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Youtube link: https://www.youtube.com/watch?v=tx2CeP_Nq0w&t=1213s&ab_channel=Tellor
Project website: www.tellor.io
https://twitter.com/WeAreTellor?s=20
Discord: https://discord.com/invite/n7drGjh
https://www.reddit.com/r/TellorOfficial/
The team went over the treasuries again briefly, mostly highlighting the current status. The community calls will be changed, it was laid out by Mike, and he explained how they plan to move it to discord. In the end a couple of questions were answered in a brief discussion.
Whole discussion
Mike: Hey everyone, welcome to another community call. It is 18th of January, and we got an interesting call today. Shouldn’t be too long, but I know you guys want to hear about the Tellor treasuries and so we can give an update on that. I have a, we’re proposing, not really a proposal, but we’re going to be changing the format to the community call and I want to talk to you guys about that and get your input as well because you guys have a... you know, your feedback is important for that as well, and then we’ll take your questions. We have a few submitted questions, right Ryan?
Ryan: Correct!
Mike: We have some, but we don’t know how many, but we’ll take your questions, like we always do and so without further ado... How’s it going with the Tellor treasuries?
Nick: Things are good. I’ll be honest, we just kicked off the vote and then the vote ends in a week from Friday. We still have to vote from our team wallet, which is on my to-do list today, so we’ll do that and then we’ll get you guys an update to see if we met quorum. It’s a 5% quorum on this vote, should be relatively easy to hit, but we’ll let you guys know. Definitely go vote if you guys haven’t. Give it a thumbs up, but yeah, that should be it. Then starting Friday afternoon, sometime, you should be able to start investing in treasuries, and for those of you that know, it’s a race, so what’s the percentage? It’s like 2.5%, right Brenda? As far as like what you’ll be minted after three months. So, yeah, the basic way is, there’s a hundred thousand treasury slots for a hundred thousand TRB tokens, if you invest a hundred tokens, you will get 102.5 tokens at the end, right. So, at any point, you can of those three months, you can buy slots in that treasury, so if you want. If it fills up on the first day, whoever gets in, gets that 2.5% of their whatever they invested, minted to them at the end of the period. However, it could stay open for it might not... a hundred thousand tokens are a lot of tokens, so it might not fill up right away, it might take a week to fill up or if it takes a month, it might still be open, which means you can basically put in tokens and get free tokens later. So, think about it if you want, if you’re into that. Just to note, this is not something if you have 1 TRB, this is not something you’re going to want to do. The reason being is you have to pay gas costs on maintenance, so it’s probably going to cost you probably 50 bucks each way, to get in and out, so if you’re not getting minted at least a Tellor token or two, it’s probably not going to cover your gas costs. Just a heads up. But for those of you that have 100 Tellor tokens and want to get some free tokens, it might be worth it, might be something to look at, so let us know if you want to try and do that if you’re having any trouble, if you’re like I really want to do this and I can’t figure it out, just reach out, we’ll help you figure it out. So, that’s about it. Josh?
Tim: I should point out also that if you do invest in treasuries, you should make sure, if there’s any proposals or any disputes during that period, make sure you vote in those.
Nick: Or delegate. You can simply delegate your voting power to us for instance, and we’ll probably vote for you, but that’s, make sure you vote, or else you won’t get the full return turn. Josh?
Josh: My question really quick was just going to be; how does staking and treasury affects data reporting if at all?
Nick: It doesn’t, but you can’t invest in treasuries with your staked tokens.
Josh: Okay, good to know.
MIke: So, yeah, if you’re interested, it’ll start at some point this Friday, when the vote ends. When we know an exact time, we’ll let you guys know, but if you’re interested, now is the time to start talking with us and getting prepared. And seeing if you have any questions about the process to do that and we’ll be around on Friday to help people out, but then the weekend happens, so this week is the time to reach out and get set up on what to do when the timing comes, because it, I don’t know if, we suspect it will fill up right within 24 hours, but we don’t know and it could. Thanks for that guys.
Next topic; I want to talk to you guys about a change to how we do the community call. So, for those, if you’re watching this, you’ve probably watched a few of these things, we’ve been doing these things this way for over two years now, and it was always something that was part of our desire to be transparent and to try to cultivate community and actually interact and engage with our community on a weekly basis and I think it was pretty, you know, you weren’t seeing projects do this kind of thing, at least 2 years ago. Something we’re proud of and it’s something that we think makes us unique and it fits our values. It’s been great, I think everybody likes it and we upload them to YouTube every week and we’ve been getting some comments on YouTube, but ultimately, I think it falls a little flat doing it on Zoom and uploading it to YouTube hasn’t been ideal in terms of getting real engagement with you guys. So, we’ve just been exploring other ways to perhaps provide this service to the community and we’ve had experience in other communities where they’ve done this stuff in discord, and it’s been very positive for us. So, here’s what we’re going to do. We’re going to have a Tellor town hall, on a stage in discord every week a Tuesday, at the same time and provide you guys open access to hop in this room and ask us any questions you might have, chat with us. We’ll provide updates and things like that, kind of like what we do now, but it’ll be all on the discord and less of this performance on Zoom that we record and upload later. In addition to that, what we’re going to do is we’re going to do a weekly update, that’s going to go to YouTube. This is going to be like a short, condensed distillation of everything that has gone on that week on Tellor. If you can’t make the discord town hall, or for those of us in the community that aren’t in our discord, there’s a good chunk of TRB holders that aren’t in our discord community, so we need... they might find content on YouTube very valuable or on twitter, so we’ll do a weekly YouTube update. It’ll be really short; Ryan will produce this. Let’s say it’s roughly five minutes long, he’ll catch everybody up on everything that happened in that town hall, not any questions that were cool, any updates that you guys need to know about. That way you can stay up to date on Tellor in a faster fashion and also adds to the shareability of this thing. This is something you can share with your friends. It’s not, listen to this unedited, hour-long community call thing, which is not ideal. So, that’s basically it, I don’t, Ryan, can you allow me to share, or Nick? I just want to show people where to go, because there might be some confusion, if you’ve never been in a discord stage, but it’s really neat. So, I created a fake event. There’s the general chat, so there’s this channel at the very top. It’ll be called town hall. This is where you go and when we schedule events, they’ll pop up in this little calendar tab here and you can see I created one called a test, to start at 1 o’clock today. I’m going to shut this off, but you can also click if you’re interested in attending. So, we know if people are going to show up. It’ll have all the details about what that town hall event is about and then you just come into the town hall. The stage isn’t set up, but basically, you’ll see the moderators at the top and you’ll see your avatar at the bottom and you have to click like raise your hand or whatever to be allowed to speak. It’ll be structured in a way that we can moderate also if you don’t want to have a question and you don’t want to speak, we’ll be taking questions in the general chat, so you just leave a question there if you’re attending live. Submitting questions is something we’ve traditionally done through the google sheet, we’re going to move away from that as well. We’ll have a separate channel where you can just leave your questions, so if something pops up during the week or on the weekend and you’re not going to, you don’t want to forget it, you can drop a question in that channel and we’ll use that as a de facto place to see what you guys want us to answer. And I think I’ve covered it. Anything else to add Ryan or Will? I know we’ve talked a lot about this.
Ryan: I think the Zoom has just been adding another layer of, another barrier if you will, for the community to get engaged, so I think this is a good step in the right direction.
Will: Yeah, and in terms of participation, that shouldn’t really change, access to the founding team next to the dev team, access to bizdev, we’ll all still be participating and so it’s not meant to create any kind of separation from you know the faces. Even if it’s happening in discord.
Mike: Another thing to add though is this will create a nice cadence of discussions in the discord community itself, because you know. At least on a weekly basis people will be used to this town hall thing and the chat will actually have people send many questions in it and so it helps us sort of cultivate the right discussions on a more regular basis in the discord itself, so I think it’ll just be helpful and for newcomers that join, that show up, it shows a little bit more liveness and a higher-level conversation happening as well. I think it’s good.
Owen: I don’t know if you mentioned this, but are those going to be recorded and posted on the YouTube channel? Still, I don’t know.
Mike: So, what in lieu of that, because that’s, the answer is no, because you can’t record. We won’t be able to record a video like this, you can’t record audio on discord, but I think there’s still a problem of having this whole call, that can be long just recorded and sort of uploaded completely raw. That is not very listenable, obviously people like it and I think people will like it even more if we condense it down into a weekly Tellor update format that Ryan’s going to do and he will basically give the cliff-notes, the tldr of anything that happened on that town hall, that week. It’ll just be him talking about it this week you know, Brenda gave an update about xyz and Tim said this about this and we got, oh there’s these three great questions, our favorites were this, this and this, and this was the answer. That way in five minutes you could get all the information you really needed. So, we’re doing a little extra work for you guys, but I think you guys will like it and of course let us know. Let’s try this for a little bit and see how things go. We could always continue to iterate on it. We’re really excited about that. I think it’s going to be great. Cool. Well, my voice is going, so that’s all I had to say about that. You want to take the last of the community questions?
Ryan: Yeah, I’ll first give the floor to the guy here, since you were BRAVE enough to join the call, do you have any questions you wanted to ask?
FloorGuy: No.
Ryan: Okay, no problem, thanks for joining, regardless. Question time. We actually got five questions here, so the first one is.
Question1: Is there any news regarding Coinbase, the linking videos and the like?
Mike: No, no update on that. If I recall, you were asking if we could put the explainer video there. I think I was right last week that no, you can’t do that.
Question2: It seems that Tellor’s flown under the radar, what are the plans to promote the network for future collaboration and or partnerships?
Mike: We’re going to continue to do everything that we have been doing this year. I think we’re going to do everything bigger; we’re going to be able to actually go physically to industry events, starting with Eth Denver. I mean, it’s going to be huge, but we’re going to be able to do... I mean, this, the whole rest of the year, we’ll be going to events, different conferences and we’ve been really missing that the last two years, since Tellor really has grown into a thing. Most of that time has been without travel and without in-person events. I think it’s a huge gap that we’re going to just have back, so I’m really excited about that, and we’ve been talking about tapping into the larger dev community, that exists on crypto twitter. I don’t know if you know, I don’t even know if you would call that crypto twitter, which is a separate animal I think, but other ways that we can tap more into devs finding out that we exist and actually being attracted to wanting to contribute and be part of the building an oracle conversation. So, we have some ideas about that as well, using twitter spaces, which have been a success, we do those on Thursday at 2. So, hop in those if you haven’t. Just quick plug about that. I think a continuation of what we found success in so far.
Will: Yeah, there’s been a lot of what we’ve done has been organic through the community. See the reason why we’re placing such a big emphasis on refining how we approach the community and optimizing how we get our content out there and making sure that you know what we put out as valuable, is to elevate the quality of the conversation and in doing that, building the community and people getting excited and people wanting to participate more and more. That’s how we’ve gotten the users that we’ve gotten. Has been a good example of what we want to build. So, continuing to do that again from an organic standpoint, not from a hype standpoint, but just from being genuine about what we’re building and how we’re building it is the tactic.
Mike: And it all snowballs. Once you reach that terminal velocity or where you have enough momentum, I think it’ll be a faster cadence to these sort of new users, new users coming in, new community members joining us, etc.
Owen. I think that’s cool too, is not only can you hear being talked about on community calls and whatnot. In terms of partnerships, you can just go on discord under integrations and see some of the projects that we’re actively working on and some of the chatter with those people.
Mike: So, join our discord.
Question3: How’s Poly Tellor X development going? Any code work already done yet also for Matic?
Nick: I can answer it.
Mike: Polygon and Matic are the same thing, right?
Nick: I like to say Matic, show we’re OGs. Things are going really well, so we just had a call with a project; Diva protocol, if you look there, they’re a new one in the integrations channel. They’re building on Polygon; we have a couple other ones that are building on Polygon we’ll be integrating with. The code looks identical, so that’s the Tellor Flex repo, that we deployed if you want to go look at what’s actually deployed on Polygon. We’re working on the governance contract now, Polygon governance contract. But Polygon’s just an EVM chain, so I mean, the code looks the same, you can deploy the same code from that on to Polygon, so you won’t be able to tell what network it’s going on until it’s actually deployed.
Ryan: I’ll throw a link in the description too for the github repo.
Question4: Hello! Good time. Does the #TellorTeam have any plans to raise prices at all? Because most of my friends bought it for $150 to $130? Now the price is humiliatingly 28 or 30 dollars.
Mike: No, there’s nothing, that’s not, this is not something we’re involved in any way.
Nick: Sale ends this Friday, sorry guys.
Mike: You’ve heard it here first. TRB going fast, fast, fast. Thanks for your question, I totally get it. I know, I have a friend that bought at the top too. That’s crypto, and just to be clear, this is just, that’s not part of what we have control or we have.... It’s even unclear whether or not we have any influence over the price. When we had two of our biggest announcements ever, last fall, early winter, beginning of December. The price didn’t do what you would hope it would do based off of things that we have control over, building, launching new products, getting new users. These are things that we can do and hopefully that influences the prices of everything, by doing our part and contributing to the larger ecosystem in our own ecosystem. You’re guessing.
Nick: Just to say, I never in my whole time buying crypto and selling crypto, you never regret buying high in some local high period of some crypto bubble. You always regret selling low. That’s what always happens. It’s always the ones that the one or two protocols that come back to bite you was whenever you sold Bitcoin at a thousand dollars for instance or something like that.
Mike: That’s true. That is, I could say that’s true in my experience too.
Nick: Of course, you’re going to buy coins that go to zero, but it’s like you don’t really regret those nearly as much as you do sell the ones that go back up.
Mike: Or not buying one that you were worried for about the local high, that you just totally didn’t enter. Look, ultimately, it goes back to what do you like about Tellor. Do you like it? Do you like what we’re up to? Are you with us for the long term.
Will: And I mean even the future of Tellor’s is kind of determined by what we can afford when the next two years are up and we go and try to go back to the contract and say this is what our plan is for continuing the development work on building the protocol and so like, we’re just as invested as everybody that’s bought the coin to extend our own capability. So, it’s not as if we, while we are hands off, the future of Tellor does have an impact based on the current price. From kind of even my standpoint, thinking about how I contribute to the team, I think about it as if the other startup and I’m trying to build value and I’m trying to do what’s going to increase the overall valuation of what the team is producing. And that’s, we’re not going after venture capital, we’re not having you know any of that kind of conversation, but the operation as if you know, we are doing our due diligence and creating something that somebody would put evaluation on that. Ultimately that behavior gets passed into what we’ve built and the price hopefully should reflect that. I mean, to what Mike said, yes, that’s what we’re driving for, we’re working towards that, doesn’t always have a direct impact, but the stakes are just as high for us building it as is for you owning a bag.
Mike: So, we can relate, we’re all in this together. We’re on the same train here. We hear you guys; we know it’s not fun when the price is low. Hang in there, thanks for your questions.
Ryan: Alright, hard ball.
Question5: How does the American government decide is there regulation and what does that mean for Tellor? Telliver greets Tellor Teddy and the team.
Ryan: Thanks for the question, Telliver.
Mike: I think we should kick this one over to...
Owen: Anyone to get this one?
Mike: Yeah. Lauren?
Nick: It’s actually how the government work; you just pick someone at random.
Lauren: I think I’m going to hot potato that one right back.
Brenda: Nobody knows. I mean, seriously, I don’t think the government even yet realizes, I mean, they have an idea what’s coming, but I don’t think they even have an idea of how or what to do with it, so how they work. Look, I worked there too for a long time and I still don’t know, so yeah.
Nick: But I can tell you. So, I know a little bit about the regulations and it depends on what you’re doing wrong. A lot of times with investor protection laws, they actually need a complaint filed, that’s usually how they’re not going to go after somebody who, an investor, who did like if nobody complains about it, it’s probably going to be okay, but usually they get a lot of their things and it’s easier for them if there’s a formal complaint from an investor who is harmed by the product. So, if people are saying that you know, like the instance of Ripple, if somebody lost money on Ripple, and they’re like oh Ripple claimed that they would be doing xyz and they didn’t do this, and that’s what harms my investments, well that looks like a security contract and they didn’t sort of fulfill their end of the bargain and they’re unregistered security. So, if somebody could come and say that other examples would be, you know. Mike: Can you complain if the government comes in and then tanks the price of your Ripple through some...
Nick: You can actually, so I think you will probably see some counter suits if Ripple for instance is deemed not a security. Then they could say, well the investors could maybe say, well you actually harmed the price of Ripple and hurt the potential market of my goods and so you could see some counter suits and I’m sure you will when it’s all settled. You couldn’t say, for instance in the CFTS case, they came after protocol for being, they were an unregistered derivatives exchange. If they ended up settling with the US government, which means that’s like a no fault, just pay a fine and go away, but if they did like go to court and then the US government would lose in court, which actually does happen sometimes, then they could actually claim damages to say, listen you hurt us from building our business and you hurt xyz and it would be interesting to see a protocol do that, because you would almost need to be a security in order to say that you’re harmed, but yeah, it could happen I think anyway. That’s also speculation.
Brenda: Until they come up with more clarity, how that’s going to affect Tellor, I don’t think we have an answer for that either.
Nick: And don’t expect clarity, they like not clarity, and we should too.
Brenda: Even in traditional markets, that’s why there’s a lot of court battles.
Ryan: Great question. That does it for the questions, so I think we can wrap it up here. Thanks everybody for joining. We will see you next week in the town hall in discord.
Brenda: Bye everyone.
