Agoric Community, 20 Jan 2023

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From YouTube: Inter Protocol Community Call #8 — January 2023

Description

00:00 Introduction
00:35 Milestone: Passed 500 Wallets!
01:42 Whitepaper v1 coming soon
02:55 2023 Roadmap
03:25 Vaults Release
06:02 Oracle Network
07:19 IST Across the Cosmos
11:00 Process to support bounties
12:43 Upcoming Events
13:36 Economic Committee Update

A

All right um so uh we'll we'll give a few minutes here for for people to filter in I'm uh emceeing. The the community call here for the first time, because Santi is on a train so welcome everybody hope you'll, be tolerant of uh the new community. Call MC got a few things to cover today, a lot of progress on inter-protocol and really really excited to talk about.

A

What's happened over the last month, or so um as as sort of a first Milestone, we passed 500 wallets uh for the agoric chain itself, so um you know, unlike other chains, uh we have at we had added a a 10 build cost to buying a wallet to interact on the igoric VM, and so we've got 500 folks that have decided to to contribute that uh and that that will go back to the community um either in the community pool or in the reserve.

A

um But we've got over 500 wallets people interacting with the PSM dap, um which has been great. You know, I, think we're we're all really excited to see that um IST activity has continued to grow user activities continue to grow, I. Think last I looked. We were above 1.7 million IST outstanding, um which again is is great to see. You know, with the the mint limit is 5 million. We didn't expect to get anywhere near that with the PSM live only so seeing the growth has just been excellent uh and I know.

A

Everyone is, is really looking forward to the vaults release, which we'll have more more coming later um so white paper V1 also is coming soon.

A

So a lot of the community members you all reached out and added comments, um there's still a few, a few things that need to get updated in into that white paper, and so that's that's coming, um but really appreciate the input that everybody gave and would like to continue that uh as as sort of a process moving forward, um because that that really has been helpful uh and as IST you know, evolves into a fully Community owned and driven entity.

A

uh This is this: we're going to need more and more support from from uh everyone out there.

A

um Beyond that, uh we will sort of continue to post product product goals, directions on discourse and and look for for input from uh everyone. You know we've already done so with uh the the change to the liquidation module, and so, if, if you haven't seen that please go ahead and take a look, uh a lot of that has gotten some really good uh discussion, both on discourse and then you know directly in DMS, uh but really really appreciate everyone's engagement.

A

There we'll have a few more of those likely coming soon uh as the vaults release gets closer um and we also released a road map at the beginning of the year, um and so that's what we're going to cover today on on this community call. So just the quick agenda here is uh covering IST across the cosmos covering the Vault release covering the Oracle network, uh bounties and then uh events down the line. So uh with that, do we have Hannah up as the speaker, yet here no she's joining in on mobile.

A

So uh we may have to move to the next item and circle back all right sure. um So um perhaps then I'll just stay on and talk a little bit about the vaults release itself. So this is has been the big effort on on the agoric side um and and sort of specifically around inter-protocol over the last several months. um The vaults release is really get.

A

It gets us to the full vision of what was described around the agoric economy, uh minus the amm I suppose, but but really the inter-protocol section of what was described around the agoric economy.

A

um You know at the token launch, and- and um so this has sort of been the mandate to build out and as we get closer, uh it's really great to see it come together and really I want to highlight a couple specific things that are coming down.

A

The line um from the community perspective really, what we're focused around is getting test Nets up and running, so that people can try out up the actual vaults applications, try out the um the the protocols themselves and we're going to be looking to coordinate, not only user testing but also economic testing of the vaults.

A

So um that's that's all still coming together, but over the next month or so, a number of these plans are are going to come out where we'll be looking for input and and support from the community to help test out the system volts. The volts release includes contracts to actually manage the vaults.

A

It includes the protocol Reserve, which will handle accounting for managing debt and and burning down debt after liquidations will hold additional assets to help keep the protocol over collateralized even further, uh beyond what the vaults allow and then will likely evolve post this release into more of an asset management capability for the econ committee or or whoever the elected representatives for that end up being, um and so the reserve contract really is is a V1, but is an important part of this release and then uh is additionally.

A

The new liquidation module, which uh we I mentioned before, was written up on discourse and is currently getting built. So um one big thing that we want to make sure to drive, as as the release comes together, is bringing together Liquidators, who are able to bid in auctions and understand, understand how to do that correctly.

A

How to offload the app assets that they buy on external chains and make sure that that group exists, and so, if that's you, if that's something you're interested in that would be a really great way to to make a return on on the vault's release is to act as a liquidator and help stabilize the protocol. That way, um and last is the the Oracle Network itself.

A

So um many of you already know, but the Oracle network is a decentralized Oracle Network, that's sort of running a version of chain link software in part, adapted for the agoric system and driven by really experienced chain link. Node operators, in particular simply staking has been driving that decentralized Network, and so we're really happy to be working with them.

A

It's been a really great experience, getting their their knowledge and and being confident that experienced, Oracle, node operators will be will be providing price feeds for uh inter-protocol, and so that will go through its own testnet phase. uh So the launch of the Oracle Network making sure prices are coming through and uh getting prioritized in the right way and going through examples of sort of the same kinds of price declines that we've seen in the market over the last couple years.

A

Try to try to simulate those and see how that that works alongside simulating High network activity, so really excited to see that come together and that actually, hopefully, should be in testnet. Before the end of the month, though, um there are still a few moving moving pieces there. So uh with that I'll I'll turn it to Hannah who's, going to talk about progress in IST uh across the cosmos.

B

Thank you, Roland yeah, so super exciting week for us, um we launched two new pools on Crescent, the first being an IST staked, atom pool and the second an IST B creep pool.

B

um So the ISD steak down and pool is actually the first liquid staking Adam pool on Crescent. uh Why does that matter? Well, if you know about, if you've seen the news you've seen, the liquid staking derivatives are quite the macro Trend right now, um so roughly 200 million dollars worth of atom, which is 63 of the circulating Supply, is sticked to secure the cosmos Network.

B

So while that secures the network until having a liquid version of that, that was locked and unable to be used in defy so now that we have staked atom, uh users can not only earn their staking rewards, but they can also earn D5 rewards. So it really is a win-win, um and the great part about our pool is that since IST is designed to maintain parity with the US dollar- and we are a cosmos native staple token- um we can- let's see we- can you can?

B

Oh sorry, um basically by pairing staked atom with ist um users can easily trade against the reference price and keep staked atom price stable relative to atoms. So that is very exciting there on the Crescent pools. uh Another exciting partnership that we have is with shade swap so soon they are launching their phase, one which will include an IST usdc pool um on their privacy, preserving decks and then in phase two we'll see IST and silk and build shade pools, um both of which will be incentivized so watch out for that as well.

B

Also on the docket is Umi. So soon IST will be listed on Umi we had our governance, um signaling proposal on umi's community forum and that was went over well 100 of votes um to list IST on Umi. So soon holders of IST will have access to both lending and borrowing and then finally um injective.

B

We are working with their team on some Community campaigns and you can keep a lookout for the first spot market for IST coming up as well, so lots of new use cases for IST holders and um kind of permeating the ecosystem in as many ways as possible, so exciting things. There and let's see I will pass it back to Roland to talk about some other news and events.

A

Thanks Anna yeah um and really just to put a point on it. A a large goal of IST is to play well with everyone in Cosmos, right, I. Think it's really important.

A

If IST is the primary stable token that you're using that wherever you want to be in Cosmos, defy nfts, um whatever else is happening, that IST is available there for you and that's that's really how we see it driving value for users, so we're gonna, you know continue to work with teams that are interested in bringing IST into their zones and um and actively seek out new zones that are that are coming out and make sure that this is an option they they know.

A

This is an option for them, because really that's that's sort of how we see IST growing and providing the most value to everyone, which really is our goal. um So so with that um I'll talk about uh bounties a little bit as well, so uh there have been so a gork opco on the on the agoric side has been putting a bounty process together for a while and we've been operating bounties, but really for IST.

A

That process um will will transition or sort of evolve, uh naturally, external to agoric, and so that is coming together uh very soon, so uh we're looking to support bounties uh to start with uh there may be baptis out to just connect IST to the various sites that track um defy activities so, for example, D5 Llama, Or, collab land or something along those lines. um Those bounties will come out and uh that process is getting put together so I think largely.

A

uh There are a lot of ideas for enhancements to IST that aren't part of the core vision of the vaults release, but would be extremely valuable and, and so we'd love to see third parties uh come in to build those out. Third part parties come into to suggest what should get built for IST and so starting to facilitate a lot of that conversation and and new additional product direction is, is really exciting uh for for everyone here.

A

um So again, you know another another, just ping. If you're here listening to this and you've been thinking about stable coins, you've been thinking about how to sort of Drive adoption or you've been wanting IST to support something in particular. um You know we would love to see proposals come in for what those should look like.

A

uh Specs come in for bounties or, if you're an engineer, you know actually building building them and coordinating with the team to uh to get paid, uh because that would that would be great um and then, lastly, uh so got a few events coming up um and so enter. The umiverse is coming up. uh There's a Twitter space on January 25th at 1 pm Eastern and 6 p.m. Utc.

A

uh So you heard Hannah say that um there there have been, uh you know, continued work with Umi on getting IST listed uh and support from their Community as well, which has been great um and then uh the inter protocol team is going to be attending interop uh in Denver, uh February, 27th and 28th, which is getting put on by axelr. So that's that's the event that sort of aligns with East Denver uh out there on the cosmos side.

A

So uh please come come, say hi to the interpretical team there and really excited to to see all the other uh interop communities come together.

C

Yeah I'll just say something: um this is Yousef from the the economy, Committee of the IC stable coin. So one thing we've been thinking of is uh to collaborate with the with circle uh to remove from the the PSM the the bridge uh usdc.

C

So uh you know I think it would be like a win-win for for the two parties, so basically replace the the bridge to USC with Native usdc uh USC is currently 90 of uh IC collateral, so, at the end of the day, if we can get to to swap that we remove completely the the or like 90 of the bridge risk on on AC and for Circle I, think it's a it's a good PR campaign and uh uh we've had a few talks with the with Zaki, so we're just uh currently uh working on the on the on the details, uh and we also like for the the economic committee we're also working towards choosing a destination where the uh the EC members can meet up for the first time uh and before the the launch of vaults.

C

It's it's a bit challenging given our respective location, uh but we'll manage to uh to be reunited at some point.

A

That should be really exciting, for you, guys and and for those in the community that don't know the EC does have a weekly call uh but you're all remote and in different time zones. So I know it's been challenging to actually meet each other.

C

A

Yeah and and very I just Echo, the sentiment on Native usdc um very excited to have that I and I know that some of the comments we've gotten from the community, which are totally correct, is it's it's tough to get backed um to have um Bridge stable coins as the only backing, and so removing some of the bridge risk from the protocol uh would certainly be uh excellent. So we're all very excited for that.

C

And we do have also an opportunity with the with the um what's the name Euro uh stopping their their activities on on Cosmos. It's been announced like a few weeks ago, uh so I guess that some of that uh used euro is gonna, is gonna rotate towards probably ISC and other Cosmos native stable coins. So that's that's a good thing for us.

A

Totally agree all right. um Well, if there's no other community comments, uh you know happy to to take any questions that occur to you next month during the community call, but also would love to engage on Twitter engage on in Discord um with any questions comments, ideas uh it really as the vaults release comes together into protocol um is, is getting a lot more robust, and so we're really excited about. um What's coming down the pike for the for the next couple months here um would also encourage anyone. That's joining these calls.

A

You know you're you're, a great candidate to help do some early user testing uh and uh help in particular, potentially also with the econ testing, so um we'll have announcements in Discord about that and and start to get that out to an early sort of smaller set of the community. So really really appreciated everybody's help, everybody's participation uh and everyone's ideas, so I think with that I will end it thanks. Everybody.