Bug Finance infests the MCLB DAO with alpha!

The speaker discusses the changes and innovations made to the BookFinance protocol. They explain that BookFinance is no longer considered a fork of Solidity and has made changes to the protocol design to create a better and more user-friendly system. One major change is allowing LPs paired with the governance token to be staked into VBug and gain voting power. They also mention the switch from locking to staking, where users stake their NFTs or bug LP to receive VBug and voting power. The exit mechanism is implemented for staking, with an exit fee that is used to boost the protocol and distribute to various areas. The speaker also discusses the partner LP matching program, where partners can allocate their tokens to the bug LP pair and receive bug tokens in return. They mention the boosted staking option, which offers higher emissions for LPs and has a dynamic exit fee. The speaker concludes by discussing the NFT collection and its purpose for fundraising. you've got like a short little five to ten minute pitch deck you want to throw out or do you just want to get deep and dirty right off the bat? I mean I think it's fair to sort of give a small introduction right so I'll just get right into it and after that we can go into the deep and dirty but yeah so obviously what I would like to start at is that technically speaking BookFinance is a salty fork. The way that we are currently developed and with all our innovations I don't we don't we don't necessarily want to call ourselves a salty fork anymore. Obviously we are making use of the v2.3 model but we did make a bunch of changes to the whole protocol design and obviously what the goal with that was is to first of all innovate and second of all create a better protocol as a whole and make sure that everything is everybody's even more incentivized and it's just more user friendly. So before we even get into that like we are in the MCLB so I don't think I have to explain solidly. So I hope most people here are just familiar with solidly as a whole and then I can just go more deeply into what exactly we changed. So there's quite a lot of things that we did change on the solidly model and I guess one of the biggest things here is that we first of all allow for bug LP to get to sort of stake into VBug and what this means is that currently in the solidly system you sort of have to make a choice. You're either choosing between looking up your governance tokens into the VNFT or you have to choose between you know taking your emissions and LPing it. So we thought that wasn't fair and we sort of were like okay we actually want to create more deep liquidity on our protocol so we're allowing for LPs that are paired with bugs our governance token to also be staked into VBug and get voting power. So there's two ways of sort of acquiring voting power in our system. One is through the single-sided staking like any other solidly fork where you just sort of stake the governance token and get the VNFT and the other is by staking the bug LP that means just any sort of whitelisted protocol that obviously we vet through and through because we want to make sure that it's a good coin and doesn't really just go down to zero. Any sort of LP there that's paired with bug can also be staked into VBug and you sort of hear me saying stake and that's sort of the next big innovation that we drive. We got rid of locking completely and we turned it into staking. So what exactly does this mean? When we were looking at all these different solidly forks obviously how the model works is that you stake your you lock your governance token into the VNFT for a certain amount of time and depending on how long you lock you get a certain percentage of the voting power. So if you lock it for the maximum amount of time you get the full voting power and it sort of decreases to zero over time and what we noticed is that basically on any solidly fork people will lock for the max amount of time because that's the only way to actually acquire some voting power and it's not really a lock because there's ways to get out of the lock so it's not really like you're locked for four years because you can use the secondary market to sell your VNFT and you can use Liquid Wrapper to get out of this and there's always a fee associated with this because if you sell on the secondary market there's usually a discount of about 10% it depends on how liquid the secondary market is and you have the Liquid Wrappers who also take a fee. So with that in mind we just were like okay why don't we just get rid of locking all together and make it simpler and just turn into staking. So how we have it is that you stake your NFT, you stake your bug LP or you stake your bug and you get VBug for it and the voting power stays the same for everyone. So everybody sort of has max voting power so to say and how this works into practice is that for single-sided staking if you stake one bug you get one VBug and if you stake one bug LP so this means any LP that has like one bug in it gets two VBug because obviously in the bug LP the bug only represents 50% of it. So what this means is that the staking into VBug with bug LP is actually way more incentivized because not only do you get the fees and the bribes and double the voting power you also get the emissions of the pool associated with your VBug position. So let's say I am in bug Fbomb and I'm staking it into bug LP I will receive the voting power with which I can vote and get fees and bribes and I also will receive the emissions that are driven towards the Fbomb and bug pool which is a very beautiful system to sort of incentivize deep liquidity for not only bug but also for partner protocols and make sure that you know you still get the emissions and dual incentives. So how are you going to be able to exit? This is where we sort of implemented the exit mechanism because with staking it's obviously different and the way to exit the staking is through an exit mechanism that we implemented and I hope everybody can still follow but the exit mechanism basically works like this. So if you stake your bug LP there's an exit fee that goes from 20% to 2.5% over a year and this is very relative to the actual you know the discount that's associated with secondary markets and liquid wrappers and but the difference is that this exit fee is actually used to boost the protocol and create another flywheel of its own and how this exit fee is distributed is that 40% will go to outdoor bribing of the pool that was exited, another 40% will go to a staking bonus and another 20% will go to protocol liquidity. So this means that if someone exits the pool and sort of wants to get out of their FBug position there will be bribes to go onto the actual pool itself to sort of incentivize higher emissions than this attract LP and there will be a staking bonus for people to actually go and stake their bug LP into FBug to get this sort of the bonus and really re-attract the liquidity and obviously we have the protocol liquidity which just strengthens the protocol as a whole for both the partner protocol and bug token itself. And to go a little even deeper into this what this means is that a bribing for protocols will be way more beneficial because in a normal solidity system people sort of like protocols when they bribe they sort of rent the liquidity for a week because let's say FBomb sort of bribes 10,000 and the next week they bribe zero then the emissions that the FBomb pool will receive will you know be very different from week one and week two and liquidity will probably flow somewhere else where the emissions actually go to. So in our system whenever a product protocol acquires liquidity through bribing obviously 20% will always be you know in the actual LP look forever and whenever they do leave and somewhat you know the liquidity that they did attract leaves it will be used for the actual bribing itself and it will create a new self-sustaining flywheel in our protocol. I think I'll leave it there a little bit maybe yeah I'll let you talk for a little bit so far. I hope it wasn't there. You're like I need to sip my coffee you take over all right all right. I've spoken with a number of people recently about you know different ways to try to curb the amount of like rotating mercenary capital right now it's kind of a fork season like let's just be blunt and honest you know I think everyone here in the audience is well versed and intelligent in what's going on in the DeFi world so we're not going to try to BS anyone. The exit penalty could be one interesting way to try to attempt that but it also makes me think that you're not going to need or maybe not even need is a strong word but there's not going to really be a need for any kind of you know popular liquid wrappers that people use to exit because usually those get pretty far below peg I mean not all the time but if more and more people try to use them as exit liquidity to get out of their VNFT positions the peg usually gets you know a little wonky and it starts at 20%. I forget I think you probably have showed me documents and images with the curve but you know it starts to decrease over time and I mean 20% like 8 to 1 on a peg for a liquid wrapper isn't like too crazy at all so I feel like that's a good way to try to mesh those two things together and it also is interesting you definitely you said that you know it's only going to be a select few a handful of partner protocols whose tokens are going to get whitelisted to be able to use the LP for governance power in this system and I always right off the bat think you know well you kind of got to be careful with what you pair your token with and for bug finance I think it's pretty clever because it's going to really help you guys deepen your liquidity well right off the bat so in case people do just try to you know rotate and and farm and dump and whatnot that extra liquidity is going to help provide a lot of cushion the other tokens are going to be doing their own things going up and down volatility trading fees I mean you know at fbomb we we we do it for the burn and we eat IL for breakfast so we're all for that game but it then makes me think you know okay so what's in it for the partners so uh can you tell us about the uh the partner LP matching program that you're going to be doing yeah of course so like you mentioned it's very you have to be very careful about who exactly you or what exactly you pair your token with so uh I mean I know obviously meme coins are a big thing right now so you can probably suspect that we won't be allowing any bug LP pairs with a meme coin that's just probably going to go to zero uh because also let's be honest there so we're going to be very careful about who we sort of allow into the feedback position um but yes sort of what we sort of developed is also the partner LP matching and what this basically entails is that we want to make sure that partners who do get a bug LP pair can get off to the off on the right foot right so they basically what we're doing is we allocated 10% of the initial supply to the partner LP matching so this basically means that if let's say fbomb uh wants to allocate like $50,000 worth of fbomb into the bug LP pair to sort of strengthen their own viva position on top of the protocol add up that you guys will receive that you can and we will match it with bug tokens so if you provide $50,000 that we will provide $50,000 worth of bug we will give you that viva position and obviously it will be locked uh for a certain amount of time that is to be determined because we don't uh you know it doesn't really make sense for the protocol if you guys can just exit it and take the airdrop but the way it works that after you know a certain amount is passed then uh the bug is yours and your LP position is yours but it's obviously very beneficial to partners and also to justify to their protocol and their community like hey um you know we are looking at a portion of our circulating supply here and we are you know setting up a nice liquidity pool we want the community to follow and you know get v-bug to vote for our own partner protocol so to say so just for partners it's very beneficial in the sense that you get more v-bug and more v-bug obviously means that you can direct more emissions to your own pools uh i would say that's the data basically covers it it's interesting because fiery and i we kind of have this like good cop bad cop routine going you know he's just historically like just such a nice guy you know i gotta i gotta be the bad cop and step in you know and be like ah no no no we have to we have to tighten up around the edges here and when i first heard this i was not gonna lie i was like okay i'm sold you know if you're gonna give us LP value um initially and then we get to retain the governance power from that you know i i don't know i'm willing to try it out you know let's let's let's give it a go yeah and obviously it's not it's not forced right so it's really it's really up to each partner how much they if they even want to go ahead of it and if they do how much they want to do obviously there's also a cap like if a lot of partners do want to do it we only have one million to allocate but um it's not like something we're forcing like hey you want a v-bug pair you have to allocate one hundred thousand dollars worth you know it's it's really up to the partners itself and we don't want to pressure anybody into anything right but what i was literally just going to say was was speaking exactly to that i was just gonna say that like it depends on the size of the matter so then also one thing that i thought was very interesting um and i don't know how else to to describe this this is kind of maybe like a generic term but you have a boost system for emissions but you've created your own kind of system with that and i i want to say you know it's reliquary-esque but i only say that because it's something that a lot of people might know and understand and be able to relate to the fact that you know the longer you stay in this lp position the the more of the emissions you will be entitled to over people who perhaps enter later but not only that and i think this is this this next part was clever because um just like you're saying with the partner stuff you know the partners are provided the options i think providing people options to choose is extremely intelligent and and essentially awesome because no one no one likes to make hard just you know make hard decisions um it's nice to have choices and options so you have this boost system but it's also optional correct yeah of course so i i didn't touch on the boosted stuff yet because i i didn't want to yap on for too long but i'll i'll yeah let me just yap on now so basically how the boosted staking works is that um we did we did look at obviously the goal of any dex is to retain lp and not have too much mercenary mercenary capital right so we were looking at possible solutions for that and obviously kronos um did take a step in the right direction with the maturity adjusted lps but we did want to do it a little bit differently in terms of our protocol and how we're actually doing it so there's basically two options for anybody who stakes native lp so obviously this is just any sort of lp that doesn't have bug in it and option one is just the normal you know the normal way you stake it in the gods you can take it out whenever you want you get emissions for it in terms of the apr but then we also added the boosted staking and what this basically means is that you it's sort of similar to how you stake in vbuck so there you sort of stake it into the lp you get a 2x boost in emissions straight from the start but there is once again an exit fee associated with it and this exit fee is not like vbuck where it's like 20% going down to 2.5% because let's be honest um they'll be crazy so how we actually do it there is that the exit fee is very dynamic and it will be completely dependent on when you actually enter into the you know the boosted staking so how it works it takes a look at the apr over you know the last week where you sort of joined and then it sort of calculates where the break-even point would be and the break-even point being um you know the apr that you would have received after one month and then sort of the exit fee after one month so let's say the apr is 120% that's just easy to calculate then the apr after one month if apr stays the same will be 10% so the exit fee at one month will be 10% and sort of in this system how we sort of have it and there is a nice infographic that's almost finished to showcase this and that and remember the name basically also did this and it's shown in his twitter thread about bug finance but after four weeks you're you're supposedly break-even if the apr stays the same and obviously there's a lot of gamification here because the apr can go up after you join the apr can go down after you join so it's also uh you know some gamification there on when exactly to join the boosted stake but the goal is that your a that your break-even point should be around one month after eight weeks you will basically have exponential growth in regards to regular staking so after eight weeks there's like a cross point between regular stake and boosted stake but then after eight weeks your emissions will be significantly higher than the regular staking and this is very well showcased in the graph so you can always access the the bug finance docs um and and all their material and try to find these resources later if you're listening to this down the road i do have one question though and this would be the the cherry on the top here i mean first off i'm sure you're going to be whitelisting lots of tokens to be on the gauge but only a few to be able to be matched with bug to be used for the governance lp so those specific lps are are we also able to deposit that lp into the boosted gauge system and then also use that for governance and combine these two ideas at the at this moment no so um this is actually i'm out of here that's it the dutch the dutch i'll be completely honest like this is something that we didn't think about so that's something we'll definitely discuss and see how exactly it works but the way that it currently works that the boosted stake and the v-bug staking are two different um two different things right so it's not it's not paired together yes so what you're trying to say is that if you have a bug lp if you can also put it in boosted staking and also get the v-bug in our opinion i don't know it does seem a little bit unfair in a way if you have f-bomb bug the only way to get the emissions from f-bomb bug is by going into v-bug so it's like you can just profit because the way that we look at it is probably what's going to happen is that the lps that are you know the bug lps into v-bug are going to get a majority of the emissions because people who uh like just think about it if you go into f-bomb bug lp into v-bug then there's a good chance that you're also going to vote for your own pool that you entered into v-bug with so we don't want people profiting off of that without actually committing to v-bug so the only way you're going to get the bug lp emissions is by going into v-bug so there i don't think there's necessarily a need for the boost to stay because there's not like only people who actually commit to going into v-bug will receive the emissions it seems fair honestly because with um with the v-bug lp i mean you are double dipping already you're going to get the admission plus you're going to get bribes and fees compared to the people that will be doing lps of tokens that are not going to qualify for that system they can then put it into the the boosted system and and get a little leg up on that too so it does seem fair but um you just want to triple dip i i i get it bro i'm trying i'm trying to dip everywhere i go you know they're after me man i gotta keep an eye on my shoulder no not really but um i also didn't know uh in order to get the emissions from those select partner pairs uh you had to go into v-bug that was a new one on me but that's an important detail to have it's it's i it should be in our docs if it isn't then i'll literally update that as soon as possible do you think we reached a point to to do some questions or are there any more things you want to talk about that are going to be uh new and different i know with the um with like the bug nfts you have a lot of what i was about to say i was about to touch on the nft collection so let's do that and then we can go to any sort of question that you want so yeah let's let's retract a little bit there's been a couple of soldiers that sort of introduced the idea of an nft collection and uh what you see here is that it's literally just for fundraising and the main goal is always you know for the nft place to do to be a big part of the fundraising and it will be for us as well but we want it to be way more than that so obviously we are building on polygon and one thing about polygon is that it's the second biggest chain in terms of actual nft and there's a lot of nft people on polygon and there's a lot of volume in regards to nfts on polygon so we definitely wanted to tap into both the worlds and sort of double dip there um and we want to bring the defy and nft world together so rather than just having an nft collection that's not really about the art not really about the lore it's just for fundraising and utility that you get which is fine and we're going to have it as well but we actually want to prioritize it as being a sort of nft collection as well so obviously our nft collection is uh it's going to be 2111 bugs strong and there's a whole backstory behind it where sort of in the year 2111 a nuclear war sort of happened and only the bugs sort of survived and uh humans have all perished and obviously this is also sort of to attest to our protocol where you know bugs are able to survive and withstand anything and with our protocol we hope to be able to do the same so these bugs sort of um you know they turn into these crazy ai bugs and learned how to do time travel and are now going back to our time to sort of you know save the world and make the world a better place so what we have with our nft collection is that each individual art piece is unique and in our opinion and the community's opinion these nfts do look pretty they do look pretty awesome so we will have the base utility for each nft which is just you know the revenue share the airdrop royalties which are still thinking about uh like there's going to be royalties but how we're going to actually make it work is something we're still brainstorming about uh exclusive access to sort of the swarm and uh you know more but that's the base utility and then one thing that we're doing is we're introducing factions so what this means is that these 2111 bugs are divided between 10 different factions each faction being a different kind of bug species whether it's a ladybug a bee a wasp like we're still working on that but each faction will be a different uh bug and then within each faction there are different tiers there's actually five different tiers so you have each faction will have a leader uh they're going to have super soldiers soldiers uh drones and workers and what we're trying to do now that's something we're working on extremely hard is that we want to add on different utilities per tier so each tier will have some different added on utility and i mean your feedback from uh platforms was really helpful and that's that's shaping a lot of things in terms of the utility but we also want to hear more from the community but we want to make sure that the nft collection is actually going to be an actual nft collection as well where people are not just there to extract value in terms of revenue which normally happens now in terms of the most other soldier force but they actually do provide to the protocol and the community in terms of actually creating this strong nft community by itself so i think i hope that covers it i'm running out of breath if i recall correctly uh you were saying that you wanted to do on top of all that you wanted to do some some gamification like literally gamification between the factions like have games have events um stay like faction wars yeah affection wars yeah and that can manifest in in so many ways i'm sure we could hang out and and talk up all sorts of ideas about that but um i thought that was kind of fun you know a good way to engage the community get people involved uh a little bit more than just like the typical um like discord bot that does the little quizzes which you know can be good and and it's good to get you know repetition with all the minute details in the community so they're well informed so later on new people come in and the community can help answer those more detailed questions but this this helps it take beyond take it beyond that as far as the community being involved you know and and some of these competitions these faction wars they could be situations that could carry on for days or for weeks even as people grind towards that it could be really fun you know um i'm expecting i'm expecting the mclb family to uh you know put in some hard work on that guys we gotta we gotta be the top bug in the yard yeah that's the goal so we really want to make sure that um we so this is something that we are we are going to do we're going to make sure that each leader of each faction is going to be someone who's actually going to lead right because um so every nft is the rare like obviously there's different rarities between nfts some are more rare some are different utilities or better utility this will all be randomized but the only thing that's not going to be randomized is who is going to be a leader and yeah we obviously did this for a very very obviously reason we want to make sure that those who lead the faction are actually going to be there we want to make sure that those who lead the faction are there to you know lead their community lead their faction and just in in general are involved with the protocol we don't want uh someone to just buy the nft for utility and then stash it in their wallet and not you know say anything so uh we think it's very important to have appointed leaders and obviously this can change over time because uh then affection can sort of decide for this for themselves or whatever but we we do our we are appointing the leaders but everything else will be randomized in terms of rarity so i just wanted to put that out there were you saying that later down the road there could be a two i don't know like whatever happens happens like obviously we can't revoke any nfts so it's not like we get we can just kick a leader out but um you know i don't know what's going to happen later on like that's we also want to give a lot of power to the factions itself i don't know how they're going to do it but like obviously you can't just revoke uh any nft because that will be not looking too good but you know what i'm saying my my greedy little human brain is instantly going to like wow i wonder if we can like take over other factions and somehow acquire nfts of other factions you should probably keep an eye out for that and not let anyone get too powerful i mean uh fiery's gonna want to up the ball man you know it can't be like pokemon we gotta we gotta keep the factions factionated if that's even the word i mean i will be very curious to find out how like technically speaking maybe you could make the leaders revocable but then again that obviously brings out a lot of different uh different issues but like remember the name said nature is brutal survival of the fittest oh yeah absolutely 100 and then you are also going to be doing um as far as what the different um tiers of the nfts are and i don't know maybe not even tiers you know just the different the different types they have and and the different types of utility and the artwork you're going to be doing a reveal right yes so everything will be until launch day besides the leaders nobody will know what they get so this just adds another part of the gamification you know another part of the fun where people minting the nft they will not know whether they get uh you know a super rare super soldier or they get the workers so this will all be revealed on the actual launch day of book finance yeah that's evil because i'm a sucker for that shit man i know i know i'm getting i'm poor man my bad i'm gonna have to take out a loan come in what is the bull run back am i taking out loans to get nfts like yes we're gonna bring it we're gonna bring it back lord have a lot of mercy all right so what other are there any other uh little hidden tricks you have up your sleeve uh going on with um with any of these more finer details of your protocol function or do you want to jump into questions i mean i like you we we've had conversations before i don't know did i miss anything i think i think i pretty much discussed there was a lot of there was a lot of stuff that i'm not sure um if you were just like being polite or or if the reality was like man the sunfire guy is fucking crazy like what the hell is he talking about so i don't know i don't know everything that's like public information or not you know so yeah you lead the uh lead the way on that i appreciate that yeah for the for now uh i guess when we discussed everything that the protocol design is finished the code is uh definitely getting there and you know from there on the biggest step is obviously the audit so i did see one question at all um from doc which i'll answer like technically speaking yes like what which code is forked uh tina code is forked but then once again um we'll be completely honest we're not really at tina fork because the code is completely different from tina like there are there are some basic things that we have from tina but all most of the code is actually done uh by by us because we have so many different mechanisms and which brings me to my next point which is obviously the audits so there's been a lot of hacks going on in terms of solidly and just in general and this is obviously something that we don't want for bugs like we always say it's pretty pretty cringe but we always just say we just want the bugs to be in the nfts not an actual protocol so we're going to make sure that we have uh audits in place before we actually launch like we don't want to launch without any audits because we think it's like a very very important thing uh to make sure that everything is safe so that's the biggest thing that we are really focusing on is the security side of things and i think people will appreciate that and we obviously appreciate that because it will not look good for bug finances if anything happens in terms of bugs right and so what about um this is also something that's gonna it's not gonna be certics let me just put that out there yeah i was i wasn't gonna touch that i was just gonna i was gonna people keep asking about the pre-sales and the nfts we're gonna we're gonna get to that we're gonna get to that at the end and then we're all gonna gang up and um we're gonna start flexing the power of the mclb bug faction already okay all right uh but so one thing that um is is a typical common because we're talking about security and providing peace of mind to not just the investors but the users of the protocol as well um what about some form of and i i kind of hate this term i don't know why this became because the original term like kyc is know your customer but in this sense like the team wouldn't be the customer you know but um are there any plans kyp know your project yeah or people person i don't know but do you guys have any plans for like a doc slash kyc even if it's just private with some kind of third-party service like assure or anything yeah private private road with which obviously uh this is sort of the same situation where it is with tina like tina is not publicly but if you look closely enough you can find out who they are and i think they're also sort of dogs against b&b chain and i mean it's the same for us like we're like me personally and you know many people to team we're never we've never really tried to hide our identity like i've worked for quite a lot of other projects where it's just me it's just my face so it's not really in terms of we are really trying to be anonymous because we're just simply not if you do look good enough for it but yes we are definitely open to sort of doxxing ourselves in terms of um privately whether it's the polygon labs or assure um we've been talking to assure already so that in that sense yes are we going to be publicly doxxed i don't uh really think so because that is i mean it's pretty dangerous if you think about it yeah yeah there's there's there's there's there's ups and downs to the uh the public doxxing um situation and i know um i know lane hillbilly over at glacier on avex um he he talks with a lot of projects and and kind of consults them on that exact topic uh you know the the ups and downs of of public doxxing but you know he's he's a redneck living in the south right so like it just logically off the top of my head i i probably wouldn't want to think about um you know i mean it is america and i'm not gonna yeah he'll be able to defend himself i'm not gonna dwell too hard into the politics there yeah the next uh the next little bit because we're talking about dena code is and and i'm not hating on them because you know at the time this was a solution to to defeat the the double fees claim like minor exploit they did the the one week lag back on um bribes and fees and i think they also just took got rid of internal and external contracts if i'm if i if i have this right and they just lump the fees into the same contract with the bribes so it doesn't really matter at what time in the epoch you vote i'm not 100 sure if athena originally was like that i know other forks since then have done that but how are you guys going to tackle and approach that situation is what what do i have to do to entice your devs to to get a workaround for the one week lag back i mean i would start by talking to them and not to me so obviously uh i'm on the developer side of things and i think how it's currently set up is that in terms of voting in general you can only you can you cannot change your phone until six hours before the end of the epoch but i mean that part is pretty open as far as i'm as far as i'm aware so if you do have a better solution you know we you you can talk to our devs you're in a you're in a group chat with them um so definitely try to convince them i would say like i've i'm i'm not uh the right person to talk to and i'll be completely honest about that side all right fair enough good question that was a bit of a test too you know to see if you try to bullshit us or if you just be honest about it i'm no bullshitter yeah all right all right you pass okay thank god okay um so what do you think let's uh let's rip through some some questions you down to that um if they're not uh gonna kill me then yes well i mean a little pain no no murder because it wouldn't be no pain no gain no pain no gain we took you out now it would be less fun we need to keep you alive to continue the torture right that's true okay so so jack wants to know um and and and this is this is valid um there is already two failed attempts of solidly forks on polygon what makes you think the third is the good one uh and i i just want to start off with not even talking about bug finance but those other two forks had a host of their own issues and i don't want to like go into the weeds about things i don't want to you know sling any mud in anyone's directions you know anyone can can can look at the history of that you know i think one had some issues at the code level and the other one had some issues at like the monetary and social level hopefully um you guys have all done your due diligence in those matters and you're going to be avoiding making the same mistakes however uh can you tell jack and the rest of us what you think is going to set yourself apart from the other previous attempts on polygon yeah so i think you put it you put it extremely well and that definitely helps me in my uh response so once again i don't want to go i don't want to talk any shit about any other project but we let's just say that we learned from their mistakes obviously we we saw we were there uh witnessing what happened and it's obviously very important for us to do our due diligence and see uh what things we will do differently so let's just say that we are doing those things that might have happened there differently on our side to make sure that these issues don't arise um and then in in terms of the rest like obviously we have a very different protocol than any other salty fork like we are like like i said i don't think we even qualify too much as a salty fork anymore because we're just like we're not really a fork anymore um so we obviously have a system that we personally think is going to work really well obviously i mean we'll have to see it in practice see definitely if it actually works but so far everybody who had feedback whether it's partners advisors community has been extremely positive and i mean one thing as well why i think it will work is because there is no good salty fork on protagon and protagon is definitely like people sometimes say that protagon defy is dead but there's still there's one billion in tvl here which is definitely not nothing so to say and yeah like once again there's the floor is sort of open for a salty fork on defy and protagon really wants a salty fork on defy and we are trying to fill that gap and i think that it's a good place to build the chain is good the team is good the community is obviously amazing so i don't see why not polygon and there's obviously if you look at arbitrum for example there's like eight or nine salty forks there uh i would rather i would think the question there suffices more than here i've always been a big fan of polygon for two reasons one is their their marketing and biz dev work is top tier they always seem to be doing a really good job about generating news and hype but also their their technological pursuits polygon has done all sorts of cool stuff they've invested so much money into things that i really think are cool like polygon id and you know they're doing like the zk evm polygon zero they already developed plonky 2 and they're throwing a bunch of money and recruiting all sorts of different teams from around everywhere in the space to contribute to this technology and i have no idea where it's going to go in the future i just like to see that they are trying to develop the technology in the space i don't know what's going to happen with with the current chain or possible future chains are long in a launch or what's going to happen with the matic tokens but i'm i'm down to start stacking my matic bag and and building that back up again i'm personally excited for this because i don't have anything going on on polygon right now myself not yet not yet but i have plans so let's see um bello kim we'll go with that uh has a a fairly in-depth question here um saying that they're uh going to bring back up this topic since the conversation from before any ama was even scheduled as you've been able to see chronos didn't have enough revenue to make up for 2.6 million tokens in emissions and fell 80 80 plus percent in less than two weeks the reason being that the lack of bribes and other facts factors i mentioned back then all based on lockers not getting enough revenue i hope that having seen the current situation you reconsider tokenomics where at least the most important partners have a big lock position really not trying to criticize chronos or anything but i hope you just consider some of the ideas and make sure bug finance ends up working out so how you use this knowledge to learn from chronos and just really quick um i'll handle the the baseline stuff and then and then you can you can handle any further details down into the weeds if you want i think there were there were two major things um with chronos in one was in the tokenomics the amount of locked tokens that were initially they're going to have liquid tokens too but but they changed that later and i think that was for the benefit to to all lock tokens but the amount of partner protocol airdrops compared to how many tokens went to the private sale um that really got diluted uh there were you know lots of lots of civil attacks and whatnot there was some some recent interesting stuff with another partner protocol involved in that um again i'll let people just look that up on their own and i think that that sort of dilution with the airdrops was one thing and then yeah of course the um the emissions inflation you know which i think is something any any new look i hate even to use the term solid fork with your protocol because you know yeah obviously if anyone looks at your code base it it should start looking dramatically different but i obviously the inflation rate especially that first week and the next following weeks um i definitely think are things that need to be mapped out so to say and and modeled and and taken a look at um so from there uh what kind of commentary can you can you add to that that was very good yeah so obviously it's a big thing and uh we're looking at different like our our the current way our mission schedule is set up is also not hard-coded in yet so we are uh working with multiple partners and advisors in terms of how our mission schedule is actually going to look and i personally like maybe i'm overstepping boundaries here but personally i think a big issue uh with kronos in that sense was that also something that we won't do and that's launch rlp epoch zero because what that sort of does is that it just allows one week of crazy trading where a lot of people did get wrecked um so i think what we're like what we're going to do is at big finances launch the big lp at epoch zero to make sure that uh you know stuff like that doesn't happen and we will have a lot of money in our lps at the start like the plan sort of is in terms of how we're calculating things at the moment whether it's uh you know the circulating supply at launch and then also with the partner lp matching and our own lge we are hoping to have um you know one to two million in uh liquidity right at launch which should be able to hopefully uh and that's just that like our current pricing that we have in mind in terms of the lge but we think that this should be able to at least uh sustain sort of the the emissions that we are going to be having at the start and obviously there is uh there is something there where the emissions at the start are relatively higher and there is some inflation there so and in terms of sort of the bribe recycling that he mentioned i think that's exactly why we are doing the partner lp matching right so we will make sure that the partners will have a large percentage of the a large sort of fee proposition so they can actually do the bribe recycling and make it all make sense so guess i guess we are definitely thinking about that and we are you know also very open to feedback we are running quite a lot of math behind the scenes in terms of different uh emission schedules and try to find out what best for our protocol right and and bellican continues on by saying that the partner entities had less than 20 percent of bribe recycling and that absolutely wasn't helping and um once again yeah i feel like that feeds back into the the large um airdrop allocations you know because that not only diluted the private sale and retail but also diluted the partners so i think that plays into it as well but um of course it's good to hear that you guys are you know taking these things into consideration i feel like that there's a lot of you know once again i'm not gonna i'm not gonna bullshit people right it's it's it's kind of a fourth season going on right now and some of the good is that it brings some some attention to things and some other things to light and then you know people can can step in and analyze it and see if they can innovate it but there's a lot of people that are just like ah cash grab i'm just gonna launch this like nope nope don't need no advice don't need nothing like launch token you know like huge liquid team allocation you know like let's just dump it all make it quick and get out so um i like the fact that you guys are taking a lot of time um you're not just trying to you're not in a hurry you're not just trying to push something out really quick and that you are observing analyzing and implementing lessons that can be learned from everyone that came before you because obviously i mean logically it would seem if you if a project was and god i don't mean to sound so harsh but again i'm just going to say if a project was legit and they actually plan on being around much later down the road like naturally these would this would be due diligence they would be performing yes great reply what you said in general and then one thing that i even wanted to add to it that i didn't mention i'm sorry i didn't mention it yet but one thing that we obviously do have is the exit mechanism right and this like obviously a big portion is the bribes and and in rpn uh we will not have to really rely on bribes too much because we have the exit mechanism in place as well so this should be an extra source of revenue for people in v-bug uh on top of just the fees that and the fees and the bribes that are coming from protocols and traders so that's something else that we have to make sure that traders are uh or like feedback holders are you know compensated properly yeah that's another i'm glad you brought that up because that's another good point that directly relates to to bella kim's question and and i've always um had tried to advise forks in the past i'm i'm like you know just look at the the charts of the last dozen or so that launched right and you know there's a lot of mercenary capital just rotating and trying to farm and dump so i've always been like you need to get your code squared away to where you can have dynamic fees or at least the ability to like you know set whatever fee rate you want of an initial and then if you need to you can scrap that and move emissions over to a different lp with a different fee rate which would be more messy than just having dynamic fees and for it to be adjustable however i've always been like man just screw it like put your main lp on like a super high trading fee you know so that as people try to just farm and dump um you know you can get some of that back and you can start using that to create uh you know protocol and liquidity um which will be beneficial in so many ways but what you've devised with the um with this exit penalty and strategy i think is a much more eloquent solution and that tied together with the um with the the boosted lp option you know as far as what people call sticky liquidity um you're you're taking it from renting liquidity which is the least favorable into leasing liquidity um which is supposed to be one of the larger arguments and appeals to the reliquary system which you know the byte masons developed and that detox first implemented and later chronos um so i think i'm really excited to see how uh how this all works out i mean it all sounds really really cool to me personally but hopefully that um that helps provide some some greater clarity on bellican's question there yeah of course uh yeah i appreciate it and i think in general we are trying to do what's best right and uh i i do get and i i i hear it from you and from other people as well that some other salty forks might not be too receptive to feedback and that's something that we are trying to really focus on that we are like we were that we will not be here at this point without all the feedback from you know fairy death has been there from the start other advisors from other protocols and just you know smart people in the salty space have been a huge help like remember the name uh he's here as well he's an amazing advice to us from the start as well and it's just like we do appreciate every single feedback that we receive we look at everything and we try to see if it makes sense and like we have deviated so much from the initial um sort of thing that we had in mind and i have to give a huge shout out to remember the name because he was actually the one who came up with the exit mechanism so obviously we did make some changes here and there but he was the one who came up with the id which is amazing so shout out to remember the name and just in general i'll shout out to you as well everybody here who's been helping form book finance we really appreciate it and uh yeah we wouldn't we literally wouldn't be here without you guys the community i think is one of the most untapped resources in defy i feel like a lot of times the smaller voices get shunned away um when maybe they should be listened to or at least considered although there's also a lot of crazy people out there and and the psychology gets weird when this you know magic internet money um is involved so it's it's really interesting stuff with all of that but um yeah man um i really think that the the community is an untapped resource so again i like the fact that you're talking to different people taking things in not turning away ideas and and actually considering them and developing them i think that's a proof a crucial uh so to say like design and engineering concept when designing these protocol functions completely agree we're on the same side for the same thought process well yeah i was thinking maybe we're not on the same side because i don't know if bug finance themselves are going to have like their own faction um but we'll cross that yeah we'll cross that bridge when we come to it you'll see who wins we'll see if f-bomb is going to be better than bug finance we'll see well either way like we also want the factions to work together right the goal the ultimate goal of the faction is to you know bring bug finance itself forward and some fun little interlinked competition between is always healthy like we don't i didn't think about that a co-op mode okay okay yeah like why don't why why shouldn't the factions work together to bring the finance forward that's the ultimate goal yeah yeah for the for the greater good of bug manatee but um at the same time we need to we need to squabble over over dumb stuff and resources and you know we got to have the whole dystopian um future top to bottom which was not a knock on uh previous uh solidly fork on polygon as jack alluded to earlier um are you sure i mean no no not at all everyone does what they they do in life and we all have the same amount of hours in the day and we all get to choose how we spend those hours so let's spend this hour as we reach the one hour mark um maybe transitioning because we see a lot of questions and people want to uh they want to know essentially how are they getting in on this what's going on um with the pre-sale the pre-sale allocations the numbers private and public um i guess i'll call them schemes because we've seen with previous quote unquote vena forks um kind of design their tokenomics in different way for like private whitelist public sale you have the scheme figured out with what's going to happen with the pre-sale uh with the nfts what allocation is going to be locked what's liquid what's up front what's going to be air dropped later maybe there might be some other utility um with the nfts with with later possible air drops quasi rebases however you want to call it like give us the low the down low on that you know that we're probably like about 100 questions in there but you know yeah i know you it's fine so um okay let me see which one i want to touch on first first of all we're not doing a token sale so like okay we're doing the lge but lge will probably just be uh to be completely honest there we haven't really figured that part out yet whether we're doing it uh we just want to make sure that for the lge everybody can participate um in that sense so we do have to look more about other projects doing the lge see how they did it what went well there what didn't go well there uh once again very open to feedback in terms of the lge so the lge is not going to be like okay private can get in cheaper it's i mean it's an lge after all so we're probably we're going to cap the lge at a certain amount like for the moment what we are thinking is to cap the lge at 500 000 so this would basically put buck at a large price of one dollar once again very open to feedback and with that in mind then if there is the large price price of one dollar that will put the fdv of book finance at five million at launch it will put the the actual circulating mark like the circulating the actual market cap with circulating supply at around 700 000 so we would uh launch pretty humbly so to say and just in regards to air jobs um everything is basically locked forever so this means that people who get an air drop or feedback will not be able to exit ever so um there's no there's no way to use the exit mechanism no way to use anything people are actually going to be able to still transfer and sell their nfts so in that sense you can sell your v-bug if you wanted to if there's going to be a market for it but you can't use the exit mechanism and you can never get liquid buck out of it and the only thing you essentially get is voting power right so why we did this is that um what you see with all these air drills is that people just dump their tokens um which i would probably do myself if i would get an air drop from a different salty fork so i think by just air dropping feedback what will happen is that the way that people actually get something out of the air drop is by contributing to the protocol through voting so we want to make sure that anybody who gets an air drop the only way to get money out of it is by contributing to the protocol and by you know voting providing liquidity and the whole sort of mechanism as a whole so no so that's all like what that also means by the way sorry if i'm now rambling but what this means is that 50 of the initial supply is basically gone and locked forever so we're actually going to launch with about five million in buck but the only sort of liquid tokens there are for the nfts so the nfts is going to be 50% v-bug and 50% uh bug and obviously this bug is going to be vested but that's the only sort of liquid buck coming out of any air drop and it's not going to be a very big thing it's only going to be uh 750 000 buck so let me get this straight um if that is correct so if there's going to be um two two methodologies for the seed raise there's going to be one is an open lge and then the other is going to be with the nft sales but it's not it's not going to be um quite as similar as as previous dina forks that have launched i mean no so mostly what what you see with other uh dina but steena force that it's either nft or it's lge we're combining the both so obviously how the lge works with anything we raise there will be paired for the initial liquidity nothing of that goes to team so to say and like one thing that i feel like many salty forks are missing is that you know a runway you need a runway if you actually want to make sure that this protocol is going to succeed you want to hire more you want to make sure that we can breeze out into different features you want to like solidly in our pain is sort of a base layer so if you have a nice base layer like this it grants the opportunity to build a lot on top of it whether it's you know constant liquidity burps or sort of whatever you can think of and so do you need to let this money so the nft sales really sort of the fundraising in terms of development and also the like the some sort of the budget from the um the actual seed race from like just the whole nft sale will be used for bribing as well and just other things in terms of marketing etc so that's sort of how we have it divided lge is like strictly for liquidity and then um nft sales for runway and just in general the protocol and then so with the nft sale are there going to be different tiers like private whitelist and public yes so currently as it stands is um we have you know the private sale then we have the og sale that we have the bug list and then we have the public and then of course mclb is getting the largest private allocation correct we'll see how much how much your community can drum up we're talking it's going to be a game let's see how how much are you thinking um we are a very um well-informed and seasoned community but still kind of small so i don't know like um but we you know we should just we should just keep it open-ended and flexible brother just leave the back door unlocked keys under the mat or something you know you can it's just okay yeah so obviously that's that that's that's very that's fine in our opinion so we definitely want to make sure like fairy death has literally been there from the start like literally because he's like like the first person that i reached out to was fairy death so he's literally been there from the start so i think that f-bomb definitely deserves deserves a very nice allocation in that sense and we just want to make sure that uh we are leaving enough space for the community to actually mint and you know it's not going to be 100 private race of course uh but we're we're talking to quite a few parties in terms of you know some seed race and the private sale and then besides that we want to leave most of it up to the ogs and the bug list and if it even gets there to the public sale like ultimately uh the the ogs will do their job and the bug list will do their job but we'll see it should go well and i kind of like this um again i like this uh concept where you're you're splitting things down gonna have um an open public lge um is that going to be in like an overflow model or just a max cap i think you said it was a max cap yeah like obviously we were like there's actually a discussion that we had internally yesterday and we're still discussing with some other advice as well what the best way to go about it is but also like if we do an overflow and there is a lot of demand which obviously would be very nice but then launching at a five dollar token price for example will not be too good because then the only way you know might be down like obviously we think it's it might actually make sense to just start out very humbly uh make sure that it's not just some pump and dump and you know there's some some good adequate price discovery so we're thinking of actually just capping it at some point so we um you know we have an actual launch price in in our minds but we're very open to hearing more feedback from anyone um the tokenomics in your docs um you're you're wait you're looking at our docs i thought you didn't do that well i had to i had to just make sure real quick that it doesn't look too crazy you know um there's 10 for the initial lge and initial lp building um and then 15 um the bugs nft airdrop so that's going to be from the the sale the bugs nft so there's 25 total there and then um there's another 10 for the partner lp matching which is pretty groovy and then um there's 25 to the user airdrop and 10 for protocol airdrop so i feel like those numbers are are fairly balanced um what's yeah we might we might be balanced a little bit i think i think personally maybe user airdrop is might be a little bit too high but we'll we'll see about that yeah and i mean it's not it's not too crazy though like i said it doesn't seem um dramatically unbalanced but yeah one can always um can always map it out and and remodel it but the important part here is uh that i'm sure everyone in the audience wants to know about are these user airdrops sir because um i remember looking this over before and it's saying like yeah regular users existing polygon protocol and you know what absolutely percent right i mean um again i'm not like trying to be negative anyway these are just you know facts you see a lot of the same partners including fbomb all right guys like straight up what's up um you know partnering with a lot of the different forks on the different chains and that's all that's all fine and dandy and groovy but i definitely think especially in a situation like yours where there's not going to be um you know as far as i know a lot of other competition on polygon i think it would be really good to focus on a long-standing existing native polygon projects but not only that um you know the big the the big lsds not not lysergic acid but the liquid staking derivatives and like the big um the big stablecoin providers as well you know frax cheeto and whatnot um focusing on those but then also native polygon projects that have been around that has a community that has um a standing that's continuing to build through the bear i think those should definitely be focused on a hundred percent however as we read into the docs as we as we as we scrolls um it says as well as bug finances partner protocols so once again you know i'm assuming the mclb along with the largest private sale allocation for the nfts is also going to be getting the largest uh airdrop allocation i mean naturally right yeah well naturally naturally we're going to look at look into that and decide later on way to glance it off buddy way to glance it off i've had practice we've been hanging out too much man my my bullshittery is starting to to rub off too much you put the you put the twist of the dutch charm on it too and you're starting to you're starting to beat me out and i don't like this yeah you have to accept it all right well we need to iron those details out sir i want to see we will i mean i would just be very curious uh i mean yes if there is so much interest from the mclb down then we will be more than happy to accommodate right but um still still putting numbers to paper i know you guys are yeah yeah well and and once again that's another thing i like um about what you're doing is you know not in a super huge rush um trying to do things right and well i mean at least as right as we think we're doing at the time with the with the information that we have is there anything else that as we've talked that that popped up in your mind anything you want to go back and and add to let me see so yeah obviously what you mentioned in terms of huge agile it's very important to really sort of look at you know existing protocol projects whether it's like these lsds you know just political products and protocol it's it's it's a good way to go about it and then also what you see now at this facility is where they literally just all airdrop each other tokens which is something personally i think it sort of works but i don't want to indulge too much in and i think that we might um give more airdrop to partners and less to users but this is all again like very speculative that i don't want to say anything that i'm going to be hold it on to even though like you just said it is recorded but um yeah either way we are like that's that's one thing we're still working on and that's sort of the tokenomics side of things so in our docs is how it currently stands but we're getting more feedback from many every site literally so we'll see what we end up on but obviously the community will be taking it hold into the loop and also just if you have any feedback on tokenomics share it and we will you know go over it i know that uh mr uh the name is so difficult to say mr bello kim has just said something in the bug discord in regards to this but yes like well we're going to look at it to make sure that we are trying to do the best of our ability like like you said we're not in a rush because um like one thing we need to definitely wait for is the audit and that sometimes just does take time so yeah like we're trying to do everything as wide as we possibly can like can you do everything right absolutely not uh we'll probably make some mistakes and we're yeah we're just open to it right like that's that stuff happens we're gonna make mistakes everybody makes mistakes it's just about how you solve them in my personal opinion the whole point is is essentially marketing right you want to get the word out there you want to get um you know a discord announcement a retweet get your name in front of the faces of these people in these different communities that are already involved in the solidly forks which is good you know you want to get some um experience and seasoned user base but at the same time i feel like right now you're essentially just air dropping all the same people right it doesn't really make sense like you can you could air drop like literally just just dina and velodrome and equalizer probably like the the the original three forks um as i guess we could call it or something like that i don't know i'm not trying to put titles on things but it's like you could airdrop this those three and you would probably hit 90% 90 to 95% yeah so i'm just like i don't know i know that that's the thing right now but i'm i'm i would i would be very interested in actually if anyone ever performed the studies and put together the the data and analysis um i know some people have actually some really cool tools that um track wallet associations um between different events that are um pushed to the state of the chains so you you have that in mind um and are keeping an eye on that um i also recommend though when you're working with your partners this is something i brought up to other forks in the past partner protocol airdrop situation like gotta work on some kind of scheme that you know isn't as easy to civil or at least um have them do a an honest job into looking into to see if it is good so like i said people have built these really cool tools that um charts uh wallet association that would be another thing because like you said you know people get these airdrops they just sell them for for dirt cheap you know if that if that happens come on over to mclb and let us know if you're selling them for dirt cheap but um yeah because we need to be efficient in how they utilize these tools and resources right you don't want to just go out there and spray and pray right we want to put a little more accuracy on each shot we take i think like you know as human beings in life in general right like a ounce of prevention's worth a pound of cure kind of situation right and those are things you can't take back when you end up with you know one one person getting you know a huge amount of these airdrops from sibling it or just buying it from people who symboled it for dirt cheap may be something that that might want to be avoided and that's just kind of unnecessary dilution and and slightly unfair play like code is law i get it but um it's not going to be beneficial i think overall to the health of the protocol in the long run i completely agree yeah like that's sort of we something we are definitely working on to make sure that i know we're working on in terms of um you know sort of making sure that we prevent these civil attacks because it's something that's obviously a net negative to the protocol all right so then uh yeah any any uh anything else that that came to came to the the top of your mind as we were discussing you think we think we did a good job here i think this is the best ama i've had so far so yes i think we're i'm pretty satisfied once again through everyone in the mclb now we're going to do some heavy heavy negotiations to make sure that uh you guys all are able to get into the private sale and uh you know we're gonna we're gonna be very fair and nice to the mclb now because uh and fairy has been here from the since the actual start and we really appreciate him and f bomb as a whole you know i do have one last one last question and and this sucks i didn't i didn't think of this to the end because the last you're gonna you're going to just bombard me now with the worst question yeah because because i was going back to thinking about the audits and um do you have a timeline in mind so we're going to do like what's going to come first the lge or the nft sale and then from that revenue generation what's going to happen with the audits i know you said you want to get the audits done first and then um and then obviously hopefully launch soon after so do you have some kind of timeline in mind with all of that it is always the most fun question to receive so um obviously in terms of time now what i'm not going to say at the moment is too much okay one thing i can say is nft mint is happening next month so in june we're going to do the nft mint the actual mint date we're going to announce uh sooner so the private sale will obviously be uh this month we're going to close that off uh and after the nft sale what's going to happen is we're going to have the lge after the lge we're going to have the platform launch and the nft launch so with the actual you know the private sale and the money that we receive from the nft mint we're going to be able to afford the audits because they are pretty expensive especially if you want to get a good one that is not like cerdic i mean even though cerdic is already super expensive but yes so we're going to make sure that um that's sort of the time at the moment nft mint is going to happen next month then probably a month after that we're going to have lge and you know we'll try to do the platform as soon as we can uh as soon as the audits allow us to as soon as the ui allows us to but that's sort of the situation at the moment uh so to say i don't want to give any hard launch dates or whatever it's just that's the flow of things where it's nft lge platform but yeah good audits are good audits are f*****g expensive it's just there's trust me you know yeah like chain security and trail of bits you know you're talking like 200k for not that many lines of code but yeah that's uh okay so we're looking at uh we're looking at um early june before um we can start start uh salivating and and getting ready to uh to get buggy yep yep so obviously we're going to announce when nft mint is going to happen this month uh but the actual mint's going to happen next month and then yes let's let's let's get some hype going up to that point i think uh it's going to be pretty amazing and i think we have built a very amazing community so far and we're just getting started right so let's see uh let's see where bug finance ends up yeah i'm down to i'm down for this journey and then uh always feel free to uh contact us in any way we can help we will be uh we'll be glad to do what we can awesome appreciate that