September 12, 2024 • 36 mins
00:25 About Shan
03:53 What does Strike Finance have to Offer?
04:46 How does it work?
05:13 Options
05:51 Force contracts
08:38 Perpetual
12:32 Onboarding: Educating People about Derivatives
13:48 What is the competition like for this product?
15:15 Testnet progress
17:20 Wallet support
18:30 Stress testing for load
19:36 Security Audits
20:37 Open-source plans
22:37 Token Sale Updates
24:08 Legal Background
29:04 Tokenenomics & Token Distribution
32:22 Whale Holders & Governance
34:28 Final Words, Learn More
35:57 Disclaimer
03:53 What does Strike Finance have to Offer?
04:46 How does it work?
05:13 Options
05:51 Force contracts
08:38 Perpetual
12:32 Onboarding: Educating People about Derivatives
13:48 What is the competition like for this product?
15:15 Testnet progress
17:20 Wallet support
18:30 Stress testing for load
19:36 Security Audits
20:37 Open-source plans
22:37 Token Sale Updates
24:08 Legal Background
29:04 Tokenenomics & Token Distribution
32:22 Whale Holders & Governance
34:28 Final Words, Learn More
35:57 Disclaimer
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
I've got a pretty interesting interview here, and this is
around strike Finance. The team had hit the ground running
here in the Cadana ecosystem and I'm pretty excited to
have Sean here from the team to talk through the
project to find out exactly what it has to offer
and what and how it can benefit you guys in
the Kadano space. So Shan, welcome to the podcast.
Speaker 2 (00:22):
Thank you, thank you, so happy to be here.
Speaker 1 (00:25):
Yeah, I've been watching you guys as well. It's you
guys just seemed to be getting quite a bit of
a tension here in the space. And I did have
a look over the test net and all that, and
it does look pretty nice. Now, my training skills aren't
that good, so I'm going to pick your brains in
regards to how I can actually use this platform so
I can get a better understanding of it. But let's
(00:46):
start from the very beginning here. I'd like to understand
your background. How you got into the car Kadano space
to build a platform like strip finance.
Speaker 2 (00:57):
Yeah, yeah, so I've been in a Cardos space for
the past two years. I got my start working as
a developer for a company named snap Realia. We were
funded through catalysts for multiple projects, and I was the
lead also developer and lead developer for some of the projects.
I'll briefly go through some of the projects that we've delivered.
(01:21):
The first one in Quadrag voting and funding, where I
mainly focused on the back end, the option construction, and
some front and stuff. And then we also created a
bounty system where anyone can post gigs jobs and other
people from anywhere in the world can pick them up.
(01:41):
I worked on the payment system there where we supported Cardinal, Solona, Bitcoin,
and etherial payments. Last, but not least, we also created
a down voting tour. It was a disco voting bot
where people can vote proposals using their wallet within discord UH,
(02:04):
their wallet and the tokens. After that, I was a
contractor for charvy Land where I built out their V
two contract. Charvy Land is a lending procol on Cardinal,
and I build out their V too UH lending lending
contract where it's an order book like UH lending model
(02:29):
instead of just regular P two P. An order book
like lending model allows for more UH for for the borrowers.
It allows for more choices and in UH low liquidity
and on cardno allowed anyone allowed the borrows to select
(02:53):
from a wide range of loans.
Speaker 1 (02:55):
Now, what what language are you writing everything in here?
I saw a tweet the other day that strike Finance
was written in Aiken. Is all this experience in Aiken?
And how what's your exposures to smart contracts on Candana? Yeah?
Speaker 2 (03:10):
Yeah, yeah, it's it's all now on a Back in
days it was you know, police and to be honest,
those that was kind of like bracket science. Yeah, okay,
And so I'm super glad Achin came out. And I
also want to give a quick start out to Helius.
There are also a language on Caronto. I've I've actually
(03:32):
used them before Aiken. But yeah, now all contracts on
strike are spelled on Aiken.
Speaker 1 (03:44):
Okay. Cool. I think a lot of the community is
moving over there, but I still do know a lot
of projects that use Helius as well. So it's pretty
good to know that you guys moved that way. Okay,
So what exactly does strike Finance have to offer the world?
What is it all about?
Speaker 2 (04:01):
Yeah, struct finance, we're Deserver's protocol. We offer three different
products options trading Forwest Trading and perpetual trading. The river
is there are a different kind of way for people
to make money. Right now, most people you know, to
make money on Cardano, they're simply just swapping tokens, holding
(04:21):
them or putting them into a landing pool. Diverse protocols
they they allow people to trade these contracts where they
can potentially earn a lot more money simply other than
just simply holding tokens or putting money in a landing poll.
(04:43):
But of course it comes to a greater risk.
Speaker 1 (04:46):
I come from a world where I do just swap
tokens and I do just provide liquidity on there. So
what does this actually look like when someone's doing a
trade in did you call it? Yeah?
Speaker 2 (05:02):
So the three different products that we offer, they're all diversity,
and they're all quite different from each other. So I
guess I'll just go over what each of those are.
So for options protocol, I'm sorry for option trading. Options
allows you to buy or selling an asset at a
specific price within a date. So let's say I can
(05:25):
pick up an options contract that allows me to buy
Ata at fifty cent within a one month period. In
two weeks time, Ato rises to sixty cent. Just means
with this options contract, I'll be able to buy ATA
at fifty cent, ten cent below the current market value.
(05:46):
So for each ada in that contract, I'll earn a
ten cent profit. Force contracts, it's really similar to options contract.
The main difference is the exchanse of assets must have
in a forest contract. In an options contract, you have
to write, but not the obligation to exercise your contract.
So let's say it doesn't actually goes above fifty cent,
(06:11):
is actually a thirty cent. With options contract, you don't
have to actually exercise the contract because it will be
unprofitable for you to the result. But with a forest contract,
the extremes of assets must happen.
Speaker 1 (06:24):
Gotcha.
Speaker 2 (06:24):
Okay?
Speaker 1 (06:25):
Yeah, So I just want to clarify something. So options one,
I'm not forced to execute the contract. I can choose
whether or not to buy it for fifty cents if
it went up to sixty, But if it went down
to forty, I can forfeit that contract. So what's my penalty?
There is there a penalty?
Speaker 2 (06:45):
Well, the main penalty is the premium that you paid
to hold that options.
Speaker 1 (06:50):
Contract, gotcha?
Speaker 2 (06:51):
Okay?
Speaker 1 (06:52):
Okay, And obviously that'd be hopefully less than the potential
profit I could make if it went up. So it's
does it vary or is set by the protocol?
Speaker 2 (07:03):
Yes, it is set by the protocol. No, we're using
a traditional options pricing model. It's called Black Souls options
model pricing and gotcha. Okay, yeah, Typically when people exercise
these contracts, they also have to take into account the
premium they're paid, because you know, it might be properly
profitable for you to exers ask contract, but it doesn't
(07:25):
actually cancel out the premium that you paid initially.
Speaker 1 (07:29):
Yeah, gotcha. What about the force one? It sounds because
you're taking on more risks there and you have to
execute the contract that that's a premium. B it should
be less, right.
Speaker 2 (07:40):
Yeah, So for forced contract, there's actually no premium exchange
of assets. What's happened? There's no premium, but you do
have to put in a collateral so we know that
you're actually exchange the assets, and if you don't exchange
the assets, your collateral will be liquidated.
Speaker 1 (07:59):
Gotcha. Gotcha.
Speaker 2 (08:00):
If you do, you get your platter back.
Speaker 1 (08:03):
Understood, and that collateral would potentially be more than the
trade or is that right?
Speaker 2 (08:10):
Uh? Yes, We set it up so that with the
collateral be more than if you then exercise it. It
wouldn't be necessarily you know, uh, more than a trade,
but it will be so that way it will be
super costly for you for for not exercising.
Speaker 1 (08:31):
Gotcha, gotcha. Okay, I'm understanding this a little bit better now,
so it's starting to make more sense. And what so
what's the final one then, perpetuals.
Speaker 2 (08:40):
So with for patrols, you just you take two positions,
a long wer short position. You take a long word
short precision on an asset. When you take a long position,
it means that you think the acid price will go up.
If you think the asur price will go down, you'll
take your short position, and just like just the name suggests,
you will hold this position. You can hold this position
(09:02):
in putue in forever and you'll earn continuous gains if
your position aligns with the way the current market is moving.
So if you take a long position and the underlying
asset that you talk the long position on, it keeps
on rising, let's say for two days, five days, ten days,
(09:23):
you'll keep on earning rewards. And it's often paired with leverage,
where you will you'll be able to control a large
position compared to the initial capital that you put up.
Speaker 1 (09:38):
Okay, so I'm imagining the snare for eighter for example,
So you know eight is pretty low at the moment.
Can it go lower? Maybe not? So if I take
a long position on eight and expect it to go
up to like, you know, three dollars, but that might
be in a year or two years time. Is this
(09:58):
the type of thing I can take advantage of to
leverage my gains on a very long period of time.
Speaker 2 (10:06):
Yes, exactly, you can. You can have it for three years,
five years, forever. And if you really, if you really
bolish on an asset, that's what typically people does. They
just hold that contract forever. Okay, technically just keep on
holding it enough for yeah.
Speaker 1 (10:22):
Yeah, So I'm trying to understand where the value of
that contract comes from, Like it goes if you keep
on holding it forever forever. Where where's the value come from?
How do you make your gains off of it?
Speaker 2 (10:34):
Because like, yeah, so the games are paid for you
from the losing side. So let's say you take a
long position and the asset does go up, but there's
people on the other side of the trade where they
thought the asset will go down the price and you
know they were in the wrong side of the trade,
they will have to pay the winging side.
Speaker 1 (10:57):
Came from Yeah, understood, understood, But these are also not times,
they're perpetual. That like, how does the other side lose
to give profits to the winning side if there's never
an end to the contract.
Speaker 2 (11:14):
Yeah, so we have to uh in perpetuals. There's this
thing called funding rate. The funding rate is you know,
the each protocol is different. They it's based on a
time interval where the losing side pays their winning side.
So for us on strike, it's set for four hours.
So every four hours, we taken account the price of
(11:37):
the asset before and after this four hour, and we
determined how much the winning side pays the losing side,
and we'll in in our UH on our side. We
will actually just transfer the games from the losing side
to the weining side.
Speaker 1 (11:57):
Ah, I see, Okay, so it's all automated. So I
might put in a thousand eight on a long position,
someone else put in a thousand and eight on a
short and the value that's locked in will just fluctuate
between the different users that have along and short position
over time.
Speaker 2 (12:13):
So yeah, and then for us the pay every four hours. Oh,
that's what we have.
Speaker 1 (12:19):
For now, gotcha? Gotcha? Okay, cool, awesome, all right, I'm
learning a lot here. This is great. I'm pretty sure
a lot of people learning about options and force contracts
and perpetuals here. So this is this is really cool.
So I can see how users can benefit from this.
There's going to be a lot of education needed because
(12:40):
you know, a lot of people in the Cadana ecosystem,
they're still at the staking phase. You know, I stake
my aida to a statepool. I'm good, I'm golden. Got
apr there. What's your onboarding process to get users to
use this type of platform and be excited about these
type of training options that they have?
Speaker 2 (13:01):
Now, Yeah, like I said, other people in a space,
they're not super familiar with these products and it doesn't
come into it for most people. So education content is
something that we're super focused on releasing. We're gonna release
a bunch of videos as well as just technical papers
(13:25):
where it actually tells you what each of these products
can do in more in depth and what are some
of the use cases, some scenarios that you might actually
use these.
Speaker 1 (13:40):
Okay, really cool, Now, that's good to know. Hopefully it
does bring in more users to your platform and also
Ontokdano as well, so that's really exciting.
Speaker 2 (13:48):
Now.
Speaker 1 (13:48):
I know there's other perpetual platforms in other ecosystems. I
can't remember the names. At the moment I was looking
up in Polygon, I saw perpetual platforms there. What's your competition, like,
I know it's very small on the Cadina side at
the moment. We have option flow as another competitor here,
(14:09):
but how does it look more broadly across all of DeFi.
Speaker 2 (14:15):
Yeah, honestly, I don't think our competition is in a
DeFi space. To traditional exchanges, they account for on a
perpetual side, they account for more than ninety nine percent
of perpetual trading. And wow, okay, that's pretty nice. You know,
(14:37):
there's definitely successful, you know, diverse protocols on other blockchains,
But I don't think our competition is with the competition
is with the traditional exchanges.
Speaker 1 (14:48):
Well, I had no idea that this was available on
traditional exchanges. That that's because my limited knowledge of training
in general.
Speaker 2 (14:57):
Oh, your perpetuals and it's billions of dollars in volume
each day, and you know the service as a whole.
Traditional finance come for more than ninety five percent, but
perpetual still come for more than ninety nine percent, and
it's it's nuts.
Speaker 1 (15:14):
So, so your test net's been going on for a
little while now, if there's a lot of people on
there been giving the you guys feedback and everything, how
has the test net going overall?
Speaker 2 (15:26):
Uh?
Speaker 1 (15:27):
And how how has the platform improved since you've got
feedback from users?
Speaker 2 (15:32):
Yeah, with test that has to be honest. There was bugs,
of course, and but we we had we had a
lot of people active in our just go channel telling
us what the bugs were, things like that, and yeah,
super I'm super grateful that people tried it out and
actually took the time to not only try it out,
(15:53):
both told us what was wrong with it. And yeah,
we fixed a bunch of bugs and we released the
test that like a month ago. One of the biggest
changes that we made was changing changing our options protocol. Uh.
The initial version of our options for call was P
(16:14):
two P and after releasing that, we get a lot
of feedback from the community where they told us where
the P twop model might not natarily be the best
way forward for an options for a call on Cardinal
to the lack of liquidity, and so we've since built
out a YouTube version of our options for a call
(16:34):
where uh, anyone will be able to provide liquidity to
the options trading and they will earn a percentage of
the fees generated. Uh we've just pulled options uh liquidity
and people will be able to buy and sell options
contract instantaneously. And we think, yeah, we think it's just
(16:59):
really good or user experience or then our initial V one.
Speaker 1 (17:06):
It is that V two being rolled out yet or
is it yet to be rolled Yeah?
Speaker 2 (17:11):
Yeah, it's no life on our cast land as well.
Speaker 1 (17:14):
Okay, brilliant. I will have to try that one out.
I wish I saw the first version now so I
could have done in comparison. What about wallet integrations and
will it support all of the major wallets out there
in the space.
Speaker 2 (17:29):
Oh yeah, we sup all the major wallets well vast
for Nami, although they are having some chiccoffs recently, but
its eternal. But one thing we haven't done quite yet
is adding new Fire and Madame Mouse support. We'll add
(17:52):
Auson soon.
Speaker 1 (17:54):
Yeah. Making sure that you have that medow mask snap available,
so that's users from other ecosystems could just connect them
menimass and just go directly in. I think that's pretty
important as well, especially if you start marketing more broadly
across the crypto space rather than just on the Cadina
side of things. So I think that's quite important. All right.
(18:15):
So it's good to know that you've got all the
mobile wallets integrated or a lot of support there at least,
and it sounds like it's going to have a good
mobile experience if vespers involved as well. Yep, oh yeah,
mobile is very important. Okay, what about stress testing the
platform and ensuring that it can handle a lot of users.
(18:35):
I know we've got a lot of attention at the
moment on other platforms. I won't mention their names, but
you know they bring in a lot of attention to
the chain, and you know, we've got to make this
make sure this user experience is top notch for people
that are coming in. Have you done any of that
kind of stress testing and load testing on the platform.
Speaker 2 (18:55):
To be honest, that's not why we're kind of super
focused on at this moment. We want to worry about
the product first before scalability, but especially right now since
we're on task night. We don't want to spend too
much time scaling a product that nobody wants. Yeah, so
(19:18):
we we want to make sure the products okay, people
like it, and then we will worry about the scalability
later on.
Speaker 1 (19:26):
Okay, cool, Yeah, it would be good to make sure
that it's on your checklist. So on launcher, you know,
everything is good there in that respect. What about ordering, uh,
ordering these smart contracts. You've got three main products. Here.
Are all the products going to be audited by a
third party, reputable company within the Kidana space.
Speaker 2 (19:50):
Oh yeah, all three of these contracts will be on
it before we go on minute. Right now, we want
one of our contracts. Our forest contract is under audit
by t x Pipe. We expect all three of these
contracts to be audited by t X Pipe. T x
Pipe they're the firm behind i Can. They're the people
(20:13):
that created i CAN.
Speaker 1 (20:15):
Yeah, if you want anyone to you know, do your
order is the people that wrote the code for the
smart contracts, the DSL. So that's that's probably a really
good idea there. Okay, it's good to know that there'll
be a full order there. I'm assuming that order of
the platform as well, not just the smart contracts. Smart
contract is just a small portion. Okay, good, good to know.
(20:38):
Are you guys going open source? Will this code be
available after the platform's launch or anything like that? Do
you have any any plans for that?
Speaker 2 (20:46):
Oh? Yeah, open source? You got to open source. You're
in open sourcing? Why you've been building on blockchain? Well
right now? Or do you other products are open source?
I do have to know on some of these they
are about it behind the actual code. We haven't released
everything just yet. We want to make sure. Uh, we
(21:09):
want to make sure it's at least up to part
to some kind of standards before we actually open source them.
But the initial versions of all three contracts there, they
are open source up on our get up right now.
Speaker 1 (21:22):
Okay, that's good to know as well. Okay, so there
a couple of versions behind of what you actually have available.
But I'm assuming you'd start after after full platform launch
you start committing online and making sure that's all available
as well.
Speaker 2 (21:39):
Yeah, we probably will do it before we do our
main launch. It's just we don't want to push on
uh unfinished code just yet. The Forest contracts there, they're
pretty much completed. Uh. The options and perpetuals. We want
to do some final testing before we uh, before we
(22:02):
release it to to get up, and the way that
t x pipe will be auditing our contract will be
through our get up, so we'll push those up before
we love standing it and we'll us the audit goes on,
and you know t x pipe suggests changes, we'll be
(22:24):
making those changes directly to our get up so people
will see the product for the weekend. Yeah.
Speaker 1 (22:29):
Yeah, that's what I was getting at, the transparency behind
the changes and all that. Okay, that's really good to
hear too as well. Now, you guys recently had a
token seal. You had it on Axo. From what I watched,
I no offense to you guys. I just don't participate
in token sales anymore. I've way too many times now,
(22:51):
so it's a it's a left a majorly sour taste
in my mouth. So I don't participate in the token sales.
But congratulations, you guys did phenomenally well, especially in this
market at the moment. Can we have a roundup of
how the celle went.
Speaker 2 (23:08):
Yeah. First of all, I'm super grateful for the people
that that supported us on the pre cell this, this
star comes lightly. This this is people putting their trust
on us. And yeah that uh thank you to everyone
that uh supported us in a pretyle. I'm super grateful. Yeah,
(23:30):
the priest all we did the pre cyle on axul,
it filled up pretty quickly initially. The actual has this
uh functionality where people can participate in it put their
orders down before the cell actually went on, and so
a lot of people did that, and then within one
hour of the cell actually beginning, I think we reached
(23:52):
like close to fifty percent of our goal. And then yeah,
it went on for two days. We sold out like
one hour before it ended.
Speaker 1 (24:04):
Wow, what a wild ride. That's that's absolutely awesome for
you guys. Now, there were some questions that did come
out of this.
Speaker 2 (24:11):
The.
Speaker 1 (24:13):
Incorporation of your company legalities. I heard that the token
was open for self for everyone globally. Is that correct?
Speaker 2 (24:24):
Yeah, yeah, so we launched that actually, and I don't
think they have location restriction, so yes, I think it
was open up for everyone.
Speaker 1 (24:36):
Yep. So what are the legalities behind that? Because I
know a lot of people from the US, for example,
when participating these token sales, there's always like legalities behind it.
They're saying, like, you know, the US can't participate in
this token cell et cetera, et cetera, because you know,
SEC may deem it as a security or something like that.
(24:57):
So a lot of people do try to avoid that.
So what legal aspects have you gone through for this
particular token?
Speaker 2 (25:03):
Tell yeah, man, this is something that a lot of
people building US can attest to. The legislation on crypto
in the US gotta gotta get better, Like for this
uh for example, it will cost me two hundred dollars
(25:26):
and thirty minutes to set up a company in New
York City to the city I live. To incoporate a company.
If I use a tool from you know, yc uh where,
it will probably cost me one hundred dollars and ten
minutes before. Just I had to find a lawyer in
Dubai and it's it cost me nearly five figures to
(25:50):
get everything set up, just so I can be sure
the SEC is not gonna come knocking down my doric
and take me. So, yeah, we're we want to make
sure we do everything on the legality side, right, It's
it's really important. You don't want to, you want to,
(26:12):
you don't want to end up. You don't want to
end up in jail just for building building a product.
And so yeah, we're we're now we're all shut up
on that side. My lawyer assure me the SEC you
want to come after me because we're because we're incorporated in.
Speaker 1 (26:33):
Dubai, gotcha? Gotcha? Okay, So incorporated in Dubai and tokens
Out was global because you guys were incorporated in Dubai
allowed well, ax, So I didn't have geo blocking, so
anyone in the world could participate. Okay, So that's the
answer behind that. I'm not a legal expert myself. I
(26:56):
don't know what's right wrong around that, So I would
leave that to open for other legal experts to get
a better understanding and provide feedback on. I'm sure people
in the comments are just going to go crazy with
these these type of things.
Speaker 2 (27:11):
Yeah, I want to bring up like these are really
really valid concerns from from the community members. A lot
of projects they're they're they're not even incorporated, and they
do a bunch of things that might might get them
in trouble. And if they do, you know, the founders
sent of getting arrested on the the whole project is gone,
(27:33):
just nobody behind it anymore. And so yeah, I just
want to reassure the people that's watching, just and our
communey members, we're set up. On the legal other side.
Speaker 1 (27:46):
Do you have any i Llegal documentation or like a
business and corporation certificate or anything that you could put
online that you know would make people more comfortable as well.
Speaker 2 (27:56):
Oh yeah, how yeah, we're actually talking for for a
few docing partners actually, you know, verify all all these
things and verify that the company is actually incorporated in
my my real name, my real identity.
Speaker 1 (28:14):
Okay, all right, awesome docxing partners. Never heard of them.
Speaker 2 (28:19):
Too, but somebody mentioned them in a in a group channel.
I was like, hey, what I think we need those?
Speaker 1 (28:27):
So, so what is that exactly? Sorry, we're seguing a
little bit here. So is it like a separate company
that order a doxing or something.
Speaker 2 (28:36):
Yeah, yeah, it's they're legit just as third party company.
Where they we saw them our financial like, we saw
them our documents and they and it put out. Okay,
they showed us our documents. It's real. It's actually incorporated
under in Dubai. It's actually incorporated under the disguise name.
Speaker 1 (28:54):
So yeah, wow, Okay, that's the first that's kind of useful.
That's the first time I ever to one of those companies.
All right, Yeah, I'll look into that one as well.
Added to the list of things I got to learn
about now with the token distribution, the funds from the cell,
and all that, I don't know myself. Someone told me
that the funds the tokens are all being held by
(29:16):
a single wallet at the moment. And I also like
to know about the token distribution of the cell. Were
there like a big whales that came in and brought
up a lot of the tokens or was it quite
a wide distribution of buyers within this particular cell.
Speaker 2 (29:32):
Yeah. Also with the first question, all the tokens be
held in one wallet that was throwing to cell after
the cell. Immediately after the cell concluded, we I guess
I'll go over to talken distributition. First, sixty percent of
the token was for the public cell, twelve percent was
for liquidy, thirteen percent was for doll and the rest
(29:55):
fifteen percent is for the team. So immediately after the
token cell we locked up fifteen percent of the token
to a vesting contract. The vesting contract was created by
an t show laps and you'll be able to find
the transaction and the script that we use up on
(30:15):
our GitHub and then the rest the thirteen percent held
in the dell. It has not been moved since the
token cell and if you go to tap tools, you
can see we actually created eight a handle for those
two wallets, so the people people can actually see the
(30:37):
vesting contract. Uh, the contract is actually locked up in
the vesting contract and the dell tokens there. They haven't
moved and if they were to move, people can see
where where it's going.
Speaker 1 (30:52):
You say they haven't moved. I'm assuming that means the
team has access to move that wallet freely whenever they one.
Speaker 2 (31:02):
Yeah, oh yeah right, it's actions but yes, yeah, absolutely.
We we recontrol the keys and uh, I see where
communities have the concerns of well you can move it freely.
So we're we're talking with a few people and uh,
(31:22):
a few prominent members in the community where will actually
have to set up as a multi sick but for
the people will be uh there there will be people
controlling multi sick that's outside of strike. So yeah, well
we'll have those set up as well. But right after transparency.
It's not set up yet, but you can monitor the
(31:45):
walls to make sure that we're not just dumping it.
Speaker 1 (31:50):
Yeah, okay, cool, all right. At least you have those
handles there, eagle eyed token holders and community members who
will be keeping an eye on all the things. I
know they all do. And there's there's so many tracking
tools these days, you know, Cerebus and all that. It's
it's very easy to see where things are going anyway.
So it's it's it's it's hard to hide these things.
(32:12):
You know, the public blockchain privacy blah blah blah, it's
not it's all on chain we can follow or where
all the money goes. All right, My last question about
the DOW and all that the amount of holders. From
what I've been told, there's a large amount being held
by a small, smaller group of people. Does that mean
(32:36):
those people could potentially have more say in the dow
in regards to what tokens are accepted in the future
on the platform, et cetera. Is open up for manipulation,
maybe even because of those particular token holders.
Speaker 2 (32:55):
For those large token holders there, they are hold are
large potents over supply, and that means they're tied economically
to us, and I think it's in their best interest
to make the best to you know, vote on the
best decision that they think will help Strike.
Speaker 1 (33:17):
Yeah, and.
Speaker 2 (33:20):
You know, there's multiple different kinds of voting methods that
we can potentially employ on these decisions, you know, just
as contract voting and funding where where the amount of
token to you holding your wallet, it plays a part
on how much voting power you have, but the amount
(33:41):
of people that vote uh has a uh has a
greater say, then then then just the amount of wallet
that you have in your sorry, that than just the
amount of assets you have in your wallet. And so yeah,
it's yeah, you know, it's definitely most definitely can be
(34:03):
opened up for manipulation. But I think it's in the
best interest of those talking holders to vote under the
best decision for STRIKE. And there's multiple different kinds of
boording efforts that we can employ.
Speaker 1 (34:16):
Yeah, and you said earlier that you did write a
smart contract for called dragging voting, didn't you.
Speaker 2 (34:22):
So yeah, that kind of helps, that kind of helps out.
Speaker 1 (34:28):
All right, awesome, Okay, I've learned a lot about Strike,
about derivatives trading and so much in this interview. Is
there anything else that the audience needs to know before
we sign off on this one?
Speaker 2 (34:46):
Yeah, I kind of just want to quote on Benjamin
Franklin here. Your critics are your friends for disorders, your
false this A lot of people have from criticisms on Strike,
well not necessarily criticisms, but questions, and we feel like
we've been pretty transparent. We've been posting and answer any
of these questions, but not everyone's always on Twitter and
(35:09):
they're not always kidding out with these things. So anyone
starts watching Jesse, if you have any more questions, please
please drop out our discot channel. We'll be more happy
to answer your questions, all.
Speaker 1 (35:22):
Right, brilliant. I'll put the links references everything that we
talked about in the show notes down below so people
can follow up on our conversation here. If you do
have a question, please leave a comment down below as well,
and I get Sean here to come on in and
answer them for you as well. So there's a history
and a log from this interview answering those questions too,
(35:43):
So please I encourage that you do. But thank you
so much for joining me on this episode and talking
through everything. Strike Finance Like I said, I learned a
lot from this interview.
Speaker 2 (35:53):
Thanks for having you. It's been an answer.
Speaker 1 (35:57):
Just a quick disclaimer for you guys. I didn't get
paid for this particular interview, I don't hold any strike tokens,
and I didn't participate in the sale. Please make sure
you do your own research when getting into any of
these type of projects. Sean did, however, buy five WAPU
NFTs to help support the Learner Candano platform in general. Now,
if I wanted to learn more about derivatives trading, I
(36:18):
will be doing some more videos about it. I find
this quite fascinating how you can do this type of
extended trading as opposed to just spot trading, which a
lot of people are used to. So make sure you
subscribe to the video tutorial channel as well links downpload.
For you guys, I'll see you in the next video.
I've got a pretty interesting interview here, and this is
around strike Finance. The team had hit the ground running
here in the Cadana ecosystem and I'm pretty excited to
have Sean here from the team to talk through the
project to find out exactly what it has to offer
and what and how it can benefit you guys in
the Kadano space. So Shan, welcome to the podcast.
Speaker 2 (00:22):
Thank you, thank you, so happy to be here.
Speaker 1 (00:25):
Yeah, I've been watching you guys as well. It's you
guys just seemed to be getting quite a bit of
a tension here in the space. And I did have
a look over the test net and all that, and
it does look pretty nice. Now, my training skills aren't
that good, so I'm going to pick your brains in
regards to how I can actually use this platform so
I can get a better understanding of it. But let's
(00:46):
start from the very beginning here. I'd like to understand
your background. How you got into the car Kadano space
to build a platform like strip finance.
Speaker 2 (00:57):
Yeah, yeah, so I've been in a Cardos space for
the past two years. I got my start working as
a developer for a company named snap Realia. We were
funded through catalysts for multiple projects, and I was the
lead also developer and lead developer for some of the projects.
I'll briefly go through some of the projects that we've delivered.
(01:21):
The first one in Quadrag voting and funding, where I
mainly focused on the back end, the option construction, and
some front and stuff. And then we also created a
bounty system where anyone can post gigs jobs and other
people from anywhere in the world can pick them up.
(01:41):
I worked on the payment system there where we supported Cardinal, Solona, Bitcoin,
and etherial payments. Last, but not least, we also created
a down voting tour. It was a disco voting bot
where people can vote proposals using their wallet within discord UH,
(02:04):
their wallet and the tokens. After that, I was a
contractor for charvy Land where I built out their V
two contract. Charvy Land is a lending procol on Cardinal,
and I build out their V too UH lending lending
contract where it's an order book like UH lending model
(02:29):
instead of just regular P two P. An order book
like lending model allows for more UH for for the borrowers.
It allows for more choices and in UH low liquidity
and on cardno allowed anyone allowed the borrows to select
(02:53):
from a wide range of loans.
Speaker 1 (02:55):
Now, what what language are you writing everything in here?
I saw a tweet the other day that strike Finance
was written in Aiken. Is all this experience in Aiken?
And how what's your exposures to smart contracts on Candana? Yeah?
Speaker 2 (03:10):
Yeah, yeah, it's it's all now on a Back in
days it was you know, police and to be honest,
those that was kind of like bracket science. Yeah, okay,
And so I'm super glad Achin came out. And I
also want to give a quick start out to Helius.
There are also a language on Caronto. I've I've actually
(03:32):
used them before Aiken. But yeah, now all contracts on
strike are spelled on Aiken.
Speaker 1 (03:44):
Okay. Cool. I think a lot of the community is
moving over there, but I still do know a lot
of projects that use Helius as well. So it's pretty
good to know that you guys moved that way. Okay,
So what exactly does strike Finance have to offer the world?
What is it all about?
Speaker 2 (04:01):
Yeah, struct finance, we're Deserver's protocol. We offer three different
products options trading Forwest Trading and perpetual trading. The river
is there are a different kind of way for people
to make money. Right now, most people you know, to
make money on Cardano, they're simply just swapping tokens, holding
(04:21):
them or putting them into a landing pool. Diverse protocols
they they allow people to trade these contracts where they
can potentially earn a lot more money simply other than
just simply holding tokens or putting money in a landing poll.
(04:43):
But of course it comes to a greater risk.
Speaker 1 (04:46):
I come from a world where I do just swap
tokens and I do just provide liquidity on there. So
what does this actually look like when someone's doing a
trade in did you call it? Yeah?
Speaker 2 (05:02):
So the three different products that we offer, they're all diversity,
and they're all quite different from each other. So I
guess I'll just go over what each of those are.
So for options protocol, I'm sorry for option trading. Options
allows you to buy or selling an asset at a
specific price within a date. So let's say I can
(05:25):
pick up an options contract that allows me to buy
Ata at fifty cent within a one month period. In
two weeks time, Ato rises to sixty cent. Just means
with this options contract, I'll be able to buy ATA
at fifty cent, ten cent below the current market value.
(05:46):
So for each ada in that contract, I'll earn a
ten cent profit. Force contracts, it's really similar to options contract.
The main difference is the exchanse of assets must have
in a forest contract. In an options contract, you have
to write, but not the obligation to exercise your contract.
So let's say it doesn't actually goes above fifty cent,
(06:11):
is actually a thirty cent. With options contract, you don't
have to actually exercise the contract because it will be
unprofitable for you to the result. But with a forest contract,
the extremes of assets must happen.
Speaker 1 (06:24):
Gotcha.
Speaker 2 (06:24):
Okay?
Speaker 1 (06:25):
Yeah, So I just want to clarify something. So options one,
I'm not forced to execute the contract. I can choose
whether or not to buy it for fifty cents if
it went up to sixty, But if it went down
to forty, I can forfeit that contract. So what's my penalty?
There is there a penalty?
Speaker 2 (06:45):
Well, the main penalty is the premium that you paid
to hold that options.
Speaker 1 (06:50):
Contract, gotcha?
Speaker 2 (06:51):
Okay?
Speaker 1 (06:52):
Okay, And obviously that'd be hopefully less than the potential
profit I could make if it went up. So it's
does it vary or is set by the protocol?
Speaker 2 (07:03):
Yes, it is set by the protocol. No, we're using
a traditional options pricing model. It's called Black Souls options
model pricing and gotcha. Okay, yeah, Typically when people exercise
these contracts, they also have to take into account the
premium they're paid, because you know, it might be properly
profitable for you to exers ask contract, but it doesn't
(07:25):
actually cancel out the premium that you paid initially.
Speaker 1 (07:29):
Yeah, gotcha. What about the force one? It sounds because
you're taking on more risks there and you have to
execute the contract that that's a premium. B it should
be less, right.
Speaker 2 (07:40):
Yeah, So for forced contract, there's actually no premium exchange
of assets. What's happened? There's no premium, but you do
have to put in a collateral so we know that
you're actually exchange the assets, and if you don't exchange
the assets, your collateral will be liquidated.
Speaker 1 (07:59):
Gotcha. Gotcha.
Speaker 2 (08:00):
If you do, you get your platter back.
Speaker 1 (08:03):
Understood, and that collateral would potentially be more than the
trade or is that right?
Speaker 2 (08:10):
Uh? Yes, We set it up so that with the
collateral be more than if you then exercise it. It
wouldn't be necessarily you know, uh, more than a trade,
but it will be so that way it will be
super costly for you for for not exercising.
Speaker 1 (08:31):
Gotcha, gotcha. Okay, I'm understanding this a little bit better now,
so it's starting to make more sense. And what so
what's the final one then, perpetuals.
Speaker 2 (08:40):
So with for patrols, you just you take two positions,
a long wer short position. You take a long word
short precision on an asset. When you take a long position,
it means that you think the acid price will go up.
If you think the asur price will go down, you'll
take your short position, and just like just the name suggests,
you will hold this position. You can hold this position
(09:02):
in putue in forever and you'll earn continuous gains if
your position aligns with the way the current market is moving.
So if you take a long position and the underlying
asset that you talk the long position on, it keeps
on rising, let's say for two days, five days, ten days,
(09:23):
you'll keep on earning rewards. And it's often paired with leverage,
where you will you'll be able to control a large
position compared to the initial capital that you put up.
Speaker 1 (09:38):
Okay, so I'm imagining the snare for eighter for example,
So you know eight is pretty low at the moment.
Can it go lower? Maybe not? So if I take
a long position on eight and expect it to go
up to like, you know, three dollars, but that might
be in a year or two years time. Is this
(09:58):
the type of thing I can take advantage of to
leverage my gains on a very long period of time.
Speaker 2 (10:06):
Yes, exactly, you can. You can have it for three years,
five years, forever. And if you really, if you really
bolish on an asset, that's what typically people does. They
just hold that contract forever. Okay, technically just keep on
holding it enough for yeah.
Speaker 1 (10:22):
Yeah, So I'm trying to understand where the value of
that contract comes from, Like it goes if you keep
on holding it forever forever. Where where's the value come from?
How do you make your gains off of it?
Speaker 2 (10:34):
Because like, yeah, so the games are paid for you
from the losing side. So let's say you take a
long position and the asset does go up, but there's
people on the other side of the trade where they
thought the asset will go down the price and you
know they were in the wrong side of the trade,
they will have to pay the winging side.
Speaker 1 (10:57):
Came from Yeah, understood, understood, But these are also not times,
they're perpetual. That like, how does the other side lose
to give profits to the winning side if there's never
an end to the contract.
Speaker 2 (11:14):
Yeah, so we have to uh in perpetuals. There's this
thing called funding rate. The funding rate is you know,
the each protocol is different. They it's based on a
time interval where the losing side pays their winning side.
So for us on strike, it's set for four hours.
So every four hours, we taken account the price of
(11:37):
the asset before and after this four hour, and we
determined how much the winning side pays the losing side,
and we'll in in our UH on our side. We
will actually just transfer the games from the losing side
to the weining side.
Speaker 1 (11:57):
Ah, I see, Okay, so it's all automated. So I
might put in a thousand eight on a long position,
someone else put in a thousand and eight on a
short and the value that's locked in will just fluctuate
between the different users that have along and short position
over time.
Speaker 2 (12:13):
So yeah, and then for us the pay every four hours. Oh,
that's what we have.
Speaker 1 (12:19):
For now, gotcha? Gotcha? Okay, cool, awesome, all right, I'm
learning a lot here. This is great. I'm pretty sure
a lot of people learning about options and force contracts
and perpetuals here. So this is this is really cool.
So I can see how users can benefit from this.
There's going to be a lot of education needed because
(12:40):
you know, a lot of people in the Cadana ecosystem,
they're still at the staking phase. You know, I stake
my aida to a statepool. I'm good, I'm golden. Got
apr there. What's your onboarding process to get users to
use this type of platform and be excited about these
type of training options that they have?
Speaker 2 (13:01):
Now, Yeah, like I said, other people in a space,
they're not super familiar with these products and it doesn't
come into it for most people. So education content is
something that we're super focused on releasing. We're gonna release
a bunch of videos as well as just technical papers
(13:25):
where it actually tells you what each of these products
can do in more in depth and what are some
of the use cases, some scenarios that you might actually
use these.
Speaker 1 (13:40):
Okay, really cool, Now, that's good to know. Hopefully it
does bring in more users to your platform and also
Ontokdano as well, so that's really exciting.
Speaker 2 (13:48):
Now.
Speaker 1 (13:48):
I know there's other perpetual platforms in other ecosystems. I
can't remember the names. At the moment I was looking
up in Polygon, I saw perpetual platforms there. What's your competition, like,
I know it's very small on the Cadina side at
the moment. We have option flow as another competitor here,
(14:09):
but how does it look more broadly across all of DeFi.
Speaker 2 (14:15):
Yeah, honestly, I don't think our competition is in a
DeFi space. To traditional exchanges, they account for on a
perpetual side, they account for more than ninety nine percent
of perpetual trading. And wow, okay, that's pretty nice. You know,
(14:37):
there's definitely successful, you know, diverse protocols on other blockchains,
But I don't think our competition is with the competition
is with the traditional exchanges.
Speaker 1 (14:48):
Well, I had no idea that this was available on
traditional exchanges. That that's because my limited knowledge of training
in general.
Speaker 2 (14:57):
Oh, your perpetuals and it's billions of dollars in volume
each day, and you know the service as a whole.
Traditional finance come for more than ninety five percent, but
perpetual still come for more than ninety nine percent, and
it's it's nuts.
Speaker 1 (15:14):
So, so your test net's been going on for a
little while now, if there's a lot of people on
there been giving the you guys feedback and everything, how
has the test net going overall?
Speaker 2 (15:26):
Uh?
Speaker 1 (15:27):
And how how has the platform improved since you've got
feedback from users?
Speaker 2 (15:32):
Yeah, with test that has to be honest. There was bugs,
of course, and but we we had we had a
lot of people active in our just go channel telling
us what the bugs were, things like that, and yeah,
super I'm super grateful that people tried it out and
actually took the time to not only try it out,
(15:53):
both told us what was wrong with it. And yeah,
we fixed a bunch of bugs and we released the
test that like a month ago. One of the biggest
changes that we made was changing changing our options protocol. Uh.
The initial version of our options for call was P
(16:14):
two P and after releasing that, we get a lot
of feedback from the community where they told us where
the P twop model might not natarily be the best
way forward for an options for a call on Cardinal
to the lack of liquidity, and so we've since built
out a YouTube version of our options for a call
(16:34):
where uh, anyone will be able to provide liquidity to
the options trading and they will earn a percentage of
the fees generated. Uh we've just pulled options uh liquidity
and people will be able to buy and sell options
contract instantaneously. And we think, yeah, we think it's just
(16:59):
really good or user experience or then our initial V one.
Speaker 1 (17:06):
It is that V two being rolled out yet or
is it yet to be rolled Yeah?
Speaker 2 (17:11):
Yeah, it's no life on our cast land as well.
Speaker 1 (17:14):
Okay, brilliant. I will have to try that one out.
I wish I saw the first version now so I
could have done in comparison. What about wallet integrations and
will it support all of the major wallets out there
in the space.
Speaker 2 (17:29):
Oh yeah, we sup all the major wallets well vast
for Nami, although they are having some chiccoffs recently, but
its eternal. But one thing we haven't done quite yet
is adding new Fire and Madame Mouse support. We'll add
(17:52):
Auson soon.
Speaker 1 (17:54):
Yeah. Making sure that you have that medow mask snap available,
so that's users from other ecosystems could just connect them
menimass and just go directly in. I think that's pretty
important as well, especially if you start marketing more broadly
across the crypto space rather than just on the Cadina
side of things. So I think that's quite important. All right.
(18:15):
So it's good to know that you've got all the
mobile wallets integrated or a lot of support there at least,
and it sounds like it's going to have a good
mobile experience if vespers involved as well. Yep, oh yeah,
mobile is very important. Okay, what about stress testing the
platform and ensuring that it can handle a lot of users.
(18:35):
I know we've got a lot of attention at the
moment on other platforms. I won't mention their names, but
you know they bring in a lot of attention to
the chain, and you know, we've got to make this
make sure this user experience is top notch for people
that are coming in. Have you done any of that
kind of stress testing and load testing on the platform.
Speaker 2 (18:55):
To be honest, that's not why we're kind of super
focused on at this moment. We want to worry about
the product first before scalability, but especially right now since
we're on task night. We don't want to spend too
much time scaling a product that nobody wants. Yeah, so
(19:18):
we we want to make sure the products okay, people
like it, and then we will worry about the scalability
later on.
Speaker 1 (19:26):
Okay, cool, Yeah, it would be good to make sure
that it's on your checklist. So on launcher, you know,
everything is good there in that respect. What about ordering, uh,
ordering these smart contracts. You've got three main products. Here.
Are all the products going to be audited by a
third party, reputable company within the Kidana space.
Speaker 2 (19:50):
Oh yeah, all three of these contracts will be on
it before we go on minute. Right now, we want
one of our contracts. Our forest contract is under audit
by t x Pipe. We expect all three of these
contracts to be audited by t X Pipe. T x
Pipe they're the firm behind i Can. They're the people
(20:13):
that created i CAN.
Speaker 1 (20:15):
Yeah, if you want anyone to you know, do your
order is the people that wrote the code for the
smart contracts, the DSL. So that's that's probably a really
good idea there. Okay, it's good to know that there'll
be a full order there. I'm assuming that order of
the platform as well, not just the smart contracts. Smart
contract is just a small portion. Okay, good, good to know.
(20:38):
Are you guys going open source? Will this code be
available after the platform's launch or anything like that? Do
you have any any plans for that?
Speaker 2 (20:46):
Oh? Yeah, open source? You got to open source. You're
in open sourcing? Why you've been building on blockchain? Well
right now? Or do you other products are open source?
I do have to know on some of these they
are about it behind the actual code. We haven't released
everything just yet. We want to make sure. Uh, we
(21:09):
want to make sure it's at least up to part
to some kind of standards before we actually open source them.
But the initial versions of all three contracts there, they
are open source up on our get up right now.
Speaker 1 (21:22):
Okay, that's good to know as well. Okay, so there
a couple of versions behind of what you actually have available.
But I'm assuming you'd start after after full platform launch
you start committing online and making sure that's all available
as well.
Speaker 2 (21:39):
Yeah, we probably will do it before we do our
main launch. It's just we don't want to push on
uh unfinished code just yet. The Forest contracts there, they're
pretty much completed. Uh. The options and perpetuals. We want
to do some final testing before we uh, before we
(22:02):
release it to to get up, and the way that
t x pipe will be auditing our contract will be
through our get up, so we'll push those up before
we love standing it and we'll us the audit goes on,
and you know t x pipe suggests changes, we'll be
(22:24):
making those changes directly to our get up so people
will see the product for the weekend. Yeah.
Speaker 1 (22:29):
Yeah, that's what I was getting at, the transparency behind
the changes and all that. Okay, that's really good to
hear too as well. Now, you guys recently had a
token seal. You had it on Axo. From what I watched,
I no offense to you guys. I just don't participate
in token sales anymore. I've way too many times now,
(22:51):
so it's a it's a left a majorly sour taste
in my mouth. So I don't participate in the token sales.
But congratulations, you guys did phenomenally well, especially in this
market at the moment. Can we have a roundup of
how the celle went.
Speaker 2 (23:08):
Yeah. First of all, I'm super grateful for the people
that that supported us on the pre cell this, this
star comes lightly. This this is people putting their trust
on us. And yeah that uh thank you to everyone
that uh supported us in a pretyle. I'm super grateful. Yeah,
(23:30):
the priest all we did the pre cyle on axul,
it filled up pretty quickly initially. The actual has this
uh functionality where people can participate in it put their
orders down before the cell actually went on, and so
a lot of people did that, and then within one
hour of the cell actually beginning, I think we reached
(23:52):
like close to fifty percent of our goal. And then yeah,
it went on for two days. We sold out like
one hour before it ended.
Speaker 1 (24:04):
Wow, what a wild ride. That's that's absolutely awesome for
you guys. Now, there were some questions that did come
out of this.
Speaker 2 (24:11):
The.
Speaker 1 (24:13):
Incorporation of your company legalities. I heard that the token
was open for self for everyone globally. Is that correct?
Speaker 2 (24:24):
Yeah, yeah, so we launched that actually, and I don't
think they have location restriction, so yes, I think it
was open up for everyone.
Speaker 1 (24:36):
Yep. So what are the legalities behind that? Because I
know a lot of people from the US, for example,
when participating these token sales, there's always like legalities behind it.
They're saying, like, you know, the US can't participate in
this token cell et cetera, et cetera, because you know,
SEC may deem it as a security or something like that.
(24:57):
So a lot of people do try to avoid that.
So what legal aspects have you gone through for this
particular token?
Speaker 2 (25:03):
Tell yeah, man, this is something that a lot of
people building US can attest to. The legislation on crypto
in the US gotta gotta get better, Like for this
uh for example, it will cost me two hundred dollars
(25:26):
and thirty minutes to set up a company in New
York City to the city I live. To incoporate a company.
If I use a tool from you know, yc uh where,
it will probably cost me one hundred dollars and ten
minutes before. Just I had to find a lawyer in
Dubai and it's it cost me nearly five figures to
(25:50):
get everything set up, just so I can be sure
the SEC is not gonna come knocking down my doric
and take me. So, yeah, we're we want to make
sure we do everything on the legality side, right, It's
it's really important. You don't want to, you want to,
(26:12):
you don't want to end up. You don't want to
end up in jail just for building building a product.
And so yeah, we're we're now we're all shut up
on that side. My lawyer assure me the SEC you
want to come after me because we're because we're incorporated in.
Speaker 1 (26:33):
Dubai, gotcha? Gotcha? Okay, So incorporated in Dubai and tokens
Out was global because you guys were incorporated in Dubai
allowed well, ax, So I didn't have geo blocking, so
anyone in the world could participate. Okay, So that's the
answer behind that. I'm not a legal expert myself. I
(26:56):
don't know what's right wrong around that, So I would
leave that to open for other legal experts to get
a better understanding and provide feedback on. I'm sure people
in the comments are just going to go crazy with
these these type of things.
Speaker 2 (27:11):
Yeah, I want to bring up like these are really
really valid concerns from from the community members. A lot
of projects they're they're they're not even incorporated, and they
do a bunch of things that might might get them
in trouble. And if they do, you know, the founders
sent of getting arrested on the the whole project is gone,
(27:33):
just nobody behind it anymore. And so yeah, I just
want to reassure the people that's watching, just and our
communey members, we're set up. On the legal other side.
Speaker 1 (27:46):
Do you have any i Llegal documentation or like a
business and corporation certificate or anything that you could put
online that you know would make people more comfortable as well.
Speaker 2 (27:56):
Oh yeah, how yeah, we're actually talking for for a
few docing partners actually, you know, verify all all these
things and verify that the company is actually incorporated in
my my real name, my real identity.
Speaker 1 (28:14):
Okay, all right, awesome docxing partners. Never heard of them.
Speaker 2 (28:19):
Too, but somebody mentioned them in a in a group channel.
I was like, hey, what I think we need those?
Speaker 1 (28:27):
So, so what is that exactly? Sorry, we're seguing a
little bit here. So is it like a separate company
that order a doxing or something.
Speaker 2 (28:36):
Yeah, yeah, it's they're legit just as third party company.
Where they we saw them our financial like, we saw
them our documents and they and it put out. Okay,
they showed us our documents. It's real. It's actually incorporated
under in Dubai. It's actually incorporated under the disguise name.
Speaker 1 (28:54):
So yeah, wow, Okay, that's the first that's kind of useful.
That's the first time I ever to one of those companies.
All right, Yeah, I'll look into that one as well.
Added to the list of things I got to learn
about now with the token distribution, the funds from the cell,
and all that, I don't know myself. Someone told me
that the funds the tokens are all being held by
(29:16):
a single wallet at the moment. And I also like
to know about the token distribution of the cell. Were
there like a big whales that came in and brought
up a lot of the tokens or was it quite
a wide distribution of buyers within this particular cell.
Speaker 2 (29:32):
Yeah. Also with the first question, all the tokens be
held in one wallet that was throwing to cell after
the cell. Immediately after the cell concluded, we I guess
I'll go over to talken distributition. First, sixty percent of
the token was for the public cell, twelve percent was
for liquidy, thirteen percent was for doll and the rest
(29:55):
fifteen percent is for the team. So immediately after the
token cell we locked up fifteen percent of the token
to a vesting contract. The vesting contract was created by
an t show laps and you'll be able to find
the transaction and the script that we use up on
(30:15):
our GitHub and then the rest the thirteen percent held
in the dell. It has not been moved since the
token cell and if you go to tap tools, you
can see we actually created eight a handle for those
two wallets, so the people people can actually see the
(30:37):
vesting contract. Uh, the contract is actually locked up in
the vesting contract and the dell tokens there. They haven't
moved and if they were to move, people can see
where where it's going.
Speaker 1 (30:52):
You say they haven't moved. I'm assuming that means the
team has access to move that wallet freely whenever they one.
Speaker 2 (31:02):
Yeah, oh yeah right, it's actions but yes, yeah, absolutely.
We we recontrol the keys and uh, I see where
communities have the concerns of well you can move it freely.
So we're we're talking with a few people and uh,
(31:22):
a few prominent members in the community where will actually
have to set up as a multi sick but for
the people will be uh there there will be people
controlling multi sick that's outside of strike. So yeah, well
we'll have those set up as well. But right after transparency.
It's not set up yet, but you can monitor the
(31:45):
walls to make sure that we're not just dumping it.
Speaker 1 (31:50):
Yeah, okay, cool, all right. At least you have those
handles there, eagle eyed token holders and community members who
will be keeping an eye on all the things. I
know they all do. And there's there's so many tracking
tools these days, you know, Cerebus and all that. It's
it's very easy to see where things are going anyway.
So it's it's it's it's hard to hide these things.
(32:12):
You know, the public blockchain privacy blah blah blah, it's
not it's all on chain we can follow or where
all the money goes. All right, My last question about
the DOW and all that the amount of holders. From
what I've been told, there's a large amount being held
by a small, smaller group of people. Does that mean
(32:36):
those people could potentially have more say in the dow
in regards to what tokens are accepted in the future
on the platform, et cetera. Is open up for manipulation,
maybe even because of those particular token holders.
Speaker 2 (32:55):
For those large token holders there, they are hold are
large potents over supply, and that means they're tied economically
to us, and I think it's in their best interest
to make the best to you know, vote on the
best decision that they think will help Strike.
Speaker 1 (33:17):
Yeah, and.
Speaker 2 (33:20):
You know, there's multiple different kinds of voting methods that
we can potentially employ on these decisions, you know, just
as contract voting and funding where where the amount of
token to you holding your wallet, it plays a part
on how much voting power you have, but the amount
(33:41):
of people that vote uh has a uh has a
greater say, then then then just the amount of wallet
that you have in your sorry, that than just the
amount of assets you have in your wallet. And so yeah,
it's yeah, you know, it's definitely most definitely can be
(34:03):
opened up for manipulation. But I think it's in the
best interest of those talking holders to vote under the
best decision for STRIKE. And there's multiple different kinds of
boording efforts that we can employ.
Speaker 1 (34:16):
Yeah, and you said earlier that you did write a
smart contract for called dragging voting, didn't you.
Speaker 2 (34:22):
So yeah, that kind of helps, that kind of helps out.
Speaker 1 (34:28):
All right, awesome, Okay, I've learned a lot about Strike,
about derivatives trading and so much in this interview. Is
there anything else that the audience needs to know before
we sign off on this one?
Speaker 2 (34:46):
Yeah, I kind of just want to quote on Benjamin
Franklin here. Your critics are your friends for disorders, your
false this A lot of people have from criticisms on Strike,
well not necessarily criticisms, but questions, and we feel like
we've been pretty transparent. We've been posting and answer any
of these questions, but not everyone's always on Twitter and
(35:09):
they're not always kidding out with these things. So anyone
starts watching Jesse, if you have any more questions, please
please drop out our discot channel. We'll be more happy
to answer your questions, all.
Speaker 1 (35:22):
Right, brilliant. I'll put the links references everything that we
talked about in the show notes down below so people
can follow up on our conversation here. If you do
have a question, please leave a comment down below as well,
and I get Sean here to come on in and
answer them for you as well. So there's a history
and a log from this interview answering those questions too,
(35:43):
So please I encourage that you do. But thank you
so much for joining me on this episode and talking
through everything. Strike Finance Like I said, I learned a
lot from this interview.
Speaker 2 (35:53):
Thanks for having you. It's been an answer.
Speaker 1 (35:57):
Just a quick disclaimer for you guys. I didn't get
paid for this particular interview, I don't hold any strike tokens,
and I didn't participate in the sale. Please make sure
you do your own research when getting into any of
these type of projects. Sean did, however, buy five WAPU
NFTs to help support the Learner Candano platform in general. Now,
if I wanted to learn more about derivatives trading, I
(36:18):
will be doing some more videos about it. I find
this quite fascinating how you can do this type of
extended trading as opposed to just spot trading, which a
lot of people are used to. So make sure you
subscribe to the video tutorial channel as well links downpload.
For you guys, I'll see you in the next video.
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