Space Summary
The Twitter Space Sonic Ecosystem Update w/ Luis Fausto hosted by 0xSonicLabs. Delve into the realm of the Sonic EVM L1 ecosystem with Luis Fausto, where speed, innovation, and efficiency converge to reshape the blockchain landscape. Scheduled for a groundbreaking launch in December, Sonic's unique features promise to revolutionize smart contracts and enhance decentralization. Join the discussion to gain valuable insights from Luis Fausto about Sonic's development journey and future prospects.
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Questions
Q: What sets Sonic apart in the EVM L1 landscape?
A: Sonic boasts the title of the fastest EVM L1 solution globally, offering rapid transaction finality and integration with Ethereum.
Q: When is Sonic's official launch planned?
A: Sonic is set to debut in December, bringing innovative features to the blockchain ecosystem.
Q: How does Sonic aim to impact smart contract functionality?
A: Sonic Ecosystem seeks to revolutionize smart contract capabilities, enhancing decentralization and efficiency.
Q: What insights does Luis Fausto provide about Sonic's development?
A: Luis Fausto shares invaluable perspectives on the growth trajectory and future initiatives of the Sonic EVM L1 ecosystem.
Highlights
Time: 00:12:04
Sonic EVM L1 Speed and Efficiency Explore how Sonic offers unparalleled speed and efficiency in the EVM L1 realm.
Time: 00:18:32
Ethereum Integration and Compatibility Learn about Sonic's seamless connectivity to Ethereum, bridging gaps in blockchain interoperability.
Time: 00:24:56
Future of Decentralization with Sonic Discover the potential impact of Sonic on decentralization and smart contract functionalities in the blockchain space.
Key Takeaways
- Sonic Ecosystem is positioned as the fastest EVM L1 solution globally.
- The platform offers seamless connectivity to Ethereum and emphasizes speedy transaction finality.
- Scheduled for release in December, Sonic brings innovation to the blockchain space with its unique features.
- The Sonic Ecosystem aims to revolutionize smart contract capabilities and decentralization.
- Luis Fausto shares valuable insights on the development and future of the Sonic EVM L1 ecosystem.
Behind the Mic
Introduction and Excitement
Yo, yo. What's up, everyone? Luis Foster here with another space. We'll get started shortly. Just got a nice packed one for you guys today with a nice little update going on in the sonic ecosystem, of course. And then, yeah, I have some special guests coming up today, so hang on tight. Give me some 100s if you're excited. I know it's been a little bit of a hiatus for the last few weeks, but I'll explain. I'll explain. Trust me. Please don't be mad at me. But give me some hearts. Give me some 100s if you guys are happy to be here. We'll get started very soon. Guys, I'm gonna go ahead and share one of my favorite songs as of late. Maybe you guys have heard of it. I'm just messing with you guys. I know KSI released a new song and he's getting a lot of heat for it. But, you know, I just wanted to be funny. I don't know if you guys have heard that. It's a mess. He's getting a lot of hate. But nonetheless, guys, thank you so much for being here today.
Community Engagement
We got a bunch of familiar faces, a lot of from ecosystem here. Once again, give me some 100s if you guys are excited to be here. Also, give me some hearts if you could hear me nice and clearly. I want to make sure the connections are good. This app breaks every single time. Just let me know, give me some feedback if you guys could hear me. Good. Cool. All righty. Let me make sure. Let's see. Everything's good to go. I have some special guests. I have Michael Kong's assistant coming up. He let me know he wanted to join up here. And then I got some. I got Sam to come up as well, to kind of chat with you guys as well. Some of these updates going on. I know you guys have been. Well, here's Sam. We're waiting on Michael Kong's assistant. He's probably busy as always. I think he only sleeps about 2 hours a day.
Welcoming Guests
Sam, thank you so much for being here. If you could hear me, just unmute yourself. Say what's up? What's up? Hey, everyone. Good to be here. Hey, Louis. Yeah, Sam. How you doing, Sam? I know you guys are busy as always. But thank you so much for stopping by. Got a short update, but how are you doing? Good, good. Very busy. Everything's leading up to the launch now. So a lot of prep work, talking to a lot, and a lot of builders. And yeah. Excited to just chime in on the update today. And see, kind of let everyone know how we're progressing. Heck yeah. Awesome, Sam. I'm excited to kind of hear the updates on that side. I know, like you said, you're getting a lot of inflow on dapps with the boom program.
Updates and Apologies
I would love to get an update on that. So I'll cover some other stuff before then, and then I'll hand it off to you to give us the nice and juicy updates on that side of things. All right, let's see. Looks all right, we'll get started shortly. Looks like Michael Kong's assistant is joining shortly. We'll give it one more minute. One more minute. What's up, everyone? I'm glad you guys are back. So, okay, before we start, I want to say something. I apologize for the last few weeks regarding spaces. We were supposed to have a meme season round two winter spaces, unfortunately. I hope you guys understand. My daughter got a little bit injured at school that day, so I had to push everything back.
Personal Updates
And I apologize to all the team members who I reached out to come join. I know some of you guys. It's super late. Some of you guys are super early. I do apologize. I do plan on hosting that space. But, you know, at that moment, all my. All my focus was on my daughter. She's good. A little broken finger, nothing too crazy. She's a trooper, but. Yeah, just want to say that and then just been super busy the last few weeks with all these updates. You know, as you guys seen, Sonic is coming in December. We gotta get some 100s for that. We saw Andre post that, and then, you know, it's. It's clear. The path to Sonic is very clear right now, and I can't.
Looking Ahead
I can't wait for Sam to talk about more of those updates. Michael Kong's assistant. What's up, man? What's up with you? Did you barely wake up? What's. What's going on in your neck of the woods? Oh, you know. What a guy. Oh, man. I don't know if that was a snore of you just, you know, waking up or. I know, I know you're busy, man. If you need help, respond with the heart. Awesome, man. Awesome. All right, so we'll get started. Just wanted to kick it off with that. So for those of you that are looking out for that meme season round two space, I'll let you guys know more details on that.
Discussing Updates
But as mentioned, I got Sam here. Sam will talk about some updates on his side, you know, regarding boom stuff. What the inflow? What he's been talking to or who he's been talking to. Michael Kahn's assistant. Feel free to chime in whenever I know. If you want to say some updates, please feel free to chime in, but I'll kick it off with about ten minutes of some of the major updates we've seen in the ecosystem. So let's begin. So if you guys are aware, we released a nice blog article breaking down everything you need to know about the Sonic gateway. So if you don't know what the Sonic gateway, it's the decentralized, trustless bridge for secure Ethereum transfers here on Sonic.
Sonic Gateway Overview
So just to give you a high overview of what this is, right, once again, it's a decentralized, trustless bridge between Ethereum and Sonic. Eliminated custody risk, so it's going to be completely safe. And again, here's some of the cool stuff. Transfers can take up to ten minutes from Ethereum to Sonic and up to 1 hour from Sonic to Ethereum. So, guys, I mean, it's super fast. You don't have to wait days. You don't have to wait, I mean, ten minutes super fast, and then 1 hour, I mean, I can't complain about that. And then we also have, it's very secure. We have a fail safe mechanism. This allows users to retrieve assets on Ethereum if the gateway fails for 14 days.
Comparisons and References
And again, Sonic is eliminating l two s, making them obsolete. So unlike layer two solutions, with a seven day challenge period before achieving finalization, Sonic and its gateway offer faster and safer transfers without the risk associated. So if you guys haven't checked that out, go ahead and do so. There is a video if you guys also, I'm a pin it right now, but it's going to be a good introduction. Hopefully I could get her on a space. But if you guys checked out that Mahdi, we brought Mahdi to do a lot of our content here. So let me find that video real quick on the bridge here. Hang on tight, guys, but maybe we. Can invite her, get her on.
Technical Issues and Progress
Yeah, heck, let me see. I'll, yeah, everyone, I'll ping her. Yeah, I just sent her an invite, so let's see. There you go. You guys there? Hello? Yeah, I can, I think maybe Lewis's, Yeah, Lewis maybe is not there, but whoever the. We've taken over the spaces. Yeah, we need to take the co host back. Somebody co host us. If you can hear us, we have, we want to bring up Maryland. Let's see. Well, as per usual, the Twitter spaces sucks. So confusing. I don't know why there's always an issue with this thing. But anyway, Sam, we can figure out how to pick up the conversation so that it's not just the most boring thing ever of us talking about nothing.
Continuing the Discussion
Sounds good. Let's get. Luis is putting hundreds, so maybe his mic. Louise, if you can hear us, just make us the co host, just in case you drop out, if possible. I guess. While Lewis figures out his microphone, I want to just talk about the boom briefly. So we kicked off the boom, I believe, a bit over a month ago, and we've just had an amazing response.
Program Applications and Developer Interest
This is. I think this is easily the most applications we've had for a program like this. So it just goes to show that sort of hunger we have for developers wanting to build on sonic. And one of the most encouraging things we've seen is it's been a lot of requests asking about gas Em. Oh, sorry, VM. So we have just for those who don't know, we've moved it from gas EM to VM because it makes. I think it's a bit clearer that VM is about fees. When people hear gas, unless you're a builder in the space, you may not know what we're talking about, and you may think we're just talking craziness. So we think VM speaks to what we're trying to build with VM. More clearer. So we're really excited to, I guess, rename that, make it easier, make it more accessible for people to understand.
Encouragement from Builders
And it's been even more encouraging to see that most of our builders on the boom application are all really eager to take advantage of Vmdez. I mean, we did see recently, sort of the uniswap announcement, they want to roll up into their own chain. And while best of luck to them, I wish them all the best. Our belief is still the monolithic approach. And so what we offer to build is don't pay the enormous fees it takes to get high quality infrastructure on your chain. You get 90% back of all the fees of the network that you produce. And if you don't run your own l two and you come to us, we basically take care of all of that for you.
Support and Efficiency
So you don't have to worry about native stable coins, you don't have to worry about a lot of other needed infrastructure. And we can sort of just provide that for the application. And they still get 90% back of all the fees, which is really cool. It's just been really interesting to see that response. And yeah, it's super encouraging. So if you have any more questions about the boom program, if you want to chat about how to apply, if you're not sure if your project is in the scope, please do reach out on TGX. Always happy to have a discussion and really excited to finally announce these winners.
Application Timeline and Final Thoughts
One of the biggest questions we have is, when does this program end? It ends around early November. So we still have three solid weeks of applications that you have time to sort of refine it and submit it. So still a little bit of time left. And if you have any questions, please do reach out. So thanks to everyone who's already submitted. Looking forward to hearing more from people who want to submit and, yeah, thanks. Thanks, everyone. It's been really cool to see that.
Impact of Infrastructure Fragmentation
I also wanted to piggyback off of what Sam was just saying. It's pretty interesting landscape nowadays with all the l two s popping up. Like you mentioned, uni chain, one of the things that we can speak on pretty directly because we are on, you know, working on a team where we're responsible for onboarding infrastructure applications, like an institutional custodial. Like, there's so many moving pieces. I just find it hard to believe that, like, the fragmentation of liquidity is. Is one big issue, and that's always spoken about, but also the fragmentation of resources and, like, extra spend is something that necessarily doesn't make sense to me.
Challenges in Infrastructure Development
If you're looking to spin up a chain and you're trying to have really reliable infrastructure, it costs a lot and it takes a lot of time. It's not something that can just be spun up in a matter of days. Like, if you're trying to get oracles or if you're trying to get any other kind of bridging solution, it definitely has some time. So when we see all these chains pop up, like, me and Sam and myself are always kind of puzzled, like, how are these guys going to get all of this infrastructure? There's, like, so much infrastructure out there. And sure, it's good for the infrastructure companies because they're probably making a lot of money, but in the end, it just kind of confuses things and spreads everything out so thin that it makes the likelihood of a chain being able to financially sustain all this infrastructure.
Cost of Infrastructure for Adopting Chains
I mean, if you're talking about a big chain, like any of the top 20 chains, they spend millions of dollars a year to kind of support that infrastructure costs on an ongoing basis, and it doesn't last forever. So even if they raise capital, they need to make sure that they have a Runway to support. Just the infrastructure alone, not even the team, because it's such a heavy load now, when you're building on chains like an l, one that's something more established and has such mechanisms in place like fee monetization kind of supplements it a bit and makes the whole process much easier in a sense.
Revenue Generation Through Fee Monetization
Where now you can onboard, infrastructure providers that operate off of gas and not necessarily have to pay them out of your pocket as a foundation, or even if you're launching a new chain, you don't necessarily need to like dilute and raise too much money to cover these fees because you have mechanisms built into the economics of the chain that will help naturally subsidize that. Its something that Michael Kong, the CEO of Sonic, has posted about recently, where theres a large infrastructure provider who reached out to us regarding a six figure grant for deployment on the chain. And the conversation is pretty interesting.
Innovative Discussions in Funding
Ive never had a conversation like this before and Sam hasnt either, where like we're actually telling them we want them to make more money, right. It sounds like very strange if somebody comes and says, hey, you know, we're looking for a six figure grant, and we're like, we don't want to pay you a six figure grant, but we want you to make seven figures. And then they kind of look at you like on a call and they're just confused. But that's the reality of what we've built.
Evolving Models for Blockchain Infrastructure
The chain doesn't exist to supplement all costs of infrastructure, whether it be, like I said, bridging applications, oracles, or any tooling block explorers, anything that can potentially be involved in the process of consuming gas. So what we do is we allow them to be a part of the fee monetization, and they make money based off of their performance. It's like a performance fee from the network that they're organically making. So in that instance, where were offering six figure grant, sorry, where they were requesting a six figure grant, and we offered them a seven figure grant, there's two conditions that are very different.
Conditions for Financial Support
One is if were to pay a six figure grant, I we're paying that out of our treasury, which is meant for sustainability of the team and longevity of the actual company and ecosystem. Or we enable them to make essentially limitless amounts of funds dependent on the quality of their application, the onboarding, all of the things that can drive revenue in terms of gas. So if you're operating a protocol that uses a lot of gas, you're going to make the money that you need to make that will cover that integration fee.
Ecosystem Development and Sustainability
Just organically, by just having a good application, being, having the infrastructure there that you need to operate. And eventually what will happen is that we'll get to a day where like we don't need to subsidize all of these fees out of our own pocket, which is a, a horrible business model as it is. You see that on a lot of chains they blow tons of money on infrastructure. But if those chains had the option to tap into fee monetization and have bridges, dexs, aggregators, perp exchanges, games all tied into a fee monetization platform, it will allow them to sustainably scale and earn a.
Operational Efficiency in Business Models
Without having the reliance of the foundation's treasury to back them up, they'll be able to produce a net positive, net profitable product on the baseline level of what the tools the chain provides as an organization. The other thing, Matt, I just want to also piggyback off of something you said, which was there is a large cost with all of this infrastructure. So if you want to roll up, you want to be your intel urinal two, there's a lot of cost, but there's also a lot of time.
Time Investment in Infrastructure Setup
It takes time. I mean it's taking you, myself and a lot of the team, endless amounts of meetings, weeks, contract reviews, all looking at how do we set up this infrastructure for this chain? And if you're a front facing developer, if you're trying to build an application that is meant for users, it's a front facing Dex or it's a game and you're trying to scale across the world, the last thing you want to be doing is taking meetings with different sorts of infrastructure providers.
Focus on Product Development
You just want to have that all in one place and already sorted. And you also want to have that sort of assurance that if you do scale, if you do manage to get to critical mass and get above 10,000 daus daily active users, you're starting to get a massive amount of success. You don't want to then have to think halfway through that, oh no, I need to now roll up into my own chain because the current o one, I'm one won't let me scale.
User-Focused Development
So that's the other thing is just like the amount of, we only have a limited amount of time and resources and you want to make sure that when you have a game or some sort of defi application and when you're building that, you want to have all the time that you possibly can to focusing on a good product to compete with your competitors rather than just trying to roll up into your own l two, which kind of takes you away from the purpose. Your users aren't going to care if you're on an l one or an l two or an l three.
User Experience Over Technicality
They just want a good game, or they just want to be after trade simply. So I mean, look at how many l two and look like, look at how much time you and I have spent over the past six months onboarding infrastructure and multiply that times the amount of l two s. It's like, it's astronomical. Like there's thousands and thousands of hours of people trying to set this stuff up when it could be so simplified.
Simplicity in Blockchain Ecosystems
And all you need is a high throughput chain that could scale, and then everyone can kind of like party on the same boat, you know, rather than just diluting all the resources, it just makes it much more easier for the ecosystem. Again, the dilution of the liquidity is the economic downside of like the never ending l two trend. But there's so much more to it, which is like, can you still get the same high quality applications?
Market Viability of Applications
I don't know. I mean, if you took the money from three l two s and they built l one together, they could probably get more done than like kind of segmenting out into these tiny micro little communities. Some people believe that's the future of like having a bajillion chains and there's all these ecosystems, but I think that they fail to acknowledge the fact that there's a lot of infrastructure and like actual like man hours that go into managing them.
Operational Challenges in Developing Chains
even if you're starting a chain, that's like an NFT chain or something, right? Like you have engineers, you have business development, you have operations, you have marketing. So every chain is a new company. Every new company kind of takes away like from the total mind share of what can be going into a layer one and just building something like, you know, monolithic.
User-Centric Product Development
So I mean, that's me on the user side. You know, I'm always looking for fun new products to try, you know, across pretty much all verticals, right. Whether it's a fun new, you know, game five product or defi product, I always enjoy playing around with them, but I think everyone here would agree with me, actually. And if you don't, I guess it would be. We see more l two s launching than consumer facing applications.
Cycle of Launching New Chains
That's because it's the new trend. Exactly. And I think that's why industry is beginning to feel a little circular because it's just launched new l two sort of fades out. Launch new l two sort of fades out and it's just a repeat, it's just continually repeats. And I hope that what we can achieve with Sonic, just the fact that we can scale out to 2000 to 10,000 dp's with a sub second time to finality, means we can actually engulf pretty much all of the transactions that are happening across all l two s today, plus a majority of the l one s.
Future Vision for Sonic
And if we can have that all in one ecosystem moving forward, then hopefully instead of seeing just another l two launching each week, we can see every week a new gamefab products coming town, or a new really cool defi application is launched and we see more of those consumer facing products that eventually will help the whole industry take over the world and become a part of everyone's lives. So that's what I hope we can achieve.
Reflecting on the Blockchain Evolution
The thing that, again, as Sam was mentioning as a user, if you look back three years ago when there was a smaller set of chains, let's say there was less than six evm chains that were really popular. Just off my head, it would be ethereum, Polygon, Phantom, avalanche, kronos. This is before optimism and arbitrum. But yeah, I think that's it really.
Concerns Over Current Ecosystem
It was so easy to just bridge, it was very simple to just bridge funds because there was a route and it was like everything was so concentrated and now it just concerns me. Like, even if I'm on, like, the bridging is so different. Everywhere you go, it's a different tech stack, it's a different, it's a ZK roll up, it's an optimistic roll up.
Fractured Solutions and Their Roots
It's this, it's that, it's an, it's a layer three that I feel like all of these things, all of these companies, all of these like, quote unquote solutions were only created because of one. Like it stems from one issue, and the one issue is that Ethereum could not scale to support the amount of attention that it was getting. So when I look at that, I'm like, well, what if there is a chain that is EVM, that can scale?
Proposition of a Comprehensive Solution
Then doesn't it kind of warrant that? All of those other chains that were conceived because of Ethereum's lack of scaling, doesn't that warrant them to be kind of irrelevant? I mean, we are able to achieve what they're all able to achieve, but on a much more secure and much more kind of, you know, I don't want to say centralized because that's not the word, but like it's in one place, like you can do everything on a chain that's able to scale.
Sonic's Potential
You can play games, you can trade, you can have nft collect, you can do everything in this one place, which you couldn't do on Ethereum. So when people were calling Phantom like an Ethereum killer, maybe they were early, maybe sonic is the Ethereum killer. Who knows?
Collaborative Ecosystem Effects
Definitely. Yeah, no, that's a great point. just having everyone in one spot allows a lot of, I guess it's not just on the liquidity side, but also I've seen many times, builders wanting to work together. That's true. When you both say, if you have two different types of dapps and they want to build together, it's very easy if you're on the same network because you're building under the same word.
Synergies in Development
Whereas if they've both rolled up into their own l two, it's the incentives are a little bit misaligned because they're both trying to pull the users away from each other's network. Whereas for us, it's more like if one game succeeds, so do the games around it. It's hard to bring in the one chain.
The Challenge of Unity
It's hard to bring in, like, those side players. I mean, Sam and I are experiencing this right now, sorry. Sam and I are experiencing this right now where we have like a really great protocol that we onboarded. And, you know, in defi, this is very common, where there'll be like, this one central protocol and then there's like two or three protocols built around it.
Hesitations in DApp Collaboration
Right? So let's say you have, like, curve, for example, you have convex, and like, that's a part of the circle, and there's like a ton of other things around it becomes much harder to, like, get them all aligned and come like, hey, come join the party. Because they're all pretty, they're all pretty hesitant at that point because they're also gamble there. It's a big gamble.
User Commitment and Chain Selection
Right. I think that's one thing that is also interesting is, you know, when users are selecting a chain and in turn, like buying a token or providing liquidity on that chain, they're making a conscious decision about where their attention is going. and it's kind of like, you know, you're rolling a dice and like, there's only four sides or six sides on a dice or eight sides on a dice.
Complexity of Choices for Developers
it's much easier to get an outcome. But then, like, when you're rolling a dice and there's so many different options, it's kind of hard to. For them to choose where to go, and. And we. We try to make it so that the onboarding is as easy as possible.
Navigating Chain Politics
Where on the chain we have all of those apps that work together. But the apps have the same dilemma where they don't know if they. If the opportunity cost is worth it to launch one chain over the other, or maybe another chain is offering them something. It gets so complicated in, like, chain politics, and it makes it very difficult to close deals.
Persistence Yields Results
But, I mean, in our case, persistence has paid off big time. We've been able to accomplish a lot, like Sam, myself, and the rest of the team. And I think that slowly, I'm hoping that with that, with sonic, a lot of people in the industry will start to see, like, okay, well, this is possible on a layer, one that could actually scale, because up until now, it hasn't been achieved.
Rethinking Market Dynamics
Right. So, like, if we're the first ones who have this, you know, extremely fast, extremely scalable, extremely realistic, cost efficient network, maybe it will open the eyes to a lot of consumers and a lot of defi, power users, institutions, and applications and be like, okay, well, you know, were kind of rolling with these l two s because they were kind of just, like, hot and trendy at the moment.
Identifying Real Scalability Solutions
But, like, maybe the real scalability issue is. Is too big to solve with all these l two s, and it's just better to just go to a new chain as an l one and. And start there. And we're seeing that. And things like gas monetization and gas subsidy are just making the barrier of entry for new and legacy dapps to come to sonic much, much easier.
Emphasizing Fee Monetization
Fee monetization. Fee monetization. Fee monetization. Yes. That's a great point. Maybe that is another contributor to why we aren't seeing so many cool consumer facing applications deploy every day. And that's because they're spread out.
Perceived Value in Ecosystem Diversity
Too many options. Yeah, they sort of, they get pulled into. Let's say you have. Let's say that the chain isn't great, but the foundation has a lot of capital, and they sort of create perverse incentives. Wherever the application needs a lot of block space to grow, they need to be able to scale.
Navigating Block Space and Market Reality
But because there's a really massive check on the table that they can sort of just take, if they deploy on this subpar chain, they generally, they probably do.
Discussing the Appeal of Seven Figures
So they go to a easiest money. Right. Because that's, like, low risk is, hey, we'll pay you know, seven figures come to deploy on our chain, hey, we might not have any users, but hopefully you will bring the users. And maybe they make seven figures and they just walk away happy and the app does nothing. But then the other side of the coin is maybe they go to a chain that isn't offering seven figures, and maybe they're offering fee monetization like us, and they make eight figures or nine figures. You know, like, it's a very different dynamic. It depends on what the user wants, the teams want to do. And.
Gas Monetization and Yield Potential
And in the beginning, it was a little bit harder for us to kind of pitch, like, gas monetization at the time because maybe people didn't really understand, like, how it works. But I think more eyes are opening to the actual potential of the program, and it's. I mean, even myself and some other people on the team have become a lot more open to it. And I think the reason to that is now people are seeing that, you know, it's another source of yield, right? If you look at it as any other type of yielding market, the gas that's consumed on a network is huge. And if there's a way, as an application for you to get your hand in there and get involved in a new primitive, it doesn't hurt to try it, and it doesn't hurt to take the risk and make money.
Encouragement for Builders
And if you are a builder and you're listening to this and you're skeptical on fee monetization, I highly suggest you take a look at our gas monetization dashboard that exists for phantom opera, which is the same as fee monetization. And you can see how much money people have made. And you could do the mathematic. Right? If I think the baseline on there is, like 15%. So if they're making 75%, you multiply it, and the base gas level on the chain might be increasing because gas is, like, a little bit underpriced. You know, you could be making a nice multiple from what an application was making on opera. We're, mate, we're trying to do all these things, andre innovating on dynamic fees so that this way, you can kind of control your own business and take.
Revenue Models and Builder Responsibilities
Take responsibility of, like, owning the revenue model and building upon what we give you as, like, the very foundational tools to every single builder. Yeah, 100%. The other cool thing about it is that it's instant. I mean, the moment you earn gas, you can claim it on the dashboard right now. So even on our, like, I guess our first iteration, I'd call it, like, our Alpha version, which is on Phantom. Right now we've still got it set up so that as soon as someone pays into one of your contracts or someone swaps one of your ERC 20 contracts, or they're swapping tokens around and there's gas being used for that, you can go to the dashboard and instantly claim, I think one of the visions we have for this is for a developer to log on to the dashboard and see everything very clearly so they can see how much each contract has earned over the last week, month, year.
Revenue Models and User Engagement
They can see what's performing really well and almost have it very akin to what it would be on, like on either, you know, X or on YouTube, where I even see a lot of creators today, they're posting, hey, thanks, Elon Musk for X, because now I'm making five, six, $7,000 a month from ad revenue. I truly believe we will have a similar setup where it's, you know, we're making five, six, $7,000 a month through this fee sharing arrangement. Now, we already have seen those type of figures being earned at the 15% level. So when we have the ability to ramp up to 90% of that rev share of VM, it's going to make things much easier and much, I guess, more profitable for developers. And so that's why I really like the saying where it's like, you build on Sonic, you earn on Sonic because of VM, and you can scale on Sonic because of the baseline technology that we've built over these last few years.
Future Developments and Dynamic Fees
So I think it's a really exciting concept. Definitely something that makes us stand out. And it's only the first of many products that we'll be deploying alongside the chain. Right. So I guess some things we haven't talked so much about is like, you know, fee subsidization or account abstraction or a lot of other tools. The dynamic fees is actually one of my personal favorites. Yeah, me too. Hey, not too much alpha, but yeah, that's. That's definitely going to be exciting. Does anyone have any questions? I feel like we've been talking nonstop and there's a decent amount of people in here that might want to ask some questions.
The Nature of Community and Demand
Yeah, well, thank you so much. I realize I got cut off pretty early, but you guys handled the chat. But I had a. Right here. Digital dog commented on the space link right here. So this is love. The convo most I talked to are bullish on Sonic versus l two s. What I get asked is Sonic versus Russ move includes sui Sai and Soul would love to add to this discussion because Sonic's competitive advantage applied to all l one's, l two s, et cetera. So maybe that's an easy. I think. Yeah, I think for me, anyway, I think everyone is going to have their own opinion on that. Right? But in my mind, I look at it like a lot of liquidity is on evm chains.
Comparative Analysis: EVM and Other Chains
I don't really concern myself too much with trying to, I take it like one step at a time. And we acknowledge competition, but, for example, there are some other evms out there that we are, that are on our radar, that we, you know, keep an eye on them. but we keep an eye on them a bit closer than, let's say, like a sui or say, or Solana. I mean, those guys are doing things that are completely different. Their access to liquidity is a bit more difficult, than what it would be if there was an EVM chain. I think solon obviously, has grown to be in like, a league of its own. And, and that's, you know, I understand that, but our current target and, like, what our goal is, of course, like with the gateway is bridging liquidity from Ethereum.
Targeting EVM Users and Ecosystem Growth
Attracting liquidity from Ethereum also means attracting liquidity from EVM chains. So that's currently the main target for us. And I think we'll stay on that. On, stay on target with that being that sonic is a fully EVM chain and we are also kind of primarily targeting EVM users. Right, like getting someone and EVM developers. So that is where the comfort level is. I think maybe once the network launches and there's more bridging options, it is something that we can pursue. But just for me personally, I want to just kind of stay focused on targeting the EVM ecosystem at this very moment.
The Importance of Community Migration
And it's also about, we've got a fairly significant community that we've built over these last three, four years. and it's about making their migration as easy as possible. Yeah. and we've also got a lot of builders still. Like, maybe if weren't getting such an amount of demand of, you know, from, you know, solidity and viper based developers, like, everyone that's come to us probably asks us in the first, you know, three sentences of the call or on the TG, on the discord chat, they say, hey, are you guys going to be EVM compatible? And when we, when we say yes, they go, thank God.
User Comfort and Expectations
And then it's sort of most of what we're seeing and obviously there are a lot of rust developers out there. There's a lot of other type of developers we can go after. But for now, we're starting this network from scratch. We already have a massive community that's used to EVM, and we've already got a lot of demand from other devs, all asking, are we EVM compatible? It also makes just, it also makes it like, this is the reason why we have our gateway. We want to enable really easy liquidity from Ethereum to sonic. And so most of our targets right now are EVM.
The Gateway and Future Opportunities
But that, like Matt said, like this is just the beginning. Yeah. And you know, that's sort of where we're going to head to. That's the exciting part actually, like with Sam. And you know, I'm sure you guys have probably seen it if you've read deep enough. But like, the gateway to Ethereum is the beginning. There's potential for there to be gateways to other chains like you just mentioned, chains that would typically not be that you would typically need a third party bridge provider. There's ways to go the route of getting canonical access to those chains, and it's something that team is actively exploring, starting with bitcoin.
Exploring New Chain Opportunities
But again, you know, I'm not opposed to saying if another chain has a really successful ecosystem, that we are too good or like above them to tap into their ecosystem or liquidity. Ideally what ends up happening is in, you know, a year or two years, swe sway and other big l one s are out there and that's fine. But as long as we're able to have canonical access with them and to bring, you know, access some of their liquidity, that's good. I see that not being an issue, especially in this from a security point of view, that's like kind of what we're going for, but that's something much further down the line.
The Potential of Bridging Liquidity
Starting with Ethereum, there's billions and billions of dollars that we are going to have access to as a layer one, which other layer ones don't have access to because they don't have the sonic gateway. So, Luis, I think we should get some hands up. yeah, I mean, if you guys want to ask a question, please comment down in the link. I just want to make sure because I feel like I know the type of questions we're going to get asked on this, but I mean, I just want to state I did pin up top a lot of the conversation.
Engagement and Community Interaction
Thank you, Sam. And thank you assistance for going in depth on that. I pinged everything that you guys need to go ahead and dive. I need a raise, please. I'll let, I'll ping Michael. Right? Please tell him I can't eat. I'm eating ramen noodles. I think that's your third one today. But I, I pinned everything above especially go dive into the gas em and the fem rebrand on that. I know, Sam, it's fee m. Don't, don't come at me for that, but go ahead.
Explaining the Concept
And the best way, I like to explain to people this, and I love this conversation because it's just like an easy way to understand this is, most of us have watched YouTube, right? All these streamers, all these youtubers, they get funded through how many viewers they get, right? So on. They have their own rules, whatever, how many subscribers, but they get paid based on how many views they bring to the platform. So YouTube sends them a check. This is exactly the same way that this functions. You bring users, you bring, you generate enough gas, you should be rewarded with that in return.
Concluding Thoughts
So that's the best way I've been. I've been. And people get that. Once that clicks, it clicks. So, yeah, the nut. The numbers in that tweet that Andre provided is also. I don't know if you can pin that Andre tweet on here too, but that's also. Oh, yeah. Where it shows, like, you know, if Ave was, if gas em existed on. Correct ethereum, Ave would have made x amount back, which is pretty cool. And it definitely does help us, like in bar, like in negotiations and deals, but because it's a very nice data point to share.
Educating the Community
So that's been interesting because people also don't even know that's possible. Like, people don't even know that something like this exists. and I'm sure once we implement, once it's fully implemented in live, a lot of other people will also do it. So then it will be all over the industry. But hey, this is Andre Cronier. People are used to seeing his stuff being replicated. He's one of the biggest thought leaders and innovators in the space. So if we're the first, that's cool.
Historical Context and Examples
Another good example there, Matt, is uniswap. They burned their router contracts. They burn literally hundreds of millions of dollars of Ethereum every year. And what did they get back? They get nothing. It's crazy to me that any sort of business would be making that amount literally hundreds of millions of dollars and getting 0% back. No wonder they sort of are exploring this l two router. I probably would if I was in their shoes as well.
Opportunity for Dialogue
So maybe they just aren't aware of fem, so we'll have to go speak to them about that. But, yeah, that's. There's so many good examples out there of how powerful this can be. Who's in here? Let's see if there's any. I went ahead and pinned it up there, but, yeah, take a look. Helder. Helder's in here. Common face. Oh, seg is in here as well. Mary's in here. Dracula. Oh, Dracula.
Invitation for Participation
You got anything to say? You. You got a good voice for these types of things. I just sent some invites. Let's see if they come up. Got a lot of regulars. Yeah, and a lot of irregulars. I will see. I invited. I invite a couple people up. Oh, Mary.
Opening Remarks
What's up? You're a speaker. Oh, what's up? Yeah, Mary, can you. Can you hear us? Mary? Hi, guys. What's up? Hey, first spaces. Let's get it. Everyone give some 100 and some hearts for Mary. Oh, throwing up big hundos. Appreciate it. Appreciate it.
Introduction of Mary
Mari would be doing a lot of content, but, Marty, tell us a little bit about yourself real quick. Hey, guys. Pretty new to the crypto space, but super excited to be here. Yeah, I'm making content for sonic. I might have seen the gateway video that we launched recently. Got a bunch more planned for you guys living in Europe at the moment, and, yeah, enjoying life. Wow. Hell, yeah. Marty. Vibes. What? Vibes.
New Additions to the Team
Oh, seg is a speaker now, too. Yeah. Seg is also a new addition. Seg. What's up, man? Hey. Hey. How's it going? Good, man. What do you do here? What do you. What do you do here at the Sonic labs, man? Tell us about janitor. I'm the new Internet janitor, aka Devrel.
Developer Community
So I'll be fostering a good developer community. And lately, I've been sort of filling VM to a lot of my developer friends. And the feedback's been quite incredible because, I mean, this is a big differentiator. There's a ton of EVM chains out there, and more recently, like, a ton of EVM. L, two, SDE, etcetera. But no one has anything really like VM. It's like developers are literally going to earn what they create, the value they create on chain, and such a cool, innovative concept.
Excitement in the Community
And everyone I speak to about it is super excited about it, so I think that's one of the major points of excitement. I'm seeing around Sonic, and obviously everybody's super excited about the new launch, so. Yeah, yeah. Awesome, bro. Yeah, no, you guys tap in with Seg, too, man. This guy. This guy's a machine as well, and he knows what he's doing.
AI Intelligence Discussion
He's an AI wizard. You forgot to mention that as well. His bots are insane. I've been in a lot of telegram communities over the years, and honestly, if you join the Sonic community telegram, it has around 24,000 people in it. There's a ton of really good questions every day and a ton of really bad questions every day. But no worries. Sonic AI is here to answer them all.
Engaging with the Community
Some of the responses are incredible. I think Seg himself is an AI believe on camera. I believe. I think he's just answering all of these like he has an alt account and he just responds because the responses are so good. Yeah, I have a ton of cousins. Yeah. Well, okay, let's see. I appreciate this. We should do this more often, even if we just get the team on here to chat, get Michael on here, maybe get Andre on here one day and just talk about the tech.
Recognizing Team Efforts
It's good vibes. And I think that a lot of times, people get lost behind the screen and the keyboard and their phone and they don't realize, like, there's people really out there, like, who are working. Sometimes we just, like, see the tech and use the tech, but don't realize the amount of work that goes into the tech. 100%. Yeah, it's nice to connect 100%.
Shout Outs
So. Yeah. So shout out to sake. Shout out to Mari, newest additions to the team, obviously, as well as Johan. Johan's not here, I don't think. No, he's asleep. Oh, he's sleeping. We'll let him. Seg doesn't sleep. Same time zone, but doesn't sleep, I think. I think you. Yeah, I think you and him don't probably sleep the least here. Yeah, for sure.
Conclusion of the Meeting
But, yeah. No, thank you, guys. This has been great. I think. Like you said, like you said, assistant, we'll have this more often. Tap in with you guys in the next spaces, too. Like, for conversations like this. I'll prompt more questions, so you guys feel free to ask more questions. I know a lot of the questions, too, regarding airdrop and stuff.
Document Updates
Go check the docs. The docs are getting cleaned up. Shout out to seg and ash. But the docs are pretty updated right now to learn anything about the airdrop. I know I got some questions in here about the airdrop. Docs are getting solid. Yes. Yes. Yes. 100%. So everything.
Team's Progress
Everything's in full motion here, guys. And, you know, like. Like assistant said, like, the team's hard at work. So many moving pieces, and unless you're really into it, like, it's hard, obviously you see a lot of the stuff on the front end on Twitter, like, yo, what's going on here? What's going on there? But there's real people building real stuff here, and I believe we have the best team to do it.
Looking Ahead
From all angles from engineering to Devo. That's actually a good idea. It's actually a good idea. Dev rel. Maybe we can set this up. Mary just said. Yep, set up a dev rel spaces where we can have probably, you know, SEg can host it. Maybe Mari can be the co host, and then we'll just invite a bunch of new builders that are launching on sonic just to chat and.
Future Meetups
Yeah, we should do that probably every two weeks. We could schedule that. That would be a great idea. Yeah, 100%. We'll set the logistics, but go ahead and. No, I was saying I agree. I think that'd be really cool. This is a ton of. I think there's a ton of people that are lost in the, like, they get lost in the sauce of accent.
Gathering Developer Insights
If we have. Yeah, I think if we have, like, a nice. If we have, like, a nice dev hangout type of thing where any. Maybe we can bring people up and. And we can talk about our, I guess, collective experiences. I feel like whenever I meet other crypto people irl, it's sort of like, usually there's a kindred connection there, especially if they're builders.
Exploring New Formats
Yeah, I think it'd be really cool to have something like that and foster, like, a nice dev community. There it is. Question for you. Are you able to do. I'm not familiar with x spaces, but are you able to do, like, a x spaces with video? Yeah, you can now. So I'll look into that.
Town Hall Conversations
You. I know you can. It's, it's a little less interactive in the sense where people are just watching the video versus people. So the way I'm going, the way I'm thinking about this, we could do the town hall stuff, like, in that you join and you're like, a little. It looks like pokemon join and video. People can chat. People can talk. I think that'd be a good way.
Wrapping Up
Versus something like zoom or me, but, yeah, something more interactive. So I like it. We'll keep an eye out. Keep an eye out there, because I'll talk to segue we'll set that up, Marty, and we'll run a nice little dev hangout. It was awesome chatting. I appreciate everyone's tuning into our little meetup. Thanks for holding it down, man.
Ending Remarks
I got. I didn't realize I got cut off. I was talking. It's okay. Me and Sam just made up a bunch of stuff for about five minutes, but we held it down. Thank you, guys, man, but. All right, guys, give some hearts and some 100s for everyone. Hell, yeah. It's Friday, as I always say in the spaces, go touch some grass.
Weekend Wishes
There's not too much. Enjoy the weekend. And for those of you that grind on the weekend, shout, thank you so much.
