Links
Youtube link: https://www.youtube.com/watch?v=AEsSADkK4VU&ab_channel=Tellor
Official links: https://linktr.ee/Tellor
Summary
Ampleforth Price, Dev Updates, Questions
Whole call
Brenda: Hey everyone, November 14th and we'll go through everybody what everybody's doing but I'm gonna start off with so last night we had basically for AmpleForth the price feeds from chain link and Tellor were very similar because we follow very similar methodology but ample's number was quite different and you know as of now everything's fine with us we're following the specification as we were given by our our user but we are working we are going to start working with them very closely to make sure that we close that Gap in the Divergence that's pretty much all I need to say about that I think for you know we're adhering to the spec and we're gonna work closely with them to fix whatever if there's anything that needs to get fixed well with that said we can start with the dev call Tim I think you are the one that just finished something really exciting.
Tim: Yeah so I have been working on what's called a toxicity measure which is it's it's measuring the health of lending protocols in this case on polygon and it's measuring the ability to liquidate all positions in the leading lending protocol based on how much is Lent out and how much can be how many how many tokens can be acquired on other markets to go to go to liquidate positions so so yeah we just delivered one version of that calculation the other day to our user and we got some feedback and some adjustments to make so that's what I'll be working on today but yeah I think it's like a it's a pretty cool use case for Tellor it depends on going and getting all this data off chain and manipulating it and doing all these calculations and then finally putting that final result on chain so it just shows a cool use case of just aggregating all this data and doing transformations and then doing all that work off chain and then using Tellor to get that result launching and would you say that this is the most off-chain computation heavy use case of Tellor that we've had approaches so far yeah I would say so yeah that's cool you know the random number generator kind of has some calculation some heavy computation off chain but yeah this one takes the cake a large part of that is just the volume of data that it depends on depends on looking at every every user every address that's interacted with these lending protocols.
Mike: Yep that's interesting to me just from like just thinking like in terms of marketing and just like the product that Tellor is just that added layer of like the heavy off-chain computation aspect to being an oracle it's not simply just a messenger which is really important the Oracle problem but like this sort of scaling solution that can be having this option computation component where it would be extremely expensive to do this stuff on chain just it's another layer of which what Tellor provides it's cool to see it hopefully go live one yeah exactly the ability to do that is live but it's cool to see a user come to us and allow us to flex that muscle.
Spuddy: I think we should note too that these you know the off-chain components are going to be open source too where other oracles might not do that where you know anyone will be able to run the off-chain computation and submit the data and compete for the rewards just like you know everybody.
Brenda: And be able to validate the data because that's super important for Tellor yes and it's a major part of our security so yes once Tim gets the thumbs up we'll make sure that we'll implement it into Telliot and everybody should have access to it yeah this one is the stuff because like go ahead Spuddy what'd you say I was going to say this one is gonna be tough to run okay it's a lot of node use but you know not everybody has to do it I would tell you you have the choice you know you can choose what data feeds you want to support and the ones that want to support this they're you know they'll have something to start off with so so yeah don't feel like you have to but it'll be there the mechanic like the crypto economics and the and the business model of how Tellor the protocol works isn't is designed that the only on the only closed sourced aspect of it has to do with how the data from data reporters and their like specific custom software works so that they can win this race but it's not about it doesn't require it doesn't incentivize being close source about your data source which is a really interesting dynamic because we sort of we don't disincentivize all this stuff being open source except for that one component because they're racing as opposed to chain link or this you know the more centralized oracle world where their whole business model these different data providers their whole the whole thing is set up to incentivize people being very close source about the accuracy of their data and their proprietary methods for putting it for getting it and and calculating it and so you must trust them and you could use them because you know we're this most trusted source we're a big institution and we have all these like really amazing proprietary methods that only we can do you know and it's like two different worlds I think just just it's just really cool.
Brenda: I agree who wants to go next Tally?
Tally: Sure I'm taking a little bit more time to work on the mimicry implementation it's pretty long the typescript algorithm so I'm just going through it and then I'll be testing it the next two days yeah so that's that's what I've been working on primarily and then I need to update the contract addresses in the monitor as well.
Brenda: That should be an easier for yeah yeah all right and Ryan? How are our front ends looking.
Ryan: Things are looking good we got Arbitrum up and running so you'll see that coming through the data feed just the fun feed is actually ready to go as well for polygon and Mumbai I'm just doing a couple cosmetic changes but it is fully functional as it is right now and then I'm going to start working on the voting page so we can just tailor it to more general disputes because right now it's geared towards the treasuries which we don't have anymore right yeah I know that that's that would be super useful I mean not that we haven't had that many disputes but it's always easier to go through them yeah yeah awesome and study how's car miners coin you're muted great I'm looking at the data feed this morning and everything was really stable over the weekend my I'm kind of working on getting enough girly ether to run a goerli validator so that I can get even more go early Ethan because that's our main you know that's how much do you need I need 12 more to start up the validator because you gotta have 32 test net I descendants I can send it to you I know you did okay I was trying to get it myself but mean that way you get more right away because I mean yeah I have like 100 and something so cool just because that's you know that's the test net that mimics mainnet so we want to definitely be able to continue to use that I'm sorry there's this I discovered this whole market like if you search on Twitter for girly ether testnet ether there's actually a market for it like there's people selling it are you serious yeah for as much as like ten dollars for one girly ether that is ridiculous yeah Brenda you should sell it I know you know what I'm just gonna go and make some money off of that no I mean that is ridiculous like that's one of the reasons like you have testness so you don't spend money real money and actually incentivize people to to test yeah why is this why is it so hard to get that's a good one because there's because there's there are people who are running validators and going to the proof of work faucet so that they can get all of it in charge for it and I think that it's happening too because prior to the merge nobody was really using Gurley everybody was using Rinkeby right yeah right anybody who had an amp on garley is like hey you want girly ether you gotta buy it and.
Brenda: And one of the reasons we use Rinkeby was because their faucet is so bad like it was like you get a little bit of girly every time they went to the faucet when it was working so it's just easier to do a Rinkeby because it's easy to access these test tokens oh man well that's funny kind of but hopefully it doesn't disincentivize people from testing their code you should always test your code so but also Spuddy thank you for being like pretty much on call last night I know you wanna Akrem jumped on as soon as you know I asked you guys to jump in and check out AmpleForth even though there's nothing wrong with it like I really appreciate you guys being available.
Spuddy: Yeah so it's people in their Discord in their public Discord reached out and said hey you know the price on the market is like a dollar twenty for one for like ample USD but the Oracle rate is too low they were maybe somebody bought a whole bunch of ample and they were expecting a positive rebase but you know the like it's the Oracle uses volume like volume weighted average 24 hour average and the way the oracles get that number is you know ample fourth tells us how to do that so you know that's that's why the Oracle rate is what it is so yeah if we need to change that ample forth will have to tell us that we need to change we work really hard to actually get it to just to the exact specification and last night I mean chain link had a very similar number than us and I I did see like what you sent me from coin market cap so there is there definitely a Divergence in the exchanges that are being used we just need to make sure that we get an updated list from Apple forth before we we move our you know our spec too much so so yeah I'll ping them today hopefully we'll get something from them if not you know it'll be what it is until they give us a new spec so the way the price action was I don't think anybody could really fairly say what like what the volume weighted 24-hour average should have been I mean it was like there's like one huge jump in the price but that doesn't mean that the numbers should have been higher necessarily yeah I mean it started at around five four five PM when he like sort of ramped up so in who knows if you know maybe also I mean Apple fourth usually has pretty good I think in my my understanding is that they have outlier detection so you know but their number was still higher so you know because the ample was the outlier the ample for authorical was the outline right but I'm saying within their calculation like I would I would have expected to also have some like you know outlier detection within it but I guess because it was over a few hours it's just kind of difficult to just say this is just the one they would have to be comparing their sources with chain link sources in our sources to identify that outlier you know and maybe they maybe they know what it is and hopefully they can compare it also to with if they're using a set of exchanges they can compare those numbers across changes and actually be able to like say like two standards deviation.
Brenda: Like don't use it or something like that but because it started around 4 5 PM and then was sort of steady or steadily going down like through the next of the next two hours and their number or their 24 hour is it ends at 7 pm our time I think or whatever UTC midnight is so you know I don't know we'll figure it out and as of now just follow the spec if you are reporting for ample you will be fine so so yeah that's pretty much where we're at Mike in terms of the dev side we're also starting to we'll be starting the basically tidying up all our documentation and making sure that everything looks great for future users so they can integrate us with you know as a little hand holding as possible because you know we are an open protocol and that's the way that it should be nobody really hand holds you to deploy on Ethereum but we're here to help you obviously throughout this process and we're happy to get any feedback from you so that we can make it get better and get it to the point where it is like truly good documentation that you anybody can follow. So yeah I don't know if anybody wants to add anything? Okay well thanks guys I'll be here all day so.
Mike: We want to answer the question?
Brenda: Oh yeah questions we had one good question I think right yeah right and you're pulling it up.
Ryan: I'm not.
Mike: Okay I like your camera it looks like you're like a light I have it I have it okay but like Ryan is on it yeah it is are we planning to integrate something similar to chainlinks proof of Reserve service and he gave a link so I don't I can't speak I don't know if anybody else can speak on the details of how chain links proof of Reserve works but basically it's this service that puts on chain proof of the reserves of a protocol or an exchange or a stable coin or something like how much any product that is has a that is backing assets off chain there's a good reason why people want to be able to reference that on chain especially given what has happened with FTX recently so it's it's sort of a big a big talk and I remember the day that all this stuff started happening on Twitter there was a lot of tweets from chain link saying like every every exchange every protocol should be using proof of Reserve. I'll just my personal question about how the proof of Reserve thing works is I think it still completely relies on trust of the organization who holds the reserves to provide that information to a chainlink data provider to have them put on chain so you're still relying on it's basically like to me it seems more like a proof of I promise we have Reserves and we're putting these promises on chain is it kind of like kind of like a closed Source off chain computation yes and it's just like these trusted people again they're going to be putting numbers in on chain but I think I think it's any different than than SBF tweeting I promise we're one-to-one backed that he did you know he posted that just like a week ago before this all this stuff happened and Coinbase did the same tweet you know all these exchanges are promising these things and if chainlink just puts that data on chain like I don't know.
Brenda: I don't know how this is trustless at all it's basically my point so right with any data you have to think about like what is the economic incentive behind it and you know there is really no economic incentive for any protocol to admit that they don't have enough reserves so unless it's open somehow or every all or all of their reserves are on chain they're really not it's very difficult to verify but if there is a customer out there that wants this we're happy to work with you on a specification that makes sense perfect then thank you guys.
