EOS Hot Sauce #112 – Bullish Exchange First Impressions | EOS ICO Funds Not Recycled | Pomelo Sun Shines on EOS | DAPP Network Bridges | VR Graffiti Battles | VanCity Outbreak Blends | 9eneroes NFTs

EOS Hot Sauce is a weekly digest of all the hottest topics from around the EOSIO ecosystem. The space is evolving so rapidly it can be hard to keep up! We keep on top of it so you don’t have to.

Bullish Pilot is Live and EOS ICO Funds Were Not Recycled

actual platform layout slightly different

The Bullish Pilot Program is live and the EOS Nation team has been diving in to experience it first hand. In case you haven’t had the opportunity to try it yourself, we’re happy to share our experience with our audience.

The “Welcome” section offers some important details and should be the first tab visited by new users.  That’s also where you’ll find the rules for the 3 paper trading competitions taking place between August 3rd and September 13th where a total of $525,000 USD in prize money will be awarded to the best Bullish pilot traders. Each pilot user receives 500,000 dollars in play money to trade with and compete for the prizes. You can easily compare your performance to the rest of the users via the platform’s integrated leaderboard. Fun times!

The “Welcome” section also includes a tab that showcases the most interesting trading, earning, and security features of the Bullish platform.

In terms of spot trading, Bullish features a hybrid order book that combines liquidity across the Bullish Liquidity Pools (BLP) automated market makers (AMM) and the traditional limit order book model that traders are familiar with. Margin traders can enjoy fully deterministic lending, no hidden fees, and a segregated spot and margin wallet. Another attractive feature of the platform is the fact that there are no taker-fees, which could be appealing to the retail segment of crypto traders who are often on the taker-side of trades.

Crypto holders who are not interested in trading but would instead like to earn yield on their assets are welcome to join the BLPs and participate in the platform as an automated market-maker. In addition to earning their share of the spot trading fees, BLP providers will also be earning revenue from margin trading activity as assets deposited into the BLP will be used for margin lending services while ensuring that all margin positions are fully collateralized.

To our knowledge, having the ability to deposit as a liquidity provider for both spot trading and margin trading at the same time is an innovative feature that has not yet been seen in the crypto markets.

Margin trading fees are often a significant source of profits for centralized exchanges and sharing this revenue with liquidity providers could increase the yield that is typically found in AMMs and may attract significant institutional capital to the platform, especially since all of it is done in a regulatory compliant way.

In terms of security, Bullish requires all users create accounts using hardware keys rather than passwords. Bullish leverages the best-in-class authentication standard called WebAuthn to authenticate users with  private-public key pairs stored in devices such as Yubikey or the secure hardware keystores built into modern mobile phones and computers. Not only is this much more secure than a regular password, it’s much simpler for a user to manage safely. It’s one of the slickest sign-in experiences we’ve encountered anywhere – even beyond the blockchain space known for it’s clunky experiences.

The last section of the welcome page explains the deep blockchain integration that is present in the Bullish platform. Internally, being built on EOSIO open-source technology means that each significant transaction can be cryptographically authenticated. Only the people authorized to execute actions can do so and only the logic authorized to be run gets run.

Externally, Bullish will be hashing the state of the exchange to the EOS Public Blockchain to create a publicly verifiable audit trail of all actions, which is another industry-first for a centralized crypto exchange.

When moving on to the trading section of the platform, users are welcomed by a sleek trading interface that features a familiar view of the markets. Recent trades are displayed on the right side of the screen, the charting screen in the middle is powered by Trading View and the impressive depth of the order book can displayed on the bottom. This trading platform layout has become standard in the industry and most crypto traders are likely to feel right at home when opening it up for the first time.

While all of this innovation is amazing, there are a few aspects of the platform that may cause some hesitancy for traders. For example, how will the platform generate earnings for the liquidity providers if there are no taker fees? The answer lies in the fact that there will always be a spread that exists for spot and margin traders. While testing out the platform, we encountered a 0.05% to 0.2% spread on the EOS/USD & BTC/USD pairings, which seems reasonable.



For liquidity providers that are used to the high degree of flexibility offered by the current crop of DeFi platforms across the crypto industry, a 7-day unstaking period for liquidity may cause some hesitancy to deposit assets. On the flip side, this long unstaking period assures deep and consistent liquidity for traders as large providers cannot remove their liquidity when expecting volatile short-term movements, which is currently a problem on both centralized and decentralized exchanges. Reduced liquidity during high volatility periods makes it more difficult to trade in those times and can cause significant and sudden increases to the slippage incurred by traders.

Another important point to note is that there is currently a $10,000 USD minimum required to deposit assets into the BLPs and start earning revenue as an AMM.

Overall, we’re impressed. The platform feels extremely polished and has been very responsive when placing spot trades, adding assets to the Bullish Liquidity Pools or gambling on margin. We can’t wait to see how it all holds up in a real trading environment, especially when trading volume surges during periods of high volatility. Only time will tell, but knowing what we know about the performance of the EOSIO software, we’re not too worried!

The Bullish exchange is expected to go live at some time in late 2021.

On top of the Bullish Pilot, Block.one also released the legal review of the much talked about EOS ICO this week. It was completed by the prestigious
Clifford Chance law firm and found no signs of ICO funds being recycled. All the pieces are coming together.

The Pomelo Sun Shines Bright on the EOS Ecosystem

Application form subject to change

This week we’re introducing the Pomelo Sun as the fourth and final drop in our Pomelo Series, which represents the energy of quadratic funding and highlights the synergies on Pomelo that can be achieved through community feedback, constructive criticism, collaboration, and the project review process.

On a related note, many of you have been asking for more details about the grant submission process, which makes us happy to know that many projects are already thinking about this important step. Here’s some more information on that topic:

Hopeful recipients can fill out the application in English and/or Chinese and/or Korean. Only one language is required, but projects are likely to see greater support if they fill out the application in all 3 languages, which represent the 3 largest communities in EOS. Hopeful grant recipients will be invited to share information about their project such as:

  • Project logo
  • Title of project
  • Description
  • Project website
  • Project Twitter handle
  • Team members
  • Github URL
  • Region


Make sure to tune in next week as we’ll be revealing the final details of our NFT promotion. Hint: You’ll need to blend all 4 elements together to advance to the next stage of the promotion. As always, thank you for supporting this educational NFT series – all revenue generated by these sales will be donated as matching funds to the first round of funding for the Pomelo platform.

Pomelo development is moving along at a good pace and we’re still on track for our 2021 release. We’re excited to share more with our community! The next step will be releasing the Pomelo private beta for select participants so they can help test out the application submission process and populate the platform with some grant applications before we welcome the entire EOS community.

If you’re interested in participating in Pomelo funding either as a contributor or as a project seeking funding, we’d love to hear from you! 

Complete this short survey to help us make the Pomelo experience great for you!

DAPP Network Bridges Ethereum with Scale

The DAPP Network could be what the Ethereum network needs to finally achieve scalability with layer-2 bridging services and middleware.

The growing DeFi ecosystem on the Ethereum Network can only support fifteen transactions per second compared to the traditional finance giants like Visa and Mastercard that possess a current working structure to support tens of thousands of transactions per second. 

The DAPP Network is already running on Ethereum and EOSIO based chains. Multi-chain liquidity can potential unlock Ethereum’s massive liquidity bank for EOSIO chains, while granting Etereum access to the DAPP Network’s scalable middleware services.

The DAPP Network has published a detailed guide comprising a simplified overview of the DAPP Network and DAPP Network’s products and services.

NFT BRIDGE


DAPP Network’s bridging services going live on Ethereum extends beyond just the reaches of DeFi and transactional services taking place in contracts and dApps. As a matter of fact, an NFT bridge between WAX and Ethereum is coming soon. This would facilitate interoperability between two of the biggest NFT chains in the world, allowing the cross-chain transfer of NFTs between both blockchains. The NFT market volume is expected to skyrocket with this tool, and we can expect even more excitement as more features are revealed. So stay tuned!

DAPP Meme Contest

There’s no end to the buzz in the DAPP Network community as the DAPP Meme Contest goes live. Participants stand a chance of winning a grand prize of 50k DAPP as a reward for their creativity, with first and second runners up also looking at rewards of 25k and 15k DAPP respectively. 

To participate:

  • Create a DAPP Network related meme, with bonus points being awarded if they are related to Bancor (in light of the BancorDAO vote to whitelist $DAPP on Bancor).
  • Retweet the contest announcement Tweet.
  • Post your submission as a comment to the post with the hashtag #DAPPNetwork.
  • Share the memes for the world to enjoy, with the more engaged memes getting a preference in the selection process. 

So what are you waiting for? Get your meme thinking hats on and bag yourself some $DAPP!

Learn more about the contest.

VRGB Pack Sale & S1 Playoffs Weekend

The Virtual Reality Graffiti Battle is an interactive league that features graffiti artist competitions and NFT collections of the generated artworks.  We plan on hosting 4 seasons per year and the action starts this weekend with the Season 1 playoffs and the Season 0 WAX NFT packs!

Jump into the metaverse with us this weekend and participate in a truly multimedia event that is pushing the boundaries of technology. We’re featuring KingSpray VR action live streamed on Twitch.tv and in our Cryptovoxels metaverse, all of which is accompanied by a live Discord audio chat for those who want to interact with the .gems teams, competing artists, and fellow voters!

All fans of Street Culture, including curious newcomers and established veterans are welcome! Attendees will be treated to many aspects of Street Culture such as amazing graffiti artworks, dope beats, and intense freestyle ciphers from the Cipher.media crew during the finals! This event is going to be bumping and should not be missed!

VRGB Season 1 theme – “Nobody beats the biz”

July 31st – Season 1 Playoffs @  20:00 UTC
August 1st – Season 0 NFT Pack Sale @ 18:00 UTC (all assets are pre-minted)
August 1st – Season 1 Finals @ 20:00 UTC

Participants are welcomed to join us and register as either a voter or a competing artist, both of which are open to the public at no cost. Attendees are free to drop in without registering, but registered voters will be able to vote for their favorite competitors on-chain with WAX NFTs, through a Google form, or with their feet in the metaverse. On-chain voters will even receive a small reward for their dedicated involvement in the event, don’t miss out!

Check out this bumping video trailer to get a taste of what’s to come this weekend! For a more in depth breakdown of the event and a preview of the digital assets contained in our NFT sale, check out Stephane Bisson’s interview on a special edition of the UpLifters’ YouTube show.

 

As for our NFT sale, all artworks produced during the events are the basis for the .gems design team to produce a multitude of collectible cards and 3D assets. On top of that, the season winner gets even more exposure in the NFT collection through a solo show, redeemable t-shirt NFT, his or her name on chain, and a special character card!

The pack contains 50+ unique designs and 5-6 variations that will of course come with some blending opportunities. And we’ve partnered with the popular Sk8coin collection to offer even more value to our collection.

We’re also producing some Season 1 Street.gems promotional coins that can be won through our giveaway or bought directly on AtomicHub.

VanCity Outbreak Blends Are Now Live!

Reid Lucier, the artist and creative mastermind behind the VanCity Outbreak Comicbook NFT series, is back with some standalone artworks designed to reward our loyal VanCity Outbreak NFT holders.

As mentioned in our previous EOS Hot Sauce article, we’ll be activating 1 different blend each week for the next 6 weeks as the kickoff event to Reid Lucier’s new standalone collection. Check out the complete schedule and full list of blending recipes.

As far as we know, this is the first time that WAX NFTs from one collection can be blended into NFTs of another collection! Powered by our custom blend.gems smart contract, we’re excited to continue pushing the limits of innovation in the WAX NFT space.

Visit our dedicated VanCity Outbreak Telegram channel to chat and trade with fellow VanCity holders and follow .gems on Twitter to stay up-to-date on all our NFT activities, including the blending instructions for this promotion.

9enereos

A collaboration between YoshiDrops, GenerEOS, and Scarce brings the limited edition 9enereos NFT to WAX! The launching of this NFT series is intended to pass on a powerful message about the core values of blockchain, which is to foster transparency, integrity, and ease. These ideals are sometimes overshadowed by the negative publicity blockchain tech and NFT-minting gets because of their environment-damaging effects.

This project adopts the more eco-friendly EOSIO technology and budgets the proceeds from the sale of these NFTs for the planting of thousands of trees to offset carbon footprints.

EOSIO is 17,236 times more energy efficient compared to Ethereum, according to research carried out by Cryptowriter Thomas Wolf. With this in mind, the 9enereos project seeks to raise at least 500 EOS in proceeds from the NFT sale, and 800 EOS overall. This would go towards a partnership with OneSeed to plant 3,500 trees, enough to offset a tonne of CO2 emissions annually.

Read more about 9enereos here.

EOS Nation is a top Block Producer on the EOS public network. We earn inflation rewards based on the percentage of tokens staked towards us. Those rewards are reinvested into EOSIO community, tools, and infrastructure. Help grow the ecosystem by staking your vote to eosnationftw for BP or proxying to proxy4nation

Remember, we never accept compensation in exchange for featuring projects in the EOS Hot Sauce. That means if a project is included in the EOS Hot Sauce it’s because we believe that project brings value to the EOSIO ecosystem and we want our community to know about it!

Are you building an interesting project on EOSIO? We want to hear from you! Reach out to us on social media or email info@eosnation.io. 

Thank you for supporting EOS Nation and for reading this week’s edition of EOS Hot Sauce! Want more spicy updates? Check out some of our recent EOS Hot Sauce episodes!

Merijn Kavelaars

The .gems team is proud to introduce Merijn Kavelaars as their next featured artist dropping on EOS soon. Merijn is an internationally celebrated artist from the Netherlands, known for his unique artistic language, action-loaded murals and colourful paintings. He won the Stolichnaya art contest and his physical works are in private collections all over the

Read More »

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Daniel Keyes

Chief Operating Officer (COO)
Responsibilities include: product management, operations, community
Location: Toronto, Canada

Prior to founding the first EOS community in Toronto and co-founding EOS Nation, Daniel spent a decade in the financial technology industry working several diverse roles. His extensive experience in customer service, sales, sales coaching, agent training, digital marketing, digital process management (lean green belt), and product management (certified scrum master, certified product owner) eventually lead him to consulting for a blockchain dev shop.

Daniel earned a Bachelor of Journalism from Ryerson University in 2009 and worked as a chase producer intern at Global TV.

Daniel lives by the principles of Truth, Love, and Freedom.