Saturation of Layers, Fierce competition

Space Summary

The Twitter Space Saturation of Layers, Fierce competition hosted by CyberFinance__. Explore the world of decentralized finance with Cyber Finance, a prominent DeFi hub offering high returns and deep liquidity. Dive into the competitive landscape of DeFi where staying informed is key to success. Participate in DeFi farming with $CFI tokens on Telegram, unlocking profitable opportunities in the evolving DeFi space. Understand the challenges and benefits of engaging with DeFi projects like Cyber Finance for lucrative investment ventures. Join the DeFi community on Telegram to stay updated, informed, and ahead of the competition.

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Space Statistics

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Questions

Q: What does Cyber Finance offer in the DeFi space?
A: High returns and deep liquidity for DeFi participants.

Q: How important is it to stay updated on DeFi developments due to competition?
A: Critical, as staying informed can lead to strategic advantages in the competitive DeFi market.

Q: What are the advantages of farming $CFI tokens through Cyber Finance on Telegram?
A: Opportunities for profitable DeFi farming and engagement within the $CFI ecosystem.

Q: Why is it crucial to understand the DeFi landscape and its challenges?
A: Essential for navigating the intricacies of DeFi projects and maximizing investment potential.

Q: How can engagement with DeFi hubs like Cyber Finance benefit investors?
A: By providing access to profitable investment opportunities and insights into the DeFi sector.

Q: What role does Telegram play in the DeFi ecosystem?
A: It serves as a key platform for community engagement, project participation, and information sharing in DeFi.

Highlights

Time: 00:15:42
Cyber Finance: A DeFi Powerhouse Exploring the high returns and deep liquidity offered by Cyber Finance in the DeFi landscape.

Time: 00:25:18
Staying Ahead in DeFi Competition Insights on the fierce competition within DeFi and strategies to maintain a competitive edge.

Time: 00:35:59
Telegram Farming Opportunities with $CFI Discover how to engage in DeFi farming using $CFI tokens through Cyber Finance on Telegram.

Key Takeaways

• Cyber Finance offers significant returns and liquidity for DeFi enthusiasts.
• Competition is intense in the DeFi sector, making it crucial to stay informed and updated.
• Engaging with Cyber Finance via Telegram provides opportunities for DeFi farming with $CFI tokens.
• The space highlights the benefits of participating in DeFi projects for profit and growth.
• Understanding the DeFi landscape and its challenges is essential for success in the field.
• Exploring DeFi hubs like Cyber Finance can lead to lucrative investment opportunities.
• Telegram serves as a valuable platform for engaging with DeFi projects and communities.

Behind the Mic

Starting the Session

All right, guys, let's give it a couple more seconds for all of our speakers to come on in, and then we will start. Start. Let's go, Sadeena. No beers. No beers, boys. Only coffee space. Let's go, let's go, let's go. We have a couple speakers to join in, and then we are going to start. So, yeah, one more minute and we will be right there, guys. All right. I mean, even the second song started, man. We need to start right now. But, yeah, it's all good. It's all good, guys. We got our speakers. There's one more speaker that is coming in. As of now. We will give it a couple more seconds, and then we will start with some introductions.

Campaign Announcement

But before we do anything, all of our listeners, there is a campaign. There's a campaign. You, if you ask beautiful questions, towards the end of space, we will be reading out those questions. And if some of those questions are yours, you get to grab one 10th of the $300 prize pool. But, yeah, guys, we will have to ask some good questions. They don't need to be complex. They don't need to be, you know, long questions. They can be simple. We will be talking about layer ones, twos and threes, and differences and the needs. But, yeah, guys, remember to ask your questions. Do not skip. Also, there is one more. You have to follow cyber finance and Galaxy and retweet this post. And, like, you can tag two of your friends and the best questions will get a part of the price pool.

Guest Introductions

But, yeah, let's go. I have Zach here. Zack, I'd like to invite you as a co host so that you can just jump in. I sent you the invite, Zack, let's take a mic check. Are you there? Mic check. Mic check. Yep, all set. Thanks for having me on, everyone, and looking forward to chatting today. All right, again, mic check. Mic check. Can anyone else hear me? Guys, let's do a check, because, come on, this is x spaces. It's rare that they work perfectly. So we have chunky scalar Dex. All right, all right. Yeah. Can everyone hear me now? Yeah, I think. I think maybe the host can't hear Zach, possibly. I mean, is hedgesthemethere speaking? He is, yeah. Guys, can someone at least unmute themselves and speak? I'd like to hear some noises.

Technical Difficulties

Hey, how are you? Hope you're all doing great. Hey, Chunky. Nice to see you again. I haven't seen you, like, for ages. Yeah, see you, too. I'm pumped trying to figure out who can hear who. I think we can all hear each other. Yeah. Sounds good. I cannot hear anyone currently, so. That is strange. Can anyone speak? Yep, I believe hash flow. Wanna join as speaker? Are we having a problem? I'm unable to hear anyone. Seems like speakers can hear each other, but I cannot hear you. Guys, allow me a second. Allow me a second, guys, I'm curious what's going on, but, yeah, I'll solve it in a second.

Guest Introductions Continue

I cannot hear anyone of you. Hey, Chunky, take a lead. I believe you can. Let's leave our host in silent mode. Yeah, who wants to. Who wants to take this thing off the rails? We don't need him. Okay, guys, we'd love to propose, take an initiative and do some introduction just to not make the spaces too silent. I am Dan, CEO of trusted Wallace. We are leading liquidity provider for Zero X, one inch uniswap and hash flow. Big hey for hash flow here, I believe you're going to be invited as call speaker soon. So we are full stack market maker, offering token market making RFQ solutions, liquidity provision, and everything you can imagine in market making field.

Meeting Introductions

Cool. Yeah, I'm chonky with the operations program manager with FSL. That's Stepng. Go step in more gas hero door. We've got a ton going on and constantly shipping multi chain gaming. Of course, Stepngo. The launch with Stepngo right now is taking off and we're having a lot of fun with it. Just announced a second collaboration with adidas for Genesis. Sneakers on step and go. So, yeah, whole lot happening in the ecosystem. Happy to be here. Awesome. Thanks, Chunky. I'm Zach, everyone, director of BD at Galaxy and gravity. I think everyone knows Galaxy as the questing platform that we are today, but we also now have our layer one blockchain, gravity. So looking forward to talking about it a bit more and answering any questions that anyone has.

Introducing More Guests

Thanks. Hey. Hey, guys, I'm Igor. I seem to be back. Zach, can you speak again? I think I just heard you. I just heard you, man. Anyone, just please do speak. Yeah, we're just doing a quick round of intros, but I think we can all hear each other. Yeah, yeah, I'm really happy to be back. I don't know why it does that, but I had to refresh, but I. Now I'm back, so. Hello. Hello, guys. Where are we left? Has everyone finished their introductions? Okay, I just started mine, so. I'm Ivor. I'm the CMO of ScriptNetwork. Script network is the layer one open source live tv platform protocol and storage network. And at the heart of our ecosystem is the script tv, the first world's first watch to earn live television platform.

Further Introductions

And I'm looking forward to be with you here today and to discuss about our topic. Hello, my name is Philip, I'm a co founder of Scalar Dex. We're building next gen gymn fight perpetual Dex and tone with like dedicated order book model and L one app chain which will facilitate all the trades. I'm really glad to be here and talking to you guys. Hopefully he'll have like a really nice discussion today. Hey guys, it's Max, CEO of Starlight. We built a next generation launchpad to make crypto investments accessible, conveniently profitable for 1 billion telegram users. So we have a telegram native launchpad, it's also accessible for any desktop device. And we also have KL platform and multiple other services to support projects like from early stage to long term growth and presence in the market.

Discussion on Users and Chains

And yeah, we work with multiple projects on different chains and would like to participate in current discussion regarding perspective on each chain and which is better and which has a more prominent future in the next year. It. Okay guys, we all have agenda on our hands and we can start discussing the first question of topic. And yeah, should the average user care about which chain is being used or is it more a concern for companies? I believe script, you have to talk first. Yeah, thank you. So in one way they should care fees and security and those are really important issues. And I think in general, the general future of web three should definitely be cross chain. Right now there is no just one chain that fulfills everyone's needs and probably it won't be in the future.

Cross-Chain Considerations

Also, just as there is no just one type of food that can fulfill person's needs. For example, if you eat just for example carrot, even though it's rich with some vitamins and minerals, it lacks the whole other specter of proteins, fibers, etcetera. I think in web three it's the same thing. And we need companies who are specialized in certain areas such as defi, modular apps and something. What is crypt network also doing? And future should definitely be interoperable and users should be like, they should be able to easily change and switch between the chains and use the same assets that you stored one chain and use it on the other chain without possibilities of any risks.

Concerns for Companies

And for companies, I think it's really important that we don't focus solely on chasing TVL or some of these metrics. But I think it's really important that we educated the users and that we are getting on daily basis, like more mature users who are using these chains. And of course, as we are getting bigger and bigger, more and more people will join and start using the tech. So, yeah, that's my take. Guys, let's be proactive. I believe that Elon ragging cyber finance Twitter account. So yeah, I believe that over time we're going to hide under the hood all stuff related to blockchains, which will allow web two users to be onboarded seamlessly.

Onboarding Challenges

But right now we are existing in web three og space, of course, except we're talking about ETF. Guys. I gotta throw out there too. And sorry I had to hop off and hop back on just because it's glitching a little bit. But, but coming from a bit of a. More of a DJ perspective and somebody that's not all about the infrastructure and the technical side. Like, I think, I gotta say, I don't speak for everybody, but I don't think nearly as many people care about the technical side and care about the intricacies of the technology than what a lot of people may think.

Consumer Perspective

I think, if anything, people get turned off and confused by it from the consumer perspective. Again, just my humble opinion. I know that the technology is extremely important and that there's scalability, security and all sorts of these things. I totally get that. I agree 100%. But at the end of the day, we're already in an emerging industry like the greatest transfer of wealth in human history. With blockchain technology, the last thing that we need to do is concern the onboarding of anybody with the technical aspects. And so it's worth keeping that in mind.

User Engagement Strategies

I actually agree with Chunky. I think the current approach to engaging users, we have gamification, which is firstly, right now is mostly used within telegram apps. But l one s are starting to follow this approach. And I think what splast was doing before, in the beginning of this year and right now, what other chains are trying to catch up with is actually really like, I think is the future of how you will engage with users. Because technology is really good, it's really important, but without dedicated positioning and how you will attract users, which mechanics, it's really hard to tell. It will be really hard to distinguish among your other networks.

Daily Experiences

Yeah, it's funny, like, I use my phone every day, I use the Internet every day, I drive almost every day. I can't tell you how any of this shit works, to be quite honest, but I engage with it all every day. And so it's funny, like the other thing too is, you know, obviously, like, I can't tell you the last time that I actually, I probably shouldn't say this out loud. I can't tell you the last time I actually did a transaction on Ethan, for instance. The last thing I did anytime I did anything on bitcoin was getting rid of my last runes. But, you know, I do use, for instance, Polygon.

Understanding Technology

I use polygon on like a daily basis. Can I tell you exactly how it works? Not exactly. I can tell you that it's fast and cheap and efficient and that if I'm working with friends or onboarding people to the space, or especially like on our side with FSL, you know, step in, step and go. You step in the primary. Primary is primarily Solana, for instance, and step and goes on polygon. So it makes it a lot easier to be able to onboard people with a layer two, even if I don't exactly know how it works and they don't really care. I don't know.

Complexities of Usage

I agree. But I think it can be really, can become really complicated what we are like right now dealing with. Because from users perspective, sometimes it's hard for them to recognize where is actually their liquidity. Because I think liquidity problems is right now the biggest one that we need to solve since, for example, for ethereum networks right now, l two s and l three s, it's all scattered around, actually. And when you hop on from one chain to another, you usually can deal with a lot of regulatory issues and it can be a big deal. Big, I think, minus for users who are using and dealing with it. So it's one side, it's really good that we're doing it, but on the other side, there is still a lot of issues.

Future Discussions

I think we can discuss how to deal with it and I would love to hear your opinion on it. Kechonki, don't lie.

Cardano Usage and Discussion

While no one sees you using Cardano, I know the only one man in the world using Cardano. Did you just tell me I'm the only person in the world using Cardano? Because if you did, I'm not gonna lie to you that you're wrong. But I'm following your Cardano wallet. You can't lie to me. You're using channel. Are your palms as sweaty as mine are just at the mention of Cardano? Thinking about. I'm not going to go down that path. Somebody needs to save our Cardano and Polkadot bags, man. I'm waiting on it. Who's going to do that for us. Please do not tell anything about Polkadot. It's my personal heart.

Shifting Focus to Blockchain Competition

So I believe I am unexpected host of the spaces and guys, let's move forward to the next question. We see many huge blockchains launching within the industry. Do we need more chains for fair competition or is the space already saturated with enough chains? So we'd love to take a first take. Double warning. Sorry, but I believe the issue of liquidity fragmentation is already quite pressing. It's huge and I haven't seen too much blockchains performing as well as EVM compatible chains. For example, ton is rising luminary. But what about the network xilots? So I believe Phil from scalar can command the loading capacity of Tom chain. Really good. So follow my take.

Discussing Competition in Layer 1 and Layer 2 Solutions

Yeah, I agree actually that I would like to. I'd love to expand a bit. Your point? Since regarding the competition, I think yeah, it's quite competitive right now, especially like from my perspective to be like a perpetual Dex. Like there are a lot of perpetual Dex already, but for l one s I think there are even more l one s right now than perpetual Dexs actually are existing. And it's quite a competition from the perspective not only about the users you're attracting, but as I said, like liquidity you're trying to attract, because without liquidity you cannot get cheap any users. And I think all of these will boil down. I think it's quite the same what was going on in other industries before, like in 20th century, it's nothing new actually like there, like when you discover new technology, everyone tries to create as much competitive market as it seems.

Innovation and the Future of Blockchain

But going on and going forward, I think we'll see a lot of like cross, I would say cross liquidity and cross collaboration between different chains, because I think it's the only way to sustain in the long term from, if you're not standalone chain like Solana, if you are more like a dedicated chain or l two solution, because without it would be you need to get bigger, otherwise it will be hard for you to keep up in the long run what you guys do think. Yeah, I agree with you like 100%. And even though it may seem like blockchain space is really saturated, I think it's not necessarily a bad thing because more chains mean more innovation and such as in the web two world, like where there is innovation, there is competition.

Understanding Layer 2 Solutions and Market Hype

It just pushes the boundaries of what is possible in the space. So the question isn't necessarily about how many chains do we have or do we need, but whether these chains are solving unique problems and if they are bringing, like, unique solutions to the table. So I think that's the real question. So I think there is always a room for growth, but we just need to have, like, this kind of innovative change that are coming live. Hey, does anybody else get the feeling there are more l two s than there are people in web three? I think it's a good point. And following up dawn on what script just mentioned, I don't think all of these l two s coming out are in fact innovative.

The Need for Unique Solutions in Layer 2 Solutions

They're actually not created to be innovated. People are using rollup as a service providers, which is a great advancement for the industry because it makes it so easy to launch a layer to, but in fact, they're all functioning very similar to each other. So it begs the question, like, why are these l two s being launched in the first place? A lot are app focused chains so that applications can have their own chain, which is similar to the reason we launched gravity at Galaxy, to have a chain to support the questing platform and scale from there. What's a little bit different about gravity is that we have two phases of the chain, so we're currently in a layer two phase and later on we'll migrate to a layer one.

The Need for Innovation in Chain Development

But we've had a lot of learnings in the process and seeing that, in fact, a lot of the other layer twos in the space are in fact functioning all the same. So it begs the question, if the tech is the same, what's the roadblock from just adopting an existing solution? Why don't these Dapps want to build on base? Is there a specific need for their own chain? Is it narrative? Is it hype? Is it just money? And for the users, it's really all the same. Unless there's a question of it being a layer one instead. Is there a native gas token on the chain like gravity? But I think there is a question of lack of innovation with a lot of these chains.

Challenges in the Current Blockchain Landscape

I mean, after gravity. Sorry, scalar. Dex, go ahead. Go ahead, man. Actually, I wanted to say, Zach, I actually agree with you. First, you need to ask a question. Why are you building a chain? And agree that, for example, dedicated app chains have also large potential think room to grow in some sort. That's why we're also focusing on dedicated app chain form, but more on trading side, since the only way I think for perpetual Dex is currently to compete with major sexes like Binance and others is actually to be the purposely dedicated app chain who will solve your current needs like for us, it's a need to have a lot of order flow going through it and in order to facilitate it, because without it, you cannot compete with fees in terms of fees and with other players on the market right now.

Navigating the Hype and Market Opportunities

And as well, what I want to say is it's actually. Yeah, it's actually good questions. Cyber. Yeah, I'm sorry I disturbed you, disturb you. Please go ahead. You want to say definitely, man, I'm finally back. I solved the problem this time. Definitely, definitely. 100%. Yeah, I'm back. I'm back, guys. Just to reset the room. Guys, remember that there is a question competition. Please do write your questions below this space. Towards the end of the space. We are going to be continuing with our questions from the community, but for now, I have another side question that I would like to ask to the panel.

Exploring the Airdrop Hype

I'm thinking that lately, especially within the last six months, up to a year, we have seen this airdrop hype coming in and going out. So my question is, when it comes to layers and launching of these layers, did this hype driven market push more founders into developing chains? Did they see a false opportunity out there when it comes to it? Because still there are some l two s being developed. So I'm thinking, is it because of the hype that founders think that they will be making money off of this or is there a real reason to go for more chains right now? I think like everyone's like silent.

Reflections on Market Drivers

I want to take. My take is that actually there is partially is really hype I think in some sort. Because when you for, if you're talking from BCX perspective, like what they invest into, like if you like going on a conference stack token with different vc's, from their perspective, like infrastructure is the most important part actually in crypto. Why is infrastructure. Because infrastructure allows you to actually have a lot of other applications on this layer. That's why everyone is trying to focus on infrastructure and invest into it. That's why like a lot of l one s are launching. But the other problem is most of these l ones actually have no, like different, as Zach said, like similar to each other.

Divergence in Chain Development Approaches

And there is no purpose of launching it from this perspective. But from the other perspective, if you want to, as I said, like if you want to expand on some idea which is currently like limited within like for example some Dexs for Ethereum, like it's currently hard to have a lot of robots capacity. So if you want just to build like something that you just want to like do some order trading orders to go through or something else. It's actually a good way to expand this idea because it will be in the long run and more beneficial, I think. Think? Oh, yeah, definitely in the long run, there will be some results coming out of these chains, but it might get some of these chains down underwater.

Chains Facing the Future

We never know. But the next question is right on that. Will we see some chains disappearing in the future? What do chains need to do to stay relevant in the current hype driven industry? So this is the. This is the basic question. Come on. There are tons of chains out there, but will all of them stay relevant? Chunky, go ahead. You have the mic, man. I don't think the question is, will all of them stay relevant? I think the question is which few are going to stay relevant? I think. I think the vast majority of them are going to disappear and never be heard from again. And I think that's not a bad thing.

Concerns about Future Chain Viability

So, like, my question is to the big brains here, because I'm not a dev, I don't understand a lot of the technical aspects. My big question here is what solutions are needed that no l two S currently provide right now. And that's not a rhetorical question. I'm sincerely, genuinely asking, because I think if anybody is looking to create a chain for much of any other reason, like why, other than a cash grab, I don't know. It just doesn't feel right. It doesn't make sense logically. So this is a good question for me to follow up on because of where gravity is now being a layer to, and then migrating on to a layer one in a few months time.

Layer 2 Success and Migration Plans

So we've seen really strong success with the layer two phase. All of our infra providers have been super helpful and gotten us live in a pretty short amount of time. We passed 120 million transactions in our first month, and we're seeing like over 170 million TVL. So I'm only sharing that because one might ask, if you're seeing success on the l two, why do you need to switch to a layer one? And there's a few different reasons, but really the most important thing is fast finality, which is something you see on chains like Solana. Solana super fast. That's one thing that can't be accomplished on a layer two right now, regardless of the stack that you're building on, whether that's arbitram, optimism, Zksync, you just can't achieve the same level of fast finality that you see on like a Solana or other layer ones.

Building Future Chain Solutions

And for most layer twos you don't need that level of fast finality for what we're trying to build for gravity. We do need it. So we'll be building our own layer one stack. It'll still be EVM. But there are these reasons that chains or companies need their own solution. But I'd say for the most part, having a layer two gives you everything that you need. Oh, yeah, definitely. I would love to throw this question at ScriptNetwork, because script network is also an l one. So script network, regarding the last question, will we see some change disappearing?

Evolving Industry and Chain Survival

What do chains need to do to stay relevant in the current hype driven industry? But I think Chunky asked another question. But you can take on that too. Yeah. Please keep networking. Seriously. Yeah, sure. So I think chains are disappearing like on daily basis. And it's just a normal thing. But I think to survive, they need to provide something different and they need to provide a service. Even though is it SDKs or apys or infrastructure that is not available elsewhere and they need to be able to provide it at scale. I think that's the most important question.

Chain Pricing and Market Dynamics

And if they don't, they will disappear. So I think that's the key question. Like if you are able to offer something that's not on the market, you will have the future. And if you have like same solution that 100 other chains have it, I think you are just going to disappear. So I think it's simple as that. But I'm not the technical guy, so I'm just looking from the side as a user. Oh, yeah, definitely. 100%, man. And especially when we look at chains, we can see that usually chains try to market directly to the customers themselves.

Community Engagement and Chain Success

You know, like going after the community, bringing the community in. Yes, it is really good for a chain to have a community. But if it is an artificial community and you're bringing in everyone and there is no useful services behind that chain, if people are not using it, that chain is going to go down. So do you have any take on this? Trusted volumes. Are you there then? I mean, you know, I'm the marketing guy and I think the most important thing is the community are the users of every protocol of every chain. So if you don't have the users, if you don't have the community, you don't have nothing, because that's the most important ingredient.

Marketing and Growth Strategies

So I think that's the most important thing that every chain and every project has to tackle. Like how we are going to acquire new users, how we are going to acquire the community. Not only how we are going to acquire community, how we are going to make the community, and how we are going to make our products stand out. I think those are the most important questions every marketing guy has to answer to make the product succeed. Scalerdex, go ahead, man. You have the mic? Yeah. I actually wanted to expand on the thought about the ghost chains and others.

Future Considerations in Chain Development

I think I was thinking while you were talking a lot about how to select the chains which will succeed in the near future. I think it all boils down to three main sector. First is actually your infrastructure. You have a good technology which allows you to be competitive. And it's also related to liquidity, which you have on your chain. You should have, like, a dedicated bridge, which kind of, like, which can transfer a lot of, like, stuff around from this chain to another chain. You have, like, really liquid stable coin. And, like, it's the first main thing.

Key Factors for Chain Success

I think the second thing is actually, you have a foundation which is really understands how the chain should evolve. They have, like, a war chest which will allow them, like, to go through, like, nothing, through hard times of the near future. And I think the third team is actually, the first step is actually the team itself. Like, the operational team should be really professional. Like, I don't see on a lot of chains, like, when we're talking to them like that, there are professionals in what they're doing. Like, sometimes you ask them a question, they don't know their release date.

Introduction to Blockchain Layers

Hot take. Hot take. Thank you, man. Thank you. Yeah, I do have a question that I would like to throw at Zach from galaxy. Just asking the pros in the meantime. Yeah. Okay, so I have a question. Below the space from Benjen, can you explain the fundamental differences between layer one, layer two, and layer three blockchains? So this is an informant information question. This is a knowledge question. But yeah, if you have any take on this, Zach, I'd love to listen, man.

Explaining Blockchain Layers

Yeah, there's really, like, one main difference. And I'll skip some of the more detailed nuances because there's definitely people that can explain better than I. But essentially, you know, a layer one is your own custom solution. This can still be EVM compatible, but it's something that you develop on your own not necessarily built on top of another chain, which takes you to layer two. That's going to be built on top of something existing, like an arbitrum stack or an optimism stack or a ZK sync stack. So that'd be a layer two, and then layer three is a really more recent arbitrum, really has the lead of the market share there. But again, building on top of arbitrum, there's some differences between a layer two and a layer three, which allow you to scale a little bit differently and process transactions at a higher rate. But the main difference is when, you know, like with the layer one, like ourselves in the future, you're building from scratch, more or less. You can still adopt certain aspects from other chains. You can adopt aspects from something like an apdos, but all the existing layer one chains that most people are familiar with, Apdos being one of them, that's their own custom solution that their team built out first without adopting anything from other parties.

Questions on Layer Differences

Trusted volumes do go in, man. Yeah, thanks. We'd love to direct. My question to chomke. What's the difference between layer one, layer two, layer three, and Solana? Please provide us with your answer based on stepn experience. Based on StepN experience. Solana is. Solana is my favorite blockchain. You're asking me a question that you know that I don't have. Know exactly the answer to, my friend, so I'm going to throw that over to anybody else. I know that all was told. Transactions happening off chain in Stephen. Yeah. The thing about stepping. Yeah, like in Stepnog, all the transactions are happening off chain. Right. We have steppin on three different chains. It's on Solana, BnB, and Eth, and then step and goes on polygon. But that's why if you look at any of the volume metrics on DAP radar or June or any analytics, you probably don't see the step in transactions at all.

Discussion on Transaction Metrics

You might see, I know that I've personally seen in the top five collections, the Genesis collections, that are traded on more because they are traded on chain. That's 1% of the total supply of step and sneakers in the game. The 90 other 99% are all traded off chain. It's far more efficient that way. Can I speak on the technicals? Not exactly, but I do know that it is far more efficient that way. I mean, trusted volumes directed the question at you, but now I have a question for trusted volumes. It was directed to you, man, so you cannot escape this. Come on. In your opinion, should layers of blockchain technology foster collaboration among themselves or is the competitive landscape necessary for innovation? How might promoting a collaborative spirit influence the feature of blockchain development? So the question is basically collaboration or competition. I'd like to get your take on this. Let's go trust volumes.

Collaboration vs. Competition

Are you there, Mandev? It depends. So if we're speaking about large Ethereum ecosystem relations with Ethereum and l two s, they definitely have to collaborate and layer two is going to contribute from attention comes from Vitalik directly. For example, Vitalik Schilling polygon more than chonky do. But overall chains fighting for transactions, for volumes, for TVL. And I do not see much space for collaboration between guys existing on the same layer because it's just a question of fighting for users and I great companies builders. So it depends if it is relations with the layer one, layer two, of course. Yes, if it on the same layer, they have no space for collaboration. Oh yeah man, we have the competitive spirit here, will not cooperate. But yeah, definitely we do need competition, you know, so that companies do push each other.

Community Questions and Platform Analysis

But yeah, the next question is going to be coming to Starlight, by the way, Starlight, I haven't heard you at all, man. Are you even there? Starlight Mike check, mic check, Maxim, are you there, man? Come on. Hey. Hey guys, sorry for I just been on the call. Are we still on like less subject for layer ones or layer like new layer twos going to the market? Since I haven't heard from you, I'm going to be directing the question towards your platform. So I'd like to know, Starlight is an ideal platform. And when you're choosing projects, do layers matter at all? Do you check if they are layer one, layer two, layer three, privacy layer, gasless chain, maybe? So is there a differentiation for you or do you just, you know, like maybe that's not even a requirement.

Starlight's Perspective on Chain Layers

So I'd like to know how you guys take on this. Actually, we not really care about like specific chain. We more look on like utility and user experience that the project provides and like what actually the product is about. And basically we trust projects with the decision regarding the chain that they use. And usually it's, yeah, I mean there's more metrics like or like features for the project that should be considered prior to the specific chain. And usually when the project goes to us like it's final stages, like in a couple months before leasing. So the right of the decision was made like way like long time ago. And if the project made proper decision, they are already successful when it comes to us. So it's just a matter of what long term potential they have on this chain.

Cross Chain Considerations

Can they build multiple applications or features on this chain or should they be cross chain? It's always on the table and we see some project units switch chains along the way. But our general perspective is that the current market is super saturated with multiple chains and it's hard to build proper network effects across the crypto space and on specific ecosystem specifically if it's emerging. So I would suggest projects to choose the top ten existing ones because it will be easier for them to build and partner with other projects and have these super crucial network effects. So yeah, this is like answer from our side. Oh yeah. Thank you. Thank you. Thank you, Starlight. But I do have a side question for you.

Token Discussion

I do not see a token on your website yet. Will you have a token? And when you have, are you considering any chains when it comes to it? Yeah, basically currently we'll be on BNB chain and we will integrate ton in about like couple weeks. We currently actually looking for a strong ecosystem partner regarding third chain, to be basically leading launchpad on their ecosystem. And we in communication with scale, with Monta, with scroll and a couple other ones. And it's hard to choose the one because basically our request is to launch multiple projects on this eco, on this network.

Emerging Chain Partnerships

And we need to understand that for the next one or two years, there should be huge inflow of really good and really in demand projects on this chain. So yeah, we try to be cross chain and we don't want to basically be limited, for example, for opportunities one chain. But from personal experience, I don't see much good projects on new emerging wear tools. And this is a huge problem for the market. But as I mentioned, we mainly look on specifics of the project itself, what value they bring to the users, to the market, how strong is the team, how innovative is the vision of the project? And chain itself is not really important that much in that regard.

Development Perspectives

And like, we saw multiple good projects on like various chains. So it's more from development perspective which chain to choose which is more convenient for them to work on. Oh, yeah, definitely. Definitely, man. Okay, so we have some other community questions too. I'm going to throw in and you guys can take or pass. If not, I'm going to be directing at someone. So the hot ball might be in your lap. What guarantees that in five or ten years, the layer one, two or three layers will not disappear? Okay, this is a rather technical question. Does anyone have a take on this script?

Technical Considerations

Chunky. I think trusted volumes might probably have a good technical answer on this one. Actually, I think you should throw it over. Yeah, definitely. Trust volumes. Let's go man, are you there? I believe every new chain has to focus on infrastructure and on attraction of liquidity. So as bull, I mean bear market showed almost all stuff in crypto happening in the exchange field. And yeah, the chains that have more focus on Defi except Solana with this meme point hype, you know, this chains, those chains who are focused on exchanges on stable coins supporting are the best and gaining attention and you know, tvls and interaction key developers.

Emerging Market Dynamics

So take a look on Tron, on Ethereum, on arbitrum and yeah, the few exceptions, you just don't. And Solana, just because of telegram hype and meme coin hype. But other chains is struggling because there are very few consumer apps that are still alive. For example, step on Gamefi is quite slow right now. So yeah, I believe all chains have to focus on what web two consumers needs. And it is only first take money and exchanges. Oh yeah, definitely, man. Especially we see some gasless chains ripping out in the gaming industry and like, as a user, as a, as a user, as a consumer.

User Experience in Chains

When it comes to choosing any chains, usually consumers do not choose chains. But when it actually comes to if there are options, if there are multiple options, I just go for the cheapest chain. If it's gasless, it's beautiful. Also a secure chain, the security needs to be top notch. So I'd like to throw it at Zach here at Galaxy. Zach, since you guys have gone from the gal token to the g token. Gravity token, how is the gasless experience on the galaxy side going on? As far as I remember, I've been a user too. Guestless. Opportunities for companies were really good on Galaxy.

Galaxy Token Migration

So did anything change when gravity token came in? Also, I'd like to learn what kind of utilities did the gravity token add to galaxy when it comes to being gasless, being easy to access. And you guys have many consumer apps over there, so. Yeah, Zach for sure. So we migrated from gal to g, which became the native gas token of gravity chain, which is a lot different from other layer twos that you're all familiar with. So for example, base, what's the gas token that you use on base? It's just eth. So even though we're still an EVM chain, we have our own custom gas token, which is g, which I think is something that not everyone might understand at first glance.

Gravity Chain Functionality

There's other chains that have native gas tokens. But it was a pretty natural decision for us to make since we're a chain with an existing token. And some of the functionalities that gravity has on Galaxy is really the real reasons that we launched the chain to begin with. In the past, there was roughly over 100 million transactions occurring the Galaxy platform every month. But not all of these transactions were on chain. For example, if you complete a quest and you follow someone on Twitter and Discord, and you receive a credential for doing that's not that credential previously wasn't on chain. Same thing. Actually. If you complete a task that requests you to do something on chain, like a swap or deposit, the action that you completed and verified was on chain, but the credential that you received before wasn't.

Improving User Experience with On-Chain Data

And that created some issues for users, for partners. If you launch a quest and then a user deletes their profile, maybe you won't be able to access all of the data from your campaign. So bringing these credentials on chain to gravity solved a lot of these issues. It's better for us, it's better for the user, it's better for the partner, really brings more value to everyone involved, because you can own this data on chain and it's transparent. Everyone can see it now. So that was the first major change and reason that we launched gravity. And the second chain was bringing our loyalty point system on chain. So our loyalty point rewards used to be paper note, they weren't on chain at all.

Loyalty Points on Chain

So I wouldn't even necessarily call them gasless because they weren't on chain. They just were. They were completely off of chain, off chain in general. So now these points are on chain, on gravity, and there is a very small gas fee. But I think people get caught up in the fact that maybe there's a gas fee involved, but we're talking about less than $0.01 in most cases. And that's not just for gravity, that's for other chains in general. I think when people make day to day transactions, when you buy coffee, when you go to the gas station, usually people are not getting worked up over $5.10 versus $5.11.

Consumer Perspective on Gas Fees

And a lot of the times, the transactions on all these chains are less than that. But people are shocked to hear that there's a gas fee in general. So I think, obviously, when there's changes, community will react in certain ways. Overall, we've seen a very positive reaction, and that reaction is a testament. In the 120 million transactions that we've seen on gravity in the first month. So although there is a gas fee right now, there are still gasless options. Our partners can choose to subsidize this for users in the campaigns, which we're mostly seeing since the gas fees are so cheap, it's a very small cost for partners to subsidize fees and there's a couple other ways to do so.

Galaxy's Growth and Partnerships

And in addition to gravity and loyalty points, we still are home to 40 plus chains. We've integrated more chains than any other questing platform and most other apps like ourselves in this space. And we continue to encourage our partners to take advantage of access to all the different chains that we not just gravity. Oh yeah, man, the latest change on gravity is beautiful, man. It is beautiful. And yeah, we will see more coming into gravity, or rather galaxy. But yeah, I'd like to throw the next question towards script network as it is a good example. The question comes from Whitney. Could you provide real world examples of how different blockchain layers are currently being utilized in various industries?

Real-World Examples from Script Network

So script network, since you guys are an l one, live streaming video protocol and broadcasting network, I would love to throw this at you. How do you utilize it as a real world example? Yeah, sure. So basically script network, as I said before, like it's really important that each of the chains focuses on each industry and on each specialization. And for script network we are specialized with helping studios, filmmakers and web, two companies trying to migrate their content to the decentralized, cost efficient platform.

Focus on TV, Film, and Gaming Industry

So basically we just focused on this kind of area which is like tv and film industry and also the gaming industry. We know that as being as l one, we can compete with some of the major chains being like with the fees, with the speed and things like that. But we wanted to focus only on a certain areas. And that's the thing, what we are doing, we are going on Mainnet in the next month or so and we are going to start bringing all these projects, all these web two projects to the web three. That's one of the examples, how to use it in the web three world.

Live Streaming and Video Protocol Queries

Oh yeah. Can you when it comes to live streaming, video protocol and broadcasting network, and you guys are moving this on chain. But how does it work exactly? Like when it comes to live streaming, for example, how do you engage with the layer when it comes to live streaming or video protocols? But part of the information is being kept on the blockchain side. That's for that part, we would need to invite our CTO for the next round of spaces and I think he would be much more competent to give answer for that question.

Technical Issues and Invitations

All right. All right, man. Okay. You guys are definitely invited for another space, too, so. Yeah, no worries, man. I trusted volumes did get rugged. I have you right back in here. Trust volumes. Welcome back in my check mic. Check trust. Oh, my. Trust volumes. Are you there, man? I think a few minutes, because Elon decided to rug me this time. Oh, yeah, man. Today Elon isn't working well, man. Okay. Okay, let's throw down Elon. Let's start with Elon.

Questions on Scalability

Okay, I have one final question. If we achieve this comes from Austin. Okay, Austin. If we achieve near infinite scalability through layer two solutions, do you think layer one networks will evolve in other ways beyond just processing transactions? Okay, so this is an l one versus l two question. Scalar. Dex, chunky Starlight. Trust volumes. If you're here, I'd like to throw this question at you. L one s versus l two s. Will l two s kill l one s when it comes to scalability?

Addressing Scalability Concerns

I believe that this is the wrong question. So killing l one s is a suicide for l two s, you know? So I believe it is a great synergy between a lot of l one s and l two s, and it is just how the future of scaling looks like. Overall, we have Polygon initiative. Are you familiar with Polygon aggregated? So they're building some kind of aggregation layer for multiple l two chains, which will allow those chains to deal with fragmented liquidity. Also, I'm extremely hyped about what is layer zero building.

Future of Layer One and Layer Two Solutions

I believe in the future, all l one s and l two s can, you know, work together. But of course, it's this question of marketing initiatives and dealing with standard stuff infrastructure fields. It's a strange question. I believe everyone has to contribute to each other development, and no, l two can kill l one s. All right, then, another approach. Another approach. So this comes from Haley. It's a similar question, but I think constructed better given the evolution of blockchain layers.

Long-Term Effects on Layer One Blockchains

What are the potential long term effects on layer one blockchains? Like Ethereum, if most transactional activity moves to layer two network? So, like, yeah, bit near infinite scalability. L two s are going out. But if all the money is moving to l two s, what are l one s going to do? Such as Ethereum, for example. Isn't it going to devalue such l one chains, especially expensive chains? Ethereum, as an example. That was to you.

Market Dynamics and Predictions

Again, trust values. I believe l one is going to support l two s with blocks production in any situation. But, yeah, to be honest, you know, Ethereum transaction is not cheap and all defi happening within Ethereum right now. It's still question of trust and reliability. And we better to come back to this question few years ahead. Right now all big money are still sitting in at once. All right, all right. Thank you. Thank you again, man.

Closing Statements and Insights

Guys, we are running way past an hour. I'd like to go into closing statements and I'd like to hear some alphas from you guys. Starlight, you are the first in order. Can you give us some closing statements? And if there are some alphas, I would love to hear. Yeah, sure, definitely. We see a huge boom of like layer two solutions and many innovative blockchains in the market. But I think for investors, like for builders, for anyone in the crypto space, the most critical, like most crucial part is to look on like actually the project that already built in this network with network effects and can be.

Evaluating Blockchain Projects

I mean do they really differentiate to any other blockchain with some of the unique solutions that they have or just a copycat and to die in the future? That's why I mean, from our perspective, we suggest all projects to basically look on what's already happening on some chains. And if you see there's like only one or 2000 transactions or active users there, probably it's not gonna be good for them. And there's no perspective to launch in a chain, no matter how much they raised from the funds or like how is their marketing?

Focusing on Real Usage

If there's no real usage of this blockchain right now, most probably it will never happen because we see the market from different perspective in terms of the builders, in terms of emerging projects. And we see how many really good projects are launching on specific chains. So unfortunately there's not many. And yeah, just focus more on the usage, like on the value that you bring to the users rather than any opportunities that specific blockchain provides.

Practical Applications Perspective

For example, it's better to be built, for example, on town network with all existing network effects and real boom of textile grammy apps and inflow of investment and users there. Then on some layer tools that just are faster or just more, I don't know, like provide some not really useful functionality that's like some info from outside. All right, all right. Beautiful, beautiful.

Pipeline of Deals and Innovations

Starlight, is there any alpha that you would like to add feature releases or anything closing on? I mean, we have a huge pipeline of deals that gonna be launched in like a couple months from now, but I'm not sure if I can revive, like can give you some specific details regarding it, but we see huge, I mean alpha that I can provide to you is this thing with a boom of telegramming apps.

User Engagement and Utility

We will see like we see multiple projects with over 1 million user base and most of these projects like most of this user base is like fake without any real value and in order and this project struggled to create really good engagement system or utility other than just creating hideout around the project. So we will see more and we already see we work with the projects who provide really good services and really good utility on time and I think regarding investment and partnerships and everything going on, the focus should be on this application.

Real-World Utility and Adoption

It can be like web two applications that go web three and have real utility. For example like taxi services that was for example in Singapore, they provided opportunities to anyone to borrow them directly from telegram and it's real practical case where I see the industry goals because this is true misadoption for web two users and this will provide us more liquidity. This liquidity will transfer them to other areas and other niches of crypto industry.

Final Thoughts and Anticipation

So regarding Alpha, take a closer look on real application on Tom and invest to use them, partner with them and hopefully to see this more like really good services with real utility on other chains. All right, hottest take of the day. Starlight thank you man, thank you for coming in. We have next trusted volumes, closing statements and I would like to hear an alpha. The recent alpha is that we launched our brand new website.

Expanding Market Presence

We are still biggest guys in market banking field taken about 50% exchanges in Defi working with several top 100 coinmarketcap projects and we want to collaborate with rising luminaries. We can help projects with liquidity provision, we can do some custom development and help with some partnerships. We are biggest friends with one inch hash flow and if you are Defi project and you need an access to big partnerships you can just dm me and I will help you.

Market Making Position

All right you heard him guys, come on. Biggest market making company in Defi. Can we say that? Trust volumes. Let's just say it for the sake of it. Yeah. You know I'm just too serious to be so hyped. I'm just decide to stay calm and say that we are biggest guys in the field, that's all. All right man. It is, it is so nice to meet you.

Announcements and Launch Preparations

Trust values thank you man, thank you so much. Scalar Dex we have you next closing statements and an alpha. Thank you, thank you. Regarding scalar decks we are preparing for an official launch with which will happen soon in a couple of weeks and actually right now, like full scale points program is already running and we hope that this pro main of this point will transfer later on, of course, to perpetual Dex.

Acknowledgements and Community Support

And as you know, like the sooner you are in point program, the better it is. Mostly it's directed to the listeners but yes, that's, I think it's our biggest outfit right now. All right, Scalar Dex. Thank you. Thank you, man. Thank you for being here. Thank you again. Chunky, let's get back to you. Chunky. Closing statements and an alpha man, I. Never share Alpha, but I'll share a little bit.

Partnerships and Current Projects

Come on. What? I can't. There are people listening. I don't want to get fired. All right, listen. Here's, here's the thing. I am so proud to be able to promote step and go more gas hero. We have been pumping and building and grinding for the last two and a half, three years, pumping out everything in the depths of the bear rocking collaborations. We're just crushing it right now.

Success and Future Plans

And I say that confidently because we actually are. Our collaboration with Adidas was, has been so far a massive success. We just launched the first round of step and go Genesis, a collaboration with casio and G Shock. Huge. We just announced another collaboration with once again, adidas for another round of step and go genesis sneakers.

Ongoing Projects and Demand Awareness

Thousands and thousands of tickets purchased on these raffle mints. Collaboration with galactic geckos and in process right now. It's really sick art. We're doing a lot and it's a lot of fun and it's something that is a spectacle to behold. And I'll say this about chains, somebody already touched on it. But if you're building and you're looking for where to build or what to launch on, look at the volume, look at the amount of users, because it's extremely important.

User Base and Building Strategies

I come from supply chain and logistics and procurement in the real world is my background. And you can solve any kind of problems that come with an over or that come with tons of volume, tons of quantity. You cannot really do much of anything if you don't have a lot of demand. Go somewhere where there's a lot of demand, go somewhere where there's a lot of users, a strong user base, and you can figure out the rest from there.

Future Developments Announcement

Alpha, I'm going to say that in the next 30 days we're going to do something that's going to blow a lot of minds. And again I say that note like I say that after having announced the G Shock partnership and the second Adidas partnership, we're going to launch something that's going to blow some minds in the next 30 days or so. So.

Final Remarks and Goodbyes

Yeah. Don't look away. All right. All right. Thank you. Thank you, Chunky. Thank you, man. Thank you. Thank you. We have the last Zack here from Galaxy Zach closing statements. I mean, it's galaxy. Do we need. Do we even need an alpha? But if you. You have one, I would love to hear, Zach.

Galaxy's Outlook and Support Offer

Yeah, I wouldn't say there's direct Alpha to share. Go check out the galaxy site if you want to see what's coming up. Great. Great place to check out upcoming airdrops and tge's. But to any builders that are interested in expanding to gravity or building on gravity natively, my DM's are open. We're happy to support you all.

Upcoming Projects and Builder Support

We're going to be supporting a lot of games, lots of dapps, lots more defi coming up. We already have almost 100 builders on the chain, so, like I said, my DM's are open and happy to support any early-stage dapps or later-stage dapps that are looking for a new home. All right, thank you. Thank you, Zach, for being here. Thank you, all of the speakers, for being here too.

Conclusion of the Session

For this week, cyber finance will be out, and if you have been asking questions, I will be sending the list of the questions that I've asked, and you guys will be getting your rewards for the space. But, yeah, guys, for this week, cyber finance out. And if you need an alpha soon, we will be bringing in omnichainen swaps option trading.

Future Initiatives and Engagements

Guys, by the way, all within telegram. All within telegram lending options so you can lend money. And we will be going on to gasless transactions and perpetual trading, all within the cyber finance defi hub on Telegram. Thank you, guys. Thank you all for being here. Another week, another beautiful week is coming and more spaces are coming.

Final Goodbyes

Thank you for hanging out, and we will see each other again. Goodbye. Goodbye, everyone. Bye.