# ETHWarsaw Meetup 0x0B (#11) Rotunda PKO BP (23.01.2024)

- Channel: [ETH Warsaw](https://streameth.org/eth-warsaw)
- Date: 2024-10-07
- Duration: 1:21:13
- Watch: https://streameth.org/watch/yt-1ohyeRZOi3M
- YouTube: https://www.youtube.com/watch?v=1ohyeRZOi3M

## Description

Music by: Bensound.com/free-music-for-videos
License code: 9INIVSRRO4VZMMLG
Artist: : Benjamin Tissot

## Transcript

[Music] hello hello hello hello join us here guys we're going to start in 30 [Music] seconds [Music] thanks for coming um my name is ank I'm part of the efor team and I'd like to very warmly welcome welcome you to the eforce Meetup number 11 uh we've got some great news uh for you today so um yeah how do you like the how do you like the new venue it's uh it's pretty good huh it's uh it's a little ironic that we are meeting in a bank but uh they welcomed us very very warmly as you can see um yeah so um let me share some news first and um then we'll have uh two speakers uh Camille gurski and Vo uh here he is and um yeah so does this work yeah here we go yeah so we're going to return to that in a second but first I would like to announce E4 s number three 2024 the conference in hakon so um we have the date set uh it's GNA happen right now yeah here we go so uh 5ifth to eth of uh September um we probably going to change the venue so expect some changes on that front uh but just to make sure that we can uh do it the right way and for you to enjoy the the whole event so uh um don't expect much uh changes in term of schedule we're going to have the conference and the hackaton um but we're going to share more details uh in the coming weeks with you um another piece of news from E foro is that uh we are looking to expand our team uh so if you're um active member in the community uh or would like to be one uh come talk to me after the uh after the talks or to Pina who is sitting here in the front and uh we'll be happy to welcome you and uh find out how we can work together um yeah so uh that's uh that's all the news uh from the eforce up front and we have two great talks from you today uh the first one is going to be from uh camil gski who um who will be talking about onchain analytics uh onchain data and how to use it in uh business uh environment in web free business environment and uh vo kovski will talk about um foraster uh and how to build apps on it and a little intro to the protocol uh so yeah I think it's going to be an interesting Meetup uh so without further with you Cam Let's uh give him her Round of Applause and uh P does it work yeah luck can you hear me guys yep okay cool if this requires to be louder is it okay okay okay cool great um so I'm really happy to uh see all of you here tonight uh my name is camel I'm the C and cofounder at token guard and today we're going to talk a little bit about discovering grow insights from baps and ecosystems uh unfortunately my co-founder and partner in crime uh Damian uh who is responsible mostly for analyzing daps is couldn't make it today yeah thanks um so I will be mostly focusing on ecosystems and on the last e foro Meetup we had a really great talk uh by tomak mic from token flow who explained how to decode and track ethereum data and today we're going to uh discuss how to change this data into useful business insights from ecosystem and that perspective so let's jump straight in yeah okay so firstly let's summarize on what has happened in the web free space within the last one and a half years so in the middle of 2022 we had a little uh crypto breakdown where most of the uh popular assets have lost uh somewhere between three four up to 30 40 times their value and uh we have seen some of the most popular coins like EOS losing 30 times uh their all-time high value and some of the less popular coins such as LF zero but of course also Bitcoin that lost uh around four time uh four times uh its alltime value alltime high value so we started to ask ourselves what is the difference in managing uh two similar ecosystems uh so that one of it uh of this ecosystem lost uh 10 times more compared to the other so yeah so to firstly uh start this discussion we I think we need to categorize layer zero and L one networks into some basic categories uh of course we can multiply this but I decided to uh categorize this only into free so the first category are mem coins basically either your C20 or frame uh Bitcoin Frameworks that do not offer anything more than transferring minting burning or staking uh usually they are characterized by a high number of wallets but very low activity because they do not offer any other activity uh the second groups uh the second group are Niche models uh where you probably all know Ripple which is a uh real product that actually solves uh the problem of slow and expansive interbanking transactions uh being much faster and cheaper than Elixir or CA systems uh but this is BAS uh basically a B2B uh model and the second really cool example is Nole which is layer one network that actually changes mobile devices into Mobile taking notes allowing mobile app developers monetize their apps without the user knowing it of course we can discuss uh the efficiency of a mobile phone battery uh on contrary however this is a really interesting story and on the second side note uh we need to remember that this kind of a business model um delivers a huge supply of the token to the market and on the other hand you need to find uh the demand side for this token as a kind of manager of this network but the most interesting group that I think we should focus on are ecosystems basically the differentiator of ecosystems is that they allow third parties such as projects deps VCS to P build upon these ecosystems and of course ethereum was the first to introduce smart contracts and then was a huge number of followers that did the same or almost the same with a small twist so yeah it's not perfect maybe here yeah so let's firstly start analyzing on what these ecosystems are trying to actually accomplish basically if you've taken part in any icoo or Ido or other token generation event you've probably noticed in the chart uh in the token chart distribution that you as a community member or uh someone taking part in a pre-sale or a public sale that you basically buy tokens from a small chunk of the overall supply of the tokens usually it's somewhere in between 3 to 5% which means that the other 95 or 97% belongs or will belong to someone else and uh the good thing about this is that usually 10 to 30% of these coins belong to the foundation that is managing this ecosystem so here we have examples of uh free ecosystems alzer as Moonbeam they all work on the same principle eum also did so if these foundations are keeping around 10 to 30% of the token or coin Supply in their um treasury so-called then their main goal is to increase the value of this treasury because that allows them to spend more money on developing it even further so if you have a treasury with a coin that dropped 10 times from its alltime high then the treasury value also dropped 10 10 times so in order to increase the value of these coins basically they need to increase the demand for the coins that are underlying the whole network and in order to achieve that they usually follow two different strategies I mean two com um complementary strategies so the first strategy is to um deliver a steady inflow of developers and deps into the ecoystem and by that that is easily accomplishable with uh hackaton with uh uh friendly developer tooling and Grant programs that each of these ecosystems usually runs on the other hand there are trying to deliver a steady inflow of community users that will be using these deps built by developers with community events Community marketing regular offchain marketing airdrops staking and other onchain activities so that the ecosystem actually works as a as a circle uh where Builders are delivered ing depths and protocols and Community is using it uh and this basically Circle grows steadily so it's not working so uh we therefore can assume that deps and layer one or layer zero ecosystems need to cooperate with each other and we are trying to find some patterns regarding uh development of such an ecosystem and of course I think that the basic principle that everybody believes is that defi Protocols are the most important for ecosystems to grow and this is basically correct um 90% of the volume that is happening in web free ecosystems is generated by defi protocols even though they have uh many less uh active users than gaming or nft Solutions um they generate less transactions they still uh own the majority of the volume that is being moved through web free ecosystems and of course on the other hand we have entertainment deps uh which includes nfts gaming gambling and we also know that gaming activities is growing in uh in engagement and popularity uh very quickly so the question is does does the these two type types of projects uh guarantee the growth of an each ecosystem so in order to analyze this we basically started to um deep dig deeper into tvl and defi data coming from different ecosystems here we will be focusing on salana uh which I guess everybody knows so this is a uh chart that you can see straight on on defi Lama and probably in many other defi aggregators but defi Lama I guess is something that can agree is one of the best uh def aggregator and this chart basically shows the correlation of TV which is denominated in dollars with the price of the coin which is also denominated in dollars but the problem with this chart is that it actually counts the same uh asset twice because the tvl of Defi and salana uh largely consists of the salana coin so calculating the correlation between two basically almost the same assets doesn't really make sense so in order to uh in order to calculate this properly you would have to come up with some kind of solution uh to normalize the tvl calculation for salana ecosystem and the first idea that comes to mind is to basically divide the price uh divide the value of tvl denominated in dollars by price of the salana coin and this gives you this kind of um chart and does anybody notice anything different about this chart compared to the previous one yes it doesn't follow it doesn't follow and it doesn't follow really strongly uh what do I mean by that is that if you calculate the correlation of tvl calculated in the native coin of salana uh with the p price of this coin in dollars you're going to get basically a very negative correlation which is extremely strong so as you can see like you guys I guess everybody knows how correlations work uh uh above 0o to one we have a positive correlation uh between one uh 0.5 to one we can assume this is a strong correlation so anything that drops below zero it's a negative correlation and as we can see in many cases here we got minus one which is extremely strong decorrelation so does anybody know where the miscalculation is here in this and previous calculation what did we do wrong that uh tvl calculated in the native uh coin of salana brings such weird results anybody maybe some educated guesses um that would that would matter not in this case but it's a it's a it's a good good direction okay so the thing is that we forgot about something we forgot that the tvl denominated in dollars of salana so basically all the charts that you see in Def Lama all the charts that you see in defi aggregators include uh the tvl which consists mostly of coins and stable coins so you can either choose between this uh very simple correlation which basically calculates the same type of data twice and draws some really useless conclusions out of it you can try to normalize this data using denomination through a regular uh for the price of of salana asset in this case and this is something that does if defil Lama doesn't even offer or any other aggregator doesn't even uh offer so you need to do it all by hand and you're still going to end up with very uh bad predictions and miscalculations because the TVO of salana con and eval of any other ecosystem consists of coins and stable coins so if the coin price for example the the price of Solana is going up then the basket of these coins and stable coins uh behaves as follows so the value of the coin of the Native coin is going to be at the same level but the value of the stable coins that are divided by the increasing price of salana are going to go down and this is why you have a miscalculation here and here you cannot draw any useful insights here you have miscalculations so basically the data that most both Traders and ecosystem managers uh are using to analyze their defi ecosystems are kind of wrong of course if someone has a really good team of data analysts and this is a rare case trust me uh then they can collect they calculate this however in most cases they don't so we forgot about something and this missing parts are stable coins so to answer our previous question what an growing ecosystem needs to have before actually investing into defi dex's lending protocols Etc they need stable coins either stable coins or bridges that will bring in those stable coins even if that's wrapped usdt or usdc they still going going to need um stable coins and this kind of data if you collect it properly and analyze it then you can actually draw really useful insights because you can see that in this case the stable coin movement is actually either following or pre acting uh compared to the uh to the tvl and a similar uh activity will be um visible if you compare the stable coin movement uh to the price of the asset so stable coins actually serve as a defi heal indicator if you take an ecosystem which is consisting of let's say 20 defi protocols uh or in case of arbitrum or uh or bigger networks these are this is going in hundreds then you can actually analyze the health of this whole defi sector by anal analyzing the inflow and out outflow and the distribution of stable coins within within the whole basket so when there is inflow of stable coins to this ecosystem this means that investors are ready to invest and are willing to buy digital assets then you should analyze uh the share of stable coins within the whole tvl that exists in this ecosystem and the changes within this share so if the share is um share of stable coins is growing this means that either the inflow of stable coins is growing but if stable uh inflow of stable coins is steady or at let's say zero then this means that investors are selling digital assets and are probably going to move out of this defi ecosystem uh by uh sending their stable coins into taxes or dexes and then transferring them to Fiat money so this is something that it's not actually available in most of the uh Def aggregators and most of the tools and uh something that is also really useful for Traders because this can actually bring in uh fundamental trading insights about whether the defi ecosystem is developing and growing uh which of course will cause the whole uh ecosystem coin price also to grow or whether this is dropping down so um next insights regarding uh ecosystems so it's all super important but it doesn't really matter if you up in the very first place because here we can see a a coin Supply comparison between two three um substrate based coins uh here you can see Alf zero of course uh uh a little bit um above you can see moon beam and on the very top you can see Esther which is a pretty big network with around $400 million market cap and the question is how did they manage to inflate this token so much that's an anybody know or maybe you have some ideas about this what what does produce uh coins yep exactly exactly that's taken very good yeah so um what aser did is they decided that they're going to enhance growth of the daps and usage of the daps by delivering a feature that is called D staking which means that users can stake their coins in the name of specific daps which means that users are staking a lot of coins which is pretty good but they do not really fought out on how to um how to properly design the tokenomics which ends up as this chart that you can see here uh which basically made the number of coins grow rapidly um up to four times within the last 2 and a half years from uh from deploying of this ecosystem and we're not going to dive deeper into this because we could discuss it for for for hours uh However the fact is that uh you need to properly uh design the toomics itself um to remember about this and of course before uh investing into def5 protocols daxes Landing protocols you need to firstly uh deliver a bridge or uh make some really uh stable stable coins come to uh come to your uh ecosystem Okay so so do you have any thoughts maybe questions yep again how do you get the data about stable coins so it it depends it depends on the ecosystem if the ecosystem is covered by Dune analytics then you can easily get this data at Dune how we collect this data we basically index whole blockchains to do this we use subsid where we have a partnership with subsid subsid is a really great indexer uh that allows both fast and comfortable indexing of different blockchains as well as deps however they do not cover all the ecosystems yet the they've started with uh padot and substrate and we basically started with the same ecosystem um and uh we're growing also with with with them and and the new chains that they're uh supporting but in in case of ethereum and other bigger chains you can create this type of dashboard on dun analytics this is not going to be super interactive but you can if you're trading and this is important for you then then you can you you will not get this data defil LMA that's for sure yep sure sure sure okay so the the question the question was uh how stable coins uh serve as a kind of indicator so you cannot use stable coins to understand the health of a single Dex or single Landing protocol because uh there can be a lot of unexpected events regarding this one deck this particular Dex or defi protocol but if you take a look at a whole ecosystem where you have for example 20 or 30 of those dexes or defi protocols or Landing protocols you name it then you can uh analyze the aggregation of stable coins moving into those daxes or defi protocols and moving out of those daxes in defi Pro protocols and what you need to do since all of these Protocols are on chain you need to analyze all the liquidity pools that are inside of these dexes to understand how the um how the the the number and share of stable coins is changing compared to the number and share of uh other digital assets so if there are lot of stable coins flowing into this uh defi ecosystem this usually means that investors uh so basically if the net inflow is positive uh this usually means that investors are willing to invest and buy some digital assets so that defi tvl will grow and the coin price will grow as well if the not including N Net inflow and net outflow uh if the share of digital assets within the whole ecosystem is changing uh which means that for example the number the the share of stable coins is growing compared to the uh to to uh digital assets other digital assets this means that usually investors are selling their digital assets to move out of the ecosystem which predicts uh the decrease of the tvl and therefore the decrease of the coin price does it does it make sense uh I will be describing this in an article on our blog so if if you're willing to to have a read them uh I invite you to do so okay so um let's move on to DS what about daps um daps have it much harder compared to ecosystems because uh ecosystems were focusing on developers and developers usually are people who are coding either for fun uh sometimes for money but they treat it as their work so source of Revenue and they are not changing to they're not going to change their uh type of work just because there is a um crypto breakdown of course some of them did but not all of them and in case of daps uh situation is a little bit different because daps are targeting end users uh basically people who are using uh crypto as for fun either for uh entertainment sometimes in case of defi protocols they're also using it for making money and here we got an example of Unis swap which is like a top tier one top one defi projects out there that you can imagine that have has uh lost 10 times from its alltime high or maybe not alltime high but I wanted to make it comparable to Sushi swap which is also a very good product and it lost 30 times compared to its alltime high so what did Unis swap do to actually um have a better situation and better stability compared to Unis swap uh to Sushi swap other than having a better brand so what Unis swap did is actually they've copied the strategy of ecosystem systems basically they've turned their defi protocol into a growing ecosystem which grows on developers building new products that connect to this protocol and on the other hand instead of community they have traders that uh they're targeting with offchain marketing airdrops and finally building some really good ux and UI that we're all still lacking in the web free space if you take a look at the high rank position in Unis swap people will see that they're basically doing regular web to uh offchain marketing which means content marketing coo and working on the U Solutions and in terms of liquidity providers which are also an important group of stakeholders uh what they did is that they implemented uh with each and every new uh um implementation of their protocol they've came up with a better algorithm for calculating fees so in the first version of Unis swap you had uh um you had a stable fee that liquidity liquidity providers could uh make money on and the second version you had uh fee tiers that would enhance liquidity providers to deliver tokens that uh are nich and not that popular and in the third implementation of the protocol you had a dynamic fee system which would basically uh enhance um enhance liquidity providers to create new token purs that were previously not exist in in uniswap protocol so uh this is just an example of how to do this properly but uh here we have some uh very basic examples from from directly from our app so we took uh two applications coming from uh Asar ecosystem uh airlift one and rap airlift one is an nft uh Quest uh gaming platform kind of so basically it connects the best of Two Worlds so nfts and gaming and arw is a regular uh classic deck that doesn't even have anything really special about it it's just the first biggest decks in the Asar ecosystem so basically you can see what an nft and gaming uh company needs to do to actually bring in some activity uh which is not really big I mean with some tweets and some events they can generate uh up to 30 20 30 40 uh daily active users uh which do not uh stay longer with the app so the retention is not very high and in case of arap uh so basically regular Dex on Aster that doesn't really run any effective marketing strategy you're still going to have at least 100 or 150 daily active users that are going to use this app mostly for producing some additional Revenue so basically uh the the the um and uh and endline about this is that you need to have a proper uh business model standing behind your app to make users uh stay with it for longer and in case of bigger defi protocols uh here we got some data coming from dun analytics uh this is data regarding one of the biggest defi protocols on ethereum but it doesn't really matter which defi protocol it is because the data is very comparable between these two so if you take uh into account the number of wallets you're going to see that the small wallets uh generate around 40% 40% of the share and the power so-called power whales the biggest users uh generate only around 2 or 3% uh of the over wallets but if you take into account the number of transactions then you're going to see that this 2% of power whales generates around 20% of transactions and if you move to volume you're going to see that this 2% of power power whales generates around 90% of the volume at this defi protocol which basically means that for managers and people who are running this defi protocol it doesn't really make sense to focus on those users or even those users it make mostly makes sense to focus on whales and power whales uh because these are the type of users that are generating the most revenues fees and traction for this protocol and this looks very similar uh in the whole web free defi space basically because with the crypto breakdown that we had in 2022 we had 90% of the users leaving the ecosystem and 10% of the experienced users or whales or uh VCS or hedging funds staying in the system to make money uh in it so yeah so that's uh with that uh with that with that keynote I'm going to to finish the presentation hopefully this year we can expect that uh the things are going to get better as we can see that uh the activity in crypto is steadily increasing uh within the last three months and just a little B little bit of Shilling uh we just released a token guard our growth index uh where you can easily compare the most important metrix of layer zero layer zero and layer one ecosystems and of course uh we're going to deploy the features that will allow to analyze uh these ecosystems in a similar similar manner that I just presented within the next few months uh we're already testing with uh testing it with the ecosystem managers uh who are willing to to understand what is exactly happening in their ecosystems so they have any questions yep okay yeah what happened I have no idea I have I I have no idea as as as far as far as I know uh they were heavily promoting the ab there but that that's it this is just like a like a you know a a small Insight um as far as I'm concerned they they were just promoting the abor uh and this brought something into the app but still uh compared to to regular dii it's still uh a lot of hard work that is not always resulting in in engaged users but maybe maybe we also need to dig deeper and understand what has happened there may be something really exciting uhhuh uh yeah uh we're already moving to other CH we've supported arbitrum Solana and probably second quarter this year we're going to support ethereum and evm chains so yeah keeping finger fingers crossed for for this because eum is a oh my God it's a bunch of data it's a it's it's a really huge change so there is there is a lot of transforming there and Analysis um any questions okay cool thanks so thank you very much I hope you enjoyed it if you have any insights happy to listen thank you thank you Camille for this presentation um so we're goingon to have uh voch in a second [Music] put full screen yeah so uh VCH is all miked up so uh let's give it a round of applause for VCH and uh yeah good luck okay um okay now I can hear myself um then who has a forecaster account okay we get smaller and who posted over past week beautiful this means that we have a large uh time presentation today because nobody knows what's going on um so you know it's going to be a nice opportunity for some for some interest um so it's going to be an intro to forecaster slow intro about myself uh I'm VC some of you may know me from Twitter or forecaster um I'm in crypto since defi summer I've been always around uh ethereum and properly decentralized networks um haven't had the real job since 2019 I was always doing something else uh founded two companies one did fine uh one collapsed uh in summer this year uh as many crypto companies uh and currently I'm working on supercast I'm also helping Agora Agora is a governance platform used by optimism Dow Unis swap ens nounce D so if you if you ever delegated your votes or you're voting on any of these you've been using Agora and primarily I work on supercast uh which is a forecaster client so um you know my uh my bias for this presentation uh any new forecaster user is a potential supercast user um so yeah um I'm I'm huge uh I'm huge Twitter fan uh I buildt my whole career uh anybody who I who I know here we know each other from Twitter mostly um and forecaster is super important for me mostly because of how I would like Twitter to be built and uh you know API access now is closed API access is um under a huge payment and forecaster is essentially an answer of how to build uh modern social media apps uh without uh having any permission to build them either from Elon Musk or from any other company or from any other service provider um so yeah let's start talking about forecaster um essentially foraster started around I don't have okay I have a date here forecaster started around uh 21 but um only started on boarding users around 22 here is a DM I got from Dan the founder uh in summer last year and he was on boarding many Crypt native people and by that time I guess many people also have heard about forecaster this was around the 30 million a6z fundraise uh but essentially as many as many of people who on board around that time I totally churned and uh never and didn't get back to the platform for until summer this year um but yeah it started in 2022 um and essentially this year farcaster started picking up steam um due to few factors so first protocol now is fully ready and fully permissionless nobody uh needs uh any permissions uh to to use forecaster um the app the main app of forecaster warcast is getting really good um and we in this phase where we no longer have this like junky beta we actually have a work system and we start building new clients onboarding new people etc etc uh short slide about what is forecaster from the technical standpoint this is not going to be a technical presentation uh PA already gave me for you know doing doing stuff that Boomers don't understand so we're only gonna talk like very briefly for about tech and for any questions I can I can answer them in the end um I recommend preparing good questions there there's going to be a small giveaway at the end so you can and already start thinking about it um so essentially what is forecaster from the technical perspective it's a social media protocol it's not Federated so it's not like Maden it's not a system where you still live on somebody's else server and somebody whoever is a server provider they can ban you they can delete your content they can just say I can't swear here right um you know it's uh you cannot be censored by anyone it's not on chain so it solves many problems with onchain scalability um and onchain ux so example of an fully onchain social media protocol would be uh lens and um you know lens is great but um it's just a different path of building a social media protocol um so what is forecaster essentially uh forecaster is the third more more complex thing of building a a social media protocol it has both the on offchain part which is essentially like a peer-to-peer protocol very similar to what uh bit torrent would be if you ever you know uh downloaded files from the internet uh illegally this is essentially how forecaster Works um and for parts that require some comput computational safety and guarantees and double spend prevention um forecaster users uses smart contracts on optimism and um things like sign apps things like permissions for third party applications uh go on chain but things that you actually do every day you post you like you follow people are going to the peer-to-peer offchain uh offchain system and you know at the top we have also apps and apps are like you know any other apps we know them we we have them on the phone you use them on the web so very briefly this is the forecaster architecture uh this is the part that scales very well and this is the part that gives developers and users headaches because it requires gas fees and uh nobody likes gas fees uh but we're abstracting them quite quite well for now so yeah that's technical part and um for any questions you know you can keep them later and I I GL the answer there's a lot of questions about like security and um uh and in general protocol permissions or lack thereof so you know feel free to ask them so this is what is forecaster and most importantly the next slide is why you should should use forecaster uh so this this presentation will be about how uh why you should build on forecaster but we should start about why you should use forecaster because none of you actually is uh I don't think we had anybody who is an active active poster so why should you use forecaster um first the best part about the current state of app is for True community and it's it's often a like a meme in crypto that Community is this like telegram group of people who dump on each other other and just you know speculate on shitcoins uh but no with faras we have like actual community and this is this early moment when like you can literally DM DM or or message anybody on foraster and they will reply to you so vitalik is very active on farcaster um people like uh Brian Armstrong Balaji uh no no no okay I don't have the screenshots but essentially everybody who matters in crypto like actually matters is on farcaster um and Lars are on Twitter uh essentially uh so if you want to connect with people who actually M on foraster uh have real jobs in coinbase in ethereum Foundation or in like your favorite throwup provider you should be on farcaster that's number one um okay I will explain that later that should go to airdrops um so uh the the second reason why to why to use forecaster uh it's actually growing quite fast so as you can see from from May June uh this year uh weekly active users is like steady growing um it's not Bots yet it's it's like actual users it's actual like Word of Mouth there's no Big Marketing uh mostly people come from meetups like this so you know you kind of have the alpha here as well um and yeah people just come to use protocol just as they use as people use Twitter so maybe if you're not a huge Twitter person you don't have much to look for un forecaster but if you are a Twitter addict you know you should you should be there um and this is a great opportunity to catch the early following uh to you know catch early valuable follows and you can establish yourself as the important person on the new platform um so yeah the SEC the third use uh the third really cool reason to use forecaster is uh channels um this is kind of like subreddits so foraster right now is this like if Twitter and Reddit had a baby um channels is a way to post with your existing social graphs with existing following into different communities you can also create your own channel about whatever you know drives you and you can connect with people um this way so the most popular Channel right now in farcaster is d uh I will explain why in a moment uh but it's this like organic Community where lots of things is happening at the same time uh it's also not just technical if you are into uh let's say art or book or movies or Fitness uh you can also join a fitness channel or like any other of those and I met some people in fitness channel who you know have great routines you know there's a lot of great conversations there uh but also you know there's Art Channel I have nothing to do with art but there's people very fascinated with art and they share their own things there so it's also kind of interesting to see um so yeah like now maybe the most important part not the most important but one that like actually really took off over past two months let's say uh because on farcaster everybody has uh or like at least majority of users have the connected wallet to their you know social media accounts there's nothing stopping you with like you know designing airdrop for the community based on their activity on on the on based on their social status um so we had two events like that uh one that's maybe was the Catalyst for the you know shitcoin Mania that's happening right now um first event was uh through Matias who is um a developer somewhere in the US who randomly devel uh launched a coin called point and there was like a random mint the coin went up and many people made uh you know unmoral amount of money out of this and the second one is actually from a Polish developer yatch uh who is based in RAV so shout out to yek he's not with us today uh but yatch deployed the coin called Deen um like a month ago uh there was an air drop based on the forecaster usage it was very welld designed uh and yeah essentially at the current valuation of this uh it was like 10 million or something um people got people got between like two 5K dollars uh you know know randomly so being active on forecaster just space if you're into these games if you don't like you know having fun with random tokens on the internet then then this is not a good reason for you maybe you should stick with like the first three but this is the most compelling argument for people who are in crypto for money and I guess most of us uh are um so yeah uh the most serious argument though for me for example as I told you I'm a developer I'm a big Twitter fan um when you build your app on on foraster or your just a farcaster user nobody can censor you you can always either spin up your own Hub or you can use an API provider um currently uh the biggest uh the largest uh API provider for farcaster is Nar they recently raised a a venture round just for building uh farcaster infrastructure uh they have a great product uh supercast my app is running almost fully onlineer so so huge shout out to to these guys there's also airstack um and there's like search Caster who is just like a random Dev shout out to Greg um creating his own search API and building it as a private is a public good for for foraster projects um but none of this has anything to do with the core team of forecaster which is really cool the audience is really the the community is really organic so again you don't need any permissions if for example you don't like that Nar is a paid product you can always spin up your own Hub you can use the open source tools to to sync your data your post database and you have always the full control over over your experience uh and what goes well with this is alternative clients so um this is supercast this is uh this is my product uh supercast is this forecaster client for pro users um I'm cing for people who post a lot um who require tools like scheduling threads uh analytics uh multi multi account uh uh usage uh so if you're running like a company account or you have some alt accounts you can also very easily do it from supercast um and you have clients like more clients like this I'll showcase them in a moment so this is why you should use forecaster ah okay now I'm going to Showcase them so you know example other example of forecaster clients would be tiles who that is fully focused on uh on images uh and this like you know forecaster Instagram uh another would be yap yap is focused on posting too many social media protocols at once and also Twitter so I think on you on the app you can both you use blue sky lens forecaster Twitter at the same time probably more coming that's that's their whole thing um we have opencast which is essentially forecaster with Twitter clone if you're into that with Twitter skin if you're into that uh and we have uh far cord which is foraster in a in a Discord skin and everything every of these projects is honestly build like you know possible to build in one week uh because it's super easy to use this uh to use these apis and what's the most important about all of this so maybe we kind of had this uh this part that this permission is and open but this is where things get really interesting if you are building your own app your own social media app and you or like whatever app that has a social component you can very easily build it on farcast and automatically tap into the whole user base to five to 50,000 signed up accounts or you know I think right now we are at six or 8,000 weekly active users so there is many people that you can just tap into just by connecting your app to foraster protocol it's very easy to also reach out to everybody on the platform at once just because everybody is quite active and everybody is glued to their phone um and this is how you can Kickstart the the cult um you can solve the cold start problem and Kickstart your network effects uh when you have a community of people ready to try your app um obviously the numbers right now are quite small but everything's growing it's a perfect time to join and it's a perfect time to build on far on forecaster and this is what this presentation is about um the the example here is uh so this is kaido uh a friend of mine um and I know these screenshots uh look very similar but this is screen screenshot from supercast and this is a screenshot from warcast uh supercast is is my client warcast is the the largest forecaster client from the forecaster core team and uh you know as you can see like the bio is the same the username is the same uh the social graph the kaido's followers and following is the same it's different apps but all the meaningful social data is is shared uh between all of all of them um the second uh or like the third most compelling argument um is uh it's just a community full of Founders uh the average forecaster user right now is a crypto founder or crypto Builder crypto developer it's really high value users so one it makes it easy to sell to and this is something that I'm kind of taking advantage of um but also it's a great Community to get early feedback on whatever you're building because everybody's going through a similar thing um many people would raise money some people would go in a bootstrap way but everybody's collaborating especially in the founders channel so you can go to warcast today or supercast you can go to the founders Channel and you will see a lot of people just discussing current events disc discussing strategies um and in my opinion this is one of the best communities on the internet uh to be a part of today uh and the for for reason would be smaller one but it's also quite easy to get uh grants for projects built on forecaster um because it's built on crypto rails and it's it's by default open open source public goods Vibes um uh it's it's easy to get a grant especially from optimism also because optim farcaster is deployed on optimism and optimism has a very extensive grant program grants program so uh two weeks ago um there were there were results of um retro public goods funding from optimism Collective and forecast related projects received over 1 million in in in Grants which is fantastic and people just like you know you random Builders would get like 20 30k uh retroactively just for building a cool app that had you know some meaningful usage but nothing unicorn heavy it's just you know rewarding Builders which is quite fantastic and now uh we are also it's me and um limes from layer three we're also putting a proposal for another round of funding from from optimism for forecaster Builders we're requesting right now again around $1 million of dollars um so if you once that one that goes through hopefully uh you will also be able to apply for even more funding uh non-dilutive funding from optimism Collective uh so you don't need to pach any VCS you don't need to do any of that stuff you you pitch your public good products and you get money which is quite fantastic um and that would be it uh I really wanted to to do a short presentation um so the summary you should be done forecaster because you don't have the cold start problem uh you own the API you can always spin up your own Hub connect to optimism and that's it um and you can use all the Crypton native features like you know connected wallets and or dropping people your talken uh you know uh just like that uh small announcement uh it's still very undisclosed I haven't spoken about it on the internet yet but supercast is also receiving a meaningful Grant recently so I'm hiring uh a food stack developer if you're interested in this kind of problems uh if you ship to production before um with meaningful usage uh hit me up on foraster I would love to talk um and yeah for anybody who ask a good great question I will I will send you a paid invite for for warcast um to prevent spam and to create like a sustainable model for the protocol foraster has storage fees which is equivalent of ethereum gas PES so right now you can you have to pay like $5 a year to sign up so if you ask a good question you have $5 because I will I I would send send you a p invite that would be it that's the last slide uh I'm ready for the questions I guess okay uh thanks for the presentation like really looks awesome so um my question because you you you showed like an example of similar apps one was yours and the other one was someone El um like is the yeah are the original posts and content that users create stirred um either on chain or on one of these HS and you can choose whether uh you will be using this data or are uh all do all those different apps uh need to collect their own uh content from users how does it work um so now we're getting into the detect part prob now you can you can grab a view sorry um so every Hub at any given time stores all the data the technical or like hubs follow eventual consensus so for a short period of time I actually don't know how long but let's say under 5 minutes you know maybe some hubs are not in sync but eventually every Hub owns every single piece of um of the protocol data right now downloading the whole protocol data uh takes around eight or 10 gigabytes um there are very hard and strict limits on the uh on the text size um again like you know there's this concept of storage fees and spam prevention um but maybe for another question essentially if you sign up if if you spin up your own Hub today it will download all the data from the network it will constantly gossip peer-to-peer um information from all from all other hubs in the network uh and then if you build your own client or your own app you have the the access to to all data um there's one question about scalability of such solution um as I told as I told you right now the whole network is around 10 gbt but if it scales you know to a size that matters let's say 100 1,000 x is going to get to something like 20 terabytes Which is less manageable to do solo but still you know something that you can relatively easily spin up on AWS and and work with it once we go above that there's definitely room for like you know sharding for uh for some other rules but right now you know we we need to solve the usage problem rather than uh rather than the the scalibility uh as as I understand there are no limits in types of content that users can create right there are very strict limits in type I mean right now probably there are limits mostly to images and uh the amount of text but I guess that in the long-term road map um the the the uh forecaster um other Foundation or Collective whatever it is they will probably plan to implement videos and and other type of content right so videos and are not stored in hubs uh you need to self host uh image any image or or video that you that you upload to the network like as a client you need to provide hosting for uh for the images um this is because one you know it would be super easy to spam with just like you know data blobs data image uh just random images um so we don't do that um whenever you want to upload an image you uh just upload um they like the client for you uploads you know a link to to to an image hostage somewhere else um but yeah about the the types of content again right now it looks very similar to Twitter there is mostly one piece of content on forecaster is called cast uh which is which is an equivalent of a post a cast can have up to 320 characters and two embedded two embeds and embeds are like essentially any any URLs um and in the future there's nothing stopping you from you know submitting an FIP which is forecaster Improvement prop proposal um for any other type of content but so far you know we we're good with casts and we'll see what's uh what's going to happen later awesome thanks question here okay thank you presentation I'm Alexander guas nice meet yeah um I really don't understand how your storage works but uh can you explain how your API uh can be sensorship resistant yeah uh which Technologies you use um so sensorship resistant comes from the fact that any given time you can permission spin up a so the workflow is exactly like this you go to a GitHub repo you clone the repo on your computer or an AWS instance and you just start the process of syncing with the whole network and since then you know you you own the instance of of the network on your computer so if you submit the data to the to the hub you know on your own like it will gossip with other hubs and this is the definition of like sensorship resistance nobody can nobody can buan you from cloning a GitHub repo and running the code on your own computer but it's not API as I understand API for social media uh what do you mean by an API uh on next slide you have you have FR sensorship resistant apis okay oh yeah cool so this is the sensor ship resistant API you can spin up a hub you can you can submit any message you want you want and it's going go okay everybody can uh launch all API and yes oh okay I understand you know working directly with with this type of okay right now I got it thank you but you know there's independent companies that just like publish their own set of apis just to make your life easier as a developer okay thanks hi Vex thank you for the presentation uh my question will be about the long-term vision of the social uh of this social network I already have the account and forecaster uh and I'm marketer that's why I'm interested in long-term Vision because we know all these cases with blue sky madon so they are not so popular as um as expected uh that's why I'm want to ask uh like your vision about everything and I know that A6 that invested in farcaster and they actively promote uh they created a lot of um accounts for their um invest investors yes and their team and I see that they have um this long-term Vision so they are interested in uh promoting this social media but what do you think what is your vision of their long-term okay so my personal vision for why we need a protocol like this is that conversation on the internet in 2024 is too important to be owned by you know any other company and be controlled by you know US government by EU or whoever is you know gatekeeping the access and uh we deserve as you know societies we deserve as people an access to free information that we can control um and that's my vision for forecaster I want every meaningful interaction on the internet to be handled by a neutral protocol that is not controlled by any single entity that would be my vision uh the vision for of of Dan and of of Founders is essentially building a you know huge social media that would be a great business uh this is why A6 a6z invested as well um and the goal there is to you know to to build killer applications that people will love and they will use and you know organically uh the app will be growing I can hear you yeah it probably makes sense for microphone for the recording yes super thanks uh so the next question if you don't mind um how um farcaster Founders want to attract um Mass audience because you mentioned that now there are many crypto uh entrepreneurs are on foraster and it's obvious but how they want to attract uh my mom for example or your mom how they want to attract uh that's a great question and you know uh I I don't think I am qualified to speak on on their behalf uh I guess the road map for next uh few months is to create very strong communities on the main app on on warcast so so communities like these uh channels I guess this is the the idea so anybody can come to to the app and create their own channels Channel and you know foundies is a great example that has has a little of traction uh dun is fully organic and if anything the founders of farcaster kind of don't like the situation where the dun channel is the most popular one um but yeah that's the plan uh if you have like a hobby or you know something that you want to talk about on the internet but you don't really have a place for it I guess that's the that's the first goto Market strategy uh but as anything in startups I fully expect this will be changing over time so you know I cannot give you a concise answer on on how this will work in the future of course we have another question here yes hi um so as you said in web to it's very difficult to build social media companies because Facebook Instagram and so on their main leverage against competitors is their Network which is calculated like literally in billions um in farcaster this is not the case so how different um apps differentiate themselves um so they can get traction and yeah is it only ux or is there something else to it that's a fantastic question um that's actually like an ongoing debate and the uh the forcaster developer circles on like what types of clients can actually you know be better and as the default than the default client warcast um the question is still open I think the the beauty of Entrepreneurship is that you know you're coming to a market with a product you can bootstrap your existing user base with with farcaster you can connect to the API um and you can create something magical for your customers um and then you know this this question of like you know do you have good enough marketing do you enough enough do you have good enough growth strategy um and this you know the answer how to build a big app I don't think you know any social media protocol will solve for you I I guess that's the entrepreneur uh challenge um but what's farcaster provides you is the the the access to to First Community to their social graphs and to the first user base we have any other questions yeah I see free hands uh but I'm going to go in the back hi and thank you for the presentation uh my question is um how extensible and open to Innovation for Custer is because you've mentioned you have a like a a single metadata standard for a cast which is a text but um if I wanted to create a different kind of application on farcaster with for example custom reactions to post or something like that how hard would that be to to do something like this that's another excellent question um so there is very clear protocol specification um and at the data level protocol is quite simple you just you can see that there's like few types you know there's you know type cast or post and has a simple definition and so far the protocol was exclus almost exclusively developed by theor um by Decor team but I guess there's nothing stopping you or like not I guess I know there's nothing stopping you to come come up with your own application that has you know traction that has a user base and if you want to extend the protocol with this you know user base on maybe on maybe a centralized application start but you know people want to do something and people want to use their social graphs for it people want to use your existing forecast reputation for it after few months of U proven product Market fit I guess you know the core team will be very open to uh to talking about how to add it in the in the protocol but even today there's L nothing stopping you with like opening a PR and just asking community of um Hub Runners uh if uh to merge it so um I guess this is where the governance happens just as with ethereum you know the governance happens uh like the future of the protocol is decided by the node Runners uh the node operators so if if the the chain splits I as the the node operator of ethereum mayet I can decide what what chain I want to follow and that's the same mechanism here in hubs if you open tomorrow uh a PR in the in the main repo and um you will tell uh you will tell to everybody hey I figured out this new reaction type and you know the the test Suite is passing everything is going well the Hub is sinking you know our instance of hubs are sinking if if anybody wants to run it let's do it uh you know you can ask me you can ask the the community and people will start running your fork and maybe even you know this is not going to be the The Hub of the core team uh maybe they will you know they will be very angry about it they would tell tell you that oh no it's actually you know putting too much um um too much weight on the network there's maybe too much data but you know if you convince other uh Hub Runners it's going to make its way to the protocol so you know again it's food permissionless yeah yeah so thanks for the presentation one more question uh so uh as I understand it it's uh sensorship uh uh it's not possible to sensor because it's it can be decentralized but uh to be to be really like uh not possible to to hack it somehow you need probably at least like two or more instances of the hubs running at the same time right to juggle between this uh because if there's like one instance of the of an API somewhere someone close it it's done so how do you manage the traffic between this hubs to keep it running uh in terms of bandwidth uh for example yeah but in general if you have two and one was closed what's then right you want to switch immediately to keep it R so as of today there is 600 foraster hubs running um most of these hubs is being run by airdrop farmers who want to you know do something on the protocol before there is a token uh by like you know a healthy estimate there's maybe 50 or 100 like honest nodes so let's say that the rest of them will turn off we have like 100 uh foraster HS and the the gossip protocol design is definitely above my pay grate uh you know I I will leave that to uh to the protocol engineers in in in the farcaster core team uh but this entally how it works is that you know any second or any other time unit uh time frame um you will gossip your data with five other hubs and like chosen chosen at random or many at like another you know leader selection um I don't I have no idea how the algorithm is implemented uh but you know in a way that you know after you sync with after you select randomly five hubs to connect to and the other Hub will connect you know will select five other Habs you will breach the consensus or like the gossip network with the whole system but again I have no idea how it works it was a question above my pay grade but essentially every Everybody SS with everybody all the time um we have one more question here and I think this is going to be the last one uh hello uh my name is Arthur I'm SL to developer but I'm I have a question more like a social uh you said it's uh censorship resistant and permissionless social network uh and my question is is there any moderation or like is it implemented or what about it um so moderation happens on the client level um warcast the main client the largest client has some sort of um deing so they sometimes mute people that are posting you know illegal content or like they're very spammy if you post you know 10,000 casts a day that that has that have you know some um some negative or just like some spam information in it they will just like hide hide you in in their client but for example it will not be taken out from the protocol and supercast will show it because I haven't implemented any moderation yet so you know I think I can safely say supercast is prone to like any porn or you know any content attacks for now um but yeah the all moderation happens on the client level and any client can op in into whatever type of moderation they want yeah uh what's stopping me than spinning on my own client and like just spamming the H of chain part absolutely nothing there is there is um I haven't used it yet and I don't know any case of like how to use it but there is like a peer score so if you're Hub just like tries to break the consensus or like does something very bad to the whole network they other hubs can like start rejecting it just like to avoid you know problem problems but um I I don't know how it works I I there is some prevention to it but actually you should try you should post about it and you should see how how it's going to work okay but it also I guess doesn't help against the illegal content because it's not a Spam no okay thank you like you can spam the network pretty heavy right now yeah you had a lot of questions here obviously we all love your uh presentation thank you thank you so much for taking your time uh to share your knowledge and uh we're going to have a networking session so anyone that uh has any other questions can just talk face to face Y and uh whoever has the question is entitled for a free forecaster invite so just hit me up and I would love to answer any drop alert yeah I can't comment on that thank you uh yeah guys um can't join us let's talk let's uh let's network uh we have some snacks and drinks there um and yeah uh just uh remember that the conference is going to happen uh 28 of SE September this year and uh yeah I'm going to be posting this on Twitter right now so give it some love thank you guys see you in the on the next [Applause] [Music] Meetup m