Space Summary
The Twitter Space Rootstock, Pudgy Penguins and More hosted by JumperExchange. Rootstock Twitter space illuminated the strategies and benefits of a multi-chain exchange with a focus on EVM and Solana integration. Discussions centered around the importance of cross-chain compatibility, best practices for bridging and swapping, and Rootstock's unique value proposition in the DEX sector. The session emphasized user-friendly features, community support, and efficiency in asset transfers. Rootstock aims to revolutionize the exchange landscape by providing a seamless and diversified trading experience for cryptocurrency enthusiasts.
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Space Statistics
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Questions
Q: Why is cross-chain compatibility crucial for exchanges like Rootstock?
A: Ensures access to diverse blockchain networks, expanding asset availability and user reach.
Q: How does EVM and Solana integration benefit users on Rootstock?
A: Improves transaction speed, reduces fees, and boosts overall trading efficiency.
Q: What are the key strategies for successful bridging, swapping, and onramping?
A: Emphasize security, speed, and cost-effectiveness to facilitate smooth asset transfers.
Q: What sets Rootstock apart in the multi-chain exchange sphere?
A: Innovative features, user-friendly interface, and strong community support contribute to Rootstock's uniqueness.
Highlights
Time: 00:15:43
Cross-Chain Compatibility Importance Exploring the significance of interoperability in supporting exchange functionalities.
Time: 00:30:19
EVM and Solana Integration Benefits Detailing how Rootstock leverages EVM and Solana for enhanced trading experiences.
Time: 00:45:05
Best Practices in Bridging and Swapping Sharing expert tips on seamless asset transitions within the Rootstock platform.
Key Takeaways
- Highlighting cross-chain compatibility importance for exchange effectiveness.
- Benefits of EVM and Solana integration in enhancing liquidity and user experience.
- Insights on bridging, swapping, and onramping best practices.
- Discussions on Rootstock’s unique offerings and value proposition in the multi-chain exchange ecosystem.
Behind the Mic
Opening Remarks
It. Hello? Hello? Can everyone hear me okay? Gm hear you loud and clear. Perfect. I think we're waiting for a few other people or speakers to join. Hopefully they won't be too far away. I can see some here. So, yeah, rootstock and Oku. If you want to request a speak, that'd be good. We can bring you up. Okay, well, maybe we'll get started first anyway. And then. Yeah, if the Oku and rootstock, or whoever else is here. Representative from. From the campaign participants. Yeah, just request to speak and we can bring you up on stage so you get your chance to speak to the community and everyone involved as well. But, yeah.
Campaign Introduction
Hello, everyone, and welcome to the rootstock, pudgy penguins and more spaces. And this is primarily going to focus on the current campaign that we have running on jumper exchange at the moment, that is in collaboration with Rootstock, which, for those of you that don't know, was bitcoin or the first bitcoin, layer two, or sidechain. And, yeah, they're running a activation campaign with jumper, and there's a couple of pudgy penguins up for grabs for users that bridge to rootstock and participate in one of the participating protocols, such as Oku, Woodswap, and Sushiswap there. So maybe to kick things off, it would be good for each of the people that are on this call if they want to introduce themself, introduce their project, and, yeah, we can just pass it through them.
Rootstock Introduction
So maybe. I see Rootstock have requested, so maybe we'll start with you guys as the campaign ecosystem, and then we can work through to Woodstock and goose after that. Hey. Yeah. Morning, everybody. Great to be here. So, I'm Sam. I work for Rootstock Labs, one of the core contributors to Rootstock, as I think you kind of just correctly gave in your intro. Rootstock was the first bitcoin side chain that combines the security of bitcoin with the programmability of Ethereum. So all of the smart contracts that you could deploy on Ethereum can now be built on top of bitcoin using Rootstock. Rootstock Whitepaper was published back in 2015, and it hit mainnet in 2018.
Rootstock and Bitcoin Integration
And since then, we've seen huge growth of different protocols and projects building on top of the network. We might dive into this a bit more detail later, but Rootstock inherits its security from bitcoin using a process known as merge mining. So about 60% of the hash power of bitcoin also secures Rootstock, so we've got a lot of backing of the bitcoin miners in the project. The gas on the network is in the form of bitcoin RBTC, and as I said, it's fully EVM compatible. So any Ethereum projects can integrate bitcoin using rootstock really seamlessly. And that's what a lot of the projects that we're going to be talking today have done. Yeah, really exciting. And a huge, big wave of new projects launching on top of bitcoin recently.
New Developments
And a bit of a renaissance in building on bitcoin, which we love to see. Happy to be here. Maybe I'll throw the mic over to Getty to do an intro. Sure thing. Good morning, guys. Thanks for having us here. I'm Getty Hill, founder of Oku. We've been high for the last year with Rootstock for folks who are interested in using Unispot v three and LPN in trading on top of Rootstock. And then actually, about two months ago, we integrated bridging into the application and brought in jumper and their awesome Wifi protocol to help facilitate folks to bridge a lot of the chains that we have support for in our interface, including rootstock. So super excited to chat some more about Jumper and Rootstock here and hopefully help some people get some pudgy penguins as well.
Woodswap Introduction
Awesome. Thank you. Maybe we'll pass across to Woodswap if someone from you guys wants to have a chat. Oh, hi. Hi. This is Woodswap. This is Yasmin, the marketing manager of Oodswap. So actually, Woodswap is on the roadstock, and our vision is to provide the best liquidities and the best user experience for all the families of the real stock, and we deliver a swift, secure, and seamless trading experience. So very glad to come here and talk to all the eco friends here. So, yeah, that's all. Thank you.
Sushiswap Invitation
Awesome. Thank you. And last but not least is I apologize to everyone. I can only see, like, three speakers. I think Elon's broken my twitter here. But if anyone's from sushiswap here, if you want to take the stage, go for it.
Introduction to Sushiswap
Yeah, yeah, no worries. What's up, everybody? Name's Goose. I'm one of the community managers over here at Sushiswap. We've been partners with rootstock for a while, and I'm sure I've spoken with some of y'all, on here previously. Thanks for. Thanks for having me back on. But, yeah, sushi's a decentralized exchange. We're currently deployed across more than 35 chains at the moment. We have a Dex aggregator that's plugged into over 200 sources of liquidity to ensure users get the optimal swap. When swapping, we have both v two and v three concentrated liquidity pools for users to lp on and earn rewards. We're integrated with Merkel for easy reward on the LP things. We got a token streaming platform with cliffs, invests, limit orders, DCA functions. We just implemented a mini portfolio into our UI, so we've always kind of got a lot of irons in the fire, but also excited to chat with everybody here and yeah, thanks for having us.
Overview of Rootstock and Developer Integration
No problems. We do certainly have some ogs from different spaces on this spaces today, so that's good. I think you did give a little bit of a overview before, I guess the rootstock labs team on merge mining and basically what rootstock enables. I did have that as a talking point, if you want to go a little bit deeper, because I think that it is maybe overlooked by the EVM community on just how easy it is to deploy on rootstock as a developer or an EVM application, or even as a user. Now that we have jumper integration that you can bridge and swap and use these household name defi protocols like Sushi or Woodswap or Oku, that are available elsewhere as well. I know that you guys are trying to foster a native defi ecosystem there and really showcase the robustness and decentralization of bitcoin can be used for sort of EVM defi. So, yeah, if there's anything else you want to go into detail there and educate some people, because I think that it is very interesting.
Historical Context of Rootstock
Yeah, for sure. I mean, it all started back in Argentina in 2015, and this group of cypherpunks had already seen the power of bitcoin in terms of protecting themselves from a rapidly devaluing currency, capital controls by the government, among other things. And a lot of them had already latched onto bitcoin as a way to free themselves from the system. But they realized that a functioning economy needed more than what bitcoin on its own could offer, and that's why they decided to create rootstock. And they did that by, essentially one of the creators of rootstock had actually been really heavily involved in Ethereum in the early days, and bitcoin as well. He actually identified something like nine or ten core vulnerabilities to the bitcoin network. So the guy, Sergio Lerner, he basically, with the team that he'd formed, had this vision of forking the ethereum virtual machine, completely rewriting elements of the code to create the rootstock virtual machine, and then building that and connecting it to bitcoin with an uncensorable peg that allows users to move bitcoin in between rootstock and the bitcoin base chain really seamlessly, as well as leveraging the security of bitcoin as well through a consensus mechanism known as merge mining.
Rootstock's Network Security
So essentially what that means is some of the biggest bitcoin miners and mining pools in the world today. When they're mining bitcoin, they're actually adding some additional information to the templates that they're mining blocks with that allows rootstock's network to be secured by the bitcoin network. There's tons of really technical documentation on this if people are interested in getting to the details, but essentially what it means is around 60% of bitcoins hash power today is securing rootstock as a network as well, which makes it one of the most secure, smart contract platforms in the world. The other benefit and value is that to use rootstock as a starting point, all you need is bitcoin. Bitcoin is the gas token of rootstock in the form of RBTC. This peg that I talked about allows you to move your bitcoin in and out of rootstock seamlessly, as well as using any of the other bridging protocols and aggregators such as Li Fi oku, anywhere else that you want to bring your bitcoin or any other assets into rootstock and take advantage of that security of bitcoin.
Leveraging Bitcoin's Value
And we talk a lot about leveraging the incredible store of value and security of bitcoin, but then bringing the programmability of Ethereum to bitcoin as well. And that's what Rootstock sets out to achieve. So basically, if you're an Ethereum developer, or you build on any EVM compatible chain, you know, solidity, you could be building on bitcoin today using rootstock. All the same major developer tools are supported, like the graph and gelato, hardhat, truffle, all of that kind of good stuff, all integrated and support rootstock, allowing you to seamlessly build apps on top of bitcoin using rootstock, or integrate your existing apps, which is some of the cool projects here today have done, such as Sushi and Oku as well. The merge mining itself, I think is a really interesting component of rootstock and something that's quite unique to build those kind of strong relationships with the miners over this amount of time. It's something that gives Rootstock an incredible advantage over a lot of the newer projects that are entering the space.
Growing Use of Bitcoin in DeFi
But we honestly really like to see the fact that building on bitcoin is gaining momentum. There's this huge amount of value locked up inside bitcoin today, many of it just sitting on exchanges or in hardware wallets. And what we are seeing already is people for the first time thinking about how they can put their bitcoin to work and what they can do exploring different bitcoin l two s with their bitcoin without selling it. So obviously you've got lightning networks for payments. For everything else, there's rootstock. Perfect. Thank you. That was an excellent overview and very interesting. And I think that something, from my perspective that's also interesting, we have seen this controversy, I suppose we could call it, around other wrapped bitcoin derivatives that we have on ebm chains at the moment. And some of them are quite integrated into different DeFi protocols and they offer virtually no yield.
Yield Opportunities with Bitcoin
So you are taking quite a bit of risk to hold, potentially some risk to hold a wrapped bitcoin derivative and not really getting much for it. But I'm just having a look on jumper at the moment and you can be holding the very secure power pegged, secured RBTC and earn like hundreds of percent APY during this campaign period, also paid in bitcoin. So I think that like this is something that is overlooked as bitcoin is usually in DeFi, especially looked at as something that is probably something safe to hold, but you're not earning a heap of yield on it. I think that is something that is very unique about this campaign that these three protocols and jumper and Rootstock have gone into collaboration with for this couple of weeks, is that you can actually be earning probably top tier yields in Defi on bitcoin.
Project Collaboration Insights
Very secure bitcoin, and also get exposure to some pudgies as well, potentially, but a little more on that later, I guess. To anyone here from Woodswap, maybe we'll start with you. Do you want to give us a bit of an explanation or some alpha or anything like that you would like to go into with the roadmap or just share more about your project with jumper community? Yeah, sure. Yeah. Could you hear me? Okay, so actually Uswab has built in the rostoc around maybe four months and very glad to cooperate with a lot of like, eco partners here. So. And also this time we are very glad to join the event. The competition, by holders, by the jumpers. So. So just for the users, they can finish some like, the easy tasks and they can win like two penguin nfts and share like a pros of 150k USDT's. And I want to share some like our things about our roadmap.
Roadmap and User Experience Improvements
So currently we are improve our functions. Like we aim to provide the better user experience for the users.
Deployment of Ooswap Functions
Like for example some functions on the centralized exchange we will also deploy on our ooswap. This is what I want to say. And also in the near future we want to cooperate with more partners on the ecosystem, like integration their functions and maybe holding some campaigns, competitions and bring more rewards for the users. So I guess this is what something we want to do and this is our missions. Yes. Thank you.
Campaigns for User Exposure
Perfect. Thanks for that. That's good. And I think that it's obviously very beneficial to everyone. Campaigns like this, like the users get exposure to new ecosystems and protocols and potentially some nice incentives as well. And all of you get to showcase what you're building to a large community. So yeah, I think these campaigns really are a very cohesive win win for everyone involved. Maybe sushiswap. I'll pass across to you guys and then we'll go to oku after.
Dex Aggregator Focus
Yeah, sure. So a lot of our focus lately has been on the aforementioned Dex aggregator that were talking about. Over 200 plus sources of liquidity. Now we've really been working on getting our swaps as optimal as possible, but as far as alpha for the future, sushi labs are kind of overarching entity. We're currently incubating a couple of projects that the discords are out and there's been a couple blog posts and stuff so far, but you know, they haven't really gotten rolled out yet here. But coming in Q four, I mean we have multiple protocols. We have a perps Dex coming out. We have a couple of franchise Dexes on certain chains coming. I'm not sure if I can say which chains just yet, but we really and truly do, like I mentioned, have a lot of irons in the fire right now.
Upcoming Protocols and Busy Times
So I mean, over the next quarter of the year, we will have, I mean, almost a protocol rolling out per month. It'll feel like. So it's about to be a very busy time on our end, but a good time to be around and paying attention. Very nice. You guys are shipping. You've done well from the very beginning, I guess. And sushi has become a household name. So. Yeah. Excited to see you expand and incubate more projects and increase the footprint.
Oku's Developments and Integration
Oku, last but not least, if you guys wanted to say some drop some alpha or anything like that about what you're working on in the future? Yeah, absolutely. I think like the last couple months for us have been huge. The team over here just didn't shipping away. We were really focused on improving our overall site performance and just making it feel like a really slick product. I mean, when we talk about Oku and what our goals are, it's to go out there and compete with the likes of Finance and Coinbase and these major centralized exchanges. And to do that you just need to have a really crisp user experience.
Enhancements in User Experience
So site performance has been a huge one that we've been focused on and we're going to continue to be focused on through the end of the month here. And in addition to that, we actually just launched a full on off ramping integration as well. So kind of unheard of for a Defi application like ourselves to offer on off ramping and to do so where it's actually at an extremely low cost or pretty much free right now with our current promo that we're running. So for Europeans who are listening here or Americans, you can come onto the platform and you can move either, you know, cash dollars on and off chain or you can also move euros as well.
Future Enhancements and User Engagement
So kind of a really cool integration that we're trying to get more folks to use. And then in addition to that, we're going to be working on adding new order types to the application over the next couple months. So kind of looking forward to offering some more sophisticated order types for a lot of our pro traders who want to be able to place things like stop loss orders and stop limit orders on chain and have those be able to execute all across our supporter chains and our infrastructure. So a lot to look forward to.
Community Campaign Overview
It's going to be a fun time for folks and yeah, absolutely. A lot for anyone who's listening to go onto OKU and test out right now. Awesome. Very exciting. It always pains me to hear that there's never any australian support for any of these products, so I have to keep waiting to. Very good. It's nice to hear that you're increasing the UX and the tools for traders as well on the platform, which is good.
Campaign Details and Incentives
Maybe before we open up to the community, I'll give a quick little overview, I guess for everyone that maybe isn't fully aware of what the campaign looks like and what's involved, just so that everyone has the full information. So this campaign will run until the 2 October and as mentioned, the protocols that are listed that are speaking on this basis all have a pool each that our users are very well incentivized to go and deposit in and explore them. Explore the greater ecosystem. Earn some RBTC rewards that will be streamed to your wallets as you complete the tasks. And in addition to this, you will earn some jumper XP that counts towards your loyalty pass.
Grand Prize and Community Engagement
And the grand prize will be two pudgy penguins that will be going in a raffle to two lucky winners that participate. So it's very exciting and we're glad to have everyone here on board. So yeah, if anyone from the community has any questions that I'd like to request to speak and come up and ask, feel free. While we wait for people to hop on the stage, just a shout out to the team at OKU. The Dapp is amazing. I'm a user already. I think it's really powerful.
Community Engagement and Excitement for Bitcoin DeFi
Of course, needless to say, same for sushi. You guys have been smashing it for days now, so great. Just really good to see the whole jumper community as well. Excited about this campaign and the idea of being able to join the world of Defi on bitcoin, which is something that we're really excited about. And we've seen a lot of the kind of like bigger blue chip ethereum protocols. Really interested in jumping on board with bitcoin DeFi through rootstock as well. Can't really share any names today, but lots of exciting new applications on their way as well. More bridges, aggregators, perps and lending protocols as well. So this is really the beginning and it's super exciting to see everyone on the journey.
Market Potential and Unique Value Proposition
Yeah, perfect. I think it is definitely the market for it, and there is a big narrative around the bitcoin layer two space. So I think you guys are very well positioned to really make the most of that. And for users as well, I think it's a very good value proposition and something different from the standard sort of alt layer one that we see elsewhere. 100%. Yeah, and I touched on it really briefly. But one thing that's cool as well about the merge mining product is the majority of transaction fees on rootstock go back to the bitcoin miners. So by participating in DeFi on Rootstock, you're essentially contributing to the security budget of bitcoin and ensuring that it remains the kind of largest, most global, most accessible crypto in the space as well. So I think that's a really cool thing to think about as well.
Contributions to Bitcoin Security and Future Outlook
Definitely, definitely. And that will only become a more pressing issue over the next decades. But these are the good initiatives that can really solve this problem before it becomes too much of a problem, is that we have a speaker up here, is it, mate? As I said, my twitch ex is. Yeah, feel free to speak. You're up on stage. Everybody. GM jumper jam Rootstock, I just joined in like some minutes ago, and I have been a jumper enjoyer for quite some time. you know, trying to put the message and just trying to educate people a lot about jumper, what jumper is all about. Basically, as someone who knows the fundamentals as to what jumper stands for and the significant role jumper plays in the space, I do want to ask this question.
Integrating with Jumper for Seamless Crypto Transactions
Probably you have said it before, but I just really wanted to know why Rootstock decided to integrate with Jumper. Reason being that jumper, on its own, represent seamlessness in terms of crypto transactions, in terms of bridges and all that. Just trying to make things easy. But yeah, I want to know why Roostock decided to integrate and have this campaign with Jampa, basically. Yeah, awesome question. And GM as well. I think you covered some of the points in your question, actually, about why jumper is such a powerful protocol. I think it comes down to this view that I have, anyway, that the future of crypto is going to be super interoperable.
Bitcoin's Role in the Crypto Ecosystem
And the only way that bitcoin will continue to be where it is today is by creating connections and bridges between all the other chains in the ecosystem. People have this home they can come back to in bitcoin, this relatively secure, well, super secure, relatively stable, less volatile than other tokens out there, and really easy to on ramp and off ramp into fiat when the time comes as well. So that's one of the reasons for us. It's helping people be able to enter bitcoin defi from whatever chain that they're in today, take advantage of that, unlock some of those rewards we talked about in terms of RBTC, and then also being able to seamlessly hop across and jump across to other networks as well.
Unified Experience and Integration Opportunities
So not being trapped or locked into a single network. There's lots of different ways to enter and leave rootstock and bridge from bitcoin and many other chains, but jumper just really provides that unified experience where people can come and find the route from wherever they already are in the crypto ecosystem back home to bitcoin, which I think is super exciting. Yeah, thank you so much for that particular one. I really wanted to know because basically, we crypto bros, we are sort of lazy to new tech, except new tech is really often stuff to us most times, but then you see a good tech that is usable, has a good user retention, and you just try to look for ways to integrate with it and make it familiar to people that, oh, I've actually used this tech before and I them introduce something like this.
Launch of Rootstock Collective and User Participation
Well, I'm actually bullish, so yeah, thank you so much for that particular one. You're welcome. And actually, something that's really interesting that recently launched on Rootstock as well, is a DaO called Rootstock collective, and they offer decentralized grants and opportunities for governance through staking the rift token in the DAO. And again, it's just another exactly like you said, it's an opportunity for people to kind of bridge from these other networks and then actually participate and help shape the future of what bitcoin defi looks like. So seeing lots of like a mix of really cool integrations and protocols from other networks integrating rootstock and then these really cool native apps exclusive to rootstock launching as well.
Exploring Ecosystems and Providing Access
So you've got a really interesting mix and it kind of means when people get in, they have things to explore, which I think is really important. For sure. And at Jumper, we find it really important to give everyone access to all of this. So we're happy to be partnered and integrate and allow users to seamlessly head across to rootstock and explore there, because none of us know what the best ecosystem is and we just like to provide everyone access to all of them. That's our goal. So, yeah. Does anyone else have any questions? If not, I think we can wrap up the spaces. Excellent.
Conclusion and Encouragement to Participate
All right, well, thanks everyone for participating and listening in. The campaign is still going, as I said a few times, there's two pudgy penguins up for grabs. Please don't participate in case to lower the odds for everyone else to win. I'm just kidding. Please participate. Bridge some money across the rootstock via jumper deposit in the pools. Here you'll earn some RBTC rewards and also go into the running to win a couple of pudgy penguins. So good luck to everyone. Can't wait to see who the winners are and you can flex it on Twitter. And any questions or anything you need, feel free to ask in the jumper discord or in the participating protocols discords and everyone will be happy to help you out.
Gratitude for Participation
Thanks for hosting.
