Filecoin Filecoin Launchpad Accelerator II, 29 Sep 2021

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From YouTube: Autonomy Network, A Filecoin Launchpad Accelerator II Team

Description

Autonomy Network is a decentralized network for automated conditional ordering.
https://www.autonomynetwork.io/
https://twitter.com/Autonom80304223

About Filecoin Launchpad Accelerator
20 teams from 11 countries around the world are emerging from the immersive 12-week Filecoin Launchpad Accelerator program, powered by Tachyon. These companies will shape DeFi, NFTs, Gaming, Social, Metaverse, and key Infra tooling in web3 over the next 18 months.

This program bridges the IPFS, Filecoin and Ethereum communities, unlocking growth & user adoption across the world.

Filecoin Launchpad Accelerator: http://filecoinlaunchpad.co/
Filecoin: https://filecoin.io/
Protocol Labs: https://protocol.ai/
Tachyon:https://tachyon.xyz

A

Hey I'm james from autonomy, network and autonomy is decentralized automation, focusing on helping dexes grow their volume, so my co-founder is diego and between us. We have a pretty unique instruction of experience from building dexes, dex bots proof of stake, consensus, building, blockchains machine learning, tracking and de-anonymization, and just generally being d5-d gens for the last few years, and the total head count of the team is seven, so autonomy is inevitable when you look at the evolution of applications in the blockchain space.

A

Each new wave of innovation requires an innovation in the underlying primitives and infrastructure that enable those those things so, for example, defy summer um dex, aggregators, yield farms, etc.

A

These required amms, like union swap and lending platforms like are they in order to to exist and autonomy, is enabling the next wave limit orders and stop losses, for example, um on on amms and even like recurring subscription payments or salary payments are not possible in d5 natively, and these things like need to exist in order to onboard the next billion people into crypto.

A

So people think that the biggest risk in crypto is the volatility, but actually the biggest risk is crypto requires 24 7.. The problem is that humans aren't 24 7.. I don't know about you, but I certainly have gone absolutely wrecked in crypto before, because you can't risk managed can't set stop losses et cetera in d5, so users are forced to use, centralized exchanges and for dapps that want to add these kinds of features and protections they're essentially forced to roll their own solution.

A

Typically centralized. They have their own server, that they're running bots on to to do things for users, it's custom to them and costly. It takes months of lead, dev time actually sushi swap just um was developing limit orders for, uh for you, know their own amm and just suspended them recently on on polygon because of issues that they've been working on for months.

A

So it's uh not composable. People can't build on top of each other and benefit from the network effects of d5.

A

So autonomy is a tool for dapps, like dexes, to integrate, to add features like limits and stops so for users. They can risk manage the same user experience of the centralized exchange. They just click limit order. It works. They don't need to know anything about autonomy for dapps. It's an off-the-shelf easy to implement solution. They don't need to run their own bots or servers, and it's composable. It can be used to automate literally any ongoing action.

A

So how it works is three simple steps. The user requests, something like a limit order, trade when the price is x, the condition becomes two at some point in the future. The market moves to price x and a bot from a decentralized network of bots executes this request.

A

So anyone can run one of these bots. The user pays a bounty to the bot as an incentive, but whichever bot executes it and running a bot requires uh staking auto as a mini proof-of-stake algorithm to decide who can who can execute what so a quick demo.

A

This is an example, integration uh in uh one of the dexes that are integrating us, so we're just trading um bnb. For an illiquid token, as you see, we are putting the the outputs. The minimum output is slightly above the market just so that it takes a small market movement in order to for the condition to become true.

A

And in real time, it'll add the open order to the open orders tab. So here behind the scenes we just went and sold from the token just dumped it to dump the price and uh so that the order executes- and you can see that the order's not in the open tab anymore. It's in the execute tab and the funds are in our wallet.

A

So it's pretty a demo that just shows like how easy is it easy? It is for the user.

A

They don't need to know anything about autonomy, it just like works, so we're already live on uh bse and polygon at the moment, uh current partnerships in the works like ape swap or the quality, soku, etc, and we're doing we have a pilot project right now with sushi for doing automatic self liquidations um in their uh their learning platform, and obviously we had sports by consensus, but also have grants from near foundation and polygon and the, if you add up the the volume of the partnership um that the decks as we have partnerships with at the moment, it's over 50 mil daily um this.

A

So this is like volume we'll be able to tap into directly once these integrations go, live we're just waiting on an audit and actually to to push these to um to their live maintenance uis, but uh generally spot volume is estimated to be about like roughly 50 of general volume, and therefore you can extrapolate that these dexes should potentially double their volume and we can also take on their volume.

A

Therefore, so from doing user interviews, we learned that limit orders are nice to have, but loss protection is a real need, so we're the only decentralized automation solution offering stop losses out of the box they're the only off-the-shelf solution in general, so we're basically guaranteed to mop up the long tail objectives, because they don't have the capacity or resources to uh get themselves added to a network that requires permission or requires them to do something they can just read our docs and do it so with it.

A

Therefore, the only fully composable solution, so we have some competitors in this uh space most are um off chain stuff that the centralized well one inch doesn't use a centralized. It's a xerox protocol, but anyway our closest competitor is probably um gelato and the tl there's a lot of mind. You say here, but the tldr um summary of this is that we're the most frictionless solution. People don't need to ask us to get our permission to get some arbitrary use case added to the network to automate it.

A

They can just read the docs and do it themselves. So I mean everyone here knows: d5 is a big market. 30 bill monthly volume just for the bottom, fifty percent of dexes alone on each psc and matic, and then obviously that balloons to uh uh over 700 bill when talking about um all dex volume and like liquidations etc.

A

So the uh our strategy is to use dexes as our beachhead. It's high value, high frequency use case and essentially use that to grow, as as this market grows rapidly, essentially achieve prominence deploy onto arbitrarily many other chains. Looking at avalanche and solana at the moment and expand into other verticals and an example of another vertical is recurring payments.

A

So we have a pilot project with multi-safe at the moment, and they are basically a dow treasury management uh tool used by unit swap and balancer etc, and the pilot is for us to add automated payments, um salary payments so that, because right now they have to go in every two weeks or whatever like to pay people it's it's manual, but we can automate that another vertical. That's it's not in define is a much more ambitious.

A

Long term play is an entirely new use case, an entire new, entirely new industry that we're creating it's a bit of a rabbit hole. um So I the the full extent of it is not in this um in this presentation, but it's essentially and it's really too much for one side but the the summary is that you can not just automate one action, but you can make a thing autonomous, which is where the name autonomy comes from.

A

So, for example, um there's a- and this is a really long term play because it's in in the metaverse and nft space, um for example, with an nft. You can use it across multiple games, because obviously everyone can read the same blockchain.

A

We can make a an on-chain character like they're, fully independent. They can make their own transactions uh without using autonomy and therefore, for the first time ever a non-playable character, an npc. uh You can interact within one game and interact with in a different game like the exact same character. We have a pilot project for that with decentral games uh right now and a pilot project for an alternative, autonomous nft with avogadro for automatically managing an nft's uh treasury. Basically, it image it manages itself.

A

So we uh we have a token or we'll have a token uh token launches, roughly in november, um it's an actual utility token auto. It's not just like a governance token, it's needed in the platform in order to stake by the executing bots, and it's also used to pay execution fees. If the user chooses similar to chain link, they get a discount if they uh on the execution fee, if they pay not token, it's a fixed supply and therefore the use cases for the token directly correlates to the use of autonomy itself.

A

So we uh made this uh a lot less just because it was there was so much on it, simplified it a lot, but basically we we have a pretty extensive plan, not just for this year, but for the next couple years. um I'd say that the main thing I'd highlight here is token launch in november and there'll, be lots of upcoming.

A

Dex integrations that's as that's the kind of main economic driver here so yeah, that's uh that's autonomy and thanks for listening.