Profile of 0xec.eth in Optimism

Posts by 0xec.eth

• Alluo - Builder Grant Cycle 11 by 0xec.eth - No Role
  Posted on: April 2, 2023, 9:51 p.m.
  Content: Thanks @Gonna.eth I have made some small tweaks to the critical milestone section to reflect the discussion we had in the comments regarding the timelines and added ways to verify that will be open to the whole community
  Likes: 2 Replies: 0
  Likers: gonna.eth, fractalvisions
  No replies yet.
• Alluo - Builder Grant Cycle 11 by 0xec.eth - No Role
  Posted on: April 2, 2023, 5:51 p.m.
  Content: Thanks @Gonna.eth I have made some small tweaks to the critical milestone section to reflect the discussion we had in the comments regarding the timelines and added ways to verify that will be open to the whole community
  Likes: 2 Replies: 0
  Likers: Gonna.eth, FractalVisions
  No replies yet.
• Alluo - Builder Grant Cycle 11 by 0xec.eth - No Role
  Posted on: March 31, 2023, 9:39 a.m.
  Content: Gonna.eth: Hi, @preacherman we are suggesting a few projects to consider lowering the requested OP grant size to improve the chances to finish on the top 10 of the final list. Hi @Gonna.eth I was just wondering if you were referring to this 30 k Builder grant request or you were referring to @preacherman’s post with Alluo’s Growth grant request 2 currently for 250 k (which wasn’t part of your initial cutoff so I don’t know if there’s scope to revisit that if that request was lowered) though there has been no comments on @preacherman’s so far (except mentioning that the forum would be the official mean of communication) so maybe some wires got crossed
  Likes: 1 Replies: 0
  Likers: fractalvisions
  No replies yet.
• Alluo - Builder Grant Cycle 11 by 0xec.eth - No Role
  Posted on: March 31, 2023, 5:39 a.m.
  Content: Gonna.eth: Hi, @preacherman we are suggesting a few projects to consider lowering the requested OP grant size to improve the chances to finish on the top 10 of the final list. Hi @Gonna.eth I was just wondering if you were referring to this 30 k Builder grant request or you were referring to @preacherman’s post with Alluo’s Growth grant request currently for 250 k (which wasn’t part of your initial cutoff so I don’t know if there’s scope to revisit that if that request was lowered) though there has been no comments on @preacherman’s so far (except mentioning that the forum would be the official mean of communication) so maybe some wires got crossed
  Likes: 1 Replies: 0
  Likers: FractalVisions
  No replies yet.
• Alluo - Builder Grant Cycle 11 by 0xec.eth - No Role
  Posted on: March 26, 2023, 10:51 a.m.
  Content: jackanorak: Hey, quick question on this: where does the interest come from on this? You make references to it but I’d like to see mechanically what you’re doing, what pools you’re using, etc. The reason i ask is that it’s not obvious to me that you would capture as much yield spread on L 2 , as much user friction on L 1 has to do with gas fees. Less so on Optimism. Today, the yield is coming from yield farming on Convex On optimism, it would mostly come from Velodrome and Curve to begin with To your point on yield capture I think that’s a fair point but in general, our view is that we would rather to take the smallest spread we can over a higher TVL rather than a bigger spread on a smaller TVL so we’re not worried about the spread % itself but more the total spread amount (ie spread % * TVL) Although you are right that there are fewer barriers for people to manually manage funds on an L 2 (given the fee) we still believe that there is still significant value in a protocol that constantly optimises for risk and reward and takes a small fee in exchange - we believe that this is particularly true for more casual normies who may not want to check pools every day to see if they are still the best yielding or worry about some of the underlying assets depegging. jackanorak: From your site: When you deposit money in the Alluo app using one of our on-ramp partners, the funds are automatically converted in dollar stablecoins, from there, they flow to the Alluo protocol which is a decentralized yield optimization protocol on the Polygon and Ethereum blockchains. If you work with other onramp partners, exactly what in the entire onramp flow are you responsible for? Is this all already built, and what makes this solution faster, better, cheaper than others working on this game-changing issue? To be clear, we initially worked with other onramps (like moonpay) because we didn’t have a choice, we eventually built out our own out of the frustration of trying to work with them. To be fair, we may continue using them in geographies we don’t yet operate in (e.g. Latam, Africa, Asia etc) but we would ideally find partners who are aligned with us in terms of cost and user experience. I had tried to highlight some of the differences between us an competitors under “What differentiates you from your competitors?” but specifically what makes this solutions faster, better, cheaper than others is: A focus on stablecoins which simplifies the problem compared to all others which are effectively centralised exchanges in a widget A focus on EUR/GBP to begin with where we have personal experience in the payment/banking space and were able to negotiate good terms with payment providers (to be able to provide sub 1 % transaction fees for bank transactions) The experience integrating with moonpay, ramp.network, mercuryo etc. (most of the current providers have not built their solution from a protocol’s point of view) which is where our white-label approach came from In terms of the flow we are responsible for, it really goes from: Creating a new bank account for the user (in their own name) KYCing them if necessary Receiving funds (fiat) into the user’s newly created bank account Converting those funds into usdc on the desired target chain Sending this usdc to the user’s wallet address And in the opposite direction (offramp) Receiving usdc in a wallet that is in our control Converting the usdc into fiat Sending the fiat back to the user’s regular bank account In terms of the build, we have managed to do a couple of test transactions already on Celo and Polygon but we are of course still at the beginning in terms of being able to do this at scale and will need to do quite a bit of work to polish our software experience and enable a developer to go from landing on our site to getting an API key and performing their first live transactions within 5 minutes. As mentioned in the previous replies though, we are very happy to be judged by the milestones we have laid out above and for the grant to be withheld/delayed if we were not achieving those within the indicated timelines. jackanorak: The distribution side, which we also have started and hope to further strengthen through this grant and eventually enable us to integrate with leading protocols on Optimism such as Velodrome, Synthetix, etc. In some cases, we may elect to write the front-end code for these protocols ourselves to accelerate the integration timelines and ensure the best user-experience possible. What exact service will you provide for devs, and how will you be compensated for it? The exact service we will provide for devs is a white-label API to enable their users to go from fiat in their bank account to usdc in their wallet on the target chain (see the Velodrome gif above for the sort of experience we had in mind) Specific endpoints would include: User creation Starting the KYC verification process (also get the required KYC information for a given user and transaction and general state of the KYC process) Bank account creation Get the expected exchange rate (ie from EUR/GBP to USDC and vice versa) In addition, a few Getters would allow one to get a view of the ongoing on or offramp. In terms of how we would be compensated for it, we would charge a small on/off ramp fee either to the user or the protocol depending on the fee model chosen by the protocol (ie some protocols may be willing to fund the on/off ramp fee whilst other protocols may prefer for the user to pay this fee) In the long run, we believe most protocols will pay for the fees but we appreciate this isn’t the norm today in crypto whilst it is actually the norm in the regular world (ie people don’t expect to be charged a separate payment fee when they purchase something at Nike or eat out at a restaurant)
  Likes: 1 Replies: 0
  Likers: fractalvisions
  No replies yet.
• Alluo - Builder Grant Cycle 11 by 0xec.eth - No Role
  Posted on: March 26, 2023, 6:51 a.m.
  Content: jackanorak: Hey, quick question on this: where does the interest come from on this? You make references to it but I’d like to see mechanically what you’re doing, what pools you’re using, etc. The reason i ask is that it’s not obvious to me that you would capture as much yield spread on L 2 , as much user friction on L 1 has to do with gas fees. Less so on Optimism. Today, the yield is coming from yield farming on Convex On optimism, it would mostly come from Velodrome and Curve to begin with To your point on yield capture I think that’s a fair point but in general, our view is that we would rather to take the smallest spread we can over a higher TVL rather than a bigger spread on a smaller TVL so we’re not worried about the spread % itself but more the total spread amount (ie spread % * TVL) Although you are right that there are fewer barriers for people to manually manage funds on an L 2 (given the fee) we still believe that there is still significant value in a protocol that constantly optimises for risk and reward and takes a small fee in exchange - we believe that this is particularly true for more casual normies who may not want to check pools every day to see if they are still the best yielding or worry about some of the underlying assets depegging. jackanorak: From your site: When you deposit money in the Alluo app using one of our on-ramp partners, the funds are automatically converted in dollar stablecoins, from there, they flow to the Alluo protocol which is a decentralized yield optimization protocol on the Polygon and Ethereum blockchains. If you work with other onramp partners, exactly what in the entire onramp flow are you responsible for? Is this all already built, and what makes this solution faster, better, cheaper than others working on this game-changing issue? To be clear, we initially worked with other onramps (like moonpay) because we didn’t have a choice, we eventually built out our own out of the frustration of trying to work with them. To be fair, we may continue using them in geographies we don’t yet operate in (e.g. Latam, Africa, Asia etc) but we would ideally find partners who are aligned with us in terms of cost and user experience. I had tried to highlight some of the differences between us an competitors under “What differentiates you from your competitors?” but specifically what makes this solutions faster, better, cheaper than others is: A focus on stablecoins which simplifies the problem compared to all others which are effectively centralised exchanges in a widget A focus on EUR/GBP to begin with where we have personal experience in the payment/banking space and were able to negotiate good terms with payment providers (to be able to provide sub 1 % transaction fees for bank transactions) The experience integrating with moonpay, ramp.network, mercuryo etc. (most of the current providers have not built their solution from a protocol’s point of view) which is where our white-label approach came from In terms of the flow we are responsible for, it really goes from: Creating a new bank account for the user (in their own name) KYCing them if necessary Receiving funds (fiat) into the user’s newly created bank account Converting those funds into usdc on the desired target chain Sending this usdc to the user’s wallet address And in the opposite direction (offramp) Receiving usdc in a wallet that is in our control Converting the usdc into fiat Sending the fiat back to the user’s regular bank account In terms of the build, we have managed to do a couple of test transactions already on Celo and Polygon but we are of course still at the beginning in terms of being able to do this at scale and will need to do quite a bit of work to polish our software experience and enable a developer to go from landing on our site to getting an API key and performing their first live transactions within 5 minutes. As mentioned in the previous replies though, we are very happy to be judged by the milestones we have laid out above and for the grant to be withheld/delayed if we were not achieving those within the indicated timelines. jackanorak: The distribution side, which we also have started and hope to further strengthen through this grant and eventually enable us to integrate with leading protocols on Optimism such as Velodrome, Synthetix, etc. In some cases, we may elect to write the front-end code for these protocols ourselves to accelerate the integration timelines and ensure the best user-experience possible. What exact service will you provide for devs, and how will you be compensated for it? The exact service we will provide for devs is a white-label API to enable their users to go from fiat in their bank account to usdc in their wallet on the target chain (see the Velodrome gif above for the sort of experience we had in mind) Specific endpoints would include: User creation Starting the KYC verification process (also get the required KYC information for a given user and transaction and general state of the KYC process) Bank account creation Get the expected exchange rate (ie from EUR/GBP to USDC and vice versa) In addition, a few Getters would allow one to get a view of the ongoing on or offramp. In terms of how we would be compensated for it, we would charge a small on/off ramp fee either to the user or the protocol depending on the fee model chosen by the protocol (ie some protocols may be willing to fund the on/off ramp fee whilst other protocols may prefer for the user to pay this fee) In the long run, we believe most protocols will pay for the fees but we appreciate this isn’t the norm today in crypto whilst it is actually the norm in the regular world (ie people don’t expect to be charged a separate payment fee when they purchase something at Nike or eat out at a restaurant)
  Likes: 1 Replies: 0
  Likers: FractalVisions
  No replies yet.
• Alluo - Builder Grant Cycle 11 by 0xec.eth - No Role
  Posted on: March 17, 2023, 5:22 p.m.
  Content: We believe that we could achieve milestone 1 within 4 weeks of grant date Regarding milestone 2 , we believe we could achieve it within 12 weeks of grant date - of course this milestone is also dependent on other protocols but we still think is achievable in that time frame
  Likes: 2 Replies: 0
  Likers: fractalvisions, gonna.eth
  No replies yet.
• Alluo - Builder Grant Cycle 11 by 0xec.eth - No Role
  Posted on: March 17, 2023, 4:48 p.m.
  Content: Hi @Gonna.eth Today we have 3 backend devs + 1 QA + 2 smart contract developers. The majority of the dev team is located in Portugal if you want to come and say hi :slight_smile:
  Likes: 2 Replies: 0
  Likers: fractalvisions, gonna.eth
  No replies yet.
• Alluo - Builder Grant Cycle 11 by 0xec.eth - No Role
  Posted on: March 17, 2023, 1:22 p.m.
  Content: We believe that we could achieve milestone 1 within 4 weeks of grant date Regarding milestone 2 , we believe we could achieve it within 12 weeks of grant date - of course this milestone is also dependent on other protocols but we still think is achievable in that time frame
  Likes: 2 Replies: 0
  Likers: FractalVisions, Gonna.eth
  No replies yet.
• Alluo - Builder Grant Cycle 11 by 0xec.eth - No Role
  Posted on: March 17, 2023, 12:48 p.m.
  Content: Hi @Gonna.eth Today we have 3 backend devs + 1 QA + 2 smart contract developers. The majority of the dev team is located in Portugal if you want to come and say hi :slight_smile:
  Likes: 2 Replies: 0
  Likers: FractalVisions, Gonna.eth
  No replies yet.