Bear_666 0:41 Hello and welcome to The Ether. Today is Sunday, March 6th 2022. This episode of The Ether is brought to you by Luart. Luart is the first gamified NFT platform built on the Terra network. Luart provides a seamless minting and trading experience all while earning you rewards just for being a user. Be sure to follow them on Twitter and join the community in the Discord server for the most up to date news and announcements regarding all the hot new NFT launches, platform upgrades, and new projects hitting the secondary marketplace. Are you ready to #PutYourHelmetOn and join the movement? Find out more luart.io. This episode of The Ether is also brought to you by WeFund. WeFund is a community crowdfunding cross-chain incubator on Terra and it's the first launchpad that implements a milestone funding release system to protect investors. All money raised for projects is deposited in Anchor Protocol and it's refundable, and all decisions are based on community voting power. WeFund is community focused and designed to be a user friendly experience for both project creators and investors. Be sure to follow them on Twitter and join the Telegram for more information. Links are in the show notes and check them out online at wefund.app. TerraSpaces appreciate the support from all our sponsors. Today on The Ether, the Prism AMA hosted by Orbital Command. Let's take a listen. Rebel Defi 2:01 And if you got any questions, we will endeavor to get people up towards the sort of latter half. But yeah, I think they're going to be talking mainly about, or we're gonna be questioning them mainly about their farming event starting tomorrow. Orbital Command 2:15 I was also gonna say if you guys have questions, but don't want to come up and ask a question, you can just leave a comment under this tweet, and then we can read it off from there. Rebel Defi 2:28 Sounds good. If anyone's a little bit shy, or maybe not a native English speaker, that would be a cool option. I'm just having a look through, we've got the Orbital Command guys here are, danku's in, Taoi, who I was on last night with, here. Good few Punks. Good to see. I'm just going to send a message to the Prism team and find out what's up. So I think the format for tonight is going to be we've got Edwin hosting on the Orbital Command account. I'll be helping him out bringing people up. It's Rebel Defi here, and then Zion, our link from TFL is going to be doing most of the questioning to begin with. Hi there. Good. Glad to see you here tonight. MrRefractor 3:15 Very good to see you too. Rebel Defi 3:16 I've got Ryan in here as well. Is Jimmy coming tonight? MrRefractor 3:20 I think he might try and join later, but I don't think he's going to be able to be on at the start. Rebel Defi 3:26 Right. Wonderful. Well, fingers crossed, he can maybe hop on at some stage. RyanLion 3:31 Hey, guys. Rebel Defi 3:31 And here's Ryan coming up. Zion 3:33 Hey, what's up, Ryan? RyanLion 3:35 I'm feeling rough. today. I've just had a positive COVID test. So I'm probably going to be leaving most of the heavy lifting here to Hyperion. Rebel Defi 3:45 My word. Hope you're feeling better soon. Is this the first time you've had it? RyanLion 3:51 Yeah, yeah. I'm feeling okay. I've had a bit of a fever. But my head's a bit cloudy. But hopefully we'll be alright. Rebel Defi 3:59 Yeah. You don't wanna be staring at a computer screen for too long. Right well, yeah, we're just past eight o'clock. Looks like we've got the Prism team on. I've got a few guys from Orbital Command and a nice, big audience. So let's get going. I'm keen to hear all about this Prism Farm event. So I know that Zion's got a few questions, so hopefully he can kick us off. Are you ready, Zion? Zion 4:24 Yeah, absolutely. Can you guys hear me okay? Rebel Defi 4:26 Perfectly, yep. Zion 4:28 Awesome. Yeah. So super excited to have both you guys on here today, Ryan and Hyperion. Obviously, the Prism Farm event is coming up tomorrow. And I know everyone's really excited to learn more a bit about that. So I guess starting off, I guess what is the Prism Farm event and how does this kind of work? MrRefractor 4:48 Yeah, the simplest way to think about it is, for people who've been around the ecosystem a while, this is very similar to the Apollo community farming event. Orion also had a farming event, Stader had their farming event. And then Pylon Pools that I think most people are familiar with. So really what happens is, this is an opportunity to reward people for getting in, refracting, and using the protocol. And so what's going to happen is they're going to be able to swap their yLUNA yield for PRISM tokens. So in a Pylon Pool, you deposit UST and you swap your UST yield for protocol tokens, depending on whatever Pylon Pool it is. And in this situation, you're going to be able to take your LUNA, refract it into yLUNA and pLUNA, and as a reward for doing that and using the protocol, you're going to be able to put your yLUNA into the Prism Farming event, and you're going to earn PRISM tokens by doing that. And so it goes on for... We're set up slightly differently to some of the other farming events, because each token you earn, you're going to be able to claim 30 days later. So there's going to be a 30 day vesting period on tokens, so no 18 month lockup or anything like that. And the farming event is going to last for one year. And that's with the aim of trying to make sure that we're attracting people for a long time that want to use the protocol. And so I think those are the main things, and it's going to be 130 million tokens over the course of a year, which is 13% of the total supply. So a lot of similarities with a lot of the other farming events, and we've kind of tweaked the vesting period and the duration of the farming events, try to optimize it for what's going to be best for ultimately PRISM holders. Zion 6:57 Gotcha. Awesome. So with the vesting, how did you guys end up settling on 30 days? Some of these other farming events have obviously differed in the way that their tokens vest that you can farm. So how did you guys kind of come to the idea that let's do 30 days for the tokens that are farmed in the Prism Farming event? MrRefractor 7:18 Yeah, it was... So I looked at a lot of the other protocols that have used vesting periods. And I think if you... And Pylon is quite a good example of... So Pylon Pools are a really good example, because you can quite clearly see the yield that people are demanding for a longer lockup. So everyone knows, you get 20% yield on UST. And 18 month pools on Pylon where you... Obviously there's protocol token risk as well, but people were asking, people were acquiring 70%, 80%, 90%, 100% yield basically to be locked up in an 18 month pool at certain points. So it was also trying to find something where we want to have supply getting out into users' hands, so having a really long lockup wasn't going to be beneficial for doing that. And I think also we wanted to create a situation where people can then earn their PRISM token sooner and use their PRISM tokens in the protocol. So it was kind of a combination of those things. And I think doing 30 days is going to give people an opportunity to see the TVL in the protocol grow, as lots of people hopefully put LUNA into PRISM. And so there's 30 days for people to see what the impact of that is going to be on PRISM tokens, and the sort of protocol revenue generated. And then after 30 days, they're going to have the choice to hold on to their PRISM tokens or stake their PRISM tokens. And so that kind of felt like a good middle ground and a good way of doing it. Zion 9:13 Yeah, that makes a lot of sense. Another question I was curious about was, with the kind of token farming event overall, how did you guys kind of settle on that model? There's all these sorts of different models to distribute your tokens, your protocol tokens to the users. What were some of the key considerations that went into you guys deciding to do the farming event model? MrRefractor 9:36 Yeah, we did look at things or we do think about things like Pylon Pools, and whether that was maybe a good avenue for us. But then, when you break it down, what is the best thing for xPRISM holders who are ultimately the governance token holders of the protocol, and really what's best for them is encouraging people to get their hands dirty, and use their LUNA to refract it into Prism and try out the protocol, and hopefully they find use for the protocol. And so really, we wanted to do a farming event that aligns what's best for xPRISM holders, with making sure we get the token out there to loyal users of the protocol. And I think it's easy to maybe launch a farming event with UST or something like Pylon Pools. But in this way, we were able to do it where we combine the two things, getting people to use the protocol, and benefiting xPRISM holders, and rewarding them as a result. So it kind of felt like a no brainer and seeing the way that it worked with Apollo, which when we decided on a farming event was, I guess, the only major farming event that had been on Terra, seeing the TVL that it generated, seeing the people that are encouraged to go over and use Apollo, I think was something that was really interesting to see. And so trying to align PRISM token holders, future PRISM token holders with users of the protocol that are deriving a benefit from it, and encouraging people to come and use the protocol that might not otherwise have used the protocol without the incentives. And hopefully, once they're in there, and they're trying it out, and they see the benefits of being a PRISM token holder, and just abusing their yLUNA and pLUNA in PRISM, hopefully then people will want to stick around and potentially put more of their assets into Prism, as we start refracting more assets. Zion 11:40 That makes a lot of sense. Yeah, I think in line with incentivizing people to get their hands on the PRISM token and utilize it, why don't we talk a little bit about AMPS and how those kind of work? Could you kind of like demystify this for the listeners, and what are AMPS and how do these actually work? MrRefractor 11:58 Yeah, of course. So we have come up with AMPS where we... Obviously the farming event is to get people to try out the protocol and use it. And they're going to receive incentives in the form of PRISM tokens as a result for having yLUNA and trying out Prism. What we also wanted to do was make sure that people that hold PRISM tokens and the loyal stakers of PRISM benefit even more than just a normal farming rate. And so what we've done is we have split the 130 million tokens into two different kind of tranches. So at the start, 80% of the 130 million tokens will be allocated to the base pool. And all you need to do to earn that is just deposit yLUNA, and then your yLUNA divided by the total amount of yLUNA in the pool, times the amount of tokens available is going to determine your yield. And then the other 20% is going to be going to people that not only hold yLUNA but also hold or have pledged xPRISM and are earning AMPS. So if you pledge xPRISM, really all it means is you've taken your PRISM token, you've staked it as you normally would in any other protocol and you get, in our case, you get xPRISM, which is a liquid autocompounding token, and then you pledge your xPRISM. And so you're earning all of your normal xPRISM yield, but you're also earning AMPS as well. And so this second pool, the pool that's currently 20% of the 130 million tokens is to incentivize people to pledge xPRISM and also to participate in the farm. So really, what it means is that over time it's going to encourage people... MrRefractor 14:04 If you're a farmer, for example, and you get your tokens after 30 days, your PRISM tokens after 30 days. If you don't stake your PRISM and pledge it and start earning AMPS, your yield is going to decrease, and the people that are farming and pledging their PRISM and earning AMPS, their yield is going to increase as a result, all else remaining equal. And so it incentivizes positive behavior for the protocol. It rewards people... At the moment with a lot of incentives, we've seen... You might be wanting to farm something, or I know danku calls it eco farming. So you might be a nice eco farmer where you want to hodl the tokens that you're farming. But there's actually liquidity locusts or mercenary capital as it's called, who are farming and dumping tokens. And what this means for Prism is those people that are the, I guess, the bad actors are going to end up reducing their yields significantly if they end up performing that action and as a result giving more yield to positive actors in the system, who are the people that are taking their PRISM tokens, pledging them and earning AMPS. And so people have already been earning AMPS, you can earn amps for 11 days. And when the farming event, or... Sorry, AMPS have been able to be earned for 11 days already. And you can carry on earning them and you can always add more xPRISM to the AMPS vault to earn even more AMPS. And what it means is when the Farm starts tomorrow, everyone that has AMPS already is going to be earning part of this boosted yield. MrRefractor 15:55 So I think we've already seen something like 60 odd, 70 odd percent of all xPRISM is now in the AMPS vault earning AMPS. And those people, if they put yLUNA into the Farm tomorrow are going to be earning both the base yield and the AMPS yield. So I guess in summary, it encourages long term staking of PRISM, it's going to incentivize the purchase of PRISM by those looking to join the Farm. So it may make sense for people to refract yLUNA and put that into the farm and also to buy PRISM and start earning AMPS. It's going to align farming TVL directly with the amount of staked PRISM. And it's going to incentivize the farmers to stake their earned PRISM to make sure that they keep their yields high. So it should hopefully have a sort of positive feedback loop on the protocol. Zion 16:50 That's a really interesting model. And when I was actually doing some research on AMPS, I didn't actually put all that together in my head to understand how this is creating this positive feedback loop for Prism Protocol, and also PRISM holders. So that's really... I think it's an ingenious model for achieving those different goals that you guys just talked about. One other question I had was related to the farming yield. So I know a lot of people that are farmers nowadays in DeFi, they're always looking at the yield that they can earn on different farming opportunities across... Not only across Terra, but also across other chains. And so I was curious to hear what are your thoughts Hyperion or Ryan, on what the farming APR might look like for the Prism Farm event? MrRefractor 17:41 Yeah, I mean, I'll do all the usual caveats that this is not financial advice, do your own research, all the rest of it. But what I'd say is, on a lot of farming events, say at the moment, if you're an ANC-UST farmer, so you have an ANC-UST LP token in Astroport, and you're earning whatever it is, 100% yield, you're taking risks there, you're taking risks on the ANC price, you're taking on the risks of impermanent loss, and so you end up having quite a high yield. I think, what's going to happen on this is Prism, I think, generally... We already have 2.5 million LUNA that's been refracted which way exceeded our expectations for launching a protocol and having no incentives and no inflation and kind of effectively having this soft launch. We were definitely not expecting that much LUNA to already be in Prism. And so that's been amazing to see that and see the kind of positive experiences and stories that people have had about the different ways they're making money out of Prism. And I think what will happen is, I expect that we'll see the amount of LUNA go into Prism drastically increase and I think that what is also going to happen is in effect that there is a riskless way to farm here, I say "riskless", obviously you're not taking impermanent loss risk as you might be if you're farming with an LP token. What's happening here is you can literally take one LUNA that you'd be earning 7.5% yield on in Terra Station or 7% yield on if it was bLUNA or something like that. You can take that one LUNA and you can split it into pLUNA and yLUNA and you can hold on to your pLUNA and you can deposit your yLUNA into the farming event. And I think judging by the way that other farming events have gone, you're going to be getting triple digit yield probably to start off with, on effectively single sided staking where you're not really taking any additional risk beyond, say, using your bLUNA to collect yield. So that's the lowest risk way of doing it. MrRefractor 20:13 I think there's a medium risk way of doing it where you could end up splitting your p and yLUNA and using the yLUNA in the farming event, and then pairing your pLUNA with PRISM in the liquidity pools. And so you're earning yield from all the fees that happen when swaps occur on the liquidity pool. Or the high risk strategy is probably splitting your LUNA into p and yLUNA and then swapping your p LUNA for yLUNA so you get even more yLUNA that you then dump into the Farm and then your yield on the amount of LUNA that you originally dropped in, it's going to be significantly higher. So because of those different ranges, your effective yield can vary in different ways. And then also on top of that, one thing that I'd say is, you're then going to be earning PRISM tokens, which are currently yielding 42%, 43%, or something like that. So in a way, you're kind of getting yield on top of yield because everything that you're earning at these very high yields, you can then roll into another token that's earning 40% yield, and then start lending AMPS on top of that, which is then going to start off more of this flywheel that increases the yield you're earning on the farm. MrRefractor 21:37 So I realized that's a bit of a wishy washy answer. But I expect the yields to be very high, because I think that people aren't necessarily... They still feels like Prism is more geared towards expert users. And I think there's been some great content put out by people that is breaking it down into the simple ways to use it. But I think because it's been expert users that have used it, I think there's a lot of other people that haven't refracted yet. And I think it's going to take them seeing the headline APRs, and going to take them seeing the understanding how to use the AMPS vault for them to be able to get get a piece of the action. And I think when that happens, that'll bring yields down to high, mid double digits, that kind of stuff. So that would that would that would probably be my NFA DYOR expectations. Zion 22:37 That is very exciting. Ryan do you want to jump in there as well. RyanLion 22:40 Yeah. So just to expand in on what Hyperion was saying there. I think the people who are engaged and understand Prism are really, really engaged. I think we see something like 71%, 72% of all PRISM is staked as xPRISM, which is pretty wild. And then as I think Hyperion said earlier, we've got about 60 plus percent of xPRISM, which is now pledged to the AMPS vault. So that level of engagement is pretty crazy. Although I think the average LUNAtic has probably got a bit of a mental block when it comes to Prism Protocol. There's been a lot of high IQ threads and discussion over the last kind of 6, 7 months leading up to the launch of the protocol. And as Hyperion said, I think it's probably going to take people seeing the percentage APR that they can get on single sided LUNA staking before this really starts to click in. And I think people will be really surprised when we go live. And I hope that it will attract average users to come into their protocol and start taking advantage of those yields. Zion 24:03 I think you guys are right... MrRefractor 24:05 Sorry. One of the other things... I guess one other thing I'd add is, on some of these farming events, you farm the token at a fixed price because the token hasn't already been trading on a DEX and so it doesn't have a live price. I think one of the core components here is... The core component of the APR is actually the PRISM price. And so we've seen quite a big move up in it over the last few days as people start locking xPRISM away in the AMPS contract and preparing for the Farm. And I think over those 30 days as more and more LUNA comes in that's going to have a positive flywheel effect on the protocol as the protocol earns more revenues, which either means xPRISM APR carries on going up, or xPRISM price has to go up to kind of normalize the APR back to where it was. Because two days ago, three days ago people were happy with the 20% APR on xPRISM, and currently the APR is 43%, or 42%, or something like that. And as more and more LUNA gets put in during the farming event, xPRISM APRs should go a lot higher as the protocol starts earning more revenue. And that in turn is going to drive yields up on the farming event. So it kind of works in a bit of a cycle like that. Zion 25:33 This is yield and top of yield, on top of yield. This is what I'm hearing right now. [chuckle] MrRefractor 25:38 It's lots of yields. Zion 25:40 It's lots of yields, there's a lot of excitement around this farming event. I'm personally super excited. I've been amping up for the last, I think, six days or so on Prism. So I'm super excited to boost my yield in the farming event here coming up soon. One thing I wanted to mention here real quick was if people in the audience right now have any questions, we have over 150 people in the audience right now, if any of you guys have any questions for Hyperion or Ryan, about the Prism Farm event or about Prism Protocol, feel free to just request and then either Edwin, Rebel Defi, or myself will bring you up to ask your question. I have some more questions and then if anyone else up here on the panel has any questions as well, feel free to to chime in at any point. But, you guys talked about the different yield opportunities and what the farming APR's going to look like. And I was curious if you could kind of break down step by step what that kind of maximization of farming yield looks like from the user's perspective. Because the way I understand it is you're going to be farming the PRISM tokens, there's steps that go into farming, which we've kind of touched on already right, your refracting your LUNA into pLUNA and yLUNA, then you're staking your yLUNA to the Prism Farm contract. And then you can also at the same time stake your PRISM to get xPRISM, and then pledge your xPRISM to the AMPS vault to boost your farming yields. But then what happens once the farming rewards start to go live? How do you maximize your yield using the PRISM that you're generating from the farming event? Can you just break that down kind of step by step for the user? MrRefractor 27:28 Yeah, of course. As a user... So we starting the pools off at 80:20. So 80% of the base pool where you don't need any AMPS, and 20% to the AMPS boosted pool. And what's that doing, obviously, is to incentivize people performing these actions that we discussed, so making sure that people joining the farm are encouraged to buy PRISM when they're joining the farm as well, because they want to start earning AMPS, it's going to incentivize people to take their farmed PRISM, and stake it and pledge it to start earning more AMPS. And the 80:20 is just a starting point, we wanted to start lower because then we have the ability to increase that 20% number if we want to reward... If loyal PRISM holders deserve to be rewarded more. So if people start... "Nefarious" maybe isn't the right word, but if bad actors decide that they want to start selling their PRISM tokens that they farm, then we can just move the 20% bonus rewards up to... We can sort of discuss with the community and move the bonus 20% up say, 30%, or 40%. And so really, we also wanted to make sure that... Like we were saying earlier on, there's a situation here where Prism can be a bit confusing for newer users. And so starting off the pool lower gives people who do understand the protocol and advantage, but doesn't mean that newer normie users who are going to take a little while to get up the curve on Prism are starting too far behind. But once the protocol is live, we expect that 20% to increase and actually to reward people even more who are staking and pledging their xPRISM. MrRefractor 29:27 So if you're a user joining the farm, and you already own xPRISM, you should be pledging that immediately if you haven't already to start earning AMPS. What I'd also say is, if you remove a single... In order to incentivize people to pledge their AMPS for a long time, if you remove a single xPRISM, then your AMPS reset, so it incentivizes people to diamond hand hodl their xPRISM in the AMPS contract because they want to make sure that they don't have to reset their AMPS to zero. And we're going to be... And then basically, as a user you're going to be farming PRISM tokens. And if you want to keep your yields maximized, then you're going to be taking the PRISM tokens that you earn, and you're going to be staking them and pledging them and earning more and more AMPS. And that's going to mean that your yield stays as high as they possibly can do. So it'll be a very simple process, I think, for people once they actually get in there and the Farm is live. They're gonna have 30 days before that first tokens vest and so they're going to have plenty of time to familiarize themselves with how it works, work out whether they're going to see their base yield number and their boosted yield number that they're getting. And they're going to be able to work out and see that pledging xPRISM is going to start giving them even more yield. And so I think that gives them a bit of a buffer to try it out. And also, there's a great community tool by Jimmy that we've linked to on our Notion that... Sorry, on our Resources page that's in our header on Twitter, that allows people to kind of calculate what their base yield is and what their boosted yield is. So if you haven't had a fiddle on that, I definitely recommend it because it kind of gives you an idea of what your total yield could be on the farm. Zion 31:30 Amazing. All right, we got our first question from the audience here. Speaker 1 31:34 I was... I'm looking at the Swap section. I take it these orders look like limit orders that will be coming soon. And my question is, will you be bringing another coins from other chains such as maybe the Cosmos network and stuff like that? Thank you. MrRefractor 31:55 Can you just confirm, is this specifically to do with limit orders or how do you mean? Highlander Nodes 32:00 Yeah, I'll just the order, I suppose. I'm guessing it's limit orders or something that you're going to be bringing in is that right? MrRefractor 32:08 Yeah. So the final stage of, I guess, our V1 product is going to be adding the limit order capabilities. So next week, you're gonna see all our trading view charts go live. So people can do all their technical analysis on the PRISM token, you're also going to be able to denominate any of the tokens on the protocol in either PRISM, LUNA or UST. So a requested feature was that people could look at yLUNA pricing in LUNA terms or pLUNA price in LUNA terms. So you're going to be able to do that. And then the natural evolution of the protocol, after we've done that, is to start allowing these limit orders. And the limit orders that are initially going to be available on Prism Swap, which is obviously our DEX, but what we are doing is we have a partnership with Coinhall, who are one of our validators. And we're working with Coinhall and we are going to allow... Or Coinhall are going to use our Prism smart contracts, which we're going to modify to allow you, via Coinhall, to leave a limit order on any DEX on Terra. So you can leave limit orders to buy LUNA on Astroport, you can leave limit orders to trade the bLUNA-LUNA pair, so you don't even need to use your Telegram alerting app now. If bLUNA gets to 96 or 96.5 versus LUNA or something like that, you can leave a limit order, it'll automatically execute it for you there on Astroport via the Coinhall user interface. And the protocol fees will all flow back to Prism. Highlander Nodes 33:56 Yeah, that sounds amazing. Really, really well done. Is Prism integrated with CosmWasm using CW tech stack? MrRefractor 34:06 Yeah, I mean, it's all built with CosmWasm Highlander Nodes 34:11 Amazing. So the rest of the future involves interoperability and moving across to like Juno network because we have a validator on Juno, but it'd be great to see some of this sort, it looks amazing. It really does. MrRefractor 34:26 Yeah, thanks very much. I mean, it's definitely on our roadmap with IBC. Obviously, initially there's a lot of work to chop on Terra. So we have LUNA obviously is one of the largest global market cap coins, is obviously a huge opportunity which is our V1. Then we also have other bAssets potentially so ETH, SOL, DOT, AVAX, which will come into Terra. So, we're looking forward to refracting those. We can also refract LP tokens. So say the ANC-UST LP token that's earning 100% yield at the moment, we can split that into a yield token and a principal token. So that would be Astroport LP tokens. And where I think it gets interesting with other Cosmos zones is when we can start using IBC to refract LP tokens, say, on Osmosis or THORChain as a Cosmos zone. Imagine being able to refract native Bitcoin or something like that. So, definitely, there are a lot of benefits to being part of Cosmos. Highlander Nodes 35:42 Thanks very much for answering, mate. Cheers. Rebel Defi 35:45 Alright, that was good to have a Scottish voice on this call. I know there's a few more of you here, so come on Scottish lads, get up and ask your questions. [chuckle] Alright, Highlander, nice one. Before we start getting to sort of big brained in our questions here, and Hyperion going off on chopping wood, I love that expression, I was just gonna ask you were talking about triple digit APRs and how it might not last for a very long time. So that leads on to the question when... I know it starts tomorrow but can you give us a specific time potentially, some of us have got day jobs, just wondering when I need to rush to the computer. MrRefractor 36:31 I think we don't. We are going to announce on our socials when it goes live. I wouldn't think... I think latest we're talking 2, 3pm UTC, but could be before that. So we'll announce on our socials just we don't want to... We want to kind of make it... [chuckle] Rebel Defi 37:00 Exciting. Well, listen at any time is fine, as long as Cephii is in bed. MrRefractor 37:07 I tell you whaat, set your alert. We're going to ping it on Twitter. So make sure you've got alerts set up on Twitter and then we'll also, you know share that on our Telegram group and our Discord group when it's live. So yeah, hopefully people can move early and will post updates in the chat before we go as well. Rebel Defi 37:32 Epic. Thank you very much for that Hyperion. Zion 37:35 That's fantastic. I am super excited for this to start. One other question I had is pretty straightforward question actually, for those users that might already have refracted some LUNA and have that yLUNA staked to earn the staking yield on Prism Protocol, can you just move that yLUNA over to the Farm when the Farm launches or how does that work? MrRefractor 37:57 Yeah, it's actually... That's one of the that's one of the things we wanted to do with Prism is make it super easy to switch so you can switch over. If you're in the normal yLUNA staking, which I think is yielding nine and a bit percent or something like that at the moment, you can just automatically... You can just look at the Farm APR and decide you want to switch over to the Farm, and just go straight into the Farm and it's like two clicks or something like that to get into the farm. And then if you decide later on you want to go back to normal yLUNA staking you can switch back. So it's super easy. You're getting all the benefit of your staked LUNA, but you can just choose which one you want at any given point in time, and switch between them very easily. And there's no... One of the only difference is some of the other farming events, there have been kind of penalty fees for withdrawing early, with us you are free to come and go as you choose. So you can farm and you can then leave the Farm if you want and then go back into the Farm and there's no penalty fees, you're not losing any of your PRISM as a result of it. And there's no expensive fees for leaving the farm. Zion 39:05 But for all those people that are leaving, they're missing out on the juicy farming APRs that we're all going to get so... MrRefractor 39:11 You would have to hate money. You'd have to hate money. No financial advice. No, I'm joking. I mean, I think... Yeah, I mean. In a rational world, the farming APR will always be significantly higher than the normal yLUNA staking APR because there's a 30 day vest on the farming APR. And if it was high yield in normal yLUNA staking then you would just do the normal yLUNA staking and then just use that to buy more PRISM than the Farm is giving you currently. So realistically the Farm should always trade at a decent premium to the... Or a decent discount to the actual normal yLUNA staking contract. Zion 40:06 Fantastic. Does anyone else up here now or anyone in the audience have any other questions on the Prism Farm event? Otherwise, we could jump into some other just general Prism Protocol questions as well. Rebel Defi 40:18 I was really interested to hear that the ratio or the AMPS... Sorry that's maybe not phrasing it correctly, but the AMPS amount is not going to be fixed at the 20%. And you might sort of go up higher, to maybe 30 or something, is it... Could you go even higher than that or does that all just depend on people staking for AMPS? MrRefractor 40:43 Yeah, we've got... Initially, when we looked at it, we were like, "Well, maybe we just go 50:50 or something like that." And huge rewards for xPRISM stakers and significantly higher yield. And then we thought, what's best is to... We don't want to disadvantage people too much that haven't... That maybe Prism is a bit complex for them. So we wanted to give everyone a good chance to start off with a mean that people didn't fall far behind if they hadn't been AMPing. And so having the ability to go up and reward people feels like a good thing to do. Because ultimately, the only people that would be disgruntled by an increase in the allocation to the AMPS pool are people that have been naughty farmers and have been selling their PRISM tokens or not staking and pledging their PRISM tokens, whereas the people that are going to be happy about it are people that are xPRISM holders that are loyally pledging away. So that's why we wanted to do it like that. And we also are going to be looking at a lot of analytics, we're working with Flipside again, we're going to be running our own analytics, and we're going to get a really clear view of the way people are using the protocol and the way the system is working, and everyone's gonna have access to this data as well. And then as a result, it's a system, and I guess anyone that's an engineer knows if look at systems and you twist knobs and dials to make sure that the system's performing in the best way for xPRISM holders. And so that's what we have the ability to do here with the increase in the amount of the boosted pool. Rebel Defi 42:36 Awesome. I mean, I love that way that you're sort of rewarding who might to sort of noble farmers. I mean, I don't think it's necessarily naughty to farm and dump. But up until now, there's not very much... MrRefractor 42:49 Oh, Rebel... Honestly. [chuckle] Rebel Defi 42:51 No, listen. There's been no sort of incentive or many protocols to do anything other than that. Whereas I think you're not penalizing anyone for farming. MrRefractor 43:02 I think you're right. And I think LUNA is such an apex asset, and the thing that brought a lot of us to this ecosystem anyway, that the motivation to sometimes sell another coin that you're farming for LUNA, I think can be pretty high. And I think the on-chain data and the on chain analysis that Flipside have done on that shows that. So I know, I agree with you, I know exactly what you mean, but in this situation we're creating a system now where if you do that you're going to dilute your own APR. So people are definitely going to have to think twice about it. So that's the plan with the system. Zion 43:48 I think that's a fantastic point. Sorry. Go ahead, Ryan. RyanLion 43:51 Yeah, I think a lot of us here have been around the ecosystem for some time now. And we've had the opportunity to see how the tokens have performed in the ecosystem and how perhaps high APRs, and high emissions, and high token inflation as ultimately had a significant detrimental effect on the token price. And I think we've had the opportunity here at Prism to sit and look and see how that's gone, and to try and bring something new to the table. So I think this is the first boosted yield on Terra, based on being an active holder of the protocol token and an active participant in the protocol itself. And it wouldn't surprise me to see more protocols going forward following this sort of model. Orbital Command 45:00 That's a great point, Ryan just a gamification of letting users engage with the protocol. I think it's something that Do was looking for as well. We are starting to get some questions from some community members. So Awakeninghumanity, you have questions, ser? Awakeninghumanity 45:18 Oh, hey. Hi, guys. Yes. Can you hear me? MrRefractor 45:24 Yep. Orbital Command 45:24 Yes. Awakeninghumanity 45:25 Okay. Yeah, so I understand we have the Farm going live. But can you talk about how... Were there plans of a, specifically an xPRISM farm, where we can utilize our AMPS to farm xPRISM? Do you have anything like that planned? MrRefractor 45:49 That nothing... I'm not sure. I mean, you can use xPRISM... xPRISM is what you use to earn AMPS. What kind of thing are you suggesting? Awakeninghumanity 46:01 Well, I'm asking, for example, some of us do not participate in the LUNA event for whatever reason. But we're bullish on xPRISM, and we're using our xPRISM in the AMPS. But if we don't participate, we don't have any LUNA whatsoever, right. Do you plan on integrating a benefit for the xPRISM holder, who are AMPing the xPRISMs? MrRefractor 46:30 Yeah, so I see what you mean. So yeah, a couple of things on that. Obviously, just by holding xPRISM at the moment, you're earning 43% yield, or something that. Obviously, that's variable and it changes, and it depends on a couple of different things. But protocol revenues being one of the main components. So you're already earning PRISM just by holding xPRISM. What I would say for xPRISM holders who aren't going to participate in the Farm, yes, there are going to be lots of benefits that we have on the roadmap for AMPS holders. AMPS is initially being used for the Farm. But it's intended that it's going to have a lot of benefits elsewhere in the protocol going forward, which could be things such as boosting your liquidity incentives, if you're a liquidity provider, we might have a similar thing where you have a base pool and and AMPS boosted pool, again, for liquidity providers. If you're just a single sided xPRISM holder, then we may end up having a situation where, for example, say at the moment, 10% of the yield of yLUNA goes to xPRISM holders, we could have a base pool and a boosted pool for that, where you end up having say, 7.5% of the yield goes to normal xPRISM holders and 2.5% of the yield goes to an xPRISM AMPS pool. So AMPS holders will receive a boosted yield. There's also protocol governance when it goes live, and xPRISM holders are making decisions and voting on important matters for the protocol, your voting weight, could be decided by the amount of AMPS that you have. So these are just a couple of ideas and community have already suggested some really interesting things as well. Awakeninghumanity 48:37 Yeah maybe like a rentals, where we can maybe rent out our AMPS to receive a higher reward for people who have the LUNA but not the AMPS, or maybe we can take it to the secondary market where that can be automated, that might be a good idea. MrRefractor 48:53 So AMPS are not a transferable token. So you would be able to... There are potentially... Not leaking too much alpha, but there are potentially third party apps that are looking to create an AMPS vault, and also allow people to deposit, dip in and dip out, or put in their yLUNA or their xPRISM. And so you'll get the benefit of like a shared vault that's earning AMPS there. But there's definitely some really interesting use cases for AMPS that can be built out on top of this, and farming is just the very first iteration of it. And there's a lot more in the pipeline about it. Awakeninghumanity 49:45 Okay. Awesome. Thank you. Orbital Command 49:46 Thank you for that question. We got Spring Snow. Spring Snow 49:50 Hey, can you hear me? MrRefractor 49:51 Yeah. Orbital Command 49:52 Yes, we can. Spring Snow 49:53 Excellent. So thanks for doing this session. I just had a quick question. I've been monitoring the sort of price action around PRISM and xPRISM the last few days, and it looks like there's some deviation arund 2% and -2% across them. Do you have... What are your thoughts in terms of what's impacting that, or what is likely to play out in the future? Are they meant to be close enough to 1:1 in most occasions or just... MrRefractor 50:21 Yeah, so xPRISM is an autocompounding token. So really, what happens is, when you stake PRISM, you actually drop your Prism into a big pool of other PRISM tokens called the xPRISM pool, and you receive an xPRISM token that represents your share of the total PRISM in that pool. So that's really what xPRISM is. And as more protocol revenue is earned and more PRISM is brought back from the market, more PRISM is dropped into the xPRISM pool. And so the value of your xPRISM goes higher, because your xPRISM is a claim on a bigger amount of PRISM in the pool that's always increasing. So you'll notice on our webapp, we have had some questions about this so we've recently put up an exchange rate chart, where you can see the exchange rate of how many Prism you get per xPRISM. And you'll see that over time, that number increases exactly the same as aUST versus UST has an exchange rate and increases. So at the moment, it's something like... The protocol launched on, I don't know, middle of February in terms of the functionality of the protocol. And so the XPRISM exchange rate has gone from 1 to 1.02. So xPRISM holders have earned 2% interest in just a couple of weeks. So that that is effectively your claim over the pool of PRISM tokens. MrRefractor 52:02 And so, yes, I think there was some market inefficiencies where people weren't understanding that xPRISM is valued higher than PRISM. But I think there's a very, there's also a very clear arb, when xPRISM is higher than the price of PRISM, there's a really, really easy arb, which is, you take 100 UST, you buy PRISM with it, you stake that Prism to get xPRISM, and then you immediately sell that xPRISM for more than 100 UST. So that's a really clear arb that a lot of people have made a lot of money on. And because that's such a quick and easy arb to get you back to UST that means that it's closed up very quickly. And naturally, as a result of that xPRISM will probably end up trading below or around PRISM price, or around its exchange rate. As the exchange rate moves up higher, you'd expect xPRISM to start trading higher more frequently than PRISM. But normally it would... Because of that arb it'll normally trade probably just below its exchange rate. We probably... Honestly, xPRISM... I think people are getting used to these compounding tokens a little bit now but they're not necessarily the quickest and easiest to understand. So if you understand aUST or you understand xPRISM, or you understand LunaX, for example, or staked LUNA, these are good things to have a look at. And we published... MrRefractor 53:35 On our Gitbook we have some some good stuff on how the xPRISM token actually works and how the exchange rate is calculated. And so it's worth understanding because also, there are a lot of other benefits to these autocompounding tokens like the fact that it's a liquid staked token so it's not locked in a staking contract and you can't trade it as people have been doing. you can also use these compounding tokens to liquidity provide and still earn your yield. For example, in the AMPS contract, you're earning your normal xPRISM yield and also earning AMPS as well. And also for certain people around the world, there's a benefit to having an asset that increases in price rather than an asset that pays out income. And so it's definitely good to understand how these tokens work because it isn't straightforward, but once you understand it, it can be eye opening for the benefits of them. Orbital Command 54:35 I thought Ryan was gonna add to this, if not we have another question. RyanLion 54:39 I was just gonna jump in. So a lot of people will be familiar with bLUNA to LUNA trading, right, so bLUNA if you slow burn it via Anchor Protocol over 21 days, you're pretty much guaranteed 1:1 on 1 bLUNA to 1 LUNA. However, there are liquidity pools that will allow you to swap straight from bLUNA to LUNA. However, you're taking a small hit on the convenience of being able to swap from that staked bLUNA into liquid LUNA. And that's kind of like how Prism and xPRISM is working. So if you slow burn xPRISM, you're guaranteed the rate that you see in govern, which is 1.02%, so 1.02 PRISM per xPRISM. But you can also swap straight into liquid PRISM via the PRISM-xPRISM liquidity pool. But again, in most scenarios, there's going to be a small convenience percentage that you'll lose in by doing that. And that's basically how it works. Orbital Command 55:54 Thank you for that addition there. Mike De Leon, do you have a question? Mike De Leon 55:58 Hi, there. Yeah, I appreciate that. Really excited about this Prism. I did have a question regarding single staking. I think somebody before me did ask that. So that kind of more or less answered my question. But what are the benefits of doing the PRISM-xPRISM? So I guess it just increases the APY, right, if you split it up? MrRefractor 56:20 Yeah, exactly. You're earning swap fees, and on half of the pool you're earning your normal xPRISM yield. It's something for people to look at because maybe you're better just holding xPRISM by itself when the yield is significantly higher than the swap fees you're earning. So it's kind of something to weigh out like, "Am I better just holding just xPRISM? Or am I better being in the PRISM-xPRISM LP." And when you have a yield like 43%, or whatever we have at the moment on xPRISM, it could be more attractive to just own 100% xPRISM rather than 50% PRISM and 50% xPRISM, and then earn the swap fees. So something to look at and monitor, but as the yields move around, and as swap volumes move around, it could end up going the other way, and it could be much more attractive to be a liquidity provider. Mike De Leon 57:20 Gotcha. Okay. Thank you very much. Appreciate it. Orbital Command 57:22 Yeah. Thank you for that question. We got Crypton up here, you have a question? If not, we're getting close to an hour. So Rebel or Zion, if you guys want to ask some final questions. Zion 57:33 Yeah, I mean, I don't have any last questions here. I think this is a super informative session for the community. So I wanted to thank Ryan and Hyperion for coming on here and imparting some knowledge on the Prism Farming event and just Prism overall, because I think this is super helpful for people. Orbital Command 57:52 We do have one more question coming up here, from Bear_666. Bear_666 57:58 Hello, thank you, I have actually two questions. Is the AMPS vault ever going to end or once the Farm event is over, is the AMPS vault going to keep going so we can earn continue to earn AMPS for future incentives? MrRefractor 58:11 Yeah. AMPS vault is live into perpetuity now and that's the plan. And I think as we discussed earlier, AMPS, it's intended that the first use case of AMPS is going to be for the Prism Farm, but there'll be multiple other use cases of AMPS in the future, such as boosting your xPRISM yield, boosting your governance power, or boosting your yield when we have liquidity incentives go live. So lots of other functionality for AMPS planned in the future. Bear_666 58:47 And on the governance note, currently the webapp shows that I have zero xPRISM staked because it's all in the AMPS vault. Is that going to be an issue in the governance vote or how's that going to work? MrRefractor 59:02 I mean, that's just how you set up the voting contracts and how people can vote so nothing to worry about there. Bear_666 59:12 Wonderful. That's all of my questions. Thank you. Orbital Command 59:15 Yeah, thank you for that. Zion 59:16 Sorry, I was just gonna wrap it up here, Edwin. Yeah. So lastly, just wanted to once again thank Hyperion and RyanLion for coming on here and dropping some knowledge, dropping the alpha and the Prism Farm events. So just so everyone knows Prism Farm event starts tomorrow, March 7, so get your LUNA ready to refract and ready to stake that yLUNA for the Prism Farm event and then get your xPRISM ready to pledge for AMPS. You can pledge for AMPS already in preparation for the Farm. Because the more AMPS that you earn, the more boosted your yield will become for the farming event. So just keep that in mind. So yeah, thanks for coming on, guys. We really appreciate it. MrRefractor 1:00:00 Thanks very much for having us. Appreciate you hosting. RyanLion 1:00:02 Yeah, thanks, guys, if I can just do my quick pitch on where you can find more information. So if you go to the Prism Twitter account, in the header we have a link to a Notion site where we've collated all the Prism resources that you could possibly want. So there are various videos, podcasts, articles, community threads that you can sit and read, or watch, or listen and try and get your head around Prism. And then if you do have any questions, please do jump into either the Telegram or the Discord, and we can try and help you out if you've struggling with anything. Zion 1:00:49 Absolutely, definitely follow them on Twitter and check out that Notion page for sure. But until next time, we'll see you guys later. Thanks for coming. RyanLion 1:00:57 Thanks, guys. Rebel Defi 1:00:58 Good night, all. Cheers. Finn 1:01:00 Thanks for checking out another episode of The Ether. That was the Prism AMA hosted by Orbital Command. Recorded on Sunday, March 6th 2022. Don't forget to keep an eye out for that Prism farming event that starts Monday, that's tomorrow if you're listening to this today. 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. Have you heard about the new Terra Invest Strategy Discord server Orbital Command spun up? If you're looking for a chill place to chat about different LUNA stacking strategies, or looking for some alpha, or if you're trying to find the best UST farms, or even if you just have a quick question you need answered, be sure to stop by TIS and say hi to the Orbital Command gang. Hell I'm even in there sometimes when I'm not editing hours of Cephii spaces. You can find me in that server chatting about NFTs and answering basic Terra LUNA questions. The link to the servers in the show notes and for more information check out orbitalcommand.io. This episode of The Ether was also brought to you by Talis. Talis Protocol is the NFT platform for independent artists on Terra. Talis helps to provide artists with the tools and resources needed to transition from traditional arts into the NFT world. With their V1 launch coming soon, Talis will be the place to see real world art reflected on Terra. Be sure to join their Telegram and follow Talis on Twitter for updates on their roadmap, validator, and other Tallis news. Find your next favorite artists on talis.art. TerraSpaces appreciates the support from all our sponsors. For terraspaces.org, I'm Finn. Thanks for listening.