DXdao DXdao Weekly Meeting, 28 Jul 2022

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From YouTube: DXdao Community Call [2022-07-28]

Description

00:05 Welcome and Agenda
01:00 Tally Ho guests
45:27 Treasury/RAI update
48:55 Swapr/DXstats update (Expeditions teaser).
51:35 Carrot V1 update
53:13 ETH Paris: DXdao Event

A

A

Hello, everyone and welcome to dxdo's community called july 28th. Today. We've got amazing topics on the agenda. We've also got some great guests around sharing some lovely presentation, our friends from tally hall, we'll be doing some recaps around governance and treasury. We'll talk about eve, paris, ecc and jake styles event: we organized along with our friends from the gnosis chain, gitpo app and gnosis safe there'll, be alpha with a swapper update and a bit of interesting news regarding dxtats and last but not least, carrot v1.

A

So, let's uh give the stage to our guests from tally hall max you ready.

B

Ready can you hear me: okay, yeah, perfect, awesome. Yeah. As I mentioned, we prepared like a couple of slides to give some background and then we plan to uh do a demo. If that's okay,.

A

Yes, please yeah, we love demos and uh at the end of the presentation, if uh you're, not shy, we'll have some discussion uh we'll we'll. Let everyone ask you, questions and um yeah.

B

Sounds good not shy, hope I can answer the questions, but let's give it a go. Let's go. um Let me share my screen.

C

Let's see if this works.

B

Woohoo perfect awesome everything.

A

B

Look at that and the first time we tried usually something goes wrong, but it's not too late for that. Let's see um yeah so.

A

B

Thanks everyone for uh for joining thanks for uh for having us and we're gonna talk about telehome, which is a new web-free wallet. That's been out for a while, uh but you may not have heard of yet and, as the title says, it's the wallet webfree deserves so a bit of background.

B

What is teleho?

B

Basically, it's the first, a community owned web free wallet, it's open source, it's free, it's available to anyone, it's built for users by users, so everyone on the team has yeah as their roots, really deeply embedded in crypto and are frequent users themselves, it's owned by dao and um all the revenue streams that the product is generating are going to the dao and there's no, um you know in full. Basically, so all the fees directly flow to the dao and it's up to the dao to decide how to how to use these funds.

B

So before we start, we will show some screenshots here and we'll do a demo at the end of the presentation. But if you want to try it out now during the goal and play around and prepare, some questions feel free to already download the extension here. And it's available in the chrome store and in the brave store. So if you want to do that, go to tele.cash, download and you'll be able to quite easily install the extension from there um yeah so a bit on the on the ecosystem side.

B

We, as I mentioned, we've been around now for uh a couple of months with the extension being live uh and over time, we've seen quite some uh adoption uh around the web3 ecosystem.

B

So a few uh logos here of projects that have already integrated uh telehoe and we're actually working with arhat, mostly in this case, on getting delhi ho integrated on on swapper as well, and it requires some wallet, integration, library, work on our end and they're all confident we're confident that we get that get that sorted soon.

B

uh But overall, as you can see, uh yeah, it's quite encouraging to see all these uh project projects adding uh telehoe as a as a wallet connection option uh to their depths and then then some words from uh bengals, dao and gitcoin uh on how they see uh uh yeah, basically, the need for uh for telly ho. So let me read those out loud so from get go inside. It's we're excited to see. Telly house leadership make public goods funding a top priority for from their dow's inception and without background.

B

That's maybe a bit of a statement that requires some background, so um tele-hole will fair launch. So there will be a governance token um yeah. As the name says, the token will be used to make decisions uh for the dao, and um one of the first proposals will be to allocate part of the initial token supply to get to a get going and for those funds to be used for uh funding public goods.

B

So the proposal will be two not two and a half percent of the token supply to be allocated to bitcoin 50 of that to be used for telehome developments and fifty percent of that to be used for uh yeah, general funding of uh web free public goods um and then on the backless dial side. We've been uh working quite closely in uh yeah discussing their ideas. Our ideas on on the overall tao structure, design they've written some articles for us to give their viewpoint on that.

B

So some tight tight relationships there as well. Then a bit of background like. Why did we initially create delhi ho? So most of you, maybe know or don't know, but metamask basically changed their license back in august 2020. Up to that point, it used to be an open source product. Anyone could fork.

B

The code could could could uh make contributions, but they changed that in august 2020 there were some other changes in the code base, like potentially preparations for uh geo blocking um that eventually uh yeah sparked the initial idea uh that this is not in line with um with the values of web3, so yeah, you know, like almost anyone uses uh metamask and it's sort of yeah, interesting, that such a critical and vital piece of infrastructure is uh is actually uh owned by uh by a central party and then later was acquired by jp morgan.

B

That is sort of against a lot of things. Web free, we feel stands for.

B

So we realized web3 needed a wallet with decentralized ownership that would stay, 100, free, open source and operate as a public good and is available to to everyone, and a wallet obviously can generate a lot of income and we believe uh that should flow back to uh to the community to the web free ecosystem and not to jp morgan.

B

So delhi ho is incubated by thesis, so this is the studio behind threshold network formerly uh keep network, keep an and new cypher merged to form the new uh network threshold and also fault and saddle exchange, but it will be fair launched. So there are no, no investors, there's no pre-sale, no predefined allocation etc.

B

On that on that end um yeah. So why does it matter as that all the fees that are generated from the product will flow back to the community? So we try to visualize that here, a user in this case uses the swap feature, pays a small fee for that that fee directly flows to the treasury and the dow can decide that we want to spend that on grants and bounties for product feature development that we want to give rewards to users that we want to have other ecosystem initiatives like the public goods.

B

So we think that's extremely powerful because it can generate a snowball effect, the more usage, the more income the dow has, the more it can also do the more services it can offer, etc. So imagine that can can really take off it's open source. So anyone can fork the code, anyone can contribute to it. Anyone can review it, ask questions, etc.

B

um It's out in the open um owned by a dao and then on the product side. um Yeah, like the fees are lower than uh than the in-wallet swaps. uh That metamask is offering made a mosque is taking 0.85 percent in swap fees and that can easily go over a million usd per day um yeah. I was actually when I saw those numbers for the first time. I was surprised that it was so big and it's all going to uh yeah, basically to one uh to one party there.

B

So that's huge casca question: it has a larger integration that is very smooth, so no use of ledger life, etc.

B

In a minute you have your ledger connected and fully functioning, and it has native polygon support, so no need to add an rpc yourself, add a network name, etc.

B

um So that is all built into the product and overall, the ux is is is pretty uh pretty good, at least in my opinion, it may be biased as well, of course, but I'll. Let you judge that for yourself, so what's to come overall, better multi-chain ux, so the the idea is that um the wallet will have native support for the most used uh networks.

B

So, as I said initially, we had ethereum main that only we launched a polygon. I think one and a half week ago and it was publicly announced yesterday, and the idea is that we will expand that with optimism. Arbitram support on short term and with an experience that, for a user, is uh better than what some alternatives are uh offering at the moment and what will also go live soon is nfcs, um initially nft. Viewing so you'll be able to view your nfts from within the uh extension no trading.

B

Therefore, you can just connect to your favorite nfd trading.

C

B

But you will be able to see them from within the extension and then in wallet yield opportunities, so uh imagine uh staking assets from within the wallet uh generating yield with that also the wallet taking a small administration fee that is then uh going to the dao as an additional revenue stream um yeah a bit of a bit of a timeline january uh last year, uh development started and in august 21 telehaul was publicly announced, announced and maybe interesting to mention there- that the initial idea was to fork an earlier version of metamask that was still open source so that license wise could be forked but a bit into the development.

B

The decision was made by the development team to abandon that idea, because I'm not a developer myself, but what they explained is that the code base was is so outdated in their viewpoint that it would become a limiting factor later on.

B

So the decision was basically made to to completely start from scratch, which, which means that there's a lot more uh work initially uh to be done, um but is, but that is now uh uh starting to pay off in uh yeah having a code base that is set up the way it should be and that'll allow for uh uh future developments to be uh happening. At a at a more rapid, uh more rapid pace, um yeah we started having community calls in august.

B

I think we had the style in one of the first goals, uh probably september october,.

C

One of the first right ace, yeah, sorry, I'm like worries hello, hello,.

B

D

B

We started having those in in august and those really took off, so I think we peaked. Is it 1300 people at at one point or account.

C

Yeah yeah for 1400. yeah, but it was really huge at one time right now, it's a little bit uh less, but it's really great.

B

Yep yeah awesome and we we have a guest speaker weekly, so so those are always fun. It's it's sort of educational, so people learn new protocols, new new new information in general, and we also get a lot of product updates and alpha there and typically we have some fun um yeah call for delegates, so um telehope will use a delicate system, so anyone can delegate their.

E

B

Power to anyone to themselves, or also to someone else, so if you're interested in becoming a tally ho dow delegate, you can still apply on the on the governance forum golf.dally.cash.

B

So if you feel that something for you, uh you can still apply there and you will be then listed in the wallet ui as a delicate option and people can delegate their voting power uh to you.

B

um What we mentioned two and a half percent of the token supply to be allocated to bitcoin aqueduct.

B

We deployed the community multisig, so we don't have the unchained dao at the moment yet, which means that there's no way to like we don't want to hold funds as as development team.

B

So as an in between in between the unchained dow launch and the and the launch of the product which is live, generating fees, it was decided to create a community multi-sig to which the the swap fees are now flowing.

B

Those funds are not used. Those funds are just sitting there and will be transferred to the dao when the unchained tao is launched and that will use the governor governor. Bravo framework there's also a bitcoin grant that was created and, I think, all in all, meanwhile, it got with matching around 70 80k dollars in donations and those are also uh transferred to this uh to this multisig um yeah. We proposed a dow structure uh uh around may and we're now really gearing up for uh for launching the uh on chain dao.

B

I forget any anything there is or anything to add.

C

No, no, I just want to add later a couple of words about the future.

B

Definitely definitely yeah, so so how can tully uh benefit uh your community um yeah? So I think part of this is is: is it basically, we already have a relationship uh yeah. That goes back quite a bit. uh We have frequent contact with uh with the exile, and this is an awesome way to in general, it's great to build.

B

These relationships meet some people in real life last week as well, and also to cross-promote each other's each other's projects and, later on, when the dao officially launches, it's expected that a lot of your community members and yourselves will be able to claim some tokens.

B

So that's always a good way to also reward your own community, and this will also mean that your community has a has a say in uh in the tele-home governance, so uh being a part of uh of the decision-making process there, um as well as what we mentioned. A significant chunk of d tokens to be allocated to git coin and deciding how those can be used for the greater good of the ecosystem.

B

How to get involved so we have our discord server at the chat.tele.cache.

B

Integrations are always a priority, as mentioned. We want to be listed on on as much steps as possible as a world connection option, and we have a few community developers who are able to do the integration work on the code side there.

B

So yeah, that's definitely a way to get involved if you're a developer yourself head over to the github and check out the code base, um there's a lot of issues with a good first issue label that you could contribute to there's actually quite some external contributions already.

B

So we're positively surprised uh to see those contributions. There's a team who have set up a working group to do a translation of the extension so to have the extension available in multiple languages.

B

So it's really cool to to see that taking off, and then we have a lot of resources around the dao on this on this page yeah. What we! What we copied in here is this is the dao functional organization that we envision. So you have token holders you have delegates the token holders can either delegate their voting power or vote themselves.

B

They elect the elder dogos, which is something like a board of directors and then there's different focus areas of the dao, focusing on growth, focusing on build and focusing on operations around the dao.

B

um This is something that needs to be, of course, uh proposed and approved, uh but this is the idea on uh on an initial working structure that we think could fit well with what we're trying to do.

B

Is before we head over to the demo, what did you want to add.

C

uh Thank you, yeah uh hi, guys, I'm I'm really glad to be here. I'm on the community as nax while max is part of the team right now, but anyway we let the we lead. The community calls- and I'm really glad to be here. So just uh short, the the your the the presentation was is really good.

C

So closing words, tully is different and the the thing about italia is once the full version is live. Users will own tally to the upcoming down, and the proposals for all of italy's future will need to be approved by the community.

C

So it will be extremely difficult for tally to misdirect wealth or act against its user, simply because users will have the power to reject those actions and all the decisions er with tally hall, with a wallet with a road map with a future development of tally hall with the um the the funds and everything around tallyho will happen in public and not behind closed doors. That's extremely important.

C

As a result. We we expect that any and all uh feed revenue will flow directly to the users or the product improvements and the ecosystem. Development, like um like the git coin, acquired for example. Imagine all the good that one million a day could do if it went straight to users or to fund public goods and infrastructure for a team, so that that that that is one thing. One aspect that really amazed me.

B

Definitely lovely.

C

Yeah, let's, let's head to to questions first.

A

Yes, yeah, I I feel like we got a question from sky. Okay,.

D

A

D

Guys, thanks for showing this update, and a lot of us were at your events in paris, which are which are awesome. So thanks for that as well um dx, one of the things dx dao, as a as a pretty proper dow, has always faced.

D

The issues is like owning products such as wallets, which we've explored in the past, and so I'm wondering how, when you say that dao can own the wallet like in my mind, the wallet like a chrome extension in the in the chrome store like there clearly has to be some legal entity or something that's interacting with, like the you know, with google store and all this kind of stuff. So how how? How does like? How can you structure it?

D

So the dao actually has control of and owns the actual product, which is not just where the treasury is getting directed and like. How does the dao actually own the product.

B

Yes, you want me to take this easter.

C

B

Yeah, so so, basically, as you mentioned as well- and it's also a a wallet right, so it's a it's a product where people store funds, uh so it needs to be safe. So you cannot have anyone just uh uh submitting uh pieces to the code page and doing the release uh without any uh without any any checks.

B

So I think part of one of the important thing is that it's open source. So let's say the development is not in line with what a group or or a community would would feel like. The goat can always be forked, um so there is a lot of of interest there to be to be aligned.

B

So the idea is that there is a product roadmap that is, uh uh that is basically owned by uh by the development team um based on uh on collective inputs uh from the dao. So we have the buildback uh with uh the research uh group, and you, you know like in general, like building products with a dao is a challenge right. You cannot have a voting process, whether a button should be yellow or orange, and in general I sometimes have an idea that I think is good.

B

But overall you need to assess. Is that the best idea, and how does it weigh out to other priorities?

B

So the idea is that the research, then, is really the group who is properly doing that research and investigating uh what should be on the roadmap of the products and for the development team to be the gate, what is actually uh uh being uh being merged and released yeah. So this is so.

D

This the dow gets to like provide signal to the development team, but at the end of the day, like there's some couple, people that control what actually goes into the actual wallet product, which is in the chrome store, and if they want to do something on their own, like they don't have to listen to the signal from the dow right like that and you could, like you said you could always fork the code base.

D

But if you want to fork the code base and make a new while then you have tally, prime, which is half the community, has to then find another company or something to put it into the google chrome store and then then you'll have tally, wallet and then you'll have tally. Prime in the tally classic in the google. Pr in the google chrome store. But someone has to put this thing into the google chrome store right, yeah.

B

Exactly yeah, oh correctly,.

C

Let me add a few words on that that that's a really great question, but uh anyway, like we are building the doll structures and right now. What we are thinking about is like having this kind of organization in the dao.

C

So, like nak said, we cannot submit to the whole token holder, dao decisions about colors or whatever, and the same goes with uh legal structure and development roadmap and and design we we are building all these working groups and- and there will be also rules to have like the token holder, dao represented in all these working groups and for the legal aspect.

C

That's the same, so the the the operations pack, that's that's, the name will be will have uh for sure a legal arm where we will be trying to establish what's the best way to handle this one way should it could be like the dao having an llc representing them like, for example, in wyoming, where it's possible. That's just one way, or there is some some institution representative for that or one person anyway. What what I'm getting at it's the dao will be handling those decisions, maybe in a in a hierarchy and an oregon organization.

D

Awesome thanks yeah, if you guys, can help because yeah proper daos have. This have always had this problem. If you guys help really like design how this ownership can work and obviously keeping it like unstoppable and censorship resistant by like a government through this mechanism is still kind of hard.

D

But if you guys yeah we'd have to be happy to help figure this out, and if we can figure this out, then I think other dials will be able to try that same model, maybe because it's a it's a big problem for dao's that don't have legal entities. Obviously.

C

We we can chat about this further because it's really interesting and, as you said, it's a real challenge. It's not not not solved yet, in my opinion, thanks.

B

Awesome, did we do the demo or was there an additional question.

C

Yeah some some question about the road map. So right now we have polygon as a chain and then we will have optimism arbitrary, that's probably the next steps, and also customer pc and and other chains are coming, but it's like one step after the one step after the other and same goes with hardware wallet support.

C

So right now it's like knack said it's biased, in my opinion as well, but trezor, sorry ledger is really really smooth. The integration just go and try it out. It's really worth it and treasure is on the road mode.

A

Yep, lovely, and, and just uh in a way of showing support, to tally and and getting traction in adoption. Dx dao is also um helping by having swapper um working on an integration of tally, wallet in in the swapper dab.

A

Of course, we would love to provide users, the best user experience and now that you have not only uh mainnet but um uh also uh polygon, uh soon you're now working on arbitrarily next and hopefully we can also get you to add gnosis chain. Then our swapper users can easily use tally across all of these swapper supported networks.

A

Could you share some about the affiliate model for the token distribution and also for the safety of users? What will be the symbol so that people don't get scammed? You mean the ticker.

B

Yeah yeah, so, overall, there is a renaming process. There's a forum boast on that life as well, but there will be a rename very likely okay, so you have with delhi the governance project and you you had tali.

B

So overall we noticed that was quite confusing. So therefore we added the whole to the name, but there is a rename likely going to happen at some point and that will potentially also affect the token name. So the initial idea was, for the token to be called doggo, but there is a chance, a likely chance that that will that that will change so yeah a bit hard to to give uh final details uh on that on the launch, uh affiliate program that you mentioned.

B

um Basically, what we can say at this stage is that it is likely that or it is for certain that a lot of people from uh the web free community will be able to claim an allocation and that there will be a ways for a project or a dao to um to best put this to basically uh increase the uh allocation a community member can get, and with that also uh help the dao.

A

Dx, dao and swapper are partner projects, so we'll have uh something like a way for our community members to choose us from from a drop down and and um bump up their allocation, just because of uh they're being uh members of the jigsaw and software communities right.

A

B

Yeah, exactly like don't pinpoint me on drop down, uh it could be like a code indeed um something to fill in. um That, indeed, will allow you to uh will allow them to increase their allocation, but also- and with that also uh sponsor the treasury uh of the exhaust hopper yeah sweet.

A

Sweet lovely all right: uh let's do a quick demo and then we gotta take it to our usual uh agenda with some updates of latest happenings within geek style.

B

Yep that sounds good, so listen show us the beauty, yeah awesome. I will do a fresh install, so this is uh cache you can go to download and I'm on chrome. So I'm going to to chrome. I will install the extension here.

B

Let's see so it'll be here nicely next to metamask. Welcome to teleo. Tell me: how is it dao test responsibly and then tele host set as default? So there is a setting that you can determine that you can use to determine, which is your primary wallet if you set it to telehoe as default, it'll try to connect tele-hoe to adapt. If you set it to not as default likely made a mask, will will connect a couple of options, import, a recovery phrase, so you can import. Let me set up a password.

B

Let me do a simple one, um so you can import an existing recovery phrase from in this case, 12 words from metamask or you can import a 24 word recovery phrase.

B

You can also connect the ledger as we mentioned. So I don't have my ledger with me, but you can hear connect connect, your ledger or you can do a read-only address and that's interesting. A read-only address is basically, you can fill in your ens name or the uns name of another address that you don't have access to, but you want a few. So, let's add our friend vitalik's address.

B

Basically it's now loaded as a read-only account, so you can obviously not connect, not a set of transactions. You can connect to devs, you can connect to zebra, etc, but it will pre-populate or it will basically display his account information as a read-only mode. You'll also see that it loads his animated pfp that he set up at one point and all his balances.

B

You also see that is loading all these assets automatically, so it didn't need to be added custom customly, it's using pre-populated token lists and um those are not complete. If you miss an s asset there and there's a way to add it uh to the token list.

B

um But as you see, there's quite a few assets uh already pre-populated from this list, you can also create a a new wallet.

B

So here some information.

B

Let me quickly record this.

B

And yeah, you can then enter the verification process that you are all familiar with best. Oh yeah expose.

B

Depth number 11 that was.

B

Oh, I cannot read that here. Give me one second, let me quickly stop screen sharing then I'll important seed phrase that I have laying around.

B

It's always tricky with screen sharing and seed phrases won't be the first one to.

C

It's where you have your thousand eat.

B

Yeah, oh, wait yeah! This is the one I always use for. The demo might as well go big right. Let me one second here.

B

And, what's actually interesting is that you can import multiple recovery phrases. Okay, let me screen share again.

B

Am I sharing again yeah looks good awesome, so this is now an imported account, so you can derive just like in metamouse. You can derive multiple addresses from the same recovery phrase. You could also now import another recovery phrase. You can import 10 recovery phrases whatever you want and those will then be listed as separate uh imported uh accounts, and you can then derive addresses from those uh uh one by one.

D

Are those dog avatars generated by the hash.

B

No, these are just random legit. I don't know exactly how it works in the background. They are just randomly generated uh fun images.

C

B

C

They're in the wallet.

B

Yeah, so how many there are.

D

Yeah, like I do have the same ones, that I'll get.

A

Yeah yeah yeah, I I got a matilda yeah.

C

B

Yeah yeah you can. You cannot change the picture at the moment you can rename. So you can change the name of the of the wallet. If you have an ens uh pfp it will. What I mentioned automatically uh take that one um but yeah just uh a fun. Little addition and then you'll have ethereum support and polygon there's in-wall swapping.

B

So you can do a swap. Let's buy some.

A

Next, in line is arbitrary support right.

B

Optimism, arbitrary yeah, yeah, okay, exactly so read, get final quote.

A

And this is the 0x protocol in the back end right for for the swaps.

B

Yes, correct, yeah, good yeah, so this should see.

B

I think so wow, so this should.

B

Is it already completed.

B

Let me just open again the link yeah there. It is so this is the the swap transaction and what you'll see is you'll see this this fee going to the dao. So, as I mentioned, metamask charges, 0.875 percent uh delho currently charges uh 0.5 percent uh in swap fees, uh and those are going uh two disks uh to this uh address, and that is the uh the multi-sig.

B

So this is the multi-sig on uh polygon um yeah. You can see that these these fees are uh are trickling in and then on. uh On ethereum.

B

Save here um swap fees are, are ending up here as well.

A

So the end goal is to try and decentralize as much as possible as much as the current technology allows you, so that all that funds that are being pulled in from from the economic activity conducted in the wallet is governed by the community right of the users.

A

B

It'll go to a course: yeah it'll go to a governor, bravo uh uh contract to the time block and um from there it'll have to go through uh through the governor. Bravo vote cycle so proposal. um Then it has the. I don't know how familiar you guys are with governor bravo, but it runs through these fixed cycles. So it's announced that there's a vote up coming then there's a voting window.

B

It needs to reach uh the right amount of yes votes and then it'll automatically go to a queue phase and once the queue phase is passed, the proposal will be executed and in the case of funds, it'll be a proposal to allocate funds from the time lock to address b, and when that proposal passes, those funds will be automatically transferred. Yeah.

D

I think you say you're still stretching the dao, but do you and obviously you mentioned a token and a fair launch at first? Are you already set that, like the whole thing is going to be governed via?

D

Well, you said governance. Bravo, but is that fully liquid token governance or do you have other types of governance, ideas as well, which might not be like? We don't want jp morgan to just buy up all the dogo token and govern the wallet right.

B

Right so yeah you mean like different uh governance models for um like well.

D

Yeah, if it's liquid, on governance, like people like jp morgan, can just buy up all the tokens and then govern the pro. The wallet right.

B

uh Yeah I mean they would yeah yeah at the end of the day, they could buy all the tokens you need, and then you could also say, like uh someone could fork the code and and start over, um so the the the intent is to distribute it as uh yeah. I said as widely as possible, um so there's no pre uh uh uh pre-allocations in that sense, but yeah at some point. If somebody buys all the tokens they would own the governance.

B

There are talks about different uh models like you know, like your curve, has their ve model, but overall um yeah, like principle yeah.

A

At least there's no like pre-allocation pre-mine and and it's like everybody, gets a level playing field to purchase those tokens in the beginning. Right, yes,.

B

Definitely yeah purchase, or indeed have them allocated, based on uh historical uh credentials in the in the ecosystem yeah. But I.

C

B

Imagine if one party buys up all the governance focus from a community-owned wallet um yeah. It's not like. I said it's. It's an open source project, so yeah. I think.

D

B

Likely from happening.

D

Yeah, I only asked that, because you know like well, dx tao has a lot of experience with this, but more and more especially, like vitalik will will offer the like. Maybe there's some other types of governance, not just based on capital. That could be interesting ideas, and that would be like how can you get non-transferable governance power in the hands of everyone that you want to govern, tally, ho wallet right, and so you know optimism, you know, has the bicameral thing and then other other dows are looking at other ways to do that.

D

I was just wondering if, if you guys were already set on just being liquid token governance or if, if there's some type of non-transferable governance power that could be involved in the system, especially as it's a young new product like you might want to have a smaller community. That's not just you know token based or something.

B

Yeah yeah, like it like a soulbound kind of thing of yeah, yeah, yeah, definitely interesting to hear in falls there. It's not like all set in stone. Indeed, um I imagine it can also evolve over time. um The trade-off is, of course, like. Let's say you do it with non something non-transferable. How do you um like? You know? You don't want to be a close group. In that sense, it needs to be um as as the ecosystem grows, as the user base of teleo grows.

B

It also needs to be open for newcomers to participate and have a say, basically earn their say, um yeah, so definitely interested in in continued talks in that also, if you have ideas there.

A

All right well, um thank you very much for our guests. uh It was a lovely presentation. uh We had a little um uh late start and uh it's um kind of like almost at the top of the hour, but the call itself has only been about 45 minutes, uh so we still got uh time till the real hour of recording to get some nice info about the latest developments within dx, tao and products first in line.

A

uh If we still got our lovely co-contributor dave on the call, maybe you could share a few updates on what's been happening with ry in dixon's treasury.

F

Absolutely, as you know, rye is my favorite topic happy to give an overview. So um well, as many of you know- or perhaps you don't know, um dx thou at one point was actually the largest holder of rye.

F

This was, I believe, q3 q4 of last year and um rye is like for those, maybe not aware, like a kind of fully decentralized stable coin, uh backed by solely eth, and um it's uh has like a pit controller which controls like a redemption rate, and uh it worked out quite well for us for for the few months. um However, with the market uh turning down, uh rai also had a strongly negative redemption rate, and what that really means is just how the value of each individual ride will change over the next year.

F

It's a projection. So um at one point it was above 20 percent, and so we decided to move a considerable amount of our rye holdings into other stable coins and we still held on to roughly 260 000 rai in our treasury right, even though it's considered the stable coin, it doesn't trade at one dollar. It trades. Currently, I believe at 2.90 cents at 2.90, pennies or whatever. You guys call it in the us, um and so um john actually made a proposal in the forum.

F

I believe end of last week about the remaining rye, and I think there was a general consensus that, uh even though the rye rate is currently decreasing, the redemption rate is around nine percent right now, and it looks like it's heading towards seven that seven is still a large cost, so to speak, for the dow to hold rye and so there's a new forum post, actually just posted today on uh dow talk to sell the remainder of our rai and kind of await and see how the rye redemption rate evolves.

F

I think overall, geek style is a big fan of uh rye. It's uh arguably one of the most decentralized stable coins out there as there's no single entity that can censor or like freeze rye, which is of course possible with usdc and other stables and dye itself is strongly backed by usdc, around 60 or so and so um yeah. The proposal just outlined selling the remainder of the current right to die uh die is kind of like the stable coin.

F

We use the most simply because we of course, are deployed on ignore this chain, where a majority of the worker proposals happen and the native token there is xdi and yeah. However, like I mentioned you know, I think it's definitely worth the excel to keep an eye out on rye and in better market conditions. I think it definitely makes sense to re-enter a position there and, if you're more interested in this, you can go check out the forum posts and there's more info there overall yeah.

F

So that's the right update status for me, nathan just shared the reflex, the finance stats dashboard, where you can also track all uh stats regarding rai.

A

Fantastic info dave. Thank you very much. uh Next, we got uh ecc paris, but I'll actually defer this one for those patient enough to wait till the end of the call um yeah you you got a delayed gratification. We're gonna first chat a little about swapper, our lovely uh swapper, venky zed. If you could share just a regular update on the latest developments, we got.

F

A

A new farming campaign coming next week telling.

F

Me swapper is the less fun topic.

A

Is is just it's uh it's fun. It's exciting.

F

A

Serious because it it's it's about business, you know and all.

F

Right I'll give some product update. Here um we have dx stats version 1.6 coming up. uh I think we're waiting for a community uh proposal uh to get that through, but we released uh the version on github and it's ready to be proposed.

F

uh What's new is the branding is totally different, so it looks like swapper more and more, uh as you guys know, it is a fork of uniswap's stats page, but now it looks a little bit more. Like swapper, we have a nice new dashboard. It looks really good. It's snappy, it's better, so yeah, that's ready uh for swapper. We have beta15 coming up we're aiming for end of this week, but I I ruined it now when I set a date.

F

So in that we will have zero x integration into the echo router, which is something we're really looking uh looking forward to and some general fixes and uh swapper expedition teaser inside of it that should be from product and one wants to talk about the farming. Maybe.

A

Yes, just a timely reminder to our degens in the audience the current farming campaign, and next thursday, the 4th of august, so be prepared when the time comes to unstake from the current farms. That will be expiring and risk-taking. The new ones they'll be do info comment on social media, uh a lovely twitter thread and also information in discord with the new farming information.

A

uh Courtesy of our lovely uh social media guru wayne great um yeah. Do we have john in the audience share some alpha about carrot, v1.

E

D

I was a little.

E

Tuned up there by carrotv1, yes, like we are about to get the second audit report back from uh for character v1 by sigma prime, which is a very reputable, well-known auditing firm. I would consider them to be like one of the top tier firms.

E

They also are the makers of one of the beacon chain, um each client, so the eth2 client, so that um for those who know that it's I'm blanking on it right now, but um it's it's one of the e2 clients and the the first audit went very well, so we're just waiting to get this second one back address those issues, and that will clear the way for deploying carrot. V1. What we still have to do is develop the front end.

E

So there's been some work done on that, but something we need to figure out kind of near term. Here is getting a designer to to help federico out a bit with the implementation there, and then we can kind of ramp up development on the front end. So don't really have like a launch date yet for the the product, because there's still the development of the front end. But it's it's moving along and the audits are about to be out of the way.

A

Nice, um it looks like we're: gonna pull a really big carrot from underground, uh it's still growing, getting uh nurtured, lovely and uh now we've come to the last topic of today's call: ecc jake styles event in paris around the ethereum conference. We got skying here in the audience to share some love, interesting information. I could chime in yeah.

D

So thanks nathan, overall uh paris week was awesome.

D

um I actually wrote some thoughts up and it's in the in a forum thread, but just to recap, some of the highlights uh you know: dx dao had a had a very sizable presence um and I think that many communities can feel that and even though only a few people were attending ecc the conference itself, there were lots of awesome side, events and other conferences and consensus and foul coin and a whole bunch of happy hours and thesis and other things, and we had quite a few dx dial people.

D

You know show up to all of those different events and things. um I'd say that dx dao contributors are very active in discussions that happen at these events and- and it becomes known that dx tao is in attendance and and also gives the opportunity to share the products and ideas and things that dick style is working on, which is awesome.

D

um It was great for the new contributors who had never met the ex-style contributors in person to meet each other for the first time, for some people was also some of some of their first one or their first ethereum events that they've been attending so hope that they enjoyed that. um Obviously, the community is very special.

D

There were lots of parties and late nights as well, and then the uh the main event that dx dow organized and participated and co-organized was with gnosis chain and and git po up and gnosis safe was a uh late afternoon happy hour near the ecc venue. We got to invite all of the friends and partners that we wanted to speak with. um It turned. It was a beautiful venue we had to bring in you know, drinks and catering and things there's not really like just a bar you can show up at in in paris.

D

um I think there were lots of awesome discussions among different groups of little huddles and people around swapper and taos and governance and all that kind of stuff. At that event, and so overall, I think it was a really uh a really yeah great type of event to be a part of, and and doing it in in coordination with a few other awesome organizations in the space in order to like have some crossover with their communities and our communities and there's obviously a lot of overlap. But it's a it's a good.

D

I think the first time dow has done an event with other organizations as uh together um and then yeah overall ecc was yeah great content. You can see a lot of it on youtube, go check it out.

D

A lot of interesting discussions happen in the hallways there, um but overall yeah really excited, I think for that to all take place, and then I think people are excited for more future in-person events um with more of the contributors of dx dial, so excited for that as well, but yeah nathan. If you wanted to add anything, please uh please go ahead.

A

Lovely summary sky: you pretty much exhausted the topic uh I could uh chime in with a couple of words, um I I could confirm. uh Dxdow contributors are truly an impressive crowd of like smart and bubbly folks that fit in in any community and and our presence is felt wherever we go.

A

Paris was uh a very it is in in the hearts of the ethereum community, a special place, uh especially around the ethereum conference every year, and I feel like um it. It brings a special um spirit in everyone of friendliness and enjoyment. But what left a lasting impression in me in the midst of this so-called bear market at the moment, is the amount of innovation still happening in the space?

A

Listening to those uh talks at the conference, uh seeing all the um vibrant communities of all the different organizations and projects in the space still hiring and building full steam on is is very, very uh promising and uh kind of like builds a certain confidence in those who get to see it in person uh back in 2017, a lot of projects uh raised funds uh in the ico boom, and then we had the bear in 2018 and everybody thought is this it.

A

But then we had some of the biggest names in in the industry that we know currently like uh ave, synthetics uh compound and others uh come out of the bear and, having seen uh all of the developments in paris makes me just think like how much stronger we're gonna come back. We're gonna come back with a vengeance in the next ball and I'm very bullish and optimistic on this industry. There's more money than ever.

A

We now got stable coins. um A lot of money uh is still within the system. There's a lot of money to go around. People are not that obsessive of price action that much everybody's hands down, building just like dx, dow and our product squads. So I could say.

A

Being in paris just reaffirmed my stance that um this industry has a bright future ahead of it um aside from, of course, any regulatory fund and uncertainty.

A

Regarding our event, I would say it was the best event I attended in paris. We had a lovely venue, uh it was a lovely crowd. Our partner projects, uh gitcoin, um sorry, uh gitpo, app hypnosis chain and gnosis safe, were amazing co-organizers and um we did rock the swag scene. Our designers uh did their best and our swag went in seconds like everybody was going straight to the uh dx, dow shirts and caps, and there were none left within just a few minutes, so it it's a testament of how great we are in.