CatsRus (SafeMoon Senior Scholar and Head of SafeMoon.Education), Mr. Adult (Global Community Manager), Gandalf (SafeMoon Scholar) and Veno (Discord Community Manager)
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Table of Contents
The Week in Review
South by Southwest | SafeMoon Labs | KYC screenshot/SafeMoon CEX | Pawthereum | Jonas heading to Ninja Warrior: Pt. 1 - Pt. 2 | John: "Didn't I film something...?" | DEX Upgrade | Delivery Phase | pSafeMoon and Other Features Coming with the Router Upgrade | Future Cross-Chain Swap Plans | 10-Year Future of SafeMoon |
Community Questions
| Could you clarify what you meant by ROI during the Grit House Daily interviews at SxSW?
| Once the exchange is up and running, have you thought about doing yield farming?
| Do you anticipate hiring quite a bit of people for [the central exchange's] customer service?
| What are the fee breakdown benefits to SafeMoon from the cross-chain swap transactions?
| Has there been discussions of any tiered system cards at all?
| What are the differences between the tiers of the Swap partners?
| Is pSafeMoon going to be added to v2 under the Ethereum chain?
| What affect will volume have across chains as the Ethereum version of SafeMoon is updated and moved?
Transcript
CatsRus:
So today John is here to hang out and just answer our questions as they may appear. But as always, we'll recap the week, go over what's happened over the last seven days. So we’ll start from Monday and work our way through.
In terms of just the overall week, nothing too major has happened because I know the team are ultimately building up and planning for the router upgrade and upcoming cross-chains that everyone's looking forward to.
Before we move on to any updates related to that we ended last week with John finishing off with South by Southwest. So how was it? How did you feel the event went and what did you take away from it?
John Karony:
Well, I had a really good time at South by Southwest. Kicked it off doing a podcast with some of the worst jetlag I've ever had. So hopefully I sounded coherent. Apparently I did, but I was running on autopilot at that point. Got some caffeine in me and then continued out the first day. I met some amazing, wonderful people from a variety of different industries. A lot of them are revolving around crypto and tokenization, DAOs and NFTS, etc., but I met some really amazing people. And just for clarification, Grit Daily House - South by Southwest was a kind of a thrown-together Austin-style event for the longest time and then they morphed into this larger thing.
Grit Daily House is definitely more of the retro vibe but it is a very serious publication and there was a lot of big-name people there that I got to meet and talk with and exchange ideas with so it was a fantastic day. Then on the second day was SafeMoon Saturday. We sponsored that event and it went really well. I did more panels on that day, I think it was four or five back to back, getting either grilled with questions or interviews or just talking about some things that SafeMoon is working on and how it kind of feeds into the rest of these different industries. So, it went really well. I had a really good time.
CatsRus:
Perfect. So that's the main thing, it was a success. It was not just an event, but it was also what we may not realize, it was networking. A lot of it was the networking side and you've met a lot of new people, and hopefully, those people become more than just acquaintances.
So we finished off last week with South by Southwest and then we moved on to the first thing at the beginning of every week, which is SafeMoon Labs. SafeMoon Labs is Gandalf's baby, so to speak. So every Monday, he runs a Twitter space, anywhere from 15 minutes to an hour depending on the topic that he [chooses.] Gandalf, this week you did a Space on?
Gandalf:
Liquidity and liquidity in DeFi, especially liquidity pools. It fits the theme because we're talking about everything on liquidity and how liquidity pools work and how all this router stuff works.
I talked about all of this and it's already uploaded on the SafeMoon Education YouTube channel. For next week, I have a different topic because we have the SafeMoon birthday month and I want to cover one of the oldest spaces, which was way before we had SafeMoon Labs, "Diversification of Your Crypto Portfolio and Why This is Important," especially because we have the Swap with all these partners on board now. I think this is a perfect idea to bring up, especially for newer people who are looking into diversifying their portfolio.
CatsRus:
Perfect, so at what time again?
Gandalf:
This is an older space so it would be uploaded on Friday. It's not a live presentation.
CatsRus:
That's coming up this Friday on the YouTube channel. So anyone watching YouTube right now, you can subscribe and you'll get a notification for that this coming Friday. So keep an eye out for that.
Mr. Adult:
I think you covered it when you recorded the original one but just to check, it's not a financial piece of advice. It's just what might possibly be the pros and cons of diversification.
Gandalf:
Exactly. To give you a little sneak peek, it is talking about why diversification of a portfolio is important and why you shouldn't put everything into one source. A lot of people are saying that they're all in on one kind of crypto, for example maybe SafeMoon. I'm also talking about the effect of having a portfolio like a stock portfolio on the back and a lot of people who are new to crypto don't know that it is actually important to diversify their money, whether it's in normal investments or in liquidation or in any kind of stacking possibilities.
Mr. Adult:
But it's not financial advice, just to be very clear.
Gandalf:
Absolutely.
CatsRus:
Big red warning at the beginning. Speaking of Gandalf's Twitter Space that he did this week for SafeMoon Labs. He actually did it on liquidity which is an important reminder to those that still have LP within the SafeMoon LP Providing System that is on the SafeMoon Swap. So if you have provided LP, you need to go ahead and remove that before the 22nd. So you've got two days left to do that before your investment is at risk, essentially. We can't confirm what will happen after that, because ultimately the contracts that are storing your funds will become unsupported. If you are providing any LP to any of the pools, go ahead to the SafeMoon Swap and remove them. There was an update to the SafeMoon Wallet which now fixes any issues that were holding people back. So go ahead and do that before the 22nd because we don't want you to lose your funds.
Overall, not too much has happened this week, other than the nice little birthday present, was it yesterday or the day before? It's the KYC screenshot that SafeMoon was hinting at and what that all alludes to and means. The mind went wild with what this could be? So is there anything that we can share on that John?
John Karony:
So that is an actual screenshot from the UI design that they right now are coding in for the SafeMoon centralized exchange. And just so you know, we have a decentralized exchange or a DEX, which has been existing since last year. We have a centralized exchange, which requires more regulatory items and other processes that have to be put into place. There has been a lot of back end work going into this. A lot of boring stuff that a lot of you guys don't really see. But we're really excited about moving forward with this and yes, that is from the SafeMoon Exchange.
CatsRus:
Perfect. So from the SafeMoon Exchange, and obviously the regulations side point of view, have we kind of nailed a majority of those things? Are we now in ‘build mode’ for that kind of thing? We're not being held back?
Mr. Adult:
Yeah. Yes, we are in build mode is the short answer to that. We have a very interesting birthday month and we're not turning the exchange on this month to make that very clear, but there's definitely going to be more to see before the month is out.
John Karony:
Yeah, it's going to be a good one. And yes, the SafeMoon Exchange is underway. The actual tech aspect of it. We got the regulatory compliance side to a certain point in which we can continue forward and we'll talk about it here shortly.
Mr. Adult:
And the really exciting bit of it as well is that there are three distinct aspects that take place with this. One is planning about what you want it to be as a product. The other is about planning how it has to be built from a code perspective. And then the piece that I guess people sometimes roll their eyes at is the regulatory and compliance piece.
But it is really hard to understate not just how important that is, but what difference that will make for the future scope of such a platform. Making sure that that isn't ‘just right’ to get going, but that it has the maneuvering room for where it needs to go. And so it is frustrating when we're all sitting here kind of having to take the slightly slower approach, but long term that pays off. And that's the bit that we are starting to get really excited about because we will then be in a position where we can actually kind of break down why it took the time. We can go, "This is why. This is what we got. This is what's in place." All those dots, all those kinds of pennies are gonna fall from the sky. As people wonder which way the coin toss was gonna land and they can connect those dots and understand why it had to be taken that way.
That's the bit that kind of keeps driving us but we understand that externally, you don't get that visibility. You're not in those daily meetings and those conversations and these kinds of weekly catch ups with tech teams and regulation teams. And there's other pieces that go with this as well, which is crucially important, such as customer service. Like it's all very well to turn something on, but you need to be able to support it.
So there's a lot of other things that are starting to be finalized now. And making sure those are all in play means that we're gonna release something great and support it brilliantly and make sure it grows.
Rather than just get something out to be as 'quick as possible'. I kind of covered this in the video at the beginning of the month, but it's easy to do something. It's not so easy to do the right thing. And it unfortunately takes a bit longer, but the fortune comes later. From the kind of, you can be happy about the product, you can be happy about how it works, happy about who gets to enjoy that product and as many kinds of destinations as possible. And you've got to think about the fact that regulation and compliance isn't some kind of global tick box. It happens per country, per state, per county. There's these multiple layers to it.
So there's an awful lot that goes on. It's not just filling in a form and saying 'thanks for that'. There's a lot more than just forms as well, but we're really fortunate that we have an amazing team that works really hard to go beyond the basics in terms of what we need on that front so that we have the flexibility to then evolve the product to all the dreams that we have. So it's an exciting time ahead of us.
CatsRus:
At least that now clarifies anyone's mysteries of what people are thinking from Connect, [the SafeMoon] card and everything else that's associated with a KYC. So that was the main thing to kind of simmer people down a little bit and let their minds not run as wild as they may have been running.
So the only other really big thing that happened this week was an additional partner, which comes close to my heart. At least when it comes to working with animals, is Pawthereum. Another great partner. I had caught a conversation with Hayden that he is aiming for more of the products or partners that are going to do well in terms of giving back. We'll be doing research and investigations on them (future Swap partners) to see what they're about with an actual goal in mind, of an actual objective, then just starting a token.
Anyone can start a token. Anyone can copy and paste some code and launch a token within five minutes, but it's about the actual real progression of the project. Pawthereum, and many of the other partners that we have on the Swap at the minute (and in the future), will be about an objective and what they're trying to achieve. The team's been doing a phenomenal job with some of the partners [so far.]
Some of them people may not have heard of, and that's fine. It's about learning who's out there and how big the DeFi space and crypto space is. And it's not just always about Bitcoin Ethereum and the big boys that are at the top. It's about the smaller projects that may be doing a phenomenal job. Great to see that more partners are being added.
Speaking about the sales team, we've got Jonas heading to Ninja Warrior. So please tell me if we get some photos of that.
Mr. Adult:
I saw that he tweeted that he was off to some TV thing, but I didn't know it was Ninja Warrior. I thought that was just a hilarious guess.
John Karony:
Well, Jonas is actually about the size of Charles except more muscle. So we're like Charles V2, you know, kind of thing. So we're very excited for him to go do that. And I told him, you best bring home the win.
John Karony:
Oh, Mr. Adult, didn't I film something that we said was going to be released eventually?
Mr. Adult:
There's probably at least two things like that. Yeah.
CatsRus:
Is that a Christmas present?
John Karony:
No. Christmas? A summer present. It was a big deal and we did it but they're like "yeah, it'll be released." And I'm like, "when?" "Ah, you'll find out." Okay, great. We'll find out when we find out.
Mr. Adult:
The dice aren't always in our hands on a lot of these things, which can also bring frustration. In fact, this is a good opportunity to acknowledge the fact that we've got a long list of stuff that we'd planned for March. That list still exists, it's just moved by about a week or so. There was a bit of a gap because part of it is always about making sure we've got all the boxes ticked. Because we can't just throw stuff over the wall, but it's still coming. So we're gearing ourselves up to focus on the fireworks at the end of the month, which we talked about.
So there's still plenty to look forward to and appreciate. It's been a little bit quieter than originally planned. That said we have things like south by south west come up, we've got the router upgrade. We've had the MoonPay zero fees. What else have we got?
John Karony:
Oh, the DEX upgrade is a big thing. I used the products, too. I was like, we need to have bridging capabilities, but let's take it a step further and just have cross-chain where, if I have Ethereum and I want to go to BNB or I have BNB and I want to go to Ethereum, you can do that with SafeMoon being the middleware for that. So I'm really excited for the DEX upgrade. It's going to be good.
Mr. Adult:
Yeah. It's not going to be just good. It's a real foundational step forward. The team and Ryan, they've been working so hard on maturing the feature set, is probably the best way to phrase it, in a way that really does look many steps out from where we're trying to be right now.
And I think that's really the message that tends to come from us for the whole community. I think it's really easy for you to stay like you've got your nose pressed against the screen, right? Not just not, not a chart, but like the screen of crypto is an hour every minute, right? We're just kind of living and breathing it.
And especially with the SafeMoon army, it's a 24-hour amazing extravaganza of people just enjoying each other's company and having thoughts about what might be possible and looking at us what's going on in the world and the news and events. And so it can be really hard to just kind of take that kind of zen breath and just step back a little bit and go, what is the real big picture? What's the bigger play here?
It is very easy to feel impatient and we have a bit of that. We even know what's coming and we're still impatient, because we want everyone to be enjoying what's going on and what's gonna happen. And it's really easy to say that as well as I say this, I can almost hear people going, "Yeah. But we've heard this loads." Yeah, you have, but we're nearly there.
I'm reasonably confident that as we get towards the end of this month, even if everything isn't necessarily in your hands (and there will be some stuff by the way), but even if everything isn't it will be more tangible. It will be less "hey, we're on the way with it," and more "here's what we're on the way with." And I think that will help a lot. And even just this screenshot that we posted recently with the KYC. Immediately, people could start to feel that things were more real and that's really where we're getting to now.
The video at the beginning of this month, where it talks about moving into the delivery phase, that is where we are at now. You know, we've been through a lot of the planning, we've been through a lot of the growth, and now we're getting into the delivery. And that's the best way we can evidence what we're up to is actually getting things into people's hands.
And don't get me wrong, we've got amazing stuff already out there: the wallet and the swap being two key pieces of all of that. And as the ecosystem has the next pieces fall into place, I think it's gonna be a lot for everyone to start, not just getting excited about, but starting to dream about or understand what's next.
And those bigger picture pieces are the bits we really want to get on with. It's kind of like how Apple does a lot of what they do. They put technology into things like their phones, which are destined for other devices, whether that's like the Apple Watch, for instance. All these different sensors and pieces of technology are kind of roading in other places.
And people don't necessarily notice or understand that's why they're there first. And then they get to draw on that learning and the technology and the ideas that they've built, and put them into the real destination. And that's kind of where we are at; we've put a lot of things in play, but we haven't necessarily put them where they're meant to be just yet.
CatsRus:
So could SafeMoon's development, with the technologies that they're bringing to life, be something that could be considered a mainstream part of global daily use?
Mr. Adult:
I don't know if I would dare speak on such things. It can be kind of egotistical to assume that's where it's gonna head, but there's definitely ambition. The Apple Watch, if we want to kind of run that example a bit further, the sensors and technology they've got in there, from the motion to the computing power, a lot of those things are actually destined for the kind of Apple Glasses, the VR and AR things they've got coming out. And that's been maybe eight years in progress. And it's that kind of long term view about you test bed something in one place which is destined for another, because you're almost waiting for technology to catch up.
That was a big thing with the iPhone and the iPod. The technology hadn't caught up for that or the iPad, so Steve jobs kept kind of just dismissing it saying no, it's, it's not, it's not what it needs to be yet. The responsiveness of being able to swipe across a screen and have the icons be under your finger, not lagging behind was a huge piece of where it needed to get to. And I think there's a famous thing where he threw the iPod into a fish tank and bubbles came out and they went well "that's how you can make it smaller."
So there's all these little details which go on, which no one else really pays any attention to and honestly I can understand why most people wouldn't care, but it's the culmination of all those pieces in the final thing that you get to experience that actually makes the difference. You know, you can spin up a website in a day, doesn't mean it's the right website. The thought process that goes into it and the assembly and the detail and it's the sum of those parts.
You know, sky cycling was a great example of that. Rather than trying to come up with the one way they could do better, they said, "how can we make everything we do 1% better? How can we make 1% better oil on our chains, 1% better chain tension, 1% better tires," and all of those things added up and then they went on to be a massively successful team. That's that kind of position where you could be focused on one thing of, "well, what's the point of having a slightly better chain?" You have to zoom out and look at the whole bike and understand all the "one-percents" that are being added. And I think crypto technology software, the kind of tech that we're looking to develop. There's a lot of similarities in play there and that's why we keep mentioning an ecosystem. It's the sum of the parts that will pay off in the longer term.
CatsRus:
Talking about the upgrade itself, what I want to ask in relation to what actually comes with the upgrade (than just what I consider it to be the operating system). Instead of just upgrading that, what comes with that? What software is installed on the operating software? So I think Ryan's mentioned some things like obviously we got the cross chain. pSafeMoon, does that come with the upgrade?
John Karony:
Yeah. So there's, there's a lot of different pieces coming together all in one. There's a lot of backend stuff that we did. That's kinda like the boring stuff, but makes it more efficient. And then the cross chain is the big one. That's coming. And for us, that was one of the most important features for [it] because a lot of times you have to attach to or approve transactions on dApps, which does open up some security issues there. But with this system, you won't actually have to go to any other application. You can just stay within the SafeMoon Wallet. So we're really excited about that, but yes, there is gonna be a brief period of time where we're gonna have to take it down so we can do the full migration over.
CatsRus:
So just to clarify with that. Because they're taking everything down, all trading on the SafeMoon SWaP will stop. So technically SafeMoon is the only one that you shouldn't be able to trade, from a blockchain point of view. Now you can still use exchanges if you want to go use exchanges and all the partners, if they're used on any other swaps, you can go and use them. So you're not completely locked out. It's just a Swap itself as being essentially frozen. So don't panic if nothing's going through and you're trying to do it because there will be notifications everywhere to let you know.
John Karony:
Like any other software, exchange, or any DEX that you use, when it goes through an upgrade, there's gonna be quick downtime and we're aiming to make that as seamless as possible. So we're very excited for this upgrade. It's going to add a lot more additional features and usability to the existing SafeMoon wallet.
CatsRus:
So sticking to all the cross chain upgrades train but staying away from dates because we don't like dates, do you know which change you're looking to add next to the cross-chain [swap]?
John Karony:
So right now I'm looking at Avalanche and Polygon for the next ones. But then again, we're always open to hearing other ideas and hearing what the community wants. But what I've been hearing is Avalanche and Polygon. Well. Polygon then Avalanche is what I'm hearing right now in terms of chains.
CatsRus:
Okay. So that'll definitely give us another entry to NFTs at least with Polygon. That's pretty cool.
Well, I think that's covered the week overall in terms of everything that's happened. Like I said, it's been a quiet week, but those big things are happening in the background.
John Karony:
Well, it's been a quiet week for others. It's been a very, very busy week for us. Quite the opposite of quiet. You can probably hear some exhaustion in my voice, but we're excited.
CatsRus:
So let's jump into some questions. Got one or two questions here, and then we're gonna open the floor as normal.
John, you mentioned something about ROI and to any normal, average trader, they would know that that is essentially Return on Investment, but you meant it to be somewhat different. So could we clarify what you meant by ROI?
John Karony: Yeah. I spoke about this at South by Southwest and you can find the recording, but it means Return on Impact. It's a paradigm and focus shift from the monetary return to an impact return. Meaning "did we have the effect we set out to have?"
The example that I used was wind turbines because some people there were not blockchain-focused and so that's a pretty easy metric or a measurement for them to understand. So I used the wind turbines when it came to ROI, as it's easier to understand, then try to explain some complex blockchain mechanics and tokenization mechanics, but basically it's return on impact.
By installing the system that the turbines support, did we have the effect we set out? Did people receive the benefits that we wanted them to have, versus did we receive an x-amount kind of return over the next quarter? So it's more of a paradigm shift and a focus on the impact return and not the monetary return.
CatsRus: And you are doing that with everything that you do, so if something doesn't work and it doesn't come out to be the way they planned we can always go back to the drawing board and try something new. So nothing is ever out of the question.
Mr. Adult: There's a marketing book that talks about about "hypothesize, test and pivot," and it's that kind of cyclical nature of looking at things and understanding what's going on, but making sure you change something that's critical. Rather than just sticking your heels in and going "no, that's what we do. And that's the way we do it."
It can seem really shortsighted, but it's actually quite easy for a majority of businesses to get stuck in that because they see enough success that they go "well, that's now the way we do things." And I'm sure most people will have heard "well, that's how we've always done it" in certain circumstances as well. And we're not necessarily looking for whether it's the perfect impact or 'not great' impact. It's "what impact is it? And now how can we do more of it?"
It's always about, and I think John was mentioned in this as well, about the 10-year future of SafeMoon. That's the competition. And so if we just stopped and went, "yep, that looks good enough," then we're not gonna move anywhere and we'll never catch up with our future selves. And really you should never catch up with your future selves. That's kind of the beauty of it.
I used to do this when I was racing. If you get to the front of the grid while you're racing, you then are racing yourself. You're trying to catch yourself around the circuit which is impossible, but it means that you're still kind of chasing something that moves you forward. And so that's really exciting. As you know, I've been fortunate enough to be more and more involved with what goes on within SafeMoon as an organization. It's that there's always this completely relentless drive on trying to do more good, not just more. Because more can be sort of selfish, right? It's not about wanting more. It's about doing more. There's a very distinct difference between those two things. Kind of what I would class, the last generation type of company. It's all about, how do we acquire more and do more, whereas we're about how do we put out more and share more?
The other bit just happens as a byproduct of that. And that's quite humbling in some ways, but also it can be unnerving because you're forcing yourself to look at metrics you wouldn't normally look at and measure things in ways you wouldn't normally measure, but it comes with the huge benefit and not being pressured by the things that normally pressure you. And that allows you to make the decisions that make a difference instead of the decisions that you feel forced to make.
And that doesn't always mean they're easy decisions either. I'm sure plenty of people can attest to that. But long term it seems to work out and we keep driving at that. It's super exciting. Yeah, very fortunate to be part of it is the short story.
CatsRus:
I'm excited to be a part of it, and I think everyone else is within the SafeMoon Army. We all want to see the end goal – what is the foundation when they're all set and dried, and we're then just creating technology that adds to that foundation. And we've already all had hints as to the foundation and the additional features that add on to that foundation, but we all want to know more about that.
So perfect! Well, I think that’s all the questions.
Mr. Adult:
Very quickly, just a quick time check with John. Are you still alright for a little while? Are you hanging out?
John:
I’ve got five minutes.
Mr. Adult:
Okay, cool.
CatsRus: Five minutes, okay. Let’s see. Let’s bring one or two guests up. And that should cover it because I'm sure these questions will be for John.
Once the exchange is up and running, have you thought about doing yield farming?
John: Yes. We’ve thought about it, but we're focusing on some other features that are prioritized more before we go into something like yield farming.
Since the CEX is going to be coming in the future, do you anticipate hiring quite a bit of people for customer service? Because that's where a lot of exchanges are lagging is the customer service side.
John: HR has a hiring strategy that they're implementing right now, so yes, we are focusing on customer service.
Mr. Adult: Yeah, I’ve literally had conversations with some key people for that in the last week. So yes, customer service is a big shining light that we want to make sure we do a good job of.
Earlier in the week, there was talk from John about the different consensus protocols you were looking at for the SafeMoon blockchain. Could you maybe just explain what that meant in plain English? Because I think there were some folks who were asking questions about “witnessing” and all the different ideas you threw out there.
John: Yeah, so I was just having a discussion on the development process and the planning process. So, we were exploring what different kinds of consensus algorithms and validation nodes, whatever you want to call it, would work with the hardware that we're trying to implement because it's a multifaceted, asymmetric problem that we're looking at.
I'm not going to go into too much detail here, but I was just talking about basically some of the stuff that we've been working on on the back end, rather than saying, “Oh, we have committed to this specific thing,” because there is a hardware component.
Because a lot of blockchains that kind of get just thrown up on AWS (Amazon Web Services), which is a very centralized thing, what we wanted to do is also have the ability to decentralize our hardware.
So that's kind of what we're looking into, which then leads into some schools of thought. It's like, well, if you go with a more robust system where you're actually able to store more data in a single location, well, now your footprint is going to look a little bit larger, which means it's going to require more energy-intensive tools. So maybe it's two to three wind turbines, versus just one.
But if you go with a different kind of consensus algorithm, not saying we're doing proof of work, but proof of work is very power-intensive. So if you do something like proof of work, well, it's going to require more energy.
Now, if you do something like proof of stake, well, it's going to require less energy.
And so, what does the actual physical footprint of a node that is essentially off-grid and not tied to centralized things look like? So that's kind of what I was going into was the different ideas that we were exploring around.
And even down to a similar system to what Helium does with proof of coverage, we were looking at something like that. We kind of threw that one out of the window because it doesn't really tick all the boxes, but it was a fun brainstorming, whiteboard session and then a slight experimentation that we did.
CatsRus:
You can tell me no, but...
Do we have concrete information on which [blockchain protocol] you've internally decided on, or is that still an ongoing conversation?
John: That’s an ongoing conversation right now. That's not the hard part. These things are very well known already and how to implement them. We're actually just working on the hardware, and the bigger thing is what does the footprint look like for us?
And then, that brings in supply chain and other items, waterproofing or weatherproofing certain items. So that's what we're currently working on and looking at, not the actual software side of the house.
But we should have an answer regarding that soon. It's not like it's really a delay or it causes any kind of stress in that regard. We just have to test the software with the hardware, and we're working through that, so that's where we're at.
Are you able to tell us the fee breakdown benefits to SafeMoon from the cross-chain swap transactions?
CatsRus: So, in terms of the fee structure and the way they're cross-chain feature is essentially is you're going to be paying the gas fees to essentially the chain that you start on. And then, the chain will do everything in the background to then get you to your chosen destination.
So you're paying the fee initially, whatever the fee is. So, if you're going from BNB, it's a few dollars. If you're on Ethereum, well, then Ethereum is whatever their fees are. If you can tell me exactly what their fees are at any given status, you can check the gas fees.
But you start with them. And then the fees associated, if you're talking specifically what goes back to the ecosystem, whether there's any 2%, 5% 10%, I don’t think we have concrete information as to what fees they've settled on.
Do we have concrete for the actual Swap fees?
Gandalf:
As far as I know, no. Not yet.
CatsRus:
I think I've got it written down. No, not a concrete set for the actual percentages of the actual transaction fee yet. But as soon as we get that, we’ll announce that. But we've still got a couple of days before it comes out and people start using the cross-chain. So that'll be out there before anything else.
So it is confirmed for 2%? Okay, we had someone (in the chat) say it is 2%. So if it's 2%, it’s 2%. If not, either way, you're getting clarification in due course.
Is there any potential for the SafeMoon Card to have different levels, perhaps relating to varying percentages of cash back on purchases like Crypto.com?
CatsRus: No, not to my knowledge in terms of any different levels. I know the card’s on its way. So, in terms of a different level structure for cash back or cheaper transactions or whatever, I'm not too sure right now. But we’ll have to wait and see what they come out with on that.
Has there been discussions of any tiered system cards at all?
Mr. Adult: Oh, there's been a million discussions that you wouldn't even imagine. With regards to tiers, I’ll be very clear on that – it's possible but it won't be out the gate. We are making sure that we get something great out that everyone will be very happy with, and then we worry about the leveling up of those things in the future.
Because we don't want to delay things. Otherwise, we would put in all of our amazing ideas now, and that's what a lot of places called scope creep. You start doing a lot of stuff that actually it's great, but maybe not right now.
So yeah, everything's on the cards, pun intended. But we will probably look to make that a bit more of a community engagement piece so we don't just go, “Hey, here's what we came up with!” And it could maybe not be quite what people wanted. We'd rather make it a discussion, a bit more collaborative around how the products evolve.
So I would say the first version of all these things we're doing, it's get the first version out, but then it's talk to the community and understand where it should evolve to because we would never really want to be so arrogant as to think that we know exactly what everyone wants. That's bonkers.
And we're in a really unique position where we have such an amazing community that just kind of lives and breathes with us. It'd be silly not to have those conversations and go, “Well, what do we build around your needs? Which other companies and organizations would absolutely kill for.
And because we don't look to farm data, like the wallet or whatever, we don't look to the traditional sort of paths that companies might do for their insights and their analytics. We make it far more conversational. And that arguably makes it much more human, right?
You actually hear not just, shall we say, the topline summary of what they might like, but why might they like it and, more importantly, what impact might it have on them if they had it?
We found that a lot with some other conversations that are going on behind the scenes around extensions to products and partnerships, which as those come out, I know people will start to see the evidence of that showing up. And I really believe that that's going to be a huge differentiator for us.
Because we're not trying to get the most, do the best. It's not about winning in that sense. It's deliver the most impact, make the most sense. And I know that only once products and services and things are kind of in people's hands will that start to catch up. But that's where we're aiming, and we're very nearly there now.
It pains me not to be able to share about lots – I've got like hundreds of things on a Trello board that I just want to put out through marketing and conversations. But we know we need to wait because if we haven't got the things delivered, everything we put out is just going to be “but when this, when that,” so we’re focusing on the wins first.
Any plans for the SafeMoon Exchange adding stable coins like BUSD on Binance called SUSD for SafeMoon Exchange?
CatsRus: With any sort of change when you’re dealing with financials, you would always want a stable coin just for stability. Because you’ve kind of got to pair – even with the likes of Bitcoin, Bitcoin is always paired with USD of some kind, or Ethereum, and so forth.
So there's always gotta be that stable coin where the value of the coin is there so there would be some sort of stableness to SafeMoon’s price because right now if you have a look, we have two: we have BNB and we have BUSD.
So when we move to our own blockchain, there's going to be some stable coin associated with it, whatever you want to call it: SFM USD or SUSD or however it is. So there would be some sort of stable coin associated.
Any update on Mandala?
CatsRus: The last update we had for Mandala is, essentially, SafeMoon’s side and Mandala’s side was absolutely fine; they were ready to go. It was just a problem with the Binance Cloud that wasn't ready for global tokenomics. And they've essentially now put that into their weekly sprints.
So once they get to their sprints, they'll be able to knock that out and get that technical issue hammered out. And they said they’re estimating between the first and second week of April, so that was the last we had from them.
Mr. Adult:
I have something hot off the presses for you if you want. The incredible Hayden has messaged me to say, “You can let the community know Ninja Warrior for Jonas will be released in the summer months.”
Gandalf:
Whoa.
Mr. Adult:
Basically, I'm thinking like a live watch-along MoonCast special or something. That's what's in my mind.
CatsRus:
See, I would love to do that, but Discord needs to hurry up and allow us to stream video while on the stage.
Mr. Adult:
Oh, I just meant we all tune in wherever we need to tune; we wouldn't necessarily stream the visual but it could be a watch-along, right?
CatsRus:
I suppose but, still, I would still love to be on stage. I suppose it's me just trying to treat this stage like a natural podcast room where people see us and if you want to be on camera, you can smile at the camera and then be able to share stuff.
Mr. Adult:
We could do a YouTube [MoonCast] for one time or something.
CatsRus:
I suppose. I suppose that is definitely an option.
Mr. Adult:
So there you go, hot off the presses. We do like to deliver the latest breaking news.
What are the differences between the tiers of the Swap partners?
CatsRus: So you'll see on the actual partner page of safemoon.com is Meteor, Comet, and Moon. So there's three different levels of partnerships.
Now, we can't disclose what’s involved with the level of partnerships because that leads on to something more in the future, which we can't talk about.
So I always use the example “treat it levels of business.” Some people just want their name associated, and that's it. Some people want to be more involved with the company. And then, some people want to be the face of the company in that retrospect of a business side of things.
So, there’s different levels of integration with what they do. Now, we can't talk about exactly what they're going to be doing. Just that kind of gauges the tier one, tier two, tier three.
Mr. Adult:
There's something common between all of them. It's the story of who they are, why they're showing up and what they're trying to do. It's not really about the token; The token is kind of a byproduct of a mission. A lot of the conversations are being had around their mission and impact. We want to see your vision, your mission-- how you want the world to be. There is a culture within the swap, our listings and our partners. It's not just a business transaction.
Do we have a tentative timeline as to when we will actually begin attaching wind turbines to the blockchain? Will SafeMoon install Wind Turbines in the United States as well?
Mr. Adult: I would love to profess that I have the answers to those if I had to guess, It's months, not years, but raising my shoulders, who knows? I think it would be mad to think that they're not looking at it as a kind of framework or model. I can't imagine it’s going to be restricted to one place. It's something that wants to be repeatable and scalable. My inference is not my knowledge. I'm not involved on that side of things. It would make sense that it would be in other places. I know that's not really the most exciting answer. If John were here, I would anticipate that he'd say, probably [something] similar -if not less- being a talk about infrastructure and legislation.
CatsRus:
John aims for 2022 to complete the foundations and that's the goal for the foundations. The likes of The Gambia may all be on board but the likes of the US may take 6 to 12 months on its own to get the applications through. So, I would agree with him saying months if John has said that he's aiming for the completion of everything by end of the year-- in terms of minimal viable products. The key thing there is having viable products they can further develop beyond that with scalability in mind. So, I would agree with him saying months and not years.
Is pSafeMoon going to be added to v2 under the Ethereum chain?
CatsRus: You're going to stay on the Ethereum chain. They will take what already exists of V1 and redistribute accordingly. You will still be on the Ethereum side. They're distributing a mirrored clone of what's in the vault. You will have two separate tokens. As we move into Polygon and Avalanche, they will also have their own version of SafeMoon as well. You're not going to be moved to the Binance Smart Chain. You won't have to worry about doing anything. It should all be done for you because there's a clone being created. The tokens that are sitting in the vault being moved for the upgrade will be associated with SafeMoon v2 in some way shape or form but you will be staying on the same chain.
What affect will volume have across chains as the Ethereum version of SafeMoon is updated and moved?
CatsRus: You will get reflections across multiple chains with pSafeMoon in the future. Originally, we intended this but there were issues with the V1 contract that posed limitations. [With the upgrades,] they are now able to do that as they intended. There will be global tokenomics [across chains on DEX] as originally intended. BSC should distribute to reflections to either side and Ethereum should then bring it back to the other side based on the volume. Everything grows as a part of it and meshed together as originally intended. Once the cross chain and the pSafeMoon is [upgraded,] it will be functional. Hopefully we will have pSafeMoon done within the next 7 days. That is not a concrete date. That’s just an estimation.
CatsRus:
That is MoonCast for this week. I've got a lot of questions that we can't answer because a lot of them were for John. So, I'm going to take them away. I'm going to collate them and I'm going to get as many answers as I can throughout the week.
Mr. Adult:
Yeah, I'll see if I can maybe talk to John about writing another Captain's Log, Q&A or something. So, if you can get those my way as well. I'll be happy to see if I can help you get some answers.
CatsRus:
Great! I appreciate it. Yes, perfect! So as I said, we will get those answers for you and we'll be back next week. Now, I don't know if Veno is here. Is Veno in the audience?
Mr. Adult:
Is he loitering? I think so.
CatsRus:
I was just going to see if you had outro music. If not, we will then wrap this up here, but I want to thank everyone for tuning in to MoonCast #31. We'll be back next week and hopefully be able to talk more about the router upgrades and what has been implemented. For this week, you’ve got one to two days off-- Tuesday, Wednesday. Go and enjoy yourself. You haven't got to think about SafeMoon because the team are just doing backend things. You don't have to touch anything. Have a cup of tea. Have a beer and go out. See your family. Whatever it is, just enjoy the time off and then come back and check in [on the upgrades.]
Mr. Adult:
Watch some Bob Ross re-runs.
CatsRus:
Who is Bob Ross?
Mr. Adult:
The painter. The guys who’s like, look at what I have done with the trees; happy little accidents.
CatsRus:
Ahh. Perfect! Again, thank you everyone for tuning in. Thank you to John for showing up and answering our questions. I know his time is scarce when he gets a moment so being able to just answer a few questions has been greatly appreciated! Again, as always, thank you to the community for tuning in. We'll be back next week! See you guys later.
Gandalf:
Bye Bye.
A special thank you to our lovely transcribers who helped make this possible: Arie, Pheonix Rising, Kerr and Sir Burns