Moderator: Troy Murray
Scribe: Rayne L.
Attendees: Keegan Selby, Troy Murray, Mark Ward, Akin Sawyerr, Pavlo Bendus, Vitalik Cherniak, Milad Mostavi, EJ Rogers, Tyler Ward, Dragos Rizescu, Bogdan Gheorghe
Intro [00:00]
Troy: Welcome to Project Call 010.
This call is a big one, everyone. We will be launching the DAO. And then we have a sneak peek of the Smart Yield UI. So without further ado, I'm going to turn it over to the one and only Dragos– to do the deed.
Ser, it's all yours.
Tech/Dev [00:10]
Dragos: Thank you very much, Troy. It's an honour and a pleasure to be here right now. Let's get straight into it.
I'll start my screen sharing if I can find the right screen– a mission impossible. 🕵️
DAO Launch - LIVE [00:30]
Dragos: Cool, so this is our Github everyone knows it. I've pre-prepared the release over here.
Sharing Screen [00:48]
We are about to launch the BarnBridge DAO. It connects to the live BarnBridge app– you'll see the release there.
I have nothing more to add. Other than that, let's get ready for this!
Puts on a helmet 🪖
I'll open this link, and 3, 2, 1, wait, hold on a second. Bogdan, you are the man of the hour, are there any final words before we press this button and make history?
Bogdan: No. Publish release. Two-words.
Dragos: Two-words, publish release? I'm just going to send it. 🚀
Troy: Send it! 🚀🚀
Dragos: Well, that was it.
Tyler: LFG GUYS! You sent it. 🚀☑️
Screen Sharing Ends [02:04]
Everyone: Clapping! 👏
Dragos: That was really awesome because we have done a ton of work. Hands raised to Bogdan and the team and everyone! This project has been an amazing thing. 🙌
Tyler: I want a picture of Dragos wearing a bike helmet framed on my wall.
Milad: Amazing job by Casian and Bogdan. Great job, guys.
Bogdan: And Slava! Slava number one!
Milad: Yes! And Slava, for sure. 👍
Tyler: I also want to shoutout to the dev teams that viewed the code before release. We've open-sourced now– anyone can view it. But the team– that made Bond.bet– said it was the most beautifully written solidity they had ever seen. And one of the audit groups in Telegram, I'm uncertain if it was Haechi or QuantStamp, they said that the code was unbelievable, and we are now one of their favourite projects. So even code auditors are looking at our work and saying it is fire. 🔥
So that's a big testament to you guys! (Devs)
Troy: You are amazing. Okay, now that it's up, we can hand it over to Bogdan to do a run-through on the Smart Yield UI. So you can all see what to look forward to at the end of this month. The next big launch!
SMART Yield UI Walkthrough [03:30]
Bogdan: DAO is in the present, and Smart Yield is in the future. Let me just it up. I'm having trouble sharing this app, so give me a minute while I find a solution. My bad.
Dragos: I can share something while you get it sorted.
Screen Sharing [04:17]
Bogdan: Alright, the prototype is loading, and I will start sharing. Can everyone see what I'm supposed to be showing?
Troy: Yes.
Bogdan: This is how the Smart Yield will work. You will have your markets to choices. They will be multi-select so you can compare their differences. We split the app between overview and portfolio.
In the overview section, you can compare the markets and get an idea of the products. We've also streamlined the process so you can easily choose between the tranches– with clear disclaimers. This process is similar to a Uniswap transaction. However, you are buying the respective tokens in the underlying tranches.
It's straightforward, basically– you enter the amount and choose your gas price. You have transaction details similar to other swapping platforms like Uniswap. They display things like transaction deadlines and slippage tolerance. Each deposit will have some slippage because if someone sends a transaction right before you do, you may get a slightly different amount, and that is your slippage. Your tolerance is how much you are willing to sway in either direction.
You guys know about slippage.
It's a simple process to deposit and buy into a Junior or Senior position. The only difference is what you buy– Senior tranches are not ERC-20– they're NFT's (ERC-721). You choose a deposit amount and then select a lock (maturity date). You can see the APY and the reward at maturity.
After that, you choose your gas fee, and you have the same details as before. After that, you have bought a Senior Bond.
Bogdan: Now, to withdraw or redeem your Junior tokens or unwind your Senior Bonds. You go to the portfolio section.
There are three tabs
-
Overview (Statistics)
- Position performance
- Allocations
- History
-
Senior Tranche (Positions)
- Details to be revealed
-
Junior Tranche (Positions)
- Details to be revealed
Bogdan: I could show you guys, and I wanted to show you these tabs, but I think it's a good idea to save it for later. The Senior tab will show you your NFT positions, and the Junior will show you your token position.
Troy: Yeah, I think we should save some for later. But, this gives a good indicator of where we are heading. From what we have seen, everyone gets excited when they see new stuff from us.
There you go, everyone!
Screen Sharing end [08:46]
Bogdan: The whole point of the app is it's a super white plate. It's a couple of more screens than I've shown before. It's eight screens in total, so you are four clicks away from a Junior or Senior position. That's what we spent a lot of time on.
Troy: It's a beautiful piece of work.
Dragos: Before you stop sharing Bogdan, can you reshare your screen. And show the BarnBridge home page quickly so we can see the live DAO update?
Tyler: The copy-paste projects are licking their lips right now. And so is the rest of the industry to use it, so LFG!
Bogdan: Let me go back and share my screen so you can all see the DAO live.
Start Screen Sharing [09:28]
Bogdan: Alright, BarnBridge.com, you all know it. We have the yield farming, and now you can enter voting! The first BOND was a test.
Troy: Is your face in there?
Bogdan: It's not...
Troy: Awwww...
Bogdan: We will probably meme my face on the threshold bar at some point. But there you go! You can check it out and play with it yourselves now.
Troy: Looking forward to it. 🤞
Tyler: I have a question. Can you deposit your BOND in the meantime? And it does not accrue rewards until a set time– Sunday UTC?
Troy: The rewards don't activate until Pool three ends. It's in a recent Medium article. So if anyone has questions, they can refer to this article– that I put out. Tyler just put one out this morning, but I am talking about mine. I wrote one where I break down exactly how the rewards work. So everyone can understand, and there shouldn't be any confusion.
If you are in Pool three, I recommend staying there until this is over.
Bogdan: That's a worth point to make. Even if you go into the DAO staking, you will not get DAO rewards until the staking contract activates. Just stay in Pool three and then go all-in when the rewards start on Monday.
Troy: Yes, exactly.
Tyler: Just to be crystal clear to the community. There are a few notable points. One is Troy's article– I'm not clear on what is there because we have divided and conquered. Troy's post is likely the most important in terms of what people care for.
When it comes to long term questions. I released the updated token distribution numbers. If you look at the numbers, they don't go to ten million. There are variable liquidity rewards and now a community reserve. Which the DAO will govern and control the distribution of.
Also, this should be a good time. Pavlo, I don't mean to put you on the spot, but you are amazing for putting those docs together. No one asked you to do it, and you just took the initiative on that.
Troy: We do have a breakdown on this at the very end. Not to take away from this, but we should stick to the Agenda.
All that was awesome, but let's move on to operations.
Operations [12:35]
Troy: Akin, can you update us on the DeFi Alliance and what we announced yesterday about Open DeFi.
Just let us know what you're up to!
DeFi Alliance [12:45]
Akin: I'll start with Open DeFi I put some comments on it in the Discord.
Akin: Basically, it's an industry-wide organization with a strong focus in Asia. Pulling together different players in our space to look into standards from a tech standpoint and disclosure standards. They have a group that focuses on innovation. It's an opportunity to get people together to talk about the things that matter across the DeFi industry.
After talking with the team over a few calls– it seemed like a good fit for us. It helps advance things on our end but is also of good form to interact with other projects and teams in the space and see what they are up to. I suspect this will turn out to be an ideal funnel for partners for us as we grow and expand. I see it as a corollary to the DeFi Alliance. There are parallels, but they complement each other. So leveraging both should prove fruitful.
Akin: Things have been great so far. We have spent a fair amount of time discussing things with liquidity providers for our section of the cohort– which is more advanced projects. Plenty of our focus has been on L/P's, and we will continue to focus on engaging liquidity providers. Understanding what they do and how they differ. While also taking the opportunity to discuss BarnBridge and receive feedback. Exchanging ideas and insights with what we are building.
We have received plenty of positive feedback. But also constructive ideas that we believe will be helpful as we continue to build out. I'd say this has been successful so far, and there are still another five or six weeks to go for the cohort.
Also– one thing to add. Towards the end of the cohort, there will be a section around standards and disclosures. Because we will be partnered with the DeFi alliance to push that forward. We've had ideas to leverage it more actively with newer projects. Establishing a forum for everyone to contribute ideas and build their own standards and disclosures. That should be cool. The idea would be to do this quarterly. Having events based around a quarterly time-frame via slack or something similar around standards and disclosures. There is a ton of positive stuff we are thinking about around this.
Conversations with market makers and liquidity providers have been really great. We've got a lot of feedback and had interesting discussions. We will be sharing more information about those conversations later when it makes more sense to do so.
That's really all I have to share at this point.
Troy: Cool. Thank you.
There has definitely been a ton of unique material coming out of these conversations. I think the community will be pleasantly surprised about what comes of it in a couple of months. Some of it should be presented in the DAO for the community to decide and vote on specific things. Keep your eyes open for that because it will be interesting. We have got confirmation on things that I thought would not be allowed. It's been exciting. And we'll leave it at that.
Tyler: One quick thing, Akin, we need to get together and discuss things as a group before we get too busy.
Troy: Alright, we can move on to bounties. I'll hand it off to Mark, it is not much, but I know there are a few things.
Bounties [17:20]
Mark: We're wrapping up translating Japanese, Portuguese and Spanish. We are just pushing live updates to the website. Most are live– we are in the final stages.
Also, the meme competition will continue as always.
That's really it for bounties. We are actively exploring bug bounties, but to be honest, we have not had any code that has needed reviewing. But still, keep on the lookout we are starting to explore more options for that.
Troy: Yes, bug bounties, we should start setting up something for those for the future. We will need them at some point.
Alright, the next thing we have is the website and Discord community update. I'll be turning over to Pavlo. Because Pavlo and Vitaly have been doing a kick-ass job at managing all of that. You've been amazing– I just wanted you guys to know that.
So Pavlo, you can give the update.
Website/Discord Community Update [18:35]
Pavlo: Two updates so far. The first is Messari– BarnBridge has been listed there, and we have a live profile page now. With all of our information, and I think it's just in time. The second thing is we have setup BarnBridge documentation on a separate sub-domain. It contains all recent information on BarnBridge DAO, our products, FAQ and our official resources.
You can visit
You can find all the information there. This includes a how-to guide section. This includes tutorials on how to deposit tokens, how to vote and create proposals. All of the relevant information will be hosted there. I hope this will be helpful, and if you have other questions, you know where to find us.
Troy: Yep, you know where to find us. We will be in the Discord. Especially right after this call. Alright, Tyler, can you give an update on the token breakdown. I think it's pertinent to get you to walk through the article.
Token Article: Breakdown [20:15]
Tyler: Yes. Give me a moment. I apologize, my internet is slow.
Alright, this is the curve I was discussing. It will gap upwards depending on what the community decides together. This is not 100% correct, where the fixed lines are set. I will fix it– I just did not realize it until the end. I've clarified that L/P rewards are from Smart Yield and Smart Alpha. We added some of the runway cost.
I've been clear– with the community. We've done OTC trades to fund our runway. That helped us expand our team because we initially raised a million in the first round. We will continue to do OTC deals. To fund runway via the secret service multisig. We use multisig for some community funds, so there is still the 3% in limbo. The community will discover what that's for, and it may be returned if the deal falls through.
The Pool Together, there are a couple things we did not discuss on this call. Bond.bet will integrate with the DAO. So you can pool together and go after the reward. That will be called a yield pool via bond bet, and there is also a staking pool. Just to get something out, we provided some BOND to the Pool Together pool– it's live for 26 weeks. When it's over, the yield pool that plugs into the BarnBridge DAO will be juicier.
The BOND was used from the community fund. The Pool Together portion was smaller than the airdrop. The drop was a relatively small portion– all in all, it's around 0.12% of the supply. The DAO staking rewards were updated with his article, and I updated the graphs to include that. The community reserve is updated, and so is the treasury. And so everyone knows, nothing changed about the original allocations. Seed investors, team allocations and advisors, nothing about that has changed. No one has got anything different from what was initially said.
All the BOND tokens in the LaunchDAO will be transferred to the BarnBridge DAO. The launch DAO will become useless, and we will use the multisig to operate day-to-day for the foreseeable future.
Troy: Are those graphs updated on the website?
Tyler: I want to say no. And if not, they will be updated today or within 24 hours.
Troy: Okay, cool. I think it's best to have it updated on the website too. That's the update on the token distribution. I know there have been a few questions on that.
The next part is the round table.
Round Table [25:00]
Troy: We've had more questions from the community this time, and I suspect it will continue this way. We will go through them.
Question
- From: Seseo17
- What will be the first decisions that need to be made by the community (i.e. BB DAO)? Is there sufficient developer support to even consider BBIPs that are not focused on the launch of SMART Yield or Alpha?
Answer
- From: Troy
- The first decisions will be up to the community to decide. If you remember correctly, a lot of what we did with BBDAO was to push a lot of the discussion off-chain. The final decision is based on the vote. But a majority of the talking will be done off-chain, so we will be setting up a forum. There is a snapshot available. The dev team is laser-focused on Smart Yield and Smart Alpha, so additional development may not happen right away. At least until our products are finalized. However, going forward, I'm sure there will be opportunities for things to be made. It's whatever the community decides via the DAO, as that was it's for.
Question
- From: Vinzzzzz2000
- Could you please elaborate on the Go-to-market strategy for the product launch?– I guess you would address that point anyway :)
Answer
- From: Troy:
- I love these names. So the go-to-market strategy would be to submit it to the DAO. The BarnBridge DAO, with our current thinking, will be what activates the product. The community takes it to the market. We have things around it that support it in ways, as we did elude to slightly in this call with Akin and Tyler. There will be more information about this later. But current thinking is that the DAO will be doing the launching of these products. The DAO will have to allocate rewards. Because the BOND tokens from the LaunchDAO will be in control of the community. After these Aragon votes are passed.
Question
- From: H1ghf1del1ty
- The question, or rather a topic for clarification on the call... We're all feeling the impact of high gas fees - it's an especially hot button topic now that we'll be unstaking/staking/claiming rewards as DAO is released. We've heard L2 is on the radar for after the first product launch, which makes sense. Can you just share your thoughts on how you're thinking about L2 scaling, where it fits in backlog prioritization and consideration into solutions (Optimistic, Matic, Xdai...etc.). To the extent, you can share, of course. You're always so good at sharing rationale about decisions, as well as to disclosures about what you can share and what you cannot, so I think just hearing a voiceover on this with deeper context than faq would be helpful.
Answer
- From: Troy
- In regards to L2, we are having conversations. We are juggling options. The important thing is we have to go where the yield is. Because we're doing the research, we have to watch where it goes, and we have to follow. So if it moves from layer to layer or project to project, we will have to adapt. The majority of our conversations have been focused on navigating this ecosystem– with our DAO on L1. If it stays on layer one. I can say this, there will be a ton of discussions about this in the coming months. Just based on the external/internal talks and the calls I've been on. I think it's best to leave it there. However, I think it should be noted that we are doing a ton of work. And a heck of a lot of research is going into L2 outside of our team. It's not our place to release any of that information right now, but I'm very, very optimistic about that. 😉
Is anyone else on the call that would like to jump in a say anything about those questions? I know I kind of blasted through those questions, but we are all pretty pumped about the launch.
Tyler: I would just add to bring it full circle. Before this call, and I think everyone can look at it. Kains Twitter he had a Tweetstorm the other day about optimism. I had a call with him yesterday, and he is very confident that what he has been working on for a long time with the optimism team will fix a ton of industry woes. Given that Kain has led us to the promised land over and over again as an industry, I'll trust him at face value. And if he's right, then it fixes a lot of these problems. So it's fortunate that Kain got ahead of this. And has been working on it for at least six to eight months now.
Troy: Probably longer.
Tyler: Yeah, so I won't overlap the work that he is doing on this. If it doesn't work out, we will get serious about other roll-up solutions. But when Kain says he's confident and optimistic about optimistic roll-ups via optimism– Jesus. That makes me confident.
Troy: Yeah, definitely. I think we will leave it at that. I still have an opinion. Within the next six to eighteen months— there will be a dApp with over a million active users. So that's my prophecy.
Tyler: Yeah, BarnBridge.com
Troy: I'm very optimistic. Alright, congratulations, everyone! This has been an amazing couple of months. The DAO is up, and D-Mob in Romania, congratulations, you guys are gods– we love you!
Everyone: 👏👏👏🙇🙇🙇
Troy: Alright, I think with that, we will call it. Awesome DAO launch day, the next is Smart Yield launch– let's do it, boys!
Everyone: Let's GOOOO! ✌️👋