Jupiter: the key liquidity aggregator and swap infrastructure for Solana
Jupiter AMA with Andriy(https://twitter.com/avelykyy) from Allbridge (1/7/22)
Allbridge is a simple, modern, and reliable way to transfer assets between blockchains.
Ben Chow (Jupiter): Hey Andriy, are you here?
Andriy (Allbridge): Yeah thank you so much for inviting.
Ben Chow: Yeah. Thank you for coming on stage man. It’s so good to have you.
Andriy: I think it’s a pleasure being here.
Ben Chow: Awesome. So I think we’d get started. Thanks everyone for joining the AMA, no worries if you come late, we accept everyone.
Today we’ve got Andriy, the co-founder of Allbridge and one of our partners at Jupiter. Super excited to have him, so let’s get started.
What is Allbridge? [00:00:41]
Basically, the first question we always ask everyone is “Do you mind introducing yourself?” and for the people who don’t know, share “what is Allbridge?”
Andriy: I’m Andriy, co-founder at Allbridge, would you like a sort of personal introduction or you want to hear more about how we started the whole project with my partner, just so I better know how I should reply.
Ben Chow: Yeah we actually like both, feel free to share both.
Andriy: Just a quick personal intro. I had my Bachelor’s degree in Statistics, Master’s degree in Information Systems Management, and since 2002 I’ve been working in IT, mostly working on Data Centers and Switching and by the time I discovered crypto in 2015, I have been working mostly on data centers and building them so for me, crypto was mining because I figured out that it is pretty much the same business and I have to admit at that time in 2015, I haven’t yet been a true believer of crypto so most of the crypto we mined we sold and that includes a lot of cryptos compared to today’s price rates but I think it went well. Generally speaking, I decided to stay in crypto, started looking more and more into the field and I joined in 2017, a Cyber Security: Project Hacking who at that time was fundraising and just building its cyber security company. I moved to the next company which was developing a way for people to pay for crypto in retail. So what we were doing essentially was integrating into point of sales terminals where most major integrations have been NCR which is a global leader and what we were doing in a way was similar to Pundix, which was a Malaysian project also quite famous in 2018 but we decided to do software basics by doing program integrations and Pundix was doing hardware Point Of Sale Terminals.
In 2019, it apparently became evident that people are not willing to pay for their coffee in crypto, and instead of continuing the Point Of Sales, we, with my partner with whom I later created Allbridge, started developing a multi-custodial multi-currency crypto wallet.
It was mainly focused around EOS. If you will think about it developing on EOS in 2018, 2019, it has seemed very promising. Unfortunately, the ecosystem died eventually but it didn’t look that way when we were doing that. In 2020, we started, with my partner looking into DeFi and we were thinking of building a concept of what we call tokenized vaults for the DeFi assets within them. What we had in mind is that we take different assets, completely different assets and including LP tokens, synthetic assets, putting them all together in the vault, tokenizing these vaults and sharing with other people, the parts of those vaults, which they can get and earn money without having in-depth expertise of the defined ecosystem.
Of the user journey, well, by spring-summer, 2021, we have seen that it is a little bit too hard for users to grasp the whole process because those users who are familiar with the DeFi ecosystem, they are mostly eager to do the whole thing themselves. And those who cannot really understand what is going on there, for them, not only getting even the metal mask much receiving the portion of the token all well as the underlying assets and understanding what is happening, it has been just too hard for the users’ journey.
But the good thing about that is our internal token for which we created a small bridge. We have seen a lot of traction around that. So we decided to build a separate project, which by that time was called solbridge. Well, we originally structured it around Solano, the reason for that was that in spring-summer, 2021, you didn’t really have any UI from wormhole at all, so it made perfect sense to focus our efforts on getting into the Solana ecosystem. So we were called Solbridge. We deployed Solbridge, we supported four chains by that time, Ether, Binance Smart Chain and Solana. And then we deployed, I think it was already August or even September, whenever we deploy Polygon and it has been huge success. We were literally the forest bridge to give the possibility of transferring assets from Solana to Polygon and back. And we have seen a lot of traction about that, there we understood that where we’re good at connecting EVM chains to non-EVM chains. And also by the time we rebranded from Solbridge to Allbridge, because it was made clear that a wormhole is the official bridge to Solano so we decided, instead of pushing just the Solana, to specify that we have ultimately connected all the chains together, that was the reasoning behind this rebranding. And it took one from there.
Now, by the end of 2021, we supported 10 chains. I think in January we will add two more chains. And according to our roadmap, we will be adding one or two chains every month here and there.
I tried to make it as quick as possible. If you want to discuss any specific parts of the journey, let me know. And we will dive into it.
Ben Chow: That’s a fantastic background by the way. You’re a true OG and thanks for sharing.
Why did Allbridge choose Solana? [00:07:46]
Ben Chow: I actually have a couple of questions I’d love to ask.
The first one is what made you choose Solana?
Andriy: My partner and CTO, Yuri, he has been one of those guys who has been in Solana ecosystem from the very beginning as part of his job at EtheClubs, he has been involved in a lot of Solana projects, auditing their codes, looking into the ecosystem and he sort of possessed this unique expertise. So I approach him at some point and said, Hey, look, Yuri, you have seen so many salon projects, why are we not doing Solana project and that is how it started.
Ben Chow: That’s interesting. That’s really cool. I mean, it makes a lot of sense.
Andriy: Yeah, I have been personally tired of the fees of Ether and I really like Solana because it was not like a fork. Well, I shouldn’t call it a fork, but it would not be in other version of Ether, it would be something different, different in terms of the architecture, even in terms of how the development is made.
I really like that. I think if you look back to 2017, we have seen a lot of forks there and what people were doing, they were just taking the existing chain and just making another fork, calling it the new project, and trying to move forward with that. But I don’t think there is a lot of science, there isn’t a lot of tech behind that and this is what I really liked about Solana, it offers something completely different compared to the existing experience that we had.
Ben Chow: I think that’s a really good point cause when you fork chain, it’s hard to know whether or not the founding team and, and those people are competent enough to build on top and improve upon it. Whereas I think a chain like Solana where you’re really truly creating something new, for it to work, the team has to be technically pretty good and so it’s a good proof point cause if you’re going to invest your time and develop on something, you want to make sure that the people building on it are going to be able to tackle some of these tough technical issues and problems.
Andriy: It is indeed and we also had quite a good expertise in Rust, which came candy by the time we started developing.
Was there anything else that made Allbridge think Solana ecosystem would last long term? [00:10:37]
Ben Chow: I’m kind of curious because since you you’ve had some experience building on EOS and maybe some other chains, was there anything else in particular around the ecosystem that you thought maybe this would be an ecosystem that would last long-term?
Andriy: We liked to see that people who are involved within the Solana ecosystem are getting sorts of love back from Solana, because for us at some point, again, I’m looking back to 2018, 2019, or we were doing a lot of development on EOS and we were literally receiving no feedback from the foundation, from Block One and told those funds they created and I’m not saying right now, anything about funding, it is not about funds, it never rules but it was not even any way to get to maybe, even not marketing, but getting introduced to other projects working in the ecosystem, it seemed in EOS that we were just there, left for dead, you’re doing something. Okay. Do it, whatever.
In Solana, it has been completely different from the start and that we can engage in the whole thing and feel that we are not alone, we see people around, also actively building and we felt that we are part of something greater. That has been really important for us.
Ben Chow: Yeah. I feel the same way actually. It’s been amazing. I don’t have the same experience that you have in crypto but Solana, I think it’s just a great ecosystem whether it’s just the users along with the projects and the developers and the foundation, it’s been really great. That’s really cool.
What differentiates Allbridge from other bridges? [00:12:39]
Ben Chow: Maybe we could talk a little bit about Albridge. What would you say differentiates Allbridge compared to other bridges?
Andriy: Now, if we take a look at the market, we will see that 90% of the bridges available out there, I don’t want to say any names, but I think you most probably know which ones I mean, they focus purely on EVM and the reason for that it is easy, it is easy to redeploy the existing contracts, it is easy just to have in-house Solidity developers. It is easy in terms of the audit, in terms of the security and in terms of all other things you may encounter. So whenever you bridge EVM chain to EVM chain, you’re basically good to go.
Now, when you try to bridge something different, when you try to bridge Solana to Polygon, when you try to bridge Terra to Aurora, when you try to bridge more complex stuff, then you need, different stacks of development in-house and you need someone with enough technical expertise to understand what is going on on all of those development, branches and effectively connecting them together.
I think this is our kind of, unique point. Sure, I need to admit that wormhole has the possibility also to bridge EVM to Salana and to also to Terra. Terra has been there before we even came to this market and I do appreciate what the guys are doing but it is sort of an exception.
Most of the bridges, they don’t just offer you this functionality and other interesting things about if we just not keep on looking out, what chains we bridge but if we take a look at the architecture in general, for a lot of bridges due to the nature of their internal validation process, it is sometimes hard to add new chains and when we were developing Allbridge which was by the time called Solbridge, we first of all, wanted to address this particular issue. So we were building it like a legal structure, whenever we have one more chain, so for example, in January, we want to add a Near protocol, hopefully, we will finalize the development and the audits related to that. So when we add one more protocol, it gets automatically connected to all of the chains we support and I haven’t seen this anywhere on the market because essentially if we are really able to deploy Near in January, that means that it would be connected using our bridge to Solana, to Terra, to Aurora, to Polygon, to Stellar, to Avalanche, and so on to Fantom, so on and so forth.
So whenever we add one new block within our ecosystem, it gets connected to all our other blocks and that helps us to create a unique bridge pair that’s not available anywhere else. I think this is where we should focus most of our business development efforts.
Ben Chow: That’s an amazing feature of, uh, of your technical of your architecture. As another project that also integrates with a lot of other protocols, it’s always been like each one requires work, right. I can just imagine if you have to interconnect all of them and you have to keep the amount of work can explode, the more interconnections you have. So the ability that you just have to integrate once and it connects to everything else should help you to move really quickly, which, which I think is a great advantage for any project or protocol.
Why is Allbridge working with Jupiter? [00:16:59]
Ben Chow: I feel the same way about Jupiter, we’re also very strong builders, I think with aggregation, there’s a lot of hard work to be done but the main edge that we have against anyone else doing a similar thing is just the speed, being able to keep pushing ahead and developing and building and which is why we keep pushing out stuff but hat’s amazing.
Can you share a little bit more about how that works?
Andriy: First of all, I wanted to say that I’m really keep it to work with you and I do recognize, as the builders, I do like working with the teams where I see also strong builders and you’re moving at an incredible pace and I really appreciate that we have this opportunity to work together and thank you very much for your hard work and thank you for having this possibility to build together with.
Ben Chow: We feel the same way. Our partnership is going to unlock a lot of opportunities, there is a lot of both technical and sort of user experience challenges in making, bridging, even easier to use for normal sort of retail investors, or just people looking to move assets back and forth, by working with you, we’re going to be able to solve a lot of those problems and it’s going to be really cool. I’m really excited. One of the things that we want to do is just make it super easy for Solana to be a hub for assets to come in and out. I think we were already kind of seeing a little bit of that because just because the gas fees are so cheap that if someone wants to take a position on Ether, BTC, they would maybe prefer to do it on Selena instead.
Andriy: I can also add that I have been speaking yesterday, to two guys from Tendermint from Cosmos and they were speaking of a very highly of you and they told me that they are really looking forward into potential integration together. So when I say that you are doing the cool thing, it is not just coming from me, which is also cool but I want to tell you that you are really building a cool thing and people on the market like big guys, big blockchain chains, they recognize that and speak highly of you. That is important.
Ben Chow: Yeah. Thanks. Thanks for sharing that. That’s amazing here. We don’t normally do that, so that’s cool.
Andriy: Just coming back to your question now, I think that if you want to get a more technical part of the of the story of how we put bits and pieces together, then we will probably need my CTO on the call and that being said I’m not yet sure how much of the tech info we are ready to share at the moment. What we do right now is we are having a set of another security audit which hopefully will come until the end of winter and our idea here is that after we survive all those audits, then starting from March, we will start open source and the code, and then we will be able to freely speak about some parts of that.
But for now, there are a lot of things I’m just not sure if I can disclose not for the reason that it is like top secret, but I didn’t yet hear any approval from the cyber security guys looking at our code and that makes it a little bit tricky for me.
Ben Chow: Yeah. No worries. We’re somewhat in a similar boat.
What drives assets into different chains, especially into Solana? [00:21:28]
Ben Chow: I guess one question I want to ask is that, as a bridge, I think it must be interesting because you, you have insight to a lot of maybe potentially a lot of the data as people are bridging assets across all these different chains and it seems like based on what you’ve been announcing like Solana, the demand for assets to go into Solana seems to be the largest. Do you have any like interesting observations or insights on why that is or what’s driving interest or demand for assets to move across different chains?
Andriy: I would say most certainly are the majority of assets are flowing to Solana. Even if we speak percentage-wise, I would say that maybe 70% of liquidity flows into Solana. Now, as for the other chains and other assets, I do see a lot of activity there where it is innovative.
So we have seen a lot of traction between Fella and Fellana because there hasn’t been a bridge before for that and it has been pretty much the same for Autem for Polygon. We see that whenever you route, a new direction is being established, then liquidity flows here and there, of the most popular of all the stable coins, even not only the general stable coins, but also stable coins that are specific for the particular blockchain, for instance, Cello Dollar is quite popular and UST is quite popular, of course, USDC, USDT are very popular too and the majority of liquidity flows through them.
Apart from that, I will probably need to mention the gas tokens. That would be the second biggest thing that is crossing the bridge. What we are doing at the moment is we are developing the proper real-time analytics module so we will be able to share with people, in real-time, as they mentioned, what is going on, on the bridge, what is moving here and where, and I think that for market analysts that can be a potentially, really cool tool to use. So it would not be just our own knowledge of what is happening on the bridge where the liquidity is going in at any particular moment of time but to provide this information to the market,
Ben Chow: That’s amazing, man. That’s really cool. I can’t wait. I can’t, I really can’t wait and that’s interesting to hear that a lot of the assets being bridged are stables, moving stables back and forth. That’s quite interesting.
Andriy: There is good reason for that because a lot of people use them. The bridges, they are seeking like a good yields, a good APY on their assets. For that purpose, moving here and there, stables where you don’t get the risk of impermanent clothes. It makes sense, right? If you think about that.
Ben Chow: Right, but I guess a lot of the DeFi protocols on these chains are also increasing support for some of these stables, more chain specific stables. Let’s say for example, UST or the Cello USD or something.
Andriy: We have been working closely really closely with Saber on Solana and stables, they’re extremely popular and they put the stables together in different payers and they attract a lot of liquidity using that.
Ben Chow: Yeah, I’ve noticed, I think Saber has done a great job, focused on cross-chain assets and make it easier to utilize them. So it’s been fantastic and obviously, Jupiter heavily uses their pools for when you want to swap from one of their wrapped assets to something native to Solana.
Very cool. So usually just as a process thing, I usually mix up our talk and questions with trivia. So I’m going to just hop on the AMA with Albridge text channel and throw it our first trivia question. We’ll just make it fun.
Trivia Question 1 [00:26:42]
Ben Chow: All right guys, trivia question number one.
Ben Chow: So we also do the most wrong answer version of the trivia question. So I think we’ll just kick it off and have some fun and start with that.
Here we go.
All right. So true. Number One.
Most Wrong Answer EdiEditio
“Why did Andriy start Allbridge on Solana?
Andriy: I sort of answered this one, but
Ben Chow: oh, Sorry. Let me clarify
Andriy: I can answer it again. If you want.
Ben Chow: The trivia is for the community to answer and then we pick the most wrong answer.
Andriy: Ah, So I will mute myself. The community will answer
Ben Chow: They’re answering in the text channel above the AMA stage.
Andriy: Okay. I’m looking at it now. Okay, cool.
Ben Chow: Cool. Yeah. I should have explained that in the beginning.
Andriy: Sorry, It’s probably my fault. Maybe I missed it.
Ben Chow: Not everyone does these sort of trivias during the AMA, so this might be a new thing for you but this is something we do in all our AMA. So a lot of people are very familiar with this.
I think one of the answers is pretty funny.
“He has a crush on Sam Beckman Freid”
I don’t even think that’s a wrong answer. I actually feel like that’s a pretty true answer for a lot of people on why they build on Solana.
We need to get crazy guys.
Andriy: I also think that I would mention this answer “a lockdown boredom”, while it has not specifically been boredom lockdown, I think that sitting there at your home for like more than a year, it really helped to build things.
Ben Chow: So that’s actually also a true answer. I feel like it’s actually still true today. I mostly work out in my home office fact. Actually, I was joking on Twitter with Dylan because Dylan posted something like he’s been sleeping on his office floor and the benefits of sleeping on his office floor.
And then I was like, you know, actually I do the same thing on my office floor cause it gets really late sometimes. Like it’s really late sometimes, I’m just like so tired. I’m like, oh, I’m just gonna lie down, take a nap. So for this, for this trivia question, because it’s the most wrong answer version you get to choose which answer is the most wrong or whichever one is most entertaining.
And then how it works is that we’re working on a set of collaborative NFTs and every trivia will get an NFT from us.
The one that is most, most wrong, or most entertaining. I don’t know because I am a cat. That’s pretty good.
Andriy: I still want to get good news from SOL. I probably want to get good marks from SOL, I’ve been even to Lisbon and they didn’t even give him as much of the marsh there.
Ben Chow: Yeah. Actually, I don’t know if I got merged either. Did I get merged? I don’t know. I feel like I got all this project merge, but I don’t think I got any Solana.
Andriy: I think they gave us this bag and inside of the bag, what was inside of the back? T-shirt maybe.
You know, I’ve got this idea next time. I should probably tell them to Solana. Next time I go to the breakpoint, hopefully, next year, they should make me a T-shirt, not just written with Solana, but something like, “Hey, I bridged $5 billion to Solano and all I get was this T-shirt”.
Ben Chow: Well, you know what? I can also do one. We can also do one with Jupiter, right. We just actually crossed 4 billion in volume. So we’ve generated 4 billion volume on Solana and I didn’t even get a T-shirt.
Andriy: I can give you mine.
Ben Chow: Yeah, that’s true. I think I lost mine actually.
Well, congrats Morty for winning the most wrong answer version. I think it was a good one. “We’re all looking for merge”
I feel like a lot of people start their development in the beginning because they like getting merged from projects.
So it’s both wrong and somewhat true.
Is there any metric that Allbridge is most proud of? [00:32:22]
Ben Chow: So, I wanted to ask. You had a tweet recently where you were sharing your product metrics, really good stuff. Not only the half a billion that you bridged into Solana last month but the, you know, it seems like you’ve done 5 Billion total. That’s amazing, man. Is there any metric that you’re most proud of that you want to talk about?
Andriy: I actually tweeted a about that today. I mean, those billion numbers, it is pretty cool but I am really proud about this particular one, which is about the bridge revenue in fees and why I am proud of that over that is not because I want to get more money to buy myself a Lambo or something but because we are actually giving back to the community 80% of what we earn. I really liked to see that the amount of the revenue generated is growing and it’s going back to the community and it feels that we finally, in this chaotic crypto world, we have found a business model that works.
If you think about that in crypto, it is the economy of expectations, right? We are sometimes diving into projects, not because of the wealth they produce today but because of the promise of that 5, 10 years from now, it would be something bigger. And here by looking at this particular metric, how much money were earned in fees. I see that this project is already printing money to the community here and now, and I think it is pretty cool.
Ben Chow: That is very cool. What you’re referring to is that 80% of the fees go to stakers of your token?
Andriy: How that works is once per week, we take all the feasts we’ve got, we convert them to stables, we buy back using these stable, our own tokens on the market and then we keep 20% of them and to be put into the reward pool, 80% of them for the stakers. So we’re like buying back and redistributing it back. And the whole business process, it works the way that if you’re not the staker, then you’re basically paying for all the stakers.
When you’re not staking the tokens since you’re using the bridge, you’re paying and those guys who are staking, they get this revenue.
Ben Chow: Got it, Oh that’s really cool.
Andriy: We really want to make something that works and it is easy to grasp, sometimes it is hard to understand the whole token economy, so we decided to make it more easier. You use the bridge, you pay the fee, we take the fee, we distributed back. That’s it.
How does distribution of fees to stakers work? [00:36:04]
Ben Chow: That’s really cool and when you distribute it back, how does that work?
Andriy: We put those tokens inside of the reward pool that is being distributed daily between the stakers. So basically week pass, we bought back, we took tokens, we put it into the pool, next week they are being distributed within this pool for anyone involved, now the week ends, we buy back again and it continued.
Ben Chow: Yeah. Got it. That’s really cool. And then you said, last month, it was over 181k was distributed back, is that right?
Ben Chow: That’s really cool. Actually, I think more projects could do more of that too, really share some of those dots cause I think that’s part of the promise of participating in a lot of these protocols, right? So I guess I don’t, I don’t hear as much about some of those numbers. Maybe because people haven’t yet built them out, maybe that’s one of the later things that people get to, I’m not sure about, that’s a pretty cool stuff. I like that.
Andriy: I actually think that we’ll see more and more crypto projects sharing their product metrics. It will happen rather sooner than later because the community is already very experienced, very educated and the investors in the token, they are asking the question to the project. It’s like, Hey guys, what is going to happen to the token? What is the token economy, like the real token economy? Not just something written somewhere on the website but what is happening there for real and token metrics, it is something really important to understand if the whole thing is working or not.
Ben Chow: Yeah. This is quite true. Actually, what I’ve noticed is that after Jupiter launched our stats page, a lot of other people started doing similar things and we actually increasingly have been getting asked for even more data. So people are actually wanting to know at the token level and at the provider level, they want more insight. So we may invest in that too and actually, our stats page is completely driven. We have a backend ops process that’s just crawling the chain, storing it in our database, and then analyzing it and pulling out our stats. We may get more. fine-grained just because I feel like these requests keep coming, people want to know more so
Andriy: Well, because of the nature of the crypto investor changes, before people were just looking, what is the next big thing? And now people are starting to ask real questions and this is kind of cool. I like that the community becomes more and more educated, more intelligent in the way they perceive the projects we are seeing those more or less hype and more investors that understand what they’re doing.
Ben Chow: Yeah for sure. For sure. That’s actually one of our goals at Jupiter. We are building up and one of the reasons why we do this AMA is that we’re helping educate our community on really great projects and how they work and the people behind them, but then also like to help facilitate people, sharing that information themselves and sharing what they know and educating each other. That’s really important actually and one reason why we publish our stats and we try to be transparent about what’s going on on Jupiter is just to let people know, in an as real way as possible, what’s going on and I think also like our volume numbers are really good. There’s a really good signal in there.
First question from the community [00:40:58]
I’m going to switch it up a little bit. There are some questions people are asking in our chat. So I want to ask some of them. Cryptome asked, “Is any other projects upcoming under APY swap?”
Andriy: Cryptome is referring to the fact that I described in the very beginning of this conversation, that what we were building in the beginning was tokenized tools marketplace with my partner and bridge came up sort of the side project. So his question refers on what other projects are upcoming.
Yes, I think that we will make our community happy this year, we have a couple of things in mind we are working on and we want to put them all together, like bits and pieces. So all of the projects we’ve worked on within our group of companies, they are connected.
Ben Chow: Oh, got it. Yeah. Nice. I’m personally curious about this because we get asked this question too, we’re the same team behind the Mercurial and Jupiter, but how are you thinking about the different projects? How are you thinking about the different projects and how they’re related?
Andriy: We decided to link the projects we have already with the token so we have the allocation of tokens to the holders of the APY, which is distributed over the course of time, but it is just the beginning. Now what we are thinking now, we are building our bridge as an infrastructure layer. So we want to cover all the chains possible. We want to provide the best user experience possible. And in the end of the day, we want other DApps to use our breach, not maybe even guiding users to our UI.
I think that users should not necessarily see the bridge itself or they need to use the bridge. It’s like if you are driving from LA to San Francisco, do you really care about who built the road? You don’t, you are interested in getting from point a to point B and interested in getting everyone in your car, together with you. This is your ultimate goal and you don’t want to think about the underlying transportation level. This is what we’re doing and hopefully, when we finished this underlying layer, we will be also building our own products on top of it.
Ben Chow: That’s fantastic. Yeah, I totally agree and we think of Jupiter too, also as infrastructure, so super aligned with that way of thinking, I think it’s very needed, especially, we’re mainly Solana focused but in general, the whole multichain ecosystem is early, it’s just early in general, there’s so much growth, you know and to unlock that growth, it takes this mindset of building the infrastructure, building the plumbing to facilitate even more, so that’s really cool to hear.
Andriy: We’re more than happy to work with you on this whole multi-chain thing. We will be doing our part, you will be doing yours and we come by in our efforts, all I’m saying.
Ben Chow: I think it’s going to be fantastic. I’m really excited to work with you on this and I know people are probably pretty eager, so I can’t wait to when we share more details of how this might come about but I think it’s going to be really cool.
Second question from the community [00:45:14]
All right. So a few other questions people are asking us. Hashinja from the community is asking, “What is your main chain, where does one stake?” I guess he’s asking how do they stake, APY.
Andriy: Our main chain is Solana because the most of activity happens there and most of our vaults smart contracts are deployed on Solana but you can stake on any chain and participate in the pool of the fees on that particular chain. So if you want to benefit from all the transactions being made from Terra, you’ll stake on Terra. Just as an example.
Ben Chow: Oh, interesting. So staking on that chain gets you just the fees from that chain. It makes sense. So cool.
I’m going to switch it back a little bit again, by the way, fantastic stuff, you’ve been sharing. Usually, I do more trivial questions. You’ve been sharing a lot of good stuff, so I wanted to make sure we have time to hear all of it but let me switch it up ask another trivia question.
Andriy: Okay. Cryptome is answering a lot of questions already in the chat.
Ben Chow: Cryptome is awesome. We have a bunch of really great people who have been super helpful and actually I feel like they are OG AMA people now, we do a lot of AMAs, so there’s like OG AMA people, maybe we need to create a role for that.
Question Number Two [00:47:05]
Okay, here we go. Trivia question number two. This one is just going to be a normal one.
What chain will Albridge integrate with next in January?
Oh yeah. Like this was the easy one you mentioned.
Andriy: Should I answer that or the community answer that?
Ben Chow: The community answers it.
Andriy: Yeah but I said that over this conversation.
Ben Chow: Yeah. So basically what, how it worked is I actually pull the questions based on what you’re sharing, part of, part of it is to see if people are paying attention.
Andriy: Yeah. That makes sense.
Ben Chow: So it’s fine. Alright. Congrats Timoon.
Timoon was the first to, this guy’s one of our OG guys for getting the correct answer.
Andriy: A guy speaking about Harmony, not particular wrong nor they are right. According to the agreement with Harmony, we said that we will deploy the integration before the end of February but chances are, we will do it in January. It has not been really in the news but they found it in the group and they are making partly a good point too, about Harmony.
Yeah. So I can’t even say it’s speaking about that but it is partly right. There are high chances we will finish it in January.
Ben Chow: Maybe we should do a Duo winner reward for this question. So congrats to FrancoMunis because that’s pretty cool that that’s how we know that they’re following.
Is there anything coming up for Allbridge that you’re most excited about? [00:49:14]
Ben Chow: We’re winding down, this has been great by the way. Besides some of these integrations, is there anything coming up for Allbridge that you’re most excited about?.
Andriy: I want to make a user experience better, some small tweaks that are not perceived as big upgrades like tomorrow, the Near is added to Harmony, is added to whatever other other chains added but such tweaks, do they send and receive transaction in one transaction.
That doesn’t sound really cool when you hear about that about it is much better user experience. If you think about that and I have a lot of things like that that I want to tweak. I want to change the user interface a little bit to provide a better experience and this is a lot of work going on in the shadows without people knowing about that.
As for the big stuff, like really big, big ones I looking into the cross-chain possibilities on top of the bridge, which might be projects referred to as either cross-chain lending or cross-chain swaps. I want to make the bridge as this platform for enabling all those cool things.
Ben Chow: That sounds amazing. I think those are really great things to tackle. I’m totally with you on the UX. I think especially for bridging, it should be as seamless as possible. One of the problems I’d love for us to tackle is the whole having to have SOL on a wallet already. You know, and you want to bridge over, you have to have sol and a wallet already, to transfer
Andriy: Dropping in the gas token at the end of the transaction so people can really walk throw that, it is something. Yes, it is a good point. We want to introduce too.
Ben Chow: Yeah, that, that one has been a big blocker for a lot of people.
Originally a while back when we’re working on Mercurial, we were the first to introduce the UST to Solana, a lot of Terra folks were bridging UST over through wormhole, they came across that problem and their funds got stuck in the bridge because they just didn’t have SOL.
So even if you created the wallet, didn’t matter, you had to be able to get SOL in there to create the token account to transfer. They don’t understand this thing too because they’re new to Solana. It was such a huge amount of people that were confused and upset, where are my funds kinda thing.
It wasn’t the best sort of the first experience of Solana and I feel like it’s really important to get that touch point done really well so that way people feel a lot more confidence in bridging over and I mean, it’s your first time on Solana so you want that to be a really great experience.
Andriy: I think it should be like, over making it but it should be like a big green button: “Look, I’m willing to pay more, but please make everything happen for me” Boom, you press it. There is an outbound transaction, you get gas token and you’re happy to go and others should be another leg button: “Look. I’m an experienced user. I know where to get my SOL. I know what to do next. I don’t want to pay extra fees.” That is it.
Ben Chow: That’s a great point actually, maybe a lot more you user experiences should have sort of that split between “'m an experienced user” and “I’m a new user” and it’s actually something that we are trying to balance with our UI because a lot of experienced traders want more things, they want data graphs, they want limit orders but there’s also a huge class of people that just want the simplest interface to swap. And so one of the things we’re balancing is how to cater to both and I think having a simple advanced or basic would be great.
Ben Chow: Cool. Awesome. Well, I think we’ve come to the end of the AMA. This has been fantastic and amazing and I think you’ve shared some really great insights and stories. Since we’ve been, been doing this AMA we’ve doubled the number of people listening.
So that’s been a great side. I think it’s been a great sign. We should have a recording soon. So thank you for hopping on and doing this with us and thank you, everyone, for listening. It’s been amazing.
Andriy: Thank you so much for the invite. I really appreciate being here and speaking to you and I also started to think about whether we should do something in return. We don’t currently have the discord channel but maybe we should and I think that maybe we should have the same thing in our community to give more eyes to look at Jupiter and also do something together.
Ben Chow: That would be amazing. I’m happy to hop on and chat about stuff, we can totally do that. That’d be amazing. Yeah.
Andriy: Thank you so much.
Ben Chow: Alright, thank you Andriy and thank you everyone for listening in. We’ll see you at the next AMA. Cheers everyone.