Fireside with Joey Santoro

hey hey what's up everyone [Music] i'm i'm so excited to be here um it's it's truly awesome like all the energy all the builders i think like eat denver has been one of my favorite conferences i've ever been to today we're going to be announcing a huge product it's the new focus for the tribe dial and um we really think it's going to be huge for d5 so what i want everyone to do right now is text your friends and tell them to get in here tell i want to see all the seats filled if possible so just text everyone you're with get them in the room um how's everyone feeling give me give me some energy how's the denver been for you all [Applause] yeah i love it i love it um so let me let me tell you a little bit about the tribe dial uh if you haven't heard of us it's uh it's been kind of a wild year we launched in april and uh we have one of the biggest d5 launches in history and um there were a lot of challenges that an adversity that we were able to build through and it was kind of a testament to putting your head down finding product market fit and so the original launch was the face stable coin and the whole vision for phase have a decentralized stablecoin um to you know provide liquidity all throughout d5 and build kind of an infrastructure around it and then as we built up and got all this together we had partnered closely with the rari capital team and ended up merging in december it was the biggest down merge in history and um this journey of building a dao and finding your tribe is something that um has been just like the greatest ride of my life and what we're focused on is being able to let anyone in this room have that same experience if you have an idea you want to build a dow we want to get it together and have it as easy as possible as little developer experience as possible and so the content of this talk is going to be talking about defy talking about where we are talking about the tribe and the services that we have today and then at the end we're gonna have this big announcement of how we're gonna tie it all together so uh yeah i'm i'm really excited to get into it and uh i hope you guys i hope you guys like it um so yeah next slide so what we've learned is that dows are the future of human coordination it's so much better to run a dial than to have like your standard c corp um tokens allow communities to come together there's this social element um like-minded contributors working towards a single goal and that you know is very powerful but on top of that you have this technical layer of the blockchain and smart contracts so that gives you this trustless environment where you can't be taken advantage of because all the rules are in the code and lastly there's a financial component so now the value that you create is coming back to your community this is such an exciting way to coordinate and it's so much better than anything we've ever had in human history um so again what are daos great for social technical and financial coordination all together in one platform and this is the most powerful way to organize and at the tribe dao we focus a ton on bringing products to dows to help them amplify their their reach their integrations and their utility for their users the other thing that we've learned is that the most important thing in d5 is liquidity liquidity is the ability for any of your users to do what they want with their tokens you want to be able to swap your tokens you want to be able to get in and out of of different different communities you want to be able to lend and borrow against your tokens maybe you want more tokens you want to earn interest maybe you want to go buy a car but you don't want to sell your tokens so in that case you want to be able to borrow against them there's all these different opportunities and liquidity is hard to build up it's it's the most important resource in d5 and liquidity is what gets you the integrations that you need and liquidity is something that it takes a lot of expertise to really build up and it's something that the tribe has all these different products that we're going to get into to build up liquidity for your dows and at the end like i mentioned we're going to announce a product that's going to bring it all together um so yeah like liquidity it's a big thing and keep that in mind throughout the rest of the presentation so the tribe dao we have so many things going on there's people on the team who don't even know all the things going on we so this is just a list of some of the different features that can provide liquidity and utility to your community through the tribe dial so the first is fuse this is a completely permissionless lending platform that was built by rory capital oh hey okay thank you yeah wow oh this is so much better can you guys hear me better i guess i never figured out how to hold a microphone um okay so so like i mentioned fuse the lending market is um anyone can create their own platform that's risk isolated to borrow and lend whatever tokens you want and there are thousands and thousands of tokens in d5 so if you have kind of a monolithic lending market you can't support all these different tokens and every day every week there's new dozens of new dows that are coming in and they all want to have this utility for their users so fuse is the platform to do this and it's purely infrastructure and it's one of the most exciting legos that i've ever built with and we have some really exciting stuff coming down the pipeline for a fuse and so fuses the infrastructure and like you you can see there's two different types of products that the tribe does has there's these infrastructure products like fuse and then there's liquidity injection products like turbo and liquidity as a service so when you put these together you get the complete package and um so so yeah that's fuse and we're doing a bunch of exciting stuff with fuse there's plug-ins being able to lend out unborrowed reserves back into other deployment strategies just getting more returns more utility for your community so what is liquidity as a service like i mentioned liquidity is the most important resource in d5 so liquidity as a service is essentially a way to amplify the swapping liquidity that you have for your token and the way that this works is that using ondo which is a platform to kind of carve out the risk um the the tribe dao will provide stable coins fey to match your token from your dow to create this liquidity pool so it's kind of a immediate injection of liquidity that your users can take advantage of it's a really powerful service and it's one that kind of like i said there's the liquidity side and liquidity as a services is definitely on the liquidity side now turbo is one of the most exciting products that we're going to be launching next month and we have an entire slide on this so i'll i'll get into i'll get into the dirty details there in a second in rari capital vaults as i mentioned fuse is this huge platform there's hundreds of different lending pools all with different interest rates so vaults is a way for you to just set it and forget it it's a yield aggregator so you put your tokens in and vaults will just take care of everything for you it'll rebalance it'll give you um you know really good risk adjusted interest rate and um that's another really exciting product that's coming out next month and lastly flywheel is a token incentives layer on top of everything and we're we just launched flywheel v2 which we have another slide on and i'm really excited to to get into the details let me see how we're looking on time but we can go to the next slide so everyone's like what's turbo i have no idea um so so turbo is a completely new mechanism in d5 where when you think about a stable coin in a in a traditional sense you usually have a dow that's issuing that stable coin or a company like coinbase so usdc is the most liquid um you know stable coin in d5 and that's issued by a company right they get you give them a dollar they give you a dollar and that's cool but that's not really in the ethos of d5 where we want everything to be on chain and everything's to be permissionless um so you have these other stable coins like maker dao in maker dao to issue die you have to be a borrower so maker dao is the issuer and you're the borrower and what that means is that there's this cost to getting the stable coins into circulation and it's limited on where you can put them when someone issues die they can go do whatever they want with it but um you are a borrower and you have to pay that interest rate so turbo is a is a completely new mechanism that changes the relationship between users in an ecosystem and the stablecoin issuer with turbo you and your project actually get to become the issuers you can issue fee at zero cost there's no upfront cost there's no interest rate and then you can deploy it back into either a yield generating strategy or a location where you want your users to have liquidity or both so it's really one of the most powerful transformations in thinking about stable coins and and providing them throughout the ecosystem so as you can see here users deposit collateral and then you boost fey into circulation into a strategy and so now you're the issuer and you can at zero cost go earn interest on your tokens so now tokens that weren't productive now have this stable coin denominated interest coming in and even cooler than that if you're a dow you can provide that liquidity to a market that is for your users so it's just a service for your users to be able to borrow against and then there's a revenue split with the tribe dial so let me give you an example about how turbo works to really make it hit so one of our closest partners as the tribe now is the balancer dao and they are an amm they have all these different ways to create swapping liquidity for your tokens and their lp tokens are kind of if you can think about it as they're like exotic tokens where you're kind of combining different different tokens into an lp position and there's not a lot that you can do with balancer with balancer lp tokens and d5 at the moment so imagine the balancer dial makes a fuse pool and they let you provide any lp token that you want as collateral now um you can keep earning the same liquidity reminding rewards from the balance or dial but you can also borrow against those tokens so now if you need cash you can borrow fey and if you need um you know if you want to like even lever up your exposure to that position you can get access to that phase through turbo and the balancer dow at zero cost is is boosting that fee and issuing that fee on behalf of their community and in partnership with the tribe dao so it's a really really powerful mechanism and like i said we're going to be doing a guarded launch for turbo in march and then expanding the use cases as it scales up i think it's going to be a really powerful mechanism and one that um i hope that other teams replicate in d5 because i think this is like an evolution on the way to issue stable coins into circulation so yeah turbo uh was written by transmissions11 who is now he's he's an incredible developer uh prolific legendary figure in d5 he's now at paradigm as a research engineer and he's going to be continuing to push the space forward um so yeah this is kind of the the last product we got to build with him and can't wait to see it live flywheel so in my opinion flywheel is one of the most underrated features of fuse rari the tribe um tokens are everything and everyone loves liquidity mining right like you you go get some lp tokens you go get some tokens and you throw them in some staking pool and now you get more tokens it's like that's what we're all here for and um so this is fine right like it's a little bit expensive and once the tokens are in this yield farm there's often nothing else you can do with them until flywheel v2 so the the normal kind of uh flywheel that you see is the one in the middle so you get your incentives you get your incentives and that drives more tvl so now you have more more assets that drives more volume to your platform which drives more revenue this is your classic flywheel uh the best example of this is convex and curve so how many people here have heard of the curve wars curve wars yeah it's like it's a you know curve is emitting their tokens and then they're getting liquidity and the the tokens can direct more liquidity so that means that the more curve you have the more curve you can get and that's a very incredible mechanism and it's one that with flywheel v2 you can actually replicate on top of a fuse pool so now not only are you able to have this same flywheel but in addition users can lend and borrow in a market with those incentives on top so to give you a concrete example um let's like we're actually working on this right now the first pool that we're going to launch using flywheel v2 is a convex pool that plugs into the existing convex incentives so that means like you can take your lp tokens from convex put them into a fuse pool get the exact same rewards nothing changes but you get an additional option and it's a great one which is that you can borrow fey against that position so now it's even better than what you had before and we can do this with any incentive program in d5 and if you're running a dow and you're issuing token incentives i strongly encourage you to get on flywheel and we're going to be porting some of the best projects incentives over to fuse to give this extra utility and incentives to their users so that that's flywheel v2 and we're going to have some really exciting it's a modular architecture so we can even upgrade the way that the incentives are distributed and calculated all completely permissionlessly on top of fuse or on top of any strategy that you want so that's flywheel v2 and um yeah there's another one of the insane stacked um set of products that the tribe dao has and yeah i mean we got more coming like volts i don't know if any of you guys got to meet kirk who who here likes inflation anyone so um yeah i didn't see too many hands go up so what volt is is volt is a stable coin that is protected against inflation so if you hold volt you aren't losing any money to the inflation of the us dollar it's it's pegged to the cpi and this is powered by chain link and it's in partnership with with frax to have kind of this ecosystem built around an inflation-protected stablecoin so if you haven't had a chance to talk to kirk i think he had like a coffee hour this morning but that's a project i'm extremely excited about and um as you can see we have all these offerings in the tribe dial and the vision is to verticalize the entire d5 stack so if you come to the tribe dial you will have an option for anything you want as you can see like fixed income token indexes options derivatives i mean whatever it is that you want to do whatever opportunity you want to have for your community we want to have that in inside the tribe dao and we're we're going to work with the best teams in d5 to help remove the cognitive overhead of deciding oh what which platform do i have to use for x which platform do i have to use for why you don't need to think about any of that you just come to the tribe dao and you get it all taken care of for you and this is where we're going this year and so as you can see it's kind of it's kind of overwhelming you have all these different options right now they're all kind of isolated components but where they're going is we're going to put them all together and this is the product that i'm so excited to announce to you all right now tribe launch it's a black screen all right presentation's over [Laughter] um yeah so something happened with the with the laptop what's going on yeah i know they couldn't take it they couldn't take it literally the the screen shut down the energy's through the roof so yeah while they get that okay there it is so and it's back down all right what is tribe launch tribe launch is a way for you to enter the tribe ecosystem completely permissionlessly in a single click and and you get premier access to all these services some of which like require governance like i mentioned earlier liquidity is a scarce and powerful resource and it's the most important resource in d5 so if you want to get access to that liquidity there's all these prerequisites your token implementation needs to be secure you have to have existing like demand and legitimacy around the product that you're building and um you know then you have to go through governance and there's we talk to like so many projects every week and it's it's really hard to really get um get to everyone in kind of this manual way so the vision for tribe launch is to completely remove the barriers to this make it totally permissionless and kind of get you in the tribe ecosystem from day one without a single developer on the team if you have an idea for a dao start thinking now start getting excited because tribe launch is going to be there for you very soon um yeah i guess we're not getting the slide but that's okay we don't need it so the the big innovation in tribe launch that makes this all possible is the token factory so like i mentioned earlier it's really hard to make these permissionless services that work with every single token because tokens can be malicious if anyone can implement a token you can put code in there that totally breaks something it could be even like sneaky where it doesn't break it right away but it breaks it in the future and this is something that's really hard to do technical due diligence for and hard to build around so the way that we're going to solve this is by having a custom token factory so that the tribe down knows in the code that you have an erc20 that's compatible with everything that we're doing and that's safe so it's not only is it good for your access to tribe to try products but it's also good for your users when you use tribe launch um you your users know that it's battle tested code that gives them the security as well to really feel comfortable being a part of your community so after the token factory now you're in right how do you get access to the rest of the system well that's where the liquidity bootstrapping comes in so um the best part about tribe launch is it's that it's kind of like an ios for your your dao where if you want to do something you can have access to all the existing best offerings in defy and if something new comes out it can be added into tribe launch for all future tokens and you can upgrade your infrastructure all throughout the the single platform so it's kind of like an integrated experience and um so the liquidity bootstrapping you can imagine um for example we talked about balancer earlier so one option is a balancer liquidity bootstrapping pool where you start out with mostly your tokens and a little bit of fey or eth or tribe and then you kind of auction out your tokens to get more protocol owned liquidity and this liquidity serves as the baseline for your access to all the other tribe products and so one of the cool things about tribe launch is that normally you need a little bit of startup capital to be able to um like create a balancer liquidity bootstrapping pool but if you use tribe launch because of the the way that the launch is engineered you actually don't need any capital at all you come in and you say these are the terms i want to do my launch at and the tribe dao will just provide you the other side of that pair to get you going so it's faye eth tribe whatever you want to raise in you don't even need to talk to a single vc it's like we're automating vc out here absolutely absolutely crazy and you should still talk to vcs if you want to but [Laughter] yeah i mean it it might not it might not really click just yet but um i think this is gonna really transform the way that teams launch um tribe launch gives you like i said whatever the terms you want access to all the tribe products it all starts with the token factory the liquidity bootstrapping and then boom permissionless access to tri products so what does that look like in practice turbo is a very very powerful way to get that stable coin liquidity to your users and if you use tribe launch we know that there's this fade demand that you created as part of your launch to offset the turbo and then we can make your doubt a joint issuer of fey with the tribe not only that you can use flywheel to get your token incentives and your bootstrapping going on top of turbo and then your fuse pool becomes a home for your users to stake their assets and um you know get capital efficiency borrow fee whatever you need so um tribe launch is really i think like the beach head for the tribe it's like we're building this integrated experience and we're gonna plug everything back in so it's your one stop shop um if you have an idea for a dow you can build it you can launch it you don't need a single developer so um this is gonna launch in may and um this summer 2022 is dao summer and it's gonna be powered by tribe launch [Applause] so yeah this is the tribe dao and get excited because we're going to keep building and we're going to keep expanding so if you want to be a part of the tribe dow you should definitely follow faye protocol or ryrie capital on twitter join our discords and if you want to talk to me i'm joey underscore underscore santoro i know i couldn't get a better twitter handle but uh yeah you can follow me on twitter dm me um we want to hear from you if you have an idea we want you to use tribe launch we want you to use tribe products because this is the the way that you get into d5 and you can take care of all of the hard stuff all the tokenomics is done for you and you can focus on building and building your community um so thanks again everyone really really excited about everything to come so excited about eat denver and yeah let's let's keep on building i might be a little early so i don't know if we could take questions probably not but what are you thinking awesome yeah does anyone have any questions here i'll i'll bring this mic down and then uh omar do you want to pass the mic around for people who have questions or you just pass it to people uh so you need to atomically redeploy your uh your uh turbo tokens right for uh your yield start strategies on fuse why is that you have to like atomically redeploy your uh vault uh for here yeah yeah okay so the the yeah so for for turbo the the trick is that you have to atomically take the fae and put it back into a yield strategy the reason why this is so important is that it's a zero cost loan so if we're going to issue fey it has to go back into a strategy that's approved and you can add some automation around this process but turbo is basically the way to get fey into the strategies that you need and do it in a completely costless way so you can't just go sell the fake you have to go put it somewhere um that's revenue producing so that the tribe dao can offset the cost of this zero ish zero cost issuance for fey is that how is that does that answer the question yeah great great question that mic is not on so try recently went through a sort of major merger largest in d5 are there any sort of major lessons learned you you've taken from that process all right let's see is this working yes awesome so the merger was one of the most incredible experiences of d5 governance i think i've ever seen because you have two really big really decentralized communities with very different value propositions i mean phae is a stable coin it's like has a ton of assets fuse is like this innovation hub and like you know they have the yield aggregators totally different communities coming together and i think it was really kind of an exercise in creating a shared vision and that's what we're talking about here with the tribe lunch is that like you put the whole stack together you get something really magical so it's taking things that are different and kind of complementary and putting them together and it was really just like convincing the community that this was a bet that was worth making and i think so far it's been really incredible like we're shipping turbo flywheel v2 liquidity as a service like all these things they're kind of networking the tribe together um so yeah i it wasn't like the easiest thing in the world kind of getting all these different communities together but i think it was totally worth it and a really good experience yo what's up kevin yeah yeah joey i'm like your biggest fan you know i know that transmissions and you have been working on erc 4626 uh can we elaborate a bit more to the folks here yes so i i forgot to mention this in the talk but we're actually pushing a new erc that's kind of um if you think about the erc20 what is that it's a tokenization of value right it's like you're part of a community you have this token and then you think about what can you do with that token you can put it in compound ave fuse you can put it in an amm there's all these different ways to deploy a token but they all have completely different interfaces so none of them are interoperable and it's actually really difficult for aggregators and integrators in d5 to go between these strategies so erc 4626 is a standard interface to be able to go in and out of a single token deposit so what this does is it lets you go like the the vision in my head is like you should be able to have your tokens in some crazy yield farm over here and then you want to go to a different token on a different chain in a different yield farm over there and you should be able to do that all in one click and you shouldn't have to write any new code to do that and today if you want to do that you have to create custom adapters it wastes developer resources it's risky but if everyone uses the same standard now all of your deployment strategies for your tokens are completely standardized and you can have out of the box ways to get in and out of these strategies and the cool part is that we're building our whole stack around this 4626 standard turbo strategies have to be 46 26 compliant um fuse you can plug unborrowed reserves back into 4626 and we're gonna have some really exciting developments for fuse v2 around the 4626 standard so really it's like one layer above the token to create like a network layer across d5 and interoperability across d5 that's that and so yeah definitely give the standard a read it's currently in review uh we expect it to go to last call pretty soon and then once it's final it's just about adoption so it comes down to everyone in this room helping us like create more use cases and and getting it kind of used throughout the ecosystem this is going to be our last one all right last question um hey so i'm kind of curious about the the tribe launch and um the potential for a plug-and-play governance framework for yes um so my question is is that going to be a trustless governance framework from the start or where token holders have direct control over the treasury absolutely so the governance is even the coolest part of tribe launch i i should have put it on the slide but not only do you get access to all these financial primitives in d5 but we'll also have out of the box opportunities for governance we're we're creating a ton of innovation in tribe governance because it's such a huge platform so we're working with orca protocol we're working with like negative consent governance and like different like layers so we're gonna have like kind of plug and play and it's up to your use case so some use cases need a little bit more centralized governance but we're gonna have all the options and then you can get to see in a transparent ui what the governance framework is for whatever project you're interacting with i think that's everything but again thanks so much everyone truly pleasure to be here um yeah dow summer dal summer you get a dao you get it out everyone everyone gets a doubt