Something is brewing ☕️

Good things come to those who wait 🤗

Hi Burrow, a few months have passed since our last update; and for good reason. In the midst of what seems to be an endless bear market, we’ve been hard at work building, never stopping for the past 5 months. With the fruits of our labour finally showing promise of bearing fruit, it is high time we shared an update. For context, our MM team hired 2 extra team members (specialising in AI) 6 months ago — thus creating a new MM Labs team. The intention? The MM Labs team will focus on creating next-gen innovative projects that will propel the MM community to greater heights. The MM DeFi team will focus on all our DeFi projects to ensure operations run as per normal and to plan huge changes for the forseeable future. With that said, our MM Labs team has been hard at work and we are ready to shed some light on what we’ve been working on that requires close to 6 months of effort (we promise you will not be disappointed!).

Reason for building

Before we begin, let us share some context about us at MM; we came to the realisation that with fewer of us remaining under ever-tightening market/liquidity conditions, it is no longer enough to solely build for MM. We wanted to introduce an element of Madness to the market and create a product that can benefit everyone, MM, Non-MM, Projects, Communities, CT, Normies. Basically, expanding our scope to serve more users in this Web3 space.

What sparked off an idea originally, was about us trying to find new ways to better serve Web3 users by observing all the shortcomings of the Web3 world. We came to the following observation; The Web3 world as we know it is rife with scams, phishes, rugpulls, and is generally so technical for the average layman. We’ve been in this space for years, and we constantly see questions and scenarios like the following:

“Wow, Mad Meerkat NFTs and Bored Ape NFTs look pretty dope. Let me hit them up in Google search so I can buy a couple” — Lo and behold, the first link is simply an Ad that just so happens to be a phishing site that will drain your wallet upon transaction signing.

“This DeFi thing sounds so interesting. I wonder what an RPC is. I wonder what impermanent loss is. I wonder what slippage is. I wonder, I wonder….” — If you understood any of that, congratulations, you happen to be in the top 5% of people in the world who understand all of these technical nomenclature. However, the road to crypto mass adoption is not paved by attempting to gloss over all of the difficult things and hoping everyone will be fine with the way things are, because it simply isn’t. We need a simple way for people to understand things, and for everyone to be able to access all of what Web3 has to offer, in the simplest possible way.

“As a yield farmer, it is just so painful to manage impermanent loss, and to harvest my profits daily. Having bought a bunch of memecoins, I’m now stuck observing the prices of my coins 24/7 just to find a point to sell” — The pains of someone who has been in the space for very long; The inability to let go is not something that an average person is going to want to commit themselves to.

If you’ve found yourselves in any of the scenarios earlier, welcome to Web3! Despite all of its imperfections, we’ve come to fall in love with it. However, we constantly ask ourselves, “what if we could improve things?”

Introducing: The first ever AI-powered Web3 Aggregator

Maddy.gg, your personal AI assistant

You might have ever used swap/DEX aggregators to obtain the best pricing/slippage for your on-chain trading activities. The first ever popularised swap aggregator (1inch) kick-started an entirely new meta, inspiring tons of similar protocols being spun up. That said, swap aggregators exist purely to cater to 1 class of activity within the entire realm of crypocurrencies. With this understanding, this was where the concept of an “Web3 Aggregator” was first conceived within the MM Labs team, to invent a totally new meta, something that caters to MORE classes of activity within of the Web3 space. How can we craft a platform that does:

• Allows users to easily perform crypto research — Imagine being able to use natural language to search for information that is often-times so difficult to attain. “Hey Maddy, can you help me find 10 tokens by projects below 10 mil market cap that focuses on AI?”
• Allows users to easily automate day to day tasks — Imagine being able to create automations to automatically buy particular tokens, or to harvest your yield farms. “Hey Maddy, can you help me harvest my MMF yield farms and automatically reinvest those as veMMF every day at 8am?” OR “Hey Maddy, can you help me automatically buy 100 MMF tokens every week when market cap of MMF falls below 50 mil USD?”
• Allows users to easily browse and sell strategies — Imagine being able to create a shitcoin sniping bot that automatically finds great entries on hot coins, and hence licensing this particular bot to other users (and thus taking a profit share). “Hey Maddy, can you automatically buy 50 USDC of any new coin that is trending on Gecko Terminal that is under 100k market cap?”
• Allows users to easily access to information on any protocol — Imagine being able to ask a conversational bot about differences between protocols such as Aave VS Compound, instead of performing google search. “Hey Maddy, what are the differences between Aave and Compound?”

Take a look at some screenshots of our new product:

Why Maddy?

We wanted to build an original product that has the potential to sit as the centrepiece of Web3 for years to come. As people who have dabbled in the Web3 space for many years, we are innately so aware of the shortcomings of Web3, and we wanted to build something that makes an impact on how Web3 can be accessed. Using AI/conversational LLMs as a means to interact with protocols is an entirely fresh idea that has yet to be executed till today. Instead of creating larger fragmentation for an already fragmented crypto ecosystem, we wanted to also build a product that was multi-chain, and seeks to UNITE EVERYTHING across chains. The use of natural language will allow us to seamlessly access different protocols and tap on liquidity pools that exist across different chains — hence bridging this fragmentation and also reducing friction for the everyday user of Web3. Not only that, we wanted to potentially power the next wave of crypto adoption by creating a weapon of mass adoption.

Business model for Maddy

Instead of building inflationary mechanics, we will aim to build a product that operates multiple revenue pipelines.

• Maddy operates a meta-aggregator to find the best trading path for users when they wish to conduct trades. In doing so, we charge a small nominal fee while ensuring users still have the most competitive trade.
• We will rate limit usage once we have accumulated a sufficient user base. In doing so, we will start charging subscription fees to unlock higher amounts of usage.
• An Ad platform will be setup. Protocols will pay fees and also bribe our token holders into voting their advertisement into existence.

Current feature-sets for Maddy

• A custom built chat interface to allow transaction signing, automation management, viewing of NFTs etc
• Ability to ask for information about most and any protocols available
• Ability to use natural language to perform trades, buy/sell tokens
• Ability to view and filter past transactions easily (a feature that is not simple on Etherscan). E.g. Help me check my last 20 USDC/WBTC transactions etc.
• Ability to ask real-time data questions to get market cap
• Able to support all chains

• Able to bridge tokens between different chains
• Able to perform on-ramping

Roadmap for Maddy

• Adding support for Telegram, Discord etc. Basically, we will add support for all external chat platforms that have significant user base.
• Focusing on building up trading tools and automations through the use of natural language. The current meta favors low-cap trading, and hence that will be our focus for the time being.
• Working on creating “sentience” for Maddy. This allows Maddy to understand and execute complicated instructions. E.g. Hey Maddy, help me buy 1000 USDC of MMF tokens when the price of CRO drops below $0.05 and market cap of MMF is below 30mil. (Adding Sentience is going to be a big deal as it allows you to perform next level operations that normally will not be possible to execute automatically. We will soon release an entire article on the use cases that will be made available).

Why are we certain that Maddy can be successful?

We are building a product that functions at the intersection of the Web3 + AI narrative. Not to mention, we have huge belief that we are onto something huge. Maddy was built to be extensible. Telegram bot narrative today? It’s an easy addition for us to build for. Discord bot narrative? Once again, an easy task for us. Furthermore, our team is an expert at execution. Having built countless Web2 and Web3 products ever before, we are confident of delivering products to market. Lastly, we have the power of a huge community behind us, and it grows with every day that we deliver.

Benefits to MM holders

• For our most loyal holders, we will make Maddy free for you to use
• Revenue share from Maddy’s biz operations
• More to come…

Q&A

Why build an AI product?

We always adopt a practical approach when attempting to solve problems. When we ponder the huge negatives in the Web3 space, we knew we had to tackle the issues differently than all the solutions already out there in the space. If the existing solutions already solved the pain points, they wouldn’t exist in the first place. Hence, something entirely new is required. Not only so, we also are gratefully aware that we thrive in an era where we look towards AI to potentially solve some of the problems that we’ve never been able to solve before.

Seems like the current meta favors the launch of Telegram bots. Is that something you guys will consider building?

Absolutely. It does not take too much effort for us to port our entire Web3 AI engine onto a different interface. In doing so, we are certain we will be able to bring about many fresh eyes onto the entire MM ecosystem by building something entirely fresh, yet still within the current meta.

What is the focus of Maddy?

Our first goal is to build the best, and most sensible trading bot operable via natural language. This means that you will be able to issue out super interesting trading instructions:

• When the 14 daily EMA of Bitcoin crosses above the 50 daily EMA of Bitcoin, help me swap 10000 USDC to BTC.
• Help me monitor the market cap of PEPE. If market cap hits 1bil USD, help me sell all my PEPE spot holdings. Otherwise, if market cap dips below 5 mil USD, help me DCA by buying another 10000 USDC of PEPE.
• Send me a telegram message to notify me when my portfolio value reaches $100000!
• MATIC BTC ratio is defined as the price of MATIC divided by the price of BTC. When the MATIC BTC ratio drops below 0.00002, help me buy 1000 USDC worth of MATIC.

These are some simple examples of what Maddy can potentially do for you, with the capability for you to perform even more insane trading strategies. The best part? CEX-es can NEVER support any of these unique trading strategies, whereas Maddy can help you monitor for all of these scenarios, and automatically execute them.

Is Maddy a custodial or non-custodial solution?

Maddy functions as both custodial and non-custodial solution. If you would like to automate your trading, you need to opt for the custodial solution. We will be partnering with a custodial wallet vault service for this, so you can be assured that the MM team never has access to your private keys. You can still use Maddy in a non-custodial manner by interacting with it and performing swaps in real-time (not automated).

Conclusion

This is a work in progress, where huge progress has already been made. The MM Labs team will reach out to the most loyal MM community members to provide free first access. This is immediately inclusive of our MM NFT holders first and foremost. Following which, other community members will be nominated by our friendly CMs who will nominate you on basis of your capability to provide useful feedback to our team as we continuously scale up the product. Having said all that, we hope that this product excites you as it does for us. We see a near future with which natural language is the ultimate means of interacting with the blockchain, and not clunky user interfaces that requires constant mental overhead (from learning new interfaces followed by new interfaces). As one MM community, we hope to be able part of this future! LFGM!

Next article coming up soon:

AI Web3 DAOs: A Future not too far-off

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