Ergo Pulse Episode 1 - ErgoDex

[Music] hello and welcome everybody to the first the first of many episodes of ergo pulse where we are going to cover the exciting developments of the ergo ecosystem we're going to have awesome guests for you my name is daniel friedman and hosting the show with me is joseph yep uh yeah we're gonna keep our finger on the pulse of what's moving around in the ergo ecosystem uh you know crypto can be a bit uh hectic in terms of the pulse that it moves at what do you think that that little market correction the other day that was fun wasn't it that's i'm sure that got some pulses moving you know it's one of those things the market party party party and then all of a sudden the hangover kicks in it's just a lot of a lot of uncertainty out there but listen the one thing that you can be certain about is the ergo ecosystem is constantly constantly growing and developing um the cool thing about go as you all know and joe can back me up on this is it is running right out of the box right right out of the box i mean joe tell me you know you you really described it really well the other day i mean just tell me why how was the ergo ecosystem launched it was like one system yeah erco system came to market with smart contracts um we had our own custom programming language that was built with custom tooling uh in pre-net days um we have dapps that are live that developers built that have no tokenomics behind them uh you know usually in the crypto space you say okay well i'm gonna tokenize and that's a fundraising mechanism before you see anything and you know sometimes it grows into something you see and sometimes it grows into something you don't see right where uh you know you tokenize a project and poof it's gone ergo has really done well in terms of building applications and then thinking okay how do we build an economy on top of that application like how do you bring it to market in a way that makes sense based on its use case that already exists instead of trying to price a product before you have a product like if we were to start a company and say hey dan we're going to you know bring a product to market but we don't have a product we don't know our costs we don't you know have kind of that foresight um that's difficult to predict it's a lot of variables there yeah yeah absolutely absolutely and and you know what what's great about ergo is i mean right now right now there's daps running on it right now there are dex is running on it right because what is the big buzzword right now is d5 d5 everybody wants to see d5 you know uh cordano is getting a lot of a lot of they're getting a lot of about you know are about the cardano d5 you know uh oh when cardano d5 right now you know right now give me some gratification you know that's that that's the problem with the space i think you know everybody thinks that everything needs to happen right away or else it's over we don't wait if the pulse moves too fast you end up with a heart attack right things take time exactly you're telling me joe i mean tell me what is your impression of of defy on uh on ergo um cross chain d fine just my favorite way to describe d5 on ergo is that is what it was built for but back in let's say test net days alex said it's built for financial contracts right we have a stable store of value with financial contracts on top of it which today is defy yeah it is that that's what defy is that's what defy is but you know we kind of started building for d5 before d5 was a thing and you know obviously you know coming from the cardinal side yeah you know coming from the cardano side that extended utxo really does have some benefits for d5 now that's something that's still rolling out it's still let's say growing developing but you know kind of on the base core of that contract model i think there's some definite benefits that both ergo and cardona will benefit from you know so as we absolutely as we see these systems coming online i think you know it's definitely the contract model to watch you know and absolutely absolutely yeah and and um and actually today today speaking of d5 our first guest is going to be none other than ergodex okay and i know a lot of you heard about her hoods i know a lot of you are wondering about ergo decks uh you know it's it's it's considered one of the you know one of the top decks projects on both ergo and cardano and uh we're going to have uh one of the top at least the senior developer and founder of ergodex join us today and to show us uh well how the ui buying the ux sports because i really think that that is an inherent problem with the way information is being channeled today to the community the community here's the buzzword right they hear defy they hear defy on ergo defend cardano some of them didn't really know what d fight is they just kind of kind of know it you know and they just think oh yeah defy uh that's when you block change stuff with money you know it's okay because look it's a new term and really you can't expect the average person to have this full grasp of of what it is especially if we are going to attract new uh you know new users uh into the ecosystem you know that haven't used blockchain they haven't used d5 that don't know what the exo is you know they don't know you know exactly what a swap does i mean they kind of know because well it's swap stuff but i mean what exactly is that and that's why i thought it was really would be really good to bring on our friends from ergodex and for them to really show you to really help you visualize what a dex would look like and looks like on ergo and cardano and really what the experience would be like you know just take the mystery out of it um and i really think i mean what do you think joe uh is is is this is this something that the community is lacking right now is kind of visibility into what these things actually look like yeah i think so i think that uh you know you we have a variety of financial tools that are going to start budding growing and kind of taking on a life of their own and that's already happening on you know a lot of different blockchains and different ecosystems and it kind of takes on a different flavor in each particular network i'm excited to have elyon today he's kind of been one of my go-to people when i have a problem even if it's not his area usually he's the guy that i'm like hey you help me out with a problem with an exchange which you know he's busy doing all kinds of other stuff but usually he shows up and uh he's a good developer he's been around for a long time and he's actually quite a young guy well without further ado um let's bring on our friend ilya the founder and senior developer of ergodex hey dan hey joseph thank you for the introduction uh nice to be here uh ergodex is a cross-chain dex uh that is available right now right now running right this second right now running on ergo you can use it you can go after this depth of the show and check it out on your own and soon to be uh operational on cardano because you know everybody's talking about ah when d5 when d5 well ergo dex is one of the first uh the first movers of d5 on cardano right now okay and we'll talk about that later so um welcome to the show ilya really nice to have you and so why don't you just tell uh the viewers um how did you come to well join the ergo and cardano ecosystems and how did you come up with the idea of having an at dex be your you know your main contribution because this is obviously taking a lot of your time in fact all of your time i can imagine um well i joined uh edgar ergo project in 2018 i guess as a core developer uh worked there for some time on some core stuff like ergo reference note ergo blockchain explorer wallet so and etc and as for ergodex project i started it in january 2021 as an implementation of ideas which were around in ergo community for quite some time uh i'm talking about atomic swaps automated market makers so there were a demand for foreign uh for sure and uh then when we implemented it on uh on ergo we uh decided to like expand on cardano because so cardano had had very similar eot excel model so we decided that it shouldn't be uh too difficult to port it to cardano and like have a dex operational on both blockchains uh well now we have implemented the ui for for protocol uh it's fully operational as you said on ergoblockchain and soon it will be available on cardano blockchain also yeah this is actually something that we're going to show you in just a little bit is the ui and i really really like it and i'll tell you why you know and um living in japan you know i worked i worked for a long time i worked in japanese i.t companies and one of the things that i could never get across is simple is better okay because for some reason even today pretty much every single major japanese website looks like a market it's just got spinning images and crazy stuff going you know there's like there's no one point you can concentrate on it drives me absolutely crazy so it's really nice to see a nice clean ui straight forward uh it's it looks great but it's straightforward you go on there you know what's going on there is no learning curve you can just bam you can get in there and you can do it you can use it um i really like that um so something that i wanted to ask ilya is um a lot of i'm sure there's a lot of people out there wondering how is it to work you know cross chain because um you know both ergo and cardano are about interoperability we're not you know one blockchain to rule them all type of people you know we are part as you said you eu txo alliance uh that has several projects in it including ergo and cardano and so i just wanted to you know uh i just want to ask you to give a kind of a brief brief picture of of how it is to port from ergo to cardano and of course cordano uses plutus uses uh the plutus library which is basically it's it's a it sits on top of haskell which is what cardano's written in so please elaborate on that how how how was that for you uh right uh as you said first of all it's all about porting uh the code base from what we have on ergo uh ergos ergo stack is uh ergoscript which is uh basically subset of scala and all the code base i mean off chain code of chain services is all written for ergo in scala language and uh for cardana we have uh completely different stack it's haskell it's plutus plutus is a like a subset of haskell uh so we had to rewrite all the code base in haskell and actually as a functional programmer i like coden and haskell as much as i like scholar so it was a pleasure for me and for my uh for for other ergodex developers as we are all committed to this uh functional uh well-typed uh approach to writing code uh so it took some time to rewrite all the code base but uh it was an interesting journey for us so you're building on two chains oh sorry yeah yeah you're building on two chains two different dexes in two different languages simultaneously yeah yeah that's basically what we are doing now and uh later we are going to connect uh these two branches uh to make them interoperable so like now it's uh basically two separate dexes on ergo blockchain and on cardona blockchain just on the single ui you can just switch with one button between them uh but the plan is to have uh cross-chain uh pairs to make swaps uh cross chain between ergo and kagana for example that's it that's it great great well thanks a lot thanks a lot for for kind of cueing us up to what comes next um and that is actually a showcase of ergodex all right elias so um once you show us a little bit of this really really nice ui and what all these buttons do and you know do i click on anything and is it gonna i don't know make stuff explode or am i safe just give us give us a brief brief overview yeah sure well let's take a look at uh the ergodex ui uh here we have a swap form uh and and a top header uh top header allows us to switch between uh different uh like uh parts of the decks uh first of all it's swap allows to swap two different assets back and forth uh and pool section stands for positions of liquidity provider like if i provided liquidity to some some pair for example arg usd here i can manage it i can add liquidity or remove mild liquidity and let's move on here we have a selector of network a wallet control pane panel like we can choose a wallet address to use for the decks and here we can see total balance or in the energy of our wallet and here we can uh look at uh non-mandatory assets we have in our wallet so yeah show me how to add liquidity let's say uh you know i missed a big whale and uh i want to put uh some of my liquidity into your pools on your decks what do i do yeah sure you need to open uh this pool section uh and uh look at what pairs are available here if you already have some positions in ergodex pools they will be displayed here and if you don't and you want to add a new position you click this button and select what pair you would like to provide liquidity to for example i'd like to provide erg air dodge pair liquidity here i can select a pool available for this for this pair i have just selected both here i can see the interest percent uh i as a liquidity provider as a refugee provider will earn uh four swaps made in this pool and so then uh i should uh basically uh input to the amounts of arg and air dodge uh to deposit uh looks like you have an insufficient balance yeah but unfortunately i don't have enough for deutsche hi so let's uh let me select like c usd well uh moving forward well we have all everything set up uh finally uh let's click let's click and add liquidity button uh review all the settings here and click add and then we all all we have to do is uh to confirm [Music] the transaction here in euro pop up click confirm and our transaction is submitted uh well now we have to wait uh until it gets gets executed in the network and we can see our operations here for example for add liquidity it will look like this this is already executed operation i've done some type before and we can see this transaction on explorer how it looks actually in blockchain for airguides ergo explorer for cardano network it will be kaduna explorer so what's happening on the cardano side you got anything to show us yeah on the cardano site it's basically looks the same blue section looks almost identical we just have a different color solution for the ui to distinguish between ergo and cardano you know on august orange and cardana it's this light blue color and basically the same we can select a position for example for available assets there ada and for example jet usd yeah uh yeah i see that so sorry but i just wanted to kind of point out that uh jed will be available on ergodex so there are a lot of people that are asking about when jed uh where is it going to be available how to use it well ergodex will support jed once it is live yeah and here we basically have the same uh to confirm this uh liquidity action we click add liquidity then add then confirm everything in the wallet pop up and that's done that adds actually a really interesting use case you know me personally i have uh some position in cardano and so if i were to to go stable and jet and in the future if they're bridged together i could you know balance some type of stable portfolio that's backed by ada and backed by ergo that would be a neat uh liquidity pair in the future yeah yeah it's that i mean that's really big i think that's um it it it really helps paint the picture of how the two will will will work in concert you know and this is this is really great thank you lady this is really great to show in reality okay because everybody's talking uh uh d file and cardano everybody's talking swaps everybody's talking taxes but really i i just feel like there's just not well it's a personal opinion okay don't get me wrong i'm not the old seeing all-knowing god of all cardano okay there's other stuff that goes on it's a huge ecosystem but i just don't see enough of that i don't see uh how these things will look like you know really be kind of mainstream information for the community and so this really helps this really helps to visualize and to show people okay that's what it looks like this is it this is d5 this is cardano d5 that's what it looks like ergodex is showing it to you this is what and that's what uh ergod looks like you know there is no you know you think of d5 and then there's some sort of magic that happens in the middle and poof you got d5 this is it so i really like that all right ilya well that's really good thank you for showing us how to provide liquidity now um well can you show us what does a regular swap look like so um if i wanted to you know swap say ergo for sig usd or whatever pair um show us what the process looks like uh from the beginning yeah sure for a regular user it's a simple as going to ergodex and when a user opens this page he already sees a swap form he can select a pair he would like to swap for example he would like to swap his sigma usds for sick rsv input here how much c usd you want to input and see here how many sig rs switch he will get as an output then review all the settings here if he want to change something like slippage tolerance or nitro more on these parameters in ergodex documentation it can be found here [Music] and then actually we can click swap uh review all the parameters there how many secures these how many security suites all the settings we defined on the previous step and confirm swap then your id app connector pop-up will appear here we can confirm our transaction and that's it the operation is submitted and actually we can uh look at it here in the transactions history we can look at already executed transaction for example that i've done some time before here we have a link for explorer in order to look at the operation how it looks in the blockchain actually uh well for aggregates ergo explorer for cardano site it will be some kind of explorer but yeah that's it that's how it looks in the ui excellent excellent yeah that that just seems really easy really straightforward uh like i said really clean i really like that um i'll be using it for ergo today and i'll be using it uh for cardano when the cardona functionality is available uh which as uh you said something when do you think that might be available as far as your road map goes well on cardona it's going to be available in the mid january uh 2022 excellent excellent so not too long from now i mean we're in almost mid-december mid-january is not that long away and you know everybody really wondering about uh you know defy on cardano when when do you find cardano when dixon's on cardano um i believe that ergos is one of the first movers uh they're really transparent about their progress and so ilya can you please give us uh a bit of a rundown of what does your roadmap look like you know moving on from here what does your roadmap look like what are your plans how do you plan to develop virgo decks what are your major milestones so just please go ahead yeah now when imm dex is already implemented on ergo and almost implemented on cardano we are thinking on how to expand ergodex and so we are thinking of expanding aircraft decks to a kind of decentralized finance ecosystem for ergo and cardinal blockchains to make it kind of driver for air growth first of all we are going to recognize ergodex to help its liquidity to to grow to grow basically what we're going to do is to reward liquidity providers of ergodex with some additional amounts of native token of the platform so you know liquidity providers would have more incentive to to provide liquidity to utilize the resources of the decks more well that's uh like a major next major milestone besides uh launching on cardano very exciting the same that is launched on ergo what other kind of long-term features do you have on your roadmap what are we looking at in a d5 ecosystem uh well uh four thirds uh moving further in order to expand to a real real default system uh a decentralized lending protocol is required so we now thinking of how to add it to uh ergodex protocol so we will have a decks and a lensing platform and having these two services like in in one protocol uh this will open uh the door for uh different uh liquidity or yield farming strategies uh possible in this system so basically users liquidity providers will be able to uh utilize their investments much much more efficient more efficient than they can in a regular uh imm decks like in regular liquidity pools and if you get uh into the order book you know i heard there was uh some issue that you had that you were working on sorting out can you explain that to me at all yeah uh as for order book uh actually that was a first feature of ergodex uh implemented it was implemented even earlier than automated market makers but then we discovered during security analysis we discovered that completely open market for order book decks like has many flaws uh it has many possible ways for market manipulation like uh different watch trading schemes so now we are improving improving their protocol and we will add it to ergodex probably uh but uh it will be later uh also because uh there is uh much not much demand from the community for autobook decks uh for example if we uh compare it to mm decks it's uh it's much more like uh beneficial to the community uh for now now i know there's been some confusion um regarding the ergo foundation and ergo decks and i heard that you are in the process of incorporating um is that the case yeah in order to make a business side of the project like running more more smoothly we are going to create a separate legal entity for aggro decks we are going to create a company that is uh responsible for support and development of the ergodex protocol uh so we are going to release more details on that uh how it will be named this lapse company in the update soon so you're not breaking up with me if i have an explorer issue i can still get you back to help us out right yeah right yeah yeah it's it's it's it's it's like it's like that one episode of of uh i know it was in the movie you know the the sex in the city movie the second one where it's not she is like divorcing her husband she just wanted to keep her old apartment right so you just yeah you're gonna have another apartment but you're still you're still we're still together right we're still together it's just i'm still an ergo developer so i'm not going to to go somewhere i like ergo but we need to like uh develop agritex also and we we need a company for that actually well i i really think that the business aspect of it is is is really important you know to iron out um and it's really good to hear that you're um you know that that you really are really focusing on that i mean what are your thoughts about it joe well personally um you know i've worked with ilya for a while great developer i would love to see additional dexes come on to the ergo platform now one thing that would do is it would create let's just say more balanced markets who would open the opportunity to arbitrage pricing between dexes and give us say greater price stability across the ecosystem you know i think even ergodex itself would benefit from that just because it brings in a secondary economy where people can play the price difference in arbitrage so hopefully um you know we get a competitor on board that uh you know then gives ilya a little bit of fire under his ass so he can you know start the race good old capitalism yeah love it libertarian capitalism you know the rawest you know we'll still we'll still be friends i'm i'm i'm still uh rooting for you ilia but i would love to see some competition yeah well hey healthy competition is always good you know it's it's echo chambers are bad competition is good and ergo as well as cardano are just you know all about that you know we don't want an eco eco chamber we want robustness you know we want competing businesses to make to make the ecosystem better to build on top of the ecosystem well yeah first of all our community the community both of uh ergo and cardano will benefit from it and actually i think uh aggro decks can become a major driver for uh first of all ergo uh to grow uh in the long term yeah so we can here like utilize uh ergo inside the system uh like uh creating new possibilities for it i hear people trying to reinvest [Music] ergs here they mind not not moving them away from the system like on the some centralized exchanges but uh using uh eric right there on the early blockchain that's what i guess uh ergo was created for like a platform for contractual money for for the fight yeah yeah absolutely absolutely well listen ilya thank you very much for coming once again it was great to see the ui it was great to hear about the company and the project uh and what your plans are you know we're really all looking forward to seeing a lot more come out of you and group uh just really excited about it so thank you very much for coming on the show and so please don't forget to follow uh the ergodex twitter uh as well as so what other social media you have that you'd like the viewers to to check out first of all uh our github i guess um because all our code is transparent all the development process can be tracked there okay great yeah again transparency i like that uh ergo is all about transparency and one of the reasons why i'm a big fan of ergodex is because of transparency you guys want to see where it's at go to the github go to the github check out other twitter um ask them questions you know ilya he's right there you know i mean everybody's really active in the community uh and ergo telegram um so these guys are just easily you know easily reachable so adam questions they're there for you they're there to give you clarity and i'm sure they'll be more than happy to to talk to uh users and potential users and just kind of explain you know what what's going on and uh what to expect so thank you very much um and so i guess this is a good place to leave it off for the first episode of ergo pulse so anything you'd like to add joe before we call it a day or night or well here it's day moscow it's morning and in colorado it's night so well my one last question to ilya would be um do you have a plan for a protocol audit from an external entity i know that's something that uh really differentiates depths best security practices getting uh extra eyes on the code uh yes sure besides a gross review and review from community developers from ergo and cardano we are thinking of employing a company working on making a like run time verification of programs so uh we will update you on that later we're just uh searching for for a suitable uh company to to make that for us well i personally appreciate that commitment you know that uh sets you apart from a lot of projects in the space that aren't open and don't have that extra audit stamp yeah transparency it's all about transparency you know and and we appreciate that in the community appreciate it as well and i really think that that will make projects stand out from the rest and by giving transparency to the by showing them what's going on when is it going on and how is going on so again elia thank you very much for coming on the show and thanks everyone for watching and i am daniel friedman joe you're joe you have joseph armenio ergo foundation and thanks for watching ergo pulse yeah thank you guys for inviting me i was glad to speak about turkey dex here today great well hopefully we can have you on again and please you know when you when you get super successful don't forget about us yesterday i'll try to all right everybody thanks a lot and we will uh we will see you soon [Music] you

Channel: Ergo Platform

Views: 1,577

Rating: 4.9843135 out of 5

Keywords: Blockchain, Ergo, Crypto, Cryptocurrency, Layer1, Smart Contracts, Bitcoin, DeFi, Ergo2Top10

Id: H7pj_MepctM

Length: 39min 39sec (2379 seconds)

Published: Tue Dec 07 2021

Reddit Comments

[u/HeadFullOfStories123]

FINALLY some specific updates! ErgoDex live on Cardano network in mid-January in case anyone was interested. Good luck!

[u/Ok_Plankton5170]

This dex is the best horse

[u/DruviSKSK]

Can't wait for this!

[u/YuriErgagarin]

"That's it..."

Legend! Really exciting things ahead.