Youtube link: https://www.youtube.com/watch?v=V28FQNWcAAU
Project website: www.tellor.io
This call has a form of a status meeting. All developers reported what they are up to and what they plan to continue working on. New website, Treasury, Morphware, Tracer DAO, Diva, etc.
Hey everyone, welcome Tellor weekly dev call or it's like the daily diff call but we record it once a week when we post it. Hopefully you guys all had a great Easter. So, we're doing this on Tuesday, we took the Easter Monday off.
Alright, big updates, this week the vote kicked off on Easter, so if you guys want to vote on the next treasury it's like the same thing just double the rate. We actually had a whole bunch of people... a lot of people are starting to enter the treasury now because there's like a week left so they're just starting to figure out how the hell this works. Which is cool, so I expect the next round of treasuries will probably fill up. People are like oh man this is a good return. So super cool, we'll see how much people like it and then, so yeah go vote. The biggest thing it's too late to delegate or you know it has to do with your balance on Easter day, so go vote. Other things that we'll be doing this week; we'll be doing some more brainstorming on teller 360 on Friday, so watch out for that video. We're also going to re-deploy auto-pay. We made some changes to the auto-pay contract adding some getters and some other little features so pay attention in the docs. It's a contract that, it doesn't really, you can sort of re-deploy it and upgrade it without too much trouble, so we'll be doing that today. If you see us post a bunch of new addresses for auto-pay that's what it is and then tomorrow we'll probably, I don't know if it's live or not but I'll be speaking at Shred the System, it's like this crypto event at Harrisburg university up in Pennsylvania. They're having me so that'll be fun, it's a good broad crypto event so I have to explain oracles to people who don't know what bitcoin is, which is always fun but spread the word all right. Yeah, let's see, Josh what you're working on?
Josh: Made really good progress last week with the updating the Tellor treasury, so everything should be good, there's just a couple of dates that are being weirdly interpreted. So, once I fix that and push that, the treasuries will not only before you know being able to uh pay out the quarter one treasury but you could also use them for quarter two as well but you can access them and the page will render and everything would be good. So, that's the main focus for today. Other than that, yeah just trying to, if you want Nick the voting module too, I could upgrade that stylistically as well or we can just keep it as it is like I functionality-wise. Yeah, it was good, it said before the vote kicked off, it was you know just a couple of things like I said before just had to change the id and then we're going to go. But yeah.
Nick: Awesome, no it should look good. Also, for everyone else, we updated the website go have a look at the website go find some... we're trying to make it as simple as humanly possible, so we never ever have to think about it again. So, if you can find any errors let us know but then if also if you can find anything that may ever need updating in the future also let us know because we don't want to do it. Yeah, so that's the website. It does look really good though, it's looking great. Go have a look let us know if it works on your platform or what you guys think.
Brenda: Try to click on all the links make sure they all go to the right place.
Nick: Yeah, I mean the biggest thing is just like checking on like on your specific phone does it work you know like whenever we had, a lot of times like there's big words in there, there I remember like I opened up on my phone the first time and the word decentralized was cut in half but they just couldn't spread across a mobile screen so finding those little things that are embarrassing on mobile but should be good. Tally, welcome back, how are you? What's up?
Tally: I'm going to get started on or get back started on the Algorand integration and then as well I'm going to start on my first Telliot integration. The gas price oracle.
Nick: Cool, so guys Tally's going to be doing a gas price oracle. We've had some requests for it in the past and it's just one of those cool things like it's a historical gas price oracle so you'll be able to look at, you'll have to enter a block number and then you get the gas price on that chain and then that way you can do some refunds, so should be good. Should we have people enter a network too? Probably maybe yeah so gas price and then chain id yeah, I guess that and that'll be cool. Hopefully Tally will be quick but he'll probably be pinging some utility people and then he's going to make like a little checklist out of it too so it makes it easier in the future, so if you whatever resources you guys have point them in those directions. Thank you so much. Akrem?
Akrem: I am working on the tip listener, added the current tip, tested it with the old contract because it's the function so similar so that's that. Should be good I just, when the new contract deploys, I just have to switch the addresses we're doing that this afternoon so I'll do that later. Going and the next thing I'm doing is the adding the listening for the new feeds, integrating that and that's about it.
Nick: Super excited about it, so yeah, all right and then yeah Akrem, just meet up with Tally at some point today.
Akrem: We have a meeting scheduled after this.
Nick: Sweet. Owen?
Owen: Hey, first there's the Morphware thing and it's at a similar position to where I think Tim's at with his RNG query type, just doing the python side where the, essentially the class representation of that new query type is done in Telliot core and then I believe he has a data source and data feed done on the Telliot feed example side. So, now we just link them up and get some reported examples send us back to Morphware and then later in the afternoon I need to go back to doing the testing so we're switching over again to using a local node with Brownian ganache rather than Infura and so just doing some more of those Telliot core and then seeing which would be good for to hand off to like Lauren and Akrem to get some experience with that could be cool too. If you all want to do some like solidity mods as well for some of the contracts that we need to interact with but yeah so that's the main thing for me today.
Nick: Super cool, Lauren?
Lauren: I got all that monitor stuff finished, we were talking about on Friday if some of the settings in the app don't sync up with your environment variables you have to change it in the app as well on the Heroku website. So that's all fixed, I'm going to make the video today and then I know Will mentioned something about changing the style of it to match all of our other stuff, so maybe I'll send him a message saying if he wants to do that or Josh if you are interested in helping out too I know that's probably something you're better at than I am. And then I want to finish up the API query type and then Owen tomorrow I might need help from you just kind of making sure it all links up with the Telliot stuff correctly. So yeah.
Nick: Sweet, yeah priority on making it prettier is pretty low I think. Since we just got it working let's see.
Lauren: It's just a few stuff on the style sheet I think it needs to be changed but it takes me a long time to find it because it's so long and I know whenever Josh has helped me with it he knows exactly where to look so.
Nick: Spuddy? You want to give any updates? It's just waving.
Spuddy: Yeah I was just running a lot of test net reporters. I had this weird thing happen over the weekend where an AWS machine just went down. Never had that happen before. Kind of defeats the purpose of AWS you know. [
Nick: Wait the whole thing went down?
Spuddy: Like the whole instance quit working, froze, maybe I hit it too hard. I don't know. I would break everything when i'm trying to run this stuff all right, well now I'm running a reporter. It was running a reporter it was running like 40 reporters.
Owen: Ah so it might be like a memory thing.
Nick: Yeah I might want to split those up. I think once, overtime we'll slowly move those and I think make sure that they're there and then I think also I'll do one separate one for each network maybe. Okay and then also we'll probably want you to be able to teach somebody so over the next you know a few weeks like how to access those at least Brenda or I and make sure like in case you go down.
Spuddy: I've gone down before.
Brenda: A memory thing is going to happen no matter like it's just going to be a matter of time even if you split them.
Nick: Does Telliot store infinite data or does it like start parsing it?
Owen: No, it turns the logs so it sure.
Nick: Yeah that was our old miner, did not do that Brenda. We would just, it would just infinitely grow larger and then after if you just left it running it would be okay get some issues.
Brenda: I’ve been just there to find out why it came down if it was or if it was us.
Nick: Yeah if you get any logs or anything.
Spuddy: I'm going to start by just splitting up networks.
Owen: Did any new errors appear after updating it Spuddy?
Spuddy: A couple.
Nick: Cool, Quentin?
Quentin: Yeah I'm working on that Tracer integration, Tracer finance. I'm finishing up on the tests, I created the data specs and pushed it on GitHub. I'm also working on the the Zajac module still writing code for that.
Nick: Alright I'm going to push the Tracer integration over to them, see what they think so far and if they see any potential errors with it before you finish testing but I know they're at an event this week so may or may not get to it. Okay, Tim?
Tim: On Friday at Akrem’s request I just started adding a total tip getter. Really it gets it, returns all the query ids that have a tip, which would have been a simple add and test but in doing that I found one little bug at the end of the day on Friday, so I'm just testing that.
Nick: So you'll have a pushed auto-pay okay.
Tim: Now, it really should only affect the getters and not the core functionality, but so yeah I'm fixing that and then also I've got the updates to Diva payment. We had started making a separate Diva payment contract for the Diva protocol and then they wanted to actually put that inside of one of their own contracts so we're helping them, we're doing that together with them making those updates that.
Nick: And then RNG is just about done?
Tim: Yeah, again I've got a push for the the Telliot feed examples side of things Owen approved and slightly modified the core side thing on last week.
Nick: So we're done?
Tim: Well yeah, so now pending Owen's approval of the feed examples side of things.
Nick: And then we can start pushing random numbers, super cool.
Owen: Did you make a pr?
Nick: Cool and Imean so like if he pushes that to the feed examples does that also update the catalog, will that then be a supported one?
Owen: No, he was working on the data source and the data feed for it but then once that's done then we'll make it, plug it together. I mean I think we just need to get rid of the... but that’s a separate thing.
Nick: Oh and then at one today if you want to join and then Akrem if you want to join too I’m meeting with Sunny from Ricochet. So, they're doing, if you saw they reached out and the dev channel in there. They're trying to write some mock Tellor contracts. For their tests so I'm just going to. I offered to do it for them and he's like can you just explain it to me which is even better. Because it's a super simple fix just shown the changes so yeah that's super exciting. I may get a timeline out of them on the call too so that'll be good.
Tim: I guess that means they're doing things there.
Nick: Well they had like there was that bug in super fluid that they were yeah they were sort of dependent on.But I guess that's been solved which is super cool. So yeah I mean they're, they've always been one of our most promising users as soon as and they push stuff which is great. Alright, so we have two presentations today; Quentin's doing the ChainLink, some graphs on ChainLink, our competitor and Josh is doing the data feed. So, we're going to let Josh share his screen first and you can Josh go for it.
Josh: We are muted now, right? Does everybody's sees my screen?
Nick: Looks looks beautiful.
Josh: Cool, so this is live right now on feed.teller.io. We're going to talk to a little bit more about the ssl certificate security there but in general should be fine it's just a data feed constantly going of all the different chains we support at the moment. Obviously if that changes in the future this app should be able to account for that but for right now you can filter anything any reporting events happening within the Tellor ecosystem. There by default just 50 events and there's going to be some new unaccounted-for ones, here I checked, coming in there, you go there's a new one I saw those on the call and I'm in the midst of updating those a couple of maker reports and USDC report which I have not accounted for, but just waiting on pushing those. But in general the the app will show you the first 50 reports in the Tellor ecosystem, most recent, so this goes back all the way to yesterday at 5:45 whatever your local time is on your machine, that's just what it is for me and then if you want you can filter by anything that comes up as far as like each and you'll all be seeing those if you only wanted to see them. Those on Rinkeby then get filtered further and then you could do the exact same thing with any of the specific reporters that you'd want to see. You know if you are running your own miner or reporter that's pretty much it. I'm going to go ahead and clear another cool little front to end UI/UX thing now that we have, is like more dark mode enabled and also it will also be memory persistent and then as long as you don't clear your history in cache it will remember your light mode, dark mode preferences even on a refresh and stuff like that. Good old-fashioned UI/UX in there, So, yeah that's kind of just going to be the hub now i guess of everything happening within the Tellor ecosystem so that way everything gets updated in real time like if you wanted to you could literally just leave this open and the web page would just constantly update with new reports as they come in. It'll obviously be like a little bit behind any chain, it won't exactly report exactly when the report happens just because it has to make contact with the graph indexer first but it's pretty fast. Like within two minutes you'll see the new report but yeah that's that's pretty much it.
Nick: Super slick man there's I think this is super good. It's great you know, people have always wanted to be like how can we see how much Tellor is updating and what prices and everything like that it's just such a frequent question and now we have a place.
Josh: And it's at feed.teller.org.
Nick: Yeah, it's beautiful, perfect so all right yeah so remind me to put that in the link or Ryan whenever he posts a YouTube video if he doesn't. Alright Quentin you want to share your screen show us what you made. Quentin made a Dune dashboard, so yeah go for it.
Quentin: Can you see my window? Okay so yeah I made a Dune dashboard with the help of Lauren so I'll be going through some of the charts and graphs I made. I first made these with python but then I had to you know refresh my SQL knowledge to adjust them and do analytics which was fun. So the first one talks about the daily unique ChainLink users. So we can see at start it steadily increases from October to January 21st 2021 and then it levels off and stabilizes and it actually seems to be going down here in April. So I can't predict the future but you know if it keeps going down that may be a good sign for Tellor. Then we have the feed requests so how many transactions are actually made to ChainLink, so you can see that there are a lot of fluctuations sometimes, but just as in the first graph we can see that you know at the start they didn't have a lot of requests but then you know it ramped up and you can see that the average would be I guess about 2k daily if we take out the the ones that jump out.
Nick: Since they're all price fees I'm guessing. That just correlates with volatility yeah it could be higher of all days would probably see more requests just update your price feed.
Quentin: These fluctuations yeah.
Nick: They're pretty constant, too. Bcause like you'll see down here like who their users are. It's like they're all derivative based price feeds, so it's like it's going to be the same.
Quentin: So the next pie chart talks about how many feed requests there were per consumer. These are all-time feed requests so you can see here you know the biggest ones come from ChainLink somehow still don't really have an explanation for that but that's how it is. Then there's also another group.
Brenda: Are they reading their own data?
Quentin: Yeah, I mean their own data.
Nick: It might be integration contracts too yeah, we just don't know.
Quentin: Yeah I mean the SQL codes that comes with it actually just looks at the functions that read their contracts or request data so then the other section is actually the ones that don't have a name which are unnamed because you can see these are called this one is AAVE and you have Rari capital and Clipper. I went deeper into the other group the unnamed ones and it actually seems that a big part of them are also from ChainLink, so it means that you know at least more than 50% of all these ChainLink feed requests are actually from ChainLink. Then I filtered out AAVE and ChainLink to get a better view on the smaller ones, the smaller consumers we can see Rari capital and Clipper are the biggest ones. Rari capital is a lending platform, you can also borrow and earn yields. Then Clipper was a DEX with 800 million dollar TVL and then Synthetics also pretty well known I think. Got smaller ones here. This is the most requested feeds, so obviously Ethereum and BTC are the biggest ones and then we can go down and you can see even gwei is pretty big you know the gas price is a big one that gets requested. So yeah that's that. Then flattens out. Here again I filtered out sorry this is again the ChainLink feed requests per consumer.
Nick: Not really feed requests, it's just the number of reads on a contract.
Quentin: So yeah, you can see Clipper, Rari capital and then smaller ones a better view on those. And then I have a another weekly unique ChainLink users which gives another view of the of the stats.
Nick: Thank you, super cool. No I mean, so give it up, the reason I asked him for this was you know like a lot of times like we're trying to do a lot of this dev work and hey we can obviously reach out to a lot of these guys a lot of our customers and people we're starting to integrate with or sort of disgruntled ChainLink customers as in they can't add price feeds fast enough or they're not going other networks so who should we reach out to this is a great list. Another thing too it's you know you hear you hear from chain link all the time like it seems like they would have thousands and thousands of users on Ethereum but it's 20. It's a much much smaller number than most people realize. This is the same with anybody if you look at like how many users any of these apps that have hundreds of millions of dollars worth of TVL, it's not thousands and thousands of users you know 90% of the volume comes from usually five guys and that's like what you see here. 90% of the volume for ChainLink is gonna come from 5 guys and so you know like we're not as far behind. You know like we have 20 projects potentially in the pipeline now, like we could catch them in six months and be tied with them. It's crazy and you know we're not as far behind as a lot of people sometimes care to think about and it's pretty cool. The other thing too from sort of a business perspective you see whenever people are going to be paying for Tellor, so like ChainLink different, they pay for everybody's feeds and that's how they get a lot of users. It's like who are we expecting to pay for Tellor feeds in the future and to stake and it's going to be a sort of what's that law where like the 80-20 rule pareto principle. Yeah something like that, where we're probably going to have two or three big users just like ChainLink has, like AAVE and Rari capital and they're going to be the people that have to fund it because they're the ones doing all the reads and they're doing all the updates and it's going to look similar to that. So it's, you know if you're talking about how to sort of grow the demand for Tellor like, yes the little people help because you're hoping that those little people will turn into those big people but, we're probably going to have you know when we're requested when we're big it'll be two or three users that do 90 percent of their contract calls and and that's okay, that's sort of what the space looks like. That's what most spaces look like so it's just kind of some things to think about you know. You're not going to like if you're talking about getting on mainnet or getting on any of these networks like it's not one of we're really a b2b play it's not this thing we're like “oh we need to be able to have thousands and thousands of customers coming in and requesting new feeds and play” you know. Paying for them easily, it's if we get 50 people we're the market leaders, we're the market leaders and we can shoot up to a billion dollar market cap. It would be pretty cool so, just keep it in mind when you're thinking about what you're building and things like that, it's it's a smaller number of users and you're probably going to have a handful of really good big power users that actually make the difference. So, hope that makes sense but super cool, super cool dune charts. Good working with Dune Quentin.
Quentin: Yeah, it was fun, it's a pretty cool project, pretty cool website to use.
Nick: So very nice, well, oh we have questions, you can end it if you want. Okay, so we got two questions today, the answer super fast.
Question1: Will Tellor have its own platform or wallet? That we can use for voting or where will snapshots be taken and how are they to be distributed? The question's kind of all over the place.
Brenda: Are they asking about the treasury or just snapshot?
Nick: I don't know. I mean either way we're not going to have our own wallet a lot of other people are building wallets. We're just kind of piggybacking I know voting through other wallets is not the easiest now, like if you want to vote through metamask then you got to go click on our website and connect and vote like ideally you know I see in the future like a lot of times there will just be like governance buttons in these wallets but we're not working on it. Other people, it's a problem that's out there and they'll make it easier to use.
Brenda: We do have a website where they can go vote though.
Question2: Do you have a solution so the price of your coin does not depend on the price of bitcoin?
Nick: If we did...
Spuddy: Nobody has that.
Nick: Everything you know, if the price of bitcoin tanks by 90%, like it sucks but we're going down by 90%, Ethereum is also going down by 90%, this is the crypto market it's been this way forever. I started trading bitcoin in like 2013. It's been the exact same like all the coins mirror bitcoin but I like to look at his like I think we can do better versus other points and like you can look at the relative rankings similar there's a concept in economics of the real rate of return. So once you take out inflation and I look at bitcoin's gains as that so like you want to try and keep up with bitcoin because it would have, is it worth it investing in Tellor whenever you could have just put in bitcoin because that in my mind that's like the speculative premium because... bitcoin has no use at the moment so it's just all speculation. What is how much of Tellor how much of Ethereum is just speculation answer probably most of it. In literally every single coin, so taking that out like how can you how do you do, is more of the question. Anybody else have thoughts? But yeah we'll try, eventually we'll get the flipping come then it'll be the price of Eth so it'll be good. One of these days, one of these days. So alright, well thanks everyone for coming, talk to you guys next week and talk to most you guys later. Bye!