Lunar Dao AMA Session 15th March 2023

Lunar DAOMarch 19, 2023

20 minutes read

I think basically everyone is kind of getting had the same problem for a while and so they’re looking at their own unique ways to kind of combat that so if you’ve had any experience going on to the different trading platforms you can see that some of them have really great

Features and other parts of it are not the best so with lunar our goal is to one of them anyway is to make it to where somebody that doesn’t know a whole lot can come in and educate themselves they can use the systems they understand what they’re doing they don’t have to worry

About accidentally accidentally transferring eth to you know the BNB chain things like that um we just want everybody to have the same access as everybody else in a way that they can understand but do it in a way that is very user friendly um easily adapted you know we can go in

And make changes if needed things like that um having those different kinds of utility let’s see um riddance you were saying yes definitely so as far as the blockchain went uh it’s definitely good news for for crypto and it’s just showing that there’s already a well-established country

Um showing the support so I think that’s great I actually still have my pamphlet and stuff will have to look too and I can post it later Let’s see anything else in main chat that you guys kind of wanted me to go over hey what’s up folks can you hear me yes hey Jedi sorry about that I I took a nap you know what um I forgot set alarm when I was I woke up and I was like

I feel like I’m supposed to be doing something at two o’clock it’s not on my calendar for some reason and then I saw the message hey we’re doing the email thing no worries um I was just catching up for some questions and we would love

For you to go over the tech side of things that kind of just read over the updates and you know I was like if you guys have anything text specific go ahead and do the questions in ama but luckily you you know you came in it was fashionably late

I’m doing much better I still am having a little bit of like as you can hear in my nose and like my chest I’m still having a little congestion but for the most part I’m doing much better um the other nfts at the summit thank you so much um

Professor was asking what we thought about the other nfts at the summit so some of the art was it was honestly it was unique and it was eye-catching and it would draw you in and then you would go to scan the QR code and it would take

You to a broken website or it’d take you to a login that you don’t have credentials for so overall um ours honestly if I hadn’t been part of the team and I had to just come in off the street I would have said that ours is was

Definitely the best one and there was another one that was really really interesting uh it had like a smoky Cloud background and it had a 3D sort of um cube in the middle and it looked really cool but when we went to scan it to get them for more more information uh

It was broken so we couldn’t even look up who it was by we couldn’t do any of those things so it was definitely ours was definitely the most impressive well that’s good news yeah so um I think every time one of us would go out there to kind of you know mingle or

Anything there was always someone in front of our our display kind of checking it out there you go thanks remix that was the one see Cloudy with a a cube yep so it was it was definitely interesting um it was there was a diverse group of people there

It is it is technically a diamond a square on its side my bad um anything else on my side that I could answer before Jedi gets into the the cool part let’s see um I think they’re good Jedi I think they’re ready to hear the fun part let me

Mute myself I was telling them earlier the there was a fire at the house across the street from mine and so they are demolishing it so I have some background noise so but they said they couldn’t hear it too badly so that’s good Lord

I know so I will go ahead and let you get started Jed I appreciate you all right appreciate you so um All the technical things needed to get the market maker up and running um and working on the contract stuff and uh lunar mints all at the same time so as you can imagine it’s been uh pretty crazy over here the last few weeks um so you know the market maker stuff

All set up and working um I was just checking on uh how we’ve been doing uh today um things have been going well on that front and then um and then um the the primary thing we’re focused on right now is um getting the updates to the contracts

Spun up and out the door um the big uh challenge that we always have with um the the especially the ERC 20 contract is it is scary as all get out to um do anything to that contract um the the more discussions that I’ve been in this year the more

That I’ve learned that the kind of locking the pink sale contract and or the pink sale liquidity in some ways has um armed us more than it has helped us this year but um we needed to do it to give you folks some uh sense of stability uh through the transition but

It’s made certain things more difficult to deal with one of those things being like it raises the stake for contract updates and we cannot under any circumstances screw that up so that means we do a lot a lot a lot of testing on other contracts in the ecosystem

So we uh we deploy test contracts on the test net we deploy test contracts on the main net under a different name um we test the crap out of them um and we’ve been uh working on uh adding I think we’re adding exchange wallets and adding uh development wallet

To the tax calculation so that um we can uh make sure you folks know what the developer uh text looks like and what the developer budget is uh for the for the software team um the core challenge in doing that is that the um the uh the the

Structures the data structures used on the contract for storage um our word like set up specifically not to include a develop not specifically so not to but they didn’t have the developer wallet in there and so if you think about storage on uh erc20 are on a just a smart contract

Especially on uh EDM compatible chains it’s like um I guess the best way to describe it would be like um if you remember in elementary school um when you’d go to the front office and the teachers would have their mailboxes and everybody would have a slot in the

Mailbox and have a label on it that says their name um if you go in and change an existing data structure then uh each memory space on the structure is like a slot in a mailbox and the data is going to stay in the same slot no matter what

But if you like add something in the middle then it changes the name but it doesn’t move anything that’s already in that mailbox and it shifts everybody else’s labels down and it basically changes everybody’s mailbox without changing what’s in the mailbox and so we had this kind of

Corruption issue for a little while that we were trying to work out and how do you structure this new data change in order to um in order to like make it work and so we’ve been trying to work on in that as our desired structure is a

Little more extensive uh than we’d like to recode for right now and so um we came up with a with a structure in the middle uh that we’re comfortable with and that we’ve just been testing the hell out of it um back and forth back and forth

Until uh until we get it right and so uh we’ve gotten it right um we’ve had it tested uh we went through our first pass on the um audit uh we remediated some issues and clarified a few uh portions of how the contract works and then uh we had it uh

Had somebody take a second pass at it and so it’s been uh cleared for the audit we should have another audit document generated I believe before the end of the day and then once that happens and we’re good to go the team and I are going to sit down

Um with the foundation and try to plot out a um um uh they that the contract is going to get updated um because on this update we do have to pause the contract for like for no more than five minutes um if possible um but because the development wallet

Won’t have been initiated when the contract update is completed we have to run some commands on the contract to do it if you try to execute a transaction on the contract during that time it will fail so um we’re gonna find a time uh where there’s usually a Break

Um the Market’s relatively predictable at the moment in terms of like how active the contract is and so uh we’re gonna do it in the middle of a break uh pause the contract for three to five minutes get the updates done get it tested and get them out the door

Um the risk in that is because the there’s still a pink sale lock if something does get messed up then um the liquidity in the decks could be locked and we could not get access to it for another year so the stakes are relatively High um

And we can’t wait another year to do this update so um so we’re going to test the crap out of it we’re gonna make sure we’re ready to go we’re gonna do it and then um when it comes up on another year um I as uh as a technical advisor on the

Team is going to recommend to the Dow that we if we do continue to lock it versus just keeping it on a genosis safe um that’s a multi-sig um that we will lock it for shorter periods moving forward so that if something like this happened or something bad would ever happen on the

Contract that we’re not uh locked out for an extended period of time um if anything it should be locked for no more than a month and like we extend locks every month or something like that we’ll figure that out in a year in December when the law comes up again so

Uh between now and then not really anything we can do about it uh we’re continuing to work through uh uh exchange listings um as you folks have seen so far we’ve been able to do one a week for the last few weeks um would be amazing if we could continue

Some sort of pace along that realm but it really just depends on when we get approved for things so um we’ve continued to apply for exchanges we’ve put together a ton of information on how much it actually costs to get listed on uh centralized exchanges and hopefully we’ll be able to

Report on that kind of thing here soon and um and then uh once the contract is updated our Market maker is going to start working on the driving volume on the uh decks as well on pancake swapping on the contract so uh don’t know if you folks have seen but

Over the last uh 48 Hours we’ve been uh driving volume up over a million dollars a day which is fantastic the market maker is hard at work trying to generate a market for us which is great uh apologies for not having that article uh that I talked about yet

About why a market maker is important um we’ve just had a lot of technical things uh we’ve been working on uh trying to get this contract update out the door uh because the market maker wants to work on uh both fronts um but we’re we’re driving forward on um

Just as many areas as we can uh we just uh published to Beta our first uh Service uh in support of our accounts on uh coin market cap and coin gecko so um for those of you that don’t know um we we have to provide a um an API that outlines how much

Supply is available in the ecosystem and um up to this point um in the in the Eco in like crypto in general usually companies will take uh Fiverr and um like just have somebody maintain a service for you and spin it up and um the challenge with that is you have to

Like stay in contact with them if you change wallets um somebody else is managing it manually it’s a huge pain in the butt um we have added to the um uh database the ability to maintain those wallets and that service ourselves um so I’m very excited about having

Something online uh that’s going to keep our apis alive at all times um we’ll be working on making sure that data is cached on a 24-hour basis um and uh supporting our listings more frequently so I’m excited about what that means um and uh we’re busting our butts trying to wrap up uh

Lunar mint manager so everything that’s needed uh lunarment for creators uh to be able to um get uh these are these nfts out the door that we’ve owed the community for so long and then uh leveraging that to be able to get uh our first creators on the platform and run something manually

We’re hoping to do that soon we’ll have more specifics on dates uh when we get towards uh locking in a release um but we’re trying to get that done as quickly as possible um not seeing any um major blockers in that process um we’ve done a lot of work

Consolidating the code base and the ecosystem to be able to handle these different apps that we’ve been spinning up um and making them easier to manage um and uh driving forward on uh on uh testing so um I think that’s about it for me in terms

Of where we’re at on um on technical things happen to answer any questions uh in that realm digging through um the AMA to see if there were any technical questions in there that I can answer um I think I want to mention um and there are a couple questions about

Defy and lunar down compared to other G5 platforms and and what’s going on in the market um I think it’s really um interesting what’s happening in the banking space right now um in another life I uh I have a bank account at Silicon Valley Bank and um

And a company that that used to do business through there I got to see uh what happened over the weekend firsthand um I don’t think that is the end of this process uh you saw 40 billion dollars change hands in a one day uh trying to get money out from One bank

To another um the thing about decentralized Finance that just reinforces that it’s the future is you may have a run on an individual contract but there’s there was not a run on the ecosystem uh when FTX fell there was not a run on the ecosystem as a whole when uh this happened

Um I think that the uh us um uh policy right now is uh very heavy-handed and detrimental to the crypto space and I think that um uh it appears from what I’ve been reading that the Signature Bank uh failure um had a it was not a broken Bank it was

Not a um was not uh it was properly capitalized but um the federal government was sending a message uh to shut it down as a crypto friendly bank and it was under investigation um for being crypto friendly so I think you’re going to have this uh this massive trust failure in Banks

Um I personally find it very interesting that um the entire banking system is based on um being able to uh take your money in your bank account and leverage it to offer loans for uh mortgages and crap like that the entire banking system is founded on being able to take depositors money

And leverage it in other ways um yet uh SPF couldn’t do that with FTX now I don’t agree with anything that that SPF did um I don’t agree with anything about how he ran that company it’s no surprise that in the crypto space there was no documentation there was no process

Because he went from zero to several billion dollar market cap in in basically no time and so that Pro that doesn’t lend itself well to building structures uh for uh maintaining good records it just doesn’t um because there’s not enough time to build the company uh when you’ve turned

Into this big thing I don’t think building a solid company was ever his intention anyways um any had no experience doing it um but I do find it very very interesting that he was not allowed to use customer funds to be able to build out uh the ecosystem but banks are it’s

A double standard that frankly needs to go away not that um crypto companies should be able to leverage customer funds but that I don’t believe Banks should if you’ve deposited your money in a checking account then it nobody should be messing with it um and that’s the value of crypto right

On when you deposit in a contract um and you hold usdt you hold usdt and there’s a lot of work that’s been done to make sure that there is a one-to-one backing with the US dollar that sits somewhere and as long as everybody’s maintaining that and as long as that

Stays on track then um uh and there’s proof of those reserves then uh your cash is is safe um there were some Shenanigans going on over the weekend when usdc I believe depeged but um uh hopefully the system will continue to improve to make that better so all in

All I think it bodes really well for crypto I think that um the challenge is what’s going to be good for crypto over the next six months is going to be bad for uh regular everyday people because I don’t think the economy just personally I don’t think the economy is going to get

Better I think if we’re starting to see systemic problems at banks that things are going to get a little worse for people personally before they get better so it’s hard to be you know jumping up and down excited about what happened over the weekend especially when

Um so many regular people are going to be in normal everyday humans are going to be impacted by um the lack of trust and the systemic problems that the financial system has um important to remember that all in all everything is uh a store of value and

It’s only has value because humans value it um so um we’ll see how that plays out moving forward um but I am excited overall at the potential for uh expanding uh defy expanding the ecosystem I’m really excited about the how we are trying to not solve the same

Problems that everybody else solves but we are trying to like find really Niche problems that we can dive in and um just take over that space um because there are so many problems to solve um we’ve been having problems dealing with coin market cap as an example

Um you go in and you submit a ticket to get something changed and if you don’t thread that needle exactly right uh it takes three or four more conversations before you can get something done and it doesn’t matter what it is over there um that something gets messed up something

Uh takes longer than it should um there are companies that have Total Domination over information spaces um that shouldn’t be happening we’re not going to compete there um but there are other ways in terms of managing uh token listings managing your markets managing your portfolio um all of these things

Um where we can fill in unique Solutions are going to be fun to go after so I’m very excited about the opportunities that it presents when um the banking traditional banking you look at it and go well why the hell do I have to wait an entire weekend for my

Money to hit my bank account and then why is a bank allowed to calculate my withdrawals before they deposit that check that I put in on Friday and so now I’ve got 175 dollars in overdraft fees um and they calculate it that way because it benefits them more than it

Benefits you all that kind of stuff is nonsense um uh what I don’t things should happen and what I think the government is going to try to push at various levels are Central Bank digital currencies um I don’t I’m not for that um I don’t think anybody in the space

Should be for that I don’t think the government uh should try to cut out the middleman in the process by having a central bank currency I think it should only exist to help Clearing Houses and Banks uh like it does today but I feel like um the government is pushing towards a

Digital dollar so that it can have direct access to your transactions and I think that that is a big problem so we’ll see where things go um The Fallout from this past weekend is going to be felt on a number of regulatory levels for the next uh several months if not years and

Um I’m interested to see what happens there and how we can respond overall I think it’s good for crypto though um I’ll set up now and uh if anybody has any technical questions any comments on any stuff that happened over the weekend any uh any questions from that

Happy to answer anything about the tech and and where we’re going to see a bunch of familiar faces in here and some new folk as well good to see y’all oh we got a question in the chat um what’s the status of lunar.io so uh we’re working on uh getting the website updated

Um it’s been a long process um I’m not the world’s greatest designer we do happen to have a lot of fantastic assets um to be able to use for that um I’ve been working on um restructuring the website to be able to um have a product section where we can

Focus on all the individual products that we’re launching um each one of those products is going to have its own core website so lunar.io is going to kind of be the Hub in a hub and spoken network of um websites that help outline the product um websites that help outline the

Foundation and what it does and the directors and then the kind of centralized blog for um all of the updates on where everything else is going um I would really like to have the lunar.io is kind of the last thing that needs to get updated in order for us to

Really start marketing and the way we would like because everybody needs to have a place they can go to to understand the new products lunar mint isn’t on there the lunar portfolio app is not clearly defined on there we haven’t separated out the difference between the Omni wallet and portfolio

All of those kinds of things that have happened in the last six months that need to get updated um and then the how to buy section is just a cluster on a number of levels and so um I’ve been working to get that cleaned up working with the team to be able to

Get new content in there I would my body wants to give you folks a time frame I’m going to tell you I want it done as soon as possible and it’s really now that the market Maker’s done it’s really the last thing that has to get done in order for

Us to be able to move forward on uh spreading the word and getting new holders and so uh you can understand from that perspective it’s a major driver of volume and therefore a very high priority for me the challenge has been just the the 24 hours in a day and the requirement for

Sleep so um uh I’d like to get it done very very soon um I am hoping to have major traction on that to announce um next week uh whether we’re done next week or whether we have major Forward Motion I don’t want to like hold it back until

Um it’s done like I wanna I’m shipping updates in pieces as they go um so hopefully I’ll have more to talk about next week that is of course as long as the Contra as long as the contract upgrade goes well uh so um and it should so not worried about

That thanks for that uh Miss key appreciate you any other questions nope already then well uh if that’s uh if that’s it for everybody I really appreciate everybody uh coming by uh we’ve been shipping a lot of stuff in the last two weeks we’ll ship a lot of

Stuff in the next two weeks so we’ll continue moving uh everything forward I appreciate your support um we are um just on the precipice of having all of our public uh information updated enough that uh hopefully you folks can be confident to start spreading the good word about lunar again and um

And uh we have an aggressive ship schedule so you folks have seen it every every week we have new things on on the decked ship um we added a bunch of new tasks on the update this week so you’re gonna see a lot of purple um and then you’ll see that start to

Move to green and we’ll attack some more things on in there so um all we do is ship folks all the time shipping utility and value for all of our wonderful lunar Dow holders so appreciate you thank you so much for your continued support and please get can keep that feedback coming

Yes thank you guys for joining us thank you for taking the time to speak to us too MJ we appreciate it um you guys have a wonderful day that was that before we go Red X renix thought I said all I do is um I did not say that

Um there was a fantastic um and I don’t remember if you folks remember in the United States um there was like a if it was JCPenney or something else um and it was on public TV it was great um I was talking about um being able to to buy something and

Then have it shipped to your house shipped to your house and as just people saying I just shipped my pants and some some guy jumps on a bed and the store goes I just shipped my bed uh it was yeah well uh I’ll find the

I’ll find the video and post it uh in the main chat it was uh pretty funny commercial but no I did not say that we we ship every week um I hope everybody does the other thing every day if you don’t see a doctor that’s all I have

The perfect ending note you know people let’s keep it weird all right yes absolutely I support this all right you guys you have a wonderful day we’ll talk to you later uh take it easy everybody

Welcome to our AMA Session !
If you ever want to join us and ask any questions, we’re LIVE 1st and 3rd Wednesday of every month at 6:00 PM UTC TIME in our Discord : https://discord.gg/lnr

Lunar Platform Preview exclusively for LNR holders: https://preview.lunar.io/

Social Media & Web:

Website: https://lunar.io/
Crystal NFTs Website: https://lunarcrystals.io/
Discord: https://discord.gg/lnr
Telegram: https://t.me/LNRDAO
Instagram: https://instagram.com/lnrdefi
Facebook: https://facebook.com/lnrdefi
GitHub: https://github.com/lunarfoundation
Twitter accounts:
– Lunar DAO: https://twitter.com/LNRDAO
– Lunar Foundation: https://twitter.com/LNR
– Lunar Crystals: https://twitter.com/LNRCrystalNFTs
– Lunar Mint: https://twitter.com/LNRMint
– Lunar Escrow: https://twitter.com/LNREscrow