Pike Community AMA 12-21-2023

The team is hosting a community AMA to provide updates on the project and answer questions. They mentioned that there have been some bugs on the Testnet, but they are working on fixing them. They also talked about their strong relationship with Circle and how they are using USDC as a core component of Pike. They emphasized the importance of building a tight-knit community and mentioned future plans for expanding and keeping the community active. They also discussed the waiting room process to prioritize active and valuable members. Yep, we're checking the Earth, just gonna wait for a little bit. Sweet, we might start in a little bit, people are just still coming in. It will be recorded, so worst case if you can't make it, no problems there. Thank you for everyone attending, this is our first community AMA, this is more just a way for you guys to speak to us, the team, directly, in a way that's very casual, there's no real expectations, we're just gonna chat, update you guys on what's actually going on behind the scenes, what to expect in the next days and weeks, as well as answer any questions you guys might have, either about the protocol, the community, or really, anything else. But first what I'll do is I'll actually update everyone on what we've just rolled out the other day. If you've been testing out the, actually before that, I'll actually introduce myself and I'll let Terry introduce himself, getting ahead of myself. So my name's Tashant, you might have heard me on a bunch of the Twitter spaces we've done, with like Circle and Base, as well as obviously a few more in the pipeline, and you've probably seen me in the Discord just chatting, both about the protocol, as well as just the market in general. And if you're a fan of Monad and Wormhole, and a few other communities, you'll probably see me quite active in those as well. I take care of growth, marketing to some degree, BD, so that can be integrations, partnerships, all sorts of stuff. And yeah, Terry, would you like to say hi and introduce yourself? You're muted, by the way. Yo. Can you hear me? Hey. Yep, all good. Nice. Nice. Welcome, welcome. Looks like people are dialing in. That's good. Hello, everybody. My name is Terry, one of the co-founders of Nuts Finance. Pike is actually our third DeFi protocols. To those who are not familiar with Nuts Finance, I strongly suggest you guys to go check it out. We have Twitter and the website. Just check out what we've been doing. Not new to the space. And we're very excited, actually, to be launching Pike, alongside with some of the key partners that we have, such as Wormhole, Circle, as well as Base. So that's why, since we launched Testnet roughly 10 days ago, our community has just been growing. So thank you to you guys for supporting us. And yeah, looking forward to answering some questions for you guys. Yeah, cheers for that. So yeah, we'll be doing a few of these. Probably not every single week, because I think that's a bit too much. Obviously, can't mean that that might change and we might have to do every single week, just because of how crazy things will be. But for now, we're probably aiming for maybe once every two weeks. It might not necessarily be Terry and myself. It might just be me. It might be me and someone else from the team. And yeah, and feel free to tune in every time we do. So to begin, before we start going through your questions, and feel free to drop any questions in the chat. Obviously, we did ask for a few ahead of time in the Ask a Question channel, and we'll get through all of those as well. So I just wanted to update everyone. If you guys haven't seen, if you guys have been avid users of the Testnet, there have been obviously a few bugs. And issues here and there, which is to be expected is a Testnet after all. This is the exact purpose of testing this in a live environment, where it's safe, where there isn't any real money at stake. And that allows you, the community, to actually help us focus on the things that matter the most. Because of course, because of how much Pike takes up our mind, and how much we think about it, there are certain things that we might just miss, because we're not looking at it from a perspective of someone who's fresh to the protocol, or fresh to even lending itself, let alone cross-chain lending. And so it's really valuable when you guys actually offer your feedback. And obviously, you ask for questions, you ask for help. We as a team are able to understand, okay, these are the things we need to fix, these are the things we need to focus on, and these are the features or aspects of the UI that might not be that valuable, or might not might not be cared about by that many people. And so I guess it's a really good, sort of widespread approach to actually building the product. And so there were a few bugs that we actually rolled out fixes for yesterday, with our first, I guess, update. And a few of these were just more or less quality of life upgrades. Things weren't updating on the front end. There were certain issues with buttons, and things not loading correctly. There are obviously two big major issues that you guys are probably most familiar with. One being depositing of collateral might not necessarily show up all the time. This seems to be, I shouldn't say restricted, but this seems to mostly occur on Ethereum. Doesn't seem to occur that often on arbitrary base or optimism. We have identified what the issue is, and we're currently working on actually fixing it. So we're hoping that to go live by the next update, which should be next Wednesday. But obviously no promises. Things can get pushed out, and obviously we have the holidays coming up as is. But those are two issues that are top of mind for us, because they're obviously very important. And we're hoping to be pushing out these updates once a week, once every two weeks. And then obviously come mainnet, it'll be a very common sort of deal, because we want to continuously build the product. And besides that, if you guys are around, we actually hosted our first developer workshop, and this was actually with the Circle team. And why this was interesting is, of course, developers and builders are able to learn about how we used Wormhole, or CCTPU from Circle, or automation from Gelato to actually build Pyke. But what's more interesting is that Pyke is actually the very first protocol that has actually hosted one of these Circle workshops. There have been, I guess, there are protocols in the past that have hosted these workshops, but they're not products or dApps like Pyke. They're something like a Gelato, which is more of software specifically for developers, or projects that aren't necessarily within DeFi, like Pykers. So that is something that's actually very, very exciting. And we'll be continuously building that already strong relationship that we have with the Circle team, because obviously, as we all know, USDC is probably the most important and the most utilized stablecoin within all of DeFi, which is why we're making it such a core piece of Pyke as a product. So yeah, hopefully you guys got some value from that. We can just jump right into questions. Terry, before we continue, did you have anything you wanted to add or anything you wanted to comment on? You're muted. Sorry about that. No, actually, I just want to remind everyone to boost our server. That's it. Yeah, that's actually really valuable. And thank you. I mean, already in the audience, there's a bunch of people who've boosted, so I really appreciate that. It does quite a lot more than you think. It's not just unlocking stickers. It actually does really, really help a lot. And just another thing, I really want to thank everyone who is currently in the waiting room or has worked their way through the waiting room. And just to share with you guys the reason why we've done this, it might be a bit frustrating. You're trying to get in, and it's taking forever, but this is actually very, very important. Because you guys have probably been in other communities and other discords where you can just come right in. You don't have to work for it, you're just already a member of the community. And what ends up happening is that the community isn't great, if I'm being completely honest. You go in, everyone's saying, GM, good day, and that's it. And that's not what we want to build with Pyke. And that's why every single member of the community is extremely valuable. The numbers are kind of irrelevant. What really matters is we're building this group of people, which is the Pyke community, which is going to last for the next bull run, the bull run after that, for however long, as we become more and more known within the ecosystem. So every single one of you is extremely appreciated. But we do have to keep things, we have to prioritise the people who are going to provide the most value, the guys who will be talking, asking questions, etc. Which is the whole purpose of the waiting room. So there you go. I think we can start just working through some questions. Feel free to drop any questions in the theatre chat. We'll get to it, we'll go back and forth. But I know there's already quite a few. And the first one that was asked is actually, how is the team going to expand the community and keep it active and loyal to the Pyke ecosystem? So I actually kind of just went into that. And even from day one, you can argue, you know, we're very small, we've just started. During testing, that's when we need to pump the numbers up. That's when we need to get everyone in as much as possible. But like I mentioned, we want to build a really tight-knit community, more than anything else. Like everything else is secondary. The numbers, all of that can come afterwards. But as long as we have that core group of people that are showing up every day, that are talking, that are discussing things in the market, that's how we build a community that lasts for a very long time. Come mainnet, come a year after mainnet and so on and so forth as our TVL grows and all of that. That's what's most important. Because without that, as a DeFi protocol, Pyke or any other protocol, you can't really win without that community. So we're going to be doing quite a lot more. We'll eventually have some sort of ambassador program. I know a lot of people have asked about that. It is coming. But right now, obviously, product is the focus. But we'll be doing lots of things. We're taking a book, a page out of Monad's book, and we're quite close to their team. And we really love what they've done in the community. So there's lots of things that we can actually learn from their team and implement them within our own, let alone, as time goes on, we've already announced a lot of key partnerships and collaborations, Wormhole being one, Base being another, Circle, etc. But as time goes on, we're cooking a lot of stuff that's coming in the pipeline. And when that comes, a lot of their community members will be coming to ours and vice versa. And so not only does the Pyke community just be within our own Discord, but it's actually this wider sort of group of protocols, whether it be Monad, whether it be Wormhole, whether it be even just the Solana community, and so on, where we can all sort of work together to build this next generation of default, like we've called it. Keenwha has asked, what will the process be to list assets and what will their risk parameters look like? Terry, did you want to answer this one? Sure. So first, I'm going to keep it relatively simple, actually, keep these responses relatively simple, because we do want to open up the floor to see whether anybody has questions on the fly. So at this stage, we're currently focused on listing native assets. So basically, Ethereum, Arbitrum, Optimism, these are kind of the native assets of the respective networks that Pyke supports. And then the next batch eventually is going to be the Solana token, right, because we're also deploying Pyke on Solana. And then eventually, other non-EVM networks, native tokens. So that's the roadmap in terms of listing of assets. We have kind of looked into some of the yield bearing assets as well. That's also in the pipeline. But our focus right now is just dealing with all the native assets first, because we do want to provide or unlock the most utility for them. Next. For sure. Yeah, definitely. What is your approach to security in terms of audits in the past and going forward? Terry, I'll let you go ahead with that as well. Yeah, it's a good question. For, you know, starting out from the fundamental basis, I would like to say that the design of Pyke actually bakes into security quite a bit. This is also one of the reasons why we decided to build using message relayer instead of using token wrappers or bridges, because the emphasis or the reliance on Oracle for wrapped asset is much less. So starting off from the primitive design, the security has already been factored in, but obviously that's not enough. We go through the normal process of getting involvement from security auditors. We have completed one, doing another extension, and then we'll also be engaging a separate independent auditor. And then some of the other steps that we plan to pursue is, for example, a bug bounty program involving white hat hackers to help us with protocol security. Next. Yeah. Do you consider to add a DAO component to Pyke so that the community decides how it develops? Yes, for sure. Yeah. Just one thing to add to that. I think lots of protocols go DAO strategy very quickly. And what ends up happening is that they're not able to guide the protocol in the direction it needs to go. I don't want to say that decentralization is bad, obviously, but I think at the early stage, the team really needs to push and get it to that escape velocity. And once it reaches that point, then get the community involved with the DAO piece. But that's definitely the end goal. But the timeline-wise, there's no specific timeline as of yet. So just one point to supplement. The reason why I started the call by saying, introducing ourselves as Nuts to Finance is because I do want to let you guys know that we have experienced building DeFi protocols in the past. This is not our first attempt. So what that means is, not just from the building perspective, but also from other components like, for example, token issuance management, listing, governance. All of this, we've kind of seen sort of some of the practices that worked and some of the practices that didn't work, including ourselves, the mistakes that we've made in the past. So what we're really trying to do here is take some of those mistakes and learnings and apply it to Pyke so that we can have sort of a higher probability of success when doing these different components to a project. And governance is definitely one of them. And also, over the years, we definitely see an improvement in participation for on-chain governance, as well as there are new solutions that are out there that takes care of that. So these are some of the things that we are also actively looking into and trying to incorporate to Pyke so that the overall participation from you guys, Pyke token holders, can be a lot more efficient and effective. Yeah, 100%. And just like Terry just mentioned, this extends to lots of things like token design, token utility. It expands to everything because I'm sure you guys have seen first-time founders building a DeFi protocol and there's lots of blind spots. That isn't their fault, but they just haven't been through that before. And so it's like, you don't know what you don't know. And so the things we've built in the past, which you're welcome to check out, has definitely taught us a lot while we make Pyke that sort of home run, if that makes sense. Continuing from it, is Pyke a fork? I can answer this one. Short answer, no. Because just within the ecosystem, there aren't any cross-chain lending markets. There's, of course, Prime Protocol, which is live, but it's kind of like an abandoned project. And everything else is on testnet. And some stuff works, some stuff doesn't. But as far as making a cross-chain lending market, Pyke has had to do it from scratch. Every single piece of smart contract code has been developed from scratch, just because there is no analogy that we can sort of draw from for inspiration. If a protocol, like right now, if you really want to, you can just fork Aave v3 and then you have a lending market. But obviously, it's not going to be a cross-chain lending market. It will just be the typical market is on one chain and all those assets exist on that one market. So no, we have to kind of build this from scratch. And that is why the testnet is so important. If we were just forking an already existing protocol, you don't really even need audits, let alone a testnet, because Aave or Uniswap or whoever have already put in that hard work to make sure it's robust, whereas we have to do that ourselves. Continuing from that, when will we get to know about these boxes? Yeah, so Emperor, he's responding, he's referring to our launch announcement blog post. So you will know, testnet has only been live for 10 days now, like Terry mentioned. There are quite a few things in the background that we have to figure out, confirm, finalize, etc., which Terry might want to talk about, maybe not. And so you guys will learn about it very quickly. But what I will share is that it basically, what this will allow you to do is kind of be your ticket to sort of explore the wormhole ecosystem. That's probably the best way I can say it. You know, as we're seeing, the wormhole season is just beginning. And as this crochet narrative becomes, I shouldn't even call it narrative, it becomes like the default for the ecosystem for DeFi, you guys will see the impacts of that. I like to talk about it like, we had DeFi 1.0, all of that was really amazing. Those are kind of like the shoulders of the giants we're standing on. We have Aave, we have Uniswap, we have so on and so forth with Curve. And this DeFi 2.0 is like all these new technologies that all these new protocols are leveraging, like Pike with Crochet and Lending. We have Maverick, which is a DEX you guys might know about, which has sort of taken the whole liquidity management piece out of market makers and institutions and put it into the hands of individual users. And so we're going to see a lot of this sort of renaissance of this new DeFi. And that doesn't to say that, you know, Aave and Uniswap are going to die and be a thing of the past, like they still will have their place. But as people realize the potential of things like Pike, where you're not limited anymore, right? The entirety of DeFi is at your fingertips, as opposed to before we had to pick and choose which one you had to prioritize. That's when we'll realize, you know, what is the potential and why being early in something like Pike will be so valuable to everyone here. Did you guys have any thoughts about having an official Ambassador program? Yep. And I did mention this briefly at the start, but yeah, this is definitely a priority. We're still putting it together. This will most likely roll out sometime during Maynard, which, as you guys know, is going to be sometime during Q1 next year. But it is a priority for sure. As you can see, we already have quite a few community moderators who are putting in a lot of work. Community moderators who are putting in a lot of work. And we super really, really appreciate these guys. And obviously, as time goes on, we do want to elevate people in the community in a meaningful way, you know, aside from just a role, for example. When roadmap? Oh, okay. He's asked quite a few questions, but when roadmap? Very, very soon. Think weeks, not even months. How is the protocol going to generate revenue? Terry, would you like to answer this? Yes. Okay. So, yeah. You guys can hear me, right? Yeah. Okay. Yeah. Protocol revenue. There's a few ways, actually. So, obviously, it's a lending platform. So, borrowers will pay a fee. And basically, the fees that they pay, you know, there's going to be a portion that gets attributed to protocol fees. And then also, you know, the loan that gets originated, right? You know, you can kind of get it like that because, you know, we are facilitating between vendors and borrowers. That, we believe, is going to be a main source of protocol revenue. So, basically, any time a borrower, you know, takes out a loan, you know, there's a fee that gets charged. And at the same time, on the supplier side, also, there's going to be a fee that gets charged. In terms of the parameter settings, right now, we haven't locked down on the actual parameters yet. The reason being is because we want to figure out how to best incentivize suppliers first. We want to push our platform with enough supply capital so that we can actually attract borrowers of all size. For those who know, you know, how decentralized lending protocols work, most of the borrowing volume actually comes from, you know, either institutions or individuals with sort of a larger appetite because they want to, let's say, you know, size up in terms of leverage. So, that, we believe, will be one of the main source of protocol revenue. The other source actually comes from liquidation. So, for example, if, let's say, a position gets liquidated, you know, we will, you know, provide or, you know, if, let's say, we are the ones that are liquidating that position, there will be a premium that also gets collected from that action. So, this is also another way for the protocol to generate revenue. Yeah. And just to add to that, of course, the aim is that when the protocol generates revenue, it's PIKE holders that generate revenue. But, of course, all will be revealed in due time. I've seen that SYNC swap allows to refund unused gas fees, thus better UX. Can there be an option in here or is this just a ZK-SYNC thing? This isn't just a ZK-SYNC thing, but I think it's definitely not a priority. Like, we can obviously, you know, incorporate something like this. But I feel like if you want to save on gas, when the time comes and when live, borrow on base, borrow on Solana. Don't borrow on Mainnet ETH, for example. And hopefully the gas is so irrelevant that, like, you don't even think about it, which is obviously currently the case on Solana. That's how I would think about it. I just feel like it's, I do understand why they've done it. And obviously it is an interesting UX. You could even argue, you know, something that we could incorporate. If you guys are familiar with Gelato at all, you can do gasless transactions. You can do gasless swaps, gasless borrows, etc. And the way you do that is that the protocol, like PIKE, takes the fee out of whatever you're swapping, whatever you're borrowing. So you don't even have to deal with gas at all. And it's kind of almost like a Web2 interaction when you're using the protocol. So there are little things like this we can, you know, implement into the protocol to max out the UX, but there's always a compromise. Those are the sort of decisions that we have to make as a team and eventually involve the community in making as time goes on. But it's definitely on the table. Will there be an option to send gas from chain to chain or will we have to rely on other protocols? Okay, well, I've just answered that. So there you go. Gotcha. Curious about unused gas. Yeah, same sort of question. Obviously we don't want to, we'll get more and more accurate as far as like gas estimations are concerned. I know a lot of people have sort of complained on the testnet that gas is, obviously gas on the testnet networks are all over the place. It's just ridiculously high. But even the gas that's quoted is not necessarily the gas that's being paid. That does have to do with how volatile the gas is currently on all the Goalie networks. But as time goes on, we will be able to like, I guess, quote that more accurately such that hopefully there isn't any unused gas that's, you know, kind of one-to-one. But we'll see how that goes. When will we be able to consult developer docs? So our developer docs are already live. If you go to docs.pike.finance, you can look at all the docs that we have for Pike. And within that, you're able to actually go to user docs, which is about the protocol, and then developer docs, which is about the smart contracts and the backend. We're actually adding to these docs every single day. More will be coming, but obviously the devs right now are focused on building the product. So these updates will probably come in the new year, but there's still quite a lot of literature there that you can kind of delve into if you're interested. Do we need to trade every day? There isn't really any trading that's done on Pike. I'm assuming he means making transactions every day. I live in a free country. Feel free to do what you want. The whole point of this testnet is that you as a member of DeFi or a participant in DeFi are able to play with what we call the next generation of DeFi. This isn't meant to be, you know, a cash grab or a quick, you know, let's launch a token, cash out and dip. Like what we're building is the future of DeFi. You know, where we want to be next bull run, you know, come 2024, 2025, is, you know, people are looking at Pike like they looked at Aave during DeFi summer as this whole new sort of paradigm that this protocol is bringing onto the scene. And if you look at, you know, crypto Twitter, which I obviously kind of live on, you know, no one's really talking about this cross-chain narrative. People are talking about, you know, Solana, obviously people are talking about shitcoin season. People are kind of talking about, you know, interoperability. We're talking about like roll-ups of the service. Everyone's talking about restaking with Eigenlayer, lifting their caps recently. And no one's talking about this like cross-chain narrative, which is ironically will be the culmination of what everyone else is talking about. You know, with this roll-up of service, what we expect to see is that there's going to be countless roll-ups with Eigenlayer, you know, making data availability so commonplace. What that results in is more networks able to, you know, really in a lightweight way, launch their own chain, own roll-up, etc. And what this means is liquidity is going to be fragmented more and more and more and more. You know, you're going to have to be choosing between right now, you might only be choosing between a handful of chains. Very quickly, we're choosing between 10s or 20, 30, 40 chains. And, you know, unless you have some sort of solution, some piece of infrastructure that connects all of these, like Wormhole, this is going to be a very difficult sort of ecosystem to live in, let alone get anyone new into. And that's why protocols like Pyke exist to sort of, I don't want to use the word bridge, but bridge the gap between all of these networks in a single protocol. And that's what we're showing all of you, like what you're able to use. It might not seem that interesting right now, but give it 3, 6, 9, 12 months, and then you'll begin to see that, oh shit, Pyke is that protocol that connects everything. Because, you know, saying that, you know, you need pieces of infrastructure within any ecosystem. You need a lending market, you need a DEX, you need XYZ, but a lending market is extremely core to any ecosystem, which is why we're building this as opposed to, you know, something else, because Pyke can be a thing that sort of is like the umbrella upon which everything else exists under, if that makes sense. So that was kind of, you know, on a tangent, but this is like, you know, Tesla isn't meant to be, hey, do a transaction, we'll give you money and, you know, you're on your way. What we're showing you is like, this isn't going to be something that just disappears in two seconds. This is something that you're going to be using 2, 3, 5 years from now. When the 2028 bull run comes in, you'll be still using Pyke to leverage your assets. That's what we're building right now. What is the difference between you and your competitors? Well, I kind of alluded to this earlier, and I'll let Terry chime in on this as well, but there actually aren't many competitors at all. I mentioned Prime Protocol, which is actually live, but it's kind of an abandoned project. The CEO is, I don't know, working on other stuff, blah, blah, blah. And everything else, as far as like cross-chain lending is concerned, is on Testnet or is not even on Testnet. You know, a team that actually we're quite close with is Curvance, which you guys might've seen on Twitter, you know, maybe a few days ago or a couple of weeks ago, actually. You know, those guys are a cross-chain lending market technically, but what they're actually building is a cross-chain beefy finance, like a cross-chain yield aggregator that has some elements of lending, some elements of, you know, vaults and yield farming, et cetera. And so even though we're in the same category, we're both cross-chain lenders for lending market, we're doing completely different things, like we're on different ends of the spectrum, and we actually complement each other as opposed to compete with one another. Now, on the flip side, you guys have probably heard about Synonym Finance, who are also doing, you know, a lending market. The difference between us and them is, I mean, just look at our, I guess, the relationships that we have. What we're building here, you know, with our collaborations with Wormhole, why they're pushing us so strongly, why we're talking about them at every given moment, because of how important they will be, slash already are to the ecosystem. I talked at the, you know, at the start of this call, Circle, USCC is the most used stable coin within the ecosystem, within DeFi. CCTP is going to unlock so much potential for USCC, and that's why we're making USCC the core stable coin of PIKE. Of course, we're going to be supporting all the stable coins, both, you know, traditional like USCT, but also yield bearing like SFRAX and SDI. But USCC is core to PIKE for that reason. And so we've been working, I mean, we've been building PIKE for over 12 months now. It's all been culminating in a lot of these things. And you'll see, as time goes on over the next couple of weeks, actually, these huge partnerships, these huge collaborations that you guys might not even be thinking about right now, but when we go live with them, like, you know, you'll be, you'll be happy that you got here early as opposed to everyone that's flooding in from Twitter off that point. Terry, did you have any comments on that? Sure. Yeah, yeah, sure. It's just like, you should have been mentioning a lot around like product, right? But for me, I think the most important thing that differentiates us from the competition still goes back to team and the experience that we have. For those, I don't know, I don't know what is the demographics of our community so far, right? But if you guys have been around for, if you guys have been in crypto for, you know, for a while, you know that, you know, going last thing through cycle is a very difficult thing to do. And for us, this is actually our third cycle. And, you know, we're still very motivated, you know, trying to innovate and trying to not only build, but, you know, really redefine sort of that next stage of DeFi or at least, you know, what that next phase should look like. Don't get me wrong, you know, the existing DeFi protocols or lending platforms such as, you know, Aave Compound have done a phenomenal job, you know, pass down kudos to those teams. However, those products were built in 2018. And at that time, there were just a lot of infrastructure at that time that was not available. So the problem of going cross-chain is something that, you know, still hasn't been solved by anybody. We believe we're the first team. We believe we're the most anti-fragile team, the most resilient team. And I believe that is the biggest differentiator between us and any existing competition or potential new commerce to the space. Next. Yep, exactly right. Bet on the jockey, not the horse. I've actually got a few that have come in while this was being recorded. Which auditors, so many audited contracts lately have been subject of massive exploits. Terry, would you like to take that? Yeah. The sad answer, and it's also the honest and realist answer is exploits are unavoidable. Exploits are unavoidable. It's basically, it's a, it's a, you know, the probability gets smaller and smaller the more money you throw at, the more money you throw at it. So, for example, right, you know, if you're, you know, when I look at some of the projects that, let's say, have spent very little on security, right, then obviously, you know, the probability of getting hacked is a lot higher. Ultimately, I believe, one, it comes down to the amount of resources that you put into securing a contract. But on the other spectrum, which I believe, you know, projects have more control on, is how do you design the, sort of, the mechanisms that can potentially make users whole. So, whether there's reserves set aside, whether there's external insurance that gets, insurance parties that get involved if exploits do happen, I think these are all measures that a protocol, you know, a serious project should look into. That obviously includes us, but to the question of, like, you know, do we have a take into, you know, why some auditors, why do they, you know, why are they the target, right? Like, why are they the ones that, you know, why are their contracts always the ones that gets exploited? I don't want to comment too much because I'm not in that line of business. I don't have enough insight on it. But the thing is, from my understanding all these years, it's a resource game. It's a resource game. Yeah, 100%. I mean, you know, there was a moment in time where CERTIC was, like, the gold standard for audits. If you had a CERTIC audit, everyone's like, okay, this protocol is good, it's solid. And now CERTIC is kind of like a joke. You know, people don't trust them anymore because they've had one too many contracts that have been exploited that were audited by CERTIC. But at a moment in time, they were, yeah, they were the gold standard. You couldn't get better than CERTIC. And, you know, times have changed and times will continue to change. You know, where, if you go to our website, you'll see we've been audited by AUTOSEC, but we have many more in the pipeline. And, you know, AUTOSEC, these guys are, you know, they mean business. And obviously, I personally think they've, I think, actually, not even me, I think objectively they are considered, I guess, far more mature than CERTIC. When CERTIC was around, you know, they were considered the gold standard, but this was during a time where everything was very nascent. Like, DeFi summer had just begun. And I think even though the protocols were early, even, like, the security piece was also really early, which is why, you know, CERTIC landed in the position it's found itself. But with these new ones, like AUTOSEC and ZELEC, et cetera, like Terry said, it is a resource game. Like, the probability of exploit will never be zero, no matter how much money you spend on security and audits, et cetera. But, you know, you do have to pick and choose which ones you want to work with and which ones you don't, which is why we've gone with AUTOSEC. And these guys have, you know, basically name any top tier protocol and AUTOSEC has audited it. And even saying that, you know, there's other protocols like EULA. EULA Finance is a really good one because I was a really big fan of it back in the day. These guys were basically the second coming of lending after Aave. They were more focused on all those weird assets that, you know, don't really have a home as far as, like, lending or money market is concerned. You know, those guys have been audited by a bunch of random people. They had bug bounty, they had this, they had that. Then a 16-year-old from Argentina rocks up, hacks the protocol, and then, you know, their protocol kind of just dies and it's been dead since then. And so, you can imagine, I mean, like, you know, the people getting paid to audit these small contracts, they're getting paid a ridiculous amount of money. They've got PhDs, they're focused on security, but some 16-year-old could just rock up and find something that everyone missed. And it's like, what do you do at that point? You can blame EULA, you can blame all the auditors, but at a certain point, like Terry said, it's just a resource game. The probability will never be zero. It'll just be, as a team, all you can do is work to make that probability as close to zero as possible. So hopefully that answers your question. It's kind of almost, I don't want to rain on anyone's parade, but that is the nature of the industry that we're all in. If there's money to be made by being a bad actor, everyone's going to be trying their hardest to be a bad actor. And so, as a team, all we can do is navigate that the best we can, which is why partnering with these protocols like the Wormhole team is so important. You know, we talk about, sorry, I'm going on kind of like a long-winded tangent, but we talk about our collaboration with Wormhole. It's not just, hey, you guys use Wormhole's crochet messaging and we'll retweet you. It's a very, very intimate relationship we have with them because the success of their crochet messaging is what enables Pyke. But also, it's only with the success of their crochet messaging that Pyke can even be functional. And so, we've helped them a lot to actually build up the crochet messaging piece, to build up their own technology such that we can benefit. But also, everyone else who comes in after us who then uses Wormhole, they also benefit from all the work that even the Pyke team has contributed to that. So it's a lot of, and I saw Truly just mentioned in the general chat, I can't believe spending 12 months to build Pyke is wild because, I mean, it's a learning market. How hard could it be? But it's like, this is why we've spent 12 months building Pyke. We only launched our test net 10 days ago. We started working on Pyke at the end of last year. And so, we've kind of been working itself, but this is exactly why. Because not only are we building Pyke, but we're helping the teams that are facilitating Pyke to even exist in the first place. And so, that constant collaboration, that constant testing, working together, that's what's so important when it comes to the security piece. So hopefully, that answers your question about security, etc. It's not just, hey, let's pay someone to audit our contracts. It goes far, far, far deeper than that if we really want to ensure a robust protocol, which is what we've been doing, working with the Circle team, working with the Wormhole team. It's not just a very surface level sort of partnership, if that makes sense. We're very, very deep in actually making sure this technology is as good as it should be. That was quite a long answer, but for a lending market, security is number one. So, I think it did deserve that amount of time on it. You said, okay, this is a bit more lighthearted. You said there will be a bean roll for memes and stickers. When will they start giving this roll? We've been giving it here and there. It might take, sorry if you've been contributing quite a bit and you haven't got it yet, but we'll definitely get to it. I don't want to say there's no rush, but lots of things are happening. The community is growing very quickly. So, things do get missed, but we will get to it eventually. And I know Vincent is listening, so I'm sure he'll make sure to make that happen sooner rather than later. Hey guys, can we have a feedback button on the testnet page? This is actually a good point. I believe we do have a link that actually links to the testnet support, testnet feedback channel in Discord, because we don't want to sort of separate. We don't want to have some offline email thing that we answer, we look at, and we have Discord. We'd rather it all be in the same place within Discord, but that's definitely a button we should add to the DAP if we haven't been already. Will access to the Nomad role be closed in the future? So, no. So, this is something that I think a few people have been confused about. The Nomad role, this basically means you're a member of the Pyke community. We are all Nomads, right? Everyone who is a follower of Pyke, everyone who's a user of Pyke, everyone who is a member of the Pyke community is a Nomad. And the reason why is what is a Nomad? A Nomad is someone who doesn't stay in a single place. They move from place to place constantly. They never establish a home somewhere. And that's exactly what Pyke is trying to enable. Rather than you having to choose a home chain and somewhere where this is where I call home, you can kind of just traverse all of DeFi at will using something like Pyke. And so, this is the motivation for the role or the title Nomad. We're all Nomads. And so, what that means is as long as Pyke exists, which is going to be for a very long time, the Nomad role will exist because all it means is you're a member of the Pyke community. So, it won't ever be closed, but of course, the early role will be closed. You know, you have plenty of time at the moment, but that will be closed eventually pretty soon because obviously if we have it forever, you're not exactly early, are you? So, that's the role to keep an eye out on. But if you have the early role, you know, you should be fine up until mainnet. Yeah, SuiVIP has said that the moderators are doing a great job and 100% and a big hand for Vincent. Yeah, without a doubt. You know, the moderators are actually the ones who contribute kind of like the most within the Discord because obviously I can't be on here all the time. Terry can't be on all the time. And so, these are the guys that were kind of like the glue that hold the community together. And, you know, in the moments where, you know, we have to be focusing on building the product and we can't be spending all our time in the Discord, these are the guys that sort of are the leaders of the community. And, you know, that's why we want to elevate them within the community. Yeah, thank you for those kind words. And, again, you know, really appreciate everyone who's been contributing so far. Yeah, I think we've got a few requests. I think that's all the questions we have. I know people have been talking like crazy in the general chat. Sorry, I haven't been following just because I've been looking at the theater chat. If you have any more questions or if anyone wants to sort of come up on stage to ask a question, feel free to go ahead and ask. Otherwise, we might wrap this up. I do see a few people typing. I'll see what they say. Can one still get into the Pyke team? Yeah, 100%. We're always hiring. Obviously, the priority at the moment is developers, engineers to build the product. There's a few other things, but no, if we're always hiring, it's always a priority. And, you know, come Mainnet, which is very, very soon, we'll probably be starting to go on a hiring spree because it's going to be crazy. It'll be nuts. And, you know, Pyke is one thing, but just imagine 2024 is, you know, 10 days away. And that's kind of where everyone expects the bull run to begin again. And it's kind of already begun. I mean, we just go to Solana, things are going crazy over there, let alone the rest of the ecosystem. I mean, AVAX, Avalanche is having like a mini bull run, especially on the gaming side of things. Like things are happening. So come Mainnet, Pyke's going to be crazy, but even the market's going to be crazy. So, I mean, if you put those two together, you know, it's going to be nuts. If you guys need a panda, I'm here. I'll definitely keep that in mind for sure. Shout out to Trollies. He or she has been contributing a lot to the community. Always fun chatting with them. I do see a lot of people asking about the testnet and a few issues here and there. We're working on it. The team is, you know, we see CQ from the product team is our PM. He's constantly in the testnet feedback and the testnet support channel. He's probably the guy you've been talking to the most if you have had any issues on the testnet. And he talks and he works with developers directly. So if you have an issue and he sees it and you're talking with him, he's definitely aware, which means the developers are definitely aware. And I know for a fact, they're working on a whole ton of things right now. And they just don't have enough hours in a day to sort of fix everything all at once. But, you know, we do have a bit of time till Mainnet, not too long. I'll tell you that. But, you know, we're definitely going to have Pyke in a really good place come January of next year. Yes, I think that's everything. We'll definitely have another AMA, most likely next year, because obviously the holidays, I mean, Christmas is three days away. But definitely keep an eye out on that. Lots of updates coming both on the product side, but also as far as like partnerships, collaborations and that sort of thing, which definitely you guys should be excited for. Terry, any closing thoughts before we wrap this up? Not much, actually. Just glad to be, you know, glad to be on this journey with you guys. Again, right, we are trying our best to take Pyke to the next level, whether it's from a product perspective or whether it's from a community building perspective or even from a, you know, setting a new standard for the entire sort of like DeFi vertical. We're really, really trying to make a push, really trying to make a push with Pyke and with the right partners, with the right community. I feel like, I really do feel like we have a shot. So continue to support us, continue to spread the gospel, spread the good word, continue to try our product, provide us with feedback, you know, help us recruit some, you know, new community members whom you think can also contribute to the growth of, growth of Pyke. That's the thing that I'll need to lean on you guys for. That's all. And we'll speak to you guys next time. Yeah. Thanks, everyone. Happy holidays. And thank you for everyone who came in. Merry Christmas. Have a good one. Yeah. Merry Christmas. All right, guys. Thanks, guys. Bye. And yeah, bye.