300 bitcoin something on the order of that so we're probably looking at maybe the order of magnitude between 30 million and 50 million dollars but it's hard to say until i've investigated the market more um and and and i've had more opportunity to speak with uh you know everyone who might be involved but that that's sort of my intuition of what we could be targeting okay thanks okay any other questions before we move on with uh tech updates yeah i have a question please uh regarding the brzeeb it's uh i'm from brazil right here and i want to know if the brazilian realize will be a stable coin under the mint protocol that's a possibility certainly so the way mint works is it is collateralized by bitcoin right and the brz token is collateralized by dollars or you know brazilian real in a bank account so it's a centralized stable coin um i would expect that mint would likely be looking to put out a number of different types of pegs some of them could be existing currency some of them could be to you know currencies even more stable because everything is currently inflating that's part of the reason why mint token and mint governance is important um but i suspect that you want to try and see some traction um you know you might want to see some traction first before you start pushing out all of these other tokens although it might be easy enough to create new uh new pigs so um i think the the first one is likely to be pegged to the fiat currency um of of a nation very likely uh the dollar um and and then we might see additional ones so iago i think the question was about the brz token that you were referring to earlier uh which is specifically a fiat backed stable coin right yes so like i'm making the distinction between brz as a centralized stable coin and whatever mint would put out which backed by bitcoin yeah i just mean i think the question was is the brz token that you were referring to earlier issued by sovereign mint or is it a fiat stable coin and the answer is that it's a it's a fiat stable point correct from each piece is this uh in this way we're going to put it i apologize i i i i i can you rephrase me saying which he's saying which vcs are you going to raise from i think is the question yeah that's um okay um i think it's too soon to say okay yeah yeah one question please i was wondering that what is the focus of the sovereign leadership team whether they are only looking into institutional clients or they are also looking to serve the retail uh retail client service because uh because i like the project sovereign project because it is totally backed on with btc that's why i want to associate with it but i want to understand what would be the approach to it whether at first you are just focusing on the institutional client or having them on board or do you have any uh front end for the retail also any timeline to that am i uh clear in my question yes i think you are clear um i think it's a complicated answer so i'll try and be brief but uh give a sense um so first of all i think there's different types of value that the different sort of investor classes bring um ultimately sovereignty is um the product of the community that has uh stake in it of its stakeholders um but these stakeholders can be both sort of like what you maybe would call retail basically just individual users and they can also be groups and those have different amounts of capital behind them different sets of expertise behind them and different value that they break doesn't mean that one group is more important than the other although i would actually say that the users are the most important um but they're but but i think there's still an important role for strategic players to play now with regards to um how this can be raised i think uh something along the lines of uh the whatever we choose as the the bittocracy to offer to any strategic partners we'd probably want to offer something along those lines to anyone who would like to participate as well um so uh one of the things that i've been thinking about uh and this i've been thinking about for much longer than uh this like this relatively new idea of of raising strategic capital is that one of the things that origins could do is potentially have auctions for sov on occasional or perhaps on an ongoing basis allowing people to choose to acquire sov which is going to be locked up for a long time but potentially at some kind of discount to market and that becomes um a way of allowing people to take strategic bets on sov or to acquire sort of pre-staked sov and so as origins matures which is happening very quickly that becomes more of an option for us all right let's uh let's move it on to light sure yeah so um i'll be filling in for sue and aurora uh today talking about back end smart contract and front end uh developments um so looking back at what was uh worked on since the last community call we had a we had a front-end release which which pushed out a number of updates including uh the updates that were required to get origins working with the mint bootstrap event uh which is as iago mentioned live now until the november 15th there were some bug fixes on the reward page um mobile support was disabled for a while so if you tried visiting uh live.sovereign.app on a mobile phone or a mobile browser um there would there would be like a a warning message and it basically wouldn't let you do it unless you kind of explicitly clicked through the warning and said you know i'm i'm fine i understand that it's not going to work well um but there have been some improvements on the mobile web 3 wallets that make it so you you technically could use uh sovereign um on mobile now and the experience will be at least from a from a wallet perspective um more or less the same as the desktop experience uh the the only thing that you want to look out for is that the app itself uh the software app itself is not fully mobile responsive yet and so some of the pages might look funny but the functionality is there and the previous issue where mobile users were getting way overcharged for gas when using the metamask mobile browser in particular has now been solved another improvement that got pushed out was some improvements to the margin trading app um there were uh some various uh pricing display issues that have been fixed um there are this team is currently continuing to work on the margin trading app in particular looking at how the position margin is displayed um so you can expect to continue seeing improvements to the margin trading app and then finally there was an update to how the sov circulating supply is calculated on the stats page um which is the main landing page uh which is at the bottom of the main landing page at live.sovereign.app um some other development of work that has been ongoing since the last community call um would be work on a a ui a user interface for the mint bonding curve so once the bootstrap event is over the bonding curve itself will actually go live and people will be able to trade against the bonding curve either deposit sov to generate mint or burn mint to to withdraw sov and there's also been uh work ongoing to get ready for the zero sip vote uh next week and the zero bootstrap event um assuming that the the sip uh is approved uh we want to be ready for the bootstrap event to sh to start um the the week after that um so now we're looking forward we're going to be continuing to work on spot and margin trade design updates in line with general improvements and quality of life improvements uh on those pages as well as getting them ready for uh limit orders work on limit orders uh is is uh continuing uh work on perp swaps is still continuing um we're um also continuing to work on fast btc the front end work there is almost done uh and the the code base is uh going under audit um is or is now under audit i should say um and um another uh the last thing i'll mention is that uh because i've seen some questions about this in the chat is that um there's a fee distribution script that's been worked on um which will be running uh weekly on fridays to distribute the fees from protocol revenues to sov stakers so the plan is to activate that tomorrow um and like i said that that script will be running weekly uh to distribute those fees every friday um uh and one thing to note here is that although we we have this script and and it will be running uh you know like the sovereign developers will be will be running their own version of the script uh anybody can actually trigger the fees to be distributed so if uh if if it doesn't get uh the script doesn't get run on a particular day or someone just wants to trigger the fees before friday um anyone can actually kind of poke the contract to uh to distribute those fees um and we're gonna be excuse me we're gonna be publishing uh some documentation in the wiki uh sometime in the near future uh that that instructs people how they can do that either using a smart contract cli or an interface like my crypto that allows you to enter contract data to to interact directly with contracts so those are those are the main updates i had from the development side i asked you a question john on that last point yeah what's up um so is that an individual triggering a fees or is that a triggering of the whole script that would be anybody could trigger yeah so uh this script it's it's basically just you know a script that runs and then when friday comes around it will send a transaction to poke the smart contract and release the fees um so anybody can technically poke the smart contract to release the fees um it's just that you know we're gonna have a script that's like running in the cloud somewhere that will automatically do this every friday um but if somebody really wants the fees on tuesday or something like that they can they can poke the smart contracts themselves and uh and distribute the fees and when you do that it will actually uh distribute the fees for everybody it's not just for the uh you know specific uh user that that poke the smart contract so that means that we could have multiple people on an individual day triggering the fee distribution contract regularly and it not being then run on fridays so basically you know seven people could trigger it uh on a single day theoretically and everybody would be getting their fees theoretically do you not think that the likelihood of that happening would be pretty high uh well it's not free to do this it costs gas so somebody would basically have to volunteer to pay the gas to do this if if someone wants to be so altruistic they're of course like i said anybody can do it um whether or not somebody's actually going to do it you know at the very least right now the the core sovereign team is has committed to pay the gas every friday to do this um but you know that it might not be forever sometimes the script might go down for some reason so like i said the technical capability is that anybody can poke this contract and release the fees they're just going to pay gas to do so can i ask what the what the gas is on average to distribute the fees to everybody uh on the on the weekly basis do we know what that number is what that total gas fee is that the that the uh exchequer will be covering uh i don't i don't know what that fee is um if someone else on the call knows um you can speak up otherwise i would have to follow up with you about that that's it for me thanks okay cool malva do you have uh adoption updates yeah hi everybody um just i suppose just a recap of what we've been up to in adoption and across our marketing function really over the last two weeks as some of you may know we're um building up the marketing function and quite aggressively you know judas came on to lead the marketing function and luca has moved across from community to be the social media lead and magnus has started last week he's going to do some email marketing and some other skill that skill levels are for creative stuff so some maybe um youtube also tick tock possibly in the future on zico has been focusing on our youtube channel and getting a strategy built out for that and austin has joined mainly as some research looking at um other protocols how they do things how we can learn from others and and better the sovereign protocol and better our messaging and sly started this week looking at communities and ambassador programs of how other protocols are doing it inside and outside of crypto and how we can build up a really good community based on referrals affiliates ambassador programs scoreboards and just get that project going because i know people have been cried out for that and other than that the wiz has come on board and he's going to start running some sort of operations helping the various circles and teams and sovereign work more efficiently together and comes across the project and get it going a lot smoother and we're working with two external writers to get more content and more creative stuff about sovereignty the protocol those guys currently also work for brands such as real vision and bitcoin magazine among others so they're really good so we're working with them to work out some content strategy and mainly i suppose the focus of the adoption team is education and working on a strategy to maybe create as much explainer videos about the protocol about sovereign about our vision for the future and help uh the community particularly the community managers have all the information they need when we're launching new products such as mint such as xero and just keep the community up to date so it's really building out the team you know it takes time for people to come on board learn about the project learn about the vision and settle in and get processes in place and then education education education so that's what we've been up to over the last few weeks amongst loads of other stuff but that's the main goal to get these uh new uh contributors on board and start creating as much content as we can to promote the project um that's it for me ingomar cool do we have any questions for malva or or anything mentioned thus far hey uh it's david i actually have a question for for john light um 31 on the forums you briefly mentioned a subtle change that's going to be made maybe you could elaborate on that and the time frame of when we can expect to see that be implemented yeah sure so um originally uh i i shouldn't say origi so originally the the plan was to make it so that when the fees were split all of the fees from all of the swaps would be split with between lps and sov stakers but we realized as we were going into the implementation that it would take longer uh or there was basically a a partial implementation that we could do that would be relatively quick and then we would be working in parallel on a on a solution on a full solution that would take longer and uh kind of just as uh as development kind of progressed uh the the first solution the partial solution ended up taking longer than expected for for various reasons and so the decision was made um okay you know since it's actually looking like you know it'll it'll take a long time to do this anyways we might as well just do the full solution so that all of the fees are split instead of only some of the fees and so now we're kind of back to the original idea which is that all of the fees from all of the and on swaps will be split between lps and sov stakers instead of only some of the fees which is what the sip was saying for a period of uh about a month or two a month or so um and so now we're just wrapping up the the technical implementation of that the sip text itself has been updated to reflect uh that we're doing the full uh solution with with all of the fees being split and we're just uh i i think we're now the technical implementation is either done or very close to being done and just uh getting ready for excuse me getting ready for a review uh so you know put it putting that through review audit and then um pushing to mainnet for for the actual sip vote and that um we think is probably a week or two away but um that's just an estimate based on where we're at right now that makes sense thank you all right um sure go ahead yeah so it's about the the audit that you guys mentioned just curious to who guy who's um who will be doing the audits for sip 31 specifically because we have different auditors working on different projects the sovereign audit process is there's no one auditor there's uh internal audits uh on every uh pr there's um an external team that ordered every single pr and then we also have products go out uh to different auditing third-party auditors for auditing and then there's also a quarterly audit of the entire system all right cool uh so regarding business development um there is a proposal for the brz stable coin to go live very soon the pull request has been made um we met with a risk management firm that could potentially assist with uh amm incentive management um and optimizing lending and borrowing parameters i'll be heading to le bitconf in el salvador next week so if anyone else is headed there uh give me a shout maybe we can meet up for coffee um we recently funded another bitcoin backstable coin project separate from men separate from xero um with the focus on stability inflation resistance and uh not being pegged to the american dollar so that's underway stable coins on stable coins um we have a wallet just one thing i want to point out is that it's very likely that so that that project is using technology similar to the rye project on ethereum and it's extremely likely that it'll be integrated into mint at some point that's awesome um and that's what i kind of first saw so we have a wallet app beginning to integrate uh btc lending and interest earning within their app for their audience um they're in our discord now and we're just beginning the you know the first steps of integration um and i might have to be vague with this last point uh there's an nft project project proposed by a community member uh so we'll need some front-end developers and designers i found a solid solidity developer uh who is interested in working on this uh because it it might be uh you know small enough for him to handle it in the short term um but we are in need for for more developers especially front end and um designers if you are interested in collaborating on an nft project um on the sovereign in the sovereign ecosystem so any those that say with the updates pretty much does anyone have questions regarding that um i'd like to ask you about brz brz as a stable coin would be integrated with babelfish or would be integrated with mint i mean i mean obviously because it's not a bitcoin backstable coin right brz uh this proposal for this particular listing will be just to make a collateral for like leveraging uh in in like the sovereign decks okay so it would be available uh uh only as collateral it wouldn't be uh traded in the amm it will be traded in the amm uh for the amm you don't really need a proposal for it um like anyone can just do that uniswap style but to make it collateral in the system there there has to be a proposal okay so but it won't be included with battlefish in their basket correct correct not for not at the moment though it would be interesting to see how that would work since they have different it's like a different peg it can't work actually because it's usd and that's brazil right right it can be done it means you will kind of uh balance it to dollar yeah yeah exactly but the technicalities of how that would be done is more of a babelfish conversation [Music] alrighty so we got through we got through this call pretty swiftly um we do have a leadership call in 20 minutes so we can so like those of us in sovereign core uh leadership we can only hang around for about 20 more minutes so feel free to ask us anything i had a question i just wanted to know what you guys are thoughts on the taproot upgrade looks like it's coming live in three days um it seems like it's going to benefit sovereign i just looked up brute stock and they're definitely very excited about it it's going to add a lot more privacy um as well as cheaper transaction fees so i just want to know if you spoke to rootstock at all or have you guys ran any tests or anything like that i assume by rootstock being the rsk team so routine is appropriate yeah so our rsk are separate uh one is a company and the other is a technology that's fine it's just a worth making the distinction um yeah yeah temperance cool in a lot of ways i think the way i think it's most um the the biggest deal i think is around the peg it allows the potential to build a more permissionless more trust minimized and more private pegging so peg in and peg out system and um and i think that's not going to happen in the immediate sense because it's it's not trivial work but that that's a pretty big deal okay so we probably won't see that effect uh within the three days of the soft work there or it'll probably be later in the future yes definitely it's not going to be something which takes effect immediately um it's tempered is adding new capabilities to bitcoin but then the technology needs to be able to be able to take advantage of those capabilities okay i see yeah because they're they're talking about smart contracts on the network and all the good stuff that would help out sovereign for sure cool inc may i uh say something about uh sovereign origins yeah sure right um so we're going to be running uh a marketing competition to assist the origins team in finding a strap line a strap line being a short uh five to seven word uh description of sovereign origins um the winner will be uh receiving 1 500 og tokens expect that competition to launch uh either tomorrow or on monday and run for a week uh and that's that's that yeah okay i missed some of that how can someone participate uh we'll be posting a a type form uh which uh allows people to submit their proposals for a strap line under a set of guidelines uh and then there will once we've collected those they will be put together into a voting form for the community to vote on on on which one they like the most and declare the winner for the strap line okay cool that's awesome um i have a question for the community is there any piece of content that um that we've put out that you have feedback on that you really liked is there like a video that informed you was there a tweet that um you know especially caught your attention um i thought i'd take a minute to just ask you guys what are we doing well or not well well um well i kind of got brought in by a friend who who sent me this really cool um video that you guys did i i suppose like last year or fairly um early on it was the the fiat lords episode um i found that rather amusing and fun and uh well thought out and like i think the the target audience for that is uh i think you may have nailed it pretty much i really enjoyed that that that video um yeah so stuff like that yeah explanatory videos are extremely good i think we can do more of those because i was trying to learn more about mint but i was not able to come across any resource for that so could you please direct me to that resource directory that would be really helpful and for for the main part the main popular one or explanatory videos so that would be another question is uh what is the outlook for sovereignty to expand in other markets and uh how come uh yeah how can we can is it okay if i ask another couple of questions on on sorry someone someone is speaking right now i'm so sorry yeah you may have muted them myself i'm so sorry go ahead it was a future video no yeah yeah so so my uh one i suppose that my first prior question part is would be clear and the second part of my question was how the what is the outlook in terms of where sovereign can contribute in the defy space since that ethereum is right now uh very much have the lions here and how can bitcoin can again recapture the share what we need to do as a community because and as a supporting sovereign so that we can do and make people believe that okay defy can be uh achievable with bitcoin as collector okay i can attempt to answer at least um one of the parts of of your question how do we tap into other d5 ecosystems i think especially with ethereum um you know i work towards making the case that whoever like when an ethereum comes over to to sovereign that there's nothing that like they can't do here that they can't do on ethereum um so that means building out the ecosystem other types of of trading protocols um you know nfc marketplaces there's still plenty to build out so that you know when people enter this ecosystem that they have everything that they would want to do in d5 so that they don't necessarily have to go back um there's that and also beautiful um bridging to other changes so that we can have um we can have like our native assets um that liquidity so those are like two initiatives that like we're working extensively on uh can i make a question uh for the last few weeks i have been seeing uh jack dorsey it's the velumpia project [Music] sorry uh about a project uh to be to create a decentralized exchange uh focused on bitcoin and i want to know if that it's a good thing for sovereign or if it's something that maybe can be as a competitor or something like that i i want to know what your thoughts about it um we've been having conversations um on an ongoing basis with various people who are working on some of the projects that cash app and square are involved in um among other things they've mentioned working uh on rootstock as well they've been looking at uh sovereign um i think a lot of the work that they're doing is very very early stage um and it's going to take a while for it to mature but we have been looking to help contribute where possible and i don't think it's really competitive um even if it was competitive it would bring so much more attention to bitcoin there to systems and bitcoin generally they would be great for sovereign i think it's going to prove to be the kind of thing where there's going to be a lot of synergies um i also think it's going to take a bit of time before it is live i think i saw something on twitter two things one is that they said that there would be a white paper coming out within a couple of weeks um and that was a couple of weeks ago so you'll probably see it like by the end of this month um but we'll see um and then the other thing is that i saw them basically say that they were going to be focusing on fiat uh so it seemed like it was more going to be like either a competitor or maybe somehow integrated with bisque um [Music] but as opposed to something like a you know a crypto asset crypto asset token to token kind of exchange um but you know that's uh i think still speculation at this point so we'll probably just have to wait for their white paper to see what they're really thinking about doing there um may i this time sorry for interrupting earlier um so i'm kind of new on this whole um uh well while i understand the concept of forking i've developed a couple of applications myself but neither never you know smart contracts or something of the scale but i had a question on like like in general on on forking and and and teams that fork other teams uh project and my just my thoughts um there go something along the likes of like when you fork another project that's taken like years to to r d um and to test to have like real world um analytics and you know like really battle testing it when when you fork it like um how can a team be um you know confident in its ability to to understand the tech the risks and you know how can they be confident in in that and their ability to you know continue to innovate on something on something that um they haven't necessarily built themselves any thoughts on that or like could you comment sure um sovereign has made a point of primarily choosing to use uh existing code where possible code that has already been paddle tested um aurora in her manifesto at the very very early days wrote that she viewed um ethereum as a giant test net for the stuff that we want to be doing and it's a great testament because it's got real funds at risk um the uh the code that is being used by sovereign today a very very large amount of it has been forked from other projects compound bzx [Music] ave and others unit swap but maybe the biggest piece of it is um from bzx actually now bzx in the period of time where since the first pieces of bzx code were implemented into sovereign has had three major hacking events three has lost three money three times the most recent was uh was 50 million dollars and that was about a week and a half ago sovereign has had none the reason is that when we adapted the code we improved the code we introduced far more unit tests much closer to 100 test coverage we introduced monitoring systems we introduced uh uh two link uh uh to make sure that we could uh detect um issues sooner we introduced the process of qa and user testing on testnet we introduced a bug belt the sovereign approach has been adapted improved i think those extremely talented developers working on sovereignty who are extremely dedicated to transparency and to security um and um and i think that code that has already been run and tested even if it's been hacked um which we knew when we'd take we we chose to use bzx code we knew that it had been exploited several times and we thought that was a good thing because it helped us um see where the potential weaknesses were improved so the way you use code which has been developed by others is by taking it to pieces and building it back up again but um yeah thank you for that explanation but i mean if you're not the uh as you said as you stated like it's been battle tested and uh that that that is going to give us some confidence in the system but it to me it sounds like if you're not the one battle testing it yourself like you're you're missing out on a lot of um like in vitro information that that is happening in real time and you're you're building that experience as it's happening as you're resolving those bugs um or like intrinsic systematic you know errors and like this this thing took years to to to develop and like we understand that's happening to us as well so for example in the first um iteration of the trading system we were using a system that had been developed by bancor and they called it bankroll v2 and in fact it still exists in our system in the form of a mostly deprecated but still existing amm pool used for trading usdt and over time we came to recognize why banker uh chose not to really promote or progress with it and that was there was very severe issues with it and so we deprecated that um and so that does happen um so uh does it happen you know it happens you know um with the in the we got it in the benefits of hindsight but in practice so did bangkok so i think neither of our teams when we started using the code realized the vulnerabilities or sort of like exploits that were available until we had started uh really really working with that code um so you need to stress test things and and and so we do yeah thank you and um so some protocols may opt to to choose like uh a non-open source you know um approach like for example unit swap v3 as far as i know that is um closed source so what what what would be like a response from from sovereign if you were like using the open source v1 of something and then the next the next v2 uh turns out to be closed source like what would you be doing or thinking in that case would you deprecate it or would you choose something different would you develop something of your own or what it what do you think it's really on a case-by-case basis so for example we're using some elements of uh unisop v2 specifically we're using the oracle system we're happy with it we we we we changed a lot of it so it works differently on sovereign but um that was the the starting point um the limit orders for example that we're introducing are partially being introduced on basis of work that was done in sushi swap um you know the genetic material of the code is out there and we'll collect on an ongoing basis whatever we believe is the is the best tooling out there and if it's closed source well uh maybe we choose not to use it um code is a commodity code is not the most important thing in this space not even by a long shot um you know any anything that you can code up in one way you can code up in a different way and everything that is being coded up almost everything that's been coded up is open source certainly anything that's being developed by a decentralized project so um having the best tech isn't the uh isn't the barrier to entry isn't a competitive advantage um it's what you do with the tech that matters thank that that's really uh great to hear some of your thoughts there um may i ask another question i notice i'm maybe taking up a lot of time after this one i i have to close out the call because we have reached a meeting yeah yeah so i was in another community call and i remember iago was talking about uh like the the prospect of um going multi-chain or like uh ad venturing into some other um chain ecosystem uh what's the latest among those talks so to speak there's no latest it's just uh something that i think you're referring to a post that i posted something i've been thinking about and wanted to get some other people's thoughts on um i think that there's probably better things that we can do than um sort of uh copying the code and redeploying it on other chains so for example a much more interesting option to my mind and then something that we're investigating is creating sort of embassy contracts which would allow people from other chains to interact directly with sovereign protocol unsovereign in a seamless way using um a relay mechanism so that's something that we're architecting a potential design for and we'll see how that played out yeah that sounds interesting and thank you for elaborating on our questions that's very uh helpful thanks for your time everybody and yeah keeps keep it keeping going thank you sir what is your name again uh i'm dennis dennis nice to meet you dennis hope to see you again on future calls uh so i want to thank everyone for joining in being a part of our mission to carve out a trail for bitcoin secured financial sovereignty dismantling what people know and understand about money so help us spread the word and create more sovereign individuals so episode 20 29 of the sovereign community call

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okay um so it's 602 my time i think we're uh good to go uh hello everyone uh for those of you who haven't met me yet my name is judas i'm sovereign marketing lead started about two months ago and the first thing you should know about me is that i love bitcoin probably more than anything else in in this world it really is in my in my opinion the most important thing that happened in my lifetime probably in the last 100 years a few years ago we got to know this amazing invention and fell straight down the rabbit hole uh the learning process in bitcoin as you all know is hard and awesome and can cost you a lot of money and i wanted to help people and guide them you know how to not make the same mistakes that i've done uh so i created an online community for bitcoin noobs which later on developed for some courses to that day and you know up until today people are thanking me for helping them get through this uh if you're on youtube i won't have to mute you b dot s thanks um so yeah as i was saying uh building this online community uh helping people get through the vermont market um and really uh that made me feel uh very good about myself you know helping people not not selling when it's hard um so yeah the first thing you need to know about me is that really i i love bitcoin and the second thing you should know about me is that i love helping other people um i also volunteered emergency services when i was younger i have this community and and only yesterday i hosted a barbecue dinner for all of my friends uh i hope you're not vegans or i didn't offend you in any way so if i if i did i'm sorry uh third and last thing you should know about me at least for today is that i can't rap not like in galandia at least but i can play the guitar so uh to cover for england yeah today i'm gonna write you my first sovereign song simply sorry and i hope that you guys will enjoy it so there we go if you know the rhythm feel free to join [Music] i was [Music] [Music] zero and some origins [Music] we love you and we thank you [Music] [Music] we know that you all are waiting we love you and we thank you so much [Music] [Applause] thank you for sharing our mission our vision um and iago is telling me that my signal is weak so i hope you could all hear it well i will move to another room uh from now on um okay so the guidelines are guys as usual if you'd like to speak raise your hand wait patiently and we'll bring you on stage i remind you again please please mute yourself so that i won't have to server mute you um okay before we go with the agenda anyone wants to introduce yourself say hello okay um well then let's start with diagon go ahead what is new hello sovereigns and to those uh sovereigns among us who are american happy thanksgiving i'm going to be pretty brief today because there's a lot to cover and i want to leave time for questions but that doesn't mean that there hasn't been a lot going on most particularly we had the mint token sale um i think was an extremely successful uh event uh there was the the the it was a new way of doing the sale um allowed people the luxury of time to enter and also allowed us to more properly manage load across the system that worked very well we continue to learn and adapt the systems based on prior experience we also had the zero sub protocol pass the sip pass which means that the zero sale is coming up soon now both zero and mint have been postponed a little bit and this is due to the fact that xero and mint are tied together and should be coming out closely with each other and um both xero and as i think you guys know are being built by ecosystem teams and so when the core team was doing a review of zero we recognized that um [Music] the in the sip uh the xero team had expressed that they were going to be sharing part of the revenue with sap stakers we recognized that the way that they had implemented this was not optimal and so but we provided the feedback and the xero team have now pretty much completed the fix around that and it's being audited um and so that means that zero and mint will be out soon now i see this is an extremely positive development uh in two very important ways first of all bitcoin backstable coins are crucial to us having the ability to build out the full potential and mature the financial ecosystem and economic ecosystem around bitcoin and the ecosystem that is sovereign the second thing is the fact that we are starting to see these ecosystem projects come live at an accelerating price that tells us that we're starting to attract the kind of developer talent and the kind of mind share that is going to be very important because ultimately open source projects are all about their ecosystem and the growth of the sovereign ecosystem is paramount so this is you know the launch of milton zero i think is going to be a milestone of enormous weight for sovereign and for bitcoin and i um i think zero protocol is an extremely exciting product but unmatched by anything in the centralized world or decentralized world um that is you know it's we're starting to see how sovereign is maturing into being able to offer truly unique uh systems um we also have under review except 31 splitting of amm fees with sap stakers and um a some additional sips coming up including the niftify token sale and there's some additional work being done by various teams on other ecosystem projects including several nft projects that are either in the works were being talked about and so that i'd like to hand it back to judas because i think light is about to speak about one of the most important things that have happened recently which is the lightning network integration and the continued work there which is also an ecosystem project judas thank you very much go uh as always great to hear you um it's been wonderful uh uh really this uh two months and all the progress and everything we've seen from sovereign uh ever since i joined it's just amazing and mind-blowing every single day i'll just correct you on one single thing light is celebrating thanksgiving so he uh won't be joining us today but aurora uh is here uh to cover for him uh so aurora the floor is yours hey thanks and an amazing intro tutors really thank you so much um so yeah jaeger already said it so the lightning sov bridge now supports swaps between lightning bitcoin and sov this is a great new addition and for more information you can visit the lightning suv channel on the discord or follow the lightning subby bridge thread in the forum so on both channels you will find more information about this and i'm sure that also the developers of the lightning bridge would be happy to answer any questions you might have with that i would continue with the general development update and what is in the pipeline for the next days so um our next updates will contain a protocol update to prevent dust positions on the system um thus positions on the system are a pain for the watchers for the summer notes so those of you who are running one might have um had their experiences with positions and with this update they should be part of the past um then we are pushing out a update to the fee sharing proxy which allows us to withdraw sov as sov from the protocol to the fee sharing contract instead of having to convert it to rbtc and this is required for us so that we can trigger the first actual fee withdrawal in sov currently we haven't done it because this exception to the rule to convert everything to rptc was missing we are also deploying um the refactored loan token contracts which is critical for us because we need this refactoring in order to be able to further develop and improve these contracts because they reach the size limit and then there is the long-awaited c31 the amm fee split which we deployed to tesla today but as we did so we realized that we want to change one last thing on the implementation before we deployed on mainnet so we will uh likely face a few more days of delay so sorry about that but i think the day will be worth it um our other development streams are fast btc we received two out of three audit results and are currently just waiting for the results from a penetration test an external company is performing so far no major issues were found so we are um quite confident in the security of the code we are at the moment still integrating the bridge into this mark into the smart contracts of fast btc so that fast btc in the future cannot just be used to bridge your bitcoin to rsk but it can be used to directly bridge into any other chain which is connected to rsk via one of the sovereign token bridges and we are still expecting an update to maint um this year so considering that also the last other result will not bring to surface any major issues then we need the fast bdc update also for our purpose product which is currently facing delays with the audit we got an outdated code review and are currently resolving it with the other company so we still do not have a finalized new timeline around this but it will probably be actually one launch and we will not be able to do it anymore in december we are using this delay to introduce some improvements as well which we found out during some of our simulations and are working on the meta transaction setup and our and generators continue the work on the front end integration on the limit order side we made our contracts upgradable so that we can very easily extend the different options we have in the future as i mentioned previously we're starting off with limit orders for margin trades and limit orders for spot orders and we are already working on the addition of more conditional order types such as stop loss and take profit so currently we are still in process of finishing the front end and then the mid orders should be able to be deployed on mainnet and i think this is the most important update from the core development and it's not exhaustive but i think it's the major part um [Music] from my side so giving you bringing it back to you judas okay thank you very much this was an amazing update so just really unwrapping it quick the lightning bridge can now also swap sov to lightning bitcoin is that correct or [Music] alright yeah you were muted okay yeah so it's very very exciting news uh we i know we're all waiting for the perp swaps and limit orders uh you know some more more more and more features uh to sovereign obviously would make it uh much better for all kinds of traders from uh the you know from the low uh average user to the experienced uh algo trader um and obviously fast btc which we're all waiting for to actually move sovereign from alpha to beta does anyone have questions for aurora guys before we move on to creatives just unmute yourself and shoot i think someone asked in the chat what was push to quarter one launch so she was talking about perp swaps okay um looks like no one went i've got a quick question all right go ahead buddy are there any options for you guys to add liquidity on your side for the lightning channels it seems to be there's a lot of um on the nodes there's nothing coming out it doesn't appear i believe there is a plan for that right yeah we're working uh to pro and several different methods for providing liquidity um and one of the things that we're looking to do is encourage uh people who have lightning um nodes to provide liquidity themselves one of the more out there things that we're currently examining is the ability to do liquidity mining around lightning network which i think would make us the first project to ever do such a thing and would also highlight the advantage of being able to connect lightning network with uh smart contracts liquidity mining on lightning sounds extremely exciting to me uh and i definitely never heard of anyone uh doing this before and if you guys you know you are our community and you are very smart and if you have ideas on how can we incentivize uh others to uh you know provide liquidity to our bridges to lightning to whatever yeah we have a million of channels here on discord just find the appropriate one and pitch us your idea we're always looking to hear from you um unless we have any more questions for aurora uh so i think two you have the floor body go ahead hey man um hi guys uh sorry i wasn't around last call had something come up um basically uh we've got we've just been working through this sprint it's pretty much the same stuff as we're working through last sprint we're working on getting these purp swoops um uh in the meantime we've started working on an interface for a competition for that um so that that should be quite cool other than that we've mainly been working as well as working on the purp source we've been working on the trading updates of the limit orders and uh that's all going well and we expect to have that up on testnet uh for testing at the end of the week um so that i would hope would be with you before we speak again next um we have for more from the creative kind of side of stuff uh we we wrote the first um script for the comic uh and we're now i'm just kind of editing that script um the first the first part of the story is definitely um interesting uh it kept me hooked to the to the very end and i'm waiting for the next one but we need but we still got to finish the first one obviously but yeah no that that's uh very exciting stuff so i would be hoping um that we would be getting issue one out hopefully before the end of the year um other than that we've been working on some like kind of like side projects tiny bit um so a few months back a couple of our um community uh well yeah they're our community but they work for us um they got married on the blockchain uh through an interface that they created uh we've just been tightening that up very slightly uh because they're gonna be writing a article about that um so we wanna have that up and ready uh for the article other than that one of the things that we're putting a lot of time into um is a faq interface uh what we're trying to achieve with this is basically uh have a call to action on every page uh that allows you to figure out uh any of your questions uh guide you through what you need to do without having to leave that page so all the information that you could possibly want to understand to do a trade or or add liquidity um we'll be there on the page you won't have to go all over the place and it should be pretty logical that's going to take a while to um fully implement uh but um just to let you guys know that's that's in in progress there uh i think that's everything from me judas right sounds good so when when can we marry on the blockchain too uh well like i said the this is only like the first one so this is like the the the kind of alpha beta prototype that they used um but uh yeah i believe it will probably look into uh developing that uh probably q end of q one q two sounds exciting okay i know i'm never gonna marry in my religious uh however they called in english you know the rabbis or whatever um so i'm definitely looking forward to it um okay our dear community dear sovereigns do you have questions for two creative art director is the men of creativity everything brand design related this is the guy to ask this is your time um on the meanwhile don't forget if you are still somehow not subscribed to our channels so don't forget to follow us on twitter and telegram subscribe on uh youtube also on reddit why not and obviously make sure that you sign up for zero email updates okay just go to sovereign.app zero put in your first name and email and we will update you first on when does your presale starts and all of the details okay do we have any questions for two or can we move on if there's no one mute in the next five seconds then i think we will move on to a malva adoption lead go ahead buddy or is yours hi everyone um how are you doing just some there's my door i followed you about that um here you um so an update on as you may see there's an interim website up at the moment replace the older website the reason why we did that is we were using an old platform called forestry and we couldn't update the website without involving um developers to fix even changing the words so it's an interim website and hopefully won't be up for too long as currently we are working on uh building a full fully fledged website the wireframe just started that's going to be probably around 50 pages it's a massive project uh so that's probably going live i'd like to say end of january um but progress has been made there and that involves a lot of stuff regarding um videos animations 2d 3d a lot of stuff so it's a very big project um regarding the team you'll probably see the team has been forming for the last while under the guidance of judas so be really good there a lot of email marketing focus this last few weeks for the launches um also we are um an internal uh writer starting next week and a few other people joining so the marketing team has been building up for a while uh sorry i'm gonna jump on a call here i'll be back sorry judas can you just carry on for a sec i'm getting hounded here by calls yeah yeah um yeah so malva is a very important person and he's having calls uh 24 7. i'm trying to talk to him sometime in the morning or in the afternoon but yeah there's usually calls interrupting on our way um so basically this is the speaker list for today guys um i know i had some connectivity issues so if you would really like i could repeat my song in the end for those who will stay uh but for now i think that we would open this up for a q a and maybe maybe marvel can continue with his update when he comes back so i'm now gonna unmute all of you read the server muted guys please try to behave and mute yourself when others are speaking and go ahead come on ask your questions that's your time don't be shy there are no bad questions i have a question go ahead buddy uh i don't know if it's a question that's for um or adoption but anyone can really answer i brought this up in the telegram about um what what i think is the best for sovereign adoption is education about rsk and rbtc so i think to kind of share what my concerns are i'll share a little bit about my own story like i've had bitcoin on the bitcoin network doing nothing for years and uh when i found about an ethereum d5 but i never would risk my bitcoin bitcoin on ethereum d5 and when i found out about sovereign i kind of jumped the gun and and uh swapped my bitcoin for our btc and started to yield farm on uh on sovereign and then later on when i when i done researching sk and rbtc i i have to be honest i was a little bit disappointed with what i found about you know the the true risks of um of converting bitcoin into rbtc and using uh d5 on sovereign because it was a little bit different from what was kind of like what what the messaging was when when someone first learns about soccer and so i think the team what do you think uh like what can be what can you say to me to uh reassure me that you know when i use rbtc on sovereign that it is a trustless uh form of bitcoin because as my understanding is it depends on the pregnant worries and there are hsms which are hardware security modules but i don't really know how i can verify how that works myself um you know whether there are any vulnerabili vulnerabilities regarding that then you know also related to that is the security of rsk but maybe maybe we can take this one question at a time thank you very much thank you very much great question great the issue that you raise first of all i think the way you raise it was very cool but the issue that you raise is an important one we uh on these calls and in writing frequently try to highlight where the um risks lie and for example the pig we don't call the pig trustless we call it trust minimized and um it's definitely a multi-sig system it's definitely um under certain certain circumstances censorable and so there is a addition of risk there when uh you're using our rbtc or when you're using sovereign so how how should we assess this risk well my sense is that this is the most secure system uh the most secure multi-sig system the most secure system for using your bitcoin but it is certainly not as secure as using uh as keeping your your bitcoin you know in a cold wallet uh and you know i i i have bitcoin myself in sovereign i um i don't have all of my bitcoin in sovereign um but i have a lot of bitcoin in sovereign and um my sense is that it's probably safe but there are failure modes a failure mode might be that the pignatories go offline in which case the pig could cease functioning at which point it would take a year before the funds are automatically swept through a multi-sig system to a new set of multi-stakeholders it could be that there is an attempt by a majority of uh pignatories to try and steal funds they would need to be able to defeat the hsms which will only sign transactions that are consuming the correct spv proofs so it would be a very very difficult thing to do um they would need to defeat the hsms and have a majority of the pickatories a little bit more about that sorry like is it possible for pregnant worry to replace the hsm like or is it i don't really know how an hsn works so no it's not possible [Music] i hear myself thanks so it's not possible for the pikatori to replace the hsm so think of the hsm as a little black box and this black box if you open it up it is destroyed and what this little box does is you put spv proofs from bitcoin and from rootstock into the little black box if the spv proofs are correct then the little black box signs a little note and passes them out you can't see what's going on in the little black box and you can't manipulate it so what i mean by defeating the hsm or defeating the little black box is you would need to figure out a vulnerability in the hsm and take advantage of that that's possible um but um that because the hsms are effectively using the same technology as ledger anyone who's holding their ledger on their their record in a cold storage on a ledger is actually taking on exactly the same risk minus the multi-sig of the pignatories so in some ways this might be safer than standard cold storage when we start getting into the questions of these kinds of security questions it really depends what your threat model is and you have to recognize that there is no such thing as perfect security and one of the reasons that perpetual swaps has been postponed is because the audit team the external order team audited things incorrectly we noticed that they ordered things incorrectly and we have now introduced a new audit right but things can go wrong um so whenever you know anyone who's using bitcoin is taking on a certain amount of risk we've become comfortable with that risk because bitcoin's been around for 12 years uh but the risk remains so um the i think what it comes down to is a practical question of do you think this is too risky um um well thank you like i think you've i actually explained it pretty clear like much clearer than when i uh understood it before because i was mainly concerned about whether um the pregnant worries had had more control over the hsms it sounds like um they're more passive yeah [Music] sure sure yeah so specifically regarding rsk my my concern is that when um when we talk about hash rate like our rsk's hash rate is just uh saying how how much of bitcoin's uh network is being merged mined but actually like so so we can't use that hash rate to determine what is the computing power as needed to attack rsk because that hash rate is essentially recycled so really um the security of rsk to my understanding is what is the mining reward that's the bonus for the uh bitcoin miners uh that they that they would um kind of give up in order to attack rxk it seems like that would be proportional to the number of transactions on rsk so how are we claiming that rrsk is the most secure smart contract platform like versus ethereum that's my question yeah so um merge mining is does introduce this kind of complexity it's not as straightforward to analyze what the security behind the merge mines chain is um i don't think however it's correct to say that it boils down to this transaction fees it doesn't boil down to the transaction fees for several reasons first of all there's systems uh any any rootstock node can observe uh bad behavior on the part of miners in other words if miners were attempting to introduce a new chain separate from their what they were mining for bitcoin that would be readily noticeable second extending the rootstock chain actually does require the bitcoin hash power so um it's true that their rewards are not uh they're not receiving the entirety of the rewards but um they are participating to the extent so let's imagine a situation where 100 the bitcoin miners are participating just for simplicity that hash rate would actually be hash rate which is devoted to the rootstock system and miners could potentially collude to try and um restructure right reorg the chain but the level of collusion that would be required would be equivalent to a 51 attack in terms of uh the amount of hash power devoted so it's equivalent to a 51 attack on bitcoin where where is the game theory different the game theory is different in that you can say well they're able to continue mining on bitcoin and continue to see those profits uh unchanged and so they have sort of a more riskless attack that they can make on a side chain like rootstock and that is true it's more riskless but not risk-free and as uh rootstock and merge mining become a more important part of bitcoin that actually the risk goes up and up for the miners um to the point that eventually the two systems are considered uh identical or near identical so again uh you are taking on you are assuming additional risk here um but very frequently when people write criticisms right uh what they're pointing out to is potential dangers that may lurk in either game theory or or software systems potential dangers look everywhere uh the question is what is to what because i i think that um the nature of a side chain may make it even uh more risky because bitcoin being bitcoin has mining pools which you know if it was rsk independently or order uh if it was another blockchain with i didn't have huge mining pools then the the likelihood of cash power being concentrated in the in these mining pools becomes less so when we're talking about yeah one of the assumptions you made was 100 merge mining or we're only at like 63 so currently if we were to say uh if you were to try to convince someone bitcoin would be secure if it was a 30 you know attack not a 51 how would you feel about that you know that that's kind of how i feel about rsk at the moment yeah so i think that's a legitimate way to be thinking about it and one of the goals that we have is to increases the the [Music] merge mining to 100 and it's grown um fifty percent when when sovereign launch was at forty percent and now it's around sixty percent we'll we'll bring it to a hundred percent um and you're right right now you'd only need about forty percent of bitcoin hash power because i'm sure other people have questions but thank you very much and i'm happy to continue this conversation offline thank you very much culture um we'll just circle back to malva since he's back here with us and then we'll continue to the rest of the questions so marvel go ahead yeah i apologize about that um i got distracted there so i was talking about the interim website um just live because of them problems with the other platform that we want to get uh we couldn't update it really so as the interim side is live the wireframes for the fully fledged new website is underway and it's going to take a couple of months to live but that's going to be i think a wow website and have a lot of information a lot of education about about sovereign about roots talk about stuff we've talked about here and really focus on educating people who want to use the sovereign protocol uh and bitcoin in general and just kind of recap over the last few weeks um has been working on explainer videos about using the dap austin's been working on this week analytics so we ensure uh what we do from a marketing perspective we can track and we can see where people are coming from what works what doesn't work and sly's been doing a lot of research exactly on this point goucher boy what we're talking about what are the vulnerabilities with maybe rootstock and sovereign and be transparent as possible to anyone who wants to use the the protocol and then once we've done that move on to other g5 projects particularly on on bitcoin such as stacks or liquid or portal or even bisque and do kind of a swot analysis and a competitor analysis about the trade-offs each one uses so we know the market and be able to educate people who who like sovereignty about the market too so that's very important so just on your point we're deep in that and understanding how we can improve our security but also help our partnership with rootstock and improve theirs also and then probably a lot of stuff is in the background that you may not see playbooks on how we launch some protocols new features getting processes in place as well and then we're really working with the wiki team and particularly community is the big one up next is rewarding people in the community for or promoting and helping out other community members and working on referral links ambassador program so we've conducted a big research uh on both kind of crypto projects that are doing it well have to run really good communities and also non-crypto communities that are run really well what tools they use and how we can implement them in sovereign so expect that to come in a couple weeks putting feeders out and telling you how we're doing there so lots of background stuff that we're working on and judas is leaving the marketing team really well um it just takes time to build this new team up and yeah but it's all going well and we're very excited about the future so uh i'm happy to answer any questions if anyone wants to ask me go ahead everyone it's your chance to ask the i don't want to dox him but the great accent guy all of the questions that you have for him uh so go ahead don't be shy you probably have a lot of questions about marketing about adoption uh you can shoot them now no no silence radio silence if that's the case and i suggest we end the recording because very frequently people prefer to ask questions after recording has been ended okay okay make sense uh mickey um let's end the recording please uh by the way guys if i'm mentioning mickey so i just want you all to know that he wrote an amazing piece uh that's right now available in hacker known it was actually one of the top viewed articles of the week i just sent it in the general chat so if you uh didn't see it yet or if you have any new friends who haven't heard about sovereign this is a great article to send them to it explains really in depth from the beginning how to get started what is suffering why do we need sovereign and it's it's a must read for anyone who's entering this our sovereign space so make sure to send it mickey give me a green light once the recording is off please hello my name is mickey i'm writing for the wiki i'm stopping the recording right now

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hey guys this is ingalandia uh i work in partnerships and integrations um with sovereign um i'm gonna kick off our community call episode 31 with some dope ass bars so here we go listen up keep your mind on mute and just enjoy the intro [Music] bitcoin defy keeps building and sparking diamond hands embrace another dip in the market bulls on a lull but we still gonna harvest sovereign jurisdictions gonna take it the farthest one day i'll find myself sitting on my throne in a home that i purchased with the zero interest loan sovereign corps team is gonna pave the way product that will change the games daker's gonna sit back and embrace the gains get ready for the origins launchpad wanna build a bitcoin project go here and start that write a proposal and submit it to the og dao with the project scope tokenomics i'll even show you how financial sovereignty is what bitcoin is for we're making a comic book to put it all in story form hoddling your keys that means the choice is yours sovereign community call enjoy the open discourse all right that was the intro everyone uh welcome one welcome all thanks for joining us here thanks for sharing in this mission so the guidelines are if you'd like to speak um wait patiently uh or you know click the the mute button on and off and and hopefully we'll uh notice and call on you um so before we go through the agenda would anyone here uh for the first time like to say hello and introduce yourself just uh before the hellos uh for all of our uh listeners on the other networks twitter spaces telegram youtube hey everybody if you wish to speak you need to jump to our discord channel the link is on our twitter so just go there join us and as in galaga said wait patiently and just unmute yourself peace cool thank you very much anyone here would like to say hello and introduce yourself hi good morning gabriel from mexico glad to hear you and and love suffering how are you how are you everybody doing great buenos dias awesome awesome all right let's kick this off with uh iago on governance are you here yago hey sovereigns i am definitely here we are coming towards the end of sovereign's first year and i think this is an appropriate time if you can firstly say can you please meet yourself all right so we're coming to the end of sovereign's first year um and what a year it has been i think it's an appropriate moment for us to look a little bit back and look a little bit forward uh at the beginning of the year we published the black paper roadmap it was an extremely ambitious roadmap and what is remarkable is that um almost everything that we expected to be building and i think we expected it to take a while everything that we expected to be building in the roadmap sort of as phase one has been built out over the course of the last year uh sovereign and sovereign team has built out trading tools lending tools margin trading tools limit orders direct hardware wallet integration so you don't need web3 wallets data services perpetual swaps bridges node system balancing fast btc and so many other things that it's it's it's a list too long to mention it's um [Music] basically the entire stack of all of the core primitives for a bitcoin d5 protocol plus the integration points that are required to make it happen plus the uh constantly improving interface and ui plus a very extensive ui plus a extremely dedicated team of of of community contributors who are who are always available to answer questions um it's a remarkable feat especially when one considers that i i don't know if i can think of another project and certainly not another team so young uh building on such difficult technology that people thought it was impossible right building on bitcoin but even putting that aside has built out this much in such a short space of time so i uh i think we have to hand it to the the the sovereign team and not only uh that but the sovereign team itself got built out right the team has grown very very fast this is an extremely difficult thing to do in the best of circumstances um rapid growth is is you know one of those things that can destroy a team um rapid growth in an environment where it's very very difficult to to attract talented people uh in a competitive market like what we are in now is even more impressive and i think it speaks to the fact that the team is extremely talented and people want to work with other talented people i think it speaks to the fact that the the team have created an environment which is fun to work in and most of all it speaks to the fact that what we're building is something that a lot of people find inspiring and to top of all of that this tiny little project has not only built out all of these different services and tools and created a new potential ecosystem but it has started to see an ecosystem grow around it babelfish zero mint additional projects like dropper wallet integrations and a whole bunch of other things um and so we are now i think coming to the end of our current phase we're coming to the end of alpha we're going to be coming out of alpha and into the future and i'll talk about that in a moment because i think it's a very very big deal but i want to put it in the correct context i think with all of the things that we have done and with all the things that the community has helped us do with your feedback with your assistants with your beta tasting um one thing that we have you know sacrificed is we've been doing all of this as a mad dash and i think it has become a bit self-defeating we have been looking to push out something practically every single sprint we've been telling people you know we're going to be bringing this and this and this and eventually we bring it but almost always at some kind of delay because that's just the way software works but because we are pushing things out so quickly because we don't take the time to you know properly build up the hype probably build out the fomo probably do the explanations create all the video explainers right and then push something out because we we have such a a packed a a calendar of things that we want to do because we're not spacing things out we're not able to you know give the the amazing things that we're pushing out the respect they deserve and as a result we're not giving the devs who are building them the respect the respect that they deserve though maybe most importantly we as a community are not taking the time for ritual and celebration because we have so much to celebrate and we we should you know get excited we should have the time to get excited about the next big thing that someone's going to be bringing and we should take the time to celebrate it when sovereign brings something we should be having more moments of victory and so what i'd like to ask now everyone who's on this call is to give a round of applause to to the team the core team uh the the ecosystem teams and to yourselves who have done so much over the course of the last year because i think we deserve to take one moment and celebrate [Music] that was lackluster i think we could do better than that there's like 100 of us here this is i know we get we get interruptions all the time [Music] awesome that's better diego would you like to continue yeah yeah so i think discord also have changed the way the sound works with the mute button usually that would be the way that we would applaud but i think it's been taken away all right so what i think we need to be looking to do now is i think most of the tools are in place pretty much everything is in place for us to move from alpha into the next version which is going to be the full production version a version which uh works much more seamlessly where we are building an ecosystem and we're going to start inviting more and more people to to participate um the next phase is going to be the growth phase for sovereign and um we should take some time to build out uh the uh the the take the time to tell the story of this is about to happen so that we know it's about to happen so people understand what is about to happen so the world knows it's about to happen and because i think there's going to be some awesome announcements that we're going to be able to make in the near future and because the the the core team i think definitely you know deserve it uh what we're going to be doing is we're going to be introducing a code freeze on december 13th uh for the christmas holidays or the holidays in the new year um so that the team can be with fen family and friends and we are going to be planning to put together the um the the um out of alpha release with the right level of communication and explanations of how it's happening um in q1 um and uh the the impact that this has right is that i think it means that we should be taking a little bit of time and that means that we're we we're not going to be launching zero and origins um in december that would be rushed and i think would be foolish we will do it with the proper timing at the beginning of next year with regards to mint i know that there's been some frustration around the fact that it's not tradable so we're going to be looking to make it tradable before the year is out but i think it's also important that you know we contextualize this uh properly we've been even the bonding curves the sov bonding curves right are complicated technology that we've been introduced i didn't even mention them although it's a whole piece of work right which has been built securely which has been audited right the the level of security that that with which we've done all of these things is is insane so uh so so i think we need to we need to um you know accept the fact that every single project apple and and and tesla and and and whoever whenever you launch things sometimes there are delays uh uh and we we need to accept that that is sometimes the reality of the situation so aurora will tell us a little bit more about the code freeze and what's coming next but i am extremely optimistic about what is coming for next year we will also be putting out a new black paper or a new white paper uh with a new roadmap since so much of the roadmap has been completed that it's time to update it and we can be looking forward to all of those things in the new year and on a personal note i'd like to say that this has been one of the most phenomenal years of my life um and being part of this community has been extremely enriching and um uh thank you all for you know being part of sovereign and helping to make something which for me is very very important um obvious to me it's helping me to understand that it's important to to to you guys as well and and not just to me it makes me feel you know like i'm part of something so thank you aurora ingomar handing it back to you sure sure uh thanks a lot very exciting stuff aurora are you there yeah um yeah thanks diego was a very good speech and um yeah like i said we're going to introduce a code freeze on 13th of december so the amount of things we are able to push out before that is naturally limited um what we are looking to still get done this year is the slip 31 amm fee split which is long awaited and it is current or at least the link to a so if the qa process is um successful and we're getting green light we are um looking to create the sub tomorrow so we can still have the fee split implemented at the beginning of next year and next year and beginning of next week before the mainnet code is frozen um what needs to be is definitely um done in january instead is the rubicon update which contains a protocol update to keep dust positions from accumulating on the system and the loan token refactoring which allows us to introduce further improvements to the way the landing pools are working what's also pushed to january is the bi-directional fast ptc update um there we finished the bridge integration i was telling you about on the last call and are currently just preparing the deployment scripts um but decided to not deploy it now still before the holidays just given that the availability in the team will be decreased so it seemed to be a wise decision to wait with that also until january um same is true for the limit orders for the spa traits um things which are also coming early next year orders for margin trades and the swaps so on the perps verbs if you remember we had some issues with the audit because an old version of the code was audited and it needs now to be performed again and this started today and we are supposed to get the results by the end of this year and are then looking forward to launching of course and what we are planning to do before the minor launch is a testnet competition just so that we can learn about actual trading behavior and can observe the complete system with a big amount of testers before launching and maintenance and so that you can also familiarize yourself with um the product and how it will work and can give together some experience before actually using it with um bill funds and i guess that there will also be a nice price money to be won and well i think these are the most important aurora i'm still here can you not hear me we lost you there for about a second oh um sorry um where exactly did you lose me now so the most important the most important thing okay oh no well yeah i think i'm um pretty much done here then so these are the most important things which are going to then now in the very near future and there's uh for now nothing to have from my side excellent do we have any questions for aurora or edoniago thus far if not we're going to move on to zoo uh on creative indesign hey guys um so yeah we've been uh working hard on uh getting the purp sports together um everything is looking good uh it was up on um put up on test net today i had a look at it it's looking really really really really nice um the guys have worked really hard on that um and so now we're working on getting the competition put together so that you guys can start playing about with that and perhaps win the competition other than that we've been working on the trading updates um unfortunately uh because of the code freeze uh we won't be able to put them out um before before next year uh it's a bit of a shame but it is what it is but when they when they come through um i think uh well i was actually vaguely chatting quickly with a user in the user feedback channel today uh because they were asking about some of the you know issues they're having with margin trading um i shared the the screen uh the ui that we're expecting to have out in january and it seems that you know we're fulfilling all the um requirements you guys have brought to us uh and and so hopefully when that interface comes out you're going to be very happy uh that you have all the information that you've been asking for um other than that uh we've been working on um well we've been looking at uh stop loss and take profit advanced order types um so that that could possibly be a thing that comes out in uh january as well um and we've been working on the uh design guides for the sub protocols so that uh like mint xero and origins um the the way that they look and are presented have a consistency and follow the narrative that they are reflections of the sav token and that they are completely involved with sav we're still working on the faq interface which i believe will make uh the dap a lot more user-friendly uh in the future it would also mean that you won't have to keep on moving about different things like go to youtube to check out um tutorial it'll be there for you on the page that you're on um and other than that we've been uh carrying on with the script it's looking really nice um we're on the version two of it at the moment we're just looking at how we're gonna introduce the story we're playing about with ideas of of how we actually um what how the first episode starts uh what point what we show you to you um but yeah no that's very i'm very excited about the um the comics that are coming i think that's everything from myself any questions for zoo got a quiet crowd today um so all right i'll i'll be giving a few um business development updates um not much that i can currently talk about right now because they're early in progress but um the brz xusd pool should deploy sometime early next year uh due to the technical changes that we'd have to make to this particular amm pool because it's not using our rbtc it's using xusd in the pair i've been managing the the lightning bridge project and we've accomplished milestones three four and five um we we now have like a working product that allows you to um exchange sov for lightning bitcoin and vice versa lightning bitcoin for rbtc very low liquidity but it is working and it's amazing um and milestones four and five had to do with the dockerization of the front end and the back end and we have a page now that serves as a lightning bridge marketplace where you can see different instances of the lightning bridge with their own fees and liquidity amounts and and the pairings um it's very beautiful stuff so that's all that i can speak about um at this moment do we have any other questions all right can you hear me yes go ahead uh yeah i just regarding about the off-ramp of the bitcoin uh i didn't know if you said anything about that i'm not too sure if i missed it or not but is there going to be something implemented very soon about that where i could just off-road uh right to bitcoin so like to another bitcoin address out of the sovereign uh aurora do do you want to answer this one so the offer has already finished so the development is done you received the audit reports we reacted on them we are finishing the deployment scripts and we are just not deploying yet because of the upcoming holiday season and because we know that we might be short on stuff um so we don't want to take any risk and therefore decided to only deploy it in the new year okay all right well that's good to know thank you cool we've got some extra time um we can we can take this time to answer any questions that the community might have uh big or small product branding uh suggestions oh yeah can you hear me yes sir what's your name hi my name is dan um just a couple things yeah good to meet you too i i think this team is doing an amazing job i've been kind of following you guys for a while at the savvy pc steak pool um for a while and definitely doing that and i just switch them over to mint and you know i think that your guys idea of slowing down and you know obviously appreciate people taking a little break is great and i think just any like a showing of good faith around the mint piece would be really helpful i'm not going anywhere i would probably just want to put my stuff back in into saab um but um i think if even if it's just like you guys offering a buyback for people who want it or something like that i think that would be great just to feel like we you know are supporting you and you're supporting us back on that so i do not know the technical pieces of that and what that would require i'm sure it's complicated but something around that would be really helpful appreciate it thank you guys and i do hope everybody has a good holiday and a good break after the 13th thanks for the suggestion dan dan i'll just add that it's definitely something we're looking to do um we've examined the number of options um we're trying to do something which isn't going to be too technically demanding because we don't want to take it uh we we don't want it to um distract from the other work that we're doing one of the things that we think we could definitely do is provide trading on the amm to create an amin pool and if there's something more that we can we have a conversation actually later today about it if there's something more that we can um do than we would like to because we want to make sure that people feel like um you know we we are paying attention thank you i appreciate it i think that that trading would be totally sufficient looking forward to all the other options with mint down the road but i think as a start that would be great so appreciate it and again i think you all are doing an incredible job both of the development and communication here so thank you may i ask dan how you found out about uh sovereign and how you found out about mint it's um a medium article i know that um anthony pompliano talked about sovereign at some point maybe it was an interview with one of you all um but that might have been my entry point then just started following you on twitter and keeping track of what was happening and um excited about people building on and next to bitcoin so i'm just been following your work since then and obviously you're very active uh and communicative community so i appreciate that as well i just feel like i i know what's happening and that's really helpful cool awesome uh do we have any other suggestions from the audience today or questions i have a curious question if no one's going to sing um so for me personally i got hacks i lost assets and one of the issues that i came across obviously the code would be very difficult you switch over to ledger treasurer from metamask i don't know how it would work but i know a lot of people asking that it's all where you could take your svc coins and move over to another like a cold storage and i don't know if that's possible because obviously the smart contract makes it so it's almost but i don't know if that was essential thought yeah i've been working on uh uh interface to allow for that unfortunately it hasn't been implemented um just as as yet because it was on uh well instead of a little hack that we were just gonna add on we're actually looking at solving the issue of in and out a lot more um so this is something that's like you know um priority for q1 of of next year is is unfortunately the best that we can do um at this present moment i think unless there's any technical thing that aurora knows of so it's uh sue uh given the way the staking contract is built right now you can't transfer stake from one address to another without taking the early unstaking penalty yeah so i think uh bitcoin king with regards to your question the there is a way to do it what it requires however is not a transaction but a transfer of the private key so i think um what a lot of people don't seem to be aware of is you actually don't need to use metamask if you're if you have a hardware wallet and the preferred way to use sovereign is with the hardware water that's the most secure way and i think also in many ways the most convenient way all you need to do is connect your hardware wallet and you don't need any intermediary software um the um the the the um frontend team have developed the the front end such that it can directly read from interact with and allow you to sign directly from your hardware wallets now if you already are using a web free wallet like for example metamosque and you would like to transfer that directly using a hardware wallet because it's more convenient and more secure what you need to do is export your private key or input your seed into the hardware wallet and that will allow you to do this now just one thing i would caution you if you already have a private key or a seat on that hardware wallet this will potentially depending on the hardware wallet and how it's configured overwrite your existing private key so be very careful you know if that's the case preferable to use a fresh hardware wallet but if not for example uh ledger will allow you to have more than one private key but you'll need to know how to configure that yeah unfortunately for me i moved to costa rica and to get anything delivered here takes forever so i'm still waiting for my treasure to get here um so right now i'm still using metamask on a new web browser i had to take the 30 penalty because i was risking that they was going to lose all of it so i had to move everything over so that kind of sucked but um it's good to know that you guys are thinking about moving things over to a hardware wallet that makes it because i personally don't want to use metamask anymore i strictly just want to use a hardware wallet but i'm just waiting for it to get in the mail all right yeah i'd encourage everyone to get a hardware wallet it's the best way to secure your keys and and it was friction this way i think to use sovereign yeah well how they got it i didn't i know like i don't give my keys to anybody but you can sign in to certain like um the wrong the wrong network or something and then they are able to just connect some bot and take all your coins out like instantly so even if you don't give out your seat to anybody they could still have other ways accessing it i don't know how it works with hardware wallet but i know for sure that it happened to me so yeah it's not really pleasant to have i mean when you put it like that in theory then it could still happen with the hardware wallet because i'm imagining that you allowed something on a on a and then by allowing it you gave them access to more than you thought that you were giving them access to so if i'm not mistaken if you did the same thing and made that same allow with a hardware wallet i think the same thing would happen yeah and that's what i was thinking too probably wouldn't um so i'm just going to stick to it directly with sovereign and not going any other websites one thing that i would suggest uh just as this is a useful conversation one thing that i do if i'm using larger amounts i have a very cheap machine which i use only for interacting with my bitcoin wallet semi-sovereign um so my hardware water connects to that only and i don't download email i don't navigate to other websites um we have to recognize that you know what we're dealing with are better assets and if you're dealing with you know ten thousand dollars or more um the the cost of a couple of a hundred dollars to have a clean machine which you use to to work with um is worth the peace of mind and also worth the the the the savings that all provides i i'd recommend you know the web 2 is not designed in a secure way if you guys heard about the badger dow hack you know even celsius which are supposed to be a very professional organization lost 50 million dollars because of a web 2 meter mosque hack and so it's important that you try and minimize your interaction with uh sort of random sites with the machine that you're going to be using and having a hardware one that gives you an air gap which is very powerful i should uh i should add that the the issue with badgers was actually related to the issue that sue brought up which is about token approvals and allowances so basically the front-end interface of badger dao i don't know if this has actually been confirmed but this is the suspicion is that the front end was compromised and so it was giving users it was directing users to approve their tokens to a malicious address which meant that that malicious address could unilaterally withdraw the tokens from the user's wallet and so hardware wallet are would be vulnerable to this because it's a it's a smart contract level event it's not it doesn't have to do with compromising the private keys directly and so to guard against this kind of event what you want to do is you know whenever you're signing a transaction whether it's with a software wallet or a hardware wallet you want to make sure that the transaction is you know providing an approval or sending tokens to the address that you're expecting to be interacting with and um in the sovereign wiki there is a spreadsheet that has a list of all of the main sovereign smart contract addresses and so if you're interacting with the amm you can go to the amm section of that spreadsheet and you can match up the address that's showing up in your hardware wallet with the address that's in that spreadsheet and uh if if there's a match then it's good and if if there's not a match then you should investigate further and you know potentially hold off on that transaction until you get a confirmation that it's an official actual sovereign address sorry what i can say about the the badger attack it definitely was a front-end attack someone was sneaking in um basically like asking you if you can improve uh a malicious um you know address from withdrawing your funds and i was wondering if like um deploying like like an ipfs like instant of the website would that make it more secure from like front-end front-end attacks just like a question out there it depends on it depends on how the user is getting the ipfs hash so this becomes you know uh like if if it's if it's a hard-coded hash and we post it in a few different places so the user can check you know okay the the hash on the twitter account matches the hash on the wiki which matches the hash on github then they can be pretty certain that they got the right hash and that they can download the correct version of the front end interface um and uh that that would probably be the strongest way to do that kind of uh implementation otherwise you're acquiring every every new deploy of the dap would require a new hash so every time the dap is updated every build would need to have a hash that was then posted across all those channels right john right that's how actually how dx dow does it so like with every product that they have they put it on an ens link and they make a proposal to the dow to deploy the the content hash to the the dot eth the ens address so you know that people do do it that way so with rsk's new uh name resolution deploy that happened last week it could also be done with rsk in the same way that it's done with dot eth actually yeah so rns is one way to do it um you still end up potentially i mean again it depends on how the user is actually downloading this interface from ipfs if you're using something similar to the ether.link service which is basically a dns based uh you know redirect from you know web 2 dns to ipfs uh you have that single point of failure um but if the user is getting the hash directly from you know multiple verified sources and and downloading it using their own ipfs note that's that's pretty solid chime in here for a second if you don't mind um a late answer before where he thought that it would be safest for everyone before giving any token allowance to check if the address he's giving the allowance to is actually belonging to sovereign i think it would be nice if he would have like a very simple check tool where you import an address and it tells you if it belongs to server or not this would kind of make the list excel sheet of contract addresses redundant that would be rather uneasy would that be something implemented on the wallet or where where would that be implemented or um i mean you could have it like somewhere on the on the front end where just check your check your address or something well if the front end is compromised then that doesn't really solve the problem i mean we could have it on a standalone front end i guess you could also consider creating a dot sovereign um uh sort of sns right so um so sovereign designated um human readable addresses which would only be used for mainnet addresses we wouldn't we wouldn't distribute them we would only use them for for the for the depths official addresses um so i'll quickly just chime in here um some of these technical solutions are a bit beyond me but i did make a forum post that kind of talks about just personal security measures that everybody can take to kind of reduce the risk of this happening to you and then separately i reached out to some dev teams on ethereum that have built solutions already to kind of check if your wallet is susceptible and i think it's a little bit difficult to easily transition it over to rsk but there's one team in particular that i've been talking to that thinks they may be able to do it so if you're concerned about this check out the forum post and then maybe stay posted over the next couple of weeks and i'm going to see if these people can um kind of transfer uh what they've done on ethereum over to rsk and that will allow us to you know check any individual wallet and see if you've granted this kind of unchecked success on your wallet where maybe it is susceptible to just some sort of drain so long story short i'm somewhat working on this and um yeah hopefully we'll have a solution to it soon awesome nice one man um one more thing i want to uh to say in this regard and that's with the question of people migrating currently the staking contract as light sas does not allow the transfer of ownership of a stake but it's something which if the interest of the community is big enough we could consider adding like i was saying it was something i was looking into because like yeah i thought it i think that a lot of people came and stayed with metamask but i've you know matured and want to move over maybe to hardware so i can definitely understand the motivation uh but i wonder if that would defeat the purpose of staking if you can just sell your state yeah that's the thing but it makes mistake transferable i mean um yeah it would it would make the stake transferable but it would still be staked correct yeah that's correct but it also means that you could stake your tokens and still sell them yeah i think it defeats the current economics we would need to cons well if you allow a one a one time transfer if if if you did that okay it could be abused a bit but it's not like it can be completely abused the thing is if it's one time you you transfer it to one address and then put that new address that's again the first time when you track the stake rather than the wallet yeah currently we do not have tracking of um stakes so this could be a major update but but still i mean we could at least have like we could have an event around it and allow it only for a limited period of time to give people the option to update their wallets but well just an idea like an amnesty period that could be quite nice an idea awesome do we have any any other topics that uh you guys would like to bring up we've got about 15 more minutes left hello little bit here uh we've got a question from a user on twitter uh velez btc i hope i pronounced that correctly uh they've said do you know if there's a road map for institutional custodians to support sov bitgoes support rbtc and raf but nothing deeper than that um so fireblocks recently integrated uh rsk um so and yeah i've been talking to them with about potentially uh working closely with sovereign can't really speak further than that there are also several other projects that have approached us um on the custodial side great uh veloz hopefully that answered your question if you have any follow-ups feel free to ping them in discord thanks guys how are you pulling these questions uh they posted it in our discord general channel oh okay gotcha cool any other questions from the audience well it just goes back to the off ramp of the bitcoin sorry just a broken record it's just um because i had to uh buy something and i had to move my bitcoin over to my stablecoin then i'd take my stablecoin to the binance smart chain then move it over to binance and then binance froze my withdrawal coins so i had to verify my identity to get my coins withdrawal from there when i all i could do is just withdraw to my bitcoin wall and then i could just send it through there so when that happens i'm gonna be very very happy because i don't want to use finance smart chain or ethereum network or anything like this crap anymore and just stick to just by itself yeah yeah yeah yeah fast btc bi-directional will be a big improvement it is worth saying that you know if you have an urgent need to swap out to bitcoin there is the quality wallet which has uh you know rbtc to bitcoin atomic swaps so they're trustless and then the rsk network itself has a native bridge back to bitcoin called the powpeg which you can use to convert rbtc to bitcoin it takes 24 hours but it works i've used it um it's a little bit more technical than fast btc which is why i think fast btc will be a nice improvement but like i said if you have an urgent need and you don't want to use bsc or ethereum or convert to anything but bitcoin those those are options actually i have a question about bridge liquidity so numerous times over the last weeks see that there's been limited liquidity on the bsc bridge and i was sort of curious so how is the liquidity uh for bridging being managed is anything automated or is that a is that a human process that sort of happens so every stable coin which comes in over the bridge goes into the x usd aggregator this means that it doesn't matter if you are transferring usdc or usdt or die from ether if you're transferring any stable quantum binding smart chain they all will go into the aggregator and you will receive x usd in return so um [Music] what this means is that also everyone who is possessing x usd has access to the underlying tokens and you can burn your ex usd for any of them what's currently happening is that more liquidity is coming in from eve um than from binance marching but more liquidity is leaving higher abundance chain than entered um which is because it's very people have liquidity at hand on each it's easy to get it it's easy to transfer it in but it's just much cheaper to transfer it out abundance marching because of the crazy gas piece underneath this means that the bridge has constantly a low balance of bond and smart chain stable coins or it's not the bridge it's rather the aggregator which is out of these underlying tokens and this will be addressed with a babyfish update um which does then introduce a curve for trading the different underlying tokens against each other which should then incentivize the different market participants to balance out the underlying tokens so it's not so much an issue of the bridges and the bridge liquidity but it's really a question of the aggregator will this be happening before the quote freeze or after the code freeze um i think after but i'm not sure because i'm not that involved in the table fish update plans gotcha um then i had a second question of yago and john um around why what what was the reason the choice was made to not add bitcoin backed stable coins to the battlefish aggregator and to do mint i don't think that was i've seen that really super clearly explained anywhere they're being added to both and the reason is uh they have it allows users to choose their risk profile so users who want to purely use a bitcoin bank stablecoin can use mint users who have less strict risk regulator expectations or requirements can use xusd um and um and xusd benefits from having the bitcoin backstable coins as a form of collateral and um uh new tokens uh will be more easily exchangeable for any other stable coin by being part of the x usd babelfish aggregator so zero would be in this case then part of the battlefish aggregator as well zero is sort of new and new will be so basically the token minted by mint will also be part of x usd and new will be part of x usd as well yes okay yeah that's a that's a that's a pretty complicated tree i think it would be really nice to see to see a graphic about that because i see a lot of uh i've been confused about it and seen other people in the channels confused about that good idea thanks want to ask that question why we need two different coins like new and zero why not just go with one length zero and you are two totally different coins new is the stable coin uh zero is the governance token of the zero protocol so one is i was saying that usd and you're sorry sorry zgsd is part of the aggregate many many tokens will be part of creating the new token for example doc zusd and there are also some others planned but most users will only ever need to use new and probably won't know about z university it's it's so new consists of multiple coins or zusd consists of multiple btc backup coins now new or the mint basically mints new using by aggregating all of these different bitcoin back coin what we call aggregates and the reason we call them aggregates is because they in them in and of themselves are not really coins they're rather pieces of the aggregate new token and um so i think the way to think about it is um you know the different banks issue dollars right like uh every single american bank issues dollars but they all are basically wrapped up as the us dollar you don't get you don't know that what you're using is a bank of america dollar or a jp morgan dollar or a wells fargo dollar even though in practice that's what you are doing so mint does the same thing it wraps together all of the different methods of creating bitcoin back stability into one single token so can i make a request jago um so the first time that that i had contact with you from the early bitcoin days before sovereign started was around cement dao with and cement dial was essentially a protocol for stable coins and you're probably one of the most forefront people you know thinking uh about this and designing in the space the there's a tendency it seems now for people to be calling us a [ __ ] coin casino because of these different tokens and not really having an understanding of how it is they interlock and intersect with each other and you've been you know very present recently in public doing a great job explaining to people the benefits of the individual projects the individual products it would be really great i think to have a simplified overall iago view of what it is that you're explaining uh for people in a in a written blog post forum maybe and in a in a visualized form from the creative team i think would go a long way to reducing a lot of the confusion and dissatisfaction that we see across the community with these different governance tokens and actually um financial instruments you know that's one of the things that you do really well and i think that it would be a great i could try to explain it better uh i think in the sip i created an illustration of how it is but i think we can do a better job of communicating it more broadly yeah yeah i have to admit um but i'd probably read the sit probably like 10 times just to like fully understand it it's like it's kind of out of the world kind of thing for me so i understand how but it really took a while to i'm not like completely stupid so yeah i think what he's saying it makes a lot of sense can i ask how would you explain it now that you've got your head around it oh you're putting me on the spot sorry about that you didn't know it was gonna be a stop quiz yeah yeah i didn't know that i'm out of here now so the zero protocol basically uh guerns the this the the gate then and then you have the zed usd which is the stable coin which is the sovereign state coin that is backed uh bitcoin and brand pay the dollar and the og token is owned it's for the origins protocol i believe origin is kind of like umbrella for the whole system and then mint is like a whole new system all together it's kind of like a i could have like an abra for other protocols and other tokens underneath it and they're aggregating and they're going so that way it's more decentralized and secure to have that kind of correct yeah man it sounded about right to me yeah i would i would say there's a a slight um uh difference in what you said which is um so right now there are uh there are three like sub protocols that are being planned um uh zero mint and origins these are all sub protocols of sovereign um and what it means to be a sub protocol is that their the native token of these sub protocols is backed by sov using a bonding curve so the native token of zero which is the zero token is backed by sov the native token of mint which is called mint it's also backed by sov and the native token of origins which is og is backed by sov zero is a stable coin protocol the stablecoin is generated using zero percent interest loans um and then that stablecoin zusd can be aggregated into a coin that is created using the sovereign mint protocol um and that stable coin is called new um so nu will include zusd as the first stable coin but then it as thiago mentioned it it could also include uh money on chains doc stablecoin which is also backed by bitcoin and it could include other bitcoin backstable coins in the future as well um and then origins is a is basically the the launch pad protocol for which is um going to be used to launch other projects on rsk including future sovereign sub protocols if any other sub protocols are created and uh and external projects um and so the og holders will be responsible for governing the the launch pad and deciding which projects um get included there that's kind of the how how it all uh how all the different projects relate to each other when you're very very close so john when you're saying that the sub protocol tokens are all uh backed by uh by the bonding curve is that the defining factor of a sub protocol is that it's backed by sov that the only thing that makes it a sub protocol yeah i'd say so i would say it's that plus the fact that some protocols participate or will participate so this hasn't been implemented yet but we'll participate in a bi-directional form of governance with um the rest of the sovereign protocol so um they will act as um delegates so these protocols will effectively kind of be like taos that delegate and and and people participate participate through them in the sov bitocracy and then the us of autocracy has certain veto rights over what the sub-protocols can do so if i could just add something in here quickly um the uh the [ __ ] actually had uh started work on a uh a very useful uh flow chart which actually connects all these pieces uh it was a work in progress and admittedly it came from a place where um we were having some internal conversation where um you know it was to get a clear understanding of the connectivity and so forth uh much of the questions that have been raised in the community you know how this how all the pieces fit together why there are all these different things and how they work together um i think it would be great if um if the [ __ ] uh iago uh zoo and light were to uh get together and perhaps turn that flow chart into a an animated video explainer uh that actually just flows right through all the pieces uh it is truly very useful it is working progress but i i can tell you that it's very helpful in uh in getting a nice overview of how all this stuff fits together just to let you know scotty we actually are kind of working on that at the moment it's going to take a while um to to get done but um that is actually in the pipeline because obviously a video a picture says a thousand words a video tells you a million right exactly and you know just through these um you know the verbal explanations of it um you can see how people um how it's easily confused or you get lost because it's a you know long-winded uh sort of explanation um so i think that would be great i'm i'm i'm glad to hear that that's in the works uh super helpful even just in graphical form it it just helps so much so um so for the rest of the people here um you know on the call through the community um i can i can tell you that once that comes along i think the picture will be much clearer as to all the pieces fit together i'm going to close this out everyone you can still hang uh and hang out um thanks for joining the call being a part of our mission to carve out the trail for bitcoin secured financial sovereignty dismantling what people know and understand about money so help us spread the word and create more sovereign individuals follow us on twitter telegram subscribe to our youtube uh where you'll see the recording to this thanks everyone thank you bye

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[Music] i was scared of this i was scared of marching calls and hidden liquidations now all my friends are sovereign [Music] linked to zero [Music] perpetual swaps [Music] and we appreciate your patience we love you and we thank you so much sorry guys i'm excited i can't i'm excited so we would never be here without you don't you forget to stay celebrated i'm sorry i'm sorry i'm really excited so there's this token that i think you'd like [Music] its market cap is pretty low and yet it's very liquid this time i'm huddling all the way there is no berry that can push me away [Music] and we appreciate your patience love you and we thank you so much so we won't ever be here without you and don't you forget to stay something [Music] i just wanna just wanna hold but i also need to pay the rent i just gotta just gotta hold i can sell it i can tell it there's no [ __ ] way i swear it's time to audio and really gotta speak with metal dell [Music] thank you very much thank you guys we will go on to iago who will open this or armando who's gonna start sorry i think armando is gonna start today hi everyone happy new year um this is year one for sovereign last year was year zero and um when you're building a skyscraper i think i mentioned this in one of the recent podcasts the first thing you do is you dig a giant hole in the ground and um things don't look impressive but you have to do that to lay foundations i'm very pleased with the foundations that we laid in uh year zero so we basically hit everything that we had on the black paper which was not expected it wasn't supposed to be an eight-month road map it was supposed to be a multi-year road the two things that we didn't hit perpetual swaps will be coming out this month um and then the second thing uh is um roll ups which the technology just across the board hasn't developed as quickly as we we expected now um i think we uh can expect some important changes in the way that we should be moving forward on the basis of what we've learned over the last year and over the last eight months one of the big lessons that we learned was that it's very important for a big part of our user base that as we're even though we're still in alpha that as we are introducing new features as we are introducing new products we need to have them polished right last year we basically shipped things out to the world the minute they came out of the oven and um i think that was the right thing to do last year but i think for this year we're going to be looking to have things come out with a higher degree of polish and i think that's going to prove beneficial in terms of the way it's perceived by the majority of our our user base now the other thing is we should have uh a clear sense of what our learnings are from last year and what our plan is for the coming years and in particular for this coming year for year one um it's something i've been thinking a lot about and something i'll be talking to other people who've been thinking a lot about and it's something that i think we're going to be focused on over the course of this coming month and part of next month and so um i uh you should expect to see and hopefully will participate in a number of community conversations around our strategy and roadmap for the coming year um a number of posts and um and presentations that will be coming out so that the whole community can come together with a shared understanding of where we're going on the basis of a shared agreement armando will be presenting the first piece of this but we're going to be presenting it at the next community meeting as well as in the four in other forums over the course of the coming weeks so um suffice to say uh we moved extremely fast uh i i you know i keep on saying this uh i don't think that there's any other project in the space that is built in crypto that it built out as much as the sovereign community did last year um and uh we are now on the verge of having the core tools that we want in order to start executing on the strategy and building the economy that we want to build around bitcoin and i think it's going to be a very exciting and interesting conversation to discuss how we get there and with that um i hand it over to you armand thank you very much yago happy new year everyone um we thought a good way to kick off the first community call of the year was to share with the community a presentation that we generally use to explain sovereign to partners and this presentation gives an overview um of how the core team is thinking about sovereign and its mission how we're talking about sovereign and also has some interesting information about all of the accomplishments that um that have been made in year zero and and where we want to take the project uh in year one so let me share my screen so with sovereign our core mission is to provide the tool for a world that is built on bitcoin and this is a world that we envision where people can collaborate globally permissionlessly with unparalleled security based on what is probably the most secure network in existence and that's bitcoin's proof of work in order to create new economies new business models new services that are all secure permissionless and sovereign and why on bitcoin so even after 12 years of existence in which we've seen an explosion of a multi-chain ecosystem bitcoin is still and probably more than ever a very differentiated asset it is a totally different beast it's a network that has gained not only individual acceptance but also corporate acceptance and also nation-state level acceptance over the last year and it is the most robust open permissionless monetary standard in the world which is which positions it to likely be um the prime candidate for a future global reserve asset and even though the narrative of bitcoin being an exceptionally good store of value even though that narrative has been very widely accepted and cemented the question remains what about additional tools what about expanding this asset to provide for larger economic activity and the answer was that these tools did not exist but that is changing with sovereign okay so just to to to recap the last slide um the narrative of bitcoin has been unchanging basically being gold 2.0 uh and we believe that that narrative and that story is changing now primarily because of sovereign and what sovereign is is an extension of what bitcoin allows you to do um and is essentially a scalable smart contract layer on top of bitcoin um that weaves together all of the bitcoin layer 2 technologies that we've seen experience huge amounts of growth over the last year and brings them together to provide tools for users to leverage bitcoin for more higher level functionality while this is d5 which has been the primary focus of sovereign over year zero um or what we expect to expand over uh the coming months whether it's nfts better payment solutions primarily through our integration with the lightning network um and we expect to see this expand into gaming ident and use cases that we're not even thinking of right now and so you can kind of think of uh sovereign as a combination between um chains like polka dots in the sense that it acts as a hub between bitcoin and the wider crypto ecosystem uh together with ethereum through its evm compatibility and uh accessibility for the developer networks who develop on solidity and of course bitcoin by lending bitcoins lending from bitcoins proof of work security and superior monetary asset what this looks like in essence is a technology stack built on top of the bitcoin base layer leveraging proof of work through merge mining and bringing together a number of different infrastructure pieces namely rootstock which is the side chain that sovereign is built on this is an evm compatible side chain that secures its smart contracts through merge model as well as technologies like lightning and so sovereign has integrated with the lightning network this year allowing you to on and off board assets onto sovereign and we expect over the next year will allow much more sophisticated use cases as well as providing for 24 7 liquidity pools basically solving one of the main bottlenecks of lightning where you have to keep constant online channels with liquidity and then lastly the other major infrastructure piece is going to be leveraging the recent activation of taproot to provide more robust privacy tools for users and at its core a much more trustless peg with bitcoin and so by combining all of these infrastructure pieces together we are able to build on top of that a very robust operating system which in itself is the layer for an application for an application ecosystem and this operating system has been the focus of sovereign core for the last year and also a big piece of the first version of the black paper that was released and our goal was to provide what we don't what we haven't really seen um in other parts of the the crypto market but to provide a vertically integrated d5 solution when we talk about the operating system layer that's really what our focus has been on for the last year and essentially gives users the functionality of an ave uniswap dydx and maker dao combined but natively for bitcoin that means that users can come and lend they can borrow they can trade permissionlessly between bitcoin and other assets by the end of this month they'll have the ability to uh trade with perk swaps um and we've put an extreme focus on bitcoin collateralized stable coins uh and that's part of a general view that the two primary assets in the space today and more than likely going forward are going to be bitcoin and stable coins and there is also a recognition of the fact that the primary stable coins in the space today are susceptible to the same um security holes or regulatory holes that we see with centralized services and that's namely usdt and usdc and so sovereign is making a very concerted push towards decentralized bitcoin collateralize on top of the operating system what we've started to see is the growth of the ecosystem as a whole eliminates all party projects that are coming and leveraging uh sovereign's operating system to launch dows launch pads stablecoin aggregators and a number of other projects that are in the pipeline and these are projects that recognize the potential for the bitcoin economy and want to build on top of it and i think one of the primary uh dynamics that we have witnessed is the fact that um if you guys are familiar with the old 60 40 rule of how to manage a financial portfolio it's generally take 60 percent put them in equities take 40 percent as your security and put those in bonds today for the crypto investor it's very similar in the sense that a portion of their portfolio is leveraged for speculation and investment in the space a space that's experiencing huge amounts of growth but when they're thinking long term and when they want to realize profits for the most part those go into bitcoin which means that people who are interacting with bitcoin have a very different mindset than your average uh trader on other d5 platforms and that's a longer term mindset that's a mindset that is more focused on preserving and growing wealth rather than getting rich quickly and so what we term this internally is the difference between d5 and slo-fi and what we're building with sovereign israeli slo-fi or the set of tools that will allow bitcoiners to leverage their savings leverage their time for more sophisticated financial applications so where where were we a year ago and what have we accomplished since i think a good way to demonstrate the change that has happened in the market uh and narratives or the mindset around bitcoin is to look at um where we were approximately a year ago when we were raising sovereign's first private round we were considered very contrarian in our thesis then and i think we're still considered contrarian now but the project has done a tremendous job in de-risting de-risking this thesis and so when we were talking to investors a year ago one of the top three objections was you know you have things like lightning network things like liquid and stacks and they haven't really demonstrated much traction and i think that has been disproven over the last year where we've seen things like stacks like lightning network like liquid grow very very fast but what is in my mind very interesting is that sovereign which is by far the youngest project of all of the ones that i've mentioned has grown faster than all of them and i think there are two primary reasons for this one there is and was a lot of latent demand for people holding bitcoin to leverage that bitcoin in a non-custodial permissions way but also the fact that sovereign is not closing its eyes to what's happening in the broader ecosystem and is not i'm being ignorant of the network effects that are catching hold beyond bitcoin and one of those main network effects is evm compatibility and as a core architectural decision sovereign um remain is built on an evm compatible side chain and intends to remain evm compatible allowing it to interact with the broader ecosystem it allows us to attract developers from the broader ecosystem and allows us to move much faster than these other projects other two main objections was the thought that bitcoin maximalists who were largely scarred by the the block wars in 2017 we're extremely opposed to anything that um resembles a token or is a token that is not bitcoin and i think one of um the accomplishments which which i'm most proud of of the last year is the fact that sovereign has managed to change the perception of what tokenization means and then has added a sense of of nuance and sophistication to this debate basically bringing on our side people like nick carter people like dan held the fact that pomp led uh sovereign's law strategic round uh and the fact that the conversations around bitcoin and where it can evolve to have become more sophisticated and more nuanced and are not ignoring what's happening in the wider market beyond that um there were objections as to the feasibility the technical feasibility of what we're building but i think we've managed to put together a very strong community of very devoted developers who have managed to overcome a lot of these challenges and are really piecing together an infrastructure layer that um expands bitcoin and makes this objection much much less relevant today and when we started the year [Music] we knew that as as a young project we needed to as a young project that is appealing perhaps to a different audience than a lot of other d5 projects it has to be robust it has to be easy to use and so we started out with fast btc to allow people to bring their bitcoin onto the system um with ease we started with a suite of defy apps allowing people to margin trade to lend and borrow to essentially hyper huddle and super stack their bitcoin but we also put an extreme emphasis on the governance system and how the governance system should prioritize long-term strategic thinking as well as ways of expanding the dow that manages sovereign and allow it to scale far beyond the current model of dao's governing only one service or one product we've also done a lot of work in building the infrastructure and i've also seen the first uh launch of ecosystem dapps looking to expand the general ecosystem and all of this under the umbrella of a product that is still in alpha and it is in our mind considered in alpha um primarily because it's still not easy to get your bitcoin off the system fast btc is not bi-directional and so over the course of the next few weeks we will be uh launching bi-directional fast btc before the end of the month we'll be launching perpetual swaps basically finalizing all that we set out to accomplish in the last black paper and then we will be focusing on scaling up the lending optimizing the amms deeper integration with the lightning network and of course all through this time working on a roll-up to allow for much higher levels of scalability and essentially an exchange exchange-like experience for users on the adoption side there's been a bit of a different story and a lot of the work has been around um bringing on strategic partners changing the narrative around bitcoin and now with the transition from alpha to beta the core team will feel a lot more comfortable launching much more expansive awareness campaigns bringing sovereign to the attention of bitcoin holders through uh deeper wallet integrations through marketing campaigns through liquidity incentive programs by producing products as well that people will be interested in such as xero as well as building out an ecosystem fund so that projects that would like to expand the ecosystem have the resources to do so and so i believe that in year one we're all going to be hearing a lot more about sovereign um and the bitcoin community as a whole is going to be exposed a lot more to what sovereign can offer in terms of the stats and mind you these stats have not been updated the update of these tests was late november and as a whole the market has experienced a downturn over that period but just to illustrate that um [Music] growth that i was talking about in sovereign essentially from april of this year until november a period of less than eight months sovereign managed to reach an amm tvl of 160 million which is capital purely bought in from the community and from users and does not include sov staking um the cumulative trading volume unsubseted um 1.5 billion dollars and the rate in which it's exceeding is growing as well so we're having secondary order effects there um in terms of growth the fees that are generated by by the uh sovereign protocol have already exceeded three and a half million dollars and we're seeing steady growth and also very a lot of stickiness with regards to the user base having at least 14 000 monthly active wallets connecting to the system in terms of sov stakers we're very pleased to see that a lot of sov token holders um are looking to stake their sov and staking times are also quite significant and this has also been growing since the end of november and it's extremely important for us that this metrics keep on growing and let the community remain engaged and remain uh participants in the governance and even though uh governance has been quite busy with uh dozens of sips over the last year we're still seeing each sip have participation from dozens to hundreds of different wallets expressing their preferences as to the future of the system to summarize all of that we've seen eight months of an expanding ecosystem and i think one of the main takeaways from the slide is that as a solidity developer if you come to the sovereign ecosystem today the frictions to onboard and start developing have been drastically minimized so that means that the tooling the infrastructure the analytics that you require in order to launch a project on sovereign are pretty much on par with other evm chains that has also expressed itself in the fact that we're seeing a lot more interest from third-party projects coming to sovereign looking to launch through origins looking to integrate with sovereign's amms and this has been across wallets it's been across exchanges and we've also seen the very strong support from the investor community uh as well and so these things have been um working very well for sovereign and we expect to ramp this up this year and to leverage all of these partnerships to get in uh to get sovereign in front of many more users in terms of how we believe sovereign is positioned in the market there are two main uh aspects that we focus on one is what we call being bitcoin native and as a project that is appealing to bitcoiners there are a few aspects that are of prime importance one the system and everything around the system has to be trust minimized and the work on minimizing the trust required from users has to be ongoing and has to constantly leverage whatever technologies become available at the time in addition to that at its core sovereign has to have very tight connection to bitcoin work and the transactions in the summer contracts have to be heard by bitcoin proof of work with as much hash power as possible we also need extremely low user friction when onboarding onto the system users need to be able to transfer their bitcoin in one block they need to be able to retrieve their bitcoin in one block and they need to be able to do this from every wallet and they need to look at the system and understand it it has to be intuitive for them and so a lot of work has been devoted to ui and ux and that's an ongoing pro process and we expect that over the course of the next year we'll see a lot of improvements and our goal really is to bring sovereign to be as much as possible an exchange-like experience for users beyond that of course being bitcoin native that means that no competing cryptocurrency is required as a user you can come to sovereign only with your bitcoin you don't need anything certainly not um any other asset to pay for fees and the the system as a whole has to be interoperable with the wider bitcoin ecosystem but beyond being bitcoin native which i think is one of our primary usps there's also the fact of how fast can we move in an industry that moves at lightning speed so we want to move very fast but we don't necessarily want to move the fastest and the way we accomplish this is by being evm compatible which means we can leverage projects and services that are already running in in the wild and have already been battle tested we can leverage their audits when we adapt them for sovereign and of course and this is an extremely important aspect we have access to the larger largest developer pool in the ecosystem in addition to that we're able to bring to build bridges and bring in liquidity from other chains um so far we have bridges with uh ethereum and bsc our expectation is by the end of year one we will have bridges with all major evm chains and perhaps even more than that where that leaves sovereign is positioned very well against other bitcoin projects such as stacks or liquid certainly against c5 which is becoming more and more user unfortunate to use and differentiate sovereign and its services from ethereum and other evm or other smart contract layer ones just going into a little detail around pair x and the reason we're talking about stacks is because by many metrics it could be considered our closest competitor it's also an ecosystem that is looking to leverage bitcoin in order to create a smart contract layer but we think there's some very important differences and i think the market is also realizing this the fact that sovereign has a much more transparent close relationship with bitcoin's proof of work which is unparalleled in the security it provides the fact that our btc peg is trust minimized and is going to experience significant improvements in the future the fact that we don't have a competing cryptocurrency you don't need to dx in order to transact um and obviously the fact that we're evm compatible and so as of november our tvl was larger than stacks mainly because stacks a project that has been around for three years is building on its own programming language and we believe are going to have um a bit of an uphill battle in building out their ecosystems um and so the last uh point that i want to touch on is what does all of this mean where is the value created by the sovereign ecosystem going to and here the team has invested a lot of time and thought into the way we design sov where sov is in essence the governance and collaboration token um around the project and it's these these decisions are extremely important because they really create the incentives uh the incentive structure around how decisions are made um for the future of the protocol so again you can see that the value for sov is and will be expressed on all three layers of software infrastructure operating system and application layer what we have today in existence already and running is sovereign as a sov as a governance token allowing sov stakers to vote and earn the fees created by the system on the application layer we have begun experimenting as a community with sub protocols with the intent of allowing projects who are building in the space to have decision making autonomy but have also a very tight economic connection with sov and lastly on the infrastructure layer one of the goals we have over the next year is to drive the value created by sovereign through transaction fees on its chain back to sov stakers lastly to recap where we are from a fundraising perspective the protocol has raised approximately 23 million to date 2 million in a private round closed with [Music] uh funds primarily uh and around 267 bitcoin rate from over 5 000 community members and lastly in april a strategic level a strategic round um which we believe we will continue to benefit from far beyond the capital that was raised in that round so that ties together our um short story about what we believe sovereign should be where it's what is it what it has managed over the last year and where it is going over year one thank you very much everybody and um judas up to you i don't know if you want to talk now or continue yeah i think i think we'll follow up with the updates we'll just do it uh pretty quick to enable everyone to ask their questions we also have people leaving us questions on the um general chat in the recent in the last week so um let's just continue with the quick updates iago do you have uh anything else are you moving on to uh ingomar yeah i'm i'm here um how's everyone doing um brief updates um working on a partnership with uh with blindex which will uh involve a uh a fair launch um involving sovereign amm pools in their platform if they're here it would be great if you guys could introduce yourselves if if not i'll just move on um yeah hey guys we're here awesome can you introduce yourselves and you know a brief summary of blendex sure um so first of all guys uh amazing community and we are thrilled to to join the call and to join the community and um we are very excited from sovereign plans for the for the next year uh introducing myself my name is omer part of the blind the blind x team we have tom hi guys and we have casas also on the line everyone and essentially what is blind x blind x is a multi-currency stablecoin platform and we are going live soon on the rsk network as a team we are passionate about stablecoins and we aim to connect users around the world to define bitcoin and blindx users will be able to mint trade and invest tables back to their local currency we are going to start with euro and usd stables and and soon the bladex community will be able to decide which stable coins will be supported next in the next few months we'll play we're going to build the blind xdao to empower the community which we believe will be a core driver to our to our platform and and how do we actually keep our stable stable blindex tables are backed by both btc and if as collateral and by a governance token bdx which its supply will always be 21 million i think what uh we're actually not going to stop there so stable coins this is just the first milestone in our journey but we're currently going to help everyone use their local currency by going multi-multi-currency stable coins but we actually want to work on tokenize everything tokenized price indexes real estate commodities stocks bonds whatever there is out there to tokenize we want to do it uh and like commando said uh there are holes today in stable coins on rsca the usdt in ustc they're very centralized and this is something we go againstly against like a sovereign here so we're trying to be as decentralized as we can we're only using collateral for decentralized tokens or coins like bitcoin uh there are no pre-mined tokens so ingomar you just mentioned it we're going for lunch uh we're gonna start on our scale you know the most secure more centered decentralized network out there and even our cloud provider our front and the back end we're going to use stack os which if you don't know that project awesome project it's a decentralized cloud provider so we're also going to use that we're really trying to be as decentralized as we can be so why sovereign uh what does blind x mean actually for the sovereign community a blind excellent sovereign have a great potential to benefit one another in the near future we're planning on submitting proposals for blindex to join the sovereign community so that the subholders could also enjoy the benefits blindex has to offer uh we will share more with the community as we go as we get closer to it meanwhile uh we would love to hear your thoughts on the on our telegram and disco channels and we we invite you there and we will have to get your perspective on stables uh so thank you igma and diago and judas for the opportunity thanks guys if maybe you can send uh send the links to your uh social channels so people could follow i sent the link to your website and you can send it for the groups that you mentioned uh and we can also open it to groups for blind decks uh guys after we uh finalize with the updates and the questions on the deck and and all the questions from the recent week um so moving on to the next yeah um light you have a quick update i think regarding mint yeah so the mint bonnie curve ui is currently on test net so folks who have test our btc uh want to check it out um and uh buy some test sov and test mint from the amm on testnet um you can go to the sovereign labs menu item on testnet and uh it'll save mint token and you just click on that and it'll open up the bonding curve ui and connect your wallet and uh trade sov and mint against the uh mid bonding curve um so we're gonna leave it up on test net for a little while so people can try it out and then uh it'll be going to mainnet um very soon all right thank you a lot thank you very much i know a lot of people have been asking about mint so it's good to hear and um guys if you could please go to our youtube channel uh give us some likes i see we have 65 streamers and only 16 likes so come on give us give us a little like help us uh and help yourself i mean we're all sovereign holders right so uh moving on to aurora guys i'm also trying to keep myself short although i have quite a few updates um so since we last spoke in december we introduced and then fixed the mmv split as some of you might remember that we needed to push a fix just because we did not consider some of the side effects it had um but now the am split is working it has been working for a few weeks now and fees are being split between the liquidity providers and the protocol so sob strikers are now also earning fees on all ammo spots um apart from the other airdrop happened for everyone who held in tokens on the 3rd of january the second airdrop still being to happen currently we are um preparing and finalizing the rubicon update so it is already finalized the development is ready and the reviews were mostly done it's now under qa and very likely to launch next week which is a reminder that will become involves a few improvements like the prevention of just positions in the system and um a lot of a lot of it's just a collection of a lot of small improvements we have um without going into further detail now given the time um one thing a lot of you have been waiting for is fastbdc the peg out and um the last time i told you that we had two thirds of the audits and by now we received all of them um and we already implemented all of the recommendations so this is basically ready additionally we finished the bridge integration which means that we can use fast btc to bridge bitcoin to any other chain which is connected to sovereign via one of the sovereign token bridges which will be required above all for the purpose of launch and currently at this moment we are preparing the deployment as you can imagine this is a coordinated effort all of the federators have to come together and make the setup and it's in general just a lot of things to um watch out for and yeah given that we are ready to go and we would like to launch it by the end of this month um like i said this is one of the prerequisites for the trap swaps since pref swaps are going to use the bitcoin tokens and you will be able to pay all of the fees with bitcoin even though purp stocks are launched in a different chain here we we delayed the deployment mostly because of the other issues we were facing and we still do not have the audits you would like to have and it might take longer to get them than be willing to wait with the deployment so we are planning to deploy trap subsystem even though we are still waiting for the final audits but white listed and limited transaction sizes so to be safe um we are just limiting this which means that we can already gather all of the main chain experience um without having to risk a lot of funds and then with the time as we gain more confidence and the audit results start coming in we can increase the limitations that more people in until we can at some point just lift them completely um diego said in the beginning that he would still do it in january but i actually think that on the roadmap it's scheduled for 15th of february or at least mid-february um however what will come still in january is a public trading competition um this trading competition will happen on testnet but with actual managements to win so it would be awesome if a lot of you could participate already got a feeling for how the purpose of product is working be able to play around with it without having to fear lose to lose money and it would help us gather very important feedback and we can then still react on the feedback before launching the live system um finally the limit orders are also under uh also finalized um they are currently in the qa and then we are ready to go um and yeah i mean these are the most important updates for you guys so i'm going to stop here to just leave a few minutes until the end of the call and not consume all of the time aurora it's either you're going on fire or you did because we just got 42 more likes you started on 16 and now we're 58 likes on youtube so thank you very much for this amazing community um okay moving on um to malva you want to shoot your updates i'm sure they're going to be quick yeah hi judith mob here and just to reiter reiterate sorry what iago is talking about the strategy for 2020 really narrowing our target audience and from like a a sovereign um proposal we have like kind of polar opposites of people who maybe are not interested in bitcoin but interested in sov and the price going up and then we have the bitcoin maxis and what we're focusing on the last few months is really around education around sov token and why it's important particularly for dows so magnus and bass are working on documentation around that and then and the product launches uh the next couple of months like them and zero and bitcoin backstable coins being able to bring your bitcoin into real life situations no longer is it kind of a crypto casino that you store your your bitcoin as digital gold and wait till retirement to use it why don't use it now um so those three things are really focused on and then a kind of rebrand without a rebrand kind of brand maturity getting um and then new website so we're working with a great agency in new york to get to build a website hopefully lodged by april so lots of stuff in the background that maybe a lot of people don't visualize but myself you and judah myself and judas will will um announce or share the marketing strategy in the next couple of weeks for everyone to see and some timelines on it as well as a roadmap for product releases so everyone can see all the work we've been doing in the background so lots of work going on haven't really seen it publicly but we'll be sharing it very very very shortly thanks sure thing um two i think uh doesn't have enough ever have an update for us today so um okay now we're open up for questions okay so we're gonna start with armando's um uh presentation so guys if you'd like to speak just please unmute yourself um we're gonna check also on youtube if you're gonna post your questions there or if anyone wants to send me a question i know in dm if you don't want to talk it's also good have at it hi my name is matt i prepared some questions i'm an early investor himself um i prepared some questions and i think most of them are already answered or are let's say announce are coming in the coming months i think i missed uh because in december we there were like some um there were expectations for lounges from zero origins for the token lounge and i i missed a little bit information about it today in the cool and i was expecting that to have more information about that um is there a reason for that or is it announced in the coming weeks it's not completely clear to me can someone address that uh question please sure i'd be happy to impress it so um i think what we did is we took um uh christmas time and new year's to do an analysis of yeah a lot everything basically what was working what wasn't working and um the one of the conclusions that we came to is that the focus and speed that we've had has been correct however the way that we've presented it to our user base has not been um so uh what that means is and and i'll be posting uh uh publishing a post about this uh quite soon but um we've made an emphasis on pushing um products and features out as quickly as possible immediately after we um have completed them and deemed them to be secure and safe and then frequently and then now this always comes at a cost right so speed comes at a cost other projects have um been willing to accept security at is a speed of the price of security or speed to the price of their principles we have chosen to take speed at the price of user experience and polish as well as communications so for example you know if when there have been periods where every week or every two weeks we've been releasing something it hasn't given the adoption team any time to put together materials around what is happening to prepare the community to build hype if it makes sense to build hype you know none of that and um so the conclusion that we came to is that we should continue to uh look to um work at the at a at a fast pace but we should um delay when we're pushing things out now how does and i think the last example of this was mint right yes and the last example of that was mint right and i think the conclusion that we drew from that and other examples is better to bundle together a bunch of releases have the time to get people accustomed to what's coming make sure that the user experience is on a higher level uh you know and is more polished and so this is changing the way we're thinking about our release schedule so that's going to impact zero probably going to impact everything else as well so origins um and so you know for example uh aurora was saying with the purp swaps right we're having a trading competition this uh uh uh in january but we're going to wait with the main deployment until february right so we're taking some additional time there and i think that ultimately this is probably the right direction for us to go um and part of the reason that we haven't sort of reconfigured the road map around that yet and announced it is because um we need to have that conversation with the community and complete the conversation amongst the team um so the decisions being made um but now finalizing what those implications are uh again we want to do that in the right way so basically i think of this as uh you know the project is maturing a little bit um and and the way in which we will be doing releases isn't true okay so we did we just have to wait for further announcement on that i mean it's more than just a passive thing um over the course of the coming weeks we expect to involve the community in all of these conversations uh and have forums to discuss them as well as try to put out as much content on this um but yes uh effectively uh i expect that over the coming few weeks we'll have will there be information about the plans and the strategy and the robot going forward okay um yeah another another quick point is um yeah we yeah i guess had some growing concerns about adoption and marketing but i guess that's coming if i hear the circle and uh so i'm really looking forward to see the roadmap um and i also um i hope to see some some some let's say information or let's say marketing campaign around maybe rsk or maybe from rsk because i what i uh what i whether what i see and i think a lot of people see if they talk to bitcoiners about sovereign they like to project but they still not secure about rsk or you know the the the bitcoin btc becomes rbtc so i think there's also a little bit there's a lot of um uh friction of unknown about the like that how does the sighting work and is it safe and uh i think if you look in the wiki you can find stuff but maybe it's a little bit um i'm missing a little bit push maybe also i'm not only from the software rsk itself to to really get it out there that this is you know one of the best ways to to merge my bitcoin basically i'm not a tech guy but yeah malva jumping in here again yeah exactly right that's one of the major things if you look at it from if i'm just speaking from a bitcoin's point of view is that the two big obstacles we have to convince those type of users is the sov token is not competing with bitcoin and two how safe and what are the risks while using rsk network so we're working closely with alejandra from roots doc and rsk so we're talking to them daily and light has started a document and also magnus and bass have started these documents all around education so when someone comes to sovereign in the next couple of weeks or months that they exactly know how everything works to you know a certain degree and then go to the wiki if for more detailed information that they can make an informed decision of um using the platform for for trading or buying or selling bitcoin so it's huge on our list and you're dead right and we're focusing on that thanks uh i got a bunch of questions from my side thank you guys i'm you're doing a great job thank you very much we have whitner i've got a question for aurora um did i hear you correctly when you said that the perps would be running on a different chain maybe i heard incorrectly but i just wanted to get clarification around that and if it is running on main chain the way it is right now uh how does that look with like just like 30 second or 40 second um block times just curious about the trading experience for users on perps thank you yes so we realized that we cannot launch perf swaps on rsk as it is at the moment because the block times are just too slow you just mentioned it um what we need is a very fast throughput chain for this project and therefore because we do not get half our own roll up and we do not have yet the infrastructure ourselves where we could include it into our ecosystem properly the way we would like to we are first going to experimentally launch it on vine and smart chain pick bonus marching because it's fast you have three second blocks and the transaction keys are very very low and we already have a token bridge a lot of our users are using one finance smart chain and a lot of the infrastructure we needed like a gas station network and the source was already existing so for us it was a reason of a choice to use that chain to launch a first experimental version of that product while still trying to keep bitcoin centered as much as possible and to make sure that users still do not need to touch bnb or any other token but that all of the fees can be paid in bitcoin that's why we set up the meta transactions so you have gasless transactions where your fees being taken from your bitcoin tokens which are bridged by your fast btc and um to also have bitcoin as the main currency on the product um wow okay i haven't been uh to these community calls in a while so it's nice to hear everyone's voice and to hang out a little bit um has that been mentioned before i'm just curious how being on finance chain might be welcome from the overall bitcoin community i think it should have been mentioned but maybe that's further question for marvel yeah i think it's been discussed a number of times um my bad my best so i've been around for a couple of weeks sorry no no it's fine it's good to get new fresh uh reactions um [Music] so with regards to your you know the concern you bring up i think it's it's a valid concern i think uh now is not a good time to to get into it but um it's one of the things that we'll be addressing as well sounds good thanks yakko well just to jump in here again and absolutely the concern is there and when we go to properly full on marketing the maxis especially will go hey like wtf what's this but it is part of the kind of road map and the vision for sovereign to look out into the other crypto chains and see really good innovation to bring it across to rsk or onto the bitcoin main chain or another sidechain so that's always been the case and it's up to us to to you know prove that this is only a temporary thing that it'll eventually when the technology is ready with roll-ups and stuff this will be moving on to bitcoin so we will be playing around possibly with other chains with new innovation but with the ultimate goal to move it onto bitcoin and that's the whole goal so it's it's i suppose it's around a narrative as well and not to be um possibly stuck using these chains for a long time that people might get disheartened and ask the question hey i thought you guys were bitcoin only or at least bitcoin focus so definitely a valid concern and something we have to um assure the community and others that this is a way to bring great innovation on to bitcoin from other chains thank you guys all right thank you very much uh let's move on to uh one question that's really bothering i see a lot of people on youtube and on the general jet um so some update about zero people are asking if there will be a a token so before the launch um some people are asking they wanted to buy xero and hence bought sov one month ago and didn't stake it because of it so what should they do um [Music] okay so i don't know how many people uh acquired sov in order to acquire xero um at this point we do not have a date for the zero token launch um and you know like i said previously yeah but by the time we have this community meeting two weeks from now we will have a num i have had a couple of conversations with the community and we'll have more of a summary of where things stand um uh so you know i can't uh we can't commit to anything um but uh but what the community have decided those decisions have to be made um i don't see that question in the youtube or the other questions no community call questions uh this one is from the community call questions uh channel and some more people have been asking about xero and the general chats okay yeah so zero the product is coming right and it's an important product and one of the things that i think we need to do is take the time to launch it well both in terms of the polish that it comes with and in terms of the um communication that it that it is released with um and so so that's just something that we we need to invest the time to do properly because xero is really an extremely powerful and unique product uh and feature that the sovereign protocol offers so that's definitely coming with regards to the token launch i think that's one of the key things that we want to discuss uh and we discuss these things in the forums frequently but i think we should also be having a few community meetings around central questions like that in terms of when and how to launch it great great we can totally do this more often uh and obviously i hope you guys are joining our spaces uh where you can always ask your questions um next week we're gonna be on wednesday with natalie brunell and crypt wendy um okay um maybe one two more questions uh yellow we have the time um if there's anyone here who wants to ask just unmute yourself and shoot and otherwise it'll just since we have a list from hi this is uh this is bobbers uh just a quick follow-up if i could i very much share the sentiment to the other person i just wanted to ask the twitter spaces you've been doing lately have been fantastic um really good just to have a general kind of loungy setting but is there any plans to maybe get some higher profile figures in a more formal space um one of the spaces that was i thought was really good but it was it was kind of chaotic was with tone and uh some of the other people and they they really misrepresented the sovereign token and unfortunately because they're very smart and iago's ability to talk is amazing but it was overwhelmed and i was hoping as much as people don't like somebody like pompliano or or somebody where there's a more formal dialogue that kind of puts to bed some of the misunderstanding of the saab token relative to btc and how it's implemented i think would go a long way especially with the usa audience i didn't know i know there's a lot more marketing going on but is that something that's being considered so first of all yes second i don't think this is a one-shot thing i think um this is uh you know going to be an effort on multiple different fronts over time i would point out that you i think we're getting particularly high level participation you know so on the spaces last night james block among other people participated the one before that it was dan hild um yeah i know they're they're great but it doesn't get too much into the details and you get questions from the crowd which tend to be um just not focused i guess y'all go i mean when you listen to you everything's very clear yeah i think what you're saying basically is let's have a high level conversation where we address the you know common uh criticisms i think we have been looking to do something like that but your emphasis on doing it like that specifically i think is is it it you know it's a good way of thinking about how we we can approach it thank you thank you guys appreciate what you do want to shout out to magnus really been doing an amazing job organizing the spaces and yesterday he also hosted it for the first time uh so thank you very much magnus it's an amazing work uh and also i want to add that you know to me jameson love is a hero i mean the iago jaguars said it today in the beginning of the call the lop.net his website i don't know if there's any friend of mine who's got into bitcoin that i didn't send it to and his metal seed storage uh you know and i understand what you're saying and also we're planning on even more high caliber and we're trying to aim for everyone who's connected to bitcoin uh and is open for a conversation so you know if if you have some names you'd like to see you're more than welcome to drop them in the chat and we'll do whatever we can to can i maybe uh ask some something or maybe actually just uh just share two gripes that i'm starting to get so i think one of them is um i don't know how to express it but a kind of dissociation between what's happening on the forum and then how it translates to development um so i think zero is now an example of it perhaps but mint layer was very clearly an example of that um i was wondering whether those christmas evaluations that that has been sort of also been been discussed um i i don't know quite what sort of what the solution would be perhaps one solution would be just for the for the development team to very clearly communicate if something is sort of not happening for them or they don't see it or they have big worries about something or something like that because um yeah so like if you know if there is a discussion on the forum on on servo and it has a sort of detailed discussion on on the on the tokens for example then people put time and energy into that and if then sort of people are excited about it and then do they you know they're they want the token and they see the token and they put sort of time into into sort of thinking it through and then sort of something happens on the behind the scenes during christmas and then there's no token i think i think i can actually i can see the reasons for that and i think i might be in favor of it et cetera et cetera it's just that there's this sort of um yeah sort of this disconnect between what happened happens on the forum and then uh how that goes into the future and i i i think we should doing something about that or that's not it's just not very good for governance and for community building et cetera et cetera um maybe i'll just leave it down the other the other complaint middle i'll i'll just uh be getting this amount of time let's move some some thoughts on that yeah um so there's ah so my sense is that um we need to have realistic expectations about how uh governance development and community intersect and the trade-offs that are related there so i think you know you're martin a great example of someone who i read his posts of great interest um i don't always comment but i think you know your thinking is interesting mature informative um and um the activity of having these conversations on the forum is um um a i think a directional guide the it's an opportunity for all of us to contribute ideas to sharpen those ideas and to set broad direction however things like timing um sequencing um those are impacted very much by changes in the market by speed of development by the rate at which we're able to make sure that systems are properly um audited and so there's different speeds at which um conversations are able to happen and can be reactive and that's the reason that there's a core team right it's important that there are people who are basically dedicated to this project effectively 24 7. and this is the only thing that they do because you know we've spoken in the past about the ooda loop right your ability to um to orient and to make decisions and to act um you want that to be as tight as possible um so [Music] doing things on the basis of conversations that occur in the forum i think would be very very bad for the project and what that typically tends to do when you when you have sort of this undifferentiated um set of of participants right where you basically have governance by committee and community what ends up happening with projects like that is that they stagnate and that's definitely not where we wanted to be and so i think we pay a price we pay two different types of price the first price that we pay is that um not um the the the re the the community is not able to uh react to everything and to to to contribute to every single decision in a uh uh you know fully synchronous way all right and that we know we're we we don't want that right that's a price that we're definitely willing to pay that would be sub-optimal there's a more insidious price that we pay which is that um when you introduce a high degree of transparency what ends up happening is it looks like things are actually less transparent and this comes back to what i was talking about with um taking more time to release polish right so the system that we've been working to is we basically push out things as soon as they're ready and then what happens is that a whole bunch of users get to see them with all of their flaws with all of the warts with a immature ui and they say oh this is this is horrendous i don't know how to use it i've made mistakes i need a lot of help right these guys don't know what they're doing um what we're actually doing is being extremely transparent like this is the system as it is now take a look at it critique critique it use it learn it right and then on the basis of what we see you guys doing and the communication that we have we have a very very quick iteration loop and system constantly improves right so what happens is you are more transparent but you look more incompetent when it comes to product basis when it comes to governance what happens is you are more transparent but you look less transparent because if you're able to be a team right which makes a decision formulates exactly how it's going to present that decision wraps it up in a nice bow um and then comes out and says look this is what we're going to do right then it's oh look this is what they said they're going to do and they're doing it and uh cool they're being very transparent whereas what happens in practice if you're actually being transparent is um people get to communicate decisions get made in a messy way everyone gets to see the mess there's far more uncertainty because um anytime there's a conversation going on some people are unclear exactly where the decision point is right there's a whole bunch of things when the system gets more when when the decision process gets more messy it looks less transparent right and so this is a a problem we're going to deal with forever by by leaning into transparency we're going to always have like a sense among some people like i was ignored or it wasn't transparent or i don't know how the decision got made and so i think there we just need to culturally adjust our expectations around it and at the same time we need to build out the rituals that are going to allow us to avoid uh uh avoid those circumstances as much as possible uh but my sense is that that you know it's basically those two things right the the speed and rate of communication which can happen according to you know different circles like how close you are to the project and the the the view to actually seeing the mess which is you know i experience it all the time myself i hear about it from the community and i think we just need to be aware of it um can i quickly re uh respond to jaco uh the um point yeah so so long as we have it go ahead um yeah this method again um i totally understand what you're saying jago and uh i i fully agree that uh you should be uh careful what you release and and the way you do it and um and to prevent any uh especially security and they have to be good so there's no i think there's no friction nothing but like if if i see for example um what already now what with the roadmap was to share it and the presentation was shared i think already with the promise what is coming to sovereign and it doesn't matter when it comes if it's a week or if it's two weeks or one month two months i think you do you are delivering everything that you promise even even it's not maybe in the next week or two weeks i think even with that but what we have now the futures we have now and what the promise was coming we can attract i think already a lot of early adopters for suffering more than we're doing now that let's say there's an ongoing and also on the telegram like different opinions some people say now we have to complete the whole platform every like application have to work 100 and then we're gonna go mainstream i also have a different view that that you can there are a lot of people there are users who come when things are ready okay but there are also like say people who early adopters who are interesting what we can bring in the future and um they want to be early and they want to maybe be even investor or a stake or whatever before you're going to release all this thing so i personally i think we can do more on that from that you say okay we're gonna there's there is a communication around when you bring it and how to launch it and there's also communication around okay let's create some excitement about the whole roadmap and what we're gonna bring in the coming year or something like that and uh and and i don't hear you talk about the jacob but before you talked about um let's say last year you talked a few times about let's say that you see suffering bigger as like a kind of um his own jurisdiction something like a country or and satellites and that does that was very interesting to me that whole idea and and and thing and and also then i was involved myself in let's say a few politic campaigns and then if you going that route and it's let's say it's same as in politics for example in a campaign you run a campaign and you have the points uh you want to do in next four years and then you hey you try to get every soul on board and then they go with you and if you have still that plans of that creating his own jurisdiction for sovereign i think yeah we can do much more i think to say okay guys this can we do for the coming four years come on board and elect me and we can do it together and then wait wait wait always polish and then release it that's just my view martin i appreciate this is a very interesting topic to me it's a complex and nuanced one and i'd love to have a deeper conversation with you and other community members about this so let's dm me let's organize a conversation a forum to discuss exactly this kind of question i think it's a big one and an important

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2022 we staying sovereign that's the summary y'all never feel you can't question the stuff you've been taught if you think you've seen it all then you're utterly wrong exchange bitcoin on lightning through submarine swaps building innovative products we feel break the seal the financial layer is real for mass appeal like the xero protocol get a loan pay whenever no interest rate can't nobody ever do it better lock your bitcoin mint stables start earning revenue through the stability pool passively collect the loot 110 collateral ratio if you got that covered the rest is all gravy bro there's no topic in bitcoin we can't unwind we'll debate the critics one twitter spaces at a time bitcoin hyperspace and we're in the cockpit now it's time to discuss the latest with sovereign all right hope you all enjoyed that uh thanks again for joining all right glad you enjoyed that thing um thanks for sharing in this mission the guidelines are if you'd like to speak raise your hand wait patiently and uh um we'll call you up and uh before going through the agenda um would anyone hear for the first time like to introduce yourselves and say hi all right i guess we're all regulars here so um let's start it off with armando with the presentation i believe you can view it on the the youtube live stream yep yes great um thanks everyone for joining um what i'm going to be going over today is an update about the exchequer committee just to give a little background um this update is is servicing two purposes one um obviously to provide the community with an update on the work that the exchequer committee has been doing and what is planned for the next six months but also hopefully to get some feedback from the community uh and some ideas around you uh some ideas from you and i will be posting um this deck on the forum and uh that'll be an opportunity for anyone who has some feedback or suggestions uh to voice them there so what we're going to cover is an exchequer committee background um basically going over the establishment of the exchequer committee and its goals then we will talk about uh the sovereign treasury um the budget that the sovereign protocol is working under and the use of funds we will also give you guys a bit of a snapshot into the current headcount for the sovereign core team then we'll talk about some of the reporting and metrics that we're putting together that we want to start providing on a quarterly basis to the community and then we'll get into the road map for the next six months what we're uh working on now and what to expect to see both in terms of uh work that's being done and sips that are coming down the line so for those who are not familiar the exchequer committee is a seven person committee with representation uh from sovereign core team members sovereign investors and community members the committee was established last year through sip 15. and one of the reasons why we're providing this update is also because two of the members that were originally elected for the checker committee have since left the project and so we want to give an update on what has been done since and also alert the community that uh very likely next week a sip will be raised to elect two very active community members to replace the two members that have left in 15 and also throughout the work that the exchange committee has been doing there were a number of responsibilities that were defined for this committee first and foremost the exchequer exists in order to formulate and propose a budget to bitocracy once a budget is approved by bitocracy it is the exchequer's role to make sure that all the treasury expenses fall in line with that budget and if there is potentially any access to that that has to be approved by bitocracy as well beyond that the exchequer is responsible for managing the treasury and that's also defined by the bitocracy what was defined in sub 15 was that not only will the exchequer be making sure that there is a budget and that all expenses are in line with the budget but also it was given the remit to use the treasury for the purposes of providing liquidity to the sovereign protocol to make sure that the products and the services that are being offered um are optimized for users it may very well be the case uh that this remit may change with another sip um but that's uh how it stands right now um beyond that the exchequer is working on defining policies for uh compensation for sovereign core contributors and that's obviously one of the biggest buckets of expenses that the protocol has and then report in a transparent way all of the workings of the treasury back to the community the over the last few months the exchequer has onboarded an additional resource to help with the financial reporting and that's a global accounting firm called hc global that have started working with on-chain protocols and this is really a big assistance for us also to make sure that there's another level of uh audit another level of control over uh the funds that are held in the treasury and obviously a way for us to provide financial reporting at the highest standards um for anyone interested in the initiation of the exchequer committee and what's being formulated up until now the relevant sips are 15 which is formulation and structure sip 19 which was the budget approved and by the way this budget was approved until uh the end of 2021 and the exchequer is currently in the process of formulating a new budget for the next 12 months and so that will be shared within the next update uh over the next couple of weeks and then um sip 29 was an extension to sip 15 basically uh provided the exchequer with additional sov from the adoption and dev pools for the purposes of further development of the protocol uh this slide it just gives a small snap snapshot of of the treasury and and again i want to emphasize that the full financials for 2021 are very close to being finalized and when they are they will be published but i wanted to give you guys just a sense of uh where we stand so sovereign protocol has raised to date three rounds of funding from investors and from the community totaling approximately 23 million dollars the majority of these funds were raised in bitcoin and because the treasury is providing liquidity for a number of pools within the system the treasury composition can we please make sure that everyone's muted judas thanks so since the treasury is on an ongoing basis providing liquidity to different aspects of the system the composition of of the treasury portfolio portfolio fluctuates quite often but as of the end of 2021 the treasury balance was 16.7 million with the majority held in btc and then the remainder mostly held in usd with five percent in other crypto assets depending on the different pools that the treasury is providing liquidity to in terms of the use of funds and as i mentioned there are two primary ways in which the funds are used one is obviously operating expenses and the other is liquidity provision step 19 passed last year approved a temporary budget through december 31 of last year and the information below gives you a snapshot of what was approved and um the information here is one to one what was in the sip so um it's easy to see and to compare um where they correspond but essentially um at the time the core team was structured into the following circles being development community creative marketing and operations active expenses refer to active headcount that were already working with the core team at the time that sip 19 passed open positions refer to additional expected head count that we needed to account for and then other expenses refer to all non-head count expenses whether they're one-time or recurring and the information here are essentially monthly averages from june until november 2021 and again that's because the final financials for last year are being finalized as we speak but what we can see is uh as a whole the percent utilization of the budget that we actually had until the end of last year sits at an average of around 65 percent and one of the main drivers for that is um because there was a total of approximately one million dollars that was dedicated for exchange listings and we managed to [Music] minimize those expenses or essentially not use any of that budget by two things one collaborating with exchanges such that they are investors as well and negotiating with them such that any fees that are required for listings if those fees are required could be paid in sov so that expense wasn't utilized and hence the 65 but regardless even taking that out of the equation we have about 80 utilization of the budget we expect those numbers to increase with the next budget now that we have a lot more information around how the protocol works what kind of resources are required but again the main thing is that we don't budget too high and leave too much leeway but on the other hand obviously not budget enough such that we need to go back to burtocracy to get additional funding in terms of liquidity provision we generally categorize this under two main buckets one being passive liquidity and the other being active liquidity the majority of the liquidity provided is passive in the sense that it is taking treasury funds and utilizing them to kick-start different pools and providing the initial assets to allow for trading in those pools as time goes by and those pools start developing organic liquidity we're able obviously to pull out that liquidity and utilize it for more active engagement with the protocol examples of active liquidity are elements of the system such as liquidators r bots x usd pool i know there have been recent issues with xusd in terms of not having enough funds from finance smart chain or having difficulty extracting funds and this is something that we're actively both utilizing the treasury to solve and also actively working with babelfish team and that's just an example of some active treasury management that the exchequer oversees here we have a snapshot of the headcount for the different circles and we also have a new designation of the circles that will be relevant for the budget that the exchequer will be publishing within the next few weeks and the way the teams are designated now is the primary theme being development which obviously covers all of the technical aspects as well as design aspects of the system this team constitutes the majority of contributors about 55 percent of core team members fall within the circle um then we have uh the second largest group which is called adoption and adoption is divided into two main categories uh the first being marketing um and then the other being guidance where guidance is primarily concerned around interfacing with the community communicating with the community solving issues and providing support the last and smallest group is the operations team this team deals with finance partnerships people management and constitutes about 10 of the head count and so we currently have close to 70 active core team members with the current budget that will be proposed um we'll be looking to budget for a total of 81 contributors for the protocol the one of the main responsibilities of the exchequer committee is to report back to the community and i'm definitely aware and believe that the exchequer needs to improve and provide a much more strict cadence of uh reporting and part of this effort is through this update and i hope that you guys will see um and hear a lot more from us and the first thing that we want to institute is quarterly updates around the treasury and around different economics and financials and the exchequer committee met last week and has is proposing to provide a number of different uh aspects in this reporting the first regards to the treasury itself and that's portfolio composition and here we want to take a step further and not only provide the portfolio composition of the treasury on a quarterly basis but the team has developed an exchequer dashboard which will go live in beta this quarter and that dashboard will give everyone um 24 7 access to c unchain where all the assets are held at any given point and will allow for a much higher degree of transparency and controls for the exchequer committee in addition to that we will provide information around how the funds are being used and that will also include the sov portion of the treasury the last update that we gave about sov payments was in october and we expect to be releasing um an update on all of the sov allocations together with the financials for 2021 and obviously that leads us to the financials which will be a balance sheet and profit and loss statements for each quarter beyond that we will provide standard token information uh protocol kpis being tvl volume fees generated by the protocol the number of sov staked information about our users and there is some of this already in the wiki but uh we plan on providing much more information around this and eventually in q2 also have a fully fledged dashboard where all of this information will be readily available [Music] on an ongoing basis and we will be providing information about revenue drivers that are beyond fees generated by the protocol and these are things like the liquidator that the treasury is running or any other potential sources of revenue lastly the exchequer committee will be publishing a summary of all the meetings that it held and primarily the decisions as well as the rationale for the decisions on a quarterly basis but what we would really like to know is if there is anything beyond what's listed on this slide that you as the community would like to see in these reports anything that wasn't mentioned or anything that you believe deserves more attention like i mentioned i will be posting this in the forum and this is really something that we would like to get your feedback on so that we can adapt and change and implement those in the reporting that's coming in february in terms of the exchequer committee roadmap what we expect to come out in q1 first and foremost is the sip regarding the election of new exchequer committees so that they can officially begin their role and this is obviously due to the fact that the current exchequer committee is operating with only five members rather than seven and so we hope to bring in two quite active community members into the exchequer committee um and in general i don't believe this will be in q1 but you want that to be kind of the basis of starting to develop a more robust delegation culture within the community where community members can start having more influence around the direction of the protocol right after that we will be distributing the proposed budget for 2022 um the way we will be doing it is um posting it on the forum allowing for a period of perhaps one or two weeks for the community to review provide feedback and then raise that for a sip depending on what kind of amendments may need to be added we will be finalizing the exchequer committee reporting framework and cadence we will be finalizing contributor policies and making those public so anyone who wants to start working on sovereign or is looking for a position within the core team can easily see those and reference those and obviously for that to also serve as a resource for active contributors we are also starting to conduct a review of all the revenue drivers and the liquidity provision and start starting to get a lot more scientific about it in terms of optimizing those revenue drivers to make sure that the treasury is utilized in the best way possible and we'll be releasing the first version of the treasury reporting dashboard in order to give the community a lot more visibility in q2 we expect to work on optimization of the revenue driver making sure that whether it be through bridges or through liquidations the treasury is able to balance between driving revenue and making sure that the system is usable and competitive and we will start focusing on a transition from liquidity provision to treasury management as the protocol matures and grows the need for liquidity provision will decrease and we are already starting to see that happen and the natural next step of the treasury is to make sure that we have strategies in place to ensure that the treasury to the extent possible can be evergreen and it's treasury that is a cash flow positive and can cover the operating expenses of the protocol potentially for an indefinite time we will also be introducing reporting dashboard improvements like i mentioned having a lot more metrics and aspects of the protocol be publicly available and we'll be introducing additional systems around management and controls of the security around the treasury and around how the community can really act as an additional set of eyes and additional controls over all the spend that is happening um one last note on these dashboards the core team has done an incredible job of building out these tools and is still working on it and that shouldn't be taken for granted because as you guys know sovereign is a dow and a lot of the tooling for daos is either non-existent or it is not compatible with the rsk chain or it is simply not robust enough and i truly believe that one of the ways in which sovereign is pushing the envelope is in terms of the governance not only with the experimentation or willingness to experiment with new models such as subdials but also in terms of providing best practices for how daos can manage themselves and provide the right kind of controls and transparency to the community and another part of this which isn't directly tied to the exchequer but another part of this is also building out the the front end for bittocracy and giving sov token stakers the ability to have a lot more visibility into what they're voting for and how they can influence the direction of the protocol so that covers the um the exchequer update um again i'll be posting this in the forum it would be really great to get your feedback on what you would like to see and once we have that feedback we'll be implementing it in our reporting and so over the next couple of weeks you should see a number of announcements and a a lot of information coming from the exchequer and it would be wonderful to hear what you think that's all from me thanks guys thanks very much um armando um do we have any questions from our our attendees today regarding that presentation or any feedback hi engemar uh it's excellent surfer here um armando i'm curious how is the rsk integration with gnosis coming for the uh for the treasury dashboard that's actually complete and we'll be implementing it in the first half of february that's the treasury dashboard um the beta version of the treasury dashboard and there are other more complex integrations which is essentially taking different apps and um making them compatible with rsk this is work that i believe will probably bleed into q2 to give you an example one of the things that we would love to implement is a way to stream compensation to contributors on a block-by-block basis or give contributors the ability to pull their pro-rata version of their competence of their monthly compensation at any point during the month the idea of paying contributors on a monthly basis is quite archaic and we would love to move away from that but there are a number of other different apps that you can integrate with gnosis that we're interested in implementing but the first release is ready and should be out in the wild pretty soon am i correct in understanding that this work was done together with gnosis or was this it's so is it official rsk support that gnosis is offering or is this a fork or a work that this auburn core team has been doing uh the sovereign core team was in touch with the gnosis team but this was primarily done in-house so i believe we have one more question and i would like to move on to uh yeah it's it's a general question i apologize if you addressed it but what was the reason the two members left was there was there any issues with that or was it just a simple kind of wasn't wasn't working no actually those were two contributors who left for personal reasons um nothing relating to any anything professional but one thing that that was the case with the first group of members of the exchequer committee was what ended up happening is that five of the members were part of the core team and two were external representatives of investors in the project and when these two members left the project we wanted to take that as an opportunity to make sure that the representation from the core team existed because the core team is closest to to the workings on the project but also we didn't have enough of kind of a voice or a conduit to the community and we started looking over the last few months for um community members who have been in the community for a while who are quite active in the community um meaning they're also quite familiar with with the protocol and to put them in a position to get a lot more visibility into the workings of the exchequer committee mainly so that they can communicate that back to the community and bring any concerns from the community or questions from the community back to the exchequer awesome okay thank you so much okay uh so to just be conscious of time i'm gonna move on to aurora are you there yes i'm there thank you um hey everyone so i quickly just begin with what we deployed to maynard since our last call and then go on to the roadmap for february which is quite packed um so last week we deployed the rubicon update and well some of you might have noticed because it was a very long downtime that was because rubicon basically redeployed almost all of the protocol modules it needed a redeployment of almost all of the loan token logic contracts so it was a massive update for us it did not look very massive for you guys because very little changed on the interface level but we have a lot of um improvements there which were just very important for us such as tiny position prevention for example um some of you who are monitoring the stats might also have realized that the number of our positions has gone down quite drastically that's not just because of the um bitcoin down trend but also or for mostly because of the rubicon update which just allowed us to clean up with all of the little dust positions on the system um which were just cluttering the system and making the vouchers slower and that sort of stuff it also included a few um other small improvements such as a accuracy update for the second rewards and a large refactoring of the load token logic which was required for us to be able to add additional functionality there in the future just because we were hitting the limits of the maximum code size um so this is just a small number of things which are part of the rubicon and apart from ruby convey also updated the bridge began which means that the gas costs are calculated much better on the back and side leaving leading to a better handling on the bridge which should have a positive effect on your waiting times just because the gas settings are now much more precise and it's less likely that you will get stuck and have to wait until the gas prices are again dropping for your transaction to go through we're still working um a lot of the bridges above all improving the gas costs so that the you can lower the fees and it will just be more um well it will be cheaper for you guys to move your funds phones across now just going on with the roadmap for what's to come in february 22 and i'm going to share my screen you see we have five deployments in the next month so we will be very busy just pushing out stuff we start with a two way fast btc which was long awaited um it is like as mentioned previously it's going to be still a limited version meaning that you will not yet be able to send multiple bitcoin at once but there will be limits um until we feel just more confident that's not saying that we did not take one of the precautions we had two security audits we had penetration testing but still because this is handling a lot of user firms we are extremely careful and we are first going to launch it in a limited way and then after we were able to monitor it for a while we're going to increase the limits one week later on february 7th is going to be the second mint airdrop as well as the first distribution of mint tokens of the sfv stakers and for the sov sacred to be able to withdraw those tokens we have to update the rewards page so that you actually have an ui for doing it because else it doesn't serve you much the next week on february 14 is valentine's day we're going to launch the trading competition of the new pubs for product on sovereign labs there is going to be a nice price money i think it's about 10k us dollar in seven tokens um which is distributed between the three best traders as well as the most helpful bug reports this trading competition is going to happen on test night on smart chain test net so um no real files at risk and everyone will have the same starting conditions so the same amount of tokens to start with it's taking one week there is going to be much better information out there from the adoption team over the next days and weeks so just keep you there stay tuned um the week following that on february 24th is the next trading update but this time on the main app so we're going to update the trading pages there was a redesign people hopefully find them much more useful now and there are also additional features such as the limited orders and last but not least on march 1st is going to be probably the purp swap deployment on mainnet in our first whitelisted and limited version um i went over this road map with all of these dates on there but i just want to let you know that these are dates which we are currently targeting and they're still kind of pending the confirmation this is just so you have an idea of what you're planning to push out this month but there's no guarantee that we're actually going to hit these dates it might be that some of them are slightly delayed in case we run into unexpected problems good so you guys are aware of what's coming and that's it from my side are there any questions if there are no questions we can we can save that for for the end i would like to move on uh with some business development updates starting uh with a dropper update uh from exile surfer hey everybody so um yeah i've been busy building since uh since last year um we have uh we have an mvp running um and the bad news is it's not running on rsk so what's happened is is that um we were exploring the different uh data api possibilities and as armando mentioned earlier in the call there's not a lot of tooling on rsk that exists on other chains and so we're exploring the possibilities of how it is that we can filter and display the data in the front end what that means for for back-end storage and everything we were looking through the graph protocol and then moved on to covalent and neither one of those really provided the amount of tooling that we need until we discovered a project called morales m-o-r-a-l-i-s which enabled us to make a fully functional dap which deployed all of our smart contracts for buying selling auctioning etc nfts and coincidentally morales and avalanche are putting on a hackathon this month which is ending on monday the 31st which we're making a submission to with the fully functioning dap and are working together with the team from iov labs at rsk to get morales integrated get rsk integrated and supported on uh uh morales so that we can do an rsk release things are going very positively with that i do have an ask for the community i'm gonna be posting a link to a forum post on their dao which is encouraging the team to support an rsk integration so it would be really great if you guys could upvote that so um next week i'm going to do an ama in the uh in the sovereign trading dojo telegram channel together with luca uh and after we've done the hackathon submission and then i'll show everybody the state of the depth uh and give a wider explanation about what we're doing um as origins has also made a pivot away from uh from offering a token it looks like we're also going to be funding uh dropper uh just basically using nfts that'll have governance and revenue sharing built into them so be a little bit different governance model than what's existed so far uh in the sovereign and rsk ecosystem um but essentially we'll achieve achieve the same ends um and so yeah we pretty close and uh if you guys hang on till next week then i'll be able to show you everything what we got and what the rest of our roadmap is for the next couple of months who's got some questions for excel surfer yeah i was just wondering um when you were comparing like the graph with uh morales um what were the main uh points that it came down to to make that decision what were the main uh trade-offs that led you to morales so versus specifically so so the graph doesn't offer any official rsk support yet so that's that's one thing um secondly it involves a governance process to get your graph put out onto the network so you can host your own node to do your own services but you're not on the public network so there's deficiencies there um and secondly we're just we're looking for a one-piece back-end solution that we didn't have to build a backend ourselves for doing all of the api calls and the graph would require that to a certain degree for us to be building uh backend services and we're just looking for a service that we can use that we can scale up with morales works basically out of the box to serve all of your front-end data that you need so it's caching caching all of the uh on-chain data and providing it to you very rapidly so um the morales integration with with the rsk would be very very helpful to sovereign itself as well it would provide them uh additional services that would that would you know increase the uh the speed uh of display of data on the front end is it decentralized or is it like an infira kind of centralized service well it's a it's a it's a it's a service with a dao there is governance there's governance of the of the protocol in the service okay i'll uh take a look at it uh thanks sure oh one last thing i forgot to mention is though even though we're going to be doing the uh the funding and sales with nfts as opposed to to tokens um that there will still be um for sob stakers there still will be uh benefits and early access so the first pre-sale will be for only for for sov stakers that's coming up awesome thank you very much there's another question all right i appreciate it so um any more questions we'll save it for the end uh i wanted to introduce another guest from a project called tally which is a web 3 browser wallet com stark would you like to uh introduce the yourself the project and and how you um developed an interest in working with sovereign yeah absolutely um everyone it's great to meet you for those who haven't spoken before my name is com stark um very quickly i've been a part of sovereign since uh the origin uh sale big believer in everything sovereign's doing um fully into keeping you know holding your own keys but still being able to do some of your bitcoin um and thinking very long term as to what the crypto community can become and realistically what the crypto community will become um and doing our best to build the future we want and not be influenced by uh you know current powers of b so um it's a little bit about me today as mentioned i want to quickly chat with you about a new protocol um coming out or is out called tally.cash so tally is a web 3 wallet hot wallet that's essentially trying to do what metamask is doing um but with the ethos of web 3. so i'm going to guess everyone on this call knows who metamask is so i probably don't have to explain it but if you guys aren't familiar there's two very big problems with metamask right now that i think this community might take to heart the first one is that metamask is actually owned by a company consensus and they are making tremendous amounts of money normally money is not bad but of course in a web 3 world when you have a central authority that sits in a jurisdiction like america that makes a lot of money in a topic that's as hard as crypto we have to assume that there's a lot of risk that could happen with that central authority them putting up walls to stop new entrants um or them working with governments and regulation and not being so decentralized like we think the second big problem with metamask as they're starting to make a lot of money is they actually recently closed off some of their code so metamask is not a fully open source platform which should scare us all because of how big they are and how many uh transactions they actually do for the crypto market and how um important they're slowly becoming and so what tally wants to do is essentially say look we can build a hot wallet it's actually not that difficult there's a lot of great wallets out there why don't we take the best of all of them build a new hot wallet that's very easy to get new users onboarded but follows the following ethos truly web 3 it's community owned lowering fees to as much as that it can and distributing profits back to token holders or back to the community and ensuring that we always stay open source and fully transparent in everything we do and that there's no explicit point of of risk we'll say for external regulations and anyone who might want to try and shape the future of crypto from the outside and so tally's pretty new um you can find out more of course if you google tally.cash we have a great discord that's that is filled with all sorts of people trying to make this happen um and where we are right now is we have a developer version of the wallet that you can install for chrome firefox firefox pardon me or brave and we're in the midst of constantly rolling out new features one of the big things that we're trying to do is of course grow organically through the community and we're doing that by trying to make partnerships and connections both literally through development but also through people to other protocols that as individuals we love so since i've been a part of sovereign personally and i think that what we're doing here is phenomenal it's filled with real builders who care about the long-term future of the crypto world and what the impact on earth will be i thought it makes sense for us to try and build a connection at least with wallets and see where our businesses or our business to see where our protocols can work together to to really build something great and so right now we're trying to set up the i guess the first wallet connects so that you can use tally to connect into sovereign it's still early we're trying to find i'm trying to find a developer who's who has the bandwidth to actually do that right now um but long term i can see a lot of benefits so not to to chat for too long about it but um some of the wallet features that the community suggested that we put in that metamask lacks that other wallets have of course is the ability to auto stake coins that you have and to vote directly from the wallet and so when i hear those two features being tried to build on to talia i immediately think this is perfect for for sovereign um so that's a bit about us very early stages we've been around now for a couple of months we'll say um i urge everybody to join the discord to install the wallet play around we'd love to get feedback from people both technical and non-technical personally i'm a non-technical uh entrant into crypto so um all the work and help that i'm trying to do italia has nothing to do with development unfortunately um because i just don't have that skill set but we want as many people to join as possible and to to offer their skills so we could build the best free web3 wallet out there to serve the community apologies if that was a big mouthful i'll stop now um and open up to any questions you guys might have cool let's take uh let's take one question first come first serve let's do it does this uh work for rsk um right now no um but like i said we're still in the early stages um so we're trying to figure out how to be able to roll out to additional chains right now the actual part that you can play with is just ethereum um prc 20. um okay i'm going to finish out the business development updates real quick and then uh we can wrap this up or you know wrap up the recording and of course uh you guys are willing uh totally open to to stay here and uh chat it up off the record uh so um regarding the xero product um we're exploring fiat uh on and off ramps so that users can get connected to to fiat through the the lending protocol we've got one offer already that we're reviewing um and this partner would uh give us access to their 350 partners including tier 1 exchanges and well-known lending and borrowing applications um we are exploring the uh the ichi angel vault um the each angel vault is a form of protocol owns liquidity um uh and i'm not like as big brain enough to to allow like eloquently describe it but it uses um it uses uniswap v3 um pools and buy orders through its um stablecoin protocol to help with stability for all the assets in that system and they have so so far every asset to to utilize it has done pretty well uh despite the the market drops recently so we're exploring with ichi how to make that happen um i know it might be a big topic but we'll probably explore it on another call the lightning bridge project has been greenlit for further funding of its proposed milestones and that's all i have at the moment do we have any final questions for the last five minutes of this call and these questions can be on any of the segments covered by uh the contributors thus far yeah sorry it's a bit a little bit late actually for this community call but um i just i just caught it um yeah i was wondering about the the the ui for the sovereign app i um um sorry if that's a bit off topic but uh i've been meaning to ask for quite some time and uh looking to know like how much of the efforts by the team are being aimed at the the front end um versus uh the back end of the entire um uh decentralized application because i i think yeah let's start on that and also i would like to know if like ui updates proper ui updates are they are they planned and uh yeah if you could sort of speak to that a little bit thank you very much so the uh the design lead has been uh out sick recently however the the ui is something that we are consistently um uh working on revising reimagining um and we're yeah we're looking to add more um people with that focus uh to to the project in general we are using far more we have far more capacity on the back and side so um that involves uh salute here but also um not just second services which are required than for the front end and yeah like um ingallandia said we are hiring full-stack desks which can work on front-end as well as back-end just depending on how our requirements are and there are ui updates coming like one is scheduled for february this is the update of the trading ui and there should also be a trading of the borrowing ui coming sometime soon maybe i'll just give sort of like a broader sense over year zero so the year that just passed um there's been a huge amount of work uh and i think you guys have seen constant improvements around the ui the ux and the depth in general and frequently you'll click into the application and will ask you to update to the newest version however the vast majority of the work has been building out the basic infrastructure of the systems the core primitives the trading systems etc now that work is ongoing but much of the core uh systems that we expected to deliver over the course of the first year um that you know we we're we're now in the position of having delivered or being very close to having delivered some perpetual swaps bitcoin backstable coins are coming uh we've basically completed the infrastructure roadmap as we sort uh with the exception as we've mentioned the number of times around the roll-ups and so we expect of the course of this year to be placing a significant effort around accessibility in other words different ways that users can approach the system the main that will mean improvements to the depth improvements to ux potentially the introduction of a mobile application and for those of you who are interested uh because you are front-end developers want to get into web 3 or full stack developers we expect to be growing that team substantially all right cool thank you very much that explains why we've seen a lot a lot more a lot more work on the back end um as opposed to the the front end well looking forward to those updates thank you very much thank you um and with that i'm going to um put a bow on this uh the recording of the community call i want to thank everyone for joining being a part of a mission and carving out a trail for bitcoin secured financial sovereignty and dismantling what people know and understand about money so uh help us spread the word and create more sovereign individuals don't forget to follow us on twitter and telegram subscribe to sovereign youtube channel and uh visit live.sovered.app so say stay sovereign everyone uh the recording is now off and if you'd like to hang out for a bit and um and just chill you're completely welcome to do that so thanks everyone

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for you later today um plus simon from equality uh is also joining us today to give an update on their latest developments that regards to sovereign so we'll be with him also uh later uh now you probably noticed that there is no guitar or rap today and that's because we would like to be formalizing these calls more and phasing out um these music intros for a monologue format or having a more produced musical intro if you have any good ideas suggestions anything that you've made or and would like to send our way have at it and just send it to us if it's good and we use it you're going to get rewarded in sov and we always love things that our community create for us we're all in this together obviously so um again thank you for joining us here and thank you for sharing this mission mission the guidelines are again if you'd like to speak just unmute yourself wait wait patiently and we're gonna get you to talk all right um so i guess yaga we're going to start with you thank you very much judas so what i'd like to talk about today is a feeling that i have and i think a lot of people are having and the feeling is that i think we're at a particular junction point in the lifetime of the project which is at once one of the most exciting times for the project but also one of the most frustrating times for the project an imperfect analogy i think is um the rocket is on the uh the rocket launch pad uh and now we are um checking to make sure that everything uh is uh working properly and we're going through the checklist so there's this really really exciting thing that we're we're about to do which is launch a rocket but we're in the process of you know polishing the metal we've got people you know checking the checking the bureaucracy of are the bolts in their right place we're doing the fueling you know we're doing the frustrating annoying stuff and i think that's exactly where we are right now um there are a huge amount of features that have been built out which i think you're all aware of so i won't repeat that and yet the system is not feature complete um in particular they're two very exciting things that are coming so i think they're basically four things which are missing before we can launch and what i mean by launch is be ready for mass adoption and i think basically four components that are not complete for mass adoption one is we're not feature complete in particular we don't have the bitcoin backstable coins ready we don't have the perpetual futures ready um and we just launched fast btc but we want to get it um to a point that i can manage and handle large and so we're gradually ramping that up we're in a position now where both perp swaps the perp features and the bitcoin backstable coin nuestro the mint and xero are all effectively feature complete but we're in the process of the checklist to make sure we can launch them properly and once we have that then we have the different components that we believe and pointed out as necessary for the um for for creating the economy which would be the minimal viable economy that we need second thing that isn't ready for mass adoption is that the interface i think has improved a huge deal but still isn't easy enough to use for people who haven't used d5 before people who are not used to utilizing decentralized systems we want to make the onboarding easier we want to make the interface much much easier and less crowded we want to better name things we want to make it easier to get funds on and off and that includes bitcoin and includes fiat and it includes the bridges and then um there's not enough liquidity for us to be able to manage the volume and size of trades that we want particularly on margin trading and so we're in the process of putting together some partnerships which will bring substantially more liquidity like an order almost an order of regulated more liquidity to the system and then finally there's the issue of website and brand i think we have a very very strong vision for what sovereign is and i think most of the people on the school probably understand what it is but explaining it to the world in a world where people have short attention spans and where what we're doing is extremely unusual that requires time and effort for us to properly articulate and then make it really really easy for anyone to understand and then create the beautiful website and the beautiful content and the content sort of marketing that goes with it to make all of that ready doing all of these things at once is a recipe for not giving any of them the amount of love that they need and so we are in the process of going through this checklist now to get ready for rest adoption to get ready for launch and that's what makes this a frustrating moment and the people i'm talking to most right now are the community managers but i think we're all community managers to one degree or another we're all inter we're all the community we all are representatives of the community and i think we probably are all getting a certain set of questions again and again and again and i wanted to address those questions so before i address this question i want to say that you know i think we have one of the most phenomenal communities you know that i've uh experienced in the crypto space or anywhere and in particular the people who have volunteered their time as community managers are doing a phenomenal job um you know they and they're the ones who keep on having to answer the same questions again and again and again and what the question is is the all the questions that start with when right so when binance when roadmap when marketing when uh zero when are we out of alpha when when when that's the frustration and the excitement talking at once and i think it's so tempting to want to give an answer which is definitive that sometimes we do and when we do it's a mistake so what i would like to propose is that i think our answer needs to be or maybe i should say what it shouldn't be i don't think it should be soon even though i think it's soon right but what does soon mean i don't think we should be giving dates that we're not sure that we can handle i think what we should say is what we believe which is that these things will happen when we are ready so we're working as hard as we can to get them ready as fast as we can but they will not happen until we are ready and ready means polished ready means ready for launch really means that when we launch we don't explode on in our faces we explode upon the world right ready means ready for mass adoption and so i think you know i want to thank the community managers who have been doing a he amazingly great job and all of us who are you know spending time answering questions and dealing with it and and say i think we are now at a point where we need to be confident enough and mature enough to say all right we are at a very exciting time but it's also a very frustrating time so the answer that we need to give ourselves is we're going to do things we're going to take the time to do them properly to make sure that we now launch properly and when will it be ready when it's ready so that's all i wanted to say and and you'll hear more about you know the progress that we're making over the course of the school thank you very much ago um [Music] we'll go over the agenda and make questions uh like in the end for everyone okay guys um so next um aurora hey guys there's always something from me so tudors already mentioned it in the beginning um we had quite a busy start in the month and since the last call we had a couple of deployments almost bi-directional fast btc currently still with a 0.05 bitcoin a transfer limit which we are hoping to increase now i'm not saying soon because we're not saying soon anymore but which is going to be gradually increased um we also one week later we updated the rewards page which made it possible to claim the srv tokens from the fee sharing contract and also claim mint which is leading to the next point on the list which is the mint airdrop which happened to mint holders and the first of 12 distributions to stakers and last but not least we updated the rollover reward so that it's no longer taking a flexible percentage key but it's a flat which that's what happened in the last two weeks which is already a lot but we're looking to launch much more the next weeks so next in the pipeline are the purpose of trading competition which is scheduled to launch next week and the big margin trading update which includes a margin page redesign it includes additional functionality limit orders and finally also notification services which allows you to receive an email about liquidation events if your orders get filled or also margin calls if the price drops and your positions become endangered so i will leave it at this today and just really focus on what we launched and what you launched next and so i do not have to repeat myself so many times to status updates about the different community cards so i think that's it then today from my side thank you very much aurora um all right now we have the long home coming too uh we missed you a lot buddy and i'm sure everyone wants to hear what you have to say hey yeah guys uh great to be back sorry i was away for so long had a holiday and then i got curved uh don't wish that on anyone um yeah it's been actually quite good getting back uh one of the things that uh i was presented with uh from sunree kong was the first version of the first issue of the comic book um it's commonly being inked i can't wait to read uh episode two actually i read the script of it i can't wait to wait um wait to read the episode free um but yeah uh we just need to work out with the marketing team how they want to get that out and um i hope to have that at the end of the month if not the beginning of next month what we're working on at the moment is we're working on updates to the borough page this will bring some good functionality that is really needed well much needed functionality it will allow you to add collateral to your position to stop you from uh getting liquidated they will also allow you um when you're opening your loan to choose your rollover date so instead of having the uh default 28 days that we have at the moment uh you can put in whatever you want uh what that means is um as you approach the rollover date we also have the feature now that you can extend your road over date so you can either pay for that extension out of your collateral or adding to the position so that should be very useful especially because there's a lot of functionality basically to stop you from getting liquidated um we've also been working on um a update for the portfolio page uh ultimately it will become an account section uh if you've been around for a while you might have heard me talk about it previously uh but the first part of that will be um the update of the portfolio page that will bring the account section into being when that gets updated we will be updating uh the way that you bring in assets and take assets out of the uh system if anyone's got any suggestions for uh how we name that taking into account some of it's bridging um some of it might be willing just to send to another wallet on the same chain uh please put your comments in the user feedback channel i'll be more than happy to read through those uh but essentially what it would be is instead of having to go to each asset to to bring it in or take out of the system there'll be one place where you go to and then you can choose what you want to do with which whichever asset and whichever chain uh further than that uh currently we're developing um to go on what yaga was talking about with the onboarding experience uh we've been creating a frequently our section uh interface that works on every page of the dap so there'll be a button in the right hand corner uh that you you click on it'll bring up a model and in that it will have all of the relevant questions i believe it might even host video small video tutorials and everything to do with the relevant page so everything that you need to know about any of the pages on the dap you won't have to go anywhere you can access all that information from uh inside the dap on the relevant page that you're on um and the only other thing that we're working on uh is we currently did investigation into uh mobile app that's everything from me all right so thank you very much uh and again glad to have you back that you're feeling well um malva uh your next on the list so go ahead yeah hi guys thanks judas um thanks jago for the intro so yeah hi guys so i'll run through mainly what kind of based off what yago was talking about and particularly from the adoption team more focusing on the marketing team is that up until now recently we've been focused on maybe twitter doing twitter spaces some sponsorships working with some external agencies instagram blogs and stuff like that and all of it really is kind of tactics but no real strategy behind it so what i've been doing for the last few months and i suppose what people are getting frustrated with is kind of not seeing the marketing strategy plan which i will present in a couple of weeks everyone in detail so please bear with me on that but wanting to build the fundamentals before we go big on marketing as yago said so there's kind of six big fundamentals that i want to get in place um and set up before we go big on marketing and they are as follows the brand so working with sue and the team building out the mature brand making the experience a bit more professional and polished when you interact with anything sovereign and how we do this working in a brand strategy mainly around how we better communicate who we are and what we stand for you know aziago said i think we all know why we're here why we're part of this uh protocol on this project but communicating that out to the wider world is something we haven't been great at and that's what's a big focus here then next is really who our audience is and more importantly who it's not and we've worked with in the past before christmas a few let's say youtube influencers that may or may not harm the brand of sovereign and we want to pick those people carefully about who we want to work with in the future and all that kind of leads to [Music] a new improved website i know we've had some troubles with the interim website that has actually been interim for a little too long we have some wireframes done up already for the website the new website will hopefully be lost launched very very soon in the coming months but that's a big big project and if you look at for example stacks or any big platform that they just did a new website it's a big project that we really want to get right and we really want to go out with a really really good message on the website so that's already in progress um three next big thing is support and it's improving the support we give our users especially the community managers and giving them the tools to do excellent support at the moment we kind of do most of our support through telegram and discord and you know eventually through a ticketing system built on freshdesk but if you look at this discord and telegram the community managers are the kind of front edge of front soldiers of the sovereign project and they answer the same questions over and over and over again so we want to help them out and give them the tools to clear up repetitive questions and leave and let them kind of be community managers so i suppose we're working on working closely with the and scotty g of implementing intercom and then really really reorganizing the wiki so we can collect all the information and make it much easier for users to find information and that as i said frees up the community managers to actually build the community rather than put like putting in fires so as we know the last couple of months has been probably most difficult on those guys mainly probably down to adoption team not explaining stuff correctly so a lot of traffic has gone through the through the um support of telegram and discord so we want to make that much better so support is number three and the big things i want to get done before we go big next is going to learning and learning ourselves of what people are doing when they land on the website and when they go to the dap so up until recently we had not much data on what people are doing anywhere so we've implemented full matamo at tool called matimo on the website and now we're talking with betsy and max and people internally the engineers of how we kind of create proper um end-to-end attribution analytics for people for example if we have a twitter campaign or blog post or twitter space someone comes from twitter lands on the website connects their wallet does some action in the dap that we can track all that and see what's working and what's not so we're looking into tools like make panel amplitude for like detailed granular analytics in the dap as well as integrating that with um the graph and re-dash always you know bearing in mind that we want to keep our user data private so we're working on that at the moment so that's another big project um number five education so educate people um about sovereign how to use the dap on zika has been doing great tutorials up to now on how to do margin trading how to borrow how to lend this is another big project that co-exists with the support project that we're doing up a document now getting all the faqs that could ever be asked about sovereign the dap and get it get a plan together but put creative videos articles working with hans eco and french victory and getting those videos out so that's a big big project as well with ultimately creating like a sovereign academy not necessarily just about um sovereign using our product our platform but also extra things about maybe becoming a sovereign individual in the real world how to you know manage your keys how to use hardware wallets really become the go-to place for people to learn about um being a sovereign individual and living on a bitcoin standard and then last but not least is really grow the community so we've looked at a lot of tools over the last few months about ambassador programs and referrals so working closely with the on this one and hopefully in the next few weeks and chatting to all the community managers to get a proper and a really really robust ambassador referral program up and really reward people for being in the project be it with swag or any other thing not that we need it but it's always good to get some some rewards for all the work we'll be doing particularly the community managers and i suppose in recap they're the kind of fundamental things that i've been working on and adoption has been working at that's kind of behind the scenes and a lot of new tools and software being used that we're just getting trained up on so the brand the website the support the education the analytics and growing the community so um i definitely see the comments in the in the chats and stuff and i know people are getting frustrated and it's you know probably my fault for not communicating what the plan is so um i do i'm sorry for that but in the next couple of weeks i want to put together a detailed go-to-market strategy for 2022 for sovereign and get people's feedback and get people involved and then um hopefully we can go from there and quick make this 2022 an amazing year for sovereign the protocol so that's it for me judas if anyone's questions um i'm here a chat after this call obviously but ping me on discord no problem uh happy to jump on calls with anyone to chat through this all right thank you very much marva um [Music] and gomar since we know your microphone is working you can go ahead buddy yep okay it works now okay thank you very much uh so just a handful of updates um sov is almost fully integrated with fire blocks which will enable much more exchange listings so uh that's good news um we're still exploring the possibility of um of working with other uh bridges so that assets can can trade on more of the evm chains haven't found an option that we're like totally fired up about yet but we're still we're still in our research process uh we had a our first call with a very crypto friendly bank with multiple licenses um we discussed the use uh of of the xusd and rbtc lending pools uh in their back end for their for their customers uh we discussed fiat on ramping and off ramping uh coins so we had our first call with a crypto friendly bank we discussed uh the use of uh landing for for its users um as well as fiat on ramping and off ramping um and also with the possibility of including um using using xero as a potential fiat lending back end to their to their lending dollars um and i'm also working with iov labs to put together a deep eye offerings uh deck for funds that want to put their bitcoin and stable coins to work so those are my main updates that truly sounds amazing uh to me thank you very much for the update england yeah um and i think we can do like a few minutes for questions for the sovereign team and then we'll go to uh simon from equality with his update and uh questions from the audience so um go ahead guys just feel free to unmute yourself and ask your questions okay i see we don't have so many questions so i guess we can move on to simon and then have all the questions in the end should there be any simon thank you for having me and it's great to be back on the sovereign community course and thank you for joining us yeah awesome so what i wanted to do today was just provide a quick update on what we've been working on in equality as it relates to sovereign and rsk uh rsk and sovereign are one of our top priorities uh for for the equality wallet we've always felt you know incredible amounts of support from the sovereign community and so we want to continue growing that relationship and so i'll give you some of the things that we've worked on in this past release uh we we fixed a lot of bugs when it comes to sovereign debt connection so that's working really seamlessly and we've also changed the way that dap injection works for for the wallet in general so the quality is a multi-chain wallet we support nine different chains today of course including rsk and we changed our dap injection to be at front and center in the in the in this home screen so if you go to the top right right now of the quality wallet it's much easier to pick which chain you want to be on and we've also added an auto detect feature this is actually a really cool one and so if you're using multiple different chains and you go to sovereign the wallet it knows already that sovereign is an rsk dap so it'll prompt you to connect on rsk i think this is a unique feature that no other wallet has and we'll continue expanding on this and the idea is to make multi-chain injection incredibly easy and then the other thing that we've been working on is that we integrated the sovereign amm into the equality wallet and so if you go to our swap function today you can swap uh sovereign tokens like mint or babel fish or sov in using the sovereign amm directly in the wallet it's currently in production undergoing stress testing we'll do a formal announcement announcement soon and share back to the community on some stats and how people are using it and then what's coming next uh we're we have a lot of uh really cool features that we're integrating into the wallet so um currently we have of course our cross chain swaps between bitcoin and our bitcoin and we also supported fast btc on the peg in and so as fast vtc rolls out on the on the two-way peg we'll integrate that as well so you'll have both options of the quality cross chain swaps as well as the two-way fast btc directly in the wallet with one click so you can you know deposit your bitcoin and go in or go out into bitcoin and then we're working on something that we call the quality boosts so the quality has this specific capability that it can do multiple multi-chain transactions in one user click so what we're doing is we're combining the cross chain swap with the sovereign amm to do essentially you can go from any native uh asset that we support so any native chain like ethereum bitcoin terra you know binance marching all the way to an rsk based token uh using the sovereign amm and across chain swap combined so essentially what it will do the wallet will do it cross chains but let's say you're going from bitcoin to mint and so you can do the wallet will do a cross chain swap of bitcoin to rbtc and then use the sovereign amm to go from rbtc to mint all of that will happen in one click for for you uh and so that's something really cool we're working on and we'll be releasing the probably in the next release which is in in two weeks we're also working uh to integrate transact a transact as a fiat on-ramp provider so that you can go from uh your your bank accounts and different payment methods uh into crypto and then we're improving our ledger functionality so that you can use ledger with all of your rsk and sovereign um applications so that's the update for me um if you have i'm here for any questions mostly i we want to hear from the sovereign community so these are things that we've implemented based on the feedback that we've received from the sovereign team as well as from sovereign users so please you know either join our discord feel free to ping me directly as well uh we're here to you know make your life easier and and and so we want to hear from you thank you thank you very much for sharing this simon i'm sure there are a lot of people here uh who are happy to hear that and guys if you have questions looking forward to the update yeah melvin here simon that sounds great um maybe we can jump on a call this maybe next week and give us a demo if if possible or whenever you're ready that would be great i'd love to yeah all right simon we have a question here from youtube um hey guys i've had trouble connecting ledger to equality to use the rsk derivation path have you tested that yeah that's right so that was the the last update that i had is that where we were aware of the of the ledger issues and we're working on the fix currently i believe it should be out for sending and receiving uh for so sending and receiving using ledger in the next release which is this week and then swapping will come shortly after all right i guess we both missed it so it's good to clear that up um all right any more questions guys you can uh just unmute yourself if you don't want to speak you can just send them to me directly uh same guy also asking for sovereign are we planning uh to add any stable to stable pools i guess that goes to yago x2sd to moc i guess dlc um potentially yes but only when they're not the same asset so for example allowing usd to be converted to brazilian real or to i don't know canadian dollars um uh that yes but a dollar to dollar we will probably reroute the transaction automatically to um babel fish because that that system already does that very efficiently all right sounds good thank you very much um go ahead guys it's your time to ask your questions hey can you guys hear me yes loud and clear hi this is matt um thanks for the great call uh just a question about um i didn't hear much about uh the origins the platform that um there was what there was a little bit confusion about what we're gonna do with the coin or is it gonna be a token is it not gonna be a token is there any update on that and the same goes for zero basically the same question if there's any update on uh how you guys plan to launch that thank you yes so it's been decided we will not be launching a new token for either of those at this time um okay with regards to origins um we're still working with a team on how it will work with them um and with regards to xero the goal here is to launch it um as part of sovereign uh core system um and if we do create a sub protocol out of it it would be at some point in the future okay great thanks all right i see we have um another question here in the chat uh what is the status from x checker on extension of liquid sov rewards uh is it planned to keep it for the three month period or longer i don't understand it goes for a three month period is it planned to keep this in place as we prep and launch the rocket so the thing was about the srv secondary boards were introduced as a at least temporary measure where exchequer could decide if we would want to prolong it or not so um i think you are not yet part of the team won this launch so probably reason for your confusion here um do not know if we i did not discuss it yet so um i would assume that it continues it would be a good point to just discuss and revisit right so we need to update the community on the official status i guess that's a action point for the next few days um i see the same uh hooligan asked in galandia um there is a project called depot and aggregator working to be the platform for managing your assets across all change and exchanges they already have about 40 less fees for any token on each versus uni swap possibly look into them for what you mentioned on the call uh so in galadia it's all on the general chat and w hooligan thank you for bringing this to our attention awesome all right um do we have any further questions where to find directions for staking my sov joe kelly i'll make sure we'll send you a link on youtube for that you

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uh sovereign community call issue 35. um so i wanted to just um ramble a bit and um my favorite definition of the word sovereign is independent of outside authority so as an american i feel very privileged to live in a country where i don't have to worry about conflict in my neighborhood i can say whatever i wish with no repercussions and and you know where career opportunities abound so i just want to say my heart goes out to anyone who does not have that same privilege i just want you to know that we as sovereign core contributors we use our time and energy to build and expand on permissionless protocols that financially empower us in the face of oppression so we're here to build a world on top of bitcoin that can enable financial sovereignty that withstands all angles of attack and will continue to build towards this future so may you maintain a keen eye on your loved one's safety as well as your own so thank you for joining us here thank you for sharing in this mission the guidelines are keep yourself muted if you'd like to speak uh just toggle the unmute button and we'll call on you and before we go through the agenda would anyone here like to introduce themselves and say hello [Music] don't be shy alrighty uh i'm going to uh pass the baton to yago hi guys i'd like to um follow on from where uh england i left off we are you know i woke up this morning to news which should have been remarkable but in many ways was not which is that for the first time since world war ii [Music] a sovereign nation has invaded another sovereign nation in europe now there have been other military actions there was a civil war in yugoslavia there was the introduction of uh of soviet tanks in prague um but for the first time since the end of the most significant war we've probably ever had two european nations are at war with each other and and and one of those nations has been invaded with very little um reason and um there are a number of contributors from sovereign who are ukrainian are currently behind um enemy lines effectively um we've been communicating with them um before these events and we're communicating with them now and we're seeking to provide them whatever limited assistance we are able to provide but i am glad that to that that you know their involvement with sovereign provides them with enough financial sovereignty and the wherewithal to be able to leave ukraine at the first opportunity they get and set up lives uh in other places we had been talking to them before this went down um the the drum beat of war became louder and louder we spoke to them um about being able to provide assistance and many of them were making plans to leave ukraine uh and events have overtaken their planning um and this is frequently what happens in these situations um it's very very hard for us to imagine the unimaginable but sovereign to a great extent is all about imagining the unimaginable and what we are all i think what we all need to do for our own good and for the good of those around us is we need to be able to imagine the unimaginable there's an optimistic story that we tell about sovereign but there's also a pessimistic story the optimistic story that we tell is the ability to build an economy around bitcoin a globally accessible economy that provides anyone anywhere in the world with access to sophisticated financial tools to financial self-determination to property rights and allows a intermixed uh economy to grow in in an unlimited new frontier which is you know the this digital metaverse economy secured by cryptographic property rights and provides us with a window to a world where we see the greatest growth the greatest prosperity humanity has ever seen and the ability to bring billions of people who don't have access to good property rights and to the global economy into it that's the optimistic story we tell we tell an optimistic story about creating new institutions which are more decentralized which are more transparent which are less corruptable and those things are unimaginable for many um they're almost science fiction or our science fiction but we're working to turn them into reality but there's also a pessimistic story about soccer and the pessimistic story about sovereign is that sovereign was started in reaction to the greatest assault on civil liberties that the western world has ever seen um we were locked up across the world in our uh apartments we were told we were not allowed to leave um we were we had the right of travel taken away from us um the we many of us found ourselves in situations where our families couldn't visit us because they were in different countries i myself was uh split apart from my partner for months because of these types of regulations people were forced to inject into themselves things that they didn't want to inject there was complete incompetence by our institutions who were not able to provide a minimum number of masks and basic uh uh medical equipment to doctors and so lied to us telling us that mosques were dangerous and then made mosques mandatory and so within all of that sovereign was actually created and if you go back into the into the github of rights the you know the distributed collectives github you'll see that the very first thing that exists is a 3d printed mosque and that a lot of the work that eventually became sovereign started out as a way of distributing mosques to people who couldn't get hold of them and that's the way this decade started 2020 was that assault and civil liberties and since then we've seen the u.s capitol hill undergo a coup of a silly coup but a [ __ ] nonetheless we've seen what's recently happened in canada we now have what has happened in the ukraine and it's i think becoming clear that we need to be able to imagine the unimaginable and recognize it can quickly become reality i've spoken to people in ukraine and one of the things that i kept on hearing even from people working with sovereign or people who should you know naturally be more suspicious was that um we are slavs the russians are slugs there's no way that russia will invade us and you know people in canada could not have imagined that their bank accounts could be taken away without due process nobody could have imagined that we would be in two years of lockdowns nobody could have imagined that the u.s capitol hill would undergo a coup by weirdos wearing horns everything be is is impossible until it happens and then suddenly uh you know we have a a president who was a reality tv show uh host and in that pessimistic world a world which has increasing volatility increasing authoritarianism a world in which digital fiat which is controlled by governments and their control of the banks combined with digital surveillance gives tyrants unprecedented power and where we see more and more um a willingness by governments even in the western world like australia to shut down their entire country for two years and take away people's right to see their families to go to mary to to to to weddings to to to visit their loved ones in hospital it becomes increasingly clear that even in our most comfortable western liberal societies there is a willingness to use tyrannical powers which most of us didn't conceive as possible even just two years ago and within that world bitcoin and the cryptographic property rights that we can extend from it using sovereign are literally the only hope we have against the dark tyrannical future and so we don't know what future we're building sovereign for for an optimistic future where we can provide people with prosperity and and and self um actualization in a way that was never before possible or as the last line of defense in the world which is becoming increasingly dark so we're building sovereign for both and um and we need to be able to imagine the unimaginable if we want to stay sovereign thanks that's all i have to say thanks a lot adam um and with that let's um invite uh john light to the stage so um you can speak on the product thank you guys uh for the introduction and um those thoughtful words um just want to say um solidarity peace and love to the people in ukraine uh and russia because i know people on both sides that aren't not happy about armed conflict um getting down to the business of sovereign on a positive note i would like to introduce that we have a new a person on the product team so he goes by the name pili here on discord pili if you're available to talk perhaps you can um introduce yourself to the community i can talk can you hear me yep [Music] hi guys i'm an experienced product manager but i am fairly new to suffering and trying to catch up it's really exciting and then i really like the guys here and then i hope everything will work out for the best [Music] thanks pee-wee um so yeah so if if you have any um feedback about uh about sovereign the product of course you have the user feedback channel here on discord where you can share your feedback and appealing myself will be of course monitoring that channel and also interacting with folks directly and might even you know have um larger opportunities for people to get involved in providing feedback to products before they even go live um so that so that we can um make sure we're uh working on the right things um [Music] uh but yep so welcome uh p lee to the team um and then um the the one thing that i will update on from the product side uh today as it relates to the product itself um is just that um we are um kicking into high gear um working on the sovereign mainnet launch um or not the zero main net launch and um [Music] so previously the plan was to release a lightly modified version of the original liquidity interface that zero was forced from um but after um some early feedback uh from users um we've decided to release a more polished version um and so work has begun on that and um you can expect to be hearing updates about that as we get closer to the actual mainnet launch so so excited um excited for that and with that i will turn it over to aurora for more development updates thanks light um so since the last call we were not idle i think the most prominent thing which happened was the perp trading competition and maybe some of you who are listening here participated at that i'm not going to go into much detail here because um vasily is going to present to us the trading competition results and some insights we gain directly after i'm finished um apart from that we've been working on small improvements of fast ptc and the zero liquidation service and preparation of the next launches on the pipeline which means um above all the upcoming trading update which comes with the trading page freebies line um which will show additional information for example about liquidations which happened which are currently just missing on the deck and is also going to bring limit orders for sport orders and marching orders and the new notification service can you mute yourself whoever is is this ball and install or is it okay all right help me mute the guys who are not muted um so the notification service is going to send you notifications about degradations and also margin codes prior to the creation so hopefully it doesn't even get to liquidations as well as the filling of limit orders and in the first version it will only be email notifications but there might be additional channels then added later on um apart from that we already started preparing for the perp mainly release um so now we're just processing the feedback we got from the competition we are implementing the improvements um preparing the limit orders and just in general everything which is still missing from it also coming soon is another update to the bridge there we're currently working on using the number of multisig signatures or better set the number of multi-sig signatures will be the same but the reducing number of transactions by allowing the federators to exchange the signatures off-chain so that we have to send just one transaction to the blockchain and not multiple and this should also allow us then to trim down the cost of the bridge and very new on our schedule which is something which we had not yet planned in previously is the testing of the cksync alpha which is very exciting we were invited to the um closed alpha testing which is now apparently fully evm compatible so we are very excited to find out just how well this is already working and i think these are the most important updates from my site i do not want to talk too long because i want to give basically enough time for the perp competition result presentation thanks lateral vaseli okay did we it works now i think so for those of you who missed it we had a one week competition on perpetuals everyone received 0.2 competition token that corresponds to a bitcoin and could trade bitcoin us dollar with margin held in bitcoin we will distribute prices to the three best traders and also allocate some price money to the best improvement and bug reports we got the goal of the competition was to test her pedals in a live environment before we go to mainnet so we can detect errors and improve and also to present the product to to all of the sovereign community so in the next slides i'll show you some statistics on the competition and i will briefly touch on the planned improvements we have before the mainnet launch so here we can see the number of active accounts over time we have a small gap there because our data collection system was down for a while we can see that in the beginning the start was pretty slow towards the end we had a lot of active traders um so for instance the number 350 at about the 20th of february means that we had 350 traders that were actively had an active position in the in the system then here's a list of the top traders we can see that they made quite some profit so almost 400 for the top for the for the first one and what's also uh interesting is that they opened quite some trades so they were not just going short or going long but they were actively trading may i ask a question sure if you can go back one slide to the number of active traders uh that's the number of people who had active positions on um the amm is does this mean that everyone who got liquidated does not count it in anymore yeah so we had a buck in the liquidation which means which meant that those that were liquidated were still considered active but i don't know how much that would contribute to that number so it would probably still i mean certainly above 300 okay thanks for your smart question and everyone please feel free to ask questions so then here what we can see is the margin used by the traders once they open a position the 0.2 where you can see that red vertical line that would be the margin if they used the whole of 0.2 bitcoin that they were allocated and then obviously over time you could use more if you made more profit and what we also see is that not everyone went fully then position sizes here again the vertical red line would be the maximum size you can get if the maximum leverage using 0.2 bitcoin as your margin and we can see here that the position sizes vary a lot and are often also small then here we can see the leverage used again the red line means the maximum leverage you can get with the initially allocated amount of 0.2 bitcoin and we can see that the peak leverage is around 10 and 10 is the amount that you can trade if you have a large position so at some point there is a cap if you have a very small position you can have a higher leverage and the larger that position gets the lower is the leverage allowed and at some point there's a cap and you can always get the leverage of 10. what we also see is that we have lower leverage here so very low lower than one that happens if your trade starts to be profitable then the leverage decreases because you make gains then this graph shows how the price of the perpetual deviates from the spot price of the bitcoin us dollar index so the perpetual price um deviates if most traders are either long or most traders are either are short so if there's some kind of imbalance and that then helps to attract traders uh from the other side so that the price again goes to towards spot and back we can see that the max deviation we had was around 50 basis points which is still lower than many exchanges have spread then this one is the last statistics i show which is the the funds that were accumulated over time and the perpetual has two funds which are important here one is the am called amm fund the other one is called default fund the default fund is used to send funds from the amm fund if the amm is well equipped with funds and also to withdraw funds if some if the amn needs more funds um the green part on top sees shows the aggregated amount and you can see that over time the amm funds grow that would mean we could um provide so the amm makes a profit over time and we could provide rewards to [Music] sovereign holders okay so now here just a very quick overview of what we want to improve so first is the first point is we had issues on the with the test and notes so many people couldn't couldn't close they couldn't get their transactions through so couldn't open or close positions or change leverage couldn't interact often um and what we did is we provided a sovereign owned node but we did that only about halfway through the competition then the tsn so that's the ability to pay the fees in bitcoin even if you're not on a bitcoin native chain so the gsn implementation often failed and we have to improve that part then we also have some improvements to in the front end so one part is also how we explain what things are so we could see for instance that people mixed up market price and mark price and we got a lot of feedback also on what to improve in the front end then in the on the contract side uh we have that bug i mentioned with the liquidations and something related to that and we also want to go again through the settlement part which is active in the perpetuals are shut down then last but not least you know we got a lot of feedback that we should add limit orders and stop orders and we'll be able to do that for the mainnet launch and that concludes the presentation and i'm happy to take questions if time allows that's awesome vaseline thank you very much for sharing that cute um i don't know if you mentioned this already but how much in fees were like accrued by this whole period okay so let me go back um to the presentation so we can see that the the green part is actually what the amm uh makes a cruise in fees and also basically trading profit and um so we can see that it increased from 40 bitcoin to 70 bitcoin um corrected for the box that aurora mentioned with the liquidity sorry liquidation and so the thing is we also have a target size of those funds and we would only consider a profit once we are above the target size and we don't display the target size here because we also did some test trades where we had something like don't remember the number but the huge position of probably 15 bitcoin or so and through that test trade the target size goes jumps up because the system thinks people are will trade such large amounts and then that that led the target to move above those 70. so from that perspective with that test rate the amm didn't make a profit but obviously this is not realistic so it's pretty sure to say that the airmen made a profit and if i remember antonito's statement well he made the analysis it's about 10 bitcoin now that's quite large but we also have to consider that traders went quite extreme so they traded more and they traded probably with less scrutiny because it wasn't their money that was traded so it's a bit maybe misleading but uh so we can't trust the number but we can say that there is certainly some profit to be made does that help yes thank you very best do we have any other questions from the audience hey basically uh this is david i i guess i'm just curious your perspective do you feel that uh the burp swaps platform was adequately battle tested in this competition or do you still think that there's anything that's kind of left open that um you feel maybe uncertain about or that would kind of require more more tweaks and testing so in terms of the amm we are very confident that it's a good solution we had those as i mentioned huge test rates and we were not able to liquidate traders by making those huge test rates so we can't uh you know we are resistant against malicious traders and it held up very well in terms of pricing and profit so from that side we are very confident what we should improve is how we explain the product and also the front end for instance one part that shin wants to improve is the interaction between the different information sources so sometimes people have delays in the opening price being displayed so the whole the whole experience should improve in terms of product we're happy but in terms of presentation we think should improve amazing sounds good thank you are there any people here who um were in involved in this and would like to share some feedback any traders in the call okay so um if no other questions i'll move on to the next set of updates we have uh the [ __ ] with adoption hey guys um so we know sovereign ultimately is for everyone um whether that's canadians who've had that bank accounts frozen bitcoiners traders people are new to the industry um and we've recently kicked off a rebranding process to take sovereign from its current um i would say perceived relatively niche appearance to a more open cleaner appearance appearance and behavior with the goal of you know being more approachable for everyone and more explicit in our mission and vision and so i think at the moment we we've had quite a lot of feedback some people turn up to the landing page or the dap and they're like what is this um so for us for those of us that are familiar with the the system uh we love it and um yeah we're basically just gonna be looking over the next a couple of months essentially to redesign everything have it a lot cleaner um as you would expect for something that's so huge um we're also in the process of setting up intercom which is a support system i think malva might have touched on it already um we'll be using that for support and email and a whole bunch of stuff the best way i can describe it is it's like a live chat support system that will have overlaid on the dap and the the landing pages and maybe even the wiki um so you can query that we'll have bots set up that have uh ai learning to learn what answers to give to certain questions and then we'll also have the community managers set up on there for live chat for you guys to save you having to go between telegram and the support channel and discord and our freshdesk ticket system uh should make everything a lot easier for people who need assistance at sovereign um we've also got hopefully everyone seen the sovereign mayhem event started this week um so if you're not familiar already this is 12 weeks of various activities like giveaways competitions surveys where we'll be uh rewarding sov and some other cool things i'll mention a couple uh like hardware wallets and signed books and that sort of thing giving away to active community members uh i think it's about time we rewarded all the amazing stuff you've been doing um i know coming up in the next week or two we'll have a good amount of content that's been created from the community uh going up on the blog i don't want to spoil anything so you can you can wait till that's out um but yeah the the first event started earlier this week with a pretty simple meme competition uh where three the top three memes will share about i think last time i checked it was about eighteen hundred dollars of sov between the winners um and then things like that will be happening every week for at least the next couple of months uh shout out to the community managers for making that happen uh you guys are awesome um and to stay up to date with all the the active mayhem events and to see who's won and that sort of thing we now have dedicated uh a dedicated announcement channel and a discussion channel in our discord server um on the topic of discord i will be doing very soon a quick cleanup of all the channels and categories just rearranging them into more intuitive spaces and names and adding descriptions for every channel so everyone knows exactly what's going on and where we have if nobody yet has seen a weekly newsletter called the sovereign scoop basically if you want to stay up to date with the latest and greatest from sovereign but maybe you are fed up of the constant pings from the announcement channel or twitter and you've muted it or you just want just one concise update we have that going out i believe it's every monday um someone can correct me if i'm wrong and i think you can sign up to that at sovereign.app uh other events we have the sovereign mobile app that a community member has made um to see more information on that you can go to forum.sovereign.app there's uh it's on there it's currently a very um i would say prototype kind of test solution um but after another round of improvements i think at some point we'll be asking for community to uh maybe set up a new wallet and test that out too um we could even be giving away some rewards for the best feedback on the mobile wallet as a sovereign mayhem event so do look out for that um regarding marketing i believe we'll be having a one-off town hall focused completely on marketing strategy for the rest of 2022 um what we have planned what we're going to be doing where we're going to be going there's a whole bunch of really cool stuff that i will let you wait until then uh that town hall should be in about two weeks or so um so keep an eye out for that announcement uh last but not least yaga will be speaking later today uh at the bitcoin innovation summit um at 20 past six utc uh that was also announced earlier so you can check our announcement channels to see the details for that that's it from me thanks anger thanks a lot again um i will cover a couple of business development updates and uh and then bring in omer from blendex to speak for for about five to ten minutes so um let's bit a south american centralized exchange recently integrated sovereign's uh lending tool for the uh for doc the doc stablecoin so that means users can use doc within let's bit and lend it through the let's bit ui into sovereign and earn interest so hopefully that is the start of many more integrations with the sovereign protocol we've had a project that's actually been in stealth mode for quite a bit and uh the the project lead was unable to make this call but i'll just give you a sneak peek um they're building a stable coin reminiscent to rye from reflexer with an algorithmic redemption rate model so a non-dollar pegged uh stablecoin that has some inflation resistance to it so perhaps we'll hear more about it uh in the next community call and uh finally omer if you're there um let's bring you up to the stage i don't know if you're i am that zero hey guys okay great yeah thanks um everyone uh thanks for the opportunity and uh really great uh hearing about all the all the work that's been done in a sovereign so we are quite excited to join the community and we started presenting ourselves about a month ago in one of the community calls and think now and after we launched we uh two weeks ago we actually did a soft launch and we we released the platform to maynate and we thought it would be a good chance a good opportunity to present it to the entire community here uh talk a little bit a little bit about what we are what's our goal here and basically um explain what how do we see the connection with the solving community um and yeah uh i'll i can share my screen for a second and showing that and demo the the platform but before that i want to say two sentences about blind x spandex is a multi-currency stablecoin platform which means that our goal is to help anyone to d to deal and work with his own native currency pegged stablecoin so we we made the platform that it would be very easy it's very scalable to create and mint any kind of new stablecoin so if i want to create a new japanese yen stablecoin or a argentinian peso stable coin or in mexico a mexican peso stable coin it will it will be very easy for us to to create to create it maintain its bag and to provide it to the community and so right now we we have available in the the platform two stable coins uh bdus and bd eu which is which are a usd packed stable coin and a unu tagged stable and and once once we once we build the community and we build the dao we will add more stable coins to the mix and we will be able to provide it will cater other communities and more and more users and needs and essentially and then here i'm gonna share my screen okay can you guys see my screen yeah perfect so once you log into the into the platform itself you actually have this dashboard where you can essentially see this the effect stability the price of the bdx token and the pricing of the different stable coins in the platforms including the total supply the market cap and the stability itself you have on the left all the all the different tabs and here essentially you can see the different indicators how to mint and which tokens they want to mean so you can essentially mint a bdeu or bdus stable coins you can choose the the amount and you can choose the the preferred collateral either rbtc or if and essentially once you do that you can you can either mint or you can oh you can use our swaps you know in order to do that and obviously you can you can always redeem so where you can you can take the and the stabilic codes and redeem it within those back to your to your collateral and same goes to the swaps swapping between the different tokens and all of that basically with the goal of providing liquidity to the the to the different pools and to stand uh to have the ability to stake those lp tokens and get and get your high apr rewards in the form of bd access so here you can see a process of how someone will basically provide liquidity in the system and then going back they're going to the stacking page you can see the different uh tokens tokens pool you can see the tvls and the different the the different aprs and the multiplier and then the max the max bonus on each on each different pool we just recently and i'm what i'm saying recently we actually released it yesterday so we released a new pool the bdus x usd pool so we integrated the the x usd pool into our amm and you can also swap between a bit us and x-usd you can see your your staking and investing their schedule in the platform and and essentially uh what what we want to provide is the ability to move between any stable coin to any stable coin and to use those and get and get a interest on top of your stable funds and the vision and how we and how we see the entire picture of the of of the value proposition that we offer to our users is essentially a triangle of three diff three main a proposition a fully fully decentralized stable coins which means we only use decentralized the tokens as collateral btc and if we only use um our our back end is reliable on a on a decentralized cloud service stack os everything that we are doing is fully decentralized and basically not stoppable and you can see and we and you can see that with everything that's going on around the world we want to go in that direction want to have this unstoppability uh approach and with the platform we also see the multi-currency angle in everything that we are doing so obviously that that is that is the main and one of what one of one one of the main pillars that we are relying on and the third one is actually being and maintaining this capital efficiency ability and in the system you you will always be able to mint and redeem your your stable coins in a ratio of one to one with the with the pegging so uh so we are trying to maintain as much as possible and and by it by now we are doing it pretty pretty well um it got a very high capital efficiency ratio and i think going back to the uh and going back to the main purpose and and why we think that sovereign and blind decks are a good combination is that we see ourselves as an amplifier of the of services that are using stable coins we see ourselves as a as amplifier of services that needs uh to to have access to a stabilized digital assets and in our vision once we have this stabilization mechanism that is working correctly and is in and and we can properly maintain and stabilize digital assets we can go from stable coins to any kind of other digital assets like stocks bonds price indexes um real estate assets and so on and so on so that would be our long-term vision that's what we are driving towards and obviously that i think that that can have or bring a lot a lot of value to the solving ecosystem including in the landing gear in the language lending services in the mm services and you know and in future other services that they that solving it will bring up and i think that the one of the first thing that we are going to do is actually and other tokens and that's something that we are working with the with the biz dev team here in in in soviet together with in glendale and adding adding our talking tokens to it to [Music] amm and further down the line we hope to be able to add it also to the lending services and i see more and more cooperation that we can build together with the team here i think that we have amazing community we are doing great things bringing this right to bitcoin and hopefully we'll continue doing it in the future together and i invite i invite everyone and also to join our disco channel and telegram groups uh to get and to hear more about about the news and i promise to share even here more news in the in the future i think that's uh that's that's all from my side and if anyone have questions i'll be happy to take those thanks a lot omer do we have any questions regarding uh blind decks that we can ask homer where the website will be sharing with channel i'll share it here in the in the chat and also in the in the general chat in the community so uh you can see there and it's blind x dot io anyway so uh thanks all right any any final questions uh for romer i have a couple questions um [Music] i saw that you guys have a have a amm function on your app um i'm wondering uh what kind of amm are you using so our swaps are based on on uni swap v2 and and yeah that's that's basically that so okay um and uh what is uh your uh go to market and distribution strategy um like it's it's one thing to be able to create assets it's uh it's another thing uh for you know there to be market demand and and people to be able to use them so um what is what's what's your plan for adoption that's actually a very very very good question so i'm happy that you that you reminded me to talk about that um so thanks basically what we are doing now is is after after our software launch is we are looking into more use cases to add to the platform so we are looking to uh for those communities and for those users that are looking for those uh stable coins and are looking for those alternative to the native uh local currencies and and i think the next step would actually be to to add those uh use cases to our platform and when i'm saying you because i'm talking about new stable coins and but we won't do it before we'll have those you know those communities that needs those uh stable coins and and one won those and we'll use those that's one one thing that we are doing uh we are looking for those people if you if we we are quite open to for any ideas and propositions so if you got some ideas on that regard uh would be grateful and and also working with the rsk lsk ecosystem i think that's uh that's mainly what where we're going to bring most of most of the users in the beginning and surprisingly a lot of the new users that we already have in the in the platform are actually new to rsk and most of them use the the solving bridge to bridge their funds and and go into into our platform so that's uh by the way that's another use of uh in collaboration that we are doing with sovereign and i think that uh the idea is to is to bring those communities not only from the rsc but but but also and to in from outside of the rsk ecosystem and bring those into the in in into this place the communities that are using bitcoin you know bitcoin a big bitcoin maximalist and you know some other and some other communities that wants to have the ability to move to their uh and to a lo to a local stablecoin but to still want to to to do it with uh decentralized one and so i think that's that's what we're looking for thank you very much omar um thanks for sharing all that uh we have a few minutes left uh of our community call does anyone have questions or items that they'd like to bring up um while we come towards the end of the call alrighty i guess i will uh just wrap this up and say thank you all for joining us and being part of our mission to carve out a trail for bitcoin secured financial sovereignty dismantling what people know and understand about money so help us spread the word and create more sovereign individuals and don't forget to follow us on twitter and telegram subscribe to the sovereign youtube channel where you can see this uh call posted and visit us at sovereign.app thanks everyone and stay sovereign

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i'm here hello everyone um great to get on the call with you guys again i'm gonna keep my update fairly brief um as we've been describing over the last uh few weeks the team has been taking time to consolidate the team grew very quickly especially in the last half of last year and uh it's extremely important uh to take the time to work together figure out how best to work together how to improve processes and procedures and also take the time to make improvements and [Music] optimizations to the system that work is undergoing is going far better i think than we expected there's been a huge improvement uh in the um uh efficiency and collaboration in the team people are getting to know each other very well um coordination is improving um i think overall we're starting to see the results of this and i've also been managing to bring on some additional team members to fill in very very important gaps and the quality of people who are looking to join sovereign has been i think was always high but has been getting better if it was possible i think we're getting really really high quality uh candidates and and the culture um that they bring with them in terms of their interest in bitcoin and building on bitcoin is fantastic um so [Music] over the course of the coming weeks we'll be able to start putting together and taking the time to put together better reporting for you guys on how these changes have been impacting the team um how this impacts our view of the road map and maybe most importantly and you'll hear a little bit about that today the um work that we're doing to um perfect and put additional polish onto our products think through the road map make sure the pieces are working together properly and also add and start putting together the work for providing polish to the dap providing polish around our branding and improvements around adoption and communications all of these things are underway and i think it's proven to be a very productive use of time to take the time after the the massive rush of infrastructure we're constructing to build really strong organizational foundations that will stand us in good stead over time in addition to that we continue to see uh growth of the ecosystem you guys all know that blue index launched there's going to be additional announcements around that and they're bringing fx trading to the sovereign ecosystem today you'll hear about another set of projects that are launching in the sovereign ecosystem we expect that next community meeting in two weeks we'll be able to discuss additional project or two that are joining um and so overall uh across the board i think we're starting to see um [Music] increasing momentum um and uh i'm very excited i think you know overall i don't know how how how um everyone feels but my sense from everyone that i've been talking to is uh that the energy is just growing and growing um i'd also like to give a shout out to some of our community members so um there's a new dow forming around adoption and marketing um um and i'm hoping they'll present either in a spaces or in the next community meeting with both i'd like to call out uh sovereign origin who has been putting out really interesting analysis of xero and how it can be used on twitter so i think we have a lot to be proud of and with that i hand back to england awesome thanks a lot for the updates thiago i have a question um these new potential contributor candidates i'm curious like what roles are they filling are we going to be uh getting introductions to them anytime soon i think that we can leave it to either the circle leads that they've turned to or selena to to make the introductions okay sounds good um so next we have light with product are you there are you available to um give out these updates yeah am i coming through okay yep you're great cool um yeah hi everyone uh good to be back um so we've got we've got a few uh cool projects going on um in the product side of sovereign um so we just finished up work on a restyling of the xero user interface um the user interface is started off as just a fork of the existing interface for the project that xero is based on called liquidy and um one of the designers uh in the sovereign contributor community galad has been working to update that design to kind of bring it in line with um the the way that other sovereign products have been designed um and so that that work is just about done and so we've already started um working on the actual front end implementation on the development side um so that project is is moving along nicely um you all probably saw the the update uh that went out today which was a smart contract update related to staking rewards and you can check the announcements channel for more details on that we are testing the most recent updates that were made for the limit orders release that uh we've been talking about for margin and spot limit order trading um and so once that testing is complete and you know we we've determined that um the the most obvious and major bugs are kind of ironed out then you know we'll be uh transitioning it to mainnet um but but testing is still ongoing for that um in preparation for the main net deployment um and then we are also preparing for the next phase of pletocracy uh transferring contract governance from exchequer to sob stakers um it's i y'all can expect to see uh some draft sips uh related to uh this uh project uh for community review uh sometime towards the end of this month so this is something that i've been looking forward to in particular i know other people in the ecosystem have been looking forward to which is you know kind of decentralizing sovereign even further i mean and giving sov stakers and and the bitocracy um uh uh you know uh direct governance control of uh the sovereign protocol so i'm really excited for that and those are the the the major initiatives that we're working on um but uh aurora from the development side will have more uh detailed uh uh updates about what her team is working on on the development side and with that i will pass it back to you thanks a lot john uh any questions for light before we move on to aurora all right with that uh aurora are you there yes i'm here and light already gave half of my update basically that's fine so yeah since the last call we um employed two main toys the first update was the bridge update which allows us to lower the fees so um some of you might have already realized that transferring to is now cheaper than it was before and just today we launched the sticking rewards update just to make sure that all the news takers post taking after tomorrow will still be able to receive sticking rewards um currently we are working on the trading update there it has taken us longer than expected to get all of the different pieces to fit together so the smart contracts with the back-end relayers and the front-end and then the notification service which is sending out emails and it's just a lot of different pieces which have to just work together flawlessly and now we are almost there so we are expecting to launch it very soon and just to remind you guys this trading update is containing the trading page redesign it will show additional information for you such as also the liquidation history which has until now been missing it is containing limit orders and uh like i mentioned before the notification service which is um notifying you about degradation events and marching codes and potentially limit orders being filled apart from the trading update we are introducing limit orders or in general conditional orders the limit orders that last ordered orders take profit orders to the perps box so that when we launch domain that these services will already be available and this at the same time now simultaneously the audit is in progress so we are expecting to get the results early april um i already mentioned that we updated the bridge recently but the bridge is going to undergo another update with a even better gas price optimization through the offshoring signature exchange so this will reduce the number of transactions which will need to be sent to the blockchain for each bridge transfer from three transactions to one so that should bring quite some relief on the gas cost side and last but not least fast btc is an ongoing project where we are continuously um adding improvements um like um when it comes from us from the management perspective when it comes to rest for additional um monitoring and different things which we wanted to have in order to feel comfortable start increasing the limits and also a reclaiming mechanism um so this is just a great very broad overview of the things like the most important mentionable things which are currently in progress from the on the particle side and then the frontend team is currently also um focusing on refactoring and on creating atomic components of doing all of this preparation work which is necessary for us to be able to um develop faster in the future because um yeah at some sometime you need to take the time to do a proper cleanup for you to be able to keep operating swiftly and smoothly and um yep i think that's basically it from my side so back to you in galandia all right thanks a lot aurora any questions um from the audience all right we got a quiet crowd today um let's move on with uh adoption with the hey guys i'll try and keep this quick so i know there's a couple of big updates after this to come um the new intercom support system integration is coming along very nicely the wiki team of an automated answer bot already trained and starting to pad out the help center with content and articles and updated how to's and all of that sort of things so don't want to give away too much at this point but it's going to be a huge improvement for user experience so i'm super excited for it um i think what we'll be doing soon maybe in a couple of weeks is having select user groups come and test it out and give us some feedback so stay tuned for that um secondly sovereign mayhem continues uh this week we've been asking people for feedback on the mobile app created by one of our community members i think we're giving away 300 sov for the best feedback on that one for anyone who doesn't know if you want to stay up to date with those we usually tweet out the events but we do have a dedicated channel uh announcement channel and a discussion channel in our discord server uh called mayhem events and mayhem chat also just to stay up to date with everything generally uh don't forget we have our weekly sovereign scoop newsletter which you can sign up to on sovereign.app uh there are a few other really cool initiatives on the way but i don't want to give out too many spoilers just yet uh they should be going out in the marketing town hall which was due yesterday but unfortunately was postponed because malva's out with covered we hope to announce a new date sometime next week when mile was hopefully recovered a good deal but yeah please stay tuned uh that's it from me unless there are any questions great stuff any questions from the crowd i'm going to move on let's see what's next all right um so uh regarding business development um there are two introductions i would like to make today first i would like to bring up yeti from the evie dao do you hear me we can hear you yeah oh awesome hi guys uh finally nice to finally speak to everyone here so uh in fact we've you may have heard of a brief introduction of us from the gandhian last time uh so in fact we've been developing for quite a few months right now three to four months and uh basically we wanted to you know since there is a lot of novel aspects to a protocol we wanted to thrash all of that out before we really come and you know pitch a clear vision to you guys uh which we've already managed to do but before i dive into a product i'd like to make a few remarks on you know the inflationary geopolitical situation in the world today and and i mean i'm sure as sovereign as bitcoin has many people uh of course are deeply aware of this but even so it is so important that it it's it bears repeating so uh with that i you know i'd like to point out the the problems of inflation beyond the the obvious problems of of losing money you know purchasing power so what are the numbers we're looking at here uh bloomberg today announced that you know usd inflation will be much higher than expected between eight to nine percent and going above 10 percent if uh uh if we uh if the oil shock the oil shock in in russia is really to materialize so uh we are looking at above 10 inflation for the first time since 1982 in over 40 years and that means a lot to the purchasing power of of americans and for the rest of the world by extension because a u.s taurus is the world reserve currency but there is also a lot of elements of hidden taxation that that happens when you know uh inflation is applied unilaterally by the united states on the rest of the world so i mean the united states initially was founded you know uh with the from the principle of no rep no taxation without representation and yet today in the world the us is taxing the rest of the world without any representation and without any say in the process and to give a very quick easy demonstration you know uh if you consider a country that has say a trillion dollars in u.s treasury bonds as forex reserves and most countries are required to keep most of their forex reserve as u.s treasuries and over 80 percent of uh countries have their sovereign forex reserves in u.s dollars and u.s dollar denominated treasuries so now that country out of say a 20 trillion monetary supply they own five percent of the total supply of us dollars as of 2020 but in the last uh two years alone the usd supply the m2 supply has expanded by 30 so now you're looking at closer to 30 trillion dollars in circulation and the share of that country has just dropped from five percent to closer to three percent of the global you know of the global economy of the global reserve asset and this has happened without any consent from that nation without any uh you know choice on their part and in fact i i would go so far to say that this is uh pushing the poorest of the world further into poverty it is a unilateral sucking of value from the rest of the world into the united states and it is not done by a free market which i would completely support but it is done simply by abusing the position of you know reserve asset that the us government enjoys and at the end of the day it's distributed to u.s corporations and even to the friends of the government so we are having a situation where via using the tool of inflation the us the u.s government is taking hard-earned value produced all around the world and distributing it for free as printed currency to their friends now this is i would say one of the biggest you know causes of inequality in the world and one of the biggest systemic challenges uh that we should be looking at if we are really you know uh honest about trying to fix the world challenges when we come com approach the world as bitcoiners and with that background in mind let's look at the practical solutions now many people everyone understands this problem but the solution is not so straightforward i mean if you do not take to a fiat currency what do you pay to what is a stable asset bitcoin is part of the solution but it's not the entire solution because while in the long term it it offers you scarcity guarantees and inflation rather resistance for the average joe in the short term it is not convenient or plausible to convert all their savings or assets into bitcoin because they don't know when they may need to sell it or spend it and given bitcoin's high volatility they could very well end up selling at a loss as as likely as they would be selling at a profit so bitcoin only fixes the scarcity side of the equation it doesn't solve the whole problem of giving people an alternative asset to hold instead of dollars that they can rely on for all the functions they rely on the dollar for minus this unexpected and uh non-democratic inflation that takes place does somebody want to say something what is that nice um yeah i mean i'm sure you'll get into it but i i think the community would love to know just how you got started like how you connected with sovereign and how you started building this how the team came together and yeah yes yes definitely yep so uh we in fact i directly uh in fact we started with a hackathon with that sovereign organized we tried to build a bitcoin backstable coin and uh back then uh when you're looking at unpacked stable coins or inflation-resistant stable coins the only team that had ever attempted that was the team at rai reflexor finance so we set out on this mission to start out with it we we started out with the nearest competitor that we had which is rai and we tried to build a bitcoin backdry uh coin for the hackathon however having been working on that for a while we've realized that rye while in theory uh their arguments are for being unpacked to fiat in practice over the last year the rye has behaved exactly like a peg coin it has stuck to the three dollar value regardless what's going on with us dollar inflation so right turned out not to be the solution we were all expecting but it just opened the door for people to talk about this concept of unpaid stable coins of stability independent of the dollar and and that's where we came in we figured that we could build an algorithmic peg of a bitcoin backed stablecoin and we could make it crypto native and independent of fiat so uh on that note i think i'll dive into our project and i'll share a screen that you can see some graphs which will better explain this concept on a second so sorry just just to keep uh time consciousness i i i got you know five i'll ask you sure yeah that's that's good uh okay can you see this you see a graph on your screen uh can you see my screen not quite yet there should be a a button for screen sharing yeah okay i just press screen share any different i do press it but nothing happens wait another guy named jaunty punt ponti screaming sure try one more time because someone else was screenshot okay sure i can drop an image on a channel and we can discuss it on that otherwise no problem yeah sorry no problem i don't want to take up too much time either watch i'll post it on general just a white paper and anyone can scroll through it and look at the diagrams so uh you should have received that so i'll continue and and you guys can look at the diagrams on that but basically just open to uh stage three or four you look at a diagram and you look at the exponential price of bitcoin over the last 10 years that's what we are basically looking at and when you look at that and now you imagine what the price graph of a stable coin backed by bitcoin would look like it would look like a straight horizontal line so you can imagine that something tagged at 110 or any fixed value in dollars would be so inefficient in terms of utilizing its collateral so while it may start at a collateral ratio of 150 percent as bitcoin grows over five or ten years it will be reduced to collateral ratio of ten thousand percent so the underlying collateral for each one dollar coin may turn out to be worth ten thousand dollars or fifteen thousand dollars because bitcoin is an appreciating asset whereas uh a stable coin just stays is like a horizontal line so clearly that is not the optimal you could clearly appreciate an asset uh in value to some extent and still have it be collateral sufficient to still have the bitcoin backing it be sufficient to allow for redemption at a higher rate than one dollar however that that's where we need to work out a mathematical relation because if you just draw a straight line diagonally you see this i would have shown you if i had a screen share but what you'll see is if you draw straight lines say from the starting point starting price of bitcoin to the current price that line will intersect the price of bitcoin many times and wherever that line goes over the bitcoin price that we would say that the token would become under collateralized and therefore would not be able to maintain the peg so the challenge here was to find an algorithmic measure of uh of the appreciation of bitcoin without without any uh without any risk of that uh appreciation exceeding the bitcoin price itself and causing the stable coin to become under collateralized and meeting these requirements we found that the simple moving average measured over the past four years serves as a very accurate measure of of the floor of bitcoin prices while appreciating with the long-term trends of bitcoin price so if you uh if you guys have looked at that diagram the green line represents the sma4 and what i appreciate with bitcoin it never really crosses over and exceeds the bitcoin price at any point throughout the history of bitcoin and so uh that led us to realizing that the most efficient utilization of bitcoin as a collateral to build a stablecoin would be by pegging the stablecoin to the simple moving average of the bitcoin usd price so this takes advantage of the stability of a us dollar where as well as the long-term price appreciation of bitcoin and and that's essentially a project that's a product it's a smart contracts are ready and uh we are pretty close to launch so yeah i'll pass it back to india thanks a lot for uh thanks a lot for the explanation uh yeti um i think maybe an ama could could be in order because there there's a lot to dig into here uh yeah so maybe we'll try to arrange something like that where can our fellow sovereigns learn more about evie dao i will drop a website here in the general channel and that links to our white paper github and anything else you might want to know and you can always reach out to us on discord and we'd be happy to answer anything alrighty fantastic um and with that i'm going to call upon michael parente uh from dropper hey hey hey everybody can you hear me yes sir all right cool um so yeah so last uh last november uh departed the core team to start working on dropper and you guys have seen some of the progress in the channel and also in the telegram group with the ama and stuff and i'm really excited today to announce that we will be launching on rsk in the first half of april together with sovereign um we spoke about uh launching with the sovereign degens as our uh governance pfp artwork um actually that has changed we're going into partnership with sovereign to use the bitcoin mutant characters from the comic book world for the governance token so there's going be uh rarity and uh and trait stuff that's built around the sovereign uh universe and i'd like to tell you guys about uh the pre-sale details essentially a thousand so ten percent of the uh of the tokens will be made exclusively available in pre-sale to sovereign stakers um and there will be 500 of uh of the gpfps available for stakers above 2500 um sov value staked for one year and there will be 500 available to stakers of less than 2 500. the um stakers of 2500 or more on the platform will have a cap on five tokens per address and the addresses that are below 2500 will have a cap on one pfp for address um so after the pre-sale we actually have lined up seed fund and seed funding which will be coming in after the uh pre-sale round sov stakers uh which means that solvent stakers are getting the first terms and the first tokens and vc is getting the second group of tokens approximately uh five to six weeks uh after the pre-sale the um platform will be going live not only uh on its own url but there will be an implementation living on sovereign uh which will be able to which will host the whole sovereign nft infrastructure for the marketing and adoption team to be doing the promotions that they're looking to be doing over the course of the next quarter and i guess i'll be doing an ama at some point but this is the freshest information hot off the butter press super exciting um do we have any any questions from the crowd hey michael uh it's david i have a question um amazing work always great to kind of have you in these calls um so are you no longer launching on kind of morales and avax and weren't there kind of limitations on rsk could you maybe elaborate on that well this is this is really the greatest part about the message and i wanted to keep it short so iov labs and rsk have really stepped up the the partnership together with dropper and they basically laid the uh framework for us to be coordinated to be collaborating with the graph protocol as you guys know sovereign's been working on integrating the graph for for for uh for the platform and rsk is providing a grant for us to be doing uh an open source uh you know ecosystem version of the graph for everybody that will be made available and the reason for that is is that the graph has no resources because they're integrating with uh with solana at the moment so rs so iob is stepping up to really fast track that that this happens um so the morales uh middleware solution was something that we're doing to get out the mvp solution and that works but of course you know the graph is much more feature-rich uh um you know integration than morales has so um we're going to be this was the reason that we had been developing the mvp on avalanche and using morales but actually the goal was to be able to use the graph and since now that's been solved over the course of the last since the hackathon now we're actually in the driver's seat to be able to launch first on rsk and then the plan is to launch on avalanche um uh in in quarter two so around june which would have the material integration for the real world asset passports the stuff that i've been talking about for the last half year and that's much more low cost over there and what it is that we're looking at is one of the key things that we wrote into the protocol for dropper is that you can burn on one chain and mint on another along with a whole rash of really great features so what we're building is a chain agnostic protocol so that um so that you can bridge without without uh you can move the chains without bridging and wrap you can bridge the chains without wrapping the tokens right so the the intent there is that if you're looking at a high value asset like real estate or a supercar or gold bars you want that nft to be living on the most secure chain uh there is which is bitcoin and um then all of the material asset passport stuff so there might be seven 12 or 15 individual nfts that are connected with passport that has to do with warranties claims and arbitration all of that would be living on on avalanche uh on the carbon neutral chain right so that's essentially the road map that is there um and after we launched on avalanche then the plan is to be launching on bsc matic near polygon and each one of the chains would have their own governance uh and revenue sharing on on those chains and what's so special about launching here at home at sovereign on bitcoin is that these these governance pfps that are being made available as a sovereign community are essentially god tokens they are a one-to-one airdrop of a free token of every chain that we launch on moving forward so if you're purchasing one of these tokens you're getting the governance benefits and the revenue sharing benefits on rsk and then on avalanche you'll get you'll get a free token on that one and the revenue sharing and the governance will be separate on avalanche and on each of the successive chains so this is really like the biggest like you know coolest offer that can be made to to sfv stakers to be involved at this level amazing this got me much more excited about the project uh so congratulations to you guys and thanks ben yeah it's been it's been a fun uh four months of burning burning the oil awesome uh thanks a lot for that any any final questions for for michael he has a couple minutes left how did you go about planning this this whole multi-chain strategy um well so i mean i had a conversation with our lead solidity dev um who's his name is uh dave appleton and dave appleton um uh wrote the contracts for ethercards and also does the auction contracts for the ethereum foundation and and so while we were going through it i was saying so like you know i was looking at different wrapping protocols uh for how it is to to move things like rare pepes over onto onto rsk or to move other assets uh onto rsk to have initial content for the platform and um and he said oh man that's we don't have to wrap it we can just write into the contract uh the ability to just burn the token and then mint it on the new chain it was like really just a a simple thing yeah so actually the vision of dropper has evolved from what it is that i originally just wanted to provide an nft platform for the for the sovereign community you know so things have moved forward and people got involved that showed the uh the uh the vision of the tech um one of the other interesting um benefits of the of the of the dropper uh pfp is that the fee sharing not the fee sharing but actually fees on the platform so if you're if you're a gpfp holder um the fees on the platform um is a 1.5 platform fee on every transaction and then for launching collections it's a 15 feet and openc and uh you know foundation makers place all these other platforms they're charging between 25 and 30 uh for the collection launches and 2.5 for the platform fee so we're moving into a lower fee territory there but if you're a gpfp holder the fee is one percent on the platform fee uh instead 1.5 and it's 10 to launch a collection uh instead of instead of 15 so um you know there's a lot of things that developed as it is i actually got into building the platform i can't say it was part of the original vision okay gotcha where can where can our fellow sovereigns learn more about dropper so i would guess you know it's just thanks to hang tight you know that this is going to be the first place where people are going to know anything more than what it is that you know now we're on twitter nft dropper if you go to avax.dropper.club you can see the mvp there's a link in the um in the menu bar where it has a link to the testnet faucet you can log in and play with the platform if you like and at the bottom of the page is a link to our discord server um and there'll be more information coming out on the collaboration with sovereign as a blog post at some point i would say and you guys are going to start seeing the promotions for the pre-sale because it's only for the sovereign community okay fantastic um thanks very much michael thanks again alrighty cheers so i'm going to finish off uh my business development updates and get to some of the questions that were asked in general and then we can open up the floor uh for general amas to the sovereign commun contributors so um the the lightning bridge project has reached its second milestone um having created a fork of the blixxed lightning wallet that enables swaps between xusd and lightning bitcoin um if you'd like to try out the dex yourself it's in prototype mode go to marduk dot exchange i'll actually just post it in the in the general um but just be aware that the liquidity is very very low so please don't make any big trades uh it's still in an experimental phase however we are exploring streamlining this um uh this lane within our ecosystem and having the two builders who've been focusing on this uh work with us in-house so shout outs to chris and sudo zak i'm gonna post uh the link to the decks right now uh it is very early so don't worry about the designer branding at the moment um but it is possible to swap between stable coins and lightning this is not some future uh idea it is live and and working um and we're proud to be the first to to have that running for you guys um regarding get coin bounties we've got uh 17k in uh financing for these bounties they're on git coin um they focus primarily on um uh governance front end as well as security we've got 10 applicants so far and um we're in the process of now just choosing the right uh builders for these little bounties so really really excited that we already have a good amount of talent that is interested in building on these bounties and i'm posting the link in the general chat for you guys to look at if you're curious or if you want to build just hit me up and i'm going to move on to the questions that were referred to me by hanziko let's see uh by john perr can you have a sovereign meet up during bitcoin miami week so i'll definitely be there from april 5th through the 10th um we did make a couple of appearances at side events last year uh we're we'll definitely make an appearance at the rootstock booth this year and just follow me hit me up and when i find out where we're going to be speaking at or making appearances i'll i'll let you know um also if you want to just hang and get some tacos or whatever margaritas just hit me up we'd love to just meet people um in the in the community in person so from leonardo costa any progress on the brz stablecoin integration yes uh the progress is slow uh they're in the first phase of adapting the amm to enable uh swaps and spot trading um with pairs that don't involve rbtc uh so it's under review i know it's it's it's progressing slowly but surely uh and final question let's see uh oh actually that's it uh do we have any more questions from the crowd we've got uh 15 minutes left the floor is open hey i have a question i don't know if there's any updates worth sharing on the the fundraiser round or where that's at um thiago would you like to speak on this yeah um the we expect to provide updates soon but given the fact that the conversations are um you know uh confidential until they're not we can't provide an update at this point all-time ballpark timeline on when that would be i mean obviously i know you can't nail that but given the way these discussions are evolving what are we talking about a month we'll get an update a quarter i would expect i would expect that within a month there'll be an update yes okay thank you uh also if anyone here is connected with funds that would be interested in participating in the round feel free to um you know let me know do we have any other questions from the crowd this is your chance you got a solid 15 minutes to ask us anything hey uh bob here again just curious on what the internal team's take has been on the success of the sovereignty twitter spaces i mean i've i've enjoyed the um the conversations and the guests you've had on i think the content's been great i'm just wondering from your standpoint has there been much of a additional reach for people to appreciate the sovereign ecosystem and what it does i mean it's somewhat frustrating to somebody who's so uber bullish in light of all the i'm not happy with what's happening in the world but it certainly lends itself to why bitcoin and sovereign are just phenomenal tools i just uh the uh the take up of it is slow but i guess that's normal but i was just curious what your input was about what sovereignty has done i think in practical terms it's been extremely successful uh on a number of levels first of all it's increased the overall sense of awareness it's increased the number of twitter followers we're seeing a general trend towards growing number of participants we've had significant participants on a number of occasions you know jeff dorsey joined a couple of times last night we had something now etc on more specific levels i think it's been an opportunity for us to get the message out to reach a wider audience to people who are interested in the message this allows us to do the work of explaining to the world and getting people to understand on a growing basis what software stands for but also why it's important as well as connecting with the speakers themselves who um many of who weren't very familiar with uh summer until they started having these types of conversations and frequently they are people who influence many other people as well with regards to the speed of uptake i think that um we shouldn't be surprised so you know there's never been um it's never been so obvious that the entire global order and particularly the monetary order is shifting beneath our feet and i think bitcoin's trading you know somewhere between forty two thousand dollars and thirty eight thousand dollars like there's no there's no rhyme or reason to it on the short term and broadly speaking i don't think we should expect to see um things reflected on the short term the the reactions tend to be delayed for a number of reasons and um i won't get into you know what those reasons are because i don't know i have only theories but um but this is something i think we're all used to there is one very big and important advantage i think bitcoin has and even more than bitcoin has the sovereign has which is um the importance of time in market so i think we should expect that the uptake on sovereign will be slower um with a high likelihood than the uptake on something like a phantom or a bsc um because we are um providing a very very different um type of solution right we're not providing and we're not selling get rich quick we're selling stability reliability and we're providing this to people who already understand the importance of this which is the vast majority of the world and in particular is true of people who are already in bitcoin as you know their primary interest now the thing about that is that this is a inherently more conservative uh type of user and it is also a user that once they choose to use a system we'll stick with that type of system with a far greater degree of loyalty and so the secret source here i think is time in market we're going to need to prove uh ourselves over time just last night in the spaces we heard once again as we've heard many many times you know i think this is really exciting i think it's super interesting i was very skeptical i remained skeptical of smart contracts and i would like to see it live and successful for quite a while before i myself would dive into it the reason i think this is such a huge advantage is because when you're trying to build something what you want to do is you want to build a moat you want to build a way that you are very very difficult to compete with right so you don't want um to just be forked in the way that bsc and polygon forked ethereum or the way that sushi swap performed uni swap you want to have a strong sustainable moat a strong sustainable business and for us one of those very big moats is time in market the longer we are around proving ourselves every single day that goes by is like another um day that we've proven to uses that it's safe to use sovereign um and and and the more difficult it becomes that once we um you know go beyond the type of growth we're seeing now and into far more you know larger numbers which will drive more attention that a competitor is going to be able to compete effectively against silver so my sense is that we're paying a higher upfront price both in time and in resources than other projects uh in sort of like uh the more degen defy crypto space and that that will pay dividends uh in the medium and longer term okay perfect i think that's uh i i really appreciate and always enjoy your measured approach to things uh i'm just uh impatient but that's probably uh just my nature and love to uh like i say love it love the sovereignties i hope you keep it up i thought it's been great so i appreciate you validating that i i i'd like to say that i i second where yago is coming from you know iago is uh sovereign's always been a marathon with a series of sprints inside of them and you know the trader mentality is is maybe looking at things on a you know in a day chart on a week chart and it's you know the expectation management is is really really hard uh in in you know in those two opposing things at looking things over a longer term um and and paying the price at the beginning is i i think a really good way of putting that iago that's a really that's a really excellent point um awesome if we don't have any more questions we can close this out going once going twice i think maybe we should uh turn off the recording because we frequently get questions after recording is turned off uh and then see if there's another round of questions you know the scenes section gotcha uh sounds good so i will formally close this out uh mickey feel free to unplug the the recording thanks everyone for joining this call this was a really fun one uh thanks for being a part of this mission and carving out a trail for bitcoin secured financial sovereignty dismantling what people know and understand about money so keep kicking ass help us spread the word and create more sovereign individuals don't forget to follow us on twitter and telegram twitter.com sovereignbtc subscribe to our youtube channel and visit our dap at sovereign.app

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all righty hello everybody welcome to the sovereign community call episode number 37. that's a prime number oh my god this is ingalandia from sovereign the place to be for your bitcoin defy needs for those who are here for the first time uh my focus has been rebranded to ecosystem growth this includes partnerships across fiat on and off ramps other dfi products and protocols wallets bridges investors ecosystem bounties and so on so if you know someone from a project that you think would make a great partner feel free to dm me on twitter or discord at englandia you know where to find me we have some awesome updates for you today including some crucial bridge and staking updates a recent partnership with blind x and some galvanizing posts from edoniago on rethinking and reorganizing our adoption efforts so thank you everybody for joining us here thanks for sharing in this mission um if you'd like to speak uh please toggle the mute button uh and hopefully we'll we'll call on you also note that we periodically pause for any questions that you might have after our updates so before we go through the agenda is anyone here for the first time uh and would love to say uh hello to the software community all right let's start with uh edoniago with governance i'm going to start with this left of center uh explanation all right so over the last month we've seen something very remarkable happen um a month ago uh i think exactly uh on this date um the uh full might of the russian uh military entered um ukraine everyone was telling us that the war would be over in three days the russian military has more of everything more men meant more material more sophisticated technology more ammunition more fuel more of everything and yet what we've seen is what it amounts to very closely a so far ongoing defeat of their efforts why how did this happen and what can we learn from it the reason russians have not been able to take advantage of their very clear advantages in men and material is due to a lack of organizational capacity there have been logistical problems there have been communications and coordinations problems there have been a lack of good processes and maintenance and tactics on every single level from the perspective of organizational capacity organizational competence russia has been underplaying its hand how does this relate to us i think organizational capacity for the success of a project for the success of a community is critical it is crucial when sovereign launched we were an extremely small team with exceedingly high organizational capacity within a small amount of time we had managed to uh and continued to deliver um extremely powerful set of products uh an ongoing set of updates and improvements to those products we managed to grow the community very very quickly indeed the vast majority of our users and community are from the first four to six months of the project being not even launched but announced however over the last six months i think that sovereign has been under performing and the reason this oven has been underperforming over the last six months has been due to question of organizational capacity because as we grew very very quickly what happened is that the size of the quality as well as the size of the community and the size of the volunteers who are engaged with the project and in addition to them the ecosystem projects that are building with the project and are coordinating with the core team grew very very rapidly as well today there are over 100 contributors to the project the core team is over 50 people and the core team grew 10x and when you include all of the other contributors to the project it grew 20 x over the last six months and what we encountered was a phase shift in the um the type of organization the type of communication the type of tooling from an organizational perspective that we needed to use and so uh in a paradoxical way as we added and grew uh in many ways we actually performed less well rather than better we are now coming towards the end of q1 2022 this quarter has been as we said it would be uh at the beginning of the quarter devoted to a great extent to enhancing and improving our organizational capacity and bringing you back up to the standard of excellence and standard of speed that we expect and we were operating at when we were a smaller uh team in fact we should be at a we should uh uh get to a place where this additional resource capacity that we have means that we're able to do far more far more quickly now we're certainly doing far more right we're maintaining the vast set of products and technologies that have been developed and deployed which requires a huge amount of effort in and of itself and at the same time we're continuing to invest and improve them but on an ongoing basis especially over the last quarter we have invested in building out that organizational capacity and as i mentioned two weeks ago we started to see this start to bear fruit and i think um now we can say with a high degree of confidence that this is starting to work we um i believe are starting to uh see ourselves getting back to the tempo um and the the the efficiency the operational efficiency that we uh want to be at the um the changes will not become apparent immediately part of the reason for that is we have technical debt that has accumulated over the last few months and that needs to be corrected for and will be corrected for uh on a rapid basis in addition to that organizational capacity is the invisible thing it's the thing that you don't see it's the exact reason that it was obvious that russia was going to defeat ukraine in three days and then it today is obvious that they probably can't make any more significant progress than they have made it's because organizational capacity is invisible and so it takes time for it to become apparent but i expect very much that we will start to see this organizational capacity uh play out over the next couple of months and certainly in q2 which is where is the the quarter that we're about to enter part of that has also been changing the structure of the team um i think one of the things that we struggled with is we don't have a clear hierarchy in the way that a corporation does we don't have anyone who is in charge of hiring and firing we are a community-based project and as a community-based project we have displayed a high degree of patience and nurturing for the team but what this amounted to was that there were a number of people on the team who either couldn't scale with the organization as it scaled or for whatever other reason were were not able to perform within the sovereign culture this is no longer the case uh over the course of this quarter the team has improved uh immensely and where it hasn't been possible to improve people have been relieved of their duties at sovereign core uh so we will talk more about this uh on an ongoing basis but i i think the sense of confidence the sense of operational excellence within sovereign is um uh on a very very strong trajectory and i think we have a lot to um thank for the openness and high degree of motivation that everyone on the team has to basically galvanize around this effort as well as the fact that we have really excellent people who have joined the team people like dewiz and pilly and um rivers who have come with a particular background in building out organizational capacity and are doing a phenomenal job in doing so i think you also all saw the post that i uh well not all of you but likely most of you have seen the post that i made about uh marketing and i think where we sell this lack of organizational capacity most obviously most visibly has been on the adoption team and so i want to talk briefly about what operation champion and what adoption is adoption is not simply a question of marketing right when we when when the reason in that post i put marketing in in quotes was because we're not talking about marketing we're talking about the ability to evangelize the project bring new people into the project and once people are in the project help to educate them and provide the kind of transparency that the project should be providing with the kind of clear communication that the project should be provided i don't think we've been doing a good enough job on all of the any of those things and so operation champion is a three-fold effort one i will be involved directly over the course of the coming quarter in building out the organizational capacity of the adoption team two the team itself is doing a phenomenal job of galvanizing around this uh issue as well and we are going to be looking to bring in the additional talent that is necessary and that brings and that brings us to the third part which is you guys being able to act as champions for uh sovereign um and and play a role in operation champion um and we will be looking to um try and this is this is not an easy thing right another thing we need to build our operational capacity about is around being able to bring in the efforts of our broader community right there's a substantial organizational overhead that is required there it's not easy to do without it becoming extremely distracting to the core team but it is something which we absolutely need um to do and we will um master and so that is something that we are going to be doing over the course of uh q2 and what this means um is that um we're going to be looking to provide clearer communication clearer ways for you guys um to become champions for sovereign as well as find ways to make it easier for people to participate in the project i'll give you guys an example i think there's quite a lot of work that we could be doing to improve the way we are doing liquidity mining the token emissions the tokenomics in general of the system it's not that we're unaware of this it's that there is no one who currently owns that because everyone in sovereign core is working flat out and so if there is a way to put together a community driven team which i think is a really good way to do it since we have extremely uh uh uh talented and mathematically or financially oriented people in this community and on the school that is the kind of thing that we're going to be looking to do as well it also has implications in terms of timing next community meeting we will present a road map um not just for the coming quarters but beyond that um and this will be on the basis of the work that we've been doing to also understand what the capacity we have from an organizational standpoint is one of the things that happened over the last quarter of 2020 you know we had a very very strong september and october but we had very very significant issues in um november december and january those were an example of organizational capacity or you know like the the the the um wheels of the train coming off because we're going too fast those included things effectively the project over extending itself um by introducing the sub now idea i think it was basically just one idea too many and our assumption was we'd be able to handle it in the same smooth way that we were handling everything else but that turned out to be the sort of operational straw that broke the camel's back and so that has created um a lot of the disruption and also changed our ability or or hurt our ability to accurately determine the timelines around um what would when we'd be able to deliver things when you are used to being able to operate one particular type of operational capacity and then your operational capacity drops obviously your timelines go out of whack and your ability to estimate goes out of way then it's something that we're correcting for and we'll present a road map which will eventually leads to a new black paper but first we'll start with the roma and then we'll be presented no later than the next community meeting there's one final aspect of this in terms of timing which is that we have very very significant products that are pretty much ready to go um but and and you know most important among them is zero and the perpetual swaps it would be a mistake to try to do large launches for these products without the operational capacity of the adoption team being able to match the significance of these projects and so you can expect and we expect to not pull the trigger before we are ready and we will not uh and so in two weeks i believe we'll be able to give a much clearer sense of where we believe that we will be ready with these things and um and then there's also another big project which i will talk about later as it relates to adoption portion of this call but i'll leave that for the adoption portion of that quote um so that that's what i had to say on that do we have any questions for him audience feel free to step up this is uh an exchange an open discourse um i know i have some of you muted but uh if you have any questions now is a good time to just undo yourself and ask no question here this is bobbers just want to say thank you i appreciate the candid uh the candid discussions and acting like mature adults and uh what is otherwise sometimes a difficult decision and many many groups don't do that so uh i for one am a big fan thank you all awesome thanks a lot bobbers uh anything else before we move on one question arose in the youtube chat uh a sovereign asked that are there any plans to increase utility of the platform that would increase the yield on bitcoin lending is and has been pretty low the answer is yes that's one of the key things that i think sovereign needs to do and i think that xero can play an important role in that as well as the perpetual stops both of those products part of the reason why we think there's such significant additions to the sovereign suite is because they both provide the opportunity maybe not out of the gate but with additional iteration to provide i think potentially the best yield anywhere on bitcoin thank you awesome uh so i'll move on i kind of just want to speak openly here uh i kind of from from my perspective um on a lot of the kind of the upcoming products and and the timelines and this is something i've been marinating on for months and i think the community may feel this as well that for me personally it's hard to know whether i should be upset about the delivery timelines or not or whether the delays are kind of justified and on one hand i see like so much action happening on the github repository i've had amazing one-on-one conversations with the team members i see internally like the collaboration and the motivation and the passion and so like all of that checks out and i'm like okay i feel like totally great about this project in the team like very rock solid on the other hand i think to myself like like my very naive sense of the development process thinks like some of these things are forked on other chains in a matter of like weeks and days with like very good-looking uis and ux's and so obviously we're holding ourselves to a much higher standard and you know we've had our road bumps but it it's kind of getting to a point where it's like like am i missing something here and and so yago's speech was was was great and and i believe it but it's like how much of this is is from hey it actually takes this long to develop a product versus we're just being inefficient versus maybe we're just letting you know perfection be the enemy of progress and and i i feel like i'm generally a very patient person and i just love this project so much i i feel so aligned with the vision but like it it just feels like it's we're really kind of reaching that point where it's like okay like we just need to start pushing stuff out we need to start iterating and um yeah i i just want to speak openly on that because i feel like a lot of the community feels that way as well thank you david um so uh i think you know you have been very engaged and you do see the team working and i think you guys can see that you know you look at our github repo you don't even see you know there there's there's for security reasons or things that are in active development some of them aren't publicly available on the github repo the amount of work that is being developed the amount of material which is being produced is at the highest level in terms of the entire ecosystem i don't think there are many um projects that even with much larger teams are producing as much as we are however just producing something is not enough you need to be able to coordinate and that that is why i i started with this this conversation around uh you know the the russian army right the russian army have lots of tanks and they have lots of everything it doesn't help if you can't coordinate these different pieces properly um now that's not the whole story right like for example you say things can be formed within weeks on different chains uh perhaps right i mean i think it actually takes much longer than than you think but um a lot of things are forked very quickly um uh that that that's not applicable to what we're doing all right so um we don't simply fork uh me two products we need to integrate things into rootstock which looks different from the other chains in various ways we need to integrate integrate it with sovereign we need to make the correct adjustments and most importantly we have a focus on security which we will not give up on so for example one of the things that we do and if you go and look at our repo you will see is beyond pretty much any i can't think of an i've looked i haven't found another crypto project which invests in test suites the way that sovereign does test suites are an extremely expensive and and boring piece of tech to build out and it makes zero difference to the end user the end user does not see it at all except for the fact that their money never gets stolen or is much less likely to get stolen that is the kind of work uh as well as multiple different audits code review that occurs in sovereign that we will not give up on we are absolutely 100 committed to going slower if necessary uh uh because our game is a long game and the cost of us releasing [ __ ] which gets hacked or exploited to the entire reputation of the project could mean months of work down there down the drain because we're basically starting from zero in terms of days without incident so we are 100 committed to that i believe it is 100 the correct strategy for us in the long term and last community meeting we discussed time in market our ability to demonstrate over time a system which is secure and safe for users to use and i think that is going to end up being a major competitive uh benefit for us forever um just a quick response i think that all makes sense it's very justified especially on the security i understand going slow my only two senses is i just want to hammer on that point that i think in some capacity we're letting perfection or this idea of polish i think we've swung too far onto one end of that spectrum and so i personally would prefer to see max level security and if something needs to be slowed down for that yes but on the product side we need to release we we need to get eyeballs we need to be able to iterate on top of it and so i just don't want to push this under this kind of guise of of polish i think that we've swung too far in that direction i'll end with that otherwise as always i love this [ __ ] team i love this project and it's going to be amazing i just appreciate us kind of working through all this thanks guys all right thanks a lot david for your concern and your enthusiasm and always voicing um your thoughts on these calls so um does someone else want to speak up i heard it on you yes one more question from youtube yago what did you mean when you said that you won't pull the trigger before you're ready can you elaborate more on that more clear up today's status on these projects would be really very nice yes so um a quick update on xero zero is from a solidity perspective a test suite perspective an ordered perspective is ready what it is waiting for is two things one uh there are changes to the front end that we are implementing to make it easier to use um sorry three things that's one two is um the um integration with other parts of sovereign are pretty much ready but um uh we don't want to launch the the system we have look um how do we explain this there's a lot of things that we are developing and launching and we need to be careful not to be developing and launching too many at once we've noticed that that creates um it it feels very good and then it creates massive backlogs or or technical data and so we need to make sure that we have a window of time in which the entire team and in particular the dev team are able to deliver it properly the third aspect is and this is somewhat less true uh of the initial launch which will be whitelisted um and will be accessible initially to small numbers and then to growing numbers of people who are already sovereign stakers but um when we do the the the full public launch we want to have the organizational capacity in the adoption team which is able to support that launch going uh forward and so that is what the roadmap uh which we'll present in two weeks will um provide now the roadmap won't be perfect and we'll need to change and just so you guys understand the absolute complexity of creating a roadmap like this it means that we need to assess all of the various things that we're doing the different ways that we could potentially do them the trade-offs that are related in terms of different priorities or different methods of development and then we need to map out the coordination between the teams that is requires that those things are properly sequenced it's a it's a very complex operation and as we are maintaining and developing more things with more people involved it becomes a more complex operation so what we're building and have built out is a organizational structure which is able to more easily scale to utilize effectively and efficiently the the resources that we have available so for example over the course of this quarter we have um started using a organizational tool called monday it's a very very simple tool but we have introduced a huge amount of automations pretty much everyone has become familiar with how to use it it is being used as a primary means of coordination and collaboration and um we're also trying to figure out how we can make that public so that everyone can see the the activity that is being performed by all of the contributors um to the project this is this is organizational technology power excellence with regards to um perpetual swaps the answer to that is basically similar there are some slight adjustments there in terms of the exact features that we want to have available so for example we believe that that product should launch on the basis of the test that we did with users their product should launch with limited orders stop-loss orders and and and with you know other types of um there are other refinements that we want to introduce and it needs to be properly sequenced so that we're not launching both of those products at the same time so um my expectation is that we will be able um in may to provide zero in terms of the whitelisted launch but i will not commit to anything until we have taken the time which we've been doing for the last several weeks to and and will complete over the next two weeks to provide our best estimates around the roadmap thank you do we have time one more uh yeah i think this or th ijs wanted to ask something i'm sorry are you that yeah and then we got to move on yeah i uh so you thanks for muting me um yeah i have a question for thiago um and i want to i think i i like everything what you said and the message you pull you put out i just want to address a different topic what's uh mostly not spoke about that's just so from price and with the risk of being called a green candle chaser i just want to express uh i've been i invested in the project since uh i think june july last year i didn't sold doing hypes i didn't sold during the load times it's just i just want to get it out of the way but i mean that for a long term but i'm uh a lot of people including me don't like to see the price dropping dropping dropping i know it's a general marker macro thing but some of them seem to be more uh than others and i just want to to ask iago how how do you how do you see the price how do you see that and uh how important do you see that also for sovereign what are you planning to do about it in the sense of i mean there are there are a few i think personally the also for adoption and new users and new software and investors it's not a good sign if they see a price of a token like like going down for six months and keep going down and there are a few things you can do and there was one i think proposal also for the uh to buy back some tokens i wanted to have your view on that or other things i know there's a war chest for i think it was about a million for to adoption for new exchange for example i know this is not our end goal but that can help us get excitement around projects why is for example something like that why we didn't list more exchanges or spend money on that so i just want to hear your view on that thiago thank you sure so i have a complex view on this um and i won't be able to provide the fullness of my view in the time we have here but uh maybe at the end of the call we'll be able to discuss it more obviously we're not happy to see the price of sov drop um and there are many different factors but regardless of what those factors are my uh so i think there's a number of aspects but one i'll point out is that i think uh is extremely important is we've been monitoring the um the visits to sovereign so for example um we uh now see that for from google searches 70 over 70 percent of the people who are visiting the who are searching for google uh of searching for us through google and then coming to the app are searching specifically for uh the word sovereign in various ways so using sovereign lending with sovereign and investing in sovereign things like that what that means is uh or one one powerful one one way i think that you can interpret this is that right now the majority of the people who are utilizing the app are already very familiar or effectively existing community existing users and we haven't for several months now expanded uh our our user base um and [Music] unless we are able to expand our user base um additional exchanges or other efforts are not going to have an appreciable impact on the price immediately so the important thing here and the reason i uh you know wrote a frustrated post around the adoption team and its organizational capacity and the reason we are now making a concerted effort to improve that is because we need to advocate and evangelize sovereign um further we need to provide more people with an understanding of what sovereign is what it means and where it's going and that's one of the most important things that's why the roadmap is so important people do not have a vision of where uh sovereign is going and the the the the the ambition of the project and what a servant can achieve and i think that is the most important factor in terms of being able to bring in new people and also attract people to want to holds uh and acquire the sov token so um i have substantially more to say on this matter but um uh you know we view the the the token price in the short term as meaningless but um it has meaning in the perception of people and it has moving in terms of our ammunition for various things and so it is important at all points and we are not uh ignoring it the important thing is that we make sure that our fundamentals are strong and then with those strong fundamentals we uh take the uh you know we take those initiatives which are going to improve the the product and improve the ux improve onboarding in most and and and and with all of those things improve people's understanding of the project where it's going and their desire to be part of the project and and our ability to reach a much larger audience um so next uh we have john light uh on product are you there um let me pull up the updates so yago already covered um some of the updates at least on the in progress projects the zero for instance and perpetuals other projects um that are currently work in progress uh are the limit orders um so on the last call i shared that this is now in testing phase before um moving to mainnet we're still going through testing and refinement of this release for the for the margin and spot trading limit orders and we are also continuing development work on improvements for the bridge so these are improvements that will help us continue to drive down the cost of using the bridge particularly when bridging to ethereum since ethereum gas costs are so noticeably high even still during this bear market on the heels of finishing up several big projects that carried over from q4 2021 the product team is now working with devs adoption and other stakeholders on an updated product roadmap iago talked about this a little bit but we are working to consolidate and plan our product efforts for the rest of 2022 and less related to kind of user facing products on more so on the staking and governance side we have started preparing materials that will inform discussions on sips that we will be introducing to kick off the transfer of smart contract governance from exchequer multisig to bitocracy we've been talking about this for a while and it is almost time so as i reported on the last call you should expect to see the first drafts of these sips posted in the forum for your review by the end of this month and you also may have noticed that since the last community call we scope develop implemented and kicked off a vote on sip 42 to update the staking contract with pause and freeze functionality in case of emergency we noticed that this was not there and this is a feature that most of the other contracts in the system have so we wanted to close that gap and we're able to push out this change the vote is currently ongoing and it should actually be finished by the end of this call so we'll know the outcome of this vote by the end of the call but it looks like it's going to pass and the actual change will be enacted after a 48 hour time lock delay um and i will finish up my updates just want to look at a few product and staking stats that i find interesting um the average daily trading volume in march so far because we're about two thirds of the way through march um or three quarters of the way through march uh average daily trading volume is 34 bitcoin or about 1.4 million dollars our top three pools by volume are x usd usdt and sov in that order a few days this month saw sov overtaking usdt for second place in volume but xusd leads when in first by far and on the staking side we currently have about 14 470 sov stakers staking about 58.5 million sov um of the uh of the liquid stakers or or people who have uh you know either purchase sov or or um uh claimed uh fully vested sov um uh the uh fully vested sov stakers are earning an average of 0.021 btc or 924 dollars per day and the highest day of revenue earned by these sov stakers so far in march was actually just the other day on march 21st at 0.046 btc or 2024 dollars um you can find all these stats and more if you wanna compare uh how these stats uh compare to prior months and quarters uh all these stats are in the wiki on our uh sovereign growth statistics page and those are all of my updates for today happy to take any questions those are pretty cool stats i think that's pretty tweet worthy maybe we should get uh one of our social media managers uh posting these numbers okay sorry exactly this is this is bobbers maybe i apologize my ignorance here did you say 58 million is staked meaning more than half of the full schedule's been already essentially distributed is that is that right uh that that is the stat that is shown in the staking uh chart i would have to uh double check and see if it's correct but as far as i know it it it is yeah that's still including investing tokens right the estate just not earning fees correct okay so if you could then just be explicit then that 60 of the the tokens have essentially been uh distributed whether it be vested or or in liquid form i just just want to make sure that's the correct correct calculation thanks guys yeah it is the correct calculation okay thank you all right uh let's move on to adoption updates with uh doniago so i'm wearing two hats now so hello again um all right so updates on from the adoption team so um they uh community management team have been doing a very cool job of running mayhem events the southern mayhem events um i i'm sure you guys have seen these in our discord our twitter or other social media we are very deeply engaged in a process here and this again is an organizational capacity process of utilizing this not just as a campaign for driving interest but also as a way for us to practice putting into place those tools uh and procedures that are going to uh uh stand us in good stead in the future so that means uh the we've been using this as a way to improve on our planning be able to rapidly plan and iterate monitor activity take takeaways and iterate so what i think we should do in the next community meeting is have the cm team present some of the results that sovereign mayhem events may have been providing and there has been a clear the metrics have shown for example a increase of 10x in terms of retention of people who come to new people who come to our discord and stay um we saw an increase of activity on gate io when we performed the nft giveaway although we're still analyzing to make sure that that is attributable to the mayhem activity in addition to that uh we've been discussing the introduction of intercom public testing will start soon this will provide a new avenue for users to be able to especially new users but really anyone to be able to provide bug reports ask questions or get help while they're using the system and it will also be one of those places where we're able to monitor for example how quickly we're able to respond to user requests uh or or integra intercom messages and constantly iterate on improving that time uh we are currently working around uh the bitcoin miami event we will we will be participating one of the big focuses we'll be making there is on utilizing access there to thousands of different bitcoiners to build out our data set around bitcoin so that we can properly segment uh different types of bitcoiners their interests and how they and the different touch points that they would be interested in sovereign so that we can then use that for database um for data-driven uh uh marketing and uh and promotional activities and so instead of using pikmin miami primarily as a promotional event or utilizing primarily as a fundamentals building event we're building out the fundamental tools which will then allow us to have a long tail of advantage when it comes to targeting the different types of you know sump groups in the bitcoin space and that includes people who have bitcoin only or bitcoin as well as other things people who are new to the space after that uh you as we discussed over the uh uh the last um community meeting we will have the dropper launch and so there'll be more information coming out on that and that brings me to operation champion so um in addition to the things that i've already discussed i want to make clear i am not a marketing professional and that is not the primary role that i am going to be playing [Music] we are currently engaged in a search for um people and particularly sort of high level people who have deep set experience in marketing that will be able to bring that talent into the team we're seeing extremely strong candidates and we are being extremely careful in how we're choosing uh the people that we're bringing in we will not um have sort of the same situation that we've had in the past where uh uh uh you know we we we're not bringing in necessarily the right people so um you can expect that search to continue and we will close that out while we're restructuring the processes the other piece of operation champion is going to be about engaging you guys and so we're going to try to figure out how we can better make it possible for all of you to become sovereign champions and champion sovereign far and wide one of the interesting statistics that i became aware of today is that of individual accounts that are tweeting about sovereign i am not even a bronze medalist um the the top accounts that are tweeting around sovereign are um um or other uh users and so one of the things that we'd like to do is identify those people and help amplify what they're doing and that's just going to be one of multiple different ways in which we can engage people more um yes um about uh marketing you said that you are looking for uh to bring new people in the team and i understand that you don't want to bring like the the wrong kind of people in the team you we want the project to go uh up front of course so my question is are you also considering to like bring in like a third-party company uh to uh be uh involved with marketing uh yeah marketing basically um so we constantly consider it and it's always an option however i would point out that we've used and worked with a large number of the supposedly best in the space um around crypto marketing and i have to say that we were extremely disappointed with the um the performance of those teams they were not data driven they did not we're not able to provide metrics they did not understand um our product well enough and so i don't think that that is going to be the correct solution for us in fact i think one of the problems that we had um over the last months was a reliance on such third parties and so we basically eliminated all relationships with such third parties that was one of the first things that we did as part of operation champion and that is going to save us a substantial amount of cost but i think it will also allow us to focus on having a small team of highly dedicated extremely skilled individuals who are operating rather than a fairly diverse set of third parties who are not motivated in the way we are all right thanks um one more you said something about gate i o statistics if i'm not mistaken did it also come to your notice that there is a special treatment going on at the coin pair which is basically the risk of being delisted just want to to ensure that you guys are aware of that and taking action on it thank you yes we are aware of it and we're we're taking action um so uh yes we uh we expect first of all we've engaged with kucoin but also uh we have a number of bullets that we will be firing in terms of uh improving the situation one of the it's a really interesting it's a really interesting example of all of this so uh we are on a number of exchanges right for example ascendex and gate which are much smaller than kucoin and yet have substantially higher trade volumes and that's part of the reason i think that could kucoin are frustrated and the reason is that uh we have managed to engage with the ascendex community and with the gate community far more than we've managed or tried to really engage with the um with the kucoin community this uh was an error not only on our part but also on kucoin's part but what it goes to demonstrate is that um just getting on to exchanges isn't the um sort of the the solution the the solution is getting onto exchanges and then properly being able to engage with those communities it has outsized leverage and so what we need to do is replicate what we've done with ascendex and gate with the kucoin community and then do the same thing with other exchanges um prior to and as we are listing with them thank you looking forward for any updates on that all right thanks for the questions guys let me run through the the um the partnerships updates uh real quick and we can open up the floor for any uh for any more questions um so as you guys know uh we've announced our partnership with blind x one of the first modes of engagement would be potentially adding uh bdus their their stable their dollar peg stablecoin to the xusd basket um and if you go to the forum forum.sover.app you'll see a proposal for a bdx and rbtc pool uh proposal so take a look at that and uh offer any feedback that you might have um and you know that'll help us you know refine the proposal for the best interest of the sovereign community and and for the blind x community uh we're also gearing up for bitcoin 2022 we're lining up meetings and interviews with um potential partners and thought leaders uh we'll have our own booth and uh some merch and we'll be making an appearance at the rska booth as well um we uh so last friday i made an appearance at the tally community call uh if you guys don't know tally.cash i think is the url yeah tally.cash uh it's basically a web3 uh multi-chain wallet uh similar to the quality and metamask so i i basically did a demo of how sovereign works um every little part of the application and we're looking to explore uh integrations um with uh sovereign directly in the tally chrome extension web 3 wallet so they're excited about us we're excited about them and hopefully we'll see some integrations in the near future uh so i'm going to open up the floor for any questions on that and any questions on anything mentioned uh earlier in the call uh the floor is yours uh my fellow sovereigns uh feel free to ask away as we have five minutes left in the call yes i got a question in dm uh so a sovereign user asked about la token and how we are connected to them the token is a russian exchange that listed us independently and we are currently working to provide additional liquidity there to enhance the ability to trade there as well as engage with their community so for example one of the things that we're working on is a number of playbooks and um one of the playbooks that we will look to complete is a playbook around how to engage with third-party community exchanges uh so that we can get the same kind of juicing which we didn't know would happen but that we've observed that we got out of s index and gates with other exchanges thank you very much so i've got one i know in blind x one of the stable coins is also stable euro which i think is quite unique perhaps we should consider bringing that to sovereign as well well anything in blind x is something that we're you know so blindics are part of the sovereign ecosystem they're one of the projects they're building as part of the sovereign ecosystem and they're going to be ongoing efforts to look to integrate them um [Music] and potentially if there's enough interest and liquidity then it will make sense for us to bring in euro trading as well one point i'd like to make here um [Music] we are currently not focused on substantial improvements to the amm and the reason there is we having now had a year of experience with amms as well as observing what other projects are doing and our own efforts to improve amm liquidity have concluded with finality that arms are temporary technology uh that is an artifact of the low throughput that exists across blockchains which do not have strong scalability like what we're intending to build with uh zero zk roll ups and other technologies and they without subsidies cannot uh work uh the the liquidity providers simply lose too much money from impermanent loss um on pretty much every single pair uh that we've observed and that's including over 90 of the pairs on for example uniswap even the most liquid pairs frequently will uh be loss makers for liquidity providers without additional subsidy now um on our platform we uh provide those subsidies and have been providing those subsidies so that providing liquidity to the amm in sovereign is profitable however this is not a long-term solution what it also means is that there is extremely inefficient use of liquidity so we have quite a lot of liquidity we have a huge amount of liquidity in the system and we have the ability to potentially bring on additional liquidity uh um but that is um uh going to be ineffective or inefficient on an amm system and so um for example and how does this tie into the euro if we now bring in a eurostable coin that would split liquidity um so instead of having trading all be btc um x usd it would now be btc exercise twice as much liquidity in order to provide the same result however there are other potential solutions something as simple as an order book or more sophisticated solutions which we are examining which would allow us to get way more bang out of the buck for um for trading and for for users who are trading with far less slippage and so our plan at this point in time is not to try and massively increase features or trading pairs on the amm but rather to provide a far more efficient mechanism for trade and then we'll be in a position to substantially expand the tight trading activity that are available as well as reduce the slippage and improve profitability for market makers have a quick follow-up on that now uh does that the inefficiencies of the amm model only apply to kind of traditional swaps like a unisop model or also to amms like what vasily and anthony are doing on purp swaps because that is an am a model as well no i think uh the um the way we have constructed in the way that the city and his team have been working on the perpetual swaps will make it extremely efficient in fact more efficient than other um these are what are known as virtual amms uh even more vastly more efficient than other virtual amms in terms of the type of slippage you're able to provide a much smaller amount of capital and i think this is going to be one of the key advantages of the perpetual stocks we're able to provide um virtual amms are totally different because uh you can have one asset in them bitcoin but represent using that asset multiple different uh trading pairs and this is and you can do this with with um quite incredibly high uh liquidity efficiency the disadvantage there of course is you can't provide for spot trading because you don't have both assets and there's no way for you to like trade btc versus eat and then withdraw each right because there will be no ether in that system so it is a very powerful system but not useful so much for spot trading and therefore not a direct substitute for the ama i see okay so the btc is essentially everything's a derivative of the btc in the perp's amn um okay that makes sense thanks so let me um let me close out the recording of the call uh we can hang here for a few more minutes i'll hang here for a few more minutes but i do have a meeting soon so let me just say um thanks for joining our call guys thanks a lot for the feedback you've been uh and the concerns that you've been uh expressing um being a part of our mission to carve out betrayal for bitcoin secured financial sovereignty dismantling what people know and understand about money so help us spread the word and create more sovereign individuals and don't forget to follow us on twitter and telegram subscribe to the sovereign youtube channel and visit our dap at sovereign.app so uh thus ends the recording of the call and uh now begins the um off the record uh part of the community call uh so feel free to ask what you wish i'll hang here for a little bit as i said um and these questions are no longer being recorded

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yeah we'll go ahead and get started um and this will show the 2022 roadmap that we've put together for the product side um and i'm happy to go through each of these items uh one by one um just to let you give you all some more context um and uh after any clarifying questions happy to take questions so q1 just wrapped up and so the items that you see here were uh are items that were already delivered uh bidirectional fast btc we enabled withdrawals from fast btc back in january we also launched the mint body curve app on testnet in january and in february we had the perpetuals competition on test net now we are in q2 and we are the first item that we're going to be wrapping up and delivering is spot and margin limit orders development is finished and now we're just putting the final touches on the marketing plan before we go live with that so you can expect to see that in the near future and the next item that is coming is uh zero and sovereign mint that they are launching at the same time and we'll be doing a private beta release for that in q2 and the mint bonding curve app is going to be moving from testnet to mainnet and then later in q2 we'll have a another perpetual competition this time on mainnet and we'll be um wrapping up the bulk of our work on the graph integration which should speed up data loading in the main sovereign app like in the user history tables trade history loan history portfolio balances vesting et cetera et cetera um and uh and that should that should yeah speed up the loading history as well as improve the the accuracy of the data that's being shown and then in q3 we will have the public release of xero in sovereign mint and as well as the public release of the perpetual's mainnet and then we also have planned to do a complete redesign of the borrow app it's one of the oldest apps that we currently have in the uh in the sovereign interface and uh is in much need of some love and we we plan on giving it uh the the attention and care that it deserves uh in q3 and then the last bullet point item here are gnosis safe plutocracy apps so these will not be user facing per se uh they will be open source of course so if if they're useful to you as a user of gnosis safe you'll you'll be able to of course use them in your gnosis safe wallet but they're primarily being developed for the exchequer committee um and folks that work with the exchequer committee to help manage the treasury and investing contracts and um and it will also be used by the guardian multisig to to make it easier to like pause contracts if there are any issues or or veto proposals in case uh a malicious proposal gets submitted to the pitocracy system and then in q4 we this is a bit further out um but uh there are plans to launch new perpetuals markets so the first perpetuals market that will go live is btc usd uh but there are plans in the pipeline to to launch to continue adding new perpetual markets new collateral types the first collateral asset is btc of course but we could support additional collateral types and additional languages to be able to expand into more geographic and language markets there's going to be work on a sovereign sdk which should make it easier for developers to start building on the sovereign protocol and all of the functionality that we built out in the sovereign smart contracts a deeper lightning integration so some of you may have seen the marduk exchange that sovereign gave a grant to which enables doing trustless cross-chain atomic swaps between lightning bitcoin and rbtc and we would like to continue deepening that integration and strengthening that relationship to make sovereign even more lightning native and then um we have planned to do a redesign of the vitocracy act so voting and proposals at first but but also potentially um staking as well we'll see we'll see how much time we we have to be able to dedicate to this but definitely voting and proposals apps we would like to improve so that the bitocracy system continues to improve in usability and accessibility and that is what 2022 looks like for the product roadmap and like i said i'd be happy to answer any questions if anybody has any questions about any of these specific items or anything that's not on the list so john am i correct in understanding that xero as a product will be available to start generating revenue for the platform in q3 xero will be able to generate uh start generating revenue even during the private beta so although it is a private beta it will be on mainnet and it will be generating fees for sovereign stakers um so if you could explain to me uh and the rest of the listeners what does private beta mean in terms of the number of users and where will those users be coming from will there be gated access or what is yeah essentially oh yeah no that's a great question so it will be gated access at first um and it will just it will basically be you know people can sign up for a waitlist and then we'll be adding people to the waitlist uh in batches and this is basically to um we we want to get um we'll first like kind of stress test the system uh add users a little bit at a time so we can kind of increase uh debt uh and and issuance of uh the stablecoin on a gradual basis um and monitor for for any issues because this is a a brand new protocol on rsk um and but yeah i mean if you if you get added to the waitlist we'll be adding folks to the private beta in batches and um you'll either get into the private beta or um by the time we get to your place in line on the list um we'll have opened it up for the for the public um but may ask what kind of what kind of user numbers it is that that the team is looking at for this for this period when you say batches batches of five batches of 100 uh we'll release more information about those specific plans when the when the private beta is uh released awesome thanks john great questions though um i see a bunch of questions in the chat so i'll uh go through these um the first question is the graph integration i think i answered that but basically it improves performance of like loading data and data accuracy uh that's shown for basically all the user data that is loaded in the app um may i may i add some context to that john suresh um so i guess one of the problems that that sovereign in any project building on uh rsk has faced is the lack of tooling we've spoken often often about that both from the dropper side and from the sovereign side and the graph is one of those pieces of tooling that that dapp builders and users are used to that exist on ethereum and essentially what the graph does is it indexes on chain data and makes that data available in a cached form uh to be served to the front end in a much quicker fashion it also allows for data analysis uh as a result of that that people can look at what's called a sub graph which the sovereign dapp or the dropper dap would have a specific subgraph which is which is tailored to the exact contract calls and information that's being displayed to the user and even out allows for a much more uh broader display of information uh to be tracked and analyzed um which might not be available in the dap and um so it the graph is something that needs uh chain support so that needs support of the of the rsk nodes and the graph team has been um focused on providing this integration for other chains and hasn't really provided that for uh rsk and as a result um of the sovereign team building this the sovereign team was able to spin up and a private version of the graph node and to get sovereign's adapts information working on it we're doing the same for for dropper we're also building uh on the graph protocol and this is actually a key part of the partnership uh of dropper uh with with um with rsk is that there is that we will be building out an open source version of the graph along with docker images and documentation so that other people building the rsk ecosystem will be able to do this integration so sovereign and dropper together are leading the way to enable the graph to provide full support uh and and have better tooling uh for other people building in the ecosystem if that gives the community a little bit more scope on on on the importance of the graph and i saw a question as well about what's the difference between the graph and covalent um covalent is also provides an api and calls for uh for serving this type of data um but covalent is also limited in the degree of support uh so they're ahead of the graph in terms of offering uh support to to dapps building the ecosystem but it is more limited in the granularity and type of of information that can be provided by a subgraph on um the graph protocol yeah and it's a great service but it is a hosted third party service whereas the graph gives you the ability to host your own and kind of build out your own sub graph and specify your own uh api endpoints so it's a bit more flexible in that way but for for builders just getting started covalent can be um useful enough to get going um yeah thanks a lot for providing that additional context exiled as you said we have um we have already built out our rs our rsk implementation uh of the subgraph um and so right now we are continuing to build out that sub graph and actually integrate it into the front end so this is actually already happening um some parts of the dap will be updated and maybe just one day you'll notice that it's faster or or you'll notice that the data um maybe is more consistently uh accurate than some of the old data which might be you know out of date uh or um otherwise using incorrect formulas we've tried to uh make sure that everything that is currently shown in the dapp is is accurate but sometimes people rightfully point out that something doesn't look right and so we're making sure from the start that with these subgraphs everything is is showing up correctly um to give more context to the community so that they can understand that technically so the problems that that we've seen where if there's inefficient data being displayed in the data is because the dap was previously calling on chain data and so there's a delay and you have the spins and possibly inaccurate data because of those calls and so the graph that is indexed all of the uh everything that has been done on sovereign and uh so that the data will be much more accurate uh for the user and we won't see those those types of uh glitches happening in the interface yeah period and up to date the graph is great for that um so i think that covers that question um pretty well um and in the interest of time we'll move on and uh if anyone has any follow-up questions or um yeah anything on the roadmap topic we can come to it at the end of the call um so i think that that that concludes the the roadmap topic um i'll move on to discuss the governance updates that i was planning to give so john this is uh i just managed to join we a bunch of us were given some bad information apparently so those of us in miami are joining a bit late unfortunately um so i think i missed uh the last uh you know everything based up until now but i just wanted to say one thing about the roadmap so the roadmap that we have now is through to the end of the year we're going to be expanding this roadmap over the coming weeks we should add to it also a longer term view but we wanted to provide right now the roadmap to the end of the year and of course the roadmap is subject to change both in terms of our development but also there's a number there's been a lot of activity and interest in the community around various aspects of what it is that we're focused on and so if uh you know sips or or or community focus drives different kinds of priorities over time then the roadmap can however i think the fact that you know i think the roadmap um is in line and there's a strong continuation of what we presented last quarter and i think um it provides very very good and this is how we should be thinking about it a very good guide in terms of how we expect things to progress development and what we expect to be focusing that's just what i wanted to add about that yeah thanks jago that's a great set of uh qualifiers and uh yeah additional conflict context um on that so moving on to governance updates we had uh since the last community call we introduced voted on and approved a sip 43 which was an unexpected uh rather uh last minute a sip that was introduced and voted on to fix a vulnerability that was discovered in the staking contract shout out to the munifi and the security researcher who discovered this uh this vulnerability as part of our bug bounty program uh the bug bounty program definitely proving its value there i'll leave it to aurora to discuss the technical details of uh the vulnerability and and how we fixed it um in more detail uh in her in her updates on this call um but uh def you know wanted to note that this this was a a governance event that that happened since the last community call and for the last couple of community calls i've been mentioning that we were planning to have some sips regarding the transfer of smart contracts from exchequer multisig to bitocracy ready for review by the end of march however because of sip 43 this work was delayed a bit not only because uh personnel resources were kind of diverted to working on sip 43 but also because sip 43 has a direct impact on the plans that we originally had so you know or one of the in particular one of the changes that we were planning to introduce was basically for the ability to for bitocracy to override any veto that uh the the bittocracy guardian um would would try to do in response to a malicious proposal that way if the pipocracy guardian is not prudent in their choice of proposals to veto um just because of bad judgment or because the dipocracy guardian is corrupted or for whatever reason um bitocracy would have a way to overcome that with sufficient and overwhelming support for a proposal however we decided that because of the nature of the sip 43 vulnerability which again aurora will go into the technical details of we decided that it would be most prudent to take a more cautious approach to this particular change and to remove this veto override capability from the scope of work uh for the dips that we have planned uh regarding the transfer of smart contracts from exchequer to photocracy so assuming that there are no other unexpected major causes for delay we will have these uh two sips published for y'all to review by the time of our next community calls so so two weeks from now we'll we'll publish the sip um sometime in that time period but just wanted to let you all know if if you remember that we were going to be posting these by the end of march if you were wondering why you hadn't seen those that is the reason why and those are the only governance updates that i have to report today and i will pass it over to aurora to continue with her development updates all right thank you um so i will directly start off with the vulnerabilities we had and have on the staking contract and i will begin with the first one which we already mitigated and for which we paused the contract last week and also the pausing functionality was rather built last minute for it because we did not have a way to pause the contract um prior to this which was an oversight on our side because the protocol is possible you don't open the pro possible we construct all of our systems in a way that they are possible in the event of an emergency but the staking contract was missing such a functionality so when we were presented with that vulnerability we decided to not disclose it to the public of course because with a sip the nature is that it's open and visible to anyone and we could not leave it open for exploit and the best option we saw was to take this opportunity to finally introduce a emergency pause position contract and then hopefully show the um exploit and or the vulnerability and its mitigation to the community for a vote and that worked very well so i think it i turned out to be the right decision to do it that way um the bug was allowing an attacker to manipulate his voting power basically an attacker could um delegate could use a error with delegation to get almost indefinite voting power and they were supposed to use the extend staking duration function where the you're extending until the same time until you're already staked and while we close this vulnerability but afterwards we also took time to just dive deeper to see if there is an underlying issue actually which we should solve rather than just the entry point like we did on that quick fix and we did find that there's actually um an underlying issue which needs to be solved which opens the second contract up for similar potential exploits um so voting power manipulation is still be possible on the stacking contract not in such a simple way as to extend your staking duration to the same date but in a rather crafty way where you have to execute different functions on the same block for it to work and we already have the fix for it but it took us longer just because we did the deep analysis and because it was quite challenging to introduce the changes due to certain constraints we had around contract size and just also making sure that they're not breaking anything else by introducing this and because the second contract is one of the most most most critical pieces of our system we are now taking sufficient time for reviewing it for making sure that it's covering all of the potential cases for making sure that we're not introducing new problems with these changes and um are just focusing a lot of our time and effort on it and it's looking good i'm quite confident or very confident actually that we um properly manage the root cause and there is going to be a sip for you to review soon but i do not expect to go it out before next week just to give us the time to be safe and not rush things all right so much about the exploits um are there any specific questions around this before i continue with the regular dev update all right i will continue then yeah sorry just a quick question from a very big layman did we dodge a big bullet a little bullet a so-so bola was this a potentially a massive deal or um um i mean it would have been i would consider it a critical issue just because it's voting power manipulation but it's not as critical as that funds would have been at risk because we designed the governance system in a way that there is a guardian and i'm very happy that we made this decision because this is exactly the kind of situation for which you need a guardian the guardian is currently um the exchequer which means that the exchequer can veto governance decisions it cannot force governance decisions but it can keep them from being executed this is a power which you would ideally not want to have any any party to have in a decentralized system so at some point it should be removed but um especially in the beginning it's very very helpful to have it in cases like we had now because if someone would have managed to obtain that voting power and create a proposal there would have been very little which we could which we could still have done because when you're voting on a transaction what really counts as the voting power you had at the time the proposal was created which means that we would have no the attacker would already have had a massive voting power and we wouldn't have had the chance to generate enough voting power ourselves to outvote the attacker so this would have been critical but because the guardian is in place the worst which could have happened was the blocking of the governance system because the guardian could always stop the proposals but then there would have could have been a voting power war when it came to pushing the fix for example because the attacker could have decided to fight against the sip and to also acquire lots of floating power just to always download any proposal which is trying to introduce fix although this would have been very expensive with time so while i think it is a critical issue i also think it's um because it did not really risk any funds it's and it would have i think the medicare would have stopped the voting power at some point just because it becomes too expensive so i think that there was actually not that much at risk in the end okay thank you that answer is a wonderful and a great also just for lame people i'm sure this is out there and if not i mean a summary like that is wonderful for people who are just simple to hear because uh you you addressed one of the things that came to mind about the decentralization aspect why it's important in the early project and i think you articulated it really well so i appreciate that thank you thank you yeah i will i will add that we we plan on releasing a written kind of post-mortem of the vulnerabilities um and and the response but we're still working through the actual uh mitigations and solutions um so i think it'll be a couple of weeks before we have the bandwidth to write up a more detailed report but uh that's great feedback and we'll be sure to include that information thanks yeah and i totally understand i just wanted to make sure that i that that low simple approach to explaining it was uh was good for somebody like me which i i would like to think there's more people like me than the smart people like you all um but who knows so thanks again guys awesome thanks think was there another question there i heard someone else um yes if you let me uh tm here i would have to question um about the guardian or guardians um where did they or this mechanism came from and i tell you i heard about it like i don't know a day ago or so and i never since the beginning of the protocol had this guardians in on my radar so it would be nice to know how it is implemented how it came to it and basically the question is why i don't know about it maybe i missed it i'm not sure you must have missed it because it was there from day one oh really okay beginning with the guardian in place yes with the thought to abandon it at some point but to have it in the beginning yeah all right great so then i didn't say the word it's fine the guardian the guardian contract uh are listed on the wiki and explained on the wiki actually it was one of the first pieces of information that that came up onto the list and was been expanded on yeah you mean in general all right i will be moving on then with the dev update so we also finished finally finished the development on the limit order and trading update we finished the qa which was taking much more time than we would have liked and the release is ready on the development side but we are holding back on it to just make sure that they're also ready to market it appropriately and get the most out of it and yeah but this is already very good news because it also means that we do not have to spend more resources on it going forward would some might have noticed is that we increased the force btc offered limit off-ramp limit to 0.1 bitcoin i also saw that people were asking on the channels to increase it further and i do understand this but we are very cautious here um i think i mentioned it in previous calls ptc off-ramp was reviewed twice but still we are getting a third very extensive review released authority which we would want to be complete before we um set the limit symmetrical to the on ramp so also in the area of around three bitcoin and on throw down we're just going to increase it in baby steps as we gain confidence and this is just because fast btc is very complex and security critical and we really do not want to take any chances and we're taking security serious have been taken as serious from day one so please have some patience here with the slow speed of the limit increases but it is going to happen we've been continuously working on further fast ptc improvements as well such as a reclaiming and refunding functionality in case you are trying to use the off-ramp but your transaction doesn't get processed for whichever reason so you have the option to reclaim and do not have to wait until the service is operating again and other rather internal improvements like an automated replenishing for the off-ramp multisig which is just making it much easier for the core team and where we will have an update next week with a potential short maintenance mode which will not be off much effect to users we are also preparing this europea release light already mentioned it so i'm going into more details here and we have been working for a while on different risk improvements to reduce the gas cost i think we're getting closer to the point where we can already deploy one of the improvements and and second one is going to start soon so what we already almost finished is an off-chain signature exchange because currently the federators are voting each one on each and every um transaction which means that for each bridge transfer there are three transactions required which is just generating costs which in the end the user has to pay so with this update people just send one transaction because the federators are exchanging the signatures of chain so this will already help with reducing the gas costs and we can give on this reduction in gas costs to the users as well so we expect the fees on the bridges to drop the next improvement we're looking to have on the bridge are dynamic gas fees because currently they're just updated like once a month on the smart contracts they are static and they need to have a large buffer just because we do not update them rather frequently so by having dynamic gas costs on the smart contract we should be also able to reduce the costs for the bridge transfers drastically but this is going to take some time um we are also doing a lot of refactoring work at the moment that's on the smart contract side when it comes to margin trading for example or reward claiming we know that these transactions are consuming a lot of gas and we already know what we can do to improve it so we finally started working on those so i'm also looking forward to reduce transaction costs there in the near future and a huge effort is going on on the front end side to introduce atomic components to speed up the development speed on the front and in the future as well least tasks are taking a lot of time there's a lot of progress on trips where varsity is going to go into more detail afterwards so i'm not going to go into more detail here there is much progress in our gathering of analytics and this allows us to move towards data driven decision making more than we had before which should be of benefit and well like we already spoke about the graph before so the graph progress is good and we are close to start the frontend integration of our graph um all right because it's already late i'm going to i think i do not have to go into more detail of anything else i just want to say two more things one is i want to highlight some work done in the community and the other point is that we are looking for front and developers amongst others so please make sure to check out the open positions and there is also a reward for finding talent you can reach out to selena for more details if you think you have a good candidate our open positions are on the wiki and the cvs can be sent to talent at servant.app so this will be great we're really really direly needing very good front-end developers um on the community side we had two projects or well there are more projects going on but i want to mention too one is the rsk permission revocation app which is now coming soon but we already got it for review um this was handled by community member roscoe and so thanks to roscoe and also thanks to david serroy for the coordination and another community member mc13 created a better fallback support for rpc notes and this is also going to come soon once we had the chance to review it so thanks a lot um this is really really awesome for all of us we're super happy when we see that the community is producing just new stuff and helping us move forward that's that's amazing thanks guys that's it from my side and i promised you that vasily is going to provide an update on what's happened on the trip sites so i'm handing off the word to him thank you so i'll give a quick update in the perpetual test and competitions competition many users asked about limit orders and stop orders we have now finalized the back end for limit orders and and stop limit orders meaning the smart contracts already the relayers are ready and what's missing is the front end we will probably be able to start the front end development next week then currently we are also testing the front end with a second perpetual pair bmb us dollar collateralized in bitcoin which doesn't mean we are starting with that perpetual too but we're testing it then on the audit front we got an audit report back uh maybe just to give people context if you could explain what that means that you're trying a different parent why what that opens up for purpose okay yes sure so um in the competition we had only one pair which is bitcoin u.s dollar where you collateralize in bitcoin meaning you bring margin in bitcoin now with the perps we could have any asset another asset is bmb us dollar and as you can tell there's no bitcoin involved in bmb us dollar but with the perpetuals the only thing you ever need to own is bitcoin so you come to sovereign bring your bitcoin and you participate in the market movements of bmb us dollar profit and loss will be paid in bitcoin and that's what we're currently testing in the front end with that pair and what it also means is that once we are able to have such a different pair because here we have three currencies involved bnb us dollar and uh bitcoin and so once we are ready to handle both at once we can add basically and theoretically any pair that fulfills certain properties which opens a door for many many assets okay hope that was clear otherwise you can can i ask a question on that if if i'm understanding it correctly it's very exciting but can i clarify so one of the things i see a lot is uh people complaining about the inability to to get super big gains because bitcoin is so more mature than other markets so this would almost alleviate that allow you exposure to other assets but just stay in the bitcoin ownership ecosphere so potentially get the gains of be having exposure to the other assets without having to actually go and buy them instead of bitcoin am i understanding that right yes so because you could that bnb us dollar example that could be anything else let's say it could also be theoretically s p 500 index um and you own bitcoin so you bring your bitcoin you participate in the market movements of another asset just with bitcoin and you're paid in bitcoin so yes i agree with your statement yeah that's amazing i mean if all this gets implemented i feel like this project is so underappreciated i hope uh i hope you guys are really really serious it's very exciting so thank you appreciate your efforts cool i think so too then audit we got an audit report back from hacken on the perpetual smart contracts they have not found any critical issues we are currently implementing the recommendations and i think we will have the final audit so meaning we resubmit and get an answer and we'll have the final audit most likely by end of this month ready okay that was it from my side and i'm handing back to whoever is next unless you have some questions of course thanks for silly i think in the interest of time we'll move uh all questions to the end after everyone's had their updates um so next up is adoption updates i just want to check yago if you want to take anything here and if not no i don't at this point i'll answer any questions but there's a chaos going on right now and also we have a very cool presentation by factory dao which i want to make sure we have adequate time for us i think we skip that and we can answer any questions sure right um i'll quickly blast us through a few quick updates then from adoption uh if you can't tell already yago and de la ingalandia magnus and a few others are in miami um at a booth with rsk and some other uh ecosystem partners like babel fish and money on chain um so by the sounds of it that's going very well uh the rebrand activities with patton are going extremely well um we recently decided on a direction um and we'll be releasing some designs and some other things uh for some people in the community to view and give feedback on i would imagine before or around the time of the next community call just a reminder on that we have a town hall on branding and positioning of the sovereign pro project as a whole on april 19th and this is going to be the second in a series of adoption focused town halls yes thanks yoga um community managers recently uh completed a bunch of training for the new intercom system and like we've been promising we'll be releasing a uh test area very soon uh for that so everyone can start using that and getting used to it um unicom was over at the uh la token or la token uh youtube channel earlier today for an ama if anyone doesn't know who they are they're in exchange who listed sov by themselves um so you can see the previous announcements uh to listen back to that ama if you'd like and there is a sovereign mayhem event running for that ama the rewards will be announced tomorrow and paid tomorrow uh lastly there's been a bunch of stuff recently uh in the channels a bunch of activity in the telegram dojo channel uh about a series of sips that a lot of people in the community and primarily the bcw community want to see made um so far i haven't seen any detailed or what looks to be final sips um uploaded to the forums so just to make people aware i've written so far four sips to separate everyone's ideas that everyone's had and i should be hopefully finalizing those and uploading either tonight or tomorrow depending on how complex they get hopefully it takes everyone's thoughts into account and we can move forward brief very briskly there um that is it from us on adoption i think we'll move questions right to the end up next is a presentation from factory dao they are the dao who creates daos i'd like to introduce dr nick and possibly naomi as well right so i'd like to give these guys a bit of an introduction factory there are a very cool partner who have joined the sovereign ecosystem what factory dow do is make it really easy to spin up uh dowels which can have their own uh rules their own uh governance their own treasury this is a huge step forward for the sovereign ecosystem and something that we've wanted to have for a long time um first of all it allows us to much more easily create delegate doubts what a delicate now would be is um today most people if they're staking they have to vote themselves uh this allows you to delegate your vote to a dow and then to have two advantages one to vote collectively uh so that you can aggregate vote the power and two to have daos which specialize in specific issues it could be adoption could be uh budget could be treasury it could be anything the second big thing here is it allows us to start creating dows with specific purposes that are basically subtitles for the uh community for example we could start we could create new york sovereign dao and fund it to start having meetups and events in new york and do the same thing for cities around the world we could do the same thing for college campuses we already have the first uh dow focused on marketing which is being set up called the whispers dao we are in the process of putting together one for those people who are interested in focusing on tokenomics so this i think is going to provide a very powerful tool set for us to start making it much easier for the community to seamlessly and permissionlessly get involved with uh engaging moving forward the governance and the act of actual initiatives and activities around the project amazing i should have mentioned it right yeah right yeah thank you very much for the introduction that's um absolutely spot on um really excited to be here um and to introduce ourselves to all you guys um we're big fans of the project um i've known yaga for a few years i think naomi's here somewhere he's the co-founder has known known yaga forever i think and um we've been around in crypto for a long time we're we're very passionate about pretty much the same things i see daos as a real path to um sovereignty uh in the sense that you can do governance without governments right that's kind of institutions governments tend to do that do the governance thing collective organization at scale and we see dows as the the means for people to really coordinate and do work that would not be possible outside of a kind of normally a kind of institutional-like structure so the kind of thing that eden was talking about there was you know breaking down very complex problems into sub compo sub problems and providing governance realms governance spaces for people to negotiate and have lots and lots of parallel discussions all at once um so i popped a deck there in the general i'm not going to present everything anything um on a screen here but you can produce that at your leisure um but just to give you a higher level of of what we're doing um we're essentially a dow tooling project our our vision is we we think dao's are going to radically change the world we think mass online coordination is is a root to a new means of social coordinate coordination and we just want to make it happen we're trying to build the tools that facilitate people to launch tokens launch nfts conduct their own governance manage their own decentralized markets and i see that being an absolutely immense energy with um what you guys are doing here with sovereign um you know i called myself a bitcoin maximalist for a long time um but you know in recent years because of the expressive nature of ethereum i've spent a lot of time in that space but what sovereign and rsk does here is allow us to bring that innovation to you guys and that's that's what our plan is and it was one of our very very first targets to come here and bring dows to the bitcoin ecosystem um so what we've done with you guys recently we were quiet in the background launch but we launched a sub dao or a mini dow whatever you want to call it with the sovereign whisperers community um they've minted nfts we're particularly bullish on nft dows to do this um sub dao metadow structure um so this allows you to create domain specific daos with small communities curated membership and we focus on voting um and decision making tools that um are there to facilitate you guys to to to reach decisions and genuinely do decentralized governance to actually allow instead of a small number of people make decisions a large number of people make decisions so in order to do that we've we've got a nft minting suite which allows you to design your membership design how many people can have however many tokens create a aesthetic for that community um and then release those tokens in a in a permissionless way and then use those tokens in a in a voting environment but it's not just voting you'll be able to do decentralized decision making there it's foruming tools um there's ways to engage in dialogue so we collect votes and dialogue and as we progress into this we can start to build more elaborate metadata structures we can launch dow tokens more nfts all this kind of stuff so we're introducing ourselves as essentially partners in europe ecosystem and we want to facilitate your um your goals here and listening to your call here is just fantastic to be quite honest it feels like real decentralized governance already there's community participation there's openness transparency um there's there's the desire for sort of collective sovereignty and we just want to help you with your goals um our goal is to be multi-chain but we're one of the you would one of the first targets for us and uh we're glad to be here um early days with with everyone and um the opportunity is here for if you guys want to set up a dao we can talk to you we're always very open we run as as a doubt ourselves so all the tools that we create are are built by a decentralized organization we're designing the tools to to build these tools together so if anyone wants to get really into dowels we can collaborate on that as well but yeah i'm happy to really take any questions riff on dowels for a few minutes if anyone's got any questions or wants to chat about it i have a question um regarding your tooling for rsk is it possible for anybody to just come along and and spin up a dow and that would be my first question i have a follow-up but i'll let you answer that one yeah it's um as yet not quite so our goal um each of our dapps have um three stages of development version one for us is a kind of testing live main net test it's risky it's experimental and then version two is is iterated based on user feedback we try to tune the tools based on people's experience of using them these are like socio-technical systems we don't quite know how they're going to play out until we throw people at them so we respond them in version two and then in version three they become completely permissionless we have two apps in that state at the moment our liquidity mining tools and our token distribution tools more fungible token um uh base but we are heading in that direction for the whole suite so for now you need a bit of assistance from our dao um in order to do that and it's a bit of a collaborative environment um there's very quick paths to that um for example there's a possibility to do a large nf team in and then you just use our tools to create your own sub-dials and we don't need to be involved but um there's multiple paths to this but very much that makes sense may i ask you may i ask you a question please um so is this something that we can integrate into the dropper protocol that people comment uh uh via the dropper protocol integrate your contracts or whitelist them so that we offer uh that platform uh or is it something that you intend on deploying independently we're probably depl i've not heard of dropper protocol i'll be quite honest um so we're very focused in our ecosystem the space moves so fast around us we always up we we intend to be a kind of open dow tooling project so nick just some quick context dropper is uh like you guys one of the projects building in our ecosystem and they provide a way to create nft drops ah okay let's have enough let's rather than discuss this right now uh you and i should have a call yeah yeah yeah let's let's let's have a chat about that we've developed a minting suite for issuing nfts um it's specifically targeted towards um governance distributions um i understand i know and i know who you are okay good i'm glad you know about us yeah let's have a chat absolutely we'll uh potentially integration i'm michael parente on discord here in the channel so ping me in the channel or send me a private message okay i will do thanks okay cool awesome work man yeah you're joining the ecosystem yeah we're we're glad to be here um so we've got the other dow questions or thoughts comments on what we're doing um i just had a a quick follow-up is are your tools built with an existing doubt platform like uh dao stack or aragon or block or something like that or these new uh smart contracts they go from scratch these are all bro these are all ground up builds um so we've got six dapps which we've built over the last 18 months completely from scratch brand new designs we're trying to iterate away from the i consider a kind of first iteration of the the dow idea monolithic smart contracts basically elaborate multi-sigs with token weighted voting um i believe that the sort of modular design is the way to go now that means we could in fact interact with aragon or molok dallas which i i actually love the molok dao framework it's um i've been fascinated with it for years and um talking to some of the people from dao house and various other places that um to potentially use molot structures as the treasury system um at the moment we're rather multi-sig based i think permissionless trustless execution is probably the last thing that's going to happen um but we're working on it so we we've got a system for um conducting sort of zero knowledge elections um using nft governance that can execute arbitrary smart contracts which is the the route to stitching together a modular dow framework um aragon i'm less sure about that we could integrate directly with um molok i can certainly see a lot of paths too um but we we consider ourselves a kind of stand-alone dow framework you can do everything you need to do in dao's with us we're a hop away from trustless execution but i believe we'll be there in the next couple of months very cool thanks sorry nick um i think we're a few minutes over the the end of the call times yeah of course we can maybe um stop the recording on zico as usual so i i just uh i don't think we need to stop the recording yet uh there may be some people want to ask questions there's one last thing i see the work with factory down and then integrating it with some of the other stuff that we're doing like dropper as an exponential opportunity for a server uh our ability now to start creating um small teams who are going to be able to take initiative to improve governance and improve the situation that's a superpower if we can build out a community which is very easy to join to take initiative in and start making better and better decisions uh and and is more easily able to tap into the collective intelligence of the sovereigns that are on the skull and are in the community i think that is something which we'll start to see exponential dividends around over the coming uh months and years so i think this is a very very important step for us and i'd encourage anyone who would like to figure out how they can take advantage of this take initiative or set up their own little community either on a localized basis or on a topic basis to reach out to uh nick yeah please do reach out and and i completely agree with yaga said that this is a super power i believe in this non-linear ability that will will happen when we learn how to collaborate together at true scale and i think this could be one of the first communities to really really get that explosive growth so yeah feel free to dm me reach out to me on discord i would say come and have a come head over to our discord we've just opened a brand new discord so it's very quiet community at the moment but we're growing um week by week and we're just we just hang around in there come and talk dallas with us whenever you like um but yeah i believe we're we're over here but um feel free to ask any questions i'm happy to hang out for another five minutes are there any questions anyone would like to ask or should we close the recording and then if anyone would like to ask of the record question there's a question in the general about just basically nfts um we use nfts as as governance identities they're basically tokens as you know it's like bitcoin but each one of them is individual um and that in the way i see nfts and fungible tokens we've now got the way to digitally describe anything individual things and things that we don't care about if they're individual um so yeah i think we've got that so dropper is launching also with a governance pfp um so that's exactly what it is that the protocol is launching with with the same model okay nice yeah um yeah let's let's have a chat and collaborate i i prefer i think nft governance is the next year of decentralized governance um we've been doing it for about 18 months we've we've had like um nft um nft governance that contr we had a prediction market that um uh with reputation systems uh one of the things you're quite excited about is with nft governance you can have individualized reputation that's not necessarily financially based so you can have non-financial governance power within crypto systems and i think that's the really exciting bit it's where instead of the whales running everything you can have governance power accrued through non-financial means commitment to submissions of work commits submissions to subdials you you can even have reputation in different domains which leads you towards this informed consensus idea where you can actually wake decisions to who actually knows about something or who's committed to something rather than just um arbitrary financial or one-person one-boat ideas um so yeah so let's absolutely collaborate on nft governance i've i've got a feeling in about 18 months time there's going to be 500 products running at nft dells um so yeah absolutely early at this point um it's it's definitely the next next phase of dallas in my view all right give maybe uh let's close up the recording and open it up to any uh off the record question yeah cool um really appreciate you inviting us along today um very excited to be part of the ecosystem guys i'm like let's let's collaborate in the future i'm looking forward to it

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hello everybody welcome to sovereign community call episode 39. this is angelandia head of ecosystem growth with sovereign the place to be for your bitcoin d5 needs uh following the momentum we've gained since bitcoin 22 bitcoin 2022 in miami we've got some updates for you today regarding uh the dropper launch the brand and call we had limit orders and the uh the bonding curve and again if you know someone from a project that could benefit from collaborating with us i'm always open to a conversation reach out to me on twitter or discord at ingalandia um they could be for example crypto mobile apps payment platforms thought leaders other layer one ecosystems that might want to uh implement our products fund managers etc so send me a dm about them with some context and i'll see if there's a possible way we can collaborate so uh you know where to find me and thank you everyone for joining us here uh and sharing in this mission the guidelines are if you'd like to speak toggle the mute button and be patient it will get to you also note that we periodically pause between the updates for any questions you might have so before going through the agenda today and introducing iago uh would anyone uh who's here for the first time like to give us a shout out and say hello do we have any brave new bloods here who would like to say hi all right all right uh let's uh let's bring in yago with uh strategy hi guys um i'm gonna keep it brief today because there's a lot to cover just a few things that i wanted to point out um there are some pretty important threads currently in the forum uh there's 47 which is the changing of the guardians i believe life will speak about that a little bit more and associated with that is 46. these are both um i'll let like talk about them but these are important uh ones there's also the sovereign branding town hall discussion um which uh we you know first of all if you weren't able to join take a look um and also join that discussion um and there's uh the draft tips from gimp's big package which have been attracting good attention also if you have analytical skills um risk management skills data uh skills or good familiarity with governance and economics of other systems um check out the um the sovereignty economics task force threat um there's some very interesting conversation going on there and um we should need to get the best sovereign minds on this because managing risk and the economics of the overall system um is poor now and will continue to be in the future i'd also like to give a shout out to um sarco um who has uh sorry sacro who's been doing an absolutely phenomenal job of um posting really great information um in under various threats that he calls a sovereign's journal he's now up to part five and you may want to check out his sub stack as well and um in addition to that we have um some additional conversation from dropper today uh and uh and further news so in order not to take up more time let's uh move move this along and back to you in glenda awesome thanks a lot jago if you want to check out sacro's blog go to sovereignjournal.substack.com uh great writing there um so let's move on to uh john light do you have anything to share with us today yeah i have a couple of updates to talk about uh first thing i i'll mention is a more of a personal point which is uh apparently i have a rather convincing impersonator on twitter i have made it into the big leagues alongside elon musk and jack with these twitter impersonators but uh if you get any suspicious looking dms from somebody that looks like me uh just block and report them no need to follow up with me about it i'm aware um but on a more positive note uh with uh sovereign updates um on the product side uh the only update i have to share is about the mint bonding curve app so after a couple of months on testnet we moved that to mainnet we had a hiccup with the the mainnet deployment that has since been fixed so you should be able to use the mint bonding curve app as expected now on mainnet thanks to everybody who was quick to uh point out and report the issues um and on the governance side um as iago was mentioning i just published a couple of draft uh tips in the um bittocracy forum um sip 46 is uh about accepting ownership of sovereign contracts so most of the smart contracts in the system right now are currently owned by the exchequer multisig this was to enable fast updates in response to any smart contract issues that might arise but we've gotten to the point with most of the contracts that we feel comfortable now transferring that ownership to bitocracy this means that any for the upgradeable contracts for any upgrades going forward there will need to be a sip for those upgrades to happen um and most of those contracts can be transferred by exchequer multisig unilaterally except for the amm contracts where bitocracy actually needs to vote to accept the transfer of ownership and so that's what sip 46 accomplishes um that that's going to be the main on-chain executable is is just accepting that ownership transfer and then it also provides the documentation about all of the other uh smart contract ownership changes that exchequer will be making which they will be able to affect uh effect unilaterally so basically a shecker will be able to make those transfers without any action on on the part of bitocracy but we just wanted to make sure that those transfers are documented and that the community knows that this is going to happen so all of that is in sit 46 and then in sip 47 changing of the guardians um basically this is a operational change for the guardians that we currently have um at the smart contract level um these functions are separated in the smart contracts but they are held by the same the the guardian role is held by the same uh entity um which is again the the exchequer multisig um so we have the contracts guardian which has the ability to pause or freeze uh the contracts which have uh that pause or freeze functionality and then we have the bittocracy guardian which has the power to veto any uh sip that has been approved by bitocracy this is a safeguard in case of an event where a malicious proposal is approved maybe because of a 51 percent attack or something like that on the bittocracy governance system for example with the recent sip 43 incident where the attacker if they had been able to successfully exploit the vulnerability that we found they would have been able to give themselves an arbitrarily high amount of voting power which would have allowed them to pass a malicious proposal the bittocracy guardian would have been able to veto that proposal and prevent that bad proposal from passing and so the toxicity guardian is a role that we want to keep uh for the foreseeable future but uh that role in as dot as specified in cip47 is going to be split out into a into a different multi-sig so we'll have one multi-sig um that will take the role of the contracts guardian and we have a separate multi-sig now that is going to be the um biotocracy guardian and this uh just helps streamline the operations of those different roles and also adds some more security by making uh the holders of these different um signing keys different parties so rather than having all the same parties signing on both guardians we now have two separate sets of uh parties who who are signing on these different guardian multi-sigs so i encourage you all to sorry what are you going to say just to make clear that this isn't expected to be the final state and the current envisioned state this will evolve to would be to allow [Music] any effectively any um delegate or sov staker with enough voting power to be able to a pause the system at any time um or pause vote and the idea was and has been to allow this uh so that we can allow um allow us to over time migrate away from having a permissioned guardian set to having a permission a staker set to be able to perform these functions while at the same time maintaining a set of incentives where were they to do this they could potentially have part of their stake slashed that requires additional development both in terms of specification and in terms of actually upgrading the bitocracy code and so for the alpha and probably early beta state we don't expect that to be the case but it's important that we understand that where the vision currently is set to go i think uh thanks for providing um that additional information iago um and i would add to that that we also initially had a plan of enabling bitocracy to override a veto if there was sufficient support for a proposal um so you know we have to take into consideration what if the guardian was actually compromised and the guard and and was vetoing all proposals even even good ones this would effectively like you know halt the operations of the autocracy which could be annoying in the best case scenario and catastrophic in the worst case scenario and so providing the ability for plutocracy to override the veto with sufficient support basically you know 80 percent of all of the token holders are like okay we need to we need to make forward progress we need to get get out from under the guardian's thumb they would have the the ability to do that however because of the issue that was found in sip 43 which would get which would have given the attacker an overwhelming amount of voting power that would be like the one scenario where you do not want to uh have this photocrazy override functionality or eco override functionality and so we decided to you know institute a cooling off period where now that we fixed that vulnerability we're going to wait uh six months and then check in and and see how confident we are in that particular uh contract which would have uh you know potentially cause an issue if we implemented that override feature so there are you know the additional changes that iago mentioned uh kind of envisioned um as well as this ability to actually override the guardian functionality if if there's sufficient support from vitocracy but it's going to take more time for for those vision changes to be to be proposed and realized but yeah i'll just wrap off that topic uh wrap up that topic by saying you know if you if any of that interests you definitely go check out the sips uh in the forum and i welcome any feedback questions uh happy to discuss and that's all i have for today awesome thank you light um when i hear you say um changing of the guardians at 47 it makes me feel like we live in a literal comic book uh with such a title like that do we have any questions for john light i have some questions john if you don't mind first off i just want to say uh congratulations uh like i feel like this is like kind of like an unsung hero of like what sovereign needs and i know it's something you've been working on and it's it's super important but not always the most sexy thing um so thank you um it's not clear to me um on the toxic guardian of the contract guardian like who are going to be the the signers of that three of nine and three of twelve right for the plutocracy guardian you said the exchequer multisig is gonna be updated but updated to who and then who are gonna be the signers of the contracts guardian yeah those are great questions and uh i need i need to add some uh additional yeah context around this uh to the actual zip uh or forum uh thread um i was i just wanted to get the links in there as soon as possible before the community call started but basically right now um we have an initial set of guardian members in mind and we and they will be made public um but we are like reviewing that list uh amongst the initial exchequer multisig members and the exchequer committee will also uh get shared this list um and we want to make sure everybody's aligned on like who should be on the list uh and then once we have kind of internal alignment we will extend a formal invitation to the people who we have in mind to join the list um and once we have accepted invitations from everybody and we've like finalized who the membership list will actually be then we'll add it into the sip text and so that the community can review and give feedback as well great thanks okay do we have any more questions for a light before we move on to aurora alrighty aurora please take the floor hey thanks um so since the last call apart from the mint bonding curve released we also had a sticking contract update with the execution of step 44. and you might remember that we had this issue with the um voting power manipulation which led just mentioned as well and we closed these attack vectors as well as all potential similar ones with the most recent zip so while sip 43 or what's it said 42 i do not remember but the first staking zip um had those one specific entry point with the second staking sip we mitigated a whole family of potentially similar attack vectors and this was much needed and now we can again rest assured of the staking contract um speaking of issues we also had a fast btc outage last weekend for about one day which we identified later than we should have and um but in the end it was fixed and fast btc is processing all transactions again as usual funds have never been at risk here but what happened was a partition of the network because one of the nodes dropped and for some reason the rest of the network divided and then we did not have any um any maturity on any of the two sub networks to actually process the fast ptc transactions so very sorry for the inconvenience we are still um looking into the actual root cause we fixed one issue but we cannot be sure that this was the one which was actually causing this so we are spending some more time for analysis and investigation and hope to um find the actual root cause so that we can be sure that it will not happen again in the future apart from that we continued our work on a couple of different development streams that's the fast btc reclaiming feature so in in a situation similar like the one we had last weekend with the outage in this case users would have been able to reclaim their rptc and would not have had to wait for the fast bdc nodes to process the transactions but they could have decided to take the rbdc another route then because they see it's not being processed so the reclaiming feature is something we're also looking forward to so that if there should be any outages in the future and you're waiting for your transaction to be processed you can always get it back if it hasn't been processed already um and then we are preparing for the zero beta release we are still working on the perps um where i think that varsity will give us an update afterwards i'm actually not completely sure so basically sorry if you had not planned to give an update i can quickly quickly get that now um okay we have resubmitted to audit the contract so basically we submitted more than a month ago then we had some minor adjustments to make and now we resubmitted so that means the audit is most likely completed before the end of the month and then uh on limit and stop liquid orders that's basically it from the perp side explicitly it's already a lot um so yeah development here continues as well one of the work streams which was in progress already a long time ago is a liquidity mining work which we now finally picked up again um to allow for multi-reward liquidity and multi-token liquidity mining rewards as well as introducing just some changes which we would want to have from the ux perspective and we are refactoring the front end as well as a smart contract different with the atomic components and gas improvements and so yeah the work stream in progress is the graph which is where we are we've been working on for a quite a while now and we are now doing the final tweaks but it's already on mainnet not yet shareable publicly but it's working well and the next steps would be the front-end integration the next releases we are expecting are the trading update with the limit orders the limit orders were publicly deployed on testnet last week and some of you already tested it and provided us valuable feedback thanks a lot for all of this feedback especially to lactarius who's always a star and always providing us with so much valuable feedback to anything we put out that's that's very very helpful just awesome and apart from the trading update we will also have the transfer of the contract ownerships to governance which light has already mentioned before that's the dev update in general i just want to repeat what i also said on the last community called we are still looking for frontend developers so um if you know someone i don't know let us know you can check the open positions on the wiki and um there's a reward also if you find someone which we end up hiring so it's profitable as well so we would be looking forward to additional applicants that's it from my side thanks a lot roro do we have any questions from the audience uh regarding her updates alrighty cool um so i would like to bring in michael of dropper i think he has some exciting things to say michael are you there i am i am hey everybody dropper hashtag soon um as we're experienced with always you know anticipating things uh time that it takes to develop them always takes a little bit longer than expected so dropper is following the sovereign tradition [Laughter] in that in that respect we had hoped to have had the announcement out at the beginning of this week for when the snapshot would be taken and when pre-sale would happen our closest estimate right now is that the pre-sale will be happening on may 5th or may 6th and the snapshot will be taking place uh a week before that so at the end of april um and um basically what has happened for us is the staking contract uh um pause also slowed down our ability to do some of the development and also um essentially our partnership with rsk where it is that we're looking to integrate the rns reverse name reverse name lookup for people for participating in the public sale which will be happening in june there's an outstanding pull request and that feature needs to be in our base smart contract for deploying uh the pfp sale um so we're just waiting for that pull request to be to be merged so that we can start testing that feature and then be able to turn over our contracts to audits over the last few weeks where i've been running around to different conferences here in europe i was able to secure commitments from two top level um auditors for auditing the dropper smart contracts um that's zokyo uh is one and the second one is hackin which uh i understand has also done audits for sovereign i found out when i was confirming the audit slot for us so they're a really awesome team and as you know security has always been one of the primary values of sovereign that the code that they deploy uh is as secure as possible and so we're continuing that tradition with dropper as well so those three things have been the reason for our delay uh but really hashtag soon we're really on the doorstep of being able to uh offer the pre-sale to everybody uh and uh in addition to that uh i'll finally be getting out my ama uh very soon and um and uh you guys will have a lot more information in the coming week about what what we're doing moving forward fantastic michael and galadia can i give a quick uh update from next checker yes please great thanks so i just want to let everyone know that today um we posted the financial reports for 2021 on the wiki um i put up a forum post in general comments linking to that to that report we may still move it to another section of the wiki in which case i'll update the forum post but in general the report includes a breakdown of the financials for 2021 um the use of funds uh by the treasury as well as the outline for the proposed budget for 2022 and 20 for basically the next 12 months um and uh we expect to have a more detailed budget posted as a step within the next two weeks for democracy to vote on so that's up in the forum and if anyone has any questions about it or anything you can feel free to post your questions in the forum and myself or someone else from the exterior committee will be able to answer those questions thanks fantastic so uh regarding uh business development uh workings uh we're in the middle of conversation with the major fiat on and off ramp and sorting out what the agreement would look like and this could potentially enable the the sovereign dollars to be utilized for several payments platforms like uh money um which has um a way for for purchasing items online like amazon style and they'll be coming out with also a savings product as well so hopefully we get that through the door we have one builder who's now working on one of our bounties namely the contract governance dashboard and uh based on his mock-up images it seems like he'll be a great candidate for working on the uh the allowance revoker tool as well um and internally we're exploring ways to create uh an effective uh sdk for integration with some of the projects that we met uh during bitcoin 2022. uh it might be too early to say which ones but uh edoniago and interviewed one of them uh which you can see uh videos of uh it was uh jameson lot from from casa so we're we're in a conversation with them and seeing what they would need to to move the integrations forward but yeah nothing set in stone yet and that's basically it regarding updates we've got a chunk of time left so the floor is open for anyone if you have any feedback or any questions or just anything that you want to comment on regarding the branding town hall we had the other day the floor is open not all at once everyone maybe everyone is aware of the fact that we have an internal kpi of reducing meeting time by 50 percent that could be it maybe they overheard well done everyone keeping us to our uh our okrs yeah i would be curious if there's like a sneak peek of anything going on with pattern i know it's still early but i don't know i'm curious if if there's anything cool to share there like images there are uh some images that are coming out um i don't know if there's anything we can share yet uh let me actually um check in with you guys around this so i i um i'm a little bit wary of sharing stuff mid-process specifically around images and that's because of my experience with um with uh just like branding in any organization that i've done it with is everyone gets really really uh interested people love it and they also tend to become very opinionated um and uh and so so it's sort of like it's something which is really easy to have an opinion about and really easy to comment about some people do and at the same time sort of design by committee especially of imagery and aesthetics tends to be extremely poor so i'm a little bit wary specifically around this of of um sort of uh making it a public process too early but i i i'm curious what you guys think honestly i feel like that's probably the right call uh but i just couldn't help my like human impatient urge to ask yeah yeah yeah don't don't don't show it because people get wed to it until it is that you're pretty confident that what you have is is is good i i might my experience mirrors yours yoga yeah okay so it's also one of the reasons why we haven't shown everything anything from dropper yet you know because you know things are also sort of like changing so um yeah uh it done so do you have any um takeaways or afterthoughts following that past call regarding how the community feels about the brand voice and uh like were there any confirmations or were there any new new sort of insights well i'm very much hoping that we'll start to see a robust and engaged conversation in the forum however there has been some initial reactions i think overall reactions were quite positive i was quite nervous before presenting uh because i think it's a bit of a radical bunch and i think i've also expressed um internally and really maybe more than anyone i have been quite wary and cautious about saying anything around this bigger narrative even though i think it's core to what we're doing both because i think it can be confusing uh because it is a very unusual very different approach than pretty much any other project and and could overwhelm some of the other stuff that we're doing but also because i i really don't want sovereign to um become a project where people think that it is like vaporware or hype and that that we're focusing on on things you know the you know big picture instead of um nuts and bolts fundamentals but you know and they were and and in conversation they had both in sort of like the dojo and the the forums um that there was a bit of that response but mostly the response seems to be that people really want to educate themselves more and learn more and get more information about what the bigger picture vision for sort of the institutional nation type play is and so there's quite a lot of material that we've looked around this which we haven't published yet and we'll need to um focus on publishing it but overall i think um the the responses that i got were very exciting and gratifying um i think they were very supportive um and um and gave me a sense of confidence that maybe actually we should be talking sort of like i think we can have the courage to talk about our most ambitious goals um more than we currently are um so that was one big takeaway for me um the other big takeaway for me it is not specific to the sovereign town hall but um sort of reinforce it for me one of the problems with um this conversation that we're having right now and most of the conversations that we have is in in most um settings you have a minority of people who are actually going to speak up publicly and that leaves you with a lot of um sort of silent voices but when you're in a physical space you can see them right so like when you're giving a presentation or talking to you know people in a theater or in a boardroom or across the table you can even when they're not speaking you can see reactions we don't have that and i think um i think it's given me and so other people who are presenting frequently sort of a little bit of a disengaged feeling sometimes like we wish we could have a more immediate and stronger sense of of how people were reacting um and so i think that reinforces two things we first of all trying to encourage more conversations on the forums uh immediately after or sort of related to these presentations that we do and then the second thing is and this is something that we're working on putting together a physical event where sovereigns can gather um uh and and meet in person and then one last point on that is that we there is a bit of a challenge there since so much of the community is anonymous how we would manage to maintain that anonymity and actually if people have ideas um but uh you know like letting people register with their pseudonyms sort of as an obvious step um pay with crypto um but basically what are the challenges obviously when you're entering into the meat spaces maintaining your pseudonymity so i got a little bit of topic there but that's also something that if people want to discuss we can you know be happy to see reactions and conversation around this is a non-serious answer but you know sometimes uh a lot of um influencers they have like just public not town halls but they'll they'll do like instagram live where it's like you can see it's like really easy to read the comments and like it's easy to see reactions from the audience even if they're not talking with with like the emojis and the hearts and actually that's i i i you know that you said it's not serious but it actually might be not that bad of an idea if we could um do something like that i don't and in which case we may want to consider switching away from discord as our primary uh presentation forum and maybe switching over to youtube yeah yeah for sure um anybody else have ideas on that is that is that crazy is that worth trying out well let me let me ask a question if there were a space for an event for people could mingle um how do people feel about attending an event anonymously because you know you can we could sell an nft for a ticket which is only tied to a wallet address um would people actually attend in a meet space event that want to maintain their their anonymity and exchange their actual you know physical presence or maybe even their name with people that they choose to at an event i mean i'm curious how people feel about that and i and i asked that question because you know parallel only polis in the early days started that way um the early people that came there you know there was there was you know you couldn't take pictures in the in the in the event hall um everybody was you know most people wore masks we all hate wearing masks now but in the early days you know there was you know aside from the incredibly well-known public figures like adam back or peter todd and whatever there was a whole group of bitcoiners that uh that showed up anonymously so it's not like there's not precedent for people having spaces where they can gather like that okay crickets well i'm curious so the the people we have here do you often attend uh bitcoin meetups where you live this is an open question for anyone i do and i attend a software event if we hosted it nope would there be like a european one in a north american one or something like that how would that work what my what my initial guess might be is we start um showing more of a presence at these at these conferences where there are um potentially more sovereigns uh who show up and um you know i anticipated meeting a couple of them at bitcoin 2022 and uh and i think that might be our best chance of assembling maybe half a dozen to a dozen um you know sovereign uh abusers and contributors together and having having our first few meetups in that sense i also know that new york does have a few sovereign contributors and end users there and a few of them showed up to the to the meetup and i think um as i um show more of a presence in in these in these meetup groups in new york i can probably um you know bring more of them to our own meetups and that could be i mean i don't know if they would really um be too adamant about their anonymity they tend to be more just public and web 3 and just d5 people i'm kind of just rambling but i think following these conferences and maybe organizing meetups targeted towards the people we know who will attend while growing communities in our own cities would be the way to go yeah just to uh play off of that um i would be putting together a meet-up probably within the next month month and a half i'm located uh east coast u.s massachusetts area so anyone that would be interested in attending something like that um you'll get you know we'll talk about it more um in the uh you know in the coming weeks so i'm looking to put something like that together also um just as an aside um this is scottie g from the um guidance team i just wanted to let everyone know that the uh link has been updated on our blog post and also um uh for the uh i'm sorry for the financial uh updates uh fiscal year 2021 on the wiki as well so that um that should all be working correctly uh so i just wanted to throw that in there my name is mayman i'm in china so i cannot really attend these foreign meetings [Music] i just have a thought i've seen some of these other discord groups that goes on as these talks and they are very actively using the general chat simultaneously as they are talking so people come back and i see that now in the general chat there's barely anyone writing anything so i think that could be something that can be pushed a little bit uh sure i just think uh it's um just from a ux perspective it's difficult to be both in this room and in the general chat and like for exa i just like one of the things that i notice tends to happen is that people will mute themselves and they'll be in the general check and then they need to go back to find the community call and unmute themselves and just it can create like very very um stilted conversation i sorry go ahead i don't know if this would be appealing to some people but when you look at this community call and you see maybe a couple of hundred people on there a lot of people don't want to say anything but i wonder if we could maybe have a few uh smaller events where people could sign up and there'd be a limit of i don't know 10 or 20 people and just have more of those and have an opportunity for people to feel more comfortable speaking i don't know what the threshold would be to to encourage more people to interact but uh i do know that it is a significant barrier for some people to say something in a context where there are 200 other people listening yeah that's a good point um people can ask their questions in general chat and if one of you guys can like pick the questions out from the chat and people don't have to unmute themselves they can just write a question if they don't want to want to talk so that's the idea sakura did you want to say something or did you already see it um yes yes so thank you very much for the shout out earlier for my blog i really appreciate it and i just wanted to say that i would really really like to join um in person in a meeting it depends on where it is but for example in europe it would be great to have something like that and i have another question um i would like to know what the quality members think about the current discussions about tokenomics and i think in galendia you had also a forum post where you wanted to discuss reducing some liquidity mining rewards um what are the thoughts on this thank you well i i i've been following um some of the conversation that you guys have been having um my overall sense right now is i think there's a few things for us to consider one is it might be worthwhile considering making the liquidity mining rewards liquid or at least partially liquid i think we might get more bang for our buck that way um there's disadvantages and advantages to that i don't think we need to go into all of them right now but there is a reason to have them locked up broadly speaking is it um it encourages people to to to think about and get involved with sovereign for the long term um but there's also other shifts one of them is i think we we may want to consider concentrating the liquidity uh in those pools which are most important to us now this obviously also has the the um disadvantage of which would reduce liquidity so for example let's say we didn't care so much about btc eth we could stop rewarding that but concentrate all of the rewards in srv btc and particularly dollar btc pools um so i think that that is also something to consider um and i think the biggest the biggest um for me the biggest thing that we could probably benefit from now is optimizing the not insignificant rewards we're giving out on a weekly basis to drive btc dollar liquidity because i think that would help us uh nail like we we should try and see if we can nail one pool so it becomes really liquid low slippage and really facilitates margin trading um in larger amounts and also the vast majority of the sov that is currently being distributed is being distributed for the purposes of the liquidity mining one other thing which i've discussed um but we haven't uh hit upon i think the right way to do it yet is i think instead of giving out sort of renting liquidity through the liquidity mining rewards that we're giving out now it would be better to buy liquidity um and effectively end up with with protocol owned liquidity uh we've reviewed a number of different options to do this and i don't think we've hit upon one that we're very happy with yet but uh that i think would be a big one yeah and and sakura that's that's another thing that i've kind of looked into all the points that yaga mentioned so we can definitely discuss that you know on the side kind of our other conversations as well um i have a general question um we've kind of alluded to this like sdk this like software and development kit for for third parties i'm just curious if we can maybe like touch on that a little bit more like what exactly does that entail how big of a project is it like um i speak my interest but i don't know enough about it yeah um well this xero protocol as we know has a lot of potential especially for um a lot of these um mobile app um these mobile apps that uh that are very very popular among like a lot of the new users of crypto who just kind of want to park park their crypto or um or or even borrow moral dollars um like celsius and uh this is a great way to sort of reduce the cost of capital as you imagine um and a lot of these potential partners are going to ask for the same things regarding this documentation so this is this is basically um you know one one solution that we can have that that'll um that'll bring uh that'll just make it easier to to implement uh the protocol in the back end for a lot of these applications and once we figure it out for one partner it's so much easier for every single one after that um yeah so i've been researching uh how how abe has done it uh and how maker has done it and just presenting that to um to aurora and light to see if we can basically model after that after it um but also just asking what these potential partners need because they might not need all of this sort of in-depth documentation that maker provides or arabic device so it's one it's one of the initial steps for getting a protocol adopted yeah i can also give you some update regarding the development side here the for now it's just starting the effort with the sdk it is on the plan for the current sprint which started yesterday and is going to be picked up the we will start the sdk effort with the zero product because like ingomar explained we ha there are a few wallet providers who are interested in integrating with xero so this is a huge opportunity we're going to start here and expand it from there and basically create different npm packages which can then be used by integrators and they can pull exactly the products they need or a sort of um combined umbrella package if they just want to have everything available and this sdk isn't just supposed to make the integration for these third parties as easy as possible because it means that not just all of the documentation is provided but there are also integration examples the smart contract addresses are part of it and they are just very easy ways to integrate which makes it takes a way a lot of the pain to integrate than with sovereign not just for the integrator but also for the core team because currently whenever someone integrated serving in one way or another like for example when the quality integrated fast btc it always requires some resource from core to support them in the process and after we're done investing in the effort of producing a proper sdk i would expect this effort for the core team also to go down this means less distraction for the core team means we can stick better with our plans and schedules and deliver awesome products amazing i love it i think it sounds super cool and then from a technical side do you auroral see this as kind of like a big technical undertaking that they'll take on a lot of technical debt or is this like i mean i'm just trying to gauge like um all our products because they are many it will take a while um so this is also why we're starting off with only one which is zero as an um mvp so to speak which we can then use also to get feedback from integrators and see what we would need to change about the structure and the design of the of the sdk so that you can change that one and then expand from there to the whole set of products so i would say that the seven sdk itself is a multi-month process but the zero sdk is something we should have um rather soonish and the next ones would then be the on off ram as well as the aggregators just so that we have the complete um zeros stack and everything which is required to use sierra from bitcoin to use the stablecoin liquidity on other chains um ready and then we can start adding um the amm and start adding the lending pools and start adding the trading um margin trading and everything we have so what's up at the time and just oh yeah it is some work and but it's it's good that we're doing that very very cool thank you so much all right we've got a couple minutes left um you can probably take one more question before i adjourn the uh the official recording of the sovereign community call and uh for anyone who wants to hang um this channel's is open uh though a few of us might uh have to drop to attend to our sovereign duties um noah asked can someone explain how xero is decentralized and if there is any risk of it being centralized i can try to answer that question um so xero is a smart contract system that lives on the rsk blockchain and um and so it operates rather autonomously like there's no individuals that are like taking custody of your rbtc um but rather you're actually just depositing your rbtc into the smart contract and then the smart contract gives you a stable coin loan based on the amount of collateral that you put in and and how much you want to borrow and then [Music] the main point of centralization you could call it would be the oracle that is used to provide the price feed data to the smart contracts so that it knows when your lateral needs to be liquidated to prevent your loan from going underwater um and the oracle is um initially going to be um the uh fame oracle that we use for rb for rbtc usd price data for the margin protocol as well and it's updatable and so as oracle technology continues to be like you know improve and enable further decentralization through like medianizing and and staking and various other mechanisms that have been proposed um that uh can continue to decentralize as well um so the oracle only has a basically an effect of like when your collateral gets liquidated but it doesn't actually like take you know there's no central party that like actually has custody of your funds or anything like that um now that's that's assuming you already kind of understand that rbtc itself is a pegged version of bitcoin that um you know where you're basically giving your bitcoin to the pow peg functionaries that are like operating the the 7 out of 12 multi-sig deck that controls the the pow peg um accepting accepting that uh as a kind of baseline um understanding of how bitcoin is custodied in the system there are no like additional custody assumptions or or risks in the system did they answer your question noah you can type if you don't want to talk great understood thanks so thanks everyone for joining our call on being a part of our mission to carve out a trail for bitcoin secured financial sovereignty uh dismantling what people know and understand about money so help us spread the word and create more sovereign individuals and don't forget to follow us on twitter and telegram twitter.com sovereignbtc subscribe to the sovereign youtube channel and visit our dap at sovereign.app so mickey you may um stop the recording and for anyone who wants to hang out feel free to do so i'll be here for a few more minutes i'm sure other sovereign contributors will be here for a few more minutes um but the official call is now over so thanks everyone and stay sovereign

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hey everybody welcome to sovereign community call episode number 44. this is angelandia head of ecosystem growth with sovereign the place to be for your bitcoin d5 needs uh we've got some interesting topics to dive into today including xero perpetual swaps our trading competitions uh the circle of tokens proposal if you happen to know someone from a project that can benefit from collaborating with us especially um one of the fifa applications out there uh that could have some synergy with xero protocol any kind of business related opportunity get at me at england discord and twitter as well telegram you know where to find me so thanks everyone for joining us here thanks for sharing in this mission so keep yourself muted if you're not talking if you're trying to talk please toggle the mute button be patient we'll get to you also note that we periodically pause for any questions you might have during the updates um and also if you're feeling a little bit shy today feel free to post your questions in the general chat in the discord so uh before we go through the agenda is anybody here for the first time that wants to say hello is there anybody out there i think that's a pink floyd lyric okay well wait did somebody speak or is that just am i hearing things yeah no it's me it's my first time joining your community call usually i'm asleep at this time but it's 1am in sydney so tonight i'm awake so i decided to join the community call wow thank you for for taking the time at such uh you know an ungodly hour to hear about the uh you know the latest to uh in in sovereign so thanks a lot tucson your name is uh soon yeah so soon soon uh where is that actually here where where's the name tosun from oh tosun is a turkish name means um big cow big cow you're right man uh well because i'm always bullish yeah always bullish always looking for the cash cow uh yeah thank you for for joining us here uh i'm going to um start with sacro from the circle of tokens unfortunately uh edoniago is unable to make the the call today but i figured we'd get um we get a bit of an update regarding uh the most recent um set of suggestions and proposals from the circle of tokens so sakura if you're there the floor is yours hello everyone this is sacro yeah as you may know we published our second proposal a few weeks ago and since then most changes were already implemented the two big topics were the reduction of x usd landing pool sov rewards and the end of sip 24 liquid suv rewards for stakers we have done some analysis on the x-usd landing pool which can be found in the forum and basically we wanted to bring it more in line with the updated amm pool rewards if you don't know sovereign reduced the some of the am pu rewards a while back and with this the goal is to to reduce future suv supply liquid suv supply and based on that the xuc landing pool was not reduced so it had pretty significant suv rewards until recently and yeah we wanted to bring it more in line with the am pools the x-usd landing pool does not have impermanent loss and so we thought that reduced rewards reduced sov rewards may make sense there in addition we have done some extensive analysis on sip 24 rewards which can also be found in the forum there was a forum post that was updated every few weeks or so that has shown the future suv depth based on sip 24 rewards i kept track of it and due to the implementation of sip 24 there was a risk of exponential increasing suv payouts to stakers and yeah it was just a matter of time until 24 had to be cancelled and so it was cancelled some weeks ago before the announcement of of the end of sip 24 i believe there was a total debt of 1.3 million sov to stakers over the next three years and after the announcement was made the stakers went really mad they they staked a lot more suv and the depths skyrocketed we thought that this was happened so we yeah um told everyone in a blog post that if as you read that skyrocket before sip 24 ends um that we may have to remove it quicker and after that announcement more than 1 million additional suv was staked and the total suv debt reached 2 million sov within 2 weeks or so um yeah no now it's over sip 24 is gone and we may we may introduce a new sip 24 somewhere in the future with reduced rewards but right now there are no current plans to do so it's just something that we can might do in the future we have additional plans with regard to the amm lending pools nothing is published yet but there is work being done and we will publish something in the next weeks it's basically a follow-up with regard to our first proposal we are considering liquid suv rewards for the am inputs or partially liquid sov rewards for the am inputs and with that we are also thinking about further reducing suv rewards if these rewards will become liquid instantly that's it for now for from the circle of tokens thanks a lot sakura for the update any any questions for sakura okay i have i have one question um is there is there like an end game that you see sacro regarding the liquidity minor awards do you do you see us still relying on liquidity mining rewards for amms let's say three four years from now um maybe i think it's very difficult to tell for now um what i know is that we we must reduce the sov rewards because in the long term it's not sustainable um i think we have gone we have done very good steps for now and um it all it all comes down to the suv price at some point what we would like to see is an increasing sov price and with it um increasing apy for the amm pools we we need to attract liquidity we need the liquidity in the pools and if there would be absolutely no rewards um i think it would just not work because some some pools are generating good revenue especially the btc x-usd pool has increased in volume recently it looks pretty promising but it's not enough already to completely remove the suv rewards so i think um we will have these rewards for a long time but hopefully we can reduce them further thanks a lot sacro i'm going to move on and bring in light with product and and governance hi all hello good to be here um on the governance side it's been relatively quiet in the sovereign bittocracy since the last call um no new sips have been uh proposed or scheduled for activation so nothing to report there but i definitely invite you all to read through the sip drafts that have been uh in the sips repo that will eventually go to a vote once they're once they're ready as well as the the sip drafts and other proposals that people have put into the bipocracy category on on the sovereign forum on the product side i'm happy to share that xero recently passed a milestone of about 47 rbtc blocked as collateral which at the current market value is equivalent to about 1 million dollars worth of rbtc so you could say xero has one million uh dollars worth of value locked in collateral right now uh or if you prefer thinking in stats that is uh uh that is what 4.7 billion sats 47 billion sats yeah i know 4.7 billion stats a lot of sets um with an outstanding supply of about 323 0 zusd so we're working on a data dashboard that will show even more detailed information than the than the current stats page that's in the xero ui so that we can learn more about how people are using xero um including you know how much fee revenue is being generated by the protocol and what exactly people are doing with their zusd loans all just using on-chain data of course um and we don't have a current eta for that dashboard yet but the data has been surfaced and now we're just working on plugging it into the dashboard so should uh should have some some updates about that in the near future and that's all i have to discuss today so i'll pass it back to you ingamar thanks a lot light uh i hope we tweet this milestone i think uh zero hitting uh over a million in total bodylock is is big i think that's newsworthy i think it's an awesome achievement um to happen especially when um you know it it's starting off as a gated whitelisted product you know and and to hit that much with the number of users currently uh it is awesome and full of hype so any questions for light while he's here yeah like where are we at on the waitlist how many invites have sent out how many are left to be sent out i don't know uh if i could say um yeah i i i haven't been managing the uh the invites i can jump in two daily invites so we uh you know we started at 20 a day then up to 50 recently 100 and just this week um you know with lights go ahead we've been doing 200 a day so i think the team are announcing on uh on social today and announcing the community to the communities that we've upped it to uh 200 a day for a week just to see uh how we go um i know everybody's hungry to get on board so uh good news that we've uh we've upped the invite threshold and then wayne like do you know how many like uh people there are still left on the waiting list like are we getting to the end of that or there are still you know thousands of people waiting to get in i imagine we've still got a while to go i mean in total um let me have a look like you'll have an idea of this from the message yesterday we've got about six and a half thousand six thousand three hundred total sign ups that's uh in totality um with five thousand two hundred confirmed so they've confirmed their email address um i believe a couple of days ago like you said we'd invited around uh 700 in total and uh the last two days we've done another 400 so you can assume around 1100 um so we've still got a way to go i think we just uh scale responsibly make sure um uh that the the customer experience is is carries on to be great for everybody and we we we scale up invites um over there over the coming weeks awesome that's great here and then uh sorry if i'm taking up time here but um do we have an idea of like the conversion of like uh people's ad emails have sent out that have actually like borrowed against xero the conversion rate for emails sent out to people who have uh yeah probably the conversion rate of the email sent out to people who have taken a loan in the protocol like correct me if i'm wrong but i believe it's around 20 so the team's actually putting together a survey um now to go out to uh everybody that's been seen an invite but hasn't converted uh to see if we can get some insight around why they haven't um but i believe it's around twenty percent pretty big thanks um based on the current number of line of uh lines of credit that have been open which it looks like 64 lines of credit so if there have been uh 700 something uh invites sent out then that would be a little less than 10 uh conversion you so um question from hooligan in the general chat any idea when hardware wallets will be enabled for xero so it is possible to use a hardware wallet today if you connect through a compatible web 3 wallet like metamask or frame the quality advertises a hardware wallet connection but i don't think it's working right now so so frame or meta mask would be your best bet in terms of having a direct hardware wallet connection without using uh a web3 wallet um as your kind of software interface it's something that's being worked on uh we don't have an eta right now but it's it's it's in the backlog it's one of the next things that the developers will be getting to all right sounds good and with that i'm going to move on to wayne with adoption guys great to be here a lot of stuff on at the moment we're moving in the right direction though um big project for us is preparing for the brand relaunch and the new website coming out at the end of august we've seen all the designs for the website uh final designs today given some feedback that's going off for coding while the team creates an abundance of content highly seo content uh for this new web portal um so and we're also planning around the launch it's a big deal for us um you know how do we how do we launch the brand into market and really start getting to the forefront of the uh conversation um in d5 uh is you know bitcoins uh native d5 platform um so more details will follow but uh planning for the end of august for that which is a big project on the go and will be a big launch we'll work on some key partnerships uh co-marketing partnerships um the top three amongst those are rsk has um offered us co-funding for some marketing campaigns uh throughout q3 uh we're putting together some plans for that but it's likely that we will use that budget to promote xero um they've also given us access to their global pr firm and uh content distribution channels uh only got confirmation yesterday so planning it out but there's going to be a great network for us a marketing network um we are working we're trying to get confirmation from um uh bnb smart chain for a co-marketing program of work for um perps uh for perpetual futures just waiting on confirmation there which will be amazing reach for uh our professional futures product uh and we had a chat today uh with a company called hackin.io facility i believe they've done a smart contract audit for a security audit on the purpose feature and uh they are willing to do um quite a significant amount of co-marketing for us to their um their base uh an ama with thiago um social posts out to about a hundred thousand users idioms to their base and they even have an idea for a uh a liquidity people campaign that they would like to run in the future um which we're modeling it out but it looks like we pay the ap or apys or awards on a two or three month lp campaign and potentially get they're expecting 400 um roi in terms of uh token sales which could be really good so there's some key partnerships we're working on at the moment and if anybody in the community um you know these partnerships in a in an environment in cryptocurrency and d5 where performance marketing is quite a tricky game to play because google will block our ads twitter won't do those advertisers facebook owners advertise quite hard to get through on linkedin these traditional digital channels that you know we usually use for performance marketing the advertising gets blocked very very quickly so if anybody in the community has got uh has contributed to other other dows has any contacts uh for key partnerships please do yell out because these can be game changing for us the investment round is now closed um so we have a press release going out on that and we're producing a video with some interviews from from our investors just to highlight the appetite from vc and traditional tech vc to invest not only in d5 but and sovereign especially in a bear market we're going to push this story pretty hard you know it talks very well to the sovereign protocol in the business the fact that we're getting this level of appetite from the conditional vc during this current market so you'll see some promotion go out around that we had um running for two weeks at the beginning of this month we had the trading competition on la token which i think had some really significant results as a first um first go at a trading competition on a centralized exchange to you know get some baseline metrics for running this kind of activity as an always-on layer to drop and price pressure on the sov token so some of the headline stats that ran for 14 days we had one half thousand traders take part 3.5 million in sov traded in 14 days about two and a half thousand billion per trader we had a home page take over for a week with a couple million impressions social blasts out to three four hundred thousand traders an edm on perpetual futures out to their whole base of eight hundred thousand traders um so some of the some of the results we got on platform uh were great for the cost it cost us one btc and sov for a significant amount of volume traded um activity brand exposure and even though it wasn't our primary objective we did get quite a few visits to the to the site we got about 600 sessions 550 new users um of those new users about a 22 conversion to perpetuals uh so 120 registrations on the perpetuals we had a bit of a lower conversion post that um but i think all in all through the first trial at uh you know some trading activity some funded trading activity on a centralized exchange i think it went uh went very well and we'll try to turn this into a and always on layer um as part of a mapping strategy to focus on the sov token um xero as i said we were inviting 200 a day this week um great results six point three thousand six thousand three hundred people have registered one million tbl um we're planning out how to use this rsk spend in q3 uh getting some potential advertising on sites like coin stats coin coinmark cap some telegram ads things that won't get blocked just to start creating a baseline of measurement across some paid activity because xero has such a broad appeal um i think it's a great product for us to use to start trialing some of this this broader reach activity and move away from just talking to the community over and over again and broaden our achievable market to some degree uh perpetuals that the trading is now fully open so you know get in there um competition closed yesterday trading platforms open we're planning on uh working with facility planning on running a a monthly competition which could win some bespoke sovereign nfts we're building out some video content some written content for hack and noon trying to get into some trading groups mandarin trading groups so we continue to promote uh perps it's going to be our focus very heavily for the next couple weeks especially if we can get bmv on board and get some reach through those guys um and we've got a couple of uh we're we're progressing with the babel fishing incubation so dollar crypto i can see you on the call welcome mate and we've had flame tail uh he's looking after the the babel fish community uh so um working pretty closely with those guys to see um how we can uh work off the back of the upcoming development roadmap for battlefish and uh help in any way we can with uh marketing strategy and execution that's me and glenda thanks man all right cheers uh so we tried this a while before you came on board wayne but we experimented with brave ads like very very very early on and i don't think i don't think it was a smashing success necessarily but i think during that time our infrastructure what infrastructure wasn't what it was or onboarding wasn't what it was like fast btc the liquidity probably wasn't there yet for for something like a brave ads type of funnel so i don't know i don't doubt that if we tried it again it it that it wouldn't work i don't know it's just something to consider um because part of the mix we're discussing and uh i'm so open to any suggestions because you know as people have worked in kind of crypto marketing before no there's no temporary approach here it's like you find in other tech industries um we go off what's worked in the past uh you know trying to use content distribution channels and potentially some paid channels that resonate with our kind of key audience cohorts but any learnings anybody has from activity channels content they've used in the past more than open to you know suggestions far away and we'll consider them as part of our our planning going forward yeah for sure uh it's almost like every time i open up brave i see i see bit pay i see cracking gemini i see one inch um so i yeah if names like that are taking advantage of it it must be for a good reason do we have questions for white okay so i'm going to hand it over to aurora hey everyone i'm going to continue them with the development update in general for in the past two weeks we move slower than we're used to in the deaf team that's mostly due to summer holiday season but also covet running wild again so we have several people on sick leave but still they are news most important thing which happened since the last community call is the perpetrating competition it ran for one week and the top three traders were very close together and shared a total prize pool of 0.5 btc but i'm not going into the details of the trading competition here because we have brazilian call and i'm sure he's going to share with us the statistics in a bit so also looking to deploy a few contracts which we finished a while ago and which got reviewed in the meantime so there's the loan token update waiting to be deployed which comes with the refactored margin trading reducing the gas costs drastically and also a new wrapper proxy for the amm to allow for the addition of on rbtc pools to the amm should we add the um actually want to add them also brings some general refactoring and gas optimizations to the contract currently we have the bridge update i told you about a couple of times already under final review um under the last review we figured out that we needed to introduce some changes but these are now introduced and we're looking forward to a soonish launch of that product as well apart from these things they're working on factoring of the staking contract finishing off the zero sdk and the graph integration with the front end so these are currently the things which are taking up most of our time and with that i'm handing it over to varsity to share with you the statistics from the perp competition thanks hi everyone let me share my screen can someone let me know whether you can see i see it thanks okay so first of all this was the price movement during the competition and you can see it's a quite bumpy ride upwards so i would say it's a difficult environment to win the competition because for instance if you are leveraged long you can could get liquidated on one of these price drops so i think it wasn't easy and here is a screenshot of the best traders you can see they made from 225 um to 170 percent on the fifth trend and you can also see that they looked quite skilled because they opened quite some positions so i think you couldn't win this competition by just holding one short or one long then in terms of participants i personally would have expected more so we got at most about 43 active addresses at the same time that were in an open position and you can see the big spike going up here and on thursday we we cancelled the white list and made it open for anyone and that's probably why we got so many more i don't know what happened with the drop down maybe the weather was nice on the weekend people didn't want to trade anymore so that's the number of traders then we had a lot of questions regarding the trading costs and fees so in terms of slippage spreads and fees we are among the the best in d5 so if you compare other d5 protocols that have perpetuals which are like classical perpetuals there you won't find anyone which has the same low slippage spreads and fees with the same then we got the challenge on the gas costs so i looked at the gas costs of all the trades we had until the end of the day before the competition ended and you can see that on average the traders paid three dollars per trade and there were two instances that were rather high with about five dollars 75 percent of the traders they paid less than three dollar 11 cents now if you use bitcoin to pay your fees the um the trading costs are higher by construction because it's a more complex system we saw that 22 of the trades paid in bitcoin uh paid the gas prices in bitcoin the rest paid in bmb so now now going back to the training cost so if you have three dollars and you have a notional size of one thousand dollar that brings it to 30 basis points so 0.3 an additional 8 basis points of um trading fee brings you to 0.38 and you can compare that to other exchanges for instance if you take coinbase you have 50 basis points so i think the fees are quite good for being decentralized and permissionless at the moment then um because i mentioned the one thousand dollars it's also important to see what are the trade sizes and what we see is that probably incentivized by the competition which is in relative terms most trade notions are very very small so below 200 dollars approximately in dollar terms we can also see that we had trades which are relatively big so someone traded 0.4 bitcoin someone traded 0.3 bitcoin so i think that that is nice to see that here too then i wanted to know whether that's typical to have such small trade sizes so i looked at perpetual protocol historical data there and there you can clearly see that the notions of the trades are above one thousand dollars so the calculation i made earlier earlier about the fees certainly applies here so if you have a decent average trade size the gas fees aren't that crazy i also looked at the leverage you can see that most traders on our exchange went crazy with the leverage so some of two went to the max and we have we are on average higher than ten on perpetual protocol the highest leverage you can get is ten and we allow higher leverage if the position sizes aren't too large so pretty crazy leverage here if you compare that to perpetual protocol these are that's data from two years and they have leverage which is on average below 4x your 0 are the ones that are somehow not determined okay so now what are the next steps so we only received a few very few responses on our feedback form we have what i think we should improve is the onboarding experience we want to make it easier for people to trade currently i think that's it's not so well made with the bridges because you have different interfaces and it looks a bit a bit not so user friendly in my view then as rain already mentioned we'll keep the leaderboard and we have some interesting ideas how to enhance it and i would prefer to surprise you rather than spoil anything here and then what we'll also do is we'll revisit the trading experience in the front end so we want to see whether things could look more dynamic we want to make sure the trader has a good experience and i think we will only add additional perpetuals once we have a better user adoption once we have more active traders on our platform and that's that's all i had and happy to take questions we have one question from the general chat uh travis trades asks did i hear something about working on improving ui for mobile trading for perps trading so you're just wondering if you heard you're right uh we didn't we want to focus first on the on the website uh part and if that's is something we should be looking at and this requested from many users then it's certainly worth doing but we haven't that on the on the plan for the near future any other questions for vasily all right so we have another question from the chat um for non-technical oh it's not a question it's just a comment for non-technical onboard was difficult would have created bigger trades and less leverage if not a competition so interesting yeah that makes sense because you with the high level high level small positions you wouldn't lose too many funds but you can win a lot so i think the incentivization was that incentivized smaller trades with higher leverage because we measured a relative piano because we wanted to have similar chances for big and small fishes okay looks like someone's writing in the chat has anybody here participated in the in the trading competition in this call that wants to say a couple things about it was frankly and doing quite well for the first few days it's a shame that you couldn't hold it up till the end i want to take uh deebo's question or comment but gotcha yeah he said uh different strategy for a competition than if you were uh you know trading on his own okay uh just really curious has anybody here uh anybody else participated in the in the trading competition i i'd be really curious to to hear uh what you think and don't be shy feel free to unmute yourself it's you know it's a permissionless uh forum for a permissionless protocol hey um i also participated and i really enjoyed it i think the product is great um it worked really good i was also pretty profitable at the beginning and um it was a bit annoying i had two or three transactions which did not work but overall um slippage it was really good it was a really good trading experience so yeah i enjoyed it and i think it has a lot of potential for the future thanks a lot sir uh okay so with that uh i'm going to move on to um business development updates so we do have one bounty the the contract governance dashboard which is still in review um it has passed two out of three checks uh so we're just waiting on the final check and uh just this week uh we managed to um get an integration of sovereign uh live and running in a very popular um wallet app called coinhub it has a few hundred thousand users in in the mostly in the in the asian market and has incorporated a ton of different chains so they recently uh integrated rsk and as well as uh sovereign so from the coinhub app you're able to look for sovereign you click sovereign it it takes you to the sovereign website and automatically connects your wallet uh like metamask style to the app and from there you can you can begin using it through your coinhub wallet so we haven't really announced it yet because there's just some final additions and tweaks that i want to be added such as listing sov by default as well as xusd because those are two of the main you know two of the main assets in in the system so being able to see that uh when you plug in i think would be extremely helpful and convenient to users they've uh they've been really really uh awesome and cooperative so shout outs to to coinhub feel free to check it out yourself play with it uh let me know what you think uh it's a pretty nifty um swiss army knife of a wallet seeing how many chains and daps are integrated there so i think pretty soon we'll have uh an announcement uh around that uh which you can look forward to so you heard it here first that's why that's why you come to these uh community calls because you get the inside scoops uh so with that i'm going to open the floor to questions from uh from anyone about any topic discussed in this call we have we have about 15 minutes left so i i'd love to hear your general thoughts your feedback your theories your questions speculations on the market it's a pretty open floor um this is velvet hey lord elvik i did make it i apologize for being late so i missed a bunch of the great content um i did i posted in the community chat on this channel that link to the loomis gillibrand uh bill and i'm soliciting the community for involvement in a response from the community i think i think the voice of sovereign communities is important in bills that could shape global treatment of cryptocurrencies for so if anyone in this group is interested in trying to come together and have a response i'm going to submit one myself i'm part of the digital chamber of commerce but i i believe the voice of one person should not represent you know billions of people awesome man i'm for those who haven't been briefed yet can can you brief us on you know the recent gila brand bill and maybe um introduce yourself and and what your role is around that yeah no uh certainly i apologize for being so abrupt um 100 so uh i'm involved i i've done payments for decades innovation etc and kind of sidestepped my way into a couple regulatory interfaces one in europe with the payments association and one here in the united states sponsored by my company with the digital chamber of commerce they're um essentially a community or trade association in this case crypto interfacing with white house staffers and and folks writing the bills that go to the hill and trying to educate them so we had submitted worked with uh actually the rsk team in inglandia uh on an educational piece that was well received on proof of work and um you know the sort of the myth busting of that well recently the loomis and jill brand bill has been introduced it's a sweeping legislation that covers everything from stable coins to dows tax treatment uh for us and then that everyone really cares about that necessarily um but it is extremely broad and it is likely to go back to revision in january so the authors not the senators themselves but the people that write the material that they submit uh work in uh interfaced with the digital chamber and have uh asked uh crypto communities uh to really take a look at what they've written and see how it can be made better so it's an open invitation to collaborate with the people that are writing the words that are getting signed into law a couple short call outs one is that the cftc is definitely getting proposed as a commodity a regular regulator and this is huge because if the cftc takes over bitcoin and gensler's already agreed that's a commodity then that gives the framework for sovereign wealth funds to actually contribute to bitcoin globally inclusive of the us dollar framework so that's a really huge component um the other one is stable coins which which are you know we have it in sovereign so there are portions of this bill that i believe are critical for global treatment of this stuff and it affects the value of saab it affects the value of you know everything we're building at least in terms of its ability to engage formally with you know the sovereign state or the nation states so um i think it's important obviously i have energy around this um and i'm just trying to make sure the community gets a voice thanks a lot uh sir can you repeat again uh where uh they can find this thread um yeah so i've posted in general chat and i've posted here in the community chat i'm not sure general chat chat in in sovereign and i've posted here on the community channel chat um the link to the build and if you go to that text it'll give you everything from a summary overview into the body itself and if people just want to focus on stable coins and cftc or whatever you want to focus on you know like i said i'll be responding to my lonesome if i don't have other input but i'd love to be able to say this isn't just my my my view this is the view of many people and i the regulators like that they like they would like to have group input they feel better about it yeah fantastic um i think this could also be worthy of a forum thread which i can help you uh create you know so it can have some context and you know and ask for for for feedback now that'd be awesome uh glad to you know happy to put my own thoughts out as a straw man for people to respond to but i definitely don't want to drive the narrative i want to be i would like to have the community yeah come back with their their own thoughts because i'm not perfect right [Music] okay yeah fair enough thank you very much all right we've got a few minutes left does anyone here want to voice something or have questions about anything discussed prior on the call i have a feedback not a question actually i used to i followed the price from the sovereign website the price chart that we have in uh in our website the price chart is now very slow like i used to just go to the website change the price chart to daily and it will load but like last four weeks the price chart doesn't even go to daily like the only price chart i can bring up is half an hour and four hour it doesn't go to one day or three day at all and i've tried this on chrome safari and brave none of the browsers like go to three days like safari goes to one day chrome four hours is maximum so the i don't know it's the trading view the problem is from the trading view uh or from sovereign websites but the price chart now doesn't really load the different time frames oh that's cool that's quite interesting um maybe we should have somebody from the product side i guess have a look at it i'm not sure which uh department this would fall in but thank you for uh voicing this and uh i know you've tried multiple browsers but have you tried firefox oh i don't have firefox but as i said safari chrome and brave on a mac um i can speak to this um a little bit um that's why i'm yeah um we're aware that the price show has been loading slower and i apologize for that i know it's very inconvenient um and we are working on optimizing the the back end to um get the performance much better um we're in the process of moving the price chart over to pull data from the graph um and this should fix the problem and it will be we're just in the final stages of testing it before before it goes live um but we are around the issue and we are working on fixing it and it shouldn't be too much longer and until the performance is much better on the chart okay thank you thanks a lot betsy for addressing any final questions before we wrap up today's community call i just have some general questions like you know when wayne was giving me updates on um like the rebranding in the website like we've been working on that for like a long time now um and i guess i'm curious like maybe kind of what's been going on behind the scenes who's still working on it or who is not working on it um you know that update only i think applies to the website and not the dap um we just like more clarity on that because you know every community call we have an update on it kind of yeah sure thing man i've been working on it for two months since i've been here um taken over the project i think between me and fine line we've streamlined the absolute hell out of it so we found a light at the end of the tunnel probably was going on for far too long brand guidelines are now signed off so i'd say i need to chat with yago but at uh the next community call i'd love to present those so brand book brand bible all but done and i'd love to present that to you guys we have put a project plan in with the agency that was you know taken some time to deliver this and we have ramped up the pace to the degree to the point where myself and fine line today have seen pretty much all the ux designs for the entire site against the whole site map the team now is the content creation team being led by bass is following on from those designs and creating all the keyword research per page for seo then writing all the content per page per tile building out all the videos and animated content that could be required migrating across all the old blog content reskinning the wiki reskinning the forum this is all happening in parallel right now so i understand it's been going on for for some time um all i can assure you is in the last two months we have streamlined this and we have a light at the end of the tunnel we are ready to put in the brand guidelines uh we have seen most of the designs for the websites half of them have gone off for coding and the team is creating the content at a a rate of knots so it is pretty much uh in terms of project work this is our number one priority i'm not keen for any more delays i'm not keen to linger and i'm keen to share some designs and share the brand work with you guys as soon as possible cool and then just a very generalized question here um i mean do you think that we're satisfied with kind of pattern and and what they've been doing or is it more so just like well we signed up let's push this through and just see what happens um i i'm satisfied with the the output i think the process could have been streamlined a long time ago i think we've had some process issues which have caused delays and maybe multiple feedback loops in the past that could have run a lot more efficiently which we've closed those gaps now and we're running a pretty tight ship to get this thing out the door pattern in general you know high profile brand agency their work looks good aesthetically website is going to look great we're building out the content there uh we there could have been better processes in place that's all i'll say uh which i hope we have uh we've now solved and as i said we have a light at the end of the tunnel great thanks i'm looking forward to sharing that with you mate let me have a chat to yago just make sure he's happy with everything he's got no more us when it changes and then uh i will uh endeavor the next community call to present as much as i can um to all the community members here all right so we're approaching the hour uh so i'm going to close this call uh you guys can feel free to still hang and chit-chat but we're going to close the recording i want to thank you guys for joining us thanks for helping us fight the good fight and helping us build a world on top of bitcoin um and help us spread the word and create more sovereign individuals don't forget to follow us on twitter and telegram subscribe to the sovereign youtube channel i promise we'll get the youtube recordings online again and visit our dap at sovereign.app so take care everyone uh and stay sovereign uh ingallandia signing out have a good one everyone

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so hey everyone welcome to the sovereign community call episode number 40. uh today is may 5th 2022. uh this is ingalandia head of ecosystem growth with sovereign the place to be for your bitcoin d5 needs and we've got some awesome news to share with you all including new dows and circles furthering the decentralization of our protocol and the launch of limit orders if you know someone from a project that could benefit from collaborating with us feel free to dm me on twitter or discord at ingalandia they could be for example crypto mobile apps payment platforms thought leaders layer one ecosystems fund managers etc send me a dm about them with a website and some context and i'll see if there's a possible way we can collaborate so you know where to find me thanks for helping out and thank you for joining us here and sharing in our mission so the guidelines are if you're here for the first time if you'd like to speak just toggle the mute button and be patient and we'll get to you and also note that we periodically pause for any questions you might have and so before we go through the agenda is there anyone here brave enough to introduce themselves and just uh give a warm hello now i know for the last couple calls uh you guys have been pretty shy and i'm hoping that this time maybe someone could be brave enough to just say hey what's up this is my name this is who i am um grateful to be here before no one gets um tm here or tom f from telegram happy to meet you guys hey congrats on being the first to introduce yourself in uh i think several weeks now i think you deserve a reward um so let's kick it off with uh iago hey guys so a lot has happened over the last two weeks um i'll start with um some things which so on the technical side you'll hear a bunch of updates uh we introduced this week of a huge bundle of feature upgrades and improvements perhaps the crown jewel of which was the introduction of limit orders to our spot trading with limit orders uh sovereign is continuing to increase the gap between it and all other decentralized leveraged trading protocols um i don't think that there's any other protocol that offers this kind of functionality which includes lightning network integration decentralization native bitcoin um trading the kind of interface and ui that we offer and limit orders uh the the the the gap between um what sovereign is offering and all other projects is just growing um so you'll hear a little bit more about that going forward in addition to that uh the treasury report was released and is available on the forum for everyone to see um and uh then there have been a uh a number of actually before i get into those and then also on the forum and in the blog post you'll be able to find some information that we were able to disclose around covert operations that sovereign has undertaken which i think are very serious and important so yesterday we had a spaces with breedlove one of the core things that focused around was the fact that bitcoin and um the internet and uh encrypted communications provide massive powers uh to individuals and represent um hugely empowering technologies allowing individuals to defend themselves and change the calculus of violence and power in the world but at the same time we continue to see other types of technologies being introduced which have very very powerful centralizing impacts server farms ai and most importantly surveillance and we continue to see very significant risks posed to people um including ourselves around the world by all kinds of organizations and most importantly by the most dangerous organizations of the world which are governments there's a blog post which i recommend you guys check out uh an interview with one of our contributors from venezuela and then the second blog post which i recommend is the blog post introducing the work um that uh part of the sovereign community undertook to help people um to help sovereigns who are at risk in ukraine find their way to safety as well as the introduction of the b team uh beating being our sort of special operations task force for situations like this with the recognition that um we need as sovereigns to stick together to have the um the ability to assist each other and to form an alliance when necessary and b team can provide that not just to the sovereign community but to the bitcoin community and the sovereign individual community more generally um and so this brings me to uh the broad set of other things which have occurred over the last two weeks i think are extremely important in terms of increasing the organizational capacity and the censorship resistance of sovereign as a protocol and as a community two sips uh have been introduced 46 and 747 again available in the um forum and i think uh john like will discuss them a little bit more but what they are about is further decentralizing the way that the protocol is managed and in particular introducing a higher degree of censorship resistance and unstoppability to the protocol so that's extremely important two very important steps and perhaps one of the last major milestones towards us moving out of alpha then today we will have a presentation from the whispers down so a few weeks ago we introduced the ability to work with factory dow to create sub-dials or topic-specific dials whispers dow is important in two ways first of all or three ways first of all it's a representation of that kind of tooling to allow the community to self-organize um and and and and take on responsibilities beyond just core second it represents an additional step in as part of operation champion in terms of allowing um the sovereign community to start championing sovereign with greater organizational capacity and third it's an important step for us as a community there's a major problem of toxicity uh in crypto in general and the whispers doubt is primarily people who have come to be part of sovereign from the bcw community and i think the fact that the whisper dow exists and will continue to contribute and is looking to contribute to sovereign is an extremely powerful message and symbol of the fact that we as a community remain united can heal divisions when they arise and continue to move forward together and then finally there's the circle of tokens which is the first circle so for those of you don't know sovereign organizes itself into teams which are called circles so for example we have the circle of chaos which is focused primarily on research and development or the circle of light which is focused primarily on interfaces and user experience or the circle of guidance which is focused primarily on sort of community management and assisting new users circle of tokens is the first circle to be created outside of core and i would expect not the last and circle of tokens is already taking upon itself extremely important role its goal is going to be and has already been analyzing the economics and economics of the system putting together recommendations about how we can modify uh or change or or enhance tokenomics so looking at things like liquidity mining token emissions these are core things and i think the fact that they're being managed to a great extent outside of the core team is extremely powerful um and so um i think sacro here is on the call with us uh he has been nominated to be the interim lead of the circle uh sakura would you like to speak briefly and explain what you guys are doing hello hello everyone this is sacro i hope you can hear me um yeah so um initially we had the tokenomics taskforce that yago proposed in the forum and there were also already some sovereigns um who were very interested in changes to the tokenomics and um yeah basically we had a kickoff call for this task force and during this call we'd also talked about institutionalizing this in form of a circle and that is what happened and i created two forum posts already and we have also created a small group in discord where we organize ourselves and yeah make sure to read the forum posts so that you are up to date and you can expect to hear more from us soon thanks thanks very much sir so uh definitely if this is the kind of thing that interests you take a look at that blog post uh sorry that forum post as well but i think you look at all of this so first of all i we there's a huge amount of technical work that has continued to happen with limited orders and the bundle of improvements that was released but i think one of the key things that we've been talking about is organizational capacity that obviously is going to impact our ability to make the system more permissionless easier to invoke to get involved with as community members and um and more uh censorship resistant and between sip 46 647 the treasury report the b team whispers down circle of tokens this last two week period has been an extremely important junction in terms of the maturity and growth of of sovereign as a community as a protocol and as an institution uh i'm very very excited about the stuff that's happening and um i think already we are well ahead of the game in terms of where i expected we would be and and i think this is only just the beginning so um that's it for me thanks a lot yoga remember remember everyone if you're not speaking please keep yourself muted i would hate to mute you because uh you can no longer meet yourself if i have to do it um also if you have a question and would rather text it then voice it you can post it in the general chat so there's that option for you as well um now let's see we have next product and governance with lights uh light are you there yep hi so um i will defer um most of the product updates to aurora as part of her regular uh development updates we've got a bunch of uh great stuff to share there i will just touch on a couple of governance related topics as yago mentioned we have a couple of sips that i introduced around the same time as the last community meeting i just want to remind folks to check out sip 46 and sip 47 when you get a chance these are a part of a package of sips that i'm referring to as like bittocracy 3.0 it's the next iteration of biotocracy where sov stakers um are the governors of the sovereign protocol transferring governance powers from exchequer the exchequer multi-sig that is currently owning or administering many many of the smart contracts transferring all of those governance powers to bitocracy and sov stakers would be great to get your feedback if you have any on those sips so please go ahead and check those out there are also some other sips that have been introduced by the [ __ ] uh as part of the gimp's big package and of sips related to um tokenomics and some of the other uh related discussions that that came up in the community um and then i also want to draw attention to the 2021 financial report that armando shared a link to in the sovereign forum in advance of an upcoming 2022 and 2023 budget sip that that that he'll be introducing um on behalf of the exchequer committee and all of the all of those sips the discussion around those sips as well as the financial report can be found in in the forum so forum.sovereign.app definitely check that out and uh get involved in the discussion um we welcome and greatly encourage community participation in sovereign governance that's all that i wanted to cover today i'm happy to take any questions and if there are no questions then uh i'll hand it off to aurora to go into the development updates would anyone like to pose a question regarding these two sips i guess we're all in consensus then so uh let's pass it on to oro thanks um sure so a lot happened the last two weeks um i think the most noticeable event like jago already mentioned was the trading update which also introduced the limit orders for spot orders so if you haven't seen it yet check it out it also came with a few other improvements to the trading system such as a notification service um so now you can also get notified when you're getting closer to your liquidations and when the orders get filled and other activities um there are a few updates in the pipeline so one of them is the limit orders for margin trades but then also further improvements to the um trading and borrowing interface or above all the borrowing interface because currently it's still not possible to add collateral to your um open loan something which is important especially if prices are dropping like right now so this one is going to come and with it there are a number of smaller quality of life improvements which will then be deployed alongside being collateral to your borrower position release we're also preparing the transfer of the contract ownership to the governance as well as a bridge update to save gas costs i told you before that there are different drugs in the process first step is to reduce the number of transactions which need to be sent by the bridge by having the signature exchange of the federators off chain and then only have one single transaction for each transfer instead of three and the next one is already in progress which is the introduction of dynamic gas fees and both of them should allow us to lower the fees on the bridges then we are still working on preparing the zero beta as well as the purp swaps apart from that um we found the first ptc issue which we were reporting about last time like you might remember that about three or four weeks ago we had this outage and on the last community call i told you that we are still looking for the reason but now we found it that gladly said this should not happen again at least not because of that reason and we are now focused again on the reclaiming feature which allows you in case of a future outage which you would not hope to happen but in case it happens then you would at least be able to reclaim your funds and do not have to wait for us to fix it um then there is sdk work going on starting with the zero sdk for easy third-party integrations we're working on the liquidity mining update which also contains a refactoring of the reward claiming which i know is long awaited um we also finally started the integration of the graph for the front end and they are the first big piece is the candlestick data for the charts and then there's a couple of different improvements on the front end especially um to the cross chain flow to the portfolio to the dab header menus so the other development started but it is going to take some longer so you cannot expect it now in the next few weeks but this will be a longer process and as a last piece we are working on an intercom integration i think that's a rough overview of all of the with the limit order testing like help from the community when it comes to testing our products before we push them out is just very very very helpful um before i close my update i just want to remind you that we have open positions and we are not just looking still for front-end developers but also for smart contract auditors so we have a role to fold so if you are a smart country auditor you know one please um check the wiki and send the cvs to talent at summer in the app that would be awesome that's it for my site thank you and just to clarify we we want full-time in-house auditors is that correct correct okay thanks aurora uh do we have any any questions for her okay all right so let's uh move on to um i have notes from vasily so we just today we got the audit from hacken on perpetual smart contracts and we got the top-notch rating of 9.8 out of 10 so we will be launching with audited contracts then we are making progress on limit and stop limit orders we are currently testing that in the front end on on bsc testnet and we are also steadily working uh to get ready for the mainnet deployment on all sides for instance we are now currently looking at improving the deployment scripts so that we could for instance um quickly deploy a new perpetual and that's that's it from the petrol side cool uh and if anyone here happens to have any strong contacts on the business development side for binance please get at me i think there could be some opportunities between both of us um and i'll continue with uh some business development updates um so if you guys have heard of multi-chain uh it's basically a cross-chain uh router um protocol that has integrated with over 40 chains and has about 6 billion in total value lots you can swap assets from all these different chains and they had recently started integrating rsk so this could be an opportunity for us to uh sort of devote um matters um regarding cross-chain swapping to you know external partner so this this could be big for us in addition we have begun uh initial development of a typescript sdk and solidity sdk uh for the xero protocol and our um you know speaking closely with potential partners on how to refine this for an easy and seamless integration with um you know the the um the popular mobile finance and crypto apps that we know today john depanti from the sovereign whispers now has joined us and i think he'd be interested in presenting what they've been doing and uh plan on doing cool john deponte please take the floor hi guys yeah cool uh jager thanks for the reminder just sorry just been dealing with some other stuff here at uh anyway so just to give you a brief update where we at we've created a doll we've had our first vote we've had a second vote um and we've even gone as far as you know establishing nfts and and we've had uh great support from i can't remember their names um i'll tell you now uh [Music] yeah maybe you can you're referring to the secretary dao yeah yeah so they're fantastic and i believe they're doing more work with you on other things so um basically we've got this doll going i must be honest i must pick up with the other cars it's sort of beaten off a bit i know we're waiting for budget the guys have a plan what to do and we we did our second vote on on the plan where we were gonna um do uh have an informal there's a website called sovereigns.com that's been built not quite finished um and it's a very unofficial sort of sovereign supporters thing um and then the idea was with the budget that we were going to spend it on telegram advertising to uh targeting crypto people and that's the long and short of it um but uh i believe the next move is now is just to get authorization from sovereign themselves read the budget the allocation and uh and then once that's happened then we can sort of finish up with a few things and then we can start advertising it and pushing people to the website which will then indirectly push people to the the sovereign website so you guys can go have a look sovereigns.com um offerings uh with an s at the end so whether yes at the end.com yeah it's uh it's a very sort of unofficial supporters club thing that's just you guys can have a look and comment but i mean the amount of work the guys have put in it's amazing it's unbelievable um and it's ready basically just to press the button i know there has been politics and i was on on the the uh forum the other day reading a post i must be honest it's massage person i've just been busy with normal dates or not like day-to-day stuff but um so i haven't really seen what the band has been but i mean i think we can all move on and and uh you know those that are in will be in and we just do what we've got to do because the end of the day guys want to chip out that's fine but we all want to build value so yeah that's pretty much it just far away uh is is the um is the is it possible for other community members or are you guys looking for other community members to join you and if so sort of with what kind of skill sets are you looking for um so i'm not sure about because obviously the the sovereign whispers things are changing with blockchain was for saying it's been kept in-house so i guess to be part of it and the way we've sort of set it up uh i don't know i'd have to just get the sentiment of everyone you know if if outsiders of blockchain can get involved uh i don't know i suppose if we pictured it shouldn't be a problem and it's just you know done the right way but i don't want to speak on behalf of others without knowing what the consensus is um but so i can find that out and report back to you guys uh with regards to skill sets i think most of it's been done it's just now a matter of actioning it you know and we can't actually much without the budget because all the stuff that's that's been done has just been done you know free will you know um there's a website being built by our guys cars have come up with a plan on this and it's all just been done what do you call it non-grata you know because they just believe and so and i think you guys have a discord it might be a good idea for you guys to publish the the the website and the discord uh to the forum so if other people are interested in seeing what you guys are doing or getting involved they can absolutely so yeah we definitely got a discord but again uh jager let me just find out from um you know from the internal community if they're happy to do that where everyone's at because i know there has been a bit of politics and where everyone is i don't know but i will in the next week i will um dedicate a couple of hours and then chase up with everyone and what have you and then i don't know when have we got another community called two weeks time yep all right so maybe back to you inga all right um well this is it for updates i think um if we don't have any questions from the audience uh we you know we might very well just end this uh community call a bit early uh we do we do have a question from john john m on youtube he says question is zero still on track for q3 release uh yaga would you like to take that the one says yes short and sweet uh john would you like is there anything else you would like to add today uh nope i think i think that you know the answer to the question is yes okay awesome uh just for clarification what will be like the first actions that users will be able to take with the xero protocol is it just the taking out the loan will there be like what pools could they deposit like will it be compatible with xusd so the the initial functionality um is going to be interacting with or rather creating a line of credit adjusting a line of credit um so basically drawing more debt or or paying down your existing debt and then depositing zusd into the stability pool and redeeming zusd for rbtc you and uh and liquidating underwater or not underwater but under collateralized lines of credit so almost all of the same functionality um as uh as the original liquidity protocol that um zero was forked from um and then i think it's been discussed already that a hundred percent of the fees generated by the protocol um borrowing fees and redemption fees will be going to sov stakers um and then their zusd will initially get most of its utility from x usd so the uh zusd um we are going to be introducing a proposal to the babelfish community to add zusd to the xusd aggregator and if the babelfish community approves that proposal then you will be able to use your zusd through xusd to get access to all of the liquidity pools um that that have currently been built out for xusd including the amm pools the lending pools margin trading etc um so that's how we initially see zusc getting utility and then um as time goes on um we'll build out the sovereign mint protocol which will basically wrap up zusd into the sovereign mint stablecoin and then we'll build out the liquidity sources for the for for the sovereign mint stablecoin um so you know trading trading pools lending pools uh fiat on off ramps et cetera um and the long term plan is that is that um the the bitcoin back stablecoin becomes the like main or or you know dominant uh stablecoin in the protocol so that you know we can we can be a bitcoin centric um ecosystem and we're not relying as much on on the fiat uh coins much appreciated like thanks for the in-depth uh answer uh we've got another question how is the process with the vc deal going um yeah i think we mentioned earlier that we are undergoing um another round with some strategic partners and you guys will know about it when there is a proposal on the forum put together i don't know if you want to add anything more to that iago but i think that's more or less it i have nothing to add at this point okay someone asked for a dropper update i pinged michael perenti from dropper to see if he can hop in real quick i don't know that he'll respond in time but just want you to know debo that i did hit him up um but yeah you're welcome to to hit them up on their channels and um get some of the latest dropper news so floopydisk asks i've read that battlefish is doing a ui update will that be coordinated with the sovereign ui update my guess is i don't know that they are um coordinated in in tandem though um you know battlefish is a very close partner and um yeah we do we're separate teams i have a follow-up question on xero um are there any plans are there any plans to add um the suv token to the zero protocol so that you can take a loan against your suv john would you like to respond could you uh please repeat the question sorry the question was are there plans to allow for loans collateralized with sov rather than btc oh um i don't think um anything has been publicly mentioned about it um so i i i don't know if i can say uh well i think there is a plan to do that and there will be further announcements about that uh coming forward coolest things sacral um since you asked that question what do you think of that potential feature um it's it's a difficult question i think it might be really interesting but i think there are also a lot of dangers involved with it so um so my question um was targeted at um well let's let's say um so i i don't mean to to spread any fat here or anything um i just thought it through um because of our tokenomics circle or of the circle of tokens and um if if the so let's we we did some on-chain analysis and um there are currently large holders and most of them are holding sov but there is a lot of liquid suv that you can see on chain and let's say some of these guys wanted to sell some suv they would they they could potentially crash crash the market and if they could use the zero protocol and to take a loan against their suv instead of btc i think it would be a huge risk for the protocol for the xero protocol so that that was why i asked this question and um i mean it would be really cool if if he could all use suv and and take a loan against our suv would be amazing to do that but i think there would be have um a lot of more security measurements than compared to a btc loan that is collateralized at one hundred ten percent um just so i understand what you're saying um you said that they would the people who have a liquid sov they could choose to sell their suv or they could choose to take a loan and my i i understood you saying that that was a potential risk although it seems like it would to me it seems like it would be the opposite so that it would provide an avenue where people who potentially would sell because they need the liquidity would have an avenue to maintain their sov positions and have liquidity nonetheless um well what i thought is let's say you you have a very big suv position and you are not able to sell it onto the market because you would sell at a loss because um it would crash the price so a significant amount of suv like high 600 or seven digit amount of sov but what you can do is if you potentially use zero and take a 110 percent loan against your sov you get a lot of of zusd and you could convert that into into btc and run away and yeah the protocol would hold all the suv where whereas the whale could just put all that you see into btc go away and um yeah that there is a risk that's a zero protocol could lose its spec if i understand the protocol correctly yeah i think he pointed that out nicely because these are the two things like on the foot side we have the option to get liquidity without selling it so it would reduce the sell pressure and therefore probably be very beneficial to the token price at least i think so whereas on the other side there is the risk what happens if the sov price will drop and the positions cannot be liquidated so what we would need to do of course is make sure that srv collateral has to be like the collateralization ratio would need to be much much much higher also on the lending pools we already have different limits on our lending pools you need to have 150 conductorization for um if you're depositing bitcoin or x usd but you need to maintain or you need to start with at least with 300 collateral if you are using sov and we have to take similar precaution when it comes to sov for zero and potentially even ask for higher qualitization ratio than that one to reduce the risk of that happening but still then you're very right that this is a risk you need to weigh very carefully before we launch such a product and also i want to mention that if you would do that it would be a separate protocol so it would not drain btc zero protocol but it would be a separate one most likely thank you yes that's that was exactly my thought um yeah i totally agree with you aurora thank you it could it could be very interesting to do it with suv nevertheless yeah so just to clarify the this potential sob backed stablecoin would not fall under mint sovereign mint table coin would it of course not so the government is in aggregation only of bitcoin collateral and and bitcoin currencies pristine will always be maintained separate from all other forms of cadastral for that purpose all right so when xero protocol launches with its bitcoin backstable coin will it be a different asset than the sovereign mint day one uh if if an sv or any other asset is added to zero uh then yes so what you would effectively be ending you like you know how z is the sort of as the intermediary token so you can use the usd to you can get x usd or you can get the bitcoin dollar um and um you know so so mint generates the sovereign bitcoin dollar and then we have x usd which also allows you to convert into die or ustc or other types of stable coins so we do not anticipate that zusd itself acts as a currency it acts as an intermediary token a way of basically transferring the value that you have in collateral from zero to some kind of stable coin and getting that stable coin the same thing would happen with sov but it wouldn't be with zusd because it's a different collateral pool so there would be a different intermediary token you would never be able to get at least you'd never be able to convert it into a sovereign dollar from the mint but you'd be able to trade it for sovereign dollars by going through the intermediary uh of x usd so the way to think about the zero protocol is the when the ui is mature people won't see zusd or they won't see any of these other intermediary tokens um they'll receive the stablecoin value that they want um and in the case of bitcoin back zero that would include the bitcoin dollar um and in the case of anything else any other type of collateral type would only be something like an x usd um if fine line is on the line uh i don't know she is this sounds like the kind of thing that should be clarified much more simply with a graphical representation explaining it in words is i i as i'm doing it i'm i feel like i'm just confusing everyone and myself yeah i'm still trying to wrap my head around it bottom line there are separate pools the collateral the bitcoin collateral will never be mixed with other forms of collateral and if some other pool of collateral has a problem it's not going to impact the bitcoin collateral yeah that's great um yeah that's um that's good yeah um so sorry if that question was a bit unclear before we were just having some discussions in in our newly formed circle and uh there was a lot of brainstorming going on and i was just curious what um what you're thinking about it sure yeah would be great for the visual learners uh if we ever get a graphic for this thing um if do we have any uh final questions as we still have uh about 10 minutes left for this call yeah hey guys um hang on girls uh this is bobbers just i know i know you'll do an announcement when the uh uh the fundraising or whatever you want to call it happens i'm just hoping if you could maybe provide some color of what it's like right now uh to get that because everywhere i'm looking and reading it's a nightmare scenario from uh investor sentiment and then kind of backtrack here you wanted some feedback on the new site and how everything's going i absolutely love it i think it's unbelievable i'm uh i i was just curious if you could offer some color of the big investors of what they're thinking or what their concerns are in this stage of the game because as you're seeing today the markets are already giving us a little bit of a entertaining entertaining day to say the least today uh so it's just a messy environment i was wondering if you could offer some color on how that's affecting this process that's all thank you um yeah so uh the um the strategic investors that we've been talking to we've been dumping relationships with over a long period of time and they're not the standard profile of um sort of crypto hedge fund investors um so [Music] you know we early on made a decision that we were not going to really focus on that type of investor um that said of course you know there's impact the the most obvious impact is around um price uh the the the it is anticipated that the price will be uh um a sort of a blended average of a time weighted average of price and so if price goes up or price goes down that obviously is going to impact the the the the price at which the round is raised um there's also a additional point which is that um you know if sentiment uh gets weak then there can be knock-off effects um so you know investors lps may want to pull out or investors could get cold feet um so far i don't think that this has really impacted us and i don't expect it is likely to impact us but there's always that kind of tail risk so part of the reason why we can't really comment on anything until it's complete is because this isn't uh you know it involves third parties their decisions and their um you know private decisions um so it's just it's it's not the kind of thing that we're able to comment on until they choose to comment no i totally understand yago i really appreciate it um and i know sometimes it's tough environment you guys are [ __ ] awesome amazing team amazing uh amazing company and love it looking forward to seeing the next five years old thanks guys thank you all right that he will uh so thanks everyone for joining our call and being part of our mission to carve out a trail for bitcoin secured financial sovereignty dismantling what people know and understand about money so help us spread the word and create more sovereign individuals and follow us on twitter and telegram sovereign btc subscribe to sovereign youtube channel and visit our dap at sovereign.app so thanks everyone i'll hang for a few minutes just in case uh another question pops up but this now adjourns the recording stay sovereign everybody

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welcome everyone to sovereign community call episode 41. this is ingalandia head of ecosystem growth with sovereign the place to be for your bitcoin defy needs we've got some awesome news to share with you all including our circle of tokens new features for loans and sit 48 presented by general catalyst their investment proposal if you know someone from a project that could benefit from collaborating with us feel free to dm me on twitter or discord at anglandia uh they could be for example mobile apps payment platforms thought leaders player one ecosystems fund managers etc people who hold a lot of bitcoin and are looking for a secure way to use it send them directly to us um and we'll see if there's a possible way we can collaborate so you know where to find me thank you for joining us here thank you for sharing in this mission the guidelines are if you'd like to speak toggle the mute button and be patient we'll get to you also note that we periodically pause for any questions you might have and if you're feeling a little shy you can post your questions in the general channel in our discord however we love people who participate we love people who uh talk to us this is an open forum uh an open discussion uh we're not here talking at you this is a a dialogue among fellow sovereign individuals uh so with that uh let me bring on zaniago with strategy hello again sovereigns um i'd like to start with a discussion about the state of the market which is across the board in every which way everywhere you look death and destruction um so obviously this is true uh for the bitcoin price it's true uh for all of crypto it's true for the stock market it's true for the bond market it's starting to be true for um consumer expenditures it's true for inflation and i think that there is an extremely high likelihood that we are not just entering into a bear market uh a bitcoin bear market but that we are also entering into the first global recession since 2008 which would also be the first recession that bitcoin has to weather uh and there's the old chinese curse may you live in interesting times and we certainly have the privilege of living in interesting times however those of you who are still here because some people um are not and that always happens um i think this is an extremely opportune time extremely exciting time and for sovereign in particular i think this is going to be an extremely important uh opportunity for us to um become the the project and move forward towards the type of project and towards the building the kind of thing that we want to build and the reason i say that is because um one of the interesting things that this brings um if indeed we are in a bear market and i think it's almost undeniable at this point that we are is that this will also be sovereign's first uh bear market um it's a very young project and uh and we've probably been weathering a bear market now for about six months it's always several months before you realize you're in a recession and the difference you know between the projects that are able to weather uh these downturns and the projects that are not um is huge the projects that come out of the other side invariably become leaders in the next wave and sovereign will come out on the other side we have a committed team of developers we have the resources and the budget and most importantly we have a community of sovereigns who are dedicated to the project for the long term and for what the project hopes to achieve rather than being attached to the momentary price of the sov token and i think that as a result this is a very opportune time for us to prove our metal um the best communities are forged uh in um a shared uh difficulty and i think um bear markets are difficult uh and we're probably all in our different ways experiencing it some of us have stock portfolios some of us are seeing the value of our salaries become less some of us are just seeing it in the people around us and internally in the the community and and for sovereign uh there's you know a lot of people who are primarily into the project uh for the token or maybe even believed in the project uh in its future and in its goals but are now are having a crisis of faith and some of them are becoming bitter and we see this in the comments and in various different places so what's important is that we weather this together that we see it as the opportunity that we that that it is and that we grasp this opportunity and realize that what's going to be particularly important in terms of this opportunity is that bull markets are full of noise and it's very very difficult for projects that are focusing on fundamentals and are not entering into various types of games in order to juice the short term to stand out in the fervor of of um you know noise that is the the bull market bear markets or signal and so it is up to us now to prove that we are signal we are sovereign but it will also be much easier for us to do that because we are signal and as the noise down is down the signal will be find it easier and easier to shine through so what do i expect um i don't know i i i you know i can't predict any better than anyone else on this call predicting the future is hard but i think we should be aware of the fact that this could be a long bear market it could be a particularly severe bear market and in many ways a more severe bear market could prove even better for us for the exactly that reason because now is the time for us to focus on um building the best product we can making sure it's delightful not uh because there's a bull rush but because it is providing real utility under any circumstance it is opportunity for us to see the usage that we're getting in our in our system and the growth in the usage that we're getting of the protocol is purely down to its fundamental value rather than hype and now is an opportunity for us to stand out it is also an opportunity for us to do some of the things which are harder to do in harvest season when you know a bull market exists we need to try and harvest as quickly as possible and grow as quickly as possible but now we can consolidate can take a little bit more time in particular i think what we should be focusing on um is building out those tools which are going to make it easier for those of you who are here to participate in a project to advocate for the project to become more sovereign yourselves and to become more part of sovereign for us to build out the community and that could be things like having meetups in different cities and for you guys to help host them it could be creating a series of advocates and it could be creating new community driven circles we already have an example of this in the circle of tokens which are doing who are doing fantastic work um just you know they they were set up just over two weeks ago introduced in the last community call and have already come forward with a great deal of analysis and um and uh uh recommendations um which i believe very likely there's still additional analysis being done but i think they have great ideas around how we can more effectively use our treasury in terms of sov rewards i think we can set up more such circles around various different things and so what i would like to do is next week have a community town hall focused on community and primarily what i hope we can do in that town hall is rather than having a presentation having a discussion and understanding because you guys are here understanding from you how you would be interested in getting involved what you think would make it easier for you to get involved and what would make it easier for you to help other people get involved in sovereign everyone is an sov staker everyone who is a sovereign now you know we could be looking at a two-year bear market but these two years are when we can be the guerrillas advocating for sovereign making it different and stand out from all of the other projects which don't have the type of community that luckily we have united by a shared sense of mission and a shared sense of purpose with that i think um we'll also be able to introduce someone new to that uh town hall and we'll introduce him a little bit today uh wayne who's come on board to help uh lead adoption um we went through what maybe the most grueling process of selection sovereign has ever performed in trying to bring on someone new and i'm extremely excited that we have found someone um who i think is not just sovereign but comes with a wealth of experience and he'll tell you guys a little bit about that when we get to the adoption section and then finally of course uh before we handing this on to talk about the many uh things that are being done and some of the updates that have happened recently we also have the proposal from gc which i think is a huge um vote of confidence in sovereign and in sovereign's future with a long-term vision and represents a new uh [Music] additional sort of institutions who are joining our community as well and so i'd encourage all of you to vote i think there are many eyes on this vote and we should try and make sure that the level of participation here is even higher than it usually is on sovereign votes and so with that thank you ingemar and i'm handing this back to you okay great um we have one question already uh that we can address right now uh from aaron in general he says uh once passed uh meanings 48 uh will gc start work tomorrow or wait till monday um what will the first days look like basically actually i'd like to if armando is on the call and i see he is do you mind answering the question armando sure so um part of the investment or essentially the investment as a whole is subject to um the decision of the autocracy so once the vote passes and it happens right now there will pass once but then we have all of the approvals that we need to conclude the investment part of the sip is that there is a company incorporated in the bvi that is essentially the the corporate entity that is going to be transacting with um gc and other investors there's an agreement between that entity and the investors and that needs to be finalized and then once that's finalized the vesting contract is created for the investors in the sov that they purchase is uh then transferred to those vesting contracts once the funds have been received to the exchequer so there's some uh administrative legal steps that need to be completed in order to to finalize that but one sex checker has approval we'll be moving forward in all of those um on all of those aspects looking to close this deal out um probably within the next few days to a couple of weeks i'd estimate right now all right so thanks for that question aaron uh hopefully uh you got your answer uh so next i will move on to uh product and governance with uh mr light so i'll uh i'll talk about uh the governance uh happenings uh here and uh leave the product updates which are primarily uh development related to to aurora um this week um so top of mind um is the stip 48 that was introduced by general counsel that yago mentioned this sip is for gc and the syndicate that they're putting together to purchase the bulk amount of sov from the sovereign treasury um it's been under discussion for about a week and a half and is currently up for a vote uh the vote is actually scheduled to end either during this call or shortly after it depending on how uh how block times on rsk are doing um and so if you are an sov staker and haven't uh checked this out and voted yet uh now now is the time to do so um so um yeah dot photography.sovereign.app is where you would go to do that um [Music] the next thing uh to mention is about the circle of tokens also mentioned by yago and introduced on the previous community call they have their own subcategory in the forum now where they have started a few topics of discussion related to sov economics and distribution and most relevant for today's update is that they have submitted their first proposal for review which proposes to change the liquidity mining rewards given to uh amm lps so definitely check that out if you're an sov holder who is interested in how the uh sovereign treasury sov is being allocated and or if you are an lp and you have opinions and perspectives to share uh regarding this proposed change to the liquidity mining rewards um i want to give a reminder for folks to review the bitocracy 3.0 sips sip 46 and sip 47. these have been up for review since um since last month um but uh you know we're keeping them up for review um until they're ready to be finalized so so just want to remind folks that those sips are up there if you haven't had a chance to take a look at it and you have an interest in the future of bitocracy and and decentralization of the sovereign protocol definitely go check those out and then uh also a reminder for folks that armando did publish the 2021 financial report which you can review in advance of an upcoming 2022 2023 budget stip um so definitely check that out um if you're interested in how the sovereign treasury has been utilized uh in 2021 and uh those are those are all of the uh the points that i had to cover today thank you great um oro i'd like to call you up and share some updates on the tech sure thanks ingamer so since the last call we had a few updates again the first update was one which was um long waited for which was the release which allows us to add collateral to our loans a much needed feature especially if prices are not fairing that well so now you're finally able to do that and this update did not come alone but it came together with a couple of other front-end improvements and new additions like the intercom integration for example um so if you haven't checked out the app in a while you can do so and see what's changed then just today um very short before this call started we had another trading update which introduced limit orders for margin trading making our limit order release complete for now um next on the pipeline for us are the transfer of contract ownership to governance the update of the bridge which i already mentioned in the past because we did some changes to safeguards and to be able to reduce the fees the zero beta release as well as the perp swaps where i'm not going into further detail but vasily can provide more details afterwards if it feels like apart from that we also continued working on past ptc we've sort of finished the reclaiming feature which we built for the case that we have outages in the future which we do not want to hope for but so that if it happens in the future you will be able to retrieve your funds if they were not yet sent and also other improvements and we have an audit scheduled for fast btc on sometime early june now i do not remember the exact day it might be the seventh um but anyway so in june the audit is starting it's going to take a bit more than a month and afterwards we should feel confident enough to raise our limits considerably so the 0.1 btc limits are soon a story of the past we also continued working on the sierra sdk as our first mvp sdk like the first part of the bigger sovereign sdk which should allow than third parties like big wallet providers to integrate xero and hopefully bring a whole lot of new users to subrin the liquidity mining update which has been in the works for a while some refactoring work on the front end as well as smart contracts um further work on the graph integration improvements to the cross chain flow the portfolio page the dab headers and all sorts of other improvements um apart from that i just want to point out to you um one issue we identified on the dap when it comes to repaying the loan and that's um just in case you stumble upon it and you wonder if you are trying to close the loan and you would leave behind a very tiny position like one or two dollar position it will try to close the loan completely and in doing so trying to get the remaining funds needed for closing the loan completely from you as well so if you have a 100 loan and you're closing 99 it will try to close 100 orders and if you do not have 100 orders the transaction will fail we are currently changing that so that it's not that confusing and the protocol is not just trying to get more money than you are expecting to provide um but in the meantime just be aware that you either need to leave behind a position which is still um bigger than more or less seven dollars or close a position completely all right and i think that's it from my side today and just giving the word to vasili in case he would want to elaborate on the progress yeah i can hi so we're really getting ready for the mainnet deployment so that means for instance we make sure that there's a good setup of the nodes so that the front-end user interaction is smooth we ensure that we have the relevant data in the graph so we can people can query statistics about the perps protocol and we're also testing the hell out of all kind of combinations of market limit and stop orders in test net so that all will be smooth on magnet also um we would like to get some help on announcing the curbs launch on bmv chain so if you happen to have any contacts from binance that could help us with that please let me your know okay that's that's it from my side and i will hand back to bingham all right thanks a lot everyone okay i'll move on to our next person so wayne from adoption uh one of our newest sovereign contributors uh and focusing on adoption please say hello and anything you'd like to share with the community thanks mate hi guys nice to meet everybody um even if indirectly i'm sure we'll kick off some uh more personal introductions and conversations soon um as yago mentioned i've just started um thinking the teeth in quite quickly though looking forward to um working with everybody um especially the the community members here um a little bit maybe on my background um i bring with me a decade and a half of leading teams in marketing media digital data and analytics across tech industries and digital agencies with a very strong focus on building brands and brand awareness and market um and driving driving growth for kind of both enterprise and startup organizations on that i've worked for some pretty big companies in australasia managing budgets in the hundreds of millions across consumer regions and the last couple years i think i've found a niche where i've i've worked with startups of all stages in particular early stage startups and driven them through pretty rapid growth phases um and even into multi-sales processes um and in the last couple of years um i've ended up in in cryptocurrency um the geek in me has always loved emerging technology and i followed the market um passively for some time so it was amazing to move into the crypto environment i've had a couple years in centralized um working in kind of a centralized exchange uh in crypto um but in the background i've really been delving into d5 uh decentralization and playing around with and all the protocols i can get my hands on um so undoubtedly i can say this for certain i'm more excited about jumping into this role than i have any role um in my career i think you know as soon as i saw the sovereign website and the sovereign ecosystem a couple months ago when i first talked to yago and co it just it really stood out to me and i immediately thought this this protocol should be absolutely massive in market and d5 um you know d5 on bitcoin blockchain indirectly the absolute breadth of features here in yago's vision um for the company and for you know creating sovereign individuals in general and then being on the discord for a while and seeing such a highly active um engaged community um this this particular business protocol really has stood out to me so i'm absolutely stoked to be on board and i'm looking forward to working with all the contributors to help kind of grow the brand and drive some growth help out promoting the features i'm very much looking forward to working with the community as well so working with community members collaborating with community members learning of community members um i'm going to jump into community channels very actively from now on so feel free to tag me have a conversation we'll jump into the forums i'll have a lot to learn off you guys and i'd love um collaboration and and input as well so yeah it's a little bit about me but dope to be on board um thank you for having me here i think from adoption perspective in terms of updates you know i've only just started but let me let me give it a shot at the updates and getting involved um very quickly working with the team on planning and strategy for the coming months and the rest of the year how we can how we can really sink our teeth in and help achieve these goals that sovereign and the sovereign community want to get to um putting some planning around uh the upcoming release of the xero white list and working with the facility on the perpetual futures campaign so there's two big focuses of mine and of the team um delving into the kind of brand project and some of the the front-end redesigned ux projects and you know the team continues to post amazing content on the wiki throughout the forum it's been great to be part of this uh this investment sip so um yeah getting getting settled in very quickly and um i look forward to chatting to community members in the coming weeks months whatever it may be thanks very much wayne it's a pleasure to have you on board uh after when cambodia also discovered that he's a fellow south african so um it seems a bit diluted now you know yeah all right back to you in glendale awesome uh just curious wayne is this the first dow that you uh have worked with first down i've contributed to um you know i've followed dallas for a while um i'm kind of you've been on discord channels to war and groups for a while i know they've been playing around with a lot of protocols but it's uh it is the first dow i am a contributor a direct contributor into awesome awesome very very cool to know and and very interested in how um how your experiences as you onboard with this sort of remote collective project amazing thus far very very um very welcoming intelligent group of people um and i like the hustle and the quick way of working all right fantastic so um as for me what i can share is um uh sovereign is taking the direction of ideating a a mobile app a mobile banking application platform where users will have access to all of the the d5 protocols of sovereign to interact with the protocols permissionlessly um with the addition of uh features that involve on and off ramping uh from fiat and uh basically the ultimate card experience for bitcoin users and uh we're in the process of speaking to potential providers who can help us build that app uh that banking platform and that process is still in the planning phases i have um i have a bubble chart of the user flow but i'm not sure it's too early to share that uh because it's uh pretty pretty fresh i don't know iago if you have an opinion on that maybe i should save it for later when we have the partner uh i think as it becomes relevant we can talk about it more okay sounds good um i will also be present at consensus 2022 in uh the second week of june in austin and uh if i'm not speaking there i'll definitely be speaking at uh some side events uh around bitcoin defy and i was also invited to a talk hosted by um dystopia labs and they're having a like a remote uh conference and i'll be doing a presentation there on bitcoin backstable coins so just keep an eye on that and finally i would like to introduce the circle of tokens so that you can maybe walk us through the um uh the forum threads uh that you've recently um posted uh so sakro desaroy yeah for bananas any of you available to maybe screen share and just walk us through the ideas that you had in mind regarding liquidity mining rewards all right hi everyone this is sacro um i'm sorry i cannot share my screen at the moment because i'm on my phone um but i've i have prepared um a small write-up for you guys if you don't know me i'm a community member and as of recently the head of the circle of tokens the circle of tokens is the first sovereign circle that came directly from the sovereign community our goal is to use the sovereign subgraph to analyze data around the sovereign ecosystem and to make it available to bitter and the exchanger we hope that this information can make decision making and governance better and easier we also want to use the data driven approach to distribute distribute liquidity in the am inputs more efficiently and also improve as you read tokenomics we have posted some articles in the forum recently please check them out if you want to know more about our work i would like to mention that our circle has no decision-making power we only compile data analyze it and pass it on to the extractor and the bitocracy if we see problems or opportunities we draw attention to them and suggest changes recently we have set up our first proposal we have analyzed the amm pool data we have dealt with questions like what is the liquidity situation in the pools how much volume and return do the individual pool's generate where are the suv rewards invested wisely and where are we burning valuable suv every week without any benefit to the protocol i would now like to briefly discuss our first proposal this is for the suv rewards for liquidity mining in the amm pools the data i refer to can be read in the forum in the future when the subgraph is publicly available pletocracy should also be able to verify this data unfortunately this is not yet possible the most important metric for our proposal besides others is how much reward cost do we have per weekly trade volume i will mention this stats for each pool for more data please have a look at the forum so now we propose to change the liquidity mining rewards as follows first increase suv rewards for the x-usd btc pool from 15 000 suv to 25 000 suv per week the x-usd btc pool is one the one with the largest trading volume we would like to increase the liquidity in this pool and we hope to increase the volume of the app with this measure weekly cost per one btc trade volume in this pool is currently 0.0078 btc second reduce sov rewards for the mint btc pool from 15000 suv to 5000 suv per week the mint pool has a very low trading volume and a very low liquidity when compared with other suv reward pools and at the same time the highest ap are apy of all pools even more than the suv pool we want to bring this pool closer to the others the liquidity in the pool is not efficiently used also the bonding curve app is now live weekly cost per one btc trade volume in this pool 0.29 btc third reduce rewards for the east btc pool from 15000 suv to 5000 suv per week the east pool has very good liquidity but this liquidity has not really been used is does not does not have a systemic relevance for the sovereign protocol we hope that this measure could move some of the liquidity to more important pools like the x-usd btc pool weekly cost per one btc trade volume in this pool is 0.8 btc fourth cut the suv rewards for the bnb pool from 15000 suv per week to zero this pool has barely has barely been used and is running on a huge loss for a long time now bnb has no systemic relevance to the dmp neither the bridge nor the perps are affected by this measure of course we may lose a lot of liquidity here it remains to be seen whether the liquidity will leave our system or reappear in other pools in any case borrowing bnb btc liquidity is anything but economical and that is why we want to stop it weekly cost per one btc trade volume in this pool is 0.115 btc the circle will closely monitor the pools we will collect data on what changes there are in the pools and whether these changes are working as intended it is likely that we will propose further changes or partially reverse changes based on the reactions in the data if this proposal finds acceptance in total these measures would reduce sov rewards by 25 000 000 suv per week instead of 450 000 suv per month there would then only be 343 000 reward suv per month paid out due to the 10-month resting the effect of the reduced suv distribution will probably only be seen after a few months there is also ongoing research on the topic of liquid rewards i would also like to point out that there are already that there already has been some discussion in the forum and some critics to our proposal on the one hand critics about impermanent loss which was admittedly very high at present especially in the suv and in pool this is at least partly due to the fact that sov rewards are far too high and the market has not been able to absorb the oversupply of liquid suv in recent months this is exactly what we want to change with our measures on the other hand it is about the fact that the real rewards have been a bit lower than expected for some time because the reward api calculates with block times of 30 seconds while the real block times are rather between 32 and 33 seconds one more remark we are not proposing this to repel people we believe that we need changes to the token inflation rate and liquidity mining rewards to make sovereign fit for the future we want to stabilize the token price and we want to achieve a good staking api to increase the fundamental value of the suv token we want to make the rewards and liquidity mining sustainable and still rewarding and pools that are valuable to solvent thanks awesome thanks this is very much that was awesome really it's it's uh extremely uh great work and um you know i want to thank everyone who is involved in the hard work of the circle of tokens and putting that together um i i think it would be really really great if um those of you who are on this call and are currently providing uh liquidity rewards liquidity mining rewards or would consider um doing so in light of the changes proposed if you guys could um could speak up and give some of your opinions that would be awesome also if anyone has questions about that anything we've heard sakura where do you stand regarding making the tokens liquid yeah i i have written a form thread around it i think it's a very very difficult task it would have a lot of benefits especially with regarding the calculation of impermanent loss but also with regards to changing rewards more frequently based on the data but i i don't think that we can do it for our pools immediately it would have to be a slow process over a longer time period because otherwise with all the liquid suv there would be too much suv coming to the market in the short term and um i think it would be very likely that this would crash the price even more aurora do you have thoughts on potentially um ratcheting it uh down in terms of we could maybe you know a go from a 10-month locker period to a seven-month locker period with uh three months in with you know what would have been 30 immediately liquid and then maybe go up to half half and you know have a gradual process of introducing a higher degree of liquidity in these pools and potentially yeah that's very similar to what i wanted to suggest so um we have the option to specify each time we are transferring rewards to the pool which is collecting all of the rewards where you're then claiming from we can specify how much of the rewards are supposed to be liquid and how much should be vested so we can set whatever percentage we would want to so we could start with 10 being liquid then 20 being liquid 30 being liquid what is not very easy is what jago you just suggested with reducing the vesting duration because this would mean that he would need to deploy a new vesting contract which then again means for everyone who's getting reward sov that they would not have just one contract where they're withdrawing from but they have multiple contracts where they have to withdraw from and then therefore also multiple times the transaction costs to withdraw from them so i think it would be preferable to instead of changing the vesting duration changing the ratio between what is liquid immediately and what is going to be vested more of the tokens liquid let's say we make 10 of the tokens liquid do you think and this is a question to all of you we could potentially even reduce amount of tokens that we are providing to the pools more dramatically and i think sakura one key question i would have around this is what amount of sov do we need to distribute to offset impermanent loss because that that would provide us with a strong baseline around which you know there would be like the minimum we would want to provide perhaps and then on top of that um it's uh it becomes easier for us to say you know this is a 20 apy or a 10 api yes um i cannot answer the question right now it's a bit complicated with um the 10-month wasting um but we just today we had a call in our circle and we are working um to get that data for you i will try to elaborate on that since i i've been taking a stab between the impermanent loss analysis the the difficulty is impermanent loss is very individualized right um we we can't just sit here and say oh hey it's it's you know x percent of impermanent loss that has applied to everybody because the impermanent loss can be very different depending on how long and at what point in time uh you know a person uh first put into the pool and then when they withdraw and then kind of sacro alluded to as to when they're getting those sov versus the price drop 10 10 months from now so any analysis that we put out within permanent loss has to kind of come with these disclaimers of like but it's with this you know frame of context like we looked at it only during this like one week snapshot like there's no singular right answer to say hey this is the impermanent loss and this is the perfect amount of reward that can offset it there's there's just too many moving puzzle pieces so we're working on it but i just kind of want to get that disclaimer there thank you right like what benchmarks do we want to really go by do we want to go by the last three months last month yeah there's a lot to factor in one one more question for sacro and this is you were suggesting different liquidity margin reward changes to the aim and pools but we also have liquidity modern rewards for the x usd lending pool are you suggesting to change anything about that as well no not yet we have not looked at the landing pool and we know that there is um also a considerable amount of suv that is paid out no but we have not looked at it and i i don't have strong opinions about it i really don't know i would just would say to that one that it is it might very well be much preferable to provide money to the xusd lending pool um over to the ex usdr btc pool ammon pool because the landing pool is not having a permanent loss it's currently having the same sov rewards um so if you are an excuse the holder or in general you have stable coins you would like to get yield on i think that with the current structure we are incentivizing people more to supply their funds to the vending pool than to the amm pool and i think that we should look that the airmen pool is more strongly incentivized because that's the pool which is relevant for our pricing and the x usd lending pool needs just enough incentivation to make sure that we are having enough liquidity to enable margin trading um the only thing i'd like to add to that is that um i mean while i completely understand that point that it it may work a little differently in in practice the one thing that we have to keep in mind here is within permanent loss um it's not always the case i mean people potentially can suffer in permanent loss in the you know yield farming um you know in the in the uh in the in the uh paired pools um but it's not always the case i mean you know there's often times where uh you know people can benefit from from those pools when the price action is going in the opposite direction i mean currently right now sure and permanent loss is a real thing um so that's another thing that we need to take into consideration as well is that it's not just a one-sided one direction way of going i mean in the past i've i've provided liquidity in those pools and you know fared pretty well um when the price was moving in a different direction so uh that's worth um considering as well also in the um you know in the xusd lending pool um you know i'll dodge myself a little bit here so you know i i use that pool uh as well i i i do believe that the functionality of the rewards there um probably work pretty well um given the fact of how that um the x usd pool is you know as well funded and and when people are borrowing against it there's you know um you know liquidity there um it we may not be that far off in that particular pool but i think with the with the paired pools i i believe with the yield farming i i believe that um you know that definitely deserved a closer look because some of them were just not really utilized and the ones that are i think adjustments are certainly in order there uh but i think we just need to keep in mind that it's not always you know impermanent losses is always a real thing but it's not always a thing if that makes sense aurora following up on your your question on the xusd pool can you confirm like what are the the revenue drivers that we get from um from that on on software inside like we generate fees from from margin trading when they borrow xcsd is there anything else because that would help us uh then look at the graph and kind of see the bang for the buck that we're getting one which we're not missing anything there are three different fees one is the trading fee which is applied every time there is a marching trade happening then there is the origination fees for borrowing so if someone chooses birth from the pool there's a um fee as well and then there's the lending fee which is paid by the lenders and it's taken from the interest and if i remember correctly the settings are 0.15 trading fee 0.09 origination fee for borrowing and 10 percent lending fee which means that 10 of the interest earned goes to the protocol great i think we'll be able to use that and kind of do some deeper analysis and then um i guess while i'm asking you questions um we talked about it before but i think it'd be helpful for the community to understand that that if we do wind down the rewards on these pools which which we plan on doing um you know can you maybe mention like why there is or isn't any kind of risk to the protocol and and and and like what if we remove the rewards and and effectively nobody's trading and then liquidity just drains down like what's the the risk to that because i think some people feel that we're kind of cat like um imprisoned by the rewards that we have to keep the liquidity in there otherwise something bad is going to happen i think that while it's true that the year for being helps to keep liquidity just because rewards are higher and um but i think that especially for the landing pool there is a lot of incentivation apart from the liquidity mining reports because you are getting interest and the interest payments are not that low so if we would remove the liquidity mining rewards it might be that liquidity is leaving the system and this means that as funds are being withdrawn from the lending pool the utilization rate is increasing and the interest rate is depending on the utilization rate so if the utilization rate goes up the interest rate also goes up which means that the liquidity providers earn more x usd and if your interest goes up from five percent to eight percent for example when it is again incentivizing for new liquidity providers to add more funds to the pool because they also want to have a share of the cake so the landing pools are already constructed in a way that even without additional liquidity mining rewards there is a lot of incentivation so i think it might even work just as well without liquidity mining rewards at all but it might also be mistaken um so if all of it would be removed except those which just borrowed um then this would have of course the negative side effect that we could not create new trades we could not take out new loans but it would also mean that we would have very very high lending rates so it should not take too much time until new funds are entering the system all right we're coming up towards the end do we have any questions from uh the audience on anything mentioned thus far [Music] um well yes yeah i'm here first of all i want to say a warm welcome to wayne glad you glad we have you here thank you very much i wish you all the best in this um rough uh in this rough environment and well good luck and all the best from this side thank you and one thing i it's an idea it came in the dojo a few times on the rewards is um why can't we have like um like the the action we want to see like um the 10 month 10 months westing or have it staked at a minimum time of 10 months like decide at the point of reward with trouble decide if you want to have it vested for like 10 months or stake it all right now for a minimum time of 10 months or maybe give it a third option of having a little bit like a fraction of those rewards have it right now liquid or get the 10 months resting or stake it all together right now but for a minimum time of 10 months something like that that's a lot of options um the idea was to have the calendar where you can uh pick your your poison so to say on how long you want to stake if you're coming from the root of um having a reward you don't have any options then 10 months plus in the future just take it all right now so it doesn't go into the vesting contract but into the staking contract if that's a feasible option i don't know yeah i mean it's theoretically definitely possible and a good point to consider i have a small opinion on this um you know i think one of the discussions we've had in in the circle of tokens is is there's no shortage of ideas right but what we do have a shortage of is is deaf resources and sometimes i i feel like aurora probably listens to these and it says wow okay like we can do that but like you know do we have the time and resources and i think what we've been trying to brainstorm in the circle of tokens is is is what ideas can we immediately implement that take little to zero technical debt that can give us enough data points to then we can definitively take it to the dev team and say hey this is an idea this is working let's implement it so i think that was tom who was speaking you know it'd be great if you kind of like um you know message us or post on the forum some of these ideas and we can think about these ways of like how can we emulate these without actually making the code change and then we can go to the graph data and say you know is it working errors or not and so we'll kind of do this like rough work first before we we we finalize it so i definitely think the ideas are welcome but we do have to acknowledge um you know our resources and everything that we requested dev team to do is is taken away from very high priority things like you know the sdk and uh zero and perps yeah you're totally right i mean throwing ideas around isn't hard um of course it's an idea nothing more i just wanted to throw it there for maybe it is fruitful maybe not maybe it's hard maybe it's easy i don't know but i will post it on the forum and let's see yeah perfect you know one idea i'll just kind of mention here is like you know if we look at the data in the graph and we say hey we have this idea we can maybe even set up just like a multi-sig wallet that exchequer funds and then we can have a very simple script where we can manually disperse and kind of target where we want some of these rewards to go and so that's something that we don't need the dev work to do but we can just experiment with so ideas like this let's keep the conversations going so thanks and with that we're uh totally clear to have uh more conversations on this community call but i will close out the recording so hanzico feel free to uh push the stop button and i want to thank everyone here for joining us and being a part of our mission to carve out a trail for bitcoin secured financial sovereignty dismantling what people know and understand about money so help us spread the word and create our sovereign individuals don't forget to follow us on twitter and telegram uh twitter is uh sovereign btc uh follow us on youtube subscribe and visit our dap at sovereign.app so this ends the recording uh and now the off the record chat begins now and

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hello everybody welcome to sovereign community call episode 42. this is angelandia head of ecosystem growth uh with sovereign the place to be for your bitcoin defy needs we've got some awesome news to share with you all including the zero waitlist margin limit orders and the passing of sip 48 the general catalyst investment proposal so if you know someone from a project that could benefit from collaborating with us feel free to dm me on twitter or discord at angelandia uh whether it's crypto mobile apps payment platforms thought leaders uh other layer one ecosystems fund managers etc send me a dm and we'll see if there's a possible way to collaborate uh i'm also in austin texas for consensus 2022 so if you're here feel free to hit me up um and thank you all for joining us here and sharing in this mission the guidelines are if you like to speak toggle the mute button and be patient we'll get to you also note that we periodically pause for any questions you might have and you can also feel free to post your questions in the general channel and our discord and we'll get to them as soon as we can uh so with that i would like to pass it on to edoniago with strategy hello sovereigns good to talk to you guys again um a few things to cover so first of all you might see uh unchain um some significant movement of tokens uh into new vesting contracts um this is related to the gc proposal around the investment and so if you do see that that is part of what you're seeing we expect the process around this round to be coming to a close relatively soon with the ability to make more public announcements around it over the coming weeks beyond that uh i'd like to give a shout out to a forum post uh in the sovereign forum um posted by the sovereign whispers dow which was founded by a number of bcw community members i think what they're looking to do is very cool and exciting so check that out i'd also like to give a shout out to babelfish who are going to be having a vote i believe this coming monday or tuesday on integration of the xero token zusd into their system allowing um bitcoin to be collateralized and then um users to borrow uh in basically all of the different stable coins that are available in babel fish so they include usdc tether and others so if you are also a community member or would like to be now is an opportunity to become a fish staker and participate in that upcoming vote and um on in other news [Music] we said we would have at the beginning of last week a community town hall around community engagement and we didn't have this and it's something we don't like to do but there's a reason for that and that is because we um have undergone a fairly significant restructuring of the team which took up a lot of time this meant um so this was on the basis this that this entails two things first um there's been a bunch of learnings around how to increase and improve our organizational capacity and changes to the structure of the team and so we put those things into action the second thing is to make sure that we were properly managing the treasury and the budget with an eye to even in the worst potential circumstances of a bear market making sure that sovereign is here to stay that we have runway for at least two years we have also significantly reduced expenditures first of all non-headcount expenditures have been reduced and a new budget will be presented and then in addition to that headcount expenditure was also reduced and so there are a number of sovereign core team members who um are either going to um ends their current uh sort of tour of duty with with sovereign sovereign core and others who will be switching to compensation in purely sov form all of this required a huge amount of attention from us and so we expect that we will soon be able to announce this community uh meeting again but i think the the you know i'm kind of burying the lead here the the the bigger news is that we we spent the last two weeks involved in this restructuring um because we had to say goodbye to some core members it was a bit of a painful process but very necessary if we are to be responsible custodians of this mission and make sure that sovereign is under any circumstances here to stay so those are the big news and it's also why we postponed the community meeting to this week from last week so that we could make sure that we had the time available to to complete that process and with that i'm handing it back over to you uh in glendale okay i'm going to move this on and bring up wayne with adoption because he may he may have to hop on another call so i'm going to have him uh next hi everybody nice to see everyone um thanks i'm glad here um i'll cover off campaign activity um in the marketing or the adoption team and then core activity that we're working on um i think big news recently was the zero weightless launch um which has gone very well we've had a few thousand registrants into the waitlist launch so if you or any other sovereign advocates you know um haven't signed up yet please get in there now to get to the front of the queue um and just a reminder about the referral system in there for friends and family and you can you can jump up the weightless queue to try out that feature when we start onboarding people um you'll see marketing um activity and promotional activity picking up i mentioned that will pick up very heavily in the coming weeks um planning on putting some pr and market getting yago on some podcasts and interviews is an authority in front of the conversation um some third-party content competitions on social i think we've got some very cool activity planned there um and i think we're going to get some some great reach and results from this campaign launch um we're planning for the perpetual futures competition which will be coming up in a few weeks which we'll announce um it'll be a trading competition um we'll have all the information on the website next week um functionality for um users to register for the trading competition all the details about the hard launch down the track and we're putting together some planning to promote uh perpetual futures to the community in the broader market teams got some really cool ideas especially around partnerships with trading groups and different countries even partnerships with finance trading groups we seem to have some ideas i think will get us some real traction with this feature um and i think the competition in the hard launch will be really cool features for the community um we're working on a um a trading competition on centralized exchange we're listed on which is uh la token a token um that we're finalizing the details today actually so that'll be a good test for um promotional activity um on centralized exchanges and how we can drive liquidity and price action on these exchanges um comparatively comparatively they're a small exchange but we've actually got a user base of a few million people so i think we'll get some really good reach there and it'll give us some benchmark um figures and some insights into the success of running these trading competitions in these centralized environments um we're going to up our pr and content strategy quite heavily in the future which people see i think a big focus of mine will be getting the brand out there with a bit more reach driving some brand awareness and consideration in the broader d5 and kind of bitcoin community and crypto community um and we're putting in place content calendars for the pr blogs social activity for the next few months which means i think we've got some pretty cool activity and and content coming out um in terms of core activity um we are a big focus on seo and organic optimization of the website currently we've done a full audit of the website and all of our content for seo and we're putting fixes in place currently um i think the team produces this amazing content but without the seo consideration we're getting no traction with a wider audience so that's a key focus of ours we're tidying up the current ux on the website in places um in preparation for the new brand launch and website which is a couple months away which is looking pretty awesome at this this stage um looking forward to sharing that when we have more to share um and the team's also working on you know how we can integrate more data and reporting into marketing and become a into adoption and become a more data-lit um team so a lot of activity on the go and some um big feature launches and campaigns coming out soon awesome wayne uh i have a question how well is the sign up uh for xero uh performing and are we getting a lot of referrals we are so um it has been what two weeks now and we have two thousand roughly two thousand signing ups for the waitlist um the viral effect which is you know people using the referral mechanism of about twenty percent so about twenty percent of people are using the referral code to jump up um the weightless queue um i'm pretty confident that with an uptick in activity that it'll be around you know 5 000 people can't guarantee anything on the weightless q by the end of the month um the product and the messaging has had some real appeal um so i think it's gonna be a highly attractive um product or feature for sovereign um and i think we're going to get some some big results behind it as we we up the activity i would just like to point out that uh i uh this this this referral mechanism for the queue really works like i never use these things because i never imagined that it's actually going to be helpful but i was uh in like 200 and something in the queue and i uh i tweeted some referrals and sent to some other people referrals but really was the tweets that drove most of it for me and i think i'm now like 20 or something like that in the queue so um you know 20 percent people referring those are rookie numbers people let's let's let's start referring everyone we know uh to this queue so we can get up in the queue and so that they can get onto zero and it's as it's an easy mechanism there's buttons there to just post straight onto twitter or social or email so yeah as you obviously jump in and refer all right um you heard it here first thanksgiving and uh thank you all for joining today um and for the folks who were at the twitter space yesterday thanks for joining that as well if you missed it definitely check out the video we did a q a about the zero protocol um in the twitter space yesterday so if you're interested in long form audio content about that you can check out the recording on the sovereign twitter feed sovereign btc um my updates today are primarily going to be about governance um so since the last community call a general council's sip 48 to purchase a bulk amount of sov from the treasury was approved by bitocracy uh as iago mentioned you'll you'll probably see some movement on chain relating to uh that uh that fundraising round and i would just want to give a big congratulations to uh general counsel for getting their first uh step through the process and approved and uh thanks thank you big thanks to them for their support of sovereignty and uh thanks to uh yeah light it's it's general catalyst the general council thankfully is something that sovereign doesn't need because it's a doubt general catalyst sorry there's definitely a uh typo in the notes here um yeah so definitely uh thanks to general catalyst for their support of uh sovereign and thanks to all the voters who participated whether you supported the proposal or not uh your participation is is appreciated um so left in the forum we have a few tips that are still under review not quite ready for a vote yet but the the text is up in and ready for review so we have uh two proposals related to the bittocracy 3.0 initiative uh transferring governance uh from the exchequer multisig to the sovereign plutocracy and that is a sip 46 and sip i've talked about these on a few of the last community calls uh they're still there in the forum ready for review if you haven't checked those out yet and you're interested in uh you know how you can advance uh decentralization of sovereign uh definitely go check out those tips and uh also a another reminder that uh our armando has published uh the 2021 financial report in advance of the the upcoming uh budget dip so if you're interested in sovereign governance sovereign financials um uh transparency uh definitely go check out that report uh he published that in the in the sovereign forum um light do you mind if i make a quick comment on that please do yeah so um as diego mentioned um the team's undergone um restructuring over the last couple of weeks which has also had an impact on treasury and burn rates so um the exchequer will be posting a new budget um [Music] uh so an updated one over the one that was was shared a couple of months ago uh and that's expected um in the next week or two uh and following it will be a review period and then a sip uh will be raised to approve that budget that's that's the update thanks light yeah thank you for that update armando um also since the last community call um i published a proposal in the babel fish governance forum similar to sovereign's sip or sovereign improvement proposal process they have bits battlefish improvement proposals and um the the bip that i published in their forum was a basically a proposal to add xeros zusd stablecoin to the xusd aggregator this is kind of a key piece of the puzzle to getting zero online and start giving utility to z osd so that z usd holders will be able to access all of the functionality that we've already built out for xusd um this proposal has been reviewed by members of the babel fish community so far the reception seems good and we are planning to put this proposal to a vote next tuesday we should get some final confirmation and announcements about this from the babel fish team by the end of this week if you are a fish staker we encourage you to support this proposal and vote yes when the vote starts since as i mentioned uh you know this this proposal is designed to add immediate value for zero users and sov stakers increase the usage and utility of xusd which will ultimately get be good for for fish state stakers as well and that is all of the governance updates that i had today i'll be happy to take any uh questions about that if anyone has questions if you prefer not to speak uh and prefer writing your question uh please use the general chat if you'd like to voice something um we have something from uh will fan uh will the fact that some core team members have left the team impact the project timeline at all sure i don't expect it to impact the primary timeline but we expect the timeline to be likely to be impacted regardless and the so this is not a staffing question but a technology question so um one of the things that we've been working towards uh we'd worked on this last year and we expected to be spending more of the second half of this year which we're now going to be entering soon is um the uh the sovereign roll-up the across the board this is not just a sovereign problem the complexity around providing roll-up technology is proving to be slower going for everyone you know we've uh been in close contact with teams like arbitram uh starkware the zksync team as well as others um and we've both worked on our own versions and have worked on or reviewed their technology and i expect that the likelihood of us having the roll-up complete by the end of this year is um questionable at this point so um this is not an impact uh of as a result of the restructuring but it is a result of uh but it is an impact to the road map which we will be reviewing again at the towards the beginning of the next quarter did you see on youtube um someone asked bob asks when do you expect xero to go live um so getting z usd added to the xusd um aggregator is is one of the final pieces of the puzzle of course we can't guarantee that the battlefield community will approve this proposal um but uh assuming that they do um then we will that's one of the last pieces of the puzzle so people will start receiving uh invites to actually use xero sometime within the next couple of weeks frank asks what about mints will it not be released in tandem with zero not during the private beta during the private beta people will be able to use zusd primarily through babel fish and then um later either towards the towards the end of the beta period or or in tandem with the general public release have it we'll have it integrated with sovereign mint as well all right we got one more question coming in from d2 man and looks like a follow-up from frank uh d2 man asks is there a reason why uh the game sips have not been mentioned and why are they not moving forward is the on the call hey yeah um do you want to speak to that yeah so i've been away since posting those i've been away for a couple weeks um and i've actually just been really super busy with some stuff so i think if anything that's on me for not pushing them forward uh some more so they're up on the forum um if anyone's interested take a peek give some more feedback um but yeah that's just that's on me really to to jump back on and get those going also i think there's um the the the new um is it circle of tokens or the the new group of people i know i think sacro is involved maybe a couple of others yes circle of tokens yeah um so i think they're also they put a lot of more analytical work in i would say than than me my sips are basically best feeling i think if anything we need to get together and work out kind of a combination of all of them i just haven't really talked with those guys yet if you guys haven't already the work that the circle of tokens has been doing is phenomenal and first of all extremely interesting uh provides a lot of insights and but on the basis of those inserts they have a really good recommendation so if you haven't already checked those out i would highly recommend astro asks hello to all sovereigns uh he wants to know if it's possible to do sovereign's integration with electrum wallet um the sovereign's integration was electron valid in what way i mean how like what would you want to do he didn't specify i would say i would say i mean anything is possible um as to whether or not uh the electrum community uh would accept such a change uh is you know a different question um there's there are no plans like on on the core teams roadmap to integrate uh sovereign into electrum um but uh that that could change if there's sufficient demand from electrum users for something like that and the electrum developers uh show willingness to accept such a change i would suggest uh as just a first step uh if you're if you are an electron user and you're interested in this um create an issue on the electron github and tell them what what kind of integration you would want to see and see how the uh see how the election community reacts i think that would be a good first step i'd also add like you know taking that kind of initiative um i think is very much in the spirit of what we're trying to do here and not have everything done by core team but this particular thing would probably be more effective i mean from a community member rather than a core team member because you know it would just simply be a user request rather than you know some kind of like organizational request and from what i know of the electrum community that would be viewed far more favorably yeah a similar thing worked with noah um a lot of people brought up sovereignty to them uh from the community and um you know that brought their attention we and they managed to make time uh to speak with us during uh bitcoin 2022 conference and and we have an ongoing conversation with them now about some things um so [Music] the community can can really make an impact um on getting sovereign noticed by other projects the the same thing happened with um bisque it was totally a community initiative and this got integrated with uh stock and was sovereign um you know i i think one of the things that we as a community should pride ourselves on is on being you know a community of sovereigns uh who have agency and take initiative um and where sovereigns have done that um it's tended to be very effective we do have a question from youtube from carl uh he says yaga what's the latest with the b team signed up but no response yet stay sovereign um very good question it's kind of fallen by the way side with the last two weeks and i expect we will pick it back up uh shortly okay i'm going to move this along i know we have more questions we'll get to them towards the end uh so thank you for your patience uh reminder to everybody on the call who isn't muted please meet yourself um otherwise if you make background noise i'm gonna have to mute you and if i mute you you cannot unmute yourself so just uh be aware of that thank you very much um so aurora please take the stage and um let us know what's been going on sure thanks so jago already mentioned it today we deployed vesting contracts it's not yet all of them it's um the first batch and we expect to see more the coming days us around is being closed um so yeah just so you do not figure out when you see this amount of sob being moved and then since the last call we had a few small releases um nothing big but small ones like a bug fix for the portis wallet because users were unable to make transactions and we are else preparing the deployment of a few different things and are currently finalizing the testing that's for the bridge update it's the option signature exchange which i already told you about now a few times um so there we are just finishing the qa testing and when that's done we are looking forward to deployed to mainnet next week we're also going to update the bridge fees lowering them significantly from where they are now then we are testing the final version of the smart contracts of xero um this testing is still happening on testnet but already with the main network contracts um that's supposed to be the final version so just need to finish that one and wait for the table fish tip to be approved to move forward apart from that we finished the fast pdc reclaiming feature and finally kicked off the long-awaited fast ptc audit with least authority yesterday it is expected to take until the 29th of july so that's a very long time it's for people looking at the code very very extensively and we are looking forward to the results and even more than the results are looking forward to being able to raise the limits on the bidirectional fast btc to also mirror the limits we have on the on-ramp to the off-ramp side another update which is going to come as a small one which is the issue we had with the repayment where you would leave behind the tiny position the protocol tried to get more money to close the complete position and now it will just revert but you should never be in the case where you actually get everybody transaction because the front end already able to tell you in advance careful the transaction is going to fail because you would leave behind a tiny position and tiny positions are just very expensive for the protocol because if they become liquidatable it's just not worth the transaction cost um then there is also qa testing happening on the perps for the main trading competition which is planned to launch not long after xero and the transfer of the contract ownerships to governance on the front-end side we're still working on the refactoring steps of the atomic components to have like a new better dap and the graph integration as well as some improvements of the question portfolio and depth header menus that's i think the most important stuff happening on the dev side are there any questions so far all righty um vasily uh would you like to share a bit on perps development yeah i think already mentioned that we are heavily testing then one other notable update is the following armando and i spoke to someone from bnb chain and he seems to be quite excited about our flavor of perpetuals and so we will cooperate with finance so wayne our cmo will will cooperate with binance to have a joint marketing for our mainnet launch which will be someone in july so that's some exciting news about perpetuals yeah fantastic uh vasily and i are both in austin um so if you guys happen to be out here uh feel free to hit us up and and we can link up during the conference um next i want to give a a brief update um regarding evie dao they've developed uh and tested an interface for interacting with their very unique uh stablecoin um right now called zbtc and um they have developed a fully usable mvp interface that does all of the core functionalities of the zbtc stablecoin system and i think we have radioactive ballerina here if you'd like to um share more about that yes okay great hi uh so yeah as the canyon introduced we have an update for you guys uh we last uh just to briefly recap we last discussed this about a couple of months back uh we are building uh what we are calling the zbdc now which is zero collateral bitcoin it's a a non-usd packed stablecoin that behaves like dampened bitcoin so it is less volatile than bitcoin but it still captures some of the appreciation so uh we discussed this a couple of months back for those of you that were on the call the news we have today is that we can offer you the first look on our app uh it is online now on the desknet let me drop a link on the general channel uh this is a youtube demo and the app itself is on this link so of course uh a disclaimer this is under active development and there will be lots of changing and changes in the upcoming days but uh this will give you guys a feel for what uh this is going to be like in practice uh you know in terms of the user experience uh we've modeled the interface roughly on you know the sovereign landing pages so any future integration could be easier and also because it's familiar to the users of sovereign so uh go ahead have a look at the demo video try out the app uh the few functionalities that need to be added but the core uh cdp creation redemption and removing collateral all of those functions work we need to update it with live oracles rather than the demo oracles we've used on the net but uh in terms of timelines we are looking at a mainnet launch very soon our audits under underway and so in in a couple of weeks maximum by the end of this month we should be ready for the mainnet launch and in the meanwhile we'd love for you guys to have a look and give us some feedback our content uh there's a lot of content coming up we're creating an easy explainer presentation to help people grasp the use case and uh you know the value proposition behind that btc as an inflation hedge uh that is not as volatile or you know uh that is meant for risk averse say institutions or retail investors a dampened form of bitcoin that offers better returns say than fiat fixed deposits but also does not pose the risk of holding you know native bitcoin in terms of volatility uh and just uh uh one the thing we wanted to point out in light of the recent terra uh collapse that our stable coin is going to be fully uh collateralized over collateralized in fact so we are not uh attempting to make an algorithmic only stable coin here this is closer to something like maker dow and die which is a fully collateralized fully backed stable coin the only difference again being that we're not pegged to the us dollar and lastly we've also been exploring possible integration with mint uh as an additional use case of our protocol as an additional collateral that could be sort of counter cyclical format so when bitcoin and all these other assets go down this is one asset that will stay stable in value and maybe continue to appreciate a bit so uh for more info you guys can check out our medium where there'll be more content coming there shortly and of course direct any question the doubts to me so uh does anybody uh want know anything further right now or you can direct dm me of course at any time uh do you have a white knight the white paper yeah yeah i'll i'll just drop the white paper then i'll do this last time too there we go yeah i encourage you guys to check out the blogs um it has it has like a a a modeling as to like what the zbt price or redemption rate would be um you know at different price points of bitcoin really really interesting stuff when you see how the stablecoin can um can still appreciate with bitcoin's appreciation and also stay like very very uh rigid when when bitcoin goes down in price so it's it's uh really interesting stuff i encourage you guys to read it yep and i'd like to add to that uh just you know the the risk parameters we're currently going with so we're looking at uh something up to a bitcoin price of 12 000 us dollar our model completely holds as expected and beyond that it starts to show slow decline in redemption rate so and we will be providing further mechanisms to keep it stable even beyond 12k in the future but currently it relies on those assumptions which we feel is is reasonable given with bitcoin's historic price action okay cool any any questions uh for radioactive ballerina before i start um addressing the questions in the general chat okay uh just out of curiosity has anybody here ever used um reflexer's ride token okay i heard someone unmute i don't know oh okay radioactive uh your microphone is malfunctioning again um so while he fixes that i'm going to address mr btc vc he said i asked this on telegram but it would be good to get the team's answer on this if the stability pool only gets liquidation gains then it may not be worth it for anyone to put zusd into the stability pool the stability pool in these protocols bear the brunt of the risks of the protocol and is why they usually get subsidized incentive rewards uh this might be a light question um well profitability in the stability pool um depends on two different factors one is liquidation volumes and the other is um uh the the the price of bitcoin uh relative to the value of the debt that gets liquidated um at the time of liquidation so on liquidy which is the protocol that zero is based on um given their uh like the the average price of of ether which is their form of collateral um at the time of liquidations the average profit per liquidation was about uh nine percent and factoring in like a total volume over a year a long period like the year-long period that the liquidity has been running it looks like stability pool providers are earning about half a percent uh per month um without accounting for the the subsidies that they're receiving from the liquidity tokens um half a percent uh doesn't seem like a lot um but it's higher than your average savings account um and like i said the if there's more liquidation volume than that no that number could go up um if there's less it could go down um so it's ultimately it's subjective some people are gonna think it's worth it other people are not um but the protocol does not actually need the stability pool to uh to function it's more of a matter of convenience so i'd add a couple of uh points to that so um john here in typical fashion uh is sort of underplaying the potential profitability of the stability pool in our modeling it is indeed half a percent per month but that comes to about eight percent annualized and that is taking out outlier months which were extremely profitable when you add in the extremely profitable months uh it's uh more than one and a half percent per month um which is an outstanding return you know at that point you're looking at close to 20 annualized um there's also an additional factor which is how many people are participating in the stability pool the smaller the ratio of participants in the stability pool to the total amount of circulating supply the um the more those participants earn and so the numbers that we're providing here are based on a model where the stability pool represents 15 of the circulating supply which would also mean that the stability book can cover the entire you know history of of liquidations even including very very extreme price drops in bitcoin um so we could uh manage as john says without the stability pool at all or even with a smaller amount of stability a smaller allocation to the stability pool which would make it even more profitable so participating in the stability bill can prove to be a very profitable endeavor uh it's not guaranteed of course it's very dependent to a degree on on bitcoin volatility one way to think about it is it also represents a partial hedge for bitcoin because if bitcoin's price drops you are able to earn potentially significant yield at those moments and then finally the sovereign treasury uh is anticipating to provide not insubstantial funds to the stability pool for two reasons first of all to make sure that there is value in the stability pool and second because we expect it's both going to provide value as a partial hedge and more importantly as a revenue stream for the sovereign treasury basically a way for uh the sovereign treasury to earn interest on um uh the funds held in the treasury um and so we do not see at this point the value in subsidizing that pool in fact there's a significant disadvantage to subsidizing that pool which is that you don't get organic activity um but the system from a a pure dollars and cents perspective should be and we believe is um self-sustaining [Music] i'm okay um if the stability pool is not needed or if the protocol can function when there's zero z-usd in the stability pool then why do we even have it it feels extraneous and that just kind of leads me to believe like then there must be some reason or some additional benefit to having it i like like i don't know like can you elaborate on that john would you like to take that uh yeah yeah sorry i didn't realize that was my question um yes so as i mentioned uh earlier it's more so a matter of convenience than necessity and the specific of that are if there is no zsd in the stability pool then when a liquidation occurs the debt and collateral from the liquidated line of credit get redistributed to all other line of credit holders on a pro rata basis according to the collateral their collateral balance so if if you have 10 percent of the collateral in the system then you'll get 10 percent of the debt and collateral that gets redistributed um and this is uh it has a net neutral effect on your line of credit uh because your debt goes up but your collateral also goes up right by a proportionate amount um but it's still kind of inconvenient uh to you know see these numbers changing every time you open the xero app you know wondering you know why is my debt going up but i have more collateral now i need to manage this extra collateral and should i sell it and pay off the debt and you know maybe it's for some people it could be a taxable event so as a matter of convenience we want to uh you have the option of like preventing that and the stability pool is basically that mechanism where uh when there's when there is usd in the stability pool um that's that zusd will be used to pay off the debt from liquidated lines of credit and the collateral from those liquidated lines of credit will go to the stability pool um rather than being redistributed to all of the other lines of credit so that's what i mean when i say it's a matter of convenience um i hope that answers your question yes matter of convenience make sense thanks so uh minister btc vc is um he's got some follow-ups to that he says the re-dip the redistribution mechanism is usually the backup stability mechanism which transfers the risk to the trove so now people who open a line of credit do not necessarily understand that is this maybe like a user education issue yeah definitely and i mean we try to mention this every chance we get an opportunity to um so it's it's definitely going to be mentioned in the blog post that we send to people to read uh when we you know start inviting people to zero beta it's mentioned in the actual like protocol documentation it'll get mentioned in the you know more zero beta specific user guide uh we've talked about it a couple times before on this call and in other venues so you know it's definitely just a matter of ongoing like education like yes if there's no zusd in the stability pool any liquidations that occur at that point they will be redistributed and you will see your debt and collateral adjusted accordingly it is a net neutral effect so you're not losing anything um taking on any additional burden that hasn't been compensated for but you just you should know you know to expect like if if you're back if your debt in collateral balance increases since the last time you looked at it that's probably what happened um and i expect that in a future version in the current version of the zero beta interface you just see the number change but i expect that in a future version of the interface um we would actually have like a transaction history table and it would show specific events when this occurs and you know specifically how much you received from redistributions and that kind of thing okay and he says i've seen the situation where the largest trove needs to be liquidated and the entire system becomes insolvent but the system doesn't become insolvent unless the trove is liquidated when it's under water and uh even then you know the the system doesn't necessarily become insolvent unless like all of the lines of credit uh get liquidated and they're all liquidated under water um be precise if the lines of credit in aggregate are underwater so you could have lines of credit which aren't underwater which are overweight by lines of credit which are more underwater um it would require a fairly extreme circumstance it's certainly theoretically possible but i yes sorry that's that's a good point of clarification in grandia who is the question from uh a gentleman named mr underscore btc vc in the general chat uh well i would ask mr vc if he wouldn't mind saying where he's seen this because if it has happened to some other protocol which has a in some way similar mechanism that would be something i'd be interested to to take a look at uh but um they're the the the the so there's a number of variables here uh including how much um the total collateralization ratio will be we expect the total collateralization ratio to be somewhere between 200 and 300 in aggregate so even if some troves are you know at 110 the in aggregate we would expect collateralization ratio to be much higher uh and this is also because individual users would probably prefer not to be anywhere near the position of potentially being liquidated and so the likelihood of the entire system being insolvent while possible is extremely unlikely and and in fact i don't think that there's any circumstance in the entire history of bitcoin with the exception of the very first crash in 2010 which would have had that degree of volatility um i would also say that um i would yeah i would add that in the history of liquidy which is the protocol that zero was forked from uh no as far as i'm aware no line of credit was ever or as they call them troves was ever liquidated uh underwater um liquidity has a very efficient uh liquidation mechanism for batch liquidations and [Music] ethereum also has a relatively short block time so they're getting pretty fast oracle price updates and even through the most extreme volatility and and gas markets combined on ethereum uh liquidity has remained solvent every liquidation has remained solvent throughout throughout its history so as yago said it's it's not impossible it's not like it could never happen but it's the system is designed to be fairly resilient uh to uh such an event um and even if some liquidations do occur under water it doesn't necessarily mean that the whole system is insolvent yeah and i i would just i just uh was dmd that the um that mr bt cvc says that the protocol in question is uh teddy dot catch which is an avalanche project um i don't know anything about it except what they say on their web page which is that they offer up to 11 x leverage uh interest free so um yeah i wouldn't be surprised if they were insolvent well that describes uh zero uh because theoretically at 110 percent collateral ratio you get about you're right you can get about 11x ever leverage yeah but you'd have to maintain the absolute minimum you'd have to maintain the absolute minimum collateral ratio and then recycle several through seven iterations yeah i mean this is definitely you know market marketing speak they're they're they're highlighting the riskiest possible usage yeah i would i if he could share the actual you know transactions or or a blog post some kind of post-mortem of of the underwater uh you know event that he's referring to i would also be interested in reading that but yeah we can we can move on i think we're at the bottom of the hour here uh so just last thing from mr btc dc by the way thank you for voicing these concerns uh these these are very appreciated he's saying that it's a straight up liquidy fork but i don't know if they're saying 11x ever leverage on avax they must work you know quite differently no like i said that's the standard that's a standard feature zero you could do the same thing with zero it's just that that is like literally the most risky possible way that you could use the protocol okay so we can keep talking about this uh and i am going to have to jump and head to the conference but i do want to close this out and thank everyone for joining in on this and being part of our mission uh with sovereign bitcoin secured financial uh uh sovereignty dismantling what people know and understand about money so help us spread the word and create more sovereign individuals don't forget to follow us on twitter and telegram subscribe to the sovereign youtube channel and visit us at sovereign.app so uh we're closing out the recording feel free to hang out if you have additional questions or just want to chat it up with the core team um i will be signing off uh so thanks everybody uh stay sovereign

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and uh i'm also in new york or nft nyc so if you happen to be here give me a shout down and get some coffee um you know where to find me so thanks guys for joining us here thanks for sharing in this mission uh if you'd like to speak toggle the mute button and just be patient we'll get to you also note that we periodically pause for any questions you might have and um if you're one of the shy ones you can always just text your questions in the general channel and uh and we'll get to it so um i would like to bring in uh idaniago to speak on strategy hi it's runs good to connect with you guys again um so quite a lot of things going on as i'm sure you have noticed uh we've started allowing the first people in from the queue to start using xero the initial feedback that we've gotten has been quite positive we've also continued to see robust growth in the number of people who are signing up for the queue and we want to try and keep it that way so if you know people who have funds that are on a centralized system get them to sign up to the queue so that they can reduce the amount of interest they're paying and reduce the amount of risk that they're exposed to um we also [Music] put up the the sign up page for participating in the mainnet perpetual swap competition and that's coming um quite soon um it's uh yeah we're ready to launch it and what we're waiting for is just a little bit of time to there we can give it the amount of attention uh it deserves since right now there's a number of other competitions going on collaborations and announcements coming out and uh and um the marketing for xero and we don't want purpose crowded out um so in a few weeks we will uh be launching perps uh with uh the space uh to use our channels to properly market that as well and then further down the line we expect to be bringing zero to full public access improving its ui introducing the sovereign dollar uh environment and continued uh product improvements there's a lot of uh ideas and work from the community uh and from the core team on um a whole bunch of new types of strategies and d5 primitives that can be built using xero and we're in the process of investigating and prioritizing them and then one of the other big things that's been going on is optimizing the token distribution um that means uh optimizing the rewards for amm or lending and um sip 24. uh if uh david saroy or sacro are on this call um from the circle of tokens they may wish to speak to that um but um a lot happened a lot happening over the last two weeks um and um we will continue to see uh the these you know core products purpose and zero be a priority over the uh the coming uh weeks and months um and then also one other piece is there's some work that is currently being done on planning to be able to potentially deliver a mobile application and so keep you updated on that to provide better mobile access to sovereignty back to you ingerborn awesome uh any questions for doniago thus far all right i'm going to um bring in john light are you there yep hello so as uh iago mentioned uh since the last call um we started inviting people to get early access to zero as part of that there was a bip or babel fish improvement proposal that was passed in the babel fish pitocracy called bip0003 for adding zusd which is the zero stable point to the xyz aggregator that bip was passed and so um now for folks who get early access to zero they can't and convert their z usd into x usd and x usd back into the usd through the x2sd converter that built into the zero front end so thanks a lot to the fish staker community for supporting that proposal um the feature is already being put to good use i see with about forty thousand zusd currently in the xusd aggregator um so it's cool to see that already being used um on the governance side in in the sovereign community we have a few sip drafts that are in the forum that i would like to draw your attention to and invite everyone to review for themselves one was a sip that was posted by community members about migrating uh vested or staked tokens to a new address so currently the sov that is staking cannot be transferred to a new address until the uh staking period has fully elapsed um in this proposal aims to enable users to transfer their staked sov to a new address um there's another proposal about incentivizing community adoption uh this one the name uh it indicates it's about community adoption i read the proposal and it seems to also be proposing listing some new assets on the amm uh so if you're if you have any interest in uh the the amm or the app that's listed there um this proposal might be of interest to you um and then as yago mentioned um i i don't believe this was a sip but it's a proposal within the circle of tokens uh to reduce the x usd lending pool liquidity mining rewards if the lending pool liquidity mining rewards or or sovereign uh token distribution in general is of interest to you um then this would be a proposal to check out all of these proposals and more are in the sovereign forum so if any of that sounds interesting to you or you have a proposal of your own that you want to bring to the community uh definitely go check out forum.sovereign.app to see these proposals and post your own and those are all of the updates that i had for today happy to take any questions if anyone has questions yeah sure um boy live boy please mute yourself unless you have a question uh and just a reminder for everyone if you're not speaking please keep yourself muted thank you very much [Music] so next we have wayne with adoption hi guys good to be here as iago said there's been a lot on the go um currently and upcoming all really great stuff i think with the the new team structure um now in place and core set of skills i think we're going to really look forward to rate of knots in terms of our marketing promotion front-end design around some of the partnerships and market just generally how we're growing the brand and about putting software to the forefront of the dvi conversation um upcoming releases you know campaigns so currently we have zero uh running we're getting good numbers of people um signing up to the waitlist on a continual basis i think currently it's around 2700 people um who have signed up to uh the waitlist to trial the product to give early access by the end of the month i'd like to have that closer to 5 000 um whether we can achieve that or not that's my goal that's going to happen through pr new content and video content we have going out a promotion we're going to put behind that um some partnerships and external communities which i think we can utilize um so we are going well with zero i think we're going to continue to see some amazing growth there next week kicking off on monday so for all the traders here um we've got a pretty cool month coming up trading competitions um on monday we are kicking off a trading competition with la token externally on their exchange it'll run for two weeks um and the prize pool will be around 26 0 sopp tokens distributed between a range of winners the meters is cheap reach and a great chance for us to start testing um some of these competitions and liquidity drivers on external exchanges they have they're going to promote us on across all of their channels email base of around one million plus social channels three four hundred thousand will get multiple promotions across those channels we have a full home page take over for three or four days uh and then a shared home page component the remainder of the two weeks in-app notifications to around 800 000 people um so i think this is going to be a great reach mechanism for sovereign and also act as a lead generation tool to feed into the perpetual futures competition which we have coming straight after that so the l.a token competition which we will announce to the community tomorrow um and across our socials we'll run for two weeks and it'll be followed by a perpetual futures competition which is launching on the 11th of july we've already announced this to the community to give early access and we've had quite a few this you know substantial amount of entries already we'll start promoting this to the public from next week and using la token as lead generation um that'll launch on the 11th of july after a week as as everybody's probably aware from the announcement the prize pool will be 0.5 btc plus share plus fees shared amongst the winners so um some cool releases and campaigns coming up in a big month of trading competitions for people who are interested um [Music] as yeah i said get on xero and refer friends as much as possible let's get those referrals up um keep the momentum up um from the community that'd be amazing you guys will notice with perpetual futures it's a slightly different uh back-end referral mechanism and we're just testing out different features different tools to see how they work with us and then we'll pick one to continue with on an ongoing basis ongoing projects from um adoption and guidance we have the brand guidelines brand refresh project which is moving along quickly external agency is presenting an updated brand pack next week so i'm looking forward to sharing that with the broader community when the time comes we have the website the new website and ux project moving forward once again very quickly i think some great designs coming out of this agency team but this new ux and uh i think a front insight that really tells the story of sovereign what we're our vision and what we're trying to achieve in market we're continuing with a plan of work to up our seo and organic game and um how we become better with our use of data reporting and measurement um other items team is working on that could be of interest um i'm still trying to get my head around this one um but the babelfish incubation you guys want to see on the babelfish blog um they're going to be incubated by sovereign for a period of time to adopt our ways of working so seeing how um how my team fits into that in terms of a co-working model how we how we support them um we're working on longer term content and social planning so you see some pretty cool stuff coming out the market across the social channels um ramping up pr get some reach for the brand and trying to get on as many three index sites and partnership sites as we can to get some reach for the brand so there's a lot going on but it's all it's all positive stuff and some some cool features and competitions coming out for the community especially in the next couple of weeks awesome man i i also noticed the um the the recent visual content on twitter it looks really really good in terms of production value just curious what like what went into that yes i mean we're kind of testing this is i think the community's seen uh a version with the brand direction that we're heading down so this is our first uh trial you know testing that the new brand coloration and the tone um and how we produce content and long line along those new brand guidelines testing it in market um people have been pretty receptive to it i think it looks good i think it looks a bit more mature uh more professional a nice promotional video we're going to put some very low weight to start with but put some paid spin behind that to get some reach of the brand i think zero is such a strong message you know those those tag lines are stacked on each other within 5-10 seconds just absolutely kick-ass um so i think videos like that and that one in particular can do a lot for us in terms of reach getting more social engagement more social followers and getting people onto the onto the waitlist what went into it it was actually the theme just hustling was done pretty quickly we've got french victory on board who's um doing video production for us um bastards our content lead and the video was done in a couple of days the team just you know got together storyboarded um put together the animations and the slides and got it out to market as quickly as possible and i think it highlights what we can do as a more lean and agile team now in terms of moving quickly and getting content out to market all right fantastic um as i said earlier community like you're welcome to ask any questions if you'd like this is an open forum we encourage participation feedback questions comments on anything discussed uh this far so if you have questions for wayne here's your opportunity to um to speak up all right then i'm going to move on to aurora with development hi thanks so you heard a few times already our big launch was the launch of the sierra beta on which for which we are now adding people like on a daily basis more or less and are collecting feedback so if you are already trying the data or if you get your invite soon then please send over as much feedback as you can because we're going to use all of this for the improving the experience for the public launch so this is very very valuable i think one of the side effects of xero which you're seeing or which i'm seeing when i'm looking at the liquidity on the system and trying to restore it is that again after like in the most recent future we saw that we had more bitcoin leading the system than entering system and entering the system it now turned again and we see more bitcoin entering the system than leading the system which is a very good and healthy sign and is most likely due to the zero launch speaking of liquidity we also are not taking a big effort to recycle all of the our usdd which is the stablecoin which is issued by the rsk token bridge which is operated by iob labs um which is just taking up a huge portion of the x usd pool we've constantly been recycling the rusdt on the last week and made some good progress bringing in liquidity on the east bridge and the bsc bridge so speaking of the sovereign bridges which are linked from the portfolio page so it's now possible to again freely move the stablecoin liquidity between the chains and in this at the same time reduce the gas cost of the bridge so instead of paying 130 for a stablecoin transfer to ease the fee is now reduced to 50 and with the upcoming update of the bridge with the off chain signature exchange we might even be able to reduce it further but this also depends on how the gas prices on each are evolving but that's already good news so far we also had a small update regarding the loan repayment because i mentioned it in the past we had the issue that the smart contract if you will leave behind a tiny position on the contract which is very very expensive to liquidate and it's just costing the protocol money um so to prevent the tiny positions the protocol try to get more money to close the complete position with paying back a loan and this has now changed so that on the smart contract level it would now also fail instead there the fixed on the front end was already in place in advance so you would not have seen that issue anymore the past two or three weeks anyway but just to let you know that this is now also implemented on the smart contracts and then we had a number of quality of life updates um so improvements to the question flow to the portfolio to the depth header may use i think you saw you either already saw it when you visited the dap or if you are interested should go and check it out and see the differences and the two let's also know what you think about them um next in our list are next to the already mentioned bridge update the transfer of the ownership to governance though we have the script ready we haven't executed it yet we still need to just have the time for doing it and create the zip around that and the perhaps trading competition where i'm going to wait for buzzily to explain you more about the per progress later then we're working on the zero sdk we're actually close to completing the program this year sdk the only thing which is still missing are examples and [Music] they also just need to be finalized and then we're looking forward to getting feedback and just see how the zero sdk can help other projects to integrate with xero we are refactoring the safety contract because we maxed out the size and in the current state we cannot introduce any more changes to this taking contract without refactoring it first so we need to split the contract logic into several contracts so that we can keep working on them we are working on the graph integration on the front end where the first piece which will update it is are the trading charts and they will also get some volume indicators which is something you have been asking for for quite a long time so i'm looking forward to seeing that come and we are working to with the product team to improve the user onboarding journey and in general a lot of the journey throughout the dapp so with the goal to improve the ux further i think that's the most important updates on the development side apart from the perps so i'm going to hand it over to bassy v so he can just tell you what happened there since the last call hi everyone so as you are from yarbor and rain we moved out the competition to july with that we gain some time and we use the time to reduce the gas usage in the contract so it's a bit cheaper now to make all the trades then a few words on the competition so it will take place from the 12th of july so tuesday not monday it's when it's been set because we never want to launch on a monday and and it will take place for one week you will be on main net that means you have to bring your own bitcoin we won't give you any bitcoin to trade with but we will um hand out prices as wayne said it's 0.5 bitcoin so half a bitcoin we will distribute that to the top three traders and the way we determine the top three is you will be able to read that on the website the exact way but basically it is determined based on the percentage gain that you make so it shouldn't matter whether you make a 20 gain with half a bitcoin or with just 0.1 bitcoin um then on on team members so generally we think it wouldn't look good if team members participate and win the prizes and the rest of the community doesn't win a prize so we would generally think that team members shouldn't be able to compete but then on the other hand anyone can sign up with any email and wallet so we couldn't really prevent it but then on the other hand we also think it's not the problem as soon as um no one knows not even us knows that the people some of the people are team members so that's why we decided to go forward with allowing team members to participate in the competition as long as we can't figure out that they are team members okay um then that was it unless you have any questions on the purpose uh i actually do um this perps project i mean it is its own product uh is there a name for this so we call it sovereign perpetual futures for sovereign perps if you want the short name there is no [Music] weird other name because i think what's also very important is that we have plain vanilla perpetuals so we have perpetuals that work the same way as the original bit max perpetuals worked or work there are no hidden tricks and traps because if you if you do [Music] some research on other perpetual products some of them aren't really perpetuals in the classical sense so just to give you some examples there's one or there are a few perpetuals that just lock you into the position if the price doesn't move so you can't close your position then there are others that you have to pay funding rates regardless whether you're long or short um so you would you would lose out on that then you have perpetuals that claim you have no slippage but then on the other hand you pay a huge funding rate so there there's a variety of very interesting tricks that other protocols apply um in order to have a good marketing on things like we have no slippage so for us it's just a plain vanilla perpetual future and that's also why we keep it close to that name okay make sense uh party over did you have a question or did you just accidentally unmute yourself okay uh i can move forward with uh couple of business development yes i had a quick question if that's okay yeah can you and again just blind is there uh documentation on the uh the like underlying structure of the perpetuals uh on the site that again yeah you haven't made the white paper publicly available but we can do that i think we should do that now and i will i will uh coordinate with wayne so we can make that happen okay awesome if there's any way i can help let me know thanks and also related to that we also want to make the test net available before the competition so everyone can test it out without losing any fonts oh uh also vaseline can you speak a bit about the the unique pairings that we'd like to have when this goes live oh yes sure so um for the competition we will only have one perpetual which is bitcoin us dollar collateralized in bitcoin now going forward we would also like to offer perpetuals that aren't really seen so often at other venues um and the reason why we are able to do it is because we have an amn so the amm will ensure that you can always trade whereas if you have an order book you would have to have deals with market makers at least in the beginning before there before there are enough people that actually put limit orders there and so it is it would be more difficult to find market makers for not so normal perpetuals and what i mean by not so normal is we are pretty sure that we will launch gold a gold per petal which is quite interesting because um you can trade you can bet on the book called price with bitcoin so you earn more bitcoin if the gold price goes up and you pay in bitcoin if the gold price goes down and we are also looking into some foreign currencies so for instance you would be able to trade swiss franc on using bitcoin only and we are looking into other type of currencies and currently the challenge is do we have an oracle so do we have a price information that is updated frequently enough so that the system the system works so the system wouldn't work if for instance we have a currency price that's volatile but it's updated only once a day so we need to assess which one we can actually use and we're currently working on that but i can say with quite high certainty that we will be able to launch a cold perpeto then going forward we will also be able to use the sovereign dollar as collateral instead of bitcoin but from that you're still a bit further away whereas for instance the gold perpetual will be ready as soon as we launch after the competition magnet like what is the source of gold uh oracle dynamic that's from chain link that on oh okay all right yeah they have it on another ddm chains and turbine on bmv yes it's from chain link on b and to get these other pairs basically would we need other oracles as well in addition like to because of whatever chain link doesn't provide uh yes that might be a possibility that we find some other oracle or that we could work with channeling to set up additional oracles okay uh so if anybody on this call can recommend other oracle providers besides uh chain link um we're already talking to api three um but any other ones that potentially help and and you know are are deploying or have deployed on bnb chain uh feel free to to get at me because yeah this would be this would be great to have uh close to the launch so maybe just one short comment on the challenge there so um often these oracles they update after a certain amount of change so let's say for instance 50 basis point of change in the price this would actually mean that we will have to make the spreads between buy and sell at least 50 basis points otherwise someone could trade against the amm and so we have to um [Music] we have that trade-off between having an exotic perpetual and also offering small spreads which trader are willing to work with and that's a challenge for some of the currencies whereas for instance for bitcoin that spread is very very small so it in the end [Music] comes down to what we can offer to the traders and obviously we don't want to offer two large spreads just wanted to add that shipping is a spent uh um the threshold we need to cross in order to have the liquidity pool filled up where the protocols are generating fees i imagine it's a bit variable but like are you expecting that to happen after weeks or months or years or after a certain number of users i'm just trying to get an assessment of when we start to see the impact of the fees going to stakers so it depends a lot on how many traders we get so it's extremely difficult to make a statement on that [Music] so for instance in the tesla competition most traders didn't trade uh more than probably three times or so in that week of the competition i think the the top three who won the prize they traded a bit more they traded like quite a bit so it really depends on how much people will be trading and from that perspective i wouldn't want to make any statement on that on top of that we know that we are in a bear market now so the excitement might be less than it would have been two months ago but on the other hand her pet tools are a very interesting hatching product as well and they also allow to speculate people regardless of the price so from that perspective it could also even be a better time to launch so it is really attached to a lot of uncertainty uncertainty from that perspective i i don't really want to make a statement on that can i get a comment here sure or maybe ask a question to david so david is your question mainly about like uh say when those fees will be able to be brought back to rsk it's my understanding of that um and obviously it's like reckoning here that there's several different funds as part of the the perpetuals right there's there's like the amn fund there's the participation fund and then there's the default fund and until all of those funds are essentially filled up um none of the fees that are collected can be taken out of the perpetual protocol and then given the sovereign stakes and the hypocrisy uh but please correct me i'm wrong there more bluntly it's it was trying to assess at what point we'll start seeing like kind of uh reaping the benefit from a revenue perspective of perpetuals okay in that case i think i think facilities uh answer applies um but facility perhaps you could just confirm that his understanding of how the fee distribution mechanism works is correct but the fee distribution mechanism isn't automated so that means um the so the way it works is that the the funds they have a threshold which is dynamic and determined by the system depends on a lot of things like the underlying risks and if the the amount of funds exceeds the threshold then the amount above can be withdrawn with a multi-signature wallet and then treasury can decide what to do with those funds and that isn't set in stone but we also need to be aware that we will have to pay for like sovereign operations so we haven't made up our mind how this will exactly work okay any other questions on this before we move on all righty so i can give some brief updates uh from my side um the the lightning bridge project um is undergoing the first half of its last milestone which is the integration with uh ln bits allowing users to sign in with their web3 wallet such as metamask view their own balances and swap uh lightning bitcoin with xust so that'll be underway very soon um the first uh sovereign bounty um from our um ongoing bounty program is nearing completion the the contract governance dashboard it's been submitted for a review um shout outs to for taking that on um we really we recently got in touch with um uh finance for uh you know maybe support and promoting the deployment of perpetual uh swaps on bnb um and we're further exploring other other opportunities with them um currently talking to the uh the bd team under cz um on the on the side of um rsk they're working on uh something similar to fast pdc called flyover um it's still it still integrates with pow peg um but there might be there might be a way we can um leverage that with fast ptc and perhaps even the lightning bridge um but uh it won't be ready for off ramping uh just yet it it will only start with just the uh the the on-ramp the onboarding btc to rbtc um in a much faster um time frame than than their current bridging mechanism so um i'm going to open the floor to anyone who has questions on um any of the topics that were brought up as i think we're we're done with overall updates so the floor is yours has anyone here tried zero protocol yet yeah i've tried it i also have a question about kind of a zero roll out so uh i'd be interested to know some more updates on kind of like once the the sdk is ready um and like how those partnership conversations are going i'm very intrigued by that and you know would be interested in kind of contributing on that front i i really think it's kind of the best way for us to uh kind of inception uh the xero product into bitcoiners who are really much more comfortable using centralized services so um anymore maybe you could kind of discuss that like you guys have like a plan for how those conversations are going or how easy it will be for partners to integrate um i'm really intrigued by that um yeah it's a it's a growing process light has put together some documentation we've submitted it to a handful of potential channel partners you know our wish list um some of them um have i mean they all have like very immediate roadmap priorities um and it's looking like we'd be able to um like reinitiate these conversations like middle of q3 um but we're you know we're shopping this around to as many um prospects as possible so um the plan has basically cast a wide net don't leave any conversations hanging and you know keep keep building up the the activity for for for xero so that they can see um how people are using it um how much attention it's it's drawing um so that's where we're at yeah thanks for asking any other questions from the audience all right so we have we have a little bit of time left but um if we don't have any further questions i can i i can heat i can uh i can hang around for a little bit uh longer but if if we're done with questions i can close this out and i just want to say thanks to everyone for being a part of this mission and carving out a trail for bitcoin secure financial sovereignty dismantling what people know and understand about money so please help us spread the word and create more sovereign individuals be sure to sign up for um the xero protocol follow us on twitter and telegram subscribe to the sovereign youtube channel and visit us visit our at sovereign. so uh i'm going to adjourn this community call but uh feel free to hang around i'll hang around for a few minutes if anyone wants to chat um thanks everyone again and stay sober

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[Music] good man looking forward to this call cool all right so i'm gonna wait maybe one more minute to get everyone settled in the community chat great to you guys anyone here for the first time yes me hello hello art of tomas how are you i'm good i'm good it's a little bit late here in sydney but i i wanted to stay up because i i always miss miss these calls and i just wanted to come here and say hi to everyone awesome uh yeah welcome tomas thanks thanks for uh staying up uh hopefully we provide some some juicy details for you new info i'm sure that would be amazing cool so i'm just waiting for those who don't for those who don't know thomas has been uh posting some good stuff about xero on uh on twitter so if if you uh if you're on twitter definitely check out his uh his feed what's uh what's your twitter handle the most it's uh the art of thomas with no age okay all right so let me kick this off uh i assume we have the recording starting now magnus can you confirm hello hello mr magnus i'll thank him now i see that he's unmuted but uh can't hear him yeah if you're speaking i can't hear you but i messaged you hopefully i can let's see okay awesome so uh hello everybody welcome to the sovereign community call episode number 45 uh this is ingalandia head of ecosystem growth with sovereign the place to be for your bitcoin defy needs so we've got some dope topics to dive into today including our new website and brand reveal fast btc update and uh recent developments with xero spoiler we hit 2 million tvl if you know someone from a project that could benefit from collaborating with us bring in more liquidity and bitcoin or stable coins feel free to dm me on twitter uh or discord at englandia so thank you all for joining us here thanks for sharing in this mission the guidelines are if you'd like to speak you can untoggle the the mute button and be patient we'll get to you also note that we periodically pause for any questions you might have uh and also if you're feeling a bit shy today you can write your questions in the general channel and our discord though i encourage you to um you know speak up it always enlivens the call and would be greatly appreciated so i'm going to kick this off with iago on strategy hello sovereign hello hello sovereigns um yeah so [Music] um over the last month as planned we launched two major product initiatives the first is zero and the second is perpetuals uh zero uh which i'd like to talk about a little bit more has been growing very steadily and this is really important because it's an entirely unsubsidized product growing in the middle of a deep bear market and doing so organically showing early signs even though it's limited early access with the with a relatively comparison to where we would like to be cumbersome ui showing early signs of a product market fit and the ability to turn into a significant and powerful killer app for sovereign it also provides a key component to building out any ecosystem which is the primary ability to create stable coins and as you guys are aware of the last five weeks [Music] it's grown to have over two million dollars uh in collateral uh with uh just under twenty thousand dollars in collateral per average uh line of credit and um just under seven thousand dollars in um borrowing not only are we seeing a growth in the number of lines of credits and value but we're also seeing a growth in the average size of a line of credit um so users are testing it out it appears and then as they become more comfortable um taking greater and greater advantage of it so that's very exciting it is the ability to drive products like this which can grow even in a bear market which speaks to the massive potential which can exist in a bull market with greater integrations better ui and an overall um deeper integration with our ecosystem bitcoin ecosystem and the crypto ecosystem as a whole a big part of what has allowed that to happen is you guys the community and in particular i'd like to give a shout out to some of the community members who have been making a real difference so art of thomas um cordy.rsk travis trades sacros rough hit sovereign origins have all been posting tweets about how they're using it writing blog posts about their own experience their own plans creative ways in which um they and others who can learn from them can use the zero product zero is a pretty magical number um and today i saw someone tweeting that you know if bitcoin is magical internet money then sovereign zero is magical internet borrowing and i think it's that kind of [Music] community driven content viral content and memes which really makes a difference and so you guys have a huge opportunity and responsibility um to really drive the adoption of this product um so that was the first product the second product is perps perps has been less of a resounding success so far [Music] we've seen problems uh in terms of so a purpose has disappointed us in terms of the conversion rate of people who are coming to purpose and actually converting into uses and also in terms of the retention rate this is typical this is usually what you would expect when you launch product xero is quite special in that it's i'm showing basically from day zero early signs of um strong product market fit and so there's going to be more work that is required around perps and that is why both xero and perps are labs products we need to work on them iterating them and improve them so that they can graduate from being labs products to being full-fledged parts of of the sovereign ecosystem in addition to that right now we're engaged in a significant strategic planning effort across the core team and we are collecting a great deal of data doing a lot of analysis around our user base and the way users are using our suite of products so that we can plan around that with the basis of analytics and the basis of data and engage you guys with that kind of data as we um as as it becomes as we get it to a point that it becomes something that we can share and make more consumable and then we can all as a community have a more informed conversation about how we can continue and accelerate the growth of sovereign we also are kicking off a process to substantially uh rewrite our front-end ui so we built the ui over the course of a year and a half very quickly introducing um a large number of uis [Music] built by a large number of developing team developers and different teams for a large number of products and we've taken on significant technical debt we now need to make the front end more uniform easier to work with more modular and basically build it out of the consistent lego pieces which will allow us to begin to accelerate the rate at which we can improve the ui as a whole we expect this process to be about four months um and and and to be kicking off in the next sprint um and uh finally today um we're excited to give you guys a sneak peek of the uh branding work that we've been done uh that we've been working on and the new sort of visual and content language for sovereign as the protocol and the community has matured that part of this conversation i think will try to push a little bit more towards the end because we will not be posting that publicly that is purely a sneak peek for the people who are on this call here and now and today um and that's it for me okay so that was um that was a lot of updates from uh iago do we have any questions for him [Music] okay so i will move on to uh product and governance with with light thanks mark hi folks um so no updates from me today on the governance side there have been no new sips introduced since the last community call but as always if anyone has an idea about how to improve sovereign we welcome your ideas in the sovereign forum if you have a sip idea you can share it in the sip subcategory um and there is also a delegate subcategory where you can solicit voting power to become a bitocracy delegate we haven't seen as much as that of that um but uh but it is there uh for anybody who has a vision for how to improve sovereign and and and would like to attract uh voting power to uh realize their vision you can create a post in the delegate subcategory share your vision and and convince sov stakers to delegate some voting power uh to you so definitely go check those things out in the forum if if any of that is of interest on the product side i've been focusing on working with the front end team to continue to improve zero uh there should be a bundle of improvements uh based on some of the feedback that we've been getting uh since the initial release uh of the early access version of xero that bundle of improvements will be coming out within the next couple of weeks and and should resolve uh pretty much all of the uh major uh pain points that people have been having with the current version of the the user interface for the most part it seems to be working well but there there are some quality of life improvements that will help uh just making managing uh lines of credit and interacting with the protocol a bit easier um in terms of progress on the on the adoption side of xero [Music] um we've seen uh zero cross over a hundred open lines of credit uh currently there are exactly 105 open lines of credit with 85 and a half rbtc locked collateral and a circulating supply of over 807 000 zusd and about 91 of the zusd supply is currently deposited in battlefish's xusd aggregator so um as far as we can tell it looks like about half of that is being used to trade uh and and lend and and generally you know participate in the sovereign ecosystem and about half of that is is going across the bridge uh to be converted into other stable coins um so this is this is very interesting to watch uh and see um those are the uh these are the updates that i have today so i'll pass it back to you ingomar unless uh anyone has any questions yes thank you uh does anybody have questions for for mr light okay actually i have not yet checked the general chat so let me see if we have anything uh i'm sorry so we have this from uh js could iago talk a bit more about the reasons uh perps have not been a success is it the ui the market conditions or something else [Music] yes uh so i think there's a number of people on the team who are looking into this um [Music] so i'll give a high level uh response and then fazili or wayne or simpson if you want to jump in i think uh it's one of the key things that we need to do is try and discern what the reasons are uh because there's a lot of things that could be the reason right one is there was quite a lot of friction uh to uh use the product the second is the product it currently is running on a different chain and it's the only product that we have that is running on bsc which might not appeal to all of our users and also introduces additional frictions could be that the fees currently are too high certainly i think market um conditions is playing a role i think the degree to which the product is differentiated um from other purpose products is probably not great enough right now and the messaging around that differentiation as a result is not distinct enough either um [Music] so what we need to do now is look at the data and analyze the data and user behavior to try and discern how much weight we should provide to each of those possible theories and then on the basis of that we'll know where to emphasize uh development iteration and corrections was there a simpson wayne do you guys want to jump in so i think i'll give my update afterwards and i'll go into some of the points you mentioned awesome i can do the same when i give an update yoga all right sounds good so with that um let's move on to wayne hey guys um good to be here um i'll go through a quick list of the key items that we have on is it what's coming up um talk to our view on purpose some of the the the insights we might have found um and then we can either present um a sneak peek at the brand guidelines on the website now or is thiago suggested we can uh we can do it at the end of the quarter um so in terms of adoption and guidance obviously we have the brand launch and website launch coming up as a major project for us um in this sprint the marketing sprint adoption sprint which started yesterday which goes for two weeks primary focus for us is getting all the content including seo consideration to that site we're doing new videos and animations in line with the new brand guidelines and some of the pretty awesome videos that french factory's been doing for xero building one for perps as well so there's a lot of uh rich media and video content for the website fine lines finishing off all the ai designs which takes a lot of time it is the website in a state where it's ready to fully present to the community we're putting in place an analytics implementation plan which is a massive piece of work and a launch plan for the website and the rebrands so once once the brand and the website's in market i'd love to put the foot down and and probably you know do a launch of the sovereign brand and get to the forefront of the conversation a bit um so we're planning around all that as key priorities in our current sprint we've just finished uh an analytics implementation project across the depth which is a massive win for us we now have user behavior and conversion tracking across every interaction point on the trading environment which from a marketing perspective is just golden we can now measure conversion against everything we're doing roi against everything we're doing and use that for our our planning going forward um we're scoping out and there's no promises here but it's something i'd love to get in place we're scoping out a possible uh you know affiliate program you know we talked about yaga listed off a bunch of community members we talked to thomas earlier um and it'd be great to find a way to incentivize create a sovereign army out of our community so that's something we're looking at currently to see if it's viable obviously it's a bit of a different game in d5 to to validate or verify some of the commission-based activity but i think there could be a way around it which would um i think that would be a big win for both marketing and the community now the teams signed off a couple of um quite key i say we're starting to look at key partnerships or marketing and adoption rsk is co-funding a marketing activity for zero over q3 i've been kicking that off uh shortly um hackin dot io who did the security audit for the facility on perps is doing a co-marketing program of work for us for perps quite good reach there across all of their social channels email base um quite a few assets that we can use to get some reach on perps and glandia is trying very hard to get us the bmv smart chain co-marketing agreement for perps underway so there's there's some good reach there i think coming up for those two key products uh that lag yaga mentioned that we've launched um behind the scenes the team you know we realize that we need to start getting reach beyond we need to broaden our achievable market beyond just the uh the community um we've been trialling um a lot of paid channels to see how they perform um starting with ones that you know from our experience in crypto we knew probably wouldn't work um so we've looked at promoting the sovereign brand and xero on twitter in band they've got a no d5 policy done the same with linkedin and being blocked no defy policy same with pretty much all the main social media channels as we expected we had to trial them though these are the high reach channels with um you know the really granular audience segmentation but in the back of our mind we know and the planning we're doing for um the zero paid activity and to launch the brand it'll be the the the marketing activity we know works in um in crypto so it'll be can we launch the affiliate program only influences the audience against sovereign um getting ourselves in positions of portal leadership getting you know iago on some interviews and some podcasts community management and growth we've got some pr opportunities on the horizon we're working on a revised social media strategy with twitter as a focus but one interesting insight is we've seen a very high conversion rate off linkedin for zero so the next channel down in terms of zero conversion was about five percent conversion which is still very high linkedin's consistently over the last month been about a 25 conversion of organic activity for xero which is just absolutely massive so that's an insight for us that we're going to start focusing on on that channel potentially that audience we're focusing on seo we're looking at a content strategy going forward with a um organic or paid there's a lot of planning work and and testing going on in the background and it's feeding into these uh these plans around how we launch the new brand and how we we put some some reach behind our key products um we've all heard about the tbl for xero we continued to promote zero there was a new video last week which got some really good traction um we're inviting 200 people a day um on to uh the early access um we need to get the conversion rate up a bit there's quite a few people receiving the invite who have not taken part so if you've received an invite and you haven't opened uh even jumped into the trading environment or the dap and you haven't opened the line of credit please do so and any issues with the invites let the community team know we can resend those out um xero as well rsk i had a chat to them today and they are very keen to do a big pr and content push for us through their their global content distribution networks which is amazing uh petrol futures trading now fully open we're looking at setting up a monthly trading competition uh we have a promotional video similar to xero going out this week we've had a hackernoon article go out a few days ago that's had 3 000 unique readers in four or five days we've had four or five blog articles on purpose last month that have actually had a lot of unique viewers so the perps articles are the top of the list in terms of content on the um on the sovereign website there's a lot of people going to them for 500 unique users in the last week reading purpose articles and they're going beyond a 75 scroll depth so there's a real interest in the product um we are we continue to push our social content discussed in the last community call we've got a high level of traffic from la token we've done email blasts social blasts to the community what we're seeing with purposes i think we're actually getting some initial we're getting quite good reach and we're getting initial attraction with the audience so we uh maybe the bridge is too broad i get a feeling we need to refine the audience we're looking at but we are getting the reach for the message we're getting people coming to the site with intent um as we saw the people who signed up for the trading competition um as we're seeing with the the deep interaction on the perpetual's content on the website what we're doing now is we're just delving into where the conversion issue might be coming from um we'll play around with content on websites we'll play around with the sales funnel on the site we've sent out a perpetual survey to traders and non-traders and got some results back some responses back not a huge sample size yet i think about 13 non-traders and five traders there's some things that pop out immediately people saying they'd like to see mobile they'd like to see um read a couple of them you know a mobile mobile native lower fees trading service without fees such as dydx but there's some good insights in here in general the people who have used the service so there doesn't seem to be a negative sentiment there just seems to be a level of lethargy um so there's not a huge amount of negative comments it's just people haven't really got around to it they haven't uh i don't think they've felt the urgency to delve in there so basilian co once those surveys are finished we will share those and hopefully get some insights out and as yago mentioned um simpson's been looking at the user journey from the point of entry onto the site all the way through to wild connection with burps nothing glaringly obvious stands out people are dropping off at an even rate across the whole user journey um which you know indicates that maybe we can make some more compelling content to push them along that journey um and maybe we just need some more uh we need to articulate the uh the usp or the competitive nature of the product this research is ongoing so we'll share more as we know it as we kind of find out um those are main the main items um from me in glendale um did you want to yeah do you think we should do the website at the end or do it now we can have it towards the end after all the updates just so we can make sure we get all the of these do you ever want something around at the end i'll do a bit of a sneak peek on the brand and the website thank you guys all right cool uh we can take one question for wayne and then we have to move on uh so if anyone wants to speak now feel free to unmute yourself i'm watching the general chat i'm ready uh if not um we can we can uh move on to the next uh round of updates [Music] okay so aurora would you like to take the stage hey sure um so i've got some good news since we met for the last time we received the audit report from least authority regarding the bi-directional fast ptc and they did not find any security issues they just made the minor improvement suggestions so we should be able to raise the limits for the off-ramp very soon so we'll keep you posted on that but we're very excited about that um then we are currently busy with qa testing a smart contract release and this release consists of a loan token update the refactor of the margin trading so that it is consuming much less gas so this should be noticeable in the next days after we push that out and we are also updating the wrapper proxy which is used for the amm and the swepa proxy is um [Music] in the job of wrapping the rptc into the wrbtc which we're using behind the scenes and also managing the connection to the liquidity mining contract um so that's also going to come apart from that the bridge update finally passed the review and we're also scheduling the qa for that so the off-chain signature exchange can be deployed also um still within this month i would say apart from that we have another update which is currently under qa and possibly even still going out today and if not done tomorrow and that's on the debit sole it does not contain any smart contract updates but it contains the first bit of the graph migration which you've been waiting for and working on for a long while so we switched um the maturity of the data used in the 7dap to be loaded from the graph and where that's not possible they are labeled by microservices which can perform the same operations and which can be easily scaled up to prevent problems with large and sudden spikes and traffic there is if you're interested information about what the graph is and how it works and how we're using it and serving the key this update also comes with an enhanced ux for the cross chain flow so it comes with layout updates and the terminology change to be less confusing and also some minor max fixes [Music] currently in the review is the refactoring of the staking contract which we're working on because we reached the contract size limit so we needed to change the structure of the contracts to be able to implement future changes we are doing the final touches on the zero sdk and um on the front and side we're finalizing the graph migration and due to improvements to the dry flow so that's the update from my side i'm not going to go into detail of the perps because vasily is going to do that himself all right thanks a lot rorro do we have any questions for her so rich smod i don't know if you were trying to ask a question but you're currently unmuted uh please meet yourself or i'll have to mute you thanks so any questions all righty so let's move on to vasily with uh perps thanks hey everyone [Music] so we just launched a bug bounty program specifically for the perps on the unify and we made this public on twitter and the github repo and we'll also add some links from the rating page then i want to touch on two items that yoga touched on one is onboarding difficulty and the other one is about trading fees so currently i think it's quite difficult for people to get on-boarded to proprietors because they need to bridge their funds and i think we can improve the interfaces [Music] and other stuff so we are looking into that but the immediate action we take is that we will have the possibility to use binance marching bitcoin to trade perpetuals so that means if you have a finance account you can send your bitcoin to the finance smart chain to your address and you can then log into the perpetuals page and use those funds to trade perpetuals i think that's that's going to be very easy for people who have a binance account and this should go live in the next few days and we also think that should help a little bit with the trading volume [Music] then the other part is on trading fees so there are two parts to fees one is gas fees and the other one is what you pay for a trade and within paying for the trade you have trading fees but you also have spreads and slippage so spreads is if you open a trade and then close it again you make a loss due to spreads and slippage is if you have a larger trade um your price moves against you the larger your trade is so now let's look first at the trading so um we probably have the lowest trading fees among d5 perpetuals with eight basis points um i didn't check that more recently but it certainly belongs to the lower ones then for the slippage if we have if you take the same amount of capital we can safely say that we have the lowest slippage of all d5 per pet now we have to be a bit careful with that because there are some other protocols that call themselves perpetuals but they're not actually perpetuals so they might have lower slippage but they cheat you somewhere else so one example is gmx gmx you have i think zero slip pitch but there you get wrecked by their funding rates because you pay first of all the the funding rate is not denominated at eight hours like usually uh like the convention is but it's i think an hourly rate or something like that and second um both sides pay the long and the short whereas with a regular perpetual only one side pays and the other side earns funding rate depending on the demand for long and short so there are some products out there that [Music] look attractive in that perspective but they have some some tricks i would say so then there are also perpetuals which are partially descent partially centralized so and then it to me it is similar to comparing a formula one car with an suv formula one car is very delicate and can go very very fast but it's broken quickly and it needs a lot of engineers to maintain it [Music] and an suv you you can't go as fast but there are other advantages that you have within suv so and similar to that if you have for instance an off-chain order book you can be extremely fast if you only need to settle on the chain one example for that is pancake perpetuals they have an off-chain order book so if you open that page the trades flash we can't do that if you're fully decentralized because the block time is three seconds and that's just the physical limit that we have to work with and another example of partially centralized um is actually dydx because there the order book is also off chain and yet another example of basically fully centralized is collider that looks like it was decentralized because they have lightning transactions um with which you can onboard your funds [Music] so um in terms of what we compare with i think we should compare the same type of exchange because if you're decentralized we pay some costs um so that's on [Music] the trading um now on the gas cost there i think we can so as you probably know it costs around three dollars so it's better to have larger trades to get the fees in relative terms lower [Music] and we are currently working on making some gas optimizations but as you probably also know we already optimized a lot so now we are more looking into removing some functionality that is probably not needed so that after the change you wouldn't even notice it uh if you're using the front end so i expect that we can shave off some of the gas but i can't promise too much on how much lower it will be than the three dollars that we currently have that's it for me and i'm very happy to take questions i thought the comparisons with other pers exchanges was very very informative uh vasily and yeah it could be worse yeah it could be worth um making some some tweet threads and posts about it um yeah i mean my gut reaction was shots fired at uh at gmx but uh yeah i think we we need to have conversations like like this so any questions for vasily as always i encourage questions as these are open forums we we don't want to talk at the community we want to speak with the community because we are the community um so yeah this this is uh the time if you have something to say to you know go ahead and speak up uh it's always encouraged um but if uh if there are no questions for vasily uh i can cover a bit on business development updates uh and then we can move on to uh wayne's uh presentation so uh yeah i generally like to speak on things that are that are happening and not um uh not potential not conversations so anything that's that's getting done that's what i like to report on um so we've begun work on mount pellerin the widget for off-ramping rbdc or rdoc or usdt into actual fiat so mount pellerin is a widget similar to transact with some added benefits for non-us users namely the off-ramping uh crypto into fiat and with very very uh advantageous rates so um so that's in development uh and led by pili for now so shout outs to him um next uh ilv labs has begun legal talks with a large international payments processor for uh converting stablecoins into fiat into uh user user accounts and i've made sure that in this agreement they include stable coins in the sovereign ecosystem so that would certainly include sovereign dollar or zusd from xero as well as uh xusd uh so more on that once they officially sign um we've passed the security requirements that binance has for granting further marketing support we have we have the audits in place and we've been live for a little bit so we're speaking with them next tuesday to see what kind of marketing push we can we can execute uh which i think will help us get a lot more eyes on the perps product um someone asked about the sovereign mobile app i'm not sure if they mean the banking app that we're exploring um or the or the mobile app that uh one individual from our community started building a little while back i can say that we're in the exploratory phase still with the sovereign banking app just seeing which partners uh are most suitable while being cost effective um and we found some while others are either one of the two where they're you know the value offering is excellent but the affordability might not be as much so this is still just an exploratory phase we may or may not do this that's all i really want to say about it uh and with that i'd like to pass the mic to wayne thanks mate um i realize we don't have a huge amount of time guys so this this is just a sneak peek we're not going to go through page by page word for word um that'll be done in a few weeks time when we're ready to um present the kind of finalized product with content the the correct content on the websites that we're working on some of the videos that are going on the site some of the rich media but i think we're at a point now we can uh give everybody a bit of a sneak peek at what the new brand is going to look like some of our thinking around the brand guidelines and even look at a couple of pages of the site so we'll jump in [Music] okay can everybody see that screen okay fantastic so we have a pretty comprehensive bit of brand guidelines um you know a big brand book here which we're still putting the final entire touches on what we still got to work on is the sub brands zero petrols which we're nearly there with but it's close to being a finished product which we can share for a review pretty much goes through the sovereign strategy global impact why we exist taglines values brandon voice logos colors topography um illustrations imagery uh how we use motion and brand in use 90 complete few gaps we have to build but covers all bases in my mind um i'll pass over to jago in a second to talk to some of the thinking behind the the strategy just very quickly in the in the brand vision um but as you expect um strategy around self-sovereignty providing freedom to people financial freedom through technology education community um moving away from [Music] self-decentralized control and adhering to the the real principles of uh [Music] decentralization financial freedom um there's some there's some amazing uh content in here for i think for us to us to follow as an organization and as a community and to ingrain into all of our kind of content and activity um we have a view of the global impact through technology education and community it's sovereign wants to have on the world it's again amazing to articulate this to guide our action to guide our behavior especially in marketing [Music] why sovereign information on why the brand exists problem statement solution tag taglines autonomy for all through ownership we are free no masters before us free of masters unlocking your sovereignty uh really tapping into self-sovereignty of individuals said through technology education community that we can provide um moving away from decentralized control providing financial freedom through decentralized finance values which will be ingrained here internally and into the activity that we have in market and really good guidelines i think to drive who we are and what we're doing in market um voice logos different logo iterations how they used with different typography messaging or core brand guidelines stuff the idea here being that beyond just the values and the strategy if we were to provide this brand book to a designer who hadn't worked on sovereign before a member of the community who was creating assets for sovereign that everything they need is here all the information you need is here to to build out an aesthetic and the tone and the language needed for us to have consistency of voice and design and market um colorations you guys would have noticed the coloration theme across these brand guidelines they've gone through them basically we've chosen to use vibrant colors that build up a sense of energy and movement evoke optimism and a better future and that orange is obviously linked to the connection with bitcoin it's linked with bitcoin so it's a key connection there um typography um [Music] different typefaces i've got some notes here from fineline different typefaces have been chosen for their flexibility um one of them here we go uncompromisingly bold and fearless with this tall form the other one is a simplistic wide typeface logic behind this is a mixture of tall and wide topography is often used through social movements to evoke strength and progression um there's very deliberate consideration here into the typography we've used into the the coloration we've used we're building out icons for the new website um the illustrations you'll see in the site designs i think are very cool we have um we've chosen images that are bold and that are vibrant um that instill a kind of better world cutting edge technology and as part of this i think it ties into the kind of ethos of the brand and fits in really well with brand these images are all ai generated so um fine lines spend a huge amount of time generating ai images to go across the brand guidelines to go across site go across all of our marketing material advertising materials social material um and the purpose behind them is to show you know how a better world could look like growth towards something greater that next step so it's the once again the provocative imagery been chosen alongside the coloration um alongside the typography alongside the brand messaging um all to focus on the sovereign world the sovereign world head and self-sovereignty um some illustrations there that you guys would have seen from uh team profiles team avatars and we'll see more of the ai imagery on the website and the fine line is spending a huge amount of time refining those images to create a an asset bank with a huge amount of imagery we can use across all all purposes or mediums or channels guidelines on how to use real life imagery how we're going to use motion animation we're going to work on these but there's some examples of the brand in use and how it's going to look across different assets pretty simple this is this is an area we'll build on we'll build on the examples here and and yeah i think you know we've got a bit of touching up to do with the sub brands but this is what i expect out of a really comprehensive brand book it's um it's got our values got our strategy it's got studious consideration into things like coloration tone of voice language typography imagery how it all ties in together to really deliver the messaging and the values that we want to adhere to so that's a sneak peek of the brand guidelines yeah i'm not sure if you want to jump in and just talk to the vision behind some of this for two minutes i uh suggest you do very quickly uh show what this would look like in terms of the new website so people can get a sense out of this impacts wonderful so we have all the designs for the website pretty much signed off the content creation is a huge piece of work which we're working through that is written content that is um all these image assets not just for the website but we have to redesign the whole ecosystem the existing uh documentation the existing marketing material you know we're redesigning the sovereign ecosystem i'll show you a couple of pages here basically this is our new sitemap we've got features trading learn borrow there'll be key products at the top of those pages so these are all key landing pages with some sub landing pages under them um you know trading we will very heavily promote purpose at the top of that borrow xero some great video content uh call to action content informational content for xero explore that's our learn section um all the resources you might need or content you might need or build up a learning section there in the future podcasts and media anything sovereign related will be in there um some really cool community pages um driving people to join the community explaining what a dao was explaining how governance works photography works um the page to to appeal to developers bringing them into the community um and then visionary pages our story about all our press and use pr up on the site have a careers page and a contact page and and always cta is following the audience to the dap we can track roi a couple of examples we won't spend long here um but it's just a sneak peek but if we look at the home page so we've got a big hero banner with ai generated artwork in line with new brand guidelines new typography please ignore the content the content has not been updated so all the wording is going to change we're working on that right now um and we'll then put that into the cms when the designs are finished big primary ctas to drive people to different parts of the site with the dap we have a problem statement here around the current state world and finance there's a very cool functionality here as you scroll uh it's like an auto reader text turns white as you scroll through and your eyes follow the problem statement down um might not be a final image for working on the imagery something showing the sovereign world so we have our problem statement there then we'll delve into the solution the solution that solvent presents which will link off to content this will be a one um one scroll horizontal fold which will look amazing once it's coded the the user gets here down the vertical scroll scroll once on their mouse and it'll fold like a book a book page over and that'll show technology i'll show our technology pillars our proprietary technology um proof points for sovereign then big a big section showing our features it'll be earn borrow trade these images are not final it'll highlight the the key features on the dap section for us to show prominent video with the product videos with interviews with the podcasts links after new news and updates resources page um the statement at the end that shows what we want the future to be um and then at the very end of the home page here there'll be a maybe four or five horizontal scrolls of ai images southern world which will be a night at the end that vertical journey down um so you can see the brand guidelines in action here you can see the coloration you can see the tone you can see the narrative we're trying to build on the home page the problem with the current system the solution the technology um how we can push people towards financial freedom and our features and then a vision of the the utopia at the end other pages follow some of the track we've got features we've got explore pages like community push people off to our key community channels we'll have a video attracting people into the community pages for joining pages for build pages for governance pushing people to follow sovereign or key channels faq queues for community pages one of the pages of community is joined that's the other primary learning one of the three primary learning pages so join cells of benefit to the community what is a doubt this content will change it's generally a guideline we'll have a you know probably a really nice animated video here in line with the new brand guidelines showing what a sovereign dollars and benefits the community proof points for the community and driving people to join the community join our social channels there's a big focus on this website to try and help us grow the community um so there's multiple you know rois in my mind we're driving people to the depth obviously we want to drive up tbl but we also want to we want to sell the vision we want to drive people to believe in the community to grow the size of our community status and sovereign things like resources page what you'd expect would literally be a huge amount of resource everything somebody would want to find on sovereign black paper tokenomics wiki using the dap guidelines on governance links to our blog articles i think we're coming to the end of the call uh there is a pm meeting that is supposed to happen immediately after this call which i was supposed to join i would suggest the pms uh take that meeting the wayne leave it leave it on screen uh take that meeting without me i'll join as soon as possible i'd like to be able to spend some time discussing this with the community of community [Music] no worries no worries sneak peeks i'll leave it there yago and um if you want to talk to anything go for it sure um so uh i have a lot to say about this um but before i do i'm interested to hear what do you guys think looks awesome very very cool i really like it [Music] it's um it's amazing like the development since the first bit of that's really amazing looks amazing from here awesome awesome good to hear all right i'd like to talk a little bit about what i think are some of the key aspects of this and because we put a lot of thought and work into this one of the things that were important to us is to provide a type of brand that nobody has ever seen before an aesthetic that is different and unique and um i think we um have provided something very creative and which is going to be not just unique and and and distinctives that you'd recognize it in different places and then it stands out but unique in a different way unique in a way that it's presenting a new type of aesthetic so one way that we're doing this is that you know it's very very bold um most brands today have tried to become more minimalist more demure um they tend to either be super minimalist grays blues or they tend to be retro if they're louder so um you know they they look like you know if you guys for example think about ethereum or about the thor movies right uh or about wonder woman right they're all doing this 80s neon aesthetic if they want to be bold we are trying to imagine what the aesthetic of the future looks like um the other way that we're doing this is with the colors we obviously wanted to start with the orange for obvious reasons but contrasting it with the teal which is both heroic and which you know provides the sort of like earth and sky contrast but i think the most important aspect here is the overall movement here with the brand is to start providing us with the opportunity to mature into the next phase of sovereignty sovereign as a brand sovereign as a sweet product has been around building tools of sovereignty which is basically being d5 tools for bitcoin we want to be able to start introducing something which goes beyond that which is the sovereign nation the ability to create uh something far more all-encompassing and basically to provide an antidote for what we view as the primary sort of problem and the primary problem and we see this across everything including the bitcoin community is that the discourse and the narrative and the way people think today has become pessimistic nihilistic cynical people have lost the ability to imagine not just a different future but a better future and so when if you take us back to the website our car website is very dark but in the new website there's only one dark frame scroll down this one right and and this is not finalized but base it's a placeholder still but it's one dark frame the dark frame is not about uh uh it's it's about where we are but more about where we are it's about how we as a civilization western civilization and human civilization more generally have lost a sense of ambition which is achievable they've lost the sense of optimism have lost the ability to imagine progress the other aspect that we've done here and which is why you know if you i think the other unique aspect of this brand is it is the first brand that i'm aware of that has um purposefully uh decided to focus make focal the imagery the ai generated imagery and the reason it's ai generated imagery is not only because it allows us to generate large amounts of image content but it's because we wanted to be able to evolve the idea right we we had created a very startling brand uh you know at the end of 2020 beginning of 2021 we grabbed a lot of attention through our heroic comic brand right we had a website that looked like it was out of a comic book and that was a brave choice which a lot of people hated that's good we don't want everyone to love it because then it's bland but we wanted to be able to evolve that while keeping the degree to which it is unique and we wanted to speak to where we think the world is going and the values that we have and so if you scroll back up and to the sideswing you can see that our imagery here is about it it isn't just about the future it's also from the future in a few years we're going to probably switch away from this because we're doing it before it's cool um this is what imagery in the future is going to look like it's going to be mediated by ai and the world is going to be about highly creative humans working with the powerful tools of artificial intelligence and that goes far beyond bitcoin it goes far beyond cryptocurrency so when we talk and then the final thing that we wanted is we wanted to be able to provide an image of what a world which is able to imagine [Music] and able to act on the basis of that optimism what that looks like what is a world of this what does the world of the sovereign nation look like right um because we're going to be building or our aspiration is to build a platform which goes beyond d5 for bitcoin in fact goes beyond bitcoin itself and builds a world not just on the technology of bitcoin or on the asset of bitcoin but on the core fundamental principles of bitcoin that attracted us to bitcoin um individual sovereignty optimism about the future the ability to change things instead of through politics but through technology and and the ability to use the most advanced technologies that we have put them together to empower individuals and and we want to be able to provide the education the tools and the platform to make that possible uh for everyone in the future everyone um who decides that this is something that they want to choose and so that's what we're hoping that this will be able to inspire that we'll be able to communicate even without words and we'll be able to continue to [Music] sort of grow with us as we grow not just the suite of products that we're offering but the type of um challenges that we take on and continue to grow and start particularly putting emphasis on growing an international community of people who are um galvanized and united by a shared set of beliefs and a shared imagination of what a better future could look like and um maybe if anyone if we want if you guys want we could now open it up to conversation yeah we're going a little bit over time but i think this is such a such a special reveal that you know let's stick around for a little longer and and if you guys have questions uh you know this is pretty extraordinary um stuff and uh we'd appreciate your feedback because you know we're we're doing this for for you guys for the community one last thing i'll add because we're using um ai to help generate um the imagery and eventually generate parts of the site and ui as well um we are also going to be able to release that as open source so that anyone will be able to create thematically sovereign so like recognizably sovereign images for their own means for their own twitter for their own um profile pics or for whatever it is that they want to use so this is not going to be just something which is a centrally generated brand but by mediating the work we're going to create a decentralized brand um hey guys um i have a question i'm currently an rsp ambassador i love what's going on with rsc been following rsk since 2019 and i love what's happening with sovereign it's probably the best defy app on rsk uh but i have a very interesting question for you guys um have you guys are you guys looking at zk ups to implement because yeah i'm seeing it happening with rif it's going to be very very it's going to be a game changer because what's happening with zk rollups is that it's going to allow you to basically send stable coins like zyz right without any gas which would be without any rbtc needed for just to move around which would be crucial i'm going to see that happen in a few you know a few months from now if you guys have heard about that suffering's been working on zika rollups since day one so we've been um working on roll-ups as part of our road maps since for for a year and a half and so the answer is yes perfect yes i'm very very blessed on zika rollups and i see it as a way for everyday defense because you know once we're able to use like z-usb for everyday purposes without having to deal with rbtc that's going to be the game changer right there thanks a lot cody no problem that's one we can discuss anything it doesn't have to be just branding or imagery or but anything that we've discussed or anything that you guys would like to raise oh yeah hey guys i have one more question sorry about that um one more question uh about draft war dropper that's going to be very very interesting what's happening over there anything that because it's very very very low key what's happening with dropper it's partly for information with dropper what's the mission behind that and then having in trouble with nfts so yeah so we'd be happy so we're looking forward to having dropper become part of the sovereign family and sort of an ecosystem but i think they've found that it's taking them a lot longer for various reasons uh to deploy i mean you know building is hard um and so i don't know uh what the status there is uh in terms of when we can expect it to launch okay hopefully soon because that's gonna be a very very big deal especially for rsk because we could bring people from ethereum to rsk side by bridging by bridging connections from one from one network to another yeah so sometimes uh sometimes exiled surfer makes appearances in these in these calls he's the lead for a dropper uh sometimes he hops over from their discord to hours and gives a few updates um when they happen um but yeah but i'm sure you can probably get a more inside scoop over there uh so i just want to read some of these comments uh that we're getting into in the general chat uh so by x says looks very promising sagra says great job looks amazing loves it uh floopydisk says i i think one of our biggest challenges right now is that people just see sovereign as uh another defy hearing the team talk about bigger goals it's super inspiring uh but it's hard to see those goals in the adapt this new branding is a huge leap forward to bringing sovereign's message to the public and he also asks this new branding does it include the dap it will include a reskin of the dap initially so there'll be you know in terms of aesthetic um there'll be a an aesthetic consideration there is a not part of the marketing movement but there is a yaga you might want to talk to that i think later this year there's probably an updated version of the dab coming out but in terms of brand aesthetic we'll make sure that there's consistency [Music] but we're in the process of making the depth itself much easier for us to change and introducing design elements which are more related to the so [Music] you know earlier i spoke about about the four-month process um before we see the impact of that but uh the app will change less than the website because the dev needs to focus on functionality but it will resonate with these elements okay so we have a couple people typing uh travis trace could you mute yourself if you're not going to ask a question [Music] hey um i just want to say that i love the change from the black and white to the baller and with a lot more narrative to it i really really like it and i'm just thinking if it's such a big change uh what's the thought on the reveal the people that have already a certain image when they think of sovereign uh we're working on that as well current thinking is to have the first uh sovereign um con sovereign event uh in which we will reveal this as well as a number of other cool things that we hope to be able to reveal i like that that sounds doesn't sounds cool thanks yeah i really like that um it has like this brighter future utopia kind of vision behind it um almost kind of solar punky with the landscapes and stuff how they blend with technology um and yeah it just becomes more than just d5 so i think it's really really cool i want to give a shout out here to fineline uh on the team who's done an amazing job of learning to teach the ai how to create sovereign imagery and doing so in a way in which it's also going to become possible and we expect to put out basically like a how-to instructional video or how to instructional materials and how other people can take the work that she's done and and you add their creativity to create um this kind of of uh content and this can also be expanded to creating video content um uh creating you know nft type content um so this is going to potentially be a powerful sort of image generation platform for us yeah i think the the art style reminds me of the miyazaki movies which i love so i'm i'm very happy with this hi it's hait from bubble fish here a lot of great updates and as i see a sovereign team is extremely busy with zero and a lot of important improvements it's really great to see that a lot is a lot of things are happening there i have a general question about bubble fish incubation because a lot of time has passed and i think it's time to update the bubble fish community about what is going on and where it is heading and yeah it raises a lot of another questions uh maybe if baba fish incubation is not disturbing or affecting working on on sovereign things or uh another way around is this massive effort focused on sovereign and and zero not affecting bubble fish incubation so um our overall sense is that it doesn't make sense to provide updates until we have concrete updates to provide and [Music] that said i know that the babelfish team are planning to have i believe later this month a uh an update session with the babelfish community focusing on roadmaps and governance changes and updating on the technical progress being made so things have been moving but you know there's this great line by um i think it was lincoln he said uh if you want me if you give me six hours to chop down a cherry tree i'll spend the first hour sharpening my axe uh and so i think if we want you know [Music] babelfish had the feeling that they were under performing in terms of their shipping and delivery times previously it's worth going silent making the investment so that in the future that pace of development is accelerated uh so right now i think bagelfish are spending the first hour sharpening their axe okay thank you although you know uh i i'm i was involved in some of the uh of the activities and i had also like a preview on uh things happening there there and it was like stopping uh you know just before uh having some some important updates and yeah and i was expecting some news uh in coming days and it's uh taking out a little bit more time but it makes sense to be better prepared and yeah let's wait then thank you i'm sorry um so i i want to give a final round for questions or comments and then we can bring this call to a close and thanks everyone for sticking around we've had around 60 something people and uh we still have over 50 people sticking around for themselves this has been a wonderful episode this week oh yes guys i have one more question um it's related to blockchain domains uh right now they're getting a lot of attention on ethereum so far openc has brought their own name uh uh we have tiffany and code that's like i see tiffany co-buying their own name tiffany.ed so there's a lot happening with that what's the what's what's sovereign's you know idea behind blockchain domains and using that as an incentive to bring in communities uh through d5 um currently so early on we examined this uh and uh i think we're thinking it would be a cool thing to do uh we haven't done it then we don't expect to do it because um we need to focus on those things which are core uh right now and that's that's a gimmick uh it's not really a domain that you can use with most browsers [Music] it's mostly for people to have a personalized address which is fun and cool but i think especially in bear markets it's really important that we focus on fundamentals uh and not on toys and i my my personal senses and i think that's you know my personal sense is that it's that's a cool toy but it's a toy um i wouldn't necessarily call it a toy because there's a lot going on now to a point where people can log into websites without google or without or facebook just by using their name so i'm saying great things happening on the therm side with that aspect and we have yeah i mean you could definitely do that and that's cool but i mean which websites are people yeah because this is happening that's a lot happening right now with providing security on the blockchain and having it secure in bitcoin especially storage and rf login all these services that we have available could be a great thing to you know market to people as well that's happening into the ecosystem but i understand it could be expensive to like build out yeah it's just not something that's anywhere near if someone from the community wants to work on it awesome but we're yeah we've got other things that we're working on yeah i can't be understanding that part so definitely all right so we got one last question from the youtube chat are you all considering creating an advocate or referral program uh well we certainly have advocates um we've had a couple of individuals volunteer to help us uh with our booth at bitcoin 2022 um you know we have people wanting to contribute and make introductions for us um which we're uh hugely grateful for referral program i think we were experimenting on it uh but i think it's on hold for now unless someone has further details on that as part of the update earlier it's something we're scoping out we're just scoping out the viability of it and how we could make it work and be a great thing to have um for the community um so there could be some news on that in the future no promises we're just scoping out to see if we can make it work in a d5 environment yeah so i'd like to bring this call to a close and say thanks for joining in guys uh you know you're all part of this mission uh we're trying to bring uh d5 to bitcoin but also build a new world on top of it so help us spread the word and create more sovereign individuals don't forget to follow us on twitter and telegram subscribe to the sovereign youtube channel check out our recordings share them with your friends and visit our dep at sovereign.app uh and also sign up for the xero waitlist um live.sovereign.app slash xero thanks everyone keep kicking ass uh we'll see you in two weeks stay sovereign thank you guys yeah bye thank you bye

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hello everybody and welcome to Sovereign Community call episode number 46. this is Magnus social lead with Sovereign the place to be for your Bitcoin D5 needs as you know we've recently changed our community calls to once a month to place an emphasis on quality not quantity we've got some great topics to dive into including about zero the marketing much more so thank you so much for joining us here and thank you for sharing this Mission uh the guidelines are guys if you like to speak that's fine just toggle the mute button while other people are speaking and be patient we'll get to you also note that we do take questions in between the updates feel free to post any questions in the general uh channel on our Discord or on YouTube Okay so let's get going thanks Magnus so on the product updated side the big update since the last call is that the xero app now has support for connecting directly using either a ledger or trezor Hardware wallet many thanks to Rick Victor solbit Alita Satoshi Badger and Julio for the dedicated work getting the hardware wallet integration developed and tested after the feature went live we did find a bug that was initially causing some problems with the trezor integration but we were able to quickly get that fixed so now everything works as expected thanks to Victor for the quick fix there and thanks Tony 42 and Javen from the Discord chat for reporting the issue and helping to text as well as through a survey that we sent out to everyone who has been invited to use xero we're we're reading all the feedback we're taking all of it into account and we're also using on-chem data actually looking on chain and seeing what are people actually using zero four um and this is helping us narrow down what use case we want to focus on design for when we are building this new zero web app so we want to while the current xero APP is very general it's like you know here are some interfaces that you can use to take out a loan use the stability pool kind of very general usage of the protocol we want to build a really focused uh product that gets people directly to the kind of value that they want to get from the protocol um and so all of this feedback the on-chain data it's all helping us to uh to to get to that Focus it's very early days in terms of uh where we're at the development progress there but um uh we are progressing and you can expect to be getting three views um on future Community calls as as well as invitations uh to one-on-one uh or small group uh user testing so that we can make sure that we're building the best product possible for xero because we know that there's so much potential there and we want to take full advantage of that um uh Switching gears a little bit to talk about um uh what's going on in in the world of the autocracy um after taking uh you know this brief detour to focus on other projects including the Zero release um we've now picked up working on the patocracy 3.0 implementation um we've been talking about this for a while um basically laying the groundwork to get ready to transfer smart contract governance promise the extract or multi-cig um the extractor multi-sig doesn't govern all the smart contracts but they do govern some of the smart contracts um and so we want to transfer that smart.governance from the multi-sig to photography so that sov stakers will have uh control of the system and that will kind of maximally uh decentralized governance um uh of The Sovereign protocol this has been a long time coming and I'm really excited about the progress that we're making there so we've almost finished the development work that's needed to actually implement this change at a smart contract level and we're also now in the process of creating the new Guardian multi-cigs which are going to be based on the gnosis safe multi-sig standard um we'll be sharing more information about the timing of the votes on sip 46 and sip 47 which are the sips that actually Implement these changes once we are closer to actually completing these projects and we can confidently set a date for the votes but uh the the most important update here is that we have picked up work again on this project we're making progress and we definitely expect to have that done uh sometime in the next quarter and those are all the updates that I had to cover today so back to you Magnus all right folks so we're moving on to uh Wayne here if you have like done me yourself thanks mud um nice to see everybody I thought as we're doing this on a monthly basis I'll just go through a couple slides and some stats for marketing nice to show uh the results of some of the team's hard work and and some of the projects we're working through so let me just share my screen give me one second okay can you guys all see that I'll turn it into a slideshow but everybody can see that all right yep okay awesome awesome let's do this on a monthly basis now I think it's important to show some some tangible results uh to the community and just update everybody on kind of key deliverables big projects we're working on what's coming up on the horizon there's some exciting stuff going on so uh so stoked to be sharing I'll fight through this reasonably quickly I don't want to I've got a tendency to get carried away so headlight stats for August um we're seeing we've seen 11 month-to-month increase in users to the site um we're seeing throughout the year since we've started tracking analytics about a 15 month on month increase average of users to the site I'll delve into that in a touch total site traffic is increased by close to 100 83 percent in four months um an additional 4 000 users to the site a month um interesting set nearly 90 90 of this traffic is new users as light said zero is kicking out so four million tvl on zero we're getting some nice engagement levels on perpetuals content top three product pages on the DAP in in August spot zero and swap we're prepared tools having a very high level of Engagement as well um engagement Wheels across those key projects uh products features are increasing um as traffic increases to the site and the DAP from a social perspective we're seeing which I'll share with you in a second month on month improvements and engagement metrics we're getting some key learnings from channels that we're testing activity on um one that's popped out to us is LinkedIn um it's looking like a very solid channel for zero promotion with about 20 to 25 conversion which is massive so for marketing activity considering some of our other channels are about three percent so we've obviously tapped into a you know a crypto audience an audience is getting uh dissatisfied with um kind of centralized financial institutions that that zero message is just appealing across the board um but for some reason especially with the LinkedIn audience we're also trialling page channels where possible and building a foundation of insights for our kind of media and channel planning going forward and the site content engagement that has the deepest engagement 75 scroll depth is heavily weighted towards zero purpose tokenomics this this is a good news story as Iago was saying in this beer market where I think it's probably a fair assumption to say a lot of Protocols are getting a diminishing amount of attention diminishing amount of traffic the trend is the opposite direction for us so in August Olympic growth in uh unique users to the site since we've put analytics on the website which was in March averaging a 15 month-to-month growth of site traffic and total users big portion of that 90 is new users which is a good news story as well we're getting rich with a a broader achievable market and they're clicking through they're coming to the site there's more sessions there's more content engagement and in that four five month period since we started tracking this is a really good news story because we're focusing everything on organic activity in the current market so no paid marketing activity currently and from organic perspective um organic content focus on SEO focus on tapping into influencer conversations on social using our social media channels and our brand more effectively we've nearly doubled doubled side traffic on a monthly basis with an additional 4 000 users to to the site in a four or five month period so um really good news story there I think in terms of our organic activity our resonating market and how interested people are um in The Sovereign brand there's a lot more eyes on the project currently what I mean by that this is a example in the last month of Twitter accounts that have been either mentioning Sovereign retweeting Sovereign liking Sovereign engaging in conversation engaging with our organic content and there's some big big counts here 190 000 followers of 70 000 followers 40 000 followers um so you know considering that a couple months ago we were seeing very few of these big counts engaging with our content um it's we're really starting to get some traction I think with the right influences the right channels getting involved in the in the right conversations the content engagement and organic reach on Twitter is increasing as well so not only are we getting involved in a broader range of conversations getting more reach for our marketing message but the content we are producing I think with a focus on higher quality content on uh the big product launches we've had recently um on you know a better articulated brand both visually and through content um organically we're getting some some really high engagement levels um Jago zero video 10 000 views without a dollar behind it repurposed Diego's kyc video 100 000 views organically the zero promotional video six thousand views organically community members views you know topping up into the thousands and this is all without any paid spins the brand is getting some real organic traction across social and in the market um our Twitter account in August our tweet Impressions went up by 40 profile visits up by 20 percent uh mentions of sovereign August organic mentions of sovereign August up by 100 great stat and our channels are growing um that's obviously obviously often a very hard game to play is to proactively grow um the followers and the base on these channels on a month-on-month basis um so it's we're getting more reach we're getting more engagement we're getting more click-throughs um the brand is resonating and uh I think the social media team and the content guys are doing a great job of achieving these kind of numbers in a purely organic environment and doing it on a month by month basis it's not an easy task um so well done guys also like we're using Twitter spaces to reach a wider audiences uh audience we're doing this quite effectively I think we're getting some big influences uh Harrington Dan held the graph um and this is all on organic unpaid conversations um which makes it so much more valuable um in my mind and just highlights that we're sharing more content against the right audiences in more crypto and D5 channels um and and spreading their brand message um in a way that is resonating that is working light touched on xero so don't need to to linger there um the the the product the features is is is really um I think resonating in Market it gets quite a broad audience over four million in tvl now we're onboarding 200 people a day from the wait list um we'll continue to push that hard as a feature product um website and Rebrand project we have a light at the end of the tunnel now we have a development Sprints underwear with uh Patton who are our agency um currently they are in Sprint two uh nearly finished uh development Sprint two this is coding and building out all of the pages into the the CMS one more Sprint left um with a CMS available to us in approximately two and a half weeks time two weeks time um we've done all the content we've done all the designs we're working on the videos huge piece of work um but we now have an estimated launched out um I'm hoping can be the the the closer end of that um end of the month beginning of October um uh and we're planning the launch of the the new Sovereign brand and the site how do we how do we really get this uh new look and feel uh out into the market into the Forefront of the conversation and at the next Community call or earlier if we need to if the if if we can achieve an earlier launch date but I'd say the next Community call we'll do an exclusive reveal of the the full website and the new brand for Sovereign community members um I'm looking forward to that we can go through uh how interactive the site is go through some of the key features um look at the full Rebrand of The Sovereign ecosystem um that we're undertaking now um and some other things coming up from a marketing perspective um we're doing some very solid events planning um events we're going to attend by ourselves or in conjunction with rsk um we're negotiating opportunities for the rest of the year Cape Town Singapore Bitcoin Amsterdam um Bona series London El Salvador a few of these are closer to being locked in than others but I think an amazing opportunity for Sovereign branding Business Development and hopefully speaking slots in every one of these agendas so um you know something like token 2049 in Singapore there's some big names there the founder of cardano um tazos um you know all these events have got some some very solid speakers um and big audiences and if we can get Yago and uh and some other key members key contributors in front of you yeah I would just say some of these speakers are solid in terms of their reach not necessarily in terms of you know our definition of solid you'll have to show them how it's done um and we've got some co-marketing Partnerships um underwear um rsk is giving us a portion of money to push zero in September uh we've just signed off uh co-marketing uh agreement with the graph where they're going to promote Sovereign to their base we're in talks with uh BNB um and we're moving forward with a co-marketing partnership with hacken DOT IO um who did our security audits for purpose and more discussions are ongoing to broaden our partner Network and uh and use these these partner networks to increase brand reach um against the Right audience so a quick overview but uh just to just to share with everybody I think um some pretty good news in terms of um you know how the brand is uh performing in the current market and some of the traction we're getting um organically across our marketing channels great stuff all right cheers Wayne Aurora did you want to present yourself um yeah of course all right so since the last time we spoke we had a few updates under that firstly we increased the fast PPC offering limits from 0.1 BTC to 3 BTC so this is a huge increase and significantly improves the usability of fast BTC um especially with your friend of course because of the on the on-ramp you already have the same limit and this also makes it easier to perform different actions on our system like arbitraging for example then we updated the margin trading functionality to save gas fees and that had an effect of approximately 30 percent savings on margin trades so the average gas costs went down from approximately 1.85 million to 1.3 million gas per marking trade so this is a significant Improvement we also improved and updated our token Bridge federators which is not really visible to the users but is an improvement here on the second side and was also a necessary requirement for the off-chain signature exchange update which we are planning for the bridge we did finish the first version of the zero SDK so now we're just looking into automated publishing using packages um just to have our own processes being more performant and on the front and side we have a couple of updates to the zero Early Access so now we have hardly valid integration which was a pain point for many users so originally we had thought we only do it with a new depth and leave the existing one as it is but because we got so much feedback from users that I really want to use the hardware wallets we decided to still add it to the steps so it's available now we also added Analytics or better Data Insights which helps to improve our products and multiple bug fixes and small improvements then they removed SOB rewards from the yield farming Foods eat and mint and improved the leaderboards for the purpose UI so that's everything or the most important things which happened um since the last call and now we're looking forward to more graph updates so that includes trading chart and other history tables around the deck as well as technical usage documentation for utilizing the several subgraphs on the debt we are going to introduce a fix for the bullet connecting problems and updating the texts and then we are just finishing up the staking contract update um so we're going to have a zip which is updating is taking contract with the new refactor version which is because of the old version they were not able anymore to introduce any changes because we reached the contract size limitation and now um with the new architecture we are able to add modules as required so we do not have this limitation anymore I already mentioned before that we're going to have the bridge of signature exchange update done probably next week um which is which means that our Bridge federators do not have to send one transaction for federator anymore but instead they're exchanging the signatures off chain and only one of the federal agents has to send the transactions if this is drastically cutting down transaction costs and last but not least we are working on a fee sharing updates or update to the fee sharing contract um to better unify the fees generated from the margin trading protocol and the serial protocol and this is the high level overview from my side are there any questions from the audience well okay so we can move on to the general AMA side of the call if that this case are there any based on everything we've heard general questions or comments from the community uh contributors Etc feel free to unmute yourself if so hey hello um I was just wondering whether there's an uh uh any updates from the circle of tokens whether there's any I remember that was at some point in the decision that uh that they will sort of take care of the low-hanging fruit um rewards for the liquidity mining it would be nice if someone reminded us of what the plans were going into the future of whether new plans and new discussions would be great Sakura I see you're on the call would you like to talk to that not Sakura then uh diesel Roy hello sorry I was I was muted um you're very faint is there some way are you yeah maybe get closer to the mic yeah is it better now a little bit yes okay I will try it this way um so hello um there were some small updates um that were raised by the ex Checker um the soccer of tokens um agreed with these updates um for now um there are smaller plans um to further reduce the liquidity mining Rewards um I personally would like to push a bit more for liquid SUV rewards in the near future but I think we have to provide some analysis for this first before we can really go on with it um what I have in mind is reducing the SUV BTC pull rewards and reducing the rbtc xusd rewards further but make them liquid I have already um published some work around it in the Forum it's a few months it was a few months ago but time has passed the the vessing schedule um has moved on and I think we can give it a try in the in the future but we we have to do some analysis analysis first um further I think that it may make sense to cut the rewards for the xusd landing pool and the rewards are already pretty small um the SUV rewards we are talking about and um we can think about cutting them completely especially with zero around the landing pool has not seen much usage and the apy is pretty low currently but um as Aurora pointed out a few calls ago the X used The Landing pool is structured in such a way that if there is demand for the poor the API the apy will go up quickly um so I don't think we will have liquidity issues if we remove the SUV rewards there small update here we have the reduction of SMB rewards already scheduled for the XC lending pool so on Monday we are going to reduce the reports from 2500 sov to zero all right great yeah I think that makes that makes sense further the circle of tokens plans to do a bigger on-train analysis of the various pools AMS and Landing pools and also around overall tokenomics this requires a lot of work um so basically we want to go over everything um what is the current token Supply what is this key dialect um token Supply over the next month with the updated liquidity mining rewards and I think you can expect an update but it I think it will take some weeks um because it will be a big update and it requires a lot of work also on train and some Excel skills to to work that out but um yeah I have some plans and I'm always looking for other people that can help um David is doing doing an amazing job also other people in the circle but if if you would like to to work on on this topic um you can always contact me and we will um yeah get you some work that's it for now thanks very much Martin did that answer your question yes absolutely sounds uh sounds very good uh I mean one thought it's just that that's looking at all those great stats um there seems to be a lot of demand for the Suffering The protocol but of course looking at sort of soft the token uh it seems that the demand for the protocol doesn't translate to demand for the for the token somehow so it seems that some of the some cogs are not interconnecting in some way um whichever you know I think it would be awesome if there were some ideas about how our yeah how should the value of the protocol also translates the value of the the token because it's you know that's the I'm not sure I'm not sure we need new ideas around that um the and the reason I say that is um there is a very very simple mechanism where uh you can stake sov and earn the revenues of the protocol now right now the revenues of the protocol are still small um and um in addition to that their overall is you know relatively uh a small user base who are using Sovereign on a consistent basis that's fine uh we um uh we don't need to be so you know it's it it things take a certain amount of time to grow right I mean you can't uh two two women don't give birth to a baby in four and a half months um and and try to you know stimulate pregnancy to go faster it's not a good idea right so so I think our what we're trying to do is build out something which is truly self-sustaining and and represents sound Finance that that linkage must remain simple and sound and I think it is so um there's two reasons that you would hold sov tug one is because you want to earn the uh revenues right now and and participate in in the protocol the other is because you view you have a long-term view of of The Sovereign protocol um for those of us on the call I'm sort of more engaged I think the fact that we're seeing our metrics improve with during a bear market and without stimulus um should provide us with a strong sense of confidence right what we we we we're what we're going to expect to see and we've been seeing this right so I mean if we've seen a hundred percent growth over the last four months uh if we can maintain a pace similar to that then what we will be on is exponential growth um uh you know so exponential growth the nice thing about it it's it gives you that feel of gradually then suddenly so uh I think most of us here have a long-term view of sovereign and the fact that um the rest of the world doesn't have long-term view is a is an opportunity um and then with regards to the risk there you know the every single um line of credit that is opened um generates revenue for the protocol and we to be able to deliver additional products and revenue streams on top of that in addition to the additional revenue streams and products that we already have um so um yeah you know it's it's it's it should be speculative right now because Sovereign at this point in time I think I think the nice thing is that um first of all we're probably you know we can be honest about the fact that it's extremely speculative and second of all it despite that I think in many ways we're starting to become less speculative than many other projects in terms of um you know if we can reduce this subsidies down to basically zero and continue to see growth then I think we're in a very very strong position and good stuff thank you Yago do anyone else have questions feel free to type them on the general chat if you wish or on YouTube on the live stream or just go ahead and unmute yourself if you have any other questions for Yago and Company hello um I I don't know if this is the right time to ask this question but I've been with everything that's happening with tornado cash and the conversations about maybe die losing their bag I'm wondering how that would affect the xusd and serial yeah so I think that's an excellent question one of the one of the architectural choices that have been made around is we are working towards reducing one of the core systemic risks in crypto a systemic risk which I think is dominant in almost every single so-called crypto platform um and that is the Reliance on um centralized stable coins with an external point of value right so the reason the tornado cash there have been a whole bunch of things that have been sort of blacklisted by ofak in the crypto space before the reason the tornado cash was such a big deal was because it was 70 million dollars of usdc that people owned uh in the tornado cash contract and when usdc decided that they would Blacklist that contract what they basically did was confiscate that 70 million billion and from those users who now can no longer redeem the usdc uh and so now there's just 70 million dollars that Circle and uh coinbase own um this is a very significant uh risk uh and it impacts Sovereign in Two Worlds first is by working towards having a self-sovereign decentralized uh stable coin which has Bitcoin has its base asset we can make sure that this fundamental primitive right this which is basically money right I mean Bitcoin is is is not money in the same way that stable coins are uh Bitcoin is sort of like this commodity um Reserve asset but money is what is used uh in in day-to-day transactions and for that people rely on stable coins more and more so we need to be able to convert Bitcoin into an asset which is also able to provide that type of moneyness and stable coins do that while maintaining um the overall um you know permissionless and censorship persistent aspects of Bitcoin the and and so by doing that we also remove from Sovereign from The Sovereign ecosystem or systemic risk right a major external dependency which is a a vulnerability xcsd is different X is the uh doesn't have the same uh Assurance because xusd is an aggregation of multiple different stable coins many of which the majority of which right now are centralized xcsd does provide a level of uh protection because the way Babel Fish and the baby fish Community have developed it is um they don't have a Reliance on a single uh stable coin and they also provide certain guarantees around the ability to recapitalize the the system in case one of these stable coins um becomes uh unpegged which could also be through blacklisted and so you can see those are basically as two layers of Defense right defense in in layers defense in depth for sovereign if we want to be able to interact with the Fiat world uh from a crypto perspective we need to be able to interact with these stable coins and the idea is to try and mitigate as much as possible the potential risks and so what we would like to do and what we're moving towards being able to do is basically to sanitize Sovereign such that um you will be able to use xusd as a conversion tool and as a bridging tool into the centralized Fiat world but within the Sovereign ecosystem itself as a trading pair as a stable coin as a means of representing you know the dollar NS means of saving we actually won't have any centralized stable codes coming from my side I'm just looking at the composition of tokens and the axis the aggregator and currently there are roughly four million dollars in decentralized stable coins and about 3 million in centralized stable coins so actually at the moment we have more decentralized stable coins to access even centralized stable coins all right so my data I was out of date yeah the flipping has happened all right any other questions generally speaking don't forget you can put them on the general chat if you do or YouTube live stream or even the telegram group uh Hey everybody do you hear me all right yes hello yeah so and just uh wanted to congratulate uh Wayne on his uh very good job he's doing on marketing side and uh got a question on uh for iGo uh do you have any updates on the um uh on the fundraiser from uh General catalysts any news on that side yes so the fundraisers complete uh Wayne I understand we're going to be putting out a press release yesterday the previous release is good to go I'm talking to rsk about tapping into the network um I've made the amends the press release um I imagine I'll go out early next week okay awesome thank you I do see a comment on the uh General chat saying do we have an estimated time for zero to be released to the public um not really not an exact time one of the things that we would like to do is when we open it up to the general public uh we want them to have a thinner experience and so um we want to make sure that we've got a refined front end because bringing in users um who have a bad experience becomes difficult then to to bring them in again so we'd prefer to know that we have the best most streamlined uh easiest to use front end and then uh you know that's what we want to to to show The General um broadly speaking I think this approach of um making sure that when we release things to the general public they're ready is going to stand Us in good stead there's no you know the advantage of being in a bear Market is there's no particular urgency things are you know it's it's it it's a time for organic growth rather than um sort of hyper uh hybrid growth and so we want to make sure that we are well positioned for any periods of hyper growth that come in the future but that we have an underlying current of stable solid organic growth comment from YouTube here from the eagle saying hi any new listings coming up I assume ego means on centralized exchanges um we're not this is not a focal point at this point in time at all folks last chance here if you want to unmute yourself and ask any questions maybe I'll just um yeah to what I said in response to Eagle so I think timing is very important there are uh good times to list their good times to raise or good times to do everything so there's like Martin said before there's a there's there there is a disconnect and almost always is a disconnect between the capital markets and the fundamental uh fundamentals for a technological perspective and a product perspective of you know the actual Market um the um you know Financial Market goes up 20 30 50 a year and down twenty percent fifty percent a year and in crypto even more dramatically than that but we don't see the economy grow by 20 or 50 a year or drop by 20 to 50 a year changes are very very small in comparison right so maybe we'll see GDP grow by two or three percent to drop by one percent right and so the reason timing is important is because on every single day we need to um continue our approach to fundamentally driven organic growth but if we TR but if we get thing if we but on the Capital Market side right it's not every day we grow by you know half a percent it's some days we grow by 20 and other days we don't grow but at all and other days we drop by 20 and so there's no point in doing um sort of capital raise when the market isn't ready for it you'll just uh you know it will just drop flat and so um fundamental things you don't need timing but Capital markets related things you you timing is super important so you could have a bot that's set up and has permission to close your line of credit um it would need to be you know pre-funded with zusd so that it had enough to pay off your debt and you would also have to trust that the bot does what it says it's going to do maybe you could somehow theoretically you know figure out a way to program it so that anybody who has the USD could pay off your debt uh in exchange for um you know an equivalent amount of your collateral or or something like that there are a couple of different ways that you could do this um if you'd be willing to run such a bot yourself then you could theoretically perhaps make it trustless but uh yeah I think that's about as good as it could get um there's no way at a smart contract level to you know automate all of that it would require external actors uh to to react to price drops and you know do some sort of swap of debt for collateral I think at this point in time we can file that under um future Avenues of potential r d now right now key thing is to make sure that the product works as well as possible and then I think we can start tweaking and improving it on an iterative basis all right Magnus on this uh we have additional questions I think we can start bringing this to a close where at the hour yeah absolutely perfect timing here all right guys thank you so much for joining the call and being a part of our mission to carve out a trail for Bitcoin Security Financial sovereignty dismantling what people know and understand about money here guys if you want to learn more about the xero protocol I know there's a lot of questions here about it catch John line and I at 12 a.m UTC that's actually 8pm Eastern Time USA we're going to be hosting the second zero q a session on Twitter so I'll put all the links for that on all the various socials so come ask questions live you can also submit them anonymously anonymously if you're talking mysterious and I know a lot of people like to do non-questions and yeah thanks thanks for everything guys make sure to follow us on Twitter join the telegram Graham group subscribe to the YouTube channel and uh save Sovereign I'm gonna close the recording out feel free to hang out if you want to generally chat thank you very much

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okay thank you all for joining sovereigns it's great to be able to connect with everyone again for our monthly Community Gathering so uh a quick review of what our agenda will be today so uh the way we typically manage these calls is we provide an update on the basis of the core components Dev adoption ecosystem Etc today given that we had a little bit of a more dramatic week this week we will be addressing first the exploit okay if actually if you could go to the next slide agenda please so we'll we'll discuss the No Agenda slide uh we will discuss the exploit we'll discuss the budget which is something we were planning to provide a high level update on anyway and discuss how the exploit impacts the budget we'll then open it up to questions and then we will continue with what would we are regularly scheduled programming dependent on time um so um thank you all for joining and um let's start with a discussion of the exploit so on Tuesday of this week early in the morning um we suffered our first successful attack so Sovereign has been operating now for two years we have a very large number of products and infrastructure systems that we've built out um we have endeavored to maintain the highest level of security assurances that we can for all of these systems but we always knew and we've been very clear no system is ever a hundred percent safe and indeed uh our Legacy lending system that is the lending pools where you can lend your money and other people on an over collateralized basis can borrow uh suffered an economic attack which we will describe briefly today um and um the result was uh that we had an exposure of potentially several Millions uh in losses in practice the actual exposure that the attacker was able to um so actually maybe before I go into those numbers a few things that I'd like to point out most important thing is that no users will be suffering any loss the reason no users will be suffering any losses because we have several layers of security and safety measures in place first um uh the safety measures that we have in place helped keep the exploit size limited and have allowed us to recover significant portion of the funds second I want to give a shout out to the entire team who were engaged everyone from the communications uh to Community Management and in particular of course to the dev team who took methodical decisive and swiss Swift action and um they were managing they were able to identify limit and start recovery very quickly and also most importantly they helped to mitigate the uh the situation by um putting the systems into maintenance mode but as of yesterday already systems have been coming out of maintenance mode and are operating as usual so um you know I think we should be really proud of the community uh of core contributors and devs who are working on this project um and they demonstrated it really remarkable for for a team of anonymous NIMS from around the world um the level of coordination uh the calm teamwork that they demonstrated was um I I was very impressed so um the five you know in addition to that we've of course had multiple audits we have a bug bounty uh with a bug Bounty of up to a million dollars um and so of course any hack which could cost us less than that is is uh is in one way a win um but uh with all of those measures in place there's clearly always going to continue to be opportunity for us to continue to examine the potential for exploits and to continue to provide uh to work on improvements and and higher degrees of security both for our systems but also for the ways in which users can interact with our systems and then as a final backstop we have the exchequer and in this particular case the executor is going to be able to cover any remaining loss after recovery of funds such that no user will lose funds um so as I mentioned we have a one million dollar bug Bounty and the attacker potentially could have um uh Come Away with 1.2 million dollars thereabouts uh in assets in practice recovery was close to an uh is ongoing but recovery is close to 50 percent of the funds the expected loss to excheckers we expect it's going to be between value of around 500 and 700 000 dollars and this represents about eight percent of exchecker funds Armando will go into greater deal though on that um shortly um so this is not good uh we would prefer for us never to have an expert and we prefer for us never to lose any funds but in the grand scheme of things this is well within the security budget of the uh ex Bounty and exploits that we have anticipated for ourselves and is ultimately also a speed bump in terms of our ability to continue development of the system and indeed I think is going to lead to Greater security and has provided us with some Avenues um in terms of thinking around additional security measures that we can introduce into the in the future um so that's a high level I'll now turn it over to Aurora uh who can describe in a greater detail the measures that we took in the exploit I just want to point out one thing we expect to and intend to have full transparency around everything that occurred however um some matters we will not be able to discuss today for example some of the measures the security measures that we currently have in place and some of the methods that we are undertaking in order to recover funds for obvious reasons right this is still in flight and so we are working to put together a full post-mortem which will be available to everyone of course but there are for security reasons some things that we may still not be able to discuss today all right um with that Aurora uh the floor is yours travel and Tuesday and it's also a Wednesday I would say but um in a total we manage the situation well I think um of course there is always room for improvement so it would of course have been better if you had realize the attack even earlier and not just as the attacker was about to move out the funds but the relevant thing is we did realize that an attack was ongoing while we were still able to act on it so this was already extremely good um I do not want to go into the exact details of the exploit we were able to identify the exact issue for security reasons I will not disclose it in detail yet before we have the fix and everything deployed you will hear about it in the post-mortem but on a high level I can tell you what was already communicated on public which is that the I used TT and irptc lending pools are affected and the attacker used a combination of contract calls in a single transaction which is a borrowing fund closing the position minting tokens and burning tokens and I was able to manipulate the token price in a way that he was making a profit in the end so I expect you to read a full post-mortem of this soon and please understand our additional cautiousness here to not yet share the exact details of the attack publicly so the good news is we managed to reconstruct the issue which means we can also fix it and test and verify that our fix is actually working we are currently working on this and are using the opportunity for a another full scope Security review like at least internally so we're taking turning around any every stone in our just having a very close look at the different entry points of our system um that being said the iuct and the rbtc pool are the only ones which were vulnerable and from these pools only the available asset balance would have been um dealable so to speak the pools have a amount of tokens which is still available and another amount of their assets is brought out so it's on the protocol and only the part which was still available on the pool waiting to be borrowed was the part which would could have been stolen that were at the time of the attack approximately 360 000 usdt and 56 Bitcoin um so approximately one and a half million worth of dollar and this means that a bug Bounty reporter would have received approximately one hundred fifty thousand dollars um which I think would have been for multiple reasons to better take because it would have been a very Noble thing to do um the Whitehead would have found recognition and admiration he and wouldn't need to Now cover his tracks and worry about how to actually use his money without being found um so I think 150 000 for a legal way to report this issue would have been the better option um maybe we can also use this opportunity to remind everyone again that we do have this backbounty in place and hope that future in the future if someone recognizes an issue in our smart contracts the person decides to report the issue instead and get a handsome reward for it all right I think that's basically it from um well one one more thing maybe sorry for being so unorganized I didn't really have the time to prepare for this call I was busy um so currently part of the system was still being closed but other parts of the system are running again still closed are the bridges Landing pools the product the margin trading protocol and X USD the like I said only the only contracts which are directly involved by the exploit are the lending pools and therefore also the protocol the other two products are just in pause because we're very cautious the amm cro and fast BTC are again functional so we are taking the approach that we're gradually turning on products again as we feel confident in their safety now that's really um the gist from my side thanks very much Aurora and thanks for taking the time to put the together these thoughts in the midst of working on this um at this point I'd like to open it up to any questions from anyone in uh on the call so are there any questions if not we will move on okay so uh next on the agenda is um budget uh Armando the floor is yours um Matt if you could please um provide the Armando uh the screen hi everyone let me uh share my screen and let me know if you can see it what I plan on covering um over the next 10 minutes are the following one we a review of Treasury balances um as of the end of September as well as taking into account the effects of the exploit I'm going to be talking about the revised budget that the team has been working on for the last few months um tell you guys a little bit about the budget assumptions and the parameters in which we're working a little bit about the financial objectives um that we're working towards uh what our action plan is what the preliminary budget looks like and at the end of this report uh We've added the Q2 Financial reports balance sheet um and p l this deck as well as a summary of all of The Sovereign exchecker committee meetings up until September will be shared on the wiki and the forum either later today or tomorrow so in terms of the treasury balances um The Sovereign treasury currently has 8.2 million dollars um where the composition is primarily in US dollar stable coins 70 percent uh 25 of treasuries held in BTC in the remaining five percent is split between B and B and Eve um the cash in inventory is uh 8.1 million but the protocol has a number of trade receivables um primarily from Babelfish for services that the protocol provided to Babelfish uh as well as a number of liabilities these are updated as of Q2 2022 but we're in the process of I apologize for interrupting I'm not seeing the um different slides I don't know if others are yeah I've been moving slides if you can't see let me know I'll try something else let's see if you can't see it it's just on the mean of the first slide I thought now now now you successfully uh shifted okay so I'm just gonna leave it like this I know that sometimes there's a problem with Discord so I'll just quickly recap um the financial statements for the end of Q2 are at the end of the slide but we're currently in the process of finalizing together with the accounting firm that we work with the financial statements for Q3 that should be ready in a week or two and those will be shared as well but as of now um treasury balance taking into account receivables and liability stands at 8.2 million dollars um we are working on a revised budget um for the next 12 to 20 months and that budget has a number of assumptions baked into it one is that crypto asset prices remain more or less at current levels um so we're not expecting any in a recovery in primarily in Bitcoin over the next 20 months we're also assuming that the bear Market loss for an additional 20 months and just to give a little context this work started um approximately four months ago so towards the end of May when we were finalizing the last investment round and when the market turned uh executor realized that we needed to adjust and at that time um the broad consensus was that we need to factor in uh 24 months Runway at that point which is currently from beginning of October an additional 20 months and we're assuming that no additional capital is raised no income that's generated from the protocol is diverted to treasury but remains 100 percent going to Sovereign stakers during that period and of course that all uh user losses incurred by the exploit two days ago are covered by treasury funds um in terms of our financial objectives what we want to make sure that we focus on during this time obviously is the fact that we can survive this bear market and have enough funds in the treasury to support Opex for an additional 20 months the other is that we retain the amazing talent that have come to work on the protocol and not only do we retain that talent but we also have the resources to develop their talent and allow people to um develop their skills and ability to contribute on the project while they're working on the project our ability to scale up fast so that basically means that we retain our ability to respond to market conditions respond to um any external changes that might mean that we need to scale up fast and that means that has impact on our infrastructure on the internal um knowledge of the people working on on the protocol and just our internal mechanisms to do that um and obviously that we're able to deliver growth on the products that we're developing so high level what this means for us is um we've made a few adjustments to the team and to the way we work um the adoption team has now uh being merged with the community team and those teams will share one more optimized budget the development team is going to focus resources on products with the most attraction and in terms of operations we've we're going to share operation resources between Sovereign and Babelfish to save on costs to introduce some additional efficiencies for non-head count budget line items um we are not going to reserve budget for uh additional exchange listings Over the next six to 12 months this is considering the fact that we want the liquidity on our current exchanges to be more robust we want to invest in those rather than invest in additional trading venues um when the market is weak we are focusing on bug bounties as they have proven to be the most um efficient way or the best way to uncover um potential issues with the protocol we are optimizing our legal spend and been doing a lot of work on optimizing our infrastructure spend um what I'm going to present here is a preliminary budget proposal um and the reason I say preliminary is because there's still some work that's being done to finalize the the strategy roadmap at least for the next 12 months and the budget needs to follow that room at roadmap and support that roadmap um so the numbers here might not be the final numbers but in any event once this exercise is complete that budget will go up for autocracy approval but my expectations is that the numbers will not be very will not diverge very much from what we present here so um I think it's important when I go through these numbers to give a little uh historic context and to explain a little of the timeline over the last six months or so so last year a budget was approved for exchicker and the remit given was an executive can operate within that budget um that budget had a much higher total Opex spend closer to between eight and nine hundred thousand monthly and um exchecker was operating under that budget it never reached those levels of spend spent was um historically looking at 2021 uh peaked at around 600 000 a month um potentially slightly more but in if you guys recall we were in the midst of an investment round um in March between March April and May and that investment ground was concluded um when exchecker made the decision to take the funds that were committed by investors uh and the total amount raised was about 5.4 million uh which was less than the 10 million that exchequeror was aiming for and that decision was primarily due to the fact that the market was turning there were a lot of contagion events especially with Celsius three hours capital and Terra which affected a lot of investors and the general consensus was that if we continued pursuing the investment especially an investment that's tracking the price of sov um we would be left in a worse position than if we close the investment round but as soon as the investment round was closed executor started adapting the budget proactively to fit more or less or to reflect more or less what happened with the investment ground so if we managed to raise 50 of what we're expecting we more or less started trimming the expenses and outlay by approximately 50 percent which you can see here in a percent change so the target budget that we're looking for has a total Opex of slightly under 400 000 a month and you can see that the majority of change is in non-head count spend but obviously there's change to head count so there was there were changes made to headcount there were contributors who left the project over the last few months um in light of these changes but the overall goal here is to ensure that we have 20 months of Runway even taking into account a loss that's estimated between 400 to 650 000 due to the exploit but at the same time provide us with enough resources to accomplish the goals that we set to ourselves and complete the roadmap as it will be presented um that's that for me I won't go into the Q2 Financial reports but they are here um both the profit and loss and the balance sheet this will like I said this will be shared um either later today or uh tomorrow um but that's it for me happy to take any um questions now if anyone has anything relating specifically to the budget uh I do if I can uh chime in this is Lord elvik um it does the budget account for uh some of the biz devops that um the team's been working on specifically if if there are revenues accruing from things like on and off ramps does that feed into this or is that a totally independent mechanic so this budget assumes no revenue from any sources not from the services provided by the system not from any potential Partnerships with uh with external Integrations whether it's on enough ramps or anything else this this budget is assuming no uh Revenue incoming I was going to say I'll wait for the AMA then maybe and talk to englandia and Yago on on that topic separately so I just want to you know we've made some very you know the Assumption maybe go back to the assumptions page the assumptions that are made here are not on the basis of what we anticipate will happen but rather on the basis of uh What uh we want to be able to prepare for so this is uh a conservative base case budget uh not exactly a worst case budget because you can always imagine things getting much much worse um nuclear war seems to be uh behind around the corner on any given day but this is a base case for assuming no market growth uh and um no additional Capital raised which we do not believe is the case no ability to generate income which we also do not believe is the case but we don't want to have a base case which has assumptions uh which are you know based on future success of any kind um any other questions from anyone okay then I guess that's all from me um this will be posted on the wiki and on the Forum uh look forward to any feedback questions anyone may have on the Forum or once you've had time to dig into the numbers a little bit more um and the uh extractor committee decisions will be shared as well and then I expect in the next couple of weeks a much more detailed budget uh road map and um Q3 financials will be shared and then we will move towards a sip to approval of the above so that's it for me thank you very much thanks very much Armando I'm going to allow for a little bit more time for questions if anyone wants to ask them now and in the meantime Matt you can switch us back to the original uh deck Matt if you can jump into the insights the Data Insights from Iago that'd be great there are some written uh comments in the Channel chat sure for this um can you can you help uh uh describe them can you go up one slide one slide.net thank you yeah yes um six Saturdays asks uh I understand the lending pools are still paused however you can see the page in the DAP should I see my balance in The xusd Lending pool or is there also no balance shown because of the pause Aurora would you like to take that um yeah sorry what was the question they the the question was around the balance that they can see using the depth for the lending pool that are currently not seeing any balance if I understand that is correct they cannot see the balance as long as the contracts are paused because on the loan tokens the forces also disabling The View functions um so sorry for that inconvenience but um that's the way it is right now when the contract is being unpaused you will be able to see your normal balance again thank you Aurora John any other questions um yeah psycho cat asks when do you think to reopen the bridge okay so I assume that the bridge that they're referring to is the bridging to both BSC and ethereum um at this point uh I don't think we have a date uh we're working we're working to bring all of those systems back online um Aurora do you have an update which I'm unaware of um just the update that they released the funds which got stuck on the bridge today and so everyone who had stuck transfers on the bridge got their tokens by now but we stopped the bridge again afterwards so we just wanted to make sure that people got their funds back and now just for safety it's still closed we have no reason to assume that the bridge is in any way in danger but given that X USD is also still paused um it would choose to lead to other failures to turn one up without the other so please have some more patience and we are expecting to have the bridges also again up soon thanks we will we will publish a plan going forward for any of these remaining things if it doesn't look like they're gonna happen otherwise um uh you know otherwise we'll just uh uh bring them back online one more question I think I'm time for um sorry one correction I certainly released all of the funds but we only released it was on the eighth bridge on the planet's marching Bridge they were not yet released uh light is there in an additional question or should I move on okay um I don't think there are any other questions about uh that particular topic um unless whoever just unmuted wants it there's questions in the chat but they're not about the correct the current topics so I assume they can wait for the AMA all right fantastic thank you all right in that case we'll move on to our regularly scheduled programming which is what we were uh hoping to update the community about in particular um I'd like to discuss the growth that we've been seeing uh in xero now I'll also discuss our tvl in some interesting um uh things that we've noticed about uh uh our the potential impact on valuation So currently uh the amount of Bitcoin in the system is 335 Bitcoin or 6.7 million as you can see by the graphs we've been seeing robust and consistent growth in terms of the BTC collection going into the system and we've also been seeing growth in the stability port with uh close to three hundred thousand dollars worth of funds in the stability pool the stability pool um is slightly you know I think requires a slightly more sophisticated understanding of the system if you want to be a informed user of it but it offers a very very interesting proposition which is basically uh it's kind of like a tool to buy the dip at a discount so if there are any significant tips and there are under collateralized positions those positions get liquidated and then the stability pool buys those positions at approximately an eight to nine percent discount so it's a way to buy the dip at an 89 discount and what we're starting to see I think as people are becoming more familiar with the system there's a sophisticated class of users who are starting to look to use the stability pool as a way of increasing their Bitcoin stack can we move on to the next slide please now uh looking at the growth rate of uh zero I think there's some very uh we're tracking some very impressive metrics so I'll start with our Target rate overall what we would like to be seeing is 20 month over month growth uh to give us a compound annual growth of at least 240 percent and that implies a day over day growth rate of 0.24 those were and remain our Target rate for uh uh success in this uh of the system and that's based on the fact these are the upper levels of what you would typically see in a fast-growing exponentially growing startup for example what we're actually seeing is that since launch of the system excluding the first 10 days because that um you know would have started from a very very small base and therefore would have um made these numbers higher um so excluding the first 10 days we've seen the uh average daily growth rate of 4.3 percent and looking at the last 30 days we've been seeing an average growth rate of 1.61 now the graph below the blue graph is graphing out the day over day growth rate and as you can see it starts out um ridiculously high impossibly high um hitting on some days as much as 30 percent day over day and we would never expect to see that kind of growth sustained and it's primarily an artifact of the fact that we started out um with nothing and so this graph starts from the the tenth day at which point they're already about four and a half Bitcoin in the system but that is still a relatively low base um what we have seen though is that the over the last um 40 days or so you can see that the graph uh reduces to where it is currently which is about 1.61 percent uh daily growth spiky which is what you would expect but roughly 1.61 now we expect to see that continue to drop um but it is quite significantly higher than where we expect it to be and there is a very significant uh buffer between the 1.61 and the 0.24 that we were targeting so um given the consistency of the growth and the speed of the growth I think we we have validation very strong validation even though it's still quite early that zero is performing extremely well and the fact that it is doing this in a bear Market and with zero subsidies being provided of any kind in a market where everything is provided a subsidy I think is even stronger indication that we are likely seeing very strong product Market fit a very useful and charismatic product um and um and we hope to continue and potentially you know continue the growth we won't be able I don't think realistically to accelerate the growth rate on a day over day basis but I believe we can keep it elevated can we go over to the next slide please now the second thing that I wanted to bring uh to Bear is something very interesting for me at least so um I looked at a comparison of the total ecosystem tvl of stacks and the total ecosystem tvl of sovereign where our total ecosystem tvl in other words the total assets in our system includes all of our products it also includes Babelfish as part of our ecosystem but it does not include uh staking and um where we are today uh is that you can see these um these indicators right this these little circles the these circles are to scale so that this is a visual an accurate visual representation of difference in in total tvl Across The Sovereign ecosystem and the Stax ecosystem uh Sovereign being about 35 million Stacks being about 12. um this is quite remarkable and in fact I went further and and looked at it Beyond this looking at um the the totality of D5 products currently available for Bitcoin across the liquid um lightning Network and stacks as well as nomic uh although I I I I wasn't able to get I'm not sure I've got perfectly accurate information about nomik on on in um in the cosmos ecosystem but um are the The Sovereign tvl um is actually the majority in other words it's greater than all of the others combined the other aspect of this is that if we look at the fully diluted value of the server protocol versus the fully diluted value of the stacks protocol Sovereign is about 40 million Stacks is about 586 million which means that Sovereign has a fully diluted value to tvl ratio of 1.1 and stacks has a fully diluted ratio to tvl of 49 and so those um circles on the on the left are also to scale and so you can see there's not just a complete reversal but a but a even an asymmetric reversal of the ratio between the two projects uh looking across the ecosystem we also see that projects like stack consistently have a higher ratio than Sovereign and indeed um sovereign's ratio of tvl to fully diluted value is one of the lowest in the entire universe of crypto um which you know if one is a value investor or is looking at fundamentals would indicate very strongly that Sovereign is very significantly undervalued and underweighted so I think two big takeaways from this first of all um we have you know no one is happy that our token price isn't performing better um I think this is evidence uh and and there's other pieces of evidence as well but this is a strong piece of evidence that we're not just um uh it's not just you know our subjective opinion that we are undervalued the the our ratio of undervalue within the Bitcoin ecosystem end with across the crypto ecosystem just generally is is very very significant Diego can I make a quick comment here sure um The Sovereign treasury currently has about 800 000 of its funds in liquidity so that's about two and a half percent of the figure that you see the 34. 34.4 million and obviously we don't have visibility into what that ratio is in the stacks ecosystem well that's not that's true we don't I we haven't at least done an analysis of what it is in the stacks ecosystem but we have looked at other leading projects on other uh elsewhere and we do know um that um typically you would see a higher level of Treasury and a higher level of um sort of ecosystem support in terms of like uh you know the the chain um the the chains treasury actually being in the systems as well and I think thank you Armando for pointing that out this actually accentuates the the matter even further right so Sovereign um is um relatively under providing low subsidies and there's the the the the value is user value this is not you know fake it till you make it value this is organic use by users which I think even more accentuates and illustrates uh the situation so the first takeaway is I think um we have a huge amount of Headroom to grow the second question and the second takeaway is why uh why is this the case and I think one of the reasons is that beside this despite the fact that we are building this ecosystem we are not perceived as an ecosystem and the reason for that is um the way the market currently perceives ecosystems is as chains um now one of the things that we've been discussing for a long time is having a sovereign chain uh and we've discussed various mechanisms of having this such as a roll up um and um the technology is now maturing to a point where I think this is starting to make sense and so there's currently an effort where we are looking at what it would look like for serving to create its own chain and become more clearly a a platform and I think that in and of itself would rebalance the the way that Sovereign is being valued so expect to hear more about our analysis on that um probably even by next community meeting um as well as depending on what conclusions we come to we'll be discussing with you guys what we should be considering to do going forward um we're also I think uh you know be really interested in a good place to have this conversation be in the forums um uh any other points that we should consider in terms of um you know bringing to the world's attention the fact that this is probably one of the best valued right uh most uh you know um you know from a fundamentals perspective projects currently anywhere um that's it for me um actually is it okay if I take some questions I think so uh are there any questions on this topic oh wait do we have another slide on this no all right so um any questions on that topic before I move on to adoption um yes Tom here yes uh what did you meant with this um system or or whatever we are you have in mind or what was discussed well from yeah so from early on we've we've we've been discussing uh what a solving chain might look like um we've primarily focused our efforts in two different types of roll-up technology either optimistic wrote up or zero knowledge wrap um for various reasons we we have rejected both of those up until this point um I don't think we'll be able to get into a deeper conversation about what the plan going for it might look like I think um the the bigger takeaway right now for us is that Aid is meant to be important as a growth mechanism and also I think our sense is that the technology is maturing to the point where we should be giving this a second look and so I'm just letting you guys know that that is one of the things that we are currently doing okay one one thing to to ask on that does it mean oh Sovereign is um making its own chain or moving to another chain yeah no so no decisions have been made um the the if we decide to move forward with a with a major project of that kind it would be something that we will discuss the the bigger point is that we're currently investigating this again after not having looked at it uh as as a primary focus for the last few months okay one last question um did I miss any information about it because he said it is discussed for a long time but I I've right now heard the first time of it no we we've been discussing roll ups um or having a severance chain basically since day one and um uh in fact it's even in uh in black paper okay so talking about the roll up as as one potential method yes um okay we have more stuff to cover so I'm going to move on uh Wayne over to you thank you much um so adoption in the last month um before we move on to the slides just at a very high level we continue to move forward with tracking well against all of our key um performance metrics both against our high level goals to driving product adoption on products like xero uh moving forward tvl on xero driving increased levels of traffic to the site broadening our achievable market and our brand awareness um key key stats around reach um through marketing activity adoption activity um engagement on our social activity on-site content off-site content traffic to the site conversion metrics around zero continue to go up um month or month uh I think we want to move one slide up because right now we're not seeing yeah yeah despite uh you know challenging marketing conditions all the kind of key metrics which I'll get into continue to move forward um so what we're working on currently um over the last month zero promotion and content around zero to drive up tvl and adoption as much as possible um as Yago shared uh linear growth in their tvl um seeing growth in website traffic um both new users and an increase in retention and loyalty of customers which is really good off the back of zero um we are kicking off a project of work for um growing our key digital channels uh being Twitter and YouTube first to further extend the achievable Market through marketing efforts um I think you guys would have seen a new range of content being produced in the last few months specifically around zero and some very cool video content coming out a little range of written content um where we're upping that Cadence in the coming months with you'll see a YouTube series coming out to attract new audiences to to Sovereign into our key products long form video content short form video content increased Cadence of educational content the team's been working on and written content for the for the website and offsite um we have um we will do a reveal to the community and once we are complete and ready to show off this amazing new looking website and brand but the the key update here is that production with the agency is complete and we've had a Dev site passed off to us um what we are doing now on our side is final content migrations migrating across all the the blog articles re-skinning the wiki migrating the wiki content and doing the final touches on this site so I'm very much looking forward to showing that off um to the audience here I think it's an amazing ux and a very stunning brand um the Fine Line team have put together that's going to make us really stand out and Market as part of that we're planning for the new brand launch um full on the channel marketing content social potentially a launch event a big reveal date will be confirmed once we've finished Dev and we have a few of our strategy pieces locked in um continue to optimize all of our organic content um working on a big audience and Market segmentation project and as I'll touch on soon um through purely organic means the team has done amazingly well at driving 6 million plus close to 7 million tvl on zero doubling our website traffic um in the last four to five months um drastically increasing engagement rates on all of our kind of blog posts on-site content engagement rates across Twitter reach resharing across Twitter and in the background they've also been trialing um which paid advertising works for us well you know I think people who work in in in marketing and no crypto will know the things like sem display social they're typically quite hard to get an interaction with we get blocked but we've we've been trying English channels work benchmarking benchmarking some data and analytics to move forward with the brand launch and with a big song and dance um and some of the big projects and kind of technical debt is now getting ticked off which is nice the website is mentioned we've we've completed a big a large-scale analytics program of work tagged up every user interaction across the website and the depth and we're kicking off an audience segmentation project which will be invaluable for marketing to understand who our most valuable customers are and how we can find more of them and continue to grow so next slide Matt um this is a continuation of what we showed last month we can see that despite the BTC price an assumption around current market conditions website traffic is maintained um that blue line which is actually quite positive is um we were seeing about 90 percent um new users coming to the website which while that is a good news story in terms of broadening our reach it also speaks to a need to focus on retention which I think the team has been proactively doing in the last month through Community comms through uh marketing activity email activity retargeting activity around zero and we're seeing people returning to the site off the back of xero and off the back of Reason activity so loyalty increasing um average 13 month-on-month growth of side traffic uh since March um 12 month or month growth of new users since March and nearly double um total traffic uh to the website since March um so across the board we're seeing more eyes on the project we're seeing more reach we're seeing more click-throughs post click through when this traffic arrives at the site we're seeing higher levels of Engagement more pages per session higher scroll depth on blogs less exit rate into the DAP so all of the key metrics in terms of reaching through the sales funnel are performing um yeah as they should and we hope to see continued incremental growth next slide match uh we showed a pretty positive uh Trend in our you know looking at Twitter we showed a very positive trend last month in terms of the total Impressions delivered the profile visits mentions increase in followers this is uh September now and we're seeing uh another increase on top of August um so all heading in the right direction Channel continues to grow continue to get more organic reach continue to get more organic engagements um our content especially our video content is getting more and more reach and more engagement and so we measure all these key stats on Twitter and everything in terms of social is moving in the right direction in terms of both reach audience growth click-throughs and post-click engagement um so good stats there for September um next one Matt oh and that's um yeah so that's adoption yoga high level stats yeah so I think you know big takeaway both from product growth and adoption growth is we are in the midst of the spare market yet we're still managing to generate compound month over month growth this is basically exponential growth and we're going to look to continue and maintain that um and if we do continue and maintain that um we're going to see very very uh we're going to see compounding returns right you know the magic of exponential growth uh there's nothing and then there's everything so um we're very pleased and I have you know a big shout out to the adoption team uh who have really been um managing to improve pretty much every single metric that we're focused on on an ongoing basis thank you very much let's move on to the community shout outs we've got one minute left Matt do you want to do the shout outs or yoga can I do a shout out sure I want to give a shout out to spro because what I understand is you would guys would have a more serious thing going on if it wasn't for him so shout outs bro and all the CMS thank you yes I think the community management team have been performing extremely well uh really the communication was um I was very impressive across the team um Magnus Matt are you which one of you is doing the shout outs I'll do it and like it's hard to do it with full screens at the same time um so yeah I just want to give a big shout out to you know R Thomas for his amazing memes Travis traits was just genius comical zero videos they've just been going viral with thousands of views um another shout out to Christian who's been in telegram Dojo just making these awesome stickers and memes of zero which you know are great for social posts great for Community engagement and all of that and uh you know another shout to Sovereign origin just for all the work he's doing on zero and his algorithm and always keeping us updated on how uh super Hotel strategy is going on Twitter and of course David's hero is attending the Bitcoin Amsterdam conference so that will be uh very interesting for all who are attending um to show Sovereign off a little bit and get more exposure at these kind of events um uh Legacy is one of the Spanish community members who's just tapping all his satoshi's to everyone on the telegram groups and uh I think we all love his enthusiasm engagement so shout out to him and a new Community member Jeff Percy I hope I'm pronouncing that correctly um you know he's taken an initiative and started his own Sovereign group for an African Nigerian crypto community so congrats to him and it's good to see community members you know take an initiative and trying to support solver in any way they can and you know I have to give a good shout to one digit fellow colleague um just always helping me and just uh always tweeting some incredible threads just on freedom Bitcoin and Sovereign and uh just want to give a big shout out to community and um I really enjoy working here so thank you thanks very much all right with that and these thanks to also members of our community we'll bring this a call to its official close we will stay on for a few minutes for any additional questions uh and any chat and thank you all stay sovereign foreign there was a question that perhaps Wayne could answer from it's from Travis trades he's asking what kind of audiences does Sovereign want to Market zero two have we thought about bringing its attention to past users of Celsius or other centralized exchanges perhaps one Bitcoin or other uh businesses where I'm taking a segmentation piece of work now with zero um number one using all available data sets we're using on-chain data to understand what value potential customer lifetime value zero customers have what um cross-sell potential they have for different features on the platform and then matching that data against those cohorts against um you know take the most valuable customer with the highest customer lifetime value do a data Match Into analytics and reverse map that into what social channels are coming from or Publications they read what keywords on search are appealing to them so we are kicking off a segmentation piece of work specifically for zero customers to understand who the highest value cohort is and how we can reach them as part of that piece of work we will be looking at um other protocols other exchanges um that have similar customer sets we can reach out to I think xero has a very broad reach um an example of that is our zero promotion has been working very well on LinkedIn in terms of conversion um which is not typical we usually see Twitter as our highest converting Channel what that says to me is zero is appealing to a broader range of crypto enthusiasts people potentially just starting to touch on D5 a much larger audience who's becoming um disassociated with traditional financial institutions um I think there's a huge amount of angles cohorts um Publishers audiences we can go for for xero So currently we're just trying to understand who those most valuable cohorts are and how do we get more of those onto the platform so it's it's a piece of work that we're undertaking currently and um I'll be happy to share with the community once we have more insight give the floor to uh Lord elvik who had uh topic he wanted to raise uh is he still here anyone else in the meantime like to ask any questions or or or discuss anything it's like he had to drop um there are a bunch of questions in the chat uh on the sidebar so yeah I could probably pull one from kco uh he said are you guys concerned about the current rsk pal Peg situation and the reliability of this given that there's no estimated date to resume our BTC to BTC operation does fast BTC have good liquidity to absorb this demand excellent question so as some of you may know um there was coincidentally on the same day um a bug was apparently discovered uh in palpeck which was uh which meant that um uh Bitcoin is not currently being um uh Pig outs are not currently being processed um so we were uh the mo the primary team working on this is the iov labs team we're working with him a little bit to try and see what uh the solution will be the solution is going to require a hard Fork of rootstock and um in the meantime we're looking to uh assist so fast PTC works and um allows both a pig in and pig out um and so right now the liquidity on phosphate DC is fine and if there is an issue with liquidity uh we'll be looking to add additional liquidity so that even with the palpeg interruption the free flow of Bitcoin on and off the rootstock system is uninterrupted Diego are you talking by any chance no um I was just saying this is an open I actually did talk but maybe I wasn't mute um I said this is an open Forum if anyone wants to raise any additional topics let's do that otherwise I think we'll bring it to a close um I saw a question from uh Tom or tiam sorry if I'm pronouncing that incorrectly um should we avoid any transaction in the platform at all um my answer to that question would be of course you know do you work keys your responsibility um to decide what uh software you you choose to interact with with your wallet um but we we turned uh the parts of the protocol on that we did because we believe they're uh safe to use um so make of that what you will all right okay I think we'll bring this to a close I see that there is ongoing conversation in the community chat here on the sidebar um I pose we move it to if we close this room I there's the community Chat bar disappear I assume it might in any event I know it stays okay well then I think we can continue the asynchronous text conversation um and we bring this call to a close thanks very much to all the sovereigns who joined thank you thanks a lot stay serving everybody thanks everyone cheers

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that was just a quick question before we start uh is there any other Sovereign in Athens Greece uh not that I know of no we're all around the world and half the team is uh pseudonymous so I'm not always aware where where each contributor is from okay we have auroro in the house just waiting for Iago uh for us to kick us off um in the uh Sovereign Global uh category on Discord there is a Greek Channel um there might be some posts from Athens that hang out there but I'm not sure sorry come again which channel uh there's a in in the global category uh it's called a sovereign is global it's one of the categories in the Discord menu there's a channel called Greek and uh there's some people that hang out there all right okay I'll have a look quick question light um I have a slide deck of the the today's um agenda I wasn't sure if you wanted to add anything to it okay cool um so yeah let me take this off and uh welcome you guys uh hello everyone this is Sovereign Community call episode 48. uh if we haven't met before my name is englandia and I'm head of ecosystem growth with Sovereign the place to be for your Bitcoin D5 needs so today we've got some juicy updates to dive into including sit 50 Battle fish and growth metrics of the zero protocol and much much more um some of you have heard about the Inception of The Sovereign Bank project a mobile banking app for Bitcoin users if you happen to know some Bitcoin aligned investment firms or accelerators feel free to DM me on Twitter or Discord at englandia uh you know where to find me so thank you all for joining us here thank you for sharing in this Mission and to um start uh I'm gonna bring in Aurora with the development updates roro please take the floor just give me a moment sorry I was not prepared to start that's fine um so there are a few things on on my list to discuss um to start with the um exploit again I know we talked about it already on the last Community call but on the last Community called you but not yet able to share any details about the nature of the exploit and um so I can briefly explain that now so that it's clear to everyone what the issue was and how we resolved it um so our last call I told you that the Attica used a few functions on the loan token and protocol contracts in order to um buy [Music] loan tokens like the liquidity pool tokens at the discount and then afterwards sell them for a higher price and therefore made profit which she should not have this was done with a cross someone is not muted please yourself and you're not speaking and this means that while so the steps are following first the attacker um borrowed from the protocol so a position was opened on the protocol then he closed it again and there was a re-entrancy a cross-contract re-entrance your possibility inside the closing function so that the Attica called the minting function while the closing did not yet was not yet completed and therefore there was an inconsistent State at the protocol which allowed the exploiter to sell or to buy them the tea tokens as a cheaper price and to sell them than after the closing finished for the regularly expected price this cross-contract re-entrancy is now fixed we fix it by introducing a global mutex which is just like a re-entrancy guard contract which is shared between the contracts because so far we only had the re-entrancy protection within the contracts themselves but not between contracts and the attacker here could use just took advantage because we had the logic on different contracts so that were not protected by the default re-entrancy protection but this is amended now and we also added similar protection to other functions of the system so we used this opportunity to have a very close look again at all of our contracts to look at um similar use cases and just to add a few more layers of protection to the functions which are the most critical so while this was a rather unhappy incident it had at least some positive after effect now because our security is better than it was before um we also took this event as a reason to improve our monitoring so we are currently building a more elaborated monitoring system so that in the future we're able to detect as such unnatural Behavior sooner than we did this time and therefore prevent the worst from happening so um this is about the exploit does anyone have any questions so far otherwise I move on anyone have questions for Aurora all right then I will move on to the second fix we pushed since the last uh Community call and this was regarding the staking contract while our system was forced uh we also got a bug report on the munify um telling us about a vulnerability on the staking contract um it was exploiting the extended staking duration function on the second contract by um staking for trying to extend the stake for more than the maximum period when it's already staked at the maximum period this is something which is not allowed but this led to a faulty code execution on the on the contract and this is now also fixed with zip 50. otherwise we had a few regular updates to the system as well so there was a bigger front-end and back end rollout which really improved the performance on the dab and the robustness of the data so it's loading much faster it is reducing the load in our nodes which also allows us to reduce the infrastructure cost so this was a very much needed update and a very good job from the Developers and also the trading chart update so please feel free to check it out it's I think this was good work and next we're going to work on more updates of the staking contract because um currently we hit the maximum contract size limit at The second contract which means that if we wanted to we could not introduce any further changes so we need to refactor in order to allow the sticking contract to be adapted to our needs in the future as well also we are updating the fee sharing contract so that we can withdraw the rbtc fees which are generated by zero the fees which are generated by zero are partly generated in sob and partly in rbdc and they're already going to the featuring proxy however currently only the sov fees are withdrawable from the front end and the rbtc fees are not yet the reason is that it's um well um it's not unified on the smart contract with the other rbtc fee so they are held in a different format and therefore we cannot withdraw them in the same transaction and instead of building two budgets for doing a rbtc with Rob we decided to update a smart contract to allow you to withdraw the fees in one single transaction and apart from that we are also updating our testnet environment um with um several if tests that's being deprecated we were also forced to deploy our bridge to a new test net the zipolia testnet and um with this we're also doing other updates to our test at the moment just to make sure that we can properly test everything before pushing to production and I think these are the most important news from my side um if there are any questions I'm happy to answer them otherwise thanks so much Aurora do we have uh any questions from the community uh here's your chance to step in and uh and share your voice hey I have a quick question for Aurora when you were talking about the zero um fee sharing um you mentioned our BTC fees and SUV fees um can I assume that you meant that USD fees instead of SUV fees you're right sorry my bad okay thank you all right any other questions or comments if not uh thanks a lot rural uh we're going to move on to strategy with uh Edan Yago please take the floor thanks uh England hello everyone uh so there's a number of things to cover um one is we published the uh investor update blog post um this morning this is something we expect to be doing now for uh on an ongoing basis and we will look to have it tied to the um the community meetings um I'll review it very quickly and then we'll also talk about uh zero strategy going forward Babel Fish um xusd and related liquidity issues as well as the rsk [Music] um Power Peg issue and then I'd like to provide some time for uh Sakura to speak for three minutes on his proposal around sip 51 and to address questions and if others would like to speak on that topic on that as well so uh a quick summary of where we are in terms of the investor update uh we continue to be in a bear Market there was a slight upturn recently we've done to think it uh you know it's not something we should be thinking of as a community as significant or insignificant at this point in time our goal continues to be to utilize this bear Market as an opportunity to consolidate our lead is the largest uh Bitcoin for D5 protocol continue to be able to grow and primarily to demonstrate the ability to grow without subsidies and and on in an organic fashion um and in order to and so that's the first point the second point is we continue to work on disciplined cost management make sure that we have an extensive Runway to see us through um and EXT potentially continued bear market for two or more years um so this entails two things one is growing Revenue opportunities and opportunities to uh raise additional Capital if necessary and the second um is making sure that we're highly efficient in the way that we're working and the reduction of uh costs so last um last uh community meeting Armando presented the budget um We are continuing to actually uh optimize their budget even further make sure that we continue to have an extensive Runway of at least 20 months with regards to um zero we've continued to see and maybe if we can switch over to the next slide so we've continued to see uh growth we're now at the cusp of 400 Bitcoin within the system this is despite a relatively reduced growth rate over the last few weeks for the last month there has been an issue with [Music] um a pal Pig right so how pig isn't currently not operating and there isn't the ability to withdraw funds um this potentially creates a significant um imbalance uh for not just power Peg but also our ability to continue to provide the level of on and off ramping that we would like to provide um for um fast PTC and so we have reduced efforts to bring on significantly more volume and in particular over the last slightly over a week we haven't been providing a new access um via the the The Early Access queue despite that we've seen continued growth but of course that growth has slowed me now I think there's an important point to be made here which is that the Early Access was introduced for two reasons one we wanted to be able to have a controlled ramp up of zero um and two we wanted to be able to introduce the majority of users to an improved UI so that the first impression that sort of the majority of users especially those who are not readily engaged already would have would be a stronger experience as possible we expect to introduce the new UI an improved UI for zero which will also be reactive in other words would be easier to use in Mobile this uh early next year effectively we expect to be ready in January and to be able to release it to either in January or shortly thereafter we will also be looking to receive comment from our current set of users around this new UI prior to releasing it um and so until that point I think we're going to want to limit uh the the growth of zero um and I think that having this early access has proven itself also in terms of being able to to limit our potential exposure uh around uh you know the the the the the power pack and that and that you know power pack was sort of like an unknown unknown but um we we did have an understanding that [Music] um over the first few months any protocol is vulnerable and so you know we want to have a responsible launch with that and if we go on to the next slide um I think what we're seeing Beyond just the overall growth in pvl is two things first of all we're seeing about 50 to 60 of that TBO being directed to spot trading as well as other types of trading but primarily spot trading this is a very important data point because it allows it tells us that um xero isn't only growing itself but it is also growing um the use of other uh products within the server and ecosystem which is really important because uh we potentially could receive especially if we started to see more of a a bull market if we started to consider introducing subsidies and if we primarily start seeing integration to third parties uh and so that could that's a strong indicator that we doing that will allow us to not only grow um zero and The Sovereign dollar but also other aspects of our ecosystem as well and another view to this is sort of site traffic versus bitcoin price we know that things like Google Trends uh users to blockchain and Bitcoin products uh very tightly correlated with price and yet we have um a decoration between the amount of personal visitors and particularly of new visitors to Sovereign and the overall price the system that too is an extremely encouraging metric the agenda slide for for my section yeah yeah all right so our current strategy around set is zero is that we are um going to allowed to continue to grow we expect to um mitigate you know we're not going to be pushing as hard as we potentially could be for that growth until uh January um and uh and then in January not only will we have to improved UI but we'll also be launching Sovereign dollar uh and that will uh provide us with an additional systems to caution uh and protect the system so that brings me to Babelfish right now the primary [Music] uh Mains of uh converting um zusd and later it will be Sovereign dollar into dollars or other types of stablecoin is through label fish and we know that about 30 to 40 percent of funds get converted in that way and sent to other chains at the moment those of you have been using it and probably noticed there is a lack of liquidity in Babel fishing this lack of liquidity is driven [Music] primarily right now by the powerpeg issue so um usually there's the opportunity to Arbitrage the funds that are available within Babel Fish and convert or sell some stable coins for Bitcoin withdraw the Bitcoin sell the Bitcoin get more stable coins and replenish uh at the moment because of the issue with withdrawing due to how big um that isn't possible and so that has exacerbated the liquidity issues in beta fish we expect uh that um restarting the peg will help address that and in addition um the Babelfish team are going to be introducing pricing curves into Babel Fish which will allow the system to more uh basically incentivize third parties to maintain um a higher degree of balance this uh you know is not going to be a Magic Bullet we don't it might be but I'm not expecting it to be a magical but it should help able fish not only generate additional Revenue but um more importantly I think from our perspective is um help address on an ongoing basis uh the ability to maintain um liquidity across all of the the in-demand stable coins within the xusd pool um one point worth mentioning um is around the power Peg is that there is going to be we should we should have as a sovereign Community a conversation around Cloud Peg they're going to be introducing a rsk IP rsk Improvement proposal for a hard Fork I think any time this is done we as the primary community on the rsk ecosystem should have a community conversation around that hard fork and so we'll be looking to have that conversation in the Forum the forums have been particularly uh active over the last week I think there's been a lot of really great conversation one of the big pieces of conversation I'll run the big topics of conversation is um around the tokenomics of the system with various people uh proposing in different ways to more to to to reflect the growth of sovereign in the sov price that conversation might be mature enough that it makes sense to to elevate that conversation to the next Community call in the meantime a second major topic of conversation has been around 51 which is also that conversation has matured although it isn't complete um and uh I'd like to invite Sacro to present his thoughts and uh and also offer other people the opportunities to to comment on them so sakro if you'd like to uh to take the floor thank you Eden hello everyone I would like to take this opportunity to briefly introduce and promote sip 51 adjustment of the ammv split I go by the name Sacro and then I am in an active servant Community member in addition I voluntarily lead the circle of tokens which has developed some analysis and proposals around SUV rewards and tokenomics is here this was done in close cooperation with six Checker and we chose the short route whenever possible which was noticeable by the fact that no sip was necessary for the changes so far this time it's a bit different as the changes are a bit more controversial I still want to advocate for it because I'm convinced that it is another incremental but important step it also continues the route of changes towards more sustainability in a very consistent way first I would like to give a quick shout out to auroro CK and the team thanks for answering all Sip and plutocracy related questions and supporting me with the subprocess even though they may not necessarily share my opinion about the proposal however they definitely share the enthusiasm for our bureaucracy okay so what's it about these are due for swaps in The Sovereign amm pools these currently amount to 0.3 percent this is comparable to other dexes for example units also has a fee of 0.3 percent for other D apps these figures vary between 0.0 percent and 0.5 depending on incentives at Sovereign this fee is made up of two parts 0.25 percent of each swap goes to the liquidity liquidity providers in the amm pools and 0.05 percent goes to so Risk Takers said 51 would increase this fee from 0.3 to 0.35 percent the fee for liquidity provider was 0.25 remains unaffected however the fee to be paid to SRV stakers will be increased by 0.05 or 5 basis points why am I suggesting this recently I published a circle of tokens posts in the Forum that looks at the protocol revenue of servant this analysis shows that servant has a significant significant deficit and I'm not talking about personal costs exploits audit or anything like that it is only about the comparison of SUV rewards for the mm pools so to say platform incentives against the protocol revenue generated out of this in short the following statement can be made as things stand calculated for the current BTC price turn pays out rewards in the amount of approximately 250 000 Euros dollars per quarter in SUV the platform Revenue amounts to approximately 50 000 U.S dollar per quarter in other words liquidity providers receive 0.25 percent of CMM swap fees and in addition to that incentive payments of 250 000 US dollars per quarter protocol receives 0.05 percent of amm swap fees but still pays 250 000 USD per quarter to liquidity period I would like to reduce this deficit Mr zip in the following I would like to give some arguments for this the change should only be slightly noticeable it's five basis points this would mean a small five digit increase in Revenue per quarter nevertheless as human constant gear volume the weekly rbtc payouts for stakers would almost double if it takes the current SUV token price and determine an apy with the weekly payoffs we would come closer to six percent API rather than the four percent we currently have for a Max duration stake by the way this is not an API on dollars but on BTC and that without compound interest so it should provide an increase in demand for buying and staking SUV this gives the SUV token more fundamental value it can help to increase the price lightly or at least stabilize it this was all would also make the SUV rewards worth more the apy for liquidity providers would increase this could lead to improved liquidity and less slippage in amm pools with SUV Rewards or if liquidity Remains the Same it could lead to a slight reduction in SUV rewards while keeping the same pool API you can increase token price this could further tighten the SUV Supply next argument that I have is zero zero has enormous potential and is the best existing protocol for BTC backed loans that's also the cheapest you would like to keep it that way because zero is our best chance to get more attention and adoption however Sovereign has to watch its finances very carefully by having zero as the best blur imaginable it makes sense to get some more fees in another way and not to touch zero we can't afford a five basis point increase in the IMM because zero users can access several amms much more easily than other amms and have no breaching fees of course one could argue that the use of cmms becomes too expensive as a result of the zip however it is not that expensive for SUV stakers stakers would get 0.1 percent of the fees back while the staking Revenue this ZIP could also be understood in such a way that SUV is of course optional for users of all the Sovereign protocols only rbgc is required but it could still be worthwhile taking some SUV when using the protocol regularly because you get a larger part of the feedback another Point servant has a large part of its reserves in SUV tokens namely in the adaption and Development Fund Sovereign success and lifespan therefore depends directly on the value of the SUV tokens an increase in the fundamental SUV value should be in the interest of plutocracy and work and more work should be invested in it the price chart is also important important for user growth it's the most important signal the advertising with the largest reach service liquidity mining incentives were far too high for a long time you borrowed too much for too high cost and like with the Fiat system live beyond our means the consequences are obvious we damage our environment we want to create a new Financial system around Bitcoin sustainability long-term thinking and a healthy economy play a much more important role on a Bitcoin standard that's why reasonable tokenomics and incentives play a key role sound Finance for some money so much for the arguments how will I proceed after this talk I will write down pros and cons for the Sip and create another Forum poster blog post next week maybe early next week depending on the juice of the ongoing discussion we may vote The Sovereign Community already delegated enough voting power to me so that I am able to bring this up to a world thanks a lot for that the last time I checked I heard 2.1 million delegated voting power around 1.3 million voting power is needed to put a sip up for road so that's fine in order to reach Quorum at least 6.2 million votes are needed in addition the zip needs more than 50 yetsworth yes votes in order to pass so go vote thanks for listening that's it for me thanks very much Sakura I think we can have some time at the end of uh this call for a wider debate but I wanted to open uh opportunity for questions either to myself and what I discussed or to Sakura what he just discussed now please try to focus these questions primarily on things which require more clarification and less debate there you go thanks David um can you describe in more detail how this battle fish rebounds is going to work a couple months ago you guys had to put out like a white paper or something that you're following and I I haven't been able to find that I'm just I'm not sure exactly how it's how it's supposed to work sure I'll make sure that it gets published if it hasn't already been um the um the way it's uh actually is dark matter on the call or alternatively John light would um I think it's probably best to wait for the bip all right okay I think uh I think uh um it will be published as a as a Babel Improvement proposal um and so I think uh what we'll make sure to publish in Discord and uh in The Sovereign Forum as well so that everyone can take a look thanks David for the question and then just one final quick follow-up on that uh not asking like necessarily when but like is this an ideation phase or is it like has it started development as uh to the best of my understanding it is um near completion of development great thank you uh question um versus Sacro what would be the metrics to kind of measure the success of 51 yes so um one important Point Yago mentioned already in the Forum is um how does it affect the trading volume um with a subgraph we can monitor it and I will do so um in addition we can monitor um how much our BTC payouts go to the protocol or to the stakers so yeah I think we can measure it on on the one hand how much rbtc is generated how much apy is taking SUV we provide and maybe we can also see it um on the token price are there any other questions all right in that case back to you England I actually have one more question do we uh secret have you ever seen other amm uh dexes um other prior examples of other amm dexes changing the the fees um in this nature and maybe how they perform um there are some discuss discussions um I have not seen anyone changing this um the last I I saw was actually seven um I think it was in November yeah last year where um the fee split was implemented okay cool it seems like we're we're leading the way with this experiment um so let's uh let's move on to adoption with Wayne and Matt if you could adjust the slides thank you very much thank you Matt if you can go to the next slide uh adoption update for October um continue to get good results uh in terms of reach engagement and conversion on to zero uh taking off some key projects and testing new channels in terms of activity key activity for October uh and press release go out around the investment round and zero at good traction with that published in crypto Publications which is a and b crypto a variety of financial publications uh the tale of it organically spreading for a few days resulted in quite a big uptick in uh site traffic and traffic to the depth and some follow-on conversations with um there's some potential media distribution Partners we're talking to now and content distribution Partners um Bitcoin Amsterdam uh a small part of the core contributors went to Amsterdam uh a lot of hustle on-site promotion um DC employee um did an exceptionally good job at articulating I'll go back up Matt just stay on that yeah and articulating um the the value of zero and the USP of zero on a on a lending panel with a very big audience uh got some great content um from the from the um event that I'm sure everybody's seen uh online which is getting amazing engagement rates um strong focus on video content to drive reach and engagement uh this month we're optimizing two key marketing channels currently which is uh Twitter and um and YouTube uh so I usually jump onto the Twitter Channel have a look at the the Rebrand we've done on there have a look at all the the new videos are on there um and we'll talk to the results soon but then optimization is paying off uh drastically actually in in the short term um so seeing some really good results in terms of organic optimization on both social uh and video channels uh version one of the website is virtually complete and deaf we're planning a brand launch and we're just tying in the content on the site to the uh the revised strategy for the new year that Yaga was talking about so to be confirmed keep already up to date um but uh their project uh has moved along nicely and we are planning how to launch it have a look through social channels YouTube obviously the slide pack some of the material we're putting out it's probably a sudden the transition to the new brand and getting some really good feedback around that um strong focus on brand reach expand our achievable Market in October with some positive results we'll look at in a second with a paid media trial of work happening in Q4 starting in November pushing zero obviously we want to wait till uh stable liquidity is is in line before we push too many people towards the protocol but we have that that new channel those channels uh lined up to trial some key results for October despite [Music] um that is 20 mistake I thought I'd change it'll impact 20 increase in zero tvl in terms of rbtc uh in October um despite its flowing growth the zero protocol is still growing um 45 increase in users from zero marketing material 47 increase from Twitter uh month on month 10 increase in site traffic month on month 15 increase in new users to the site uh broadening our reach getting more people to the side King when you use this to the site um off the back of our strong focus on [Music] producing very high quality video content um to expand our reach Engage New audiences drive more people to the to the platform into xero in one month we've seen a 300 300 increase in YouTube video views um 200 increase in YouTube video Impressions that's uh our results appearing on YouTube search uh and a 530 increase in unique viewers um on YouTube so a real focus on getting the most out of our organic channels currently getting as much reach and traction out of them as we can and keep their momentum going while we shift into a trial of some different channels events and paid media you can go on to the next slide Matt jago's already talked to this so once the Linger on this uh but I think it's a good news story it just talks to the fact that our uptick and quality content uh focus on reach focus on great engagement and focus on uh on zero conversion is uh is paying off um we're seeing month-to-month growth across all of our key metrics uh despite current market conditions next slide please Matt quickly on Amsterdam uh destroyed an amazing job speaking on a panel have a look at the YouTube channel some of the uh some of the videos on there are getting fantastic traction uh we're starting to test different formats of video long form video short form video [Music] um omnichannel distribution across all of our marketing channels uh and yeah we saw a great opportunity for Content creation uh at Bitcoin Amsterdam um saw an uptick in both traffic and leads acquired around the event and David's talk um and uh you know I've had a lot of feedback from people at the event saying despite us not having a booth we probably had one of the strongest brand businesses at the event and around the event um Yago will be taking up multiple speaking opportunities at the Bitcoin from Argentina in a couple weeks time we will be hosting a uh a booth alongside rsk we'll be doing some lead generation games at Birth we'll be interviewing as many influencers and crypto personalities as we can recording yago's talks we'll have on-site lead generation for xero um so I'm sure the ROI will be there for the subsequent event as well um we've reached out to community members yesterday saying that we had three tickets to anybody that wanted to that may be in the area and wanted to come along to the event um help volunteer at the booth for a few hours listen to some great talks uh meet the team uh tour tickets have been picked up they still wanted to go um if anybody is in uh put on a series Argentina in the area wants to go um reach out to Magnus or one of the adoption teams we might have an extra ticket for you click on Matt just quickly Twitter continues to see growth up to connectivity month or month up they can reach 50 increase in reach and we continue to grow followers an engagement rate of 3.3 just for some context is exceptional there's some pretty big counts out there getting about a one percent engagement rate across Blended engagement right across all their content anything above three is considered to be exceptionally good so once again focus on quality content focus on getting in the right discussions focus on content around xero focus on video and focus on engagement is really paying off on a month on month basis next slide please mark quick example of some of the posts that are going out uh Bitcoin Amsterdam posts working exceptionally well 12 engagement rates 10 engagement rates um videos around what would you do with your zero percent interest loan um uh just a quick example once again to highlight that very high engagement rates much higher than industry average driven by quality video content and some incentivization in terms of Engagement well if I can just interject briefly uh these are great metrics and I think it would be remiss of us not to um you know uh say that part of this is due to our community and the people who are on the call now who are engaging with these tweets and that you know feels like just something that they want to do or it feels like nothing but what Wayne is saying is that when we all of us engage with this kind of content what we're doing is we're teaching the Twitter algorithm to show it to more people and so all of us have a part to play in in the growth here by just doing things as simple as liking retweeting and commenting on the on the Sovereign Twitter yes thank you yoga agreed completely um and some of the content especially around xero coming out of the community is absolutely phenomenal so um thank you for the exceptional effort out of some of those content creators and everybody's continued support and engagement uh and the final slide Matt um just delving into YouTube and video again I'm gonna jump on the channel have a look for some of the new videos we put out there have a look at some of the new branding would love some feedback send some very very big updates in 30 days off the back of this new content and SEO optimization across the site we're optimizing all of our old historic videos rebranding a real focus on how we take long form content into short form content focus on omnichannel distribution um and as a key engagement metric for adoption that is really working for 30 days so this will be a continued Focus for us alongside social media um and our trial of paid um next month and yeah that's the the main updates for me thank you very much Wayne England here awesome um do we have any questions for when any more questions from win okay so perhaps we can perhaps uh open up the floor for questions on any of the prior topics um 51 or any of the uh things mentioned on this call yeah I've got a question can you hear me yes sir welcome Travis hey how's it going uh this is actually my first time doing a live um question so that's really cool um I just want to say thank you guys so much for all the hard work everyone's been doing um I had a question about the mobile UI I know it's been brought up a few times in the telegram group and I heard Gago talk about this briefly I'm just curious are you guys looking to optimize um mobile just essentially the dab for mobile users like we see with um desktop currently just so we can I know I had a little bit of an issue voting for the current sip that Sacro proposed because I'm one of my wallets is mobile I just like to spread my wallets out instead of all in one location so I'm just curious if we're looking to optimize mobile at all at this point so the answer is yes uh and yes and in two ways the first is that the new depth depth 2.0 is going to be reactive to Mobile so it will work on mobile should look good or mobile um and will be usable on mobile without having to download an additional dap uh sorry an app from the Google or Apple uh App Stores um that's a first step the challenge there is that mobile is inherently difficult to use um because you don't sort of plug in a wallet and there's there aren't as easy there aren't easy ways to use Hardware wallets or other types of wallets when you're on mobile um and so the [Music] one way to deal with that is to make it easy to use the DAP itself as a wallet and that's something that we're currently looking into there's a number of different avenues that we're looking into this but um I think it's likely that we're going to look either ourselves or to partner with uh with a third party to deliver a tightly integrated uh Wallet app experience um do we have any more questions uh from the members in this call when would uh 51 be put up for votes do we know that well um Sacramento can effectively start the Sip uh the minute the the the minute it is effect it is encoded in such a way that it would allow the the sub to pass and automatically create the changes I do think in addition to that there is some additional questions and now is a good opportunity to raise those questions and uh and have debate um if anyone would like to either present a case against the Sip or um go into the details of the Sip Now's the Time yeah my initial hesitation was just the the adjustment fee potentially disincentivizing people from Trading Bitcoin on sovereign but I understand it is it's a very minor difference yes definitely um it made this incentivize and um I will look at this very carefully so if it is the case that the zip will be voted yes and gets implemented and I will I see that in the following weeks we have a strongly reduced um the volume on the on the pools then I will report it and um we will have to think about um yeah reversing the change um but it is only five basis points and it is barely noticeable um so we will have to see I think um besides that um I will create another Forum post um I will highlight the pro and con controller arguments in the Forum maybe even with a sovereign blog post if that's possible and um yeah I will schedule the voting um depending on how how the um argumentation goes in the Forum over the weekend or early next week I think um maybe we can vote on this next week but I will that's a community know beforehand I think the fee is not I think the fee is not the only uh consideration uh when considering incentives or disincentives or competitiveness overall um like I think you have to consider what are the alternatives and what are all of the different dimensions in which users are weighing competitiveness um you know not just on the Bitcoin pairs but the other pairs um you know the different different uh can differentiating factors that come to mind would be like the pairs that are listed the security model of the assets that are being traded um liquidity or or Market depth which probably has an even bigger impact on pricing competitiveness than the fee a five basis point change in the fee so I think that those need factors um need to be considered as well when when you're trying to think of you know whether this change will make [Music] um Sovereign less competitive or not or or how much less competitive would it make sovereign you have to take the the whole kind of picture into consideration and not just just this one aspect of it um on the fee itself I think one of the lines of argumentation that you're taking Sacro is this um idea of sustainability and what I didn't hear mentioned is how you're considering sustainability in the context of the fact that 100 percent of the protocol Revenue coming from these fees is not getting recycled into the treasury in order to fund the subsidies that you cited but instead are being paid out directly to stakers right now Sovereign has uh basically uh zero percent uh rev like Revenue um for operational expenses or subsidies or anything else um the only source of funds for expenses is coming from um the the the funds that were raised um by selling sov and then the the uh this supply of sov that's held in the treasury um so I think that um if if we really are concerned about sustainability and I think uh there should be an explicit discussion and decision around this about you know how Sovereign basically funds itself um as the treasury gets closer to being empty then um we need to we need to have that conversation um and and discuss you know is revenue going to be uh used to extend the treasury's runway anytime soon um and uh yeah I think that's I think that's an important part of the conversation if if you want to make sustainability a part of the argument for raising the fees yes thank you for pointing it out I I think I tried um to argue for this and let me try again Sovereign has a lot of SUV funds in the Development Fund and in the Adoption Fund that is untouched the server token needs some kind of fundamental value to her to to be able to sell these huge amounts of SUV the server token has this value this value comes from zero fees and from fees from the mm pools also from margin trading and lending but this is almost non-existent in the Beer Market but if the SUV token gets a higher fundamental value because there are fees generated then it is likely that the funds in the adoption and development pool in form of SUV will be worth more and can be sold for more so indirectly I think that even if the ammp split goes to the stakers and the protocol does not receive anything it may have a positive impact on the SUV price which then leads to a larger fund for the metacracy okay yeah I follow I think um it's it's uh I don't know how easy this would be to come with estimates but I think it would be interesting to Think Through which scenario would be better for sovereign's runway in the long term directing revenues to the treasury or directing them to stakers and hoping that the uh that this results in equal to or greater increase in value of sov such that the treasury is extended or I should say uh resulting in a proportional increase in the value of sov such that the treasury Runway has increased at at it equal to or greater than length of time um had the fees been directed to the treasury to finance the operations yes um I I totally agree with you when I put this up um I had also these considerations and I am very open for it what we could do is instead of giving the Su risk taker in other five basis points uh what we could Implement is that um we still would increase the fees by five basis points but these five basis points um that are generated in in rbtc Rewards or Revenue um we could use this to buy back SUV on the market and send it to the Adoption Fund so that um the treasury actually receives um yeah this this additional revenue and also um it would lead to a kind of buyback of SUV based on protocol Revenue this would be interesting and I think a lot of community members also rest support for this idea um I did not mention it in the zip um because I think it would be um much more difficult for the development team to change um Yeah the code um because what I um proposed now is just the parameter change would be rather simple but I'm open for that discussion and I would be happy with such a resource definitely Sakura thank you for your comments and I really appreciate the fact that you've done the analysis and put forward uh this sip I also think it's really extremely cool how you've managed to organize the uh required uh support in terms of delegates um I'm very excited to see more initiative around delegation I have two comments around the proposed the first is I think that there is an opportunity to create sort of like an A B test by implementing this in some of the pools not in others and then looking at the correlation of price between them so that though that those pools generate we have a historical data of how the revenue generated by those pools correlates and uh this potentially would provide us with some indicator as to whether or not we had impacted uh trade volume and revenue with this change but this goes to a deeper question because I'm not even sure that would give us a definitive answer the deep in question and I I'd be interested to hear the thoughts here and in the Forum rarely the conversation that we're having here is a conversation around price sensitivity to what degree are the people who are trading on Sovereign sensitive to price for many people they would trade and Sovereign I suspect even if it was significantly more expensive because it's already in many ways significantly more inconvenient um and they do so because it's a platform that they can trust it's a platform that they believe in it's a platform that they identify with and so they may be low they may have low price sensitivity other types of users may be looking to buy more Bitcoin uh with by using xero they might actually be new users to The Sovereign ecosystem but they too might have low price sensitivity because um this is by far the best deal and the easiest uh and least expensive way of increasing their exposure to bitcoin um on the other hand people who are in more engaged margin trading and spot trading may be more price sensitive and so um there's a bifurcation here now um in in typical business Theory what you would try to do if you have different audiences using the same product but with different price sensitivities is you don't want to price out the low the the people who have higher price sensitivity so you try to create different products that appeal to these different use cases which might have different price points an example of this is a coinbase if you go to coinbase there's the simple coinbase swap which actually has a fee of one percent which is a very high fee associated with it because it is assumed that those people are not well informed or not price sensitive and then you have coinbase Pro trading which is very very low fees but it's more complicated to use and so coinbase are trying to force their audience to um sort of reveal their price sensitivity in the way that the product is structured I think my biggest concern around this particular change while it may be a very good change is that it doesn't seem to address um the or we haven't yet addressed the question of of price sensitivity and how price sensitivity might be different among different user sets within our user base both existing and potential yeah that's definitely a fair point um one thing that I would like to point out for that is that um when you look at margin trading at Sovereign there are the trading fee rebates that are paid in SUV and these rebates are actually actually pretty good so I I would expect margin traders to be more price sensitive than sport Traders or for say zero users that just want to take some Bitcoin and these Traders if they use margin trading they already get some form of rebate so maybe it's not such a huge issue but of course it's a very good consideration maybe I know the back of that this is a comment for the adoption team putting aside the question whether or not the set passes um the information around both the margin trade rebates and the fact that currently you're able to earn four percent annualized BTC these are not well publicized and um in you know it's the kind of thing that we should be looking probably to to to make more obvious and more that information more available to people in addition to the communication that we're doing around zero now obviously I realize that you these are competing messages in terms of effort and time and and space but um something for us to put in our back pocket or at least to think about uh maybe to discuss on the next adoption okay so we're a little over time do we have any final comments on the Sip before we close out maybe not on the zip but in general um to Wayne um I think you're doing an amazing job um you present great content here in the community course with with great presentations and um showing these numbers every month I think it's great and highly appreciated so thanks for that when is AFK uh but I'll be sure to send him the message thank you Sakura all right and oh yes go ahead sorry can I ask one more question go for it um I was pretty excited when I saw the conversation going on with Simon Dixon and Celsius loans on Twitter between Yago and some of the other contributors here um has there been any more talk about possibly doing a Twitter space with Simon and uh previous LCS users and I I think I saw it uh englandia had some questions for some previous Celsius users I was curious of um conversations on that at all uh nothing developing yet but I think that could be a really good idea uh for a Twitter spaces event um I'll try to get in touch with Simon Dixon and see if we can organize some I don't know how best to frame it but you know some some type of group session um yeah it's a good idea awesome thank you guys Simon Dixon has also an investor in in RSA so maybe he's more intensive okay I didn't know that awesome alrighty so uh it's 10 after the hour I want to thank you all for joining in and being a part of this Mission uh building Bitcoin and secured Financial sovereignty dismantling dismantling what people know and understand about money so help us spread the word and create more Sovereign individuals don't forget to follow us on Twitter and telegram subscribe to The Sovereign YouTube channel see all of our gorgeous content and visit our adapt at sovereign.app thank you all and stay sovereign [Music] some of us may hang around I do have to jump off um so have a good one everyone

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hello sovereigns this is englandia we'll be beginning our last Community call of 2022 in a minute or so I'm just waiting for some other contributors to show up in the uh Community chat uh very excited to get this community call rolling uh looking very forward is anyone here dialing in for the first time okay it looks like we have a lot of regulars here India can you see the slide Packer rock on your screen let me see I can see the stream yes and you can see when I scroll through it I see the agenda page yeah okay thank you that is a really cool cover uh cover art what is it like a bunch of people sitting in it looks like Mecca Sovereign Stadium some fine lines AI artwork it's looking pretty pretty awesome yeah I wonder I wonder like what keywords she put into that I think her brains when she's back next week okay so uh let's get this started hey everybody Welcome to The Sovereign Community call December 2022. this is englandia head of ecosystem growth with Sovereign the place to be for your Bitcoin D5 needs we got some juicy updates to dive into including sip 51 zero protocol developments and our 2023 strategy some of you have heard about the Inception of The Sovereign Bank project a mobile banking app for Bitcoin users uh trying to deliver that full uh banking experience if you happen to know some Bitcoin focused investment firms or accelerators uh feel free to DM me on Twitter or Discord in galandia um you know where to find me so thanks everybody for joining us here thanks for sharing in this Mission I just like to put out there this is a you know it's a very interactive Forum where you know we're here to uh gather together and and discuss um you know how we're pushing this project forward and uh we really appreciate any kind of interaction from uh you know the the community the contributors the users um all sides of of um all sides of sovereign ecosystem okay and with that uh let's kick it off with Iago and his strategic update hello everyone um so I'm gonna talk about uh three things um all of which have roots in the uh Forum so if you go to the Forum you can find a post by the name of the coming year for Sovereign [Music] plans in terms of what we're planning to do from a strategic perspective over the course of the coming year there's also in the Forum um the uh thread an important decision rsk ip358 this is a round um a vote about whether or not we wish to support the proposed rsk ip358 Fork um broadly speaking um it seems like we may not even need a vote there although for best practice I think we should have a a photography vote um there seems to be broad agreement that we want to at this point support this Fork if for no other reason than to get uh Power Peg back up and running and then finally there's a really cool um three which was posted a few days ago called strategies for use with zero uh which is put together by hi Darius Sovereign origin and BTC Lugosi um I recommend taking a look at that I think it's really cool um so in terms of the Strategic work uh I think we have a very important year ahead of us um about a hundred and I don't know has to be 160 actually I think it was about 64 million years ago about 64 million years ago there were massive beasts roaming the Earth um and then uh one day because these massive beasts were over leveraged uh a asteroid came and wiped them all out this uh was very detrimental to life on this planet um for a period of time but what it did do is it cleared the path for the next step in evolution step in evolution which ultimately led to man we recently within the crypto space see in a similar kind of occurrence we've had these dinosaurs Genesis Celsius block five Voyager nexo FDX have all been wiped out within a very short space of time I think this clears the path to the next step in evolution the evolution towards the Sovereign man uh specifically what that means for us is that there is a proven Market of borrowing and lending around Bitcoin um which is out there which we know exists um and where the um participants the competitors in that space is basically all just disappeared it's almost as if you know we wanted to uh we were considering launching a car company in Volkswagen GM Ford and Toyota all magically disappeared it would be the perfect setup so um over the course of the coming year I think it is um up to us uh as the market consolidates which I believe will take months probably the entirety of the year uh it is up to us to consolidate and Tackle this market and I think we are extremely well positioned to do this I there's more detail in the post that I posted in the Forum and there will be more detail forthcoming uh over the coming weeks um but uh let's uh let's talk about the two key points so if we can go to the next slide we've already launched zero and in January we expect to uh open up zero um to the public uh zero has a twill and that is The Sovereign dollar which is minted by The Sovereign mint uh the seven dollar is a true Southern dollar uh as opposed to other stable coins it has no counterparty uh it can be ultra stable and it can be very profitable for us to generate that kind of stability and it will reduce systemic risk not just for the people who hold the certain dollar but also for uh the solving ecosystem as a whole and so over the course of the coming year because this is the twin of zero and because ultimately the maybe the the truly revolutionary product here is the Sovereign dollar our goal must be generating a dollar demand and um there are a number of steps towards this one is generating savings demand for the servant dollar now there's plenty of reasons to save in the seven dollar and we I think will be able to add the ability to generate yield and interest over time but even before that is introduced for us sovereigns it is clear that we should be looking to hold some of our short and medium term savings our in other words that dollar denominated savings uh in Sovereign dollar it's more secure it's uh um more free uh it can't be blacklisted uh it can't be confiscated um and so if we're looking to maintain uh our financial sovereignty this is a very powerful tool to do that um beyond that by doing that we are going to be leading the way um we're we're going to be looking over the coming years to drive significant multi-billion dollar adoption for the seven dollar and that needs to start with us the second thing is we're going to look to switch The Sovereign dollar to being the primary stable coin within the second ecosystem not just to protect the Sovereign ecosystem but also to help Drive demand and liquidity for the solvent other um so this will be with trading and lending and then finally um we're going to have the ability to export that value to other chains so um there's going to be demand for if Sovereign dollar grows and as Sovereign dollar grows that's that's monetary value other Protocols are going to want to be able to access that and effectively attract those dollars that dollar denominated value into their defy apps into uh Perpetual trading apps into stablecoin trading apps into yield bearing apps and so one of the things that could drive very significant demand and I wouldn't expect this in the first half of this year but maybe towards the end of next year is exporting uh Sovereign dollar um so uh we're going to be looking to build a entire economy on serving dollar but I think over the course of the next year and 18 months it is these four categories savings trading lending and exports to other D5 platforms that are going to represent the primary uh uh demand um there's an additional uh Point additional type of export which is also getting Sovereign dollar onto centralized exchanges which is something that might see but I I expect that we're going to need to see seven dollar um go up to a couple of hundred if not a billion dollars in in in circulating demand before we see that so um I I would expect that uh these would be the four primary drivers over the course of the coming year now um both seven dollar and zero represent an important Junction for new uh Revenue systems can we go to the next slide so uh We've introduced zero and zero generates about 0.6 percent of uh total uh debt issued in direct Revenue so that's about six million dollars per billion issued uh is what we can expect this is revenue but it's not big Revenue the margins are extremely thin and we shouldn't be thinking that that as the primary or a primary driver of revenue for the protocol however um Downstream of zero are extremely significant Revenue sources which will be which are additive and which are new to our platform um the first one and perhaps uh one significant is the stability pool currently the stability pool can be and is extremely profitable for those participating in the stability pool but the stability pool requires a very very large number of dollars to be held within in order to liquidate positions smoothly this is not scalable the way liquidy have dealt with this problem is by providing massive subsidies uh in terms of their token and such that the liquidity pool represents between 60 and 80 percent of the total demand for LAUSD at any given time basically liquidity is mostly As circular system where subsidies pay for the generation of LAUSD to either be held in the stability pool or to be held in a curve pool um we've been growing and tend to continue growing uh in a scalable and organic matter now um we however can take a different approach The Sovereign event is anticipated to hold almost the entire float of zusd and the seven dollar is actually the the asset that users will see and will interact what that provides for is for the meant to become the primary or potentially and this is a decision that we can make the exclusive uh holder of funds within the um the stability pool now we've done an analysis of what this potentially looks like and on the basis of what we see in liquidy we can see that the yield around liquidation through the stability ball is extremely lumpy it's very unsmooth and so actually it makes a lot of sense for a protocol to be doing this rather than for an individual but when you annualize out the revenue it comes to 5.9 or near six percent annualized yield um this is not one-off yield right not like um uh origination and Redemption fees this is reoccurring to here that can represent substantial you know if we were to stick to the six percent that would represent 60 million dollars year after year and every billion dollars in debt issued on top of the additional six million dollars uh liquidity in the last Cycles or it's yeah so for example Equity has seen those of over four billion dollars issued right you know we know that they're last year was about 20 billion dollars in in demand for for Bitcoin Lending so if we're able to capture a significant fraction of the market um we're able to drive just through this mechanism um Sovereign protocol Revenue into the tens potentially hundreds of millions of dollars and I think that that's doable over the next two or three years um beyond that as more and more people are holding several dollar um using what we we can expect to see is Sovereign dollar trade uh occurring on dollar to BTC and potentially Southern dollar to other assets but I think dollar to BTC is the primary primary thing um as the the asset class grows and the primary source of liquidity uh for that asset is our amm we can expect our amm to start seeing significant growth in um volumes as well and then there's a downstream of that two additional uh sources of yield one is the ability for us to charge interest in various ways so we don't always have to have the interest be zero and in fact we know that currently the market price uh for borrowing against Bitcoin is around eight percent annualized um so we in fact by lending only at zero I think would be leaving a lot of money on the table there's potentially significant Revenue there and then there's also the fact that um many stable coins and LUSD is a very good example of it tend to trade uh within a band around their Peg and in fact the LAUSD spends most of its time above the pick uh here again mint can represent a significant driver of Revenue by having the funds available in order to Arbitrage those differences in price and basically do two things at once one maintain a much more stable pick uh and two generate significant revenue for the protocol so um what uh in summary we have ahead of us is we have a year where we should be looking to switch from being primarily primarily driving our growth uh by building front ends ourselves which are primarily focused on power users and everyone on this call who's using the everyone is using the deck right now as a power user we know that these kinds of depths simply attract far you fewer users the fewer power users out there um but instead uh We're stopped we we will continue to work on uh the SDK on Partnerships with third parties and growing an ecosystem of third parties that have integrated the system using those Channel Partners to massively increase all the availability of zero loans and The Sovereign dollar and position ourselves in that way um for what I think would be a very very significant 2024 um and with and and so the big message there is one if we do this uh I think we're building a significant mode for ourselves as well as additive Revenue sources which can be very significant and in addition to that that our North Star for the coming year that the big challenge that we have is driving demand for the southern dollar uh driving demand for zero we expect will be actually relatively easily but it's a two-sided market we've got demand for the servant Dollar on the one hand and zero on the other hand uh and so it's driving that organic demand for the servant dollar which is something we should all be participating in and which as a project and as a community we should be focused on thanks very much awesome thanks so much Iago do we have any questions for him questions or comments from the community okay uh well we can move on to adoption uh with Wayne thank you Matt um adoption in November um all forward movement um continuing to trial uh new channels that are working for us and planning for the new year so our Focus still is on zero as a key product uh with a very good month in terms of zero tvl growth in November uh close to 40 TBL growth that's rbtc growth in November so real tvl growth um our second big event of the quarter was the bit conf uh earlier in the month um promoting The Sovereign brand and with some very good results which we'll go over there um and building up our learnings of these events as a key marketing channel especially with our revised strategy next year um the team continued to expand brand reach and achievable audience for our key channels which right now are video and social media organically um really focusing on optimizing those channels putting out good content on a regular basis and broadening our achievable Market in our brand reach as much as possible some of the stats we've seen around that will go through them video but nearly a 200 increase in video content reach 260 increase in video views and engagement very high engagement rate on Twitter so focusing on these two key channels organically seeing some really good results for us month for month we have the website and brand reader launched in the New Year in line with the 2023 strategy I know there's been a few quests around the website um front end is built it's looking absolutely amazing we've had to revise a little bit of the content for the 2023 strategy and it was a strategic decision to officially wait to the new year to launch that site Market will be slowing down now to be a strong intent in the new year and a very good time to to launch this brand and really show it off in line with our new strategy from January onwards we're also um everybody will see leading up to Christmas trying a few paid media channels uh prior to Christmas uh we found ourselves I think in a very good position where we've achieved sustainable organic growth uh through our adoption Market activities which was our core Focus we really need to focus on quality content SEO driving sustainable organic reach and growth before shifting to a to a paid strategy but we're at a point now I think especially as a new brand comes along in the New Year where we can start trialing um some paid channels which we will report on this success in in the new year zero growth key Focus for us throughout all our content marketing adoption activities uh close to 40 increase in zero tvl for November focus on written content video social content use cases promotion uh Market is seeming very receptive still especially considering the the current market conditions website traffic holds more and more tvl onto xero and much higher engagement rates in terms of sessions sessions per user Pages viewed blog depth all of our key stats um that we'll look at on the front end in terms of Engagement up at the same time um one of the one of the bigger um Milestones or events we had was the book conf uh earlier in the month um Yago was there along with a small crew of contributors and community members um we had a presence at the rooftop roof we were co-branded with the the rsk uh Bruth uh giving up merch promotion around the event uh interviews Yago had several talks at the event uh we had um CK and corsario set up at the booth talking to people have zero taking sales and for more accounts it was a it was a big success it looked busy every single day that was you guys would have seen yago's posts it was queues of people uh looking to find out about zero looking to sign up um so we can see about 200 sign ups to the zero waitlist attributed to the event which is which is bloody good usually expect off these events a high level of brand awareness which is a bit ambiguous to to measure uh at best but that's a very very reasonable um CPL um for an event for any marketing channel um QR codes across t-shirts were going out out merge different collateral we saw 200 people visit the site through the QR code 59 conversion rate off the QR code to the wait list just very very high intent customers people are truly interested in this product um in a region where they probably got limited access to traditional Financial mechanisms zero really really resonated and drove some good learnings for us um away from just sign ups we saw 25 uptick in site traffic around the time of the event 40 uptick and new visitors to the site um massive spike in engagement uh 40 increase in sight sessions off that traffic 70 increase in page views 30 increase in average session duration or not duration over time so I think this was a as our second conference for the for the quarter um provided some great learnings and was a great success in terms of not just um people coming to this buying up to zero but people who are truly interested in our brand and the products we had to offer and who came to the site and actually explored everything uh on offer um key Focus continues to be video content is one of the channels we're optimizing seeing some some great results in terms of uh brand reach um consideration conversion click-through traffic um seen um about 180 some video reach on YouTube in six weeks that's through Impressions on search um 260 increase in two months video views um 25 increase in watch time in two months um 22 increase in click-through rate from video content so the team's focus on video as a as a key organic um engagement and marketing mechanism is really starting to pay uh dividends and we've seen some great month-on-month increase um the event-based content in particular is is the interviews from the events and and Iago talking face to camera is is driving very very high levels of uh of Engagement in November we could see that the top two videos uh from the Argentina conference accounted for 50 of Total video views on the platform which is amazing um and in the zero video views just continue to get very high levels of traction reach engagement click-throughs um with the team as part of our video strategy really starting to take an omni-channel approach and look at long form content short form content YouTube shorts accounted for about 70 uh of total views on the platform so the real focus on video uh as a key engagement mechanism it's expanding reach it's expanding our uh a cheaper audience it's getting much higher levels of Engagement we're getting far high levels of click-through rates um videos now I believe our highest uh sign up channel uh for xero uh sort of key organic channel that we'll continue to explore and optimize alongside probably some paid activity on these video channels as well um Twitter and social media uh up from 3.5 engagement rates uh last month three percent of the month prior so 25 increase in Twitter engagement rather than three months four percent is exceptionally High um you look across any industry half percent to one percent is considered good anything over one percent is great so we have a highly engaged base um reach continues to grow we've delivered nearly a brand Impressions on Twitter in the last 90 days uh our base continues to grow um and a big thanks to Sovereign community members for especially Twitter and social and the reach that we're getting the engagement we're getting and some of the amazing content and interactions coming out of community members as well so looking forward to in the new year presuming a summary of 2022 and our strategy for 2023 going forward off the back of yago's discussions so um well before I ask my questions does anybody have questions for Wayne I think he dropped a lot of great knowledge and numbers on growth which is looking really really impressive so far so shout outs to the adoption okay so questions so um as over the past month we've seen you know the Bitcoin prices slid from around 20 000 to somewhere where it sits like 15 16 000 right now is the TV all that the increase that you're seeing denominated on rbtc or is it denominated in dollars but when we look at both yes in terms of the presentation what I just showed you uh that was rbtc but we do monitor both on a regular basis okay and um have we have we seen uh an increase in individual Alliance of credit as well yes so um there's a re-dash that's been created which I think we could probably share with the community um we've seen consistent growth uh in lines of credit we basically see about one line of credit added per day with a typical line of credit uh the average line of credit holding about twenty thousand dollars in Bitcoin so these are high ticket power users um what uh um you know what we would like to do and we're setting ourselves up to do is be integrated with other systems to make reach much larger lower value audience uh and so um uh for now I think it's good that we're seeing this type of growth um we're going I think what we're currently targeting is individual uh with sophistication and wealth we're not targeting Bitcoin miners we're not targeting uh lower value ticket sizes and those are you know the two extremes of the market but they actually are where most of the value lies and so over time what we should be positioning answers do is to expand those two markets thank you okay any other questions hi I have another question um it's a zero wait list actually open I because I I don't think that um I'm personally on the waitlist with a second or third account and it was not ticking down for like two months from now uh the white list the white list is uh you should be sent an invite shortly after signing up for the the wait list um so the wireless is still in place but there shouldn't be a significant amount of waiting as well at all so this sounds like there's something wrong there so if you want to reach out to me on um on Discord uh or any channel I can take a look at that for you or any any of the community managers uh that's that certainly shouldn't be happening um so we can resolve that for you okay I will reach out thank you also some questions in the chat box of the community call okay let me take a second and see if I can access this chat box okay also I can also read them out okay I appreciate it in the meantime okay so they are multiple questions um start from the top you plan to increase engagement with the user Community a month ago maybe contests competitions sharing developments looking for feedback very active users in telegram discounted feature have been fired for some time now I am worried about the Dropout or loss of trust do you have an opinion on the demand for more transparency with the rise to the first question um we definitely plan on sharing um more about the the new zero front end um where we're finalizing designs that are being worked on for that front to end um at least finalizing them to the point where there's something that's worth looking at um and so once we have that um you know we'll there we definitely plan on sharing those out for for uh early review and feedback um and just kind of giving people a design preview of what to expect with the new front end and once there's a testable version that's uh on testnet then then excuse me then we'll also have a uh you know the people also have the ability to to jump in and test it on testnet before uh it gets released on on mainnet so as as progress continues on the zero front end both can expect to um see previews of of what's coming all right thanks a lot for answering that um or was it lactarius whose question you asked boss yes okay um I think there was a part two to that question but uh I don't have the answer to that all right so just to read the part two very active users on telegram Discord or Twitter have been quieter for some time now I'm worried about a Dropout or a loss of trust do you have an opinion on the demand for more transparency so maybe this is a Wayne question probably uh agree with transparent here I think we are very transparent um especially in terms of these calls any questions please feel free to reach out to any of the community managers for myself um I think transparency is key for what we do I think uh Market's quieter um communities probably quieter as a result um I don't know if you want to jump in there Yago but I think we've actually lifted our levels of transparency in communication with the community lately and trying to report back on performance key projects strategy updates as much as possible yeah in my opinion I don't think I don't think transparency is like the cause of that it might just be General market sentiment and enthusiasm you know people are you know quiet everywhere yeah I agree so I I was wondering if Yago you'd like to shed some light on the community at Le bitcom for you know the enthusiasm for Bitcoin D5 what it was like presenting to that audience no I don't really uh think that there was something particularly uh important about that audience what I do think is that Latin America is one of many examples of societies that uh have very very different approach to money from what we're used to in say the United States or Europe or broadly the West uh here there's a significant uh requirement to be able to have um permission the censorship-resistant access to a global economy because um currencies are inflated there's significant Capital controls there's a lack of access just generally uh what we do see is that we see that the vast majority of people use uh not just uh usdt rather than Bitcoin but they'll use usdt on Terra rather than say on ethereum that's because their primary interest is in liquidity and low-cost transaction so the lesson I think is that for us to be able to be tackling organic use cases what we need to be able to be providing is low-cost transactions a high degree of liquidity which we have with the certain dollar via Bitcoin and um I think there's a third component uh which is going to be more important to people uh than sort of decentralization or lack of counterparty risk which is privacy right so we want to be able to private transactions by default um that said there is a very strong understanding uh here in Latin America and Argentina but also in I'll be talking to people in Venezuela Colombia Salvador places like that um a very significant desire uh amongst those who have a slightly more sophisticated than descending and there are many time to be able to move away from usdt to be able to use Bitcoin as a as a long-term savings tool and to be able to borrow against that value and um we're seeing this not just for individuals but from organizations as well uh so you know I've been talking to a lot of different wallets here a lot of different uh service providers and there's um significant interest uh coming from those around seven dollar and zero so my I wouldn't I I I expect that we're going to start seeing some some Integrations over the next six months awesome do we have any other questions before we move on to shout outs and just in general AMA I can actually do some Dev update as well before we go sure yeah please please Rory yeah please share sorry I did not send my notes over in time to make it to the slides I'm very sorry about that um so at the moment the staking contract was paused that's because we have another vulnerability uh which does not allow the inflation of voting power like the last time but instead of seeding of voting power so um if sticking for another person it is also possible to change the delegate so if someone already has a stake for a certain time period And I would increase that prison stake on the same time period Then I could choose a new Delegate for the complete stake at the time period um and this is something which we need to address but we are not just addressing this but um because of the frequency and the amount of reports we got on this contract so far we decided to extend the course a bit and take the time to have very deep review into refactor the contract where it makes sense so to simplify the logic like for example I'm not staking and delegating in a single transaction that may be doing one after the other and order four and because just Simplicity means that complexity means less room for error and therefore also less likelihood for vulnerabilities um so this is currently in progress like we started the review part and the definition of the test cases um otherwise most of the teams at this moment still busy with working on the cro and serving dollar contracts but here the smart contract work is about to be finished and then we can just focus on bringing the staking contract back up um at the same time we're also improving our internal monitoring and alerting services um so that if there are any vulnerabilities on our system we know about them as soon as possible and um also very excited to see that orange um there's also highlights how how that we should never rely solely on audit reports because these contracts have been audited multiple times and still there are vulnerabilities in the code so I think that this also shows that the bug Bounty program is very important it's been far more efficient so far when it comes to finding critical vulnerabilities and um also shows that we internally have to take the time to do deep Security reviews of existing contracts like we're doing right now with the staking contract um apart from that we finished the work on the fee sharing proxy update which allows us to withdraw the rbtc um fees from cro and currently they are already sent to the featuring contract but for users it's not yet able to withdraw them because there's no not part of the UI and the rbtc fees are currently not unified so a contract upgrade will unify them and this is currently on testnet and we'll also need to after proper QA testing um deployed on mainnet and then after we re-enable this taking people also re-enable the fee sharing proxy because currently fees are not being distributed in the meantime the front end keeps working on the dep2o with the new zero UI so that we have um as little as possible of a delay there and key to our timeline the last Point zip 51 was um passing so we had this community vote and it was successful and with it was agreed that we are going to change the fee structure on the amm so from 0.25 for the liquidity providers and 0.05 for The Sovereign makes a big difference um this we are expecting to have on the contracts next week so it's currently already scheduled in for the Sprint and um just we're having a lot of the plate at the moment but time next week it should definitely be enabled and you will be able to read it on the announcement Channel and that's the most important thing from my side for today thank you great thanks a lot Aurora do we have any questions for her okay it seems we have a question from chronic in the chat uh saying he lost uh Bitcoin in the zero service during the FTX crash will there be a feature on the Zero service to keep the collateral at 200 or 150 percent there's this is needed to protect users with insufficient experience losing Bitcoin is a traumatic event does anybody want to take this on I I don't understand the question how would we maintain the collateral at a certain level can he explain a little bit more um chronic if you're here um feel free to expound on the question but maybe he's asking for some type of notification service to alert to user multiplication service exists uh we would be looking to and and also we've built it out so that it can be privacy preserving um we expect to see additional notification services in the future and what I would expect to see is that as this gets rolled out to less sophisticated or sort of more um Mass Market user bases that there will be uh they won't be able to just arbitrarily take any connector rate you know minimal collateral ratios will be secure enough depending on the on the on the type of use case and type of audience um currently the collateral ratio within the system [Music] is 191 I would prefer to see a aggregate collateral ratio staying in about 200 and I think what this is telling us is that people are cutting it relatively close um either 191 is still a high collateral ratio but users should be looking to maintain a higher financial ratios if what they're trying to do is hold for the long term if what you want to do is make sure that you can continue to hold your Bitcoin forever you should maintain very high collateral ratios that said uh we do know that people will tend towards lower collateral ratios for some use cases it makes a lot of sense and for the protocol itself once the protocol engages it as I've discussed earlier today in liquidations directly this could become a major uh Revenue driver for the protocol um just one clarification um during the FDX crash I think that we did the uh zero did not enter the recovery mode did it so this means that any position which lost Bitcoin lost Bitcoin because the individual position was naturalized and not the system yeah zero has been there has worked exactly as expected and the fact that it's already even it's a short lifetime going through two major price Corrections uh you know massive drops uh of of uh you know over 20 and and came out fine I think should be filling us with a great deal of confidence um of course specific users were liquidated there weren't too many liquidations but there were some specific uses were liquidated and that of course is you know so something that users have the responsibility to avoid yeah do we have a notification for when like your money in the stability pool collects Bitcoin liquidations there are there are no notifications in xero right now but um there will be in the the next version yeah it will be for your uh collateral ratio yeah right yeah there won't there won't be a notification about the for stability pool providers at least that's not on in scope yet but uh there will be a history table so right now you just you just see that you've received big uh some Bitcoin uh you don't really have any context of like when this happened um and how much you know you received on each liquidation uh that that will change sure um I saw that you know when it said that my staked the USD uh scooped up Bitcoin it it was actually kind of exciting for me um and I think went like if you if the user knows that they they you know they scooped up Bitcoin it might be something to get excited about uh I remember like when um when at Celsius you know the users were notified every time they earned interest every week and they posted it a lot on like social media with screenshots and stuff um it's just like food for thought something to think about yeah I think there's a a practical benefit beyond the kind of emotional benefit which is like if if you're doing this uh because you're profit motivated um not just because you want to like buy the dip um but let's say short-term profit motivated um that's dependent on being able to like cash that rbtc out um ASAP so that it you're not continuing to just you know hold it as the price is sliding so I do think having a notification when you receive uh liquidation [Music] um makes sense for that use case um cool so I'd like to share one little tidbit from my end um this uh gentleman who runs a um a Dev team reached out to me over Twitter regarding the bounties and we had a little back and forth um and he made um he made a proposal for um handling two of the bounties the the dashboard bounties and um yeah he put together a nice Proposal with um a lot of thought into it and um you know coming from his like web tube background um you know this guy who who deals with with contracts normally and given that worked out we work a little bit differently so my idea was uh we we uh proposed this um this you know statement of work uh for handling these two bounties with with a payment schedule and with all the things that he's going to take care of and have that voted on by the Dow um so maybe that have that be our first like Bounty contractor proposal um and I was wondering what you guys thought of that um given I've I've worked with a couple Dows who and where all the contributors pretty much um posted like proposed what they would do um uh operationally and you know and what they would want to get paid um I think that's it's just good for like um self-governance and transparency I was wondering what people here thought about that I I think it I mean the the the door is open to do I've had a few instances of contributors doing that I'm posting in the Forum a proposal and getting funded by it but um baps not as many as uh we would like Okay so Let's uh move on to shout outs from the community I would say uh you could you could propose it to them and see if they're willing to incur that overhead because you know there's going to be that's going to invite a bunch of comments and maybe they'll have to spend more time in the in the Forum responding to questions and stuff so if they're if they're up for that I would I would say you know autocracy volume has been relatively low so I think that could be an interesting uh way to get the community involved in that um if they're not up for it I think the normal process that we use for bounties is also fine so we'll certainly we'll see what they say about it yeah okay um part of it was you know he wanted to just like have that assurance that he would get paid and my suggestion was making a proposal so that it's all public and our reputation is behind you know fulfilling our end of this proposal that everyone can see uh so that was kind of the premise for it okay so with that uh Wayne can you go to the next slide for Community shout outs okay did he have something to say no no you go for it Okay so uh big shout outs to all these uh lovely individuals and contributors um part of Tomas um love seeing your content um you know for the Australian Bitcoin community and and the translation of content um shout out to David sabroy for attending uh Bitcoin Amsterdam conference with Sovereign big shout outs to Sacro for um pushing 51 um and for that getting passed um splitting the amm fees with sop stakers um as well as the uh content on the Sovereign Journal blog um shout outs to Sovereign origin for the super huddle tweet updates and work on researching an automated xero algorithm um big shout outs to one digit for excellent educational blogs and Twitter threads on all things Sovereign freedom and Bitcoin um thanks to corsario for volunteering alongside uh The Sovereign team and labikov and spreading The Sovereign Spirit um and uh special thanks to CK for uh being an indispensable part of sovereign I've heard awesome things uh and you put up great numbers uh thanks a lot to all of you okay and with that we have a few minutes left do we have uh any more questions before we wrap things up also do we have any other shout outs that haven't been mentioned that we would like to throw out there Okay cool so if we don't have any more questions um I would just like to uh wrap up by saying thanks to everyone for joining in on this call being a part of our mission to carve out a trail for Bitcoin secured Financial sovereignty dismantling what people know and understand about money um you know have a good rest of the year help us spread the word and create more Sovereign individuals uh please follow us on Twitter and telegram subscribe to The Sovereign YouTube channel and visit our dap at sovereign.app uh so thanks a lot everyone uh stay Sovereign spread the word keep kicking ass and uh have a good one

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thank you all right everyone I'm here very very excited to kick off this community meeting there's a lot that we will be covering Magnus will you be uh able to assist with managing the deck I suggest because I'm live streaming to all the places Armando are you in hand for that possibly okay um Magnus I suggest that you get that background please uh I'm gonna keep going all right so this is uh um a very exciting for me this is a very exciting I think for all of us a very exciting community meeting it's packed there's a lot for us to cover and a lot of things that we've been waiting for for a very long time we have this month The Sovereign dollar will be launching The Sovereign mint will be launching zero protocol will be going into Open Access and in addition to all of those things they're of course the regular updates Plus um metrics and updates on what has happened since our our streaming event last month and in addition to all of that there's uh being an Awakening in the force uh our thesis has always been that people are going to want to build on the most reliable most secure and most significant blockchain with the most significant acid base and what we're seeing is a is a is Awakening and and um more and more devs more and more users are getting excited about this in a way that we really haven't seen before so there's a lot for us to cover and uh I'd like to start by talking about the um the market opportunity so I'm like this is possible to get the deck up I'm gonna try to share my screen give me a second Okay so over the uh last few can sorry uh Armando I'm seeing I think I'm getting some feedback over the last few um seeing a absolute dislocation in terms of the stable coin Market not one that we were as unexpected uh but rather one which um I think we've been anticipating the third largest stablecoin busd is collapsing and the SEC is um very clearly moving towards uh seeing stable coins as a security and that makes a lot of sense because Sable coins as their currency setup have centralized issuers and they represent the derivative of an existing asset that is a classic security and when you add into that deposit taking activity there's practically not a regulatory regime anywhere in the world which would not view these as their equivalent of a security if we could move to slide five people now what we've seen is binance has been significantly affected taxes have been significant significantly already affected next slide coinbase have delisted uh busd but going Beyond what's just happening now right this is just headlines from the last week but even they are starting to show us where we're going um if you see what we're seeing is in Canada in Hong Kong in Israel and in other countries all this week uh introducing or or announcements around new regulatory constraints um for centralizing algorithmic stable place this you know if you guys are familiar with the you know with the word collusion that's what this looks like there's very clearly a strong shift in the regulatory environment and that brings us to what we're doing now it's like the timing couldn't have been better in terms of introducing the Sovereign dollar um the only standardized Bitcoin dollar right the only one which is fully backed by uh let me go back please the only one which is fully backed by a truly decentralized asset but you go even beyond that zero is a very very unique type of smart contract protocol because it has no counterparty when you open a line of credit and you borrow Southern dollars there's no um Central issue of those seven dollars but not even a central contract issuing those other dollars every single line of credit is its own entity and so you're borrowing from yourself you have no counterparty there's no one you're borrowing from and so that is a huge advantage in terms of a regulatory environment and also in terms of in the future the types of players who will be able to use this right if you think about Bitcoin miners if you think about other institutions especially U.S institutions that would be interested in using these borrowing service with pretty much any other borrowing service they have very significant regulatory concerns because they're borrowing from a I'm kyc undifferentiated mess of lenders whereas here there is no counterpart um so from the regulatory perspective we are in a very interesting and unique moment and I think uh drawing a a strong a sharp line under the thesis that we've had and that all bitcoiners have had which is the decentralization matters now in addition to the Sovereign dollar we have several other things that are going live at the same time all related there's that 2.0 step 2.0 is provides better user interface a lot of you have already been using it I'm testing it and playing effort we've made a lot of improvements based on the feedback provided from you it was extremely helpful and thank you very much that kind of work really helps polish uh the work and really makes it a communal effort with stat 2.0 zero is going to be open access which is a big event um so all of this happening this month in addition to that currently ongoing there are two Snapshot votes from the mint token Community uh forming token holders to choose to vote in favor or against sun setting the mint token with a view to having the Sovereign men to be integrated into the core set of sovereign protocols so if you are a mid token holder now is your opportunity to participate in that vote we also have had uh you know there's there's a there's a key um question around redemptions which is something we've discussed and should continue to discuss and I'll leave this to q a so we can discuss it further but we are going to have a sip to introduce a higher Redemption fee and a higher uh origination fee that is being discussed in the forums it has the potential to help balance the supply and demand of seven dollar issuance it has the potential to significantly increase protocol revenues and as a result sov Staker yield um and so that is a big deal in and of itself but going beyond that um the ability to have adjustable um or more adjustable rates for zero um can be a very strong differentiated and as part and Parson of all of this the circuit of tokens are working on a new framework for sov rewards across the amm Across The Lending pool across the stability pool which um a lot of work has gone into I think they've come up with some very cool results I've participated in that as well so there's going to be um information published for Community discussion around that and there too I think we may see a significant upgrade to the way that Sovereign is doing things now all of this is happening in the background of a significant shift in the type of conversation and the type of activity and the type of devs who are being attracted to working in the Bitcoin protocol uh and the Bitcoin ecosystem and what we're seeing is you know we're very very early days there's a lot of hype the hype doesn't seem to be dying you can see that the number of inscriptions goes ups and goes down but seems to be on an upwards trend uh and uh and we're seeing different players trying to latch onto this I'm sure you guys have all noticed um Stacks uh despite having relatively little adjacency to this Market um spending most of their time talking about organisms it has also had an impact on the the prices of three tokens in particular STX riff and sov and so there's clearly a market out there that is saying this is something big we don't know yet who the winner is and they're looking to take bets on this so that creates a very important background in terms of uh proving our thesis that developers do want to build in Bitcoin that users do want to use things both on bitcoin that there needs to be more functionality for Bitcoin and that um this is inevitable it also creates a scenario where divs are starting to reach out to us and reach out to me investors are reaching answers reaching out to make the you know reaching out to me um saying you know there's a lot of desire to build this space there's more eyes on Layer Two Bitcoin now than maybe there's ever been before and um the fact that this is all happening as we're introducing zero software mint um and there's you know yeah I think this is a you know an extremely it's almost like the perfect setup that said I also want to talk about the dialing side of ordinals uh to bitcoin and what this potentially means to bitcoin Layer Two so what we've seen is effectively a doublet in the size of Bitcoin blocks now again this Trends may disappear but it actually uh even if the number of inscriptions doesn't continue to grow very much we'll continue to see larger blocks from now basically until forever and we're going to see a a a a larger uh Bitcoin block size and this is going um to become much more of an issue and there are I think two big implications here or three one this is going to raise the cost of Unchained Bitcoin transactions which is going to help accelerate the move to Brooklyn layer 2 out of pure pricing necessity second I think it's going to demonstrate the fact that we need to find ways of moving this activity off of main chain if we don't want main chain to become bloated forever and and continuously more bloated forever and so we're already starting to see there a shift in the type of conversation now it's now no longer a theoretical conversation it's becoming a question of of need and necessity in the same way that scaling in 2000 uh um 1560 was it was it was a conversational necessity uh and and so you know those two important trends uh which are to our benefits but at the same time the chain that we're working on um is under pressure in a way that it hasn't been for a while and so the third aspect is I think if we're working we were doing was important until now it is ever more so now our ability to take activity of train provide National scalability and provide additional functionality is exactly what is needed at this time to not see that curve that we're looking at now go exponential so that is the background to the conversation and I'd like to hand uh it back to Magnus uh to to move us on to the next section all right next slide please yeah guys so it's been a great uh great month last month for reach and zero conversion as you can see huge amount of website traffic visitors on the up on this on the site and on the DAP as well month on month increases also a large 42 increase from 2022 uh plus 106 in one year huge growth with website users as well as xero itself 2593 on the waitlist signups in February 2023 it's a big 158 month-on-month increase and a 787 percent increase from the 22 2022 monthly average thank you next slide please obviously the Lynch brand launch was a huge success this whole new world was opened up on February 9th on 2023 I had a huge spike in sight traffic as a result of the launch and this has continued throughout the month of February just a lot of interest people getting excited about all this new branded news uh videos all the stuff that our team has been pumping out marketing wise next slide please launch events also uh had 5 395 viewers who tuned in it was across three different stream platforms and also we've had a lot of interest post events who've tuned in with a reach of around 8K purely organic views no money has been spent promoting it whatsoever and also people have been taking in the site and the DAP post viewing the live event stream through click through another view through traffic that we've been tracking thanks slide please yes there's a huge huge huge appetite for dollar uh you know the people are really excited about seeing um the dollar and what the potential it has no part huge thanks to the work of Yago and French Victory on their promotional content really high engagement really uh you know people are liking the educational content that has uh the energy behind it it's been a huge amount of organic traffic growth and conversion as a result next slide please and also due to many factors such as the growth of our um our social media growth has been due to um the brand launch our Twitter is growing as you can see on the net last 28 days we've had a huge amount of entreat Impressions profile visits mentions off the charts and followers itself of all organically been uh going up and up and also we've been using things like Noster expanding ourselves onto this platform as a way to just get ourselves out there not be dependent on one platform on but rather be dependent on multiple platforms that are Mo that are censorship resistant and we will be um focusing on them greatly in the coming months as well thank you next slide thank you very much next slide please all right I think uh we can ask uh Aurora to provide her update here um um I was again late for providing mine uh notes sorry about that um so I'm just going to I mean Diego mentioned most of the things we are did and are doing already so I'm just going to add some more color to it um just a few days ago we executed the staking sip which was introducing a lot of changes to the staking contract um so they're worth a necessity to act like it's able to see someone else says voting power using the right function which in some Corner case and we fixed that one and use that as an opportunity to give plastic in contract a complete reho it was either a not able to implement any further changes to the staking contract without breaking it just because we had reached the maximum contract size limit so we refactored it but the whole logic into multiple modules and B because um this was not the first issue we got reported on the second contact of this nature so we decided to have a very thorough review of this taking contract and to add a lot of requirements to the code just to make sure that all of the possible edge cases are covered um we also fixed some smaller issues we had with the contract where one was um the cancellation of Team listing contracts not possible of the team has in context had too many um in different states and the correction of the vesting stake the correction of the resting state was important because when we deployed for the latest investment around the four-year visiting contracts the um order of the code execution was incorrect leading to investing contracts being created but only afterwards registered as Western contracts and this led to their stake not being registered as testing stake on the contract which is also the reason why he's sharing contract is currently like we are currently not using the distribution this was supposed to be a ble to be corrected however because of merging it was also tested on a local magnet form but after merging it together with the refactoring and the additional requirement statements one of the security statements actually expect us from executing the things so we have to have another zip for this and we are intending to have it um but next week but the week after it was only a short time until everything is functioning again and we can finally re-enable the fee sharing um so so much about mistaking country it's this was a big chunk of work which is now over and the second contract should be more robust than ever the other big project has been working on is mint um mint is the protocol which is issuing The Sovereign dollar and the integrated mint with zero this integration can already be tested when tested and it allows us to um to open a lot of credit earn a single transaction also to use your hold sub and other to use it to pay back Credit in a single transaction without having to convert between different Assets in between so it's just by a very convenient way use the two protocols together we're going to have a sip for this this is currently I'm currently doing the last steps of preparation and we'll let you know on the channels as soon as they are off the booking on yeah but this is just one of those if they're currently working on they're going to be two more steps one ZIP I've already mentioned which is a depreciation of the and bonding curve first waiting for the results of the map which is currently up for loading and then also the zip to update the zero fees so if you know that we had an unusually high amount of redemptions not too long ago which is mostly due to low liquidity of other stable coins on real fish and the Alm diverging from the global market price too much so that it became profitable to use the redemptions instead and that's that's why we also interesting to update the fees higher Redemption fee means that the price of the aim would need to deviate much further in order for trouble to use the Redemption and start off just trading on the amm also this should lead to a higher trading volume on the end and turn should be beneficial not just to the but also to the sovereign stakers and the same proposal will be also suggesting an increase of the origination fee who um finally reuse the number of lines of credit which are being opened and maybe also get users to use the learning tools instead which in turn can generate yield for dlnr liquidity providers because these actions together should help with the Redemption situation and prevent excessive situation redemptions like the so first weeks um to not happen again though just to sum up we're going to have three sets fun is the depreciation of them and bonding pair of the second one is the integration between mint and zero and the third one is the zero V update these ships are published and if we assume that powers we can go ahead is a launch of new web app and like I mentioned before this new web app can already be tested on the test net so you think except the force VPC interface which will only launch on mainnet and that also um uh General access release I think these are the most important things you've been working on um are there any questions foreign what we're able to introduce over the coming month assuming um the autocracy uh your votes in favor it's the culmination of many many many months of very hard work from a lot of people and um was an extremely complex piece of work with many interrelated living parts which among other things uh you know need to be maintained at the highest level of security and at the same time be done as maintenance of the entire protocol security guys if you can please meet yourself uh main ongoing maintenance ongoing development of things that will be coming in the future and um security and Bug fixes so there's been a huge amount of work uh on a really complex problem and um I'm you know I I have nothing but gratitude to all of the people who will be working on at the same time uh none of this has been possible if there wasn't a wider Network of support you uh all of you guys enjoying these calls um who Advocate to support to provide feedback testing um you know participate in the forums participate in photography participants this is a huge effort of thousands of people coming together something I think we can all be very very proud and I think with that I'd like to open it up the question wow this is the least number of questions we've ever had been 92. I'm here um he's wearing on the call perhaps I haven't seen him or probably I have a question for the adoption team so how do you see things going forward and yeah what's his plan and what can we expect in the future uh since Wayne isn't here I will take a stab at answering that the um adopting team are so there we've discussed this previously but they're we're going to be uh beginning to do two things now uh they uh introduction of these new tools we're in a position that we've been envisioning you know from the beginning we finally have a stable coin that can be used without introducing centralized systemic risk to the protocol we have a stable asset that can be used by non-bitcoiners we have a lending protocol that is very attractive um and and so that will help generate the liquidity and the issuance of the service department so um the primary goal that we have over the course of this coming year is that now that we feel we have a somewhat more mature protocol and more mature ecosystem is going to be growing that ecosystem that means a more third-party Integrations it means um more ecosystem development it means more of a focus on a building beyond the summer protocol and so that's going to be the one primary thread of the work of it coming here the second thread is introducing the work that we've done to a wider audience now up until now Sovereign has been useful to a hardcore set of users and it was difficult or probably pointless to try and expand significantly Outsider technique the interfaces weren't ready for it the products weren't ready for it the tooling wasn't ready for it over the course of the last year we've seen a significant maturation of data analytics of the types of products available of UI and many other things and so uh the other piece of work is going to be now starting to communicate the features but specifically the benefits to a wider set of users and those two things should combine because even our depth 2.0 we don't expect it to be a mass Market tool it's more like a a power user tool uh and so it's by having more of these third parties and more projects and ecosystem development occurring around the protocol and introduce will provide tools which allow us to extend further and further into a master Market and at the same time introducing the kind of things like a sovereign dollar and like borrowing and lending which are relatively simple and can be used by a much larger audience to those um uh ecosystem projects now this is not something which is going to happen overnight this is going to be as much work as everything that we've done and it's going to be incremental gradual and and uh you know we'll have to build on success after success but I think we're well positioned to do that I think the market opportunity has is very very favorable and I think a core thing that we need to understand as a community where it relates to this is that um because we've been Niche and because we've been building the protocol we've been very focused on Sovereign marketing sovereign and um and building products that are part of the Southern protocol and we need to now begin to shift that to Sovereign promoting and marketing others encouraging others to build and sober and and seeing a lot more stuff done outside of our Sovereign core rather than inside of Southern Group oh great response this has been may I ask a question yes please can you elaborate on the status of the in the road map for the Babelfish Z USD to xusd bridge for zero and what the ongoing roadmap is as it relates to the Sovereign dollar so um height and maybe others from uh label fishing here but hi would you like to respond to that so uh currently zusd is still over 90 percent of xus decomposition so there is not a great reason to on post uh uh the deposits uh but what what my personal view on this is that uh it would be great once uh a thousand dollars out there live on mainnet to have a beef spot on swapping swapping uh the USD for a southern Dollar in an xus Depot as Southern dollar is going to have more use cases so this would be the way to handle it from my perspective yeah my others might have another opinion that right I think it's very relevant if you can maybe uh speak to the incentives curse you uh you guys are introducing yeah this is another another thing here this this is something that we are still working on uh so we are going to have uh curves implemented for uh to incentive to have an incentive for certain deposits and and withdrawals so and this will introduce a mechanics which will allow us to uh have a better uh ability to maintain the desired allocations of stable coins so this will adjust How uh us out with with uh balancing the baskets of stable coins and once that's introduced this is also a good time to uh on post the deposits so it's uh everything come you know still not decided uh we have to take it as it is and see where it depletes us that's for me and thank you thanks thanks very much I just like to add that um you know one of the one of the advantages of uh having to build an ecosystem from stress which is a challenge that most projects haven't had to deal with is that we've built out a certain skill set around doing it and um so Babel Fish is part of our ecosystem but um I you know we can generate demand for certain dollar within the Sovereign ecosystem alone now even if it takes a little bit more time for the incentive carers to come through from Babel vision uh which can generate significant Demand right there will be the introduction of a new am info the southern dollar to BTC um the introduction of Southern dollar to The Lending pool allowing people to start using it as a yield varying asset which is not possible right now with cusd there's um improvements to how we present the stability pool and incentives that we can provide around using this applicable to further Drive demand for the USD sovereign and so uh we have Runway still um to generate the kind of demand that is necessary to allow issuance of zero and then there's also um the the the ability for um uh people to always use Bitcoin uh on and off ramps and particularly fast PTC as a way to uh get value they don't necessarily have to go out through a stable credit more and more users have been realizing this and using it and so another thing that we're going to be looking to uh see in the near future is an increase in the liquidity available to fast BTC which will allow more and larger transactions to occur through across BTC as well in particular deposits greater than three BTC at a time is that what you're referencing yes but also withdrawals larger yes yeah that would be very welcome all right do you think the Sovereign dollar change to zero will happen before the Babelfish zusd to xusd conversion is restored currently I think we're anticipating that it will that it may take um another month or two before testing and the UI are ready for uh Babel Fish incentive curves um and so one of the things that I've been involved in is trying to model out incremental demand available even without that and I think we still have room to run there's still work to be done around us but um uh we we should be ready and we should be able to continue to generate uh demand uh four thousand dollar and and allow zero lending to continue to grow just to clarify when you said it will you think Sovereign dollar will be introduced before Z USD to X USD conversions correct correct and that's that's what I'm currently anticipating that's our current business thank you and thanks to the whole team for your hard work it's a great platform thanks very much Ben I just wanted to add like one small piece of information and that's that as soon as the Sovereign dollar and the Seven dollar amm pool are and running which will be in the yeah very near future [Music] um it will be possible to trade the seven dollar against xusd on the amm even if either set USD no or seven dollar deposits are allowed on the paper fish they're called yet there will be a path to work getting xusd that's a great addition thank you uh is the room for another question absolutely who's speaking perfectly I'm here again um I wanted can I asked it was hey I wanted to ask because about the how is it called Financial reports or these updates the latest I have seen was in uh Q2 2022 and I wanted to ask what's the expected schedule or are they coming frequently or are you referring to the sticker budget reports um I'm not exactly sure how they are called basically the question comes down to the expected uh Runway we have still left after um the investment that's been made sure let me uh let me uh ask Armando uh to give his thoughts here yeah so the quick answer is that there is Runway until the end of 2024 the slightly longer answers that we're compiling now the financials for 2022 once those are complete we'll submit for us those financials together which budget proposal which has already been approved by the executive committee and that'll outline the runway the um budget for the different circles and uh in terms of timing I expect that zip to go up so right now there as you guys have seen there are a number of slips coming up over the next few weeks so we just can just find the time to slap it in um but I'm hoping and it will be up at least for reviewing the Forum within the next two weeks oh thanks great thanks for the answer um one small addition I have to that it may be a year or two ago there was um talks about having a dashboard kind of seeing to you know to to have it transparently displayed for all of us I'm not sure how that went or maybe it even makes your job easier altogether than to create these reports well we do want to provide that dashboard we currently have an internal tool that we're using the simple trick is that the dashboard needs some adjustments and it's a matter of priorities in terms of Dev time I can't give a solid date on when it will be launched um but yeah I mean it just needs to be slumped into one of the Sprints so I can't give um an answer now what I will look to do is to see um when we can have this out and add that to the Forum around the budget and the finances so I just like to add a little color on it is that with something um that that has proven to be a very very significant piece of work and has consumed on an ongoing basis of the loss year um probably months of div time um yeah so uh there there is an internal tool which is the result of that work which could with additional work be converted into something which is you know uh just generally available um but I actually think that there's likely more work to be done there and uh it's a question on prioritizing work that has you know the last couple of months we haven't been prioritizing their work at all either more than the last couple of months and so it would be the question of slotting Network back into the Sprint planning foreign are there additional questions yeah go comments questions um what is the expected revision for the origination and Redemption fees I know it was kind of a range that you were looking at whether you guys leaning towards yeah so I've put out a blog post which some of you may have seen I uh have suggested that the origination fees could go the base origination you could go as high as 12 and and it wouldn't be ridiculous um uh have looked at this in a number of different ways as trade-offs here for example a higher uh a wider gap between origination fees and Redemption fees creates a somewhat softer pink so the pig would still say within the balance of the dollar but would potentially be able to float up and down more uh of the I added also May if origination fees are very high you can discourage users from borrowing on the other hand it could encourage borrowing from The Lending form Anchor Drive additional Revenue so there's there's a number of considerations here um because this is something that hasn't been done uh ultimately our feeling was that we should try a relatively more conservative change to begin with and some um the Sip that will be going out will provide for An Origin a base origination fee of 2.5 and an equivalent to 2.5 percent base Redemption fee got it and I'm sure this will be discussed more indefinitely introduces it but do you worry that this uh potentially kind of puts us on a slippery slope to introducing human governance into some of these contracts and and then also potentially squeezing the third party Integrations uh for people that want to use the SDK they they really have minimal margins like add their own cheese and add with stunt adoption so I think I think that's an excellent question and I'll give the same answer I give to similar questions uh when I get this one uh I don't see it as a slippery slope at all because I don't believe that Sovereign is designed to be without human governance um the autocracy was designed as a governance system the the The Sovereign protocol is vastly more uh complex in terms of the types of functionality and features and products it offers in something like Bitcoin and so the mental model that I have and I think is shared by a lot of people is that the monetary asset all right effectively is a measuring stick of value and it shouldn't be governed it should be ungovernable entirely but uh application Level systems do require a degree of governance for many reasons and so there the question becomes not of having no human governance but of having the right set of incentives as well as having um uh Unstoppable unchangeable uncorruptable contracts or uses and I think with xero we strike that balance very very well for example if you open so on the one hand there's the incorruptability if you open a line of credit and uh 0.5 origination fee today that will be your that your initi donation fee forever any changes that may make you may be made in the future will only impact people who take out lines of credits in the future so it there's a very powerful um uh the structure in place here to make sure that the rules can't be changed under the feet of the user and at the same time uh in terms of having the correct set of incentives I think photography is a very powerful tool incentivizing long-term staking and as a result long-term uh uh thinking right we don't have quarterly thinking in Sovereign we don't have uh you know speculative thinking uh the vast majority of sneakers estate almost to the maximum or to the maximum and so I think that is the right balance for the type of problem we're solving for with Sovereign which is um different from the problem that you're solving for with Bitcoin I think I'll probably be taking the other side of that argument as as time goes on but for now I understand the rationale uh my final question is you know did we consider just using the base rate and just adjusting that so so the algorithm on the base rate increases the origination and Redemption fees algorithmically and indicates out that way rather than us kind of playing this guessing game of saying oh you know what should the origination of redemption TV should be one percent two percent five percent rather than something that says hey there's a long traffic that's happening right now it automatically increases the rate and then it pays over time I feel like that'd be a better solution do we just not think it was a good solution or did we think that just take too much time to develop so I'll respond to that question in a moment I just want to respond to the first thing that you said which was a skeptical grunt uh I think your skepticism I might be wrong but I'm imagining your skepticism comes from the fact that you uh are unconvinced that there should be any form of human government and so I just want to reiterate what I think is the most important Point here once you have opened the line of credit there is no further human governance and that that is a very special property right what you enter into a contract which is unchangeable and uncorruptable in the same way that Bitcoin rules are are are ungovernable right it's only in terms of our ability not to ossify in other words to introduce changes in the future that we see we seek to preserve the ability for governance and I think in that respect it's important now with regards to the second question that you asked uh yeah can you hear me yes I want to offer a point of verification here because it's a it's also related to something you said earlier about zero users um managing their lines of credit through individual contracts I think there's a misunderstanding here of how zero works it's fundamental to the point you're making which is that all lines of credit are merely abstractions Within a single contract on rootstock called the active pool and this active pool is governed upgradable by autocracy okay it's that it's like that's the clarification you wanted to provide yes okay thank you um yeah so so what that means is right that the the contract uh as it currently stands is uh human governable I think it's important uh distinction that John light is making um the changes that we're discussing would not impact existing lines of credit although there is the theoretical possibility of all kinds of shenanigans expect to be able to reduce the possibility for the then again uh while still being able to maintain governance that is going to require additional work and it's something that we'll we will have to evolve towards in exactly the same way that other contracts in Sovereign when they were launched were governed directly by exchequer for example and their governance has been shifted to cryptocracy and over time we also can reduce the types of things that the democracy is going to do uh or would cook or could potentially theoretically do um yeah I mean for example one thing that you could do is you could make the active pool contract and all other zero contracts immutable uh except for you know a few parameters like the borrowing fee or the base rate or whatever so you know photography even if it wanted to couldn't uh like upgrade the contract to let's say feed everybody's collateral um but it would still be able to adjust the borrowing fee which would only affect people who are opening new lines of credit yeah exactly thank you very much Joe now with regards to the second question that you asked already in zero is built in the ability for the system to dynamically adjust on the basis of redemptions both at Redemption rate and the origination rate what we're talking about right here is uh the origination fee and the reason that that's what we're focused on changing now is that that is something which which is within scope within our capability change within the time that we have uh to achieve what we welcome there are a lot of ideas around more sophisticated effectively automated ways in which uh the system could uh uh yeah have be algorithmically dynamic which wouldn't require uh theocracy to be engaged in it at all but that's going to require additional work so I think it's worth pointing out that um you know suffering is far from a finished project right we've still got many years of development ahead of us and among the things that we're going to look to do is improve zero uh improve uh security uh on an ongoing basis uh have more and more contracts only uh governable on the parameter level but not more than that um has led us introducing new features and things like that so um uh the the face that we're in now is we are more mature we you know zero is it hasn't yet been um given opportunity to breathe you know with in terms of anyone being able to use it at all yeah and I think that it's um it's uh uh we we we we with all of the products that have needle um we've recognized weaknesses that need to be improved uh and so that is um the reason why government is more important in the earlier phases of the project and will become less important over time I would like to add to that and say that the reason why I believe that it is better to introduce these changes at the the floor level as opposed to the base rate level is that the base rate is only changing reactively um two redemptions and so as Redemption volumes increase within a given period of time the base rate is increasing according to the base rate formula and what adjusting the floor has as a benefit is that it's a proactive measure for increasing the fees it means that we don't have to wait until there is some amount of redemptions occurring to change those fees but rather we can observe what's happening in the market and perhaps anticipate based on the conditions that are being observed that redemptions might soon start occurring or their we could expect that uh a relatively High rate of zusd inflation is occurring or might soon occur and adjust the fees proactively uh to pamper any negative effects that we would anticipate from those kinds of conditions and I think that's that's what uh yeah that's that's like a key benefit of doing it that way try this again thanks we are towards the end of the uh community meeting so before we close off I'd like to ask if anyone has one last question which we can feel and uh if not then we can bring the the call to a close and uh we can choose to stay on a little bit after the official close of the call for additional discussion so is there any other question that would like to be asked okay so then I expect is as very commonly happens a lot of the questions and most rigorous debate will happen with the closure of the community calls I call the community call to a close thank you everyone for spreading I'm very excited about what's uh coming and it feels like we've reached the summit of at least the first Mountain um thank you everyone and stay sober sovereign

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try this again hey everyone my name is engelandia I'm head of ecosystem development for Sovereign the number one Bitcoin D5 ecosystem in the universe uh in the metaverse as well to lead this discussion on some new updates everything from The Sovereign dollar to zero to development updates and phase two of our strategy so let me share the agenda slides and welcome Edon Yago to this stage just give me one second hello Sovereign [Music] um introduced the slideshow today we will be talking about it so you can skip uh straight to the agenda screen today there's a number of things to cover we'll be talking about the Sovereign dollar and new products uh relate to the silver dollar talk about zero and continue demand where we are with the overall evolution of the project um our standard development update and the main focus of today in as with all Community courses Community discussion so with regards to the Sovereign dollar we uh we'll talk about this more in the development section there are several components that we've been discussing now for a while that are near to introduction we recently had a sip allow for the use of sovereign dollar as collateral this will allow for the introduction of Southern dollar Landing pool which will be an additional source of demand and also a new way to borrow and lend with Sovereign dollar and a way to earn yield on The Sovereign dollar it also allows for margin trading with the Sovereign dollar and with the deeper liquidity available in the amm um sorry that kind of trading activity should be more attractive than was available with xusd although the difference is quite marginal now we also have one of our ecosystem projects maplefish about to introduce incentive curves they have a number of upcoming sips with regards to that the incentive curves should help incentivize continued provision of liquidity from in the form of stable coins from other chains allowing for uh easier and less frictionful and more liquidity available for swapping from Sovereign dollar to other stable coins and towards the end of the next Sprint we expect that we'll be able to introduce new incentives for the stability pool which will help secure um zero will help protect in the case of liquidations and also is a highly scalable we believe a highly scalable method of generating demand when needed for Sovereign dollars a few weeks ago I published an analysis and a model related to that that can be found in the Forum so uh moving for moving on to the next slide um and let's talk about where we are with the project a quick uh recap of of how things have been evolving recently next slide please start with uh Revenue next slide so one key question that Alan Farrington well-known bitcoiner has been hammering home again and again and again with relation to crypto and to Defy is where is the yield supposed to be coming from where is the yield and we have been very careful in constructing sovereign to provide a strong answer to that question most crypto projects out there have managed to utilize what you know pons in our main tokenomics in order to drive liquidity and as the primary mechanism in doing so and we've also seen a proliferation of proof of stake systems which present to users the opportunity to stake and earn yield but the yield is earned in the token of the project and effectively acts purely as an inflationary mechanism so rather than being true yield it represents redistribution from a value from those who are not staking to those who are staking and is an extremely recursive system Sovereign is uh has taken a very different approach and a very difficult approach in Sovereign the protocol earns yield and pays this yield out in the form of Bitcoin and now Sovereign dollar to stakers there is no inflation or dilution of sov holders or whatever the sov token using that methodology and it is a very difficult path for us to take for two reasons first it [Music] um means that we need to deliver true yield which is a challenge that is voided if you're going down the path of inflation and second if we think of the metaphor or the analogy of a company which also is a is a mechanism for generating yield or a business um it's as if the business were to take the revenue that it was generating and distributed to the users uh and so um the sole X Checker has needed to manage very carefully the budget the community budget in order to make sure that we are not spending excessively because the revenue driven uh from the protocol is not captured by the exchecker and finally usually what you will see is a period a ramp up period where projects are not profitable in order to reach a degree of scale which allows for profitability being um being under the onus of delivering value from day one is a very very difficult hurdle to to cross even Bitcoin uh is driven not by the fees that users pay to minus but by the block subsidy to this day represents by far the most significant driver of Revenue to minors so the path that Sovereign took was extremely strict in terms of the principles that we needed to meet and um the um you know we've we've struggled with that but I think we have to a great extent turn the corner with respect to it in other words despite the magnitude of the challenge it is a challenge that together to a great extent we've managed to overcome and I say this because of the next slide right now Sovereign protocol is generating an average yield of 10.8 now this is over the last 90 days so if you look the look at the average profitability of Revenue over the last 90 days and you look at the price of BTC to sov today if you were to purchasing today's price you were to stake now and you were to anticipate that Revenue were to maintain where it is this is the type of yield that you would be able to expect not paid out in sov token but paid out in BTC and Sovereign dollar and if you were to Max state which is the next slide we're looking at close to 15 percent yield now this is a very very high exorbitantly high yield it's sort of a a hidden secret almost uh uh you you you you guys are aware of a yearly generating opportunity which most of the world is not yet aware of now there is no guarantee that these yields will continue and there are multiple different variables that could change the profitability of the project going forward the price of uh sov the number of stakers but the fact that we've managed to do this and have been doing this now for two quarters I think is extremely impressive is a huge opportunity and is a massive uh indication that we are uh generating real organic value for users uh and yeah for stakers so I think this is something extremely important it's a very important Milestone it's something that we should be monitoring it'll be a dashboard which will be made publicly available to make it easier to track this and we should be looking to as we bring photography and staking to Dev 2.0 highlight these numbers because they make the whole thing far more legible but this is a kind of solid footing that I think we can be very proud of having generate and this is one of several aspects of what uh I think is allowing us to start thinking about and should allow us to start thinking about Sovereign as moving beyond starting to get into a point where it can move Beyond its first phase its Alpha phase and see Sovereign becoming a more mature project and what that maturity entails is also a change in the strategy and the change in focus and so I'd like uh to ask for the next slide please so what is this next phase look like so there will be a continuation of development in features in improvements in UI in much the same way that we've been doing up until now however in addition to that there will be other things and I think these things will be taking precedence and over time this is not a a an instant basis but I think we're setting ourselves up for uh this this this transitional phase where uh the the the next slide please where we can talk about being in phase two and what phase two looks like uh to my mind is the ability for us to concentrate in two different things one is accessibility so we've been a little bit shy about marketing uh or promoting or evangelizing many aspects of sovereign because the maturity wasn't there and we didn't want users first experiences to be disappointing except for the hardcore who were willing to sort of crawl over you know all of you on the call who were willing to crawl over grass a glass right in order to participate in the early participants and contributors and supporters musers of the system as the system is firing up and maturing we can look to expand our view and and focus more on growing the type of audience and the type of awareness around Sovereign so that means Dev 2.0 but it also means mobile accessibility which will allow us to reach a much larger audience there's already one project that you guys have heard of which is Sovereign Financial which is looking to present Sovereign and build on Sovereign but it's effectively a Neo Bank like experience but self-custodial um you might want to full screen thanks um and there are additional uh initiatives that we could be looking to take or Partnerships that we came looking to take in order to provide better mobile accessibility the larger more mainstream user base or mobile first and of the majority of people who end up coming to sovereign.com and even sovereign.app our mobile users and the drop-off there is basically a hundred percent and so there's a whole new audience for us to potentially capture if we're able to introduce mobile we've also discussed previously the SDK making it much easier for third parties both depths but even more so centralized or semi-centralized players to build on sovereign and that also means their relations to encourage devs both in terms of this would build new products in our ecosystem and devs who are building wallets exchanges lending platforms and all the rest to integrate view use and provide Their audience with accessibility to soccer men finally exchanges as you guys are aware we've been um quite reticent and haven't made aggressive moves to court exchanges but there's but exchanges represent a significant Vector in terms of people who hear about projects and so I think over the coming period we should look to become more open to the idea of additional listings so that's on the accessibility side and on the platform side it's now about building those more underlying Technologies which are going to allow us to grow to be more performant and to provide things to the world which no other platform is providing to truly become the platform in which you build a world on bitcoin one aspect of this is we've already introduced submarine swaps but there's a lot that can be done for a deeper more feature-rich lightning Network integration this could include things like the SDK that is being that there's that there's being work on to make it easier to integrate with Sovereign for developers of lightning wallets it could be the introduction of The Sovereign dollar to the lightning Network it could be deeper in liquidity and potentially merging false BTC with the submarine swaps to allow for easier on and off Integrations additionally is paid improvements the peg is a core component of what we're looking to do we need to have as trustless opaque as possible and ultimately a fully trustless Pig so that using Bitcoin with Sovereign is as near or identical to using Bitcoin with main chain and there's a world of Peg improvements that we can be looking to introduce this is a very very hard problem um but we don't so far haven't shied away from hard problems and I think we've had some success in conquering additionally throughput and scalability we had a fantastically designed Perpetual swap system we have clear ideas around how we could improve trading if we had the throughput and scalability to allow for it currently with the current substrate that we're using with rootstock that is not available but we've already spoken for around two years now on how Roll-Ups can be uh and probably will be path forward here and the technology of the Lost years has improved significantly uh and I think there's now an opportunity to start thinking about this more deeply and indeed that thinking has already happened I would um you know if any of you aren't aware of it John light put out a fantastic paper uh on Roblox uh to bitcoin and I strongly recommend giving it a read it is um a a a road map for what the future of Bitcoin could look like privacy is another aspect for The Sovereign Dollar in particular the ability to have private transactions can be a game changer generally one of the challenges with Bitcoin with blockchain with all of these systems is they are transparent which is great for governance but not great for transactions or um the activity of everyday users and so there's a lot that can be done again with zero knowledge proofs around privacy and here again I think uh John light has [Music] put a great deal of effort into thinking through this problem and not only him uh other decks within the core team as well as the devs from the community um have been proposing ideas and some third-party projects uh have been discussing things with us and we haven't had the bandwidth or the focus to think about these things but over the next phase I think that can become more of a priority and finally what this all leads to is a platform for building an economy and an ecosystem of projects on bitcoin um Sovereign up until now uh has primarily focused on building basic tools basic Primitives building on the application layer and this is because our view has been that we need to provide usefulness rather than hype we need to prove the need for things in the real world and the ability to execute on them before uh you're looking to build yeah a platform right we don't want to build uh you know you don't want to host a party put a lot of effort into it and nobody comes we need to make sure that the community was here that the tooling was here that the use cases were here and I think a great to a great extent we've we've we've built those basic parameters uh now let's build an economy and an ecosystem around it and go from being Sovereign which is primarily an application layer Suite to a suite of applications built as the core of the platform which we build a world on bitcoin we can discuss these things further when we get to the uh Community the open Community discussion and with that I hand it over back to you thank you I think maybe we can talk about the dev update and product update first and then we can open it up to the community conversation all right hey thanks can you just directly go to the next slide please awesome thanks so since we spoke last time in the last month we had so many releases that I cannot even fit them on a single slide um it's um really crazy but good good kind of crazy so first thing first we launched the new server and web app on server.app that is the new zero interface and also the launch of the serpent dollar and the connection of the two protocols so that transactions like empowering on CFO or um being back alone is possible directly with the surrender without having to go through cusd um at the same time we launched the adirred r amm pool on the um Alpha app and made it possible to trade dealers are on the amm then as well and it was added to the swap and the spot trading interface clearly after we uploaded the staking contracts and thereby finally correcting the vesting Stakes which were keeping us from Distributing the fee sharing Rewards since then this has been re-enabled and fees are being distributed as intended we updated the liquidity mining contract into ways we had a smart contract logic update to allow us to introduce liquid SOB rewards which are enabled for the new dllr amm pool and we updated the config as well we reduced the sop liquidity mining rewards of the sob and the X USD amm pulls the SOB amm pool was reduced to 12 000 SOB weekly rewards and the xusd pull to 7.5 000 week review boards and just today we introduced dlnr lending and borrowing there is now adlr lending pool where you can deposit servant orders and start earning interest and it is possible to borrow the dollar with so we are BTC or B pro as collateral also the other R can now be used as collateral for borrowing our BDC or B pro in addition to that there were several small or your end smarter front-end updates improving the quality of life so on the new Sovereign app we introduced the eip2612 support for lecture users so they can now interact with the Sovereign daughter in a single transaction which was not possible before the updated the interface to reflect the changes on the Zero C flow fee floors we updated the gas limits to prevent failing transactions because of out of gas issues improve the user experience when signing up for email notifications um the statistics in the ecosystem are now refreshed every block so the statistics table now stays in sync on the convert page from the amount on the entry field and are always reset to zero after the transaction is confirmed we added a new loading image to replace a simple simply loading text that was previously in place many other small refactoring changes bug fixes and quality of life improvements on the serving alpha application we also had several updates such as the update to the pool page um to accommodate various changes to the liquidity mining reward amounts um the updated the rootstock node used by the plutocracy app so that the page content loads faster some of you might have realized that waiting on the photography page to load was always avid well it needed patience and now it's just nice fast and smooth so I'm happy about that he improved the pricing display on the swap Squad the margin failing Pages we improve the user experience on signing up for email notifications and most importantly users can now sign up for limit order alerts and Margin Call alerts separately we updated the gas limits also here to prevent failing transactions we changed the pool and rewards pages to accommodate the liquid rewards update added the main tvl to the tvl section of the home page and I think that these lists of releases is not yet even exhaustive so there was a lot going on the last month and it was really amazing work from the entirety of the dev team could you move on to the next slide please in gamar thank you um we are working on SOB rewards for the zero stability pool um which is currently not providing any subsidies other than the profit generated with liquidations and stocks so this is something which is coming we are also working on another update with the fee sharing contract this is because of an issue we are facing with um mostly news takers who didn't have any Stakes during the first 100 featuring checkpoints and therefore the smart contract doesn't find anything to claim and fails so this is currently in progress and um we expect to have that ready soon and there thereby then also enabling the Newsday Crews to claim their share of the theory boards there's no reason to worry in the meantime because the fees are being accumulated as expected so that will just become available for claiming as soon as we have the update we introduce update ABR introducing updates to The Sovereign token Bridge interface and that's mostly to dynamically detect which tokens are being paused on the vaporfetch protocol like when used to see the packed we had to put the whole X USD flow into maintenance mode and just because we didn't have the token pause integration on our UI so for this to not happen in the future we are enabling or we are integrating that directly into the interface we are also working on several Redemption alerts which is something many users have been repeatedly asking for um this will send you an alert if your line of credit is being redeemed against and um you can tag that done as the trigger to either calibrate your line of credit or buy more Bitcoin or whatever action you prefer to take as a consequence we are starting to prepare the documentation for the dev portal this is important because there's more more integrators are um or it's more important parties are being are interested in integrating Sovereign we have to provide deaf support and currently we have a lot of documentation scattered around different places and with having everything neat and tidy in one Dev portal where all of the information can be found it will just be so much easier for integrators and at the same time it will save time for our developers because we will have to provide less direct support we are also migrating some functionality from the servant Alpha app to the new server web app and um and then we are working on a number of quality of life improvements where the most important ones are better links between under two applications so it's easier to switch between the Alpha and the new web app and slippage tolerance when borrowing on cro and I guess these are I mean there's more work in progress than what is on this list but I think that these are the most important points and that's it with the updates from my side so thanks back to you in galandia England yeah you become very faint better yes foreign yes so I think this Echoes what we were talking about accessibility there are um if you look across uh all of D5 you find that the number of users is very small in comparison to centralized uh uh Alternatives equivalents and that those protocols which see the greatest amount of use also tend to see significant majority of use through third-party applications we would be very surprised to see anything different with sovereign and so I think as our confidence grows in the protocol uh we uh will shift more and more Focus to things like the SDK things like working with third parties and even centralized parties to integrate the technology that we've developed the protocol that is Sovereign with what they're doing ultimately my sense is that the vast majority of users are not interested in which chain they are on uh what they are interested and this is true far beyond cryptos through everywhere what they're interested in but um yeah mass of users are interested in is a frictionless experience and the ability to solve problems that they have I think we have the ability to solve very very important problems we have a treated decentralized stable coin backed by the Best Collateral in the world we have the ability to borrow with Bitcoin we have the ability to trade Bitcoin and those Southern dollars against assets and we can expect to see more and more assets become available and we can also expect to see more projects being built within our platform but what will allow all of this to be experienced by a larger number of users is making that as simple as possible and so I've been seeing comments in the various channels talking about the need for Sovereign to be on other chains and there's definitely a user base out there it's important and it's something that we should be looking and thinking about in various ways such as exporting Sovereign dollar to other chains into other protocols and potentially thinking about how we can make our technology available there but that to me is a much smaller battle the bigger battle is um wrapping the products that have been built on the platform into extremely simple and familiar interfaces and making clear to people why they would want to use these things so um uh I think we are getting to the point where that can become much more of a focus and I think we are well set uh to respond to that challenge and to meet that challenge was that was that answer helpful I I would also you know this is uh that's my view but let's open this up a little bit I'm sure people here have ideas or maybe have a different view I'd be interested to hear them thank you foreign yes yeah I'm not sure either um who was the question by e [Music] yes possibly with price appreciation um chronic if you want to clarify either here or in the channel That would be awesome other topics which I've seen the discussed recently were questions around xero and Southern dollar as well as redemptions which might be something that people here would be interested in discussing we've also had recently four weekly conversations around [Music] Sovereign dollar governance and zero and we expect to have the next one in two weeks and those can be summarized and there's debate occurring on them in the forums and another topic that has come up is the topic of the platform um uh and questions around things like a sovereign chain so if these are topics that people would like to raise and discuss and now is a good time sure so there are no um development as such uh and there isn't such a thing yet as a sovereign chain there is reason um to expect that we will want to develop a blockchain which will or several blockchains which will allow us to extend the functionality of sovereign and provide things like privacy throughput scalability the ability to develop with other virtual machines and a long list of other things such as Pig Improvement and this is something which I think we should be discussing uh more frequently and I I look forward to trying to host a conversation around this in the very near future um but um at this point in time there is no such thing as a servant chain so just uh a question on that is this something that um ideally we ourselves sort of lead like it you know if there were um a a potential Avenue at hand to actually build something do we ideally want the case where we're kind of leading this development or would we prefer to kind of sit back and see um what other people are exploring I think that the approach of sovereign has taken as proven valuable and is something we should continue There we Sovereign should shame the steal any technology which looks promising and which has been validated but at the same time what we're developing is unique and is really no other project which is trying to achieve the same goals or aims is Sovereign can be built the ultimate goal as I see it from a technology perspective is to allow for trustless cryptographically trustless Roll-Ups to bitcoin so that different platforms different chains can trustlessly uh utilize the security of Bitcoin Bitcoin proof of work as well as have a trustless movement of Bitcoin between the different chains um as far as We Know right now that would require some changes software changes to bitcoin but we can potentially get very close without those changes and I think it makes sense for Sovereign to spearhead the effort for us to eventually get there the the the Holy Grail so to speak of truly trustless extendability and extensibility for Bitcoin I'm very interested to hear other people's views and thoughts on this foreign there aren't further questions what may make sense to do is to end the recording since frequently we find that a lot of the most vigorous conversation and debate happens once the recording has ended foreign

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right now welcome everybody uh to The Sovereign Community call episode 53. I'm your host englandia I'm head of ecosystem growth um at Sovereign noise going on but it doesn't matter I'll be introducing you in a second um so for this week's agenda we'll be talking everything from the roadmap to Dev updates to budgeting with Armando and lastly Fame Guild with Stan the great so let me kick this off uh with Yago speaking on strategy welcome to the stage thank you hello everyone sorry for the background noise um yeah so we have a very packed agenda today uh so I'll keep it short uh can we go to the next slide we're going to cover um roadmap we're going to cover development we're going to cover budget uh and um exchecker financing and we're going to introduce Fame Guild so I will have relatively little to say next slide please one thing that I want to bring to your attention we last week Friday had a conversation about the servant platform and The Sovereign layer uh there was this followed a really interesting thread in the Forum uh we've also got a new thread uh which I started in the Forum uh called um a sovereign layer through disruption which also is uh interesting I suggest you guys check it out uh among other things there is a link to the white paper by John light on run UPS as well as a draft light paper that I have been writing which I'm hoping you guys will be able to comment on this is a really important moment for Sovereign in terms of thinking about our next steps how we're going to grow our ecosystem and how we're going to grow the capabilities of what Bitcoin can do and what can be done for Bitcoin and building a ecosystem of developers far more robust and um and perhaps Innovative than what we're currently seeing and I think this is a really interesting moment for Bitcoin with what we're seeing with ordinals with what we're seeing uh now with sort of like derivatives of of ordinals the amount of development upper interest and activity in Bitcoin is probably at a all-time high since um the the block size Wars um and I think as Sovereign we are we have a unique view we're particularly well positioned it seems like the world is coming to realize what we've been talking about um and and I think therefore this is a particularly important conversation I'd also like to uh talk about something else uh next slide please so I just wanted to highlight for you guys uh the really um phenomenal change that we've been seeing uh in the protocol uh this is a graph of sov staking yield basically from the beginning of the protocol and you can see that even in the last bull market and through much of last year um it wasn't nothing so protocol was delivering uh uh uh stakers with yield with real yield where this is beyond sort of sov that was distributed this is only BTC and and and and stablecoin yield um and uh what we've seen is a really dramatic change over the last six months we haven't had one month where the average APR calculated either in BTC or in USD has been below 12 percent this is extremely high yield but I think it's probably the highest yield in the world which is real yield which is yield derived from protocol revenue and uh first of all this is a really important demonstration of uh the fact that we're getting close to product Market fit I think it's a really important demonstration of the sustainability of what we're building and the ability to build a growth engine and it's uh something that we should be shouting from the rooftops because one of the interesting things is I think it's still you know a Hidden Gem the world hasn't caught on but they will because this kind of thing speaks for itself and so with that I'm going to hand it back to you in glendia uh to take us along the rest of this uh pretty dense conversation we're having today fascinating statistic um so uh let's move on to the next slide please Jeff so product I played with light welcome to the stage thanks um Jeffrey can go to the next slide foreign so here's an update on the product roadmap um the under the first bullet point on the timeline here um these are the projects that we have already either completed or are very close to the process of completing so we launched the new Sovereign web app and mint and Sovereign Dollar in q1 this year we've also been experimenting with zero fee governance as a mechanism for um uh controlling zusd and Sovereign dollar inflation and we approved uh sip 56 which was a regarding stun setting the mint token and bonding curve and or in the process of um fully implementing that sip so that mint holders can convert their mint back into sov at the um conversion rate specified in that sip um going forward we have a bunch of projects on the roadmap some that we've planned on working on for a while um some that are new to the roadmap um including uh betocracy 3.0 which is uh the transfer of governance from exchecker multi-cig to batocracy for the contracts that remain currently under the control of the exchecker multi-cig um we have a new bridge integration that is coming uh with the multi-chain bridge and uh stability pool subsidies uh feature coming to zero Sovereign SDK um and developer portal so that developers can begin uh easily plugging into Sovereign protocol into new types of front-end applications um and we're also beginning the process of migrating functionality from Sovereign Alpha to the new Sovereign web app including uh this the swaps functionality betocracy um voting and staking applications borrowing and lending um spot and margin Trading and we're looking at um hardening the mint and zero protocols and um improving their security and resilience and scalability through features like the mint deposit poser which we can use to pause any assets that are either experiencing High inflation or might have some kind of a bug or issue that we don't want to have negatively affect mint a zero borrow pauser which is could be another mechanism for um fighting uh inflation in a more proactive way um and then finally um further out we're looking at um improvements to Sovereign infrastructure such as Lightning integration for on off ramp um so people can use lightning Bitcoin to get Bitcoin in and out of the Sovereign web app as well as looking at Sovereign layer research and development and Oracle research and development so we can Harden those aspects of the system as the asterisk says here these items are subject to change in terms of you know the order in which we work on them or even whether we choose to work on them at all based on the current priorities and kind of signals that the market is sending to us but so far this is these are what we we have identified as the highest Leverage uh projects that we should be working on in in 2023 um so I'll be happy to take any questions at the end if we have uh if we have time for questions but that's that's it from me thank you thank you very much Inga uh Hey guys sobit here from the dev team unfortunately Aurora isn't able to talk on the call today so you'll be missing her doll set tones and get me instead hopefully I can make up for her um next slide please awesome um so we'll start off talking about the uh recent releases so we've had a couple of things go out um across the various dapps that we've got uh first up we've had an update to Alpha Sovereign app um with an update to our bridges um the bridges now support uh respect the token pause State on the Babelfish aggregator contracts this means if for example has happened recently where usdc and dye were paused um this will not allow you to deposit those tokens from other chains thereby preventing you from losing Gap funds for gas fees or any other negative effects uh We've also had some updates to Sovereign the main one of which is the Redemption email alerts so a lot of people have been using xero now um actively holding lines of credit or funds in the stability pool um lots of people have been using the email notification alert system that we put in place to let you know when your line of credit is close to liquidation or other similar important events and uh one of the things that we've heard from you guys is that it's really important to know when redemptions occur against your line of credit because whilst um it's uh some something that doesn't occur frequently um it does require a bit of attention from people for example if you want to hold your funds in a certain currency you may want to do something with the funds that you um you may want to manage your line of credit more closely if a Redemption occurs so users who are interested you can now sign up for Redemption email alerts under the liquidation alerts section of the notification settings um we've also made a number of quality of life updates uh given that we're we've got quite a pack to gender I'm not going to go through all of them uh if you have a look back to our release announcements we we've been putting out full change lists uh with those releases um if anybody has any questions about those I'd be happy to answer them at the end of the call as well um then in general things we've made a fix to tour compatibility for our dapps shout out to Alexander on telegram for reporting this issue and thanks to our devops team for getting that resolved so I'm happy to report that now both Alpha Sovereign app and the new Sovereign web app work fully on tour so you can browse away in privacy to your heart's content uh and then a big milestone for our back end team um we have now finally Sunset our Legacy backend system um so all of the Legacy backend um functionality has now been migrated over to either use uh the graph or we've migrated stuff to microservices which are much more scalable and easier to maintain and where possible we've actually made these Services Public if you want to find them you can look on our GitHub repository uh sorry our GitHub organization and you'll be able to find those repositories we've spent a lot of time including really clear documentation on how to work with them make modifications and and contribute so if there's any back-end developers out there have a look and you know we always welcome pull requests much appreciated uh next slide please so that was the recent releases um we do have more stuff in the pipeline though and now on to stuff that is soon to release so we've got a number of things coming up in the very near term uh first one of those is something that we've been talking about for a couple of weeks now and that is subsidies for the zero stability pool so when you deposit funds into the stability pool on xero now you will receive a share of reward sov that can be withdrawn at any point and I believe those funds are actually liquid so um I I can't remember exactly what the AP why uh is going to be roughly um but it will look to give some quite nice bonuses to anybody who's got funds we'll start with we'll start with five percent APR uh and that is basically creating a floor of five percent APR and as we've discussed many times here previously the maximum is unknowable but could be as high as 100 and something percent so uh the five percent guarantees uh APR even when there are no liquidations and when there are liquidations obviously it becomes extremely lucrative awesome thanks Iago for the details um so in addition to that we've also been working on other areas of the zero protocol and the zero UI um so we've we've made a number of quality of life improvements to the DAP uh based on feedback and other things that have um come up during the course of development um first one of which is something that people have been requesting especially with regards to the risks around say redemptions or liquidations we've added a opt-in checkbox to the open line of credit flow so that the first time you open a line of credit you will have to manually select a checkbox which includes links to relevant information about the risks of the xero protocol and you will have to consent to that before you're able to open a line of credit so hopefully this means that people people will actually understand the risks before they enter into line of credit which is great then we've also added a feature which allows you when you're opening a line of credit or you are borrowing more funds on your existing line of credit um currently the origination fee is just displayed to the user as a static value however there is a possibility due to the way the protocol works if there are other transactions or redemptions or other changes in system State occurring in the same block when you make your transaction there is a possibility that the origination fee can actually differ slightly from what you saw when you made the transaction it's not much but it can cause the transactions to fail and it leads to a bad user experience because it's it's not obvious what's happening for this reason we have similar to the trade interface on the alpha Sovereign app we have added a tolerance setting so similar to the slippage slider on margin trading say that allows you to control the tolerance for uh your origination fee so if if you are looking to get a very specific origination fee rate and you don't want any Divergence you can set this to a very low value if you do not mind your origination fee being quite different from what's shown then you can adjust that as well to your heart's content um there's also been a number of other updates again we're pressed on time so I'm not going to go through all of them uh we will be giving full change lists with each release that's going out so look forward to seeing lots of tiny bug fixes and little improvements to Things based on your feedback um then another feature that's coming up based on user feedback is improved navigation between the Legacy Sovereign app and the new one so I won't give you too many spoilers now but hopefully it should make it a lot easier for everybody to find their way between the different platforms while we're still running them side by side obviously as light mentioned you know we're looking to transition uh most if not all of the functionality over to the new web app um at which point we'll consider you know changing these these navigation menus um but this should be a nice quality of life Improvement in the meantime then another hotly requested update um we will soon be releasing a fix for the fee fee claiming withdrawal issue um so this is an issue which was affecting us a small portion of our users who have staked sov and were unable to claim some of the fees from the rewards page um so this fix will resolve the issue in its entirety and everybody should be able to finally withdraw all of their fees uh so that's it for soon to release uh next slide please then looking forward uh stuff that we are working on [Music] um we've got the implementation of sip 56 this is the Sip to Sunset the mint token and allow users to swap them effectively using the bonding curve for sov um then we've got as light already mentioned we are going to be migrating functionality from the Legacy app to the new one um first big piece of this is going to be an update on new dap to the convert page and we will be migrating swaps functionality from the Legacy dat not only are we going to be offering the same swap functionality as the Legacy dat we will also be adding a really nice new feature given that The Sovereign ecosystem is expanding and we now have a number of different ways that you can swap tokens from one asset to another for example the Babelfish xusd aggregator allows you to swap tokens we also have the ability on the current version of the DAP to swap between oh convert between a dollar and zusd or dock where balances are available um as well as a couple of other um sources of assets that uh on I haven't mentioned um and we intend to set up a system which we've called smart routing um which will depending on the assets that the user desires to convert or swap we will have the system dynamically look at all of the different parts or routes that the swap could take and then pick the cheapest one for the user without the user knowing anything about it or having to do any kind of manual um thought so this means for users you will get the cheapest possible price where possible then further updates we've got some updates from the smart contract side to fast BTC this is something that's been a long time coming it's it's actually been audited a long time ago but there were a number of other updates that had to happen to finally get this out and what this update will give us is the ability to automatically rebalance between the different multi-sig wallets to reduce the liquidity Administration effort this will hopefully help alleviate some of the issues that we've got where maybe funds aren't available and also introduces a reclaiming feature on the smart contract side which will offer some easier resolution of issues when they if if they do occur uh then another uh kind of a bigger project that we've started work on is The Sovereign developer portal and Sovereign SDK um this is something I'm actually quite happy I'm giving this update um this is something I'm particularly excited about as a developer uh the intent is that we effectively have a single source of documentation for any of the parts of the Sovereign ecosystem that Sovereign core have developed this will allow us to have third parties or um anybody who is interested in developing on The Sovereign ecosystem to really quickly pick up our tools that we've built hook them into whatever they're building and start using the Sovereign protocol or The Sovereign parts of the Sovereign ecosystem in a very easy way um so that that's really exciting um then we have another update um actually initiated by a Community member so shout out here to capitalist 42 for submitting APR um which will enable automatic ipfs deployment of the new Sovereign web app um whenever we push out our regular releases so what this means for those unfamiliar with ipfs this will give you unrestricted uncensorable access to the Sovereign dap even if the centralized providers that we use for hosting our site are taken down for whatever reason so really really excellent contribution here I'm super excited about this one it's something I've been thinking about since I was first out of the project um we just not found the time to prioritize it and get it working so um we'll update you more on that when it's closer to release but that's another one I'm particularly excited about then another update that John mentioned that light mentioned we've got the multi-train integration so that's going to be a big Improvement to our bridges and hopefully alleviates some more of the issues that people have with low balances on specific tokens on specific chains uh then finally we've got a number of uh quality of life improvements bug fixes and the like in the works I'm not going to go through all of them again change lists will be uh provided when when they're released so exciting stuff to come uh that was it from me um so over to the next person thanks guys thanks a lot solver um okay for extract update uh we allowed a big chunk of the call for this so Armando please take the floor uh thank you very much foreign I don't think this update will take a big chunk of time uh just to update everyone about a week ago the exchequer published a full uh financial and budget report on the Forum that includes more detail than I'll be going into over this call and the goal of uh this update is to primarily focus on the budget and the context around the budget that we'll be proposing as a slip in the next couple of weeks next slide please so the full financial report that was shared last week includes the 2022 Financial year results it includes a review of the treasury balances um we'll be going over both of those briefly um mainly as a context to the new budget proposal and we will talk about what the objectives are that we're looking to accomplish through this budget proposal and what assumptions are we using uh or or assumptions that we used when we um put the budget together and then we'll quickly go over what the budget proposal itself is um next slide please um skip one more please so in terms of uh the financials for 2022 there are a number of things that we wanted to highlight um from the financial reports themselves so firstly and as context to the budget over the course of the last 18 months um actually maybe a little less from over the course of the last 12 months the extractor has been um constantly reviewing uh the protocols expenses in response to different external um primarily market conditions so what this means is that one of our main goals has been to provide the resources required to accomplish what's on sovereign's roadmap while lowering expenses as much as possible in order to ensure a long enough runway for us to accomplish the goals that we set up for ourselves and so the first thing that I want to highlight is point number one here and that's a comparison of our Opex from Q4 of last year so Q4 of 2022 versus the expenses of Q4 2021 and you can see a drastic reduction there of over 50 from 2.7 million to 1.2 million Q4 of 2022. and that's a general Trend that you'll see in the financial reports in more detail and um a few other points that I wanted to highlight uh one is unrealized losses of 8.7 million that you'll see in the accounts now that's important because when Sovereign raised funds those funds were primarily raised in Bitcoin up until the Strategic round that was completed in May of last year and the exchequered did not and has not put in a policy of um selling Bitcoin in order to manage its treasury for a number of reasons one of them being that a lot of the liquidity that the executor needs to provide to the bridges to fosting DC to the amm pools is the nominated in Bitcoin um beyond that a lot of the payouts that the exchequer has historically has been in Bitcoin as this is also a Bitcoin focused um project obviously um but in uh the last strategic round of last May funds were raised in stable coins but one of the results of this is that when Bitcoin was raised last year the average price in which Bitcoin was received by exchecker was north of 50k and obviously um the crypto Market in general and Bitcoin specifically have suffered um a leading value from approximately November of last year this has resulted in unrealized losses of about 8.7 million which is um a direct result of the mark to market value of these assets going down we just wanted to highlight uh obviously last October there was an exploit executor made the decision to cover all losses of that exploit which resulted in um a cost of 12 of the full year Opex next slide please um here is a breakdown of more information around the financial year of 2022 versus the financial year of 2021 and what you can see here is not only a large drop in asset values year over year but also a drop in our Opex um and expenses over the course of that year you can see that the only bucket of expenses when we talk about adoption development operations in overhead that went up was um operations uh and the cost of the exploit is listed under the operations bucket um I also just want to reiterate that I'll be going through the next couple of slides relatively fast but anyone who wants to see this in more detail can see it on the um Foreman is welcome to ask questions there and the exchicker is happy to answer next slide please and here again is just a breakdown of what the main differences between the Opex from q422 versus Q4 2021 and this is part of the broader Push by exchequer to reduce Opex and make sure that the protocol is viable and is able to meet its goals even if the current market conditions continue as you all know we've moved into bear Market uh Dynamics for at least the last uh six months if not more um and the decision was made to ensure that we had the runway to weather the storm and come out the other end having maintain the ability um to meet the milestones in the roadmap now this is the work has mainly been around introducing efficiencies in our infrastructure costs introducing inefficiencies into um security costs so an example of that is relying Less on uh third-party Audits and by the way a lot of the cost uh in 2021 was due to um third party audits which are generally very expensive and shifting that cost to what we found to be much more productive and reliable which is um spending funds and being able to have a large budget for bounties which has proven to be um actually much more beneficial for um for the project next slide please now we're going to talk about the treasury balances because obviously this is direct impact on how we build the budget and what our Runway is next slide please so here we can see the treasury balances um at the end of 2022 as well as at the end of 2023. these are the balances and also the composition of the treasury so approximately at the end of 2022 approximately 33 was held in BTC um with 60 being held in USD stable coins with another seven percent in a mix of different um assets primarily Ethan B and B um and the end of 23 2023 is um a similar mix however there's been a reduction in USD Holdings an increase on top of that of BTC Holdings while all other assets have remained more or less the same and uh the end result is that the treasury balance denominated in USD at the end of q1 is higher than that of the end of Q4 primarily and as you can see the in the price row this is primarily due to the increased and strengthening of the price of Bitcoin one thing to note here is that all the sov listed as a treasury balance in this slide is sov that is the result of certain liquidity and um Watcher activities that the extractor runs so the Checker runs a watcher and this facilitates Liquidations in the system and it's part of this over time The Watcher May accumulate sov and that's the sov that you see here at the end of Q3 that was about 400k um a separate sov report will be shared over the course of the next month and this report will include um a full updated emission schedule as well as a historic look at Alex chicker has been expending funds that it has received through various sips from the adoption and development pools next slide please um in terms of the treasury balance and asset composition um this is just to show that they kind of to support the point that I mentioned earlier in the beginning most of the funds raised were in BTC and BTC was uh close to 70 percent 60 70 percent of the treasury balance what happened is in the Strategic round of last year the raise was conducted in U.S dollar stable coins so it flipped the asset composition um which was in some ways fortunate because bitcoin's price started dropping together with the market after that um but we were able to remain uh stable due to US dollar Assets Now composing both north of uh 60 percent um of the treasury balance and the ex-sticker is being drawn down primarily on that passing on that balance for Opex rather than selling BTC in a weak Market next slide please so given that background will now um discuss the budget objections and assumptions next slide so firstly the the primary objective is to secure Runway uh through August 2024 and what's not mentioned here but is worth a commenting on is that it's not only about securing Runway it is also about um having the resources to pursue all of the goals that we're looking at accomplishing and so we think that this new budget proposal will allow us to do so with a minimal impact on on the capabilities of the core team and even um improve those capabilities there's a lot to be said for the efficiencies that have been introduced as well as having a smaller team with better tools at its disposal um allowing it to achieve more faster now there are important assumptions that we're making holding up this budget the first of which is assuming that throughout the period Bitcoin will be trading at a constant level of Sixteen thousand five hundred previous budget proposals from last year and have uh our assumptions was to work with a bitcoin price bottom of 19500 due to all the turmoil in the market over the last few months we decided to um reevaluate this figure and move it down to what was potentially the bottom of this bear cycle which was 16 500. and so we need to be able to secure the runway even if Bitcoin drops to this level and stays at that level throughout the period uh two additional assumptions was that no more capital is raised and that no revenue is driven to extract extract up until now has made the decision to not uh put forward a step to divert any protocol revenues to go to the exchecker rather to sov stakers and the expectation is that this assumption or or this mode of operation will not change throughout the course of uh this budget or through to August 2024 at least these things might change more Capital may be raised and Bitcoin um obviously can continue to trade at higher levels closer to thirty thousand all of this means that the runway is extended but those are not the scenarios that we are planning for next slide please um skip this one please so given uh those assumptions and objectives um the budget proposal is shifting from a monthly expense expenditure about four and a half uh or 450 000 to a level of two hundred and eighty five thousand dollars um this gives us a Runway of 24 months given current market rates for the crypto assets that the treasury holds this means that if Bitcoin were to stay at the level of approximately 28 000 um we have at least 24 months of Runway given this budget um it's a sharp reduction from the current budget I will also say that the current budget was when we look at how much we expended and you can look at the the financials we generally were below this uh figure of uh 450 000 um and kudos to the team for a number of different optimizations primarily up to optimizations around how the team operates and our infrastructure and security costs that have allowed us to lower um the Opex figure quite drastically while maintaining um the core team um the core team capabilities and obviously um I'm sure you are aware they've been head count reductions over the last few months most of these have been um from the adoption team some from the dev team and Ops Team but in terms of the capabilities and our ability to move that pace we believe that those have not been impacted next slide please so given the assumption that was made um by the sticker assuming a rate of 16 500 BTC to USD that lowers our Runway from 24 months to 19 months um the double asterisks there refers to liquidity provision so that liquidity provision is specifically related to providing ongoing liquidity for fast BTC and we expect that the liquidity requirements for phosphatec will go down over time due to optimizations optimizations and also in cooperation of third parties will be able to provide that liquidity instead of extractor and so given that that liquidity and will likely not be required in 19 months or even a year from now we can assume that the runway gives us 19 months all the way to August 2024. um next slide please even though I think that covers everything I wanted to review um okay so let's uh here we just going to some more details around where that budget where that 285 000 a month um is expanded on so the majority 77 is on head count so those are direct grants to Sovereign core contributors um and another 65k for Northern count related expenses um we've seen a reduction in of about 42 percent uh versus the current budget as opposed to this proposed budget um in terms of the different circles the the bulk of these expenses are devoted to development so over 50 percent 20 percent are devoted to adoption and community and another 24 to operations operations is all um of the expenses that don't fall directly into adoption and development and are really behind the scenes making sure that um all systems are running so I think that uh covers it for my update from the exchequer um thank you everyone for your time uh if we have time for questions later I'll be happy to answer and again if uh anyone would like to ask uh more specific questions we'll go into more detail they are welcome to do so on the Forum that's all from me thank you very much um the calls let's bring in Stan uh to talk about van Guild so I'd like to provide a little bit of an introduction to uh uh Stan so Stan is an old hand in the crypto and Bitcoin space um he's LED uh Community Management teams he's participated in helping Community Management within Sovereign and he left uh to pursue his own things some time ago um and uh I'm very excited he he when he reached back out to us uh to try and let us know what he's been working on which is something that he wants to bring to Sovereign and what it is is very well timed uh he's been working on Fame Guild which is a Marketplace and platform for the creation of nfts within the Sovereign ecosystem as well as ordinals which has absolutely exploded um and so with that I'd like to ask Stan please close yours thank you thanks for the introduction welcome servants today I'm here to present what my team is building to expand this open ecosystem so Iago can you share the screen like presentation uh it's currently being shared you just need to ask for the next slide okay cool so this ecosystem has been lacking a proper Nifty Marketplace for a long time even despite tremendous interest from the community and we are here to make this demand of the market but before taking our first check we should ask serious questions that valid at this demand so we can contribute to this project confidently okay so let's get started these are some of the questions that we have answers for Diego can you move to the next step it's different yeah nfts are people actually buy nfts these days and we can see from the report of the type radar that nfts had a strong first quarter of 2023 with a 137 percentage increase in trading volume to 4.7 billion dollars which is the highest since Q2 of 2022 so the answer is yes people are still buying nfts still creating nfts and still building on top of nfts which takes us to our next question can you move to the slide three Jeff yeah does Bitcoin Community have interest in nfts okay if you have asked me this question three months ago I would have replied no Bitcoin Community is a different breed of people they don't like lfts no other tokens but since ordinals things have changed they have gained interest of Bitcoin Community by making the chain more secure with the minus and revenue from all the inscription fees totally about 6.5 million dollars in just three months this changes things and it's changing fast so what exactly did ordinals brought to the table hotels have attracted significant development attention investor attention and artists attention but most importantly it helped establish the belief that Bitcoin can have its own equal system of projects just like any other change can we move to the next slide Jeff our competitions are in a race to capitalize this new market new projects are coming forward very frequently but none of them aren't good stock none of them are Sovereign ecosystem Jeff that's like that's our competitive advantage to be the first and the best honors NFTA Marketplace in this ecosystem so on our next slide this our approach is to actually build a robust nft Marketplace second by Bitcoin for ordinance that's enough days in rsk and add support for bridge nfts from other chains allowing them to be traded with the security of Bitcoin and in order to make this ecosystem more robust we are building we have three valve for ordinals and nfts what we can see in this image is that this is the images of our first audience collection which will be launched in a month it's about 100 characters it's representing certain virtue or essay of reflecting the constant struggle between good and evil in this world so let's get into a little bit more detail about this particular coordinates on our next slide each characters have their own story personality and super power let me introduce you just one character from this collection this is Sarah she's a hero she uses her powers of acceptance to help those in Need by being able to imitate all of compassion and empathy so what exactly is the benefit of these ordinance that we are providing these have unique benefits in our Marketplace which includes discounted fees exclusive access and token share so let's move to the let's slide and this is just one of our next collection uh his name is Victor and he's actually a villain and we can see that there are several attributes for each color each character including each occupation super power backstory alignment and all particle each of them reflects the value of this corners thanks and next slide Jeff so now it's time to discuss how exactly you can actually get involved and contribute to this task so you can actually help us share the word make sure to participate on our first one is collection say and join us on our social channels including Twitter Telegram and Discord that's it from me if you have any questions please hit me so I think maybe let's offer a few minutes of questions for Stan about uh how he wants to bring nfts to the Sovereign ecosystem and then we can open it up to broader questions next foreign I'll start with a question Stan in what ways will this be connected to the Sovereign ecosystem and how does this uh connect for um you know sovereigns so thanks thanks for the question so do you have a deep Partnerships with Sovereign like we have a deep corruption and with what we are building on in its mission so in this project we actually have decided to do a revolution of our marketplace with sovereign and the percentages roughly around 30 percentage so we are planning to do a revenue distribution of 30 percentage too sovereign the okay England thanks for the question so yeah expecting to launch our beta Marketplace by next month and we'll be doing an alpha launch two months since then and we also have lower plans to launch the web 3 wallet by the last quarter of this year foreign no questions yeah this is sort of I just messed up the time so no questions I have to listen to the recording I have a question um I Heard uh you mentioned Stan um this is light um I heard you mention uh roostock nfts as well as ordinals or inscriptions um is this Mark is this a Marketplace for both um or is it is it like are you creating like a bridge for bridging uh inscriptions into rootstock or what how does that work this is actually a Marketplace for both of them like Bitcoin it processed in Architects and annotations is wrong like now just recently we have just had another development in Bitcoin that's called Bitcoin stamps so we will like to include Bitcoin stamps Bitcoin ordinals and nfts in this broad stock ecosystem and we are also looking forward to bridge all the lfts from other change into this roadstock scene so you know it can be traded with the security of record foreign this is Thomas I want to I wanted to ask if this is going to be like an Open Marketplace that every anybody can go on mint their own nfts and possible maybe even have like games uh create their own assets for their games would that be possible thanks for the question Thomas like yes initially it will be little permission but as we move forward and I think it will be complete by this year itself like it will be completely permissionless that's actually what we are aiming for yes okay England so ordinance wallet the ability to transfer owners have been a little pain since recently so that's the main reasoning behind why we have to develop and wallet for Auditors and especially a battery wallet so in order to do that we had to include the support for ordinals natively and we are also building on roadstock so there will be support for roadstock and one of the important thing that I forgot to mention before and it's connected to the question of the Iago like the main uh purchasing option that we are going to use like for transaction will be dll and our BTC so I think that's an important point that I should mention perhaps we can open it up to broader questions I know I have one uh unfortunately I don't it's probably a question for Aurora or maybe somebody else is on the call who can answer it but I don't have more information sorry Armando perhaps you can speak to that foreign can you repeat the question when can we expect this to be fast BTC limits increased um I think we can have the limits removed totally being realistic um some point in maybe towards the end of May June sorry I I I'm gonna need a follow-up question how would we remove the limits completely I mean it's dependent on there being some availability of liquidity yes um well basically what we'll be doing is looking at past activity on Fast BTC and analyzing what the maximum liquidity requirements we've had I think there'll be some experimentation with this there's also um a procedure that we want to put in place in order to backstop vast increases in incoming or BTC or BTC exiting system um I think there will still be an issue if they're large deposits large deposits I'd say is probably over 10 BTC um so I think what we'll probably do is uh increase the limits gradually and review how the system is operating um but based on past activity I think we're in a position to remove the limits all together I don't wanna um you know there's certain caveats to that but uh it is likely doable that the budget has been shared and explained here it may seem boring but it's important to communicate it I actually think it's pretty entertaining um he says any further details of information in line with what has been requested by The Forum would be very much appreciated um Chuchu says looks really cool I'm still not certain 100 how Fame Guild relates to Sovereign well one of the things that was mentioned uh dllr will be one of the listed assets um in the platform which I think is very interesting and the fact that you know Stan came from Sovereign just means that there's a very close alignment between both projects so uh you know it's good to build a relationship um early on to see what what's possible um Rivers says is The Sovereign mobile app still happening I did not see it on the road map um I'm not sure which one he's referring to but um Sovereign Financial is still uh in in progress um then 92 says we will see a return to one-to-one swaps between zusd and xusd return for zero protocol I assume and Ben can correct me if I get this wrong that he's referring to the ability to deposit zusd into Babelfish uh Babel Fish are planning to remove zusd entirely from Babelfish they have a uh currently on their firms you guys can go and participate if you want about um depositing all of their zsd into mint and allowing Sovereign dollar instead so um they would switch out zsd for Sovereign dollars and actually that's current a vote is planned for the near future on that sorry I just went to voice just to be to elaborate so you can borrow zusd from zero protocol today and you can swap to Dollar but if you want to take zusd off the platform in the form of stablecoin you generally have to either well you either have to use by rbtc and then move rbtc or eth off or you have to convert to a stable plane and the only stable coin can like withdrawal methods are linked to xusd so in order to get stablecoin off and if I misunderstood something please correct me I can borrow zusd I could swap to xusd but when I did a test swap I was I lost like um I only got 70 cents on the dollar I believe something around that on my on my test transaction so at one point you could swap one to one between Z USD and xusd and then you could monitor the liquidity levels to take stable coins off the platform is there a better way of of accessing the the zusd zero protocol so I'm not sure how you would have ended up with 70 cents on the dollar but um by introducing Sovereign dollars directly into Babelfish that will allow you to to swap directly through Babelfish and in addition to that Babel Fish are planning to introduce an incentive curve which will mean that there'll be a fee for depositing zusd or a reward for depositing seriously based on the balance so they they're going to seek to maintain a balance between the different stable coins and if things get out of balance so for example if there was too much Sovereign dollar uh you would need to pay a fee but if there was too little Sovereign dollar you would get money back basically a rebate uh for performing the transaction uh same thing or uh usdt or usdc so what they're trying to do is encourage people to deposit uh usdc uh tether and other stable coins that we know that there's desire for um to earn these rebate fees do you have a sense for the timeline for when that being able to borrow and Discovery will be available I can't speak to babelfish's Thailand I know they're working on it and they feel like confident that they're towards the end of the process so I believe it's quite soon but thank you I appreciate that I don't know if Hyde can chime in real free it is a battle fish question um so any other questions from the community I know we're a little bit over time so uh maybe I will just adjourn the recording um and then we can just continue on the on the uh the the after hours um uh unrecorded uh Sovereign Community talk so let me just close that now and say thanks everyone for or coming coming in and joining in on the discussion uh these are exciting times for Sovereign um and uh I want to wish you all a sovereign week and um tune in next time

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so we are live welcome everyone to The Sovereign Community call episode 53. uh Sovereign is the number one Bitcoin decentralized exchange there is home of the Sovereign dollar the largest Bitcoin backed stable coin in existence we are the Pioneers in this uh sector of the space and we are excited to deliver to you guys some updates uh our agenda today we'll be talking about Sovereign and emerging programmable Bitcoin stable coin liquidity and the Bitcoin ecosystem Outlook among other things um my name is engelandia I'm head of ecosystem growth uh happy to host this for you guys and I will be bringing on Iago to the stage just remember to keep your uh keep yourselves muted if you're not talking save your questions towards the end and uh yes take the stage Iago oh thank you very much Inga will you be sharing the deck um uh I might need someone else to do that because for recording reasons if I go full screen it doesn't record all right so actually can I have a volunteer do that please um let me see if I can do it I actually should have prepared that for the call sorry okay how's it looking beautiful perfect Okay so we've got a bunch of stuff to cover today um we're gonna talk about Sovereign and the emerging world of I don't know if I would call programmable Bitcoin although that's certainly where it eventually ends up but there's a whole new Bitcoin economy being developed and I think the implications are profound I'll also talk about stablecoin liquidity and we will provide some updates on um recent developments we've had a couple of releases since um our last Community call uh we also had uh Bitcoin Miami and the Bitcoin Builders conference uh since then there's currently uh uh the crypto week in Prague happening and so if anyone wants to ask questions about that we can bring that up as well um but let's move on to uh the topic of stablecoin liquidity so we have uh discussed this a few times already there's a two-sided Market that we've created between zero and Southern dollar and um as is typical for two-sided markets one side is usually lagging behind the other side so if you're Uber you need to create both drivers and um and Riders and it's usually easier to create one of them um and until you can get in a critical mess with both it's hard to see exponential growth yeah the system same thing if you're like Airbnb you need hosts and you need guests and the case of zero in The Sovereign dollar we have borrowers and we have Sovereign dollar holders and it's much easier for us at the moment to generate uh Borrowers xero is a very attractive product then seven dollar holders and so our growth is currently being slowed and even capped by the ability to absorb Sovereign dollars and the primary objective that we will have over the coming quarter and over the coming months is creating the kind of balance that will allow us to um uh continue to grow the that growth engine and get it to the exponential growth that we expect it can have so what are the things that we are expecting to see and and and we basically have four primary um pause that we're tackling for this in the very short term we have the Babel fishing scent of course which we've been talking about for a long time but have taken a longer time to deploy than where initially anticipated my understanding from Babelfish is that they are currently planning to have a baby fish Improvement proposal vote on introducing the incentive curves next week probably on Wednesday with the incentive curves going live very shortly afterwards so the incentive curves will allow people to deposit funds from other stable coins um you know such as usdt let's say from binance or from ethereum and just in the mere Act of bringing those funds in to earn a fee and it will also impose a fee on um uh people who are looking to convert Sovereign dollars into these uh off-rampable stable coins and what that does is it creates a Marketplace so that the market can find that balance right now it was priced at zero and um and so there was a lot of demand to move Sovereign dollars into other stable coins being since about um um 50 or roughly half of the time people have Sovereign dollars they look to off-rep um so there was a lot of demand that what we saw was a continuous draining of the available liquidity in Babelfish this will not be a miracle cure and I think it's part of the solution but can go a significant way to helping solve their problems since that's what markets do and also will represent an additional way to earn by holding certain dollars so you can bring stable coins in convert them to seven dollars make one or two percent adjust in that deposit into the um stability pool be earning five percent on that take the SUV that you earned deposit it in into earn uh you know stake that and earn another 20 on that and this kind of behavior can be very very um profitable and is likely to be a strong incentive for participation um that said we also will need to work with Babelfish uh and with other partners to make sure that people are aware of these incentive curves and the opportunity to take advantage of them so there's a marketing and awareness component to this but over the next two weeks there's a good chance that the incentive occurs will go live and that should help with that problem then a another component is channel partner Integrations we're looking to integrate Sovereign dollar with um various wallets and exchanges this is more of a conversation a business development or partnership um development process it takes more time because organizations take longer to make decisions and then to implement them perhaps faster than that is doing the same kind of thing with defy uh uh protocols that have stable coins that are designed specifically for the purpose of delivering yield on their stable coins and for their users and the fact that Sovereign represents one of the strongest places just generally and certainly on a risk-adjusted basis for earning yield and stable coins allows us to make a compelling offering there those conversations are very very early on if you guys have ideas of protocols that we should potentially consider talking to that would be very helpful um but potentially those can be a little bit faster and then one of the major things that we're working on right now is um talking to larger lenders of stable coins or stablecoin liquidity providers um and um we're optimistic about the ability to bring in quite a significant amount of stable coins uh through this channel um so participating in all of these conversations is myself some other people from exchequer and some people from the community who have suggested um introductions or potential people we should be talking to and in fact in almost all of these cases it was a community initiative so I would encourage all of you to think about whether or not that you you can think of something relevant and propose it or you know message me or propose it in the Forum or in the in the Discord because we are actively engaged in trying to pursue these things in terms of timelines I would not expect us to see impact from these efforts immediately I think the impact will be felt over the coming months um and I'm you know hoping we can do it pretty quickly but it may take a little bit longer um but that's uh that that's going to be the most significant thing that we can do to continue to really see um exponential growth it's the primary thing holding us back from that kind of growth for what I think is our closest or most killer app type product which is uh zero and it will also help grow the economy for The Sovereign dollar now on a longer term basis there's far more that we expect to do with the Sovereign dollar and see others do with the Sovereign dollar but over the coming months this is the focus the other big thing and this is sort of a hint to where the Sovereign dollar could go that we're seeing right now and this was something that we've been talking about a bit but I think really illuminated itself at the Bitcoin Builders conference and later at Bitcoin Miami is we're seeing a sea change um I I I think maybe nothing short of a revolution in terms of the way people interact with Bitcoin and what Bitcoin does so I'd like to go a little bit deep and a little bit abstract to explain what I mean here so um I am of the belief that uh what blockchains are for is they are effectively systems designed to be Sovereign entities so a good blockchain is a sovereign entity and all blockchains aspire to be Sovereign entities and what I mean by certain entities is that they are systems which are parallel to countries they have their own rule of law they Manage Property rights and they have internal economies and they also trade amongst themselves and with other Sovereign structures such as Fiat economy so when you see dollars flowing in and out of Bitcoin what you're seeing is almost akin to Dollars flowing you know in and out of turkey or dollars flowing in and out of the US it's from one economy to another um and and just to be clear on this the reason that I say this is because what a sovereign entity is is it's the highest law or effectively the Monopoly provider of law within a given uh realm and so the way I think about this is if you think about the the definition of a state a state is a centralized institution that enforces rules over a population within a territory and the reason blockchain is a parallel thing to this but very different is that a blockchain is a decentralized institution that enforces rules over assets rather than users and within a data set and for this reason I think it can be properly said that blockchains are effectively the nation-state equivalent for um the digital realm and potentially beyond the digital Realm now why is this important it's important because what drives the growth and the importance of countries is also what drives the growth and importance of blockchains it's GDP right gross production and it's the growth in production and blockchains have economies and what what you see here is the last month of transaction volume between um various blockchains and you can see that some that that it changes it shifts there's there's constant funds flowing between these different blockchains um so when a stable coin or an nft or a token is a bridge from one blockchain to another that is trade between those blockchains and I think it is uh important to think about this because those are small proto-economies that are being built in these new types of sovereign entities and then the question is what about the Bitcoin native economy and the Bitcoin native economy has been very small it hasn't um or developed in the same robust way that other systems have and the reason for this is that while Bitcoin does create a set of rules and does create an asset um and is by far the most decentralized and Sovereign of these different blockchains its rule set is extremely limited and has been limited to bitcoin only and that has limited the type of assets that can exist and when you limit the type of assets that exist you limit the type of economic activity that can exist it has also limited the kind of services that exist which even more so limits so for example with Sovereign we've been building out important Services fundamental services to a Bitcoin native economy but we do this without a direct integration with the settlement layer we do it by integrating with a side chain um and that has certain trade-offs but one of the biggest trade-offs is that um for a lot of bitcoiners it's it's um become almost a religious thing that they shouldn't use they shouldn't participate in this type of Econo economic activity in fact they shouldn't participate in any economic activity at all all they should do is hold on to their assets and the primary reason for that is the cognitive dissonance that comes with being the first being the biggest being the best and still having the weakest economy and the only way that some bitcoiners have been able to explain that to themselves is to say that in an economy itself tokens defy and all of the trappings in other words assets and and services that go with an economy that actually is the problem itself but we're starting to see this change uh it's not going to change because of some kind of narrative change in Bitcoin or because people suddenly realize the importance of building an economy it's going to change because the technology allows it right now we are at the very very beginning of a New Era a new Bitcoin economy um and I say this obviously in a speculative basis on this on a speculative basis because it's hard to speak about the future in any other way but with um I think a high level of confidence we've already seen ordinals and brc20s and over the coming very few months before the end of this year I believe we will see um Taro we will see RGB and possibly ZK coins come out as additional standards for the creation of tokens on bitcoin and that's going to change the narrative for Bitcoin in terms of what Bitcoin is going to need to explain to the world it won't be simply about explaining Bitcoin the asset versus any other asset it will need to explain tokenized assets on bitcoin versus tokenized assets elsewhere and it will also change the kinds of audiences and appeal that Bitcoin can have I see this is nothing short of a sea change for Bitcoin which will ultimately also impact Bitcoin culturally and from a narrative basis and I think that there are very few projects that need to take this more seriously because uh we are at Sovereign built around this idea we are built for this idea um and we are currently the leaders in Bitcoin D5 but we need to be able to think seriously and and figure out how we're going to work with these different protocols as they emerge with the possible exception of brc20 which might prove to be very short-lived um if we want to continue to grow D5 for Bitcoin continue to grow Sovereign and in particular maintain and grow sovereign's position as the leading um uh platform for for a Bitcoin economy for Bitcoin native economy and I think the opportunity that is going to emerge over the coming year is the biggest is sort of like you know we've we've been building towards it but things are starting to crystallize now in a way where I think um the the hard work that we've put into building the various tools that we have is is now going to become more relevant and more valuable than ever so The Sovereign dollar can play an extremely important role in becoming a primary um non-volatile asset in this type of environment trading I expect is going to become much more important um especially with uh the increasingly hostile environment for centralized exchanges decentralized trading is going to become more important at the same time as trading for Bitcoin assets is suddenly emerging the same is true of Lending and I think that there's going to be need for Launchpad nft Marketplace and other parts of the tutoring that we've created and key to this is work that is currently ongoing which is development of an SDK to make it much easier for third parties and other systems to integrate with Sovereign as well as bridging so um I have become more and more excited about the opportunity here um and a lot of people basically everyone I'm talking to is getting more and more excited about this opportunity um and so I want to highlight this as an opportunity of great significance uh we need to think carefully about this and and we have the opportunity to bring the tools that we've built uh it's not trivial but we have the opportunity here to bring the tools that we've built to all of these different protocols around Bitcoin um and at the same time um we are going to be challenged in ways that we haven't been challenged before both in terms of the quality of the assets because I expect many of the early assets will be of extremely low quality and so that will be sort of like a cultural challenge for us and also in terms of I suspect that we're going to see a heightened degree of competition starting to emerge over the coming months and so with that um I turn it over to you in glandia [Music] sorry sorry guys uh sorry uh height here uh just one thing about babelfish's balancing curves uh we have a vote on balancing curves uh contract live right now and next week we are going to vote on the parameters of the balancing cars cars so just to uh to clear that okay thanks so much uh Yago and Hyde um let's introduce auroro to the stage to speak on development updates thank you um would you just put the slides into full screen again and the next slide thank you okay so there were a few releases since we talked the last time um one of the most recent ones was Sip 63 which fixed a bug in the staking contract which allowed the attacker to revert delegating delegated voting power so it was not possible to steal anyone's voting power but if you delegated your voting power to a different address it was possible to reset that setting so this is what's called a grieving attack because it is not um it is not providing any benefit for the Attica but the Attica can cause damage in a certain way to the users of the contract while it was the first a bit of an inconvenience to again get a bug report about the staking contract where we just had another one or well it was already three months ago that we had the last one but still it is I think more than anything a good sign because it showed that security researchers continued looking at our smart contracts that continued searching for all kinds of exploits they were explicitly reviewing the staking contract and all they found was a relatively minor grieving attack so while it is always bad to receive a bug report I think that receiving a minor bug report can also be seen in a rather positive light here and even help to gain confidence in the sticking contract Percy and well anyway this is now fixed and we decided to still go ahead with the ownership transfer of the rest of the contracts to the governance system and not reset the waiting period for the sticking contract in order to do so but also given the that we take the security of the governance system very very seriously and we want to be as confident as possible when we do the shift and the transfer of the ownership we decided to um take additional effort to ensure the security so we decided to introduce fuzzy testing and write a complete test Suite or the staking contract in addition to the very extensive unit tests which are already existing and therefore get another um just another layer of security edit on top of what we already have so much for the second contract then there were a lot of updates on the web app we improved the gross the across app navigation so it is easier to navigate between step one and step two so the new and the old interface we introduced silver Redemption alerts which is something which a lot of users have been waiting for so you will now get a notification if you learn of credit is redeemed against and can swiftly take action we had previously issues um with the Tor Browser and ipfs when it comes to loading data and these issues are now resolved the front end is now also automatically retrieving the zero fee rate flows from the smart contract which means that if we have more fee adjustments in the future and we've seen few adjustments rather frequently now then it will involve less development effort just because this is happening automatically then another update to xero is the tolerance setting so now when opening a Serial line of line of credit you can specify a maximum origination fee you are willing to pay for this loan and apart from that there was just a number of different display bug fixes and general quality of life improvements can we go to the next slide please um currently in progress is the implementation of sip0056 and I have to say that I just now don't remember which one exactly is 0.0056 because I want to help me foreign setting of mint oh wow right um right so the sun setting of mint was decided a while ago and um we implemented the change to the pricing formula to allow the mint holders to earn the mint for a static price and all of the Q8 hats have now finally passed and we are about to um finally launched the implementation and therefore enabling the conversion between mint and SOB we also continue preparing the margin Trading at the moment we are just testing on test net it is already enabled on the smart contracts item which is making sure that this working role with all of the different services around it which also means that the Liquidators are picking it up correctly and the limit orders are working as expected and once these tests are done we are good to go we are working on a convert page update um on the new app with the amm integration we're also refactoring staking and sticking rewards on server.app so the Legacy interface and the work on The Sovereign Builder portal is um progressing nicely especially on the front-end side there's already a lot of documentation available um apart from that which is taking some time is some housekeeping work on the mint code base and general restructuring of the mint Repository and then again like always choose different display bug fixes and quality of life improvements and that's the most important of what's currently in progress I'm back to you in galandia foreign there are a couple of toppings which I think are worth discussing in a little bit more depth um if there's an opportunity now in Glendale okay the first thing that I'd like to address is the um evolving regulatory environment over the last few days we've seen uh the SEC uh indict both coinbase and finance the two largest exchanges and I think this is uh significant um it's hard to say how this will play out it's likely that this will take a while to play out um but my view is that um while in the short term this is likely to have a chilling effect on the market and indeed we've already seen some price uh impact but more significantly we've seen across the board an impact on trading volumes and hence liquidity um there are several implications which on a longer term basis I think are going to be more relevant so crypto and Bitcoin in particular have grown up in and Bitcoin was designed for an extremely adversarial environment and uh I think it's very easy to overstate as a result of the short term negative impact that this could have and expect it to be long-term right I I my my view is that we've been through things like this in one form or another many times before however we have been seeing for example with binance a significant drop in the um market dominance of binance in terms of spot trading over the last few months in the lead-up to this and a even more significant drop since um the uh the the the the lawsuits were actually um introduced uh three months ago binance was roughly 76 percent of the um the entire stock market right now it is trending closer towards 40 so One impact that I think we can expect is to see a redistribution of the trading activity across centralized exchanges um sort of reintroducing the competitive environment and making the the the space more competitive again perhaps more significantly and particularly for us I think that this is an additional step in what we've been anticipating which are those steps towards a greater emphasis on permissionless systems and defy systems so or rather I would say permissionless D5 systems because certainly not all D5 systems are permissions um and uh I think this is the the primary Trend which is is going to be of importance to us and most particularly likely for um U.S users although I think this will have an impact for everyone um so there there's we can have a conversation about that but I think that's one important aspect the the the other thing which um I wanted to raise was I in the presentation spoke about the fact that we need to be thinking carefully about interacting with the various token standards that might may arise on bitcoin um the first example of a not an nft uh standard which is what is more relevant to us is BRC 20. now at this point we haven't done we haven't taken any concrete actions around brc20 and we may choose not to however we have done a significant uh investigation one of the reasons that we haven't moved on brc20 is it is an extremely brittle uh protocol which is very difficult to build on or to work with and in fact we've already we're already starting to see the the the proposals around successor protocols so for example okay X which is a large exchange recently announced their proposal for BRC 30 which would have more functionality every time you want to add functionality to these protocols you actually need to propose an entirely new standard um the other thing that we've looked into the other aspect of brc20 tokens is that they aren't actually truly fungible tokens they're they're sort of um a hack on ordinals which means that the actual trading is done through um creating nfts of lots of a certain quantity of of this token which makes it much more difficult for us to interact with and then beyond that we there are other technical considerations around working with brc20 which make it very difficult to integrate with yeah um and so one of the questions that we are that we have is whether or not it's worth any investment in that uh uh particular standard beyond that given that the standard has many um failings or disadvantages it's not unlikely that if additional standards like Taro are launched in the near future they will eclipse brc20 in terms of performance uh or importance again this is speculative it's hard to know what sticks around and what doesn't um and so it is like but certainly a viable strategy is to say all right let's skip this and go to what we believe is is superior and not only that we can promote that and be early on uh with with other standards uh or or protocol types and so that's the both of those things are two contextual aspects of how we can think about uh where we would like Sovereign to play um which uh we can have conversation about in a worth consideration on the first bullet point um around uh regulations so I just want to read a tweet from Eric Voorhees um I think I think he's a sovereign individual and he belongs in our community so he says we shall realize with time that it take that it makes little sense to ask permission from those who hate us permission will not be forthcoming and permission is not necessary our rise on deter sorry I don't speak French is permissionless finance open transparent Universal objective and sound so uh I'm in total agreement with this statement I I've worked at centralized um crypto firms in the past um there's so much out of your control there's so much um messiness internally um it's just not as quick moving an environment um as defy and I'm you know I'm really happy that you know I get to build with something like Sovereign is because like we don't ask we ask ourselves for permission we ask the community for for um maybe not permission but just um uh I guess alignment and consensus on on how we should do things and and what directions we go um you know I I like that um if we want to build something we just do it uh and and there's no form to fill out there's no license we need uh to tell us we can we can you know use our brains and and build something um so that's all I wanted to say on that and uh yeah maybe we should get a spaces with this guy one day I think that would be cool does anybody here have uh any additional comments on yago's first topic or the second one with brc20s I mean um have has anyone here been experimenting with brc20s um and you know coming up with particular insights or thing things on their wish list that they would like us to explore um any contrarian views to what um Yago was saying perhaps in glandia um if people would feel more comfortable it might be better to end the recording and then we can have the uh the the typically there's more conversation after that

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and we're off welcome everyone to The Sovereign Community call episode 54 I believe July 6 2023. it's great to see all of you here I think we've had a very very exciting month uh when it comes to um app updates as well as new Partnerships and Integrations we got all types of of web3 wallet apps you know adopting Sovereign swaps we've got Exodus that was big news Exodus embracing Sovereign dollar we've got D5 llama listing the Natalie listing all types of stuff um that I'm excited to uh share with you all uh so welcome one welcome all uh just some ground rules um if you have a question feel free to type it up in the community chat of course we're going to um periodically open up the floor for any questions so feel free to just unmute yourself uh if if you would like to uh comment or or ask something uh to The Sovereign core team um until then I prefer if you keep yourself muted so that there's no background noise and um yeah uh let's kick this off with uh Yago please take the stage hey guys uh great to be here again with you so um the um I'm going to be relatively short today there's a lot uh that John light would like to cover but what I would like to point out uh is some background information on um Exodus uh both in terms of more generally the um so the Strategic impulse driving this and also around Exodus themselves so uh one of the things that we've been placing an emphasis on is creating greater connectivity of sovereign to the rest of the world making it much easier for users to find and to use Sovereign we're calling this the connective tissue and this means Bridges it means Integrations into um third-party applications um it means integration with other depths we're starting to see more and more of this so um we now have integration with Rango which is a bridging system um there's several other bridging systems which are being integrated now I think another one was announced today we had Welby wallet announce the integration of sovereign and I expected they'll soon be integrating The Sovereign dollar um there's a number of other ones that we're in conversation with like Frontier wallet uh and within this um a core driver is what we've been talking about is that over the coming few months we're going to want to and emphasize and as a community work towards generating that kind of connective tissue specifically with a view to providing paths for users to acquire hold Sovereign dollar and generate demand for seven dollar as well as bringing additional liquidity into the system now within that um context Exodus one it is particularly um important I think um for two reasons the first is Exodus is a publicly traded us company and uh as a publicly traded the U.S company there's some symbolic significance there there are also a significant player and they have chosen to begin to acquire Sovereign dollars to hold in their corporate Treasury this means that Sovereign dollar is now a publicly disclosed asset as part of a corporate treasury it opens the gates both from a reputational perspective and from a precedent perspective for other players to start doing the same thing and we also are expecting them based on um their own Communications to be looking to increase their exposure to and holdings of The Sovereign dollar and so that in and of itself can represent a not insignificant generator of demand one interesting thing is that they pointed out that right now you know I specifically Exodus have managed to become one of the companies that have direct access to the fed and the ability to directly buy from them corporate treasury sorry uh tebows which today are providing on the about six percent interest right and so they can hold their funds with the FED directly with the fed and earn six percent interest which is you know what is considered the riskless rate and despite this they still think that there's a place to have censorship resistant money and they also have expressed a concern that this six percent rate is subject to change uh and they need to diversify into opportunities which could allow them to additionally earn yield even under different types of interest rate regimes beyond that Exodus um are now looking to go further they want to bring the Sovereign dollar to their users and they are the biggest um Bitcoin wallet in the world not just are they not just the biggest non-custodial Bitcoin worth in the world but the biggest in the world based on on some on The Matrix we have available with four and a half million users um and this is a a massive Channel and so over the coming months we're going to be looking to help them integrate more and more of our core functionalities into the core functionality of their application and there's a role that we could all play here uh which is we can all become Exodus users um understand how Exodus Works uh so that as they're integrating stuff we can provide feedback on an ongoing basis on how they can best provide access to Sovereign and Sovereign products uh through their application and so please stay tuned because of the coming uh days and and couple of weeks we're going to be trying to create some programs where we can um get more of you guys involved provide prizes for helping and and start seeing more Sovereign users using Exodus so that we have a large body of testers and a large body of Exodus users uh who are helping us and helping Exodus perfect their UI perfect their Integrations so that they can then be released to their four and a half million users um and then the other big thing about this is if we're successful not only are we going to be bringing a large number of new users via Exodus but this is the kind of thing which represents um a a great opportunity to demonstrate and replicate and what I mean by that is with the Sovereign dollar being purchased by uh Exodus for their treasury that is a demonstration of the value of the Sovereign dollar and now um we're already getting inbound inquiries about from others who could who are interested in doing the same thing potentially right so demonstrate replicate same thing with a deep integration into the Exodus wallet if that is successful if we're able to demonstrate value for Exodus value for Exodus uses and value for Sovereign then it's going to be much easier to then replicate that with other significant third parties and wallets in the future and so with each of these successes I think we can expect to see a accelerating Cascade of momentum and speaking of accelerating cascader momentum I'd like to now hand the floor over to John light thanks for the introduction uh today I'm going to be talking about what we just published on the blog on The Sovereign blog if you could click forward to the next slide please so today on the blog we published a quote unquote official roadmap for leaving Alpha as long time sovereigns know the app that we have online alpha.sovereign.app the app uh we know and love it's been there since the very beginning of the project um and it's it's it's had the alpha label the entire time for the past a couple of years and um the the main reason for that is just that we know that there are significant improvements that could be made both to the user interface as well as to some of the underlying infrastructure um that that that is needed to make the Sovereign application and The Sovereign user experience um a level of quality that we feel is is deserving of of dropping this Alpha label and moving on to a more General uh release and that's what we are uh have been working towards um and today we're we're sharing you know what what are the steps that we have uh set for ourselves um to to complete that process the good news is that we're most of the way done so this list of um to do items that we see on the slide here is a list that we created for ourselves back in 2021 shortly after the project first publicly launched we knew that we were launching with that Alpha label and and we asked ourselves what do we need to do to feel comfortable dropping that Alpha label and going for a general release and we came up with this list and we've been building against this list um ever since um so far it's just been internal list but today we we're we're you know sharing it publicly and giving a status update and um reviewing what we have left to do so the things that we've done so far are to implement bi-directional fast BTC um folks who were around in 2021 and even early 2022 might remember that at one point in time you could only deposit Bitcoin into fast BTC uh to convert uh main chain BT into roof stock BTC but um in early 2022 we launched bi-directional fast BTC so that you could also withdraw main chain b2c um and and convert your rootstock BTC back into main chain BTC so that was that was a big um a big Improvement and and also really important for us because for a general release it's really important that users be able to go back and forth and not just just come in one way um we also did a system-wide contract security audit we published this on the wiki um earlier this year and we did that audit with certic most of the problems have been addressed the ones that still remain our governance related and those will be fixed um when we do the theocracy 3.0 transition which I'll talk about a little bit later um but for anybody who's interested in reading the results of that audit they're in the audit section of the wiki uh we also published a blog post at the time that you can go back and check out as well uh we wanted to improve the onboarding experience so that new users that were coming in would have a clear indication of of what they needed to do to start using sovereign to connect their wallet to get funds into the system to then navigate throughout the application um there was a time when this wasn't actually very intuitive um and so we have made improvements both within the Sovereign alpha web app as well as in other projects like the perpetuals app that we developed and we took those um learnings from making those iterative updates and then observing the results in terms of user feedback and and improvements of conversion along the user journey and we've taken the the best of what we did there and we we've implemented that in a new in the new Sovereign dot app and we're going to continue iterating on iterating on that and improving that um to try to make the the onboarding experiences intuitive and seamless as possible for for new users even new users that don't have a roostock wallet yet um we also did this is a relatively a small update compared to the others but we we did a lending curves update into um make the lending curve interest rates better even when utilization of a lending pool is is relatively low and that um we wanted to do so that when we leave Alpha and go to a general release if we have new lending pools come online um new lenders can still have a good experience they can still earn a relatively uh good interest rate while at the same time keeping the borrowing side of the interest rates competitive with the rest of the market the previous parameterization of the lending curve was just it wasn't really accomplishing that so we did a an update to The Lending curves last year um to to try to uh improve that for for lenders um and then the remaining items that we have on the to-do list which are currently Works in progress are launching photography 3.0 and re-implementing core features from Sovereign Alpha in the new Sovereign dot app web app so if we could go to the next slide please we'll dig into these uh to do items a little bit deeper so launching potocracy 3.0 this is a project that um again long time sovereigns are well familiar with we've been talking about it um basically since the very beginning um but there have so far been two phases of Photography butocracy 1.0 which is where sov holders were completely delegating um their power to the exchequer uh committee and the exchecker was making all the decisions related to Smart contract updates treasury um deciding uh budgets uh and in the road map and and pretty much everything that um could be decided for the project extractor was doing that was in the very earliest primordial kind of stages of the project and then in early 2021 we launched patocracy 2.0 which was the staking system as we know it today where sov holders could then stake their sov and participate in various aspects of the governance through the potocracy system and we've had uh we're up to like 50 something sips at this point um that have you know modified or uh approved changes to the the various uh different parts of the system including spending proposals and parameter updates smart contract updates and things like that um and that's that that has been running like I said since early 2021 but the the long-term Vision has always been to completely uh turn over uh power over the smart contract system at least to theocracy um to the sov stakers and we're getting uh one step closer to that with patocracy 3.0 so what we have left to do for a bitocracy 3.0 is to update the governance and guardian transfer scripts these are just um little pieces of software that will actually implement the transition um in software um we have to well this isn't actually a hard requirement but it's something that we want to do before the transition is done uh there's a fix to the loans tokens that needs to be done in any case um uh because uh some uh fees that were earned by the old fee sharing contract we have a new fee sharing contract but in the old fee sharing contract some of the fees that were earned are actually stuck because those tokens weren't able to be withdrawn from the contract um so we want to fix the loan token so that stakers from back when we were using the old fee sharing contract can actually withdraw those fees and and cash them in if they want to and we just want to get that done before the transition because it'll be a little bit more logistically challenging if we have to do a sip um for that but currently that contract is owned by extractors so we can use the extract or multisig to update it so that's what we're going to that's what we're going to do before the transition is complete we want to introduce a pause or role on the protocol settings contract currently only the owner of the contract can pause the protocol settings contract which means that once we pass control or transfer control of the contract to betocracy we would have to do a sip in order to pause that contract and the whole point of the pausing system is to be able to react quickly to vulnerabilities that are discovered and if we have to do a sip we would have to effectively reveal publicly what the vulnerability is and and uh there would be this multi-day delay between the time we discover it to the time that we can pause the contract so we are going to introduce this positive role so that we can give uh the multi-sig the permission only does the contract without having to go through the Sip process and that brings me to the last uh to do item which is creating new Guardian multi-cigs there are technically two Guardians in the system there's a betocracy guardian and a contract Guardian the patocracy guardian can veto proposals that are put forward to batocracy and the contract Guardian can pause or freeze certain functionality on certain contracts in order to prevent vulnerabilities from being exploited currently both of those roles are held by the same multi-sig the exchecker multi-sig but we actually want to split these rules into two different multi-cigs with two distinctly different groups of people for security reasons as well as to prevent conflicts of interest between these two multi-cigs because they have complementary uh sets of powers um and we want we want to try to separate the groups that that have those different powers um so that is a work in progress and that's what we have to do to launch patocracy 3.0 next slide please um the other uh the last big project that we have on the to-do list for leaving Alpha is re-implementing the core features from Sovereign Alpha in Sovereign dot app um just today we released the first uh item that we have on the uh list which is amm swaps so now on sovereign.app on the convert page you'll notice a few more assets that you can convert between um on the drop down menu and those assets are actually being sourced from the amm so you can do amm swaps directly from Sovereign dot app the next uh the next features that we want to migrate over are staking and staking rewards so you can stake sov and collect your staking rewards in Sovereign dot app then we're doing borrowing and lending um using the uh Sovereign lending protocol currently have this is zero borrowing implemented in Sovereign dot app but now we're also going to have fixed interest loans using the Sovereign lending protocol in sovereign.app again this is a work in progress and then we're going to have creating and voting on proposals so the rest of the batocracy system uh cross chain bridging so that users can bridge in assets from other chains and also Bridge those assets back out to other chains and potentially even um bridging rootstock native assets to other chains like sov or The Sovereign dollar and finally um having amm liquidity provision and liquidity mining rewards implemented in sovereign.app so that the users can provide liquidity to the amm and collect their liquidity mining rewards directly in Sovereign dot app um and that's that's the scope that we've defined um so far and as we get closer to finishing that we'll see if there's anything left that we really want to do or if we'll just call it done um but right now that's our defined set of scope and once we get to the to the end of that to-do list we will feel comfortable um you know setting a Sunset date for The Sovereign alpha web app and eventually you know leaving The Sovereign Alpha web app behind putting it out to pasture so to say um sending it off uh and uh focusing on completely on developing and maintaining Sovereign app going forward but once we complete these uh two big projects the patoxi 3.0 transition and re-implementing core features from Sovereign Alpha and sovereign then we will kind of officially be dropping the alpha label in considering Sovereign ready for General release and um that's all I have for this section uh I don't know if we're doing questions now or later um yeah I think Glenda maybe now could be a good time to field questions or comments yes do we have questions from anybody I see columns name highlighted but I don't hear you uh do you have a question all right so there might be a microphone problem if you're trying to speak feel free to type in the in the community chat uh if you have something otherwise does anybody else have questions before we move on to the um developer update section uh if not I have a quick one for you John light um these other five uh features that we plan to um move from the alpha to the main uh release are they in order or is it just a list um this this is our current ordering we might change things if if priorities demand it um based on you know users or Partners or something like that if if for some reason uh uh things need to change around we will but this is actually the order that we had planned to do it right now got it wouldn't we want the amm lp and liquidity of minor rewards to be sooner given that the amm swap server live uh and that like the amm tools like it's very very close to the liquidity minor words part um I don't know it might make sense to make that earlier uh that's neither here nor there it's just something that came to mind uh yeah no it's a great question right now it's it's last on the list because um what we want to do is when we when we bring it over we also want to enable people to create custom pools and that is like designing the lp page um to accommodate for that um it and doing the infrastructure work on the smart contract side to enable that um is requires careful uh design considerations and so it's it's a kind of chunky piece of work um we might move it up it depends on how the other projects go um but right now because of the considerations that need to be taken into account um we we kind of want to last but uh that's that's just the current thinking sure um so recent releases included um on on Sovereign Alpha we um had to deprecate wallet connect V1 there was a there was a breaking change to wallet connect uh where we either had to update to V2 or uh for Kate wallet connect all together while it was going to take a lot of effort to update from V1 to V2 in Sovereign Alpha because there were a lot of other dependencies related in the wallet connection Library um that would also need to be updated and uh uh so we ultimately decided you know because we're moving towards deprecating Sovereign Alpha anyways um that it wasn't worth the effort to to do that so we made the decision to deprecate wallet connect in uh Sovereign Alpha and publish instructions on the wiki for alternative ways to connect um using other wallet connection methods at the same time we also on Sovereign app we did do the update from wallet connect V1 to wallet connect V2 so users can still update or connect to their wallet using uh and connect to the DAP using wallet connect um we also did some smaller releases showing a warning message when the user is low on gas which could lead the transaction to fail and we also hid some unintended wallet connection warnings that were coming through when users were connecting metamask in certain circumstances those were just some small quality of life updates the update that we've been working on which I mentioned uh on the previous slide was updating the convert page to support amm swaps um one of the interesting features here that uh came along with this amm swap integration is that we built out this software package that we're calling smart routing so over time we're going to be adding more asset sources that um that conversions could actually be routed through um and multiple different asset sources could support the same assets for example on the amm you can convert Sovereign dollar into Bitcoin um but you can also use xero to convert Sovereign dollar into Bitcoin using the Redemption feature or you could convert Sovereign dollar into Bitcoin using money on chain what the smart routing feature does is it actually looks at all those routes and it says which one is going to give you the most Bitcoin and then whichever one is going to give you the most Bitcoin that's the route that it picks so that when you do the transaction it'll send your transaction through that route so you always get the the most of what the asset is that you're trying to buy um currently the smart routing only we only have support for mint and amm swaps as the the routes that are supported but we're going to be adding uh more routes over time um we also launched the mint and zero bug Bounty program so for any security researchers out there smart contract devs or Auditors if you want to get a chance to earn some bug bounties go check that out on immuneify and help keep the Sovereign smart contract system secure we put sip64 which was a code cleanup release for removing some Bridge functions from mint up for a vote it was actually rejected by metocracy due to a low turnout it got a hundred percent support but it was a few percentages off on the Quorum that was required so that proposal actually failed it wasn't the sexiest proposal and we also didn't do a ton of communications around it so what we're thinking about doing since it did get a high level of support is putting it up for a vote again but putting it up again at the same time that we're doing another important update to Mint so that way the proposal will hopefully get more attention and therefore be more likely to um to be approved um so um we don't have a timeline of when that's going to happen yet but uh but that's something that sov stakers voters can expect to see at some point in the future next slide please so soon to be released um on sovereign.app we're working on adding money on chain and zero redemptions to the smart router that I mentioned um so if you have uh doc or Sovereign dollars you'll be able to convert them into Bitcoin if that route offers you the the most Bitcoin um for your uh for your conversion and similarly for the zero redemptions if the zero Redemption feature would give you the most Bitcoin for Sovereign dollars uh to bitcoin um then your conversion will get routed through that path um otherwise you know it'll get routed somewhere else wherever you will get the most of what you're trying to convert to we're also working on staking and staking rewards um so that users can stake sov and collect their staking rewards in The Sovereign dot app um on the smart contract side we're working on some fee share claiming efficiency improvements um we know that uh the costs um could be lower we know that there's some low-hanging fruit that we can pick there to make that happen so we're working on lowering the gas costs of claiming uh for sov stakers to claim the fees that they've earned from the protocol and we're also working on making it easier to claim your rewards currently for each asset that you claim you have to click a button for each asset that you want to claim um but we're working on making it possible to claim all of the fee the fees earned using a single button you might have to do multiple transactions because it might cost more gas than fits within the restock block gas limit to claim the transactions but at least you only have to click a single button to do it you don't have to click a button for every asset so we're working on that and if it doesn't come out with the staking and staking rewards update in Sovereign dot app it'll come out shortly after that um and we're also wrapping up work on the first release of the Builder portal um which will include mostly front uh uh front end content or or content for front-end developers and designers um about our front-end SDK and design uh UI Library um so definitely keep your eyes peeled for that next slide and finally uh what we have work in progress which is a bit further out um in Sovereign dot app we'll be implementing uh lending and borrowing which are currently implemented in Sovereign Alpha so that users can deposit Bitcoin and Sovereign dollars into the lending pools and other users can borrow those assets at fixed interest rates and we have the ongoing work on patocracy 3.0 uh we're kind of working on all of these different projects in parallel the implementation scripts the new safe multi-cigs for the for the Guardians and a staking contract Security review uh since we're going to be turning over control uh as part of this photography 3.0 transition turning over control of all the rest of the smart contracts to batocracy which is secured in part by the staking contract we want to make sure that the state can contract is secure before we do that and so we're doing a deeper security tool a review using some Advanced smart contract security analysis tools um just so that we feel extra comfortable extra certain about the security of that contract before we do the the handoff of governance to autocracy and uh yeah that's what we've got going on on the development side right now back to you Ingo I'm sure we all loved it does anyone here have any questions uh on all the exciting details that John light just disclosed anybody out there I see some approval from Lugosi in the chat shout outs to you um if not uh we can move on to the next section uh who do we have up next we got French Victory with adoption updates welcome to the stage thank you Inga hello sovereigns uh good to be speaking today to all of you um this is a a short uh adoption update uh yeah next slide is good uh first order of business is of course Exodus um we have had a very very uh successful launch uh with Exodus uh our tweet uh was a very very high performing for us with over 105 views normally our tweets good ones get 6 000 views um average one is you know less than that but also uh Exodus Twitter post got uh an exceptional amount of views for them they are an account with the I think over 70 000 followers usually they get around 3 000 views for uh for a tweet even a high high production value ones like video tweets and others they only get three four six this one got 25 000 to it so I think uh like we've seen in the past uh actual progress uh in the real world it's the most excitement of other people and for good reasons we all want to see um things happening and inch by inch they do although this one is a pretty big inch next slide please uh we got some pretty good press coverage on this uh globally uh with the the block giving us a very very nice write-up and also this tweet in particular was uh was a high performance one with pizza 13 000 views next slide please other than that we've started an effort to list um our yield opportunities in D5 aggregator sites currently we went live on D5 llama VR amm's and Landing pools but that's a good start and we've already started to see some positive attraction both in um in user engagement and website visitors we are still working on understanding the data fully and I hope to be presented in the next Community um uh the further steps is uh are several programs first of all it's more listings and more sites and particularly gecko terminal which is uh the other big if I agree at this type site and additionally to list the the staking pool which you can see on the right hand side the the formula performing double yield but um people can make on the stable on the staking pool more than 27 90 day average if they go for the maximum staking period which is great uh and to list the zero stability pool uh most of these require some development efforts that it will take a little bit of time but uh I'm confident that when we do they will manage to get the proper attention from potential investors next slide please and which brings me to another um listing opportunity this one is called uh magic square it's a it's it's uh it's a web three aggregators it uh basically all web 3 Things Are there games um and others but also uh legitimate projects like Kraken or one inch um to get listed there you need to vote and uh I if if you might might think that this is uh this website is a bit off-rand for us right with hot offers and uh you know rewards and and boosts and everything like that but um I think that uh being listed there is is all right and to get exposed to people who might be new to crypto new to yield opportunities is also good uh and uh I'd like to ask your opinion if you also think so and if you do would you be happy to register there uh and vote you would need to connect to world but it doesn't cost anything um yeah happy to get your opinions and um is that it I think that's it for me yeah that's that's a great idea anything great minds do you think alike uh we're working on outlining something like that uh if you have any experience Lego city um in producing or organizing things like that uh particularly on D5 which comes with with its own set of challenges uh I'd be happy to chat for sure hey Google this is uh how you doing um the uh great updates uh sorry I haven't been able to make the last few calls but I'm glad I made this one for sure so just a shout out to all the the great progress that's here um maybe on a sidebar we we had some on an off-ramp conversations uh I don't know months ago uh any any progress with those sorts of things whether it's the ones I introduced or other similar ones for card based boarding of funds you know in addition to this great sort of defy cross connection I'm looking for like Trad five plugins yeah yeah yeah okay just as an update I have made some progress on the U.S side um we've got connections into multiple Banks now due to the Fallout from FDX so I'll ping you offline um with any and you know some updates so for us sub foreign just something which might be of interest to people um there's going to be I think an interesting spaces starting in about half an hour which is being organized by uh Eric wall and Woody wertheimer of Taproot Wizards so it's being organized by the temperate Wizards account and it's the the topic is what can bitcoiners learn from ethereum and their guest speaker is vitalik buterin so that might be an interesting lesson uh related to a lot of the stuff that we're doing starts in about half an hour um maybe I would just point out that um we uh transitioned to having the governance uh to economics governance calls once a month now the most recent call was yesterday and you can find the recording I think it's also in the Forum um and uh anyone who's interested more in the metric side that could be an interesting call okay

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Severance uh great to see all of us here again um we're now in August to they so today uh if you can go to the next slide please yeah so uh as you mentioned we'll be talking about sip66 we're at the trading challenge can you go into the next slide um next slide all right so we had uh sub 66 uh uh on Thursday and Friday and this was I think the most controversial sip that we've had so far and uh even though it was um just a sip about a parameter uh it uh you know and and what we anticipate is a temporary change in other words what we were trying to do is pause new originations for a period of time um it was uh a very special sir because in the Sip we were asking butocracy to make a choice between long-term uh benefit and short-term benefit the zero protocol and its originations in particular origination fees have been the leading source of revenue for the past months for a server and so pausing originations means pausing the most significant piece of our Revenue now I published a longer video which you can find in the Sovereign YouTube or on my Twitter uh discussing why I think this was a very important vote but I would like to look at it from two perspectives one because the vote was a question of long-term versus short-term it was a painful vote it was also a voted to pause what has been our primary product uh and so it was painful in two ways and therefore not surprising that it was a controversial vote and I'll come to that part in a second but also because of what was controversial it illuminated in a way that we haven't yet had really opportunity to test the distribution of voting and the behavior of voting in bureaucracy so you know systems have truly reveal themselves when they're challenged and I think this was a challenge uh that bureaucracy took and stood up well for so let's start with a high level 74 of voting power voted in favor of the Sip so even though it was highly controversial it remained a highly the decision ultimately was one of high consensus and in fact the reason it was close is because to pass this sip would have required a 70 quarter a 70 a vote we also saw a very high level of participation in the Twitter uh thread I posted a link to the first study of its kind which looked at the average participation rate of Dallas um significant doubts across the crypto sphere and participation rates in terms of voting power and also in terms of addresses tends to be a sub two percent we saw 33 participation in terms of voting power and a smaller percentage but still not insignificant percentage in terms of a number of addresses participating another important fact was that one of the claims that detractors will sometimes make is that Sovereign is sorry uh in Glendale why do you keep doing that if you could just keep it on the slideshow please uh so another point that the tractors will sometimes make is that Dows in general and they will include Sovereign in this is controlled by a small number of whales now because of the large number of participation that isn't the case with server and we have two really interesting metrics here one is that the difference the 74 in favor was not primarily due to the to to the size of votes but rather the number of votes on each side because voting in favor of the resolution was an average voting power of 400 000 and voting against was a very very similar only slightly smaller uh voting power 340. so there wasn't whales on one side and and others or minnows on the other side it was split quite evenly but also CK has been producing an analysis of um voting distribution in photography for a while now and this really came to light in particular this time if we look at voluntary stakers it's about 61 percent of voting power uh investors over the various rounds about 16.7 and the team around 22 so um now obviously this is not easy to analyze and there's some mixing um some of the team will have voluntary staking uh some of the investors uh potentially have voluntary staking but overall what we're seeing isn't is is a clear Trend towards a broader distribution of voting power and already we can see that there isn't any dominant particular block and the final interesting part is that if you look at core team votes core team votes vote with both for and against this particular sip which is another interesting indication that we don't have a you know for example core team voting as a block so in terms of looking at the way power is distributed by photography I think this is a really great demonstration of how autocracy um it in many ways I think is better right I think over over accomplishes the the goal of Distributing governance in comparison to where it could be and certainly in comparison to where many other uh Dow projects are if we can go on to the next slide I think the other big thing that I mentioned is uh the question of will autocracy work as designed right so we wanted potocracy and we wanted potocracy to be able to provide protection against governments attacks and to provide alignment to the long-term benefit of Sovereign Sovereign users and of course sov stakers and in order to do this the way that autocracy works is unique to the best of my knowledge there is no other Dao system in the world that does this which is it is forward looking rather than backwards looking so most sales just use a simple one token one vote system and some have a slightly more sophisticated system where the longer you've been staking for the more voting power you accrue which is backwards looking and tends to Advantage sort of people who are in early in in this respect autocracy is very different it's not um proof of stake it's proof of stake time so or what I call Post and is very different because it's more similar to mining you constantly need to re-up and re-engage and so over time and this is represented by the orange graph your rotating power will decrease unless you uh restake and the longer you stake for into the future the more voting power and as a result rewards you will earn and in this particular case I think we have a really strong example of this working where overwhelmingly sov stakers voted in favor of taking short-term pain with a view to long-term uh security of the position of the line of credit positions the reputation of zero the reputation of The Sovereign dollar and overall health of the Sovereign ecosystem and so I think that's something we should be shouting from the rooftops right we've we've built something really remarkable in terms of bitocracy and and a unique governance system which when challenged works as we expected it I'd like to uh go to the next slide now please now part of what is happening here in terms of the controversy was also the fact that we have now been in a bear market for a long time Sovereign effectively launched at the very peak of the bull market uh of last time last year um last Cycles bull and so uh most of the experience that Sovereign Sovereign uses and SOB stakers have had is decline we've seen declining volumes we've seen declining uh prices in Bitcoin in crypto and in sovereign it is easy uh to allow this to become an overwhelming feeling uh but it would be a mistake I think the fact that we are living through this decline continuing to very slowly but Edge our way towards growth during this period continuously building and improving during this period and effectively from an emotional and community and cultural perspective sort of building ourselves up with the the the the the traumatic experience of having most of the Project's lifetime be in a period of decline is going to provide us with a great deal of power we're currently in what I would call Spring season now which is the planting season the the season which we're planting uh uh uh the seeds for the future growth which we will be able to harvest uh in in in Summer and Autumn um you know the the bull part of the cycle during this period of time uh we and we've been very clear on this our primary goal is survival and after survival it is kicking the tires dealing with technical debt and building and particularly in uh planting season in Spring season it is building those things which are going to set us up for the next step and that means the new um uh adapt it means Integrations with third parties that we um strengthening the features and building out our feature set and so we should expect setbacks during this period of time we should expect low growth during this period of time and our primary focus needs to be around proving that even during this period of time we can continue to build and grow and I think the fact that we have been able to do that is a very very uh strong signal for confidence in what is to come and so that brings me to the next slide which is our big picture right so we've been speaking of having three stages to the project stage one is building out the Bitcoin native D5 ecosystem and building out the tooling uh the the the the the products that will work and grow and the um sort of Hardcore initial Community around that then stage two is leveraging that uh to build trustless Bitcoin rollups um to build Sovereign run-ups and ultimately trust this pig a port over the utility that we've built to create the hardcore of an ecosystem and grow that ecosystem which would bring us into stage three which is building a world in Bitcoin allowing us to build a Bitcoin native economy Bitcoin native governance systems Bitcoin native communities Bitcoin native nations and all the rest none of these ends uh cleanly right stage one will continue forever stage two will continue forever there's going to be constant building and growth and also these stages are backwards looking so having a roll-up system would allow us to have more of an ecosystem and a more Sovereign ecosystem which would make it easier for us to attract users and developers building the world on bitcoin and having a strong economy would generate more use for all of the systems that they would be building and of course these would drive use of things like zero The Sovereign dollar our trading mechanisms Etc and so both forwards and backwards in time these things are part of the same plan and grow that they reinforce each other and grow so where are we in this well in terms of building a Bitcoin D5 ecosystem we've done a remarkable job uh in comparison to any other project that has attempted this we are by far the largest Bitcoin ecosystem across any effectively any metric uh transactions uh trade volumes TDL larger than the entire ecosystem of stacks built by you know a hardcore relatively small team with a relatively a unique uh uh set of users and community and um within less time and less funding than many other projects uh but we haven't yet achieved a breakout success in terms of having a defy ecosystem which can rival the largest D5 ecosystems in for example ethereum or polygon um and so to get there we you know we still exist in a relatively isolated environment so one of the things that you've been seeing and we will continue to work on together is greater accessibility Building Bridges to other economies building more ways for users to gain access so we've um been working hard to get more bridges and some of you may have seen that we have more of our assets being listed in things like D5 llama coin market cap coin gecko integration with Geon analytics um integration with more wallets like Exodus and Frontier and deepening the integration and building real Partnerships with it all of these things and then things like adding additional exchanges will provide greater accessibility for many more users and allow us to substantially increase the uh the the ecosystem that we're building as well as allow us to export things like The Sovereign dollar creating more demand for it one of the other things that we'll be talking about more in the future I I suspect is the new Bitcoin token economy that is emerging started with ordinals then brc20s soon I think we'll see many more standards like Taproot acids or tarot RGB ZK coins emerge and each of these is likely to have its own hype cycle I think we can be positioning and should be positioning Sovereign to be the defying the central D5 platform for these this ecosystem which could get very large very quickly as well as look to push uh Southern dollar to be the native of Bitcoin back stablecoin for this world and at the same time design architecture work on bitcoin rollups is progressing and um I think may come out over the coming months out of the research phase so this is the work that we're doing in the planting season it's significant it's substantial but we won't see it bearing fruit immediately it will bear fruit when harvest season comes around and uh that brings me to the next slide which is uh again we're doing more experimenting and more work we have a pilot Campaign which we currently call the trading challenge which is effectively a pilot limited only to sap status for now um but as a pilot for a much larger more significant uh rewards and trading campaign we want to run first with Exodus and then potentially with other partners to bring their users to Sovereign and and and and and have a significant outlier of of capital and excitement and fomo around the opportunities in serving so here um over the course of a week we'll be giving out 3 700 uh a southern dollar worth of prizes uh every day there'll be a first prize first place prize of 200 the second place price of a hundred dollars five runner up to 25 and an additional random winner of a hundred dollars uh so 56 prizes in total um with a Max participation uh of 50 participants so a particularly uh uh uh good odds for the participants and I I bring this up and we're pushing this hard because we want to learn as much as possible from this so that we can make it as successful as possible when we start deploying more significant Capital with more Partners so uh French Victory will be talking more about that but I'd like everyone um to sign up because in doing so you'll help Sovereign and be able to make money doing so and with that I hand it back to you in Glendale actually one last thing uh because uh you know this the trading challenge is important to us and also more importantly because questions around the planting season uh the bear market and sip66 are on a lot of people's minds right now I actually want to encourage you guys to ask questions and join in the conversation here or in the forums and also if anyone wants to ask any questions or make any comments now uh including you know uh disagreeing with anything that I've said um we can take a few seconds to give anyone an opportunity to do that and with that back to you England all right thanks a lot Adan um do we have any questions for him before we move on sorry I have to get out of full screen to unmute myself but do we have any questions before we continue has anyone here signed up for the trading challenge okay [Music] um with that I'll just move on to uh development I had a I had a question for Iago about the uh second slide on the vote distribution can you explain the the the the differences between those categories um and it and a follow-up question is um I see there's team investors investing where are non-vesting stakers accounted for I mean now that I would no for sure but I would thought that it's probably a mistake and that what's his first thing here should actually be voluntary but I'm not sure because correct it should be non-vesting I made a mistake there uh so um uh I I I have to say I'm not 100 sure uh uh so I don't think this this 100 represents like what has been allocated to team members or investors or whatever but the the the the 61.2 percent is voluntarily state or uh uh State via um rewards but I would point out that they that those who have received rewards is a very very small sliver of that I think about um two percent uh and then uh Team would be those under team vesting and investors is under the investor four-year investing um okay thanks for clarifying that sure okay any other questions before we move on with updates from Aurora going once going twice all right I'm gonna uh hand it over to you auroro and just uh get to the right slides give me one second thanks I think you can directly go to the next slide right so since we talked the last time we had a few releases like always and this is not correct these are not the correct slides at least oh I think I know what happened I think someone extended my my points and that's why I was confused for a second um all right why did you add the first point there's a six zero zero six six implementation I did and you did could you remind me what 66 was about this was the increase of the origination fee all right all right okay good so we already talked about that and I do not need to speak further about it um then we introduced the first of the fee sharing um efficiency improvements and this was increasing the interval between checkpoints from at minimum one day to a minimum two days and um the taxi effect that they're just only half as many checkpoints written and therefore it's also considerably cheaper to claim the fees if you're claiming them for a larger time period there are more featuring efficiency updates coming which will be also part of the next section we just this week on Tuesday we updated fast BTC the fast PTC update it was a rather big one it introduced a few different things the biggest one is the reclaiming feature the reclaiming feature allows users to reclaim their rbtc if it does not get processed so there are different states for the trans person or smart contracts and as long as it's not yet on the way over the bridge users consider reclaim it if it should get stuck for whichever reason because there's outages with the fast BDC federators or liquidity issues whatever the reason well this feature users can just reclaim the rbtc and try to off-ramp them the path um for now this feature is only available on the smart contract side though there is no front-end for this yet but um it's expected to follow in the future then also some nice improvements which are not directly which do not have a direct effect on the user I'd say but which make things safer for us and that's that they're storing the configuration for the fast PC federators now on chain which means that if fast PTC needs a config change like an update of the limits we can do that um and we do that on the smart contract side then the federators will pick it up automatically and there's less need for coordination between the federators and not the risk that we have a part of this network running with an outdated config and coming to mismatches and apart from that we improved the update procedures if we should need to update to another contract in the future on the web app we also introduced a few changes so serving app now close user to select Hardware wallets um at any index we add a defined a supported wallet to the onboarding library and enhance the convert smart router the smart router allows to um pick the smartest way to exchange the tokens and it was extended with the path to avoid seven dollar to bitcoin via money on chain and then there were other bug fixes on the Legacy dab can you move on to the next screen please thank you so um I already mentioned it before that there is a part two of the share claiming efficiency improvements um and this is a refactoring of the rbtc claiming which allows us to just process more checkpoints at the same time therefore require and allows the amount of transactions which are necessary for doing so and a button to withdraw all of the fee assets earned with a single button So currently you need to claim all of the assets separately and with that button it will be possible just click one button claim these and you withdraw as much as possible in a single transaction of different assets what was we expected to already shift this week I got the delayed is the Builder portal but it is about to go out very very soon like the first version of the Builder portal which contains um already a very vast documentation it's not yet completely complete so there are still parts of the system which will be added over time but this is already a very good point to start when start building on sarin and on the server and app we expect to finish the lending migration as well as the migration of the staking and staking rewards pages we move on to the next slide please and then there's more work in progress um on the server and app side that's the migration of the borrowing pages and the voting pages and then there is the all of the projects related to cryptography 3.0 which is um a transfer of all of the contracts to theocracy and this still needs a few things to be finished before that's the scripts we need for the different actions there's the new multi sequence which are being introduced there's the additional security which you're doing for the second contract the I mean this is almost complete now we did a he wrote a complete new test suite for fussy testing and haven't found any additional security concerns and we're just taking the time to doing this properly and are now about to finish this and are also working on a more granular access management for policing an administration of the contracts so that for example we do not need to have the high quality governance proposals for smaller admin changes and to make sure that we can pause the parts of the system which need to be possible at any time without a zip and then there is some research going on regarding the possibility to bridge in and out Bitcoin tokens and any forum and I'm not going to say too much about that yet because it's still in a early research state but we'll keep you posting how that goes as well and that's it from my department any questions for Aurora I actually have one uh so is this Bitcoin token research uh all done internally or is it in collaboration with other teams it's done internally okay uh any other questions before we collaboration but there but there's dedicated effort within within the core team uh I I have a question uh one of the things one of the most asked for currently uh user requests is uh the um series of fixes that we're introducing for gas efficiency around um uh staking and uh rewards uh what is your expected roadmap around the completion of this process um the girls improvements now for the claiming of the Fisheries um we we have the last story on the city Side scheduled for this print which is ending next week and then there is a story for the front and update the Sprint following which means that we should have it in about three weeks time thank you um but that being said that would be the complete update we should be able to now it's better to wait for the complete update some of the functions could be updated separately on the smart contract to already give some of the improvements but I think it doesn't make much same sense in this uh case what three weeks time appreciate it or let's move on with adoption update with French Victory so welcome to Stage French victory thank you very very much uh so uh I would like to talk today about the trading challenge uh the registration for which opened uh this week on Monday and there are three more days to register and uh this game is open for soap stickers only so if you're a source Taker and you haven't registered uh it will be great if you could do so uh now today I'm gonna post and post right now real quick the uh the link on the chat for this voice chat on the texture for this voice chat uh so you you haven't registered please do so because we plan to learn a lot from this pilot in order to launch a much larger scale game uh with a partner that will hopefully see a significant influx of new users coming into Sovereign and this pilot is a is a promo game for promotion for these new users um these people we expect them to be less uh let's say worst in crypto and Bitcoin than our current user base um and that's why we're going for much more uh populist uh type of promotion in order to to learn them in and hope that some of them uh would learn something about sovereignty they would like to stay as they would appreciate um the the the use in sovereign next slide please and like I said uh if you're if you're if you are a Staker and you have a traditional split register and if you're not a Staker please stake as little as one dollar worth of solve or I think even one solved as long as your wallet is a staking wallet you're eligible to to to to to register and to be considered there are 50 seats available um and the way you move up the list is similar to what we did with zero so we're we'd like to invite friends to join our Discord and uh the wallet system invited more people into our discords would get uh bumped off the list um and um yeah there are 50 spots 56 prizes it's hard to lose in this game we are very very likely to win definitely more than the gas things that you paid right um so all in all this is like a way to reward our SOB stakers or our community um and to learn something that will advance the protocol in the near future um with new uh Partners next slide please I'll go a little bit about the mechanics of the game so uh every day there will be a new category getting awarded and the way you will do it will roll a dice will upload a video of viago once a day rolling a dice um choosing and the results in the dice the die would indicate in which category uh is the category of the day for example if the result of the diet is one then the swap with most value um would get the first price of two hundred dollars and swap with the second most value would get the second price of 100 and then the five Runner Runners are below that would get a 25 each and a random winner or um would get uh a hundred dollar that's every day just for a random swamp so any swap can win and the more swaps you do the higher the your odds are to win you might be thinking well while if I do a swap of ten thousand dollars right and then I do and then I like regain the money immediately another sort of ten thousand dollars uh does it consider is it considered like to be the most value in the single Swap even though I sort of cancel it out and the answer is yes so yeah if the number of the on the dice five most value trading in a single day these two songs will be considered together for twenty thousand dollars um truly register it's like it's running for free or almost for free um I'll be happy to take any questions about the mechanics or anything about the game that anyone here might have now maybe you can talk about also uh plans for uh future uh uh uh uh [Music] trading challenges or competitions or things like this and also point out that people who participate in this on an active basis will get automatic access into the next ones yeah that's a good point uh so in the future problems anyone who participated or registered and this would get uh mentally eligible um and about the future challenges like the the full scale iterations of this game uh we intend to write with the Exodus uh assuming this pilot is successful and we learned enough we intend to run it with Exodus that's what we've mentioned before with a 4 million user user base um a good percentage of them is interested in d5s and goes uh to the web 3D section in The Exodus wallets either via the app or the browser the Chrome plugin um and that's a big big big opportunity for us to get many many more users than you currently have using our system um they might not be high rollers right they might not be big investors in um in any any coin but just the sheer number of them would create an influx of transactions and TBL and would be a very very significant boost to the platform so this pilot is a first step and what we hope to be a move so we will capture many many many users one of the things that we've managed to do is we've uh negotiated with Irv labs uh uh to partner around us and I think it's one of the it's really the first significant uh partnership we're seeing with iov Labs making a significant cash investment um the implication of that is that um this is not impacting our Runway or our funds so these are not uh executive treasury funds that are being spent but rather funds that have been donated by iov Labs so first of all um that's really great news and a big thank you to iov Labs on this and um also we expect to ramp up the size of rewards to potentially tens of thousands of dollars a month and so this could become a very significant and ongoing campaign uh finally uh if you guys have ideas for types of competitions that we can run or cool things that we could do where it would be awesome and also any feedback you can give on how we're uh how it works how you experience it and also on how you're hearing about it and promoting it and any questions that you have will be super useful to us because we need to be able to explain this um also to a user base who are not deeply familiar like you guys are with Sovereign so any questions you have you can be doubly sure that they will have and finally on that note encourage all of you uh now to go to sovereign.com trading uh hyphen Challenge and register thanks everyone next slide please so uh there is interest in the pilot uh we're getting decent exposures for us usually our our good tweets are performed around the uh three thousand three thousand exposures uh here we're seeing uh now it's more than eight thousand on uh the announcement tweet and then uh others are four five six and one so all in all it's a it's already providing a boost on social sorry about the background guys I'm glad that looks like it's back to you a French Victory um so that's basically it for updates uh do we have uh any final uh any any questions uh for the we have about 10 minutes left uh would love to hear from you guys thoughts and comments on the the trading challenge that we have or any of the the prior updates that uh Yago and Aurora gave for this call so the floor is open uh you are free to just jump in and uh and you know speak your mind hi this is Ben here can you hear me hi um great work to the team I just have a few comments some general questions um first of all how closely is the management team following the price of sovereign it's not um unexpected that it would go down is the Sip 66 was put in place and and revenues potentially go down and the platform is effectively locked down for a period of time but how concerning is that the team has passed their own compensation could you pass around that well I can speak for myself um you know I'm aware of the SOP price but I try not to look at it on a day-to-day basis uh overall I think of it mostly as a distraction at this point um you know we would like to have uh all metrics be going up all the time but um the the the key thing here from my perspective and I think from others and if anyone else wants to comment that would be awesome is to remain focused on building and not expect uh uh you know uh not not pay too much attention to uh the fluctuations that are occurring and effectively a very uh low liquidity Market uh and a relatively low volumes um and also I want to just um respond to the the last comment you made with regards to that uh the the platform is not locked down what we have done is introduce a effective pause uh on zero this is expected to be temporary but lending can still continue we introduced a fix now to this is something that the users brought up there was a an issue that um paid a revenue yield Revenue around a seven dollar lending was not being properly reflected that is now being fixed um there's um uh Revenue to be made there we want to direct more borrowing activity to the interest paying borrowing because that helps generate Sovereign dollar demand via both the borrowing and The Lending um and then you know next week we'll be having the trading competition the the platform as a whole uh continues to operate uh and we need we need uh you know zero is is part of an ecosystem here and so what we're focusing on with things like the trading competition and the lending uh and uh improvements like the debt uh and Integrations is growing that ecosystem so that we can grow zero and grow uh the the economy that the the servant dollar is part of uh and so in that respect um you know sop is always going to be either a lagging indicator or or an advanced indicator and it's primarily an indicator of sentiment unquestionably there was um yeah we we knew this was going to be what I would call an unhappy uh sip it wasn't about progress um and we have to uh accept it and I think one last thought I'll finish up uh we're building here something new and experimental um and uh it's not unlike a regular startup in that we're going to try many things uh and we're going to try 10 things which I think of this as experiments right train things that don't work for every one thing that does work and it's the things that do work that um matter uh ultimately uh the only way to get to them is through experimentation so it's like uh you know the Edison line Innovation is one percent inspiration and 99 perspiration and we are perspiring all over the place thank you and I agree and I didn't mean to say it was locked down I'm continue to interact with the platform and there's still a lot of functionality there uh I do think there's an opportunity to I want to go back to something you mentioned in the video that you posted about sip66 where you called out the idea that um there was no toggle button to turn off lending and so the increase in the origination fee was the only um the best way to discourage additional lines of credit um I I don't know if you were aware that uniswap turned off trading on Hex the hex token and I think when all these opportunities to you know call out the decentralized nature of the platform the um the community the vote Etc are all beneficial so I just wanted to mention that um the the other my last question is around the curve token um and what excuse me what's going on with curve and the Michael one of its Founders and if you have any comments and how that compares I know there's a tremendous amount of differences between curve and what we're trying to accomplish with Sovereign but maybe you have a comment around that so I was actually invited onto coindesktv to talk about that today and then we ended up talking about worldcoin instead but I have quite a lot to say about that um let me just give some quick context for those who are on the call and may not be aware what's currently happening in D5 is frankly terrifying uh there is a major protocol it's the biggest protocol in terms of of trade volume probably it may I think many days it's larger than uni Swap and it's called Curve and it trades mostly stable coins um the curve has a number of tokens but by shorthand we could just call them the CRV token and a huge amount of them are held by Michael igerov and what he did is he took out on Ave um uh Abracadabra and um frax as well as a number of other protocols uh lungs and what he used as collateral were CRV tokens that he held so he took out over 100 million dollars in loans and added a huge amount of CRV token as collateral at the time um if the price of CRV were to reach 38 cents and it's currently just above 50. then all of that CRV or in those positions this collateral would need to be sold because he would be underwater and so it would all hit the market very quickly uh unless we create a huge amount of bad debt across the D5 ecosystem introducing glasses across all lenders and protocols like frax Abracadabra and Ave would also need to potentially sell their own tokens into this falling Market in order to try and recapitalize which would mean that one of the other largest you know many of the other largest platforms would would suffer as well and then there would be a Cascade because their tokens are being used by others as collateral and so there would be this massive Cascade which could um cause huge amounts of bad debt across the D5 ecosystem it's a real problem and it is the type of problem that is known as systemic risk now there are many types of systemic risk that we have in the crypto space the other one that we've spoken about a lot is stable coins especially centralized they were coins being used as the primary form of collateral in all of these protocols and if usdc goes down or tether gets attacked then again exactly the same thing would play out and we would see a massively escalating uh cascading losses so I think this plays directly into what we're trying to build with sound Finance in Sovereign and the reason that we have governance in the first place the purpose or a core purpose of autocracy is to protect uh the ecosystem protect Sovereign and protect Sovereign users from the introduction of systemic risk so um petocracy needs to govern how much exposure to Any Given asset there is it leads to make sure that the assets that are used as collateral are um not risky and and that there isn't too much of them held in any given position it needs to make sure that centralized stable coins are not becoming a primary player or you know encourage the use of The Sovereign dollar instead and this is because Sovereign is built around a pristine form of collector in the form of Bitcoin which obviously is very volatile but um is deeply distributed has deep markets and most importantly is unrelated to Sovereign and so when we think about why governance needs to exist at all why bureaucracy needs to exist at all I would argue that one of its primary purposes for existence is to manage and govern systemic risk as well as concentrated system-driven risks to particular players and in the and and the way this connects to sub 66 actually the Sip we just had was that there was a particular class of user who was experiencing um risk which I don't think um anyone of us had properly um understood which was the potential risk for a cascading scenario of ever increasing redemptions and so I think here again the fact that photography was able to take a measure and you know some people would argue we did it too late some people would argue we did it too early there's a whole bunch of argument uh about whether or not we took the right action and I think that's fair but what's important is that ultimately bureaucracy was available and was willing to act in order to provide a a level of Financial soundness and security to the ecosystem both in terms of lines of credit and The Sovereign dollar pig hey England yeah thank you and thank you the team for the presentation that was great uh yeah so I want to tell you about uh an initiative that got started by legosi who proposed that the Spanish Community selected two two people to represent them one who will act as someone that we will delegate their voting power so the community can discuss any potential ship that comes along the way and we can effectively vote as one block so to together our voices right more and along the same lines I was selected to become the spokesperson for the community so I would like in order to do this to get all these slides for your presentation so I can present to them and translate the content in Spanish and I've been also been Gathering some of the questions that people in the Spanish Community have that they they wanted me to ask you directly so I have three questions if that's okay with everyone the first one is after the implementation of sip 66 which part of sovereign should we focus on when we are creating content on social media on we when we are trying to promote the platform that's the first question that's a great question and first of all it's a great great initiative and I appreciate I personally appreciate it very very much and I I hope it would have would have a significant impact with the Spanish speakers uh to answer your question I think one of the most interesting aspects most uh lucrative aspects of sovereign at the moment is staking uh as you know uh the staking dashboard is available in the wiki and I'm not sure what the six months average is but staking on Sovereign something that yields uh Bitcoin just yields rbtc right away uh so just I'm sure you know Thomas but just to give some backgrounds uh you stay you take your your steak SUVs and you start participating in the revenues of the platform and you other D5 system they do that as well however they pay out in the native token um Sovereign since it runs on rooftop which is a Bitcoin side chain generates its revenues in Bitcoin so the coin that solvent gives out to its takers is Bitcoin so the most valuable currency there is the you know I don't need to appreciate the choir but just this significant difference between Sovereign and any other different protocol that we give out in Bitcoin and all the rest they give us in their native token which basically that it inflates the the value oh deflates the value of the token because there are more and more of them coming out to the world because of the way protocols pay uh is is a big significant um the big differential Point differential point between Sovereign and anyone else in the world that's my couple of cents on this I'd like to add to that for that for I think the next three or four months what would make a lot of sense is to focus on uh The Sovereign dollar above perhaps anything else uh what makes it different uh especially in light of the risks that we're now seeing to stable coins again and again um the risks in binance the risks and curves the crash of usdc to 80 cents the risks around banking the regulatory environment which is getting more and more uh difficult and the fact that other types of stable coins especially centralized ones can effectively go to zero uh at any time and so everything is fine until it isn't um and um a second factor and and I think to use the Sovereign dollar as a way of explaining the difference between um centralized violence YOLO defy and sound Finance built on bitcoin which is what Sovereign is building uh and we've discussed that a lot actually today the different type of governance that we've introduced and how it's effective the avoidance of systemic risk the use of the World's Best Collateral the um uh fact that uh we we um are built on bitcoin and are continuing to increase the level of decentralization uh I think all of that can be discussed and illustrated by this unique asset which is the servant dollar the um a different kind of decentralized but non-algorithmic stablecoin back to our Bitcoin um the only money you can truly own it gives me a lot to bring back to the Spanish community so that's great uh the second question is aim to John light about the when once we zero reopens if he thinks that it would be reasonable to see going back to a stage where we could have lines of credit open with say less than 200 collateral ratio like is that something that we think is achievable the minimum collateral ratio required by the zero protocol is 110 percent so users can open a line of credit as low as 100 without with a as low as 110 percent collateral ratio the reason why you see the lines of credit today with higher uh collateral ratios is because uh lines of credit with lower collateral ratios than that have been redeemed and as other users see these redemptions happening they increase their collateral ratio to try to reduce their risk of getting redeemed um so that has gradually pushed up the total vital ratio as well as the lowest lines of credit collateral ratios over time uh in order for the zero origination fee to be brought back down to a level where it makes economic sense again to open lines of credit um I think we should want to see um more liquidity come into the system so that people can convert their Sovereign dollars into other assets without it resulting in a depression of The Sovereign dollar price and uh therefore you know creating an incentive for redemptions um and so the more uh liquidity comes into the system the more demand there is for Sovereign dollars the less risk there is that there will be a Redemption and so um if that happens then the risk of redemptions goes down and um eventually I think you know theocracy can look at decreasing the origination fees again and you know it'll be up to every individual user to decide whether they want to open a line of credit with a collateral ratio that's lower than you know two three hundred percent or not I mean that's their this is that's their choice today but users have kind of made a rational decision to increase their collateral ratios to try to decrease their risk of redemption but if if the overall risk of redemption has decreased because there's liquidity elsewhere then you know they would have um maybe more confidence in opening lines of credit uh or reducing their existing lines of credit to a collateral ratio that's more in like the you know 120 to 200 percent uh collateral ratio kind of range but uh you know it's up to every individual owner of a line of credit to to make that decision for themselves right thank you thank you that that makes a lot of sense um okay so the last question is after c66 was passed there has been an acknowledgment about lack of Education regarding zero so the question is whether there is any plans of creating a series of posts or videos to explain zero better uh once we're I guess ready to reopen it so that people are more aware of how it works and all the risks and all that stuff uh yeah I don't know the question is whether this stuff is being thought of been worked on I think there has been a lot of that kind of education over the last weeks and months uh and uh yes that will be reflected in Communications going forward all right well those are the the first questions that we we've gathered but ideally in all the future Community calls if we can have just uh a minute at the end I can keep bringing these questions and then I can bring the answers back to the Spanish Channel thank you here here

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and here we go uh welcome everybody to The Sovereign Community call episode 56. I'm your host englandia the head of ecosystem growth uh Sovereign is the number one Bitcoin D5 decks in the universe in the metaverse um and we're here to deliver some updates and maybe take some questions from our fellow contributors so we have some exciting agenda items today including uh photocracy 3.0 the Builder portal the p l competition and the D2 migration so I'm going to welcome edaniago up to the stage um to uh to offer some updates Iago great to connect with everyone again um yeah so uh as uh englandia pointed out we've got quite a lot to cover today um I'd like to start with um two important pieces of sort of meta context uh not directly related to Sovereign but important nonetheless so both have to do with trade and in particular centralized exchanges the first point is that we are currently seeing and and in August we saw the lowest trade volumes uh and the lowest amount of spot Trading um that the Bitcoin and crypto industry uh have seen in um depending on who's counting four four and a half to five years so we are um at very significant lows in terms of transactional activity and um and user activity and um this impact and has Downstream effects on everything um so which obviously it impacts trade activity but it also impacts the number of people who are engaging with all projects the opportunities for growth um opportunities for fundraising new projects launching everything um this is an important piece of context first of all because we too have seen lower trade volumes and it also impacts the ability for us to grow other aspects of sovereign as well as key things like Sovereign dollar demand and one thing that I've frequently said in the past is that during the bear Market um my experience has always been that the key thing we need to be focusing on is survival after survival we need to be focused on building and that growth is a distant third priority because it can be a Fool's errand to try and attempt to grow significantly uh against the headwinds of the macro market and it and and and an over investment in that can prove to be um a strategic error in terms of focus and resources I uh I'm also of the opinion that when we are able to grow in the World Market which we have managed to do particularly in the first half here it is a minor miracle and we should be extremely proud and and excited for what we're managing to do but we shouldn't take it for granted um and so that's one piece of important context related to that piece of important context is um we're also seeing um significant disruption across the centralized exchange world and um people that I've been talking to uh who have reason to know either because they're invested or because they're large market makers um are very concerned about some of the centralized exchanges that are out there and their solvency um and um one uh particularly important exchange which is binance there's a mixed information around that um people who are deeply engaged with binance have communicated to me warnings about its potential solvency at the same time it is doing relatively well in terms of its trade volume maintaining its trade volumes relative to other large exchanges um and um another exchange that I've experienced trouble with personally uh recently and some of you may have as well is a syndex where um there have been problems with drawing different assets including sov um and um and I've heard from others uh the same um this is a really good reminder that centralized exchanges are not safe um and that when the market turns sour um they are the least safe they will ever be uh and um there is some outside potential for us to see additional exchanges um stop withdrawals or um you know perhaps go under entirely that could potentially prolong a bear Market but also and I'm sure this is something that everyone in the call is aware of but it's worth reiterating um it's um important to preserve your own assets and make sure that you are not exposed to undue counterparty risk and this is a big reason for why we are building sovereign and a lot of the call today we will talk about a lot of the progress that we've made in making sure that Sovereign is secure decentralized and Sovereign in terms of being able to be censorship resistant and permissionless if we could go to the next slide um all right we can just go to the next one so uh coming back to the progress that we're making here um the next slide please all right so we also spoke about this slide uh last Community call and we've um set out set for Sovereign a three stage Plan Three big phases in terms of moving towards achieving our ultimate goal the first stage develop literary Bitcoin D5 ecosystem uh having built that providing important tools through that um uh the next stage is for us to improve the technology technological foundations upon which we are building and open up the opportunity to many more people to build an entire economy on bitcoin and for that we need to trustless bitcoin roll-ups which once we have that will ultimately allow us to move into stage three which is building a world on bitcoin a a world where um everything from community and Civic interaction uh the internet itself data privacy uh uh uh governance and of course property and money can be managed and secured by Bitcoin and use BTC um as the based aspect we've made a huge amount of progress uh on this front and we are very very close to effectively having done everything that we set out to do in terms of stage one we've built by far the biggest when D5 ecosystem we've put out all of the core Primitives that we intended to and have basically covered the entire first half of the original black paper um one of the things that we put out was um you know so we've done the trading and the lending the ability to have leverage um Bitcoin back stable coins and one of the other components from a product or feature perspective was a Perpetual socks which we thought was a key primitive we've constructed and released that as well but we currently don't have the technological infrastructure to run it the way we would like so that will have to come again um with the movement to stage two but we still have a few pieces uh which are crucial to making sure that we feel confident uh to say that we have accomplished what we set out to do for the alpha stage of sovereign one of those is having a much cleaner and more robust front end which is also accessible and therefore uncensorable via ipfs as well as tor that is what we've been calling depth 2.0 or D2 and that is very near completion we will have rolled out effectively all of the uh primary components of that by the end of this month we expect with the possible except with with one key exception which is margin trading um we've discussed some of the concerns around margin trading in the past we'll discuss it a little bit more today and we can definitely take questions on it the other aspect and I think this is probably the most exciting part is that for um Sovereign to truly be decentralized permissionless uncensorable and governed by autocracy the contracts themselves all need to be governed by autocracy as well this is a difficult thing to achieve in a system which needs to evolve and where things need to be modified with you know changes in usage and changes in Market activity and in fact most so-called D5 projects um are not far along on this path and there's a term you know Dino decentralized in name only which I think applies to unfortunately most of the crypto ecosystem however we've been hard at work on this um and have said it as a core goal uh and most of that work has already been done most of the contracts are already controlled by butocracy but we are at a point now and if we can go to the next slide where we can say that we are now ready to begin the transition process two photography 3.0 plutocracy 3.0 will mean that uh we'll need the participation here of the community of sov stakers to vote in control over um the entire platform to photography and effectively have autocracy run in a way where no individual or group of individuals who are targeted uh or um exposed or compromised in any way can can be said to be managing the system so um we have as a uh we we we we've now reached a point where we are a couple of weeks away from being code complete on what is required in order to do this transition and then there will be a transition process uh we will need several steps to make this happen we'll need to educate participating on this and so it won't happen overnight but we are basically at the at the the um end of the beginning for this right we're we're in we're positioned now um to start kicking off that process and that is an extremely exciting accomplishment and and I'm really uh pleased that um we can be doing this and that I'm part of um an effort which which is making this happen um part of the thing part of what also will make this now smoother and easier is we will also have a new interface in-depth 2.0 for retrogracy for voting for managing steak and so yeah we're really now at a place where something that we set out to do a little over two years ago is coming to fruition so um big uh congratulations to everyone who worked on this and uh and I I'm a round of applause [Applause] to to The Sovereign team and The Sovereign community on this well done everyone um all right I think that's it for me we can talk about it a little bit more towards the end of the call but uh I'm handing the floor back thanks um could you learn please just skip to the next slide and the next thanks so since we spoke the last time we had a few releases on the server.app um we migrated the landing page as well as the staking and reward pages we have full defined bullet support on both apps now um whatever issues before with the mobile app which are now solved and also the issues with the gnosis safe integration are fixed and here a shout out to the protofarader team for reporting the issue in the first place apart from the Active Release the first version of the Builder portal finally and the silver is going to tell you a bit more about it just after my update so I'm not going to go into further detail here it had intended to release this sooner but things took longer than expected also we found a few more things we can improve in terms of lowering the gas costs um and just reducing the number of requests we need to send to the node for loading the um reward pages so um the this process of improving the fee share claiming um took a bit longer than expected but we are now about to deploy the test net finalize xqa process and then also deploy the fee share claiming efficiency Improvement onto mainnet very soon the other thing I've been working on was a more granular access management so additional admin and pauser rolls on the loan tokens I also known as Landing pool and protocol contracts and this is part of the preparation for the transition to petocracy 3.0 because when we are transitioning the ownership of the contracts to the bureaucracy contracts we want to make sure that we are or the guardian multisig is able to pause the contract if there is a serious issue where bitocracy would be able to unpause again and also replace the guardian if necessary if the guardian would turn malicious um but it is important to have a guardian in place just because bureaucracy cannot act immediately there's always a delay because of the voting period and the time not period also the additional admin roles are necessary because we have two different sets of autocracy contracts or Governor contracts one is um for the ownership and the other one for admins with different time lock periods after the votes finished could you please mute yourself all right um so the loan tokens and protocol contracts will be updated soon which is another requisite for the autocracy transition we are about to enable servant dollar margin Trading um this still needs to be enabled on the smart contract side as well as the front-end side and on the different backend Services which are existing like limit orders and vouchers just to make sure that the positions are being rolled over on liquidated if necessary and um most of the preparations have already been done and we are now looking to enable it very soon on the new dab under surrendered app we are now working on the borrowing page and are about to release that one there is more work in progress which is not as soon to release if you could move to the next slide um we are also working on the photography migration but Thiago already mentioned um so there's going to be the pictography app on the new app and also a UI for creating the chocracy proposals um on the chakra T30 we finished most of the scripts for um transferring the ownership as well as creation of the differences which are required and are now doing the final reviews means we are checking again the scripts see if there's anything missing if we oversaw something and um when it's done we can go ahead and create also the new safe multi-sig for the corporate Guardian and um oh just got this transition started the other thing which is in still in progress is the Bitcoin token Bridge which I already talked about very briefly on the last Community call last Community call we were still in the research phase but now we are in the Prototype phase so um PR atting a prototype for bridging Taproot assets to and from erc20s on rsk and [Music] um we are positive to be able to show our prototype on test net very soon as well and I think those are the most important things which are currently in progress so thanks very much this is my part of the update you can move on to the next slide into the next person to present thank you very much Aurora thanks England yeah thanks Aurora so we can go to the next slide awesome uh so I'm sober front end lead at Sovereign and I'll be covering an exciting new update for you guys today uh something I'm particularly excited about as a developer um so as part of sovereign's migration from alpha we've been working on a project that will help document the developer resources and tools that we use at sovereign so uh We've called this the Builder portal and this aims to promote the growth of our ecosystem and provide a One-Stop shop for developers designers or product owners who would like to build on or with our protocol so previously as any of the developers amongst you will probably know we've created documentation for the various products that we offer however these sit in a variety of locations not all of which are easy to find by non-developers that are interested in learning more about our products and features that we offer so with an aim to unify all of this we've now put together a single location for all of our documentation which covers multiple areas of The Sovereign protocol so we've got resources for the design aspects um of obviously primarily focused on our front-end development but we've shared our brand guidelines as well as a number of other assets created by our excellent design team and we've shared them in a single location for you including information on all of the front-end development tools code standards and libraries that we've created so I think we shared a sneak peek of our Sovereign UI library in the past this is something that we've constructed during the course of developing our new dap the aim was to build something that could be used to develop a nice mobile conscious dap however also expose this as something that anybody who wants to build on The Sovereign ecosystem can use assuming some amount of front-end experience and build something that looks and feels like our new dabs uh We've also got content related to Smart contracts so for those looking to integrate with the Sovereign protocol whether it's via the amms or other areas of the protocol we've got documentation to cover you there um we have also got a section with SDK content so some of the things that we've developed been developing within my team we wanted to make them usable by other projects without having to spend a lot of time from Sovereign cause side liaising with developers and you know kind of working with them in a kind of manual fashion um so we packaged up some of the stuff that we've been working on over the past few months some of that I've listed here so we've got documentation around our new smart routing package this is used within the new dap on the conversion page and it's previously discussed in a bit of detail a couple of weeks ago but this will basically allow when a user is making a swap between two specific assets um we have a variety of swap routes that could be used so one of those is The Sovereign amm we've also got the mint aggregator so that's a dollar aggregator as well as I think we've got money on chain Integrations in there as well and we can build off of this so there'll be more um swap routes coming in the future all of that's going to be integrated into our smart routing package and with this package as a standalone thing this is going to be usable both within Sovereign core dat as well as by other projects so it's a fairly plug and play and we've already had a couple of third parties interested in using that sorry did someone want to say something nope okay um then we've also got a SD card SDK content around wallet connection Library so for those who have used the version that we had in our Alpha dap we have got a new brand spanking new version of our wallet connection Library that's used in Daft 2.0 so sovereign.app and I think that's actually been used by the Babelfish team in their dap as well now um then set of documentation around the graph I think a couple of community members have been engaging with us and actually being good guinea pigs um on this particular product over the last couple of months um we've now put the documentation related to that in the same location as everything else um and so with all of that stuff that should give a nice set of coverage across the entire protocol in our ecosystem um around the tools and products that we offer um as always um with documentation this is going to be a living set of documentation it's not just a static set in stone as we develop new products as we get feedback from the community and developers we'll be updating this with more content to come uh so we are going to be promoting this across various channels in the near future so calling all Builders to come and start working to build up the new Sovereign ecosystem with us for more information you can check out the documentation itself over at build.sovereign.com or we set up an Integrations channel in our Discord server so if there's any third parties out there looking to integrate with us and you want a bit of guidance around that feel free to reach out on our Discord um itself uh and for anybody who whilst you may not be a builder but you are a excellent copywriter or um have something to contribute to this documentation we do welcome contributions um there are instructions within the Builder portal itself on how to contribute to uh both the individual areas of the um stuff that we're exposing in this documentation so if if you're a coder and you're interested in contributing to front-end development please there's a contribution section specifically for that if you're a copywriter and you want to tighten up some of the language in our documentation feel free to contribute there as well we have the Builder portal documentation set up as a GitHub repository so you can proactively submit suggestions to us via that method or if you are more interested in talking through it with somebody for my side you can reach out to us on Discord with any suggestions ideas and that kind of thing um so really looking forward to sharing more updates about this and other development related projects for those who like to build in the near future so stay tuned folks that's it from meek hand over to the next present presenter thank you in galandia and thank you very much always for a very uh interesting presentation uh next slide please uh I would like to speak about the trading challenge that we've had earlier this month uh I will go over some some stats and then I'll speak about the upcoming trending trading challenge which we expect to have at the end of this month so um one of the goals of uh the pilot challenge was to increase um amm trade trade trades quantity right um this this challenge I should note was sponsored by uh iov uh creators of Woodstock or chain and they are very very interested in increasing transactions so one of our goals for this pilot was uh to do just that indeed we've incentivized um the different goals of the pilot about half of them were around uh amount of transactions uh and the incentivization worked quite well with as you can see over 103 percent increase um over the previous four week average next slide please uh there were 50 seats in total available in the trading Challenge and out of those uh 50 registrations 32 were active participants so participants that have performed at least one trade um which is a 64 participation rate um and it should be noted that I think of the total about uh 15 were responsible for about for most of the transactions so the top Traders did most of the activity if there are questions I'll be happy to answer at the end next slide please um yeah like I said you can see in this in this graph on top this is uh all of the participating wallets the participants and um the top ones that most of the action um top 14 or 90 of the of the transactions yeah next slide please so coming up next is a different format of competition a profit and lost and lost skill based challenge a trading challenge where uh we will have um two categories uh net profit and loss and percentage profit and loss uh where participants will be encouraged to um profit and then profit more with rewards uh I I don't have a final number on the on the dollar amount of rewards um in the policies was three thousand dollars because it was again just a pilot but here I expected to be at least twelve thousand dollars so in we are looking at the two-week challenge where we'll give away awards at uh at least 12K um and uh yeah the next slide will be presented by uh one digit the team member in the adoption team uh to explain how exactly we're going into calculating profit and loss next slide please one digit of four results all right so we're looking at two different criteria for the challenge one is the overall profit and loss the other one is uh average profit and loss percentage averaged over the trades that take place we won't be looking at overall wallet balances but only tracking actual transactions so if you have 100 Bitcoins sitting in your wallet which would be nice uh we're not going to look at that unless you trade 100 Bitcoin look at the part that you trade so we'll be tracking position changes in dollar sov and rbtc only when swaps or trades are made among those three so dollar for sale for a dollar dollar for rbtc rbtc for dollar software rbtc or rbtc for solid so if you trade out of one of those assets into something like um xusd that will not be tracked at all so we're looking at two things one is the value of the position changes so if you sell dollars and buy rbtc we're going to track the value of that change in your in your wallet over time so we'll do that in two ways one is we'll look at the profit and loss based on the the position change for each trade and sum that up and that'll be the total profit and loss and by the way this these profit and losses will be calculated in Sovereign dollar that'll be the base unit also we'll look at each individual trade and calculate a percent return based on uh the profit and loss divided by the total size of the trade in dollar and then we'll average up those percent returns to get an average percent return so that's another way you can do it if you if you're a small Trader and you don't want to uh devote a whole lot of funds or don't want to risk a lot of funds you can just go for the percent win but if you want to put more funds on the line then you can go for overall profit and loss so just as an example of how this will work let's suppose let's look at say you make three trades in the first trade you trade 10K Sovereign dollar for rbtc at a price of 26k so that means now you are down 10K in dollars and you're up 0.38462 in rbtc so we'll track that as a position uh you've taken on a position of positive position in rbtc and a negative position in dollar then you purchase rbtc with 20K sov and the exchange rate is 104k sov per rbtc so now you're down 20K in in sov and you're up 0.19231 in rbtc for a third trade you decide you're going to trade out of rbtc so you sell 0.5 rbtc for Sovereign dollar and the price is one over 25k for that so now the price has changed from what it was originally at 26k so now you sell the rbtc so you're down 0.5 rbtc but you're now up 12.5 K in Sovereign dollar so we can calculate a percent return for each of these lines each of these trades and that will give us a percent uh we can get a percent profit and loss for each trade then we'll just average those to get the average uh for this for the total you can think of it as we just sum each of these columns so the net position change for dollars is 2.5 k plus uh sov is down 4.6 ksov and then rbtc it would be up 0.07692 so we just simply price each of those out in dollars dollars is 2.5 k um sov we will multiply that by the by the current price of SUV in dollars and then we would multiply rbtc by the current price in dollars and just add all that up and that gives you the total p l for the whole competition and so we can track that for current price whatever it is and then ultimately for the final price at the end of the competition is when we'll decide it but we'll track it throughout and have a leaderboard showing where where people's position or what people's net position is and their average p l uh throughout the competition that's it before we take some questions of what I've got a couple of things I'd like to say um so I want to talk about some challenges uh and dilemmas that we have that we should all be aware of so um one dilemma that we've discussed is the Dilemma around margin trading how much to invest in um refreshing uh margin trading and the key thing here is we've seen that slippage can be high especially on margin trades which tend to be much larger because people are taking out larger trades using margin and that slippage can have an impact on margin trades uh when you're opening them as well as closing them as opposed to a swapwear and it impacts you only once so we've seen that the potential profitability of margin Traders has been lower than it should be leading to a bad user experience because of um the the the slippage we have been working towards a solution to this uh which is introducing the ability to have a request for quote a RFQ system where market makers can offer low slippage prices we've made a lot of progress here and um I think it's now starting to look likely that we will be able to introduce an RFQ system sometime in the near future which would substantially improve all types of trading but potentially would open up the window for us to look at margin trading more seriously so for now our expectation is that margin trading will remain in depth 1.0 but not be migrated to depth 2.0 and that it would make sense to reopen this conversation and we'd really appreciate having this conversation and all the various forums and on these calls about how we should think about the investment in margin trading because every investment that we make is you know a trade-off versus other things that we could be investing time um the man the the challenges that we've had around slippage and trading are also related to the Challenger of increasing Sovereign dollar demand and margin trading definitely can increase Sovereign dollar demand however it isn't the primary issue uh the primary issue that we've experienced in terms of um The Sovereign dollar is providing dollar based liquidities that can be taken off chain and in particular allowing people to bring other types of stable assets which they can then swap for Sovereign dollars and earn money on the Babelfish incentive curves which have now been introduced in our revving up as well as take advantage of the lending uh and stability pool opportunities and sovereign foreign [Music] more deeply into Exodus and other wallets so that those audiences and users would have exposure and core to all of that was the requirement for us to have uh much more substantial Bridges to other chains and more sophisticated Bridges bridges which would allow smart contract interactions to start in one chain and end with another a lot of what we've been building has been built around the assumption that we would have those bridges um and we've received assurances and guarantees from iov Labs these Bridges would be in place and actually were ready to have been in place unfortunately this has not happened um and this is a significant setback because it substantially reduces our ability to bring in new users new audience new funds and make it easier for you and other uses of sovereign to move funds in and out um so uh the the levers many of the levers that we expected would be falling into place or would have already by this time have fallen into place both around trading and around the Sovereign dollar um have been delayed and I think it's important that we recognize this uh and we we we're dealing with it and we're looking for Solutions um but because this is you know additional piece of significant chain level infrastructure um it um um it it's not a trivial problem for us to solve and so um I want I wanted everyone to be aware of of the challenges that we've been having on this um and with that I think England yeah maybe uh questions foreign can you hear me okay can you hear him oh okay you just check it he was doing mic check um two two one comment one question so uh just for the group to be aware I continue to promote Sovereign with the Chamber of digital Commerce um as one of the only D5 projects that are based on bitcoin which is one of the least controversial assets uh in Washington DC so just letting you guys know that you know spreading the message you know one of the faithful that kind of thing uh my question that came up during this call was regards to the bridge um given the uh you know the the main issue that the D5 Community has seen in is has not been uh the collapse like you see with the centralized exchanges but it's been with uh Bridge hacks um are we providing you know sort of extra you know bounties or code reviews or what have you as we go down uh the uh another Bridge uh just wanted to get some thoughts on that that's all I had thanks uh Lord elvik can I ask which bridges are you referring to it is three I think I'd like to make a distinction between we have the existing phosphate DC re relay Bridge we have an enhanced fast speed DC relay Bridge which would allow for tap assets Taproot assets and then we have the you know Bridges we already have in potential future Bridges to other crypto chains which are you referring to I I I well that's that's a great call out uh yeah I go I think I think at one in general what's our posture I know we've we've already had the you know the BTC Bridge up but I was referring to the update um from Mario the tap Bridge uh comment just provoke the questions so um I guess I would say uh are we having enhanced security on new releases because they've got less time right for an Optics and then what do we have a general position that we believe makes us safer then uh you know Bridges out in the wild that have had exposure yeah um first of all I'd like to start by saying we already have a bridge a bridge which is operated by um federators using Sovereign nodes and constructed by The Sovereign team the very same team that build fast BTC and it has worked uh flawlessly for the last three years however um it doesn't have all of the features and functionality that we would like it can be more expensive it doesn't integrate with nearly as many bridges as we would like to bridge from and it doesn't have the ability to transact across chain while using smart contracts um it's also the case that um yeah we don't like the fact that uh Sovereign nodes and the certain brand are engaged with the bridge at all despite whatever um efforts we make around security there is the potential for a hack and um because it's not we don't even have a path uh without very very significant investment uh to a truly trustless bridge this is something we prefer would not be part of sovereign and so we've been looking to use other Bridges we are also looking into Technologies which would actually allow for pretty much trustless bridging that can and will come in the future I have no doubt but for now we would be looking to use the premiere bridges that already exist and have track records and ideally we would have multiple different Bridges and there I I'll have to say the ability for us to ensure any degree of security is very very limited [Music] um so using those bridges would and should be assumed to have exactly the same risk as any type of bridging activity um and and that is just the reality of the current state of the art yeah no it's helpful thank you appreciate it um pulling liquidity you mean riding liquidity with the amm um I would need to check the store but do you maybe know out of the top of your head one that's being scheduled uh no sorry um let's just see find it quickly um if it is yeah very sorry I can't answer this right now I do not remember and light is not here on the call um foreign yes nothing's changed in terms of exodus's uh interest in the project uh if anything uh I think they're you know uh even more excited uh I spoke with JP who's the CEO of Exodus um two days ago um but we have been blocked in our ability to um perform the key pieces of integration that we wanted due to the lack of um bridging uh there's not an easy way for their users to bridge their Assets in convert to solve or Sovereign dollar or rbtc um there's an easy way for us to integrate with their built-in swaps um and this is um being frustrating to say the least uh DJ Philly is asking about um originations and when we expect to reopen originations I think this is a very important question and I think the way it should be managed is um from the community um I've had a bunch of time to think about this and related questions since um 66 and my view is that this is um not a deeply technical question it's a question of uh the the the liquidity and the revenues of the system and all of that data is available we don't have any special access to that data so I'm looking to set up a call next Wednesday in the continuation of the governance calls around issues like this but one of the key things that I would like to encourage and DJ Philly I know we've discussed this uh in on Telegram in the past is to see community members Step Up and take a much more dominant role in net um we don't have any special information [Music] um and um it this is like a key thing which the community is engaged with is important to the community and um and and everyone has uh you know opportunity to do analysis and so I think it's really a perfect opportunity for us to see a much more dominant role played and so ultimately I would like to see that um question debated by and the decision taken by um by the community foreign

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hello sovereigns I'm calling in from Amsterdam where I am at Bitcoin Amsterdam um it's a annual conference one of two main conferences organized by Bitcoin magazine the other one is the biggest Bitcoin uh conference of the year uh and this is the biggest Bitcoin Conference of Europe uh the other one obviously being Bitcoin Miami and it's a very small conference in comparison to last year uh intimate even but uh I I have to say it's um um very exciting being here the type of conversation that I'm hearing the kinds of conversations that I'm participating in are completely complely different 180° from where we were last year and the year before that we've been through a uh crypto winter now for uh I don't know two years um but we've been in an innovation winter in Bitcoin for far longer than that the narrative in Bitcoin has focused on influencers and podcasts saying the same thing over and over and over again without uh the ability to uh think adversar or expand their minds um talking about shitcoins and talking about digital gold and talking about hodling and showing graphs uh about why number will go up and I think we've all been frustrated and experienced the monoculture of um simplistic almost cultish like behavior that we've seen in Bitcoin what's remarkable now of the period that we are in is the amount of excitement and Innovation and the sense of adventure that has returned to bitcoin we saw it first with ordinal and then with BRC uh 20 we've now seen uh new uh at multiple different projects working on various uh rollup Technologies and over the last week we saw uh the bit VM paper which is truly exciting paper around bringing more computational functionality to bitcoin all without requiring any new up codes or any changes to bitcoin main chain but at the same time we're also seeing a cultural shift not only amongst developers who want to work on bitcoin and people who want to try and drive change and development but even amongst the most hardcore Maxis um a recognition that we need tokens in Bitcoin that uh shitcoins and and and and shouting about them is not a way to build an economy uh in debates public and private that I'm currently having I am experiencing a shift in the way that even the most hardcore Maxis people who were calling all of us and me in particular as shitcoin or just a 6 months ago uh now coming around to viewing what we're doing with Sovereign and what is happening with the wider orange Revolution uh as core to what Bitcoin is going to be over the coming years I'm extremely excited about where Bitcoin is going both culturally and technologically and because so much of this is possible without making changes to bitcoin main chain and I'm extremely proud of all of us and of my own role in helping to move this forward and to be part of the community that has built the most successful example of Bitcoin smart contracts and Bitcoin defi um that exists anywhere and at the same time the timing for us could not be better we have for years now been working day in and day out patiently um frequently under great criticism and mostly under the conditions of a frustrating bare market to continue to bring to pration the Sovereign goal of first building a ecosystem of Def applications in fact the leading ecosystem of Def applications for Bitcoin then using that and leveraging that to bring rollups to bitcoin and finally allowing those things to be the basis for building an entire world on bitcoin and building the world's first Bitcoin Nations and so the timing for us is perfect because due to the hard work of so many contributors we are now coming very close to being able to complete the first of those three phases um very soon we're going to have a exciting metamorphosis of sovereign sovereigns uh law the the those remaining smart contracts which are not governed directly by biocracy will be upgraded to be directly under control of biocracy and um we call this biocracy 3.0 we've prepared a short video um to try and encourage the entire Community to participate in this you guys are getting a sneak peek uh we'll play the video now and then um we'll we'll discuss it further we're putting the final touches at Sovereign on something we're very proud of the biocracy governance system we're ready to discuss many times how Sovereign biocracy is designed and architected in a unique way one that provides more security and incentive alignment than any other government system out there but another thing that makes biocracy so special is you we regularly see over 20% participation in votes compared this to the one or 2% participation that we see with other Dows and this isn't just a small number of Founders in a16z this is users and developers and contributors and funders and the entire Community none of those groups has more than 20% of the entire vote and none of them vote as a they all vote as individuals on the basis of their Sovereign understanding of what is best for the project unfortunately in the world that we call defi there's a lot of decentralization theater projects that are controlled by a small number of people and by multi but with this upgrade Sovereign is going to become truly one of the most decentralized projects out there the entire system is going to be governed Direct directly by biocracy not by the multisig and not by ex cheer so this is a really big vote in fact it's so big I'm not getting any sound is anyone getting any sound in this way and we need partipate every single one of us voting individually on each of these individual votes so that we can upgrade Sovereign so that it can allow anyone like us who wants to have freedom and self sovereignty to find the tools to do it so that Sovereign can be the most decentralized the most secure system in the world world so that everyone eventually can stay [Music] Sovereign all right so uh suffice to say this is a big deal um and like like was pointed out in the votes it's been a huge amount of work and it's going to be a very big vote in fact such a big vote that there's five votes required biocracy needs to do five smart contract changes five upgrades in order to bring this to fruition um updating governance and guardian transfer scripts um fixing loan tokens introducing the PA role and protocol settings and contract to create new Gan multisig and now vote on biocracy 3.0 sips so I'm encouraging all of you uh to let every other Sovereign know that this is a right of passage not just for us but for Bitcoin Defi and in fact defi as a whole um and is an incredibly important moment and um I'm excited that I'm going to be able to get to vote with all of you on making this happen for a little bit of further context uh can we go to the next slide actually um I I like to allow uh either French or John who have prepared uh and done so much work around preparing this to discuss this uh and I think my slides have changed a little bit so I will just uh um finish my final thoughts uh we are um as at Sovereign we've been um shipping uh since day one on a continuous basis we have extremely ambitious goals so ambitious that it's easy to see them as absurd ridiculous unachievable but it is through this incremental unceasing work work that won't stop and cannot be stopped that serign continues to move closer and closer to its goal and the fact that we are this close to achieving such a major Milestone I think is extremely um powerful proof to the world and to ourselves that we continue to drive our goals forward I'll hand it back to you guys now thank you uh John may I ask you'll uh discuss the biocracy vote timeline oh no hello okay um so as the timeline graphic shows here we have three days of votes with five different votes uh happening on each of uh basically the first vote is going to be on Friday October 20th where we will be voting on sip 47 changing of the Guardians this is to approve the new mocracy and contract Guardians if that vote is approved then on Monday October 23rd we will run the guardian transfer script and execute uh the proposal to uh basically transfer the guardian roles to the new guardian multisig and then we will start the vote on sip 46 part one and two which will be a vote for ocracy to accept partial ownership of the amm the amm has many different contracts and it has because it has so many contracts uh we can't actually fit all of the changes needed into a single vote so we're breaking it up into four parts the first two parts are going to be voted on on Monday and the last two parts are going to be voted on on Friday um this is to minimize the chances of confusion or or kind of a splitting of attention and and votes between the different proposals so we're going to have two on Monday the 23rd and then the parts three and four the last two votes on Friday October 27th if those four sips are approved then biocracy will fully accept uh ownership and governance of the amm and on Tuesday October 1st also known as Bitcoin white paper day we will execute uh SI 46 Parts 1- 4 again assuming those votes are approved and then biocracy will govern all of the Sovereign smart contracts including the amm so Mark these dates down in your calendars sov stakers get ready to vote back to you ingamar okay yep let's roll right along then so for recent releases uh there's been a few big updates to sovereign. apppp one of those is the migration of the fixed interest loans functionality so users of the uh Sovereign lending protocol who want to borrow uh assets that are available can now borrow either BTC or Sovereign dollars on sovereign. apppp at a fixed interest rate we also migrated the voting functionality uh this just launched today actually so sovereign. apppp biocracy is a is a reimplementation of the biocracy app where users can view past proposals as well as live proposals and vote on live proposals if they are eligible to vote by staking s so uh the announcement uh that went out today has all of the details about what is new there uh so be sure to check that out after the call if this is interesting to you on alpha. sovereign. apppp uh which is the original old school Sovereign app uh we introduced The Sovereign dollar margin trading uh this was a feature that has been in demand uh since the launch of of The Sovereign dollar amm pool and lending pools now those features are combined together so Sovereign dollar uh users BTC holders can trade up to 5x leverage using uh Sovereign dollar and on the smart contract side uh there have been a couple of it uh important updates one is um gas savings for people who are claiming their share of fees that are distributed to Sovereign stakers um we've been we've made a couple of Updates this year aimed at reducing those gas costs for people who are claiming the fees that they've earned and this this recent change is uh one more to add to the list uh which should you should see those gas costs come down which makes uh which means more stats in your pocket another uh update that was made is the ability to claim all fee share assets with one button so previously if you went to the fees earn tab on the rewards page you had to click a different button for every asset that was available to claim and now you can claim all of the fee sharing assets with one button you might still have to do uh more than one train transaction if uh if it would take more than a Block's worth of gas uh in order to claim all of your available assets but at least you only have to click one button um so that's a nice uh quality of life Improvement that's come and uh want to give a shout out to the solidity team and the front-end team for working together to make these updates happen next slide please so soon to release these are things that are in the oven very close to coming out are the are a few updates to the loan tokens we are trying to get these changes out before the biocracy 3.0 transition so that uh the extraer multisig uh can make these uh changes without having to uh push the all through sips which might require multiple votes and take up S so stake or attention for relatively minor things so we're just doing a couple of nips and Tuck here and there loan to uh fixing uh Logic on the loan tokens uh to enable them to be withdrawn from certain vesting contracts where there was an incompatibility uh a loan token cuser logic update and Loan token logic proxy refactoring currently every loan token has its own proxy contract but it's the same proxy con uh contract code for each of those loan tokens so we're just simplifying it and um and having and changing it so that all of the loan tokens use the same single proxy contract it's just uh h means we only have to maintain one thing instead of like five or six different things um and then finally of course as we discussed earlier the biocracy 3.0 sips uh and the these are very close to coming out as I mentioned the first vote is going to be on October 20th uh that is next Friday so again mark your calendars get ready to vote on those sips next slide please um and now uh looking a little bit further out uh Works in progress uh for sovereign. apppp we are looking to have an updated wallet connection model which should uh make onboarding for new users more intuitive we've uh done some user testing on this and saw some clear areas uh of improvement and we are now uh making uh those improvements according to that feedback we're introducing a biocracy proposal Creator which is uh a bit more userfriendly and intuitive than the current proposal uh Creator in in The Sovereign alpha application we are introducing uh Market making to sovereign. apppp so that users can deposit in withdrawal manage their their amm liquidity positions for the mark amm market makers we are uh working on an air swap RFQ that is request for quote integration which will provide uh an intens like system uh for uh trading on the convert page you'll be able to interact directly with Air swap market makers and if they give you the best price of all of the available uh sources of liquidity for the pair that you're trying to trade then that trade will be sourced uh through the r air swap RFQ protocol and then lastly uh we are looking to make the convert page the landing page currently the zero page is the landing page but since you can't uh since it's kind of very expensive almost prohibitively expensive to actually originate a new zero loan right now um we're looking to shift the focus of the landing page to something that everybody can use uh which is the convert page um the convert page has also been seeing a lot of traffic uh due to the trading competitions and so we're since that's the page where a lot of new users are coming in and immediately jumping over to we just want to simplify that for them by making the convert page uh the landing page um this is something of an experiment we're going to we're going to make this change and see how this goes um it might change again in the in the future but uh for now that's uh that's what the data and and the overall strategy is suggesting uh is the right move so that summarizes all of the development updates and I will pass it over to French victory for the adoption updates thank you very much Sean very exciting things ahead uh I would like to discuss uh the recent profit and loss competition uh we gave out rewards in the total sum of $115,000 sponsored by iov makers which so our chain as most of you probably know um we had uh five winners in each category next slide please uh and uh the categories were uh net profit and loss percentage profit and loss and uh a random winner next slide please um and uh yeah I think from the reaction from the community uh I can say that uh people had fun participating and it seems to me uh that a lot of contenders had uh very very uh inventable and creative ways to try to get ahead into the leaderboard uh in total the trading volume of competition was um almost 450,000 uh with the 38 participant out of 128 registrations alog together that performed 96 swaps that is um double the amount of uh we can say in previous ones still thank you um that is double the amount of Trades that we had trade Vol uh dollar value that we had in the pilot competition uh and we have some ideas on how to improve it for the next time uh another positive angle of this competition that uh The Sovereign dap saw 51 new wallets uh interacting with the with it in the week of the competition that's week 4 year of the year and all in all um there was 79 uh Bitcoin trading value volume traded on The Sovereign amm during that week which is four times as much as the previous four we average which is you know Prett um next slide please uh we have some takeaways and uh suggestions for improvements from competition one is if we'd like to have longer registration period or at least two weeks but maybe even three um we had didn't experiment with doing paid promotion in the last two days of registration we did P paid promotion in the Traders telegram group and that was an influx of new telegram users uh I have to say that these users didn't trade a lot um but uh I think just the growth in telegram was worth uh worth the investment and definitely worth further experimentation with the paid promotions for the competition uh the next competition would' like to have it longer than a week we' like to have it run for at least a month possibly with the weekly rewards and we should definitely have some more content around it such as opening closing spaces um and uh and things like that to to Hype things up a little uh there is a grand winner of this competition his or her name is freezero uh freezero took home uh $5,700 um out of $115,000 prizee which is pretty awesome for them um and they had a a very inventive system around uh how to win the board so what freezero did according to artics uh is that they bought uh fish the fish token when it was low and then traded fish both and sold fish from other accounts to move around the price fish has uh is has a very shallow um m m and it doesn't take a lot of liquidity I think it was about um $115,000 Al together to move it around and that uh enable fre to present very high profit um in um so this leads us to a last since fre also won a random Rand swap prize uh I think uh next time we only have um random swap for people who didn't win anything in the other caths just to so to spread the joy around speaking of next time uh we're currently talking to iov about uh supporting ongoing support for at least a few months of uh trading competition uh it it seems positive so I think it will go forward um we're looking to introduce some margin trading profit and loss competition uh where the the the main category would be around volume so it would be the volume that you've traded times the profit that you've made and this will be this is to encourage traders to trade higher volumes if possibly see a sharp increase in theend that's it for me [Applause] sh while people are thinking about their questions I will just uh say a couple of things first of all there we we are reaching a major milestone for an effectively coming out of alpha uh and and having achieved the first uh uh set of major goals that we set for ourselves and I think this speaks to um determination there's uh this is an extremely complex project with many uh interl components uh trading stable coins building on entirely new ecosystem which basically needs to be built from the ground up uh so that means creating from scratch Data Systems nodes load balancing briding fast BTC uh lending margin trading governance systems uh front ends uh Integrations with wallets uh and the list is endless every time we have one of these meetings there's a long list of things that have been developed building uh extremely complicated things doesn't have the same tempo uh or um sort of growth curve as other kinds of more uh narrow projects I was watching a uh talk by Peter Teel um two nights ago which resonated with me um he spoke of three different categories of successful startup um uh those that provide some kind of thin functionality and distributed very far so um that would be something like a Twitter or a Facebook those that um develop uh uh lower cost ways of uh providing sort of business services so that would be like B2B services so uh some you know or something with a complex technology um like a paler uh and then he said that there's a Third Kind which is usually um not undertaken um because it is more complicated because it is more difficult um and also because it has a very different growth trajectory and he he um described this third kind as the bundling together of a large number of small uh Innovations um he uh as examples provided Amazon uh Tesla um and um and and I think Space X um none of which created an entirely new technology none of which had something thin which they were easily able to distribute Each of which required incremental improvements on a large number of interl systems and the point he was trying to make is that those types of Endeavors are very very difficult to build they take a long time and uh at the beginning it appears from the outside that no progress is being made in fact usually from the outside he says it appears that there are that the the the projects are are are encountering only failure and this is because that as you are iterating on these interl um challenges whichever challenge happens to be the most challenging bottleneck that you're dealing with can cause all of the other elements to operate or function um less you know less than optimally or sometimes worse than that Sovereign is to my mind very squarely in the third category we are attempting to build out the fundamental components of a new type of ecosystem a truly decentralized Economy based on bitcoin that requires a currency stable coins it requires governance biocracy it requires Bridges to other economies Bridges and fast BTC it requires basic infrastructure uh which is all of the infrastructure sources it requires um trade uh like the amm and RFQ systems it requires uh Credit Systems like the lending and margin trading systems and these all need to work in concert um we've been grinding out problems sort of whacka with each of these for the last two plus years now and um I can tell you that for when From The Trenches it is um like a holy war it is a constant bloody slug of um rooting out um and iterating on potential problems um but it becomes almost impossible to replicate that kind of thing very very difficult to replicate such a thing um and if you look at the world right now we are being to me personally people are reaching out um from uh funds like VC funds um and projects that want to build on bitcoin because they want to understand how we've been building an ecosystem uh the ecosystem that we've built is not the biggest in crypto not anywhere near but it is certainly the biggest in Bitcoin and we are in the unique position as a community of having the only experience of building out a actual fully-fledged ecosystem with all of the warts and flaws and problems and challenges that come along with it in the Bitcoin ecosystem and I think we've done this with a great deal of foresight in a world which is now starting to become very hungry for exactly that kind of ecosystem so coming back to the point of determination sometimes bloody minded stubborn hard-headed even pigheaded determination is required in order to do those things which are hard and most would never even contemplate attempting Success is Not Guaranteed but it is determination that makes the difference between the fantasy of dreaming about things that could be cool and the sheer stubbornness that is required to actually try and make them a reality um I'm part of a community that has that kind of sheer stubbornness you guys are beautiful stay sovereign awesome yes I'm uh no but that's a good question I I mean the the the norm the the the trading fee on Sovereign is uh usually around 0.35% uh of the of the trade so quick calculation of the amm volume reveal thats one digit can help us with here yeah yeah I I uh one if you have time it's okay but if you not it's also fine um I there's a question in the chat uh how to claim the prize uh for metamask z esque metamask uh we're going to air drop the prize um by early next week that's uh what we're aiming to do and uh you have another request to subsidize the gas F in the next pnl trading challenge um this has been discussed um but honestly the the rewards here are sponsored by rootstock uh they are uh they make their living basically from gas fees uh I think it's a bit much to to subsidize the rewards as well as the gas feed if you know what I mean I hope I hope you can understand that's a great question I don't know the answer I I'll try and give a nuanced answer to the best of my understanding my nuanced answer is no and yes no we will not see changes in the near term to bitcoin because those just take forever and there is a new cultural War to be fought in Bitcoin and we are in its opening phases it is an important cultural War which will bring Bitcoin back to the world to to to being the leader in Innovation adventure and ambition in terms of what and how the world can be changed um but that war has to be fought first um the yes is an ironic yes um we are going to unquestionably to my mind see huge unprecedent amount of innovation in Bitcoin certainly nothing like nothing that we've seen probably in six or seven years in Bitcoin uh is going to happen over the next one two maybe 3 years we are going to see rollups to bitcoin we are going to start seeing more trustless and perhaps complet completely trustless pegs if we have anything to do with it we are going to see defi ecosystems we are going to see real uh assets new types of assets and entirely new ideas being developed on bitcoin we're going to see scale uh we're going to see the ability to transfer first tokens and then eventually Bitcoin um trustless without prefunding in a way which is going to blow lightning Network out of the water all of those things are going to create the cultural opportunity and justification for making changes to bitcoin for example the introduction of um zero knowledge uh um up codes but at the same time so much of this Innovation is including the work that we're doing is um being done without the requirement of any changes to bitcoin um bit VM doesn't require any new up codes now there's a lot we can imagine many ways in which bit VM could be improved with upcodes but I think what uh Ruben and Lucas have demonstrated and and a few others have demonstrated with bit VM is once again just like Casey did uh and the the opportunity that the the huge design space available still in Bitcoin to develop uh and extend its functionality without changes uh this is the most exciting part to me because I would like to see no changes uh to bitcoin I would like to see Bitcoin become a truly a law of nature not a law of men um and so I think we're moving into a phase where we're going to be blessed with riches on the one hand we will have uh all of the justification to make changes and on the other possibly we will also have all of the Technologies which make it unnecessary to make those changes so I cannot be certain but what I do think think and what I think has been sovereign's goal from day one is to be one of if not the leading proof point of why those changes need to happen uh uh of bringing in people to see the value that is inherent in building more functionality on bitcoin so that it would be easy to justify and there would be substantial demand for those changes while at the same time of course attempting to make sure that those changes never happened and in this way effectively hedging our bets and effectively hedging bitcoin's bet so I don't know how this ends it will either end with the L change to bitcoin or it will end without any more changes to bitcoin either of which would be a major victory for what we're trying to do I have a question for Yago this is Travis by the way um hi Travis hi so I agree with a lot of what Yago says um with all of that and especially like this excitement coming to bitcoin and being built on bitcoin and I know we've had some discussions on whether rsk is the best choice for us to be building on bitcoin um we've kind of been back and forth on like our own chain ideas and stuff like that and now we're starting to see um other chains like avac uh polka dot that are also trying to bring defi to bitcoin from their own chains and kind of doing like this cross chain compatibility there um and they seem to be like this clear winner yet Yago do you do you see rsk with the Federation uh the peg right now being the the best choice thank you um first of all I would like to invite other people to join my answer or provide their own answer afterwards I know obviously this is a topic of hot discussion amongst uh sovereigns and Sovereign developers but I will give my answer for the foreseeable future I believe that a um Federated Bridge Remains the best intermediary bridge that we have um I I I I've got a term that I sometimes use to describe this which is the LCB right we we currently use the LCB poeg is an LCB what is an LCB it's the least crappy Bridge uh it's crappy but it's the least crappy kind of like democracy is like you know the best crappy system we currently have um for the foreseeable future a federation and the Federation can be massively improved trust can be massively minimized um will remain the best LCB at the same time we are seeing a large number of projects that are trying to do better things uh trying to reduce trust assumptions even further One Direction is economic pegs or economic Bridges this has been attempted by a number of different projects uh Stacks are attempting it tbtc have attempted it um nomics are attempting it um overall my view is that economic pegs um promise more than they can deliver uh they do have some clear advantages over federations in that you can analyze the economics of their their trust assumptions but they're extremely expensive complicated do not scale and ultimately rely on the creation of new kinds of of volatile assets another direction that we're seeing are um complicated constructions things like spider chain things like um State chain Bridges um these two have a lot of interesting ideas um but they introduce a huge amount of complexity a huge amount of overhead uh and the the enemy of security is complexity finally we have um Federated systems Federated systems can be Advanced dramatically um there is a huge amount of uh Improvement in MPC or threshold cryptography happening as we speak we are the beneficiaries of years of improvements in this field which have yet to be applied to bitcoin um and um and they have the big advantage that they are much easier to upgrade can implement or integrate things like some of the other advantages or other other methods that I described if and when they become viable and finally their ease of upgrade makes it possible to upgrade them quite simply to cryptographically trustless pegs which is what we are all aiming for we are aiming for ways to cryptographically demonstrate there are no trust single or or no trusted parties in our ability to transfer Bitcoin between the different Bitcoin layers um and for me personally and I think for many of us um the my my my biggest goal my biggest dream for a sovereign and the the thing which keeps me motivated the day in and day out is my belief uh that we can introduce cryptographically trustless pegs um that they are within reach the technology is here it just needs it's now becoming much more of an engineering problem um it's still sci-fi Tech it's still Moon maths but it's it's possible um and um and I think we will get there so uh that that's my view it will take time that's that's going to take longer um but that is where we're going can I actually ask another question to yo this is Travis again um so thank you for the answer Yago I really appreciate it uh the other thing I've been thinking a lot about with defi coming to bitcoin obviously is the funding and how these projects will be funded whether that means they need their own token um that's kind of what I've been assuming um and I love how Sovereign has built our whole fees structure is based on only needing to use Bitcoin I think that that's super important for anyone in the Bitcoin space is that you don't need a token to use it with Sovereign being established and being built um over the course of a few years and you guys have really just been cranking it out so that's been really awesome to see despite the bare Market um just wondering because crypto evolves so quickly we see Ai and Tech just in general being able to advance um the building and just the abilities that we have to to be able to build different things has Sovereign taken a look at all on kind of like Outsourcing building to AI or looking at any of those AI projects and kind of just dabbling uh with some of the other stuff um that's coming out with Bitcoin are you guys purely focused on um what we currently have and just optimizing those features just curious on that do any of the current does anyone from the you know Dev core want to respond to this I'll say that I've been lowkey obsessed with uh AI um for a while in fact my my PhD thesis was in um neural networks and machine learning we were trying to um create um in in in software simulations of of of uh of neural networks of the way the brain works so that was 20 years ago um we've also and for a long time I was bragging everyone uh in The Sovereign sort of developer group uh to try and use AI tools I think overall people are using tools that become available where they seem appropriate but the number of places that they seem appropriate is still relatively quite small um AI as it currently stands has two major disadvantages one is it's quite stupid really um it it does a good job if if what I was going to say is going to be insulting but it does a good job of passing Liberal Arts tests but not it's it's a bit dumb when it comes to uh engineering and uh uh you know physics or anything like that maths can't do um the second problem is is at least as significant for us um it's not open source at least the best models aren't open source now I have been talking to a lot of uh AI developers not as many as I would like but I I try to have these conversations when when possible because and I've sort of written a little bit about this in some of the social channels my view is that AI is a breakthrough uh for human coordination uh or at least can be in ways which can parallel Bitcoin and blockchain um there is the opportunity for The Sovereign Community to train a model to sort of act as the uh um depository of collective wisdom almost like the idealized in the platonic sense Sovereign uh by training it to have in the same way that um you know open AI have been training their chat GPT to be woken politically correct we can train a AI to have a repository of our understanding of um human freedom in individualism as well as sovereign's code base uh bitcoin's codebase um so that anyone would be able to ask questions and I I for me this is a bigger thing you know at some point most of us will have children um we will want to have we want those children to be educated there's a very good book uh that I you know it was so good it brought me to tears called Diamond age by Neil Stephenson and in Diamond age um basically the entire story revolves around a a young a poor young girl living in an incredibly difficult environment who somehow gets her hands on what Neil Stenson in the book calls the primer which is an AI book which has been designed to train upper class children and and it helps train her um it's an entirely new take on homeschooling and I think this is too big an effort for any person any individual but if I can be part of a community that shares my values and we together can create sort of like a tutor not just for ourselves but for the next Generations of sovereigns that would be something I would be able to rely on much more than um or at least augment you know the other possibilities out there public schooling and other off-the-shelf opportuni um so it's a very intimate and personal quest for me and I think AI can play a very important role in it I know I've gone on something of a tangent from what was a simple question but like I was saying earlier I think the Sovereign mission is an extremely ambitious one it is one to retake entire parts of our day-to-day lives back um things that we take for granted we don't even perhaps notice ways in which um culturally we are sort of um herded into particular Corners places where we give up our freedom or we give up our privacy or we give up the way that we educate our children or we give up the way that we travel or we give up the way and the places that we can live or we give up our energy Independence etc etc etc uh I think there's a lot of opportunities for for for people to ReDiscover or reinvent in ways that have never been available to people uh Independence and community and I think that ultimately freedom is not an individual Mission but it is a communal Mission um freedom is very difficult to achieve uh for the individual uh because strict Atomic individualism like that is too prone to poverty y uh to really Encompass the full spectrum of human life and so if we want to be free in all ways we need to be free together we can stay on a bit for some additional questions for those who wish um stay Sovereign for everyone uh who's joined and for those who cannot stay

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okay and we're live so welcome to the Sovereign Community call episode 58 uh November 2nd 2023 I'm your host inia the head of ecosystem growth uh with Sovereign the place to be for your Bitcoin defi needs so today we have on our on our agenda uh biocracy 3.0 the the passings of of sip 47 um we have reinstating zero as well as road map for leaving Alpha um and I want to kick this off with um welcoming adago to the stage hey sovereigns this is a big Community call uh it we have been incubating this project to towards uh a high degree of decentralization and um over the last week and a half theocracy came together and voted in some of the most highly engaged and highest degree of consensus sips that we've ever seen um High even for the unusually high um sorry England you can you can move over to my slides uh even for the unusually high level of Engagement that we see with biocracy it's of unusually um so we had um the start of voting starting on October 20th and then um we had s 47 go through its process then the four votes of s 46 and the execution um of moving the Guardianship and the ownership of the smart contracts to biocracy so um while we have always I think behaved Faithfully uh inlandia while we have always behaved Faithfully to the concept of biocracy it is now enshrined in something far better than human law it is enshrined in programmatic law which is the next evolution of of law rules without rulers uh and Sovereign has um embraced this Beyond just a concept now it is um a programmatic reality so um big shout out to everyone here on the call everyone who participated any everyone who helped uh deliver this everyone who has persevered to bring us to this point and um it's an extremely proud moment um I expect for for all of of us uh it also marks a significant Milestone um in terms of the maturity of the project and our ability now to start um much much more aggressively pursuing phase two so we've phase one has always been about incubating the project as a defi project um and bringing Sovereign to the Forefront of Bitcoin defi not only the Forefront now of um usage and tvl uh the Forefront of the scope uh of the uh applications available but also now in terms of the level of decentralization sovereign is unparalleled and with that uh we now need to begin to look towards uh two big pieces of work and this too will take time uh and uh we will continue to execute in the same way on an iterative basis uh learning as we go uh and and um the two big things that we're going to be looking for now is we need to take the lessons of the past and we need to use that as an opportunity as a jumping off point to establish greater growth and bring more um developers to be building around Sovereign more users to be introduced to the concept of sovereignty and um make it easier for people who have Bitcoin to use their Bitcoin without middleman and for people uh who don't have Bitcoin yet to figure out why they should and in addition to that to make to make that possible we need an ecosystem equal to what um The Sovereign applications are able to provide in in terms of trustless uh in terms of security in terms of decentralization and so I think that's what this year is going to be marked by this year will be um the uh year in which we we lay the groundwork for Phase 2 and begin that work and I think very appropriately this is coming also at a time when Bitcoin itself is turning its eyes towards growth once more so um we're going to talk lot about this a lot and there's going to be a lot of um different components that go into this but today I'd like to focus on two the first and this is the next slide is zero so during the course of the last winter uh we have not wasted the winter that we're still in um and we've decentralized we've increased security we've made it easier to develop we develop the SDK we've improved the UI we also ran two very important experiments the first was pers pers worked really well it was by most metrics the most performant Perpetual Market that had being created and I think even now if you look at the capital efficiency available in the P system developed um it is um better than any other alternative out there with possible exception of um order book based ones but uh we were not able to launch it on rootstock uh and so um ultimately uh we we were forced to make the difficult decision not to continue investment in that at the time the second experiment that we ran was supposed to be related to per um one of the big issue one of the big motivators for perss was the ability to create a stable coin B based on or rather a a input into Sovereign mint which would use um Perpetual Futures to create Bitcoin stability the other big input to The Sovereign mint and to The Sovereign dollar was zero and zero proved extremely powerful in terms of user acquisition and a very powerful tool for people to use um and demand for originations outstripped demand for The Sovereign dollar um this is not news to most of you I would imagine um but now but but for the last few months we have been um primarily focused in dep 2.0 the SDK and more than anything else in the decentralization process we're now in a position where we have the ability to review resources review our our our our um deployment of resources and where we're going to be placing our focus and one of the key things is um is zero so what do we need to do uh to move zero forwards um and um is this going to be the right uh Focus for our resources so I I I'll point out this is a complicated matter there is perhaps no more difficult challenge than building a truly decentral Iz stable coin um and this is evidenced by the fact that no one's managed to do it yet um but it is an extremely important thing for us to accomplish uh so there's going to be debate around what uh the timing um and the resources we should deploy around this are but I want to present a road map to what moving zero forwards could look like and how we could achieve it potentially should we make that decision over the coming months there are seven key aspects here um but the first two I think are the most important the first is that we have to Institute a clear what I'm going to call debt sealing ratios in other words we have to have clear idea of when um we would believe that liquidity and an potential imbalance in demand and Supply is emerging so that instead of letting it run its course we would um uh nip it in the bud this is something that we failed to do despite multiple discussions for months we had weekly conversations around the um process of increasing origination fees uh and I think we reacted slowly because we didn't have in advance clear uh criteria for how we would go make the decisions we're Now smarter and we've learned a great de deal which I think is the advantage of the iterative process but uh this would be the first thing that we have to do the second thing is we have to clarify the risk uh of lines of credit um there is an inevitability to zero around redemptions and the reason for that inevitability is that the stability mechanism of zero itself relies on the ability to redeem uh uh for Bitcoin making sure that the um Peg is tight regardless of any mismatch between supply and demand for that reason um we I think have to make sure that the current line of credit holders recognize that the risk of redemptions is ever present and there's really nothing we can do because it is a fundamental aspect of zero uh and so line of credit holders should be looking to manage that risk and for new users we need to clarify that risk going forward now in terms of product and and and process uh around uh the next five aspects we've been very excited to see the um effectiveness of the Babel Fish and senstive cures Babel Fish in senstive cures were theoretical concept until about a month and a half ago and we knew that they should work in theory but we didn't know whether the work that Babel Fish had done would actually work and what we've seen is that Babel Fish incentive curves while not uh as efficient as like the theoretical Optimum curve might be are extremely effective and efficient at um creating a Marketplace for Sovereign dollar to other stable coins and as a result providing liquidity to those who would like to move from Sovereign dollar into tether or usdc this means um that uh we should be looking to introduce similar type of incentive grows into mint um and if we do that uh we will have significantly improved the market uh incentives created a a a a a market with clear incentives around Sovereign dollar um we also should be looking to um reduce the Redemption fee um the Redemption fee uh should be reduced to provide market makers and other Market participants who would like to hold Sovereign dollars uh be this uh treasuries um uh or just regular users with the knowledge that at any time they can with a low fee uh materialize the value of their Sovereign dollars into Bitcoin um right now we've provided more of of a gap around the Redemption fee it is wider than initially envisioned and this is to slow redemptions but I think we need to wean ourselves off of that six uh on and off ramp improvements will make it much easier for people to use their Sovereign dollars as dollars and that of course is a um you know is is a fundamental uh requirement for us to be able to establish the utility of sovereign as a dollar like currency and seven is borrowing and lending the borrowing and lending curves are incredibly um useful part of uh The Sovereign ecosystem um and uh now that we've better established uh D2 and the ability to more rapidly iterate on D2 there's the opportunity for us to focus more on allowing people to borrow and lend Sovereign dollars turn Sovereign dollars into a yield bearing asset and um also have um a way to potentially uh Kickstart the growth and utility of s Dollars around this particular use case which is what we've seen in the past so um usdc and D both saw their primary first use case being around acquiring those stable coins with the express purpose of purchasing primarily eth uh uh so that users had a way to lever up on their eth every Sovereign dollar borrowed in this way generates more than one additional Sovereign Dollar in The Lending pool as well as generating yield for those lenders it is very hard to kick Kickstart that kind of market during bare markets but um if as it appears we are currently on the long path uh towards new uh perhaps all-time highs for Bitcoin it would be much easier for us to attract users around that use case um as I mentioned at the beginning stable coins are a difficult Challenge and um and cracking it will not uh even here you see there's no Silver Bullet um and so and while I uh I'm confident that this is something we can move towards over the coming months I wouldn't expect that um we're going to achieve uh you know a complete success with any um thing like introducing B curves and mint incentive curves um and so I bring us back to point number one instituting a clear set of policies around how we're going to manage um the liquidity risk around this asset uh making it easier for us to come to decisions uh as we uh examine the behavior if we can go on to the next slide please there are um there are a few other uh things here which we are expecting to be delivering over the course of the uh coming months one is RFQ trading we've discussed this a few times in the past so I won't belabor the point but this should substantially improve the ability uh to trade uh by massively reducing uh slippage um dep 2.0 and deprecating dep Alpha we are now at a point we're very close uh to where we would like to be in terms of providing every all of the the key features that we would like to support uh that already exist in dep Alpha in dep 2.0 this puts us in a position to start deprecating dep Alpha and so tentatively we've set um um March 31st 2024 as the last day in which we would continue to maintain d alpha that doesn't mean that d alpha will go away but it means that we are looking for an opportunity to let um to to basically stop actively maintaining it um no decision has been made there yet but that is the current anticipation um ocracy improvements most specifically around the ability to more efficiently um withdraw earnings from biocracy are extremely important um the way biocracy works right now with its um multiple checkpoint uh is gas inefficient and is making it expensive to withdraw for some users best practice is to periodically withdraw the rewards that you are earning from sov staking but we want to make it easier for everyone to do that um mint incentive curve are already discussed and there's also been ongoing work around uh the nbte bridge what is the nbte bridge the new Bitcoin token economy Bridge we're seeing more and more protocols um emerging for tokens on bitcoin and so part of the fast BTC team who have built an astounding piece of technology in terms of you know it's managed many uh tens of or if not hundreds of millions of of dollars worth of transactions with complete Security as F BTC have been looking to extend the capability of fast BTC to allow for these kinds of tokens to be bridged in and out of sovereign and of root stock so these are some of the core things that we're looking towards delivering on the dep um they will I will continue to update you guys as this work unfolds um and with that I'd like to hand uh the conversation over to auror sorry I'm just Shing in before the death update starts because the death update is going to be done by light I would just want to take the opportunity to address some comments which I saw on um the channels one of them was the a concern that I might be leaving Sovereign um the reason for that is probably that I missed the last Community call and have been less active on the Discord in the past few weeks however I would like to assure you that I'm not leaving Sovereign I am still involved and will continue to be involved but I am reducing the intensity for now this means also that other team members are getting the chance to take up some more responsibilities above all Tyrone I also saw someone mentioning that without aoro Sovereign isn't Sovereign and this is the exact opposite of what I want to build we must build something that does not rely on personalities and leaders but belongs to us all and is driven by all in the past I asked you several times to not trust me nor any other Community member of course I'm flattened by the trust you put in me but you really shouldn't you should not trust me the wonderful thing about Sovereign is that you do not need to trust anyone the only thing that matters is the code and the code you can verify so now finally all our different modart contracts are actively and directly governed by biocracy that's a major milestone decentralization from now on no changes to the code can be introduced without a sip all of us will be able to verify the changes and vote on them all of us are responsible which is why I think that now is a perfect moment for me to take some more time for myself and my family and regarding leaders a lot of people speak about me or Yago or l or solbid as if we are supposed to be the leaders in charge of sovereign but that is a complete misunderstanding of what we are building and the way we operate take Yago for example he has shown a lot of leadership how by taking initiative thinking deeply and working hard and mostly by listening to others and learning from them he doesn't lead by issuing orders or taking unilateral decisions and so nobody does that's why I love Sovereign and will always be a sovereign so these were just the things I wanted to clarify thanks thanks thanks for the kind words let's go you can uh go to the next slide thank you very much um hi folks this is light um here's this month's development updates so a couple of months ago we published the blog post on The Sovereign blog about the road map for leaving Alpha and we shared this graphic that showed each of the steps along the process the Milestones along the process that we uh decided a long time ago that we would like to hit before we consider Sovereign ready to drop the alpha label that it has been wearing since the very beginning of the project so just to recap those Milestones include bidirectional fast BTC which we've shipped systemwide contract security audit which we completed uh over a year and a half ago improved onboarding experience which we had uh did the initial uh work on in The Sovereign Alpha app and then continued to build on those improvements in the new sovereign. apppp uh web app lending curves up update which we did uh about a year and a half ago launching biocracy 3.0 which is uh the most recent Milestone that we hit just completed uh two days ago congrats to the whole Community uh for um reaching that Milestone and now the very last Milestone that we have is to finish reimplementing the core features uh in sovereign. apppp so bringing over the core features that we want to preserve from Sovereign Alpha into the new sovereign. apppp and we are we are on the home stretch here folks so let's zoom in on this particular Milestone next slide please so here are the features that we have identified as the core features that we wanted to reimplement in sovereign. apppp amm swaps we uh finished that integrated that into the convert page uh which is now the uh main Landing page on sovereign. apppp uh staking and staking rewards uh we implemented that uh this past summer lending and borrowing we've finished that and creating and voting on proposals which we were just able to finish uh shortly before the votes on uh biocracy 3.0 so now we have a new biocracy page where you can uh see uh the past votes and vote on live proposals and we will be coming out with a proposal Creator uh feature um in the next uh major release which I'll discuss in the uh the development updates coming up in the next few slides so the last couple of uh features that we would like to reimplement in sovereign. apppp that uh we still working on or still have left to do on the road map here are a an interface for Market making that is becoming an an a liquidity provider in the amm as well as being able to claim uh any liquidity mining rewards earned from participating as a market maker and then um expanding our existing funding model to include cross-chain bridging uh for uh ethereum BSC and other bridges that we want to integrate with um right now now that uh interface uh is currently exists in the babble fish web app um and we want to bring some of that capability back into Sovereign so that users can directly uh on an offramp from other chains using stable coins and other assets um directly within the Sovereign application um so those are the last uh two items that we have but to finish here before we can consider this last Milestone of reim reimplementing the core features in sovereign. apppp complete uh but like I said we are working on the market making interface and then once we have um the the new Bridges uh uh between rooto and the other blockchains then we'll be able to finish the cross chain bridging uh project as well next slide please so moving on to uh uh overview of the recent developments and upcoming developments zooming in a little bit for some recent releases uh on sovereign. apppp WE simplified staking rewards claiming on the rewards page so that users can claim rewards uh with a single button click um if claiming Rewards would require more than a full blocks worth of gas then you might need to click this button more than once but for each reward uh to claim each asset that is available as a staking reward uh you now only have to click one button rather than a button for each individual asset so trying to simplify the user experience there um make that easier for folks we as I mentioned earlier we also made the convert page the new landing page um previously it was Zero but because um the origination fee rate is now you know 99% effectively the new creating a new line of credit has been disabled in the user interface um we wanted to shift Focus to um product that was fully usable and looking at the uh dap usage convert um is the most popular uh thing that people are using right now so it made sense to make this the the landing page um we also removed third-party analytics that doesn't mean that we're not tracking user activities it just means that uh your usage of the sovereign. apppp as well as alpha. sovereign. apppp is no longer being sent to third parties like Google or Cloud flare um it for their analytic system uh instead we are just monitoring those stats um directly inhouse looking at the blockchain and our own first party um website traffic uh statistics um over on S alpha. sovereign. apppp uh we recently had a bug disclosed through our immuni bug Bounty program uh thank you to the security researcher who reported that bug um related to the Limit order system and as a result of that we had to uh pause the limit orders settlement contract to prevent that bug from being exploited and uh shortly after the limit order settlement contract was paused uh we were able to update that smart contract and reenable withdrawing uh from the limit order settlement contract so if you had rbtc in the limit order settlement contract because you had open rbtc limit orders now you're able to withdraw those that rbtc uh from the contract and then the last uh thing to talk about here which Yago mentioned earlier and we've talked about a couple of times already is the biocracy 3.0 transition this took up a lot of bandwidth from the smart contract team over the last couple of months as they've been getting all of the pieces in place to make that a successful transition and we're happy to report that everything went went uh according to plan uh for the phogy 3.0 transition so all of that hard work uh paid off and a big congrats to the team for um for the success there next slide please so soon to release on sovereign. apppp we have the biocracy proposal Creator um so if you have a a wallet connected to sovereign. apppp and the address that is connected has enough voting power to be able to create a proposal then you'll see a button on the biocracy uh page that says uh new proposal or create proposal where you can uh click that button and create uh a new biocracy proposal right there in the user interface uh we try to make the user interface as userfriendly as possible so that you don't necessarily need to be a developer to be able to create create a new proposal that will result directly in an onchain change to The Sovereign smart contracts um we want to try to give as much power to The Sovereign stakers uh and and lower those barriers to participation as much as we can um and so hopefully this empowers individual stakers as well as delegates to take a more active role in the governance of the system now that biocracy has full control of the smart contracts so expect to see that update coming out next week and then we are also working on an updated wallet connection model uh taking a lot of the feedback that we've received uh since launching the new sovereign. app earlier this year and and trying to make the onboarding process even more intuitive and a and uh simple userfriendly for new users and existing users when they're connecting their Wallets on sovereign. apppp next slide please uh and finally uh work in progress things that are a little bit further out um but coming you know down the pipe we've got sovereign. apppp uh New Market making or amm liquidity provider interface currently you can trade uh using you know the convert page for swapping uh using the amm but we do not yet have the inter face for becoming a market maker or providing liquidity to those amm pools in sovereign. apppp so soon we're going to have a market making page where you can do that and you won't have to go to Sovereign uh Alpha anymore to become a market maker on the supported uh pools um that or the for the pools that are supported in sovereign. apppp we're also working on air swap RFQ that is request for quote integration this will be a new uh path on the uh convert page where users will be able to Route their trades through air swaps request for quote system if that system uh provides the best quote for the pair that the user is trading on um so as you may be aware the convert page has a feature that's called the smart router which is actually looking at multiple different routes where your trade could be routed and then it is grabbing the the one that the route that is offering the best price and then offering that to you um to either you know accept or decline and in for this feature we're just adding air swap RFQ as another route that could be selected if it offers you the best price what this also means is that if you're a market maker you're a little bit more sophisticated it's not as easy as becoming an LP on the amm just clicking a button and dropping some tokens into a smart contract but if you have the ability to set up a server uh and connect it to the smart contract then you can become an air swap Market maker and you can start providing quotes and compete against other routes uh that could be offered for those pairs to uh to provide liquidity to trades that happen through the convert page so we'll have some information coming out about this as we get closer to launching the integration if anybody in the community is interested in becoming a a market maker for the pairs that we're going to be um looking to S uh source quotes from and then finally uh the smart contract and front-end uh development teams are working on enabling mint redemptions uh to fulfill the the sunsetting mint uh sip that was approved by sov stakers earlier this year this is something that um has t has been put on the back burner a little uh for a while because of the work that on biocracy 3.0 but now that that launch is behind us uh we can turn our attention to um finally uh implementing that Sip and um and and providing mint holders that interface uh to convert mint back into sov uh and rejoin the sov economy um so those are the developments that we have as Works in product ress and you'll be hearing more about in the coming weeks uh and that concludes the development updates thank you thanks a lot John uh very very in-depth um French Victory are you there yes thank you in gandia it's it's uh next slide please it's a brief update about ongoing efforts in adoption uh essentially we're trying to raise a new uh uh budget from iov for marketing activities where previous budget we've received from them were $3,000 for the pilot competition if you guys remember and then we received an En large budget of $115,000 uh from the profit and loss trading competitions both of these budgets uh were dedicated to uh rewards for the Traders uh we use some of that money uh for uh influencer Marketing in order to drive registration and that uh worked quite well I think around 30% of registrations uh to the competitions were from uh these marketing activities the influencer marketing uh and now we're seeking a marer budget of [Music] $210,000 uh for three months of marketing activities now our goal with this is to uh onboard uh well it says 10x but to onboard uh a few hundreds if not thousand uh users uh onto Sovereign um with the the with the focus on staking now the the path we we're currently uh intend to go is um is uh a combination of uh PR of influencer marketing and display ads which will uh present the the advantages of taking on Sovereign to entirely new uh audiences the audiences that do not know uh Sovereign and do not know rootstock uh and that uh will combine um uh first of all a branding effort and then also a value um effort to to emphasize with these new new audiences that that uh they have there's uh money to be made with the S so staking s so that's it for me we can open this up to questions and I know we have some already in the chat so uh I'll just read aloud even though light answered it um larius asked what will happen to margin trading so the short answer is um right now we're not looking to move uh margin and spot trading immediately to DAP 2.0 um but we will be hosting it for the time being and we'll let you know in advance if if we plan to no longer host the um spot in margin trading on dep 1.0 um metamask asked hey Yago is there a single staking assets like staking dollar and earning sov um so I know that you can stake a dollar and ear an interest in The Lending pools um whether you can learn earn s so also can anybody else answer that yes so you can currently earn um SV with Sovereign dollar um in the stability pool um and that provides a um flat uh yield of 5% annualized right now in sov on top of um the regular earnings of the stability bll which can be um significantly higher than that and are paid out um effectively in BTC so Unicom asks for French Victory what does iov labs want to get out of this new marketing investment um because yeah it's Hefty money that they're putting into this um please shed light on that French sure uh Unicom also adds asks that uh if they're full on partnering with Sovereign or this is just a way of boosting root stockchain activity so uh the latter is true they are interested in increasing uh transactions on their chain they want to see more activity they want to be able to show to uh their interested party that uh root stock is happening and they are willing to put the dollars behind that so they're expecting to see uh thousands of transactions happening on on rootstock as a result of this marketing activity i' also like to point out that this wasn't easy um there was a lot of work that went into this from French Victory from uh arando from inlandia and from myself um it only took us about uh 2 and a half years to persuade them that Sovereign was the largest protocol on um on rootstock and that it might be worthwhile for us to work together we're still working out some of the Kinks in that relationship um but I will say that I think we've seen a significant shift in thinking around uh Sovereign and rootstock more generally at iov um and we are hopeful that this will not only continue but accelerate uh Absolutely I'll add that the sentiment uh as I received it in iov regarding this budget is positive we've discussed the details and the breakdown on how this will be paid out uh and I hope to have a final answer this in the next couple of weeks all right big big shout out to French victory for leading that um so yeah I don't know if most people know this but IV Labs does you know there there is um they do get a business benefit from the more transactions that happen on the roof stock chain uh so you know it works out for them as well so Travis trades asked didn't we already have Dynamic fees for zero put in place before zero originations were halted um yes the answer is yes but let's make a clear distinction here the way zero is just the way zero currently exists there are Dynamic fees which increase both the Redemption fee and the origination fee um I'm going to simplify I hope not too much but uh basically as more redemptions occur the fees of both increase um this is not um adequate and we've seen that it's not adequate not just in zero but also in liquid and the many other projects that have attempted to create this type of product um and so the intention here is to create a different kind of curve which is responsive not to redemptions but to available liquidity and Babel Fish have demonstrated that this works uh in the Babel Fish curve where if there is more demand for let's say usdc then there will be a larger reward for the depositing usdc and a lot of users have already started take advantage of this depositing usdc or USD or identifying where which stable coins they can make the most money by depositing and it will also contrarywise to that charge of fee uh if there is more demand to deposit Sovereign dollars and so this provides a mechanism bya which those who wish to swap their Sovereign dollars for another stable coin are able to do so at a market market price rather than what was previously the situation of price of zero same thing can be instituted in mint uh where it would be a question of the desired weight of sovereign dollars versus for example doc so this would be an additional overlay responsive rather than to redemptions to available liquidity and therefore incentivizing and encouraging additional liquidity um I'm going to we're going to devote a lot of time to discuss this over the course of the coming month and then beyond that so I won't go into too much detail here as you guys are probably aware we've both done R&D and implementation work around optimistic rups we've done a lot of uh research uh into the theoretical aspects of um ZK rollups to bitcoin um and uh John has written probably the most important documents uh available or the most important white paper so to speak available on the subject and is uh required reading I would think for anyone who is interested in the topic so first of all I encourage you guys to to take a look at the work of John light um the uh opportunity now is to take that knowledge um and turn it to develop um and this is not something that we would look to do on our own for two reasons first of all it requires a large number of different skill sets some of which currently exist within Sovereign uh developer community and some of which do not but beyond that this needs to be a broader effort this is upgrading Bitcoin basically it's it's a it's a it's the upgrade to bitcoin uh and it needs to be viewed as an effort of the Bitcoin Community not just of sovereign one that is very important to Sovereign because it will allow us to uh be more Sovereign to have uh the ability to deploy um systems optimized in ways which we currently can't and an excellent example of that is pers and because it opens up new opportunities for S so stakers and additional Revenue um and I think will reflect very powerfully also on the standing branding and perceived value of sovereign as a whole um but it is um as you guys are aware we can't ever talk about Partnerships or collaborations especially with companies um because um they you know they are not decentralized and so they get to have uh you know decision or to make decisions about when they want to reveal various things um but yes um I think we have basically had conversations with pretty much every single person in the world right now who is significantly engaged in this effort yeah so stay tuned um I think that when it comes to uh scaling and and and Evol in Bitcoin uh no one thinks bigger than Sovereign we're a small team but you know we have lots of big ideas for the future of Bitcoin um so shout out to us DJ on Philly asked when will the ability to view the portfolio be added to D2 pbd metamask ask when I'll just so so John gave a very laconic answer it's true that that no date has been set but it is something that we are you know especially the the the front end and the product team are actively engaged in um there it's being um currently defined and spec out I think it would be really cool uh to hear from you guys what are are the key pieces of dat that you would like to see what would be useful how would you like to see it different from how it is in Dap Alpha um and for us to have some opportunity to do some user testing as well but um but it's not being forgotten or ignored all right thanks for expanding uh when you guys say cross chain will it include stack chain uh England yeah maybe you should talk to that um well we I don't know if uh you remember but we have um we have announced that bitf flow uh which is a um they're planning to be like the curve of the stacks ecosystem they are um in the process of building a bridge from Stacks to rootstock and they should should be on testnet soon uh I believe this year um and yeah they're they're planning some uh pools that will have one of sovereign um main assets uh when that bridge goes live so stay tuned and uh be ready so we have about eight minutes left do we have more questions from the Sovereign Community this is your channel can I yep can I say something real quick this is Travis um I just want to say thank you so much to auror and the whole team but to auror for one just addressing what was going on in the uh chats and then two just for all the contributions she's given to Sovereign and all hard work um just much appreciated so thank you oh [Applause] thanks yes big shout outs to Aurora do we have any more uh comments or questions from our fellow sovereigns I do see some people typing in the chat uh showing a lot of love to the team we greatly appreciate it shout outs to you for staying active for um you know showing up to these calls and and you know getting the juice because we're we're all we're always building and shipping all right so if we don't have any more questions uh perhaps I'll close out the recording and say thanks to everyone who showed up it was a great turnout today um a lot of exciting things toe ahead for us uh and going into the new year so stay Sovereign everybody I'm gonna hit stop in the record and feel free to hang out um I'll hang out for a few more minutes but uh this community call episode 58 has been adjourned so stay Sovereign everybody stay sovereign

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okay welcome everybody today is December 14 2023 Welcome to The Sovereign Community call episode9 the last Community call of the year um we've got plenty of exciting things to go over with you guys everything from Community Awards 2024 Sovereign road map as well as the Sovereign layers so everyone please if you're not speaking keep yourselves muted um I'm going to Welcome to the stage adago thank you ingamar and hello sovereigns and welcome to the 9th Comm is anyone else having a I don't know like feedback issues yes yes major you wna maybe you want to unplug plug back in Yago or try some other microphone option uh give me a moment how about now it's still a bit scy for whatever reason terrible it kind of sounds like like that Iron Man song I am Iron Man it's like can you guys hear me well now better sorry can you say again now it's all and clear all right well I'm having some trouble hearing you guys but uh we'll we'll we'll move ahead anyway all right so with that welcome sovereigns to the 59th Community call and last Community call for 2023 uh we're going to be trying you know we're going to sum up a lot of the work work that we've done in this community call um and part of what we're going to be discussing today is pre-announcement it's stuff that shouldn't yet go public U because when we announce we should announce properly and so I'm going to ask you and we do this relatively rarely but it's important when we do do it that the parts of the call today that are not going to be published uh that you guys not record them and not uh publish them because we need to as a community stay within the cone of silence um and with that let's get started so normal agent can you please yourself or normal I I can hardly hear you can you say again uh no there's still some people unmuted so I'm trying to get them to mute themselves um if someone can help me mute these people thank you all right sorry proceed all right okay so what brought us to bitcoin was the sense that finally here was something that was pure and Incorruptible and unfortunately for a lot of us what has made us sovereigns and drawn us to this project has been the feeling that we have collectively dragged the corruption of the old centralized world into Bitcoin and we see it in centralized exchanges and services we see it in the Sam bankman Freeds of the world we see it in the Larry fins and so we as a community I think came together and are bound certainly together by an understanding that a different future is possible with Bitcoin an understanding that unfortunately is shared by twoo few and understood by even fewer and what we have is more than an understanding we also have consistantly demonstrated the grit and the determination to build this future now early on before anyone else we predicted that it would be possible to use Bitcoin without trusted intermediaries to do it with defile we predicted that rollups would make it possible to build anything on bitcoin and we predicted that this was the path this was the path to hyperbitcoinization and we were able to predict this future because we determined to invent it so even as early as the black paper we set out a plan that encompasses this entire Vision even 3 years ago we described how we would start with Defi and then expand to building the infrastructure needed for rollup and to trustless Bridge and use BTC in these ecosystems and that this would allow us to build a Global Financial operating system secured by Bitcoin we were ambitious but not delusional we realized even then that we were rag tag team of Misfits and the technology wasn't yet ready so we came up with a plan that would allow us to scale our project to achieve our Ambitions and the plan was quite simple first we would build a suite of decentralized applications allowing us and anyone to start using their Bitcoin without having to go through corruptible centralized intermediaries then we would build the permissionless infrastructure required for trustless smart contract rollups on bitcoin and having developed that infrastructure we would use it in the Final Phase ways to bring hyperbitcoinization to build a world in Bitcoin to allow Bitcoin to become the new superpower the new jurisdiction perhaps replacing the US a Sovereign Nation is what we started describing ourselves as with its own economy its own court system citizenships and and the ability to protect those citizens and eventually an archipelago of sovereign cities dotting the globe a big Vision with many steps in between and to many people such a big Vision sounds impossible but we know that Bitcoin also sounded impossible and it also sounded impossible to build on rootstock of all places which at the time was a dead chain without any activity and not just to build but to build the leading defi Bitcoin platform in this period of time we've built out trading and we've built out out uh lending and we've built out Bitcoin back stable coins and we've innovated in the kinds of lending available and we've created the ability for people to see and to have nfts and we've created uh Integrations with the chains and with lightning fast BTC governance for our community and a set of a sense of community with Community Values all of this has been built out allowing us to today on root stock as a a a series of depths on rootstock to be 50% larger in terms of tvl and significantly more than that in terms of trade volume than the entire stack ecosystem in fact larger than Stacks in liquid and all of the rest of the side chain World in Aggregate and so we've convincingly proven phase one and we intend to continue to maintain that lead and part of maintaining that lead is moving into phase two and that means kicking off phase two permissionless infrastructure in 2024 and that's the topic of today's call but today is also the last call of 2023 and so before we dive further into that I'd like to invite French Victory to honor and celebrate the some members of the community who allowed us to get to where we are now thank you very much Yago uh today is a lot about thanking uh our community Sovereign has a lot of outstanding Community member but some of us took special action and took special care of others those people stand out even from the outstanding uh we would like to bestow uh Community honors upon these uh uh these members and we inscribed special dragon ordinals on the Bitcoin main chain which we will send to all of all of you mentioned um to your TAP rot uh wallet uh can we go to the next slide capitalist 42 for being proactive about zero one of our most significant products and for planning a sip proposal as well as being an active and vocal Community member we would like to honor you with this ordinal dragon larius you've been here since the beginning and you are always contributing in the Spanish and English communities always making great and interesting contribution for the community across all channels we are very very happy to honor you with this ordinal Dragon legosi constantly positive you run the Spanish uh uh speaking uh Twitter Sovereign es you host uh Spanish language spaces and you're spend spreading the word in conferences and being one of the most active sovereigns there is it is a privilege to honor you with this ordinal Dragon Sacro uh you communicate with people across all channels you launched the first ever biocracy 3.0 Sip and you communicated on behalf of SN with iov Labs makers of rootstock uh again it is my privilege to honor you with this ordinal dragon and finally Travis Travis trades possibly the most positive person uh there is in the world uh but surely in our community uh constantly hap uh Happy always helping out new users and very very bullish on Twitter which is very very important I'm I'm very very happy to honor you with this orinal Dragon um you guys are the first Sovereign CI citizens which is a new initiative which we will expand very very lightly at the end of this and uh in at length at the next Community call thank you very very much uh everyone Yago back to you huge shout out to capitalist octarius legosi Sacro Travis trades outstanding members of an outstanding Community if we can get a round of applause for them all right [Applause] [Music] fantastic yeah yeah and now sovereigns back to the future so from this point on we will not be publishing the recording because this is a discussion that we want to have with the community and as a community first uh it's it's a significant Milestone and it's something that when we announce uh we should announce together as a community um what we would like to do is be able to start revealing more and more of this as well as additional technical details which we won't be able to cover today probably um starting January beginning of next year

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okay go cool all right welcome everybody Welcome one Welcome All to You Sovereign individuals um it's the first Community call of 2024 episode 60 we've come a long way delivering the best Bitcoin defi ecosystem and as you may know we are evolving um you know we're we're out to scale Bitcoin and make it fast F more versatile um and smarter and creating the the best programmable environment for building uh a world on bitcoin so um we're going to be speaking on everything from our financial reporting to S so staking rewards as well as the roadmap for the anticipated Bitcoin OS launch so I would love to Welcome to the stage uh adag [Music] go hey guys um I thought uh we were going to cover the finances first okay do we have uh Armando here for the financial report yeah if you could uh skip to those slides quickly I can cover it uh pretty fast all right let me uh try and find it okay here we go okay thanks uh ingamar and uh thanks everyone for joining um I thought it would be good to provide a financial update in this call all H despite the fact that it's not a full financial report for 2023 so I'll um start off by saying that over the course of the next couple of weeks in early February exer will be uh releasing the full financial report for 2023 which will also include um treasury balances a proposal for a budget for 2024 and um an sov report covering all of the distributions that uh have been made by exer from inception to dat um I wanted to give a short update about a couple of things in this call to give everyone context about what's happening and it's also relevant to what um will be covered on the rest of the community call because the goal of the budget that we'll be proposing is to support um the road map and the launch of Bitcoin OS in 2024 so to briefly cover our treasury goals um a like I mentioned we want to tailor a budget that can support the development of Bitcoin OS as well as continued maintenance of all current sov Services um that are running uh in terms of s so we will be raising a step for the transfer of EST that has become liquid from the adoption and Development Fund and this is primarily for um ongoing ongoing expenses and provision of liquidity to market makers uh Our intention is to deepen the liquidity make the trading experience um even better reduce uh spreads and um set sov up over the next few months for the launch on additional exchanges and additional venues um in addition part of the transferred s so to ex cheer will be used for sov rewards um which will also be covered in uh in this call today so um what I will be covering today is uh a quick overview of uh sov distributions to date and um I think that'll give uh some context to the full financial report that we'll be releasing soon so if you could move forward one slide please uh before we touch on sovv um we just wanted to give you some information about the Project's operating expenses versus budget uh we think this is important because we will be putting forward a sip for a budget that has increased spending um this year than traditionally or what we saw in 2023 um and as part of that we uh just wanted to cover the fact that over the course of the last 18 months the project has been uh like every other project in B uh going through the conditions of a bare Market where there's there was a steep decline in um bitcoin's price and after that together with that a decline in um the price of all of the Assets in the space uh and our main goal during that time was to make sure a that the project survives the bare Market is able to maintain it um organizational knowledge it's uh set of contributors and to um have enough resources to cover technical debt that was left um in Prior years and prepare the project for um probably its most pivotal year 2024 and we'll get into uh why it is so pivotal so um the main goal was to have budgetary discipline which I believe we accomplished and on average during 2023 all expenses came under bu aage 2% um and that set us up for a healthy to be in a healthy financial position now um as we get started with what appears to be the next full run for Bitcoin uh more information about the expenses as well as uh future budget like I mentioned will be in the full report uh could you skip one slide forward please inore also please uh if if you are not muted uh mute yourselves and and uh my request to the community managers please mute people who are't muting themselves all right thanks so um like I mentioned one of the sips that will be put forward is a um requesting approval to transfer liquid sov or sov that is been released from its programmatic investing schedules in the adoption and Development Fund as we have done twice before in 2023 and before that uh in 2022 um when the Sip comes up we will also be uh publishing a full report of all of the sov that was distributed since tge um but I think one of the important things to highlight here is that in addition to exercising Financial discipline over the last year ex cheer has also um conscientiously been quite strict with um its distribution of sov and what you can see here is highlighted in Orange is the total amount of sovv um for every year that was distributed by exer that includes both programmatic distributions and non-programmatic distributions and I'll get into a little bit more detail of what those are um but below that you can also see um that the percent utilization of sov available to ex cheer based on the emission schedule is on average about 40% so what does that mean that means that during the period of 2022 2023 um out of the Total Tool of available to ex cheer for distribution on average only about 40% of that was utilized and obviously that was done because during um bare market conditions it is difficult to grow it is more challenging to utilize SV as the reward for incentivizing additional growth and additional um and and on boarding additional users and additionally since the token price um was low during this time bang for in distributing SV all of this is to say that do intend I'm getting some background noise um yeah I think there's a nonone uh zero chance that we are currently in the process of the Satoshi VM crowd trying to DS us so I just need the um Community managers to please be on it with muting anyone who comes on unmuted don't even wait for them to start making noise thanks so all that to say that uh this Dynamic um is going to flip this year and we intend to utilize sovv um to incentivize growth which is uh really what the um bull market is around the bull market is around uh Distributing sov to stakers uh inducing grow incentivizing additional users to come on board and so all of that will be part of the sovv slip that will be uh released for Community debate next week on The Forum and then probably go to vote one or two weeks after that um and so I think we can expect to see additional sov spent on um things like uh bug bounties development bounties adoption bounties and primarily uh staking rewards so uh this slide just gives a breakdown of what non programmatic distributions are versus programmatic distributions um non-programmatic distributions are distributions made by ex deer for contributor uh compensation for uh bug bounties which we increas increased drastically in 2023 we had found that it's probably the most efficient and effective way for us to ensure the security of the system the bug Bounty program has proven to be really invaluable and and um much more um from what we've seen much more beneficial than uh regular audits so that's something that we're going to put an emphasis on um beyond that we've also seen uh uh a see that the majority of um sov that has been distributed 48% has actually gone to liquidity mining uh and we expect that over the next few months um a lot of that will be diverted to staking to increase um the debt of sov holders and increase the decentralization and the bance of our governance of biocracy as we transition uh from the set of depth that Sovereign currently is on rootstock to Sovereign being um its own infrastructure provider through Bitcoin o so that was just to give everyone a a small uh snapshot of what to expect over the next couple of weeks uh so just to recap quickly uh two steps coming up one is a proposal for an increased budget to support all of all of the activity over 2024 the other is a will be a step for the transfer of s so um to ex cheer and that's supp to detail what we expect those distributions to look like um and all of that all of that will be on the back of the full financial report that will be um published at the beginning of February um that's all for me uh inlandia thank you very much and I'll be available for questions at the end of the call great yes um everyone please save your questions towards the end I think this will be a pretty chunky one so let's just make sure we get all the updates um finished first and so we'll um we'll move on hi my name is fren Victor and the adoption lead here in Sovereign uh you guys may have noticed that we have an announcement tweet uh live now on our Twitter account on stor V Twitter account and it would be awesome if everyone present could take take uh 10 seconds go to sovereign's Twitter and uh retweet this tweet it makes wonders to exposure makes wonders to the project uh there are a lot of eyes on us right now um I I I I see a lot of new faces so I guess you know that um and these retweets these new lead to new exposures to new people which are key in getting us a new audience so if everyone can take uh 10 seconds and do that right now it will be highly highly appreciated thanks all right thank you very much French victory yeah and bookmark that's some a hack someone told me you bookmark a tweet that you really care about and the algo will figure it it's an important tweet there you go some some Twitter algo Alpha all right so moving on let's um let's do the Strategic update yo thank you so what have we been up to next slide you'll see that the answer is nothing quite a lot actually awesome all right so a little bit of a delay there in getting the slide we're actually working on a huge amount of stuff in parallel at the moment uh over the coming 3 months we expect to do our first multi-chain deployment our first non-root stock deployment probably the first of many um there are a number of different platforms that we are in talks to uh some there there's huge amount of interest from some of them to bring Sovereign because it's such a unique project um and so we're actually possibly being offered bribes and we'll invite those teams or at least uh one of them over the course of the the next few weeks we hope uh to come speak at one of our uh meetings talk to the community and give you guys the opportunity to decide whether or not you you think we should be deploying to their chain we're also working on a major decks upgrade the full Contours of this deck upgrade um are not clear but we expect to have a much more efficient decks with deeper uh opportunities for liquidity better uh uh and possibly Dynamic fees um and um we're looking also uh cross fingers to be able to bring back uh the limit orders but this time in a much more um performant way um we're also uh working to adjust the origination fees now when I say we I'm talking about the Sovereign Community as a whole there the for example the conversation around origination fees um there's uh a bunch of people who have been extremely active um who I'd like to actually call out so uh capitalist 42 Sacro uh one digit uh David Roy uh hide um uh I wonder if I'm forgetting anyone um there's there's uh let me anyway uh CK obviously so um I my understanding is that they are constantly monitoring the origination fees and are looking to potentially look to introduce a sip to reduce them further uh we have been working uh for a while now on the ability to integrate Tapo assets into serign and to bridge Tap Root assets I'll talk a little bit more about Tap Root assets um further on but I think that's very exciting today we announced Bitcoin OS the Bitcoin rollup super layer I'll talk a little bit more about that as well and we're working on a bunch of importantly fun and silly stuff because we are in a bull market we think uh we hope and we hope to encourage it and uh and nothing does that like fun silly stuff all right let's move forward so in the black paper we set out a structure for how we were going to achieve our ultimate mission of building a world on bitcoin and providing a path to hyperb chronization much too big a task for us to do in one chunk much too big a task for us to do at the time when we were just a small project so we said first we would build a suweet to deps and I think we've convincingly done that we have consistently for 3 years been the leading the largest um from tvl from trade volume from lending volume the biggest ecosystem of Bitcoin defi uh in the world bigger than all the rest of them combined for a small project I think that's extremely impressive but we've always been operating in a niche market um now the market is becoming much more competitive there are vastly more people interested in Bitcoin there too there's vastly more people interested in Bitcoin Defi and there are vastly more projects and we need to continue to take to to to to to lead uh in this space that brings us to the second part of our road map which is being about building permissionless infrastructure trustless smart contract rollups on bcoin now at the last community meeting we went into quite a bit of depth on what it is that we're planning to build and the high level architecture we also discussed how we're looking to bring in U and are working collabora collaboratively with teams from across the Bitcoin ecosystem on this project but some of you were not on that call and that call because it was for the first secret call that we had had as a community was not recorded I'm going to give a quick summary of what we discussed there and I'm going to talk about the permissionless infrastructure for Bitcoin that we were building next slide please so Bitcoin OS is designed to take Bitcoin from being just a platform for digital gold into an operating system for the World building a shared compute system upon which we can build anything next slide please and the key to doing this is we have to be able to solve three problems the first for us to be able to say we're really bringing smart contracts to bitcoin and not just to a chain which is merge mine with bit coin or is a side chain of Bitcoin but actual Bitcoin we need those transactions to be Bitcoin transactions and we need them to have 100% of Bitcoin security and we also need them and this is where the magic comes in we need them to happen offchain they can't happen in main chain so that is what a rollup is supposed to do but it's not just enough to secure the transactions that are happening on that chain we also need to have near trustless ability to move Bitcoin between the different layers between the different r s and between those rollups and Bitcoin main chain this is a even more difficult problem a lot of people are working on problem of Bitcoin security far fewer people even have a a path to working on near trustless B Bitcoin rails and the final thing which is also unique to us is our focus on interoperability and scalability there will be many Bitcoin rollups and it will be a shame if they are not interruptable if each one is a fragmented Silo with cannot share transactions cannot share uses cannot share liquidity with the others and so if we can solve all three of those problems we don't just have Bitcoin and rups we expand Bitcoin itself to include the rups next slide please so broadly speaking what do our architecture look like what are we trying to build where are we headed so we've got on the extreme right we've got Bitcoin blocks in Bitcoin main chain part of Bitcoin core right we'll call it the core on the other side we've got transactions that are happening offchain and because they're happening offchain they can have extremely low cost they can be performed with extremely fast settlement potentially subsecond settlement and they can be written into different virtual machines evm or rust or Solana or clar or whatever programmers want to build with the magic is what happens in the middle these offchain transactions need to be aggregated bundled up or rolled up together and they need to be compressed it is this act of compression which is the rolling up process and so any roll up will do that it will take a bunch of transactions and compress them what we're looking to do which is different is as you can see in our compute layer there there are three or potentially any number but we're showing here three rollups and these rollups instead of um uh uh rolling aggregating and compressing the transactions into a validity proof that goes straight into Bitcoin core they go through an execution layer and this execution layer is a shared layer which means that all of those transactions get bundled together into one proof that enhances uh scalability reduces cost and the most important thing it means that someone who is on rollup number one which is a privacy Focus rollup can be transacting with a dep that is on rollup number four which is a D5 Focus rollup they get the benefits of the Privacy they get the benefits of the Defi and it feels to them like they're working on one single chain because it's all going through the same execution layer that is our goal this is what we're trying to build next slide please okay so that show takes care of you know I know I know I'm making it sound simple so simple but you know if we get there and when we get there um that takes care of Bitcoin security it takes care of interoperability and scalability what about near trustless Bitcoin rails next slide please all right so this is where holy rail comes in hurly rail is a project that we're collaborating with that I am deeply involved in and its goal is to build cryptographically secure BTC rails that will be used by Sovereign the way holy rail works is instead of using a federation or you know some kind of trusted Peg it creates cryptographically secure BTC bridging which works between main chain and the rollup and between the rollups this uh system is similar to and inspired in part by some astounding technology that was proposed um by uh Robin Linus called bit VM um but it has significant optimizations and we're we're rushing to to bring it uh to a place where we'll be able to integrate it into what Sovereign is building over the coming months next slide please so how can we do this how can we go from trusted to near trustless from an honest majority assumption where you have to trust that a majority of participants in a multisig are going to keep your Bitcoin safe to a situation where a single participant a single honest participant and that poent participant could potentially be you can keep maintain the Integrity of the entire system well the way we're able to to do this was by taking um advantage of something we call reality next slide please because the nice thing about reality the nice thing about truth and especially mathematical truth is that it's asymmetric if you can show a mathematical proof of something that it doesn't matter how many people are arguing against you there's no vote there's just a clear mathematical proof and that's basically what cryptography is and so this idea of being able to create validity proofs that prove that something has happened and that as a result something should happen has been the big struggle we don't have the upcodes in Bitcoin to uh to um to use these if we did we would have true trustless but what's great about um the optimistic VM uh Paradigm which was introduced by Bitcoin VM is it allows us to have a what we call optimistic scenario where under most cases the system just works but if someone does try to cheat then we just need one honest participant to come bring a proof and they can stop the fraud and in fact punish the attacker so that is how we expect to bring all three parts 100% Bitcoin security near trustless rails and interoperability and composability to bitcoin space next slide please and so what that means is that as a project we are now building upon the suite of apps and the community that we've built and we are moving from being only a project focused on uh deps to a project that is also building Bitcoin infrastructure that our deps will be able to use that we as a community will be able to use but that will be open to everyone to any developer who wants to build their own rollup or any developer who wants to build applications on bitcoin that's what Bitcoin os's mission is next slide please okay now before I also mentioned tapit assets because rollups are exciting but they're not the only thing happening in Bitcoin Bitcoin is undergoing an absolute Renaissance right now and one of the things that kicked off this Renaissance was the idea of ordinals the idea of introducing through inscriptions uh nfts into Bitcoin later people uh sort of hacked this technology to create BRC 20s it's not a great technology for that it's a hack of a hack but it brought fungible tokens directly to bitcoin main chain there's a new protocol which is in its early phases called Tait assets used to be called Taro and has gotten a lot of attention but hasn't really taken off yet way taer assets works is vastly more complicated in some ways but much more powerful and much simpler on the actual Bitcoin blockchain than brc2 it's a far more elegant solution than BRC 20s and we um have mostly ignore b20s because they're a hack of a hack but we expect to play an important role in helping to popularize Tapo assets which can be used on Lightning Network as well and other protocols that we expect to be introduced uh to bitcoin main chain for tokens including runes and ZK coins um so we've be working on a bridge this will allow us to take um Sovereign dollars and turn them into the first Bitcoin stable coin the first stable coin that can be transacted easily on Lightning Network it will allow us to take sovv and introduce it to bitcoin main chain and it will allow us to offer projects that are creating tap assets a place to trade by bringing them to Sovereign decks and I think that's going to open up and expose us if this Market takes off the way we think it could to a number of assets where we will have a unique and distinct advantage in a way that's never been true about Sovereign deck before next slide please all right so what does the road map here look like this is going to be an important year this is uh you know what I'm talking about here this is 2024 and so let's look at the way we expect this evolution of sant to occur over the course of the coming year so q1 is about preparing the groundwork in a separate uh uh video and I've already published some thoughts to The Forum and I'm I'm planning to publish a video and have a separate call just around this I think it's going to be important for us to introduce staking rewards um which go beyond BTC SV staking rewards to SV stakers um I don't want to get into why now it's a big topic we were originally going to talk about it today but we've removed it we've also spoken about the tapate assets bridge and we have started the process of today we announced Bitcoin OS we're going to be releasing the holy rail white paper we've got another uh Bitcoin OS orange paper in the works we've got a validity proof rollup paper uh that we working in Partnership uh in the works and we're expecting to be able to announce Partners who are working on bitcoin OS with us all this quarter next quarter Q2 we expect to introduce Sovereign for the first time to a non-root stockchain we expect to have a devet of Bitcoin OS and we potentially and I I can't stress enough that this is just potential we don't know if this is going to be possible yet but we might be able to have Sovereign layer a standalone roll up on bitcoin already in mayet as soon as next quarter now I'd like to cavey at this the way we are thinking of Bitcoin OS and where we want to get to with Bitcoin OS it would be a pure plate Bitcoin system you would need you would require no other system if we want to get into Market by Q2 we would have to introduce a hybrid model model which would require a uh an additional component called a data availability layer we wouldn't be able to Simply rely on bitcoin to provide the data availability layer the technology isn't quite there yet it's close we would then be able to transition so there's going to be a discussion around this but I I wanted to let you guys know this is something we're working towards we don't know if it's possible but we're definitely exploring Q3 we expect to have hurry rail at least in testnet we're targeting mayet test net for Bitcoin OS Bitcoin OS M it in Q4 and then the introduction of an ecosystem fund to help other projects start building their own rups or projects on serign layer next slide please um no this was supposed to be removed uh cuz it's too much to get into today can we skip the staking reward slides all right sure yeah no you're apparently yeah that's right okay all right one last thing with the introduction of tap assets we also want to uh Kickstart and help popularize Tapo assets and so we're also planning um to create a Tapo assd token and right now it's a mystery token um but to create the tap acid token which will be air dropped to um sov stakers to sov ogs people who have been using the protol for a long time and to people who are using it now so over the next two or 3 weeks it might be a really exciting time to become a first time user of servant because there's there's there's some this is the kind of fun silly stuff that can really make a difference um and and and uh and we'll be talking more about this uh very soon as well um I think that was my last slide what's the next slide oh yes the most important thing um it's very hard to put timelines on anything that is R&D we feel confident that we can deliver this road map in 2024 um we can't say exactly uh and that's why we talk in quarters we can give broad uh uh uh uh um sort of Milestones that we're trying to hit but we are working full speed um and so this is the vision that we have this is going to be a cre year that we're in phase two and we're looking to deliver to ship in 2024 yo signing off thank you thanks a lot Yago um excellent stuff uh now let's bring up French Victory with the adoption update thanks Yago and thanks inamar gandia um next slide please uh we have another new initiative which is turning out to be very very successful it's called the sof Squad it's a telegram group and this group is meant to amplify our social messages mostly by retweeting and especially by quote tweeting we have found that um these are the methods that work the most for exposure for views on on Twitter now since this group launched uh I think just last week we have 10 x are reached on on on Twitter our posts make 50,000 views which is uh we don't even have 50,000 followers right now uh and this this group is making a very very big change we would like you uh people who use Twitter um to join us in The Sovereign Squad so next SL slide please uh you can search for soft squad on telegram you can scare this QR code you can just uh type this link in any type of uh browser that you may use um and join the so v squad the S Squad help us get the message across help us uh raise awareness to the project to the assets and everything else that we do around here um this is a truly a successful Venture an exciting Venture uh which is part of a a very exciting uh step up for the project as a whole thank you very much also just to reiterate um that that will be the group where we post any you know Insider Sovereign info first so if you if you want the inside scoop please join that group uh thank you very much all right so we just had the financial update with Elon and I believe we can take we can take questions down I'll I'll keep it on this slide um so the floor is open if anyone has questions on on the financial update on The Sovereign Squad or or our road map um feel free to unmute yourself um and just ask away yeah hey guys can you hear me yes what's your name my name is MOA um I'm in the S so Squad now I brought it up a couple times but I mean I see consistently the eso is leading price action and I'm just wondering if there's any plans on introducing liquidity awards for that side um so right now there are no plans to introduce liquidity rewards uh liquidity rewards are expensive we um have learn learned over the last few years that we need to be very careful in shepherding um sov we don't want to flood the market with sov unnecessarily there are probably cheaper alternatives we are looking into the possibility of working with a market maker to have a deeper liquidity provided via un swap V3 um and that is maybe partially an interim solution because um we might be able to also offer sort of sovereign trading within the wider ethereum ecosystem over uh over the coming months um but um yes we're aware of the the need to provide additional liquidity uh we just need to find a Capital efficient way of doing it yeah I totally agree for question yeah thanks guys um I I also have a question for Yago uh I know right before this call there was something there was a spaces uh involving Satoshi VM and you know some of my friends are you know uh are saying that you kind of came in and and expose Satoshi VM for what it is um kind of called them out on some things and uh it ended up blowing up all over Twitter and getting us a lot of attention do you want to kind of Nar narrate the yeah play byplay look I didn't I was invited to that call I didn't know a lot about stoi VM before uh almost nothing I just knew that they had you know done some kind of uh Ico um but while other people on Nicole were talking I was looking through their website their GitHub their white paper and didn't make sense sense it seemed like they were saying a lot of contradictory stuff it felt like everything had just sort of been copy pasted from other pieces and and sewn together um so I I was trying to figure out how to get to the bottom of this because technical things are very very difficult to discuss on a spaces with Mario they're basically impossible to discuss and certainly to getet to any resolution uh but then it suddenly occurred to me that there actually might be a really simple way that I can ask a question I asked them of the three kinds of rollup that exist a ZK rollup a validity or Sovereign rollup and finally an optimistic rup which kind were they and they said that there were a ZK rollup and we discussed I I asked them a few more questions about that but that was basically all I needed to know because the there's only three kinds of rollup but only two of them are possi below Bitcoin and ironically they chose the to say that they were the one kind that actually can't be built on bitcoin so not only did they expose that they um were not building something real they also exposed that they don't even have enough basic information or understanding of the space to understand that they had chosen the one thing to co to say which was definitely impossible um it's very rare to be able to to sort of catch people uh in a lie in that way where it's black and white I'm glad that we were able to do it they still claim that they're doing it um and they said they will you know open source their documents I hope that's true because if they've managed to solve how to do ZK RPS on bitcoin you know they deserve a Nobel Prize but um but I suspect they won't be getting a Nobel Prize yo I just want to make one point of clarification I think you keep completing Sovereign rollup and validity rollup and these are two separate things things I maybe you know that but the vernacular is a little bit off like uh a validity rollup is kind of the proper term for a ZK rollup like a ZK rollup you know has to do with privacy a validity proof is the actually proving of the the the validity like what people call ZK rollups are actually validity rollups they're not sovereign rollups and I just want to make sure that you know we don't fall into the same trap of something like Satoshi bam where we're kind of misrepresenting these terms fair enough I I uh I don't um I I I don't think so I think that for example Sovereign rups are validity rups as well I think ZK rups can only be one thing um and they can't exist in Bitcoin but I think that's a good a good point and thanks for for uh raising [Music] it all right do we have any more questions from um our fellow sovereigns we have a question from the YouTube chat uh Gom lebs asks except for Sovereign any other Bitcoin L2 projects you you guys like now um I the alpen labs team seem to be a very serious team I think the chainway team seem to be um it's hard to assess them still but they seem to be um Smart Guys Who who are seriously engaging with the technology um um high level and what I'm going to say is a pretty dramatic uh thing um I think that basically everything that isn't a rollup is going to be obsoleted by Bitcoin rollups so you know stacks for example are doing an amazing job of popularizing the idea of Bitcoin LS but I think they're out their based technology um is about to be made obsolete so I think they're an awesome team but I think they're going to have to evolve their entire system uh capitalist 42 says will we have a technical preview for developers who want to build a Dap in Q2 uh assuming on bitcoin OS currently all signs are pointing to yes I can't say for certain but I think we yes so if you look at the um the road map we are expecting a Dev net in Q2 uh darkhan asks if I understand correctly with the launch of Bitcoin OS roof stock will be completely left and the smart contracts on it will longer be usable right no that's incorrect we in we we will nothing will happen to those contracts they are immutable they are sorry not immutable they can't be changed by biocracy they are um uh they can only be changed by biocracy so they're immutable immutable but for biocracy uh and they they can't be shut down um and so they're going to stay and uh we will make sure uh to keep them healthy because they are fans there there are users there um part of the reason that I think it's important to have s so staking is because there are people who staking um in Sovereign biocracy and um lest we forget right now the canonical registry of all sovv tokens is on rootstock which makes it an incredibly important chain for sovv so no uh we're we're not abandoning rootstock but we are expanding our Horizons uh Travis trades asks can we get uh just a little more info on this airdrop marketing info for new incomers I I assume it's about the the tap rot assets oh or Yago do you know when we might be able to share more information on this uh end of the month beginning of February we expect to have like test net okay let's would open this is from Buro would open positions tokens trades staking all be migrated over to the new layer also what kind of wallet compatibility would be used so the first part is no no and the reason no is because we Sovereign isn't designed to move users funds it's designed to provide users with custody over their own assets so we can't uh it would be very convenient if if we could just move everyone's funds but we can't um so that's not going to happen in terms of wallets we're going to be using evm chains at least initially it would be way too much work to refactor and rebuild everything that SS built for a different uh virtual machine so all of the wallets that work now will continue to work for sere wherever it goes in the foreseeable future I intervene with another YouTube question from uh pug money P how much Financial run run rate does a s team have uh for how many years can we continue to find fund development if we were to yeah if we continue if we continue just like our development budget um the way it's we we the at our current spend and development we would have um approximately 2 years um we have additional expenses we have operational expenses we have um marketing expenses some of which could be quite large like exchange listings so practically speaking uh on the basis of a high spend rate we would expect right now like if we were Max spending to have about 15 months of Runway without raising any additional funds uh without uh you know selling any additional sovv um if the market sour we will do what we've done in the past and we'll mget, spend down and we will extend that Runway if the market heat heats up we can as a community consider potentially extending that Runway or even increasing that Runway through a a fundraising or even selling into the market so I would say we have comfortably 15 months at a very high spend rate and more if we choose and the market suggests that we should reduce that rate uh Chuchu asks how will s so interact with Sovereign layer and Bitcoin OS I think uh we don't know yet uh we have a lot of ideas um but um exactly H how biocracy and sov will earn revenue from Bitcoin OS there's a lot of different ways um could be transaction fees uh could be uh aspects of governance it could be the bridging there are all kinds of potential ways it could be sub of them or all of them um and that needs to be decided closer to launch date or actually probably even well after launch date my my view would be that we should learn a lesson from what we've done we have with Sovereign sought to immediately start extracting value from the system and paying SV stakers which is not something any startup would do and not something that almost any other crypto project does and I think it has proven to be bad um bad Optics and bad tokenomics um so my view is we should create a lot of value before we start trying to extract it and then we can guarantee that there's a lot of value to extract so I think this is just a longer debate uh capitalist 42 asks any major exchange want to list s so uh yeah we've been approached by a few we have open conversations um Armondo and I are are in the process of reviewing the the deals and the offers uh French any any other questions from the YouTube side yes um uh Bobby Gorman asks was thinking of staking some more sov long term would the in inability to move existing stakers to the new setup suggest that we should wait until you have the new setup in place I assume this refers to staking on uh Bitcoin o one of the reasons that uh I would like to suggest and plan to introduce a sip to provide stakers with a base fee of sovv Revenue is because I don't want that Dilemma to be the guiding dilemma for people I want people who want to stake I want to participate in governance to feel comfortable to do so and so by providing SV rewards as a base Revenue uh or yield to sovv stakers we can guarantee that sovv stakers will be able to earn um effectively equivalent yield wherever they happen to be staking um so my personal answer to you is if I I would say if my sip passes you you shouldn't have to worry about it but my sip hasn't passed yet and I haven't even sort of presented it to the community so you know not Financial advice MH thank you um kic here has a question about referral links and I don't seem I don't think it was answered here on Discord kronic is asking will referral links be activated this will be a big incentive for users to post about Sovereign Services they are satisfied with chronic um referral links is something that we have try to tackle time and time again and the basic fact that Sovereign is a nonk kyc uh Service uh where we don't know our clients and we don't know which action we can attribute to whom uh leads to ultimately to gamification uh of the referral system and basically grining grining it out uh by um people with Bots that's what's going on uh so I really doubt that unless someone can come up with a cool solution and uh gon Labs ask on uh YouTube how would Bitcoin OS impact Bitcoin fees and he and asks an additional question now what is your ambition in terms of transaction fee affordability for Bitcoin OS so I guess this the same question uh yeah I don't have a definitive answer for you yet because we're not entirely sure how expensive it will be to rent or to buy block space in Bitcoin for the rollups uh and even if we did we don't know there's a lot of variables here so there's Bitcoin fees there's how many rollups are rolling up uh through Bitcoin OS and how many transactions are we aggregating in other words how you know we basically take the cost of transactions divide it across all of the transactions um and it's also a question of are we using a pure play Bitcoin model or hybrid model because a hybrid model would likely be cheaper so um I obviously we can't we'll never be able to give a definitive answer of how much the transaction fees cost except for at any given moment but um the bottom line is potentially extremely cheap potentially so cheap that the users don't pay them but the apps pay them for the users as part of a trading fee for example thanks okay so CR cranic asks will referral links be activated this will be a big incentive for users to post about Sovereign Services they are satisfied with we covered that just now I uh did we touch M's questions about um trying to wrap his head around the different layers the application layer Compu and execution layer uh and explain like I'm five to to the layers of Bitcoin OS uh you want to touch on that uh on the Bitcoin OS page there's a pretty good explanation I think um so you can go into the docs and there's um and that will give like a high level overview a lot of this terminology is probably going to change um and um may even be inconsistent between some of our documentation but basically on a very high level you got Bitcoin core which is bit bit coin main chain blocks that's where the security comes from you have what I'm going to call a compression aggregation and settlement layer or sometimes we call it the execution layer or so compression aggregation settlement is uh what I what I'll call it now uh that layer is what ties all of the rollups together and it is also what embeds the validity proof into Bitcoin you've got the rollups uh the rups are um the execution environments basically each of them is a different virtual machine so for example evm is a type of virtual machine so you could have one which is an evm and then you have the transactions that are occurring which basically happen within each evm get rolled up by the VM and sent to the uh to the compression aggregation and settlement layer and no the execution layer is not bit VM the bit VM sort of system is actually not any one of those um it's um that's because Bitcoin is not like ethereum you don't get to be able to bridge tokens by having a rollup Bridge you have to have a separate so you have a data bridge and a token Bridge what I've just described is the system for data system for tokens would be what I referred to as holy rail Marcy asks will the will there be opportunities for developers to contribute to bitcoin o infrastructure yes yes that's exactly what we're we're looking to do once there's enough of a devet to offer the idea is to turn it into a public good and invite as many developers to contribute as possible okay uh for dessert go ahead uh yo have you seen interest from non evm defi ecosystems with maybe collaborating or building on Sovereign uh layer or Bitcoin OS maybe from salana maybe from Cosmos polka do no not not really I think um people still haven't on to what's happening in Bitcoin and so even though for us it's very obvious what's happening pretty much no one outside of sort of our little corner of of of Bitcoin understand that Bitcoin Defi and in particular Bitcoin layer twos are becoming more important um a notable exception to this is starkware who are definitely looking into it um so yeah I think it's just too soon we're we're very much at the beginning here people uh I think I think as stuff starts to roll up it will become the drum beat will get louder and louder thank you Yago um M asks um speculative question uh any speculative thoughts on what sort of rollups can be built or Sovereign would like to build any thoughts on the enabled use cases so basically what could be done on bitcoin OS yeah I'm I I'm most interested in I mean like the first obvious thing is in evm the second thing I think would be building a privacy layer or what I call a data security layer which institutions and individuals would be able to use to be able to manage their transactions across the entire ecosystem basically um it would be a much much better version of um um sort of uh oh the the phrase suddenly escapes me um pools yeah yeah dark pools or mixers is the term I was looking for um so I think those those are two obvious things I think other things which would make sense potentially like a rust Bas VM or other VMS which would allow developers who are new to the crypto space to develop in Native languages and I think probably the most obvious thing is that we will start to see um what I've heard other people start calling R apps which is basically applications which have a very optimized specific basically instead of trying to build everything on chains every single application kind kind of has its own chain which is optimized for its own thing I think we're ways away from that but um that will especially for things like gaming um or anything that has like social media or high frequency trading that's almost certainly going to be the way it's going to be done Travis trades asks could we open pers again with Bitcoin OS that's the dream yes in fact we can go even further than that we we could potentially go beyond for example an amm and have an order book um there's lots of it opens up huge huge Vistas um I know this was alluded to earlier but what would our relationship be with our current root stock daps um and how much connectivity if any would it have to daps on Sovereign layer almost zero you don't get uh interoperability unless you're building on a on a shared infrastructure um so there would be bridging uh almost certainly trusted bridging there are some ideas around uh ZK bridging which would be near trustless but it's it's not near production so uh it's basically you need to think of them as two separate Chains It's the same as when a launch on polygon and on ethereum and on BC or whatever would we have a similar event where we're just redeploying some of sovereign's products on onto this new layer and having like yeah we we we can do whatever we want uh we could deploy some of the suite of applications none of the suite of applications um you know everything um I think it will need to be decided on a case-by Case basis okay so I we're we're a few minutes in into uh or past the hour so um maybe we can wrap up the recorded portion of this unless we have any final questions I see m is typing something so maybe we can um answer this last question and then wrap up the recorded portion and begin the the after hours um he asked what does governance look like on bitcoin OS that's a good question um there are three options so basically I'm saying we don't know but but there are three options option number one is you have node driven governance basically what Bitcoin has kind of soft consensus governance where if the majority of nodes um shift to using a new implementation that becomes and it's a forked implementation so like you know it's like not um backwards compatible you basically have a hard Fork if it is backwards compatible you have a soft fork and basically governance is done via Forks so that's option one option two which is what currently most rups have in fact if I'm not mistaken every single rup with the exception of fuse currently uses a multisig so that's basically governance by a bunch of people uh kind of like a board of directors and then um there's option three which is tokenized governance which is what we have and then we have to choose what the tokenized governance looks like do we continue with um a replica of biocracy as it is now do we make changes um so those are those are the options and we will I I think it's premature to decide right now exactly how that governance will work because um it depends a lot on the specifics of how the provs work how the sequences work do we have shared sequencers how are the shared sequences governed is there a separate da layer how is the da layer sort of validated um and um a lot of you know to be clear we don't have final answers and any of those questions all right we have a I think a couple more questions coming but maybe still might be a good uh time to to close out the recording session um so I just want to thank everyone for uh packing the the house um you know for enthusi their enthusiasm shout outs to everyone for their um awesome questions and thank you for staying with us for for this long you know you guys are ogs uh I want you all to keep kicking ass scan the sov squad QR if you haven't already join our group um you know get the the info there first you know help us share uh our message and our mission with um with not just the the Bitcoin ecosystem but the web3 ecosystem as a whole so thanks a lot everyone um we'll we'll keep answering questions we'll keep chatting with you uh so stick around if if um if you're if you're in for that but we're going to close out the recorded portion of community call episode 60 so thank you all um stay Sovereign stay Sovereign okay so this is from Unicom is the team thinking about a way for S so to be moved from root stock to bitcoin OS with the consensus of the holder yo mention Bridges can you can you repeat the question please is the team thinking about a way for S so to be moved from roock to bitcoin o yes we've been thinking about this a lot and the answer is we don't have a have a we don't have a good one we we um oh wait sorry let me let me rephrase CU I actually was thinking about something else so guys we go multi

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Renaissance season and I learned it became very very apparent um at e Denver of all places um I I spent the week over there um also Yago came through we hung out at the Bob build on bitcoin Hacker House uh lots of excited devs there um grinding and and and building new things for uh Bob uh which you'll learn a bit about pretty soon um so let's kick this off with the agenda we're going to talk staking rewards we're going to talk Sovereign on Bob and the power token and points uh campaign so um let's start with Yago on staking rewards hello everyone uh as inamar says I just got back from Denver was packed um and for what was really interesting was as an ethereum conference there was just a huge huge amount of uh interest in um the growing Bitcoin ecosystem I'm going to go through the staking rewards quickly cuz we got a lot to cover today um so if we can go into the next slide as a uh quick reminder um I put forward a proposal for us to introduce a sip uh to reintroduce uh locked sov rewards for stakers the reasoning was that that uh we will um be expanding likely very soon onto additional chains today we'll hear more about one chain that is proposing that we join them uh and which I think we will have a sip around soon um so Bob today will be presenting their work and the opportunity for Sovereign there uh and so the this is uh why the staking rewards are uh relevant um there were additional things that we discussed around Bitcoin OS um I won't go into that anyone who's interested in that can see the conversation in the Forum or uh the L Community call if we can go into the next slide but I will give a quick reminder the idea is that stakers and rootstock will be intering S so sov rewards and rootstock will be equal or higher than anywhere else this will equalize um staking on uh root stock with other staking opportunities as they arise staking will start at 9% for Max stakers rewards will be non-transferable until the reissuance the expected reissuance of s into Bitcoin OS and when the reissuance occurs the earned SV will be liquid and no other SV tokens will be liquid earlier um now a quick update on this the um zp codebase is ready for review U and will be available on the Forum I think even today so I'd request that um we all take a look at that and anyone who has the chops to review it can do so it's very similar to the codebase that we used in sip 24 so there's very little new there but um the opportunity to review is there and that uh once reviewed would allow us to go live with the Sip later this month all right so that was a little bit of housekeeping and with that I'd like to introduce uh alexe so alexe um is someone who I've known for quite a few years now he's uh been deeply dedicated to uh building on bitcoin and trying to expand the Bitcoin ecosystem uh and like us he had to figure out how he was going to try and do that in an environment in which it was difficult from the perspective Ive of the technologies that were available as well as the overall Bitcoin culture um Alexa built a very interesting um project um and he with the team that he was building with they built interlay which was based on his academic work um uh which in and of itself was impressive and focused on bitcoin and um so Alexa has a a background in crypto graphy and um and they built the interlay bridge which became a Bitcoin bridge to the polker dot ecosystem he might uh have some time to tell us some of the experiences and lessons he's learned there but um like us they were building on an ecosystem which left them somewhat isolated from the rest of the world and um have now uh taken an approach where what they're looking to do is to bring Bitcoin into the ethereum ecosystem and in so doing bring the ethereum ecosystem into Bitcoin and with that um I'd like to give the stage to Alexa well thank you so much that was a very kind introduction and yeah definitely lots of pressure now to actually live up to the expectations um so yeah hey everyone I'm alexe I'm one of the two co-founders of um intl and also now Bob um as is even mentioned um our vision has always been to unlock more use cases for Bitcoin Bitcoin has over 300 million users it's gr faster than the internets 90% of people who get into crypto start with Bitcoin but unfortunately over the last 10 years they've been forced to leave and we've all experienced the the challenges with within the Bitcoin ecosystem where a lot of the core or I would say maybe laser IMAX have rejected everything that is not directly built on bitcoin whether it was side chains or other networks and um with the launcher of ordinals I think we've entered the Bitcoin Renaissance ordinals can be compared to um ethereum's crypto moment we have a new community coming into the ecosystem people in the ordinals in Buc and runes Community are not Bitcoin Maxis they are people who have worked and and basically built on other ecosystems but our Bitcoin was at heart and are all super excited to start building on bitcoin again in our mission with Bob is to bring Innovation back to bitcoin by creating rollups um around the Bitcoin ecosystem using Bitcoin for security settlement and custody um and unlocking your use cases so if we maybe just move on to the next slide and I can give a more deta explanation of what why we're doing bobing which approaches we're taking so one of the things we learned the hard way um is that when building a Bitcoin ecosystem Bitcoin layer 2 there are three main challenges that we need to solve the Bitcoin problem which is how do we get Bitcoin trustless or as trust minimized as possible into the layer two and at the same time how do we inherit Bitcoin security how do we align with the Bitcoin ethers how do we also give back to the the Bitcoin layer one and contribute to the long-term sustainability of this ecosystem that is the backbone of the entire crypto industry but then there's two others that are often overlooked and that is the ecosystem problem and the liquidity problem ecosystem problem means that well we need to create an ecosystem that allows for Innovation to flourish that allows Builders like you to start building right from day one to give you the tools that you need to go to market fast to attract users and I'm speaking about developing experience user experience wallets um RPC nodes even things like that data analytics oracles and one thing we've learned the hard way building on a non evm ecosystem is that if you have to do that all from scratch you're only playing cat up and this is why Bob features the ethereum virtual machine as its main programming Paradigm and of course in the future we might expand that but right now um we believe that this is the best way to go to market fast and get Builders from ethereum to start building and then last but not least and often most overlooked across all web three communities is liquidity think about it this way even if we have the most trustless Bitcoin bridge and we have a we have all the tools we need to build if you bridge Bitcoin and you can't do anything with it because there are no other assets then it's very difficult to create a flourishing and booming defa ecosystem and we've seen on the global market on the global Arena that people want stable coins people need stable coins this is what we need to do to bank the unbanked and that's why on Bob we focus on making access to liquidity very easy making on and off ramps very easy and ensuring that we don't rely on big centralized providers for our success I had the pleasure or the experience to be part of poka Do's journey to bring stable coins on end to P natively us and usdc that took two and a half years I together with we brought banksa to 30 parachin projects and that took us a year because p is isolated just like many other ecosystems um if we could go to the next slide and that's why with Bob we're taking a somewhat radical approach but we need to be radical to to ensure Innovation we're building Bob as a rollup that is secured by Bitcoin and integrated with the Bitcoin stack right we need to be supportive of lightning noer ordinals BC peer-to-peer swaps everything that has been built on bitcoin for the last 15 years we cannot ignore and reject that we need to be supportive we need to integrate we need to expand and innovate on that front but at the same time we need to accept that ethereum's Innovation is very powerful and allows us to just be ahead of everybody else we don't need to start from zero we can start from where ethereum has gotten to and then overtake it from there and that's why Bob uses the evm as his program Paradigm and at the same time we also support rolling up to ethereum to leverage ethereum to onboard users and liquidity and if we next slide please in the first step our mission is to get the millions of ethereum users the 30 million manam mask users to start using Bitcoin right now is Bitcoin season we've all been working on this for for so so long we know what Bitcoin can do and now the ethereum and salana and Avalanche and P and Cosmos ecosystems know to they're excited they want to get involved and Bob's mission is to make it super easy for them to get started avoid them or prevent them or don't force them to have this steep learning curve of of learning about UT UT excels and all the Bitcoin scripting let them build using evm let them build within an ecosystem that they're familiar with and make it super easy within for them to onboard liquidity think usdt usdc D fra usdn whatever stable coin you want they're all available on ethereum by connecting to eth we can allow these users to one click deploy liquidity into Bob and at the same time we're only two clicks away from every single major exchange we don't need to ask binance to support Bob natively of course we're in touch with all the big exchanges but that's only a US enhancement because we're connected to ethereum every user can withdraw from coinbase binance okx custodians on and off frams to to eth and then to Bob within two clicks and we can enhance the US experience without relying on centralized providers and as we've all seen in the past this is super important now I'll walk you through how this works uh in bit more detail if you can go to the next slide please so as normal as any e rollup Bob has sequencers Bob sequencers collect transactions the sequence blocks they post data to ethereum and that is how this is finalized and this is also how we get the native L1 L2 Bridge just like you see on optimism on coinbase on the base chain and so on but at the same time we provide tooling and infrastructure for evm Builders to interact with a Bitcoin chain we have a Bitcoin leline built into Bob that allows you to verify every single piquent transaction and you can do peer-to-peer swaps you can do cross chain ordinals auctions um and in fact this is a bit of an alpha leak we've also built a metam mask integration that allows 30 mlion metam mask users to now use ordinal se's runes directly from the metam mask wallet and for bridging we use tbtc and wbtc wbtc is the largest Bitcoin wrapped asset in the space yes it is centralized but it also is robust and this is one way to onboard more Bitcoin liquidity get them from ethereum into Bob and at the same time as our main trust minimized Bridge we use tbtc tbtc is based on a threshold signature scheme we have there they have 100 signers of which the majority needs to be honest and uh this allows us to have a very low kind of risk of the bridge being corrupted so of course Bitcoin Bridges most of them rely on multis designs this is a very robust multis design because it enables us to have many many different signers and on top of this and this is something that we've researched before and designed before we are working on adding collateral models so think of it this way when you use tbtc you can decide that you're okay in trusting this big threshold signature scheme where there's 100 signers but you might also be concerned and if you're concerned and conservative we will allow you to purchase insurance you'll be able to underwrite or have somebody underwrite the risk and this will be us the tbdc Dow ideally but also third party liquidity providers that will allow you to purchase insurance and this will look and feel like buying insurance for for a rented car if you want 10% coverage 50% coverage this is something that we want to offer so more conservative Bitcoin holders can gain confidence because they will know that even if the bridge breaks they will get paid out in stable coins and other assets next slide please now in phase two is where it gets really interesting as I mentioned Bitcoin alignment and Bitcoin security are a critical part of any Bitcoin layer to and Sovereign has been live on rsk and has embraced this narrative and this this ethos of of basically leveraging Bitcoins perer work security well with Bob we have designed a new type of merged mining that allows us to introduce merged mining to any rollup whether it's a Bitcoin or E rollup and we do this in a way that allows us to keep two second block times and 2,000 TPS while still inh inheriting security from Bitcoin miners next slide please and then what we do this is we add merch mining to the rollup so if you think of again in the rollup space you have the sequencers sequencing blocks building blocks every two seconds now every 100 or 200 blocks and this can be varied every few minutes the Bitcoin miners include a commitment to the state of the rollup so the Bitcoin miners validate the rollup they check that the rollup state is correct that the sequencer is not misbehaving and then they will include the checkpoint to all these blocks into their mining process and I think the big difference here because you're all of course very familiar with merge mining the difference between merge mining on rsk and Rich mining on Bob is that on rootstock every single blog needs to have proof of work and on Bob we make the tradeoff of user experience and speed so you have proof of work over 100 blocks so yes of course it could be the case that there's a 100 blocks that had some bad data in it and we need to recover from that but ultimately this is how all rollups work and by embracing this we can basically give users this web to user experience which we have to to do because if you look at the E rups they will have two second or low or faster block times we cannot compete with them if we cannot match the user experience and this way we have Bitcoin proof for work over the rollup and then on the eth L1 contract we require this proof of work to be valid so ethereum will also check that the data is there that there's no challenge but also that the miners have approved of the rollup State and this gives us all sorts of security benefits it actually can make our beat and optimism rollups even more secure because it gives us much more confidence over about the correctness of the rollup in an optimistic rollup case you often have to wait seven days before you know that everything is fine because that's how long people can challenge the sequencer with this approach we now know within a few minutes that there is a very low chance that the rollup is corrupted because now to attack the rollup you need to attack the sequencer and the majority of the merge mind Miners and this I think is a very interesting and very robust model to bring Bitcoin security but now it still does not yet give us the native layer one layer two bridge this still will use tbtc wbtc and um collateralized Bridge models where you have insurance on top next slide please now as you all have heard um of course bit VM is the new big thing we were all super excited and hoping that bit VM will finally bring rollups directly to bitcoin and of course we are working on bit FM and personally um trying to help Robin with a technical write up of how a bitm bridge will work and I know there's other teams um that are actively working on bridge designs and I'm very confident that within a year we will have the first designs that can be used at least for early tests and production now what Bob will do and if we can move to the next slide please we will move the fra proof logic from ethereum to bitcoin and that's ultimately what bitam allows us to do bitf allows us to do fraud proofs directly on the Bitcoin Chain inforced by all Bitcoin full nodes so instead of as in Pre in the first two phases leveraging ethereum for settlement and security we will migrate once bit VM is ready we will migrate the settlement and security to bitcoin and what this gives us are is two things first of all now Bitcoin users are sure that it's they only need to trust Bitcoin and not ethereum which I think is also a big selling point and a very important point to make to the majority of the Bitcoin holders but at the same time we get an almost native L1 L2 Bridge using bit VM because the Bob sequencers will then run bit VM and they will be responsible for bridging in Bitcoin and other Assets in the future and as long as one of these operators is honest the system is secure but the question of course is well how do we make sure that ethereum is still involved in this because ultimately we do not want to cut off our ties to ethereum ethereum ecosystem is Big it's Innovative the users love Bitcoin and we have all the stable coins and other Blue Chip assets on ethereum so to ensure that we still have the native e l1l 2bridge what we do is we relay fraud proofs from Bitcoin to ethereum the benefit of ethereum smart contract Paradigm is that we can verify fraud proofs that happened on bitcoin so if something goes wrong and we have a fra proof on bitcoin we can relay this to ethereum and ensure that we react to this on the ethereum side so what we get what we get is a hybrid rollup that ensures that Bitcoin assets are secured by Bitcoin but at the same time gives eth users the guarantee that their assets are still enforced is secure by theorem and that they can exit back to etherum if something goes wrong and this we believe allows us to embrace both the bitcoin's ecosystem and the global adoption of Bitcoin and the asset as well as ethere the ethereum Innovation space and the millions of users that are using ethereum every single day next slide please and then of course in the future and if you have probably heard many teams announcing ZK rollups I think it's very important to state that ZK rollups do not yes exist they do not yet exist on bitcoin we do not yet know how to enforce and Brute Force zi very far into Bitcoin script with very high probability we need a fork to in Bitcoin to achieve this and until this happens optimistic rollups on bitcoin or specifically BVM Roll-Ups are the best design that we can get and our goal and our mission at Bob is to build a community of millions of users to show and prove that yes Bitcoin rollups can succeed they will essentially become the biggest L2 ecosystem bigger than ethereums and then push for the necessary minor code changes to bitcoin to make bridging of more secure but when we when we are in that stage we have millions of users billions in tvl and there's all the reason to request a change as opposed to fighting right now where we have not yet validated and proved to the Bitcoin core community that yes indeed Bitcoin sidechains can really grow Beyond ethereum's ecosystem next please so in summary Bob is a bonal 2 it's an ethereum 2 it's a hybrid layer to next slide and it's launching at the Bitcoin having so we are in the final stages of launch preparations you'll see quite some exciting things coming out over the next three weeks which will include some warm-up phases and so on I cannot say too much yet but I believe that we are on track to really ride or essentially push the Bitcoin Renaissance even further and kick off Bitcoin season 2 and ensure that Bitcoin rollups become bigger and stronger than eth rollups and just to kind of give you a taste of the potential of this Market ethereum ruls have a 100 billion doll market right now whereas eth is at 350 billion Bitcoin is a trillion dollar market and all the l2s we have right now sit around what five six billion if we assume that Bitcoin layer twos are even only as close as successful to ethal twos this is a multi-billion doll Market that will activate Bitcoin that has been held in cold storage and basically was been dormant over the last years and finally bring um Innovation back to bitcoin and why we're so excited to be here today is because Sovereign as a community has been spearheading defi on bitcoin you've managed to build a strong Community to build TV to build use cases throughout the bare Market even before everybody else from other ecosystems woke up to bitcoin you are the OG's and we really would love to work with you to make Bitcoin great again thank you so much thank you very much Alex I um I will also give a short uh presentation with regards to Bob and then I think we should open it up to questions so if we could uh okay back to yeah right thank you okay so um we're going to uh sorry uh Bob are going to be presenting a sip uh shortly to propose to our community uh and to propose its Sovereign launch on Bob in some context uh this is not coming out of the blue Alexa and I have been talking for a long long time um and um I personally have become persuaded that this is an excellent idea for Bob it's an excellent idea for Sovereign and an excellent idea for Bitcoin um and I'm I'll give a few words on on what that is uh on what that reasoning is and then we can we can jump into questions um so can we go to the next slide please all right so one of actually not one of my favorite Satoshi quote is Bitcoin allows us to conquer new territories for freedom and right now we're in the process of seeing a massive expansion of Bitcoin and the Bitcoin ecosystem but it's happening in two very different ways as you can see I've sort of split it into two worlds on the left we have bringing new people into Bitcoin and that's being done right now primarily through centralized means ETFs centralized exchanges institutional participants to a great extent that is what is driving the market right now but there's another way of expanding Bitcoin and that is to expand uh Bitcoin into Realms uh where we either conquer new territories for Freedom conquer new territories for Bitcoin and by and conquering them from eth conquering them from Deens and bringing them the gospel of sound money or deepening the relationship that hodlers have with their Bitcoin allowing them to do more with their Bitcoin to earn on their Bitcoin to have Bitcoin back stable coins and to make sure that they never have to sell their Bitcoin because they can borrow against their Bitcoin next slide please so when it no sorry uh so when we talk about conquering new territories not for freedom specifically for Bitcoin where I see Sovereign playing the most important role is this focus on being able to bring people right now now that we're in a bull market bring people from eth bring people from the out coin World be bring people from the DJ world into the world not just of sound money but also of sovereigns sound Finance we have built tools and most of our community are people who started out as hudders and the reason I am excited about Sovereign is because as a huddler myself it gives me the ability to put my Bitcoin to work in a way that I would never consider doing through a centralized system um and so for us as hudders and as sort of like the hardcore OG Sovereign Community we are hodlers who have deepened our relationship with Bitcoin but in terms of what we can contribute not to ourselves but rather to bitcoin it is bringing the the the the the liquidity the users the Mind share that um has been developing outside of Bitcoin into Bitcoin next slide please and I also think that that is going to be the primary way that we are going to grow Sovereign exponentially over the course of what is very clearly uh our bull market and so I'd like to introduce an idea which I call operation homecoming which is that Sovereign should place as a central and fundamental uh uh um Mission bringing people from eth from The Wider crypto world back home back to bitcoin bringing um you know uh sometimes we call them out coiners but um uh I'm going to call them slush coiners because their funds slush back and forth between narratives on a dayto day basis right we need to give them solid foundations there is only one narrative and it's Bitcoin right and so our goal is to bring their liquidity the trade volume the active users and the early adopters to bitcoin and what I think the combination of Bob and Sovereign do is it provides the bridge it provides the conduit to bring those users and their funds back to bitcoin by attaching itself and growing out of uh ethereum I think Bob is the perfect match for Sovereign which has grown out of Bitcoin and together I think we can hybridize and create that bridge next slide please when I was at University I took a um a course in finance I only took one but the very first lesson um the professor started out by saying the only thing you need to know about Finance is that what it basically comes down to is what you're trying to do is find a river of money and stand in the middle of it right the very definition of a middleman usually a middleman does not produce value but I think that we have an opportunity here to find or more accurately create a river of money the river of money that will flow from the wider crypto universe and specifically ethereum into Bitcoin for us to stand in the middle of it and as opposed to finance to actually create value in doing so and with that I'd like to open it up to questions hey guys I have some questions can you hear me yes David and guys when you ask a question if you can just say your name before so we know who we're talking to yep uh this is David Cy uh Alexi uh thanks for you know kind of all your contributions love everything that you do I just want to get a better overview of the kind of architecture of Bob I mean functionally it it is just ethereum you know L2 right you're doing execution offchain you're posting the data onto ethereum L1 and then you're using kind of like tbtc or whatever to to kind of bridge the the Bitcoin in like that functioning can I think stand alone I don't understand why you need like the the merge mining aspect as well like I've read the white paper it's very cool I get it it kind of adds like some semblance to bitcoin security but it's not really is it so that's my question so I mean what is necessary I mean I think in practice we can agree that ethereum has is robust as as today right it's securing billions of dollars in value now we can debate with the upcoming kind of you know designs whether it's robust enough like with risk taking and reification it's cool but it's also risky and I think still like the one thing that we know that works also from Academia we know that Bitcoin works like it took Academia 10 years to really verify yet like commodo consensus proof of work is actually secure with proof of stake like we're still still learning I mean you can describe bitcoin's consensus in one sentence but you cannot describe ethereums consensus like in a sentence five in 100 sentences is still super is super new now taking a step back why do we even care about introducing merge mining well because merge mining gives us three things one it it gives us Bitcoin proof for work security it gives us the security of proof for work on bitcoin which means that it makes the system more robust why does root stock merage minor not use its own consensus because perer work is still the most secure consensus system that we know of now the second reason is it actually makes e rollups more secure because in an optimistic rollup you need to wait seven days for finalization that's bad that's not great right I mean seven days waiting where you you know the sequencer does something bad and that's why e theorem is really pushing towards decentralized and shared sequencers because sequencers still or a bottleneck and that's a tradeoff that every layer to makes or that's the definition of a layer to a tradeoff you go offchain you get all the benefits but there is a security tradeoff well by adding in merge mining we give we have much more confidence about the security of the sequencer so look at arbitrum for example so arbitrum has fra proofs right so now if the sequencer misbehaves there are s days challenge period so normally I agree normally the challenge will happen instantly and everything goes right but what if it's unclear what if there's a delay for a user you need to wait for 7 days to know that your assets are actually finalized well if you if we have Bitcoin proofer work on this the may we do this with Bob and the protocol is called optimi you within minutes within an hour you know there's very little chance that this will ever be forked because now to attack the rollup you not only need to attack the sequencer or the sequencer if the sequenc is attacking they also need to control the majority of the merg mining hash rate and given and you've all seen the announcements of some of the biggest miners in the space they're all looking at layer twos they are embracing Innovation they see the need for layer twos and this is now our chance to get them more than 60 70 80% of the Bitcoin hash rate and higher to secure rollups like Bob and now as a sequencer if you want to really attack the system you have to corrupt the miners and we know that that's not possible and that is exactly what the merge mining aspect gives us and then in the final step and that's point three with with VM it it becomes much more secure to verify and much easier because now we we can use the longest signed chain like longest chain of sign by the sequencer and basically merge M by miners is the longest chain in our consensus protocol and that is what we then use to verify mbvm so there is a lot of technical reasoning behind introducing merge Mining and it gives us the option to detach from ethereum consensus which we then do once bitum is introduced because in the in phase three ethereum is merely used as Bridge we basically use this contract on ethereum that reads the Bitcoin and checks if there was a fra proof only to give security to eth users right now if you think in Phase One and phase one a Bitcoin user trusts that ethereum is secure in phase two you trust that well yes ethereum is secure but also now I have merge mining so it's kind of I'm pretty sure that Bitcoin is secure so you have the same trust assumption as rootstock moral and on top with bitm in phase three then suddenly for the Bitcoin user you only trust Bitcoin and then the ethereum user will trust Bitcoin but then you still want to give the E user the chance to get get back and take their assets out and that's why you still have the ethereum connection got it um okay I think that makes more sense and then my my other question is you you kind of talked a lot about like inheriting in the network effects of ethereum and we understand that it's evm and you know all the apps and and everything are built under evm but I think one of the problems that we experienced on on rootstock is like that same narrative was pitched but in actuality a lot of the the kind of Partnerships didn't actually exist right like like maybe the oracles were lacking or the data indexers or you know all of this different like tooling like it's one thing for it to exist and be compatible with evm it's a whole different thing for all of these exchanges and partners to actually take the time and invest Dev resources to to making those Integrations happen and I'm curious if you could speak to maybe like some of the other Partnerships or or or Integrations that you guys have already built out like how far along is that process which is different than just having evm compatibility does that make sense absolutely I mean and that's the reason why we are hybrid I think there's two things that that are different now one it's the timing I mean I David I'm not sure if you had the chance to come to Denver but we were hosting Bitcoin Renaissance together at Babylon which had a th5 1.5 th000 people sign up it was the biggest Side Event of all of e Denver we had hundreds of Bitcoin defi projects join in and approach Bob and other Bitcoin teams about deploying and I think as we get closer to launch over the next couple of weeks you'll see how much interest there is right now in terms of narrative and things actually coming back to bitcoin think of it from and that's basically I'm just quoting back what we hear when we talk to the big defi projects across l2s and ethereum for them when they have to decide to which L2 they go next they can have to pck currently from 40 ethereum l2s that basically all do the same thing sure one have might have some new ziki perimeters but they're all generalized Ethel TOS that are fighting for the same user base and offer the same products and tools well Bob focuses on one Niche Bitcoin we give all of these Define projects and infrastructure teams and product teams and nft teams on ethereum access to a new community bitcoiners and that's what they really want to see like we've we're talking to some of the biggest nft marketplaces we're talking to some some of the biggest consumer daps on evm chains that want to come to bitcoin and the their only way to do that is through something like Bob because it has evm but it's also connected to ethereum which allows their users to switch back and forth and just without having to use third party Bridges and I think that was also and that's a second Point that's the other Missing Link we don't need custom ations for the majority of this infrastructure as mentioned right because we're connected to ethereum we have access to all of the exchanges to all of the stable coins all of the assets yes a wormhole bridge is great and we know the team very well and layer zero and axel are but ultimately having them deploy directly to Bob is only an an improved use experience because you have all of these things on ethereum and that is why this hybrid positioning is so important we remove the dependency on thirdparty providers for the success of Bob and this hyri bin ecosystem and I think that is one of the lessons we've learned from building on poodot but also I think from root St and stacks that I think is something that not many teams have yet seen but it's going to make a big difference I'd like to add my perspective to that um one of the things that uh I think give Bob a huge Advantage is not just the fact that they're building on ethereum and as a roll up to E eum they will inherit a lot of the ethereum ecosystem but also that they're using the op stack and the op stack itself is integrated with so much uh in terms of onramps and off-ramps uh wallets um uh block explorers um and a certain degree of composability with other rollups within the op stack that it provides a a huge ecosystem far beyond what we've seen develop on rootstock now for the last 3 years we've been building on rootstock and that has represented something of a gloss ceiling to the degree to which we are able to expand we've uh encountered this in so many ways right we've had to build out our own data services because the block explorers were not adequate we had to build out our own node uh service and our own RPC because that infrastructure wasn't available we had to build out our own Bridges because that infrastructure wasn't available as a project we've had to build out huge amounts of infrastructure and that has allowed us to expand but we cannot build out everything our bridges are not uh integrated with as many chains or with as much functionality as other chains we do not have access to many of the articles that people are looking to use there's a huge problem for users to onboard and offboard uh into rootstock and as a result into Sovereign and in parallel we've built out a magnificent Suite of dii applications which in my view are not um able to U be used by the the you know and be of benefit to the number of users that they could potentially be of use for now I'll give a very specific example one thing which I haven't mentioned um is that we are in the process of a major overhaul and upgrade of sovereign's decks um the upgrade that we're working on uh will be vastly more gas efficient even than uniswa it will allow for the combination of regular amm pools with concentrated amm pools with limit orders it will revolutionize our ability to offer the margin trading product that uh that uh we have but right now doesn't function at the level that we would like it to function has an SDK and an API integrated and many many many more things you one of the biggest parts of the um upgrade will be much better routing which will allow us to introduce um pools uh across effectively any kind of asset for example we'll be able to have optimized stable coin to stable coin pools or pools that are uh paired against things which are not BTC uh or not sovereign dollar um doing going through that process on rootstock uh is in some degree a theoretical exercise because that in and of itself is not going to bring new user but being able to expose a large number of users to that type of deck is very powerful and we can do it more easily on Bob beyond that if we are on Bob it's actually much easier in a new deployment for us to deploy what is going to be experimental uh to Bob and it is easier to deploy denovo than it is to go and refactor our entire code base on rootstock with this and to to reintegrate the new decks and so uh we're racing to to get this work done this new uh Dex 2.0 integrated and ready in for production in time for uh bub to go live and having done that we'll be able to expose it to a large number of users that otherwise we wouldn't be able to expose it to and will also provide us an opportunity to see it in the wild before making the major investment of retroactively upgrading uh the root stock decks so um I think there's a huge opportunity here for the pooling uh the ecosystem that and the suite of depths that we've built with Sovereign to expand now to reach an audience that otherwise would be very difficult for us to to to put these tools in their hands and Yago um so is is the plan kind of in the immediate or long-term to kind of bridge assets that have been built on rsk like Sovereign dollar over to Bob or to completely redeploy contracts like zero onto Bob and if it's the ladder I mean I obviously won't hold to any like time frames but is this a process that takes months or years like maybe some clarity on that the expectation right now is that we won't launch with the full Suite of uh Sovereign uh deps on day one uh our goal is to launch with um biocracy with staking and with Dex 2.0 um then to introduce lending and with the introduction of lending to introduce margin trading and then to introduce uh mint and zero um at the same time Babel Fish are planning uh or looking into a deployment on Bob as well um and um some of the other projects on root stock as well um how long it will take we don't have this mapped out um we're talking months but I don't think that many months what we want to see is we want to see the success on Bob um so that uh we have the business justification to make the investment but the investment is not um that huge we've looked at it a lot we've we've done uh we we've we've asked this question of ourselves substant over the last several months um how much additional labor is this going to entail how much additional maintenance is this going to entail to what degree is this going to be an additional drag on our resources and our conclusion is that um while there will be an increase in maintenance costs uh and deployment costs around this process they are very manageable even within uh with with the team and the resources that we have right now and so it's effectively a doubling or I suspect substantially more than a doubling of what we're able to do with the same investment and the same team and resources that we have at the moment now uh one question that you asked was around bridging I think initially we will want to bridge things like The Sovereign dollar over to Bob at some point in the future and I think because of the complexity of of of that that might be the last thing that we add to Bob is the ability to to issue uh from Bob itself um uh Sovereign dollars um that will be a question that we'll have to decide amongst ourselves whether or not we treat tbtc for example as an asset equivalent to rbtc um um but just as an example right they you know you specifically David have been I think witness to our absolute um you know the fight that we've put to bring layer zero to bring Wormhole to bring various um Bridges to root stock and the attempt to get iov labs to take the lead on this and it hasn't happened and so the bridging itself will be done over the bridges that we've already constructed and you know thankfully the first bridge that we constructed was to ethereum uh but um you know this is exactly the kind of bottleneck the kind of glass ceiling that I think we will at least to a very significant degree um not not experience on BB any other questions before we move on or should we get to the we only have 10 minutes left we should move on all right then let's go to yeah let's let's one more question then we'll go into the next slides and guys this may be a little bit longer than a standard Community call it seems yeah I'm happy also I mean like um we're like I I'll try to hang around the Discord I've actually been a silent listener and follower for a while um and if there's any questions I know if there's a thread or Channel and I can also just you know answer there throughout the day the next two days or so Alexa let's organize if we can even this week as space is also on Twitter to give an additional opportunity for people to ask questions great let's would be good sorry John what was the question sorry this is John um yeah maybe a forum thread would be good for async discussion yes that that we so Boba planning to put a forum post up um as well as a sip all right so then in that case let's move on then to our next slides okay so one big thing that we haven't had opportunity to we we we'll be discussing soon in Greater detail is Dix 2.0 right sort of a stealth announcement in this call the other thing and um this is a project that we uh had named and have been working on for several months now is what we've been calling the new Bitcoin token economy Bridge the new Bitcoin token economy Bridge or what we've internally been just calling the nbte is Our intention to um and we've been working with uh uh with with the rers team on this so rers team are developing the ability for us to bring all of the Bitcoin native tokens to Sovereign and allow for them to be traded and uh lent and used in all sorts of other ways as Dows or defi using our tooling uh this is something which will be applicable to rootstock any other evm Cham and specifically to Bob as well and is an early Taste of part of the framework that we're building uh towards Bitcoin OS so um to make it this real to promote this and to bring to light the the the ability now to start doing way more things with uh Bitcoin native tokens um we've we're producing today uh a program around um the nbte bridge uh and a points program for a new token that will be introduced um next slide please now this token that we're introducing is um nothing like anything we've done before uh the gentleman wearing the cool meme sunglasses in the image is um Richard Dawkins when I was um in high school I read uh his book for the first time the selfish meme sorry the selfish Gene in the last chapter of The Selfish Gene which is um the book that made him famous as a as a as a biologist he introduced a new idea to the world the idea of um information that spread between people in the same way that genes spread between um biological systems he called these memes and um you know we've seen the the the spread of ideas right these are ideas that self-replicate so Richard Dawkins is the Godfather of memes next slide please and we tend to think about um memes uh and meme coins especially within this community as a a pretty stupid idea uh something which doesn't have intrinsic value um I'm going to make an argument here that this it's exactly the opposite what they lack is utilitarian value the only value that they have and the value that they very uh demonstrably have is intrinsic value right value because they are valued um and I think that one way to think about this is that um you know what we are calling meme coins are effectively idea tokens uh and what they are most similar to are um forms of consumption that we usually think of as associated with Community or entertainment now right now we're in the middle of a bull market and we are seeing a the the the the the the the the narrative this idea this meme of a Bitcoin Renaissance occurring solely because of meme tokens and I will admit that I have been for the most of um most of my experience in bitco the last 13 or 14 years very dismissive of meme tokens but I've been extremely impressed watching what has happened over the last year um where meme tokens these idea tokens are actually capable of spreading uh ideas the way that they've introduced BRC 20s ordinals have introduced the idea of building on bitcoin and the way that things like specifically um the uh Quantum cats introduced took a very very dry idea right a a can coton a Bitcoin o op code and made it into something that people were singing songs about or writing stories about Etc so we're going to be introducing new abilities for Bitcoin native tokens we're going to be introducing these for new types of Bitcoin tokens more to my mind interesting and more powerful than um BRC 20s for example taper assets tap tokens and runes and as part of this I think we should be uh looking to introduce more fun to these ideas more fun to Sovereign and utilize the inherent power of uh meme tokens to uh spread ideas and to bring the idea of building uh on proof of work building on bitcoin bringing this power to the people next slide please and so we are today introducing and French Victor will talk about this more uh points program around power which will end with um towards the Haring the introduction of the new Power token which is a meme coin with meaning and what its goal is is to promote the ideas that we believe in um it's a mcoin which funds the Bitcoin security budget which uses Bitcoin as its canonical Ledger which grows and should help grow a Bitcoin native economy that supports Bitcoin rollups and promotes Bitcoin OS so that is its meaning and with that I'd like to um go over to the next slide and hand the um um hand the the mic over to French Victory thank you very much Yago so likeo said uh we're introducing a points program it's called power points we have uh just uh before this call we have uh tweeted about it on Twitter uh and uh this point will end with an airdrop of a new token a new Bitcoin native token called Power uh a very powerful token uh which is built on an entirely new uh and yet unreleased Bitcoin technology now this uh type of token will be more powerful than BRC 20s and have more trade and more utility than ordinals and uh especially we're expecting Sovereign to be the leading Marketplace for uh Bitcoin native tokens and especially this kind of token now we will elaborate on this exact exact type type of Technology um at a later date but next slide please uh we are happy to talk about uh PowerPoints the new program which in which you get points for different actions and uh at the end of the program you get power next slide please so points in the PowerPoint program are given for staking trending and influencing mostly on Twitter while uh in in staking existing Stakes new stakes and reakes uh get points uh and the staking pool and the prize pool for staking is 30% of the power pool uh there are totals of uh there'll be a total of 1 trillion power uh in the trading pool the different kinds of trading activity and especially importing stable coins will uh will grant points and uh Traders will share 20% of the power pool and influencing since with mem coins um uh the the the M qualities are what brings a lot of the value uh the influence pools are also what brings will also get 30% of the power pool now all of this is live now you can enter our Twitter or enter our dap and access the um uh the power page uh the top the top bar in the D um and uh if you want to share the Tweet uh then I definitely recommend that you will um uh register in the in the influence section register your Twitter Twitter and then you will get points for sharing the Tweet which will end in an airdrop uh when this point when when the power token launches next slide please yeah we are live now uh thank you very much this is for me I'm open to questions of course feel free to unmute or uh type questions in the chat I think we can also um open questions more generally what we can do is take one or two questions um but we're already at 5:00 p.m. UTC and so we uh can then end the recording and allow um the conversation to continue all right um I'll just close out formally by saying thanks everyone for um um you know being a part of this movement this Renaissance we're making um Bitcoin a very rich environment for for building um applications um and creating more Sovereign individuals so thanks everyone uh stay Sovereign we're going to move move on to the um after hours so if anybody has questions on the things mentioned in the call feel free to unmute and ask or um we can check the the chat or you know if you guys are feeling shy today I can read a question from YouTube

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hi you got it yes all right welcome everybody Welcome Sovereign individuals um today is May 4th May the 4th be with you um and welcome to the Sovereign Community call episode 62 um I find it amazing that we've done so many of these Community calls we've gone through a lot of developments and um updates these past few years um and the year of 2024 is the year of runes and you know we're we're finally going to take a leap into this space um and uh that will be the main topic for this community call um so very excited on on what we have for you guys uh coming up and uh going to um bring Yago to the center of the stage to talk a little bit more on it thank you very much who will be sharing the deck um I don't I I asked and I'm not sure if we have one for this we I'm pretty sure we have one uh if you can maybe ping French Victory um okay might be able to sure sure yeah uh otherwise maybe I can try okay are you guys seeing that full screen yes awesome all right well welcome sovereigns let's kick this off so today we're going to be covering a road map update and we're also going to be covering some future plans around runes um so basically it's a very future oriented um conversation but uh because it's so future oriented oriented I I uh I think we should take a moment to discuss what we've been developing uh I'm sure you guys have noticed there's a huge amount of work being done currently on all fronts so um we have been working to deploy Dex 2.0 we'll talk a little bit about that we've been um working uh on the ability to bring runes we'll discuss that as well we um had a number of sips I'll cover those uh uh briefly and um we've got progress on bitcoin OS we um have made some uh some overall user experience improvements and we in addition to all of this added in um the additional uh work around launching a campaign around um the Bob launch um the extra spice and rooms launch time Chain man can you please mute yourself thank you um while at the same time we're also running the power campaign so U that's a lot of things that we're doing all at once and what allows us to do that um is I would say three primary things the first is we spent the bare Market investing in taking care of technical debt and building tools that will allow us to move faster um we're now starting to see the dividends of that so we are seeing the ability to deploy faster and to work more efficiently at the same time um Sovereign is a very unusual project certainly in crypto but any you know even just looking at any company the um people who are working on Sovereign are extremely dedicated we've been together now for three and a half years the team the coure team has remained dedicated to the project throughout that period we have a group of people who are very well um who are very familiar with the project and extremely well versed in working together and that also improves our efficiency and the um the third thing guys please mute yourselves lucky rare sets so and the and and the third thing um is um the just the um the fact that we are now starting to see the fruits of Labor that has been going on in the background for a while now so um we've got a very very packed period of Time ahead of us let's cover it so um let's talk about why now is so packed where we are where we see Sovereign um in the overall um Bitcoin and crypto space and what is the Bitcoin Renaissance that we're looking to lead so in 2021 um the Tapo soft Fork was introduced into Bitcoin and this was a Promethean moment it was like um you know bringing fire to to people for the first time um and fire is dangerous and people didn't know how to use it initially but it was it's extremely powerful tool it took a long time for developers to figure out how to use Tapo and the first big breakout success happened in early 2023 and this was ordinals nfts and Bitcoin and what ordinals proved is that when you bring a concrete use case in a way that is um useful to users uh and really utilizes Bitcoin you can very quickly eclipse the established Mega economies on other chains because Bitcoin very quickly eclipsed salana eclipsed ethereum the most valuable nfts today are ordinals and they're on bitcoin part of what came out of that was also BRC 20s which was a bit of a cludge a way to try and create fungible Tok tokens out of non-fungible tokens and even though was a hacky solution that also saw very significant success but we have the Bitcoin Haring coming up in just 3 weeks maybe less with the Bitcoin Haring um a new token standard for Bitcoin is going to launch and there are a lot of new Bitcoin token standards but more and more it's looking like runes is going to be the primary standard at least initially going to be the erc20 for Bitcoin and so I call this slide speedrunning ethereum because I think from that point on we're going to be kickstarting a process of ecosystem building on bitcoin which is going to be a speed run of of what we've seen in ethereum we're going to see tokens tokens are going to lead to token launchers or icos that's going to lead to a demand for defi um and dows um and that demand for defi Dows as well as the increasing cost of bitcoin transactions that we're going to see is going to create demands for scale at the same time it's going to make lightning Network as a scaling solution less and less useful because lightning network doesn't work in a high fee environment and that is going to create the demand for RS so I have a pretty high level of confidence that what we're going to see in Bitcoin now is basically ethereum 20 on steroids over the next 18 months and what we're trying to do with Sovereign is not just position ourselves for this but continue to take a leading position in making this a reality so that brings us to the road map we uh we put out a road map at the beginning of this year and um it's an extremely ambitious road map so how are we doing well so far uh We've launched uh the staking rewards 9% staking rewards in uh in in s so um was voted in last week we initially expected to introduce the ability to bring tap rooot assets to our um our our decks and to our L but basically to our entire D5 platform uh with the goal of becoming the Cal defi platform for what we call the new Bitcoin token economy our sense now is the tap rot assets is just way behind in terms of Mind share market share and actually even development versus runes and so um what we've done is we have developed both um but we've brought runes to the point that it's production ready and that I think um is just a remarkable effort by the developers working on that to develop both par both systems in parallel make sure that we were ready for any outcome um amazing work we also introduced not just one but two points programs we announced Bitcoin OS to very significant Fanfare and our first major partnership with Bob um we can expect we think uh significantly more Partnerships of that kind because people have been paying attention people have noticed that the Sovereign Community has been the primary Community driving um Bob it's been you know we've been the most significant Community uh We've driven over $40 million in value or around um 40% of the value that has been driven to Bob has come from Sovereign and that makes Sovereign an extremely attractive partner in Q2 are we going to be able to keep the pace that we've maintained um and I can almost guarantee that we will um first of all we expected to go multi-chain in Q2 that is happening so we will be launching with Bob uh in just a few weeks Dex 2.0 will be launching on Bob in just a few weeks devet what is the devet the devet is for Bitcoin OS and allowing us to introduce a devet for Sovereign Lair we expect to have both of those done this quarter so some big news on that uh uh coming down the bike so right now in the same way that we expect Bitcoin to be speedrunning ethereum we're speedrunning our road map so that brings me to U the second points program that we launched um the this also there was a a very high level of um consensus that was ultimately achieved around moving a significant portion um of the Adoption Fund most of it uh to Bob and that will allow us to drive adoption and the way it's starting to drive adoption is we've been driving um funds being predeposited already right now into Sovereign Dex 2.0 on Bob um we this is a this is a very big opportunity um because we anticipate that um Bob uh will be a significant player in the ethereum Bitcoin ecosphere um and that can be a very big Market as we've explained in the past um I think we are doing a good job right now of positioning ourselves as the primary decks on that platform and um that will allow us to be the primary decks on two Bitcoin related chains um and uh um that positions us then to become the primary decks on the third and the fourth so what is the Dex that we're bringing Dex 2.0 Dex 2.0 is going to rep represent a very significant Improvement in um our um exchange uh not all of this will be felt immediately but the um the components of what Dex 2.0 2.0 bring are extremely significant so first right now our deck basically just has simple liquidity pools very similar to a unisoft uh V1 uh very similar to unisoft V1 then uh as you guys are aware unisoft V3 introduced concentrated liquidity the problem with this um is that while each of them have their advantages right now with Unis swap they are separate pools in fact entirely separate dexes with Dex 2.0 we're introducing the ability to concentrate both simple and concentrated liquidity into a single liquidity pool this is going to allow much deeper liquidity much lower slippage at the same time reducing slippage even further we have uh limit orders and these limit orders will effectively allow for the creation of a cloud uh of of of of orders a a a order book around our liquidity pools we're also introducing the ability to have Dynamic fees that respond to the market that increase uh when there's High volatility uh and a lot of trade uh and decrease when there's low volatility making sure that LPS are able to benefit from changing Market circumstances we're also introducing super efficient fees the uh Dex 2.0 will initially be on on on Bob and so will obviously be much cheaper than say uh ethereum mayet or even rootstock Manet but even if we were to deploy on ethereum De 2.0 would be vastly more efficient uh than Unis swop transaction fees gas fees are just going to be much simpler much much cheaper we're also introducing trade routing the ability to route between different uh uh assets uh that aren't paired to the same thing so for example we could have wbtc paired to tbtc wbtc paired to S and allow people to trade through tbtc into wbtc into s in one single transaction and then as a big experiment here we're also going to be launching with SV as the primary or default pairing uh on all of these different pairs and I'll talk in a moment about the significance of that and then finally we're introducing an SDK and an API which will make it easier for market makers and institutional players to take advantage uh of uh the decks provide more liquidity and additional trading volume so Dex 2.0 comes together with runes and this is a new beginning for for Sovereign decks I think we've built really fantastic decks um but one of the challenges that we've had is we've kind of been a DEX for a chain which didn't have tokens and um there's a limited amount of of of trade activity that can happen when there's a limited amount of tokens runes um is sort of like a token standard without a DEX Sovereign is a DEX without a token standard we're bringing these together and we're going to be able to provide absolutely the best trading experience uh certainly Dex trading experience for runes and runes we expect are going to introduce a large number of new tokens that they'll be high interest in trading and so um we expect that um the deck will grow with these additional trade opportunities and that as and that what we'll be seeing is the growth in the runes ecos system translate into growth for Sovereign and tying that together is the fact that trading pairs will be paired with sov which effectively will mean that SV by proxy becomes an index token for the entire Bitcoin space if we are the central Dex for what is becoming a very wide Bitcoin ecosystem and everything is paired in SV then as the Bitcoin ecosystem grows sovv as an index token will grow with it and finally by being on Bob we can start to bring in a large number of users from ethereum who already are experienced with this kind of decks and interface and then finally um Bitcoin OS we've been pretty quiet on this because there's been so many other things for us to talk about but things are moving um there's very significant work happening and we expect to be able to start talking about a devet soon both for Bitcoin OS in general and Sovereign lair so that's it in terms of updates for me uh and I uh can pretty much guarantee that there's lots more to come thank you Yago that was that was excellent um do we have other uh updates uh yeah I'd like to cover quickly runes Yago did most of the most of the talking there but I'd like to go over it quickly cuz I think not not everybody knows what they are and I'd like to present on where we are on this so runes uh next are like said the new fible token class on bitcoin think ERC 20s just on bitcoin uh next slide please um runes are developed by Casey the maker of ordinals and like I mentioned ordinals became uh basically overnight the most valuable nfts in the biggest Marketplace for nfts in the world and we expect to runes to do will do to ERC 20s what ordinals did to ethereum nfts taking away the users taking away the liquidity and moving the focus of attention to shiny new things which is runes on bitcoin uh next slide please so we have a bridge it is currently in test net uh and we have uh a runes multisig uh in place for that bridge um during during the next weeks uh and until the hving we would prepare the code base for the new version of Originals uh we would Deploy on testet with UI deployment which will allow anyone to play around with the new uh user interface uh and we would Deploy on mainnet and do tests uh prior to uh rsk man at lunch on the heling and lunch on Bob on Bob lunch which we currently expect to be on April 24th um so far development has been going uh like clockwork and uh we expect this to continue to to be on schedule for the having next slide please on Sovereign you would be able to trade runes now this bridge is uh as far as we know will be the first evm to runes Bridge uh this means that Sovereign will be uh the fastest and cheapest way to trade runes other marketplaces such uh like magic Eden for example are P2P marketplaces this means that if you have a room that you want to buy you want to sell you you go to the marketplace and you either see someone uh presenting um um a rune or a bunch of runes for this x amount of price you have to click on it decide that you want it and then the other user also has to approve it and um yeah uh it's a P2P market and and you have to wait 10 minutes for uh three confirmations on bitcoin for this to be completed um The Sovereign trading experience would be identical to what you guys know in sing right now so an amm you say how much you want to buy you you just connect your wallet and you and you do it you do the trade and it's approved within um seconds essentially and it's going to be much much much much much more affordable to trade on Sovereign then on the Bitcoin main net uh directly Bitcoin N1 directly uh we expect to be the first to Market with this technology which and all of the above puts us in a favorable position to be a market leader uh for wounds trading in this run X SL this as a result we expect to see uh soft stakers to have higher yield because we would have a significant increase in trading volume and like yo mentioned s will be paired against everything which would increase the S trading volume and with them most likely the price as well um last SL please so the first Rune to be traded on Sovereign is power the Rune in the center of the PowerPoint program um we uh already know that runes will be the pair with another Rune from another project that will list on Sovereign on lunch and more and more Rune project will list on Sovereign on lunch and our runes will list on their exchanges uh as well uh and two of the these projects um lfg and runes Alpha uh will be joining us tomorrow for a space uh on our account um run the next week narrative I hope that you guys will be there and I hope you guys will uh share uh with your followers um because um it's a really big opportunity uh not only for Sovereign of course for anyone coming in on the ground floor thank you very much thanks so much French um so I think we could take some questions at this point yeah I I I just want to say something first as you guys have noticed there isn't a presentation from the dev team uh during this community call and the reason is I think pretty easy to understand people are extremely heads down um the level of dedication and work being put forward by the cor devs is just absolutely phenomenal um they are taking on you know so much right now and um I think I just I think we all owe them a debt of gratitude for the amount of dedication um and resilience and and also accuracy and security that they're managing to deliver [Applause] with I concur um so for anyone who has questions please unmute yourself and ask away um and you also have the option of just typing in the chat your question we'll we'll read there as well so first question from burnhard JW will dollar be made available in a rune version that's absolutely the plan yes uh we want the first stable coin to be on the Bitcoin uh token standard to be Bitcoin back stable coin Sovereign dollar is the biggest of its kind and um we're going to there's goingon to there's a lot of we've got as you can see a very very packed um uh road map but um certainly after we're out of Q2 I think a big Focus uh is going to be driving additional use cases and utility for The Sovereign dollar and making sure that we cement its position as the default Bitcoin stable coin I have a question so regarding making s so the default pair um is does that mean that you know when you're selecting your pair when you're making a liquidity pool that s so is the First Choice meaning that if you still wanted to pair your Rune with another token maybe a stable coin Maybe Bitcoin that is still possible correct anyone will be able in Dex 2.0 to pair any two assets so you can pair two stable coins together you can pair two types of Bitcoin together you can pair uh two mem coins together whatever um what we're trying to establish is that the first pools will be uh pulled against SV that there'll be deep liquidity for SV against stable coins deep liquidity for SV against e deep liquidity for SV against Bitcoin such that most trade crosses so for example I'm going from coin X coin y I'm likely to pass through sovv um and that if I as a result pair my asset against SV routing will be shorter um fees will be lower transactions will be more efficient and there will be good reason to wants to launch tokens on Sovereign paired against s we have a question from Tom and Discord what is your vision about governance on multiple chains starting with Bob I think that's a really great question uh and it's a topic which a lot of people have been discussing uh I yeah I think with good reason it's a topic discussion um we've so we've discussed this in in a number of different forums but I I think it's um I I'll try to summarize U sort of the objective reality and then my view the objective reality is that uh when you have bridged governance you introduce a large number of risk factors um and you effectively compr romise both the decentralization and the security of the system as a whole on the other hand it is also the case that we would like to maintain a unified governance uh or at least have a hierarchy of governance that sort of All Leads back to the same highest uh uh biocracy how do you do that in an environment of uh not without trustless bridging and the the simple fact of the matter is that you can't you can't do um trustless bridged governance now um we've discussed in the past how potentially with Bitcoin OS there would be opportunity to do trustless bridge governance across multiple different royls um but doing it between rootstock and Bob and potentially other chains that launch is not possible so there's a question of how um the uh different implementations of sovereign on different chains should be governed no decision has been made on this and it's going to I think be a topic of discussion uh for a while before we make as a community a decision right now with Bob we're launching uh in the same way that we launched Sovereign on uh root stop which is um we have multi government governance uh which um will adhere to and be subservient to biocracy but is not um uh an instance of cod's law um and so to the extent that any profits are made on Bob those will uh be directed to a multisig and and and um changes to the protocol upgrades will be done and performed by the multi as well and then we will need to make a decision both how we want to do with Revenue across multiple different chains how we want to deal with governance across multiple different chains and these are related questions um I think it's beyond the scope probably of this conversation although if other people ask about it we can go into you know into the details of it but um that's basically sort of the Dilemma that lies ahead of us and we'll need to decide how to deal with cool so another question from uh Tom are you open to have a single point of governance regarding SOB I guess kind of a followup I think I gave my answer to that we're certainly open to it is it practical and what tradeoffs are involved that's the conversation uh question from Christian do we need a separate wallet like the ordinal wallets um yeah to be able to hold runes directly on bitcoin main chain uh you'll need a runes wallet of some kind um but um the wallet that you're currently using on root stock with Ser that will work on Bob and um you'll be able to use your runes on either of those chains with which with whichever wallet you're currently using question from uh JS will uh DLR be available as a room uh day one or or at some later Point TBD there's a lot going on lots of moving parts we will do as much as we can safely uh and no more when can we expect perpetuals on Sovereign on Bob this is from ru heat thanks for the question right now they're not even on the road map um I think we want want to see how Bob the chain does we want to see how Sovereign on Bob does we want to make sure that we have successfully deployed built a user base um and and and managed to to build out and ultimately dominate the market that we're looking to dominate with the depths that we're currently launching with before we look to uh expand further um that's definitely something we're thinking about people are discussing it um but um we want to methodically get the things that we're doing now right and then build on that if we build a successful Dex introducing um Perpetual on the basis of that success will be um a much preferable strategy to trying to do everything at now and maybe fumbling the ball Jimmy Shaker had a question think it was skipped it it was it was already asked I I brought it up um question from uh lactarius um says if I'm not mistaken other dexes might be coming to Bob how are we going to differentiate ourselves I think a lot of that is answered in and what we presented uh today with the um with the let me let me give a let me give a sh answer to that um one we think the Dex technology itself is very significant advantages Dex 2.0 will be faster um easier deeper liquidity um lower cost transactions many other advantages two we're building up a brand on Bob now pretty much everyone who is involved in Bob or depositing in Bob knows about Sovereign if you go to Bob's leaderboard sovereign's at the Top If you go to the Bob website sovereign's offering the biggest bonus if you're looking at tweets Bob is tweeting about Sovereign s tweeting about Bob and tonight we're going to be in one of a series of of interviews that or spaces that we're doing with Bob so we're making sure that the Bob Community are aware of sovereign and that we the sere brand is strong on Bob third we're going to be coming out of the gate we expect with the deepest liquidity and the strongest rewards um and that's partially why we introduced um you know we we we we we we we shifted um the uh Sovereign adoption SV into the time lock it'ss allowing us to acrw rewards which we can then offer as additional bonuses so um be better be better known and offer more bonuses that is our strategy ah actually one last thing we want to have the I think this is probably the most important thing which is what I should have pointed out uh and we we pointed out in the in the call um for any Dex to succeed it needs to be able to differentiate itself why does Bob even have a reason to exist it needs to be able to offer something unique something that you get in the Bitcoin corner of ethereum none other places we think that's going to be runes and our goal is to dominate runes trading time Chain man says as a data data governance specialist in finance over the last decade I might be able to let a hand with how to frame work governance in a Federated system would you guys be needing this skill set otherwise I will drop it for now and wait definitely uh just um just jump in okay thank you very much um you said you wanted to take didn't want to do the Deep dive here so my question would then be where can we do that who who's speaking man time um I think the best place for this kind of deeper conversation is probably the Forum forum. s.com okay and we can have a deeper conversation there no worries then I will sit up a thread for that that would be awesome okay thanks so much time CH man it's not often that someone on this call has a thicker South African accent than me do we have any more questions from our Sovereign individuals oh capitalist 42 asks how safe is the runes Bridge good question capitalist 42 use at your own risk um that said the team that have put together um the runes Bridge or the same team that put together our ethereum Bridge or BSC bridge and the same team that put together F BTC um all of them have worked without uh incident for three plus years now so um we hope to continue that streak I have a couple questions this is Travis for Travis hey um so sorry I wrote them down in the general so I had a couple questions one is this Rune token as part of the Bob campaign something from Bob or Sovereign and is this the power token or something different the uh way we're currently thinking about from a basically if you look at what's happening on all of the different chains Sana and base and stacks and whatever uh guys please mute yourselves um there's currently this trend of creating meme tokens and um having each chain sort of have its own you know mascot uh in the form of a of a meme Community um we view power as the meme mascot of rootstock and there will be a different token which will be the meme Mo meme mascot of uh Bob and what we would like to try and do is provide additional tools and and and and you know and and see the community fill those uh memes with uh with with um the values and the and the um the uh sort of um principles or or or meaning that each of those CH have rootstock has a different approach to bitcoin than Bob uh and so they should have different flavors but basically um what we would like to do just is we're going to try and dominate uh the the trading in each of these environments we also want to be the ones putting out the meme token for each of these environments okay so is that um this rune um rewards is this something incentivized by The Sovereign Community or is this a Bob this is not uh being provided by Bob uh Bob will eventually introduce their own token uh which will be sort of like I suspect right they haven't said anything but I suspect they'll introduce a governance token for for the Bob chain this is a a token that um that Sovereign is developing great thank you and then the other question I have about that was um I was reading through the Forum and with this new proposal of sending Sav over to earn a portion of the um spice tokens from Bob and speculating that it's the Bob token um did you guys have any ideas or thoughts about how this would change the lp rewards um for Sovereign like how we'd go about using that potentially or did you guys have any thoughts on that that is the the primary goal the primary goal is to incentivize LP on Bob with spice points so you'll deposit funds you'll act as an LP on um on The Sovereign deck and you'll earn spice points great thank you thank you yeah sorry I just want to get to at cranic ask because I've seen other people ask it as well kic asks will rootstock sov stakers benefit from Dex 2.0 on Bob I think we're already benefiting um everyone who holds SV uh anyone who staking SV um is benefiting the people who are staking are benefiting even more we've seen since the announcement of the um of the bub campaign um a more than 30% rise in the um in the value of sov tokens those are currently being distributed to sov stakers um there's a very clear direct benefit there are also indirect benefits the overall growth of sovereign um the overall growth of the Sovereign brand now there's a question of Revenue distribution that we addressed earlier in this call uh as yet there is no concrete plan around shared Revenue distribution nor is there any guarantee that there ever will be um and I think that in either case um the the benefit is very uh there's very significant benefit for for for for S so stakers to seeing um Sovereign grow more users becoming aware of sovereign uh more value being driven towards sovereign and and again I'll point out the people who are benefiting most are SV stakers SV stakers are currently earning SV on top of the earnings from the the protocol um this is a very clear and direct benefit French you said that there was an additional question there's a couple more questions popping up uh we have one from Rafi uh any development on exporting Sovereign dollar to other chains that are not Bob yeah uh rafit actually went further and he said this was something we discussed five months ago and rafit has a good point we did discuss it five months ago and we actually we we wanted to begin the export of of sovereign dollar to other chains why didn't we um we have a very significant problem on root stock and the problem is they're not good Bridges um Sovereign has built a bridge Sovereign does not want to particularly be maintaining that bridge it is um a cost center and a risk Center and um we are using it because we have no choice but we were promised by iov Labs multiple different um specialized Bridges would be deployed none of this has happened and so um that has curtailed our ability to be able to import or export all assets and specifically stable clints um on YouTube henrique asks what are run points um n um Rune points are part of the Sovereign runes and EXT spice points program done with collaboration with Bob so in this program um spice points are the points that Bob gives and if you go through Sovereign to deposit um you would get a a bonus a 50% bonus at least on your spice points but and Rune points are additional points that we give out in this program and these points will be redeemable for a new Rune token that will launch on Sovereign um perhaps it's worth mentioning that um uh funds unlock after 3 weeks question from capitalist 42 are the teams still buying s so in open market with deposited funds from the spicy program so the word there is a little bit ambiguous let me clarify something the team are buying no SV with uh the team does not buy s so unless they want to do it on their own personal time um what is happening is that the uh the exer is purchasing SV on the market to pair with funds that are being deposited into the multi for the Bob campaign um this is not being done from treasury funds it's being done from funds being deposited by Future LPS um that is still going on it's not um extremely significant It's relatively small amounts right now I think um but yes that is continuing and will continue um probably until buob launches question from kingpen why are we not doing community calls on Spaces instead of Discord it will get much more exposure than Discord I don't have a good answer to that we've considered a few times but never deeply um mostly it's just the legy um of doing it here people know to come here um and these are supposed to be Community calls um where the community comes and asks questions I'm not sure the format of spaces which is sort of an open forum is necessarily the best for that but maybe we should experiment with it and we can certainly consider trying it uh for the May Community call and for what it's worth we we still do some you know other community calls on uh Twitter spaces for specific topics like the one that we have tomorrow I mean one of the big challenges with spaces is that um we can't do a presentation we try to have a presentation on a monthly basis um there might be a workaround where we sort of do a live stream and then we convert it to a spaces it's a bit awkward I I think we'll give it some thought but it's a nice suggestion thank you [Music] kaen is asking um if he deposits SUV not through um Sovereign but through some other uh means will he earn the 75% bonus uh the answer is you can deposit however you want but you have to use the sovereign uh referral code and the referral code you can find on um go. sovereign. app there's a link you just click it and you'll get the referral code but if you don't use the referral code we can't track you and there's no way to give you the bonus more questions cooking from Lucky rare SATs and luy rare sets is asking will a s so Supply ever be changed more than the current 100 million um I think it's possible um but it would mean that the entire Community would have to come together to make the change and the change could work in both directions could be a reduction it could be an increase right now there's no conversation around this even um it would require a governance level vote um with a higher threshold so that would mean that you would need to see at least 20% Quorum and we need to see at least 70% uh uh in favor so I think it's unless there's a very good reason where it would be very clear that this would be value accretive it would increase value for sov stakers and value of sov I don't think we'll ever happen all right maybe we have time for one more question um we have black terius uh saying um regarding the buying sov question he says I haven't quite understood are these SS meant to cover the purchase 50% of from liquidity providers on launch day that is exactly right that's exactly what they're supposed to do uh okay so yeah let's uh let's maybe answer one final question and then we can wrap up uh this month's Community call uh feel free to unmute okay well it looks like we have covered just about uh all the questions for today uh so would like to close out the recorded part of the uh Community call episode 62 um thank you all for joining um time Chain man looking forward to your Forum post um if you haven't posted already um so keep spreading Sovereign uh keep being badasses and thank you all uh show up to our Twitter spaces tomorrow French what time is that gonna take place 11:00 am Eastern eastern coast of the United States okay 11:00 am New York time uh check out our Twitter spaces or 3M UTC time if that reference works for you uh so thank you all and stay Sovereign stay sovereign

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by presenting the deck and I invite adago to the stage great feedback thank you hello hello hello sovereigns so uh I'm going to let uh I'll give uh Inga a second to uh bring up the agenda we have a lot to cover uh it was unfortunate that we couldn't have have a um Community call last week it's uh sorry last month it's I think maybe the first time we've ever had to skip a month um was due to workload and also there were some um you know just a lot of things going on for the team so today we're going to be talking about runes and the runes drop power going to be talking about Bob going to talking about additional chains we're going to be talking about Bitcoin OS and Sovereign lir so I'd like to start with the next slide which is power so uh there's been a huge in if you can go move on to the next slide there's been a huge amount of work I think you guys know that's been done over the last two three months and honestly we took on a great deal of risk trying to do this many things at once in addition to the standard maintenance of the protocol on rootstock we were also working on bridging and and runes developing runes um building out Dix 2.0 deploying Dix 2.0 going onto a new chain for the first time um uh running uh two different uh campaigns one around power and one around Bob spice it was a lot and um when you take on that much there is a risk to focus there's a risk to execution um and uh I I think we can be very proud of um the fact that we you know took the risk people put in incredible sweat and one of the outcomes was the launch of the power Rune um this put Sovereign on the map in terms of we're now a platform that is going to be trading additional runes in the future but we already have power we've launched power and one obvious thing is that depending on the day I think yesterday was 1.75 million today 1.6 we've distributed as an airdrop as a result of power $1.6 million in value to The Sovereign community so that's a direct benefit and of that 525,000 over half a million dollars has gone to stakers so it was a lot of work the community really galvanized around this um the sof Squad eventually became the Power Rangers and sort of sovereign now has a meme token associated with it the community has a meme token and there's something cool and new that we're doing that we've never really tried before um next slide please now I don't that French Victory wants to say a few words here but I'll just say a few things 40% of the power remains unclaimed uh I encourage you all if you have unclaimed Power to Go and claim your power but you should be aware there are currently a proposal uh cooking to do three burn events for the unclaimed power both to encourage people to claim the power and get involved but also because a burn event is an awesome marketing and and Communications event and could see the value of power rise even further uh French you wanted to say some things uh yeah uh so the idea here is of course to uh increase the value of the token uh I we also wanted to cover uh in this call um the the presence of power in Memon and our learnings there uh it's I'll say I I would like to cover it in in a later Community call hopefully perhaps even next week where we'll also go over the Sip and what it means and what we're suggesting exactly uh but I say that um just our presence in memcom we produced a lot of content that tracked very well we were had a very successful booth and during that time the days of the coin and the days after we saw a significant bump in uh our trading volume so that worked and we are likely to do it again thank you very much French in if you can move on to the next slide so next up we are going to be talking about the deployment on Bob uh let's look at at some data first and then let's talk about what we've achieved so it launched on um the 9th of uh uh May um so far we've harvested over 4.2 billion in spice and um we're actually rapidly increasing the amount of spice that we're harvesting in part because um of the growing tvl on the de already distributed 712 million of this and the expectation is that the vast majority of will be distributed um towards the end of this month there's going to be a big distribution to everyone who participated in the spice one campaign and the rest we're looking to use as a tool uh to well most of the race to use as a tool to drive further tvl growth and further adoption the decks is currently the largest decks on Bob um so that's two for two right so we started out on rootstock we helped build rootstock into you know rootstock was a very difficult project to take on it was effectively a latent sort of unused forgotten chain we helped build it into the most significant side chain in Bitcoin and we've built Sovereign to be the number one dep ecosystem on rootstock so it was honestly a bit uh intimidating to go on to was we knew we had to do but but you know you're trying new things he's intimidating so going onto a new chain was a big deal the fact that we've launched on new chain and there too we are in the lead and the they see us as a primary driver and and our partnership with Bob has been getting better and closer over time is a really good sign also a good side is that as a result many other Bitcoin layer 2 projects have been reaching out to us to look to get Sovereign to launch and and there's even um some offers of of um sort of programs or or incentives that they would like to do to attract us and we're actually in the process of building out potentially a queue now this is a huge amount of work each one of these things is a risk each one introduces additional challenges uh and workload to the dev team but we're we're taking an ambitious approach here um and I think uh it's very likely that um we we you know there's an opportunity here um to to actually build on the reputation people have been looking at what we've done for Bob and other chains are getting excited so next slide please so uh in spice season 1 uh we had over 1,000 almost 1,400 uh depositors there's going to be um significant amount of additional spice that will be distributed to them um some close to half a billion spice um and we've still accumulated additional spice on top of that uh which we're going to be able to distribute as incentives uh next slide please all right now um while all of this has been going on um the same thing that we've experienced as a team um for the last three years has continued um we've taken on a lot of risks and in some ways we certainly didn't execute with perfection and there's you know standup comedians will say uh if someone heckles them there's this old joke I don't come to your place of work and knock the [ __ ] out of your mouth well sometimes working at Sovereign it feels like people come to our place of work every single morning when we work and try to shove [ __ ] down our mouth um you know there's a lot of every single inter Community will have uh negativity Sovereign has a lot of a lot of really dedicated community and some of that Community is dedicated to negativity and there's some really creative fanfic and conspiracy theories about uh you know why we keep getting up every morning for three and a half years and trying to build Sovereign but there are two things that I want to address the first is the question of is is Sovereign a success because a lot of the time this negativity says you know Sovereign is a rug waiting to happen Sovereign is a failure Sovereign is all kinds of things and so I I I would ask the question by what standard should we judge Sovereign right should we judge Sovereign by the standard of perfection because by that standard we are um a dismal failure um should we judge sine by the standard of the number one defi projects on ethereum vastly more mature and larger currently uh uh dep ecosystem and I think by that failure too we would be considered a a a giant failure however I think that there are other more appropriate criteria by which to judge s the first is our road map our Milestones do we deliver what we say we're going to deliver and I think over the years consistently we've first of all definitely delivered on what we U put out in the black paper but we've continued to push the edges um continue to put in the time and the effort and we keep on delivering and shipping and on that criteria I think we've been extremely successful and another criteria security right is our system secur billions of dollars worth of value has flown through Sovereign billions and billions no user has ever lost funds on Sovereign due to a security exploit and if anything the system only becomes larger uh more complex as a result and more decentralized which also makes security much much more difficult and so I think that from the perspective of the security perspective even when we did have an exploit we managed to catch it and stop it while it was happening recover the fund uh in majority and no user lost funds so I think on the question of security Sovereign has been a smashing success and especially when you compare us to our competition you know that brings me to the third criteria competition what should we be comparing Sovereign 2 in terms of the competition to other projects on rootstock unquestionably we're number one other projects on Bob there too we're currently the number one decks and on our way you know to building up and and increasing that lead in terms of the Bitcoin ecosystem as a whole there's only one project which has ever come close to um surpassing eclipsing Sovereign and that was Alex uh on Stacks which was a you know you guys know STS it's a very well-funded uh uh ecosystem which provides a huge amount of support um but in order to reach that level of competition with us they have an excellent team and I have a lot of respect for the Alex team but in order to be able to compete with us um they had to cut a lot of corners and the result was a major exploit with their users losing huge amounts millions of dollars um which has impacted the entire stack ecosystem um and and and and um you know placed the the the the value of STX itself somewhat at risk um so on the competition front um we've seen off our biggest competitor and we continue to be the largest defi application in the Bitcoin space um so I think on the criteria by which we judge ourselves Sovereign has been a huge success and I I point this out because I want the team to hear it and I want the team to hear it from you guys because unfortunately it's the people who are uh negative that are also most vocal and I want you guys to know that getting up every morning for 3 years pouring your heart and soul into something and being told uh in the place that you hang out that what you're doing is [ __ ] wears people down and so I I I want to ask the really silent majority who always you know who who participate who vote in the sips who who have been following the project um offer a counter wait right be a little bit less silent and I'll give you one example despite the success that we've objectively had on Bob a lot of people have been going around and calling the the spice launch and the Bob launch a fiasco that is the word that they've used and part of the reason reason that they've said that is because of uh the fact that SV dropped um after we launched and part of the reason they say this is because um we delayed it we were we were planning to launch in May on the 1st of May and we had to delay by almost n days so I want to tell you why that happened I want to give you a little bit of the the the backstory the team were work working 120 hour weeks they were they you know not sleeping in the leadup just to make sure that we hit the deadline and they had a very complicated task we're working to deploy on a new chain which doesn't have the um testing Suite that we rely on in order to make the system secure so we had to build up our own system of tests and trying and with a whole new set of Technologies and on the night before we were supposed to launch which is also coincidentally when the Alex hack happened Tyrone who had been going without sleep in order to make this happen looked through the code and realized that there was a potential exploit and so we pushed out the deployment to make sure that the deployment was Secure I think that was the right choice and I think telling someone like Ty own or all of the other divs who work so hard that this the result is a fiasco and a failure is is an unproductive way of encouraging the people who are working so hard for you um so next slide please the bottom line however is great the bottom line is that so far we've got two for two we've launched on two chains we're the largest and the leaders on both of those chains and what this tells us is that what we need to keep doing and this is the next slide is more of the same let's keep doing what we've been doing on bigger ecosystems bigger and better let's continue to expand and be number one until we are not only uh competing with the largest chain uh projects in ethereum but we are surpassing them as we expect the entire Bitcoin ecosystem to do and here speaking about bu building the Bitcoin ecosystem we come to uh the Sip that was published uh in the Forum two days ago which I have to admit uh took me somewhat by surprise in terms of the um the reaction um because I thought there would be a huge amount of excitement this is this is a big deal right Bitcoin OS is potentially a huge deal Sovereign being deeply involved in it is a huge deal and the fact that there might also be a token allocation you know is the cherry on top but that wasn't the reaction and um uh the reason I think to a great extent is the way we've been communicating and and the way I've been communicating so if we could go into the next slide I I have to admit uh fault and error here may Kula and I think one of the people who helped me understand this was Martin who who com who who posted this comment in uh in in the threat he said um you know the the the the the the response of the community simply proves that there has been a miscommunication and what I should have said is hey I understand that some of you expected Bitcoin OS to be an integral part of sovereign and directly linked to SV but for good reasons things have worked out differently and instead what I said is that what I've been saying again and again is that boss is being built externally now I'm technically correct right to the people that I've spoken to the people I've communicated with to everyone I knew it was obvious and so I think this was a blind spot for me but while I'm technically correct Martin is Right Martin is you know is right that that that I I missed the Mark here so good communication requires uh transparency and and one of the arguments here is that perhaps we haven't been transparent enough and so I want to address that uh directly and if you could go to the next slide so I think the core the Crux here is that people had the impression that Sovereign itself was building Bitcoin OS in terms of the development work and that uh um uh sov was going to be the the token for Bitcoin o so first of all from a pure facta perspective Sovereign has not been funding the development of boss it's a separate set of uh developers they are not even receiving grants from sere the only Grant we've provided was to Robin lius um who helped Pioneer the idea of of of bit VM but we have been saying and I think this is the cause of the confusion we have been saying that sovereign is building Bitcoin o Sovereign is supporting Bitcoin o and we've been Shilling the hell out of Bitcoin o so what does it actually mean that we're building well I think the story here is exciting um not just to us but to other people and to get something off of the ground to take something to even come up with the concept then to come up with the design and then to get the people working on it uh who will actually materialize it that's a hard process it requires a significant coordination and we've gotten developers excited in fact I think we might be the only project where Bitcoin core and ethereum core developers are working side by side what we initially said when we first uh announc Bitcoin is that it's going to be a collaboration of developers building an open source public good not that it would be controlled by Sovereign and then what we've done is we've gone out and we've tried successfully to get really great developers excited about this project and working to build it with us but when I say with us we are supporting but we are not the central player here um that was the whole goal to get it to be significant enough that Sovereign would would no longer be the central player that that Bitcoin OS would take on a life of its own and we've reached that point I think the second concern is all right but um why is there uh now a different token from s so and why don't we own all of it and what about the transparency why why was it never mentioned before there'd be a different token and the answer there is really simple it wasn't known as this project has uh taking on form becoming real it became apparent that there would be the need for a token and in the interest of transparency um as this uh became apparent the first thing we've done in terms of a public announcement has been to come to Sovereign the transparency process is the Sip process that's one of the key reasons we have sips which are uh not directly related to changes to the the protocol it's a way to bring the community together to discuss something and so the first set of people uh to hear about the boss token are The Sovereign community and it goes beyond hearing about it it's also there's been an an offer tendered for Sovereign to be a stakeholder in in boss and I think this is an extremely exciting opportunity but because I've had um a bit of a struggle clearly communicating this I actually want to go back to the community and so um next slide please I think actually the person you know I've seen really good comments one of the really good comments that I've seen is from someone I don't know who I think has showed up relatively recently to our community the solution so I'm calling you out the solution I think you you communicate very well and if if you can reach out to me I would be happy to try and see if we can get you more involved but this is what the solution writes he says Sovereign is trying to be the incubator the kickstarter of Bitcoin OS not the sole owner that's the point and for this thing to be successful at all it has to have a diverse array of parties with a financial stake in the network and ample developer support and that is something that we're on the path now to achieving we're still very much early on but but it's happening then he says Sovereign will reap incalculable benefits just by being the leading rollup when this thing launches it's indirect benefits are what really matter here and that I think is such a great way of putting it Bitcoin rollups are a multi-billion dollar opportunity our goal is to be number one Sovereign to be the number one platform within this ecosystem and our goal therefore should be to launch and do the same thing that we've been doing and are basically practicing almost in the kiddies pool right now Now by launching on these different platforms so that we can launch on bitcoin OS and be the leaders in Bitcoin OS and help doe to bitcoin OS on a much grander scale what we did to rootstock which is turn it into the winner and the the the the boss token the direct benefit from the boss token while it may be very significant right uh is is the gravy it but it's not the meat so I think the last part in terms of the communication that needs to be understood on the next slide which is we've been talking about two different things and maybe the distinction hasn't been completely clear there's B boss Bitcoin OS and there's Sovereign layer and so I want to make the relationship as clear as possible between these two different things Sovereign lirer is The Sovereign rollup we anticipate launching our own Sovereign rollup so that Sovereign itself is as Sovereign as it can be and that the token um will be a canonical Bitcoin token built on a on a Bitcoin rollup s so will be its token and currently there's a program to provide 9% yield in that canonical token to sov stakers on top of the the yield that sov stakers earn anyway boss is a multi- rollup super chain it is the infra upon which this world of Bitcoin relps can be built its token is boss and there's a pending sip related to it by way of comparison there is some similarity here to the relationship between base chain which is the coinbase rollup um and the most significant rollup in the optimism rollup super chain and optimism has its own separate token which is the op token one other question that has been raised is around the token allocation I'll come to that in a second but I see that someone has asked a question so let me just see what that question is how can you help if you're uh not a developer an excellent question I'll come to that in a moment um so if we can go on to the next slide all right so this is a possible token distribution of Boss maybe no guarantees no promises and I say that because I don't want us to you know be find ourselves two or 3 months from with a different uh uh distribution and then it be claim but this is what's currently being envisioned um it is envisioned that the team dedicated to building and contributing to the success of Boss across the team and across many years will have 10% of Boss tokens potentially allocated to them an additional 10% uh would be allocated to a longer term ecosystem Fund in total this represents 20% of the tokens another 20% of the tokens are anticipated to be available for sale um to users around the world so they can directly have a stake and this will help us Kickstart the community an additional 16% to strategic and Venture Partners um one important kind being exchanges that boss um has a higher chance of being listed on on significant exchanges what that leaves is 44% to be distributed to partner projects effectively the rollups that would be building on bitcoin OS of that a quarter is currently ear marked and should the Sip pass would be earmarked immutably for Sovereign so while my other aspects of this distribution might change that part would not and what that would do is make Sovereign the single entity with the largest stake in boss and so I'd like to go to the next slide I think the goal here is to keep doing what we've been doing if we can continue to um succeed enough that we're that other projects look at us that other chains and and and Bitcoin ecosystems look at us and say look we need to get sovereign then we're doing the right thing and if we can launch and be number one or you know number two on each of these then we will defecto continue to widen our reach and also widen our lead and continue to be the kind of place that really significant developers want to come and build with um which will open us up to Opportunities like Bitcoin OS and then when Bitcoin OS launch then I think the game is truly a foot and our goal must be to replicate what we've done in rootstock to replicate what we're doing on Bob and replicate what we will do in other places on what I think is likely to be the most significant smart contract ecosystem or at least one of the top three will be on par with ethereum and Solana and then we will be playing in a different league so right now we're trying to build up the skill set the reputation the muscle memory to do that uh and to do it well so we got to keep going uh and um with that I think I'd like to open it up to questions um there already are a few so from the Power Rangers group um someone says since I just realized what yo said a minute ago Sovereign is my absolute favorite tool not just in Bitcoin but in my entire life I use it daily I leverage this platform to help my family advance and Thrive it's a real addition to my life's projects and I cannot imagine a better P to lead on so thank you to all contributors I would pay a lot to get this kind of tool service if it didn't exist and guess what it's free thanks again um and please keep this in mind when the dirty trolls come and puke their fools when self doesn't satisfy their gambling thirst so thank you very much KN that's really gratifying to hear and the truth is we don't hear it a lot and bcrat and legosi both ask how can they contribute to to bitcoin o and how they contribute to Sovereign if you're not a developer and I think one way that you can do that is that right I think it helps us I think we're human and we need the encouragement it helps so that that's one way another way is to let other people know um just those two things I think can do wonders um uh to what we're doing capitalist 42 asks are any other teams contributing to building Bitcoin always um so right now it's a ragtag team of really great shadowy super coders and some additional people who are involved and some projects who are looking to contribute but there's not really that much that can be contributed by Third parties yet um hardly because we don't want to release the code yet and um partly because um it's just you know it's it's super deep in R&D right now but there are a number of rups uh that we're talking to or projects that would like to be rups that we're talking to who potentially would contribute and launch on on bitcoin OS Moo's question sorry what is molo's question oh okay a lot of regarding um Power I answered him he also posted in Power Rangers group uh uh yesterday I think and I answered him and he discussed everything uh we can get into this now but should we focus on the Bitcoin OS question perhaps and get to power if there's time sure there is a public DEET for Bitcoin o public as in it's available to anyone but we haven't been advertising it yet there are a couple of those rollup teams that I told you about that are playing around with it um it's going to be going through a lot of upgrades over the next few weeks um what I can say is that we've um uh stolen a lot of code um from polygon because they're the leader and one of the strategies that has worked for Sovereign is stealing from other ecosystems and bringing to bitcoin and so actually with boss there is a similar approach find the best uh and and and and and still shamelessly uh where possible and where not do great Innovation um all right slid Hammer is asking can I explain the mechanics the pathway behind house sovereign's 10% bus share will drive value to the sov stakers I think that's a really great question and one which unfortunately I haven't seen discussed very much I actually thought that would be the most um discussed question in the for um ultimately that's up to biocracy to decide my sense is that there's three possible distribution points one is ex cheer so that um funds can be used for adoption funds can be used to to continue to to to to fund Sovereign another distribution would be to sov holders and a third distribution would be to sov stakers you guys I think know based on things that I've said in the past my um General tendency is to think that the bulk the weight of things should go to SV stakers but I think that this that is an important discussion for the community to have both before this Sip and after um so um I I don't haven't yet made up my own mind on this and I think I'd like to see a lot more discussion capitalist 42 ask how is the progress on the bits knar and Grail Bridge development bits knar and Grail is part of is is these are core components of um of Bitcoin OS I don't feel comfortable saying too much about how the technical progress is is is is progressing it's progressing well is what I can say [Music] um and um hopefully we'll start to see things in the wild as a result now while I'm waiting for additional questions I point out that there's some other things that I think are important I think one of the other questions that has been asked here is how can we contribute I think it's important that we discuss as a community how should we be promoting um Bitcoin OS and the relationship between Sovereign and Bitcoin OS for the good of both so that's another question that I think would be good in the Forum like how should we be presenting the relationship between these projects to make sure that Sovereign is not too associated with the project but also not unassociated with the project because I think it it it can be narratively powerful for Sovereign to be somewhat associated with Bitcoin o another important question one the things that the boss team are asking us to do is to launch their project and launch their token I think we need to think how we would do that and I would be interested in a debate and and and proposals on what the most successful way right we all had experience in participating in different crypto projects or participating in Ser what would be the best way to launch a new project of this kind obviously that will ultimately be done by you know some kind of adoption team and The Sovereign adoption team would play an important role there but I think that there's a view that there's the perspective of potential users and people who are experienced in the crypto space that could be extremely valuable here the outside the third person party perspective can be extremely valuable third question is will boss be issued as a Rune token um not decided yet um and the reason it isn't decided is first of all we're not sure that runes is the sort of winning right now it's a great uh token protocol for Bitcoin but I actually think that they around the corner there could be better ones like ZK coins runes is very limited in terms of the programmability of it now um bitnar potentially help fix that so there might be a version of runes that we could use but it would I think be important I think I think basically it's very context dependent uh when boss launches which will only be in a few months the world may look very different um and so I think a decision of exactly which um protocol standard to use token protocol standard use which should probably be made closer to that date David asks what does Bitcoin OS benefit from Sovereign for the 10% it gives marketing and support has already been established um I think okay so there are a few things here first of all uh the the primary thing is actually not marketing and support the primary thing is decentralization uh we want to avoid a situation ation and and and the developers uh I want to avoid a situation where um this is launched like most shitcoins are launched right some kind of centralized group um there's an idea that's been floating around of of sort of piggybacking on decentral on already decentralized um projects and if you read the Sip one of the things that they describe is you know the problem with uh actually Crossing the the the decentralization chasm so that's the primary thing beyond that it's community and marketing and Sovereign has a significant community and what would be great is if that Community started getting more involved with Pon I think one of the things that is being hoped for is you know bcoin has like for example his own Twitter account pretty dormant right now seeing more followers seeing more activity starting to see this community sort of begin to help create the um the hardcore you know the the early founding uh uh DNA of the of the bus Community would be very helpful um I will say that we need to be careful um if there is there has been particularly uh you know I think every time there's a sip there's a lot of negativity this one got quite a lot of negativity we need to be careful that our community to Third parties does not seem um hostile um because that that will make us less attractive not more um I hope I answered your question David traveler is asking spice for power holders looks like a less work in progress not final not final says French Victory will we be seeing more contributors to um Bitcoin OS um maybe being more public in the future um probably yes but I want to point out Bitcoin OS is nothing yet um it could disappear tomorrow it could fail for a million reasons it could hit a technological roadblock the devs who are working together could discover that they hate each other's guts funds might not be raised this is something new uh new things are fragile and difficult uh boss could turn out to be nothing it could disappear tomorrow um so any answer I give you about anything to do with boss is tentative right we would like to see it and expect to see it solve significant technical problems raise significant Capital become a major narrative in the Bitcoin and wider crypto space uh become an extremely valuable project and an extremely valuable technology but none of this is set in stone and to the extent that Sovereign can help make that happen we should capitalist 42 is asking how decentralize The Sovereign by sov holder distribution the answer is remarkably decentralized CK has uh done this analysis um several times he does it on a periodic basis um I don't have slides for it now but I in a previous Community call some months ago we actually went over it um there's no single group that have uh uh not even as a group have a majority so um team do not have a majority uh in sort of investors don't have a majority um uh people who came in through Genesis um the Genesis sale uh and the origin cell do not together have a majority and people who have come in later do not have a majority people who have earned L it's it's very very distributed um and CK if you're on the uh call U maybe you could chime in hi everyone yes I'm here I have nothing prepared for this all but maybe I will release some reports on our channels later today or tomorrow thank you uh David asks would Bitcoin OS be available for pre-sale buying for SV stakers as a way to get on board before others I think it's definitely an option something to consider uh David maybe you can either create a new Thread about that or add it to the uh existing uh ZIP thread regarding Bob David further asks the price going down and only LPS being severely damaged is there any comment on this um I don't know exact I I've never understood the sov price to me it has seemed in the early days it seemed massively overvalued to me which I think it turned out to actually be massively overvalued I don't think a six-month project should have been valued at $8 billion um and also massively undervalued ever since uh and uh and you know we need to I think with as we expand to more chains and and are able to go beyond the rootstock audience um we become we'll expose ourselves to more people there'll be more liquidity um as we add additional trading pools in the decks which trade against SV there'll be more liquidity um as we grow our audience potentially partly Through The Narrative of Bitcoin OS more people should become aware of sovereign and Bitcoin OS uh Sovereign and SRV and ultimately what we need to do is um unfortunately and and this is something sort of we resisted we resisted early on and I think was a strategic mistake we we we we avoided going to the big centralized changes early on when our valuation was was high would probably have been very e or much easier we had you know significant volumes they probably would have been much more interested but we didn't partly because we wanted to keep the trading on on seron and partly because we were young and stupid and by that I mean ideologically opposed to centralization uh and we wanted to to offer a true alternative to centralized exchange I think we overestimated um our ability to do that uh in the short term um and I think we underestimated the degree to which being on centralized exchanges would would would expose users who are on centralized exchanges to decentralized Alternatives and so now it's a bigger battle but as we grow I think we will become more attractive and I can say that some of the larger exchanges have actually uh on their own initiative have reached out to us recently and so we'll do what we can um to to to correct that mistake cuz I think unfortunately the case remains that centralized exchanges are the path to mass token adoption um even today but David is still writing so I'm going to keep responding to it so for context he says uh me people locked up liquidity and it only went down after could Bitcoin o funding somehow spill over to the liquidity benefits of sovereign so yes I think Bitcoin OS could spill over and this is one of the reasons that I wanted to try and get S as attached to and and and and you know why I wanted people to know that so is starting you know is the first primary contributor to boss um and as for you know token price I'm sorry I I'm not a Trader I I I'm I try to be a value investor and I don't understand why prices go up and down besides Animal Spirits all we can do is keep building value uh and make sure that we stay alive uh so that the value can be realized on the note of staying alive a question that hasn't been asked but I think is actually important we periodically try to uh once per quarter um publish um um ex cheers financials um but we haven't done that uh we didn't do that in April uh so we should do that soon but just so you guys no the exer has been extremely responsible in shepherding the funds available to Sovereign and so um you know um a year ago we presented that we probably had about two years of Runway and six months ago we presented that we probably still have 6 months a Runway and due to the increase in bitcoin price where a lot of our treasury has been held we are still at a point where we have around 2 years of Runway so just so you guys know uh we we believe that the first rule is survival and the exer has been extremely responsible with regards to that um any plans to improve stable coin liquidity in rootstock okay so view is that trying to fight the battle on rootstock is try is like trying to hold an untenable position on a battlefield uh you you you're you're exposed you're weak you have no strategic advantages my view is that Bitcoin back stable coins and stable coin liquidity in general is one of the first places we will see benefits to having our own rollup where we can establish what is the most significant uh stable coin and where we can uh uh generate additional interest and demand I'll also say there's a runup project that we're currently talking to which is focused on stable coins it's focused on highspeed transactions optimization for stable coins and also one of the things they want to do is allow staking of stable coins and there is a conversation to have that be a Bitcoin OS rollup and for The Sovereign dollar to be sort of like the one of if not the only state uh stable coin so that itself could be a very very strong driver of demand again this is just a conversation uh that has been had nothing has materialized yet everything could go wrong but the battle continues and we'll you know hopefully if we keep doing our jobs achieve these things uh the reporter says new to the community any discussion on targeting BCTC BTC holders for liquidity um yes we've seen several projects uh claimed to be Bitcoin layer 2os that have brought in significant amounts of BTC um Bob is one but it actually brought in relatively less the most successful one launched from the West brought in about 125 million in BTC and that was meso but the biggest successes so far have been um actually Asian projects one of which is doing very poorly right now but did very very well for a while which was Merlin Jane and the other is bitler what we've seen is that um a lot of the liquidity actually is Chinese uh or more generally East Asian and um so one of the challenges is going to be to be able to build a platform that is going to bring together the liquidity available in the west and the liquidity available in the east no one's cracked that nut yet and it's something that I've been thinking about a lot um cor has 3,000 BTC that's true but it's much smaller amount than than than than the others and actually root stock is close to 3,000 BTC as well all right uh will the zero protocol be deployed to Bob chain soon no now the answer is no because we've got other things that we want to deploy before and also because there are improvements that can be introduced to zero which will reduce redemptions and um we think that for zero to be very successful that would need to happen first uh well the solution I see you've joined us look uh I would be happy if you DM me um I'd be interested to know if if maybe you can um can can can contribute your thoughts a little bit more because you you tend to I've seen you write a few things and you tend to of say the things that I I I would want to say as well as you do um and he says in the interest of positivity I just want to say that I believe Sovereign is building the most secure preent and principled manner of almost any project in the crypto space it's Tech is fascinating and you and the whole team while not perfect are doing a phenomenal job Sovereign is definitely not a failure it is first place within the Bitcoin def space which hasn't even really started yet I think Bitcoin will be Monumental good luck thank you very much thank you very much indeed um all right guys we're coming to the end I'm going to take one or two more questions and then I think we should uh bring this call to a close and continue the discussion in the Forum where we can have longer form and more easily recorded uh uh uh conversation so I see that Travis trades and David are both typing questions I'll seek to answer their questions and then um we can bring this conversation to a close unless anyone has any other topic to raise so Travis trades would like to add though that if there will be a demand we can do uh another call an AMA next week where we will address more questions in uh you know in voice so Travis trades asked I don't know if this has been asked but has there been any mention of how how we know what devs are helping or will be helping on Boss compared to sovv so we don't have competition I think Travis trades means competition of focus so right now none of the core Sovereign devs are working on um on boss and um we think that it's likely to stay that way first of all the Sovereign Court devs are more than busy enough and second the type of skill set and experience of building an applic layer versus building the infrastructure layer are very different um and so while there is overlap and there are really great developers uh who can contribute a great deal from The Sovereign Court team and possibly will uh in the future right now that's not happening and then finally David says if Bitcoin I becomes a thing under the Sovereign Banner can we somehow influence things like you mentioned like having Sovereign dollar stable coin or other exclusive perks um who would decide these things with the last word and the answer is is a definitive no while we can attempt to do that um by offering the best products and having the best relationship and sort of being on the inside track it's really important that Bitcoin OS maintain neutrality because otherwise Bitcoin OS will not succeed will not be able to compete against um projects that are able to claim a higher degree of neutrality um and so it's important that we understand that Sovereign will will not have um decision making power over boss and will not have a privileged position de facto it might have a privilege position through its own efforts but not through some kind of um structural thing built into Bitcoin OS itself all right guys thank you very much let's keep doing what we're doing um let's keep trying to do it better and bigger each time and um and let's jump into the forums stay Sovereign everyone so long everybody follow us on Twitter Sovereign BT um and keep kicking ass and um help us in uh reaching more Sovereign individuals take care everyone over now [Applause] [Applause]

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[Music] uh hit the record button welcome everybody welcome on Welcome All to Sovereign Community call episode 64 wow we've had 64 episodes um we've been doing this for quite a while and uh it's we've got some exciting updates for you all uh regarding Bitcoin OS Sovereign layer and of course power tokens so let me uh share my screen real quick and kick off the presentation so just give me a second all right can you guys all see it I can great um Yago why don't we start with you um yes H hold on one second I just made a silly mistake all right well hello and welcome sovereigns thank you very much for joining everyone who joined um the there's a lot going on um I want to start by saying we've been on a long journey together uh and we are uh not at the end of this journey but at the beginning of I think the most exciting part of the journey the we we we set ourselves a goal uh I think we we all got excited about the same idea which was that we were going to bring uh Bitcoin to its next level of acceleration the next big wave for Bitcoin which was going to benefit us personally by allowing us to do more with our Bitcoin by giving us more financial sovereignty by allowing us not to have to go through intermediaries for all of the things that we wanted to do could be borrowing against our Bitcoin or using Bitcoin back stable coins instead of Fiat it could be trading earning yield all of the things that you'd want to do if you actually used Bitcoin as the assets that you lived on and wanted to do it without having to take on the risk of counterpart you take on counterparty risk we also had a bigger vision and our bigger Vision was that we wanted to create from Bitcoin uh more than just a transactional system but instead use it as the basis for an entire operating system for a decentralized financial world and beyond that for a decentralized digital world and we've had this Vision long before the rest of the world is caught on and even now the vast majority of people inside of Bitcoin and outside of Bitcoin still don't recognize that this is the end game for Bitcoin that hyperbitcoinization means that Bitcoin becomes the premier system upon which property rights of all kinds are secured upon which people are able to do all of the long-term Financial things the nen things and that's everything from on the personal level people being able to you know manage their savings manage their retirement account manage their mortgage you know tokenize maybe you know their property and be able to borrow against that and all the way to the other part of what is by far the largest you part of all Finance which is long-term investments in Major Works of infrastructure could be data centers or Bridges or nuclear power PLS plants it could be investment for you know with a Time Horizon of 10 and 15 years in in a new Venture and it can be uh uh um you know even things like uh debt instruments government and corporate bonds all of these things have Horizons of 5 years 10 years 30 years inheritance has a Time Horizon of generations and the only system in the world which can provide that service is Bitcoin because Bitcoin is not software it is not Hardware it's something new it's permare I think this has been sort of like for us an obvious realization but how to turn that from a theoretical realization into practice that has been the the challenge that we have set for ourselves we've set for ourselves as as a community we've set for ourselves as individuals we' set for ourselves as as a project and for and a team building in it and the first part that we did was start unlocking some of the use cases proving the value of the use cases refining those use cases refining the UI using that as sort of like a proof of concept using that as a um sandbox in which we can learn and I think Sovereign today is still in that sandbox phase we always Rec recognized that to go beyond the sandbox phase we would need to have infrastructure appropriate up to the task and rootstock um was an excellent sandbox but it is not the infrastructure that would take us to to to that place and frankly that infrastructure is none of the projects out there are that infrastructure today no system is able to to take us to the place where we are able to secure any type of compute directly with Bitcoin and no system out there allows us to trustless utilize our Bitcoin and BTC native assets like runes or any other token that we might have um with those you know with scale at low cost at the kind of speed that true sort of realtime Finance requires and and certainly uh a a a a not with the sort of complexity of of all of the different ways that you can build Def and other computational system so that has been why we have invested as individuals and as a community in the in researching and looking at different ways that we could bring that infrastructure to life and we are now at the precipice of actually accomplishing that and that is the the the the the the reality of what we're doing with Bitcoin OS and I think we must be extremely proud of ourselves uh all of us either by supporting the project by utilizing the project or by doing the research have contributed to bringing us to this place where we're able now to find finally make that Vision that we've had a reality that is inarguable and a reality which is going to help push Bitcoin to the place where 10 years from now 15 years from now it is not only integrated into traditional Finance but it is the rails upon which all Global Finance is able to be run and Bitcoin is the internet of money and when people think about sort of blockchain they think about Bitcoin and everything else is sort of an afterthought so I I think we're going through a really really exciting moment now uh an exciting moment for Bitcoin an exciting moment for us in terms of what we will be able to do with our Bitcoin and an extremely exciting moment for Sovereign um and it's been a lot of hard work it's been a lot of up and downs there been a lot of faith from all of us has been required to bring us to this point so I think uh uh you know we it's time now to do a mini Victory lap and then we'll get back to work so let's do a mini Victory lap can we go to the next slide please so at Nashville the biggest Bitcoin conference uh in the world a conf conference so which is becoming so systemically important that Senators congressmen and candidates for the presidency of the United States uh uh uh made their way there all of Washington DC made its way there as well as all of Wall Street made its way there and all of Silicon Valley made its way there and people from around the world made their way there and it was there at that conference which has become the place where major milestones in the in the in the history of Bitcoin on its path to hyper boronization occur it was there that for the first time a ZK proof was verified on bitcoin and what that means is that for the first time Bitcoin got eyes and a brain it for the first time was able to see things not just that were occurring on the Bitcoin blockchain but to see and understand things that were occurring off chain take understand computation that is occurring offchain and secure that computation and execute it onchain and so what we did is we created a utxo which had no owners we created a utxo which had a smart contract built into it and this smart contract controlled that utxo and was able to lock up ordinals and lock up BTC and then transfer that to a arbitrary address which hadn't been decided on in advance these every single one of those bullet points was a thing that up until two weeks ago was impossible on bitcoin without a softwalk and now we are in a new era where all of those things and more are possible on bitcoin not just possible they are a reality they have been done this is huge and a lot of smart people not everyone like my vast majority of the world sort of got an idea that something important had happened but there were a lot of smart people um people who you know amongst the people who have been designing uh uh um layer 2 systems for Bitcoin who have been designing defi systems for Bitcoin who have been designing layer twos and defi for other ecosystems like ethereum and people who have been among those sort of responsible for creating the things like BRC 20s and ordinals who have reached out to us um wanting to understand first of all what it is that we've done and how we did it and second how they can contribute and so the amount of momentum the amount of Partnerships the amount of excitement among those who are aware enough to understand the profundity the the the depth of what has occurred now um we're seeing massive momentum and so I'd like to give everyone who has been involved in sovereign and in this project uh uh you know and has brought us to this point I I think you know I I I want to you know give a big thank you and a round of applause to all of these people we have made history and we've made a real significant breakthrough and one which will change and open the door for us to accomplish all of the things that we've been talking about for years and I think we're now exiting the sandbox and are going to actually be able to start creating for you know in practice the full scope of the vision that we've always had so that that is for everyone who has been involved and has stuck with this up until this point now if we go [Applause] over if we could go to the next slide please um okay so this was the transaction if I remember correctly it was uh uh transaction 853 626 so we've had 85,000 blocks not transaction sorry block block height we've had 85,000 blocks without this ability and now we're have we have blocks with this ability um what we did was we not only wrote ZK proof to bitcoin we not only wrote a smart contract but we also demonstrated the verification of this and one of and there's some interesting pieces of information here which I think you guys will be interested to hear the transaction to write uh the proof to bitcoin um was $200 that was after a great deal of of optimizations there's still some optimization that we can be done but this is already Dirt Cheap because that one transaction can now encapsulate potentially thousands of Bitcoin transactions uh which means that we now have an actual measure of the degree of scale that we'll be able to provide and um and and and it's you depending on how many transactions we we we we are generating it can be very very high so we are expecting that even if that price were to rise significantly um even if you're only wrapping up just a thousand transactions we would still be able now to accomplish transactions secured by Bitcoin transactions on layer one right that are settling to layer one um but they will cost only a Cent and yet at the same time we will be buying up significant chunks of um Bitcoin block space making Bitcoin block space more valuable more expensive and improving and securing the security budget of Bitcoin another interesting piece is the question of the actual verification now this verification usually does not need to be done it only needs to happen if someone tries to cheat and just to give you guys an idea of how rare an event that is with arbitrum and its four years of history as a ro there's only been a single time that they've needed to perform the uh sort of interactive challenge process okay so let's say you know so we're not going to need to do that frequently but let's say we did need to do it how much would it cost well we now know it cost just over $2,000 in other words we're now able even to deal with the most challenging scenario for this uh the the the the cost uh in terms of block space is minimal the cost in terms of the challenge and the verification is minimal certainly manageable and perhaps the most interesting part of it is that we were able to do it over the course of 24 transactions and in six Bitcoin blocks right so that's an extremely short that's that that that's that's a highly efficient system that even when things go wrong the verification is only taking six blocks now in practice it might might take in the wild longer than that but that's a really great base from which uh to start so can we go into the next slide please so where are we now we now have the core primitive which allows us effectively to do any level of scaling privacy or compute on bitcoin we now have the core primitive which is going to allow us to turn Bitcoin from more than just a transactional system into an operating system for a digital and decentralized world and we're now uh in the path we have the quy Primitive to build out Bitcoin OS and the first Bitcoin rups so let me tell you where we stand with that we expect to have a production ready test net of the first Bitcoin rollup in roughly 12 weeks so before the end of the Year beyond that uh I'm going to be able to tell you a little bit about some of the work that is being done around some of the rollups that we are developing and we are currently expecting that that would allow us to go with sort of an MVP rollup on mainnet um as early as early next year so we're very close to to the place where this is actually going to be on mainnet available to thousands tens of thousands and eventually millions of users to use every single day okay so um how does that play with Sovereign layer well that first R up that we are developing that is being developed by the Bitcoin OS team that first rollup is The Sovereign layer and um we will be looking to deploy to that rollup the suite of uh applications developed by Bitcoin upgrade some of them upgrade the UI on some aspects provide for trustless bridging and canonize sov create a canonical version of sov which is no longer registered uh written to rootstock but is registered and written to bitcoin itself and this is where you guys come in we have a short period of time in which we need to do a huge amount of community building a huge amount of Education we need the world to understand the profound impact that this is going to have and we need people to understand that this is not just a Bitcoin OS thing this is not just a whole bunch of different rups thing that this is we we need people to understand the significance of this for Bitcoin and the significance of this for Sovereign and so this is where you guys come in we need to see everything to do with Bitcoin OS seeded by The Sovereign Community can we go to the next slide please Bitcoin OS currently has a telegram has a Twitter and as of a few days ago has a Discord there's never been a more important moment for The Sovereign Community to Galvanize um to join the Discord to follow the Twitter to comment like and spread the word on Twitter and in Discord and perhaps most importantly because you guys understand what's happening its significance its implications and how it's happening better than 99.99% of the population better than 99.9% of the crypto population better than 99.9% of the Bitcoin population we need you guys to act as ambassadors as evangelists and more than anything else as um sort of community managers who can help explain to people what is the the implication here now we're going to be putting out materials to make that easier but we've already spoken about this in more within this community then probably this has been discussed in any other community anywhere in the world and so the level of understanding here is based and this ties to the SIP that um was initially proposed by dark and is currently sort of being um worked on further to bring to execution by the Bitcoin o team Bitcoin o team needs to see The Sovereign Community um it is a community the Bitcoin Community the developers and the people working on it is growing all the time the the the stakeholders are growing all the time uh we need to make a show of force in terms of our involvement our engagement and our ability to articulate The Vision on a personal basis on a on and on a broadcast basis like on Twitter or in Discord uh um so that there's like an army of us explaining what the value what the importance and what the road map here is so as we put out more information they'll become easier and easier but already there's so much to discuss so I beseech you all we're so close to seeing the rocket ship of sovereign and the rocket ship of Bitcoin take off I need to ask everyone to get on board this is the moment this is what we've been sort of training for this is the moment where we need to start becoming as active as we can um all all right I think um see uh we we're going to discuss some other things but I'd like to pause here uh and and answer any questions that come up I see already time Chain man has asked a question um how long until I get my I don't understand the question um time Chain man if you want to rephrase it's not clear to me what you're asking does anyone else either in text or in Voice want to ask a question yeah I could ask a question sure who's speaking uh David hi David it's regarding the power thing uh but it's just an idea that I was going to bring up regarding the the low prices on runes right now if we would create some cheap liquidity pools um maybe we could make an argument for buying them now that they're down so much that we could uh you know get a investment going on that so in the end if if we believe in runes and want to have a rune exchange for Sovereign and also for power it will benefit that as well but in general if we create those pools now and the prices is this low might be a good investment as everything grows because you get a lot of users on these top runes when everything turns that could I'd like to ask I think you're saying is is a great idea and so what I would like to do just here very quickly um we've had this idea of creating a sort of index fund of runes and then what we would do is that that index fund that the funds ra would be used to purchase sort of the index of the top runes and those runes would then be placed into liquidity in order to earn additional um sorry this's background noise from someone uh if you're not if you're not speaking please make sure that you arear Min scarcity please type in the chat if you want to talk so if you so so the idea would be we could potentially tokenize a sort of index fund for runes utilize that also as seed liquidity for various runes pools on Sovereign the question that I have for this for for you guys here and you can just use a show of hands to to to give me a sense actually if uh ingamar maybe you write this as a question in the chat so that people can just give a thumbs up or thumbs down if we were if we were to do something really simple because we don't we simply do not have the capacity to go and do something complex around this but if we were to do something really simple and just basically create uh exer would create like an address or a multisig or whatever and say all right guys if you want here's 7 days you can send funds in to this address for 7 days we will utilize it to acquire uh uh uh um an index of the top runes now that the prices are uh low and uh we will then distribute to people prata uh based on how much they've sent in a token representing that index are would people be interested like who here would basically with an 80% confidence contribute $100 or more to such a fund yeah I mean I could contribute but um my question is more regarding uh I mean I could even contribute now because I have a lot of runes and I'm into the whole investing of it and everything that's why I brought it up because I think that there's a chance even for us to invest in that as a treasury thing not only contributing because that's smart together as many people as possible but maybe also if we have funds available to invest with maybe we should look at some of the better ones like three or four that have big Community a lot of holders because they're so cheap market cap wise that if we believe in the Rune thing at all then we should take that opportunity now when is so cheap because later on it's going to be 500% higher you're gonna get out priced on doing any smart investment with this creating the pools I mean because the thing is if we reach out to the team D with regard they just decline us you know because we don't have any yeah I think you could propose a sip around this if you want declar DEC declarative sip but I will say that traditionally exer has been extremely conservative with deployment of funds um and the majority has been kept in sort of Bitcoin back stable coins a lot of it is in Bitcoin back stable coins and in Bitcoin and I think that that's worked out well for us in terms of being able to manage the treasury so um I think that's to debate but certainly without sort of that kind of community debate my expectation is that that ex cheer would not take a speculative bit in that way but we as a community could exactly I get your point but uh what about power because I I talked with French little bit or he mentioned it he seems positive to it he wondered what you thought about it so maybe there's other possibility with the I don't know the treasure how everything works with either power or Sovereign because it it benefits both because you could set it up in a way where it leads to Bob so the actual pools would not have to be that big because people over there they don't trade that much and they could generate some marketing ideas to get people over there for starters and then of course over to um what's it called uh BOS as well but the the whole thing is if we get some things going now with this thing in the coming months this additional push on this front as well would also lead to a lot of good marketing possibilities is what I'm thinking you see him on board and I I get your point I miss opening up if we have maybe possibilities to actually try to invest in something because if you know if we don't show anything from our side that we're willing to build out the decks with runes maybe the other teams that's not interested to list with us maybe that's because they don't see nothing going on but if we start to slowly get some traction maybe maybe others want to join easier you know anyways thanks for as you were talking uh the question went to people here on the call um seven people have responded so far and all seven said that they would be interested in contributing to such a um sort of an index fund my my proposal is after this community call start a thread in the Forum let's discuss it there and perhaps we can action this uh immediately thank you very much man has asked how long until I think this all goes mainstream my view is that if indeed we are able to put out the first rollups at the beginning of next year then the year 2025 and the bull market that I believe that will be associated with it stretching perhaps uh to to into 2026 will be dominated by one main narrative which is the growth of the Bitcoin ecosystem that's my view all right we got a couple more people typing time Chain man says thanks Yago um as these people are typing I'm going to suggest that um we move on to slide eight and I think it's fr uh who wants to discuss power and then we can come back to Q&A Co all right thank you Yago um so uh Power our Rune the burn is coming soon uh the latest date it can happen is uh September 30th and to make as much hype as possible around that uh and to keep facilitating the account with the content and outre your other account Bala has stepped up to be our uh sort of powers Outreach manager and he's joining with moo who uh is um quite busy with the with his newborn kid uh so he's not super present but Bala is here to represent the community and push power uh in to uh the ears and accounts of influencers uh but do you want to speak up and tell update everyone about what you've been doing okay I'm going to let you find that unmute button um yes over now just uh let me mute my space from Power yeah so uh I take over the Twitter account power Twitter account and I will try to to build up some followers from the Run original communities and uh to try to engage with them and with the other runes to be seem like a a growing community and a perspective R in the future future and also I make a spreadsheet a Google sheet about with some potential influencers to reach out and uh yeah uh the things are going well but uh I will need some suggestion from a community when I suggest influencers to say yes no we want it yeah we follow it uh and these type of things uh other things that I want to talk is about € 1,000 Euro yeah I from Europe so €1,000 it this can be from me also personally from my pocket for anyone who convince Rune project to list on Sovereign Dex Bob and probably this project will be better to to aim from for a rune utility project because uh this type of project have a team have a budget probably they raise money so and they have a they have a interest in teaming up with Sovereign and with Bob so yeah that's it thank you very very much Vala and uh big up on the initiative uh and the desire to move things forward for us um all conversation is happening in the ragers Channel and uh well will update us there thank you very very much can move back to the previous slot yo it seems like we do have one more question from the solution if we want to address that so the solution writes I've seen criticisms of Bitcoin rollups saying that they're very expensive to actually settle in Bitcoin are not super scalable but some of your comments seem to suggest otherwise how cheap and fast do you expect to make user transactions right now and how does it address these concerns these concerns are real and they are envisioning a particular kind of Bitcoin rup the kind of Bitcoin R up that they are envisioning is one in which um all transaction data is written to bitcoin and that Bitcoin acts as a data availability layer for the rollup now that is a possibility with Bitcoin and it is indeed the way that you would construct a rollup for the absolute highest level of uh sort of Bitcoin security um there are of course trade-offs to that which is it makes uh the the transactions much more expensive and it makes the potential scalability much less and so there's um other ways that you can construct rollup some Bitcoin where you utilize different da layers and there you are taking some risk that the data right what is the data the data is sort of the history of transactions that occur on the rooll up um are not secured by Bitcoin itself the the the the ordering of the transactions the the canonization of the transactions the the and and in particular the the block ordering of everything that occurs on the rup is still completely secured by Bitcoin but if you want to be able to go look for the history of transactions today if you want to look for the history of Bitcoin transactions you go onto Bitcoin here if you're using a different da layer then you would go somewhere else it could be your own computer it could be a decentralized network there are many options and different rollups different execution environments in different use cases will choose different ways of utilizing this if you are less concerned about the data availability then potentially the level of scalability that you get is infinite and the cost per transaction can be extremely low so it it's not such a black and white thing as in everything there is a tradeoff um even with the most expensive uh uh transactions you're still able to scale Bitcoin perhaps 10x perhaps 40x um but with uh different constructions you're able to scale it maybe forever um Bitcoin OS is not planning to have a specific da layer um uh but rather utilize maybe several um initially I expect that Sovereign layer will launch with what's known as a data availability committee which is a set of full nodes who who provide that that data and that will provide maximum flexibility um that you we can then utilize any da layer in the future all right are there any other questions okay it looks like that's it for questions for now all right so then I want to go back to um slide six please and I want to reiterate um uh yes uh no SL SL six the slide before the slide after this no I'm sorry I don't I don't know the number of the slides the one before this one got it awesome I want to reiterate it is my intention uh for us to get a sip through and a commitment for bcoin o to get uh to provide 10% of the tokens to um uh to to The Sovereign Community we we still need to do two things one we need to come to some kind of agreement as to how those tokens would be distributed we need to have that debate amongst ourselves but it's not only up to us it's also of course of course up to bitcoin OS and so anything that we propose they would need to agree to second we must show value even now the one of the biggest things that we can do and one of the biggest motivators here is that the Sovereign Community acts as sort of like the head of the spear for education and growing the community of Bitcoin o um and and so I I I again I want to emphasize it's really important that we all become Super Active here um the the the the the the the Bitcoin is is a growing community and is a is is a sort of project in many ways in its infancy certainly you know the technology is more advanced but in terms of it's sort of public pronouncements and it's going to Market and it's going Community it's still in its infancy now I think it's going to ramp up extremely fast and um here on the call uh we have some of the people uh a couple of the people who are um and if they if they agree I'll introduce them who are are taking the lead and making that happen and I I think you know we're going to melt faces with Bitcoin OS and with Sovereign but uh it's really important for me and for all of us that uh The Sovereign Community start to become Extremely Loud extremely active extremely engaged extremely involved uh now is the time we we we must do this now and so I I've asked for the slide to come up again and I emphasizing again and and for those of you know there's many more of us who are not in this call but will be watching it later online uh and many many more of us who are in the Discord in The Sovereign Discord in The Sovereign channels uh this this should be a major topic of conversation and you guys are you know not just the the the head of the spear you can help lead Sovereign Community uh to rally for this purpose now is the time we we we we need to start accelerating our involvement with Bitcoin OS as much as possible and we need to accelerate Bitcoin OS as much as possible so you know I don't frequently make such emphatic calls I'm doing it now because it's serious uh now is the time so um someone is suggesting time Chain man again suggesting that um we make it fun we are considering um some kind of game making games around but the guys we need to be serious here this is more than just the games this is what we've been working towards so Day Zero so now now is the time for us to to to take as much concentrated action as we can the next two or 3 months are going to be critical thank you that's that's what I had to say on that so you're speaking to the the team of marketing or or in specifically what do you mean so just to be very clear right I think yeah I've been clear on this in the past I'm being deeply involved in Bitcoin o and I'm pushing it forward and I'm contributing and I'm I'm I'm helping to lead the Bitcoin o project but I'm not the only stakeholder there and I need all the support of the community that I can get yeah pushing on TW like marketing wise you mean marketing community and helping to explain to people who are coming in and asking questions what what this means I've been speaking about it I did a podcast yesterday with um Vlad guys can watch that there's they will probably give a lot of insight if you you know which which I haven't had always the time to write about to talk about here there's another podcast that I did this morning which should be coming out tomorrow um if you want to fill out um your understanding of what's going on um I haven't been tweeting as much over the last few months because I've been extremely busy I'm hoping that I will find it within myself to to do more of that and to do more writing but right now the best way uh I think is to to to sort of watch those um and and and sort of help and amplify uh what we're doing here and the messages and and and and become the seed members of the community we've got an amazing Community here at Sovereign let's replicate it let's provide ourselves as the base a for the Bitcoin o community so time Chain man asks a very good question how can nonsocial media connected people contribute uh copyrighting customer service Etc um I think some of the great things uh you can do is join these channels and just help us bolster the the the numbers the excitement the conversations the memes that that are you know that you can create uh I think we just need like that that Sovereign energy that you that we've been having for years that excitement for for for growth and and um scalability of Bitcoin and the utilization of of Bitcoin um you know I I Sovereign is the the first to know uh you know about Bitcoin OS and um you know we kind of want you to lead that that Community charge uh Le AAR ask can we get links to the interview and other sources you just mentioned absolutely I will we'll get all of that posted across the various channels cool yeah we'll make sure to post everything every bit of content that uh uh we can so you guys can can circulate and get others interested so thanks every much thanks very much Sovereign all right guys um if there is uh nothing else I think actually we've you know we've covered already quite a lot uh I think we could potentially bring this call to a close thank you everyone for joining stay Sovereign stay Sovereign everybody

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okay uh the gang's all here welcome everybody to The Sovereign Community call oh also Hyde are you recording okay I'll just kick this off um Welcome to The Sovereign Community call October 17th um episode 65 gosh we've we've been uh together for a long time now and I know it's been a while since our last Community call uh We've honestly been so head down so busy um trying to ship everything from pools to to runes Galaxy campaigns um new products deployments on on new chains uh new Partnerships trying to expand you know outside of our our our our sphere a bit um so thank you all for you know building with us um you know keeping tabs on us and and and giving us your feedback we we do look into it um and we and we all always try to do our best for the sof individuals out there um so without further Ado um we're going to go over over our agenda we're gonna talk a bit about Bob uh with with Shear I'll share a bit about our uh bsquare Network partnership um Shear's going to discuss the the money markets and Yago will handle the Sovereign and boss AMA so um uh French uh feel free to um uh discuss um you know how we're doing with Bob thank you very very much in alandia and thank you very much everyone for joining us uh today I'd like to start on with a brief overview of how we're doing on Bob uh and uh I'll keep it tight but by and large it's it's good stuff next slide please uh we started our journey with Bob um at the beginning of season 1 which was pretty short spice season with uh a little bit more than a thousand active addresses transacting on Sovereign uh we ended season 2 3 months later with about 10x that number uh making us um about a third of the uh active addresses on the entire Bob chain so Sovereign has maintained its position as a not only uh the the number one spot for tvl but also the number one spot for actual activity pretty much the same as we were on rootstock uh we gave away a lot of spice during that time uh about 10 billion spice was distributed in total uh about 1 billion of which was distributed uh during season 3 which is the current season um uh and we had overall over 18,000 active users uh using our dap on Bob uh we gave away and are still giving away spice with big multipliers to every provider provider on Sovereign no metod token uh and we intend to keep doing that uh in the future next slide please in total Sovereign has over 13 million tvl uh$ 13 million tvl on Bob and our closest competitor which is unis 3 has uh slightly less than 8 million uh in in tvl making sing the leading decks on Bob in also in terms of tvl so that's all very good news and just last yesterday we announced two new pools next slide please uh which are new Rune pools for the number one Rune currently which is dog go to the Moon uh we have two pools one paired with power and the other paired with the wbtc we have a campaign going on uh where uh every dog liquidity provider uh and everyone that buys power will get more power uh and you can provide the liquidity dog one-sided dog liquidity for example to the these pools uh we have a tutorials up on um on our um X account right now uh the dog power pool is about 300,000 uh dog which is an okay start but it should be much much more than that I know from my discussion with most of you guys in uh in the Rangers group uh that a lot of people were Keen to deposit so I call upon all of you who have dog to deposit please go ahead and do so uh we have a video tutorial also out on how to do that we'll post the tutorial on um on Twitter uh as well um and uh we are about to launch uh two uh other uh Rune pools the week after next which are pups uh and we'll have a separate campaign for pops as well um so if these pools are uh any kind of success uh we'll list more and more runes um and and uh yeah so please please go and deposit runes into the pools it's a big big push another thing about Bob we are pretty much ready to launch uh liquid staking token pools um an announcement in which uh should go out today uh slightly after this call where we'll Supply uh I I think um and in in gandia please correct me if I'm wrong we'll have uni BTC pools pump BTC pools uh St BTC pools and solve BTC pools is that is that right um yes in the order well uni BTC will likely be the first that will get you know the biggest push um and then uh solve shortly after um you know we're trying to coordinate with these projects to get um a nice smooth start uh in terms of liquidity great thank you very much okay so that's that was the Bob overview next slide please and ingga take it away all right cool so uh I've I've been speaking with uh bsquare Network ever since I met them around um uh East Denver and um I think at the time they were just on test net and you know met with them again in Hong Kong I think they were just reaching mainnet and you know we were talking about a potential uh deployment and you know we were busy with with uh Bob still at the time and you know when I ran into them again a couple months ago you know we we figured it was it was about time you know the b square network has has matured uh as an ecosystem with 500 million urged assets they used very cool ZK evm technology Bitcoin is the actual gas so we don't have to worry about eth um in this case that it's it's an entirely different Asian audience um you know so we're kind of not you we're not like splitting our users um we're reaching a new part of the world um they have very cool Innovations like account abstraction so you can use your your Bitcoin wallet to sign evm transactions um and I think it's just you know we just have a we're we're developing a very good relationship with them and um you know when we deploy our amm decks on b square Network they promised to provide support and rewards as well as liquidity provision um likely in the in the seven and potentially eight figures um so you know that they seem to be supporting us quite well um also this this rewards campaign will be um specifically catered to us they have a general one that kind of rewards every all all the daps but they'll have a a special um stack of rewards carved aside for us so you know I'm trying to look out for for the for the sovereigns out there you know trying to get us the best um the best deals we can get for you know for um for being user all right um so yes as I said we'll deploy an ammex focused on BTC BTC assets USD assets the b square token and S so um hopefully sometime uh q1 2025 and if that all goes well uh more products in the future so keep an eye on that back to you thank you so uh B was uh is a big announcement it's another chain that someone would launch its decks on uh and it will also uh give us exposure to the Asian and mostly Chinese market which is an audience we haven't reach to until now now I'm happy to uh announce here uh that Sovereign has been working for a while on a new money market uh product that we launch uh first on Bob and that product is uh essentially uh a a yield generating product for BTC depositors where you'll deposit BTC and you'll get a consistent yield of between four and 6% paid in BTC uh now no other the centralized project comes even close uh to these uh yield num numbers um a is on a fractions 100% also compound in fact the only project that come closes nextto is centralized project uh that offers um I think a slightly less than 5% uh but and they require a thre Monon lockup as well as the kyc so this this kind of BTC yield positions s Sovereign as the market leader um for people who hold BTC and there a lot of people in their interested in in getting consistent yield on it in a lowrisk environment um uh Sovereign um uh on root stock has historically always provided very very good yield on BTC paid in BTC uh recently on Ro these numbers uh the seal is dwindled down um but on on Bob uh we have agreements in place that will generate consistent demand for this Bitcoin and I think since uh um all of our communities are essentially bitcoiners who hold Bitcoin uh I think it's it's very appealing uh to everyone here um as well as into uh a wide wide Market of BTC holders next slide please so um there are other there are projects that gives give yield when you deposit Bitcoin but they give it in their own token um which mostly has value before it's traded because after it's traded uh it loses the the promise of of being um amazing but Bitcoin um is amazing as is he delivering delivering on the on this promise for the past 15 years or so um so uh this this is another key differentiator uh between Sovereign and uh and the rest of the competition uh next slide please since it's launching on Bob you'll be able to uh lend your Bitcoin in all of the wrapped Bitcoin version available on Bob uh wbtc tbtc and fbtc when it launches and uh you and borrowers will borrow against the collateral so they be able to collateralize with the LSD tokens uh with the sov and uh with and down the line with eth and other stable coin assets that will guarantee the the safety of the the deposit this um this product is is based uh on an a fork and uh and all of the audits that the a smart contracts have uh went through are valid for the smart contracts will deploy so this is the lowest risk environment for uh yield on bitcoin uh in the world um with u a very substantial return especially if it's compounded uh we don't have a chart in place but essentially if you put one Bitcoin in and uh you let the interest compound so you don't touch you don't take away the interest but you leave it in the smart contract after 5 years you'll have 1.3 Bitcoin uh available to you uh now I I don't know when you plan to sell your Bitcoin I personally don't plan to sell mine um so it's uh it's an easy sell uh to to tell someone put your Bitcoin in and take more Bitcoin down the line as a saving uh next please uh we have borers lined up uh Sovereign uh sovereign's reputation as a solid uh and safe uh platform has uh attracted institutional uh borrowers who are looking for BTC so they can do uh leverage and margin trading and other forms of uh of of of of uh leveraged uh uh bets like that and they are hungry for over $50 million in BTC a month the plan is when it launches in uh in a few weeks is to uh start off the pools with with about between1 and 10 million dollar uh that will be will be available for them to borrow and uh everything after we'll see everything uh ticks we will um we will open the the gate for more and more deposits to come in so this is a very very uh new and exciting product launch uh which again position Sovereign as a market leader if for those who are looking for yield on bitcoin so thank you for that uh if go to the next slide and one digit please take the stage all right thank you um we can go on to the next slide what we're talking about here is that zero has been declining in its tvl over the last several months and uh right now we're probably getting as many redemptions as we are new borrows as that's balancing out if not going more toward redemptions and so I've been looking into what is causing that and what Solutions might be available to us the basic idea that's has really exacerbated the problem is that we have this High interest rate environment now and so you can earn a good bit of interest on a usdt but there's not an equivalent for a large amount of sovereign dollar and also most people who want a borrow dollar Sovereign dollar are doing that so that they can sell it and buy Bitcoin or sell it and buy another stable coin so that they can bridge out to Fiat and what that does is it creates downward pressure on the price of dollar and it also creates because of that it creates redemptions because it becomes worth it to claim uh 100% of that value in Bitcoin and that happens uh in order of lowest collateral ratio to the highest so what that means is people want to have a higher and higher collateral ratio so that they're not the lowest one and their collateral is not being redeemed and because of that the total collateral ratio has just absolutely exploded uh it's over 1100 per now as users keep uh increasing their collateral or reducing their loan size so that they can protect their collateral from Redemption and so we need a solution that creates some incentive to hold Sovereign dollar borrowers must somehow incentive iviz holding uh must incentivize others to hold Sovereign dollar uh so that it doesn't get redeemed so if you go to the next slide so the solution that that I've proposed is that we take part of the origination fee that's and pay that directly to stability pool holders this would be essentially like paying them an interest rate to hold a sovereign Dollar in the stability pool uh right now what that would mean is let's say let's it let's sweeten it enough so that it pays out double the current usdt interest rate which is about 10% now so so a Target would be about 20% return on putting money into the stability pool and uh and that would be calculated based on what the borrowing rate has been for the previous month and the stability pool size currently so uh that would give us a formula for just estimating what the origination fees would be currently and that would make it much more lucrative to hold Dollar in fact um if we achieve that rate that means holding dollar would be much more attractive than holding any other stable coin particularly usdt uh that would support the price of sovereign dollar and therefore reduce redemptions and once we do did that the net effect would be to unlock most of that collateral and bring the collateral ratio down to from 1,00% down to about 200% over time uh that would unlock about $29 Million worth of bitcoin that could be used then either to to borrow more which would generate more fees from zero or trade more which would intro introduce more fees from Trading so that right now that collateral is kind of dead in the water um and then as the collateral ratio goes ratio goes down then liquidations would become possible again and so that would further incentivize holding Sovereign Dollar in the stability pool in a way that's organic rather than through extra fees like this it's not a perfect solution but it's a simple solution and uh there's some other options to it and and uh pros and cons and I what I would do is just encourage you to go to the uh Sovereign Forum I've got a a full article laid out there and there's been some discussion about it so we need all the brains of our community taking a look at this poking holes in it seeing if there's a better option uh trying to figure out whether it's worth investing in the dev time to do this and so forth um so I would just direct you to the for that's it thank you very very much one digit uh just to finalize the zero topic uh we after discussion in the Forum we would hopefully get a sip going on and uh uh move forward on that now uh next slide please um a lot of you had uh a lot of very good questions about the future of sovereign the future of Boss the uh integration between these two projects uh and I see a lot of the people ask questions are here today which is great uh I know that Thiago uh wanted to take the time to answer uh this question so Yago please take the stage thank you French um do you want to maybe do it where um I don't know you or Ina provide the first first set of questions and then we can open it up to the audience sure so um I'm going to uh SEC and our dear Community managers kind enough to make a document out of the questions I'm just going to read the questions and you can take it so we have a set of questions uh from larius uh sometimes known as kavier uh and he asked I could be wrong but I feel that Yago has distanced himself from Sovereign during 2024 is it strategic okay um so no I haven't uh distanced myself from Sovereign and I don't intend to distance myself from Sovereign I um I think that Bitcoin OS is a huge huge opportunity and everything that we're seeing right now is just increasing my sense that that is true I think it's going to be one of the most important projects in crypto and I think it's going to um just in terms of the technology we're delivering the the the magnitude of the Breakthrough that it delivers the use cases that it opens up and in particular the um size number and quality of projects that are looking to integrate Bitcoin OS uh is astounding and you guys have already heard some of it and you'll be hearing more of it in the in the near future that said I think that Sovereign is if anything a bigger opportunity uh um and beyond that Sovereign is uh I am Sovereign right I see myself as a sovereign I see it Sovereign as the embodiment of my values and what I'm trying to achieve and the community and the type of community I want to be part of and also lest we forget Sovereign has been a major Catalyst towards developing Bitcoin OS and I think that in the uh um magazine there are more Bitcoin OS type opportunities that Sovereign can bring to the world um so I have been extremely involved in Bitcoin o it is taking up a great deal of time and effort and focus um and I see that you know and my contribution is part of sovereign's contribution to bitcoin OS um and it's actually given me a lot of time or a lot of perspective to think about Sovereign itself and and the ways that we can improve how we think about Sovereign and and and and and and grow um Sovereign and and allow Sovereign to achieve the things that it wants to achieve and I've actually been writing about this I haven't published anything yet but I I plan to quite soon I've got a couple of posts that I want to be posting to The Forum and to the blog around this stuff bottom line no I'm not distancing myself from Sovereign um and um and I see Sovereign as the embodiment of what it is that I want to uh bring to the world okay I'm going to continue with the another question from larius how do you envision the development process of Bitcoin OS I mean will there be a test net or will it go directly to main net will Sovereign Lair come after or before the main net or will it have its own test net yeah so um already there are parts of Bitcoin OS that are on mainnet that have been open- sourced the first parts of the bitnar Primitive have been open- sourced the full Bitcoin OS sort of operating system will be first on test net before it is on Main net uh and will have to be um and then building The Sovereign layer will be Sovereign layer and what it and the form that it takes will also be on testet First and actually both of them can be on testnet before either of them go to main net thanks um a question about the boss token uh will boss token be necessary from the start or will it not or is it not required initially uh no so it's not required initially like I said there's already parts of um bcoin OS that are starting to come out and that have already been released on Main net on bitcoin main net um and you don't need a boss token for them the boss token um will be required as the system becomes a full OS uh and even then there are going to be things that you'll be able to do without the the boss token but um I expect that the vast majority of people who want to interact with Bitcoin ice are going to want to do it with the um operating through uh nodes that hold um boss token because it's just going to be able to provide a uh much more secure much more uh seamless user experience and for individual users who are effectively running their own node it will allow the system to actually be truly trustless thanks okay so now um larus has a question about the Sovereign Lair uh and rafit also has a bunch of questions about the Sovereign Lair I'm going to bundle all of these together um are there sufficient funds allocated in the the 2025 budget for the Sovereign layer development or will The Sovereign layer uh exceeds uh available resources and uh R heit wants to know uh Sovereign layer details uh how is taking s going to work on on The Sovereign layer what features would it have um is uh will The Sovereign deck in the future expected to have its own predictor Market bets or uh and and or will other team build it and and when sing there so okay I think these are excellent questions uh and I'll try and answer them with whatever fullness I can um right now what we we basically have a definite of what Sovereign layer could look like and what it looks like is a um evm rollup which can roll up to bitcoin and can be and dressless Bri Bitcoin assets not all of those components are working already but that's the direction of travel um that it I my personal view on the market uh and the opportunities uh and on Sovereign as a result um have been substantially impacted by the work that I'm doing on bitcoin OS and I want to um and this is part of what I'm writing about but I want to share some of my thoughts here so my view is that we um stand on the precipice of a major restructuring of the entire crypto space right now and for the last 10 years or even more when you thought about crypto you thought about blockchains you thought about layer ones and the entire game has been you go and you launch some kind of chain and it's got some kind of token associated with it and um you know you call it an infrastructure play etc etc and I've had a lot of you know I think we all agree that this hasn't made sense but I think the ways in which it hasn't made sense are becoming not clearer to everyone and um there are a number of factors playing into this one we are seeing the emergence quite rapidly of a modular approach to crypto what this means is that the chains themselves and their features are being commoditized very very quickly the best example of this is what's currently happening to ethereum ethereum uh went full bore into the modular approach it now has 80% of its transactions occurring offchain in various rup environments it has a huge number of offchain actors uh aggregators um uh sorry aggregators uh uh uh uh solvers um projects that are doing things called intents which where you kind of say what kind of transaction you want to do and it sort of propagates to Across the entire ecosystem uh rollups and many many other igen layer many many other components that are basically tearing apart the standard structure of a single uni IED vertically integrated chain and turning it all into commoditized components so basically what we're seeing is the idea of a chain dissolving into many many components most of them offchain um while this is happening the vast majority of um projects are still launching as um cargo cult sort of like mimics of um the old way of thinking like chains right so all of these rollups are constructed like Min chains but there's actually no reason for that to be the case um and I suspect that over time uh and quite rapidly we're going to see even those rollups dissolving from chains into more modular uh commoditized components so that's one really big uh impact uh thing that we already seeing happening and is dissolving the whole idea of a chain a second thing which uh we're seeing is the rise of meme coins and this is a really interesting Trend because what it's basically demonstrating is that um all of these various uh altcoins that existed were meme coins that were associated with a chain the chains are currently dissolving intuitively people recognize this and they are recog izing that basically these tokens frequently have no um strong relationship with the protocols with which they are associated and so we're starting to see the entire ecosystem become more AET Centric now I've been giving a lot of thought to what an AET Centric world would look like but one of the key things is I think our language for the for talking about the crypto asset space has been completely backwards people talk about blockchains they talk about chains what chain is this on what chain is that on where actually the network effects the users everything that is important and interesting is happening on the asset side and hardly gets uh a mention we don't talk about ledgers we don't talk about canonical registration we don't talk about covenants and encumbrances which impact what you can and cannot do with the tokens and that's actually where most of the conversation should be and so I think that's actually starting to change as well and then the third big change is uh Bitcoin OS Bitcoin which has been effectively the center of gravity for this entire space um has been um you know this massive ball of energy and economic gravity that everything moves around but that nothing interacts with but with the introduction of Bitcoin OS we're going to start seeing Bitcoins uh Bitcoin the the the the the the Ledger Bitcoin the the consensus system Bitcoin the security Zone Bitcoin the jurisdiction start to spill directly into these other um chains these other applications and we're going to start seeing more and more assets um registered in the Bitcoin Ledger and we're going to start seeing much much greater Primacy of the uh of Bitcoin as a jurisdiction you put all of these three things together and I think we're going to see a complete inversion of the space uh as we've been thinking about it now there's so much to say about this but I'll just give you guys one single example uh one of the key drivers of all of this ZK zero knowledge technology today if you want to write um a um a piece of software that's going to manage assets you have to go into a chain you have to figure out whatever VM that chain is using if it's a ethereum like chain it uses evm then you have to write it into solidity and then the the uh uh asset management system that you've written the smart contract that you written exists on that specific chain today we have several compe projects that are building ZK VMS these are systems that take any code compile it down to a ZK and write it to wherever you want with Bitcoin OS that means that you can take rust write something in Rust compile it down to a ZK verify and executed on bitcoin the whole evm thing in my mind is uh becoming outdated people will be able to write in any programming language that they want compile it down to any uh security uh environment that they want so what does that mean for us it means that I think we need to do what we've always done which is lead the market see where things are going before everyone else and um build for that world in the same way that we were the first project to recognize the importance of Bitcoin defi we were the first project to recognize the importance of rollups and ZK to bitcoin we need to be the first project to realize that the the the coming crypto inversion the other thing that is happening is that we are seeing a huge number there's now 100 different uh uh ZK evm projects that are trying to be rollup evm rollups to bitcoin and they're basically carbon copies of each other Merlin Bob B squared bit layer um alpen Trea all of them they're doing exactly the same thing they're building a evm that RS up to bitcoin and has a def5 focus I think if we do the same thing with Sovereign lir we're playing a Fool's game I don't want to compete with a 100 other projects I want to uh uh outco compete all of the projects by doing something different and um and so that means that we need to think carefully about what uh The Sovereign layer is going to be uh is it going to be another one of these projects or is it going to do something different something important uh something which is highly differentiated and unique and and interesting um and I have some thoughts around what that is but I've already given a very very long answer to the question um and I'm not even sure I answered all of the different parts of it so French which parts didn't I answer um you you didn't answer about the features because there are no features to be discussed yet you didn't answer about when Sovereign lay because I think before that could be answered uh we should discuss and agree on what Sovereign layer is um uh but there is key questions it was coverage about the budget uh is there are the there's currently no budget budget constraint on this since um it's sort of bundled into the work that Bitcoin is contributing to Sovereign and that Sovereign is contributing to bitcoin OS so it hasn't it one of the things that I said long time ago is that we have to be very careful about the way that we are conserving our budget we've always had this approach and that one of the great things about Bitcoin OS is it allows us to um substantially increase effectively the resources that are available to us because there's now a project which can be well funded have its own independent funding and effectively we can utilize a lot of the technology that is being built by Bitcoin OS for the purposes of sovereign okay it leads me to capitalist 42 questions what is the relationship between uh Sovereign and Bitcoin OS there are more questions down the line um um from Travis for example wants to know how many team members from Sovereign are now part on bitcoin OS um uh yeah let's do let's do that so first of all the Bitcoin o team is um the there there are a number of different contributors Sovereign is I think the most the single most significant contributor um I'm working on it Armando is working on it inanda has been is working on it um French has contributed a little bit um uh rer has contributed and continues to contribute um fin line has done some design work uh in contributing to it um for almost everyone that I've mentioned most of their work remains sort of non Bitcoin OS related in terms of sovereign but uh Sovereign has contributed um quite significantly to bitcoin us okay to follow up on that uh sakro is asking um Sovereign boss seem to be run by same group of persons to a large to a large extent are there potential conflict of interest how do you ensure Sovereign activities and interest stand above other things [Music] um I haven't observed actual conflict of interests yet if anything I've seen a convergence of interests I'll give a few examples one example I already gave right the technology that is being built by Bitcoin OS is good for Bitcoin OS and extremely useful to Sovereign the um contribution that Sovereign uh has made to promoting Bitcoin OS has been useful to bitcoin OS and to Sovereign the increasing profile of Bitcoin OS is obviously useful to bitcoin OS but is also reflects very well on Sovereign um the partnership with uh B squared is to a great extent uh mediated by the fact that b squ are excited to work with Bitcoin OS and Sovereign because they kind of bring each other um I think that there would be a conflict of interests if the various rollups that are currently looking to build and book thought that Sovereign was going to be a direct competitor but since I think it would be a very very poor idea for Sovereign to be a direct competitor regardless of conflict of interest that specific potential conflict of interest I think is not relevant so in practice I don't think we've seen conflicts of interest all right um I am so you kind of answered Sak's next question questions uh which is uh boss seems to get a good graph of partnership uh will this benefit s by launching on the same chains like Merin B squared we are launching on B squar as you saw today or we will launch um is the vision that these l2s will be interoperable via boss and Sovereign can capture liquidity on all of them does it require launching and Sovereign dep on each chain or is there a better solution uh so that liquid liity is not fractured okay um that's an excellent question uh because it's a hard question so interoperability and composability are a core component of what we would ultimately want to see Bitcoin OS deliver however interoperability and composability is extremely difficult because you're trying to build interoperability and compos visibility between a large number of idiosyncratic systems so for example bqu Merlin and Bob not to mention rootstock are all built on completely different code bases they have different teams running them they're the degree to which they would integrate Technologies which would allow them all to become interoperable even if Bitcoin OS offered those Technologies it's completely up to them um uh and so while the technology might be available for interoperability the you know getting people to run um interoperable you know to consume interoperable uh validator data um to um uh aggregate their ZK proofs into a single ZK proof so that they have shared um finality and settlement those are things that while theoretically possible uh cannot be guaranteed in addition to that the actual Tech around merco mesh and the composability interoperability is not is complex and probably won't uh be the first thing that comes out of Bitcoin OS so what does that mean it means that the uh problem of composability and interoperability is a complex one and we cannot rely uh on the idea that we can just launch wherever we want and Sovereign will be interoperable uh across all of these different platforms I think eventually that interoperability will exist it's just the market is going to force it but I don't think it's going to happen in fact I would go so far as to say I don't think true composability is going to happen this cycle at all so this brings me to a question of how we should be thinking about Sovereign and I think one of the conclusions that I've reached is that we have been holding ourselves back and substantially limiting the degree of success that we are able to achieve and substantially limiting the degree to which we are able to achieve sovereign's goals because we've been thinking about Sovereign wrong we have been thinking about Sovereign as a defi application um and Sovereign has launched awesome def applications uh everywhere we've launched a def application we've become the number one defi application on that chain but we've we've really been limiting ourselves in so many ways around that first where we've launched has been extremely limited so even though we're the number one app in Bob or we're the number one app on rootstock both of those are pretty limited ecosystems second the um challenge the the the resource requirements the lack of focus ultimately uh of of of launching on so many different it's launching so many different platforms on so many different platforms has meant that I think we haven't achieved um the the the level of funding the level of marketing investment the level of Team focus on any of these products that we potentially could have if they had been um purely dedicated effectively as independent projects to themselves now about two months ago on this community call I said that um I burnt a lot of my sort of Social Capital fighting for uh Sovereign to think about it itself as as a different kind of project that the find a project that can build and launch what we were at the time calling subd Dows um I think that was probably the wrong term but basically to launch multiple different projects and allow these projects to find Independence on their own um I didn't manage to convince the community uh and um I think this is worth a much longer conversation but I think uh I think looking back I if anything am more convinced that probably I should have even pushed harder uh for this I think the path forward for Sovereign is to recognize what it's really really good at uh recognize why it's really good at that right the things that it's really good at and and work to those strengths particularly taking into account where I think the crypto Market is going and I think what Sovereign is really really good at is we've built a community which is extremely intelligent we have a proven capacity for seeing where the market is going before anyone else we have a proven capacity for getting ahead of the market uh from a commercial and product development perspective and we have a truly decentralized governance system which allows us to allocate resources and launch these systems should we so choose um I think that the the the the the power and potential of that is extremely underestimated um by sovereigns ourselves and I think that Bitcoin OS and what we're doing with Bitcoin OS might actually be the proof point for uh us thinking about Sovereign as the community which builds the future by giving birth to Independent projects which slot in to the different um needs that are that that someone needs in order to be free in order to be self- Sovereign um and I have a lot more to say on that but I'm going to be thank you very much I'm going to be writing about this but I think there's a huge huge opportunity ahead for Sovereign I think what we're doing with Bitcoin OS is something which we can rip replicate for projects that we incubate ourselves and for projects that need the kind of support that a truly decentralized established well- trusted project and Community can deliver I think we are something truly unique in that respect in terms of an actual decentralized Community which governs itself and has very very clear principles I think we are actually one of the best examples of a crypto cult and I think um I think if we gives thought to what unique advantages that gives us over literally everyone else we have immense opportunity and power that we can take advantage of thanks Yago guys we're coming close to the mark the hour I um I want to dedicate uh 35 more minutes for this call um uh and then uh whatever we won't be able to cover this time we'll take it to uh next call or arrange for another AMA call um which is obviously very important and productive okay I'm going um to the next question from uh um uh from Travis uh how many devs are working on Sovereign at the moment and what are sovereign dev's building right now uh Travis um I see you have a followup question uh we'll gather first we'll do your original ones Travis I think you saw today what we're working on mainly the the the money markets the new pools reyment on on another chain um Armando are you in the call I don't see arando here okay yeah uh um can we do can you do a head count of how many devs are working on Sovereign right now h no I don't don't let me let me try to um try to get Armando to join the call Ping him on another Channel I mean look in terms of the devs working on the various applications of deps across Bob and root stock I think we're looking at let's call it 10 devs I'm not I'm not far off okay um another question from Travis how many people from The Sovereign team are now part of boss we touched upon that um Yos gave a pretty detailed response I'm continuing what's the update on one proposal for zero there was an update today in the call let's continue this conversation in the Forum um and you also ask can Sovereign start building Sovereign layer without boss main it launched we also touched upon that I'm continuing to questions from e e uh how far into development is soft deck currently compared to the potential comparators with face was once boss launches we touched upon that we first need to decide um oh wait no we it's not about the Sovereign lay I apologize about the Sovereign Dex um Yago how do you find sovereign Dex development compared to the competition uh that we will face when boss once boss launches okay so I think this is an example a concrete example of what I was talking about before there is a significant challenge with dexas we all know what it is we've discussed it a million times the amm type X requires very very deep liquidity in order to uh function well it um otherwise becomes an extremely inefficient Dex and then enters and and potenti just you know never takes off properly additionally as you are launching into more execution environments you see liquidity and user bases split uh um which compounds the first problem now the the the the first amm type deck was launched by bankor back in 2018 that is six years ago in six years we've seen a lot of innovation in those dexas and nothing has come anywhere close to solving those core problems in addition to that Sovereign has uh two problems when building competitive dexes let's say we want to do it on Bob or B squ or anywhere else and the two uh uh uh challenges that uh Sovereign specifically uh has to deal with in addition to the standard problems with a DEX or an amm Dex I should say is um we are competing against projects that are just vomiting tokens in order to sort of incentivize liquidity and um we are competing with projects that have dedicated teams uh and sometimes special relationships with these chains so for example um uh uh we are under a lot of pressure from both rootstock and Bob not to launch on other chains they don't want us to do it um rootstock really hate the fact that we launched in Bob and Bob really really hate the idea that we would launch on B squirt because they want us to be dedicated to them and I really don't like the idea of us being sort of dependent on somebody else's platform uh and I and then if you look at other uh uh chains or other rollups they also will go to quite a lot of links to try and create a house deck that they will particularly support even if they don't do it explicitly so um what does this mean I think the current structure that we have um we the I do not see a path to having an amm Dex which is so much better than other amm dexes uh that it's an obvious winner and I think that we're in an compet we're in a competitive environment where we are competing with these other amm dexes and these other amm deers are um uh giving out a lot of tokens which we do not want to do if it's going to be the SV token and and they are building special relationships with the chains that they are on which as we introduce more and more chains that we are operating on becomes more and more difficult for us so when I talk about the potential for us to rethink what our business model is I think this is one of those opportunities for us to rethink how we should be operating I know for example that Bob would be very very excited if we were to sort of fork off The Sovereign decks and sort of create a you know uh buob specific Decks that would be dedicated to Bob and would have a dedicated team doing that means that we need to think differently about how we're doing our decks this is not a decision anyone can make this is a decision that biocracy needs to make and I know it's going to be a very very difficult conversation to have because up until now um by and large the community have wanted to keep everything under one brand and in particular everything under one token because the feeling is that if we have more than one token then and sort of more than one independent team then we're diluting the value of sov I everything I've seen over the last 6 months has convinced me that this is the wrong way to be thinking about it and we're shooting ourselves in the foot it's a conversation I want to have but I'm kind of scared to have it because last couple of times I've tried to have that conversation has become very very acrimonious and unfortunately we also have a certain toxic element uh in the community where everything we try to propose which is not um sort of straightforward and obvious uh become some kind of conspiracy theory so I'm saying this because I'm kind of gearing myself up to try and have this battle again and I'm completely aware of the fact that I may lose it but I want to do it because I think there's a lot of opportunity there's a lot of money that Sovereign and sov and sov stakers are leaving on the table because I think playing checkers when we should be playing 3D Chase all right pretty long answer um but yeah well you can see I'm gearing myself up yeah yeah it's a very uh comp topic thank you um e continues what would you expect what what would you consider a success and what would you consider uh a failure I don't understand the question I guess in in the terms of a sovereign uh deck SL layer Sovereign future launch it's a very difficult answer oh I I can tell you I can tell you exactly um first layer success like a a a standard success from my mind would be building the biggest decks on a chain and monetizing that uh so that SV stakers make a significant amount of capital from that referencing back to my question of how to do that there's two ways to do that up until now our view on how to do that is we would launch a DEX and um it would generate trading fees and those trading fees would over time ACR to Sovereign stakers I think that that is in the environment that we're in the wrong business model I think the a better business model would be we create the Dex we build it into the biggest decks on a chain we launch that Dex as a independent project by effectively selling it off and we make a lot of money at once um so the first two criteria in that answer is one it's the biggest deck and two uh it is the it is highly profitable for us now there are two higher level successes which are more difficult to achieve and I do not and they basically come down to one we have a DEX which is competitive with Sexes or with the biggest dexes out there in the world in terms of slippage uh and trade efficiency and two even better than that would be to start delivering Dex technology which is not amm based and actually feels like a centralized exchange and is probably order book based allows easy onboarding and offboarding I think there is a path to get there and I think we need to build the uh Capital uh and the technology to get there and I think Bitcoin OS can play important role in facilitating our ability to get there um he asks a question which I'm not sure e you potentially present on this call okay I'm GNA I'm going to read what I have um a lot of promises were unfulfilled so so is this mint again or do we actually care to evolve it with the current Rune market and mcoin Market developing ah this is a this is a question related to power I have another Power question from E is the power run currently seen as successful with the past five month developments and what will it do in the next five months uh and um and and will it be uh an unfulfilled promise or do we care to evolve with the current run market so e if you are present or will you will listen to this everybody else you saw just yesterday the launch of uh two new Rune pools one of them with power I um I I urge you all or I remind everyone that that runes uh and memes live on their community and their Community pushing them forward so these pools are a way for power to access a new community the dog Community well it will require more than uh you know uh Dev activity and and and Sovereign adoption activity require more than anything to be successful require Community activity so getting the word out to dog holders uh every day we we just got to work it we all got to work it uh and that means uh Sovereign core and Sovereign community and everyone involved so I I hope this answer the questions e can I jump in here French yeah sure goad so I think this is a perfect example of something we shouldn't be doing I don't think we should be thinking of power as a project that uh needs to be supported Forever by the core developers and the at and and basically the core team at S I think that's a mistake I think uh s has done an amazing job we created um a rune which was created in the very first it's one of the 300 runes that were created in the very first room block we've managed to establish from the the the seeds of Arrow own Community a new community which is the power Community um it's a highly dedicated Community we've gotten power onto multiple different dexas which we were able to do because Sovereign is able to run those dexas we've started uh building out uh collaborations or or at least creating postive collaborations with other runes projects uh We've um built a uh visual language for uh Power the this is all great right we've done now is it going to be you know a $1 million Rune or $100 million Rune I don't know but I don't think that it's sovereign's responsibility to I think Sovereign is is making a mistake if it feels like it needs to be the one project that is driving the effort behind all of these different things run doesn't isn't governed by biocracy yeah sorry power is isn't or shouldn't be governed by biocracy it should be its own thing and it should succeed or fail on its own merits having given being seeded and boosted by Sovereign and Sovereign should be willing to accept the fact that it's going to launch multiple different things some of them are going to fail and some of them are going to succeed on their own merits um I think that is how we build Sovereign to be a winner and Sovereign launches winners uh so I think power is awesome it's got an amazing Community it could do very very well but I don't think we should think of that as Sovereign and certainly not sovereign cor's responsibility thanks I got a lot of comments there in uh the chat and get to that I hope [Music] um okay I I want to get to a question from question from capitalist and the comment from Liam neam uh cap asks uh any update on the 10% air drop that's how you was worded I assume you mean the boss air drop and N neam commented I have a feeling they will kick this down the road for a long while whether the airdrop happens or not the longer they wait to announc it the better it is for them uh we continue to sit around and wait and continue to Market uh to Market and incubate in quotes Bitcoin OS I think the one Community call implied that we need to work harder from M best case in Liam ne's opinion if they cement the airdrop now they might worry the incentive disappears or Sovereign Community worst case we if we continue to Market them and they don't airdrop they can be like not enough positivity plus this keeps us all from complaining and being negative on socials in the hope we get an air drop so Yago we have uh uh 17 minutes left on this call what's up with the airdrop if you're speaking you're on mute okay sorry I mute yes there's no airdrop there's not going to be an airdrop there never was any discussion of an airdrop what there was a discussion about is that Sovereign as one of the projects that is building uh Bitcoin o and as a primary uh partner project within the Bitcoin OS uh project would receive uh some of the tokens and specifically was discussed that uh uh The Sovereign would receive 10% of the tokens um this is a complicated thing um it it's from in every single way it's complicated we need to uh develop the technology the uh way the token is going to be useful and used needs to be developed um we're we're nowhere near the launch of a Bitcoin OS token uh from a technical perspective in addition to that there are the questions around how the Bitcoin token will be distributed in general and um their regulatory questions around how uh uh a decentralized project gets a token without it creating problems for Sovereign or for Bitcoin OS it's complicated all of these things are being worked on um it is um my intention and I think everyone else's intention that uh Sovereign should receive those tokens assuming that uh you know there's a number of sips that need to go through which are related to this but um uh yeah it's not going to it's I expect that we we'll start to see you know sips around this quite soon um but it's a very complicated uh uh uh there's a lot of moving Parts here and and and they're being hammered down and nailed down and uh and things happen when they're ready um so bottom line uh yes the goal is for Sovereign to be uh um not just a contributor by a primary contributor to receive 10% of the tokens um for there be for the uh uh for to create Clarity on how these tokens will be distributed and um for Sovereign to um continue to participate with Bitcoin OS in its development um into the future as well as benefit from the technology that Bitcoin o is is uh developing thanks yo I expect more conversation and actually one one other thing um the the the the this idea that um you know uh people need to be and the The Sovereign Community should uh uh uh be a primary Community Prim a primary part of the Bitcoin OS community and and and promoting Bitcoin OS yes of course of course of course not putting aside the 10% tokens or whatever Bitcoin OS is exactly the kind of thing that Sovereign should be supporting even if Bitcoin OS came from a totally different project we should be supporting Bitcoin it's exactly what the it's exactly the kind of technology and exactly the kind of platform that we want to see in the world so to me it's a no-brainer I personally fully agree uh since sovereignity is in core Sovereign um moving on let's see what I what didn't I cover uh there's by by the way a few questions in the community chat channel here yeah yeah yeah okay I want to uh answer something from tit Chain man that asked uh what can we do to help more if we are non social media anons uh we stake we partake in Quest We hle BTC Sovereign power but it still feels like no one really knows how [ __ ] cool Sovereign is and how epic the team is sorry for the f bomb I have watched a lot of complaining about uh you here but no one is asking how to leverage the community to grow the network so that's that's a question from from time chairman how how can we help how what to do to to help Sovereign in the community I don't have a simple answer to this I'm trying to find better answers to this and I'm talking to people who have managed to take communities and grow them to try and understand what they see as the best Playbook even so but I definitely think that you know social media engagement even if it's just sort of liking and commenting on bitcoin OS and Sovereign tweets and Bob tweets and whatever allows us to be more visible I think being engaged in other communities and talking about other communities that you're part of which maybe crypto communities and Maybe not maybe they're in Telegram and Discord maybe they're in real life I think that's important I think each of us thinking of ourselves as an evangelist and an ambassador for Sovereign externally is important but I also think there's a lot of work to do internally um and I'll come back here to the question of why even be a sovereign why even have Sovereign as a thing that exists for me it goes far far beyond Bitcoin it goes far far beyond defi for Bitcoin I I uh have children and someone is going to need to educate these children to be upstanding independent ethical happy people who's going to do that public schools no I would never send or never want to send my children to a uh you know a government run indoctrination all right so then who's going to do it can I homeschooling it's an option but it's very hard to do without a community and even if you do that you need a community which has your values uh and sort of your sort of intelligence for that to be successful I think Sovereign can be the kind of community that does that um as it grows but especially as we grow as a community together we become more relevant for each other but I'll go A Step Beyond that uh I think that the you know the the the easiest or the most powerful way uh to um provide children with an education in the future is going to be for them to have access to an incredibly wise and patient tutor which is nonhuman uh we're already starting to see the emergence of that okay but who's going to train that AI that is ultimately going to educ at my uh my children right I don't want that AI to be created by Facebook and educating my children I don't want to be created by open Ai and educating my children so what I need is a community that has enough of a set of shared values uh that we together can train and create an AI that is able to do that not just for our children for us for the way we navigate to the world let is just like one of the extremely powerful needs uh that I think everyone is going to have in the world and that if in a real Community is which is in a real Community which understands a real community that is technology first can build so yeah I've been talking about Sovereign as a nation for years now I've been talking as as the first true Bitcoin digital Nation I've been talking about Sovereign as a community with shared values um but I've done a [ __ ] job job and we've all done a [ __ ] job of actually defining what that means so to sorry who asked the question French time Chain man okay so time Chain man here's here here here's something really simple that we should be doing and that maybe you can kick off right just like educating children and managing your money there's probably 18 other things I could think about right figuring out where I should live in the world which is going to give me the most Freedom how do I get a passport to that place uh uh uh uh uh uh um what um secure Communications mechanism uh can I uh actually use and how can I make sure that that it is secure how can I live off grid I don't know like I've got various things that I that are important to me I think what would be really cool is to create a thread time Chain man can go and create a thread on the form here are 20 things that are important to me that are lacking in my life right now or that I think are going to be lacking in my life what are 20 things that are important to you and we can have you know a hundred different sovereigns put together their own list and out of that list will emerge I think five or six really huge opportunities not just for a way for us as a community to come together but also ultimately for technology-driven products that are going to be world changing that is the kind of thing I would like to see Sovereign doing I think we need to do a better job of encapsulating what our values are what the principles we want to live by are I think we need to do a better job of formulating our own ties as an actual Community both in the digital and in the physical space and I think we can turn that into Cutting Edge technological projects that take over the world and finally I think that that can mean huge amounts of money for all of us so you don't have to just tweet you can also be part of the brain trust that helps build that because it's going to take a lot of different perspectives on the world um to to for us to figure that stuff out so time Chain man one suggestion I can give you start a thread here are the things that are important to me that are lacking in the current status quo civilization how can we fix that how can we find technological Pro Solutions or Community solutions that are like driven by The Sovereign Community to the everyday problems that we all have to deal with and let's start that thread I I'll contribute to it my 20 things or my 10 things or whatever it is that I manag to think of and maybe we all can and maybe that ends up being one of the most important threads in sovereign's history that's very interesting and I'll be very very happy to see more active discussions in the Forum I think it's that's Community build right there uh Travis asks uh Travis um you can you can you speak are you allowed to speak May you ask in voice in the five minutes that we have okay I'm gonna ask for you um hey hey can you hear me yeah heing the community please ask the questions and and give context because I think we kind of lost the cont here um sure you want so like my latest question listening to Yago um also I appreciate all of you guys in Yago uh for all the time you put in today but I just said Yago said find the river of money and stand in it based on what you said earlier about not focusing on building our own defi daps like all these other projects that are coming to boss how do we position ourselves in the future do we not focus on the current products we have as much um or is like do you Vision Sovereign Mor is like this incubator um which is kind of I already kind of see boss as that incubator so I'm just curious what you how do you see Sovereign in the future thank you I uh don't want what I'm saying to be misinterpreted I don't think that we need to uh uh deemphasize Defi and I definitely don't think that we need to stop uh focusing on the defi applications that we've already built out I think defi is extremely important it is the path to being able to live your financial life off grid it is the path to Financial Freedom and Financial Freedom ultimately is the basis of all freedom however I don't think we're ever going to be able to to accomplish our goals if we try to build a monolithic system which does everything you cannot be the best at everything instead what I think we need to do is we've built out really amazing products I think we need to try I think we need to think of ourselves as instead of a single umbrella project which tries to do everything as a project which incubates Freedom technology as a project which incubates a freedom community and that freedom Community Powers the the the the the the the the development of Freedom technology and and I think what that means is that the we should measure our success by our ability to build something to the point that it can be successfully turned into an independent project that we um in one way or another through selling through owning an equity Stak in through owning tokens in whatever the case may be can benefit from its independence I think we need to turn Sovereign into a project that creates Sovereign projects projects that are sovereign upon themselves because then they can have a dedicated team they can have a dedicated stream of funding they can have a dedicated streamer Revenue um and and and and they can have a a off to success where they can they truly can be the number one we have the number one deck on rootstock we have the number one lending platform on rootstock we have the number one stable coin on rootstock we have the number one deck on Bob we're going to have the number one lending platform on Bob right the this is a very very good start right I think the way we know we're successful is we turn those into an ecosystem of in related Community related independent projects from which we have benefited and which benefit each other and we build an ecosystem of Freedom technology I think if we do that we massively we massively increase our our leverage because instead of seeing our resources dwindle as we try to do more and more things each time we do this we increase our resources increase our Capital increase the ecosystem that we have built and and and use that as a flywheel for continued growth this is a different model from what we're doing right now it's almost the exact opposite of what we're doing right now but I think that's how we get the most juice the most leverage out of the the advantages and the stuff that we that we've already demonstrated and the stuff that we've already built thanks yo uh we have just come in to half past the hour uh let's close the call there are questions here in the chat that weren't answered um if there's demand we'll do another uh Community call dedicated to uh stricly AMA uh in the next couple of weeks uh thank you everybody uh and uh stay Sovereign stay sovereign everyone stay Sovereign everybody take care

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Rec in uh and uh I think I started sharing thank you very much uh hello everyone and welcome to uh another Sovereign Community call our last Community call was uh pretty recent uh but a lot of things are happening and there was of course a significant development with the boss sip being uh uh presented to The Forum um we hope to get the Sip out to a vote this coming Monday uh in the afternoon so uh today is a good opportunity to ask uh anything uh regarding the Sip uh whether whatever it is and we have questions we have collected in advance um and the second part of this call will be dedicated to uh the future of sovereign and uh what M forms it can take shape uh we only have one hour today for this so I'd like and these are both pretty meaty uh subjects um so I'd like to dedicate the first 30 minutes to the boss sip AMA and the uh next half hour to uh discussing sovereign uh we proposed to be a freedom incubator um so next slide please okay the AMA we have a bunch ofle questions collected in advance um a lot of them are regarding the how will this 10% be allocated uh should it be given rating on voting power based on collected OS Sol uh as a weight factor a combination will these be tradeable on lunch will any be will any of this be allocated to The Sovereign treasury uh are there any measures planned um and uh and other questions regarding the division of the proposed 10% of the token um in this sip I think in section 4.3 uh we state that um the way these this 10% allocation will be distributed is subject to a future ship sip now what I hope to get uh from the community is a healthy discussion in the form on how do people think um the these doc should be uh allocated uh to the community uh but Yago briefly can we get your opinion on uh what could be a Fred distribution yes uh I don't have a specific distribution in mind um part of the reason why I think it can be valuable to have a future sip is because it is the nature of these things that you know like with anything else as you're driving towards the horizon The Horizon becomes clearer right as the project grows and um as we get closer to launch it will become you know the details become more and more obvious that's it um Sovereign is one of multiple different parties who are now engaged in developing Bitcoin OS so um Sovereign is um you know a significant participant but uh at this point there's at least uh there are developers from at least four different companies involved um there's several open source developers who are working on the project there's people who are not developers and sort of working more around Communications marketing Community stuff like that and then then there's additional researchers who are joining from other um decentralized projects uh Merlin um very significantly recently cardano so um the the anticipation is that Sovereign will continue to play a significant role in the development of boss and at least part of the reason that Sovereign would be receiving a token ation is um because it is anticipated that Sovereign will in one way or another continue to uh be participate in the development of uh Bitcoin OS uh and so there may be situations in the future where um Sovereign will seek to provide the grants uh or um in some other way utilize the boss uh um uh to to to further the development of the of of the project and also that Sovereign will be an active participant in the project and the boss token it's a is a commodity uh which is uh utilized among other things to um pay for computation uh processing through the Bitcoin OS system system and so Sovereign as a participant in that um will benefit from having um a store of this commodity that it can utilize for its own purposes um so in my view there are three ways we should be thinking about or three three ways we should be allocating one is um we need to maintain some quantity of the boss tokens for our own ability to continue to develop the Bitcoin R ecosystem for our own purposes um two um we should um maintain some for um our purposes as as a consumer of the computational processing okay so that that would be sort of like a um a utility um maintained by the treasury beyond that uh I think that we should as um um we should as a project maintain some for the treasury and for the benefit of sovereign more generally right so we we'll talk about this a little bit more but um we need to maintain some treasury for Sovereign itself especially if we're going to look to expand and grow Sovereign further and then third there is is the question of an allocation to Sovereign stakers and potentially Sovereign token holders so um I think there's a debate that needs to happen uh around what our vision is for the future of sovereign going forward and as part of that debate we need to also think what is going to be our business model our Revenue model model um and how do we want to um hold these tokens and and and just to give a sense right there's a lot of things we could potentially do we could distribute them to S so stakers uh we could airdrop them to sov Holders we could distribute them to SV stakers over a period of time we could um allow people to um cash in their s so or burn their sov in order to receive um part you know a part allocation of what is likely to be a growing Sovereign treasury uh creating an entirely new mechanism uh for valuing the S so token um each of these has different trade-offs and would you know we would choose these different uh methodologies based on on what it is that we want to achieve so for example if we uh uh want to make it much simpler to price SV on the basis of the treasury assets it begins to uh accumulate then we might want to make it possible to bur an sov um if we want if we believe that we want to invest significantly in biocracy because we need to secure um um our our application our applications uh that are governed by biocracy or because we need to incentivize significant decision making then we would want to place an emphasis on Distributing to SV stakers over time um I have my own views on biocracy I think that uh if we're going to start to see Sovereign uh begin to look towards potentially different business models then biocracy itself and the way we structure it might want to change so um I think there some significant conversation that we need to have um which you know is in advance of any decision around specific allocations thank you can I just say one last thing look I I recognize that um that was not a satisfying answer right it's much nicer to just get um you know everyone's going to get x amount of an allocation but and sometimes you know sometimes there seems to be a um a desire that I can give such answers I'm not able to give such answers ultimately it's up to the biocracy I can set uh uh you know I can say okay I think this is what should happen and make it really really simple but I actually do think this is a pivotal moment for Sovereign and we need to be thinking carefully about it so I recognize that that's not a satisfactory or a satisfying answer right now but I think we can get to a satisfying answer um you know within a short period of time uh we just need to there's just things that I think need to be considered absolutely and I hope to start this conversation in the Forum shortly after the vote um moving on to uh more questions um um people ask what will the BOS token does you partially answered that but maybe you can go a little bit deeper yes um to an extent so um it's possible that the um functions that you know there will be additional and growing functions uh that you're able to do with boss token over time but let's talk about um the Bitcoin system um give a brief sort of recap of how it works so that what I'm about to say is going to make sense okay so um the the the the first thing to understand about Bitcoin OS is is that what it does is it allows you to have computation which is performed offchain this computation can be massive it could be computation of thousands of transactions it could be computation of um sophisticated um Financial transactions it could be computation uh it could be AI computation right and then what you can do is you can take that entire computation and um convert it into a zero knowledge proof and that zero knowledge proof right now and we're still you know doing all kinds of things around optimization but that zero knowledge proof right now is just a little bit bigger than 300 bytes so that's a tiny tiny piece of information okay so you have offchain computation you turn it into a small proof you post this proof to bitcoin and then that proof can be validated verified and executed on Bitcoin now what is bitcoin Bitcoin is a ledger right and there's all kinds of things that you might want to do with that ledger you might want um all of those you know you might want to aggregate large numbers of transactions as a method of scaling Bitcoin transactions you might want to send an instruction to bitcoin to issue programmatically a new type of token you might want to um settle multiple different defi trades you might want to be able to prove that an AI computation that you performed was performed by a non-censored AI there's all kinds of stuff that you might want to be able to prove and then have executed on on on on the Bitcoin chain so none of this computation is going to be processed by the Bitcoin miners the Bitcoin miners have no interest in processing this and so and and no ability to process this so where is all of this information going to be processed well you needed number of different um participants uh in the the the boss ecosystem you need provs what the provs do is they take the computation they prove it as a ZK proof so they're the ones basically condensing it into ZK proof and posting it to bitcoin you need verifiers who are verifying that that computation was correct you need um um integrators um who um can integrate different proofs together um so that you can have composability between different um execution systems you need sequencers who can sequence transactions right so there's a large number of computational functions that need to be performed and all of them are performed offchain and somehow you need to be able to pay for uh this uh data and computation processing and um Bitcoin OS uh has a token called boss which allows you to pay for that computation and so one way that you can think about boss is it's kind of like the gas token of Bitcoin in sort of much the same way that you know eth is the gas token of ethereum right so it doesn't generate consensus it's not a consensus token it's not a governance token it's a commodity which can be used um for the process of the various types of of of of of computation that is necessary um a secondary function is um that when you're processing these uh or sorry when you're when you're writing these these proofs to bitcoin remember I said you need a verifier so so you need to make sure that someone out there in the world is going to verify the proofs that are getting posted so that fraudulent proofs can't get posted and if you're not verifier yourself uh you have a trust Assumption of one of n in other words if they're n participants in the BS the in the boss ecosystem right let's say there is a million partici participants in the boss ecosystem or 100 participants in the boss ecosystem at least one of them is going to be honest however if you are a verifier yourself then you are the one out of that one of n is you and so for you effectively the the system is trustless but we to make sure that the verifiers are available that they have a high degree of liveness um that they um you know are are are um available verifying and performing their function correctly and so for that purpose uh we can create a set of known verifiers and one way to do that and the way we expect to do that is they will stake boss token and again the staking has nothing to do with consensus uh it has everything to do with a incentive for the verifiers to be constantly online um and constantly engaged in maintaining the correctness of the system right so those are um two ways that we anticipate the boss token would be utilized and um um and I think that that helps explain the the role that that the token plays within boss thanks yeah um there were several comments regarding uh the size of the 10% location itself now you have answered quite extensiv in the dojo I have touched upon that um in in the Forum um I'd like to to discuss it here as well since this is a community code which is dedicated to the Sip um is the 10% enough to incentivize Sovereign for the work that was done and will be done on bitcoin or um you asking me I I well yeah I was but I'll give I'll give my uh my opinion first um s has uh incubated uh Bitcoin us now in the incubation space uh in defi it is common for the incubator to take between two and 4% of uh the token uh allocation um Sovereign is set to receive uh two and a half times that so it is uh above and beyond what is what is common in the incubation space now to to justify that uh Sovereign will need to deliver more uh work um more deliverable as as discussed in the Sip um and since Sovereign success is intertwined with the success of Bitcoin us I think that for Sovereign should be very happy uh to deliver this these uh these products to the success of Bitcoin noise is are my my two cents yo if you have anything to add my view is that um even if Sovereign was receiving nothing uh it would be um in sovereign's mission statement to support Bitcoin and I think it always has been um so my view is that um Sovereign should be supporting Bitcoin regardless of how many boss tokens it receives and we should see to support any project which can which furthers our our sort of larger mission and goals um now obviously uh we would favor projects where we can you know also have some kind of stake um but uh yeah I mean to me to me it's a no-brainer uh even at much much less uh than 10% and even zero okay uh there are a bunch of questions about Sovereign future but I'd like to save those for the next part I'd like to open the stage uh for anyone who would like to ask a question here live before we move on to the next part feel free to uh unmute go what's going on it's whipper um I missed a whole bunch of the call so I really hope you don't mind if I'm asking a question that you already addressed but I was just curious if you mentioned which data availability later was going to be used I didn't mention it um uh the current way that Bitcoin o is being constructed it is agnostic to the specific spefic data availability layer used um that may prove and this is because it's really the execution environment that cares about the data availability layer um so each execution environment in other words each rollup each chain each D can choose its own data availability um that may not always be the case there may be advantages to having sort of canonical uh data availability layers and so we're already in the process of um working to integrate uh one or more data availability L layers um there was already announcement from nuits that they intend to work to integrate uh with Bitcoin OS um and I think that there can be a selection of other data availability layers that um so Bitcoin OS sort of supports out of the box um I also would say that data availability is an ex so just for anyone who's you know listening um what is a data availability there so as I was mentioning there's a huge amount of data that could be processed and might need to be processed um to perform these computations Bitcoin has 4 megabytes of available data space every 10 minutes you're not going to be shoving all of that data into Bitcoin and so there's going to need to be basically sort of like decentralized databases although you know you could imagine they wouldn't necessarily have to be decentralized basically decentralized databases which are called Data availability layers they're layers which make data available um this is very much um a part of the industry and the technology which is in its infancy and we're actually now starting to see the emergence of data availability layers that are focused on more specific uh you know narrow tasks and may be specialized for specific types of data uh data searches data usage Etc and there are also systems out there like ipfs which you could think of as falling into the data availability layer Spectrum although they were never considered as such is like ethereum data availability like a possibility or like Celestia or enan layer or any of those names like uh a possibility or do the computer functionality programming not allow for such like I I don't really understand how like I don't I don't know if it has to be like evm based or not um it certainly doesn't have to be evm based I think Celestia is sort of an obvious candidate for something that we might want to use as data availability layer um ethereum is an interesting one that you raise ethereum have significantly changed uh ethereum recently to increase what they call blob space right which is effectively available data space turning ethereum into a data availability layer um and yeah so you might want to consider using ethereum although right now it appears that the primary reason that people would use ethereum as a data availability layer is because they're rolling up to ethereum has anyone had any estimates on what transaction fees would be costing uh when using boss uh like this network um scaling solution yes so we've already performed transactions um the transactions are inexpensive um barely more expensive than a standard Bitcoin transaction um and you could have transactions which are much cheaper so like I mentioned you can um for less than a kilobyte of data you could you could um perform a Bitcoin OS uh sort of like a minimal Bitcoin OS transaction that that's smaller than a standard Bitcoin transaction then with that you might need to bundle additional transactions for the purposes of execution but broadly speaking the costs we there's been a huge amount of work around optim Iz ation and the costs of Performing um bus transactions are on a per transaction basis on mayet low on a per transaction basis globally across you know the Bitcoin OS ecosystem they get even lower because you can aggregate many many different transactions into a single Bitcoin Mana transaction through Bitcoin OS um so for example you could imagine a rollup focus in scalability which focuses on aggregating large numbers of transactions together and then settling them on bitcoin where the cost per transaction could be free or you know less than a scent thanks superer and thanks Yago anything else from anyone regarding the SI before we move on also type in the chat I just had a brief question if the cost for transaction will be so low do we have an understanding of uh how profitable it will be to hold the boss token or how much we could foresee the transactions benefiting or or us uh our person who's who's taking such one these tokens can benefit on it um I can't speak to anything related to the price of Boss token um but um what I can say is that um the usage of Boss token uh goes above is it's not just so the transactions that I'm talking about these are transactions in Bitcoin main it um the primary usage of Boss token is not as a sort of transaction processing uh utility all right a commodity utilized for transaction processing that's much more BTC type uh usage um it's more to do with computation and the cost of computation can actually be very very high so as an example coming back to where I was saying that you could have um you know a platform which offers very very large numbers of transactions at very very low costs um the cost for it to settle those transactions on bitcoin might be you know one Bitcoin transaction it might be nothing but the majority of the cost would be taking all of those transactions and aggregating them and then proving them as a ZK proof and that could be quite significant could be many thousands of dollars now those thousands of dollars could be spread across many tens of thousands of transactions um but it's still from a computational perspective could end up being quite expensive now over time ZK computational costs are likely to go down through all kinds of methods Hardware acceleration uh algorithmic um improvements um but um as the cost of converting compute into ZK proofs goes down you're likely to also commensurately see a growth in the cost of um or or sort of like the the the the amount of things that people want to compute and then turn into ZK proofs so um yeah I don't have no idea no no no idea or opinion on how that impacts um directly the you know the way you should think about boss but um but that that's how I think you should think about the relationship with the utility makes perfect sense you you explained to well okay thank you uh let's move on to the next slide please um so with Bitcoin Sovereign finds itself uh with a new opportunity but also at a crossroad um yo you have raised in the dojo um the idea that uh s could become an incubator uh this touches directly to the strategy of sovereign moving forward and if you can I'd like you to elaborate on that okay I would go further than that I would say that Sovereign is an incubator um if you guys look at the history of sovereign it is a history of innovation right so Sovereign was the first significant project to build defi for Bitcoin we recognized a gap in the market we recognized how we could uh approach that Gap in the market and we built the tools to make it happen Sovereign then realized that we didn't unfortunately have a good partner in um iov labs and rootstock and that we needed to build out huge amounts of tooling from data services to bridging to [Laughter] um RPC and node system and so Sovereign built all of that out for rootstock effectively building out the entire rootstock ecosystem Sovereign within that process launched a DEX margin trading um uh lending pool all of which were the first of their kind for Bitcoin it introduced fast BTC a project which you know a router which which was the first of its kind we introduced zero uh and The Sovereign dollar two projects which were the first of their kind um and um while the the you know we discovered it was difficult to grow the demand for The Sovereign dollar it basically stopped growing at the moment when it um saturated the potential Demand on root stock right so that ended up being like a glass ceiling to what the Sovereign dollar could be but there was massive demand to generate $ which far exceeded that um uh and then along the way we we did a whole bunch of other things we we built the first decentralized uh runes Bridge we um built a uh launch pad called Origins which we utilized for our own uh launches uh we helped other projects like Babel Fish uh um and effectively incubated them um and most recently um we've played a significant role in incubating and the development of Bitcoin OS which it's the project which for the first time ever did something which many people even today can't believe actually happened which was ZK verification on bitcoin and is now going much much further than that and then also on the um you know from from the perspective of of of of sort of on The Meta layer we built out an extremely robust um well aligned uh uh Dow and biocracy I think it has very few or maybe no peers anywhere in the world we introduced the basically The Meta category of def5 for Bitcoin was introduced by Sovereign and now this meta category of an OS for Bitcoin that other systems including layer one chains like cardano are utilizing was introduced by boss in collaboration Sovereign that is a phenomenal track record that is a small project over the course of four years um you know if you look in history you know Athens was a small city which invented physics and philosophy and ethics and um trigonometry and you know I Sovereign is like Athens okay but um I think at the same time that we've been that incubator we haven't been behaving as an incubator instead what's what we've been doing is we've been um like a factory producing these these these these gorgeous new um Cutting Edge Technologies and then refusing to to to to to sort of sell them to anyone we keep them for ourselves and and and the reason has been that uh philosophically uh we've said all right well everything should be governed by biocracy everything should ACR back to the sov token and to sov stakers um as sort of like this ongoing form of Revenue and so as we've been pushing out each of these things our ability to push out new things has actually diminished because we've gone from being a project which is 90% Innovation to a project which is 95% maintenance we've also been Limited in that um we've simply just been less agile because our biocracy is on root stock um because we need to maintain the governance of all of these different systems on root stock launching on other platforms has been something that we've um had limited ability to do and all of this has reduced our Focus has diffused our our our resources has taken our eyes off of innovation and I think has not played to what we've clearly demonstrated is our Central strength which is basically being four years ahead of everyone else so I've had a feeling in the pit of my stomach that um this is not going to be scalable for probably at least 3 years uh and um I've you know I advocated initially for what I think was an overly complex solution which was the creation of subd dows which would still feed back into biocracy I think that is overly complex overly engineered and probably rightly uh was voted down by the uh by Community biocracy My New View is that the right way to play to our strengths to further our mission and to sort of be able to turn every incremental thing that we launch into fuel instead of into um baggage is for us to spin each of these things off as independent projects not products they should have their own teams which are focused on on their success are highly incentivized for that success and um can take risks and do things that maybe we disagree with we need to let our children live their lives we need to be a factory that actually ships and sells and um and that if we can do that we can become a factory for freedom for Freedom technology so um my view is that we should rethink how we play to our strengths we we should um at least experiment with repositioning ourselves as a project where we focus on supporting other projects and mostly developing new Innovative projects inh house and then spinning them off as independent projects um and I think if we do that um there's two implications one is we will we we should seek to have a much higher tolerance in fact much higher appetite for failure we should fail nine times out of 10 like none of almost none of our products have have have failed right um they they haven't accomplished or many of them or maybe you know they haven't accomplished what we wanted them to accomplish what our our biggest Ambitions for them were but we haven't allowed them to fail I think we need to allow things to fail and um and we should be shooting for outside success and an example of this is is is Bitcoin OS Bitcoin OS I think by any metric you look at it the the the the level of technological breakthrough the level of of sort of the degree to which it's it's changing the trajectory of Bitcoin and crypto as a whole the um economic impact it can have is just um a behemoth and um you know you only need to build so many many behemoths for uh you know to have really really outside success so um the world I imagine is a world in which you know we're we're we we we we let's say 5% or 10% or whatever of the percent of the tokens uh of these projects that we spin out is retained by Sovereign well you know uh 12 years from now Bitcoin is going to be something between a 20 and 40 trillion asset um there's going to be multiple projects built in the Bitcoin ecosystem which are going to be trillion dollar projects or hundreds of billions of dollar projects if we score one or two of those or three of those um you know think think about if you maintain yeah let's you know let's make the math simple if you are able to maintain 5% of a trillion project right how much is that 50 billion um that would be uh you know 1,500 x in terms of sov valuation from where we are now and is that possible I think we're already on the path to doing that so um I think we're super positioned to do that I think it um makes it much easier here to understand for all of us what the mission is I think it plays to our strengths but I think it means a very very deep rethink of how Sovereign not not of sovereign's Mission but of sovereign's procedure of sovereign's sort of strategy thanks um I'd like to discuss an idea of how this could look uh in the upcoming bull run which we might already be in uh is sort of of an MVP of what this product can look like can you move to the next slide please Ang thank you so one of the f um um one one of the components in the Sip is uh launching the Bitcoin OS token using uh the biocracy and using sovereign's technical arm so this ENT this is essentially uh a dow Launchpad right where The Sovereign biocracy will act as a a regulatory blanket uh and the technical arm will launch the to token in in a technical manner uh this this covers both two of very very desirable bases for any project that um wants to launch a token now not only that um but Sovereign is also um uh proposes to develop a new Bitcoin token standard a programmable Bitcoin token standard on which the B token uh will launch now if we will uh be successful in doing that and the both uh both in developing the the token startle and launching the BOS token um with this new uh token startle on which we are the first to do so uh other project will will take notice and other projects also uh might want to uh deploy their token using this new programmable Bitcoin native token standard now uh Sovereign will be the first Launchpad to use this token standard and therefore from a narrative's perspective will be the go-to place to um to deploy your token using this new stand um uh like tho mentioned uh the the well maybe you haven't mentioned it just now but the new uh Bitcoin economy is said to be uh much much larger than it is now and specifically boss uh even in in a mid midscale uh launch size um on tgd uh this could represent present tens of millions of dollars in Wind fold for Sovereign if during this upcoming bu run uh Sovereign will manage to launch even just two or three uh projects capturing a certain percentage of the token allocation uh this again could represent millions in value Sovereign and Sovereign Community uh so this kind of product a Launchpad is uh well it's it's very useful especially during a bull market and we are uniquely positioned to deploy using newco to St so this is my case on why this is a good idea and a good problem I'm uh I I I have a few questions uh from the community regarding the Sol future of soling some of those were answered now but if anybody um wants to raise them to raise any Mt man is asking should we stake SV for boss on rsk or Bob or does it matter um right now I don't think it matters um because it's we we'll decide on that kind of distribution in the the future what I I I I I I will say that right now biocracy is only on rootstock it's not on Boss um I think ultimately we want to migrate biocracy to uh Bitcoin OS so um I think if you want to have impact now you need to St a root stock longer term I think it doesn't matter and then whipper is asking what type of programming environment will Boss run on evm utxo um um so that's a little bit I thanks whipper for the question but you're confusing a little bit utxo versus accounting is an address system it's like how do you it's it's it's the accounting system that you use it's got nothing to do with the VM Bitcoin o itself the VM that it uses is um or the or I should say the low language that it uses is Bitcoin script but it is through the conversion of computation that you're able to utilize any computation with Bitcoin and so what that implies is that over time we expect to basically allow any programming language um rust hcll typescript Java anything that um seems to be a significant programming language can be converted into ZK proof uto asks why don't we merge with Bob are you sure you mean Bob and not boss I believe he means boss I think that's exactly the opposite direction of what I'm suggesting because I think the more you try to merge these things look one of the great things about tokens is that each token represents an an abstraction it's B what is a token it's basically a wrapper for a set of rules set of Rights a set of access controls right basically each token says you can do something right it gives you the right to do something in my view you actually want many many tokens as many tokens as possible because a token is like a button right it like when you want to have coffee you press the button on the coffee machine when you want to order an Uber you press a button in the Uber app right and when you want to go to your friend you press the doorbell you don't want one button which does all three things at once that's a terrible button so my view is that you actually we have now this ability to abstract away large amounts of complexity in terms of sort of access controls and rights in the form of tokens and and because we have that ability we actually want to have more tokens not less tokens and the more you try to shove everything together the less focused Things become and I think we see that with the The Sovereign deex today which offers functionality both of AA and Unis swop and many many other project which only offer one functionality um I I have a written question I'm not sure from who uh but it's it reads the following as a longtime Sovereign Stak here my question is what would being a sovereign individual mean in Practical terms going forward I'm currently long-term stake on the rsk instance of sovereign but what will keep me a part of the community in the future exact for example staing what where and how and how will we transition um okay I'm going to try and answer that question with another question that's been asked larius asks what is required to turn Sovereign into an incubator I think that's a really excellent question cuz I think we're very good at certain things we're very good at sort of figuring out what's coming next we seem to have really strong ability to do that we're very good at identifying opportunities we're very good at sort of executing the first part of sort of building around that opportunity what we're not good at partly because we've never really tried is we're not good at attracting new Talent um we're not good at putting together new um highly you know focused teams and we're not good at um you know spinning those teams out to be their own thing that is something we'll need to learn how to do and if we tried to do that there's very very big risk right there's a risk that we don't figure it out it's not an easy thing to do and we've demonstrated basically very little ability to actually do that but it's not like we've have no proof that it can happen we've done it at least once with Bitcoin OS and that gives me a strong feeling that we can do it again so I think through trial and error we can learn how to become that kind of incubator now what will that require and this is an answer to the second question right what does it mean to be a sovereign individual and also what does it mean in this kind of environment to be a s so Staker well to be a sovereign individual I think you need to be actively engaged you need to be actively engaged in promoting not just Sovereign but sort of like the other projects that Sovereign is engag engaged in you need to be engaged in um attracting talent and making Sovereign and attractive place for talent to be which means dorismar is not a bad thing it's actually a good thing it means that you're making progress um I we need to build this culture which is you know highly engaged um we're and ideally what we really want to do is we want to turn the Sovereign Community into this community which just breeds leaders more than anything else um that actually I think is the thing that in many ways right now we're we're probably weakest that and we need to get really really better at and and and maybe we just need more opportunities for or for people to demonstrate leadership um and then in terms of biocracy well decisions will need to be made around allocation of resources decisions will need to be made on the basis of the intuitions of sovereign as to where opportunity lies and which opportunities to pursue and I think that's going to be a really important part of what biocracy does thank you very much um our time for today is almost up we have five more minutes um anybody have any other question yo a lot of this stuff sounds like crazy crazy interesting um I love it I love the fact that you're a hardcore uh Builder on bitcoin I think it's super awesome um where like I'm I'm super like I obviously man I've been you know u a a proponent of sovereign from way back in the day I don't know if you're recall but uh I just sort of popped in recently because I saw all this like um boss stuff coming out where can I like learn more um about what you guys are doing whether there's like a test net out or you know like when can I actually play with something or like when can I learn more but like the the inner details of everything that's going on I'm like super super interested I think so with regards to bitcoin o um we've already put out sort of the first pieces to a public uh G repo but there's nothing really easy to play with and there's never there's nothing it's actually a real challenge you know what would be a really interesting conversation is how okay here here's a challenge and I thought I'll leave you guys with this okay Bitcoin OS is REM you know promises to be a remarkable piece of technology but one of the things that's remarkable about bitco is practically no one will know know that they're using it because think about it you go to some kind of application that application is secured by Bitcoin you can trustless move funds into uh that application and out of that application um and all of that application's computation is secured and ultimately executed on bitcoin all right but you don't feel any of that because you you're using the application right this is sort of like the dream uh for where crypto should go right uh you don't have an RPC you don't have a chain that you need to understand like it's just you're interacting with like an application so one of the challenges with Bitcoin OS is how do we sort of explain to people what Bitcoin OS is um when it is such a sort of developer to developer system and is such a and when it does its job right it sort of disappears from the end user um why idea that we've had is to try and build a game which instead of interacting with Bitcoin OS directly as a developer it sort of creates like a metaphor of World building um on bitcoin OS I don't know if we're going to do something like that um but that was one idea but you know that is like the kind of thing that would be really interesting to see how can we sort of make this metaphor of computation uh from many many different execution environments Merlin cardano um you know b squ and a bunch of others let's go it ethereum um all sort of getting integrated with Bitcoin as a central Hub um as the sort of world Ledger World settlement layer that's a that's a question I leave to you guys for now okay everybody thank you very much for coming uh wher do you have anything else I was just going to ask like um yoga where is the best place for me to continuously stay up to date and learn more about boss um whether it's things like you know what kind of TPS users can expect what sort of transaction fees maybe um you guys have estimated you know what type of initial um protocols or projects you think are going to be being built out or whatnot like like honestly this stuff sounds super super exciting um I I just want to stay up to date and stay on top of things where's the best place that I could just be directed okay yeah thanks that's a very good question let me tell you about one of the things that Bitcoin o does not have and is doing a really really really really job about right now which is uh Community Development so what I would suggest uh and I would encourage all of you to do is to go into the Bitcoin OS Discord and start asking all of the questions all of them like just suck the the whoever is willing to answer questions or is able to answer questions there dry and educate yourself so that you then can become a font of knowledge because one of the look we're working on it and we're we're trying to you know create like a a more you you know professionalized way of doing this but right now that's a huge gap and so if just three or four people go in to the Bon Discord spend a few days just vampire attacking all of the information that they can get and then turn themselves into domain experts across the Discord um the the telegram the Twitter and maybe extern you know maybe other communities that you're involved in that in and of itself sort of can start driving you know you know make make a really big difference to the project okay thank you very much thank you everybody for coming thank you for all the questions and thank you for you stay Sovereign uh and I'd like to remind that um in half an hour we will have an Ama space in The Sovereign account on X also known as Twitter uh I would be very happy if you could show up there as well and share and retweet and like and all of that I would also encourage people to join and especially even if you agree with a lot of what I said it would be really interesting I think to others if you could come in and disagree with me let's have a little bit of a debate so that we can get the creative juices flowing and sort of explore some of these ideas more deeply thanks thanks thank you everyone stay Sovereign stay sovereign

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uh let's start uh the recording please uh hello everyone uh welcome to th's uh 67th Community call uh in this call we'll discuss uh the recent uh boss token sip is raised by sakro uh and then we'll have an open AMA uh with pre-collected questions uh we don't have a lot of time here only 1 hour uh so uh let's uh start uh recently uh I think last Friday uh longtime Community member sakro has raised a sip regarding the 10% lost token allocation The Sovereign will retain from um uh a announced it would begin investing in mean coins late last year as sorry K thank you uh these tokens are to be retained from a token standard that uh Sovereign will develop uh and mint the B token retaining 10% of them uh this sip was uh rejected uh it was uh uh raises a 7020 Sip and only got uh 70 sorry I think 64% of support um a lot of uh community members uh noticed that uh the the opposing uh addresses belong mostly to to team members and have' wondered why does the team why is the team against the Sip uh yo I know you have a lot to say on this topic so why don't you take the stage yeah hello um are you asking me for an answer to that question no no uh we're not in the AMA part uh we'll get to that later um uh I know that you have had comments uh regarding the Sip being premature and I wondered if you'd like to make those comments here I posted my thoughts to The Forum under the topic sip 85 thoughts um I had comments on a number of aspects of the um of the Sip um with regards to the the uh sip being premature I think it was premature in two ways first of all I think the Sip text itself was published only a few hours before the Sip went out which unless there is a uh some kind of emergency situation or a very clear reason why the Sip needs to be published only briefly before um I think is in appropriate and should be rejected just on the on the basis of that Merit um I um more fundamentally said that um Bitcoin OS in terms of the token distribution of Boss token its allocation vesting schedules as relates to the various teams uh that are developing Bitcoin OS um has not been finalized and is still a matter of discussion I think the input from The Sovereign Community is an important part of that discussion and I welcome it I think making a final decision in isolation and out of context of um everyone else who is involved in the boss project um is it just doesn't make sense it's not it's not within the context of the broader scope and in um and I don't think that's the appropriate or responsible way that we as Sovereign should go about it mhm I understand um there are a lot of questions in the the in the collected questions document regarding uh what does the team want from what you say now I understand that uh um what the team will want is very much tied into what's uh right for the everybody contributing to bitcoin is that correct I don't know who you mean by team I don't know what who you're referring to um the there there's people who are receiving grants from Sovereign who we typically refer to as the team right I don't think they have a collective view on this um I didn't participate in zp 885 I wasn't one of the voters um um and there's a whole bunch of people could collectively be called the team working on bitcoin OS and I don't think they have a view in fact I'm explicitly saying that no view yet has been formed uh around the distribution of tokens including issues like uh visting okay um so uh uh I'm going to get to the AMA part I'm just going to read the questions uh as collected by uh our community leads uh in the before you get into the questions I'd like to read something you mind if I share my screen cuz I didn't realize I thought we were I didn't realize we were going to be J jumping directly into this I thought we were going to have a normal Community call but um Let me let me share my screen so uh what I'm sharing now is the post that I posted on um my thoughts around zp 85 and um before I get into this I when I was 16 I had a girlfriend who I thought was really really hot and um she constantly kept telling me how fat she was um and eventually she managed to persuade me um and uh and and then our relationship didn't last very long I I started to see her as unattractive now there's a post here by Danio and I think it's a very good post um I think it um is probably a pretty good reflection of how a lot of people within the community are thinking and I think it's worth you know I try to think I try you know I think we should pay attention to how different people in the community are thinking and I think his thoughts here are probably fairly reflective so I'll sort of skim through it quickly so he says that he feels that there is a growing disconnect between the aid Sovereign community and the people who are spending most of their time working on the project and it's frustrating to see why concerns are brushed off not taken seriously um and decisions are taken or the Outlook is vague and then he provides a Viewpoint from his view as a as as a as an investor so in 2021 he describes decentralization in finance is absolutely necessary for Freedom Bitcoin the ideal Network for that Bitcoin L2 is not yet ideal rootstock is the best shot and Sovereign is being built and um it launches into a hype market and then drops 90% and I think this this thing with the drops 90% is going to be a bit of a recurring theme here and I think overall is a recurring theme uh in in a lot of the discussion that we we see and and sort of like is the background mood for a lot of the conversation so 2022 2023 root stocks limitations become clear also there isn't any uptake of uh defi by bitcoiners or Bitcoin defi um but Sovereign is the biggest defi on rootstock and certainly the biggest Bitcoin def all right I won't put words in his mouth but Sovereign is the biggest defa in root stock which is still small um and building continues the DAP and website get better then zero is launched awesome idea but the execution is not suitable um I don't know why the execution is not suitable but let's let's continue so the result is that zero has no more than 100 credit lines for 3 years um and then 20 4 D5 and Bitcoin is starting to be seen um Bob is developed there's what I think here is um you know quoting me stand in the river of money swishing over from ethereum but Bob is still ethereum and spice is being handed out but people don't know what spice is biocracy voting between other Sovereign chains and rootstock is unclear and then he points out also runes are coming runes are better than ordinals I think this means vc20 uh they'll be traded on Sovereign power is Aron but Power doesn't perform well but Bitcoin OS is starting and um the first announcements are made cool um we will build an L2 that will enable us to perfect Sovereign over time and uh defy on bitcoin will finally make sense and not just defy other things um all right so um uh then slowly the news Creeps in that boss will be the financial operating system of the future not sovereign itself which may be just a defile a all right Fair Point boss is bigger and can't be captured by Sovereign alone B needs a token okay uh it's a mechanism and architecture for ZK proofs that makes sense Corporation cardano is announced um the long conceptualized future is becoming real but uh Ada is pumping and sovv drops and then in a recent Community call we hear that the longstanding that there are other chains with applications that are likely coming to boss so it's no longer attractive to for Sovereign to be a def platform here I'll you know I'll just keep it verbatim for now um but but we are staking I think this is what he means but we have Stakes for building a defi layer on bitcoin and an L2 uh called rootstock that's not being used and now Sovereign isn't interested in being a def5 platform on Boss um well we'll see we got a Ry and we can vote for sovereign's future The Sovereign community and in particular the long-standing supporters and stakers will receive temp their share and the investors are going to receive part of their share for carrying the torture of freedom and defi on bitcoin and The Sovereign team needs resources so 10 2% will go to the treasury 8% will go to the stakers yes let's make it happen but Sovereign stakers aren't to be trusted don't we need long-term locks investing periods for the bus token uh just like other founders that does not seem appropriate so let's take a vote the vote requires 70% approval 60% uh support so the so it fails um so then maybe we need a vesting compromise after all then yo after not having participated in the discussion um suddenly proposes using boss tokens as part of the Sovereign treasury um uh in the same way as Michael sailor um and so what we Sovereign investors supposed to make of all of that it feels like we're being taken for a ride we're not being trusted and at the same time we're being hailed as the only working Dow something feels way off and then I it continues um isn't it understandable that there is frustration and that the vague Snippets for the way forward are absolutely not satisfying okay so why do I read this because I think I think it's a good description of how a lot of people are thinking about this project and how they feel about this project and the description is extremely one-sided in my view uh it completely skips over the fact that we built on rootstock which was an extremely hard place to build not just the the entire rootstock ecosystem but what is today still the largest Bitcoin defi trading platform at least probably also the largest defi lending platform we uh managed to innovate in a lot of Technologies we brought in tens of thousands of users we did billions of dollars in trades hundreds of millions of dollars in lending um none of that appears in this description this is in my mind a description of my very hot girlfriend telling me that she's fat and I feel like we do that a lot um and I feel like the reason we do that to a great extent is because of this sov drops 90% And if the sov token is not successful then the project isn't successful and I think another theme that we see frequently is also what appears at the top here which is this growing disconnect between the Avid investors and those spending most of their daytime working on the project and in the questions that were provided to me there was a section called sentiment where I've highlighted a section here I don't know if you guys can see this let me yeah I think you can where it says there's also a concern that the core team is the same as the Bitcoin OS team which makes people worry about a deep conflict of interests and a shifting Focus away from Sovereign so I think there are two challenges here which have nothing to do with the Sip but are such an important background for this sip that talking about the Sip in isolation of these things is meaningless and silly there's a deep sense not that everyone has but that I hear frequently of this idea that there's conflicts of interest that there's a deep disconnect between the people working on the project and the people who are stakers in the project and um and I I've been hearing this for 3 years now at least probably more um I don't think the reality bears that out I think the fact is that I'm still here that The Bu people who are building are still here and we're trying to do what we can just like you guys are still here to make serign a success and um and and a lot of it pretty much every time this kind of thing comes up it's a very vague accusation um which uh frequently has you know only sort of waves towards directionally towards some kind of actual claim so for example it says here there's also a concern that the core team is the same as the Bitcoin o team we all know that's not true we've answered that question a million times it's just simply not the case at all um and then there is this deep worry of conflicts of interests and that they're shifting so Focus away from Sovereign but clearly everything that we're doing here has to do and is related to Sovereign and uh there is another example of this I think in sovereign's bitterest Victory by lactarius um where he he describes this ocratic event represent presents a significant demonstration of plutocracy which is effectively a different way of describing the same supposed conflict of interest there's no conflict of interest everyone who is an sov Staker wants the same thing they want sov to do well they want to make money they want to see Sovereign succeed ideally all three of those are aligned I think in this particular SHP there was a question about whether or not those aligned I'll I'll get to that in a second um so there's no conflict of interest right what people are interpreting as a conflict of interest is a difference of opinion some people apparently primarily those closer to the actual work being done on a day-to-day basis were concerned that if Sovereign goes and unilaterally makes a decision in a vacuum without taking into account any of the desires interests requirements of the broader Bitcoin OS that what we might end up having is a significant conflict within Bitcoin OS before it even launches I think that's a very reasonable concern I think if that concern happens it can be extremely detrimental to the potential for Sovereign to uh see value in it in the stake we're not the only St stakeholder here we don't get to make unilateral decisions and decide whatever we want and the people who are paying attention carefully I think voted on that basis and I say this on the basis of the conversations I've had with people who've told me that they voted so is that a conflict of interest no that is a difference of opinion an extremely legitimate difference of opinion and with regards to the question of whether or not this is plutocratic uh no this is biocratic biocracy was designed with the explicit intention to give people who are more deeply engaged more deeply involved taking for a longterm a a bigger share of the vote why because it's likely that their opinion matters and maybe even matters more okay so that is we've all known this all of us every single one of us when we signed up to biocracy this is what we signed up to we've discussed this a million times and it's that's exactly the way that the system has always worked but every time we have a vote there's people on either side of the vote this is why we try to have votes only when there is a high degree of consensus because controversial votes are corrosive to the community and create politicization of the B biocratic process which we don't want it's not designed to be a political system it's not a democracy it's designed to be a system which achieves a high level of consens uh and when we start introducing controversial votes then we inevitably create a set of people this might be a very large set of people might be from a numerical perspective the majority we create a set of people who feel like they are unheard um that uh they're unempowered um and that when their proposal has been rejected that they themselves and their ideas have been rejected that's not what's happened right what has happened is a decision had to be made um in might in this case I think the decision was rushed and so a number of people um voted against it that is an extremely legitimate and I would say a huge win for biocracy but it creates the sense of people being un unheard well I'm here to tell you everyone is heard I read the forums I listen to the community we've got here a set of questions that have been provided around this AMA but the more we politicize the the theocracy the more people are going to feel like it's a political process and we've seen time and time again political processes they create sort of this um almost tribalistic sense of sches right of of of of of differing interests and and and and they tend to interpret differences of opinions as differences of interest and they tend to as a result especially in sort of we sort of are are are cargo culting the politics that we see in the rest of the world people assume that if someone disagrees with me it's because they're stupid or because they're evil I don't think that's the case so my sens is that people have been holding and staking sof for very long time not just for financial and economic reasons they're doing it because they believe in the mission but they also have financial and economic interests and they're not happy with their financial and economic interests they feel like um sov is not at the price that they want it to be and they would very much like to see uh an opportunity to see a return and they see the boss token as an opportunity to make this return and plus possibly to do it very very quickly and that is their interest um it's a perfectly legitimate interest I haven't taken a position on this and I'm happy to fight uh to try and see how how we can achieve this or or or any better Financial result um for sov holders sov stakers I'm an sov holder I'm an sov Staker um but uh if you know we can't that doesn't the the the the the easy the the straightest line is not always uh you know the most obvious path is not usually even the most successful path and in this particular case um there was there was a significant risk to people's ability to to see a return on the very boss tokens that they want to see return on so with that I'm going to try and go through these questions as quickly as possible because I also want to leave some time for an open discussion for people to ask questions live so the first few questions I can answer pretty quickly because the question is how should the distrib distribution look in your view is the team planning to propose a next distribution sip will the founders and team token vesting get excluded I can answer this very quickly I don't have a view yet I'm in the process of forming one is the team planning to propose a next sip no the the team is not currently prop planning to propose a sip until we have the information that we need will the founders and team token vesting sched will team token or vesting get excluded no some team members Express concern about the S stakers dumping on day one their boss shares let me make this bigger so everyone can see some team members Express concern about sov stakers dumping on day one their boss share if they get them all liquid how can something like this happen if their VP um is highly concentrated in the rest of the community or thousands of sov stakers who get a smaller share of that 8% I I don't know who which team members expressed this specific concern um but it is a concern that that tokens will be unlocked if that's not in line with the way that they're being distributed to other people it's a concern if if it's not a concern for the team it's a concern for anyone who's looking at Bitcoin Os from the outside can you explain why sov stakers have no cost basis for the boss allocation because no one is being expected to purchase boss tokens what will the Boss tokenomics look like will the boss tokenomics uh when will the boss tokenomics be finalized and what steps are being taken to ensure Clarity transparency and fairness um there is an effort to finalize things now now part of that includes the conversation that is being happening that is happening within Sovereign and I and and and in all likelihood will continue to happen uh within Sovereign how much of boss will be liquid at the beginning it's this will likely be decided just shortly before may it the SI got 64% of the votes in favor shouldn't it be considered accepted under the past Proclamation substandards it's not the past Proclamation sip stes Proclamation sips should be require 5% uh Quorum and 50% or a simple majority a 50% majority um a sip that went out with a different set of Quorum requirements cannot be reversed sort of arbitrarily if the community want to run a new sip if anyone wants to run a new sip with different uh requirements around it um they are welcome to do that I would suggest however referring back to the the the thread that I wrote I actually think that the um that the the the requirements here were um uh appropriate I think Sac made a good decision in setting these requirements and I also think that we shouldn't be taking votes uh on the on this particular question until we've collected the the the required information and have discussed it um uh with enough length that everyone can understand what's being discussed what's at stake and who the different stakeholders are how can we be assured that s stakers will not receive worse deals compared to other stakeholders uh you you can't be right it's just that is just the fact of the thing right no one's offering you any Assurance that's just it's just a fact s so right Sovereign is receiving more than anyone else by far by far it's a constant point of contention and friction it's going to probably be a problem when marketing Bitcoin OS more broadly because people are going to ask why so so many tokens are going to Sovereign people are already asking why so many tokens are going to Sovereign the cardano community all saying well we're bigger than Sovereign shouldn't we receive more than sovereign but the fact of the matter is that sovereigns receiving more than anyone else despite the fact that it uh introduces frictions um and partly because we fought for this seven are there safeguards in place to prevent Founders or early contributors from dumping tokens in a way that could negatively affect Sovereign Community vesting tokens I think this refers to boss tokens the the safeguards in place so to speak right to the the the the the reason it is anticipated that Sovereign like other founding participants will have some kind of vesting schedule is for this reason exactly with the core team also leading Bitcoin how are you ensuring that Sovereign continues to get their retention resources so the core team is not leading Bitcoin or I'm deeply involved in helping to lead the work on bitcoin OS but I am not the core team most of the people working on Sovereign are not engaged in Bitcoin OS except to the extent that Sovereign is assisting Bitcoin OS what measures are being taken to improve transparency and build trust with the community especially given recent concerns about slow communication and unclear priorities I have a much longer the answer to this than I think I can give right now but the reality is that I think Sovereign is better informed about what's happening in Bitcoin OS than most other than pretty much any other anyone like any other group and that um transparency in my view is not the problem I've explained why in the past I'm not going to get back into this what is I I can if someone asks me about it again what is the road map of sovereign where are we heading now this is an excellent question um I'm going to answer that we don't know who's who who who decides who's supposed to decide where Sovereign is supposed to go I am currently in the process of of of writing a post around this question exactly my um my view is that we actually do need uh to be focused on exactly this kind of question um and we need to be thinking about it and if you look at the Forum most of the conversation is not about that um it's I I have proposed that the reason it's a complicated question is because I think we um are at a very yeah the reality is that crypto is changing dramatically the technology that made sense for Sovereign when it was building on rootstock doesn't make sense anymore rootstock doesn't make sense anymore building on EVMS I think frequently doesn't make sense anymore and if we want to be building for the future we need to build a system which is going to be adaptable for changes we have a um highly decentralized uh Community project which makes making decisions difficult the kinds of conversation that we having the answers that I'm giving now are relatively short there's a lot of them there's a lot of context that is missing in these answers if we were to go and build another and this is I described this previously If we Just Launch another rollup we're competing with Merlin we're competing with Bitcoin squared we're competing with Bob we're competing with cordal what is the new thing that we're offering I don't think that that's the way forward some people do the um Danio thinks probably that that's what we should be doing um I think that we should be focused on building a machine that is able to build um and launch projects that um operate independently of biocracy and that we should utilize biocracy as a decision-making tool for for launching those projects but there's is a much longer conversation um and I'm going to move on we can discuss it more if if people ask about it there's a perception that s progress has been slower than expected what steps are being taken to accelerate the development in line with Community expectations none this is an incorrect perception right right now Sovereign is maintaining the defi systems that it has built it is not launching new ones it is working to make sure that boss is a success in the near term which is a huge win from sovereign's perspective from a financial perspective from the a technology perspective and opens up new avenues for us uh to develop on um we're not slower than expected we're much faster than expected um we continue to lead boss is well ahead of every any other project that is looking into that it's trying to build in the space so what steps are being taken to accelerate the development in line with Community expectations none what are we trying to accelerate here we're trying to accelerate right now Bitcoin OS that's our Focus why for all of the reasons I just mentioned with the integration of cardano and other blockchains coming to boss in the form of rollups how will SV and The Sovereign layer distinguish itself as a leading Bitcoin Dex and defi platform in my view it shouldn't 13 how does Bitcoin OS differ from AG polygon is working on it's a totally different system Bitcoin OS is a system which provides the ability to perform Compu in Bitcoin agair is an is a interoperability layer for rollups built on polygon the only thing that they have in common is providing an interoperability layer between systems within their respective uh ecosystems so they're totally different things they will probably I mean we could imagine AG being integrated into Bitcoin OS but these are two totally different systems can the 10% of boss allocation to be Stak on Sovereign Bitcoin o node uh collect and distribute fees to stakers yes potentially yes will this be worth doing I don't know so um there's currently work being done on staking mechanisms within Bitcoin OS they're they're far from being finalized and I don't think that we should right now commit to keeping the boss staking the boss and and and distributing the yield that might be a very very profitable thing to do it might not be um I don't think we know enough yet um I I'll summarize and say this we are at a Crossroads as a project right now uh and what people want I think is is a sense of okay this is exactly what Sovereign is going to be in the future I have a view of what that should be right and I um can look to try and explain that view and fight for what that view is but I don't get to decide and I don't want to be a politician right now the uh sentiment that I'm feeling my personal feeling is that um the sentiment is difficult um that the Trust In me or just generally in people working on Sovereign is quite low uh and that a lot of people just really want to get their hands on Boss tokens um in that environment spending a lot of time trying to figure out what the future of sovereign is is not what I want to spend my time doing I don't want to be a politician so what I'm focused on is trying to build boss and turn it into a success um I think if we do that first of all it will be very very successful for serign and beyond that and then can help change the sentiment and beyond that I think there's a huge set of opportunities that are available to Sovereign in the Bitcoin dii sphere and Beyond by building on Boss but we need to restructure Sovereign and the way it operates in order for that to be successful I have thoughts on what that restructuring would look like I'm happy to answer any questions on that but people might have questions on anything else and so I've left here 20 minutes and we can have we can have a broader discussion matri are you've unmuted yourself do you wish to speak take that is an accidental unmute uh we have a few questions uh here in the chat uh but I invite anybody who wants to speak up to uh unmute and speak up there there are a few questions here yeah um all right um yo you just said we should dump I don't care about profit now I don't know if that doesn't seem to be a question but I certainly never said we should just dump uh but if you want to go ahead you guys our server muted because there's no okay uh don't we decide where we're going didn't we decide we're going to be the first roll up on Boss no we didn't decide that it was um we've been talking about the Sovereign layer and we've been building The Sovereign layer and actually it's getting a system that we could use uses a sovereign layer which is to say an evm chain that rolls up to bitcoin is near in completion and is getting better all the time but let's say we launch that then what all right so for that to be successful it needs to we need to build an ecosystem for it right so how are we going to do that so we need talented people who are going to develop oh you are going to make decisions like for example is it going to have its own token or is it going to use sov is it going to provide token incentives we're going to need talented Business Development people or sales people to go out and attract projects to build on it we'll need to have a unique proposition we'll need to decide what that unique proposition is we'll need to uh Market it right uh we'll need to have the capital to do all of those things that potentially means raising capital so we could decide all right look we're going to take the entire Sovereign team and we're going to put that entire Team all of our resources on that mission and maybe that makes sense but has that discussion happened in depth no has um a decision been made around it certainly not by biocracy and I think the the the sense across the the people who are actually working on the project at this point in time is that that is not the most valuable thing that we should be doing so um so people are asking for you know people frequently will say we don't have enough transparency well this is transparency right we can have a very deep discussion around you know what is the market out there right now um what are the the the opportunities and I think we should have that discussion but then that that that that in and of itself is a very very deep investment from that most people don't want to make so perhaps biocracy and transparency and decentralized decision- making around those kinds of decisions isn't the best solution in which case what is well I have some ideas and if someone asked me about them I'll I'll answer but the saying that the problem is is a lack of transparency or that you know decisions have been made or not made this is this is simply not a a a good way of analyzing the question will Sovereign products be available in bus Network upon bus Network launch in the current state of things no um we could launch very easily a rollup put Sovereign products onto that rollup and um and that would be that right we could just launch a new evm and put those products onto uh a rollup that rolls up to bitcoin and is part of the boss Network maybe that's extremely valuable to do it's relatively easy to do maintaining it is more expensive and more difficult growing it is much more expensive and more difficult so is that what we should be doing all right so anip is asking me for my ideas so I've actually been writing something here I haven't publish this but I'm going to share some of it now my view is I'm going to read to you guys what I've written I'm not yet happy enough to publish it but I'm happy enough to read it to you all right so I far here from biocracy to futarchy sovereign's biocracy has performed well I know of no better designed da a system of government designed to empower the most involved and committed long-term thinkers I believe it has incentivized and accomplished that exactly I think even the last vote that we had actually is a good example of biocracy working exactly as designed however four years in and despite this impressive success I think three related disadvantages of biocracy have become apparent one it is too ambiguous what exactly should be voted on what what what even should we be voting on right should we have I'll get into that in a second it is it it encourages decision by committee which is always suboptimal and three it is mistaken for democracy and creates the same fous infighting that all voting encourages broadly I think all three of these problems are examples of politics biocracy is a system that introduces political thinking and behaviors into the decision-making process the system of V voting at employees is fostered an often toxic environment of politics those who lose votes often feel unseen unheard and unempowered ultimately they feel rejected how can we solve these problems how can we build a depersonalized depoliticized decentralized mechanism of robust and profitable decision- making can we go beyond biocracy I believe we can and that the key to doing this is to develop a system that is at once both more and less decentralized in biocracy more decentralized how can something be more decentralized we can have a system where anyone with knowledge should be able to participate in governance let's get the world's best thinkers human and otherwise involved create a system that Aggregates the best thinking and the best information and rewards good decision making as directly as possible but also less decentralized execution the actual execution of tasks should be left to highly empowered individuals and teams to act courageously take Innovative risks and be incentivized to succeed if the best executors are often dictators so be it all right so I'm going to do a little bit of interpretation of what I just read my view is that biocracy currently inhabits a uncomfortable middle ground it is highly decentralized and welld designed for long-term thinking but it doesn't have a good way of aggregating Highly informed thinkers in new spheres if we're thinking about defire or if we're thinking about what the future of crypto is going to look like or if we're trying to make a decision about where best to invest our time we don't have a system which actually inherently brings in people new people who are going to have valuable information for us I think there is a way of doing that the the other problem with it is I for example as someone who has been spending a lot of time trying to build on S I don't feel particularly empowered and Sovereign like I can't just make decisions I can't just decide okay guys I've done the uh I've done the the the the analysis this is in my view the best thing for us to move forward on let's just go and do that I need to convince other people I need to go through a process of persuasion frequently I won't know what the [ __ ] I'm talking about because the most exciting opportunities are vague at the beginning like Bitcoin OS as an example I know I I still don't know exactly what it's going to look like uh and and if I um you know tried to um persuade us to invest a lot of capital into it I would have had to have all kinds of arguments that I don't want to get into uh in a political way it's not a way that is attractive to builders to build um so so what I think we need to do is we need to create a system which empowers people to go out and build as they see fit and tries to make a bet on who those best people are or what the best opportunities are and I think the way that we do that is through a system that I've already built a demo of uh in the past which is called futar and what futari does is imagine a governance system where there's no voting at all instead we let markets predict where decisions will increase the sov BTC price that's FY here's how it works when someone proposes a change to the protocol two prediction markets are automatically created these markets let people bet on sov BTC price will be at some specific point in the future so for example Market a vote Yes what will the SV BTC price if we implement the proposal and Market B vote no what will the SV BTC price be if we don't implement the proposal okay so let's say someone proposes increasing the protocols trading free from 0.1 to 0.2 this is how it would work with futari you create two prediction markets and a prediction Market is basically what people were using to try and predict who is going to be elected president um you know uh we we've seen quite a bit lot of success with prediction markets recently so Market a sov BTC price on March 7th 2025 if we increase the fee sovv BTC price on March 7th if the fee stay unchanged and people can take a position in these markets they can even short one market they can short Market a and buy Market B so the trading starts um after a week of trading the market a settles that the predicted price is 0.0042 BTC per s and Market B believes it's going to be 045 BTC per sub and since Market B predicts a higher price the fee is the fee increase is automatically rejected now how how would we actually use this in principle in in practice it's a little bit more complicated because figuring out exactly what the time frame around any prediction Market should be is a little complicated but basically let's say we have a question right should Sovereign launch um all of its deps on a rollup uh and invest a million dollars from treasury to do so right so we create two prediction markets one of SV price if we do that one of SV price if we don't do that and we figure out which is going to be uh more valuable based on what the market predicts at that point there is no voting which is I think a hugely attractive aspect ECT of this um there is much less politicization and we can actually utilize the free market to make predictions of the future there's very good empirical evidence that this works and there are very very few people who have been who have attempted to to to do this kind of thing I think it would be an extremely valuable thing if it worked but it's definitely not guaranteed to work might be a total waste of time might be too difficult or complicated to actually make it work we might invest a lot in it and um and completely fail um and and and and and now would suck or it might be super exciting and and and and and and be the future of the way systems get governed not just decentralized systems but even companies could use something like this and then we become very very valuable so I like things which have a uh a binary outcome like that I think this is one of them I think we should consider it Blue Monkey says I suppose The Sovereign Twitter account should not mislead not sure what he means bcrat says will we launch the boss token on cardano um maybe like maybe cardano will be one of the places that boss token becomes available at launch no decision has been made about that how would the ideas be formed even before being presented this is an excellent question is one of the uh the the challenges but basically let's say I have an idea I go and I create a prediction market and I say in my prediction Market give me a million dollars and I will build this thing and the prediction Market tries to predict whether or not and I say I'm going to give 10% ownership to Sovereign and then the prediction Market tries to predict whether or not that 10% ownership stake uh is worth a million dollars that could be one way of doing it the whole question obviously gets more involved when we get into the execution of this um is the cardano integration happening uh yes we're we're still working on a cardano integration at Bitcoin OS um all right so for example Blue Monkey says sovereign will be the first rollup was stated on the Sovereign Twitter account um this is in response to his thing that The Sovereign Twitter account should not mislead you know I I'm not sure how to respond to that uh things change it's good to change your your mind when the facts around you change consistency is the hobgoblin of little Minds uh it's actually much more one of the things that Sovereign does poorly is Pivot I think we're we're we we we keep uh finding ourselves in situations where we will take an experiment I give you an example power right Sovereign helped launch the power token Sovereign in my mind Sovereign continues to support power in my mind it shouldn't why should it uh um we should be launching projects and letting them succeed or fail that is my view my view is we should be taking big risks and we should be seeing lots of failures we're not seeing nearly enough failures I've said this many many times um but it's just my view and this is tone yes well my perspective is that we have failed and we failed a lot you know um I think one the I think one of the can you hear me yes I think one of the frustrations of the community is that things that we talked about doing we don't tend to follow up and to do them and my example is like right now The Sovereign Dex is not functional for me to use any longer there are no limit orders effectively there's no spot trading because we don't have any limit orders or an order book what we have is a record of swap um there's no margin trading because we don't have any limit so it's effective for the community to use the deck you know I used to use it a lot but now it's like it's it's not being maintained it's it's it's just a lot of things that just don't seem to be working like even lending the do lending the whole process is so convoluted that to get money into the real world it's just not effective at all it seem like the deck is like it's almost just being um put into moth balls that's what it feels like and so the community I'm sure they're like what's going on here it's like one time we were building this Dex and we were actually able to use it and so we would get fees and Rewards or you know fees back to the community based upon us using it we we can't even use it anymore it's not functional so margin orders were removed because people were losing money now not every project would have done that maybe we should have kept them up the decision was taken that people were losing money because the slippage was greater than what they were anticipating when they were performing trades the reason the slippage was greater than what was anticipated was because the liquidity was too low in the amm and the reason the liquidity was too low in the amm is because we basically sucked up all the available liquidity that was available on root stock plus brought in more and because of the way amms work they need very very deep liquidity and very few amm have managed to achieve that deep liquidity the only ones that I can think of are Unis swap um Sushi Swap and um the um an Aerodrome on base maybe also um the decks on Avalanche but basically that's it right so you need large ecosystems with a lot of capital flowing into them to support um constant product type amm uh continuing I I think order books are a much better solution I think cow swop type uh dexes are a much better solution um the way that we did manage to maintain liquidity was by giving out significant sovv rewards and we wanted to pair those down because people were complaining that the SV rewards were causing people market makers to receive a lot of SV which was sold into the market which reduced the price of SV so these were decisions that were made not because Sovereign didn't uh fulfill its promises Sovereign did everything that it said it was going to do more much more than it said it was going to do but um uh not um look frankly I think a big part of the problem is that we were building in a very very small ecosystem um which we knew we needed to scale in order to achieve the minimal liquidity thresholds that would make lending liquidity seamless that would make trading liquidity seamless we didn't achieve those thresholds and so we need to build different types of systems which are less constrained by that kind of lack of liquidity and those systems cannot be built on rootstock but but now yeah well well we're on to Bob you know which we thought was which which which and we got a bunch of liquidity into Bob decks and we became the biggest decks on Bob but it was not self- sustaining liquidity because it was there because of the SP price points um and um and and if you trade price points a phantom that is nothing I mean I don't know whether people think it's something but what is that got to do what is that got to do with us right yes sure fine I agree with you but uh the um the uh so what like for us that's good right people come and get hold sorry sorry sorry I'm going to finish my sentence people come and give liquidity and it doesn't cost Sovereign a damn thing that's what we wanted and that's what we got it created an opportunity for us to test the waters in a different system and potentially uh um you know and and we grew into the largest defi application on Bob did that see we did we see that reflected in the SV price not really why that's a question that I don't have an answer to but we can discuss look I I'm going to have to jump here because I'm um expected on a uh on a spaces now I have made no effort here in this call uh I think you guys have noticed to assure you about anything uh to make any promises uh uh or to persuade you about anything I'm I'm I'm trying to be extremely clear here my view is we have an extremely big opportunity which will lead to more extremely big opportunities that extremely big opportunity is boss I think we should handle that opportunity with extreme uh uh excitement and caution we should not [ __ ] it up do we need to have a longer term vision for Sovereign beyond that which is much more concrete yes do we need to develop it now we're in the process of developing it the way we develop that is by having that conversation we need to be thinking and in my mind talking about that future and do we need to uh pivot away from things that have not worked in the past yes and are some people going to want us to continue to develop the things that they signed on originally for yes is right so there's going to be there's we're going to go through now a period of um of difficult questions that we need to ask and answer ourselves as a community uh I am not going to be able to anip is saying don't go sorry Futo is saying don't go stay and talk I'm I'm already late and I am going to go but I the the the way that we have this conversation is not through sips it's not through getting angry at the team it's not through getting angry at the community it's not through thinking that we're against each other I think we're all all in the same boat and we're all trying to do the same thing we're all trying to make Sovereign a sucess I don't disagree with youo and all I would like to say is if it's possible that we can have another AMA where the community can I would be happy I would be happy to do it but but um sure I understand you have other commitment hold on hold on hold on hold on let me just I because I'm sorry I'm sorry that I'm interrupting you but I I want to say this okay guys we're going to have this conversation we're having it now but now is not the time to invest in this conversation the time now is to invest in making Bitcoin OS a success because that's the big unlock and we need to have a plan for what happens after mayet launch of Bitcoin say March or April which is what I currently expect and I'm not promising right uh and we have time to have that conversation but it should be I don't know 5% of our time 10% of our time right now our primary focus should be how do we make Sovereign and success certainly for the people working on the team and and and and yes let's have another AMA about uh how we take things forward in the year 2025 and Beyond because I realize that we do need to have a shared vision and there's a question or how we we we form that shared vision and um in any event I'm not going anywhere I'm here and I'm working uh I think we all want to achieve the same things sorry I'm getting cold here for for the thing that I need to join I I I I have to jump um thank you everyone for your time I I know this is not an easy conversation not for me and not for you guys but it's not the end and uh it's the beginning like I I can't anyway all right I'm extremely why did we plan this the same time that you have a Twitter space because I am extremely busy and this was the only time that we had have a good call Y though have a good call and like I said I hope that we can get back together take care you much yeah thank you tbon um I go ahead I'm sorry yeah uh so yes uh I know that an hour is in in recent Community call is not enough to cover everything especially is we are covering uh times of change potential change for the project and how could that that could look like um we will uh look into scheduling another one uh next week uh let us discuss and announce it as according to to different schedules uh did you discuss power yet we did not discuss power we can discuss May you could you could lead yeah yes uh Community member uh e and Bala sorry it wasn't Bala uh look looka who are the community members that uh have uh luuka is not here um yeah yeah yeah uh power is to transition its treasury to be in uh complete control of the community and to be a Community Driven uh coin um uh the the recent uh ask from The Sovereign team is to uh give uh give the token that 50% of it will be used uh as um uh to airdrop to different uh Bitcoin OS integration Partners communities and the other 50% of the remaining tokens to be launched as um as the new Bitcoin token standard uh that Sovereign is developing so for the first proposal yes uh good idea the second proposal uh also very good idea uh it can be done with technical assistance from The Sovereign team uh in due time meaning obviously first uh the token needs to be developed and launched token standard um uh the only thing missing from that proposal is a usdt or you know dollar budget that you need for different activities I have not received that yet uh once that is delivered and complete um the the the the funds can transfer well France um let's tone again um I think that a lot of us we do kind of agree that right now the focus should be on Boss but the problem with the community is we don't know what boss is the same way that we didn't know with Bob that we was GNA get [ __ ] that was you know this Phantom reward you know so it's hard for us to go into a direction when it's everything is so vague and I understand that the concept is incomplete but the community still needs to have more information of what's going on what's the direction what's the potential outcome what's the inv goal you know other than we just want to make this success we've heard that from power from mint from you know every project that we've launched dollar and even like with dollar I mean I'm trying to stay with focused with boss but the fact of the matter is the you know um products that we've that we've um launched we they just haven't um panned out um they didn't turn out the way that they were um sold to us or what the ex cheer or leadership thought they would be um so for us to go on with boss now it's like we feel like we all back in the same position here we being you know fun this um story um and we don't know what the outcome of it's going to be I mean even the basic idea of well um we're gonna get some rewards um there's something other than some Phantom Bice you know that is what is that so we're just trying to not let that happen again we're trying to see what is truly outcome of this as opposed to we got to make boss work okay we need to make boss work but does community get out of it what does Sovereign get out of it of making boss work you know um that other than some some tokens and that could be Phantom as well you know if it doesn't really bring any True Value to sovereing and just because somebody says it brings value um that's what was said about um the spice when it got our um our treasury to to our Adoption Fund to move it over to um Bob you know and it was it was a phantom reward so I think the community deserves to have some concrete you know information about where we going you know what to expect um I think that's only fear as opposed to just drinking us along with our hope in a prayer who has the answers I don't think anyone has the answers look T and everyone I I hear you it's it's better to have certainty than uncertainty it's better to know what spice is than guesstimate what spice is and and uh being unsure where where this is going but uh you know Bob can't give you certainty about spice at least they didn't give me anything but what it is and how it translate into anything and they didn't give this to anyone uh I I I don't know how spice will pen out and I don't but I do disagree I iagree with that it's a phantom reward because we don't know what the reward is yet I mean the reward is air drop right like every other project you see right now they're giving air drops I mean why it's not that hard to understand it's GNA be air drop down the line I don't know why people stuck on this too much is okay we try something there maybe it's a big air drop maybe it's not but you're gonna get something in I I think so too but I got no I mean they never said anywhere that's to give a token I would assume they're giving a token um and and that's fine all that's fine but before we went over to Bob at least at the community had that information that it was gonna be spiced with a possible air drop in the future you I think it's legal things they can't say it that's why yeah so know you know how much the token Val I don't know I don't think anyone can give you this information it does doesn't exist yet but uh just to backtrack it a bit uh just to ask why was the community initiative about power I just want to know like because we never heard anything from the team uh regarding anything about this I just want to know like what's the thought process why sure sure this was discussed in the um Power Rangers group uh with the with the community uh I asked for members to step up and uh take control over the project uh few did uh and this process is currently being managed by Luca from from The Sovereign core contributors side but the the goal here is to have um the meme to be fully uh Community Driven this this means yeah but why is there any benefit to it the benefit is that memes are Community Driven and this needs to be picked up and driven by the community okay because looked like the price suffered from that decision um I I don't know what the price suffered from that decision in particular so that was the decision you made or someone else it's not exactly a decision it's a proposal and I do expect it to to bring it up to a vote okay well I don't know um you know if we're going to be discussing this any further or we GNA come back again later and try and discuss some of these things um what what was said today by the way I joined late maybe Tbone if you can did they answer anything about everything about because this looks like there was an early call today you said uh this time but then they pushed it up an hour and maybe because he had to go to some Twitter meeting the it's he's on a space I think you can join and listen to him now uh this call was recorded it will be published on YouTube uh shortly uh we will arrange for another Community call next week okay that'd be great and hopefully we have some more of the community members um chime in I think some of this stuff really needs to be thrashed out or hashed out at least and I understand there's no certainty with anything but at least we have some idea of where we're going what we're trying to do my big concern like when I listen to Yos talking about um making an index fund for these shitcoins it just sounds a lot more like um teruna to me you know and um I don't know I don't know how we sit up and and um um measure our value in a shitcoin it'd be one thing if our treasury was Bitcoin but it's a whole another thing when we're talking about a [ __ ] coin you know that basically only has the value that the community gives it and that can change on the dime oh so I I understand your concern evone yeah anyway I look I'll look forward to the next and hopefully we can get more community members to chime in you know I'd like to hear people i' like to hear voices and what they really feel and what they think um we have a lot of community members that you know um um I mean you see in the dojo I mean I can't even I can't even keep up with it it's just you know 300 okay [Music] Yeahs the camp and the uh David you got cut off from me so I couldn't understand what you said uh but ton and I fully agree with you we definitely have uh more people speak up in their voice that's just makes things nicer we have some really smart community members I mean I'm amazed with some of their ideas and their views and stuff and um I really like to hear them and and maybe um they might impress them on the the leadership you know um the ex cheer community and and it would help so but I look forward to the next call and um I I appreciate you hanging around um French and um hear out thank you T thank you everybody let's bring this call to a close okay see you next week byebye

[00:00:00]
all right all right all right all right all right all right all right welcome everybody to the second part of the of the AMA uh as a reminder last week's AMA was uh cut uh thank you was wasn't that short but uh it was obvious that there are more questions to be answered and uh that we didn't have enough time to finish it last week so here we are just days before the holidays begin uh the second part of the AMA we're going to structure it like this Yago has uh a presentation he'd like uh to share uh so we're going to start with that um and then um thank you uh and then uh we have questions collected from uh uh the community so whatever was was not not to be answered during the presentation uh I'll ask Yago and of course feel free to type questions uh in in the chat uh and and uh we'll pick it up from there thank you very much yo the floor is yours thank you very much French um all right cool let's do it so um I've put together this is not going to be the uh as pretty as some of the other presentations that we typically give um because I made it myself um and what I'm going to be talking about is pretty Cutting Edge uh thinking so um in a way you guys are kind of like uh Guinea bigs because I haven't had much opportunity to talk about these things publicly yet um and um so you guys are going to have to bear with me what we're talking about here I think has massive implications um and uh represents a very fundamental rethink of how we think about crypto and even how we think about Bitcoin and certainly how we think about Sovereign so I'm going to talk about where I think we are in the industry where the technology is heading and what the implications are for us and I'm going to start with a key question that has been like one of the main debates in crypto for a long time and that debate is are we going to have like one winning chain I don't know ethereum or Bitcoin or I don't know whatever different people think is going to be the one winning chain the reason people say that there might be a one-inning chain is because of the network effects of a chain because of the liquidity effects of a chain um and because ultimately having many many chains that makes it impossible for us to have um an internet of ownership an internet of value for everyone or are we going to have a multi-chain world where um many many different chains exist at the same time some of them are specialized for different things and you go to uh whichever chain is best at whatever it is and developers choose to build in different chains based on their you know application and user needs and so I'm going to argue today that both of those are wrong we're not going to have a single chain environment we're not going to have a multi-chain environment we will have something far more interesting and far more complicated and there will be dominant chains in this there will be many chains in this but the most important thing about it is that the chains are not going to be the key part of this industry um we're going to stop calling this industry the blockchain industry and for the most part as we start to see adoption of these Technologies and as uh crypto becomes mainstream for finance for compute for every basically valuable digital activity that we're involved in people are just going to Simply stop talking about chains and ultimately won't even think about chains or only vague know what chains are chains are going to kind of become like uh like this the you know the motherboard in your computer nobody ever thinks about the motherboard in the computer nobody ever talks about the motherboard in the computer and younger people don't even know that motherboards exist so why is this going to happen well right now I think we're in a massive transition period for crypto massive transactions are both opportunities and create uncertainty and I think everyone in the Sovereign um Community right now is feeling both of those things massive opportunity but also the the the annoying anxiety of uncertainty where are we going and the reason that this is happening uh a big part of the reason that this is happening is because we are moving from a world where we spoke about monolithic chains right a single chain like and I think the best example of a monolitic chain is ethereum right they they try to stuff everything plus the kitchen sink into ethereum execution settlement consensus data availability the smart contract uh uh uh uh languages the the VM everything got shoved into a single chain and like every bitcoiner told them it doesn't scale it doesn't work and so what we've now moved on in ethereum and increasingly everywhere in the crypto space we're moving into a modular world where chains are being unbundled and the different functions of chains are being unbundled so Celestia is just a data availability layer ethereum is more and more becoming a settlement layer for different rollups um execution environments are being unbundled even further and you can now start writing in languages that chains weren't even designed to understand by proving the the computation of those languages to those chains with ZK proofs we've got a huge ecosystem of um of sort of players who are unbundling the chains and the truth is that even the modular vision of where blockchain is going doesn't go far enough because it's just the beginning of it's just like the the the first little piece of unbundling if you look at the um ethereum environment today 90% of transactions occur offchain and most of them are not even communicated directly to a rollup or a chain instead they go through different kinds of sort of crypto middlemen um uh sequencers me Searchers Builders what are Builders Builders are people who take a whole bunch of different transactions and put them together uh and sort of bundle them into into sort of pre-built blocks um aggregators Bridges um um um uh abstraction layers account abstraction and gas abstraction layers that just the the the ecosystem of players uh and I've only mentioned like you know a small portion of these different players and services who are now involved in this uh have meant that the crypto ecosystem and I think ethereum is a really good place to look because it's sort of at the Leading Edge of this has become massively complicated and becomes even more complicated when you start thinking about uh not just a specific ecosystem like ethereum but the entire crypto ecosystem as a whole with uh uh uh the the the the bridging activity and the um uh a layer activity and the the the cross-chain data uh transmission systems that are that are already in existence and that are being built so basically chains are already Fading Into the background and this is introducing a new conception of crypto of applications that are Unchained to any specific chain that a world of of of computation and services which are primarily occurring offchain and are ever never actually computed by the miners or the validators of a chain and what this means is that the um Center of gravity for crypto is moving away from chains to where it actually should be to ownership to tokens this is basically flipping crypto the entire conception of crypto on its head so what does this world look like well right now I think there's very few projects that understand this probably the only uh two projects that truly understand this as I uh you know based on the conversations I've been having are Bitcoin OS boss and Celestia and Celestia were basically the people who invented or or for the first time coined the phrase the modular uh blockchain environment and what this looks like a world in with this uh um is is it's going to require a way to create interoperability between an ever increasing number of verifiable compute environments different compute environments which we up until now have been calling blockchains but are becoming far more specialized in blockchains and there's going to be thousands of them we need a way for these different systems to be interoperable in a trustless way and to interact with each other because they each do just such a tiny tiny slice of the pie and there's really only one system that can act as a settlement layer for all of this activity and that is Bitcoin and the reason is that the the difficulty with building out um interoperable systems can be explained through the metaphor of electric plugs every time you go to a different country you've got a different electric plug and part of the reason for this is that um uh you know there's there sort of like the problem of Standards like okay I've got 14 standards and they're not interoperable so let's build a 15th standard which will make them interoperable well now instead of having just one standard I've got 15 standards so Bitcoin is unique because it is the only system which is trusted by everyone competes with no one and is very very clearly already like the single consensus system that we can use and so Bitcoin OS is an operating system not just for Bitcoin but for all of crypto but it's plugged in primarily to bitcoin as anchored to bitcoin because Bitcoin is going to be already is really but it's definitely going to be the the not just the core of crypto but the settlement layer for crypto and so that brings us to boss the operating system what an operating system does is it allows um many many different independent applications compute environments to speak to each other and to um uh talk to sort of like the CPU talk to the motherboard so in this particular case Bitcoin is the CPU is the motherboard we will get to the different compute environments and applications in a bit but Bitcoin OS operates provides this operating system and is comes bundled with a transport layer which allows for the movement of assets and the communication of messaging across this ecosystem utilizing ZK proofs which um is what I'm calling charms plus here um we haven't ever spoken about charms really publicly yet um charms is a totally new way to think about tokens and smart contracts and we're going to be publishing more information about that quite soon but basically it turns smart contracts and tokens on their head instead of tying them to a specific chain it unchains them and allows them to exist across the entire crypto ecosystem by um utilizing Bitcoin OS and by anchoring to bitcoin but they don't have to exist on bitcoin so this is a bit mindbending I'm not going to be able to do ad Justice today but I'm just telling you that exists and that moves us into what is going to be sort of where most of the activity is which is in these various Compu environments which today are mostly chains and these chains have applications that are built on those chains but I've made the these two categories um I've given them dashed lines because these categories are going to get unbundled the difference between applications and computer environments is going to get blurred the difference between a compute environment and a chain is going to get blurred applications will be their own compute environments um applications will not live on specific chains and chains the differences between them are going to get blurred as well and the reason all of this is going to happen is because you can now un because first of all we're unbundling the chains and we're giving out different slices of the jobs that they used to do to all of these different service providers and through proofs these service providers are going to be able to communicate as if they are part of the same single environment because they're all on the same operating system and so what you're going to end up with is instead of a situation like today where let's say you want to launch a DEX on a chain right so you go and you build Unis swap on ethereum and then a new chain comes BNB or polygon or whatever well what you need to go and then do is you go and redeploy Unis swap on the new chain because each application is tied to a specific chain and now you break up the user base you break up the liquidity and uh you have very very risky uh bridging in between them as sort of like the only way of connecting these two things um and so instead of having really just one environment where the application lives you actually have the application copied again and again and again we've seen this with Sovereign right and we launched them Bob it's basically two completely different it's like we're running two companies two projects two uh dexes right now not one but what we're going to see instead and what we're building is the tools to make it possible to have chainless applications applications that are not tied to a spefic specific chain so you could imagine what this would look like is um Unis swap is deployed once it's not deployed to any chain necessarily but it is able to pull liquidity and provide trading across all of the integrated chains that is where a lot of people are trying to go and we've with Bitcoin OS realized that we sort of by mistake have actually built a system that allows for this to happen we've stumbled upon some really incredible things okay so that's very very very high level and I hope it was clear enough because that was a pretty fast and whirlwind tour of I think a major sort of transformation that our industry is going through and that I think vast majority of people haven't even started to consider yet but where does this leave us what is our goal here in the near term what is Sovereign working on well we have a really big bet and that really big bet is boss boss even if I'm wrong about everything I just said is massively important it brings to bitcoin unleashes Bitcoin from practically all of its limitations it allows us to build everything on bitcoin to integrate everything on bitcoin to have applications and use cases for Bitcoin that up until now have been impossible it is a huge deal and is causing a great deal of excitement for a lot of people we need to be focused we need to be focused on making sure that Bitcoin OS launches launches successfully launches fast and grows successfully that is our responsibility because it is a huge bet for serign and it is the only thing that we need to concern ourselves with right now and so all of our efforts outside of the minimal level of maintaining what we currently have our current Suite of applications is focused on doing our part which is not most of the work uh you know it's just our sort of contribution to bitcoin o as we contribute among many other contributors to bitcoin to make sure that the bitco OS development and launch and then afterwards adoption is as powerful as possible and we're playing an important role here uh and and and so we need to be super super super focused on that but once that happens or even to make that happen what do we need to do well one of the things that we're working on right now is a um new version of the origins Launchpad which is not tied to rootstock in fact it's not tied to any specific chain at all it is being designed as a early example of a platform that can work across all of the chains and um it is not going to be the most sophisticated example of this um but what it represents is a first way of us thinking about how we can take the work that we've already done with Sovereign and turn it into something which is going to be a centerpiece and important and useful to boss and live in a Unchained world and a world where Bitcoin OS is an important project and maybe the most important project for uh creating this sort of post Fain dominant world now Origins as this Unchained Launchpad system not tied to any specific chain is part of um and and is going to sort of utilize and ultimately evolve into something we haven't really discussed yet um but I will I will be talking about it on this call and I think is super exciting it doesn't even have a name yet so I'm just is going to call it neex and neex is a decentralized exchange unlike any other that already is being built um and in fact we could potentially even as soon as February have a test net version that you guys will be able to utilize um which is built for this post chain World built for the Bitcoin OS environment and from there well my view is that there is a huge like we're basically sort of Reinventing all of crypto there's a huge amount of opportunity out there we already have a lot of there's already you know a number of projects that we can uh that we've been thinking about how we can take systems that we've already designed and turn them into the future versions of themselves right this is like Bitcoin back stable coins but not uh tied to rootstock tied to bitcoin mate and available the stable coin being made available everywhere um taking advantage of programmable tokens that are being built by by the Bitcoin OS uh infrastructure um so my view and I've I've described this a number of times um is that what we need to do is we need to be building out these systems the combination of a Launchpad plus a crost ecosystem deck will position us very very well to then build additional projects uh and launch them and that all of these projects all of them should be built in the same way that we're building Bitcoin that we um that they have their own team their own funding their own road map their own strategic decisions if necessary their own governance and if necessarily their own token we don't try to do everything under sov uh but instead we our business model becomes uh being first best and fastest to building the the key components of uh a Bitcoin OS uh uh ecosystem and and and and an Unchained World I'll I'll in a bit in this presentation I'll talk about why I think we should do that um I've already spoken about it previously and I'll also talk about why I think that's extremely valuable but before I do that let's talk a little bit about uh neex so remember I was talking about Unis swap the big problem with Unis swap is that you need to redeploy it on every single chain and that breaks up liquidity but there's another problem with it and this is a problem that we are very familiar with which is that there's too much slippage when you use an amm style um decks um and trading becomes inefficient uh becomes so inefficient that for example um margin trading possibly becomes unrealistic so let's imagine what a DEX like a imagine we had the technology to build a deck which lived between not on top of not inside of but between many many different blockchains and let's imagine that it could trustless interoperate with these blockchains you deploy it once and it becomes available with every single chain every single compute environment is integrated with Bitcoin OS all right we solved one problem how can we solve the other problem well imagine that in addition to that instead of using an amm we actually had an order book because this system was offchain so was fast enough efficient enough powerful enough that you could create effectively a a a system which feels like a a a centralized Exchange so that's a lot of work but those two primary components the ability to have a exchange a DEX which is integrated automatically into any system which is integrated into Bitcoin OS cardano rootstock ethereum Stacks cordal whatever that we already have the ability to swap assets between these different chains we actually have already built that as well both on devet and then the third thing is building it as a as a order book we've done that as well now there's actually uh um a uh project out there which kind of tried to do this and they're called thorchain and the way they did it is they built a chain in the Middle with their own a M so they they try to centralize the amm by building a chain and then pointing it to all you know and then having like multi and all of these different shades so what we're building is sort of that but it doesn't need the amm because it's much faster than a chain and because it's trustless it um uh it can can not only has better security assumptions but it can do something that CH that the Thor chain can't Thor chain is only good for swapping between the main the native asset like on ethereum they they can swap eth on bitcoin they can swap BTC on um on on on BNB BNB chain they can swap BNB token they can't swap the the longtail of tokens so how could we have a system that would allow you to do that and so here's an idea imagine you have the system it's integrated into the chain and because it's integrated trustless into the chain as you're performing a trade let's say on ethereum for you know some kind of weird meme coin for some other weird mem coin on salana what you actually do is you rout that transaction from Unis swap through the order book to an appropriate decks on salana so you can actually integrate more deeply with these and get the long tail of token through Integrations with the with with the basically Auto like Integrations so you kind of get for free almost for free because you're integrated already with the chain with the with the leading dexes and even the not leading dexes on these different chains so it becomes a system where you can basically trade literally any asset but to do that there's one more thing that we need to solve which is you can't really create liquidity pairs between so many different systems and you certainly can't do it with an order book so what we need is we need some kind of asset which is going to become like the key liquidity pair between all of these different chains something that is traded on all of these different dexes and that's Bitcoin so by building through Bitcoin OS the ability to have Bitcoin trustless integrated into Unis Swap and on base trustless integrated into aerodome and on um polygon trustless integrated into Sushi Swap and because Bitcoin it always has this deep pull of liquidity you actually always just trade whatever silly asset you want to trade or awesome asset whatever but whatever longtale asset you want to trade for Bitcoin and then that Bitcoin can be traded for any other longtail asset anywhere else so this is really really cool because if we can make this work we re we we're not only reintegrating everything into Bitcoin but we're reintroducing BTC as this sort of deep pool of liquidity that everything trades against which over the years sort of BTC has lost it lost it first to eth and then later lost it to usdt and usdc well we're bringing it back so okay so this basically this concept is already uh under development It's A New Concept uh we don't even have a name for it yet so I'm going to call it for the purposes of this presentation Neo deex but it is an Unchained Dex built on bitcoin and particularly built around BTC liquidity that will automatically bring in the the assets um that are traded across Dex uh across all of the chains that are integrated into boss and it allows us to take a lot of the aggregation technology and frontend technology that we've already built and the knowledge that we've built around Bitcoin OS and that Sovereign is built around um uh Dex integration and actually use all of that to build a truly breathtaking new product that's near all right so I think neex should launch not as Sovereign and here's my reasoning I think we're going to I think what we've always been very good at is R&D we've built just a huge amount of products over the years but I think that we've undercut the potential success of those products because we've launched them in an environment where a relatively small project has to maintain many many many other projects which compete for resources which compete for Focus which compete for attention which compete for talent within Sovereign so I think that projects for to be successful they need to have a dedicated team they need to have dedicated capital and they need to have dedicated token incentives as well as potentially dedicated governance dedicated whatever else is required and so this is why I have proposed that we need to think differently about how we we we build uh Sovereign going forward and I'm going to use neex as an example right if we try to launch neex right now then we're basically we have to say Sovereign is going to do nothing else we need to maybe make changes to the team on the basis of building out a team specifically Focus around being the best possible team for the growth and Adoption of a deck we need to raise addition Capital which would be difficult with the you know because of the of the nature of sort of of of tokens which are already live we would need to give token incentives out which is difficult for us to do without massively inflating the sov supply which we don't want to do so for all of those reasons I think neex as a separate project kind of uh incubated and kickstarted by Sovereign will be more successful so we've already built an entire Suite of sovereign products and we can convert those products to bus integrated products but we've also played a crucial role in launching Bitcoin OS which has a very very good chance of being a huge success we can then do the same thing with neex we can then do the same thing with Bitcoin back stable coins and a large number of other Concepts some of which are quite mature some of you know at least in terms of the thinking Some of which are we haven't even thought of yet if we do that and we have for each of them the ability to create a dedicated team dedicated cap capital and dedicated token incentives then we can turn Sovereign into something which I think is super exciting and I'll talk about what that super exciting thing is in a bit but first let's talk about what the results would be if we were successful at doing what I've just described so achievable results include Bitcoin becomes the global Financial Hub because Bitcoin OS allows Bitcoin to act as the standard to which everything else is anchored but at the same time BTC becomes this global settlement asset first in crypto and then beyond because you can now ex trade basically a BTC to to any other asset pair have liquidity and trade across any uh chain any computation any execution environment in the crypto space now Sovereign Sovereign becomes the Bell Labs of the chainless world and sov becomes an index token of the Bitcoin ecosystem or at least of a large chunk of Integrative pieces in the Bitcoin ecosystem that are launched by Sovereign and that a portion of their ownership is maintained by Sovereign so let's talk about B Labs B Labs was the this phenomenon between 1920s and and and 1970s it invented literally everything the transistor solar cells the first long-distance calls uh first uh phone switching systems uh provided evidence for the first time of the Big Bang created the first cellular network uh developed the first radio astronomy it had it it it won 11 Nobel prizes and and five touring Awards but why was B Labs able to be which was and B Labs is a commercial division of the Bell company why was it able to do all of this well I'm going to read this for you guys because I want you know I SP Bell's Labs Bell lab's extraordinary productivity emerged from its ability to anticipate and harness a fundamental shift in the underlying Technologies of communication and computation the transition from an anog electromechanical and vacuum type systems to solid state semiconductor based electronics and subsequently digital communication I think the key thing here is a fundamental shift sorry a fundamental shift in the underlying Technologies of computation and communication well I think we're again at a moment where we're we're at the very beginning of a fundamental shift in the underlying technology of computation communication and crypto in the crypto asset space and I think with no guarantee of success but with a a a very distinct possibility of success that no project is better positioned in terms of being aware of the change before it's happening have having broad experience with Bitcoin and defi that very few other projects have having already proven the ability to do R&D and launch multiple different products having already demonstrated with Bitcoin OS the ability to do this by launching a separate independent project in a way which is beneficial to Sovereign I think it's like almost a wish list of the things that you would want to see if you wanted to to to to achieve something like Babs I think Sovereign could become legendary in the same way that bill Labs is legendary a hive of invention in the same way that billb was a hive of invention for their fundamental technological shift and if you do that I think it's massively valuable because um each of these projects that we're talking about launching can be extremely valuable projects but the overall size of the the the the the crypto space the Bitcoin space is going to continue to grow at an unprecedented pace for any other industry we've ever seen Bitcoin today is a$2 and a half trillion dollar asset not even by the end of this year this year it's likely to be a $5 trillion asset or more 10 years from now it's going to be1 trillion ass or 12 years from now it's going to be1 trillion multiple trillion dollar projects companies businesses are going to get built around them and many many many many many more multi-billion dollar companies are going to get built around them I want Sovereign to own a piece of that a big chunk of that if we launch a number of projects worth billions and retain you know five 10% of each of those projects we will be a $50 billion project that is where I want to get us to I think that this is achievable for us to start seeing the we're already starting to see the fruits of that success we're definitely going to see the fruits of the first sort of commercial fruits of that success this year and over the next 12 years we can turn Ser into a legendary project in the same way that bill Labs or Xerox Park were legendary projects now here's how you can help I think we need to have Unity around the common cause there's been a lot of I I I caused a bit of a stir in the forums when I said I think we need a CEO I've I still think that I think we can't continue we were not going to achieve rapid massive commercial success unless we have Unity around the common cause and ultimately I don't think that that happens through committee I think that that happens through individuals being Prim movers some people responded to me I I was surprised that relatively few people responded to me saying we this is this is a silly idea way more people seem to respond to that was a good idea um but that I should do it well I don't want to do it be in the way that maybe you guys thinking about it I I really think that what we need to do is we need to create a system which is going to spawn multiple different projects and each of them have to have their own team their own CEO their own Prime movers their own energy but I am excited to get us there and to do that um I'm willing to put out a few sips over the course of January to Galvanize us around that mission and I'm I'm going to ask you guys for the authority to make this happen and part of that is we need to for the next 3 months without interruption without loss of focus without drama we just need to come together and be focused on making Bitcoin OS the absolute success that it can be that's how I think we can come together and how we should come together as a community but we're also going to need right now and into the future Talent there's and so how else can you help we need strong B people to help advocate for and um and and bring the the world of crypto to bitcoin OS and later for Integrations of things like neex we're going to need financial analysis um especially around um um well there's just a huge amount of if if you are mathematically or financially inclined we can put you to use we need a huge amount of ecosystem research that anyone can do we need to understand all of the different systems out there the different Bridges the different chains U the different uh uh uh wallets um what are their what what what technology are they using what are their strategic needs how have they been successful um basically like build like the the Mad of crypto right like understand all of these different projects so that we can integrate them uh efficiently into Bitcoin OS and then later integrate them efficiently into um uh uh neex we right now need a lot of technical writing and documentation to be produced for Bitcoin OS there's it's just a huge amount of Innovations the the the the the level of sort of technological prog that we're making is surprising us we are stumbling upon just crazy stuff like the ability to create tokens that can exist outside of chains it's something that we've just recently realized that we disc we we we we sort of invented while trying to build something else right trying to build tokens for Bitcoin we don't even have the right you know we we we so we need people who can who have enough technical chops to understand the system that we're building and to write documentation technical document around and soon enough we're going to need CEOs plural ideally from the community people who can become Prime movers proposing their own projects or helping to move forward some of these projects now that's a bit premature for that because we first need to make boss of success and then ideally we will make some NE decks a huge success too and that will give us the chops to go out in terms of the resources in terms of The Prestige in terms of the reputation in terms of the profile to also then go out and and and and become even more aggressive in our ability to introduce new projects and sort of grab territory in what I believe is going to be a massive land grab as the world of crypto changes and as boss become and the boss ecosystem grows so that's my vision for where we are now um where we're very very shortly going what we need to do in the near term why this is in the near-term super exciting and why this is in the longterm super super exciting and I'm going to be asking for your mandate to make this happen thank you very much thank you uh very much yo this was super interesting and and very very exciting uh there are a lot of questions uh in the chat regarding the presentation you just gave uh let's do those first uh and then uh we'll move on to the questions collected uh prior to this community call uh we have uh listed we have scheduled 45 minutes more for this um and but I'm going to hang out as long as Yago can hang out and and if you to Caro just say say something um okay so there are questions fromit and from uh uh Blue Monkey around the neex uh in what way is this neex related to Sovereign you've touched upon that who gets the fees from neex and Lum ask is this neex division for Sovereign and S uh um and uh anip adds a a snarky comment but I'm going to read it anyway uh please tell us something really about Sovereign instead of diluting it with new projects I'm really not understanding your rhetoric so I'm gonna wrap this all all of these into one question uh Yago is there a Clarity on how this um multiproject future this BBS model that you propos how would it benefit Sovereign and in particular how will it benefit s okay [Music] um let's say I'm right let's say I'm 100% right i% right Bitcoin OS is a project revolutionary in the way that that ethereum was revolutionary ethereum took the basic concept of Bitcoin and generalized it created a chain which could be used not just for a single asset BTC eth but could be used for all kinds of assets and those assets could be programmable smart contracts were possible you could build defi you could build nfts you could turn the entire ecosystem into a massive Innovative ecosystem that develops things that maybe we didn't imagine like Dows like um uh decentralized exchanges uh like rollups like ZK proving etc etc so let's take the maximal case here I'm 100% right if I'm 100% right then the prominence of ethereum which is like let's call it crypto 2.0 is going to start to fade already is fading I think you guys can notice because we're entering the phase of crypto 3.0 and Bitcoin OS is going to be the leading project the Marquee project of crypto 3.0 well ethereum is today worth I don't know what like like $250 billion something like that so if I'm right crypto 3.0 should be worth more because the entire ecosystem is growing because it opens up new opportunities that were not possible before because it cannibalizes the market share of huge number of things which are basically crypto 2 so bcoin o should be worth $350 billion Sovereign owns 10% of that or $35 billion now on top of that we also launch neex and neex is successful but not successful on the same level right just becomes uh the third biggest uh you know uh Unchained decks because we don't execute well all right so how much is that worth I don't know $4 billion 5 billion right we own let's say 10% but how much do we own $400 million $500 million and let's say we do this with a few other projects some of them are failures in fact 90% 95% of them are failures but a few of them are little successes worth a few billion dollars and one day we launch something something which is again maybe not as big as boss but becomes a 10 bill you know worth tens of billions of dollars and worth billions of dollars more that's the case Sovereign is la is is just in terms of the assets that it holds is is worth many tens of billions of dollars and then on top of that in terms of its ability to continue to churn out these things its reputation it is worth many many many billions more right The Sovereign 12 years from now is I don't know a $50 billion project that's my goal right so right now we're at 40 million doll project I want to take us 10x to be a $400 million project and then another 10x to be a $4 billion project and then another 10x to be a $4 billion project I want us to go up a th X that's my goal and I think it is achievable it is achievable with just one success one Bitcoin OS size success gets us there two we're in a totally different bow game thank you yo I think that was very clear uh Blue Monkey asks um with this vision is sing a launch pad a roll up in Bitcoin o what what is the lford running on running on bitcoin OS it's running on our talent our sweat our tears it's running on our ability to build a governance system which is optimized for this particular purpose it's running on our reputation it's not running on a chain that's yesterday's thank you Zumi continues if getting tet and resources a challenge for sovereigns as you say and how is Sovereign becoming the B Labs of quto possible that requires top level talent I think that's the biggest challenge that is by far the biggest challenge um we've done it for look what we did with Bitcoin OS is just absolutely remarkable we cracked something which a lot of people thought was impossible we're way ahead of everyone else we're building momentum all the time we're the the the technology is getting just crazier and crazier the breakthroughs that we are seeing are getting crazier and crazier all the time um some of those people are going to circulate back into wanting to build other things for the Bitcoin uh uh ecosystem as Bonos grows it's going to increase the profile of uh of itself but also of sovereign Sovereign is going to be able to and need to talk about its success and use that success to attract more people use the fact that it's got a very very significant Capital base uh uh a very supportive culture a very supportive Community to become the place the people who want to you know build the future you know think about where when they think about where they went to go you know for a long time google was that it didn't start out that way it started out with like you know two guys who built something cool but as more and more people interacted with that thing that was cool and as they were able to bring in more people and um they built a reputation and they built a culture and they built you know and and and talented people started bringing their talented friends there was this golden period for Google which lasted a long time where like literally every you know one out of three smart people in the world were working for them even today they're managing to do things which could be of phenomenal value they recent recently had a major breakthrough in Quantum Computing which is you know worth who knows how much they have one of the most advanced self-driving car systems in the world Deep Mind which was a Google project basically invented AI as we know it today they invented this the the the scaling Paradigm the CTO of open AI worked for Google and the list goes on um these things build their own momentum there's nothing guaranteed about this right like we're much much much more likely to fail but I'm not here to think about the failure I'm here to do everything I can to make the success probable so how is it going to happen that way we build the momentum we get people who are smart working with us we already have them we start through that attracting more and more smart people to come on to work with us that's already happening and we build on that momentum thank you um David I'll read your question I'm not sure I get it fully um crypto 3.0 with boss leading the whole Space is a is a top number one project is this why it was cut off Sovereign and made into as an individual team uh and is this what we should keep doing um we had no choice there was no way that Bitcoin o was going to emerge from Sovereign not in the way that Sovereign was operating no not not with Sovereign having so many competing [Music] um um uh goals um and and projects and not with Sovereign acting as a potential competitor to many of the projects that could potentially want to build on bitcoin OS and not in terms of our ability to raise the kind of capital that we need to raise to make Bitcoin OS the success just was never going to happen through Sovereign I think if we try to keep everything under sov we just keep on we need to learn from our successes and we need to learn from our mistakes um I don't know if we're ever going to be able to replicate what we've done with P I don't think we have to I think we can have similar but smaller successes and still be a phenomenal success so and we already have Bitcoin OS and so that's why I'm saying like putting aside all of this other stuff really really my probably biggest message to everyone right now what we need to do is we need to Galvanize around making Bitcoin OS a success if Bitcoin OS is a success even if nothing happens afterwards we've all built something amazing been part of building something amazing and we're all going to see Financial returns that are going to be amazing but I think we can go much further than that I think Bitcoin OS could be us just getting started thanks uh David I think also answers the second part of your question Blue Monkey very active today um but a good question Yago why would Builders always want to go through Sovereign as a launch pad why would they want to provide 5% or whatever of tokens and just launch Elsewhere on boss or just by themselves what are the in they're not going to want to they're not going to want to they're not necessarily going to want to the only way the only reason they would want to do this is because we create an environment where it's [ __ ] awesome to do it where it's [ __ ] awesome to do it for a lot of people their number one thing especially the most brilliant people they're number one thing is they want to work with other brilliant people that's more important than than to them than anything so we need to have a lot of brilliant people who are attracting other brilliant people we also need to have a track record of success which makes people feel like they're massively drisking by working with Sovereign third we need to ourselves take initiative see where the world is going and generate and fund and provide the R&D that is going to make those projects possible it's not about the Launchpad Launchpad is like a UI wrapper for some of this stuff it's about the talent and the governance around the talent and the capital that we can put behind the talent about the culture we're able to build about the community that we're able to build focused around this and supporting this it's about rethinking how we become the best place for the best people to work that's what we need to build and the goal here is to is not to become a VC right we're not just going to be investing in other people's projects or not just to become a Launchpad where we launch projects and we just take a fee from them the goal here is to ourselves see where the future lies and build it and I think we have the ability to do that I think we've done it a lot of times a lot of times sere started out that way not a lot of projects that can say that they've done that so um so I think we need to structure ourselves in a way where this one really cool thing that we're able to do which is sort of Envision the future and and and then make it happen right is something we optimize for instead of optimizing for building specific applications and and again I'll say look I think look the there's a huge amount of innovation that has happened within the Bitcoin team that we're basically going to get for free index is basically being built by bus we're going to get the ability to build on it for free because we're plugged in so thing about Innovation is it's just it's pure horrifying completely uncertain completely uncomforting um uncertainty it there's no guarantees and so when you look at it the the the analogy I always use is it's like you imagine you wanted to climb Mountain where you just look at the mountain it's huge and it's gnarly and it's got this these Rock faces and there's this massive high peak and you think to yourself okay let me plan out how I'm going to do this and that's impossible the way a mountain is climbed is not by pre-planning it it's one step at a time you figure out where your where your next step is where what the next Rock you're going to grab is where what the next Branch you're going to grab hold of is you if you try to encapsulate it all sort of in advance it feels impossible every single time but the fact is we just need to [ __ ] take a step back sorry for for swearing but we take a step back and we think about what have we done already we launched Bitcoin defi as a concept we built fost PTC for the first time like there was no product like it we built the first runes Bridge ever we we built you know the first big coin stable coin that was it scale we built Bitcoin OS we've done this a lot of times we need to have the confidence that we can do it again because I think we've earned it David's asking so these products like neex are partially built already by us but lack of resources by Sovereign to be the one to launch and maintain it I don't think that crypto is space in which it makes sense to build a monolithic Mega Corp I don't think that we can be successful that way I think the way that we can be successful is by surfing the spirit of crypto surfing the decentralization it's by introducing projects as their own basically by decentralizing sovereign right I just don't think that we should model ourselves on I don't know Microsoft which tries to you know Microsoft can do things that we cannot do it it can have like a a central structure with a central CEO that makes decisions it can issue more shares to to acquire I mean most of these companies grow through Acquisitions you acquire AAP you can't acquire a chain you can't once you've in issued the token you can't just like it's a totally different environment we need to build for our environment not for some kind of like previous corporate model okay so David is asking a lot of good questions I'll answer he's asked again he says this is a deep vision and possible in theory but how could this be executed without you as the key CEO since it's your vision I've been my view is all right so so first of all I'm happy to try and Lead this effort I'm going to need the Mandate from the community to lead this effort um but given the mandate I will lead the effort but I actually don't think that I or anyone else is the right person to do that there is no right person to do it this is not a thing that a CEO can do I have a view on what the right mechanism for this is I previously like last week on the AMA I sort of hinted at it and I sort of read you guys the beginning of a of a paper or blog post that I've been writing about this but I think that there is a proven TR record for prediction markets there's a proven track record for futarchy as a sort of decentralized Highly commercially oriented decision-making process which can bring in the best Minds to make decisions for any specific question I think we can and should look to be building that and I'm writing more about this and you know will take me a little bit of time to publish something uh on this but I think that that after sort of like our intermediate steps I think that is the future and I think one of the most powerful and things that we can build is basically like a a system which uses a prediction Market to make these decisions instead of a person like me or a committee like biocracy I think the free market properly incentivized and properly designed around decision marking which is decision- making which is what a futarchy system or a prediction market system is is a massive experiment in and of itself which could definitely fail but if it succeeds just becomes like this black hole of of of it just sucks in all the world's best ideas and and and and and and could become the most powerful decision-making system we've ever seen anyway I have a lot of weird ideas not sure I'm going to be able to convince you guys of all of them uh well it's worth a shot uho I'd like to move on to question collected from the community prior to the call uh some of them have been answered during this call so I won't repeat them uh I'll I'll kick it off uh the first ones are about um uh The Sovereign coure uh contributors uh and who is still on the Sovereign core contributor team and in what capacity are and what are they working on some of this has been answered but Sovereign The Sovereign team hasn't changed almost at all uh in terms of like people who are working as as sort of like you know working as part of the team what everyone is working on more and more and I think basically should become 100% Focus for everyone is right now is boss okay um then we have uh uh a question about the state date of the launch pad uh how much work is needed to get it into a working product um I'm not sure that the Launchpad look don't over index on the launch pad I don't think it's an super important product I think it is a product it's another product that we could launch I don't think it's ever going to be a massive like one of our massive products I don't think it's anywhere near the scale of Bitcoin and not near the scale of neex I think it might actually but but that said um it's we've sort of uh built out an interface we've built out the ability to prefunding out the ability to do different kinds of sales into it um making steady progress um probably could be pretty ready for some user testing by the community quite soon okay um there's a question I think it became a little bit irrelevant I'm going to touch upon it quickly how much work is going to making our Dex rollup ready at this point and can this work be ported um also do other rollups than Bitcoin OS we have rollup technology um that is getting very very close to testnet with full proving of it state to bitcoin there are some challenges that we're encountering around the proving itself um which we're currently working on once we solve those will be ready for testing whether or not sovereign should launch a rollup itself I'm very very skeptical of that I just don't see like if we were to launch rooll up I would do it as a separate project I think you guys can see that there's a a theme Here I do not think that Sovereign should be look to sort of build its own projects and not everyone agrees with me and I'm happy to have the debate it's not my decision to make but I have a very very for me I've become convinced this is the best way forward for Sovereign um so we we have we have the we we we're we we're very close to having that technology available to us to do with it as we whatever it is that we decide blue monkeyy asking if the Launchpad is not our massive product and what is the massive product for self holders I I don't really understand to be honest how I've managed to communicate this so poorly um the answer is boss boss boss boss is what we should be focused on for now after that I think there's a huge opportunity with neex I think there's a Launchpad as well and then I think there's additional opportunities which is beyond the scope of this conversation to discuss but I just don't understand why like I'm I'm clearly doing something wrong if I'm not managing to communicate that very very key idea right now my view 100% focus on boss boss is a success we all do great let's take this from Jimmy I'll be uh the to keeps taking s so if B Bitcoin rewards d uh would we have to wait until boss launches I assum you mean token here J me um yes we need to continue staking first of all there's staking rewards which are constantly acre we also need to continue staking because we need to be making decisions later will we continue to use biocracy and staking in the way that we have up until now I don't see a situation where we can give up on biocracy anytime soon I think we would need to build a separate governance system launch it and see it work in the wild before we can give up on biocracy I have some ideas on what that governance system could be but I see for the foreseeable future that um biocracy will continue to De with the glue that holds Sovereign together that governs Sovereign that governs uh our re the way that we choose to use our resources and um if BTC rewards are insufficient then we can come up with some other plan for example SV rewards as an interim solution as we go through this transitional process David asks is there are there any plans to involve SV more directly with boss that aligns Community more directly with it possibly a way to incentivize users and make alignment stronger uh and then he says OS SV like Bitcoin OS s yeah I think we are going to move all of SV I think this has been the plan for over a year now s will canonically transform to not being a root stock erc20 token but to be a token on bitcoin on bitcoin OS and it will unchain itself from root stock unchain itself from any chain and become a system that lives on bitcoin OS and I don't think we need much deeper alignment than that but in top of that we also have the alignment around the token allocation um and the alignment around the fact that there are additional products that are being built out because of our work with Bitcoin OS partly by developers who are not receiving mostly by developers who are not receiving a single scent from us at this point in time are building technologies that we're going to use to build the next products for for serign I do not see how we could have tighter alignment um I'll continue with the document question um uh what steps can be done to cut cost without endangering current operations uh are there any plans for future funding rounds to extend Runway are any grants from other Dows considered let's stop there we could potentially consider a fund raise in the future my view is that first we need to get boss out boss needs to be successful it needs to be clear that Sovereign has successfully launched a massive project and is also sitting on a significant asset base and then all options become available to us we can raise more Capital change the composition of the team we can launch new uh projects we can uh do another Capital raise everything becomes possible it's a massive unlock um so my view is that we will get many degrees of freedom that we do not have now right doesn't mean that life's going to become simple we'll still be life will think be just as confusing there'll be just as many decisions if not more decisions that need to be made um but we will get the we will have the resources the reputation the asset base available to us and the Technologies available to us to be able to make more big bits raise more capital and now in my view each time that we launch one of these projects There's an opportunity for that to be an additional Capital raise for Sovereign as well we build out the product then launch it as an independent project There's an opportunity for a capital raise there part of that Capital could potentially come back to Sovereign we might not need to raise Capital if we can successfully um you know utilize the the the the opportunities available to raise Capital via selling of these projects that's effectively what that is you build up a project and then you sell it you attain some part ownership of it and you retain some of the capital that comes in from the sale okay I'll go back to chat questions uh one from Brianna Brianna I I have to tell you I I uh didn't miss your question I skipped it because of your opening statement um I I find it uh insulting and I don't find it helpful however the question itself is is is relevant so I'll I'll I'll bring it up uh if Brian is asking per my question at the top what was Brianna's question I want to respond I don't see your question at the top Brianna um but now you're asking if these are separate projects including the in capital as you said Yago are you funding them from the sale of s so no there's been no with Bitcoin OS I went to Great Lengths with other people many not on bitcoin o many not part of sovereign to independently make sure that the capital was available there was no Capital requirement from Sovereign I don't think that that's the way you should do it in the future I think in the future we should think of ourselves as a project able to deploy Capital do you need to do it through the sale of SV maybe that would be a decision do you do it through the sale of some other assets that you have which might include boss maybe that's a decision that needs to be made um but we should position ourselves in a way we're we have the capital to to um pursue these opportunities mhm um okay B asks how how are the Sovereign developers working on Boss being paid they are being paid by BS uh sorry they are being paid by Sovereign as per the Sip that we uh voted on where um the decision was that Sovereign is going to become one of the primary projects supporting developing and building boss uh David asks o of question mark and I assume since we're I think I already responded to that question about moving s so and Sovereign into Bitcoin o thank you okay um Brianna we did answer your entire question Brianna I don't understand what question you're asking so if you want to rephrase I'm happy to answer it okay I'm G to do another document question oh wait so Futo is asking when you hash out your ideas to justify holding Sovereign could you please please update and market a project road map as soon as possible I'm aware that you do not see the need for road maps I do see the need for road maps but the road map is right now pretty short um it's basically sort of what I showed you guys like right now we're focused on boss we will then be deploying the launch plad I think it should be deployed as a separate project we'll then be deploying neex as a separate project deeply integrated with boss deeply integrated with um with uh uh the Launchpad um and and then there's many other things that we can consider I've put out previously a list of some of them and I can put out a list of more in the future Brianna says my question is this is development on Sovereign over I see a lot of things about Bitcoin OS which clearly looks different like a different project is that what this osof token in My Rewards is related to you can you address my concerns that I and others funded Sovereign developers by approaching larger amounts of s that you were selling to fund development costs you use the funds to build something else why would people invest in your new project if you use Investments to build um to build something other than what you were paid to develop in the business this is EMB basement I don't personally see a need for higher volumes or anything since rootstock handles everything just fine but if this was necessary for Sovereign then why holders of the S so token holders who are not essentially investors or shareholders not compensated with 100% ownership of the new product Brianna um so this is actually a topic that we've discussed a lot and there have been a number of tips around it no funds were used to begin the to bitcoin OS there was a strict separation initially between anyone working on bitcoin o and Sovereign ultimately sip was taken that Bitcoin OS is going to um take on the responsibility of being a significant developer of uh of the Bitcoin OS platform and um is going to launch Bitcoin OS and is going to um allocate to itself 10% of the Bitcoin the boss tokens so the deal is that Sovereign is launching Bitcoin OS um deploying resources to build Bitcoin OS and uh is receiving 10% of Boss tokens um the other part of the question that you ask is that um we're not developing what uh um oh sorry the first part of the question is the development of sovereign over no Sovereign is continuing to develop right my the the difference is that instead of having everything uh every product that Sovereign launches be uh owned 100% by Sovereign controlled 100% by Sovereign maintained 100% by Sovereign invested in 100% by Sovereign uh which is impossible we just simply do not have the capital the team or the ability to to do that and continue to grow dead what I'm proposing here and I have been proposing now for a long time is that Sovereign launches these as independent products um French we have a few more minutes uh do you want to to ask a couple more questions sure uh when are money markets ready uh and then is the bus test not going to be in if the if the idea okay so I think look we were we were working on a new version of the money markets to be deployed in a boss and um Bitcoin squared and potentially on root stock that work has stopped entirely it was a big difficult decision but the decision was taken to stop at work entirely because it's just another example of losing focus another example of trying to too many things and then not doing any of them well enough it's another example of building more systems that we need to maintain um the focus now is boss once boss is launched we can take the money markets deploy them on Boss spin that out as a separate project get more Revenue that way rinse and repeat rinse and repeat or stable coins for the decks take everything that we've built build it much bigger and better and boss and and and deploy uh Jimmy uh ask why not 10% BST now ASAP it's already happened the Sip to allocate the 10% of USS to Sovereign has already happened it's passed it's done the only question that remains right now is around the uh any any any vesting schedule that may be associated with boss that hasn't been decided more globally across uh you know it's it's doesn't involve just Sovereign it's it's just a question for all of the founding projects and so a decision will be likely made around that sometime in January uh which will be brought to be ratified by uh Sovereign now Sovereign can choose to ignore or reject it the risk around that is that um nobody will want to work with Sovereign and that um Sovereign will not be able to launch a version of Bitcoin o that anyone wants to use okay last question is about the BS cardano integration I'm not sure we have one minute is B integration going to happen yes um just two or three days ago the cardana community voted uh around supporting various products and new projects on cardano one of these uh is a project called um oh I forget sorry the name slips my mind um but uh anyway uh bottom line is what the the the the the the the the number one project which got by far the most votes it received votes from 515 million Ada um was for the integration of Bitcoin OS so that is moving forward with a huge amount of support thank you very much and capital behind that they they also decided to allocate Capital to that's actually hugely impressive uh the we should quit about it perhaps um okay everybody thank you very much thank youo this has been a highly informative uh very dense Community call we will have another one in the next year I want to wish everybody uh Happy Holidays happy Winter happy winter soltice but in particular I want to wish you a happy polls run thank you everybody see you next year thank you everyone stay Sovereign stay sovereign

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and welcome to sovereign's uh number 69th Community call uh Hyde I hope you started recording um uh I uh we have um this is the first call of uh uh 2025 um uh well due um and we have a lot to cover uh we also have um a hard stop so I'm just going to jump into to it uh the first thing I'd like to to discuss is um is review of uh 2025 of sorry of the year of 20244 the year that we that uh uh it just the year that we had I uh since I've joined from my phone I can't share my screen can anybody help me with screen sharing the presentation I don't have the presentation so it's probably going to have to be Luca yeah it uh I can send you this presentation now yeah I'm sending it to you over in a in a in WhatsApp WhatsApp message thanks Joo can you move to the first slide thank you so on our agenda is uh the review of the Year 2024 uh we would like to also discuss the sovereign's newest product which is the origins Launchpad and the very successful and interesting uh soft launch that we had for uh the boss token uh and to uh talk about the Sovereign Bast allocation and what are the next steps in the state of play over there next slide please so in uh 2024 uh was definitely a mil store year uh for for Sovereign next slide please uh we have uh went to multichain exped into Bob we have integrated the uh Runes of Bitcoin native asset uh for the first time for sov and for the first time it was introduced on an evm layer on an evm dap with our own technology that we developed uh and uh very importantly we have um uh started uh incubating uh Bitcoin OS uh a groundbreaking Bitcoin project uh I am sure and hope that all of you know about at this point uh next slide please um so in 2024 we have started bridging Bitcoin and ethereum next slide please by uh grind multichain we have expanded into Bob and ethereum uh L2 uh and have allowed uh um uh uh ethereum assets to be traded on uh on Sovereign on Bob we also enabled staking of bridge sov ESO token on Bob that's a first uh and we have increased our liquidity we have increased our user base significantly and we have more trading opportunities uh than ever and the big coverage that we got uh uh definitely uh signifies that the level of excitement that uh was in the air when we launched that uh launching on Bob also allowed us the opportunity to um deliver a lot of value for our users um next slide um and our user base have grown significantly over there Bob have launched their spice Rewards program and uh in Sovereign alone uh the numbers of participants in the spice program basically people who who provide liquidity to the DAP on Bob have grown from ,300 uh total users at the end of season 1 so pre Bob launch to over 42,000 currently where we are probably at the late last stages of the of season 3 of of spice which is um I think will also be the last season of spice so we have seen a significant growth of users and um we all hope that uh these spice rewards will translate to something uh valuable for them in the near future next slide please um the transition to Bob also signify the transition to a whole new dap next slide please um D2 uh Sovereign dep number two is a more polished better designed and better organized user experience than the previous one it has improvements uh and several othered features um uh an integrated protocol like the smart D for swaps for example uh fixed interest loans full customization easy siip creation and much much more it is um it is nicer to use is slicker uh and um yeah a more more refined um D that has uh pushed Sovereign from uh the alpha D to its current sted uh full dep next slide please behind the scene we have also had a lot of changes that uh allowed the protocol to reduce AWS cost uh to uh uh allow more integration more scal scalability uh on the rsk side uh uh we increased um uh node stability um and and and developed uh better uh staking rewards and better developer tools next slide please one of the most Innovative product that uh we have released in 2024 in fact it was the first in the we were the first in the world to do so uh was a runes to evm bridge allows allowed us to uh to to bridge in runes from Bitcoin main chain to uh root and Bob where we were living at the time um and uh we have the first fractional bridge that allows us to to do it next slide this bridge has uh launched on the Bitcoin having the same date uh that uh runes themselves uh have launched and we managed to um uh integrate it fully into the um into the D user interface uh and and brid in uh runes uh on the having day which is pretty uh wonderfully synchronized effort that have culminated in a in a success the first Brun run that we bridge in was our own Rune that we air dropped to the The Sovereign users who participated in the in the power campaign the power Rune next by slide please with power uh Sovereign has air dropped over half a million dollars in value uh to thousands and thousands of users um it is uh the first first large um well it is the first uh definely the first uh evm Rune airdrop um and uh it was uh our first large scale attempt at the at the points program and um yeah and the first first meme as well um so another Landmark event in 2024 was Sip 83 CP 83 was meant to uh Galvanize sovereign's parti participation in uh developing and incubating Bitcoin OS and in return um solidify the the the demand that Sovereign will uh receive 10% of um of the boss token when they launch uh so next slide uh sip 883 have passed uh in Landmark participation number of over 33% uh and over 98% support so even though this sip required I think that sip required only 5% participation um to to pass um uh the community was so overwhelmingly um uh Pro everything that was proposed in that zp that the people have voted with their wallets and uh yeah we had an incredible incredible turnout um and there are a lot of things exciting things that coming out because of that sip um uh we Sovereign have started to develop a Bitcoin native token started it is currently called TRS I hope perhaps Yago can elaborate on that uh down the line uh so has committed to Distributing the boss token and as well as participating in marketing and research and other activities as well as not operation Etc and everything of course is available in the Sip document itself um 10% of that PO token will be allocated to The Sovereign Community uh next slide please um another exciting uh product that came out of CP 83 is the origins uh LaunchPad um yo actually can you do you want to talk about that so before I talk about that I I've got quite I'd be happy to talk about some of the other developments and uh the technology with regards to programmable tokens you said that Sovereign is developing it and I want to avoid uh misunder understandings right so Sovereign is developing and contributing to the development of Bitcoin o in general and that includes programmable tokens as part of the OS system does not mean that the programmable tokens are going to be a sovereign product um what uh has been developed specifically as a sovereign product is um Origins so Origins is as uh is is is um a comeback story for the original um platform that we built to allow for a Launchpad to exist on rootstock at the time when we launched uh Sovereign there was no launch pad on rootstock and so we had to build one and among other things we used it to launch Sovereign itself well what we've done with Origins is uh we've built out a new uh and far more powerful uh system the system still has a great deal of development that can go into it but what it already did was it it allowed people to send in funds from a large number of different chains um it had a logic that allowed for referrals logic that allowed for bonuses provided people with a clear understanding of um uh the their history of purchases um and so a lot of uh key features were bu into that and it was used as a way for us to effectively do a test run um for the bus Community allowing early participants in the bus Community to purchase bus for uh for their own needs the result was um far beyond what we were expecting so um that we were expecting a Rel relatively small sale there was no marketing attached to the sale there was no particular effort in fact we tried to keep it quiet within the community um the amount of funds raised um was what we expected would be raised in a week would was raised within the first hour and the overall amount of funds raised was around six times what was O what was anticipated but the most important thing is that this entire thing happened extremely smoothly we really owe a huge de of gratitude to the entire Sovereign team um the devops team the front end team the uh U backend integration team the design uh uh coordination across that entire team the community managers everyone who was involved in this because what because it was one of the smoothest one of the cleanest launches that Sovereign has ever done um it was very polished and the reactions from the um users was was fantastic people really really loved the experience and what's super cool about it is it provides a interface which is similar to a centralized interface where you can send in from any chain you don't necessarily have to connect your wallet um and you can choose multiple different assets to use now there's two different worlds one world is the world of centralized uh Services which have usually a much cleaner much more polished UI which we were trying to achieve and then there's the world of um decentralized services including launch pads where you can you do get some UI UI advantages like the ability to connect your wallet but they're less secure actually in some ways and um they the most important thing about them is they're extremely limited limited to a single chain um and so what Origins represents even though its backend right now is not boss it's been designed so that the back end can be switched out to boss and create a system which integrates into Bitcoin integrates into many chains and can finally provide the user experience that we think bus can provide which is basically a web to experience with uh crypto security and crypto assets um in a decentralized way and that that is the future and so this could prove to be an extremely important product for Sovereign going forward because not only does it represent a a new product within the product set of sovereign the first product that Sovereign is building on boss and a key product to grow the boss ecosystem it also represents a way in which we can own the end user and collect large uh uh uh uh user base which can then be directed into further products like anytime a new project is launched through origins its tokens will be launched onto liquidity pools potentially that allow you to trade uh through the The Sovereign decks which will also be built on boss and so I think we're moving into a phase where we will have a much cleaner and much more much cleaner interface much more secure technology and a much better ability to start driving significant users and just for this for this one sale Sovereign collected um over 100,000 emails which potentially can be used for remarketing so overall this was a huge success and the team did an amazing job thank you thank you very much yo [Music] um why don't you take it away to the next slide and we can discuss the uh boss Sip and the Sol allocation where things stand and what's the path forward let's see it yeah go [Music] you're screen sharing I think the wrong tab no I'm screen sharing the right tab but I'm having some problems with my computer it's not uh it's not participating with me all right cool before I get into the boss token allocation and some of the other stuff I want to talk this is not cor cooperating with me at all all right we'll just use this screen then we'll live with it all right before before we get into ah there there's some kind of weird lag on my computer you see okay before sorry I don't know what's going on all right well we'll use it like this can you guys see the screen yeah we see a presentation with three simple slides all right good I want to explain what we're doing with boss right now and because soon we were we're going to be open sourcing some very very cool Tech we're going to be open sourcing um a version of bnar that is going to allow people for the first time to take General compute and run it on bitcoin it's going to allow developers to basically write any kind of smart contract for Bitcoin and that's going to be coming out quite soon it's a big deal um so to explain what we're doing I want to explain that usually when you think about a smart contract you think about this thing you put your Bitcoin into the thing and the smart contract is some kind of dep but if we break a a smart contract down to its key components it's basically three components it's the ability to lock assets it's some software or instruction set right the set of rules right that's the software and then and then there's the verifiable computer the ability to verify that computations about the locked assets are happening according to the software so those are the three components now usually people think about a smart contract that's just one thing but it's actually three things so how can we bring smart contracts to bitcoin well one of the things that we've done is we've broken up Bitcoin uh sorry we've broken up smart contract from first principles into their three components so what we're going to be releasing with the the most releasing with with the the the the upcoming release of the next open source version of bitar is a system where if this is Bitcoin you can go and create a what we're calling ZK Vault on bitcoin you can lock BTC in that Vault this is potentially an address that you like you own could be a shared address or it can be an address that you own but this address is part of a full smart contract except that two parts of the smart contract actually don't live inside of Bitcoin at all the software can be written the instruction set can be written anywhere can be written on another chain it can be written on another computer it could even be written just on GitHub and by running this software you're able to generate a ZK proof that the software that you ran is the software that you've that that you're supposed to run and that it was run the way it is supposed to run and created ZK proof so remember we had three components to a Smart contract we've got the ability to lock assets and of course unlock assets the ability to do verifiable compute and the software itself all of these three components together they create a smart contract and so what we're releasing now bitnar allows us to build these kinds of smart contracts for Bitcoin for the first time ever and what can the smart contract do literally anything there is no type of smart contract which you cannot build for Bitcoin using this system the next phase in which we will be also open- sourcing some new stuff around will extend this extend this concept allowing you not not only to lock up BTC but also to create software that you can verify that issues and can lock up and manipulate programmable tokens on bitcoin and these programmable tokens can interact with Bitcoin in many ways you could create a system which locks up Bitcoin and mints a Bitcoin backed stablecoin against it you could create a totally new Dow and issue tokens against that Dow and trade them for Bitcoin you could create a staking token let's call it sov have it canonically exist on the Bitcoin ecosystem and have it generate BTC yield in a programmatic way these are all things that we will soon be able to do on bitcoin using boss so when so so we're getting very very close like we're we're starting to open source this stuff we're starting to audit the systems for for building this we're getting very close to being to the point where we'll be able to launch an a main at Alpha which has all of this functionality and more allowing developers to start building pretty much anything they want on bitcoin as well as using other chains to talk to bitcoin for these these smart contracts so these are smart contracts that can exist different parts of them can exist in different chains at a time okay um before I continue onto um boss Alpha mayet and um and sovereigns boss tokens are there any questions about anything I've just said yeah Blue Monkey asks uh so Sovereign will have a desk a DEX on bitcoin us is that Dex a rollup um okay so will Sovereign have a de yes yeah i i i i the expectation is that Sovereign will have a DEX we spoke about it actually in our last Community call um it will not be a rollup although what a rollup is is a very ambiguous term but broadly speaking I don't think you can think of it as a separate chain in fact the nice thing about it is that it won't require any chain at all um I described this in the last Community call if you guys want you can go back and watch that um and yes this is under construction unicor asks um uh will we be able to transfer the rooto sov to Origins and stake them there will we be able to transfer the root stock SV to Origins and stake them in Origins well currently Origins doesn't have any staking functionality and I also can't promise that it will be easy to transfer rootstock SV because rootstock sov is hardcoded into root stock and suffers from the bridging complexities and risks that you that any Bridge has that any system which isn't designed for trustless bridging will have so maybe one day there might be a way to do that I don't anticipate that to be a near-term thing mm uh I don't really understand your question and then ni uh we' discussed or the origins lunch but I suggest uh you listen to that part of the conversation later umit has asked what is Sovereign and what is neex neex if I remember correctly was what I called the decks it's not an official name it was just like a name I was was using to give it something that we could call it during the last Community call but the idea was the way of describing how you can build on buses rails um a sort of decks which can replace more trustless and with in many ways better features Thor chain like functionality of swapping between multiple different assets across multiple different chains all right we continue yeah all right so so where we are now is we are um expecting to have the system ready for mayit over the coming few months not a lot of months um canot guarantee anything but that is the current expectation and in the lead up to that we will um we need to be very very precise around what we're doing so we've got the origins product which we're going to probably seek to continue development of and we will seek to continue that development on the basis of um sort of Market need so possible that boss will do another round of sale at some point before launch it's possible not guaranteed and there's some other projects that are interested in building a bus that are interested in using Origins to do a launch I think think we want to be very selective with any launches that we do with Origins over the coming months um so that everything is extremely polished and is high quality but I think that it's very likely that we will start to see over the course especially of the second half of this year increased use of Origins as a standalone product second uh um uh we are working to launch effectively a an execution environment a chain evm type environment which will be um uh sort of uh what we've been describing as The Sovereign layer uh we're working on that and hopefully we will over the next few weeks have a test net I don't know next few weeks let's call it the next month or two a test net of that ready and that will also once that goes on to main it trigger the um distribution of osv that Sovereign stakers have been earning um over the course of the last nine months that they've been staking um it might be that we choose to launch that layer under some kind of of different branding potentially with its own token so that it has additional incentives that can be distributed that can be something that will be brought up for discussion and debate if it looks like an opportunity amongst the community but launching the layer is something that we are anticipating will happen um at least to testnet over the the next couple of months and then finally with regards to the boss Tokens The Boss tokens so 10% of Boss tokens are anticipated to be distributed to Sovereign and Sovereign will be receiving these boss tokens as a founding entity in Boss all founding entities in Boss are receiving the same uh um uh distribution uh and terms which is a one-year lock up and then four years of um of uh linear vesting however there are two things that we're trying to see now one which I can I can I think I can say with a high degree of certainty which is that um from day one those boss tokens will be stable by Sovereign and that will begin to generate immediate yield for Sovereign which will be distributed to Sovereign stakers so when our current expectation is that when um bus launches it will immediately introduce a new Revenue stream which will periodically be uh distributed to sov stakers the second thing is we're currently trying to see if there is a way to to um accelerate or in some way part or in some way The Sovereign allocation but we can make no guarantees around that I also want to explain that um one of the key things right now is the the uh exchange listings we are talking to the most um significant exchanges uh around listing boss and I can tell you uh that we um received um from the first tier one exchange an offer uh which is we know more or less what's going on in the market we've been talking to a lot of projects we received an offer for listing which was at far better terms than other projects had received over the last few months which seems to indicate strong enthusiasm and and and interest in the project we because of this we we now have to be extremely careful about how we present all things about boss because this is a sensitive negotiation and also I want to remind you guys I think one of the things that we did with Sovereign is we didn't list Sovereign on major exchanges uh early on we didn't list Sovereign on any exchanges we kept all of the trading on The Sovereign decks I think long term that proved to be a mistake um I think the success of projects in the space is at least partly determined by broad distribution early on on exchanges and that those first days can be critical so one of the things that we do know is that the exchanges and you know this I it's a public call but you know let's not turn this into public comment by Sovereign but I can say that some of the exchanges uh have made clear that they would like to make sure that there are lockups on founding entities early on and that is one of the reasons that Sovereign as well as all other founding entities need to have a lockup early on because otherwise we would potentially be um substantially reducing the chances for bus to have the kind of successful launch that we're anticipating for it um French is there anything else I should cover uh let's uh open the floor for questions [Music] um time CH ask if the 25% uh vesting would be linear yes linear vesting and then he wants to know if we will need the boss tokens to run a non-slam node to run a slam node you will need to stake boss tokens or at least delegate stake boss tokens yes but to run a standard node which is not sort of an um an economically active node but just a personal node for for verification you will not need boss tokens no okay anp's asking a question but I don't understand what the question is something about Sovereign two years ago soip if you can clarify I'm happy to answer um so blue monkey is asking if we'll be able to bridge our sovv from rootstock to bitcoin o the plan over the last year that we've been anticipating is that new sov will be minted what we're calling Os sov or canonical sov will be minted because bridging is very risky and we don't want to have a governance token which is bridged and therefore we will have a new isurance of canonical s so I'm should ask if the issuance will be one to one yeah iate yes I I would imagine it would be one to one we can maybe if it's maybe worth discussing if we want to Red denominate it but at this point in time I think it you know if one to one is simple by the way uh if anyone wants to speak voice uh they can raise their hand and join the stage oh thanks very much anip anp's uh suggesting that I should uh that he's thanking me for hard work and suggesting I keep it up don't want to forget about s I think that 2024 was a pretty difficult year for most of crypto uh and that included us runes basically failed um at least to gain traction you know or live up to the hype uh and the so-called Bitcoin layer 2 Renaissance has emerged as a bunch of projects that are only vaguely Associated or affiliated with Bitcoin and the rest of the crypto space my God what a bloodbath it is still under you know it still hasn't recovered to the alltime highs of three years ago and Bitcoin itself is trading only just barely above the highs of four years ago um from sovereign's perspective we've tried a lot of things we've built some really really great things we've had some really really you know we've provided great user experiences and I have been traveling a lot recently going to many many conferences and I've been surprised actually by how many people will come up to me not to talk to me about boss but to talk to me about Sovereign and say you know i' I I I was a sovereign user or I am a sovereign user and I really love the interface and I think you what you guys built was amazing and I'm a big supporter happy happens much more than I would have anticipated but the problem is that we've always been struggling in Sovereign and in crypto more generally that we're building on sand right all of these different chains they all isolated developer you have to figure out am I going to launch on salano or ethereum or arbitrum or BC or Avalanche and then I can only get to a small percentage of the users and then if I want to get to other people I need to redeploy on a new chain and set up an entire new team and I need to manage a totally new deployment and I need to manage Bridges which introduces way more risk and we experienced this ourselves when we launched on Bob and how difficult it was you know to take you know we ended up with two different systems that we were maintaining which had completely different code bases it's a real mess um I think what what's exciting to me as someone who's building in the space and who wants to continue to build Sovereign I want to build Sovereign on solid foundations so that one success leads to another so that the code is easy to maintain and so that we can run forward and keep adding new cool features and I think another cool advantage of it will be that we will be one of the early builders in an ecosystem that can potentially grow very large and so as I think this is probably an experience that everyone on the team who has been involved in building building Fields we've had to somewhat neglect a little bit the building and the and you know building on Bob and building on on on Sovereign and you know just maintaining those two different things there a lot of work plus building all of the stuff that we're building for bus we haven't over the last 6 months launch new products in the way that Sovereign used to do in the past and I think this has been a good thing because what's allowed us to do is take a step back and start building things which can really have solid foundations and I think Origins and the way that it launched uh and the sort of EX the the the the great user feedback that we've received from it is is is proof right that this strategy can work that we can build really really great product we need to take a little bit more time we can build really really great product and because we'll be building on boss we will no longer be building on sand I agree and and um and it's an interesting takeway that you point to to Origins because this product was supposed to launch originally um four months ago I think uh and the fact that uh uh the project is chosen to postpone the launch uh it was definitely definitely to the betterment of user experience and uh the system security and and every aspect of it uh benefited because we have we have taken our time and didn't ship it right away um heat asks uh if there are any plans about Sovereign dollar uh and Bitcoin us not at the this time certainly there is some work that um one digit has been doing around the new design stable coins but uh and and I think that there is going to be a need for Bitcoin back stable coins but my overall read on the market right now is that most people who want stable coins want Fiat stable coins that there will be space for Bitcoin back stable coins um but that it's going to probably take a long time uh on a relative basis for Sovereign like long being I would think it would probably take a year to build a really really solid V2 for zero or like the successor for zero which can create a truly scalable highly Capital efficient and highly secure from a peg perspective Bitcoin back stable coin and even when when we launch that I don't think it's immediately going to be a massive success it might be but I suspect that what we're going to start seeing is Banks corporations and a large number of players introducing stable coins into the market and the stable coin Market is going to become over the next year extremely crowded and extremely competitive and there is a natural advantage that Fiat backed stable coins have which is that um fat is cheap and Bitcoin is expensive so I don't think that it's likely that um a Bitcoin back stable coin will be the first product that Sovereign should consider building although few months from now we may have enough of a design that it makes sense to to to to to begin the process of launching such a thing and I will also say that I still strongly believe that sovereign's best bet is not to try and have everything under Sovereign but to use its position to launch additional projects and to see the tokens of those projects provide additional revenue and grow the asset base of sovereign I still think that that is going to prove to be a better strategy um not the only strategy we can pursue but I I think probably the one which to be much more successful time chain b s questions it is interesting i' like to uh talk about what time time WR about in the chat time writes uh sip 85 failed and K up kicked up a lot of D in the community especially after communal 68 can we ensure that the next tip that will be about will be about the boss but this time will take at least a month or two to engage on the Forum and hash out the the distribution properly and get a good feel of what the community wants and then vote so I'm not sure that we will have that luxury to be honest um I think we may end up with less time because there's still a number of unknowns and what's breathing down our necks right now is the launch of the system and so there might not be time for multiple months of debate we might need to make decisions pretty quickly in a week or two we will do what we can to try and provide all of the information for that um but um I'm not sure like I there's there's not a specific sip that comes to mind that we would need right now but um if there is I just want to warn people in advance it's possible that we will not have the luxury of a huge amount of time to discuss yeah well ask if there are any examples of projects not or types of project that are in talks to to deploying on Boss building boss well I I some of them I I'm if if you guys are following um boss you've probably been seeing announcements every now and again of projects that are building on boss or integrating with boss or that have announced that they're doing it not all of them are actually doing it some of them are just doing announcements but most of them that have made announcements this there's something real behind them and there's also a whole bunch that haven't announced um but we're seeing um everything from Bitcoin staking to bitcoin lending to cross chain bridging to um rollups to um stable coins there's a whole AI agents there's a whole assortment of of projects that are that are already in the process of building on Boss all right uh time chairman also asks with regards to the question of a CEO I still think that it would be a good idea for Sovereign to have a CEO I still think that it's probably better if that CEO isn't me part of the reason for that is that um uh I suspect I'm going to want a six-month break at some point I've been working very very hard in Bitcoin for the last 14 years and um I've been working very hard in Sovereign for the last five and I've been working very very hard on boss for the last year and um uh I'm probably just for mental health at some point going to want to maybe at the end of this year take a break and I think it would be a good idea for Sovereign to have a CEO regardless of that um and um and I I I I also think that my particular Talent lies more in um sort of looking at overall Trends and coming up with new product ideas I'm not necessarily the best person to build uh dep type products in an incremental way over and over again like not o not over and over again but like really build them and most importantly I think the best strategy for Sovereign is that Sovereign will launch multiple different projects that will each have what is effectively their own CEO I think it's very very hard to overestimate the absolutely critical importance of a founding team for the success of a project and the more focused the founding team is the more likely a project is to be successful and so um whether or not there's like a sovereign CEO or several CEOs for different product lines that are launched my view is there need to be dedicated teams uh if we want to see uh specific products succeed L monkey asks uh you if the gly has had hesitation about Sovereign becoming a de has the Fig work from users with us your experience change your mind or were there other factors as well de my my biggest concern is around amm I don't think that amm are good products I think even even Unis swap today is seeing the vast majority of its transactional activity actually not coming through um standardized swaps but is actually being eaten up by market makers sitting on the periphery of the of the deck which means that the Dex sees no revenue from those or very little revenue from those so so I I would say that if we're able to build a different kind of Dex model which has can serve a specific purpose then it makes sense to build a deck the the primary concerns with amm has been that unless you're able to build huge amounts of liquidity this Dex is just extremely Capital inefficient and I can't blame users for not wanting to use it and in particular it's very hard to build things like limit orders uh margin trading or any more sophisticated kind of transactions on it with uh Neo deex or whatever it is that we're going to call it the this actually wouldn't be on chain at all and it could be extremely fast and extremely Capital efficient we believe we have a design for that and we much of it is already built um so I think that there is an opportunity out there for a very powerful deck and and I think s can uh play an important role there all right everyone we have a hard stop in three minutes there anything else from anyone metime I read a nice thing from time chairman that just wants to say publicly that uh he hopes that we all prefer keeping the treasury strong and therefore s so viable in the long term and the distribution uh also looks after s so to and not just the stakers and he also hopes you'll have a nice time off if you'll take it at the end of this year which that's not going to happen anytime soon that's bare Market activity but I but thank you yeah um will the newex have always Sol is the governance token maybe I mean it's uh we we need to make it there's an important decision around how we want to launch these products um you know I've I've made my opinion on this pretty clear but we will have to like ultimately it's going to be up to biocracy to decide uh I need ask what should he do with the to get OS you don't need to do anything if you're staking your SV you're already earning OS of it just hasn't been distributed yet yeah um l l monkey thanks you yo for your contributions and everything you do much appreciate it that's nice to hear thank you very much all right back to you French all right guys um this was it it was very very uh information dense uh um Community call um and uh I I I think Luca that we should potentially do uh a Discord announcement um summarizing it because these are interesting takeaways here thank you thank you everyone that's our poem have a great great uh weekend coming up stay Sovereign stay sovereign

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Hello everyone. Welcome to uh another sovereign community call. Um we haven't had one for a few months, but uh we were working very hard to uh bring into life and make good on everything that um uh we have promised to the sovereign community. Some of whom are present here, others may watch this on YouTube. Um, I'm glad to have a turnout. Uh, we have uh quite a lot to cover today. Um, notably about the boss token allocation and about the sovereign layer. Uh, I hope to have time for questions uh at uh the end of this. Uh and if you want we will continue discussion in the forum or we can have another one if there's demand. Uh Yago how are you? Hello. Hello. Very well. Thank you Mr. Victory. Um excited to uh be on the call with uh everyone again. Here is um the uh uh agenda that uh we have for the call today. So we're going to be discussing two key issues uh which uh we've been working towards now for a very long time over the course of the the the the past year. One is um the launch of the boss platform and boss token allocation to sovereign. The second is utilizing um the bus platform for the launch of the sovereign layer and the implications for sovereign going forward. So we'll start with a review of key performance metrics um over the the last months and in particular over the last uh year but providing a general overview of where we stand with sovereign. We will then go into the boss token allocation, then into the sovereign layer, and then we will leave time for questions. So, without further ado, who's who who uh hide, I think you're controlling the deck, right? All right. So, going to start with um yearto date. Yeah. Year-to- date staking rewards. So uh has continued to generate significant revenue for stakers on an ongoing basis. This year um we are on a run rate um correct me if I'm wrong French but this what we're seeing here 753,000 is that run rate or year to date? That's year to date. It's not run rate. All right. So um value in terms of rewards generated for sovereign stakers this year so far has been 3/4 of a million dollars where on an annualized run rate to exceed a million in um in rewards. Most of this is provided in the form of BTC although there are other um assets which are also being provided on an ongoing basis to SV stakers. What this means is that we've had an average APY um this year of 76%. That's very very high. Um it's close to 80% and it means that stakers are generating real yield right primarily in the form of BTC at a rate of 76%. Now we've discussed this in the past. There is this this is while this is great news, it does represent something of a problem um because it's showing us that not that that the market is not responding well enough to um to these incentives. Uh there should be more people staking. There should be more demand for the SOV token to uh um provide that staking. And I think that that speaks to a problem that we've spoken about a number of times which is um the right now sovereign despite this performance and and and and the fact that uh uh lenders of BTC are generating yield higher than uh on other platforms um that lenders of stable coins are generating yield 2x that of other platforms. Um so the system is is is very active is highly uh profitable for stakers but is not getting um enough uh attention um and and and part of the reason for that is we are on like a corner of the crypto space on rootstock um and that was a big reason why it was important for us to put so much effort to being able to expand our market. So next slide please. Next slide please. Okay. Sorry. Um yes. Okay. So uh this is not a a fluke. Um one of the interesting things that's that that we've seen in sovereign is that this has been consistent. So over the close to 5 years of operation uh we have always averaged more than a million dollars in uh staker revenue average APYs of 27% in total close to 7 million and we will have exceeded 7 million in rewards uh driven to so stakers by the end of this year. So um in that respect we've got um you know and ultimately I think that is the the number one metric that we we need to judge ourselves by is the platform operating is the platform generating incentives returns uh rewards for stakers and and and and I think our our the answer is yes and to and yes to a degree where um uh the the the market hasn't properly responded and just in terms of the mathematics of the market uh still undervaluing so just with these metrics and we'll come to additional metrics uh uh um in a bit but just with these metrics uh when you're at a 70 or 80% APY what that effectively is saying is that you can stake the asset the asset can decrease in value by uh 60 or 65% and you would still be making a 10% profit, right? So, this is effectively a riskless trade um where even I if the the asset drops 70%, you're breaking even or still making a profit. Very very difficult to find those opportunities. So, why why is the yield so high? Um the uh platform itself has uh highly active where there's been more than uh there's been multiple billions transacted on the application. I think this is only looking at a slice of the application um because just in terms of lending we've done over a billion in terms of trade. So I think this number is actually uh under reportported and and and and the this so staking mechanism. Um one of the the the ch the challenges that people have challenged us with is does it make sense to stake for a long time? What you want to be able to do if you are staking for a long time is have a guarantee of um consistent returns that you can bank on. Um and of course you know history is no guarantee of the future but now for 5 years we've managed to demonstrate this consistent ability to generate just from base activity yield and and we with boss uh we we expect to significantly increase that with sovereign layer we can expect to significantly increase that as well. All right, so coming back to the Boss token allocation, let me give a quick rundown of where um Bitcoin OS and the Boss platform is. Um Bitcoin OS has um made tremendous but perhaps more importantly fundamental progress. So uh last year for the first time ever uh the boss team managed to demonstrate ZK proofs for the first time in block 853626 the first time giving Bitcoin eyes and a brain in which to be able to manage arbitrary compute have full programmability and ever since then the work has been around building an operating system around us. Over that period of time, Bitnark was introduced in April. Uh a couple of months later, we then introduced charms, which is a programmable standard for Bitcoin. Uh we then um over the course of this period also were able to make announcements around integrations with significant chains and in particular UTXO chains, Cardano, Litecoin, and more to come. integrating all of the UTXO chains to Bitcoin, deeply integrating them into Bitcoin, effectively creating a round boss a a a super chain of of UTXO chains and have seen a great deal of of community enthusiasm from that. A large number of partnerships have also been announced. From a technical perspective, perhaps the most exciting period has been recently where by combining charms and grail um a month ago the first ZK BTC was minted on Bitcoin. That's the first programmable BTC on Bitcoin now exists. It was done through um a as as yet unreleased sort of non-public version of Grail Pro which is a version of Grail which has been specifically designed to integrate with custodians and institutional capital and we have a close to um we have now several millions in in in BTC value in this programmable form and um hundreds of millions ions in commitments waiting for us to open uh uh Grail Pro out. In addition to that, Grail Pro actually was announced today. So, if you guys go and and and look at it, we we've we've publicly announced Grail. We're going to be expecting to see significantly more BTC being um issued into UTXOs, which allow ZK BTC and BTC to become programmable. And um we've also started to see other tokens issued in the form of charms um uh bro token um was created by the the u charms inc company who are a company who have devoted themselves to building further on the charms platform and we've seen um tens of thousands of transactions um in charms so far in fact so many transactions that um boss is already starting to uh cause Bitcoin transactions to increase in price slightly and is uh attracting attention from people who uh are watching the Bitcoin blockchain um such as um enthusiasts but perhaps most importantly miners. Um over the next few weeks um we will not only see the increase in ZKBTC but we also expect to see the introduction of the boss token and it will uh um exist on Bitcoin as a charms token and also be available as an EVM token a token a a CNT token and will also become tradable um across uh uh global exchanges And that's going to be a very important moment for boss but also a very important moment for sovereign. one of the um um sips um that we took um at the end of last year was that um the Bitcoin the the sovereign community was going to support and incubate um the Boss platform and as a result would receive a 10% allocation of Boss tokens And um so there has been some some lack of clarity uh because it was necessary for um um the the the boss project to get to a point where it was able to mint these tokens and to see sort of how these tokens were going to be distributed. But at this point, we now have clarity that this 10% of boss is going to be available for sovereign and is going to be distributed to SOV stakers as if all of these stakers were preferred founders uh in the Bitcoin OS platform. So what does that mean? So the standard founder vesting in Bitcoin OS. So people who have sort of joined the project early so last year and have been working ever since have received an allocation of boss tokens. This allocation is with a one-year cliff from um TGE and then a 4-year vesting period. There is also a separate allocation which has been given to early investors effectively VCs or strategic partners and that is a one-year cliff and three years vesting. What is being allocated to sovereign is the best of both worlds. On the one hand there is no capital. So the VCs or investors needed to uh invest capital in Bitcoin OS. there is no capital being invested by sovereigns or sovereign in order to receive the allocation. But on the other hand the uh so in that respect like founders but um the vesting is a preferred vesting it is the the same vesting that those investors are receiving which is a one-year cliff and three years vesting. So from the moment of TGE, there will be a one-year cliff and after that over the course of 3 years, this 10% of the bus tokens will be distributed to SOV stakers as an additional form of revenue for SOV stakers. Um, as of now, obviously, it's hard to put a a numeric value to this because this is something which will be decided by the market and and and this token hasn't begun trading yet. But as of now, the FDV at which investments have been made, including the pre-sale, um, are at a $200 million FDV, which would translate to a $20 million allocation. um uh provided to the boss community. And so one way to think about that is we're looking at an additional $5 million assuming this price were, you know, to hold throughout the four years, not to increase or not decrease. Over that 4year period, it averages out to an additional $5 million in revenue per year to SOV stakers. So um given current sort of uh um valuation assessment this would this would represent a 6x increase over the already robust value being provided to so stakers. And so my goal here, the goal of the team and I think the goal of the community as a whole was to make sure that um sovereign stakers were properly being rewarded, that um sovereign stakers had strong incentives to maintain a highly robust decentralized form of governance and that there was the incentives in place to provide that. we took a big bet on uh Bitcoin OS. One of the ways that this is going to play out for us is through this allocation and um could indeed potentially be extremely lucrative for SV stakers and make SV staking ever more attractive and valuable. So um when we do this, our intention is also to then make a push to ramp up the availability of SOV, the liquidity of SOV and the visibility of SV across um uh exchanges. It is currently traded across a number of of of trading platforms both dexes and sexes who we're going to be looking to increase that because um we feel like um the current price for the SOV token is not being properly reflected not today and certainly not in terms of its potential earning power in the years going forward. All right. So one of the ways that we think that this is valuable for sovereign um is this this direct equity effectively in the boss platform. But beyond that, the reason that the boss platform work began in the first place, the reason why it was important for Sovereign to be part of this was because it we wanted to be able to go beyond Rootstock, which still depends on merge mining um on on a federated peg and and has not proven to be a platform attractive enough for many Bitcoiners and not for institutional players in the BTC. PC space. We needed to provide a platform um which was better suited to truly trustless Bitcoin DeFi which was truly suited for industrial-grade uh um DeFi which can also be uh uh attractive to um institutional players. I for for many years we've discussed how Bitcoin in order to become the reserve asset we all want it to be needs to be able to play that role by offering um utility as a counterparty risk-free non-government form of collateral and an asset which can be used to generate yield without taking counterparty risk. To this day, that is still impossible with Bitcoin. There are the platforms and the tooling to to make that happen do not exist. But while this was important 5 years ago when we started working on sovereign, it is 100 times more obviously important now, today there's between 2.5 million and 6 million depending on how you define it. BTC held by institutional players. I talk to them all the time. They are looking for counterparty risk-free opportunities. They are looking for ways to turn their BTC into collateral without having to deposit or utilize centralized services and their alternatives are their options for doing this are effectively non-existent. And so there is a multi-undred billion dollar market out there that we need to be able to address for the good of Bitcoin and for the good of sovereign, but also because that will allow us to build the tools which I think almost everyone who's involved in the sovereign project want to be able to use for themselves. And I know that I certainly do. you know, I want to be able to use I want to be able to have Bitcoin as something which I never sell and that is there for my family for generations to come. And so that's where the importance of the sovereign layer comes in. And I think it opens up a new chapter for sovereign in terms of what we're going to be able to uh develop, build, and provide to the world. If we can go to the next slide, please. So the goal with the sovereign layer is to provide on the one hand bitcoin's native defy platform and also the place where in the early days of the the the the boss uh ecosystem being built out we can capture as sovereign a significant position as a provider and a platform for where if you're a dev uh this is where you come to build. If you are a user, this is where you come to to to utilize um uh the boss platform. And so there needs to be a place where people can use ZKBTC, where people can use Boss token, where people can borrow and trade with Bro token, with all the other tokens which will um be issued and and become part of this growing boss ecosystem. And for that what we need is a platform which is sec integrated with boss and secured by bitcoin a system where all of the transactions are aggregated as zk proofs written to bitcoin and become bitcoin become a an a bitcoin transaction. In other words they that all the transactions ultimately have bitcoin level security can move over to the the next platform. Okay. So, our goal is to put the sovereign layer out. We are now um we're now at a point where we've been working on the sovereign layer for a long time. Um it has proven to be a complicated project. We had an early devet running now for multiple months, but we're getting closer to the place where we're going to be able to put out first a test net and then a mainet in short order. And with that, we're going to be looking for Sovereign, not just to launch the layer, but to launch the the two key um DeFi primitives that go with that, which will be added to the um um Sovereign Origins Launchpad platform, providing a way for people to issue assets, to raise capital, and then for the tokens that are generated by that activity and just generally um by activity in the boss ecosystem to have access to trading and to lending. If we could move on to the next slide please. So we already have demonstrated the value of a and the possibility of generating a secure lending platform one which has been operating for half a decade now. We're going to be introducing a version for the sovereign layer which takes advantage of the optimizations that are available on the sovereign layer which are not available on rootstock or really in many places. We're going to be able to offer lower gas fees, um better strategies, um uh new ways of lending and borrowing and new ways of isolating risk um for lenders and uh uh generating um yield with specific strategies. Not all of this will roll out on day one, but uh uh uh much of it will. And then um with all of the charms tokens that are going to be generated both for activity on Bitcoin and for activity between chains utilizing Bitcoin security. In other words, charms were going to be offering not just a lending platform but also the the the possibility for uh uh uh uh trading. And one of the key issues that we've discussed here many times is that today for trading platforms for swaps platforms using the old AMM model um there's a huge bottleneck around liquidity. So we're going to be uh looking to introduce systems which are far more efficient, a deck far more efficient uh from a liquidity perspective and one where market makers can play a role in providing lower slippage and and a broader set of of of uh of tradable assets. And so that brings me to the next slide. The final piece of this puzzle, final piece of the plan that we've been discussing is for Solv itself, the the soft token itself to become a canonically bitcoin secured token, a programmable token which exists and is issued first and foremost on Bitcoin and then can also exist uh and use the the the the the ability now to do um trustless sort of beaming sort of so so bridgeless bridging to different platforms chains execution environments including the sovereign layer that are integrated to Bitcoin via boss and so for the last year um a small part of the yield which has been earned by SOV stakers has been something we've been calling OSOV, right? Which is a placeholder for SOV um which will be introduced on um as canonical S so uh will be will be issued on Bitcoin as a charm and and become available on the sovereign layer. And so the final piece of the puzzle is that we're going to be bringing this to fruition as well. Um, and so everyone who's been earning S OSS so is going to get SOV token liquid uh, and available on um, the sovereign layer. And so here's what the plan looks like. If we can go to the next slide. First thing that we're going to do is we're going to migrate brytocracy from rootstock to the sovereign layer with the goal of integrating all of the different platforms that we're currently on. So that would be sovereign layer uh Bob and Rootstock into that biotocracy and having a single biotocracy govern the entire uh uh boss stack and um all of its platforms across any chain. then um old so right so rootstock issued so will be burned and effectively the btocracy the the the holdings that exist at the time that this occurs there will be a snapshot and all of the um the staked positions on uh rootstock will be copy pasted to the sovereign layer so that pritocracy continues without missing a beat on the sovereign layer. At the same time, OS uh SOV which has been earned will be issued to those who have been earning it will be liquid and they will be able to make the decision to stake further in order to continue earning more including to earn more boss tokens or utilize its liquidity as a liquidity opportunity. Um three sovereign uh uh uh layer stakers will continue to earn boss um in the same way that they've been earning um OSSOV they will earn boss from the moment that boss becomes available and starts unlocking all of that boss will from that 10% will be distributed to uh so stakers according to their VP and the final piece of the pie puzzle actually I already mentioned which is is is OSOV and then the idea is effectively we will allow either via a a a airdrop or a one-way transfer for um all S so to be turned into canonical so um that's the plan we expect to bring this all to fruition over the coming months um The next big step for us is going to be um uh the BOSS TGE which we expect to happen over the coming weeks and then um the next big step after that will be the sovereign layer test net and from there the sovereign layer mainet. Final slide. Thank you very much. Stay sovereign and I'd like to open it up to questions. chain man. How do I promote you? Thank you. Thank Frog, you are now a speaker. You can ask whatever you want. You just need to unmute yourself. Good evening. Good evening. Okay, sorry guys. Uh, Edon, thank you very much for that. That was wonderful and, uh, it's been wonderful to be part of the community for the last few years and to see you guys go through the ups and downs. It's quite something. Um, uh, I do have a few questions. I'd like to just read them out. Um, I wrote them in the chat here. So the first one is if I'm correct uh can I assume that what you were saying with with the podcast with Scott is that the the the push to institutional development that you guys are doing on boss I'm assuming that soft's going to piggyback on that one as well seeing as given the KPIs that you guys have presented this evening it will be also available in Yeah. Yeah. So I'm seeing a very big opportunity. I'm talking to people all the time. I'm talking to people at hedge funds. I'm talking to people at family offices. I'm talking to big holders because they were, you know, bought in early or are miners. And I've been talking to um Bitcoin treasury companies. There's a race right now to figure out how to generate safe yield on Bitcoin. And what's holding literally millions of Bitcoin back is that there is no good way to do this without swapping your BTC for some kind of contractual agreement, an IOU or a security, which if you're holding Bitcoin, that is exactly what you want to avoid, right? The reason you're holding Bitcoin is because you don't trust those instruments anymore. The last year has seen a massive drop in the faith that people have in anything which requires fiat or government regulation in order to secure the value of the asset. That includes real estate because it can't be moved um and is likely to be taxed. It includes uh securities. It includes more than anything um um currencies from indebted countries with and all of the countries are indebted. There is among high netw worth individuals and institutions and professional money managers a growing sense of unease and anxiety about where the world is heading. And that is a big part of the the the the the the the rush of institutions into Bitcoin. Um they're buying Bitcoin for the same reason we did. They're just doing it later. At the same time, we've also seen something remarkable. we've seen um over the last year and while there's been all of this sort of new demand coming online, there's also been for the first time an unprecedented wave of um people who have been holding Bitcoin for, you know, half a decade, a decade, a decade and a half selling their Bitcoin. The reason is um that many of those people sort of have a deep suspicion of institutions. They see the institutionalization of Bitcoin. They haven't had an opportunity to realize the value of Bitcoin in any other way besides selling their Bitcoin. Um, and Bitcoin has reached a point at $100,000 and sort of with an ETF that it's basically sort of from their perspective IPOed and it's time to take some money off the table. And so I see two things. one, I think there is a huge opportunity for um technologies, projects that are able to provide ways to utilize your BTC without having to sell it. Um, and I want to direct and and play a role in directing as much of that into Boss as possible and in from and via Boss. I want to direct it into into Sovereign. I I I think there's an opportunity for Sovereign here to become one of the key players in providing um lending, trading and and other DeFi tools uh either directly by providing the application or on the sovereign layer uh to to the Bitcoin space. The other thing that I am hoping we are going to be able to do here is in in so doing we will reduce the need for people to continue to sell their Bitcoin and allow Bitcoin to become something which if you want to realize the value there or you want to be able to live off their value you can do it via means which uh don't require you to sell it. So yes I think there's a big opportunity here. I think sovereign can be significantly placed to play a major role in that opportunity and that is the goal. Thank you very much. And then just two more questions. Number one, uh what a wonderful piece of news regarding the boss distribution. It's really great to hear what you guys want to do there. I'm just interested to know um how far do you guys um think about keeping the treasury whole or at least you know supporting the sovereign treasury as well given that um yeah it's not just the stakers that make sovereign work. I um think that's beyond the scope of this conversation um because there's already quite enough here and we're going to need to have sips around some of this. But yes, you're absolutely right. Um I several months ago said we need to professionalize sovereign a little bit. Said, you know, in my view it should have like a CEO. I think it needs to have a budget and I think it's important that if we want to continue to be able to see this platform succeed in the future. It's it's it's it's generating, you know, significant revenue for us, I think it's going to generate even more revenue for us in the future. Um, but it can only do that if it has funding. So I think it's going to be very important for us to have a debate as a community uh in the near future around how we're going to make sure that part of the revenue which currently 100% of it goes to stakers is directed to um is directed to the checker and directed to to to to the team and the builders uh that that keep this all keep the lights Um that said in my view that debate should be um it is my view I I I I don't think that debate should include the boss token and the reason I don't think that that debate should include the boss token is not really a rational reason but rather it is my perception that people uh have feel like they've waited a long time for the boss token even after TG they'll have to wait another year and um it is my sense that the at least part of the community would feel a sense of betrayal if part of that was carved off for the uh excheer. What we've have done is we've managed to negotiate with uh boss and we've managed to get a small allocation of boss token uh in addition to the 10% which will be provided to the um sovereign team. It's not a very big allocation, but it is sort of there um as as as a a a token of appreciation from boss um for all of the effort and support that we've received from um the the sovereign team. Um, but we as the sovereign community, we we do need to have a serious and adult conversation around how we uh transfer some of the the capital uh to um uh sovereign excheer and and via the excheer to the team. Thank you very much. And then the last question and I'll stop for tonight. Sorry everybody. Um, I've asked these questions in a specific order for a specific reason because they've given me some time to think and the last question was what can we do to help as stakers and I did have an idea that I'd like to put forth obviously we do that in our forum as as a community that is there not a possibility within the smart contract or some way that you can say okay listen you know I've staked so many sovereign let's say 200,000 sovereign and I want to put 5% into like a delegated staking area that would then sort of uh with me as a as a staker allow me to delegate or to give away or to provide funding to the executive um yeah that specific part of the smart contract but like I'm just mentioning something here sort of a dropping a bomb it's an idea that I thought I'd just put into the community tonight just for you guys to think about but what can we do more to support the community that's what I was actually trying to say thank you very much I think it's a lovely idea my sense is though that we are going to need to have something sort of integrated into the system um which can be relied upon and is not just based on sort of um uh voluntary participation um because that creates um you know a sort of free ride potential free rider problem um but I think it's a it's a lovely idea and and if people want to donate part of the revenue that they're earning. Um I think you can even if there is no sort of official mechanism to do it, it's already a possibility if you wish. Thank you. Any other questions? Widi, you welcome to the stage. Hi everyone. Uh I just have two little questions here. Uh personally for Yako on where we can see you no oncoming weeks on which conference and second about Boston economics when we can expect it. Today we got part of for when we can go full econom economics. Thanks. Thank you. So with regards to conferences, I will be in Singapore um from Friday or Saturday. Uh so if anyone is planning to be at the conference in Singapore uh please you know look me up. Um, and beyond that, I think I will also be at a Dubai conference in November. Um, but um, I'm trying not to travel too much. There's a lot of work to do. Um, so right now I think those are the only two on my agenda. With regards to the tokconomics, uh, the bus tokconomics I think will be published quite soon, certainly in advance of TG. Okay. Sales funers answers French. Are there others? I think I see Joel might looking to ask a question. Um, yep. And if you guys don't want to speak, you can also write the question in the um in the chat box. Hey, go. I was just wondering, I know this doesn't pertain to sovereign, is there a timeline of when the boss will have his token generation? Uh, only a rough timeline. Um, but we're expecting it to be over the um, let's call it the coming 8 weeks. One other question with what we're seeing uh with all the loans being taken out zero origins uh because of uh Bitcoin reaching all-time highs. Are we thinking about doing much with Sovereign to to market itself to that because because of such a a huge amount of interest that seems to be garnering within this application? Um okay so there is no um sort of formal marketing plan around that uh beyond the standard activity that we already engage in which is mostly on social media. The reason for that is you guys may remember that 18 months ago, you know, we came and we we we said, "Look, the the project has 18 months of runway. Um, we still have 18 months of runway. Um, but the reason that we still have 18 months of runway is because we've been extremely conservative with spend and marketing can be one of the most expensive things to spend. So what we hope to do is avail ourselves of two things. one, as boss launches and the sovereign layer launches and the opportunity to get to a larger audience becomes available, we want to piggy back off of that, utilize that as an opportunity, and also sort of piggy back off of the boss marketing. Second thing is as this project matures and it's starting to be a fairly mature project um for for a decentralized project a lot of the marketing needs to rely on word of mouth that is the most authentic and sustainable. And so um ultimately um a big part of that is going to be based on are the users who are using that telling other people telling their friends um that that that is what they're doing and like look I found this hidden gem here's this opportunity you should be aware of it. The reason that we continue to see activity is because that is happening and I think if we um have greater exposure via sovereign layer, via boss and via additional exchange listings that will be amplified. It makes perfect sense. Thanks for that. Okay, French, I think I'm going to hand the mic back to you. Thank you, Yago, um, for the Q&A and of course for the presentation. Um, thank you everyone who came tonight. And if there are no further questions at the moment um we will close the call but of course happy to chat with everyone here on Discord or the forum. Okay, so that's it for now. Thanks everyone. Look how you can close the call. Stay sovereign everybody.