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This is epicenter episode 472 
with guest Frederick Agha. 

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Welcome to epicenter the show 
which talks about the 

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Technologies project and people 
driving decentralization and the

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blockchain revolution. 
I'm Felix. 

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And I'm here with free tarika 
errands today. 

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Today, we're speaking with 
Frederick haga. 

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Who is the co-founder of Dune 
analytics? 

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Doing is an analytics platform 
focused on blockchain Data. 

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Before we talked with Frederick 
about genetics, we'd like to 

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app. 
So welcome, Frederick to 

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epicenter. 
Thank you so much, very excited 

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to be here. 
Epicenter was one of my first 

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name means forces for 
understanding this crypto world 

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when I got excited about it back
in 2015. 

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So cool to be here. 
Yeah, awesome. 

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I think we actually met at a 
epicenter of meet up in Def con 

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for in Prague. 
So, Really awesome to have you 

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on today and obviously you come 
a long way. 

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And I think that's also where we
wanted to start, right? 

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Like basically how did you come 
up with the idea for doing kind 

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of like can explain a little 
bit? 

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What is you? 
And how did you get into crypto 

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and to build, Dune for sure. 
Yeah. 

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So me and my co-founder we were 
working at the big company back 

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in 2017 when the sort of hype 
happened. 

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For the I co-creation all that 
and we I was working full-time 

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on blockchain. 
I was already interested and 

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managed to sort of work on it 
because of all the interest and 

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then I met my co-founder. 
He was also interested and we 

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ended up forming a small team, 
doing a lot of prototypes and 

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playing around with blockchain 
and and building on the theorem 

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first and foremost and build 
prototypes and did hackathons 

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and all that. 
And then over time, we realized 

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that Third during the Spring of 
2018 that, you know, the hype is

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kind of dying and people are not
that interested anymore. 

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And this technology is still 
very young and clunky. 

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And so like this big Corporation
might not be that interested 

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anymore, which was fine and 
understandable honestly. 

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So but we were nevertheless just
as excited about the technology 

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and the potential for open 
finance and programmable assets 

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on the internet and whatnot. 
So we started thinking about 

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problems to be solved. 
Really? 

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Space. 
And we had since we had built 

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and deployed some smart 
contract, we knew that getting 

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the data was was pretty clunky 
and hard and so that kind of 

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what seed the idea for starting 
June and then over time, we also

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understood that the fact that 
this data is inherently open. 

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It's like a total game changer 
for how you can build data 

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product in this space and you 
know it's a huge Paradigm Shift 

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worse, previously all day. 
And all data tools is like in 

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closed environments like inside 
the and, you know, engineering 

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or product organization building
web to product or inside of a 

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financial institution and the 
name of the game is really close

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to the building tools around 
proprietary data sets and 

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whatnot. 
And so, I think that the thing 

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that we understood pretty early 
on was that, oh, when the data 

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is open like you can actually 
aggregate, you know, a Aggregate

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all of this knowledge and 
building that people do in the 

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space as opposed to defaulting 
to to private and we sort of 

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flipped it on its head and set 
its default public, right? 

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So that's kind of how we got 
started in. 

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And in the beginning, it was 
like really hard impossible to 

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raise any funds. 
We didn't have a salary for many

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months and yeah, we traveled to 
a few of these, like, if a 

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ketones and I've come and 
whatnot on like, very tiny 

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budget, sharing Hotel bedrooms 
Watson me and just Try to find 

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anyone that wouldn't was 
interested. 

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It was hard because not that 
many products were actually live

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with the usable products at the 
time, right? 

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So, the sort of Market was 
small, but they were dedicated 

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group of people that kept 
building and we're excited. 

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And those were the ones we tried
to serve and think that has 

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turned out to be a good idea to 
bet on the people also betting 

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on this future. 
So in a way what you've done 

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this kind of you've aggregated a
an enormous database that people

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can easily carry right? 
And basically your products kind

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of fall into two divisions. 
So the dashboards and the API, 

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can you kind of talk about the 
distinction between those and 

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what exactly they offer? 
Sure. 

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So In its simplest form. 
What we do is we take data from 

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the blockchain nodes, we put it 
in a database, we do some 

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transformations to make it 
easier to work with. 

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So you have Smart contract 
events, you have other 

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abstractions on top of that as 
well, so you can see how this is

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a unit of trade. 
But you can also say, oh, here's

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a table with all the trades from
all the decks has and, you know,

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easily query that. 
So, we put a lot of effort into 

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good, sort of data, ux And what 
we do then is to allow anyone to

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go to our website. 
Browse all these tables write 

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SQL queries on top of it, get 
results and then visualize it 

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and turn it into dashboards. 
And and I guess what I alluded 

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to earlier is the fact that this
is all public by default. 

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So if you go on doing, you do 
something, someone else can see 

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it, they can see the sequel. 
They can Fork it, they can make 

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their own version and whatnot. 
So, it's all kind of remixable 

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open for anyone to, to On top of
each other and then also we're 

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about to launch an API product, 
which has been highly demanded 

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for a long time. 
And essentially, you know, take 

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any of these endpoints, that 
underpin, these dashboards and 

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query results and turn it into 
programmatic programmatically 

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accessible API endpoints, which 
I think is going to be a massive

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enabler for a lot of people to 
not have to do all of this, 

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tedious data infrastructure and 
Maintain so pipelines and 

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whatnot to, to query this data. 
Yeah, we're going to get a bit 

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into like, what the use cases 
are. 

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I think one question that maybe 
people are interested in is 

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like, if you talk about the 
dashboards, obviously we have a 

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lot on doin. 
Do you have a favorite dashboard

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yourself and then which one is 
it? 

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So, I've had a favorite for a 
while and I think it's maybe 

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even more fashionable right now,
which is maker dolls, balance 

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sheet built on Dune and I think 
this was a particularly exciting

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example, I think they built it 
out a couple years ago, really, 

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but the fact that you can have a
real-time balance sheet feeding 

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from the blockchain that anyone 
in the world can go and look at 

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on a website and they can see 
what which query created this. 

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Balance sheet. 
And you know, if you don't like 

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it, you can Fork it and you can 
massage it, right? 

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So it's it's really very 
scrutinized ssible and the fact 

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that it's real time and you can 
see which assets, which 

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liability is all these things 
and the revenue right block for 

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block, you can see the revenue 
coming in and so you can do like

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all the way from like Financial 
auditing to even investing. 

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And you can say, oh, I can have 
a real time price to earnings 

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ratio for the maker token, 
right? 

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You can look at that met. 
Break that analysts in the 

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traditional Equity world would 
figure out once four times a 

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year. 
Whenever the PDF drops, you 

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could say, oh, now that it's 
priced this relative to their 

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last quarter earnings, right? 
But like, literally you can do 

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that every 12 seconds only to 
block chain with with a dune 

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dashboard. 
And I think this was very 

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Illuminating because it 
displayed, you know, people have

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been looking at all kinds of 
weird metrics on dude. 

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But this displayed, you know, 
the old world, kind of, but in 

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this new world of Our cellular 
on blockchains. 

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I think that was a very 
Illuminating example and then of

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course with the FDX pole out 
recently and they're cooking a 

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books and whatnot or lack of 
books, all together, maybe 

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illustrates how insane it is 
that make your dough and 

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whatever other Financial product
built on. 

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On the blockchain is there for 
people to all it to monitor 

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real-time. 
And there's no hiding, you know,

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it's like completely illuminated
and the theorem has been Call 

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this like Dark Forest but I 
think like doing this a huge 

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flashlight into that dark Forest
Illuminating, everything you 

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want to see really? 
You can you can get there and 

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you can look at it and I think 
the beauty of doing is that this

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is not. 
You don't have to be deeply, 

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technical to go. 
There, you can look at what 

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other people are doing and you 
can Tinker around them. 

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You don't need to set up data 
pipelines and infrastructure to 

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understand, which I think is 
powerful. 

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The dock pool Legree is usually 
used to, to refer to the member 

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though, right? 
It's not, I mean, so basically 

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everything that happens on 
blockchain is by default open. 

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I'm not going to say transparent
because I totally hear you that 

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basically getting the data is 
not always easy. 

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It is possible though but maybe 
let's talk about the 

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difficulties that you guys have 
navigated the challenges that, 

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Do you have grown to with you 
and so basically why is actually

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getting this data together? 
Why is it difficult? 

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Yeah, no it's a great question. 
So I think Well, so a blockchain

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is a system that's built for 
like verifying transactions and 

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you know, activity as it happens
and letting people sort of right

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to the blockchain. 
Right. 

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But it's not necessarily 
optimized for getting data out 

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of it in large quantities, 
right? 

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So so already building a 
blockchain is a hard engineering

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problem and the constraints that
you would focus on is the 

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verify. 
Caishen how many can easily 

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verify it and then you can 
actually make transactions and 

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interact with it. 
So the whole sort of this called

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Big Data, aspect of it is not 
really what that system is 

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designed for. 
And so that means that it's 

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actually a surprisingly 
complicated to get the data out.

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And you need to go block for 
block and ask for all the 

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different things that happens in
the chain. 

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And since like a, no, this is a 
piece of straw software. 

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That's not optimized for this. 
This is way more messy than most

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people think. 
And, and it's not like you just 

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hit play and it will the data 
just arrives. 

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Like things happen. 
There's where transactions that 

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stole the system. 
And I think the most extreme 

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example or clear, example of 
these things, are these sort of 

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get Forks, so something like, 
Finance. 

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Our chain or polygons that have 
tweaked the parameters of the 

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get node with essentially lower 
block time and higher 

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throughput. 
Right? 

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And so what happens then is that
some of these nodes Have a 

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really hard time. 
Sort of, reproducing, something 

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that happened, I say, you know, 
a million blocks ago. 

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And so, it means that they're if
they're blocked time is three 

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seconds, but they might spend. 
So, I spent like a minute 

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producing a trace of something 
that happened and I mean, it's 

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when your back feeling that 
chain like you, diverge from 

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head, if it takes one minute to 
get a In this produced, you 

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know, 30 or 20 blocks in that 
time, you've gotten one more 

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block and then you you 20 bucks 
behind right further behind than

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what you were before. 
So since these are systems that 

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are not really built for taking 
the data out, you do have the 

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issue of like all these kinds of
bottlenecks and quirks. 

227
00:13:44,600 --> 00:13:47,400
And so it requires a lot of 
hand-holding to just get the 

228
00:13:47,400 --> 00:13:50,700
data out and then of course, 
just like having a performance. 

229
00:13:51,400 --> 00:13:54,300
Infrastructure and system in 
place to efficiently query. 

230
00:13:55,200 --> 00:13:59,700
What's becoming a lot of data? 
And, you know, there's etherium.

231
00:13:59,700 --> 00:14:03,400
But there's also these each 
other evm chains that typically 

232
00:14:03,400 --> 00:14:06,700
have more throughput and 
produces more data and then you 

233
00:14:06,700 --> 00:14:10,000
have things like Solana, which 
kind of thinking in less than a 

234
00:14:10,000 --> 00:14:12,600
week produced more data than the
whole of the theories pastry. 

235
00:14:13,500 --> 00:14:18,400
So there are non trivial amounts
of data as well to query. 

236
00:14:20,000 --> 00:14:22,700
Yeah, I totally get that. 
Maybe maybe let's dig down a 

237
00:14:22,708 --> 00:14:26,800
little bit deeper, though. 
Just I mean, maybe let's say 

238
00:14:26,800 --> 00:14:30,100
only Theory mm exclusively 
because I totally understand 

239
00:14:30,100 --> 00:14:33,400
that basically other chains 
with, you know, different 

240
00:14:33,400 --> 00:14:37,400
broadcast limits and so on have 
have higher mountains. 

241
00:14:37,500 --> 00:14:41,900
Let's say I have an archiver 
node running and that basically 

242
00:14:41,900 --> 00:14:47,000
gives me the state of each 
variable at each block, right? 

243
00:14:47,000 --> 00:14:52,200
So why why would it be Code for 
me to kind of run a query on 

244
00:14:52,200 --> 00:14:55,500
that archiver note. 
I mean, I don't, I mean running 

245
00:14:55,500 --> 00:14:58,100
an archiver. 
Note itself is a non-trivial 

246
00:14:58,100 --> 00:15:00,800
thing, right? 
But I mean if, if you're going 

247
00:15:00,800 --> 00:15:05,600
to do that, what exactly is the 
butter and egg? 

248
00:15:05,600 --> 00:15:11,000
For me, if I want to grab, like,
say the uni swap volume for 

249
00:15:11,000 --> 00:15:13,900
specific token power over the 
last two years. 

250
00:15:15,600 --> 00:15:18,600
Yeah. 
So, you know you I think you 

251
00:15:18,608 --> 00:15:24,300
need to know then exactly what 
you exactly what you want to 

252
00:15:24,308 --> 00:15:26,600
look at. 
Which is also not trivial, 

253
00:15:26,600 --> 00:15:27,900
right? 
So you say, Okay, I want to look

254
00:15:27,900 --> 00:15:30,400
at units per volume for last few
years, okay? 

255
00:15:30,400 --> 00:15:34,000
That's, I don't know the exact 
number but it's probably at 

256
00:15:34,000 --> 00:15:36,400
least in the tens of thousands 
may be in the hundreds of 

257
00:15:36,400 --> 00:15:38,900
thousands of contracts. 
So we first need to figure out, 

258
00:15:38,900 --> 00:15:41,900
like, which contracts do I care 
about, which are definitely a 

259
00:15:41,908 --> 00:15:44,900
lot, because they deploy new 
contract for every Market that 

260
00:15:45,000 --> 00:15:46,900
That they create or every pair, 
right? 

261
00:15:48,400 --> 00:15:52,900
So so you need to somehow know 
what data you're looking for 

262
00:15:52,900 --> 00:15:57,300
from the node. 
And then of course you get that 

263
00:15:57,300 --> 00:16:02,100
then that in and of itself. 
Want, give it the answer because

264
00:16:02,100 --> 00:16:04,200
you also for instance will need 
a USD price. 

265
00:16:04,300 --> 00:16:07,000
Like, if you wanted to aggregate
all this volume, you need to 

266
00:16:07,000 --> 00:16:12,200
know, okay? 
If like you cat coin and do coin

267
00:16:12,200 --> 00:16:14,700
or traded, what are those 
actually worked that? 

268
00:16:14,700 --> 00:16:16,700
That's, you know, some data you 
would get from the blockchain 

269
00:16:16,700 --> 00:16:20,000
but wouldn't be practically that
useful to you need something 

270
00:16:20,000 --> 00:16:21,500
else. 
So you need to USD volumes. 

271
00:16:21,500 --> 00:16:29,000
You need to fetch that somewhere
and and and join it and multiply

272
00:16:29,100 --> 00:16:31,500
the amount. 
It's so you have that type of 

273
00:16:31,500 --> 00:16:35,700
problem and then you have all 
their sort of higher level 

274
00:16:35,700 --> 00:16:39,500
circulation problems where there
is a lot of spam for instance. 

275
00:16:39,500 --> 00:16:43,900
So some will create some sense 
nonsensical token, you know, do 

276
00:16:43,900 --> 00:16:46,500
you want trade that makes it 
worth a billion. 

277
00:16:46,800 --> 00:16:50,800
And then you can do a massive 
trade that looks like, it's like

278
00:16:50,800 --> 00:16:53,300
1 billion dollars worth of 
volume, but it turns out it's 

279
00:16:53,300 --> 00:16:58,300
like, you know, just some folks 
training with each other on some

280
00:16:58,300 --> 00:17:00,400
worthless token, right? 
So, There's also like that 

281
00:17:00,400 --> 00:17:04,099
element to it so I think it's 
like both technically 

282
00:17:04,200 --> 00:17:07,599
non-trivial. 
There's also a lot of context 

283
00:17:07,900 --> 00:17:11,300
that you need to to do this. 
So basically it's the 

284
00:17:11,300 --> 00:17:15,800
integration of different sorts 
of information into one database

285
00:17:16,000 --> 00:17:19,900
together with kind of the 
categorisation and curation of 

286
00:17:19,900 --> 00:17:24,599
different contracts and feeds. 
Is that is that high-level 

287
00:17:24,599 --> 00:17:29,300
correct? 
Yeah I'd say so you know also 

288
00:17:30,200 --> 00:17:35,100
Sort of the benefit of what we 
do is that we fetch absolutely 

289
00:17:35,100 --> 00:17:39,700
all the data, right? 
And so, you can sort of have 

290
00:17:39,700 --> 00:17:44,300
that as a starting point, but if
you interact with node, you 

291
00:17:44,300 --> 00:17:47,700
know, if you do want to answer 
some specific question, you do 

292
00:17:47,700 --> 00:17:51,500
need to know what data you want 
to do, but then and you can run 

293
00:17:51,500 --> 00:17:53,500
that and it's going to take you 
long long time and you have to 

294
00:17:53,500 --> 00:17:56,800
sort of handle the process and 
then if you say oh but actually 

295
00:17:56,800 --> 00:17:58,900
I want to check this other thing
or match it with this other 

296
00:17:58,900 --> 00:18:00,100
thing, you know. 
Then you have to do. 

297
00:18:00,100 --> 00:18:03,300
That whole exercise over again 
just like, oh, but actually, you

298
00:18:03,300 --> 00:18:07,300
know, I want a question related 
to balancer pools, you know, 

299
00:18:07,300 --> 00:18:09,300
then you have like, a whole 
process going. 

300
00:18:10,300 --> 00:18:15,500
And so yeah, yeah, I think it's 
essentially just in theory, 

301
00:18:15,500 --> 00:18:19,900
doable, but in practice, like a 
lot of hard work and a lot of 

302
00:18:21,100 --> 00:18:26,400
mess, even for a sophisticated 
sort of data engineer, Right? 

303
00:18:26,400 --> 00:18:31,100
And you recently also upgraded, 
I think maybe going a bit to the

304
00:18:31,100 --> 00:18:35,200
technical part of it from like a
V1 do into V2. 

305
00:18:35,200 --> 00:18:38,500
Can you talk a little bit about 
what what you've changed there 

306
00:18:38,500 --> 00:18:41,900
and how it improves The Human 
Experience are also like what 

307
00:18:41,900 --> 00:18:44,500
was the problems with the dude 
experience so far? 

308
00:18:45,200 --> 00:18:49,900
Yeah, for sure. 
So we had a post request based 

309
00:18:50,100 --> 00:18:53,500
system for you. 
You'll be one which was a great 

310
00:18:53,500 --> 00:18:58,000
start for a noon. 
Great piece of technology, but 

311
00:18:58,700 --> 00:19:00,600
with a lot of data, it became a 
problem. 

312
00:19:00,600 --> 00:19:05,800
So basically a lot of queries 
would time out and like a 

313
00:19:05,900 --> 00:19:11,500
podcast type of system is good 
at for being fast on relatively 

314
00:19:11,500 --> 00:19:16,400
small amounts of data, but not 
great, when it comes to a lot of

315
00:19:16,400 --> 00:19:18,600
data. 
And so there were a couple of 

316
00:19:18,600 --> 00:19:22,400
limitations in addition to like 
performance over large data set,

317
00:19:22,400 --> 00:19:25,700
like you couldn't, you couldn't 
look. 

318
00:19:25,900 --> 00:19:28,600
Say like median gas price over 
the history of the earth, whom 

319
00:19:28,600 --> 00:19:31,500
the blockchain, we just time 
out, we run for like 30 plus 

320
00:19:31,500 --> 00:19:34,300
minutes and then you know, you 
wouldn't get a result. 

321
00:19:35,300 --> 00:19:38,900
There's also there was also the 
problem that like, each chain, 

322
00:19:38,900 --> 00:19:41,100
we added was a different 
database and you couldn't work 

323
00:19:41,100 --> 00:19:44,800
on across them. 
So you couldn't Benchmark data 

324
00:19:44,800 --> 00:19:49,600
on polygon and etherium, they 
had to be like separate queries 

325
00:19:50,400 --> 00:19:53,600
and then, furthermore, like all 
the data pipelines of creating 

326
00:19:53,600 --> 00:19:55,700
these tables that we have like 
that. 

327
00:19:55,800 --> 00:19:59,800
X trades and nft trades. 
And these abstractions I talked 

328
00:19:59,800 --> 00:20:03,500
about was like, very messy 
because this were like scripts 

329
00:20:03,500 --> 00:20:07,200
that pulled some data and sort 
of referencing each other. 

330
00:20:07,200 --> 00:20:11,800
Like very, very complicated to 
maintain and understand which 

331
00:20:11,800 --> 00:20:16,700
data relies on which data on 
what tables and and whatnot. 

332
00:20:16,900 --> 00:20:22,200
So essentially we've now 
launched do an engine V2 which 

333
00:20:22,200 --> 00:20:27,700
is based on like a data Lake. 
And more like a modern cloud 

334
00:20:27,700 --> 00:20:32,900
data warehouse architecture, 
where we have all the data for 

335
00:20:32,900 --> 00:20:35,800
all the different blockchains in
like data Lake. 

336
00:20:35,800 --> 00:20:40,100
And then we have a gray engine 
on top of it, currently spark 

337
00:20:40,100 --> 00:20:44,200
base but we're also doing some 
exciting new things there and 

338
00:20:44,200 --> 00:20:46,700
essentially, allowing you to 
Traverse all the different 

339
00:20:47,500 --> 00:20:52,100
sources so you can Benchmark 
Solana and etherium, and 

340
00:20:52,100 --> 00:20:53,300
polygons and all these things in
one. 

341
00:20:53,300 --> 00:20:58,600
Simple query, it allows Us to 
have way better pipelines and 

342
00:20:58,600 --> 00:21:00,900
checks and balances on how the 
tables are created. 

343
00:21:00,900 --> 00:21:04,500
And also we can now have 
committed Community 

344
00:21:04,500 --> 00:21:08,200
contributions on the data layer.
So not only can people write 

345
00:21:08,200 --> 00:21:10,200
queries. 
They can also create new tables 

346
00:21:10,200 --> 00:21:12,700
with something with a product 
recalled spell book. 

347
00:21:12,700 --> 00:21:19,000
So people can then create all 
kinds of derive data sets that 

348
00:21:19,000 --> 00:21:21,600
are easy to query. 
They can write their own tests 

349
00:21:21,600 --> 00:21:23,400
and ensure that the data is of 
high quality. 

350
00:21:23,400 --> 00:21:29,200
And so, It's a system that's way
easier to maintain. 

351
00:21:29,200 --> 00:21:35,600
We can have invite the community
into contributing more and sort 

352
00:21:35,600 --> 00:21:39,300
of self-serving or two more use 
cases and then yeah, there's 

353
00:21:39,300 --> 00:21:42,800
some amazing performance 
benefits and sort of what the 

354
00:21:42,800 --> 00:21:45,400
typical modern data stack. 
Looks like, we're kind of 

355
00:21:46,300 --> 00:21:48,300
creating that. 
And enabling that for for the 

356
00:21:48,300 --> 00:21:53,300
community where you can do 
meeting gas price in, you know, 

357
00:21:53,800 --> 00:21:55,600
a couple of seconds or a few 
minutes. 

358
00:21:55,800 --> 00:21:59,400
At least, yeah. 
You just alluded to the fact 

359
00:21:59,400 --> 00:22:03,000
that you now also supports 
Alana, which is a new 

360
00:22:03,000 --> 00:22:05,700
development. 
So previously it was only a VM 

361
00:22:05,700 --> 00:22:07,900
chains. 
I and despite the fact that kind

362
00:22:07,900 --> 00:22:10,800
of the block gas limits and 
block times kind of vary between

363
00:22:10,800 --> 00:22:15,500
different evm chains and I 
assume the basic infrastructure 

364
00:22:15,500 --> 00:22:20,900
is fairly similar between all of
these, how are things different 

365
00:22:20,900 --> 00:22:22,800
for Solana. 
And how did you make the 

366
00:22:22,800 --> 00:22:27,400
decision to support Solana over 
a number of other non evm? 

367
00:22:27,700 --> 00:22:32,100
They are one project that also 
have traction like Cosmos or 

368
00:22:32,100 --> 00:22:34,200
substrate, or Avalanche or 
similar? 

369
00:22:35,200 --> 00:22:41,900
Yeah, great question so. 
So first of all like we we want 

370
00:22:41,900 --> 00:22:45,600
to support all blockchains and 
everything that that's 

371
00:22:45,600 --> 00:22:49,500
interesting so it's not the goal
in and of itself to limit it. 

372
00:22:49,800 --> 00:22:54,200
I think what we have cared a lot
about is the user experience of 

373
00:22:56,800 --> 00:22:59,400
Using the data on you. 
And I think that's frankly, one 

374
00:22:59,400 --> 00:23:03,900
of the things we got right. 
Were, you know, the the easiest 

375
00:23:03,900 --> 00:23:07,000
way to make some money being a 
Data Business in, like 2018 or 

376
00:23:07,000 --> 00:23:09,700
2019 was to like just integrate 
with all the chains that are 

377
00:23:09,700 --> 00:23:13,100
raised a ton of money. 
We didn't do that like we stuck 

378
00:23:13,100 --> 00:23:15,400
to the theorem where essentially
no one would pay us to do this 

379
00:23:15,800 --> 00:23:19,900
but we figured, you know, this 
is where people are building, so

380
00:23:19,900 --> 00:23:26,200
let's serve done and so for us 
The important thing is that 

381
00:23:26,900 --> 00:23:31,700
there's an ecosystem of 
developers of applications of 

382
00:23:31,700 --> 00:23:34,400
users and a communities that 
actually want to wear this data.

383
00:23:34,400 --> 00:23:40,800
And, you know, do interesting 
things with it and then sort of 

384
00:23:40,808 --> 00:23:43,100
we do the work of the 
Integrations. 

385
00:23:43,900 --> 00:23:47,600
And as you alluded to, it's been
waiting for us with evm chains 

386
00:23:47,600 --> 00:23:50,400
because all the infrastructure, 
all the processes are the same. 

387
00:23:50,400 --> 00:23:55,300
So when we add something like 
polygons like it is There's 

388
00:23:55,300 --> 00:23:59,100
definitely challenges whatever 
system one learns, but but, you 

389
00:23:59,100 --> 00:24:02,400
know, in Broad Strokes, a lot of
the architecture and processes 

390
00:24:02,400 --> 00:24:05,600
are the same. 
So with something like sadhana, 

391
00:24:07,200 --> 00:24:10,200
you know, this was actually the 
first also blockchain. 

392
00:24:10,200 --> 00:24:15,000
We put on our new Unity to 
engine so we figured this was a 

393
00:24:15,008 --> 00:24:19,200
nice stress test to the system 
because it they produce a lot of

394
00:24:19,200 --> 00:24:22,100
data. 
But we saw that there was a lot 

395
00:24:22,100 --> 00:24:24,700
of people building on it. 
There were actual products being

396
00:24:24,900 --> 00:24:28,900
Built users using in them and 
then we decided to integrate it 

397
00:24:29,700 --> 00:24:34,500
and we honestly also have built 
out this new platform which has 

398
00:24:34,500 --> 00:24:39,800
been also a learning experience 
and something with had to work a

399
00:24:39,800 --> 00:24:44,700
lot on and therefore have been 
painfully slow honestly 

400
00:24:44,700 --> 00:24:48,000
integrating some of these new 
blockchains but now the new 

401
00:24:48,000 --> 00:24:52,800
platform is getting into a more 
stable State and then we can go 

402
00:24:52,800 --> 00:24:54,800
more aggressively on integrating
new. 

403
00:24:54,900 --> 00:24:58,300
Chains. 
So it's not something we 

404
00:24:58,300 --> 00:25:01,000
deliberately sort of try to 
avoid, but we try to make sure 

405
00:25:01,000 --> 00:25:04,200
that the ux, when we do 
integrate this good and that 

406
00:25:04,200 --> 00:25:07,500
there's an interested Community 
to work on top of it and of 

407
00:25:07,500 --> 00:25:10,600
course like the technical 
complexity place in if it's a 

408
00:25:10,600 --> 00:25:14,600
totally new system, then it is 
more work to do to get it right.

409
00:25:16,500 --> 00:25:19,000
Cool. 
Yeah we wanted to talk a little 

410
00:25:19,000 --> 00:25:23,500
bit about its kind of tunes 
business model and also I guess 

411
00:25:23,500 --> 00:25:25,300
the user base. 
You mentioned already like the 

412
00:25:25,300 --> 00:25:28,600
community and everything. 
I think one interesting thing 

413
00:25:28,600 --> 00:25:31,900
about June is that it's it's 
basically one of the few 

414
00:25:31,900 --> 00:25:35,900
products that has this kind of 
SAS model, let's say in the in 

415
00:25:35,900 --> 00:25:40,000
the web three world and we were 
interested to hear a bit about, 

416
00:25:40,300 --> 00:25:44,000
you know, like also how many 
users are there on you and how 

417
00:25:44,000 --> 00:25:49,000
do you think Not surprising how 
much people of revenues are 

418
00:25:49,000 --> 00:25:49,800
there. 
Whatever. 

419
00:25:49,800 --> 00:25:53,300
You can you can tell us about 
kind of how this this all works.

420
00:25:54,300 --> 00:25:58,400
We'd be happy to learn. 
Yeah. 

421
00:25:58,400 --> 00:26:01,600
Where do I start? 
I think we have built a very 

422
00:26:01,600 --> 00:26:06,700
strong community on June. 
I think we've actually and 

423
00:26:06,700 --> 00:26:10,100
without the token, which I think
actually has been a good thing 

424
00:26:10,100 --> 00:26:14,700
for us, frankly, because there 
is like, a kind of proof of work

425
00:26:14,800 --> 00:26:18,100
on getting into doing. 
You do have to, you know, make 

426
00:26:18,100 --> 00:26:22,200
some sacrifice, put in some 
work, and that has made our 

427
00:26:22,200 --> 00:26:24,400
community, very sticky and 
healthy. 

428
00:26:24,400 --> 00:26:28,600
I think, because people actually
put in work to get there, Learn.

429
00:26:29,300 --> 00:26:34,000
I think we we Empower a lot of 
people so as I alluded to 

430
00:26:34,000 --> 00:26:36,700
earlier like it's not only 
developers that use doing but a 

431
00:26:36,700 --> 00:26:40,800
lot of non-technical people, 
learn SQL with them for you. 

432
00:26:41,100 --> 00:26:44,200
And they do some tutorials, they
Fork some queries, and they get 

433
00:26:44,200 --> 00:26:48,700
started and suddenly they get 
paid to work on you and they 

434
00:26:48,700 --> 00:26:51,500
pick up bounties. 
They get a job like a lot of 

435
00:26:51,500 --> 00:26:55,300
people claim like fantastic top 
jobs in protocols and Venture 

436
00:26:55,300 --> 00:26:58,200
firms, and whatnot. 
Starting from basically Nothing 

437
00:26:58,200 --> 00:27:01,400
and having no online presence 
and then working on doing 

438
00:27:01,400 --> 00:27:03,100
building. 
Some nice, important dashboards 

439
00:27:03,100 --> 00:27:05,400
and getting like top jobs, 
right? 

440
00:27:05,900 --> 00:27:09,900
So I think that, that's very 
important part of it that I 

441
00:27:09,900 --> 00:27:14,200
often think of our community and
sort of the UN team building the

442
00:27:14,200 --> 00:27:18,700
product in terms of this 
Spider-Man meme where they're 

443
00:27:18,700 --> 00:27:21,500
like, oh so you know, you built 
a great tool, you help me do 

444
00:27:21,500 --> 00:27:24,900
this and we're like no you did 
like a lot of cool queries and 

445
00:27:24,900 --> 00:27:28,600
you helped us. 
So I think there's a lot of 

446
00:27:28,900 --> 00:27:33,200
mutual appreciation between the 
people building noon and our 

447
00:27:33,200 --> 00:27:35,900
community, which I think is a 
fantastic thing. 

448
00:27:36,200 --> 00:27:43,100
So in terms of Like how big it 
is, we have like a few thousand 

449
00:27:43,100 --> 00:27:47,700
people creating queries a month.
We don't have like a huge user 

450
00:27:47,700 --> 00:27:52,400
base on the Creator side, but 
since doing is kind of like a 

451
00:27:53,100 --> 00:27:57,500
Marketplace all the way almost 
were, you know, people can come 

452
00:27:57,500 --> 00:28:01,500
in and see anything that's built
is like your creator side and a 

453
00:28:01,500 --> 00:28:04,500
consumer side. 
And so we believe that if we 

454
00:28:04,500 --> 00:28:10,300
Empower creators Yes, they can 
make amazing things and a lot of

455
00:28:10,300 --> 00:28:13,400
people can benefit from that. 
So we don't necessarily need 

456
00:28:13,700 --> 00:28:17,800
100,000 query craters, you know,
if we have someone that's very 

457
00:28:17,800 --> 00:28:21,700
engaged and create amazing 
things, we can have, we do have 

458
00:28:21,700 --> 00:28:24,700
like millions of page views and 
then some of those convert to 

459
00:28:24,700 --> 00:28:28,200
Craters, learn the craft and, 
you know, get into it. 

460
00:28:28,500 --> 00:28:33,400
So that's kind of the the 
dynamic we have about 50,000 

461
00:28:33,400 --> 00:28:38,100
dashboards on June underpinned 
by like 300,000, Aries. 

462
00:28:39,100 --> 00:28:42,800
So it's quite substantial. 
Yet. 

463
00:28:42,800 --> 00:28:46,100
So, I think the heart of the 
question goes to this. 

464
00:28:46,200 --> 00:28:50,700
So currently you operate under 
this, you know, subscription 

465
00:28:51,500 --> 00:28:53,600
model, right? 
So basically there's different 

466
00:28:53,600 --> 00:28:55,700
tiers. 
So, basically, you have to pay 

467
00:28:55,700 --> 00:28:58,300
for kind of keeping your 
dashboards private and having 

468
00:28:58,300 --> 00:29:05,300
the watermark removed and so on.
And then this kind of, when you 

469
00:29:05,308 --> 00:29:10,400
compare this with your recent 
razors, Congratulations, by the 

470
00:29:10,400 --> 00:29:12,600
way. 
So you I raised repeatedly over 

471
00:29:12,600 --> 00:29:16,300
the last couple of years, so at 
first, it was two million than 8

472
00:29:16,300 --> 00:29:20,200
million and recently, 70 million
at a valuation of 1 billion. 

473
00:29:21,000 --> 00:29:26,400
So my question goes to this the 
and so the investment that's 

474
00:29:26,400 --> 00:29:30,600
been made was that an equity 
investment or was it a soft or? 

475
00:29:30,800 --> 00:29:34,200
I mean, basically it's kind of 
reframe this question since is 

476
00:29:34,200 --> 00:29:35,900
there a plan to introduce the 
token? 

477
00:29:36,000 --> 00:29:39,600
So, because basically it kind 
of, I struggled, who kind of 

478
00:29:39,600 --> 00:29:44,000
make sense Out of the software 
as a service business model that

479
00:29:44,000 --> 00:29:47,300
you're currently running with 
the with these variations. 

480
00:29:47,300 --> 00:29:50,600
Because I mean, sure there's 
kind of companies for this for 

481
00:29:50,600 --> 00:29:53,800
whom that works like, the sale 
sales forces of the world. 

482
00:29:53,800 --> 00:30:00,200
But obviously your, your, your 
addressable Market is so much 

483
00:30:00,200 --> 00:30:03,200
smaller. 
So how does this, how does this 

484
00:30:03,200 --> 00:30:05,800
all fit together? 
Yeah, sure. 

485
00:30:06,300 --> 00:30:09,300
So let's start with like the 
business model, which I wish I 

486
00:30:09,300 --> 00:30:12,300
didn't intend to, to skip over 
from, from the previous 

487
00:30:12,300 --> 00:30:16,800
question. 
So essentially, you know what we

488
00:30:16,800 --> 00:30:20,600
do is, we allow anyone to use 
this tool for free, we swallow 

489
00:30:20,600 --> 00:30:23,100
all the infrastructure costs, 
all the work in terms of making 

490
00:30:23,100 --> 00:30:28,300
this product, super useful, and 
then our philosophy is, if you 

491
00:30:28,300 --> 00:30:32,300
do it on in the open anyone else
can Leverage What you do you 

492
00:30:32,300 --> 00:30:35,200
build sort of in public and so. 
It's free. 

493
00:30:35,500 --> 00:30:39,400
What we essentially charge for 
is if you want to keep things 

494
00:30:39,400 --> 00:30:41,100
private, you want to do it. 
Only for yourself. 

495
00:30:41,700 --> 00:30:45,400
If you want to come use more 
resources so have more 

496
00:30:45,400 --> 00:30:47,700
performance on your queries have
more beefy infrastructure 

497
00:30:47,700 --> 00:30:51,900
underneath it have shorter, wait
times, these type of things and 

498
00:30:51,900 --> 00:30:54,200
if you want to export data, 
which essentially means that you

499
00:30:54,200 --> 00:30:56,400
can do, you know, proprietary 
research, build your own 

500
00:30:56,400 --> 00:30:59,000
business, whatever it might be, 
right? 

501
00:30:59,600 --> 00:31:02,100
So these are kind of the three 
main Dimensions that we think 

502
00:31:02,100 --> 00:31:04,000
makes sense to to monetize 
alone. 

503
00:31:04,100 --> 00:31:09,500
And Think to back up a bit, 
there are different ways to 

504
00:31:09,500 --> 00:31:13,200
build the system and sort of 
say, you know, what do we kind 

505
00:31:13,200 --> 00:31:17,600
of giveaway and what do we 
maintain to make a business or 

506
00:31:17,600 --> 00:31:20,500
whatever? 
And I think we've kind of our 

507
00:31:20,500 --> 00:31:23,300
approach is like we wanted, we 
want to solve problems. 

508
00:31:23,300 --> 00:31:24,900
We want to be as useful as 
possible. 

509
00:31:25,200 --> 00:31:28,100
And what we've figured out this,
like, if we do it in this way, 

510
00:31:28,800 --> 00:31:32,200
we can have the most impact 
because so many people so like, 

511
00:31:32,200 --> 00:31:34,500
yeah, we sure we could open 
source everything and just like,

512
00:31:34,700 --> 00:31:37,700
Everything that we ever did is 
open source but that actually 

513
00:31:37,700 --> 00:31:40,700
would have way less impact is 
our apoptosis because so many 

514
00:31:40,700 --> 00:31:43,100
people wouldn't be able to 
interface with these nodes to 

515
00:31:43,100 --> 00:31:46,100
actually run this data 
infrastructure to operate and 

516
00:31:46,100 --> 00:31:49,700
maintain this thing. 
You know, we have almost 50 

517
00:31:49,700 --> 00:31:51,300
Engineers working full-time on 
this. 

518
00:31:51,800 --> 00:31:57,200
It's not a trivial problem and 
so that's the model we've taken 

519
00:31:57,200 --> 00:32:01,300
where we think the community can
get a lot from this and we can 

520
00:32:01,300 --> 00:32:04,600
monetize the people that have 
extra needs in different. 

521
00:32:04,800 --> 00:32:08,600
Is but also have more of a 
business use case typically 

522
00:32:09,100 --> 00:32:11,200
rather than you know, just 
contributing. 

523
00:32:12,200 --> 00:32:17,300
So that's kind of the 
philosophy, we raise Equity. 

524
00:32:18,100 --> 00:32:22,100
If it's not that I want to 
completely rule out any other 

525
00:32:22,100 --> 00:32:26,400
sort of web tree play, but I 
think for us we're very 

526
00:32:26,400 --> 00:32:30,400
concerned will taking long-term 
Solutions and want to, you know,

527
00:32:30,400 --> 00:32:35,000
the if we wanted to get rich as 
quickly as possible like Like we

528
00:32:35,000 --> 00:32:37,000
would have done dude in a 
different way I have, but we 

529
00:32:37,000 --> 00:32:40,000
care about building something 
that is long term. 

530
00:32:40,300 --> 00:32:43,800
That is sensible. 
Even though prices are up a 

531
00:32:43,800 --> 00:32:47,300
hundred percent or down 90%, 
like, I don't really care. 

532
00:32:48,300 --> 00:32:54,000
And so for now we haven't found 
a model where we can swallow, 

533
00:32:54,200 --> 00:32:58,900
you know, massive infrastructure
bills and also kind of have a 

534
00:32:58,908 --> 00:33:01,900
different structure. 
But over time, we definitely, 

535
00:33:02,000 --> 00:33:06,100
you know, try to give economic 
These two are creators as much 

536
00:33:06,100 --> 00:33:09,400
as possible, Wizards building on
their own and so it will always 

537
00:33:09,400 --> 00:33:13,100
be mindful of the toolkit and 
when we can do, but I think it's

538
00:33:13,100 --> 00:33:16,700
also from our side like ensuring
that we don't get ourselves into

539
00:33:16,700 --> 00:33:21,000
weak spot where we fall prey to 
some high and then suddenly like

540
00:33:21,500 --> 00:33:24,800
no six months later, you're in a
really bad spot because you did 

541
00:33:24,800 --> 00:33:27,000
something that actually doesn't 
make that much sense. 

542
00:33:28,100 --> 00:33:30,700
And also like just pragmatically
solving problems every single 

543
00:33:30,700 --> 00:33:33,600
day and ensuring that were 
massively building something 

544
00:33:33,600 --> 00:33:37,500
useful for For the community and
you are. 

545
00:33:37,500 --> 00:33:41,200
So very, I've used your 
dashboards and I've bet my own 

546
00:33:41,200 --> 00:33:45,800
dashboards and Doin is such a 
fantastic to it. 

547
00:33:46,000 --> 00:33:49,200
And I don't, I mean, this in the
least At first I know this 

548
00:33:49,200 --> 00:33:53,300
sounds a little bit adversary, 
but basically, so I'm a little 

549
00:33:53,300 --> 00:33:55,900
bit struggling to understand 
where your moat comes from. 

550
00:33:56,000 --> 00:33:57,500
Right. 
So basically, even if, I mean, 

551
00:33:57,500 --> 00:34:00,900
you have 50 engineers and maybe 
we'll talk about what they do on

552
00:34:00,900 --> 00:34:03,400
a day-to-day basis, in just a 
little bit. 

553
00:34:03,400 --> 00:34:06,900
But say, your Paying your 
engineers really good salaries, 

554
00:34:06,900 --> 00:34:13,800
a 200k here, that's 10 million a
year for 450 Engineers, right? 

555
00:34:14,300 --> 00:34:19,500
And then maybe add the same 
amount again for your AWS bill, 

556
00:34:19,500 --> 00:34:22,600
which is probably around the 
right number. 

557
00:34:22,800 --> 00:34:28,000
I'm guessing so it's 20 million 
a year for two to recreate 

558
00:34:28,000 --> 00:34:33,500
something like like June, but 
you still have this enormous 

559
00:34:33,500 --> 00:34:35,199
valuation. 
So basically, Where's this 

560
00:34:35,199 --> 00:34:38,300
expectation of profit from the 
VC's coming from? 

561
00:34:39,500 --> 00:34:42,400
Yeah, don't get great question. 
I'm not going to comment 

562
00:34:42,400 --> 00:34:45,500
particularly on your estimates 
of how much it cost you to run 

563
00:34:45,500 --> 00:34:48,800
doing. 
But fair enough, I think. 

564
00:34:50,400 --> 00:34:53,199
You know, I think we're at the 
end of the day we're trying to 

565
00:34:53,199 --> 00:34:55,699
build something useful and I 
think we're abstracting away a 

566
00:34:55,699 --> 00:34:59,200
lot of hard work for a lot of 
people and I think if you run 

567
00:34:59,200 --> 00:35:04,700
the protocol or a VC or you 
know, other type of players like

568
00:35:04,700 --> 00:35:08,400
we have big, you know, big brand
names and what not playing in 

569
00:35:08,408 --> 00:35:13,300
the space now you care about 
this data like it's important 

570
00:35:13,300 --> 00:35:18,100
for your investing, for your 
running, all of your business 

571
00:35:18,100 --> 00:35:22,800
and what not? 
And I think, you know, the 

572
00:35:22,800 --> 00:35:25,800
things I mentioned like having 
more performance on working with

573
00:35:25,800 --> 00:35:28,400
this data, having a private 
environment. 

574
00:35:28,400 --> 00:35:31,200
But we're your team can 
collaborate with this data 

575
00:35:31,900 --> 00:35:35,100
exporting, this data, through 
API, and these type of things. 

576
00:35:35,100 --> 00:35:37,900
I think it's like massively 
useful and people will pay for 

577
00:35:37,900 --> 00:35:40,600
that convenience. 
I think that's valuable and the 

578
00:35:40,600 --> 00:35:42,200
fact that people can come 
together. 

579
00:35:42,600 --> 00:35:47,000
And as I mentioned like, you 
know, we get a lot of people 

580
00:35:47,000 --> 00:35:50,500
that contribute and we the 
trade-off we kind of Made is 

581
00:35:50,500 --> 00:35:53,000
like we say, OK, we will swallow
all these bills will make the 

582
00:35:53,000 --> 00:35:55,600
system run. 
We will ensure that like 

583
00:35:56,300 --> 00:35:59,800
everything is up and running and
correct, which is a massive 

584
00:35:59,800 --> 00:36:03,700
effort. 
And then I think there's, you 

585
00:36:03,700 --> 00:36:07,900
know, a lot of demand for built 
getting more out of that tool 

586
00:36:07,900 --> 00:36:12,000
and I don't think that is you 
know, necessarily like we care 

587
00:36:12,000 --> 00:36:15,200
deeply about the free experience
some June and so it's not like 

588
00:36:15,200 --> 00:36:19,900
we will suddenly just like rug 
all the free users and you know,

589
00:36:20,200 --> 00:36:22,100
Extract massive amounts of money
from them. 

590
00:36:22,900 --> 00:36:27,200
It's like we will make you more 
powerful over time and let 

591
00:36:27,200 --> 00:36:29,900
people pay for extra features 
and I think it's important sort 

592
00:36:29,900 --> 00:36:34,100
of context are as well. 
I'd like, We did a play on like 

593
00:36:34,100 --> 00:36:38,700
the long time when we focused on
the community in 2018 and yes, 

594
00:36:38,700 --> 00:36:41,900
like I didn't have a salary for 
seven months because every 

595
00:36:41,900 --> 00:36:45,100
single VC was like there are 
five people you can sell this to

596
00:36:45,500 --> 00:36:48,300
and we don't see this as a 
lucrative business and we were 

597
00:36:48,300 --> 00:36:51,200
like actually we think these 
five people is going to become 

598
00:36:51,200 --> 00:36:54,600
like thousand and thousands and 
tens of thousands and whatnot 

599
00:36:54,600 --> 00:36:58,000
you know over get over the years
and and that's still the play. 

600
00:36:58,000 --> 00:36:58,900
We're doing. 
Yeah. 

601
00:36:58,900 --> 00:37:02,100
Don't don't get me wrong. 
I think you and is a basically 

602
00:37:02,100 --> 00:37:03,500
useful to it. 
Totally. 

603
00:37:05,200 --> 00:37:08,200
How do you feel about the 
comparison that sometimes made 

604
00:37:08,200 --> 00:37:14,700
with Bloomberg terminal? 
I think that's an understatement

605
00:37:14,700 --> 00:37:21,900
of what junice and can be, so I 
think, As I alluded to earlier, 

606
00:37:21,900 --> 00:37:26,000
like the fact that this data is 
open is like it total talking 

607
00:37:26,000 --> 00:37:30,100
game changer. 
And Bloomberg is a fantastic 

608
00:37:30,100 --> 00:37:34,600
product for a niche. 
In the finance world that you 

609
00:37:34,600 --> 00:37:38,100
know care, deeply about having a
sort of proprietary, 

610
00:37:38,100 --> 00:37:40,600
understanding of what's whatever
is happening in these financial 

611
00:37:40,600 --> 00:37:44,700
markets. 
But and so, you know, amazing 

612
00:37:44,700 --> 00:37:47,600
product and fantastic what 
they've done and the position 

613
00:37:47,600 --> 00:37:52,700
they have in that world. 
I think the That you can have 

614
00:37:52,700 --> 00:37:58,000
open-ended interaction with this
data as like together with the 

615
00:37:58,000 --> 00:38:02,300
rest of the world is just 
enormous. 

616
00:38:03,100 --> 00:38:09,200
And so I don't think I'm like, I
really don't think there's Any 

617
00:38:09,500 --> 00:38:13,000
product out there that is 
comparable to what we're doing 

618
00:38:13,000 --> 00:38:17,200
because it it has some of the 
aspects of like a GitHub where a

619
00:38:17,200 --> 00:38:20,900
lot of people come together and 
build on each other and, you 

620
00:38:20,900 --> 00:38:27,300
know, it's a tool for a for 
developers and then you have the

621
00:38:27,300 --> 00:38:29,400
product of that which gets up 
doesn't have. 

622
00:38:29,400 --> 00:38:31,500
But which kind of, you know, 
it's more of the bluebird thing 

623
00:38:31,500 --> 00:38:33,200
with like, oh there's like a 
bunch of charts and a lot of 

624
00:38:33,207 --> 00:38:35,700
people can just look at which is
incredibly useful. 

625
00:38:37,600 --> 00:38:41,100
But then you also have Have you 
know the fact that this is 

626
00:38:41,100 --> 00:38:48,300
public and which I think is a 
huge deal and I think big kind 

627
00:38:48,300 --> 00:38:52,900
of Technology, paradigms 
typically, what you see succeed 

628
00:38:52,900 --> 00:38:56,800
is like someone that really 
builds for some novel. 

629
00:38:56,800 --> 00:38:59,500
New aspect of a new platform or 
a new piece of technology. 

630
00:38:59,900 --> 00:39:02,000
And to me that is really what 
we're doing here. 

631
00:39:02,500 --> 00:39:06,700
We're not trying to recreate 
Bloomberg, recreate some tool 

632
00:39:06,700 --> 00:39:11,200
that people had for their 
Product analytics and they would

633
00:39:11,200 --> 00:39:14,500
like pipe there, whatever. 
Sort of usage data from their 

634
00:39:14,508 --> 00:39:17,900
website into to like that. 
Like, we're trying to build 

635
00:39:17,900 --> 00:39:23,000
something that is uniquely 
enabled by and driving open data

636
00:39:23,700 --> 00:39:26,100
and understanding and utility of
that data. 

637
00:39:26,500 --> 00:39:31,600
And just the fact that if, when 
there's a trade on on, like a 

638
00:39:31,900 --> 00:39:36,600
balancer pool, Previously, like 
there would be like one or two 

639
00:39:36,600 --> 00:39:39,900
stakeholders to that data point 
would be like the p.m. and the 

640
00:39:41,100 --> 00:39:43,200
leader of that company that 
built that product. 

641
00:39:43,200 --> 00:39:45,400
Like. 
Now, there's like this explosion

642
00:39:45,400 --> 00:39:49,000
of stakeholders where it's like,
literally anyone can go on the 

643
00:39:49,008 --> 00:39:52,200
internet and look into this data
point and like make sense of it 

644
00:39:52,200 --> 00:39:54,500
in whatever shape or form they 
want to. 

645
00:39:54,500 --> 00:39:58,500
And I think it's still hard to 
grasp and appreciate like how 

646
00:39:58,500 --> 00:40:03,700
big of a deal that is that like 
the world is the audience. 

647
00:40:03,900 --> 00:40:06,300
Here and and of course, not 
every single person in the world

648
00:40:06,300 --> 00:40:10,400
will go there, but it's an 
opportunity and and I think that

649
00:40:10,400 --> 00:40:14,400
is the premise of what we're 
trying to do is like people can 

650
00:40:14,400 --> 00:40:18,000
learn faster. 
If they see what, what other 

651
00:40:18,000 --> 00:40:20,100
products are built, and they can
see the open-source smart 

652
00:40:20,100 --> 00:40:24,500
contracts, but I can also see 
how what traction that smart 

653
00:40:24,500 --> 00:40:26,400
contract. 
God, how do people use it? 

654
00:40:26,400 --> 00:40:30,200
How do people abuse it? 
You know, and I think what the 

655
00:40:30,200 --> 00:40:32,500
blockchain is, one of the 
exciting things about the 

656
00:40:32,500 --> 00:40:35,900
blockchain is like anyone can 
build Anyone can participate and

657
00:40:35,900 --> 00:40:39,700
you have this sort of bet on 
human creativity that like you 

658
00:40:39,700 --> 00:40:41,700
just give people tools to do 
whatever they. 

659
00:40:42,100 --> 00:40:44,100
You know, there will be a lot of
stupid ideas, but there will be 

660
00:40:44,100 --> 00:40:47,800
some real good ones. 
And I think what we're enabling 

661
00:40:47,800 --> 00:40:51,000
in that is that you can actually
dissect. 

662
00:40:51,800 --> 00:40:55,600
What worked not just with the 
thing. 

663
00:40:55,600 --> 00:40:58,200
You built yourself, but with 
everything that anyone ever 

664
00:40:58,200 --> 00:41:02,000
built, and then you have this 
amazing through a feedback loop 

665
00:41:02,000 --> 00:41:05,300
and evolutionary Force. 
That's just So much faster and 

666
00:41:05,300 --> 00:41:08,000
so much. 
It's harsh also because if you 

667
00:41:08,000 --> 00:41:10,200
build a product like it's out 
there like anyone can go and 

668
00:41:10,200 --> 00:41:13,000
look at your metrics, not just 
your manager, which is of course

669
00:41:13,000 --> 00:41:17,400
intimidating but it's also like 
I think progressing this space 

670
00:41:17,400 --> 00:41:20,500
way way faster than any other 
industry that you can think of. 

671
00:41:22,400 --> 00:41:24,800
Yeah, awesome. 
That I want to dive a little bit

672
00:41:24,800 --> 00:41:27,000
deeper into that. 
So we had mentioned a little 

673
00:41:27,000 --> 00:41:29,700
bit, right? 
The maker towel, balance sheet. 

674
00:41:29,700 --> 00:41:33,100
We have also mentioned kind of 
other dashboards that have been 

675
00:41:33,100 --> 00:41:35,600
built will be curious to hear 
from you. 

676
00:41:35,600 --> 00:41:39,300
You know, what other use cases 
you found like, really 

677
00:41:39,300 --> 00:41:42,600
interesting or even like people 
building on top of Dune in a way

678
00:41:42,600 --> 00:41:46,700
that maybe, maybe you didn't 
expect or also if that hasn't 

679
00:41:46,700 --> 00:41:49,400
happened yet, what what you 
would like to see build on June?

680
00:41:51,800 --> 00:41:55,100
I guess there's kind of like two
different things. 

681
00:41:55,100 --> 00:41:59,200
One is or two different worlds. 
One is when we launched API, 

682
00:42:00,600 --> 00:42:04,500
which is going on, but end of 
the Air Force officer, we have 

683
00:42:04,500 --> 00:42:08,900
kind of like a waitlist private 
bitter right now, you know, 

684
00:42:08,900 --> 00:42:11,500
that's going to be an explosion 
of opportunity. 

685
00:42:11,500 --> 00:42:18,100
But inside of the do nap, I 
think frankly I didn't think 

686
00:42:19,700 --> 00:42:26,100
that that, in many cases the The
crypto Community should learn a 

687
00:42:26,107 --> 00:42:29,800
little bit more from the sort of
old world. 

688
00:42:29,800 --> 00:42:32,300
I think a lot about, you know, 
what our features and what are 

689
00:42:32,300 --> 00:42:35,900
bugs of the old world. 
And I think still too many 

690
00:42:35,900 --> 00:42:39,400
crypto people think there's only
bugs, you know, in the old 

691
00:42:39,400 --> 00:42:41,600
world, and everything needs to 
be reinvented. 

692
00:42:41,600 --> 00:42:44,300
And I think maybe, you know, 
they're sure they are some bugs 

693
00:42:44,300 --> 00:42:46,400
that I think we have an 
interesting new design space. 

694
00:42:46,400 --> 00:42:49,400
But there might be some features
after, you know, the industries 

695
00:42:49,400 --> 00:42:52,800
that have been around for a 
while and I thought still think 

696
00:42:52,800 --> 00:42:59,600
kind of Startup 101 metrics are 
underrated, what what's the 

697
00:42:59,600 --> 00:43:02,500
attraction of your product? 
What's the user base? 

698
00:43:02,800 --> 00:43:04,600
What's the retention of that 
user base? 

699
00:43:05,300 --> 00:43:08,200
You know what's the distribution
of activity across different 

700
00:43:08,200 --> 00:43:12,400
users? 
And I still think what like a 

701
00:43:12,408 --> 00:43:16,900
typical startup p.m. would want 
to look at is actually not that 

702
00:43:16,900 --> 00:43:19,500
far from what people should look
at in crypto as well. 

703
00:43:19,500 --> 00:43:22,500
And like, do the boring stuff 
just like figure out. 

704
00:43:22,500 --> 00:43:24,700
Are we retaining users? 
It's like, well, this person 

705
00:43:24,700 --> 00:43:28,100
come back or not and if they 
don't come back like why, right?

706
00:43:28,800 --> 00:43:34,500
So I think that is still a bit 
under appreciated and and people

707
00:43:34,500 --> 00:43:38,900
like to look at sort of tvl and 
some high-level, like, trading 

708
00:43:38,900 --> 00:43:42,300
volume, which is probably better
metric than TBL at least. 

709
00:43:42,300 --> 00:43:47,000
But, you know, I think that some
of those kind of more sobering 

710
00:43:48,200 --> 00:43:50,800
metrics is something. 
I'll be nice to look at. 

711
00:43:51,400 --> 00:43:53,600
There was also a, like, a very 
cool. 

712
00:43:54,100 --> 00:43:58,400
Longer for research piece by a 
Community member last week on, 

713
00:43:58,400 --> 00:44:00,200
just like the Unis Unis are 
drop. 

714
00:44:00,400 --> 00:44:03,800
And you know what did that turn 
into? 

715
00:44:05,500 --> 00:44:09,000
You know, those are some pretty 
sobering metrics in there where 

716
00:44:09,000 --> 00:44:12,900
it's like okay I can't remember 
the exact metrics but it's 

717
00:44:12,900 --> 00:44:19,500
something like 90% Soul more or 
less instantly it's like seven 

718
00:44:19,500 --> 00:44:23,100
percent of all the airdrop 
holders, still hold the token. 

719
00:44:23,900 --> 00:44:27,800
And like a tiny fraction of 
that, sort of increase their 

720
00:44:27,800 --> 00:44:34,300
exposure and an even smaller, 
smaller portion participating 

721
00:44:34,300 --> 00:44:35,100
governance. 
Right? 

722
00:44:35,100 --> 00:44:40,200
Only want your time to shine bit
and is the units of volume 

723
00:44:40,200 --> 00:44:46,000
driven by people that Got the 
Arab know like that also fell 

724
00:44:46,000 --> 00:44:50,200
from like 60% a year ago or 
something to like 5% now. 

725
00:44:50,300 --> 00:44:52,200
Right. 
So so it didn't retain users. 

726
00:44:53,000 --> 00:44:57,200
Most people just saw it does 
free money and dumped it and it 

727
00:44:57,200 --> 00:45:01,400
didn't actually turn into like, 
strong governance participation,

728
00:45:01,500 --> 00:45:04,700
right? 
And so, I think that's those 

729
00:45:04,700 --> 00:45:08,100
type of metrics and lessons, 
right? 

730
00:45:08,100 --> 00:45:12,400
Where people should say, what? 
What's the return on this 

731
00:45:12,400 --> 00:45:13,800
initiative? 
That I did. 

732
00:45:14,300 --> 00:45:17,300
Like what do we try to achieve 
and what did it turn into? 

733
00:45:17,700 --> 00:45:21,300
It's like an exercise that more 
people in crypto should should 

734
00:45:21,300 --> 00:45:25,400
do, I think, and be honest with 
himself, and I think, obviously,

735
00:45:25,400 --> 00:45:28,500
like these times when prices are
down the sentiment this down, 

736
00:45:28,500 --> 00:45:32,200
like, you kind of have to do 
these things and they matter, I 

737
00:45:32,200 --> 00:45:34,500
guess less when everything is up
anyway. 

738
00:45:35,500 --> 00:45:41,300
So I feel like, you know, in 
general like like being a bit 

739
00:45:41,400 --> 00:45:45,200
hard on yourself and thinking 
about About the the stickiness 

740
00:45:45,200 --> 00:45:49,500
of your product Roi of your 
activities and in that post, 

741
00:45:49,500 --> 00:45:51,400
maybe we can link to it. 
You know, there are other 

742
00:45:51,400 --> 00:45:54,900
airdrops as well that you can 
look at the metrics and just see

743
00:45:54,900 --> 00:45:56,700
for yourself. 
Like, you know, did they 

744
00:45:56,700 --> 00:45:58,500
actually engage the community by
doing this? 

745
00:45:58,500 --> 00:46:00,700
Or did they not them? 
If they didn't? 

746
00:46:00,700 --> 00:46:05,100
Like, it's an incredibly 
expensive one of marketing gate 

747
00:46:05,500 --> 00:46:09,000
that kind of, you know, I can, I
can get a lot of people to use 

748
00:46:09,000 --> 00:46:12,300
my product if I just go out and 
say hey, here's like a thousand 

749
00:46:12,300 --> 00:46:15,300
dollars, On the street right? 
Doesn't necessarily mean that 

750
00:46:15,300 --> 00:46:17,500
I'm building a fantastic product
or business. 

751
00:46:18,500 --> 00:46:25,000
So yeah, I think it's good 
timing for just like reading up 

752
00:46:25,000 --> 00:46:28,700
on some sort of bone and warm 
and start to think about Roi of 

753
00:46:29,200 --> 00:46:36,400
your initiatives. 
So user experience and a good 

754
00:46:36,400 --> 00:46:40,900
hard look in the mirror. 
I mean clearly that's super 

755
00:46:40,900 --> 00:46:46,600
advantageous for projects. 
Do you think there's something 

756
00:46:46,600 --> 00:46:50,300
for the ecosystem that the 
ecosystem can use to its 

757
00:46:50,500 --> 00:46:52,600
Advantage? 
Because obviously, I mean, 

758
00:46:52,600 --> 00:46:55,700
volatility in crypto is large, 
despite the fact that in 

759
00:46:55,700 --> 00:46:58,100
principle not of the data is 
public. 

760
00:46:58,100 --> 00:47:01,800
So I mean obviously there's some
data that That's not looked at 

761
00:47:01,800 --> 00:47:05,300
all that that that kind of 
subject to externalities. 

762
00:47:05,300 --> 00:47:10,200
Do you think we can kind of 
Leverage Yoon to that end as 

763
00:47:10,200 --> 00:47:17,600
well? 
Yes, you can definitely learn a 

764
00:47:17,600 --> 00:47:21,100
lot from from history, right? 
And I think it's probably a good

765
00:47:22,600 --> 00:47:24,500
now. 
We've had a lot of lessons there

766
00:47:24,500 --> 00:47:27,400
and the pace has been incredibly
High. 

767
00:47:28,200 --> 00:47:31,900
You have had prices going up and
prices crashing down, and you 

768
00:47:31,908 --> 00:47:35,200
have all these systems that have
been built and all these things 

769
00:47:35,200 --> 00:47:39,100
that happened in drops and 
vampire attacks and whatnot. 

770
00:47:39,300 --> 00:47:42,200
So I think it's probably a good 
time to be a ghost. 

771
00:47:42,400 --> 00:47:44,700
Student of the unchain activity,
right? 

772
00:47:44,700 --> 00:47:49,000
And, and maybe you don't even 
have to be an engineer to do 

773
00:47:49,000 --> 00:47:50,500
that, right? 
But if you're looking for 

774
00:47:51,500 --> 00:47:55,300
products to build, I think it's 
like an amazing time for 

775
00:47:55,300 --> 00:47:57,800
learning some lessons and 
there's been a lot of stress 

776
00:47:57,800 --> 00:48:04,200
tests and I think now instead of
just the end, you know, the fire

777
00:48:04,200 --> 00:48:07,400
and ft project being drawn 
together in the week and then 

778
00:48:07,400 --> 00:48:10,900
racing ten million dollars in 
two weeks. 

779
00:48:11,300 --> 00:48:14,100
You know, people you can 
actually sit down and say, okay,

780
00:48:14,400 --> 00:48:16,800
you know, did any of this 
actually work order? 

781
00:48:16,800 --> 00:48:22,100
Interesting pieces are so I 
don't know exactly what to look 

782
00:48:22,100 --> 00:48:25,000
at or not, frankly, you know, 
but but I would be mindful of, 

783
00:48:26,100 --> 00:48:28,300
especially this like, you know 
what, I think one thing that's 

784
00:48:28,300 --> 00:48:31,100
on the rated it, but in crypto 
is like, if someone is getting 

785
00:48:31,100 --> 00:48:35,600
paid for something, someone is 
picking up the bill in one way 

786
00:48:35,600 --> 00:48:38,000
or another. 
Like there are no free lunches. 

787
00:48:38,000 --> 00:48:42,100
Like if you have some kind of 
like token emission scheme 

788
00:48:42,100 --> 00:48:45,400
related to using a product like 
the other token holders are 

789
00:48:45,400 --> 00:48:50,600
taking done bhushan. 
There's no way ever that money 

790
00:48:50,600 --> 00:48:52,400
just like, appears out of thin 
air. 

791
00:48:53,400 --> 00:48:57,200
And so, I think that is, at 
least something to be very 

792
00:48:57,200 --> 00:49:01,400
mindful that, you know, the way 
they designed this things, 

793
00:49:01,800 --> 00:49:05,200
someone's going to pay a price. 
If other people are receiving 

794
00:49:05,200 --> 00:49:08,600
money. 
So, you know, think about that. 

795
00:49:10,000 --> 00:49:11,200
Yeah. 
Absolutely. 

796
00:49:12,700 --> 00:49:16,800
You have been extraordinarily 
successful and kind of building 

797
00:49:16,800 --> 00:49:21,500
this community of Dune visits. 
As you call them, I would 

798
00:49:21,500 --> 00:49:25,500
actually struggle to to name one
infrastructure project that kind

799
00:49:25,500 --> 00:49:28,600
of has a better Community than 
you guys. 

800
00:49:29,400 --> 00:49:30,900
How did he do that? 
It's do it. 

801
00:49:30,900 --> 00:49:36,000
And what are your learnings 
Well, thank you for that. 

802
00:49:36,900 --> 00:49:40,300
So so for the first two years 
doing was just matzo me like the

803
00:49:40,300 --> 00:49:44,100
only we hire no one and as I 
mentioned, you know, have had no

804
00:49:44,100 --> 00:49:47,100
salary and then very little 
salary and we didn't hire anyone

805
00:49:47,100 --> 00:49:49,600
after our first fundraiser or 
anything like that. 

806
00:49:49,600 --> 00:49:52,600
So we're very lean. 
But I think we had a very, very 

807
00:49:52,600 --> 00:49:58,000
deep passion for helping people 
on do and making them succeed 

808
00:49:58,000 --> 00:50:02,000
like our telegrams and Twitter. 
DM sand. 

809
00:50:02,000 --> 00:50:05,500
Like we, there were the word 
that Like, they were pretty few 

810
00:50:05,500 --> 00:50:07,800
users but we were extremely 
committed to making them 

811
00:50:07,800 --> 00:50:10,600
succeed. 
And we did very handsome support

812
00:50:10,600 --> 00:50:14,900
for helping people succeed and 
this includes several people 

813
00:50:14,900 --> 00:50:18,600
that didn't know sequel, but we 
like help them learn sequels so 

814
00:50:18,600 --> 00:50:20,500
that they could use their view 
right. 

815
00:50:20,900 --> 00:50:24,900
And and for instance, t0 from 
them researcher at the Block. 

816
00:50:24,900 --> 00:50:29,700
And then now at Uni sloppy, he 
was like, Hey, this seems like a

817
00:50:29,700 --> 00:50:31,500
cool product. 
Can I get it in Excel? 

818
00:50:32,200 --> 00:50:36,000
And I was like, no, but I can 
learn you how to do Sequel. 

819
00:50:36,000 --> 00:50:39,900
And we had like a biweekly call 
where I would like give him 

820
00:50:39,900 --> 00:50:43,600
lessons in how to use steel. 
So that was the level of 

821
00:50:43,600 --> 00:50:47,300
commitment and I think that has 
been you know kind of snowballed

822
00:50:47,300 --> 00:50:51,400
into what is to do in community 
because you know, our first 

823
00:50:51,400 --> 00:50:58,900
Community manager for Brock sir,
he had that similar passion and 

824
00:50:58,900 --> 00:51:01,000
I think every single person that
has come into the doing 

825
00:51:01,000 --> 00:51:06,100
community and felt this Court 
and people say, yeah, let's get 

826
00:51:06,100 --> 00:51:08,900
on the call. 
You know, let DM into to the 

827
00:51:08,900 --> 00:51:11,500
late hours on like trying to 
make this query run. 

828
00:51:12,300 --> 00:51:16,000
I think that has really, you 
know, compounded to a culture 

829
00:51:16,000 --> 00:51:19,500
where people say oh yeah you 
know let me help you out. 

830
00:51:19,500 --> 00:51:22,400
And I think one of the things 
I'm most proud of with 

831
00:51:22,400 --> 00:51:24,700
everything we built is really 
did you in community and just 

832
00:51:24,700 --> 00:51:27,700
like going to the Discord during
this course like several 

833
00:51:27,700 --> 00:51:31,000
thousand people but it's still 
like mostly just people asking 

834
00:51:31,000 --> 00:51:33,500
about queries and getting answer
to those queries. 

835
00:51:34,100 --> 00:51:37,100
It's not a ton of crap and, you 
know, I think it's still very 

836
00:51:37,100 --> 00:51:39,100
much active even though prices 
are down. 

837
00:51:39,600 --> 00:51:46,000
It is 90% And I think that comes
from A passion for really 

838
00:51:46,000 --> 00:51:51,900
helping people. 
And being as you know, there was

839
00:51:51,900 --> 00:51:55,800
this funny thing where like 
knots my co-founder, he recently

840
00:51:55,800 --> 00:51:59,300
realized he had like all his 
telegram notifications turned 

841
00:51:59,300 --> 00:52:02,800
off. 
But he had like an exception for

842
00:52:02,800 --> 00:52:05,500
one of our early users. 
So that would like get straight 

843
00:52:05,500 --> 00:52:09,200
to the home screen. 
Obvious phone, like, if they DM 

844
00:52:09,200 --> 00:52:12,100
the him on telegram, like it 
would pop up on his phone on the

845
00:52:12,100 --> 00:52:15,100
Friday night and he would like 
get in there and Make that query

846
00:52:15,100 --> 00:52:18,300
run. 
So I think that passion that we 

847
00:52:18,300 --> 00:52:20,200
put into it. 
This is something that has 

848
00:52:20,500 --> 00:52:23,400
actually escaped into what your 
community. 

849
00:52:25,000 --> 00:52:25,900
Yeah. 
Super interesting. 

850
00:52:25,900 --> 00:52:28,800
So you're saying, you didn't 
have to give thousand dollars to

851
00:52:28,808 --> 00:52:31,600
every Dune wizard, to, to use 
the product. 

852
00:52:32,000 --> 00:52:34,100
It's like, you're not right. 
Awesome. 

853
00:52:34,100 --> 00:52:37,600
Yeah, I think maybe I guess I 
working on like, specific 

854
00:52:37,600 --> 00:52:38,800
things. 
We know there was also, did you 

855
00:52:38,800 --> 00:52:40,200
income, maybe. 
You can also talk a little bit 

856
00:52:40,200 --> 00:52:42,500
about that give first 
conference, but I think from 

857
00:52:42,500 --> 00:52:45,800
what I hear is a lot in on the 
feel like helping and discard. 

858
00:52:45,800 --> 00:52:50,200
But do you also have certain I 
don't know, learning material, 

859
00:52:50,200 --> 00:52:53,000
like documentation, is that 
something you working on or how 

860
00:52:53,000 --> 00:52:55,000
do you improve that even even? 
Further. 

861
00:52:55,800 --> 00:52:59,300
Yeah, no, definitely. 
We're working on a lot of 

862
00:52:59,308 --> 00:53:02,600
educational efforts. 
We have a big Community team. 

863
00:53:02,600 --> 00:53:07,600
Now we're doing meetups and 
yeah, with the tune calm, which 

864
00:53:07,600 --> 00:53:11,000
was a massive success in Berlin 
couple months ago. 

865
00:53:12,600 --> 00:53:17,000
So we really try to get people 
engaged and help them out both 

866
00:53:17,000 --> 00:53:20,700
sort of handsome but definitely 
also more self-serve with the 

867
00:53:20,800 --> 00:53:25,700
educational series and whatnot. 
So, Are working on several sort 

868
00:53:25,700 --> 00:53:30,200
of bigger initiatives. 
It is one thing that's, you 

869
00:53:30,200 --> 00:53:32,900
know, honestly a challenges like
we were doing this like system, 

870
00:53:32,900 --> 00:53:35,000
me migrations. 
And like we had the Viva man, 

871
00:53:35,000 --> 00:53:38,100
the mayor V2 and like, there's a
different dialect of SQL and 

872
00:53:38,100 --> 00:53:41,900
like, you know, these are kind 
of some of the messy things of 

873
00:53:41,900 --> 00:53:43,900
building a company where it's 
like, oh yeah, we want to have 

874
00:53:43,900 --> 00:53:47,100
all the best educational 
resources obviously. 

875
00:53:47,100 --> 00:53:51,100
But then, you know, there are 
different versions and which one

876
00:53:51,100 --> 00:53:53,500
you know can only support. 
And what features do we have 

877
00:53:53,500 --> 00:53:56,400
today than what What do we have 
tomorrow and whatnot? 

878
00:53:56,400 --> 00:54:02,300
But yeah, we're certainly keep 
investing in education and 

879
00:54:02,300 --> 00:54:07,300
letting people become powerful 
Wizards and sort of leveling up 

880
00:54:07,300 --> 00:54:10,300
and giving them Bounty 
opportunities and we have a job 

881
00:54:10,300 --> 00:54:12,500
board and all these type of 
things. 

882
00:54:12,500 --> 00:54:15,500
And we have seen several people 
sort of pivot their careers and 

883
00:54:15,700 --> 00:54:18,000
to just doing this which is 
fantastic. 

884
00:54:19,400 --> 00:54:25,000
And then yeah there are some we 
touched upon it but the do napi 

885
00:54:25,000 --> 00:54:30,100
I think is huge, huge game 
changer like the what you can do

886
00:54:30,100 --> 00:54:33,400
with data and the space is going
to be forever changed. 

887
00:54:33,600 --> 00:54:36,700
When you can just click a button
and turn any query salt on the 

888
00:54:36,700 --> 00:54:42,400
internet and point that you can 
leverage for building or trading

889
00:54:42,500 --> 00:54:46,400
or researching or, you know, 
whatever you see fit. 

890
00:54:47,100 --> 00:54:55,300
So I'm pretty pumped for that. 
So, as SQL is pretty 

891
00:54:55,300 --> 00:55:00,600
straightforward, in terms of, 
you know, programming languages 

892
00:55:00,600 --> 00:55:02,500
or databases. 
So, if you know, two things 

893
00:55:02,500 --> 00:55:04,800
about databases, you can carry 
it. 

894
00:55:05,300 --> 00:55:09,500
But still there's a lot of 
people who are kind of afraid of

895
00:55:11,400 --> 00:55:15,300
code, right? 
And in principle, it should be 

896
00:55:16,200 --> 00:55:19,200
relatively easier. 
Comparatively easy when compared

897
00:55:19,200 --> 00:55:23,400
with other. 
Many instances to kind of open 

898
00:55:23,400 --> 00:55:25,600
this to natural language 
processing. 

899
00:55:25,600 --> 00:55:29,400
Kind of like what from alpha has
done for Mathematica, right. 

900
00:55:29,500 --> 00:55:33,000
Have you looked into that 
because it would immediately 

901
00:55:34,600 --> 00:55:38,200
balloon your target audience, 
you know, from a couple of 

902
00:55:38,200 --> 00:55:42,800
thousand people to literally 
millions Yeah, great. 

903
00:55:42,800 --> 00:55:47,500
Great question. 
Think the the Big Challenge 

904
00:55:47,500 --> 00:55:51,700
there is kind of going from, I 
think it's like relatively easy 

905
00:55:51,700 --> 00:55:55,200
to build a cool prototype that 
you take some of the like most 

906
00:55:55,600 --> 00:55:58,900
obvious things and and turns it 
into like a resultant and like, 

907
00:55:58,900 --> 00:56:02,200
creates a SQL query for you and 
the underneath the hood. 

908
00:56:03,300 --> 00:56:09,800
So I think that is very cool. 
I guess what I'm wondering is 

909
00:56:10,400 --> 00:56:13,300
you know, to what extent That 
extent you like all kinds of 

910
00:56:13,300 --> 00:56:16,500
weird messy things that humans, 
you know, with actually put into

911
00:56:16,500 --> 00:56:22,000
like a search box and how could 
use to what extent can you serve

912
00:56:22,000 --> 00:56:26,200
that into a compelling product 
experience and how many people 

913
00:56:26,200 --> 00:56:29,100
will actually go and do that 
versus? 

914
00:56:29,100 --> 00:56:32,100
Just like look at something 
that's kind of pre curated. 

915
00:56:33,600 --> 00:56:38,200
So I think for us like we're 
very mindful of just trying to 

916
00:56:38,200 --> 00:56:42,700
do like, you know, the most 
obvious thing first, and we feel

917
00:56:42,700 --> 00:56:45,800
like still, there's a lot of 
work to just, like, make the 

918
00:56:45,800 --> 00:56:49,500
query experience on dude, better
have clear tables, have it run 

919
00:56:49,500 --> 00:56:54,600
faster, some of these type of 
things that just gonna make 

920
00:56:54,600 --> 00:56:59,000
writing SQL on you even easier, 
even faster, and more powerful. 

921
00:56:59,500 --> 00:57:02,500
And then, over time, like we're 
excited about other ways of 

922
00:57:02,500 --> 00:57:06,900
interacting with this data, if 
that's python notebooks or You 

923
00:57:06,900 --> 00:57:13,800
know, some natural language sort
of experience, but I think it's 

924
00:57:13,800 --> 00:57:19,100
still, we still think that we 
have some more basic things to 

925
00:57:19,100 --> 00:57:23,400
get to. 
And I'm also, I think, yeah, one

926
00:57:23,400 --> 00:57:27,900
thing to be very conscious of 
Will people actually use this 

927
00:57:27,900 --> 00:57:29,700
product and like how good will 
it be? 

928
00:57:29,700 --> 00:57:31,700
And especially if you thinking 
more of like a consumer 

929
00:57:31,700 --> 00:57:35,400
audience, it it needs to be very
polished and I don't think you 

930
00:57:35,700 --> 00:57:40,100
can have that many rough edges 
before people sort of just get 

931
00:57:40,100 --> 00:57:42,300
annoyed and don't use it. 
So yeah. 

932
00:57:42,300 --> 00:57:47,000
Yeah fan of. 
Anyway basically if you look at 

933
00:57:47,000 --> 00:57:49,900
you and Trends, I actually do 
this regularly at least every 

934
00:57:49,900 --> 00:57:52,700
other day or so, just because 
it's super interesting to kind 

935
00:57:52,700 --> 00:57:56,200
of see what other people find 
interesting in Korea. 

936
00:57:56,300 --> 00:57:59,600
Right? 
So in a way you kind of get a 

937
00:57:59,600 --> 00:58:02,500
front row seat to developments 
in the ecosystem. 

938
00:58:03,600 --> 00:58:06,500
So what's your take on where we 
are at? 

939
00:58:06,500 --> 00:58:11,600
And what should we collectively?
Pay more attention to? 

940
00:58:14,600 --> 00:58:15,200
Yeah. 
No. 

941
00:58:15,200 --> 00:58:20,600
I definitely have a hope that 
that people can be a bit less on

942
00:58:20,600 --> 00:58:23,500
Twitter and be a bit more on on 
trending dashboards on doing. 

943
00:58:23,500 --> 00:58:26,000
And we can get even better at 
surfacing like what you should 

944
00:58:26,000 --> 00:58:29,700
actually look at. 
And that hack can just as well 

945
00:58:29,700 --> 00:58:33,300
be, you know, discovered by 
looking at trending dashboards 

946
00:58:33,300 --> 00:58:41,200
on doing us as on Twitter per se
but yeah, I think a good thing 

947
00:58:41,200 --> 00:58:43,700
to think about now is, is kind 
of risks. 

948
00:58:44,100 --> 00:58:47,000
You know, there's all these 
pullouts. 

949
00:58:47,100 --> 00:58:49,400
Obviously, a lot of this was 
actually not on chain products, 

950
00:58:49,400 --> 00:58:54,400
but through things just like in 
the industry, that, that was of 

951
00:58:54,400 --> 00:59:02,400
chain, but I think understanding
the risks, I think it's a good 

952
00:59:03,200 --> 00:59:05,200
idea. 
And I guess people are now 

953
00:59:05,200 --> 00:59:08,600
second-guessing, so everything 
and all their exposure and all 

954
00:59:08,600 --> 00:59:12,300
kinds of different products. 
And what may The isms kind of 

955
00:59:12,300 --> 00:59:16,100
actually make sense. 
So I feel like, you know again 

956
00:59:16,100 --> 00:59:17,500
this is one of the powerful 
things of doing. 

957
00:59:17,500 --> 00:59:22,000
It's like instead of sticking 
your money into a black box and 

958
00:59:22,000 --> 00:59:25,100
hoping that someone is taking 
care of it, like you can 

959
00:59:25,100 --> 00:59:28,400
actually do your own research in
terms of what that box is and 

960
00:59:28,400 --> 00:59:31,600
what's in it and you know what, 
the exposure might be or not. 

961
00:59:31,600 --> 00:59:38,600
So I feel like it all some of 
these sort of dissecting. 

962
00:59:38,700 --> 00:59:41,900
I as I mentioned maker, Dow have
I actually don't like really 

963
00:59:41,900 --> 00:59:45,100
good job but exposing their 
balance sheet, but that type of 

964
00:59:45,300 --> 00:59:48,100
exercise for more products, I 
think make sense. 

965
00:59:48,200 --> 00:59:51,500
What's in there? 
If you're getting some interest 

966
00:59:51,500 --> 00:59:54,300
rate, you know what what's the 
reason for that? 

967
00:59:54,300 --> 00:59:56,800
You can actually see what kind 
of exposures sits on the other 

968
00:59:56,800 --> 00:59:59,100
end. 
Right, I guess. 

969
00:59:59,100 --> 01:00:01,700
One thing that we also shortly 
mentioned at the start, was 

970
01:00:01,900 --> 01:00:07,000
basically FTX and, and that 
Fallout as you mentioned. 

971
01:00:07,300 --> 01:00:10,900
So I guess one question is 
obviously Dune focused on on 

972
01:00:10,900 --> 01:00:14,200
chain data. 
Do you think do and can also 

973
01:00:14,200 --> 01:00:18,600
help these kind of centralized 
parties or do we need to like 

974
01:00:18,600 --> 01:00:22,500
move everything on chain? 
What's your what's your take on 

975
01:00:22,500 --> 01:00:25,100
that? 
Yeah, I think we can, we can 

976
01:00:25,100 --> 01:00:29,200
definitely help. 
We have Relatively new like 

977
01:00:29,200 --> 01:00:32,600
labels datasets that anyone can 
contribute to. 

978
01:00:33,000 --> 01:00:38,200
And I'd say you know we have 
some work to do to maybe 

979
01:00:38,200 --> 01:00:40,800
streamline this and make it 
easier for the exchanges to do 

980
01:00:40,800 --> 01:00:43,800
actually show. 
You know, what their addresses 

981
01:00:43,800 --> 01:00:47,200
are but my sense is that, you 
know, the the actually 

982
01:00:47,200 --> 01:00:49,500
legitimate exchanges now, see 
him. 

983
01:00:49,800 --> 01:00:53,900
You know, they care a lot about 
confidence that people have in 

984
01:00:53,900 --> 01:01:00,200
their business so they are quite
The king to, to show, you know 

985
01:01:00,300 --> 01:01:04,800
what their exposures are and 
what their own chain activity. 

986
01:01:04,800 --> 01:01:08,000
Looks like and definitely. 
I think, you know, we have 

987
01:01:08,700 --> 01:01:12,000
helped surface some of that and 
you community. 

988
01:01:13,100 --> 01:01:15,200
One thing I find amazing is 
like, whenever something 

989
01:01:15,200 --> 01:01:18,200
happens, there is instantly 
dashboard, you know, right away 

990
01:01:18,200 --> 01:01:22,000
that track, what's happening on 
chain related to whatever event 

991
01:01:22,000 --> 01:01:26,700
including FDX, in Alameda. 
But I think we have a job to do 

992
01:01:26,700 --> 01:01:30,600
too. 
Make it easier to sort of have 

993
01:01:30,800 --> 01:01:33,200
the exchanges, actually, you 
know, verify this or say you 

994
01:01:33,207 --> 01:01:35,600
know, these are or addresses and
easier. 

995
01:01:36,300 --> 01:01:39,800
Instead of just like sort of 
submitting a blog post or 

996
01:01:39,800 --> 01:01:43,800
whatever would like a list, you 
know, actually make it into an 

997
01:01:43,800 --> 01:01:47,900
experience where a user can say.
Oh, this is what they said, 

998
01:01:47,900 --> 01:01:50,300
their addresses are on. 
Here's the related activity on 

999
01:01:50,300 --> 01:01:52,200
chain, right? 
Yeah. 

1000
01:01:52,200 --> 01:01:55,000
But it can only ever be like a 
part of the puzzle, right? 

1001
01:01:55,000 --> 01:02:00,600
Because there's no way of really
tracking Liabilities on, Jane 

1002
01:02:00,600 --> 01:02:02,000
depends. 
I mean, obviously some 

1003
01:02:02,000 --> 01:02:05,200
liabilities you could but, you 
know, no, no, that's true, 

1004
01:02:05,200 --> 01:02:08,000
that's true. 
Of course, like, you know, and I

1005
01:02:08,000 --> 01:02:13,100
think there will always be off 
chain lending and leverage, and 

1006
01:02:13,100 --> 01:02:17,100
agreements, and whatnot. 
So we can, of course, only track

1007
01:02:17,100 --> 01:02:22,000
for some chain but of course, 
the one chain products there, 

1008
01:02:22,000 --> 01:02:23,300
you can actually see the 
exposure. 

1009
01:02:23,300 --> 01:02:28,100
So I guess the solution is both 
more info from from the Of chain

1010
01:02:28,500 --> 01:02:32,900
businesses, but also hopefully a
bit more on chain usage as well.

1011
01:02:34,800 --> 01:02:37,000
So it's kind of like what's next
for June? 

1012
01:02:37,800 --> 01:02:42,600
You have 50 people working on 
stuff, so what can we expect? 

1013
01:02:43,700 --> 01:02:49,300
Yes, you can expect the June 
API, which is a very powerful 

1014
01:02:50,900 --> 01:02:54,400
thing I think. 
And you can expect, we are 

1015
01:02:54,400 --> 01:02:55,900
launching more team 
functionality. 

1016
01:02:55,900 --> 01:03:00,700
So people can more easily 
collaborate both in the private 

1017
01:03:00,800 --> 01:03:03,800
and public setting. 
So you can get, you know, into 

1018
01:03:03,800 --> 01:03:07,400
it with your team or working on 
more ways for people to create 

1019
01:03:07,500 --> 01:03:13,000
data sets and contribute, make 
it easier to cast spells as well

1020
01:03:13,000 --> 01:03:16,900
as Say in the Spellbook product 
create more of their own data 

1021
01:03:16,900 --> 01:03:19,900
tables. 
We're working on some very, very

1022
01:03:19,900 --> 01:03:23,000
exciting sort of ways to make 
this interacting with this 

1023
01:03:23,000 --> 01:03:26,800
state. 
I'm more performant and sort of 

1024
01:03:26,800 --> 01:03:31,600
we are investing very deeply in 
the quarian querying experience 

1025
01:03:31,600 --> 01:03:35,400
on doing helping both in sort of
the interface layer but also in 

1026
01:03:35,400 --> 01:03:40,000
the data inquiry, engine layer, 
to make it the most performance 

1027
01:03:40,600 --> 01:03:43,700
experience out there. 
That's one of the benefits of Of

1028
01:03:44,100 --> 01:03:47,600
the scale we have is that we you
know, you asked earlier like 

1029
01:03:47,600 --> 01:03:51,200
what do people do and part of 
the answer is like we're really 

1030
01:03:52,000 --> 01:03:54,900
something that's not announced 
yet even but like your we're 

1031
01:03:54,900 --> 01:03:59,500
going very deep into the stack 
and customizing it for the world

1032
01:03:59,500 --> 01:04:01,600
of blockchains. 
And I think it's a unique thing 

1033
01:04:01,600 --> 01:04:05,300
that we have this predefined 
data set, that's like somewhat 

1034
01:04:05,300 --> 01:04:09,600
structured and we want to build 
something that's like uniquely 

1035
01:04:10,500 --> 01:04:14,700
tailored for that experience 
versus most with other data 

1036
01:04:14,700 --> 01:04:18,400
products are built for some 
arbitrary data, set being 

1037
01:04:18,400 --> 01:04:22,400
plugged into it because the 
nature of datasets has been very

1038
01:04:22,700 --> 01:04:27,400
heterogeneous. 
So in general, we just trying to

1039
01:04:27,400 --> 01:04:31,700
make it easier to do more 
experiments, do more building 

1040
01:04:31,700 --> 01:04:35,100
and learning and in various 
different ways. 

1041
01:04:35,100 --> 01:04:38,800
So yeah that's what we're up to.
Super exciting. 

1042
01:04:38,800 --> 01:04:43,000
So where do where do people go? 
To kind of learn more about do 

1043
01:04:43,000 --> 01:04:45,800
not get help building. 
Their first carries, is the 

1044
01:04:45,800 --> 01:04:48,500
Discord where everything where 
everyone is at? 

1045
01:04:49,500 --> 01:04:52,800
Yeah, there is doing.com where 
you can see all the dashboard, 

1046
01:04:52,800 --> 01:04:54,900
see what's trending, all that, 
good stuff. 

1047
01:04:55,200 --> 01:04:59,400
We have a community tab on top, 
right next, to the new query 

1048
01:04:59,400 --> 01:05:05,300
button, where you can no see all
the learning material, find the 

1049
01:05:05,300 --> 01:05:07,000
Discord and connect with the 
community. 

1050
01:05:07,100 --> 01:05:09,600
T. 
We're at June analytics on 

1051
01:05:09,600 --> 01:05:12,600
Twitter where you can see a lot 
of what's being built. 

1052
01:05:12,900 --> 01:05:16,300
We have a Weekly Newsletter with
a lot of great breakdowns and 

1053
01:05:16,300 --> 01:05:19,900
Analysis Based on data. 
For instance, the new units walk

1054
01:05:19,900 --> 01:05:23,400
research post on the like what 
happened with the uni token 

1055
01:05:23,400 --> 01:05:25,700
airdrop and what that turned 
into on chain. 

1056
01:05:26,100 --> 01:05:29,000
So, yeah, we're pretty 
accessible. 

1057
01:05:29,000 --> 01:05:34,100
It's if you're curious and 
interested in data, I think 

1058
01:05:34,100 --> 01:05:37,300
we're pretty easy to find and 
hopefully we'll make Our life 

1059
01:05:37,300 --> 01:05:40,500
easy and exciting. 
Awesome. 

1060
01:05:40,500 --> 01:05:42,400
Thanks so much Frederick for 
coming on. 

1061
01:05:42,400 --> 01:05:44,600
I think this is a great place to
wrap up. 

1062
01:05:44,600 --> 01:05:49,500
So yeah we're excited to try out
the API and yeah, hope to have 

1063
01:05:49,500 --> 01:05:51,800
you on at some point again in 
the future. 

1064
01:05:52,500 --> 01:05:54,800
Thank you so much for having me 
and congrats on. 

1065
01:05:54,800 --> 01:05:58,300
I don't know 478 episode or 
something is that? 

1066
01:05:58,300 --> 01:06:02,100
We're at that's very impressive 
consistency. 

1067
01:06:02,600 --> 01:06:06,700
I think it's 172 is almost 10 
years. 

1068
01:06:06,700 --> 01:06:09,600
Now we've missed one week. 
This is still a sore spot for 

1069
01:06:09,600 --> 01:06:11,100
us. 
But yeah, we missed one. 

1070
01:06:11,800 --> 01:06:15,300
That's so impressive. 
It's not to be underestimated. 

1071
01:06:15,300 --> 01:06:17,000
How hard it is to do something 
for a long time. 

1072
01:06:17,000 --> 01:06:19,900
So well done. 
Congrats to you guys. 

1073
01:06:20,800 --> 01:06:25,100
Thank you, Frederick. 
Thank you for joining us on this

1074
01:06:25,100 --> 01:06:27,500
week's episode. 
We release new episodes every 

1075
01:06:27,500 --> 01:06:29,500
week. 
You can find And subscribe to 

1076
01:06:29,500 --> 01:06:33,200
the show on iTunes Spotify, 
YouTube SoundCloud or wherever 

1077
01:06:33,200 --> 01:06:35,600
you listen to podcast. 
And if you have a Google home or

1078
01:06:35,607 --> 01:06:38,400
Alexa device, you can tell it to
listen to the latest episode of 

1079
01:06:38,408 --> 01:06:42,400
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epicenter, .t V /, subscribe for

1080
01:06:42,400 --> 01:06:45,000
a full list of places where you 
can watch and listen, while 

1081
01:06:45,000 --> 01:06:47,300
you're there, be sure to sign up
for the newsletter so you get 

1082
01:06:47,300 --> 01:06:50,600
new episodes in your inbox as 
they're released if you want to 

1083
01:06:50,607 --> 01:06:54,000
interact with us guests or other
podcast listeners, you can On 

1084
01:06:54,000 --> 01:06:57,000
Twitter and please leave us a 
review on iTunes helps people 

1085
01:06:57,000 --> 01:06:58,900
find the show and we're always 
happy to read them. 

1086
01:06:59,700 --> 01:07:02,400
Well thanks so much and we look 
forward to being back next week.

1087
01:06:53,800 --> 01:06:57,000
On Twitter and please leave us a
review on iTunes helps people 

1088
01:06:57,000 --> 01:06:58,900
find the show and we're always 
happy to read them. 

1089
01:06:59,700 --> 01:07:02,400
Well thanks so much and we look 
forward to being back next week.

