the graph vs chainlinkCryptex and Chainlink Technical Demo

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talk a little bit about um what is cryptex what is tcap what are we doing who we are and then give a brief demo of the platform uh the app itself is only a handful of things you can do so its its pretty quick um but im thinking we could talk a bit more about what what we do how chainlink helped um make this product possible and then is it is there possibly like a q a or kind of thing like that okay thats perfect okay cool yep yep and um it just just went live so um yeah you guys you guys good to go yeah cool well welcome everyone thanks a lot for joining us today really excited to have joe and preston join us from the cryptex team uh we spoke a few months ago before their launch and uh really excited to see all the success that theyve been having over over the past few months since since first launching and joe could talk a little bit more about that um as you might have heard prestons saying yeah well go into talking about a little bit about what cryptex is um go through the platform how to use it show a demo joe will go over some stats of how the progress has been since last speaking and if you have questions throughout this just drop them into the chat um and we can answer them throughout or have a little session of q a at the end so dont hesitate drop some questions from the chat and uh well be able to get to them uh yeah so welcome guys thanks a lot for joining thanks for having us yeah thank you yeah its been been a few months since last time so excited to hear some progress and uh joe how things how things been going things things have been great and again hey keenan hey chain link thank you so much for giving us the platform to chat a little bit about things that were doing i know we we got a chance to speak a month ago with uh chris and preston we walked through the preliminary specifics of the product and the protocol and how we kind of wanted to build this system and weve been building this system for the last two years where youre effectively tokenizing the entire crypto market cap and creating a total crypto market cap token that takes aggregated data thats provided by chain link brings it on chain which we then collateralize with ether die and create a synthetic that tracks the entire crypto market cap so we launched this platform um to the world on april 8th we had no marketing yet no everything was just word of mouth and within a matter of nine days the protocol went from zero to a hundred million dollars in tvo and it was a surreal surreal experience you know it was absolutely bonkers um everybody you know obviously came on because in addition to launching tcap we launched ctx governance which powers the entire protocol so essentially you know cryptex is a dow and ctx is going to not only power tcap but every single asset that we work on building um through you know oracles that are powered by chain link and bringing data on chain thats then collateralized so ctx will power that so you saw this huge um you know early adopter program 500 000 ctx everybody wanted them the ctx is now live and you know thats thats basically it the protocol currently is sitting around 30 million in tvl its one of the largest d5 projects in the world and um were literally just getting started its the first ending of the game and we could not be any more happier with how cryptex is working and how chain link is powering everything yeah thats amazing progress in the first few weeks it definitely definitely blew up yeah a lot of people are talking about it and it its crazy so you have a lot of like kind of moving pieces with it what are some of the things that maybe you learned in those first few weeks um of starting a new new d5 project chris you want to take this one yeah for sure so a little bit on my background is im uh im a protocol engineer with prismatic labs so we we work on the core protocol of ethereum and working with joe and cryptex in general has been my first uh production product in the application layer um i have always been interested in application layer because im im thinking about who are our initial users of ethereum and that is that you know adapt developers so i certainly learned a lot about how to build these kind of applications so um how it takes so long time to get an audit done and how you want to simulate everything multiple times before you do it because you know mainnet you only get usually only get one chance to to do something so i mean thats definitely been a big learning experience for me and not not having done any smart contract development or anything like that but also that uh you know with the design of the protocol that we have learned to trust our assumptions but also to revisit those and think about uh well we we we know its a good idea but is there a better idea and the way we can do things so uh when we were thinking about how are we going to make tcap uh the total market cap crypto market cap token were wondering like how do you issue a new synthetic token and that has certainly been uh a very exciting learning experience yeah and for everyone listening in uh preston he as you mentioned he works at prismetic labs and one of the legends working on the infamous uh s 2.0 so so definitely give you your claps and a like to the video for him uh as well and uh definitely check out the platform and walk along with us as we go through here um yeah so without further ado preston you want to maybe just walk through a demo of of how we can um use it yeah lets take a look at our application here so the site were looking at here this is cryptex dot finance this is the landing page for um cryptex and kind of whats going on our flagship product is the total crypto market cap token and here you can immediately see a little bit of data about what this token is you see that the total crypto market capitalization of all cryptocurrencies is around 2.3 trillion dollars right and what tcap does is it is a a price that moves um exactly with that that value right its divided by i think um 10 billion or something like that uh i dont remember the divisor off the top of my head but you take that value on the left divide it by 10 billion and then you have the value on the right and thats the true price of t cap uh theres a little bit more information here we have tcap is collateralized its a its a crypto collateralized asset so for every tcap that exists there is at least two times the value stored somewhere uh in in our case its in a in what we call a vault uh that way you youre assured that you know were not just the protocol is not just printing money or making up money uh it actually has some value behind that you also have links here to the white paper the actual open source code um a link to the chain link oracles uh and how those work and then our audit by quan stamp uh there are some helpful links to get started on the types of things you can do with tcap well get into that in a moment and then there is the ctx governance token um ctx is live now and with the these tokens that that you can earn through yield farming or other other future incentives the token holders of ctx are the ones that are driving cryptex they are actually uh its kind of like owning a piece of the protocol uh with these tokens you have voting rights and on what should be done so for example if we wanted to change any of the parameters of the system uh launch new incentives new vault types or protocol upgrades as a ctx token holder you have the right to vote for or against such proposals and only when a proposal has reached enough voting power can it be executed and the protocol can be changed uh with that we have some info on the token theres a medium post our forum and snapshot and and where to vote and a bit of documentation uh heres a bit on the team uh skip over that for now you guys can read up on on who we are joe and i are here today uh christians are blockchain developer and toms our marketing marketing expert as a few posts here and some questions so with that lets dive right into the app and take a look at how it works oops it opened a new tab all right so i just clicked app and im im logged in with a mainnet account that already has some some tcap on it but im going to show you how this account was able to create tcap and really what you can do with it so in this account they have 71 tcap at 13k balance they dont have any ctx because all of it is you is being used for for yield forming at the moment so this is the landing page youre going to land on we call this the dashboard page you can immediately see the some of the same information we saw on the other page total market cap and then the drive price of tcap token and then you have your four basic uh action buttons these are really the four things you can do with tcap you can trade mint pool join a liquidity pool and then farm with those liquidity pool tokens but lets take a look at uh minting so well take a look at at the vault uh if its your first time um if its your first time visiting this page for example this this account does not have a a die vault uh you have two basically two types of collateral you can use you can use either eath or wrap teeth which is essentially the same type of asset or die as your collateral to to collateralize and meant tcap so lets imagine we created a vault this account already has been created for eth and well take a look at that for here they have staked some ethereum assets and they have minted or essentially borrowed tcap which they can then you know do do whatever they like they can sell uh essentially taking if if i was to mint t-cap and then take uh sell it right away that would essentially be taking a short position on the total market cap relative to the underlying collateral so i think if i think eath is going to go up more than the rest of the market that would be a pretty good bet but there are other things you can do besides the speculation we have several liquidity pools that you can join um two of these on sushi swap are incentivized with yield farming so here we have the tcap and eth one which has 12 million almost 13 million of liquidity and then the eth and ttx pool which has you know 2.7 almost 2.8 million in liquidity uh then we have another uniswap one with kind of low liquid liquidity that one were not really uh using yet but it does exist so it is there if you want to be one of the ones to to have a high percentage of a pool uh that one in unisops could pick diving into the farming um initially when the product launched it came with some early adopter rewards so if you were if you were with us in the first two weeks you were eligible for some rewards just for having a tcap vault and having debt uh those are unfortunately inactive now since the the primary goal of that was to bootstrap the governance system and issue enough ctx that a vote could be passed so that has happened and now the primary or really only rewards at the moment are through liquidity pool incentives so you can see here a estimate of the apys so for ethan tcap if i was to put my tokens there on top of the any any liquidity fees that i would earn based on trading volume i would also be eligible to earn a 70 apy here by staking that position with the cryptex protocol so when you stake youre essentially taking your liquidity position and putting it with the the kryptex protocol youre able to exit at any time its not a lock-up period or anything like that the only caveat here is that your rewards are issued on a vesting basis so youll receive one-third of the rewards right away and two-thirds of the rewards at the end of the program uh here you can see for example in this account they have uh 37 ctx uh thats eligible to claim now and then 350 about 350 that will be eligible at the end of the program same thing with the ctx pool uh this one has a higher apy simply because i think there are less participants right we saw that there were less liquidity there so if youre looking for somewhat of a high yield apy yield farming ectx would be a great option then the last page we have we have this graphs page which does not want to work for me of course because its a live demo so there it is okay great uh we see the basically six key metrics that we like to track within uh the cryptex team we look at the total value stakes so this is the amount of collateral in all of the vaults we see the total supply of all tcap that exists so tcap comes into existence by minting and it is uh removed from resistance by burning i think i missed that part well go back to that in a moment you see a tcat price total staked in east faults total stake and divulge and total uh inside the crypt ctx price the governance token so i didnt talk about burning of decap so when you create a vault you are basically borrowing tcap from that vault and at some point youre going to want to pay back the tcap essentially burn the t-cap and claim be able to claim back your underlying collateral with that theres this a flat fee of one percent and you can you can do this at any time uh the fee is payable in eth and goes to the cryptex treasury uh what exactly will happen with uh those funds is to be decided by the dow so if youre interested in driving that those kinds of decisions thats something that cryptex holders do so um thats kind of the power of the dao and why its necessary with having a a trust minimalize minimalistic uh protocol and decentralized protocol is that the the dow drives decisions and and not the cryptex team i think thats it for for the app lets see okay i can um i think we can take some questions now keenan youre muted yep thanks um yeah so there theres one good question that i was kind of going to bring up too um so you mentioned that tcap is one of the many things uh to be powered by by ctx or the cryptex token um what other governance things are kind of thinking of of with this and that will kind of be on just uh earning this as like a farming token what else is going to be on the governance side um and going into the application that youre thinking of yes so i um great question and i think basically you know what people need to be mindful of is you know ctx is going to power the entire protocol right so were starting with tcap and um whats what youre gonna see come come to market are a whole lineup of data backed solutions that are powered by chain link and all powered by ctx so tcap is the first but expect many many more of these types of assets to come to the market and to be powered by you know the ctx governance so the community is going to have a say in what they want to see come out and and we have an entire lineup ready ready to go basically its just a matter of you know when we roll out but to so what were doing in comparison to what other platforms are doing nothing like this stuff exists yet so its you know im really im really not going to get into the specifics of the tokens i dont want to give anybody any ideas yet but what i can tell you is that what were working on right now is absolutely going to change the way that that things are done i say that with 100 confidence and that this is the first bat of the first first inning of the first game and you know the things that are being worked on with um tcap the things that are being worked on with the two of the vaults the thing like the idea is that preston and chris i mean you know preston he knows i love him but this the guy i look at him like hes hes a genius like the guy is absolutely brilliant in what hes done with ethereum you know what prismatic is doing securing billions of dollars of heath too i mean if i had to bet on anybody in in building and development its going to be preston and its going to be chris and these guys are committed to what were doing were here for the long term and we look forward to the baseball game its awesome its kind of amazing because youre bringing a couple different like concepts of different protocols with like the governance side as well as i think what might be misses the with tcap so this is this is almost a hedge if youre if youre thinking okay im into this crypto thing i dont know really where to go but i really think its going to keep going and so being tied to the total crypto market cap um is something that i think ive seen once like a rebase token but then this takes a whole different spin on on the whole thing and do you want to maybe talk about the idea of you know tying this kind of concept with the total market cap of of the cryptocurrency market and maybe how like the oracle of that works with this yeah so i i think that um our goal for tcap is you know you you look at total crypto market cap and it is literally next to the price of bitcoin or ethereum or chain link for the marines out there one of the most you know widely quoted metrics in the world you know people are always looking at oh my god total market cap its you know x trillion or x you know whatever the number is but there was never really a means to effectively you know trade that so when we started developing this it was like okay like how could we get just total market exposure in into the hands of everybody but do it in the most decentralized manner where were operating as a dow were minting were not just saying hey were going to issue you know 10 trillion of these things and just because how do you do that for total market cap like its such an important metric how do you just come out and just say like im going to control how many are outstanding like thats a pretty pretty pretty big test so we want t-cap minted by people who are looking to take advantage of things like arbitrage or you know liquidity providing or earning fees on pools but we want tcap holders to be people who are looking at the sector whether institutional or otherwise and saying how can i get exposure to the entire market in a single solution so the oracle really kind of solves that problem because chain link brings data from five major data providers the largest in the world bring that on chain we hit that with a divisor of 10 billion so now youre aggregating this data and effectively collateralizing it and now like magic you have exposure to the entire sector without needing to own 7037 coins depending on who the data provider is and youve effectively solved the problem in the market where nobody can have exposure to the sector without owning the underlying without it being a basket without it being something thats riddled with five percent fees just just to hold it and were achieving our purpose and the dow is achieving its purpose you know so i think that it provides a unique opportunity to a lot of different people and our goal is to continue you know building tcap and things like this to bring these types of assets into the hands of of everybody thats thats kind of the goal and you know you know chain link will play a huge part in that and shout out to chain link and shout out to kwan stamp and don and everybody over there for doing a phenomenal job auditing all this stuff for us and you know were were just really excited to make it happen and help bring these types of things to the world awesome yeah no thanks for that explanation so i have a two-fold uh question and i think joe you could take the first one and then press and ill do the second question with you um so you currently have pools on sushi swap unit swap are you eyeing any sort of cross-chain bridges maybe doing this on on maybe like finance marching or um solano or looking at any other chain chains or are you going to keep this fully on on it uh for now i believe that were were focused uh primarily primarily on ethereum um you know we planned as as we were talking about a little earlier to bring other pools of other assets not not to be disclosed at this time but theres going to be other pools because we believe the dao should provide as many choices to people as possible in terms of collateral so you know whatever that collateral choice is which will be announced or choices are should i say that will be announced in the near future because there will be multiple choices you know people should have the choice to say okay i want to stake ethereum or i want to stick die or i want to stake you know xyz to tcap and use that as my underlying collateral position to to go forward with so thats definitely a priority of ours right now in addition to you know having the governance structure correctly in addition to the other 9073 things that are in the process but for right now in terms of on-chain stuff uh we were sticking with the ethereum blockchain at the moment and then preston the man the myth the legend with everything that thats happening with with f 2.0 uh are you looking at any sort of uh layered twos with this to start or um are you kind of keeping this all in the main and kind of what are your views of the whole layer two wars that are happening right now and other other side chains yeah i think that uh layer two is when where the real scaling is gonna happen um you know part of the e2 roadmap now is to include things like uh ck roll up transactions and things like that so yeah were you know were looking at these like polygon and these other layer two solutions um thankfully in in recent weeks or maybe days i dont know gas prices have kind of gone sub 100 so that feels a bit better but we are far from where we need to be in terms of scalability um so were you know were were trying to get it to get tcap in the hands of everyone who wants it including you know retail investors and and uh everyday average people and we want to keep it decentralized right like okay if its if if its on if if its held through some you know third party in an exchange for example but i think that it would really be an ideal solution if if its in someones wallet on their phone and that theyre not burdened by gas fees or even having to think about that so much uh and that can definitely come in some some layer two scaling solution on on ethereum cool um and then for for either one of you i got a good question from the audience here um with with the peg itself um you guys how do you try to keep it as close to the peg as possible and any plans on on working on this yes so um with regards to the peg i mean you know we we have seen a couple of different things uh thank you jacob really appreciate that um weve seen a couple of different things um that that have transpired since we launched uh a month ago so initially you saw tcap kind of trade at a little bit of a discount upon launching to to the value that was inside of the protocol um since then youve seen uh moments where weve traded at peg and then we saw a period of time where the price after the ea awards rewards ended the price um went significantly above peg and it was at a significant premium and you know were looking at that and saying wow like this is great a lot of people are buying it but we kind of want to keep the system in line the best we can so the issue that we have on our end with that is that we dont necessarily want to step in and disrupt free markets you know free markets deemed pay um premiums and discounts to things at all at any time you know like its you look at any asset thats out there and if theres more demand than supply theres going to be a premium and if theres a discount its going to be the opposite of that so um you know basically the way that we try to mitigate that is by coming up with proposals for the dow where ctx holders can vote on different things that were coming up with to try to mitigate these premiums but before we could get the first government we were going to get the first governance vote up this morning and before that could even happen after a couple days of this premium situation we saw the pay kind of revert to itself on on its own so we said to ourselves like okay like were gonna propose this vote now but now this thing is back at peg let the free market be the free market so what i would kind of tell people who are looking at that is to always do your own research always check out the protocol peg versus where its trading on the secondary markets and just be mindful that as more exchanges come online there will be bigger arbitrage opportunities to to kind of you know work with tcap but in the meantime watch the peg price versus the secondary market price and um just know that were on it and if we think if we see things or the community is telling us that things are a little bit too out of whack we can propose quite a few different things on the governance side uh which will get into it if that presents itself and um the community can decide the community can decide whats best for the protocol and thats the point of what were trying to do here is work with the community and making these things happen and keep it fully decentralized not be the powers that just say this is what were doing and you guys have no say like thats why you have ctx you have the right you have the right to do this yeah i love the i love the community community backing of this and and in the field that you guys are going for i know so last week you you spoke with uh mayor mayor suarez at of miami is that right yeah that was um that was that was a couple weeks ago and um we have um one of our one of our team members thomas has developed a uh very very close relationship with uh the mayors office and tom if youre watching this whats up bro um basically with the mayor um of miami we actually first met with him in uh january and the the man is is doing such an incredible job of responding to outreach like we called dm said hey like we want to come down and talk about like ethereum and hes like okay so we went down we got on a tech talk we brought over um you know preston who was there uh virtually at that moment we had a couple of you know news guys there with us and uh talked about it a little bit and i asked him you know would you be interested in learning more about aetherium hes like absolutely so we left and we went back at the end of march and we brought um preston and we brought uh you know frank shapiro from from the black and we brought uh vitalik himself and we had this wonderful conversation um with vitalik and the mayor who preston you know thank you so much for arranging arranging that making that happen for us and um they had a great chat and now it looks like things are going to be starting to you know happen on the ethereum blockchain with miami i cannot comment uh at this time on what but what i can say is that it is wonderful to see a major american city embracing the future of the technology and embracing the future of what can be done on the blockchain and uh i have nothing but the utmost respect and wonderful things to say about not only miami and the culture and the people that reside there but also about the mayor who is just making incredible things happen for not only the crypto community but for the citizens of of the um the city so uh love the work happening down there mayor francis if you see this uh keep up the great work and we look forward to seeing you again soon thats awesome yeah its a good cool story and its amazing you hear a lot about the bitcoin side but thats awesome that theyre kind of turned into the ethereum and yeah exciting exciting times ahead absolutely man and the chat here i dropped in also a tweet from cryptex finex i dont know if pressing you have pulled up on on your computer um of this video everyone needs to need to take uh the two minutes and uh your guyss launch video i absolutely loved it designer is yeah yeah thats uh thats uh we are guys you know we we actually all do uh all the designing in-house believe it or not so ive always loved to make music and um you know i did the music with this with our um in-house designer james who worked on this with me and and cullen handles all of our video so we have a whole team a text team that works in-house on making all of these different things and uh theyre a blessed to make and the way that we want to position the protocol is every time that we have something important to say this is how it comes out you know theres no pumping theres no like non-stop talking about just things that dont really make a lot of sense but youll know we have to say something because well release something of this quality and this is how well say what we have to say and i just think that its its a really cool way to kind of bridge um you know audio and video video with um you know building on the protocol side and uh had a lot of fun making this one and i hope the community and uh crypto twitter likes the next ones to come because theyre gonna be equally as insane yeah keep keep them coming because yeah this was highly talented so yeah yeah props to this yeah i really enjoyed it it helped make sense too with like cryptex you know and like kind of like in a fun you know way of being able to explain exactly what you guys are working on so highly recommend its playing here in the background but everyone should definitely go listen to the background the music and everything with it as well the community and keenan you know how tough the crypto community is when you look at the um thank you lance appreciate that when you look at the um the uh you know the the how tough the community is and then you have a stream of posts where everybody is literally commenting on oh my god like this is amazing like this is the this is the best you know you did something right because there was nobody hating on it so it was like we were really we were most impressed with that that there was nobody like because you got like 20 000 people that watch this and like nobody um had anything bad to say so it was like really really cool that that that happened yeah ill just pull pull up uh the comment again but the fact that you guys made this yourself mind-blowing i was going to ask you after you know its like give me the number of the guys that that made this you know next time got it theyll be happy theyll be happy to work with you and those those guys you know james and cullen thats thats like a amazing amazing team and i cant i cant wait to share that the future ones that are in the works because you know were working on like several of these right now and um because obviously all different things that are going to come up in the near future we want to kind of have videos for so its like these guys are already on it but if you or chain link ever needs anything then just let me know i look forward to what we do one together for something in the future you never know yeah well i like the part theater you know its like something that is like powered by chilling so yeah you got it it was a nice nice flip in there at the end i love it of course man of course and you know your your team uh rory and you know the rest of the marketing team absolutely wonderful people super super easy to work with um always happy to help and thats one thing that is very impressive about chain link is that from the beginning of the protocol to now to where we believe that we will take things its just a wonderful wonderful thing to say that chain link powers this and the support the outreach the community its wonderful you know and were really really proud to to be a part of it and work with you cool well thanks a lot guys uh for joining uh i really appreciate you spending the time and exciting progress and yeah its been a lot of fun working with you guys too so anything that we can do to help were definitely here and um thanks a lot everyone for for joining in the comments too and for for the great participation and and questions as well and well be doing more of these so definitely stay tuned subscribe to the channel uh youll see us when we go live um otherwise yeah guys keep keep up the hard work and um congratulations so far and uh excited to see what comes next really appreciate it thank you so much yeah thank you 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