gm farcaster it is friday a happy friday july 19th and you are here with noush propp and adrian for 29 minutes of farcaster news plus our interview with will warren from matcha i'm very excited to have you here welcome will
thank you
time first time here visiting us on a friday with fridays with friends so welcome we're excited to have
you here thank you for having me on
and we're gonna be doing a little bit of our regular news show and we'll be chiming in on any of these fun topics and then we're gonna be chatting about v 2 the pricing engine for matcha which is amazing we're gonna do a little demo but first before we do that let's talk about all the fun things happening in the fire gasser ecosystem and we have from dan first up the the just a friendly reminder we're just gonna do this every single show it looks like from now on so friendly reminder there are no rewards for running at barcaster hubs youtube videos are lying to you you will not get paid now or in the future there will be no surprise reward it will only cost you money so i i mean i feel like we have to keep saying it just in case
adrian here's why we have to keep saying it and this is why he needs to it does not matter what he says someone interprets it as like maybe there's rewards
so you're saying there's a chance like someone right now i'm sure is in the cat in the chat going so you're saying there's a chance there's a chance
and his name is dewofi and he is literally in our unlonely chat staying i i know dewofi though and i know he is trolling and joking but what happens is someone makes the joke i did this the other day i actually did make a joke and there is someone out there on the feed who doesn't know you're joking and so i think we do need to a little psa
little no reward this is gonna be our daily ever every every single time this is gonna be the way we start the show from now on until you all stop stop doing it don't do this there are no rewards moving on we've got just like light news today which is kind of nice but also good things wordcast dc emoji picker now has search so when i'm searching for the flamingo emoji i can actually find it so that's a good thing very exciting exciting news it's it's the little things will it's the little things that we that we really appreciate also from dan he's been a little he's been a little spicy lately workhash should do x i agree with you great then why haven't you done it because there's everything else to do as well problems of founders i'm sure that will gets this a lot too of like requests and things that customers have and you're trying to make everybody happy but you have a list that's like a mile long of things that you're also trying to do so how do you deal with that
mode
yeah oh
yeah yeah there's always like nice quality of life features things that just naturally make sense to add into the product but there's just too much there's way too many things to do and not enough people to do them
i don't know how
you deal with it
you gotta pick and choose and especially with something like a social platform there's a ton of things that could be done yeah and i'm and i know that constantly is getting hit by well on x i can do this or on telegram i can do that and yeah trying to merge all those ideas in a few more things this was some big news poly market now has a frame and it's oops and it's exciting you can now trade on polymarket in a frame should you should you not live in the us and want to do so there you go and i thought this was this was really cool to see adrienne what were your thoughts on this on this new poly market frame it's exciting
i mean yay for frames frames for everything okay but here's my is nowhere in the us people can use poly market if you vpn well that's that's a very small fraction of people so is that right is that a i did not know that i thought it was a yeah
you're blocked from from when you go to try and bet on poly market if you're in the us it will block you from doing so
gotcha so what's fascinating is we're using poly market for you know prediction markets and i know there there's other ones as well but i love the so just to put things in perspective the us election market that we're using is mhmm and it's by the way it's probably still more accurate than the people who are calling people up on like a landline to be like who are you gonna vote for but just very interesting to know like who's like who's behind the bets
not there's still a lot of us users again they're using it you know with a vpn not legal advice not financial advice all those things be careful but it is possible it is possible to do you know your choice i'm getting i'm getting roasted in the chat break the law my nounish ethics professor no i will not be telling you to break the law well we have a couple of chats going we wanted on lonely and then we have our folks who maybe pop in from twitter or youtube that we might see in here but yeah so that's what we're looking at on our on other devices yeah so i think it's really interesting and i did see a couple casts i was gonna say casts on twitter tweets that were kind of roasting oh we don't need everything in a frame i'm like we think we do we like things in frames
i think prediction markets make a lot of sense in frames especially kind of kind of the overlap between social networks where you kind of have like a public persona and a reputation people you know nuance kind of exits in social networks and people typically are incentivized to make like really bold or provocative claims or predictions being able to put your money where your mouth is and to show that to the world that you know not only do you believe something is going to happen but you're willing to put skin in the game
i think
that makes a lot of sense and polymarket's been just absolutely crushing it they have they have such good product
they do and they have great great product and great marketing i think they've done a great combo on both of those a lot of times when we were talking earlier like i think the matcha marketing team is phenomenal and we were just talking about just even the nft alone when you guys drop something it's just art it's not just like branding or marketing pieces and i think there's some accounts that are elevating to that level that are really jumping in and they're seeing success from it and i think poly market's one of those as well which is very cool very cool to see and i like seeing the the intern on the timeline so poly market intern well done very well done in other on wednesdays
on wednesday with todi did you talk about metamask asking for feedback on their
we we we didn't we didn't get to that but i yeah that was really interesting i think we talked about it a little bit but the brand accounts and their finding their voices and metamask asking how are we doing here and it was interesting that they were asking for feedback i think they are very excited that they can say the word metamask on farcaster and not get attacked by bots so that's always a good thing which they did earlier this week as well but i do think that finding your brand voice on farcaster is different than other platforms and i think polymarkets has done really well with that matcha has done very well with that there's certain brands that i've seen doing well metamask could could take some notes could take some notes but they're they're they're better
they're trying
they're trying
so yeah gotta get a little vulnerable and try so i'll give them that but
so i have a question for you because yeah what i've heard so like for example like linda's told me yeah like when you go on on work or when you're on far farcaster really doesn't resonate if you you know are kinda like advertising or posting with kind of like a corporate voice and so you know i've been trying to ask her like like what what do i say yeah do you actually do you have like any tips in mind for how how to like enter the farcaster ecosystem and yeah i don't know connect with with the community
absolutely adrian do you wanna take this first and i have my thoughts too
yes so
we i mean this has been like the theme will that we've talked about like on our show and just being on farcaster and the beauty of i think for a lot of us that were kind of earlier users and we were here chatting when there was no one around like so when no one's around and you don't you just kind of like act normal
act normal
and then that becomes the norm in forecaster which is like oh i'm actually just talking like i would if i was at a cocktail party or i was hanging out with my friends or it's so it's it's really just kind of human like authentic and it's not i i guess the the the line we use a lot is it's like it's a social network it's not social media so you're not coming to kind of push out the media and the message it's like putting it's it's the the network out and trying to make relationships and and so people share things it's it's like like authentic what else would you add professor
i think authenticity is the the at the core of it and i think that's why the the brands that have done well have leaned in to when they see a meta that's happening or they see a meme that's catching fire they're they're jumping into it but in an authentic way as well and also just you know interacting on the timeline in different channels even that have nothing to do with what they're doing and sort of being a part of the community finding the things that are interesting to you like you know i can totally see you just you know go jam in the esports channel go talk about what you're you know what you're doing beyond matcha because people are gonna then be like oh and who is this oh cool and learn and they're still gonna learn more about your brands that way by getting to know you as the founder i think that resonates very well in farcaster where it doesn't necessarily happen in other platforms because there are genuine humans who are especially there's a huge builder energy huge founder energy so there's a lot of people who are just like sharing what they're working on and what they're doing the challenges they're facing and you know the founders channel is phenomenal for like conversations but also advice also you know you have a question something you're thinking about throwing it out there you can get some incredible responses very thoughtful and genuine and i think that's really the key is just you know it takes a little bit of comfort and vulnerability to do it but if you do it it you're gonna it's you're just gonna get so much out of it i think farcaster is really about like you get back what you put in and if you spend some time getting to know people they're just incredible folks who are building really cool stuff so well that's just like here you get yeah it's true
but it's
life advice
out what you put in
your advice and life advice there you go but i
but but i think if you are right like if if you're on farcaster because of your work let's say and you're not let's say you tend to be one of the 91 99% or like not people who aren't the lurks who are create who are 90% lurkers 9% kind of recliers likers
it doesn't mean you need to start kind of like sharing all of your intimate personal details so you can even approach it
i mean if you want to share your feet pics there is a there is a channel for that but also you don't have to
by the way the channel for feet pics is ted it that was a joke ted just dm ted your feet and tell her adrianne told
you to do it
you're gonna be dead the chat sorry ted
you're gonna be dead
but as a brand but even as a brand it's like you can put what i just always find is like just share what you find interesting i don't know it just it's forecasters are very like nerdy platform of builders and we wanna know what like did you learn something today share it with people
yeah i love those i love it when people post like something they recently read that they thought was interesting something that they just learned about that they was like oh i was surprised i didn't know this
oh i posted about sankey visualizations because i didn't even know what the i didn't know the term sankey until a week ago
and that's a sankey that's an artistic representation of a sankey we're gonna show you another one in a little bit okay speaking of miriam loves our backgrounds so there you go thanks miriam yeah so that would be i think that's our basic general advice and we've talked with a lot of brands i remember a certain a certain other brand came on a pink brand if you will that was was having challenges finding their voice they were definitely treating things like twitter and it was like we had we had a little we had a little chat like no no no no this isn't gonna work here you're in the wrong you're in the wrong platform and they made some adjustments they haven't done as well as as the matcha team but you know that's okay but they're getting better okay we got a few more pieces of news and then we really wanna jump into chatting about what this is all about because it's pretty cool so this from i don't know if you know her her name's linda at linda bounty caster and this is very cool we have if you're looking for a job in crypto we have a job board on bounty caster with new roles posted almost daily bounty caster.xyz/jobs if you're interested in posting a job fill out this form or dm me a great way to reach a farcaster native audience and if you're hiring anything in web 3 tech you'd be crazy not to be posting it on bounticaster and having it posted on warpcast because you're gonna get incredible responses and i know she's been i mean some of these have been filled like super fast too from doing this so finding success already i forgot to pull the other cast there was another cast where crew is at the bottom as sponsoring the frame the job posting frame and i was like oh that's really cool so i was reaching out to linda about that because i was like oh that's awesome to have that little bonus spot to be able to sell that real estate and take advantage of that that was cool but this is i think a huge unlock i love biodicaster i think it's been a great tool and it's been awesome to see it take off on farcaster first but also taking off in other platforms as well so go check that out hey will have you used bounty caster oh good question
i have actually i think the very first cast that i ever posted was the very first bounty cast
oh wow
yeah so i have used it and it's pretty it's pretty crazy what they've been able to achieve yeah i think kind of going back to like what what's the purpose of farcaster like what makes it special
like kind
of an authentic community people that are genuinely looking for like positive interactions opportunities to engage with each other
i think
bounty caster does such a great job of of kind of helping facilitate those those types of interactions it's been really really fun watching the bounty caster team crush it crush it over the last 6 months
incredible i love the growth that they've that they've had and by the way if you want a laugh go look at adrian's bounties highly recommend it they are different they they do stand out they're quite they're quite fun yeah highly recommend that for for anybody who needs you know to
going to tie you he's going
to do a little bit just trying to that's what i see let's just say one involved a crop top and another involved a man's onesie and both were fulfilled successfully and quite amazing on the timeline
so it's pretty little might have fallen under the the totally normal bounty yeah category
i think i actually i i added a couple in that one as well so that tends to be that tends to be the category we prefer just for fun but i i i love it i think it's a great tool what sorry what were we gonna say adrienne before i jump into it's one more thing
nothing nothing to see here people move along sorry buddy okay
no problem at all this is from greg this is pretty cool cool to see i'm excited to share good bread by greg a mini on chain bakery for on chain summer how it works order bread on base starts today pick up your bread and hang out i think i'm supposed to say bread and hang out and we'll see it starts this weekend let's get this bread so i just wanted to congratulate greg i know he's been posting on here for a bit and saying that he was looking at different bakeries and all these different things and kinda sharing his journey to get to this point and very cool so congrats greg looking forward to trying the bread you're gonna have to pick up some bread and i think that
because you buy with crypto but you have to pick it up in in new york i know right so no delivery will you can get some by the way say good bread by greg 5 times fast
good bread by greg i no i'm i'm gonna stop there i'm gonna stop there but if you are in new york go pick up some bread i think they're sold out it was sold out yesterday i don't know if he has more but slide in there this from optimism retro funding 4 results are here 10,000,000 op is reordered to 200 plus projects that deploy contracts on the superchain according to their on chain impact based modern mode network zuora frax finance meta l2 and op mainnet and it was really fun to see a whole bunch of folks we know in this picture as i zoomed in including unlonely which we are streaming on all of the time zuora of course and i saw kiwi in there gloom was in there builderdao quite a few different projects that have a farcaster connection so congratulations to everyone on here who received some funding and this from jacob at zuora zuora's re received op retro funding for our contributions to the super chain this would not have been possible without you and we will be distributing 300 k op to our community if you create on zuora if you collect on zuora if you build on zuora you will be rewarded we are all of the above so thanks jacob we appreciate that all of our
yeah when the op grants came out and you could apply for it there were a lot of people who are building on op but through zuora yeah and we're not actually deploying our own contracts so we were not eligible and there was a lot of discussion on
the timeline about how people felt about that so thank you zuora for sharing the wealth yeah appreciate that very much and we're looking forward to that i'm gonna do one last news item and then we're gonna shift gears but i do want to share this question and we might dive into this more next week but it is a question from brian of unlonely if you're a streamer and haven't pressed this button yet why not honest question and this is actually gonna relate a little bit to moxie as well and we're trying to get we're going to have beta shop on sometime in the next week or so to talk about moxie which is let it which is has fan tokens that are gonna be launching so why haven't we pressed the button yet adrienne and meme to or fan tokens in general on meme tokens why do you think i know the answer but oh what why haven't you pressed the button yet adrienne
we haven't by the way we've not discussed this so i don't know what your answer is it's i mean i would also just wanna ask people in the chat right now too or just kind of if you're a regular listener to gm forecaster do you want us to i mean that i mean that was the the shortest answer is it's not something i ever thought our audience wants us to do and why would i do it like going back why why i don't know it's
we gotta dive into the why i think because we have multiple nft options as well so we have all of our episodes are nfts we can tap into that and reward listeners and things like that that way we have our hyper sub which are also nfts we can tap in and reward that way and so when i think about fan tokens specifically or meme meme coins a little different but fan tokens where you're a brand creating a token it has to i think have a really good reason and it's possible that moxie will present that reason i'm not sure and in unlonely there could be reasons i've thought about it from the perspective of when we are doing competition shows which we're developing more of does it make sense to do something then where people can bid you know like bet on okay we're doing don't cook again we have 2 people competing and cooking do you wanna bet on which one's gonna win that might make sense but just launching a brand token at this point i don't know if it makes sense will do you have any thoughts on like different token launches and approaches for brands or artists i guess would be another thought there
yeah i act i actually do yeah so kind of the core thesis underlying 0x and and our our team that's building matcha as well like we kind of believe that all forms of value are gonna be tokenized on public blockchains so this is kind of what motivated us to build everything that we have built over the last 8 years and included in in that universe of tokens is are things like video game items airline miles but also social tokens and yeah like fandom tokens and yeah i i think it's really hard to do this right without screwing up the incentives and kind of potentially yeah like poisoning poisoning the pool ultimately especially if if you're like a creator about having a relationship with your fans that is authentic and organic and once you start introducing like potential financial incentives and you start attracting you know folks that wouldn't necessarily be a part of your community but now are interested because of you know non organic incentives i think that's really risky i think it's really hard to reverse that and there as you said there needs to be a really good reason to do it and it needs to be something that's lighthearted and and kind of comes natural within the existing community similarly and it's kind of the same thing that you see with crypto products that are trying to like subsidize usage doing things like yield farming and so forth where i mean you're basically gonna have the same thing happen you're gonna attract a bunch of like kind of mercenary users that don't really care about your product and are gonna try and squeeze out every bit of value they can
and then move on to the next thing
and yeah that just seems like the worst possible thing you could do as a creator honestly but on the other hand yeah like i not to say that there isn't a path to doing it right i just don't know what that path looks
like i think that that sums it up perfectly i think we've seen you know different attempts to create our tokens as well things like rally and i think there's there's probably a good really good use case i just don't know that we've seen a really good demonstration of it yet and i'm really interested to see what moxie does with their fan tokens i think that's gonna be an interesting experiment on farcaster where anyone can launch it but i also have seen a lot of like the trading card things like so frentech and scoop and far cards and you know on and on and on and some of them are really cool have some interesting dynamics have some interesting approaches but they've all kind of fallen flat and i think it a lot of it comes from exhaustion and i think you're right like some of the misaligned incentives become a problem especially for creators if you have to continuously like if the only thing they care about is number going up then it becomes a lot of pressure on the creator and that may not have been the original intent or goal so it definitely can i think not hit the hit the mark adrienne thoughts are you launching are you launching dollar sign adrienne or
i just did while we were talking just kidding so will i love your thesis that you said of like you know all things will be all things of value will be tokenized on a public blockchain because that is kind of the future i also see
and how do i how do we in this space like okay get to that future but also recognize like how challenging it is today in my mind too by the way i have someone in our unlonely chat who when i set and i asked should we launch a token and the answer and and i know this is somewhat of a joke but it's you know jokes are only funny if there's truth to it only if i can get in early and exit to people who come in later
yeah
and syed i know you're funny but that's what people do and and it'll happen again and again so i think there's ways of like if you think of like alright we're building a brand there's brand equity there's value in a brand yes i would like to you know i i me as like a consumer of a brand i wanna buy into brands i think that's good how do you avoid kind of the speculation in trader can i you know maybe there's ways can i
and and how do you avoid gary gensler is the answer
i don't know who that is but for some
of the
we're living in fantasy world but even there's like how do you hold anyway i'm this is neither here nor there but the the unlonely tokens though i will say is like i think there is a use case for like the livestream fun like okay i'm coming in and i am putting a dollar into this arcade because we are here in a synchronous time whether you know like with cast out and cooking shows and but that's not and and maybe this is the answer the long winded answer to brian which is the use case for these tokens doesn't really fit what we're doing right now like so we're not really ready to do a creator token and we haven't really been playing these kind of livestream games so that's why
yeah yeah but i do think and i think there's another like for example when the nouns esports team does their matcha cup or they do their you know like beat the pro kind of things that might be a great use case for an unlonely token you know to have some fun with it and you know bet on the outcome and kind of similar to bracket game gives you a little bit of skin in the game fun you can get a little more invested in the content because you have something on the line similar to like that sports betting and you know in general but i also think we have to be super careful on the legal side right now because there's just too much unknowns so it gets tricky you have to kinda you know we're we're all we're all walking line weird lines at the moment but that's my other always my other concern the the lawyer in me pops out every once in a while she's not an active lawyer but she's still there so every once in a while she gets a little scared on things like this but i you know for the most part i think it's more about like the use case and not putting into just what you said well like i would not want to be so focused on the token and what i'm driving to you know try and make that token number go up rather than just creating really good content and a great brand and a media network so it's yeah trying to figure out what makes sense but but let's move on we need to talk about matcha and everything you guys have going on because it's amazing so i wanna start with i'm gonna share a couple things and i'm gonna start with the announcement about our oops where did i i lost it hold on hold on where did my tab go about what you all had launched which i was really excited to see this it's really very cool so introducing matcha on 0xv2poweredby0xprojects
new 0xv2 pricing engine the best swipe swipe best swap prices all in especially in size genius trade routing next gen security that keeps funds safe let's look under the hood built for serious on chain trading so let's just start at the beginning what is the new price engine what does it do and how is this beneficial to trader especially those who are trading large volume we'd love to understand that a little bit more
yeah absolutely so yeah in the dex space it it's very competitive and there's all types of different decentralized exchanges with different designs and ways that they work and it's a good thing because it leads to competition which means better pricing for traders at the same time it's challenging because it results in fragmentation of liquidity so if you were to go and try and trade on just one of these decentralized exchanges yeah who knows if there's even a liquid market for the token you're looking for who knows if you're getting a good price and so with dex aggregation the idea is to plug into all of these 100 of different dexs and to weave all that liquidity together in a way that gets you the best average price and you don't have to look around you don't have to compare prices you just save time and money and so that that's what launch is
which is what everyone's trying to do save time and money right money i mean time is money too excluding yeah having to hunt down a number of different decks would be crazy to try and do that and most people will just go for like whatever is closest and easiest so this is amazing to see like all the different things i think let me shift to actually showing how this works
just so that you get the idea of the difference of the difference of what the approach is and so i'm logged in i let's just full full disclosure i am not a whale so the trade that i'm attempting to do for a 1,000 eth would would fill but i do get to see what results in terms of the roots so if you click on best routes oops where'd it go did i lose it oh no hold on let me just let me reset this oh you got it there oh it didn't work before it it didn't work for me before so okay let me try
collapse the collapse the trade module fill this
okay hold on let's try this again i'll come back to this hold on we'll be back to this in one second i had it all ready model right you can have too soon
i did it too soon model trades
yes it's really cool so let me go back to it let me and
you can feel like a whale
you can feel like a whale fantastic
that we all want
don't we though let me pull this up make sure there we go okay let me go back to our screen i did this earlier see i did a test run and then messed it up because i did the test run so this is really cool it gives you the sankey diagram that will show you your roots oh it's now it's telling me i have insufficient needs balance okay oh you're good
you can click on click on 5 sources right there you can
see what happens there it is there it is okay it just collapsed okay so there's the order route plan can you explain like what we're looking at and what this is sort of showing us for our trade
yeah exactly absolutely so what you're seeing here is a a way that our pricing engine is converting this massive amount of ether into the dai stablecoin and the way it's doing it is by splitting up this big old order into smaller pieces and it's sending them to different dexs different liquidity pools and it's it's doing routing in 2 different ways so there's this concept of of like multiplexing so taking your order and taking different pieces of it and sending it into different pools in parallel it's also doing something called multi hopping so it is able to jump through intermediate pools in order to get you the best possible price and what's crazy here is like you know behind the scenes we're scanning 100 and 100 of different liquidity pools in micros excuse me milliseconds and able to kind of scan and find the the best possible way to route through all of them and get you the the output and so you you can see like there's a number of amms so things like uniswap and dodo and maker as kind of this special amm for stable coins it's really efficient and we're combining these public sources of liquidity with private market maker liquidity through our it's called an rfq system and so
oh okay that's what the rfq is okay that's great to know i was curious what that was
yeah so with the rfq system we're we're requesting a quote from professional market makers and they are trying to compete to get you a better price than what's available if you were to just go on chain and so we take all of this together and kind of weave it together and get you the best possible price
and this seems this is updating in real time like as we're sitting here it keeps updating that because it's finding better routes and then it's giving an update in terms of that route is that what's going on there or
yeah exactly so as time goes on you know people are are interacting with these different decks and and the the market price you know is going up or down depending upon whether people are buying or selling and so what we're doing is we're we're constantly scanning all of these different liquidity pools and updating the most efficient route as the market moves and changes
amazing that's really really cool okay so
this oh you can't say but the crowd loves us
oh yeah good
i'm not that in the only chat chat is happening chat but they yeah people are impressed
the so this is now available on matcha so that's live as you could see and it's going to be coming to other platforms as well or other options for using this so what's what's that rollout plan look like
yeah so right now matcha is the only place where you only consumer product where you can go and take advantage of this powerful new routing engine matcha is powered by our developer apis so our team is the 0x team we have this consumer product matcha we also have these these powerful apis that are what's powering this swap and this pricing engine if you have used any sort of swapping functionality in a a wallet you probably use 0x without realizing it so our 0x trading apis power you know like metamask and coinbase wallet and robinhood and rabi and many many others as as well as like some of the kind of popular portfolio management app apps out there like xerion and zapper and so forth so yeah like the the kind of the apis that kind of are underlying swap functionality in a lot of web 3 are based on 0 x and yeah as as we roll out the new pricing engine in in v 2 over the next couple of months you'll kind of automatically be benefiting from from some of this and and your your other swapping experiences
oh that's great so it's sort of yeah so it's gonna be working in the background in different a whole bunch of different places which is fantastic so in terms of there's there's some terms in here that maybe you can just kind of explain a little bit better multihop and multi multi i think it was multiverse no no no hold on not multiverse multiplex multiplex and multihop so multiplex splitting into multiple liquidity sources and then multi hop using that intermediary so that's what we're seeing in this this sankey diagram here is the different those different aspects correct
right and so with v 2 we're able to do this in a way way way more sophisticated way so there there really aren't any kind of technical constraints on how many different yeah multiplexes and multi ups are possible and what this allows us to do is to use liquidity that's available out there way way more efficiently than what was previously possible and as a result you're gonna get the best prices with with matcha and with with 0x we yeah the you know these prices are like kind of combining the liquidity from kind of your you know maybe your favorite favorite dexs out there like maybe you're a uniswap user yeah we take the best of uniswap and combine it with you know other sources of liquidity and if you're a whale trader so you know one of those those rare people that are are moving large size yeah matcha with this new price engine is completely blowing you know everything else out of the water you're gonna get the very best pricing we're you know we're beating or tying 1 inch which is yeah kind of the one of the big brand names out there for next aggregation also a great product but yeah you're gonna get better pricing with matcha around 90% of the time across all trade sizes and so yeah i mean we're really proud of this both as like a technical achievement our teams have been working so hard on this it's been like 9 months of r and d and then also just from like a a product standpoint like taking this complex and advanced piece of technology and surfacing it in a way that well i don't know all of us are you know constantly looking at these sankey diagrams and like nerding
out over them and like oh my god so cool
so yeah we kind of hope other people other people can you you know appreciate them the same way
oh definitely and there's also some security upgrades or some security features like i i know there was something with allowances can you explain a little bit about that and any other sort of security factors that have been that are in this upgrade that might that people might have an interest in
yes so this new tech stack this new architecture that we have migrated to is much more secure it's a much much better for like user security hygiene than you know with v one and with with most of the other you know defi products out there today this is just a better model and the reason is because instead of requiring users to kind of unlock access to their tokens to you know without any sort of limitations just kind of providing an unlimited amount of access which can lead to massive scale hacks that kind of systemically impact thousands of users or you know however many users were interacting with that smart contract all of them potentially getting impacted we are using to the we are moving to a new approach where it's using something called permit 2 and what this means is that you just set a one time allowance for every single individual trade and you never have any sort of over security overhang where maybe you used a product like one time a couple of years ago it gets hacked a couple of years later and you just lost a ton of tokens and you didn't even remember that you had used that smart contract way long ago we've completely eliminated any of that kind of systemic risk so you're never exposing your wallet to feature hacks which you know which is a major problem and and has impacted tons of people you know historically
yeah that i remember that being a huge thing within the nft space a couple of years ago on opensea which just people had okay i wanted to sell this ape or whatever put it up you know did the allowance and then decided not to sell took it down but that allowance essentially was still sitting there and then later on somebody could pull it for a very low amount and and snipe it so and i've seen that in other areas as well same kind of thing and i know when i have to do an allowance you know when it says you know set you know approve this allowance and i'm like alright i'm gonna chain well i'm like why are you asking me for the max like i always have that question because it happens a lot where it'll be like it it immediately like defaults to everything you have in your wallet and if you're not thinking about it you're moving too fast you're like just not even realizing that's what's going on that definitely is leaving open so i this to me that particular feature i thought was really thoughtful and and important for sure especially for folks who are moving huge amounts like forget it for serious traders like you definitely need that protection because that's that's gonna be that's gonna gonna go well down the road so i love this and by the way i can so this is still play like showing in the background while i'm talking with you and it keeps moving and it keeps adjusting and changing and it's really pretty cool to see that it's constantly like updating to find better roots and i think that's really neat so great work with us very cool
thank you
what else what else is in this upgrade that we haven't talked about that that you want to mention
yeah so another part of this upgrade is i talked about how we use this request for quote or rfq system to bring professional market makers into the mix and allow them to compete to provide you with better pricing so this is a a new next generation rfq system our our team you know the 0x team we've been building kind of these these similar types of systems for yeah almost 8 years now and we you know i think this is like our 3rd or 4th generation rfq system it's really advanced it's super gas efficient and this is gonna allow you to get yeah there's a couple of really nice things about rfq systems like first of all just like the price competitiveness these market makers are competing against on chain dexs to get you a better price but another really nice thing about rfq liquidity is that you don't have to worry about getting a different price than what was displayed to you in the ui and so this is called slippage and slippage is a massive problem in the deck space and i think it you know it goes under it isn't noticed as as much as it should be where you you know you go to a you go to the product it kind of says this is the price you're gonna get you click confirm and then you end up with less tokens in your wallet than what was originally anticipated and this slippage you know has resulted in like over $1,000,000,000 in in value being extracted from traders over the last 4 or 5 years and with rfq you get the price you see it is impossible for you to get anything other than the price that is quoted to you and so it's it's something that is protecting you from mev and it provides like a more
reliable tool that's really huge because i mean i just i'm thinking back to like last summer and there was all these coins and the pepe run and all that and you would go to sell and you'd have a huge amount of people trying to you know interact at the same time the slippage you you like what is the point i'm like i'm not gonna sell right now because i'm gonna end up losing 40% or something insane in the slippage so it was just like over and over again you'd be stuck in in at these moments of time when you're trying to make this very quick trade and you couldn't do anything so even from like like a minnows perspective not a whale's that slippage you know can take a large percentage of any kind of profit that you may have made so that's huge that's really huge
does it ever work the other way around where you get a where you
get excellent
yes where you you settle on a price and then when the trade happens you get more like a better price
that's a great question so that is called positive slippage and it does happen rarely actually i've
never that has never happened to me
our our team's done so our team has there's a lot of you know i think there's a lot of talk about mev out there it's a it's a really popular kind of thing to to talk about in ethereum circles and a lot of it's pretty you know kind of theoretical or ivory tower but like our our team has done some of the most empirical research on mev extraction and what you know what what do you end up getting negative slippage or positive slippage and what what can you expect and what what we found is that you're almost never gonna get positive slippage you're never gonna get more than you were quoted very very rarely and the reason is because all the cards are stacked against you it's not something where you know there's kind of random trade collisions and you know the price you get kind of clusters around the quoted price and kind of like a smooth distribution no no no you're gonna get you're gonna get wrecked by arbitrage bots and sandwich attacks you're gonna get wrecked almost every single
time by jared
darren and shane exactly yes exactly yep yeah and so positive slippage it happens rarely but yeah most of the time you're gonna get basically the worst acceptable price that you have provided in your quote
right and i guess in traditional finance you have the market makers it's a handshake so it's we're we're gonna talk we're gonna agree on our upon a price i can let 5 minutes go by and it's still that price because it's people and because now when we're doing like because everything is in code the there's no guarantee that the price i see is actually the price that's happening upon execution and you're able to guarantee that guarantee the price
with rfq yes
and that's a request for quote and is that are you mimicking like traditional deal making or market making like or or is there slippage but someone else is paying for it
yeah so there there's no slippage it's you know basically so so this is this is kind of like kind of the core concept of 0 x protocol which we started you know we we started developing like in in 2016 which is one party essentially creates an an order saying i wanna trade this token for this one at this exact price they cryptographically sign it and that guarantees that it can only be executed at the exact price that was stated they can send that cryptographically signed message to a counterparty who can then you know choose to execute it or not and if they do execute it that trade is gonna settle at exactly the price that was agreed upon and the reason you can do this is is because these orders are are unique and they are peer to peer whereas automated market makers like like uniswap and so forth they're these are just kind of publicly accessible pools and as people trade with them it pushes the price up and down and it's really hard to guarantee that you're going to your your trade is gonna hit that pool at exactly the price that you you know saw in the ui does that make sense
yeah yeah so yours are mimicking kind of traditional the way traditional trading's happening which is we're gonna agree upon something but this is also now in contractual you know and then gets executed
yeah that's exactly right interesting
and then i imagine there's timeouts on the i actually and i don't even wanna go there i know where but i imagine the way this works kind of programmatically is it's there's agreed upon you know the contracts agree upon a price and then there's a expiration date on that
it's exactly right yeah
yeah yeah interesting interesting yeah very interesting tokenized you know that makes me think like could you do the same for traditional stock or commodities using something like this i i have no idea i honestly have no idea but i'm i mean i know there's tons of different engines out there that do something similar in tradfi but it seems like this would be i don't know this approach would seem more accurate and might have some benefits even for tradfi but yeah
yeah so there there are ways of doing like these kind of peer to peer request for quote type trades but the the problem with traditional finance is that there's all these layers and layers of middlemen in between so you're not you don't you don't actually have like your tokens sitting in your wallet and have control of them your your shares are sitting in some you know database and some companies you know back end and there's like a clearing house and there's like an exchange and all these people involved and yeah you you essentially just cut them out completely with with you know decentralized exchange
cue cue the bitwise ad here
those ads have been phenomenal really really interesting anything that before we jump into questions we had some questions that we asked on we asked for questions on webcast and we have a few to to throw at you anything that we didn't cover yet that you wanted to make sure that we chatted about either in terms of features of the new pricing engine or something that you have coming that we want to promo or like at least mention before we go into that
yeah i think just one one really exciting feature of matcha that is worth highlighting is that it is it is able to support every single token that exists on the networks that we support so if you are say for example you're a creator and you decide to launch a token to your community within 15 minutes of creating that token and you know deploying it to the blockchain matcha is going to index that token pick it up and it will be searchable on matcha and you'll be able to anyone in the world will be able to go and trade that token at the very best price and so matcha isn't just a tool for trading kind of like the most popular blue chip tokens it's you know you can trade over 5 i think i think at this point it's like over 7,000,000 tokens anything that exists out there and it's yeah it's the the place to go to find any token on on the blockchain
so dollar sign adrienne will be able to be stop stop just kidding there is no dollar sign adrienne please don't go create it oh
but you know it could be it could be traded if it existed it could be traded on matcha
but that is interesting will because i know a lot of kind of the the other exchange it's like there may be something you want to trade and it's not list like it's not listed for the centralized exchanges especially yeah and there's that yeah
for sure so allow allowing people i think what's really exciting about this is this kind of allows for kind of neat innovation and experimentation like like communities can create little you you know experimental tokens within their friend group and it might just be like 20 people that care about it and but you'll be able to find it on matcha and you'll be able to trade it and and just shoot off a link to someone and and make it easy to access
amazing well that's fantastic so i wanna jump in we did ask on webcast for questions and we did get a few and this one is first from atlinda
what were the most challenging parts about building the new pricing engine
yeah well you know the most challenging parts of building it were were handled by my my valued teammates my esteemed colleagues i i don't necessarily handle the the most technically challenges challenging pieces of it but there there are a lot of challenges and you know what comes to mind for me at least is
building out an entire tech stack from top to bottom was very challenging from like a team and organization coordination standpoint so we not only had to have these really well crafted battle tested security audits audited smart contracts we also had to build the apis that plug into those smart contracts we had to build the actual routing engine itself which is going and sampling hundreds of liquidity pools and going through tens of thousands of price data points and figuring out how to find the optimal route then exposing that through an api and then integrating it into matcha and creating like a a a user experience a user journey around that that new kind of that new piece of technology and so coordinating all those pieces together at least for for from my standpoint like that was really challenging we have yeah we have like 25 engineers we have you know beta team and getting everyone to work together towards this single goal was it was a really big accomplishment and the team the team crushed it so yeah i think that was that's something that i'm particularly proud of that that was challenging
amazing we got a couple more questions and then i'm gonna turn it over to adrienne for her fun ones this was from oops got to put it on the screen that would help this is from oxvid our friend and so 0 so o x v warren w warren what would you build if you were not working on matcha and 0 x good question or maybe what would you be pursuing what might even be a better way to put it
yeah so i it would probably be like fusion energy like trying to trying to get fusion energy to be something that exists and is working at scale i think yeah like ai you know it's not something i was really thinking about when i was back in in a university but yeah i think like probably 2 two technologies that will have the most global impact on the world are gonna be fusion energy so cheap basically free energy in unlimited amounts without having to burn fossil fuels and then having a globally accessible financial system that anyone with an internet connection can plug into i think it's super important as an equalizing force for the world so at 0x we talk about this idea of the geographic lottery a lot of your economic opportunity in life kind of boils down to where you were born and the government that you happen to be living under and that's random and it's not fair and it's it you know kind of prevents us from realizing a lot of kinda latent human potential so eliminating this geographic lottery or at least chipping away at it by creating an open financial system that everyone can plug into i think is possibly like one of the most important contributions that we could contribute to and so yeah i'm glad that we're working on on 0x and matcha
that was that was really interesting i hadn't thought about the energy perspective but you're right so amazing love that answer this is from carol our friend carol who we just adore from matcha what is the most challenging part of combining beautiful interface design and serious tech what are the trade offs most apps on chain choose 1 or the other not both and i think we can see that from the design itself is amazing even just the sync key which is just you know showing you what the trade is doing is so pretty it's just pretty so what were the thoughts there why the effort to like make it look so good and were there any trade offs in that
yeah i mean definitely there there are trade offs and one of one of the challenges that oftentimes causes causes kind of forces you to pick you know prioritize 1 or the over the other is is you know the team that's building matcha you know they're really focused on the customer needs and how to create a compelling user experience something that feels intuitive and natural and they're not thinking about the technology they're thinking about the user experience and you have to coordinate this with a team that is focused on how do we build the most powerful routing engine to achieve the very best prices and what are all the different dimensions you have to consider from a from a tech standpoint and you know if these teams are operating in silos they might have completely different perspectives on what's what's important and what's an acceptable trade off and so getting these teams together and having them kind of iterate and and like prototype the systems and and kind of figure out where there are rough edges and smooth out those rough edges like that takes a ton of effort it is part of why it took such a long time for us to go from beginning this r and d on the new pricing engine to rolling it out in production to thousands of users every day and yeah like you know we we don't want to sacrifice on either we want users to have an experience that's like very accessible and and delightful but it's also extremely powerful under the hood and yeah the sankey diagram you know i think that's like one of the best ways to kind of demonstrate you know the power of what's occurring under the hood and yeah you know we we want to do both
yeah well done very well done and i think like you know when i think about crypto i think about the intersection of art and tech so i think that demonstrates it really well right there with that with that diagram we are running a little long shocker adrianne so i'm gonna turn it over to you for some quick lightning round questions
yeah will we've kept you longer than we said you have 2 more minutes
oh yeah of course
okay
so
we're on gm forecaster or we're on forecaster which is really a social network so we got to talk a lot about finances and trading and that's fun but we try to keep our our show fun and and make it social as well so in forecaster we do a lot of url to irl pipeline talk and about kind of making friends so i'm curious when did you make your first internet friend when and how was your first kind of person like the friend you made where it originated on the internet
that's a great question
i i can't say exactly when but i know through video games so when i was growing up kind of kind of like grew up right when home internet was becoming a thing and i remember playing like diablo 2 online and like meeting people and interacting with them and actually like trading digital assets in that game and you know kind of make yeah you like kind of make friends and acquaintances through through online video games
do you know how many people have had that same answer
i was like that that was the answer i was expecting yeah for sure
and we've had so many guests on and i think i
think that was garun's answer and i think he said dimash maybe marish i think one of them said diablo i think it was exactly the same game too yeah somebody so that's funny
and we were chatting before this yeah we were chatting a little bit before about kind of how even like making friends you said with one of the founders of coinbase cut through games and people playing and just some advice if you're a parent out there and you look at your kid and you're like get off the video games like it's really good career advice play
let him play let your kids you never know who you're gonna meet
okay just saying what is don't think any of these what's the next country you wanna visit
i've been to a lot of countries lately i just want to be here back at home and i want some stability because we've been nomading for 4 years now and i just yeah i'm a little tired and i want to just focus on building
that's fair
so back in the back in the usa for a little bit
yeah i'm the us
are you concert or sporting event
i am not much of a outdoor large crowd people large crowd type of person i'm i'm more of a like watch like esports competitions or like watch stuff online with like a smaller group friends kind of person so i would say i'm neither actually i'm not i'm not like in real life sports or music person
right dan and rumera's rumera's answer to that question was read a book
so so yeah so look many such cases
okay camping or hotel
camping
completionist yes or no
yes
what is your biggest fear right now
she's getting deep
i don't know what is my fear
right now it's answering this question thanks adrienne
yeah pretty much that i don't know
to say on a live stream
yeah that's it unpredictable questions
unpredictable questions i was not prepared for pretty much my fear at the moment thanks adrian
yeah last i said these are fun last thing you bought with crypto what was the last thing you bought with crypto
i bought a coffee from the base coffee stand at ecc
nice
it was $2 and usdc
and we bought base coffee coffee that's the most common answer to that question work on is base coffee from base so base out there doing the work to bring consumer crypto to the world which i appreciate alright
last 2 do you eat a kiwi with the skin on or skin
off neither i don't i don't like fruit most times what else
who are these people who don't eat fruit kraft doesn't eat fruit and dan romero doesn't eat fruit
doesn't eat fruit either okay we're bringing will will's in the will's in the camp he's he's with us
you all can die of scurvy have fun okay how do we get you last question how do we get you more active on farcaster
good question
i think i need to find my community i need to sub sub to more channels
yes
i i did what
channels are you in
i'm in the food channel i'm in the esports channel last time i checked out the food channel i was scrolling it for like an hour just looking at all the delicious foods and
some galazio's kitchen we now have a little there's a cooking show happening in the food channel galazio's kitchen
oh no way
okay i'll i'll just show you yeah follow galazio yeah she's great
galazio okay but i'll what i will note is there is a lot of great looking foods there is also like dan dan's mole and yeah i don't know not that seems like kind of a hot button topic but yeah
we love the mole it's been it's provided so much meme so much meme fun i i can't even begin to yeah it's been the one of the best things that's ever happened dan's mole
thank you so much will i do have to make one more quick thing and then i want to just give you one one last wrap up here but one quick thing i forgot to mention earlier we are dropping another here for the art piece that is dropping today to our hypersub and brian morris thank you so much this is the first sneak peek of this piece if you're familiar with brian's art it's always funky incredible and i have an amazing interview with him that will drop as well later today so look for that amazing thank you brian we'll be back on monday and adrian will be with me yay on monday and then i have todie on wednesday and i speak nerd on friday we have lots going on we're also trying to get betashop on to talk about moxie so lots of fun things make sure you all go check out the new matcha v 2 engine go play around with it and we did have some people in the chat who did go check it out and were playing around so there you go and somebody had said even for a point one eth to usdc on base it combines like 4 sources that's great so it's so it's not just for whales is what was in our chat so there you go thank you so much we really appreciate you being here this was a lot of fun and really looking forward to seeing what else puts out there and and thanks so much
thank you so much appreciate appreciate being here
and anything else adrienne before we wrap and close it up
happy friday that is it thank you everyone for joining thank you to all especially to the chatters really fun and and will yeah there's we're gonna i'm gonna make sure you see the the feedback you're getting on matcha from the chatters
yeah we gotta we'll share all that thanks everybody and we will see you on monday bye bye