Osmosis Updates From The Lab

Nolus protocol, Safepal wallet | May 17, 2023

Hosts- Sunny | Aaron Kong (Osmosis labs)
Guests- Ivan Kostov , Kamoka (Nolus Protocol) | Veronica (Safepal wallet)

TL;DR

• Supercharged/Concentrated liquidity (audits in progress), expecting to launch mid-June, as well as Tokenomics change and reshift of liquidity incentives during thirdening.
• On Frontend, Split routes is in development, which splits large trades across multiple pools.
• Osmosis ecosystem App store being developed.
• Autonomy app is launched (osmosis.autoswap.trade). Limit orders and stop orders are now possible on chain.
• IBCX index token is launched (index.ion.wtf), an index of multiple cosmos ecosystem assets.
• For developers, checkout cli.osmosis.zone. An in-browser osmosis CLI pointed at an archive node.
• New joint grants program by OGP and the Quasar Team, giving grants to build bots on Quasar that are directed at osmosis.
• Nolus protocol- A Layer1 app chain built with cosmos sdk. World’s first Defi lease. Mainnet launch end of May.
• Safepal- Hardware wallet + Mobile app wallet + Extension. Supporting Osmosis. Other cosmos chains supporting soon.

Sunny: Supercharge liquidity- The autopsych and the informal audits should be finished within a few weeks. Expecting to launch on mid-June. It’s actually going to be timed with or close to the thirdening (on June 18th or 19th). So we’ll be having concentrated liquidity + thirdening happening with new tokenomics changes coming into play with the lengthening and reshift or decrease of liquidity incentives. All this happening on the two year anniversary of osmosis.

Aaron: So it’s possible that it’s all going to happen at the same time. Same day?

Sunny: I would prefer not to happen on the exact same day just for mental sanity of everyone involved. Less things to worry about breaking on a single day. But I imagine it all happening in a two or three day time frame.

Sunny: On the Front end side, Split routes is in development. It’s the ability to not just look at one route on the chain, but through cyclical pools on the chain, with the best trade executions, by splitting large trades across multiple pools. As liquidity starts migrating towards concentrated liquidity, there’s still going to be some liquidity on the classic pools and some on the new supercharged pools. So, the frontend has to be smart enough to split between those two, with the best trade execution.

Sunny: Osmosis App Store is in development, to drive a lot more usage and adoption and attention towards the growing apps in the osmosis ecosystem right now.

Sunny: Autonomy app is launched. Limit orders and Stop orders are now possible on chain. You can make a limit order to sell Osmo at a $0.80 and you can also place stop orders where you can sell Osmo if it gets at $0.50, which is below the current price.

Sunny: IBCX index token is launched, which is the first product of the ION Dao. IBCX is basically an index of multiple cosmos ecosystem assets. It stands for Interchange Basket of Coins Index. It exposes you to atom Osmo axl scrt mars and a bunch of tokens within the cosmos ecosystem, all just by holding a single token.

Sunny: New assets listed. Two big ones are Filecoin and Arbitrium, bridged via axelar. Pools are incentivised.

Sunny: On governance side, there’s some good discussion happening in Commonwealth around the usage of Protorev revenues. Should we do a buyback and burn or do an investment with it? So make sure you get on to Commonwealth and come up with ideas on what can be done with this initial protocol revenue that Osmosis has. The other one is the Stride, the liquid staking token incentives, to create a new incentive category for liquid staking tokens. There’s quite a bit of discussion about that happening on Commonwealth as well.

Sunny: For the developers, go to the site cli.osmosis.zone. It is a in-browser osmosis CLI pointed at an archive node. Any query based command that you would run in your local terminal, now you can run that in the browser and get the responses quickly. Next step we’re going to be looking into how to tab it so it can connect to a wallet in the browser, so you can use the CLI, but with Kepler, for example, instead of having to import private keys into the native OS keyring and everything. So it’s definitely more for the advanced users.

Aaron: We’re also working on revamping and improving a lot of the documentation for developers and making sure that the Osmosis team can provide a lot of support for developers.

Sunny: On the docs website there’s a support chat that is powered by ChatGPT and in the last one week it’s already answered over 400 questions.

Sunny: There is a new joint grants program by OGP and the Quasar Team, that is basically giving grants for people to build bots on Quasar, that are directed at osmosis. If you are a strategist and want to start building strategy vault on osmosis, check out that in our grants program.

Kamoka: Nolus protocol- It is a Layer1 app chain built with cosmos sdk. It serves as a comprehensive platform for purchasing, selling, swapping, staking cryptos, and engaging in DeFi leasing. DeFi leasing establishes a money market where lenders earn yields on deposits, and borrowers amplify their holdings with additional assets. Unlike other crypto lenders like Compound, our DeFi lease offers up to 150% above the provided down payment, providing three times more exposure. This allows you to purchase desired digital assets with higher exposure and enjoy 40% lower margin calls. For example- you actually have 20,000 stables. You can get another 30,000, 150% another down payment. You actually get 40% lower liquidation rate and with the 50,000 purchase Atom at 10$. So you get 5000 Atoms purchased for you. Once you do that, those 5000 Atoms now will act as your collateral. You can liquid stake them, earn rewards of 20%. Pay interest of approximately 12–13% to the protocol and to the lenders. And you basically create self bank loans.

Aaron: So what what kind of users do you think would be best fated to use this product?

Ivan: The Nolus protocol offers a user-friendly experience for both newcomers and experienced users in the Cosmos ecosystem. It provides various options to create strategies centered around the lease. Notably, all liquidity within the protocol is denominated in stablecoins, allowing borrowers to earn rewards in stablecoins — a unique feature not commonly found in the Cosmos ecosystem. We should start genesis on the May 23rd and afterwards, I guess it’s just a matter of a week or week and a half before everything is put into place.

Veronica: Safepal wallet- We build hardware wallet from day one, and later on expanded to mobile wallet. You can download the Safepal app and create your decentralized wallet. We also supported Extension wallet last year. If you are using the Safepal app already, you can scan and connect the app wallet to extension without exposing the key there. We are serving more than 10 million users global wide, and have supported 15 languages and recently we have supported osmosis ecosystem in the wallet.

Sunny: Thank you. What is your favorite feature in the Safepal wallet that maybe aren’t in other wallets today?

Veronica: We are the first wallet that pushed the cross-chain experience much further by building everything interchain compatible. I really like the feature that we have built for Cross-chain interoperability, such as the swap and bridge, even trading aggregation inside the wallet. We have supported 100+ chains already and have implemented the cheapest fees ever, like, one fourth of the fee compared to Metamask swap, to allow users to move their funds across different chains. Also the wallet supports staking, defi protocols so users don’t need to go to a third party dapp to open, click and connect wallet, etc. They can straight go and finish their defi staking right from the wallets on the organic interface.

Sunny: Nice. Which cosmos chains do you support today? Is it just osmosis or are there plans to expand to more Cosmos chains?

Veronica: We have supported Cosmos already and Osmosis is the first Cosmos chain that we have supported. We are looking to expand into the other Cosmos chains this year.

Aaron: What spurred Safepal to get into the Cosmos ecosystem since that is a new effort.

Veronica: When we support a new blockchain, it involves integrating not only the main token but also the entire ecosystem, including smart contracts and NFT standards. We also consider staking protocols and native smart contract support within our wallet. This process typically takes around 3 to 4 weeks to complete the contract integration with the entire chain. Additionally, we actively engage with the foundation to organize educational events and bring awareness to the community. Our goal is to teach and guide users on how to securely protect their assets using our wallet offerings.

Aaron: Thanks. One thing that you mentioned was, users protecting their assets. Can you touch on how you are a different from other hardware wallets on what’s going around today? Is this concern of users a concern with Safepal?

Veronica: We don’t plan to adopt any strategy of allowing this private key to leave the device. Safepal is not like a USB type of products. Uses QR code scanning mechanism. Doesn’t need any USB cable, any Bluetooth Wi-Fi, NFC whatsoever. No radio frequency. Built with EAL 5+ independent secure element; True random number generator; Multiple layers of security sensor; Self-destruct mechanism. This is a mobile friendly solution. It’s super light in just a credit card size. Supports 56 chains and soon to onboard a bunch of EVM networks. We sold Safepal to more than 200 countries.

Aaron: Thank you. What would be the best way for our users to safely acquire a Safepal wallet?

Veronica: Always recommended to buy from the official website. Shipped straight from our central warehouse. We have a firmware protection that means if you try to upload the malicious firmware in it, the device is going to be dead.

Aaron: What about any physical tamper proofing?

Veronica: The device comes with an anti configuration sticker. So anybody who has opened the device, other people can see it. We have implemented device authentication process by verifying your device by scanning QR codes at back and forth. Also implemented detections of different stops and watch points along the way of people uploading the firmware. Once anything is triggered, it’s going to be detected and then erasing that device. There are multiple sensors inside the device, so if you try to crack it open, it’s going to initiate self-destruct and will wipe the whole wallet data. We are also working with a lot of security partners as well, and some of them actually help to validate our devices and nothing major vulnerabilities have been noticed.

Aaron: Awesome. What are the best places for users to read about the product and educate themselves on how to use it? How would users get in touch with your support team if they need it?

Veronica: I recommend to Twitter. On the website we have Safepal Academy with educational content and articles. For support, go to the website, scroll down to the bottom and submit a request. We reply within 24 to 48 hours. There is also a ticket system inside a mobile app settings. We don’t do product support or customer support on Telegram. We have a full time member working to take down fake accounts on Twitter, Telegram, Discord.

Aaron: All right. Thank you, everyone!