EOS Hot Sauce ingredients: 1 Token 1 Vote: A Thorny Issue, Vigor Launch is a Success, Learning EOSIO with Lena: Block.one Webinars, Ultra & Theta AMA, WAX Detective & More NFT Launches, EOS Name Service is Back, EOS Nation’s Nigerian Campus Tour: Voice
This week's spicy topics:
- Block.one’s Active Role in EOS Governance
- EOS DeFi: What Kind of Yield Farmer Are You?
- EOSX Monthly Update
- Built on DAPP & EOS: Yup
- Voice Ad Considered ‘Political’ on Facebook, CRYPTOwriter Grows
- WAX NFTs Continue to Lead the Charge
- Greymass New Account Creation Process
- Short Comedy: Cats & Blockchain Tech
Block.one's Active Role in EOS Governance
Excitement is in the air for EOS as many high-profile community members have been talking about upcoming developments that have them excited about the future of EOS. There’ve been posts from Block.one’s Brendan Blumer, vague tweets from Yves La Rose (CEO of EOS Nation) stirring up hype, and an audio clip shared by Everything EOS’ Zack Gall that reveals the next Block.one product will be a “financial services product.” In the clip Brendan Blumer explains that Block.one aims to condense the technology stack of “traditional finance or crypto currency exchanges” into something that “drives more value to the underlying asset holders as opposed to 3rd parties that benefit off existing volatility and to many middlemen taking fees along the way.”
We also got news from Kevin Rose, the Senior Vice-President of Block.one’s Public Blockchain Engagement group, about EOS developments happening right now. This week Kevin Rose officially reached out to public EOSIO testnet operators asking them to get ready to start testing the new resource model proposed by Block.one. He also stated that they’ll be launching a program to capture feedback about the new resource model, “which will inform our voting strategy.” Check out our tweet to read the entire message shared by Kevin Rose in the EOSIO testnet Telegram groups.
Will this voting strategy be linked to Block.one’s newly created 86M EOS vote proxy that has yet to vote for any block producers? Let us know what you think! We love hearing the EOS community theory-crafting about all the possible scenarios that currently lay in front of us. One thing is certain, this recent statement by the PBE is a clear indication that Block.one is dedicated to the future of the EOS mainnet and is going to be taking a more active role in its governance moving forward. This combination of on-chain and off-chain actions by Block.one has brought back some of the energy that the EOS community had for such a long time. Chatter across our EOS communities saw a significant uptick since the PBE announcement, and it’s been refreshing to see an overwhelmingly positive tone. Block producers are looking forward to engaging more directly with Block.one as we all work together to thoroughly test and implement the new resource model on EOS.
But that’s not all Block.one was up to this week. We got another EOS VC Portfolio update, which is now highlighting 100+ companies that have received grants and investments! Everything EOS tweeted a curated list of their favorite dApps that specifically mention using EOS.
The good news for EOS is coming at us from all angles this week and that’s exactly how we like it! Lets go EOS!
EOS DeFi: From Over-Collateralization to Yield Farming
Things are really starting to snowball in the world of EOS DeFi as more protocols go online and others ship significant improvements. Here are your EOS DeFi booster shots for the week:
The very user-friendly Wombat wallet provides free EOS accounts and has now integrated the PIZZA financial platform that allows users to lend or borrow crypto collateral while also allowing users to mint and trade 3x leveraged tokens. It’s never been easier for new users to get right into the thick of it to explore EOS DeFi without having to worry about $10 in gas fees!
Now it’s one thing to be able to quickly and painlessly jump into the DeFi space, but it’s a whole other ballgame to understand all the jargon and concepts that you’ll encounter on your journey. Thankfully the good people over at dfuse compiled The ABCs of DeFi, which allows new users to “demystify the jargon and understand the terms used within the DeFi ecosystem.”
For new users to EOS DeFi, the Equilibrium platform is a great place to start. Users can generating stablecoins like EOSDT by locking up crypto collateral like EOS. Their recent step-by-step guide explains the most basic DeFi tool available on the platform: staking EOS, EOSDT or NUT to earn interest.
Remember to be extremely careful when minting stablecoins by over-collateralizing assets, as this is a form of leverage! Make sure you know your ABCs perfectly before attempting to utilize leverage. There’s tons of great resources out there, such as Alfredo de Candia’s guide, DeFi: How to leverage on the EOS blockchain. Still have questions on DeFi or leverage? Reach out to us on social media, we’ll be happy to answer your questions!
After getting used to generating over-collateralized stablecoins, the next DeFi level to achieve is becoming a liquidity provider. On EOS there’s no better platform to do so than with Bancor, which has been pioneering DeFi use cases since their ICO on Ethereum in 2017. Now operating on both Ethereum and EOS, the new Bancor app allows users to swap tokens and provide liquidity for Bancor pools. Never provided liquidity before? Why not now? The water is warm and it’s the perfect time to dip your toes in the (liquidity) pool.
Still with us? Great! Now that you understand over-collateralization, leverage, and liquidity pools you’re ready to go all the way down the EOS DeFi rabbit hole and start liquidity mining. Do you have what it takes to become an EOS Yield Farmer? You’ll need some crypto, the willingness to utilize leverage, the willingness to trust new smart contracts, and the belief that DeFi protocol governance coins, like BOX, are going to be worth enough money in the future to compensate you for the risks you take today. Liquidity mining allows a project to attract high liquidity very quickly by distributing the governance token to liquidity providers early on in the development cycle of the project.
The brave crypto souls leveraging up their assets in order to maximize liquidity mining are at the forefront of DeFi crypto innovations and are called Yield Farmers. Some Yield Farmers aim to accumulate and hold the governance token while others liquidate these token as they get them to lock in a APR that can sometimes reach 70% or more.
And we’ve heard of others so dedicated that on top of providing liquidity and holding the token, they also buy more of the token to accumulate faster. What kind of Yield Farmer are you?
If you do choose to explore and mine BOX, we advise extreme caution as the project is still in its early stages. Make sure to do your own research! Check out their whitepaper and some recent updates to get started.
Are you more of a traditional finance guy? Is liquidity mining not interesting to you? Maybe we can interest you in some EOSOptions? Their unique model of “negative fees” charges participants like Quote Pit Operators (QP) and Liquidity Providers (LP) an opportunity cost instead of a direct fee for the right to operate. This opportunity cost comes in the form of forgone DAPP staking rewards, which is required for QPs and LPs to operate. Don’t want to purchase your own 250K or 1M DAPP tokens that are required? No problem!You can tap the original EOS DeFi product, Chintai, and simply borrow your required stake. Happy investing!
EOSX Monthly Update
In case you haven’t noticed yet, EOSX has been delivering weekly updates that have improved the block explorer in noticeable ways. Our favourite improvement over the last few weeks was the account name prediction and auto-complete.
Here’s the full list of updates this month on EOSX:
- Homepage improvements ensures seamless experience from start to finish
- Ability to view how many EOSDT tokens users have in their token balance, including those that are staked
- Account name prediction and auto-complete
- Easier switching from one account to another
- Users can use EOSX for localhost environment or custom EOSIO endpoints with history API
- Added transaction page authorization list within each action and contract account to action and action name
- Transaction page revamp
- Added new accounts to spam/scam filters
Built on DAPP & EOS: Yup
Yup is bringing an interesting and fresh approach into the mix, introducing an opinion layer on top of existing social media platforms. Based on user ratings they create a feed of the most valuable content across the web. Basically “What the internet thinks about the internet.”
Joining Yup is fairly easy as you simply need to install the chrome plugin and sign up. From then onwards you’ll see a button for an additional rating on supported social media sites like Twitter or Youtube and start earning YUP tokens which will be redeemable for cash.
Check out this short Yup Demo Video.
Yup originated on the campus of Columbia University and is a team of passionate young entrepreneurs. It was really interesting to get to know them in the latest DAPP Talk episode and we highly recommend to tune in.
Running on the EOS Mainnet their smart contracts are making good use of the DAPP Network to further scale at a minimal cost and they also started running a DSP node.
We’re excited to see this project evolve and are curious if there will be a Yup integration on Voice soon.
Voice Ad Considered 'Political' on Facebook, CRYPTOwriter grows!
There’s quite a bit of activity on Voice to report, as we’re counting down the days until August 15th when Invite-a-Friend and Human Sign-up go live and the platform becomes available in 20 more countries around the globe.
In preparation for the big day, the platform is undergoing a tokenomics update in order to align interests for the common goal of high-quality content and engagement. The first token reset will happen on August 13, “one of a few that may happen before [the]big official reset in a few months.”
Meanwhile, content creation on Voice seems to be ramping up as we see many links to Voice content shared across various social media platforms. Especially the Writing Company, which we introduced in the last episode of the EOS Hot Sauce. They’ve been doing a great job publishing articles for their various blockchain communities and raising the quality bar on Voice.
We have Sylvain Saurel, catering to the Bitcoin Community with the first
BTC Weekly Report and his article headlined Like Bitcoin, Voice Will Be Essential to Preserve Future Freedom of Ideas.
Our very own EOS Nation Ambassador Samuel Joseph also joined Voice last week as his company Lightblocks started a cooperation with the Writing Company.
Voice is a fresh breathing space, and already looking good with its sleek mobile app. The facial recognition onboarding process was flawless and I look forward to more improvements by Block.one in some areas i.e. the tokenomics”
Do you still remember the great promo video that the voice team published a few days before the global launch on the 4th of July, but then needed to take it down?
They did an edit and it’s back up on Twitter.
Unfortunately, Facebook prefers to stay ignorant of the inconvenient truth about the state of social media in 2020 and didn’t allow the video to be boosted as advertising, as it was deemed “political”.
Whoever made the decision to censor critical content over at Facebook, did a great job in proving the point that we need to #takesocialback
WAX NFTs Continue to Lead the Charge
Are you ready for Blockchain Heroes to be unleashed?
The highly anticipated NFT series is about to hit the market this Saturday and we can expect yet another wild sale. Packs will be available on Heroes.Market and the Atomic Hub. And because the Blockchain Heroes are no fans of outdated fiat payments, only WAX tokens will be used for purchases.
This is the first sale on WAX that will be done entirely in crypto.
So make sure your Wax Cloud Wallet is all set to participate. Check out our setup video tutorial if you need help. It’s ridiculously easy.
There’ll be a total of 125,000 cards in the set, 50 different heroes in 5 different classes, and multiple rarities. Cards will be sold in Standard Hero Packs with 5 cards and Titan Packs with 30 cards.
The Blockchain Heroes was funded by the community through WAX Labs and many decisions regarding the sale are based on community feedback. There’ll be a cap of 10 Titan Packs or 25 Standard Packs per purchase to ensure more people can get their hands on them.
And Base cards will be preminted and evenly distributed to ensure that everyone has a fair chance to get a low mint, another change the team made compared to previous sales. Cards of other rarities will still be minted when a pack is opened, and there’ll be a special card dropped to the first 50 accounts that made a purchase.
Check out the epic pack opening sequence showcased along with more details about the sale on the Anyobservations Channel. You can also find details in the most recent Blockchain Heroes Live Stream, with WAX CEO William Quigley as a special guest, where we also learned about something very exciting the WAX team currently is working on: Smart NFTs!
The Blockchain Heroes did a fun cross-promotion with Topps to stir up the hype and dropped an Atomic Adam NFT to every account that holds either a GPK or Blockchain Heroes card. There were a number of different rarities dropped, so check your inventory on the Atomic Hub if you’re eligible to find out which one you got. One of the legendary Atomic Adams already sold for 6000 WAX on the secondary markets!
The Blockchain Heroes really did a stellar job on promotion and community building in a very short time. Since the cards are inspired by real-world personalities from the blockchain space, this series documents an interesting time and brings together the various crypto tribes, helps to onboard new users, and has an educational aspect by giving context on each hero on the backside of the card.
Blockchain Heroes are a project by Joel Comm & Travis Wright, mostly known as the hosts of the Bad Crypto Podcast. They’ve become huge fans of NFTs and recently launched The Nifty Show, which is a series of interviews with representatives of various NFT projects. Their mission is to “Deliver Delight” and they are certainly doing that with the release of their Blockchain Heroes collection. They also welcomed the KOGs on WAX team in their most recent episode. That’s another NFT sale scheduled in August that we’re excited about.
We covered the various details about KOGs on WAX already in episodes 64 and 66 of the Hot Sauce, and we can’t wait to get our hands on KOGS. But CEO Ben Fairbank and Arclegger, the head of RFOX Games, shared additional details on the Nifty Show about their plans to develop a whole games ecosystem around the KOGs NFTs.
For now, we’ll leave you with this quote from Fairbank: “The need for value beyond trading is imperative. Players coming together across borders to compete in tournaments, compare collections, and trade items means the KOGs on WAX collection offers far more than run-of-the-mill NFTs.” It’s exciting to see NFTs evolve as there’s so much room for creativity.
Speaking about creativity, make sure to keep an eye out for the upcoming UpliftArt NFTs by mBlu Crypto. He turned his newest music video into an NFT as the first piece of the collection, and teased an upcoming NFT featuring EOS Nation CEO Yves La Rose.
All profits made by UpliftArt NFT sales are going to UpliftNation, a charity organization managed by the UpliftDAO. If you want to learn more about this project and the versatile personality of mBlu Crypto, we recommend a recent interview he gave to Coach Bjork on the Anyobservation Youtube Channel.
With so many upcoming NFT launches the WAX marketplaces will get very busy. And we can expect more demand on network resources too, considering the upcoming NFT game mechanics. Since WAX doesn’t have a REX system that allows users or builders to lease resources, we’re happy to report that Chintai has integrated WAX into their platform. WAX token holders can now lease out their resources via Bancor-style “pool markets” and get CWAX tokens in return. The good thing about CWAX tokens is that the price can only go up, similar to the REX token. Read all about how the pool markets work along with a brief tutorial in Chintai’s announcement article.
With one more seat still free at the table, we can already see Council Members making a difference.. Atari and Animoca Brands announced a partnership to bring classic Atari Gamesto the blockchain, for example. While the article didn’t mention WAX specifically, we know from a previous announcement that Atari plans to launch on WAX.
And Yat Siu, co-founder and chairman of Animoca Brands, said: “This significant expansion of our partnership with Atari allows Animoca Brands to leverage some of the greatest ever classic games into our blockchain strategy and on our popular platforms, including the hypercasual gaming platform Gamee and the digital collectibles platform Quidd. We are very excited at the opportunity to catapult these nostalgic, history-making games into the future.”
In other WAX news, we’d like to congratulate Kaefer for winning the first inaugural Office of Inspector General election. Kaefer has been a solid pillar in the WAX Community from very early on and we’re thrilled to be working together. We also would like to thank Marlon Williams of ZenBlocks for his great work as the previous Inspector General.
As you can see, the WAX ecosystem is bustling with activity. And a good place to share the excitement would be the upcoming WAX Blockchain Meetup #8 organized by Malta Block and EOSphere on August 11 at 7pm Central Time.
Guest speaker will be Evan Vandenberg — Director of Business Development at WAX and participants will get the chance to win a selection of NFTs.
Another great opportunity to win some NFTs is our very own Race for Rares, and last week we had the first participants unlocking the 1st tier Hot Sauce Hero NFT that came with a backing of 400 WAX tokens!
This week we’ll introduce another NFT as the newest addition to our Spicy Rare Collection: The Golden Chili! All you’ll need to do to for your chance to win the Golden Chili is leave a relevant comment about one of today’s Hot Sauce topics! You’ll also have the chance to win some Blockchain Hero packs and of course, some Spicy Rares during the live chat contest!
So make sure to tune in to the YouTube Premiere of this week’s EOS Hot Sauce on Sunday at noon Eastern Time, and don’t forget to sign up to be eligible for the giveaways.
Greymass New Account Creation Process
Think you can outsmart the guys over at Greymass? They put up a 1000 EOS bounty if you can do just that! Their new product, a owner key certificate for your new account, allows users to easily backup and recover your account if needed. Once officially released on Anchor, all new EOSIO accounts created through the wallet will offer this method of backup. Read up on all the details on Twitter or Voice.
This is a functional Owner Key Certificate for a real account on the #EOS network.— Greymass (@greymass) July 31, 2020
We loaded 1000 of our own EOS onto this account - but omitted out the 6-word encryption secret to help illustrate their security.
The tokens are yours, if you can take them 🧐 pic.twitter.com/zwbw2O6058
Cats Helps Me Chose Which Blockchain to Build On
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 firstname.lastname@example.org.
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!
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Curious? Explore the WAX blockchain like never before, and visualize the journey of tokens between accounts. Whether you’re a token holder just snooping around, or an exchange investigating the relationships between hacked accounts, anyone can be their own Sherlock with WAX Detective.
This week Yves La Rose, CEO of EOS Nation, sat down with Chaney Moore, Head Writer at Cryptowriter, for an in-depth interview about the thorny topic of 1-Token-1-Vote (1T1V) on the EOS mainnet. Chaney Moore did a great job writing this article and we hope that the community will appreciate the additional context behind our recently announced public support of 1T1V.
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