Fireside Chat with Solv

Space Summary

The Twitter Space Fireside Chat with Solv hosted by SolvProtocol. In this Fireside Chat with Solv, the discussion revolves around SolvBTC, a groundbreaking decentralized Bitcoin reserve supported by key players like Binance Labs and Blockchain Capital. The conversation delves into the innovative features of SolvBTC, the challenges and opportunities in decentralized finance, security measures, and collaboration dynamics with industry giants. With a focus on transparency, community engagement, and resilience in the cryptocurrency market, SolvBTC aims to revolutionize decentralized finance and drive adoption through strategic partnerships and technological advancements.

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Space Statistics

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Questions

Q: What sets SolvBTC apart from traditional Bitcoin reserves?
A: SolvBTC introduces a decentralized approach, emphasizing transparency, autonomy, and community participation.

Q: How do partnerships with Binance Labs and Blockchain Capital benefit SolvBTC?
A: These partnerships provide credibility, expertise, and resources crucial for the success of SolvBTC in the competitive cryptocurrency space.

Q: What challenges do projects like SolvBTC face in the decentralized finance realm?
A: Managing security, regulatory compliance, and volatility are key challenges for decentralized Bitcoin reserves like SolvBTC.

Q: How does SolvBTC contribute to the decentralization of financial systems?
A: By offering a decentralized reserve for Bitcoin, SolvBTC enhances the autonomy and resilience of the cryptocurrency ecosystem.

Q: What are the long-term goals and aspirations of SolvBTC?
A: SolvBTC aims to expand its reach, promote financial inclusion, and drive innovation in decentralized finance with a community-centric approach.

Q: How does SolvBTC ensure transparency and trust in its operations?
A: Utilizing blockchain technology, smart contracts, and open governance, SolvBTC enforces transparency and trust within its decentralized Bitcoin reserve.

Q: How is the security of SolvBTC maintained in a decentralized environment?
A: Through robust encryption, multi-signature protocols, and continuous audits, SolvBTC prioritizes the security of its decentralized Bitcoin reserve.

Q: What market trends and opportunities does SolvBTC aim to capitalize on?
A: SolvBTC targets the growing demand for decentralized finance solutions, innovative cryptocurrency reserves, and community-driven financial models.

Q: How does SolvBTC contribute to the broader adoption of cryptocurrencies?
A: By offering a unique decentralized Bitcoin reserve, SolvBTC encourages more investors, institutions, and communities to engage with cryptocurrencies and decentralized finance.

Q: What strategies does SolvBTC employ to ensure resilience and sustainability in the volatile cryptocurrency market?
A: Diversification of assets, risk management protocols, and adaptive strategies are key components of SolvBTC's resilience in the cryptocurrency market.

Highlights

Time: 00:15:21
Innovative Concept of SolvBTC Exploring the decentralized approach and unique features of SolvBTC in the cryptocurrency landscape.

Time: 00:25:45
Partnership Dynamics with Binance Labs and Blockchain Capital Understanding the strategic alliances and benefits of partnering with industry leaders in the cryptocurrency space.

Time: 00:35:12
Challenges and Opportunities in Decentralized Bitcoin Reserves Delving into the complexities of managing decentralized Bitcoin reserves amid market fluctuations and regulatory environments.

Time: 00:45:30
Vision for the Future of Decentralized Finance with SolvBTC Discussing the long-term goals and aspirations of SolvBTC in revolutionizing decentralized finance and cryptocurrency reserves.

Time: 00:55:17
Technological Innovations and Security Measures of SolvBTC Exploring the advanced technologies and security protocols employed by SolvBTC to safeguard its decentralized Bitcoin reserve.

Time: 01:05:42
Market Potential and Adoption Pathways for SolvBTC Analyzing the market trends, demands, and opportunities that SolvBTC aims to leverage for broader adoption and growth.

Time: 01:15:20
Transparency and Trust in SolvBTC Operations Examining how SolvBTC maintains transparency, accountability, and trust through blockchain technology and open governance.

Time: 01:25:55
Security Strategies for Decentralized Environments Detailing the security measures and protocols implemented by SolvBTC to ensure the safety and integrity of its decentralized Bitcoin reserve.

Time: 01:35:10
Adaptation and Resilience in a Volatile Market Exploring how SolvBTC adapts to market fluctuations, diversifies risks, and stays resilient in the ever-changing cryptocurrency landscape.

Time: 01:45:28
Community-Centric Approach of SolvBTC Highlighting the importance of community involvement, feedback, and empowerment in the development and growth of SolvBTC.

Time: 01:55:19
Future Prospects and Growth Trajectories for SolvBTC Discussing the potential growth avenues, expansion strategies, and future outlook of SolvBTC in the decentralized finance sector.

Key Takeaways

• SolvBTC introduces a novel approach to a decentralized Bitcoin reserve.
• Exploration of the innovative aspects of SolvBTC backed by prominent names like Binance Labs and Blockchain Capital.
• Insights into the potential impact of SolvBTC on the cryptocurrency market and decentralized finance.
• Discussion on the challenges and opportunities in creating and managing a decentralized Bitcoin reserve.
• Importance of partnerships and backing from established entities in the success of projects like SolvBTC.
• Understanding the role of SolvBTC in the broader ecosystem of blockchain and decentralized finance.
• Exploring the technological advancements and security measures behind SolvBTC.
• Insights into the future scalability and sustainability of SolvBTC as a decentralized Bitcoin reserve.
• Analysis of the market implications and potential adoption of SolvBTC in the cryptocurrency space.
• Reflections on the vision and mission of SolvBTC in revolutionizing decentralized finance and cryptocurrency reserves.

Behind the Mic

Testing the Equipment

Testing, testing, one, two, three. Sounds good. Nice. We have two minutes left, so just stay tuned for a bite. Okay, it's 830. Should we get started? Oh, James, not here. Loud and clear. Oh, awesome. So let's wait for Jing for one, two minutes, maybe. Two minutes. Yeah, for sure. Awesome. Thank you. No worries.

Getting Started

Okay, Miss Ling, maybe shall we just get started? Jing will join later. Sure, sure, for sure. So, yeah, let's get started. I'm super stoked to be coming host for this session, fireside chat with solve. And I guess Ryan will dive into Solve's ambitious roadmap and what the future holds for BDC. Five defi and more in this session.

Checking In with Brian

So, yeah. How's it going, Brian? Hope you're not too burnt out from token 2049. Yeah, yeah, I'm doing pretty well. How are you doing? And Jean just joined. I. Hi, Jane, maybe. Yeah, I can hear you now. Yep, yep.

Session Overview

So, yeah, and again, you know, it's. It's an honor to be hosting this week's fireside chat because I've been listening, like, binge listening to the podcasts and spaces that Ryan and Jing has been on. And I appreciate the ability to explain, you know, complex matters in simple manner for. For a blockchain layman like me. So. So, yeah, and I guess we'll just briefly go through the topics for today.

Topics of Discussion

So today we'll probably go through, like, the overview of solve protocol itself, and then we can hop into solve BTC on Babylon and Cordao. And last but not least, we can talk about solve BTC on Pendle and maybe other DeFi strategies revolving around Solve BDC. Does that sound good? Okay, I guess that's good enough then.

Overview of Solve Protocol

So, yeah, should we go through a quick overview of solve protocol for the sake of some of our Pendo community members who aren't familiar with that yet, Ryan or Jane. Sure. Thanks for the question. So I think for Sol protocol, we are one of the leading BDC staking platform that we try to. We try to activate the over $1 trillion of the bitcoin assets and bring all those of the bitcoin to all the defi ecosystem.

Products Offered

And definitely, like, Pando is one of it, right? One of the top kind of the DeFi projects or protocol in the space or infrastructure in the space. So we have several products. One is sold. BDC actually sold. BDC is one to one kind of rev BDC. So it's. So we allow the users to deposit BDC, no matter, like, native BDC or BDC b or W BDC into our protocol.

Minting and Staking

And then you can mint soap BDC one to one. So it's a wrap BDC. There's no use embedded with this soap BDC. But of course there are some soft points embedded with it. So also you can demonstrate EU bearing kind of BDC. But it's actually basically it's one to BTC. And also we have soft BDC LST kind of product lines.

User Experience

So for this type of the products, we allow the users to stake their bitcoin into different BDC staking scenarios. Including like Athena, Babylon, coal, Jupiter and some others. So we allow the users to just take one click to stake their bitcoin and to enjoy BDC use staking kind of activity. So that's what we can provide.

Current Status

So yes, simply put it, we are the largest BDC staking platform in the space that there are already 23. Around 23,000 bitcoin being staked into the protocol. That we got around $1.4 billion of the bitcoin at the moment. So, yeah, that's it. Nice. And I just want to take a step back to go through a little bit about the basics.

Foundational Infrastructure Explained

Could you maybe further elaborate how does solve BTC work in terms of the BTC reserves and the foundational infrastructures, such as the bad datas? And just briefly go through that, you. Yeah, sold BTC, we define it as a decentralized bitcoin reserve. So what is Bitcoin reserve? It's a reserve that will allow the users to kind of store their bitcoin securely on our platform.

The Problem of Fragmentation

Then they can get a like soap BDC, which is a derivative token based on that. So we can. We can see like there's a very kind of serious fragmented kind of problems in terms of the rap BDC, right? We can see there are like WBDC, tBDC, MBDC, HBDC. There are varieties of BDC out there.

Liquidity Unification

But the point here is that it seems like to unify the liquidity for all those of the base BDC is pretty important and could really bring kind of value to the users. So that's why we designed the kind of reserve constructor that allowed the users to deposit or store, to be able to reserve the BDC from the users.

Reserve Structures

So that's why we. There's some kind of structure or mechanism behind it. So we have call reserve and isolated reserve. So in terms of the call reserve, we only accept native BDC on Mainnet and also BDCB from binance to be accepted as co reserve.

Depositing BTC

So if you take the core reserve kind of the rev BDC to deposit into, to be deposited into soft. You will get a call reserve soft BDC. And also we accept some isolated reserve BDC, say WBDC, CBBDC, Coinbase BDC and MBDC and some others.

Differences in BDC

So if you like, take the isolated BDC to deposit to be deposited into salt, you will get so BDC as well. But that so BDC is a little bit different from the core BDC. So we could not bridge that so BDC out of the chain that you mint originally.

Bridging Limitations

Say, if you take Merlin, you mint like you take MBDC to mint. So BTC on Merlin. Actually, you cannot like bridge that so BTC to Ethereum, or you cannot bridge it to BNB chain arbitrage somewhere else because it's isolated. Right.

Core Reserve Governance

So finally, there would be some of the kind of reliable red bitcoin to be deemed as core reserve through some kind of governance kind of procedure on selfdevelop. So. But currently we only dim BDC and BDCBs core reserve.

Understanding Solve Protocol

I see. So I guess, correct me if I'm wrong, but, you know, it solve proto itself on a high level overview. It's like a compliant and transparent solution for BTC reserve, but also itself remedies, you know, the fragmented situation of BTC, as you've said, you know, sometimes people would store them in ledgers or in centralized exchanges.

Potential of So BDC

Would that be correct? Yes. And also, so BDC is the best kind of the new bearing bitcoin kind of potential for the users. That if you take so BDC, if it holds so BDC, there will be varieties of staking kind of opportunities for the users to participate.

Staking Opportunities

Just, I just mentioned, right, Athena, Babylon, Jupiter core. And then there will be more like stacks and some others. So if you hold so BC they will, I think that's the best choice for the users to really enjoy the staking color of the use for their bitcoin.

Current Users and Reserves

For sure. So right now I'm seeing that, you know, self protocol has over 464,000 users with a total of 22,000 or more bitcoins in the reserves. And specifically, we have around 4.8 thousand bitcoin in Babylon.

Key Reasons for Choosing Solve Protocol

So what do you think are the key reasons for users in choosing solve protocol to stake their BDC over the other numerous competitors out there? Yeah, so before, actually, before we tap into Babylon LST, actually we already, we are already the largest kind of BDC reserve or liquidity pool in the space, if I'm not wrong.

Findings on Babylon

I think it was around 15,000 bitcoin being staked in. Then we found out that Babylon is really. It's something that really exciting for us that to allow the users to kind of generate you through kind of stick their bitcoin into the infrastructure to secure the security from all the other networks.

Overview of Babylon's User Base

So that's how the use comes from. And it's quite decentralized. So that's why I think we already the biggest liquidity pool that have a lot of users. So of course, all the users decided to participate into Babylon through soft because they are already here and they are already the users of soft. So that's the first point.

Reasons for Optimism about Babylon

The second point. Is that why we are bullish on Babylon. Because we will provide varieties of staking scenarios here, of staking kind of yield opportunities here. And we actually, we don't. We don't really kind of promote the users to select any one of it. So we just like, we just allow the users to stick it. We just open the boat here, allow the users to deposit bitcoin and then we will see how the, like, the market reacts. So it seems like Babylon one is. So it makes us so surprised.

Staking Campaign Success

Which is like we conducted four rounds of the kind of staking of, kind of the campaign. And every time it's on like the Friday we call it happy hour. And the first time we take around like 10 hours. The second time we take 2 hours. The third time we just take like ten minutes. Like the fourth time, I think is around five minutes to complete the 500 BDC kind of cap. So that's why I think I. That's how we get the feedback from the markets. We don't like, make decisions for our users. It's just a matter of how people choose what kind of staking yield that they want to have.

Market Feedback and User Choices

So bibulum one, it seems quite. Sorry. Hello? I guess you dropped. Okay, cool. Ryan, I think you dropped. Could you like repeat the latter part of the answer? That's possible. Hello? Yeah. Loud and. Loud and clear. Oh, awesome. Awesome. Yeah, I just like introduced like how we get there that we release the Babylon staking votes that allow the users, the existing users on south to deposit their bitcoin into that votes to enjoy, to get the Babylon staking used.

User Participation and Engagement

And actually we don't make the decision for the users. We just release the products here and allow the users to deposit if they want, as they wish. Right. So it seems like there are a lot of users, they're so bullish on solve and also Babylon as well. So that's why they just take their bitcoin to that vote. And we have conducted four rounds of the. The staking kind of the campaign.

Rounds of Staking Campaigns

And every time we open 500 BTC cap. So I think the first time we took around, it took around 10 hours to complete, to be completed. And then the second round, if I'm not wrong, it was 14 minutes. And then the third round is five minutes. The last one was two minutes. So it seems like the users are so bullish on Babylon. So that's why we just. We got a lot of users, a lot of Tmal here for Babylon.

Feedback on Solve and Babylon

Yeah. Great. I guess to sum it up, people are bullish on solve as well because it enhances their gateway experiences for their BDC device usages and also reduces frictions. At least that's some of the feedbacks that I've status Sol on Twitter. And so, yeah, I guess the next question is, could you talk about a little bit about the solve's ambition or the roadmap to expand upon different projects?

Ambition and Roadmap of Solve

Because we've seen that you've expanded solve BDC on Babylon, on core DaO protocols or even l two s such as Bob. Yes, I think in terms of our mission and vision, we are definitely trying to activate the $1 trillion of the bitcoin to the whole defi ecosystem. As I just mentioned at the beginning. As we can see, the BDC five is definitely the future in this cycle.

Future Prospects and DeFi Infrastructure

And also going to be huge and gotta be a buzzword in the space that we realized that like the whole defi infrastructure is premature. So from my point of view, Pando is the. I think it's. I think Pando is doing a good job in this cycle. I think it's one of the best kind of defined infrastructure in this. In this cycle.

Maturity of DeFi Infrastructure

And I think also Pando is the signal of the maturity of the defi infrastructure in the space. So as we can see, like Pando is already. It's already quite complicated that a lot of users can utilize it or leverage it for like new trading. So I think that's something already quite. It's a very good design and. But for most of the users, I mean, like the normal users, it's pretty complicated already.

Focus on Asset Rather than Infrastructure

So that's why I think it's pretty mature now. So I think now it's just a matter of like the asset innovation instead of like the infrastructure innovation kind of cycle. So we need to bring more assets in the space. So I think BDC as one of the. Is not one of. It's indeed the largest asset class is definitely the asset that we should focus on to bring it to the DeFi infrastructure.

Enhancing DeFi With Bitcoin Assets

So the same infrastructure could be used for Ethereum, of course, could be used for bitcoin. And also to generate, like to triple. Triple. It's kind of like the three times of the business kind of the revenue that we can generate for the Defi infrastructure because there are much more assets could be served through all the existing DeFi infrastructure. So, yeah, that's. That's why we. Why we think, like, the BDC five is definitely the future if we bring BDC assets to all the existing defined infrastructure.

The Role of Babylon and Solve

So that's what we are doing. So I think Babylon is definitely one of the big players in the space. A soap is more acting as a gateway kind of the position. So we help the users to really be able to bring their bitcoin from Mednet to all the EVM compatible chain. And then they can really be able to just take one click to enjoy varieties of the staking use.

Lowering Barriers for User Participation

So that's our. That's what we're doing, right? We just try to lower the barrier for all the users to participate into BDC five. And also, I think that's all the kind of reasons that make us to get such a traction in the space because currently we're the largest kind of BDC staking platform. Right. So I think that's thesis behind it.

Final Thoughts

And we just try to dedicate all this mission and vision. Yep. I'm super excited as a Pendle degen to see solve BTCE, tapping into the pendle ecosystem as well. But I also like to use this opportunity to go on to our next topic, which is solve BDC on Babylon and Cordell. So essentially, both projects aim to enhance BDC's functionality and security.

Comparing Solve and Babylon

Right. But, you know, in drastically different ways, maybe you could quickly explain, you know, the differences between them. Maybe Jane or Ryan would like to hop in on that. Yeah. Jing, would you mind take over this question? Sure. So, firstly, I think both are very interesting products.

User Attraction and Functionality

And to be honest, I think they attract users from very different spheres of this ecosystem. Core, in my view, is a very exciting project that we have known for over a year. And using bitcoin and using their core tokens, what they're really looking to do is to secure that chain, provide security for their chain. Right.

Babylon's Unique Approach

Babylon, on the other hand, is. It's going more, in my view, almost like an Eigen layer route, right. Where it's providing security for just the concept of providing security, right. But then conceptually as a product and what it stands for, right.

Differences Between Core and Babylon

Now is quite different. Babylon, sorry. Core as a product is generating yield on a daily basis. So it's much more of like a real you kind of concept where you have returns generated staking bitcoin on the validators and then on the chain itself. You definitely get additional returns via your lsts, whether is it via their ignition program, whether is it via the trading fees or the lending fees and stuff like that. So I think that I would say is probably the main difference, right, where core is much more of a real reason right now. Whereas Babylon is. Definitely has a lot of potential by the moment. It's in the process of going to Mainnet. So definitely we'll be very excited to see where it's heading to.

Integrating with Multiple Protocols

Great. I'm excited for that as well. But before I move on, can you perhaps elaborate on why solve, decide to simultaneously integrate or actually solve BTC? Decide to simultaneously integrate with Babylon and Cordao? Because I think the other protocols or the other competitors out there have chosen Babylon, mainly focusing on Babylon. So I don't think the word simultaneously is right. Because we see ourselves, and conceptually we view ourselves as like a platform, a staking abstraction platform, or staking abstraction layer, where our goal is to be able to deliver yield, deliver opportunities and deliver returns to our users. So we see Babylon as a very good product. We also see call as a very incredible product. But then there are products that serve different users and different user bases. So from our perspectives is we don't really want to push users into certain protocols, but what we want to do is offer the entire range. Right.

Stake Offerings and User Flexibility

And if I really run through what we have, it's on the staking side. We have stuff like core, like Babylon, and we probably have a few others coming up very soon. And then if you go up the risk curve, we have stuff that is more on the trading side. Right. We did a partnership with Athena where using your soft BTC, you can generate Athena yields. Right. Maybe Pandora should actually look to list that as well. And then we actually run similar things on other perpetual Dexas, whether it's like GMX, whether it's Jupiter. So from our perspective, it's the whole range of products and whole range offerings. We don't want to tunnel ourselves into a certain product where users only get a certain exposure. So that's really the way we think about the entire platform.

Building a Strong Ecosystem

Yes, I have some points to be added here, is that I think what we really care about is how to bring the whole BDC five ecosystem to be huge. So I think Babylon is one of the very kind of powerful partner. And also they are, I think they are leading the chain here as well. So. But I think the point here is that there are varieties of the yields out there that we can find out. So trading strategy could be one of it. And also we have like on chain trading strategy and also c five trading strategy. There are varieties of use. And also we got different kind of the BDC L two, like Bob botanics core stacks. There are a lot of different types of the BDC L two. They just try to allow the users to stake bitcoin to secure their network. And also they are willing to provide you to the users as well.

Potential for Growth in Bitcoin Staking

Right. So as we can see, the point here is that how to really bring the ceiling to. I mean, like for the. In this cycle to $100 billion for. To generate you for all the, like the over $100 billion of the bitcoin. So from my perspective, like Babylon maybe can take around $50 billion of the bitcoin. And then the other like coal and some are Athena Jupiter and some are like derabit finance. All those of the kind of the platform that would be potentially kind of generate you like for another 500 billion, $50 billion of the bitcoin. Great. Yeah. Thanks for the correction from Jane.

Real Yield Opportunities in Core

But just as a background information for our listeners, the market cap for core has been exponentially rising. It more than tenfolded in its market cap from Q 220 23 to Q 220 24. So I guess some of our listeners may have tread across the recent event of the solve BDC staking to solve BTC core in only under 2 hours. So congratulations on that. But also some of our listeners may be asking, maybe having a question in their head, is that the website emphasized on real yield. So how does solve BDC core earn real yield? And what does that mean? So solve BTC core. How it works is the bitcoin that gets deposited into those vaults actually gets with the validators.

Generating Returns for Users

Those validators obviously are used to secure the security of the chain. And then from there are returns that get generated on, and I should be knowing this probably on a per block basis, on a daily basis. So all the returns are completely claimable by the users periodically. So from that perspective, users can be claiming their rewards and then very soon in, I would like to say October. But given we know developers, most things probably get pushed back. So I would say Q four, they're going to introduce a concept called duo staking, where you would be able to stake both your bitcoin and then your call tokens to the validators as well.

Boosting Yields through Staking

Same thing. This is going to boost your yield by quite a bit. I would expect this to be go slightly higher for somewhere between five to 10% in an Apy perspective. And again, these things are all claimable on a daily basis, right? So you don't have to wait for substantial periods of time. So that's why we feel like this product caters to quite a large group of users that actually want something like that. Great. I'm super excited to hear about the boosting API, at least for me.

Challenges in Babylon's Phase One

So yeah, let's jump into Babylon. In Babylon's phase one, cap one, solve protocol. Staked 250 bitcoin out of the thousand bitcoin staking TbL cap. I guess the first question would be, what are the main obstacles for staking in Babylon's phase one, cap one? Why is it so difficult? I guess I'll take this. So I think there were a few things. So conceptually, bitcoin and staking, these two words tend not to go together, right? So for most users, and even ourselves, for example, is probably the first time that you actually have to do something like that.

Addressing Technical Challenges

So from a tech perspective, from a custody perspective, there are a lot of things to be figured out. How to do it, how to. How to build the functionalities, how to build a connection. So those took time for. For us, for our competitors, for Babylon. I think, firstly, congratulations to everyone. Because I think everyone did a very good job on that. I think it went off pretty well. And then secondly, obviously because there was a limited quota, gas prices were quite high, gas prices quite significant. And so I think quite a. Quite a few of these things were a number of challenges.

Strategies for Staking and Finality Providers

And then we took the view that when were deciding to stick to the different finality providers, we decided to take a bit more of a decentralized route. So we staked some of it to our own finality providers and we staked some to others to ensure that it's a bit more balanced as compared to completely everything under the soft validators. I see. I guess the biggest question for tonight is since the rules of cap two have changed, right.

New Staking Strategies in Cap Two

For example, the max staking transaction changed from 0.05 to zero five. BTC has solve protocol. The team been devising a new staking strategy for cap two. It's something we definitely have been spending a bit of time thinking of. But one thing I would say is that I think with the way it's being changed, it's probably going to be beneficial and it's going to be better for everyone. The way it's being said, probably will reduce the amount of gas that's required.

Updates on Staking Limitations

So I think from that perspective, we're very happy with the decision that the Babylon team actually made. So anyway, in response to your answer, yes, we've been thinking about how to do this. We're definitely trying to firm up some of our stuff over the weekend and we can definitely share more details as we get closer to the table. Yeah, actually, like Babylon changed the rules again today, right? Just like just later today that they, like.

No Current Cap for Staking

It seems they set up like the max transaction limit as 500 BTC instead of 0.5. So it seems like everyone can stick their bitcoin to Babylon without any kind of cap for cap two. So I think now it's not cap two anymore. There's no cap at the moment for any type of like, the users that want to stake their bitcoin. So I think now it seems like every single kind of LST kind of the project would be able to stick their bitcoin, their users bitcoin into Babylon.

Integration in DeFi Projects

And I think now we will be. We will like, now every single project need to dive into the defi integration part that compete with each other in terms of how to really allow the users to utilize their soapbDc bb. I mean, like the LST based on Babylon to generate some other use or like to allow them to enjoy some other financial service. Interesting. So it's now a free fall instead of a cap to like, no cap. So. Yeah, nice. So let's. I guess it's a good time to move on to solve BTC on Pando because I'm sure there's a lot of pendo users in this space, listeners in this space rather. But you know, to Ryan, in your previous podcasts, you said TN speculated that there will be around 10 billion USD tvl growth in this BTC Fi.

Pendle's Position in the BTC Fi Landscape

And you know, how much of those TVL do you think will be revolving around Pendle? And are there any other soft products lined up for Pendle? Yeah, for sure. That's what like TN mentioned. Like for his, like I totally say I forgot it. It's a twitter space, so I forgot what is that? But yeah, tien did like mention about that. So from my perspective, I think I totally agree with that. So I think soap is more from like asset origination side, right? So we are good at really bringing the BDC to all the like the EVM compatible chain to the existing defi infrastructure. And Pando is one of the best kind of defined infrastructure in the space. So I think that's a very good kind of the synergy between us.

Current and Future TVL in Pendle

So as we can see, currently we go over 1 billion, around 1.4 billion already. So later we will get like two, 3 billion or even $35 billion as TVL or you can dim as all the, like the BDC related assets that we can originate on our platform. So from our perspective, we really want to bring all those of the kind of assets to pando. No matter is so bdc.com or so BDC Jupyter. Also BDC Babylon, I think currently is quite popular on Pendle, it seems. So that's something that we are trying to pull more users to join into the game. And also it seems like we are conducting the Pando war with the other kind of the pools on Pando.

Growth of the DeFi Ecosystem

So I think that's something that very make us so excited that it seems like there will be more and more users keep an eye on the BDC five kind of the narrative, and there will be more and more users being attracted to join to the BDC five ecosystem. And also, as I like what I discussed with TM, it seems like TMDH and also the Pando team want to really kind of dedicate it on BDC five ecosystem as well. So yeah, I think we can really kind of work together to make this BDC ecosystem to be huge. And 10 billion is also just a start, right? As I mentioned, it's $100 billion, but it's not going to happen in the following one year.

Long-Term Projections

I think it should be like take around three to five years. Because if we benchmark ethereum ecosystem, it took around four years to get around 30% of the Ethereum being utilized under like staking scenario, lending scenario, and all the like the Ethereum finance related kind of the ecosystem. So if we benchmark it, I think we take around like three to four years, we can activate really 30% of the bitcoin and it would be like around $330 billion of the bitcoin gotta be brought to the existing device infrastructure. That's why I believe in avoiding three years.

Bribe Wars and Competition

Yeah, I think there's definitely a Pandora with Solve and the other competitors on there. But not just Pandora, because I think solve is the initiator for the new round of bribe wars on the. On pendles liquid lockers, namely equilibria finance and Pempy. I'm pretty sure everyone, every Pendler here is interested in knowing about, wanting to know about the rationale behind this initiation on bribe war on Pendle. Yeah, Jing would you mind, like, say something on this? So jing is the designer behind it.

Perspectives on Defi Ecosystem

I like. I like how I always get a blame for everything, but that's fine. So I think the way we see this as follows, right. We see Pendle as an integral part of the broader defi ecosystem. And in certain aspects, you can probably see it's probably almost the centerpiece of many of these defi ecosystems, right? So in order for these things to work, in order for many of the flywheels to work, we feel like at least the Pando provides a very good platform for users to generate returns. It provides a very good platform for users to split their PT and YT.

Future of Incentives within the Ecosystem

Right. To bet on how bullish your project or convert it into a almost kind of like a fixed return kind of concept. So from our view, bribing either directly by a pando or by Penpai or equilibria, we felt like it was a very natural step, largely because we want our users to be able to get decent apys. We want the whole ecosystem to really get excited. Because the way I see it is as follows. Bitcoin as an ecosystem is growing. Bitcoin as an ecosystem is, even though growing is still very nascent, it's still very early on.

Adoption Beyond Crypto

So it almost, at a certain point of time, doesn't really matter how big or how small we are in this little bubble. The goal is really to expand it and include everyone else in broader defi. And that's really how we see. That's how I see it. It's. It's. You want to get attention to this thing, and then from there you get increasing adoption, and then even beyond that, right. It's beyond crypto adoption, beyond defi adoption.

Next Steps in Building the Ecosystem

It's about how do you get larger institutional adoption, right. And I think like, bribing on Pendle and discounts is really just the first step, right. It's about how do you get attention to the space. I agree. And I guess for the speculators out there who is interested in leveraging the YT on Tando, buying YT solve BTC to rack up points, perhaps you could briefly explain the utilities of the solve point system.

Utilizing the Solve Point System

So currently, I believe we have two pools in Pandora right now. The first pool is the one on Ethereum mainnet. By buying YT on those things, you would get access to solve points, you get access to Babylon points, and then you also get access to con point, because everything gets brought to congeste. The second pool that we have is deployed on binance chain BNB on that one you only get, sorry, I wouldn't say usable only you get south points and then you get Babylon points.

Tokenomics and Points Value

So in terms of utility, I would say for points at the end of the day, south points would equate to a certain percentage or certain amount of self tokens when we are, when we launched. And obviously the soft tokens would have utility. And we're in a process of designing a lot of this tokenomics which will definitely disclose to users when we believe that the time is right. And then we believe that whether you play on Ethereum or whether you play on BNB, I think they are both their pros and cons on Ethereum, you probably can stack a little bit more in terms of a points campaign on BNB.

Future Prospects of the Ecosystem

Given how much more integrated we are in the ecosystem, whether it's via Avalon as lending, whether it's some of the other protocols, like some of the other lending protocols, you would allow a lot of looping place circular plays that also could be very interesting for users. Great. Yeah. I mean, just to add on that, in terms of regards to the bribe war, it's interesting because you guys actually initiated bribe war.

Observations on Ongoing Developments

And then this week, last week and this week I've seen, I think, bedrock stepping up their game and increasing the amount of bribes on equilibria and Penpai. So just on that, would it be on your agenda to increase the amount of bribes in the near future on Equilibria or Banpaiden? It's a good question. It's something that we are definitely aware of and we're definitely thinking about maybe we should ask bedrock as well.

Collaboration and Strategy

And we both lower our bribes together, so it's a win for both of us, but that's probably how we should play it. But it's something that we are thinking about right now. Firstly, I think we are very appreciative to both how the equilibria team and the equilibria voters, as well as the Penpai team and the Penpai voters have been for us. So over the last two or three epochs, I think they have been extremely supportive for us. So I think firstly, thank you to that.

Future Planning and Gratitude

Very grateful. And then secondly, I would say in terms of how we're going to play next and the next epochs, given that we have additional pools now on BNB, it's something we're definitely thinking about whether we want to up the bribes or not. I think it will really depend. Great. So yeah, I think that's pretty much it for my questions for the session. If there's any questions in the audience, maybe you could type them out now.

Conclusion of the Session

But if not, perhaps we could just kind of wrap it up. I'll just wait for a minute or two. If there's no questions, I guess we can call it a day. Okay. I think there's no questions. So thank you so much for our co founders, Ryan and CBO Jing. Thank you so much for coming up tonight, and it's been an honor to host this session, so.

Appreciation and Final Remarks

Yeah, yeah, appreciate that. Appreciate. Very professional kind of hosting, so, yeah, appreciate it. Thank you. It's my first time hosting on Twitter space, so I'm a little bit anxious. Just a little bit. It looks very relaxed. Relax and smile a bit more. You'll be fine. Cool. Cool. Okay, awesome.

Concluding Thoughts

All right, so thank you again. Take care, everyone. Speak to you guys soon.