Transcript: Rebel DeFi and Glow Yield

Finn 0:42
Hello and welcome to The Ether. Today is Tuesday, January 11th 2022. This episode of The Ether is brought to you by Orbital Command, a community validator on Terra dedicated to educating, expanding, and promoting the LUNAtic community. Take advantage of their Terra Luna Intel Report on Telegram bringing you the hottest news and updates on all things Terra each and every day. To find it, use the link in the show notes. You can also support their community efforts by considering them next time you’re delegating or redelegating your LUNA. Find out more at TerraSpaces appreciates their support. Today on The Ether we have The Alpha Hour, hosted by Rebel Defi, Orbital Command, featuring Glow Yield. Let’s take a listen.

Rebel Defi 1:28
It’s just after eight o’clock. So I suppose we should kick off. I think TerraSpaces are recording, so for any late-comers, they’ll be able to hear what’s been going on. And this is Rebel Defi on the Orbital Command account. We’ve got monty from Glow Yield this evening. Well, this evening in Europe, I think monty is in Europe as well. And we’re hopefully going to be finding out a little bit more about his project.

monty 1:51
Yeah. Thank you, Rebel, for hosting this. Yeah, I’m monty. And I’m the tech lead of Glow. Yep. So very happy to be here.

Rebel Defi 2:02
Pleasure to have you on this evening. I think it’s quite an opportune time to have you here since your token has been sort of recently released. So thanks for being here. It must be a busy time for you. Would you be able just to give us a sort of brief rundown on what’s going on with the project at the moment and what you have released so far?

monty 2:21
Yeah, sure. So yeah, I’m the tech lead. And yeah, as you said, it’s been quite an intense couple of days. Yesterday, we released the GLOW token and also we released the first product within the Glow ecosystem of projects. So yeah, a few words about Glow. So Glow is really like an ecosystem of dApps, of Web 3.0 dApps that all of them are leveraging our superpower by DeFi yields. We are building on Terra, so we are also trying to increase the adoption of UST, and our focus is try to build DeFi dApps that are targeted in the midterm to mainstream and consumer adoption.

Rebel Defi 3:08
So as far as I’m aware at the moment, monty, you’ve got one dApp out at the moment. Is that the Glow Lotto?

monty 3:15
Yeah. That’s Glow Lotto. So Glow Lotto’s our first product. And what it is, is like a price link savings account. So what this really means is a savings account where you would get approximately fixed 5% interest on your savings. And on top of that, you will get perpetual ticket, lottery tickets, for a weekly jackpot that happens every Sunday. So this is kind of combining the best of two worlds. So you will be saving a fixed interest rate. And then you also have the opportunity to hit a big jackpot, right? So we are trying, really, to add a layer of gamification over savings and try to incentivize people to save but making saving fun. We are building this on top of Anchor, so under the hood how this works is we redirect part of the yield that we get from the aggregated pool of deposits from Anchor and we redirect it into the interest pool accruing into the lottery, and then part of it accrues directly into your savings account.

Rebel Defi 4:21
Okay, awesome. So for example, if I had like $1,000 and I had that in Anchor, left it there for a year I’d get… At the end of the year I’d have $1,200 or so. But if I took that same $1,000 and put it into Glow Yield at the end of the year I’d have $1,050.

monty 4:43
Yeah, you will have that, plus all the opportunity every Sunday by having tickets to win the jackpot. So if you’re thinking expected values on the long term horizon would be more or less the same, because you will have the chance to win sometimes a bigger jackpot, and sometimes a smaller one. And on top of that, we are also adding a layer of GLOW rewards, depositor rewards denominated in GLOW. So at the moment, I think the APY is around 17%. So you will have this APY of 17%, and then the tickets.

Rebel Defi 4:49
Oh, wow. So that kind of changes the calculus a little bit. I like the sound of that. So it’s almost a little bit degen then. Because with Anchor, it is totally fixed, you know what you’re going to get. But with Glow, there is a chance for some serious gains as well.

monty 5:46
Yeah, I mean, what we’re really trying is to add a bit of a spice to it, but also making Glow Lotto a reliable way of saving, right. That’s why we try to warranty a saving interest on your account, but also add in this gamification layer. So if you use Glow Lotto, and you deposit for the longer term, you are guaranteed by the Anchor yield to get interest on your savings, but you also have the chance to make it very big. So yeah, it has this bit of spice, to what it is like a common savings product. Yeah.

Rebel Defi 6:26
Awesome. So who’s the target market, then, for this product?

monty 6:31
Yeah, so of course, at the beginning, we are focusing on the Terra community. We decided to build on Terra because we believe that having a native stablecoin in the ecosystem is very key. And also we really like the ethos of the Terra community of fully trying to look outwards and trying to enlarge the pie. And not just focusing on the current crypto users, but really try to onboard new users into crypto applications, right. So at the beginning, we are focusing on LUNAtics and people that have, already, Terra Station wallets. But we are focusing a lot on having a very clean UI and user experience. We’ve recently integrated already our fiat on-ramps. So our midterm focus is to try to onboard people either from other crypto ecosystems and also from people that have never interacted with something related to crypto before.

Rebel Defi 7:32
Sounds pretty impressive. To be honest, that something I’m really interested in is getting new users on to Terra. So could you talk a little bit more, and maybe it’s just for my benefit, but could you talk a little bit more about your sort of fiat on ramp integrations?

monty 7:49
Yeah, so we have recently integrated with, I think it’s called Transak, Transak Finance. And yeah, that’s the first integration that we are going to do. We are planning to integrate with several on-ramps. So to try to be with the best rate to any depositors using either of the fiat on-ramps. And I think that it’s super, super important, especially to onboard people outside of crypto. We are also planning to integrate, which is going to come very soon, to integrate on-ramps from other crypto. So we want to give the functionality to… That you could deposit either BTC, or like stablecoins from other ecosystems such as Ethereum, directly into every Glow product. So it’s both trying to on-board people from outside of crypto but also from other crypto ecosystems and try to also grow the LUNA community, right.

Rebel Defi 8:57
And I suppose… Oh, go ahead. Is that Sha coming in?

Sha 9:01
Yeah. Hey, what’s up guys? How y’all doing?

Rebel Defi 9:03
Good, thanks.

Sha 9:05
Sorry, I jumped in a little late but I just wanted to kind of ask, so I missed the very beginning intro but it sounds a lot like PoolTogether, which was an app that I was pretty excited about on Ethereum. Is that kind of where the inspiration came from? Is it similar to PoolTogether, or am I kind of off base here? And if it is similar, what are some of… It sounds like you guys are doing maybe even more products, and can you talk a little bit about what differentiates it besides it being on the fantastic Terra blockchain?

monty 9:41
Yeah, sure. Yeah. As you said, we are building an ecosystem of products, right. All of them have some things in common, like they are trying to be consumer friendly, and they are leveraging DeFi yields but Glow is an ecosystem. And as you said, PoolTogether is definitely an inspiration to us, as are other products like Premium Bonds, or even Yotta. But the thing that differentiate us with PoolTogether, of course, we are building on Terra, is really two things. The first one is that we are really building a prize-linked savings account. So we are guaranteeing a fixed interest rate on your savings, and on top of that we have the lottery. As far as I know, PoolTogether is just really focusing on a lottery, on a jackpot. But we can also split into two different sides, we guarantee you a savings account, where we have in the left if you were to check the UI of Glow Lotto. And then on the right, you will have kind of the gamification layer and the Lotto built on top of it.

Sha 10:56
Yeah, I think that’s so cool. I mean, and I think you’re kind of… The way that you’re tapping into the interest rates is really a key differentiator, it sounds like, than PoolTogether. My other question, Andy, if it’s okay if I ask a few more, is… So I mean, to me, this sounds like such a great way to bring in noobs, crypto noobs into the ecosystem. Do you guys have a specific marketing strategy, or kind of an approach that you’re going to take to really market this to the masses?

monty 11:32
Yeah, definitely, all our products really have the aim in the mid to long term to go to the mass market. I think there are different things, the first one is that we are really a team that put a lot of care into creating the best user experiences possible with the tools that we have now. So that’s something that probably you can see in Glow Lotto, and it’s really trying to make the onboarding, either to someone new or someone that is already a DeFi degen, but we really try to make the UX as good as possible. And that also encapsulates part of our focus on on-ramps. And also then we are trying also to do a lot of education and communication. We’re starting a campaign on YouTube also to reach other people outside of the Terra community. And it’s really these two things, improving the UX and then outreach and education.

Sha 12:34
Yeah, I think the UX is pretty smooth, so I have to give you props on that. I don’t know what you guys think, Andy or Joseph.

Eager Crypto 12:43
Yeah, that’s what attracted me to the Terra ecosystem to begin with, is it was so much easier to understand and use. And compared with Metamask and Avax, and stuff like that. So props to that, I think that’s a good win. One question I had is when you… I just bought some lotto tickets, so that’s cool. Will those show up on Sunday if I win, and I would just have to go and claim them?

monty 13:10
Yeah, exactly. Yeah. Every Sunday, I think it’s 8pm GMT. There is the lottery happening. And on the Prices tab, you will see the matches you’ve done. And given the amount of matches, it’s from 2-6 matches, the ones that have awards, you will have a given amount of the jackpot. Of course, if you do five and six matches, you will get kind of the bigger jackpots.

Eager Crypto 13:38
Very nice. Yeah. And then the other thing, if you can solve that on-ramp problem, that would be another huge win. So kudos for trying to solve that problem as well. One quick, small question is, when you launch a token, there’s been a problem with fraudulent tokens. How do you avoid that? And I guess now there’s a verified icon in TerraSwap, so that’s nice. And then how do you decide between Astroport, Loop and TerraSwap for where to put your liquidity pool?

monty 14:10
Yeah, no, the first thing it was really an intense situation, because as it has happened in the past, I know it’s happened to us, there was a scammer token. It’s like they just launched with a fake GLOW token. I mean, the thing is that we have to give props to TFL, TerraSwap team, and Coinhall to be very responsive and verify us very fast. So people didn’t buy into the fake one. And also at that moment, what we try to do is really try to communicate a lot, either in Discord and Twitter, and try to tell the community, “Please buy through our UI, because if you buy through our UI, it’s guaranteed that you’re trading with the real token,” so that was kind of the first thing too. Sorry if I missed the… What was the second question again?

Eager Crypto 15:12
Yeah, it’s a good idea to buy it through the UI, instead of through TerraSwap. The other question is how do you, on the back end, choose, now that there’s three DEXes on Terra where do you put your liquidity pool? TerraSwap, Astroport, or Loop?

monty 15:25
Yeah, that’s a very good question. We went for TerraSwap, one, because it was kind of when built the contracts and started to collaborate with the team was the main, and not the only, but was the main DEX on Terra. Now, of course there are other options and we consider to add in different pools in different DEXes as well, right. We really want to make GLOW liquid and tradable and also be where the users are. So we kind of have our ears open to the community, and if the Terra community thinks or prefers different DEXes to make their trade, we will move there.

Eager Crypto 16:13

Rebel Defi 16:13
Awesome, monty, thank you. Well, being that we’re in the Alpha Hour, I don’t know if there’s many people who have not yet claimed their GLOW airdrop. But if you haven’t claimed your GLOW airdrop, on Twitter if you go and follow @glowyield, and there’ll be links in their page where you can go to the website to claim your airdrop. And what were the requirements to get the airdrop, monty, is it just for… I don’t think… Sorry.

monty 16:43
Yeah, so we did what we call a fairdrop, and Cole is here in the Twitter Space, if he wants to talk a bit more, he’s also in the team. But what we did was try to give an airdrop as democratic as possible. We rewarded LUNA stakers, Anchor holders, and Anchor stakers, and also Anchor depositors. But what we apply is a quadratic formula to it, so we capped the amount that whales normally get with airdrops, kind of like the people who have getting more, but we really tried to cap this and give the people who have a bit less and give more amount of GLOW. So we kind of try to make curve as smooth as possible and try to be as democratic as possible. So I think we airdropped GLOWs to, I think, it’s like almost 100k addresses, so it was like a very, very big airdrop. And yeah, you can claim it now, and yeah, at the moment there is also very juicy APRs for providing liquidity. I mean, it’s not financial advice, but like that the sort of thing that I should recommend.

Rebel Defi 18:05
I wonder, Sha, have you seen the APRs at the moment? Their right up your street. I think at the moment it’s still over 400% APR so that looks quite nice. I was just inviting Cole up to be a speaker. monty, what is Cole’s… If you’re the tech lead, what does Cole do?

monty 18:24
Yeah so, Cole is in my team, he’s also a smart contract dev. He’s the mastermind behind the quadratic formula that we applied.

Rebel Defi 18:38
Okay, maybe seems like he’s just listening just know rather than wanting to come up but yeah, maybe he’ll have a chance to come up a bit later

monty 18:44
If not, we can do it in later sessions.

Rebel Defi 18:47
Yeah, sure. So if Glow Yield… Or sorry, the lotto is your first product, what other products are you working on just now?

monty 18:57
Yes, there is… This is the Alpha Hour, so I think that it’s the right moment to say that, in the… I think it’s going to be on Friday, it’s not totally fine, but it’s either Thursday or Friday, we are going to do a big announcement. And also publish the landing page of our second product, which is Creators. And Creators is kind of our approach to social money. So we want to do a better version of Patreon. Fully, always on crypto and also giving creators the possibility to create their social tokens, either for creators, artists, or even communities, right. And we are going to announce this on Friday. And a lot of information is going to be on the landing page and we’re also going to start reaching creators, either within Terra and the crypto community, and outside.

Rebel Defi 19:54
Awesome, awesome bit of alpha. Thank you, monty. Right. Yep, everyone, you’ve gotta follow @glowyield, stay on top of that alpha and find out about their next product. Any other questions from the OC team?

Speaker 1 20:10
Yeah, I got a quick question. So for me the the most attractive part about the lotto product is that it’s lossless, right. So I deposit my UST. And I know that I’m earning 5%, just by depositing that and then weekly, I have an opportunity to win the prize, which is great. So now I don’t feel bad about participating in these type of products. I live in California, and I remember being younger and being really attracted to playing the Powerball and the SuperLotto, and all those different products. But I always felt horrible, because I always lost and lost my money along with it. So this is a lot nicer knowing that I don’t lose money. So I guess the question is, are you… I know you have a weekly prize. And with one of those tickets. So are you guys planning on having other products within Lotto, like a daily prize, for example, where you can use a different parameters, like matching three numbers or something like that?

monty 21:20
Yeah, totally. Again, we see Glow as an ecosystem. Very big chunk of the token supply is what we call the community fund or the Glow ecosystem fund. And we want to involve new developers to actually make iterations or new versions of our projects. So yeah, totally, it is something totally in consideration. And if the community really thinks and really prefers that the lotto, for example, happens every day, even if the jackpots are smaller, or different variations or iterations, we would be totally open to that. So, if you have this kind of feedback, and questions, and ideas, just pop up to our Discord, which is just, and we’ll totally open to consider that or invite you to collaborate with us.

Speaker 1 22:15
Yeah. Cool. Thank you. And just a follow up for that question is that the GLOW token, right, I like the way that you guys are distributing the tokens. So that it’s, I guess, from my view, it has less sell pressure. And so you guys are adding the governance component. And then that’s going to allow the stakers to choose where that Glow ecosystem fund goes to write to promote, or to help projects like a daily lotto, for example. So I was just curious about just that mechanism of using the glow ecosystem fund, and how is that going to look?

monty 23:03
Yeah, sorry. I think my internet went off, could you repeat the question, please?

Speaker 1 23:08
Yeah, I was just more curious about the the Glow ecosystem fund that that you are using… Might use just to create more buy pressure for the GLOW token, right. So if there is a system where the stakers and the holders can vote on how to use that glow ecosystem fund to promote other projects, such as a daily lotto, for example, that’s going to stem from the community, I was curious about how that mechanism is going to work in your eyes.

monty 23:37
Yeah, totally. We see that the GLOW token holder is actually benefiting for each of the products that are deployed within the Glow ecosystem. And that’s why also, we think the Glow ecosystem fund has so much importance. As you said, we really want people to get on board within a community and truly try to direct the efforts of the Glow ecosystem. Regarding the token distribution, we decided to do quite a big airdrop from the start. Different projects in Terra have done the more… Like LUNA stakers, and then you can claim airdrops, let’s say, every week. We prefer to do this all at once and try to… As mentioned before, try to use democratic formula to try to distribute GLOW with many people from the start. At the moment, we are seeing, of course, some volatility is normal. We are also kind of in a very volatile market moments, but what we really want is to create a strong community from the start, people that really believe in the vision and in the project, and really try to give these people a voice, an upside from the very, very start. So that’s really our vision. And we encourage everybody that either wants to contribute ideas or even apply for grants, get platform grants or investments from the Glow ecosystem fund, we are really looking for that. So for example, either if it’s just like building new front ends for new languages, demographics, for existing projects, like Glow Lotto, imagine building a version of Glow Lotto in South America or in Southeast Asia. We are totally down to that. And we are really welcoming people to jump on board. So yeah, please.

Rebel Defi 25:42
I would love to see a Glow Lotto to in British pounds. That would be pretty cool.

monty 25:47
Yeah, that’d be very cool. And that’s the… I think what we really need the knowledge here, that’s the power of blockchain and crypto is that, with using the same smart contracts, we can really… With the same product, changing the interfaces and changing the marketing, we can really target the whole world, right. So that’s very powerful and I think we really need to leverage this as a community.

Rebel Defi 26:15
Awesome. With the fact that we’re going to be getting some GLOW tokens by depositing into the lotto, I think I’m going to stick something in. And yeah, see how my luck goes. Is there anyone on the call who would like to ask or pose a question to monty, or say something about Glow Yield? You can just request to speak and we’ll get you up. Or Cole, you’re up here now, if you want to see anything, you’re more than welcome.

Cole Killian 26:41
Yeah. Hey, there. Thanks. Sorry for the difficulty joining earlier. That’s actually cool. I just have one tangent real quick. You mentioned Britain. I’m curious if you’re familiar with the Premium Bonds and if you have any, or if you know people who have them?

Rebel Defi 26:59
Well, it’s kind of funny you say that, I do have Premium Bonds. My grandfather used to buy me Premium Bonds when I was a young kid. So I have about £100 worth of Premium Bonds, because he used to buy me about £10 per birthday, which when £10 actually was something.

Cole Killian 27:17
No, amazing. And so… Oh, keep going.

Rebel Defi 27:20
I’ve had them and I’ve never won a thing. And that £100 I’m still holding is worth nothing now.

Cole Killian 27:27

Rebel Defi 27:28
Yeah, maybe Glow Yield will serve me better.

Cole Killian 27:31
I think it will. So for a bit of context for other people. Premium Bonds is basically the UK’s is version of a prize linked savings account where you can put money in, and then you get entered into a lottery each week. And I think nowadays, each month, they award £2 million prizes. And we did a lot of research on the Premium Bonds, because they’re a huge success story. And they have a TVL of over $100 billion now, or £100 billion. And so we’ve taken a lot of interest in them, and especially the fact you mentioned your grandfather gifted it to you as a prize is something that we saw a lot doing research and something we’re, again, hoping to be a way to onboard people to Terra and Glow Lotto. Say you have a friend who isn’t especially into crypto, but you want to set them up with an account. And what’s an easy way to do that than to send them a couple tickets on Glow Lotto, and help them get set up with a wallet. So it’s good to hear that side of things. We’re hoping we can move in that direction. And then yeah, I guess earlier, just to briefly elaborate a little bit more on the airdrop, we are pretty happy with the sort of equation and approach we took where, like Monty said, the airdrop was to over 100,000 wallet addresses. So we really spread wide around the entire Terra ecosystem and to those who stake, who are staking on LUNA and Anchor. And we have a more formal write up if people are interested in how we approached the airdrop, but we’re happy with how it’s going so far.

Rebel Defi 29:13
Certainly sounds like a great way to get the token into hands, or the hands of as many LUNAtics as possible. So yeah, props for that. I’m not seeing anyone posing a question yet, but you’re more than welcome.

Edwin 29:25
I did have a question too, in regard to… We’re gonna have a Glow reserve with you guys, right. And this is going to be… The way that that’s going to grow in value is through the 5% cut from each prize on a weekly basis, and then also through the failed governance polls that GLOW doesn’t get returned to the creator, right. So those are two sources of income for that Glow reserve. So I was wondering if you could go into a little bit more detail in regard to the reserve, just in broad and then just, I guess, how is that different from the Glow ecosystem fund?

monty 30:06
Yeah. So you can think of the Glow ecosystem fund as available GLOW that we as a community can redirect, for new endeavours, like deploying grants, as we said before, like creating a new version of Glow Lotto, yes. Really, really targeting on the UK with the British pound and trying to overtake Premium Bonds. And then the reserve is kind of like the cashflow, and the money that we generate as a community, that this will get redistributed to long term GLOW stakers. So at the moment, just with the first product, there is a 5% cut on every prize distributed that what we are going to do with this, this is in UST, and then we do buybacks on GLOW and we redistribute pro-rata to GLOW stakers Then when there’s new GLOW products on the GLOW ecosystem, like Glow Creators, we envision to do similar kind of revenue streams, and also giving GLOW stakers new chances to really participate in the creative economy. I don’t know, for example, you can imagine getting airdrops of social tokens to GLOW stakers that you have to… The money that we regenerate is going to be splitted, redistributed for GLOW stakers. And then the money in the Glow ecosystem fund is really for us to spend to try to enlarge the Glow ecosystem.

Rebel Defi 31:46
I’m still trying to get my head around these and social tokens, but it’ll be interesting to see how they work when they come out. Did you want to come back on that, Edwin, or shall we pass? We’ve got a couple of people up with questions.

Edwin 31:57
No, I’m good. Yeah, that’s perfect. Thank you, monty,

Rebel Defi 32:00

monty 32:01
You’re welcome.

Rebel Defi 32:01
First one up, we’ve got Brady, if you want to unmute, Brady.

Brady 32:05
Yeah. Hi, thanks for having me on. Just a quick question, and it might have already been answered. If I provide liquidity for GLOW, am I able to receive any tickets to participate in the lottery just from those LP tokens? Thanks.

monty 32:19
No. The only way to get free tickets is just deposit in your UST. So at the moment you can either deposit your UST, kind of get the 5% plus GLOW rewards, and get the free lottery tickets, or be a liquidity provider and a stake those LP tokens, but you are actually not participating into the lottery. I don’t know if that solves your question.

Brady 32:50
Yeah, it does. Thank you very much.

monty 32:51
Yeah, you can think of the GLOW token like… It’s an ecosystem token. So when you provide liquidity to GLOW token, this is kind of something common to all the Glow projects. And then you have this specific instance of the Glow Lotto, and that’s where you, of course, would get the lottery tickets.

Rebel Defi 33:14
Cool. Thanks, monty. It is getting more and more confusing, ecosystem tokens on top of ecosystem tokens. But yeah, it’s just fascinating the stuff that you can do with blockchain technology. Next up, we’ve got JP. Are you there, JP?

Jpnm 33:30
Yeah. Thanks, man. Just a quick question about statistics or probabilities, if you are going to have public on the app, the probabilities for each prize for the winners, or the probabilities of winning. Thanks.

monty 33:50
Yeah, so we are planning to release a Medium post explaining all the math related aspect to it. If you want Cole to give a very brief intro, but as I said, we are really planning to do a Medium post for the explaining everything math related to have more information for depositors.

Cole Killian 34:17
Yeah, I can elaborate a little bit for now. But yeah, the the post will go into a lot more detail. The main ideas are that we’ve sort of looked at other prize linked savings account protocols and see what we can learn from them, and avoid some of their mistakes and take on some of their upsides. And so, the strategy we’re taking right now in order to accrue into larger jackpots is sort of like a Powerball style lottery, where there won’t necessarily be a jackpot winner every week. But in the cases where there isn’t, the money will carry over to the next weekend, it’ll build up into a bigger pool. And so right now the lottery is based on projections, going to build up to around $250k before the… And around there we’ll be expected to pay out. But then each week, we’ll be distributing anywhere between 500-5000 smaller prizes. And so there’s still a lot of opportunities to win even if you’re not hitting the jackpot, which hopefully we’ll see people appreciate because, like you mentioned, in the premium bonds, there’s not very many prizes distributed. So sometimes you can go years without winning anything, and it can be a little bit disheartening. There’s one other thing that we’re implementing, which is some of the prize linked protocols or lottery protocols, the users get sort of disgruntled at the way that the whales are frequently winning the big prizes, because the sort of odds of winning grow in proportional with the size that you put into the lottery, but something we’re implementing to avoid that is putting a cap on the amount that any person can deposit into the lottery to help even out the odds a little bit more and prevent the whales from taking all the jackpots. So that’s a bit of an overview. But yeah, we’ll go into a lot more detail on the post. If you have a more specific question, let me know.

Rebel Defi 36:16
Awesome. That certainly makes it a little bit more equitable, potentially. I see Eager has his hand up and then after Eager, we’ll go to DefiZealot. So Eager, you’re up.

Eager Crypto 36:27
Yeah. I was wondering how you handle multisig wallets and how you handle funds as a DAO. Are there good tools on Terra for that, and do you know of any good additional tools coming up in Terra? Thanks.

monty 36:38
Yeah. So at the moment, we are using a smart contract based multisigs. We are using the standard provided by CosmWasm. We’ve been also in touch with the Apollo team, because I think they are releasing a nice front and to kind of administrate funds and voting and this kind of stuff. And yeah, that’s all about it. The Terra ecosystem is growing super fast, and a lot of new tools and protocols are kind of popping up. So any protocol that is kind of building for DAOs and kind of also for Treasury management, we will be super keen to try new stuff as well. At the moment, we are operating with…

Rebel Defi 37:21
Monty I think it looks like your mic has got muted.

monty 37:24
Sorry, can you hear me now?

Rebel Defi 37:26
Yep. We got you back.

monty 37:27
Yeah. I don’t know where I got cut. I was saying that, yeah, at the moment we are operating with a smart contract based multisigs. And we know the voting on there. And we are planning to integrate with other DAO tools and governance tools in the next months, as the community kind of keeps growing. And I don’t know if you could hear this, but we’ve also been in touch with the Apollo team as they are going to release a nice front end, for the multisig to kind of operate like decision making, like the Treasury management funds.

Eager Crypto 38:09
Yeah, that’s gonna be so cool. Awesome. Thank you.

Rebel Defi 38:12
Thanks. Thanks, Eager. We’ve got DefiZealot, you there with your contribution?

DefiZealot 38:18
Yeah, I’m just really interested in this protocol. I just went and bought some tickets on there. It looks really good and clean, and user friendly. So nice job, guys. My main question is a little bit on expansion of what Jp asked. So I guess what I was looking for is to know how many tickets are already there that I’m getting. I just bought three tickets, right, for this $2,000 jackpot that there is going on right now. So what are my odds? Am I in a pool of 200 tickets or 5000 tickets, right? That’s kind of what I’m looking for as a user to kind of know, okay, that makes sense, or that doesn’t make sense. But also I’m looking at the 17% APY on the ticket price that I deposited, and that looks really good. So yeah, I was just wondering if you could comment on how I know what are my odds.

Cole Killian 39:24
Yeah, perfect. So I can elaborate a little bit more on that. And I’ll sort of answer it in two parts real quick. First, I’ll just sort of start with what actually you’re getting when you buy a ticket and then go into more of the odds. So yeah, when you deposit and get tickets in return, there’s a few different components. But first, you’re getting that 5% APR per year paid UST, then there’s the depositors… And so those are getting paid in GLOW tokens right now as sort of an extra bonus for you depositing your UST. And you’re also getting the free tickets for the entries to the lottery. And then the goal is also that people have fun, and we’re looking forward to making the sort of ticket awarding ceremony. A big exciting event either with getting people to do some sort of live revealing, and awarding and reading off the winners of the weekly prizes. But yeah, so getting to your question about the actual odds. We’ve designed it in a way that sort of your expected return doesn’t change with respect to the number of other tickets. And the reason for that is, if you do the math and the statistics, basically, if you were to deposit and get some tickets and stay in the pool for an extended period of time, the expected event is that you’re basically going to be getting the 20% Anchor rate per year. And that’s because on average, you’ll be winning a number of prizes that’ll equal the amount of yield that you’re contributing to the pool. And so basically, the… Yeah, that’s sort of the… The idea is, no matter how many tickets, there are, your expected chances, you expected rewards will be the same.

Cole Killian 41:17
The main thing that changes when there are more tickets in the pool, is the frequency at which the Super Jackpot gets awarded. So when there’s a lot of tickets, we might be seeing somebody hit the Super Jackpot, once a week even, or once a month. And that’ll be because there’s so many more tickets contributing to the building up of the lottery pool, as opposed to if there were just a few tickets, it would take a lot longer to build up to that $250,000 prize payout. And then just to give a more hard fact as of right now, I think the last time I checked earlier today, there were around 15,000 tickets that had been purchased in exchange for deposits. So that’s around, I think, around 400,000 UST, that’s been deposited so far.

DefiZealot 42:05
Cool. Thanks.

Rebel Defi 42:07
Thanks, Cole. I wonder if many more tickets are gonna get sold because of this Spaces, we’ll have to wait and see. I really love the idea that it’s not just a lossless investment. But it’s almost like there’s no opportunity cost here either. If we’re expected to get… Not just the straight up Anchor rate, but if averages out with sort of little winnings here and there to the Anchor rate. And then we’ve still got the chance to win this Super Jackpot. It seems like a no brainer to put some money into this. Is there anyone else that would like to share or come in with a question? Or shall we just… We’ve been on for 45 minutes, we could begin to wrap it up now. I think it was monty that mentioned talking about how it’s a great way to bring more people in to the Terra ecosystem. And just talking about how you could gift someone a wallet with a few tickets. And I really think that is a great way. And especially with sort of the Premium Bond culture we have in the UK, the Glow Lotto is really going to make a lot of sense to a lot of people, particularly my family who seemed to always win on the Premium Bonds, who have not yet got to DeFi. I think a wallet with a few tickets might be one of the best ways to get them involved with Terra. That’s giving me food for thought.

monty 43:29
It’s so great that you say that. We haven’t integrated this functionality yet in the UI. But the logic is already implemented in the smart contracts. So you could, for example, yes, creating a Terra Station wallet for your family, for any family member or friend. And you could actually give, let’s say, $25 deposit with a ticket. So we think this can also be, as you said, and it’s really nice that you say it, a very good way to onboarding friends and family, kind of just opening a wallet with a couple of tickets on Glow Lotto, and that can be also a very fun way to grow Glow Lotto and the UST as a whole.

Cole Killian 44:17
Yeah, to just to elaborate real quick, a little more. You mentioned the cultural aspect of the Premium Bonds. And that’s definitely something that we think is going to be key. And we’re really looking to build, we think, first a culture, maybe more among the Terra native users and then expand more to a culture more broad outside the ecosystem. And those are also types of activities that the Glo ecosystem fund can go towards. So if you think of a good way to sort of help build this culture of enjoying the lottery together, and lossless savings, and onboarding more people to Terra, definitely reach out. And that’s the type of stuff the Glow ecosystem fund can go towards

Rebel Defi 45:01
Awesome. Well, I mean, to be honest, I did try to do it with NFTs. Bought my brother and sister some NFTs, thinking that would get them, encourage them to open a wallet. But they weren’t all that impressed. So yeah, I think this may well be the way.

monty 45:16
You have to tell them that this is like Premium Bonds, but version 2.0. It’s not going to happen like in Premium Bonds, that you can have it for 10 years, and you’re not going to do anything, like your guaranteed to win anything. And maybe you hit it big. So maybe, like I said, good marketing way to onboard your family into crypto.

Rebel Defi 45:38
Absolutely. And also the interest that we’re going to be earning as well. That’s certainly a change from Premium Bonds, so that’s great. Well, thank you very much monty, and Cole, for coming on to share your project with us. It’s been really interesting. I’ve certainly learned a lot and I’ve been inspired to get myself a few lottery tickets. So thank you very much. Any final comments you’d like to add?

monty 46:03
Yeah, thank you very much for hosting this. I think it’s super great to have these regular Twitter Spaces for the community. And yeah, the last thing is really stay tuned, in the next two days we are going to drop this big announcement of Glow Creators, much more information, landing page, a lot of stuff is really coming. So really, really stay tuned. Because we really envision to be Glow Creators like the… In the Glow ecosystem. So we are already building it out. It’s already scheduled and we really think is going to blow people’s minds. So yeah, this is Alpha Hour, so stay tuned to that, guys. Thank you very much.

Rebel Defi 46:49
Awesome. We’ll certainly look forward to that. I’m just looking at your Twitter page. It seems to have all your other links. So yeah, for anyone interested but not yet following Glow on Twitter, it’s glowyield, all one word, and it’s got their website and Discord addresses there. Thanks very much, guys.

monty 47:08
Yeah, thank you.

Cole Killian 47:09
Thank you.

Rebel Defi 47:11
Awesome. Awesome. Thank you. Good night.

Finn 47:13
Thanks for checking out another episode of The Ether. That was The Alpha Hour, hosted by Orbital Command and Rebel Defi featuring Glow Yield. Recorded on Tuesday, January 11th 2022. This episode of The Ether was brought to you by Orbital Command, a community validator on Terra dedicated to educating, expanding, and promoting the LUNAtic community. Take advantage of their Terra Luna Intel Report on Telegram, bringing you the hottest news and updates on all things Terra each and every day. Find it using the link in the show notes. You can also support their community efforts by considering them next time you’re delegating or re delegating your LUNA. Find out more at TerraSpaces appreciates their support. For, I’m Finn. Thanks for listening.