Bonding Curve Token Model and Its Impact on SocialFi | YoungHwi Cho, Mint Club | ETHTaipei 2024

hello everyone uh my name is yongi uh co-founder of Mint Club um this is my second year of e taipe and uh I really love taipe City so I kind of decided to come here every year until the E taipe continues forever I guess yeah um I'm GNA talk about today uh bonding curve and social F and I think this is a really great moment we can talk about social F because you know like the main market like Bitcoin ethereum all the prices like you know kind of stabilizing up and everyone's happy uh and then suddenly people start to look for more social aspects on blockchain and bonding curve is really great area one of the social aspects of blockchain so let's talk about some fun stuff today um I started my career in wre from 2017 but before that I actually uh ran my own social application called bar like which is kind of funny application you just become a dual character and then marking with each other within 1K and uh because of that my uh background it was so uh natural for me to have a huge interest in Steam blockchain back in 2017 which was kind of In My Memory first ever scaled social blockchain uh on spot and I made a steam hunt application on top of it and at at some point it became like a world seventh largest DF at the at the moment moment because of steam blockchain grows so fast at the time and then I kept trying more social uh projects on blockchain and now we uh we made Mint Club like two months ago version two which is the bonding curve uh protocol uh you can have uh nft or token attaching uh by attaching Bing Cod back protocol of liquidity on your token uh before to get to the the main point I want to actually uh talk about what is social fi like you know people always talk about social fight social fight but actually I was always vague what is the exact definitions um Can anyone uh have idea like you know who can explain what the social f is like you know what is it yeah social media and awesome yeah that's also kind of one of the social five but uh I think in my opinion your definition is more for entire Social Web three socials in the blockchain like uh but the social F I think is one of that topic uh this is my methodologies to classify so please consider that this is just my opinion not the industrial standard but I kind of classify social applications in the two axis uh the first axis I classifi them is is it kind of more application layer or more in the protocol layer like for example you know a steam blockchain or farter is best example for the protocol layer because they provide the protocol where bunch of application can run on top of their portol right while you know friend Tech is such amazing social F project but it is kind of closed one like you know you can't parse the data from out of the friends Tech and to do something else right it is not open portol so it is more like application rare uh but when you think about social file you actually need to think about this xset which is like activity focused project or Finance focused project like yeah friend Tech again uh how many people who had friend Tech keys or have experiences trading friends Tech Keys here just one really that was huge uh in my country actually wow um sir what's your name what's your name right Frank sorry so Frank how how many keys do you do you own FR Tech Nota did you earn some money a little what was your intention to uh trade trans te keys yeah I mean yeah as you mentioned actually many of the people who use friend Tech uh has intention of earning money I mean they did not actually purchase key to actually to have a communication with a person I mean some of them maybe but mostly Finance focused so yeah this is kind of my methodology is kind of very helpful for me to classify soy product and oh by the way uh Frank this is for you uh this is from Ireland like a Bailey chocolate yeah uh oh and then uh Andy this is for you I mean yeah I just wanted to bring some some some STS like for someone who can answer my questions today um I think defi concept on top of a social aspect is the kind of clear definitions for social fight project in my opinion again uh it's not industrial standard what about mcoin I was always vague about mcoin can I classify mcoin as a social F project people might have different opinion about it how many people think that mcoin is supposed to be classified as a social F okay it should not be in the social F or neutral or I don't know yeah my opinion too mcoin is not socialy at least if it is just pure main coin project because yeah mcoin is that like people working around in the social spaces right but it doesn't have defi Concept in general if it is just pure mcoin but some mcoin actually evolved to become a social F by adding defi concept some of the example I can mention uh but uh if so then I think they can be a social by sectors so I think this is also my methodology these three categories are very very important to run the social fight project again my methodology not indust industrial standard you know office like you know who doesn't have never watched the office here not here right oh a couple of them oh my God okay uh office is really fun uh drama I trly recommend to watch there's a character called Ryan uh he actually become a rising star in uh the company dund Main and became director and there is a Michael Scott he always admire him and he chasing him so I can see Ryan is kind of like in a social by sector money leader like can be an influencer or whose friends has a lot of money so they always bring some money stops in the social F project and there's always followers that they keep chasing them but the most important people in my opinion to run the social fight sustainable is this guy this dude is called I call them is like a daily commuters there's a very interesting people especially in foras or other social applications like they say um I don't much care about money I just love this space and then they literally leave in that social space like 24 hours they are classified as daily commuters how they are important in Social F project let's see this data like yeah FR Tech at least in my country was huge success at some point but after that HP gone like they can they could not maintain their uh you know like high transactions volumes at the time when you see a lens protocol which is a surprising uh protocol that I love I mean lots of people start to have lens IDs and and made lots of application on top of like by using those lens profile but in my opinion in lens protocol ecosystem there are not many moneys seeking people they are more like a daily commuter who use lens protocol as their social profile or social interactions so look at this chart yeah there are some spike off whenever there's a people say like there's going to be the lens protocol like you know the air drop spot and then there's a sun Spike but after that usually they just maintain the transaction volumes like you know kind of constantly right when you see foraster which is very unique I joined forecaster network uh quite long ago at the time actually most of the people were daily commuters they just nobody is seeking for money to do farcast at the time they purely love the forast network and then they just leave there like say hey dude are you still using Twitter No foraster is the answer and then they keeps you know talking about farter for foraster and then look at this chart at some point suddenly their transaction spiked up and then start to maintain High volumes is because of the mcoin project called d d is launched in Faster uh with attached the kind of frame interfaces which supported by foraster like you know you can make some in uh inapp transactions and activities so your user does not need to leave the application which is kind of revolutionary interfaces but after d mem coin project lots of money leaders and followers heavily infl inflow into foraster and then this lovly chart made so I think if you want to make great socialy project I think you have to have these three guys are chemically interacted with on your network and then they will drive your transactions sustainably and growing this is my opinion now today's main topic bonding curve uh how many people who knows about bonding curve here one one really where's Martinez I mean Martinez said that they like oh everyone knows bonding C you don't need to talk about it um Bond curve is kind of a New Concept I mean it's not New Concept it introduced in 2017 I guess but still people that don't know like this like you guys are kind of expert in blockchain but still only one person knows about Bing cve right so it's kind of new but why this is important because let's get back to FR Tech FR Tech used bonding curve Matrix so when you see uh there are a bunch of Key by the way there are not many people who experienced friend Tech I'm going to explain briefly what it was so you could just connect to your Twitter and then you can tokenize your Twitter identity in Fr Tech Network and people actually trade this token I mean France Tech called this as a key so like this key this key key is token or they trade them by following this pointing curve so for example if I want to purchase this person key called H Saka I don't know the exact pronunciation and then the current Supply is 169 so 169 around here right then bonding curve formula is this calculated that 169 the price supposed to be about 1 point something ethereum right one key price so bonding curve is a kind of formula that defines the relationship between uh supply of the token with price in base ass set and this formula is built in the smart contract so if this price is attractive for you then you are going to buy right so if I purchase 100 h s token so 100 is this amount right then bonding curve calculates this area size so like a simple integral right and then calculate the ethereum amount that I have to pay then if I pay that ethereum then bonding curve take the ethereum send them to the bonding curve back to liquidity pool if I sell HSA token then opposite things happening uh if I sell 100 Haka Keys which is token then they calculate this integral you know size of area again and then uh they take the ethereum away from the bonding curve back to the P to me and then this 1008 Saka Keys which is token will be earned so which is simple concept why did they use bonding curve friend Tech is because of the liquidity pool operation like imagine if you want to issue your key and then friend Tech now we successfully deployed your key now you need about $50,000 amount of the liquidity to to put it then nobody will use it right because in general when you launch your token or nft and then to make them tradable you need to supply the liquidity because they're not going to be liquidity provider for new tokens or you know kind of uh like you know kind of yeah I can't say the the scam word but I know those kind of things like people are afraid of putting their liquidity support on those kind of new tokens right so FR Tech used bonding curve because bonding curve makes you uh not to requires supplying the manual liquidity p and bonding curve operates liquidity P automatically and this is also important thing like if this person you know has about like let's say 10 ethereum amount of the liquidity in the pool and then if the person can actually withdraw that then you know that is called as a rock F right and then you know this token will be just useless because I cannot trade it at the moment right both Bing curve makes it not possible because bonding curve contract only control these pool to ped tokens and nobody including this Creator cannot touch it only bonding curve can withraw to give the seller or Tak it in to uh from the buyer only bonding curve contract can do that so it's kind of prevent that kind of buil-in rock free uh system in the Bing Cur Matrix that's that's why all the social 5 projects love about this uh mechanisms but what we start to think about is yeah FR Tech was such a great uh start great trial what if we can make it as a protocol not just close the application because again you cannot you cannot you know take these keys out of the friend Tech and trade in another platform because it's not open source protocol so we start to think about open Source protocol for bonding careback tokens and nfts so this is Mint Club um uh I want to talk about a little bit but uh I decided that maybe I want to show how to make it and then how to trade them then it's kind of very clear concept to understand what the Bon Matrix so I'm going to make it a fun nft like this is trial nft called G token like G is in Korean like say cheers so anyone who has this NFD uh issue today and then uh you know if you see me in any side event or pops you know where I can purchase a pint of beer for you then you can use this then show to me then I buy your pint of beer I mean just like a fun trial to make a bon backf so let's see uh so this is uh this is Mint Club uh you can just go the mint. club to to see the website um like there are already a lot of bonding C back nfts and and tokens are generated in the M Club especially when you see like uh Bas ass set which is kind of P token for your bonding curveback liquidity is quite important because it works as a market sentiment like for example oh how many people use foraster here foraster one two just two okay yeah I always felt that like a Tai Taiwan is like very strong for defi but not much interest in Social uh but please uh pay attention social too that def is amazing but social F will be fun too um in farer there's a very interesting mcoin project called member token uh and then for some reason there was a huge viral in the bonding curve at farcaster and then they start to use mint Glo and what they do is that they create a lot of nft that L with their foraster ID by using member token their own token as a base asset so it shows that you know already 1,200 assets are generated with 28 million member token are locked in their bonding C pool so which is kind of cool concept to try like for example this guy actually Jesse PO is one of the base chains co-founder he also I didn't know that he's a member token holder so he created this his fun nft too so what would happen if if I create 100 you know jol nft then bonding curve calculates this area size see like you know it's simple math here right uh is calculated 6,4 9,000 member tokens that I have to pay if I buy that then Bing Cur will issue 100 Jess nft to me and then these token will go to the uh pool all right I think as time's running off so I have to make right now so when you go to create page you can create actually nft or token Tie by using bonding curve uh I already created my own uh nft image like that um how many people who use base chain here no one no one use base chain uh optimism wow uh arbitrum okay uh Avalanche no polygon poon uh BMB chain uh blast wow surprising blast okay I think uh optimism was the uh the the best one here to try so I'm going to set optimism as a base uh Network and uh you can set any erc20 token as a base ass set for your bonding cve pool uh but I'm going to just choose ethereum and I already pre-typed GBE nft GB token you can set uh Creator earning from 0% to 50% I don't recomend recommend to set up 50% 0.3% is the industry standard I know this is really fun part you can actually design your own bonding curve uh As You Wish like you know as you hope sorry like you can create like a lovely exponential and then you can like customize like you know by drawing like this but I'm not going to make a very complicated version because I supposed to make kind of simple you know nft that you can just ask me buy buy me a pint of beer uh so I actually pre-made uh the the the metrix so I'm going to set Maxim meting Supply just 32 people I don't think not many people are gonna actually mint this nftd for for for this and then uh there is a Creator free meeting so that uh the bonding curve can of issue the free nft for me and then bonding Curve will begin here I'll set eight free meeting so that I can make it this as a airdrop and uh yeah initial price supposed to be very cheap you know far less than the pintto beer price right and Max's price also supposed to be very cheap to um less than $3 right and like this I think we're ready to deploy this nft awesome and then okay I have to change to optimism and it's creating the p7 gomeb nft okay I'll try again so updating this image to the IPS uh I don't know what's going on okay let's try another Network sometimes there's the RP Network issue uh then I can just shift to arbitrum because yeah there are some people also use arbitrum uh the data I think already uh all right uh oh my God my old car curbs gone sorry okay ah okay I have to do this again but I'll be very quickly arbitrum p7 Gat token and uh this could be my internet issue probably actually uh because I'm using my uh phone tethering so which is kind of yes okay uh sorry it's going to be very quick uh 32 nft uh price I feel like I'm I'm I'm I'm in a hackaton because you know when you do demo in a hackaton this always happen right like it works perfectly millions of times and then when you actually try on in the uh in the the stage suddenly it has some issue right like I experienced this whole time and deploy and please it works now yes uh I'm going to change the Arbitron okay please issue my tokon please okay unfortunately time's almost run I think there's some issues uh with my RPC connections I can't I can't show you that uh oh finally okay oh I really feel like I'm in a hackaton what I think it's generated yeah because I kind of keep trying to duplicate see now it generated p7 Gat token uh what you can do uh this is QR code you can access this token and after this presentation I'm gonna put the airdrop so eight eight nfts free air drop so you can try on minting this nft uh from me and then if you show this nft to me I'm going to just give you buy you a pint of beer uh for free uh so just like a fun trial of how the bonding C back nft Works um I guess this is all so I have to accept some questions so this is all my presentation thank you very much thank you so much okay so now because of the time limit we have one question does anybody have a question for yi he thanks for the demo that was cool I love the interface my question is about the different types of bond curves I noticed you had exponential logarithmic direct a few of them what do you find are the most popular that people are using right now and why so uh the best usage of the bonding curve actually work in the some meme coins or some coin that has strong Community interactions because you know whenever there's a token project always question is like what is the utility what where can I use that this token especially meme token mem token supposed to has no utility but people start to expect that right so I found out that actually lots of mcoin use moner like this case uh yeah this member token because now member token holder can issue their own pfp nftd by using member as a base asset then what they love about it because whenever people issue more about the bonding curve back nft by setting their uh member token as a base asset then their base asset their tokens more locked in the liquidity F so whenever people use more that then meaning that more token locked in the liid PO then it reduce the market circulation which uh is kind of very favorite feature for most of the mem coin project so that can be one of the best example I think you're welcome thank you so much Yi thank you for