How Is Push Protocol Integrating ChatGPT Into Crypto?
Chronos Finance Launch | Nested Social Trading | leNFT AMM
GM, this is your Daily Bolt briefing.
In today’s edition we bring to you reports on the latest launches and innovations in DeFi today, from Chronos launching on Arbitrum, to Nested’s social trading and portfolio management… we’ve also included an extensive summary report on leNFTs’ new AMM and borrowing platform for NFTs.
Once you’re up to date; head to our Note of The Day to learn more about How Push Protocol is implementing AI into its crosschain messaging and Web3 wallet offerings.⬇️
Stay alert and informed.
1/ Equalizer - Introduction of Chronos and Its Launch
Preview: In this Twitter Spaces, Equalizer hosts Unified and Gorgory from the Chronos team. They discuss and introduce the Chronos protocol, their recent launch and features of the protocol. Click here to listen to the full episode (70 mins).
Read our Note (10 mins) and save 60 mins.
Here are some key takeaways:
The Chronos team has been working hard to think everything through from a theoretical standpoint to launch their product on Arbitrum.
Their goal is to do on Arbitrum what some ve(3,3) Forks have done on other chains.
Liquidity providers receive LP tokens by providing liquidity. Staking LP tokens to earn CHR emissions uses a modified version of MasterChef that tracks the amount of time a position has been staked.
Each week a position is staked, it receives an emissions boost relative to the amount of time it's been staked. After six weeks, the boost maxes out at 2X and holds until unstaking.
It remains to be seen how the market will price in this six-week 2x boost.
Over time, the Chronos team will be dialing in the length of the maturity curve to maximize profits.
Protocols incentivizing liquidity for their tokens will be able to do so more cheaply on Chronos because bribes or votes spent on a current Epoch will last longer than a single Epoch theoretically.
If participants in the DEX see value in Chronos' liquidity solution because it's stickier, they will want to lock as much CHR as possible to grow their voting position over time. New protocols and participants entering the ecosystem may see value in buying and selling these positions.
2/ Subli Optimism Series - Introduction of Nested
Preview: In this Twitter Spaces, Subli talks with Aylo and Rudy from Nested. They discuss and introduce the Nested protocol, features, and future plans. Click here to watch the full episode (58 mins).
Read our Note (8 mins) and save 50 mins.
Here are some key takeaways:
Nested is a One-Stop shop for any user for crypto trading that has all the features to simplify onboarding new users. It allows users to trade and manage digital assets without intermediaries.
Interacting with DeFi protocols can be complicated, but Nested tries to reproduce a web-to-user experience and applies it to their platform.
Users can interact with or contract with a protocol without even knowing they are interacting with DeFi.
Aylo and Rudy describe Nested as a decentralized portfolio management and copy trade platform that anyone can use without any DeFi knowledge.
Popular investors and traders showcase their portfolio strategies on the platform. This has been successful in increasing transparency for their audience.
Nested reached 300,000 transactions.
More than 90,000 addresses interacted with Nested.
There are about 2,000 mostly active users on Nested.
Nested is planning to release V2 architecture in 2023.
With V2, users will be able to interact with all five protocols directly from the interface.
The new architecture will become the main DeFi front end and allow the integration of different protocols.
3/ blocmates - Introduction of leNFT Protocol
Preview: In this episode, Grant from blocmates invites piggydev from leNFT to discuss the NFT markets, the problems with the current NFT market system, and how leNFT will solve this problem with its one-stop shop for NFT Finance. Read our notes below to learn more. Click here to listen to the full episode (43 mins).
Read our Note (6 mins) and save 37 mins.
Here are some key takeaways:
piggydev was bored with bear markets and wanted to build something new. He looked around to see what could be built or what was missing in DeFi and found a big gap in NFT financialization, and started working on this problem.
piggydev started with the lending protocol concept, which is why the protocol is called leNFT.
piggydev saw some really cool ideas being thrown around in the NFT space, including Sudo Swap, Bend DAO, and Caviar, which are NFT projects that were realized.
piggydev combined his existing lending product with these new AMMs to create a new product that they will be launching soon.
The team believes that the AMM part of the product is more profitable than the lending part.
Grant thinks Sudo Swap was one of those "big bang" moments for in terms of discovering a great idea in DeFi. He loves Sudo Swap and thinks it's a really good product, but feels that the communication around the product is lacking.
piggydev believes that it's important to work together in DeFi rather than competing against each other. Collaboration is necessary for building products for the next one billion users.
NFTs on leNFT can be made composable with other protocols by creating gauges on top of them. This is similar to what protocols like Timeless are doing with incentivization systems for Uniswap V3.
Liquidity is necessary for all possible Non-fungible Assets (NFAs) in the world.
There are a million use cases for NFA liquidity, including housing, tickets, and even cars.
If you read these 3 Notes on Revelo Intel you would have saved: 2 hours and 27minutes!
In this episode of The Defiant Podcast, host Camila Russo, is joined by Harsh Rajat from Push Protocol to discuss the Functionality of Push Protocol in Web3: Harsh also spoke on the significance of notification and messaging systems in Web3 applications, and the Protocol’s Business Model, and more! Read our notes below to learn more.
Background,
Camila Russo (Host) - Host of The Defiant Podcast.
Harsh Rajat (Guest) - Founder of the Push Protocol.
Push Protocol - A Web3 communication network, that enables cross-chain notifications and messaging for dApps, wallets, and services.
Harsh’s Background and Founding Story
Harsh has a decade of experience in being an entrepreneur, having started with mobile apps and games and he also dabbled in communication.
He was fortunate to be at the right place at the right time when he discovered Bitcoin, which led him to Ethereum and Ethereum push notification service (EPNS).
The Push protocol was created due for two reasons: communication being the single controlling point for everything in Web 2, and the lack of communication rails in Web 3.
The Push Protocol led to the development of communication through notifications, which served as the foundation for all subsequent communication, as well as the AI chatbot and video feed, both of which will be available soon.
Introduction to Push Protocol
According to Harsh, Push protocol is a decentralized communication protocol that enables any dApp to send notifications, messages, video calls, streaming, or any other form of communication tied directly to its wallet address.
This protocol is implemented in a safe and encrypted manner, which means that an e-crypto wallet may now tap into the network and display all future conversations, alerts, chats, and other types of communication.
The protocol was invented in 2020 when everyone was looking for speed and scalability.
Push powers the notifications and communication for some protocols including Uniswap, Lens, Gitcoin, Polygon, Decentraland, dYdX, and more.
Push Protocol launched two products; Push notifications and Push Chat.
The Importance of Notification and Messaging Systems for Web3 Applications
The problem with Web3 is that it is interconnected with Defi protocols, making it difficult for Defi protocols to communicate with their user.
Native Messaging through wallets has been proposed to solve the problem with Web3, as well as notifications from apps such as Twitter, gaming, and anything that is bank-alerting.
The integration of push notifications into Web3 applications allows notifications to be sent to the user's wallet address when a payment is made, or a governance proposal comes out. Hence, when a file loan is liquidated, notifications can be sent to the user's wallet address.
Understanding the Functionality of Push Protocol in Web3
The end user of Push Protocol must install a compatible wallet that supports push protocol, an extension, a mobile app, or a crypto wallet in order to receive notifications on their desktop or mobile device. The end-user must also agree to receive protocol notifications and accept and use a chat request. This is due to the necessity for the user to have control over which protocols they allow to deliver alerts and which persons they wish to speak with.
Uniswap enables wallets to send alerts to users, and users can opt-in to receive notifications from it for free.
Metamask wallets don't support Push Protocol yet, but users can download the Push extension or the Push mobile app to start receiving notifications or chats.
Wallet Compatibility & Competition
There are 4 wallets built on top of Push Protocol, one of which is the Polygon wallet.
There is a way to configure the extension for a wallet in Push Protocol. It is to get notifications on the phone as well, and there are other competing protocols in Web3 that also offer notifications and chat.
Etherscan features a chat capability, although it is more of a closed mechanism through which users may communicate, rather than an open protocol.
Driving Growth
Some important lessons learned by Harsh in the Web3 and Ethereum ecosystem include the importance of reaching out to protocols like Uniswap, MakerDAO, and as well as asking for help from the Web3 Community.
The advantages of joining a hackathon:
The first advantage is that people are exposed to other Web 3 leaders and can eventually learn from them.
The second advantage is that it is a great way to build a community and share what people are building, and being open and asking for help can yield results.
It is essential for people to be open and ask more questions regarding the Web3 and Ethereum ecosystem to gain traction in the community.
Business Model
The business model of the Push Protocol focuses only on charging for premium services when they are sending notifications.
The business model is similar to the Pareto Principle 80/20 rule, which states that 20% of the services will pay for 80% of the rest of the services.
Token holders of the Push Protocol now have access to the fee pool; the business model of Push is based on a fee pool model, where the fee goes to the user and the crypto wallets that have adopted the protocol.
This fee pool model encompasses the entire business model of Push, which has started opening up with V2 of the protocol.
The only fee that is charged is when a user wishes to activate itself on the protocol, so unless a protocol is misbehaving and they wish to throw it out, the on-chain governance will decide whether or not a protocol is misbehaving.
Open AI Integration
Harsh explains that the AI that will be used in Push will be a chatbot with a humorous and sarcastic demeanor. It has a humanistic personality and is based on Chat GPT.
The vision is that it will be a powerful way to communicate with people when they are chatting, instead of typing a command. It can also start reading peoples’ personalities and make recommendations based on their wallet personality.
This is a big advantage for Web3, as it allows users to socialize and interact with the chatbot without having to go through a documentation tutorial.
The idea is that when different devs integrate with the Push chatbot, they will have access to a module or a way to train the module in their own way, allowing them to do many cool things with it.
AI can also be used to respond to customers who are looking for a specific product or service, such as when they are looking for the lowest price in a certain period.
Simplifying the Onboarding Process for New Web3 Users
The steps that a user must take to interact with a protocol include learning about metamask, installing it, writing a seed phrase down, and distributing it to others.
Harsh thinks that AI can help translate some of these steps, but it is up to developers to make the process easier.
AI can also help enter the engagement journey once a user is on board, such as with account abstraction and network abstraction. These steps will help the user create a social recovery account, create a wallet, and participate in governance.
AI is being used to improve everyday tasks, such as NFT discovery and personalization. AI is also being used to create peer-to-peer money protocols to improve the experience and make everything faster, easier, and more accessible.
What’s next for Push?
Push is a communication protocol that has been developed to provide developers with a tool to build on top of it; Harsh explains that him and the Push team is launching a video chat service built on top of the Push protocol soon. This will be a peer-to-peer and wallet-to-wallet decentralized video protocol.
The Push team also has a long-term vision for Push, which is to be a Web 3 / AI-infused future of the internet. The vision is that they will be everywhere, no matter if it's Ethereum, Polygon, or BNB. The vision of Push is to be a multichain or crosschain communication platform: It aims to enable users to have multiple Wallets on multiple teams, and to be able to interact with users from any chain or crypto wallet.
Push is a middleware for the entire web3 wherein communication can be done through video, messages, notifications, and video calls.
Important Links
Show Information
Medium: Podcast(Youtube)
Show: The Defiant
Show Title: Push Protocol's Harsh Rajat Talks On-Chain ChatGPT, Driving Growth in Web3 & Web3 UX