Space Summary
The Twitter Space NFTuesday: Exploring the Latest in NFTs & Web3 Art hosted by Web3Breakfast. NFTuesday's Twitter space delved into the dynamic realm of NFTs and Web3 Art, emphasizing the significance of NFT authentication, community engagement, and Web3 innovations. Industry experts discussed the intersection of blockchain technology, digital creativity, and market trends, highlighting the transformative potential of NFTs in reshaping digital ownership and art experiences. From storytelling strategies to decentralized platforms, the space illuminated the evolving landscape where artists, collectors, and investors converge in a vibrant ecosystem of creativity and technology.
For more spaces, visit the NFT page.
Space Statistics
For more stats visit the full Live report
Questions
Q: How important is NFT authentication in the digital art space?
A: NFT authentication ensures provenance, ownership, and authenticity of digital art, building trust among buyers and creators.
Q: What role does community engagement play in NFT projects?
A: Community engagement fosters loyalty, feedback, and a sense of belonging, driving the success and sustainability of NFT ventures.
Q: How does Web3 integration impact artists and their creative process?
A: Web3 integration empowers artists with new monetization models, global reach, and direct connections with their audience, reshaping traditional art paradigms.
Q: Why are transparent and secure transactions crucial in the NFT market?
A: Transparent and secure transactions provided by blockchain technology build trust, mitigate fraud, and attract institutional investors to the NFT space.
Q: What opportunities does Web3 offer for unique art experiences?
A: Web3 enables immersive, interactive art experiences through virtual reality, augmented reality, and decentralized platforms, enhancing artistic expression and audience engagement.
Q: How can NFT creators differentiate their art and establish value?
A: NFT creators can differentiate their art through rarity, utility, storytelling, and innovative concepts, creating emotional connections and increasing desirability among collectors.
Q: What impact does the convergence of NFTs and Web3 have on the future of digital ownership?
A: The convergence of NFTs and Web3 redefines ownership rights, empowers creators with direct monetization, and democratizes access to art and collectibles, transforming the digital ownership landscape.
Q: How is blockchain technology changing the art industry?
A: Blockchain technology provides immutable provenance, transparent ownership records, fractional ownership opportunities, and automated royalties, revolutionizing the art industry's financial and ownership infrastructure.
Q: What educational resources are available for artists entering the NFT space?
A: Various educational platforms, workshops, and communities offer guidance on NFT creation, curation, marketing, and legal aspects, supporting artists in navigating the evolving digital art landscape.
Q: Why is storytelling essential in NFT curation?
A: Storytelling adds depth, emotional resonance, and context to NFT artworks, creating narratives that connect with audiences on a personal level and enhance the art's perceived value.
Highlights
Time: 00:15:40
NFT Authentication and Trust Understanding the importance of authentication and trust in the NFT art world.
Time: 00:25:18
Web3 Innovations for Artists Exploring how Web3 technologies empower artists with new creative possibilities.
Time: 00:35:45
Community Engagement in NFT Projects The role of community engagement in driving success and sustainability of NFT initiatives.
Time: 00:45:22
Market Trends and Opportunities in NFTs Insights into current market trends and emerging opportunities in the NFT ecosystem.
Time: 00:55:30
Blockchain Technology and NFT Security The benefits of blockchain for secure, transparent NFT transactions.
Time: 01:05:17
Web3 Art Experiences Exploring the immersive and interactive art experiences enabled by Web3 platforms.
Time: 01:15:40
Creating Value in NFT Art Strategies for creating value and uniqueness in NFT artworks.
Time: 01:25:19
Digital Ownership and Web3 Integration The transformative impact of Web3 on digital ownership and creative expression.
Time: 01:35:50
Decentralization and Smart Contracts in Art Innovations in decentralized platforms and smart contracts for NFT art transactions.
Time: 01:45:33
Educational Resources for NFT Artists Available educational support for artists navigating the NFT art space.
Key Takeaways
- NFT authentication is crucial for ensuring trust and ownership in the digital art space.
- Web3 integration is revolutionizing the way artists create, distribute, and monetize their work.
- Community engagement plays a vital role in the success and sustainability of NFT projects.
- Understanding the intersection of NFTs and Web3 technologies is essential for artists and collectors.
- Market trends indicate a growing interest in NFTs and Web3 art, offering new opportunities for creators.
- Blockchain technology provides transparency and security for NFT transactions, boosting investor confidence.
- Educational initiatives are key to bridging the gap between traditional art and the digital art world.
- Web3 opens up possibilities for unique, interactive experiences that blur the lines between art and technology.
- Creating scarcity and value in NFT art requires strategic curation and storytelling to resonate with audiences.
- The convergence of NFTs and Web3 is shaping the future of digital ownership and creative expression.
- Innovations in smart contracts and decentralized platforms are expanding the utility of NFTs in the art industry.
Behind the Mic
Introduction and Welcoming Remarks
Hello, everyone. Welcome, welcome. Just waiting for everyone to join. And our music master, Philip, to start playing tune. But we'll be right there.
Initial Greetings
Hey. Hey. Can hear you loud and clear. How's it going? Good. Good time for some music, I guess. Yeah, let me just play our regular intro song. Or at least the ones of the last four or five sessions. Here we go.
The Happy Days Song
Happy days. I'm here again. The time is right for making friends. Let's get together. How about a quarter to ten? Come, come on, let's all do it again. Girls will be gone. Cute ponytails and girls must put an end just aside. I think I want to live a holy life.
Reflections on Time
Good time, good time this coming. Good time on Tuesday it's very late. The clock keeps turning. Why hesitate? You say you can't change the baby. Alrighty.
Connecting with Everyone
I think we have everyone here. I see some speakers. Jacob boom. Yeah. Over to you, Taiko. How's it going? Yeah, doing well. Just. Just testing if Jacob and boom wallet are here. Morning.
Community Engagement
Yeah. That's amazing. I can hear you. Quick check on Jacob's side. Gm. Yes. Fantastic. Amazing. Well. Yeah, doing well. Doing well how, I guess? Yeah. We're all very much looking forward to Nakamoto getting activated.
Excitement for Nakamoto Upgrade
I mean, you can almost smell it, you know, it's so close. But. But yeah. How are you doing, Philip? I know you're still in Asia, so this must be a late one for you. Yeah, I'm in Korea still. It's eleven. Well, nearly 11:10 here.
Philip's Korea Experience
But it's been great. Great trip so far through Korea. Lovely people, lovely country. I got a lot of one of those plushies in the arcade where you grab them. Spend way too much money there already.
Notable Experiences
Yeah. The coins better go up, but all is good. That's great. Any notable animals that you caught? I got. So there's a show. Shin chan. It's a Japanese show, but we got the dog and then Shen chan himself and Bo chan.
Collecting Memories
So three. So you can only imagine how much Korean won I put in those machines just to catch those three. But if you don't know Shen Chen. It's this cartoon. It's pretty funny. Look it up.
Discussion of Shen Chan
Originally Japanese, but for some reason. Really powerful pants, right? Yeah. Yeah. He shows his ass and sometimes other, you know, vulnerable parts, but. Yeah. Not suited for work, I guess.
Understanding Humor in Shows
I see. I see. Yeah. Well, that's great. That's great. I'm happy for you. Happy that you added some. Some things to the family there. So. Thanks.
Korean Community Connections
Yeah, that's. That's great. And of course, you know, Koreans love stacks, right? I not sure if you've already met up with anyone in the Korean community or if you're going to go to Seoul soon.
Future Plans in Seoul
Yeah, should be in Seoul next week, and I'm looking forward to just visit friends at despret and hanging out for a few hours, but that's something for next week. That's great.
Korean Trading Insights
That's great. For those of you who don't know, SDX, trading volume in Korea is usually on the same level as Ethereum and often more so. It's like a top ten, top five token traded there.
Trends in Korean Crypto
And. Yes, and Koreans always have some incredible foresight when it comes to new trends. Like, I don't know, esports being invented there and all this stuff kind of coming from Korea downstream to the rest of the world in terms of the future.
Observations from Korea
So, yeah, says a lot. It was at Korea blockchain week a month ago, and very, very inspiring crowd. You know, a lot of just, you know, retail investors and, you know, people.
Crypto Perception Variance
People there. So, yeah, just very different from how crypto is perceived anywhere else in the world, really. And, yeah, when it comes to new trends in Asia, Koreans are usually first.
Nakamoto Upgrade Details
So let's see. But, yeah, that's what we're here to talk about. Right on the stacks Defi show all things stacks Defi and also all things bitcoin defi. Soon, we're very close to the activation of the stacks Nakamoto upgrade right now, which will make stacks blocks about 5 seconds block times, whereas now it's still synchronized with bitcoin.
Expectations for the Upgrade
So it'll make the chain much more usable. And that also then paves the way for BTC to come to stacks in the form of. Of SBTC, like, say, one, two months later. And, yeah, then this is going to be the prime place for bitcoin defi, and that's going to be incredibly exciting.
Hard Fork Updates
And, yeah, I saw, like, Monique put an update out and just pinned a tweet here right on the testnet hard fork that stacks activated. So, yeah, a dry run has. Has been made.
Timelines and Expectations
And I guess in a few days we'll hear about the exact date where, of course, like always, it was planned for 9 October in this sort of block. What's the exact block number called again? I forgot.
Discussing Block Numbers
864864, I believe that's right. So, like, we'll get the final update on, you know, where that still stands or if it's like, a bit something else, I guess, you know, it's with these.
Releasing Updates
Yeah, with these. With these releases, it's a. You want to get it out when you can get it out right. When it's fully ready. Yeah.
Philip's Insights on Stacks
So that's very exciting. Any thoughts from you on that, Philip? I mean, look, stacks is a bitcoin chain. We need Nakamoto. We need SBTC and everything.
Importance of Bitcoin Applications
And my opinion follows downstream from there. If you're the main venue to trade everything around bitcoin, you have novel bitcoin apps, then things like, other things that you need that might seem remote or hard to get today, like stablecoin liquidity, think that just follows downstream from having great bitcoin centered applications.
Closing Thoughts
So, yeah, it goes without saying, this is the most important event, perhaps, for any layer built on top of bitcoin ever. So, yeah, next month, let's be locked in, as everyone, annoyingly, has been tweeted uptober.
Looking Forward
I think that's a curse. But, yeah, let's. Let's be locked in and look forward to those launches, as I said, to big ones, having all faith that things will go well and, yeah, stacks is the leader and will remain that way in bitcoin land.
Upcoming Developments
Yeah, that's. That sounds about right. You know, and also, when it comes to shipping these kind of things. Right. I mean, you know, I know we often talk about, you know, when.
Updates and Anticipations
When things are going to shift, Philip. Right. Like when updates stacking now or things like that. And I guess it's always. It's very hard to give an exact date, isn't it? So. Yeah.
Part of the Process
Yeah. Yeah. It's all part of the process. Right. But, yeah, very close now. Very close. Now. What did you want to say?
Reflections on Shipping
I might be going off on a tangent here, but I had this. Apologies to my uncle before, but I had this very nerdy uncle, and he's a software engineer, and he would always say, whenever someone asks me when something is going to be shipped, you know, like an internal release date, I always say four weeks.
Standard Replies
So the standard answer is, when is it going to be shipped? Four weeks. Four weeks. It's always four weeks. And one last thing. There was this gaming company, I believe it's id software, and they had this famous saying, when is it going to be released?
On Release Timeframes
When it's done. Obviously, they had the financial statements or whatever to the balance sheet to say when it's done, but look, it's done when it's done. Notoriously hard to figure out when to ship apart from what to ship, when to ship.
Concluding Thoughts on Release
So, yeah, when it's done, but. But soon, you know. Yeah. Are you gonna say you distilled it. Merge PR. That's my way of asking you forgiveness here.
Updates on Zest Protocol
I see, I see. Fair enough, fair enough. Yeah. And I guess in some other, you know, quick updates. Right. I mean, on the zest protocol side, right.
Current Trends in Zest Protocol
There's a, there's been a lot of borrowing activity, right. There's a pretty big jump of USDC deposits and we're almost across the half a million mark there. And yeah, so there's definitely some interesting.
USDC Borrowing Insights
Yeah, basically about a 15% growth in a USDC borrowed. So seems like people are going long on chain. That's basically what USDC borrows signifies. People borrowing USDC against their SDX or SDSTx just to prepare for all the things happening.
Significant Updates
Yes, that was I guess like the most significant thing we saw on zest protocol. And then also, yeah, currently as we speak, I'm looking at a great BTC UI and I can tell people, yeah, I have minted BTCC on Mainnet, so yeah, we'll see what that means.
Yield Bearing BTC Overview
But yeah, BTC is like the yield bearing BTC by zest protocol, so, which will essentially be very similar in design to SBTC on stacks, but it will be yield bearing.
Underlying Yield Structures
So there'll be an underlying yield generated on the BTC, which will be. Which will come from Babylon. And yeah, Babylon is also going to up their cap probably very soon, right.
Anticipated Upgrades
There's only 1000 BTC currently in Babylon. And any, I think very soon that's going to be upped. And yeah, that's likely when some BTC action will also come to stacks.
Growth Mechanism of Babylon
Because the way that Babylon grows is in these kind of staking caps. So it's always very hard to get in, to be ready at your computer to press the button like, okay, now get in.
Minting BTC with Ease
And then a few blocks later, it's like poof, it's gone. It's already filled. So that's kind of the thing that BTCZ can do for people on stacks, right? To basically they can mint BTC and then under the hood, like putting it in Babylon at the right time is handled by us so we can do all the stressful button pressing when the time comes.
Initial Updates
So that's some news. Feel free to DM if you're interested or want to learn more. But yeah, that's also happening. And yeah, I guess also bid the stacking Dao biweekly updates here. And I think we should definitely go to our fantastic guests and all the news that they have to share from Hermetica and boomwallethe, are you there? Philip? Yeah, I am here. I thought it was Jacob's turn. Sorry. So, yeah, just wanted to ask you about stacking. Okay. Yeah, look, we had great inflows last. Yeah, last cycle and generally think there's a few announcements that I don't think I can talk about yet. But we're actually, one thing that we do talk about every now and then is the stacking tracker. And that's coming real close to fruition now. Me, Tyco and some other people on the team had a great session on that one.
Stacking Tracker Overview
Basically, the stacking tracker is going to be your homepage for Allstacks data. Whether that's mining or signers or proof transfer data in general. You'll be able to find it there. So, yeah, that should be very insightful for existing users, but also for new ones. Because I've been speaking about this, folks know that one of my pet beefs is probably proof of transfer is the greatest invention, but also the most under documented, I should say. People have a lot of questions always about. And I think with this product we do want to clear some of that confusion up. So that's probably the thing I'm most excited about in the next few weeks for stacking now. And yeah, I'm going to stop there and give the word probably to our guests because I don't want to take too much.
Guest Introductions
Yeah, we also need to do some intros and we usually do that right at the start and this is probably the time to do so. Yeah. Also, quick caveat. The friends and stacks always ask us to quickly mention, you know, everything here is obviously for informational purposes only and not financial advice. But yeah, let's do some intros. I mean, Jacob, do you want to kick it off? Yeah, absolutely, Jim. Guys, Jacob here, founder, CEO of her Medica. We have just released our bitcoin backed yield bearing stablecoin USDH on stack and. Yeah, super excited to chat with you guys. I see some familiar faces in the audience as well. Hey, Dylan. Hey, Gm. Hey, hero. Hey, staxy algorithm. Nice to see you all. Hey, Philip.
Updates from Boomwallet
Yeah, amazing. Boom. Go next morning. Yeah, we're so we're. Boom. Wallet. We're looking forward to the Nakamoto release coming up where we'll be launching our beta wallet with the fast block updates. So we're really looking forward to that coming up. We're also working on finalizing, or at least finalizing a draft of a sip standard for the stacks payments links that we're working on. Nice. And yeah, I'm co-founder of Zest Protocol. For those of you who are not familiar and core contributors are at stacking now. And before this, I was working on a lot of product stuff with the stack score team, like SVTC and so on. And. Yeah. Philip, do you want to complete the round?
Philip's Introduction
Yeah, for sure. Talked a bit about stacking that already. I'm one of the co-founders there. I'm also core founder and core contributor to Arkadeco, which is a crypto backed stablecoin called USDA. One of the first to launch stacks Defi on stacks about three years ago. And yeah, still maintaining that protocol and yeah, whatnot. I think that's everything. Yeah. Amazing. Amazing, amazing. And yeah, I mean, this is always an interesting conversation, right? Like it's been trying to build stable coins for a long time. Jacob just launched something very exciting last week, so I think we can go very deep here.
Discussion on USDH
But yeah, Jacob, like, tell us more USDH on stacks. Yes, we're super excited to finally bring it. Bring it to stacks, you know, a long time coming. Our stable coin is essentially a combination of bitcoin and a short perpetual futures contract. So we use the futures market to lock in the dollar value of bitcoin. That's how you think of it. And then we represent that value on chain as a stablecoin, as USDH. There is a yield component to it. Since you. If we're. If you short the futures market, especially in a bull market, but also in general, you get paid the funding rate every 8 hours. And that funding rate can be very significant. That's where the up to 25% comes from, can actually also go higher than 25%, obviously.
Yield and Incentives
And we pass that on to folks that take the stable coin. So there is a liquid staking token called s USDH that you receive if you stake USDH. And that liquid staking token, very similar to stake stacks, very similar to BTCz, accrues the value from, in this case, funding rates over time. And this goes up in value in terms of USDH. We are about to announce a very special or very interesting incentive program for the velar pool and as well as the flow pool. So you will be able to deposit USDH as an LP into the pools and you'll get some very nice incentives. I can probably spoil it, but we'll make the announcement in a couple hours here. And yeah, we're here to serve the stacks ecosystem.
Stablecoin Landscape
We have a bitcoin backed stablecoin that I think we can scale and really bring liquidity into the ecosystem. I think we've been talking about this for a long time, that we really need more stablecoin liquidity. Obviously, we need the fiat stables still, I believe. But we also have now the ability to hold our stable value without actually leaving bitcoin. Without actually still holding bitcoin. USDH is still bitcoin. That's how you can think of it, is $1 worth of bitcoin. And we think that a stable coin, especially as we scale decentralized financial system, we need a dollar asset that is outside of fiat and outside of the banking system.
Building a Parallel Financial System
Because if you build a parallel financial system, you don't necessarily want to have one of the most important asset of that new financial system still be reliant on the old financial system. It's kind of like an oxymoron. It's kind of like a. It's kind of like a trap, in my opinion. In the long term. In the short term, it probably won't matter that much. And obviously the other element is that there's a very significant yield that you can't get with USDC. But, yeah, I'll stop there and maybe you guys have some more specific questions we can jump into.
Launch Performance
Yeah. And then how did everything go like, I mean, you've obviously been live on runes for a little bit of how much USDH is minted now and like, how much is on stacks and what's sort of. How did the whole launch go so far? Yeah, the launch was very cool. We saw a lot of folks come in and buy over on the Bitflow pool. Liquidity right now is very low. I think the Bitflow pool has around $100,000 in liquidity. That will significantly ramp up in the coming days. We're actually working in the background to transition and make the pool stable and then add more liquidity and allow folks to add liquidity as well.
Community Engagement
We have around. There's a nice dashboard from signal 21. They like launched it right the day we launched. So you can check out the TVL of Hermetica of your ch in real time. It's signal 21 IO Hermetica, I think. And I think it's around 250,000 at right now. We're constantly minting more to like supply more to the pool. Overall, I think the reaction of the community has been super positive. I think folks are excited to hold the stable coin and earn the yield. We see a lot of people staking right now.
Staking Insights
We're in a very interesting situation where not a lot of USDH is staked. And so the yield that you're getting from staking. I think it's less than 30%. So you get basically at three times the funding rate yield if you stake your just because there's so much that is not staked. Because essentially 100% of USDH earns the yield. But if a third is staked, that third earns the 100% that the whole supply is making. So it's a very lucrative staking right now. But yeah, overall, I think very good.
Liquidity Challenges
We need to build up liquidity. This is what we need to know. What is the yield threat? Stake USDH. Thanks. I didn't hear you. What you're saying. Oh, I said this is interesting. Like, what was the yield right now when you staked USDH? I think right now is 22% over the last seven days. Obviously it fluctuates daily, but. Yeah, it's around 20% right now. Yeah, that's nice. That's nice. And how much is in circulation now? Okay, approximately on stacks, 250,000 in total.
Current Circulation Numbers
Around a million. Interesting. Yeah. And then stakes. You said about a third, so like about 300k right now. Yes, exactly. Yeah. Okay, interesting. Yeah. And as we go into up markets. Right. I mean, you just care about open interest. Right. Is it historically very high right now? Yeah. So funding rates are actually. It's very interesting because we're looking at funding rates, obviously, all the time.
Funding Rate Analysis
Funding rates. If you look at the calculations on exchanges, funding rates in a steady state are at one basis point every 8 hours. So three basis points every day, that's 0.03%. For anybody that doesn't know that's the steady state. That's where we are right now. Actually, we saw funding rates going somewhat negative when we had the rally, which shows you folks are actually shorting this rally. So we're nowhere near any blow off top environment or high funding rates.
Market Observations
But those funding rates, if you get 3% every day, or three basis points every day, that's around 12% annualized. And since only a third is staking, that gives you like three times as much yield on Uch right now, that gives you around 25%. If we go into next ball bull, next leg of the bull market, we can see funding rates that in themselves are 20 to 25. And if we're still at only 30% staking, that will be like a 75% yield on USDH, which obviously you wouldn't expect that little to stake.
Staking Projections
Yeah. So it's like about a third right now of like peak bull market type of funding rates. Yes, exactly. Interesting, interesting. Interesting. And also very interested in having USDH on zest protocol. Right when the liquidity is a little bit deeper and, like, it's easy to process liquidations. This would be. This would definitely be very interesting. So, yeah, of course, if there's anything we can do, like, you know where to find us, but.
Future Collaborations
But, yeah, very exciting. Very exciting. Yeah, we'll make it happen. Well, I mean, right now we build up the liquidity. Also, Philip, we're due for a conversation about making a pool with USDA. I think that makes a lot of sense. I think there's a really cool trade where if we have SBTC, you can deposit SPTC into a vault, mint USDA, and. And buy USDH with it and then stake it, and you still have exposure to your bitcoin, and you can earn a nice yield on top of it.
Integrating Protocols
I think there's some really cool stuff that you can do with combinations of all the protocols. That's just the beginning. We wanted to get the product out there, and now it's about scaling it and integrating it and making it available in more ways. Yeah. Awesome. I was just. I don't hear type at the moment, but I was just going to say this is. It feels a bit like the moment where more like money legos, as you sometimes read, come available on stacks.
Conclusion and Next Steps
And it's cool to. You just were brainstorming out loud how we could just, like, combine two protocols and, you know, create these nice little side effects that you otherwise wouldn't have side effects in a positive sense. Here could also maybe, you know, some negative side effects that I'm not aware of, but that's why we have to study this together. But, yeah, just really excited just seeing some people ask me, oh, isn't it bad? But I'm really happy.
The Impact of More Stablecoins
More stablecoins is just great for stacks as a whole, and I believe more people will start using it. More liquidity comes in, and that gives exposure for all of us, for all protocols. So we need to call out that these things are not zero sum games. So, yeah, exciting times. And I wish you guys all the best. I want to see this explodes because it's an interesting model.
Concerns About Price Exposure
The only question, but I think you just asked that was going to be like, you lose the price exposure, right? If I meant natively USDH, I kind of, like, between quotes, give away my bitcoin. Meaning if I use USDH, I burn it at some point. Let's say I get bitcoin at the price that it is at that day when I burn it, or how do you see it? Or how do you explain that to people?
Explaining USDH and its Role
Yeah, exactly. USDH is not a replacement for bitcoin. And that way it's different from USDA, where you actually still maintain the exposure to bitcoin and essentially create a leverage point and mint USDA into existence. I think that's one of the main differentiators. There's others as well. Obviously for us, we hedge out the exposure to price. So USDH is a replacement for not bitcoin, but other stable coins.
Bitcoin as a Trusty Asset
Right. Instead of holding USDC, you can hold a stable coin that is actually still bitcoin. So you're still holding bitcoin, you're not relying or trusting the banking system. And then obviously that funding rate gives you a nice yield on top of it. And. Yeah, Philip, 100% agree. The pie is so massive. We all have to work together and grow the ecosystem.
Recent Developments in the Community
There's a lot of synergies between all the different protocols, all the different actually also stable coins. And I'm super excited to run different experiments and work alongside you guys to help the ecosystem grow. Yeah. Awesome, man. Good stuff. Yeah. I don't know, Daiko, if you have any other questions for, I think also one thing.
Exciting Innovations and Market Growth
Exciting thing that happened last week, and she also asked boom for some of their updates as well. But like this whole Leo NfT mint. I mean, also exciting. There's also been a lot of action on the welsh trading side. I'm not sure, Jacob, if you've been participating in that too, but maybe that's something we should touch on a bit.
Observations of Current Market Trends
I mean, I know you're pretty deep in the welsh community for a little bit. Any words on that? I mean, it's pretty much. It's up pretty much 100% since last week. So sounds like something we should definitely talk about. Yeah, I love these kind of events. I meant the three cool cats. So I'm the proud owner of those three Leo cats.
Excitement Surrounding Events and Utilization of Block Space
I have one I saw with a leather hat. You know, the leather world. I saw that today. Just looked at it a few hours ago. I was really happy to see. See that one. And then I got two normal ones. But hey, you can't win everything in life. Yeah, it was an exciting event. Look, the mempool was full again.
Building Demand and Community Support
It's great to see block space being utilized because that's what it is for. Stacks ultimately sells this thing as a commodity. I would say to the people building stuff on top of it. Hence the Leo team build an awesome thing. There's clearly demand to do this if we can look at the past behavior or whatever. I'll call it behavior of the Leo team, then I'm very excited for what comes next because surely they'll do something cool with it as they have done with the Leo coin launch.
Future Vision for Stacks and Community Engagement
And then the stacks tools. They always have this little master plan in mind. I minted those not because of the master plan, but because I like it and I want to support them. There are three cool cats, you know, so. But yeah. I'm also looking forward to see what's next. But it was a cool event and just happy to see that momentum around stacks and nfts again.
Bitcoin Acceptance in Argentina
And it's kind of funny. He's a bitcoiner, right? He doesn't really like ethereum or anything else. He's a bitcoiner. He had to use USDC on Ethereum to pay some of those people in Argentina because they would not accept bitcoin as a payments mechanism because of its volatility on its own. Right. They wanted dollars. So, yeah, I'm just wondering if there are certain geographies that might be more or less willing to accept this. But, yeah, that's something for you to find out, perhaps. Still, I don't know.
Building a Better Lightning
Yeah, I'll go back to your. Your lightning is broken comment. Our. Our main thesis is really that we can build a better lightning than lightning be. You know, given SVTC and Nakamoto, obviously, we have some other. Some challenges that lightning doesn't have, and lightning has a ton more challenges that stacks and SBTC doesn't have. We see people building on top of lightning to further its reach and capabilities, but a lot of these, I like to describe them as basically Rube Goldberg machines. On top of Rube Goldberg machines, the complexity is increasing and multiplying, actually, in order to make that system work. I just think we can do better with SBTC.
Advantages of SBTC
Allowing us to build out that bitcoin economy in a much simpler, very by default, non custodial way is a huge advantage. And. Yeah, and in terms of the countries and the areas, regions that are going to accept things like this. Definitely. We've seen lightning kind of find its niche in its way over time. So there's definitely going to be places where things are easier, whether it's because of regulation or culture. And then there's things. There's places where that's going to be more kind of challenging. The thing is, what we want to do is make sure that we, as we build out and as we kind of lay the groundwork for what this economy might look like on top of the stacks.
Decentralization and Smart Contracts
Layer two is that we make sure it's as decentralized as possible so that folks can permissionlessly launch their own kind of store. Right. Smart contracts. Clarity gives us a huge advantage. It's a super weapon, basically, compared to what people are doing with lightning. So you can create way more complex organizational structures, obviously, payment structures, payment processes, and things like that with clarity. So it's a huge advantage. And if we do this right, you know, anybody will be able to launch and get discovered. Right. Discoverability is going to be a big thing. Noster does this really, in a really nice way with lightning, in that they've just described a spec for what a store Noster note looks like.
Encouraging Adoption through Gifting
If you're familiar with Noster, and anyone can just write a note with that specification, within that specification, and they launch a store. So we need something similar, smart clarity. Clarity does that for us. The discoverability we can do in a couple of different ways, with traits and obviously indexers and things like that chain hooks on the backend. So, yeah, there's some things we need to do, but I think we're hoping that if we enable the easiest possible way to deploy these things and allow people to create their own right, that the market will find its way where it needs to go.
Idealism and Economic Activity
Yeah, man. Very cool. Yeah. Wish you all the best. And this actually led me to think two things. One thing is, I would say this is a very ambitious and idealistic project, and I want to focus a bit on the idealism because I think that's important. We need to be idealistic in the crypto space, but that does not always lead to immediate usage in the first few months or even years. And so everyone is trading these meme coins, and I think that's great because we can generate all these fees, enhance the economic security, and bootstrap a network, because people are trading a doc, or the token of a doc, and that's perfectly fine, but hopefully that generates enough economic activity that we can bootstrap these more idealistic projects as well, and so that's what I get excited about.
Exploring Gifting as a Concept
Nothing is bad activity and then just anything that's feed generating. I think it's just great to bootstrap the network. So, yeah, I hope that results for you guys as well, into profiting on top of a dock, hopefully. And then the second thing is, I think some of that activity, maybe not everyone wants to use BTC or SBTC as a payments module, right? But maybe you can lead that into just some brainstorming. Like something that maybe a lot more people want to do is gifting as BTC. You know, maybe it starts with a campaign where you can give BTC to people, and then from there, you onboard those people and you say, look, you can not only gift it, but now you can use it as a payments form, you know, and so your whole campaign may go around Thanksgiving or Christmas or whatever to gift something to people.
Advice on User Engagement
It could be $10 in SBTC. Now they can use those $10, right? Because they have it and they can hook into a store and whatnot. So I think my advice would be the idealism is awesome, but it takes a while. And maybe you need to look into more lead generation activities that are lower friction for people than to think, oh, I'm gonna pay or buy this with SBTC. Maybe they just got it gifted, you know, with their turkey for Thanksgiving. So just some thoughts, but yeah, awesome work so far, man.
Upcoming Launches and Features
Yeah, thanks for that. And just FYI, gifting and donations are part of the payment spec as well. Cool. Are you guys live with all of this today? Or what's the ETA? Or do you have an ETA? If nothing. No, we're not live with it. We're launching the wallet with the Nakamoto release. So we're just waiting for that. And then the actual demand side, the shops. Our first spec for the shops will launch within one to three weeks after that.
Innovative Ecosystem Developments
Cool. Awesome. That's great to hear. Yeah. Even more apps launching with Nakamoto. Good stuff. I think we have about five minutes left, by the way. So tycho over. Yeah. I'm also super curious maybe to pass it back to Jacob. Maybe also that's like a way slowly to, you know, round things up. But I'm just very curious. Like USDH, it's live on stacks. The pools are becoming more liquid. Of course you want to get it on zest protocol. What. What kind of do next steps look like on the Hermetica side? What does the next quarter kind of look like for you guys?
Hermetica's Future Plans
Yeah, great question. There's obviously a ton of things that need to be improved. For us, the next big step is obviously the integrations, but then making the whole product a lot better and that we want to pass on the funding rate every 8 hours. Right now it's every day. So you'll have essentially get it in real time directly. When we get it from decentralized exchanges, you'll get it in your USDH balance. And then we're working on a pretty comprehensive dashboard that allows folks to understand what's going on in the protocol.
Commitment to Transparency
This is a protocol that is a c five defi combination hybrid. And so it's very paramount for us to make sure that everybody knows what's going on. Where are the position held, where is the bitcoin third party audits and making sure that there's really full transparency and making it a protocol. That's what I would want in a protocol like this. And so that's what we're building. Then there's obviously other l two s and other ecosystems that are coming online that are interested in also using USDA. So we're talking, thinking about that and talking about that.
Token Launch Plans
And then finally the last big thing for us is our token and launching that probably in q one. And so that's another massive work stream in the company. Very interesting. Very interesting. Yeah, no, that's really awesome stuff. So looking very much looking forward to that. Also very much looking forward to getting into the action there with SAS protocol, USDH, maybe some USDH loans against BTCZ collateral. Right. SBTC collateral.
Future Collaborations and Opportunities
Soon, soon too. Yeah, with BTCZ we're now really close and yeah, as were here on the spaces, I mean, since a bit of mainnet. So that's fully complete now. I just figured that out. Yeah. So we're getting there, but yeah, very exciting stuff. Yeah, I'm excited about BTCC as well. Just have a note there. We're super keen on working with BTCZ and potentially integrating it into USDH as well. I think we talked about it at some point.
Expanding Financial Ecosystem
Obviously that's some months away, but as Philip said, we're building the Legos and as we scale them up, I think that we can put them together in a really cool little financial castle. So looking forward to that. Yeah. A very robust one with big towers, strong walls, but yeah. Amazing, amazing, amazing. I think we should do a quick, like where can people find us kind of thing. I see that.
Engaging with the Community
Enjoy has asked what is to ask a question, but unfortunately I think we have to kind of round off. At least I have a hard stop in a couple of minutes. Yeah, like, so where. Where can people, where can people find more about you? What should they look forward to? Maybe Jacob, you want to start, hand it over to boom Philip and then I finish things up? Yeah, absolutely.
Connecting with Users
I'll keep it short. You can find us at Hermetica fi. You can check out the app, you can go to bailar a bit of and buy USDH and come to our app to stake it. If you scroll all the way down on our website, you can sign up to our newsletter. We send out a newsletter every Friday with a lot of alpha in it. I'm on Twitter here, obviously jumping our discord. My DM's are open. Let me know what you think.
Openness to Feedback
We're always wanting to improve the product and I want to know what you guys are thinking about user experience and yeah, thanks for having me, Tycho and Philip, and see you soon. Wow, that was great. Yeah. You can find us at Boom Wallet on X. And please go out and reach. Go out and go out to our website at Boom Money.
Building Community Engagement
That's HTTPs Boom money. And sign up for our newsletter if you haven't already. Please. Again, I would repeat what Jacob said. We're open to comments, questions. We're routinely answering DM's as well. You can reach out to the Boom account or my personal account, Dan Trevino on X. We'll be happy to answer questions there. We also have a discord which you can find linked from the DX account.
Closing Remarks
Thank you. Awesome. Yeah. On my end. Sacking Dao is the speaker here. We also have Archidiko as a listener in the audience. I see Archidiko finance. So follow those two if you're interested. And yes, sparsing words I would say. Not sure what I say this week. Maybe just, you know, think in months and years and not in days and weeks and build cool stuff, even if no one likes it.
Encouragement to Innovate
So you're doing something good. Cheers. Yeah, that's right. That's right. Yeah. Make sure to follow at zest protocol or follow me. I mean, I'll tweet about everything. Definitely. And yeah, looking forward to BTCZ on stacks very soon. So essentially you can mince and tokenize BTC on stacks, enjoy early access and yields from Babylon.
Combining Innovations for Growth
And then when SVTC comes, we can fully combine everything together to create the yield bearing cousin to SPTC. But yeah, very exciting stuff. Really, really great space. I think we'll hear a lot more from Jacob and boom in the weeks and months to come. And and yes, stay tuned like block for Nakamoto is probably going to be finalized end of this week.
Anticipation for New Developments
We're super close almost here. And then, yeah, you can probably make hundreds of transactions during a defi show instead of just maximum six, seven. So yeah, that's going to be exciting. We're going to be back next week, 10:00 a.m. eastern time every Tuesday. And, yeah, then we'll have more in store. And also, for those of you who participated in the Zle quest, the password is USDH.
Wishing Well for the Future
Awesome. Well, have a great week. Maybe Philip is going to play some music to for the vibes. And then happy October. I'll play some music for the vibes. 1 second. Thanks for having us. Don't wake up, people in Korea. It's gonna be the same song. It was a great one. See you guys.
