Rewriting rules for Web3 funding AMA With Status Network

Sa. Sam. Foreign. If you're all doing well, you're watching the live Current Telegraph ama. I am your host Celine, video producer here at Current Telegraph. Now we all know that the webC space is full of ball builders and ambitious ideas but getting those ideas founding and supported, that's another challenge. So for most projects it's a scramble for grants or VC money and even when you do get funding it's often short term. So what if there was another way to have a more sustainable way One that rewards like real usage and long term contribution. Today we are talking about one project that's trying to do exactly that. It's called Status Network a gather Ethereum layer two that's designed to support builders through native yielding and over the next half hour I am really really excited to to welcome very special guest and he's going to us on how it works different and why it might just offer a new blueprint for web refining. Now without further ado let's welcome our host today, our guest Sorry miss sip Stages Network project and hello, how are you doing today?

Hey Celine, doing well, how about you?

I am doing fantastic. Really happy to have you here. I just want to remind our dear listeners to like our discussion and share it with your friends and on your feeds. And if you have any questions on this topic that we're covering today, just type them in the comments below and I will try my best to answer them at the end. And now before we get to the first question together we have prepared a short video to tell our viewers more about Stages Network and we can take a look at it. All right sip, first thing first let's talk about what makes Status network different. Most layer 2 todays rely on transaction fees as their core business model and and to be fair like that works pretty well so far. But as network scales competition increases, gas become cheaper, those margins start to shrink. So with Status Network you have taken a very different approach so gaslit and are completely like a new revenue model. I was wondering like was this like a move to future proof your economics from the start or did it evolve? And for those who are new to that, could you break down how the business model actually works?

Yeah, thank you for that question. So yeah as you mentioned a lot of blockchains are based on gas fees and this is mostly for two things. First it's for securing the network so making sure that operators of the network, validators, provers, whatever makes the network secure are actually paid. That is one stream of revenue for them. Another one is inflation token vision and and the actual most important part is the spam prediction because blockchains can be abused if they don't have a gas fee. People can basically post a lot of transactions to them for free, making the network suffer just because of basically getting spammed by too many people. And so we kind of looked at that and be like, yeah, okay, this is how most of the blockchains work today, right? They just charge a very small fee. And actually you can see some research coming out very recently about how base, for example, has a lot of spam happening on their blocks because their gas fees are too low. And so now I was looking at that issue and be like, all right, so we have three things here. First, we need to make sure that we can actually pay for the operation of the network. Second is need to protect the network against spam. And third, we can see an industry wide trend of gas fees going to zero or going very, very small, which actually increases the spam happening on the, on the blockchains. And so we looked at it from a different perspective and we thought, how about we make the blockchain entirely gasless? No gas fees for anyone as long as you don't spam. And how do we prove that we are not spamming? We basically implement, it's called a rate limiting notifier. And it's a way to make sure that any account, an app, or even like end users are not going above a certain quota of free transactions that we give them. And that quota basically runs quota continuously. So as long as you don't spam the network, you can basically use it for free. And you're going to say, all right, so that maybe solves like two of the issues that we mentioned. But how about the revenue, right, so the problem with gas fees going to zero for a lot of L2s and actually L1s as well is that the revenues from those networks are also going to zero. And that's a big issue, right? Because how can you ensure the security of the network if you're not able to pay pay well either your validators, your provers, your nodes, whoever runs the network. And at the same time you can see that a lot of L2s have, and a lot of alt ones as well have a very high tvl. And that TVL is basically sitting in the bridges doing nothing and is not really a productive liquidity. So what we thought was how about instead of making people pay for the operation of the network by paying gas fee anytime they do a transaction, how about we make them just bridge as they would normally, but then we use the yield on their deposited assets to pay for the operation of the network. And when running the predictions, what we saw was as soon as we reach a certain level, which is like around 100 to 200 million of TVL, then the operation of the network is basically paid for. And above that, everything above that is basically free to be distributed to the community. And this is where the very interesting part of that model is. Based on our estimation and based on the initials settings of the network, we will have 30% of the gas fees, sorry, of the native yield that is going to pay for the operation of the L2, while 70% of it will actually be able to be given back to the community in the form of liquidity incentives or in the form of public good funding. And that's a fairly new model because we basically enshrine the entire idea of funding liquidity and incentivizing liquidity as well as funding apps within the network while still paying for the operation of the network. Of course, and I need to mention something else is that we are going to make revenues based on the native yield. So any yield bearing assets that is bridged from the L1 to the L2, but also very interestingly, we are going to have what we call native apps. And native apps are apps that are going to give out a certain number of their fees about 30% back to the L2. So for example, we're going to have a native Dex, we're going to have a native CDP and stablecoin, we're going to have a native token Launchpad and all those different apps are, are going to give back a part of their revenues to the L2 and that the L2 of course is going to distribute it, as I mentioned before, one part for the operation of the L2, but 70% of it for the community.

Okay, you mentioned a lot of very interesting things about your business model. I just want to go back quickly to the revenue parts. As you mentioned, a big part of your revenue comes from native yield on user deposits. But yields across DEFI protocols can fluctuate, sometimes dramatically. How do you manage that volatility and what happens if yields drop significantly?

Yeah, that's a good question actually. So first of all, we need the deposits to be secure, right? So it's pretty evident that we are not going to use like long tail degen vaults and so on and then like super advanced strategies or like multiple super heavily leveraged looping. This is not definitely not the type of yield that we're going to get After. So as it stands at the moment, we're going to open with ETH at the beginning and the ETH will be deposited into lido. No loop, no like leverage, nothing. So just staked eth. So like a 3% ish 2.9 I think right now on eth and then all the stables. So we plan on accepting USDC, USDT, USDs and Daisy. They will all be deposited in like they'll be kind of segregated, right? And deposited each in the vault or strategy that gives the best risk reward yield for us. So you can think about morpho, you can think about AAVE for USDC and usdt and for USDS or dai, it's probably just going to go directly with Maker or Sky. That would be kind of the least risky way to handle it with still some not too bad yield and what happens when the yields drop. So two things, right? First of all, it all depends on the tvl. For us there has been a race to TVL in a lot of different protocols, but in the end they don't really take advantage of that TVL. For us. The easiest way to think about that is every 100 million of TVL that we will add will give $1 million straight to app founding and will basically fund well enough the entire world operation. So even a decrease in the yield by one or two or even three, three basis points, if we look at stables, we'll still of course reduce the total amount of fees that we make as a chain. But if the TVL is high enough, we will not have any issue to pay for the actual operation. That is also why the native apps are so important, because they will also process volume. So you have kind of two variables here. One is like stocks, which is just like the deposits, so the tvl and the other one is the volume. So what is the actual liquidity doing and how does it move in the L2? And so based on those two things, the native yield is issued by the TVL, so by the stock and the native app fees come from the volume. So even if rates yields drops, but at the same time we have an increased activity on the L2, then again we'll still be able to make some fees and redistribute it back to the community. So it's kind of edging on both sides at the same time.

And that's very interesting. I mean you just mentioned you guys just launched your own native apps. That's obviously contributes to additional revenue to the network. Can you walk us through what those are and what role they Play in the bigger picture.

Yeah, so native apps are not launched by us. They're like third party organizations, they are different teams. What we do though with them is we make a deal. We is pretty simple. It's kind of a token. It's a token deal, right. We give you governance tokens over the network so that you're able to provide free transactions at scale for your users and you're able to actually get some fees out of the funding pool if you want to. And in exchange for that, you give us part of your token supply so that we can get some fees out of your business model. And so the way we work with those teams is basically we look for one lead per vertical and that lead becomes kind of enshrined into the L2. And so one DEX, one token launchpad, one stablecoin and so on and so on. So we are also, if there are builders watching that stream, we are also looking for, for an NFT marketplace at the moment as well as a perp Dex. Those are like the two other categories where we are in touch with different teams, but we're definitely open to have a chat with more builders if you have some good ideas around it.

So maybe talking about developers, for those who are watching this, do they get to tap into this revenue as well or on? Is most of that yield flowing towards infrastructure and protocol sustainability?

Yes. So I think I need to start mentioning about the governance of the network because this is how you get the funding basically. So to get free transactions on the network, we need to have some way to assess whether an address, so an account like an end user or an app has the actual rights to do a lot of transactions. And how do we measure that? We basically measure it against your contribution to the network. And so the more you give to the network, the more the network will give you back. So we call it karma, of course. And so what is karma? Karma is non transferable. So SOL bound ERC20 just a coin that sits in your wallet and it can only accrue. So you can just have your balance increase again as long as you don't spam. If you spam, you get slashed. And that karma balance basically gives you your kind of level if you want into the whole L2 game, where with a higher balance of karma you get a higher free transaction throughput. So, so you can do more transactions for free. That is worth again for end users but also for apps. And more importantly, you get governance power over the funding pool. It means that you're basically able to say I want that stream of revenue to go to that app, to that protocol, to that open source projects, to that team or, or even to that kind of multi sig. Right. We don't really care about where the fonts are going to as long as it's basically governed by karma. So the cool thing is that it allows for a lot of different cool protocols to be built around it. You can look at convex for curve, you can look at what happened with Barachain, for example with bgt. There's a lot of cool stuff that can be built around that. And so for the native apps, all the interest is to first accumulate karma and second to be able to direct voting, like direct votes to themselves. And for example they can do liquid grants to people who vote for them. So they basically give their own tokens in exchange for people voting for them. So there's like a lot of very cool mechanisms that are going to be revealed as we go. But the foundational layer is we have that non transferable governance token and people will be able to use it for gases transactions and for voting on the public funding pool.

Okay, I want to dive more into karma. I'm wondering, the big question is who actually decides which apps get funded and how does karma factor into that process?

Yes. So it's going to go through gouges. Very basic stuff in crypto where you vote with your token and the kind of percentage or ratio of tokens that gets voted for number one, choice number two, choice number three and so on. They all get proportional amounts of funding in the end. One thing before I get into the dynamics of that, that is very important. The funding is not going to be in a governance token, a utility token, like a shitcoin or whatever. It's actually going to be in ETH and stablecoin. That is the actual yield that users are going to be able to receive or apps are going to be able to get from the funding pool. So it's like real funding and it's immediate. Right at the end of the funding round you actually get all those tokens in your wallet. So there is no kind of retro funding, there is no like locking, there is no vesting and so on and so on because we don't need to. It's actually just ETH and stablecoins that we allocate to funding public infrastructure. So for karma, how does it work? It's not possible to buy karma. Karma can only be obtained by contributing to the network. And so how do you contribute to the network? You contribute through basically three things. First is you Stake snt. So SNT is the token that was launched in the original ICO from Status a long time ago. And it has been a utility token so far, mostly in the app and in the wallet, but now we're actually bringing it back and giving it way more weight into the way the network operates. And so if you Stake snt, you will get karma. And why it's not just a little token game, right? Why is it so important? Because karma, because it's non transferable is the way we make sure that there is no spam on the network and we need to have some economic security or some economic value backing the minting of karma. Otherwise karma has no value and we can just mint an infinite number and then it's actually not protecting the network. So by grounding the minting of karma based on an economic staking of liquid tokens, then we make sure that it actually has a lot of value. So that's the first way to get karma. Second way to get karma is to bridge yield bearing assets so eth or stablecoin to the network and deposit it as liquidity or as staking or as like productive way within the network. So that's the second way. And the third way is to use apps. So for those who have done the blast era and that I've tried around the blast ecosystem system, from my point of view that was something that worked very well, is the gold experiment where each app on blast had some gold that they could keep for themselves and distribute to their users. And so it's going to be the same for Karma. Each app that builds on status network and that kind of gets approved by your team. And initially it will be kind of a somewhat centralized way to do it. So we just get in touch with our team, we kind of vet you, we make sure that it's all good and then you can get access to that. But in the future that process should be decentralized. That's the goal. So each app will have some balance of karma that they will be able to keep at 50% for themselves and they will need to distribute 50% for their users. And so by using apps you will be able to accrue karma and actually your first karma. So the first unit, like the first coin you will get in your wallets to be able to use the network for free will come from apps. And so this is where the whole interest of karma comes in, right? You have one way is to secure the network from a security, like from an economic security point of view. The second is providing productive liquidity to the chain. And third is actually using the chain and using the apps that are on the chain so anyone can get karma. You don't need to make an investment up front. And because again the chain is gasless, technically you don't even need to bridge. That's the kind of what we want to get to, is to have the easiest onboarding for NL2 that you can find where with a fresh wallet like you create a fresh new preview wallet with your Gmail account, you still be able to transact on chain, get rewards and probably at some point get liquid tokens. And this is like the start of your onchain journey. That's what we want to be able to achieve.

And I'm wondering for those who are interested in karma, are there any caps or limits on how much funding a single project can receive or could a really compelling app in theory get support indefinitely?

That's a good question. This is something that we have modeled and we have thought a lot about. Mostly because we don't want for example some whales to come in and take all the yields from the L2. But the reality is that because karma is distributed with SMT staking, liquidity providing and activity, a whale will not be able to do all things at once. They will be able to kind of focus on where they can gets the most karma, but they will never get like activity karma for example. That's going to be very hard for them because they will need to use games and they will need to spend time on the network. So first of all, because we have that kind of diversity of sources of karma, that's a bit anti whale. The second point is we are working with a bunch of organizations at the moment, so I can't say who, but they're like very deep into public funding, into the Ethereum ecosystem and so on. So you will have some more news coming soon where those organizations will also get some karma initially so that they can vote for projects that are not, I would say capital efficient. Meaning as a user who wants to have some return on your karma. For example, you'll probably not vote for those open source project and like public good infrastructure that will not give you a token back. And so we want to make sure that those builders also get a chance to receive funding. And so we want to have organizations that are kind of specialized in giving out those funding rounds to protocols and open source projects that are not tokenized but that are still providing a lot of value to the community.

Now let's take an example. Let's say someone from our audience is working on a project and it gets founded, but later on this project under delivers or it goes inactive. What happens then? Can karma voters reverse or can they adjust funding decisions if things don't go as planned?

Yeah, that's really good because that's a long conversation that we had with different partners in the space that again have specialized in public funding. And this is true, this is a big issue, right? And Gitcoin had a lot of issues with that. The Nonce project also had a lot of issues with that, where you would see a project that looks very cool on the outside, with a lot of collaborators and a very good mission and vision and so on, and then suddenly they just disappear. They just delete their Twitter accounts and they go away with their tokens and that's it. So we are looking at different ways to do it. First, we're going to have a lot of epochs, so it's not like one big funding round and then that's it and we just leave you with a few hundred thousand dollars and you do whatever you want. It's going to be kind of a more constant approach of those epochs where you will have multiple voting rounds. At the moment we're looking at every month or every two months. So the goal being that yes, you can come and you can probably get some rewards once, but if you just leave the project or you just don't do anything for until the next end of the epoch, then probably you will not get funding anymore. So that's one solution. The second solution is we have been working a lot with Superfluid to enable streamable public funding. Meaning instead of just giving a lump sum to someone and be like, do whatever you want with it, we can put a stream of money. Because this is what they do. This is what superfluid is about. They create streams of money that you just stream to the project and you can put some conditions around it. And if, for example, certain milestones are not met or certain activity is not met, or certain TVL or whatever the criteria that you have, then you can just stop the stream and basically get back the funding to the main public funding pool. So, yeah, we're definitely conscious of those abuse and we just want to make sure that we build a consistent approach to it that works well for very small projects that might want to have a chance of getting funded, as well as for larger, bigger projects that may need to have kind of a continuous, or at least at the beginning, continuous funding.

And maybe just have one question on this. Are there like any Other uses for karma beyond you know, like governments, we talk a lot about governance and also like funding votes. Will it play like you know, a bigger role in the network over time?

Yeah, so gasless transactions, Gazette throughput is obviously like the main, I mean it's, it's the reason why it's non transferable initially just to make sure that it acts kind of as a, a credit score if you want like the higher your credit score the more we can basically give you more, more transactions for free. And it acts as kind of a loyalty program because people will, with high karma will be basically the people every protocol will be after. If you have a high karma it means that either you've done a lot of on chain activity or that you have provided a lot of liquidity or that you have staked a lot of smt. In any case you as an account or as a person, you are actually a very good target for a lot of protocols that want to attract you as a user. So it has an interest in targeting in loyalty and making sure that people come back in stickiness. Of course. And most importantly, and I think that there's two things here I mentioned credit score. There are some protocols right now that are starting to do under collateralized credit. So Wildcat for example is a good one. But it's a very different approach where they're very catering to institutions and professionals. But we think that if you have a very high karma score because, because that can't be faked, again you can't buy it so you can't fake it, then there is a chance that at some point we will be able to have under collateralized loans, probably like small loans for users with high karma score. That's one use case I'm super excited about. Another very cool use case is on the, on the fact that again it's, you can't buy it but it has a lot of voting power. So probably if you have a lot of karma but you don't want to be like, you know, doing all the governance thing and vote and like project selection and so on, you can basically delegate your vote and of course you can get paid for that because your vote has value, because there's like actual yield behind your vote. And so one project that we will love to see happening on the, on the chain as soon as we have a mainnet is a lending protocol for the karma. And so if you have karma in your wallet that just sits there and you don't want to be actively looking at the governance aspect, you can just delegate it and whoever pays you the most gets your karma and is able to vote with it.

Cool. I just want to go back a little bit to what makes Station Network really set apart. We talk about your approach that Status Networks really is focusing on founding builders long term. One of the big promises here is that the apps built on status don't just launch, they get real ongoing support, which is a big contrast to what we usually see in Web three. And I want to ask you, when it comes to the types of project that apply, what are you expecting to see the most of? Are we talking about core infrastructures, game social apps, defy tools, or maybe something else?

Yeah, so you mentioned most of them. The first use case that we see with what we think is going to be the strongest appeal is, is games. And the main reason is the fact that the network is gasless. So we basically did a quick demo of that in our latest town hall. You can find it on YouTube if you want. Where you can basically go to. Actually, I can just give you the URL, you can just go to Ponzihero xyz, you click on Connect Wallet and you can connect with a fresh wallet.

So.

So nothing, right? Just like create a new wallet. In Metamask, you don't bridge anything. You just add Status network as a custom network and you can click through it and earn an nft, earn some token just by clicking on the button. Every time the MetaMask is going to pop out, you're going to approve. But because gas fees are at zero, so both, both the base gas fees and the priority gas fees, then suddenly you don't need to have a balance of anything in your wallet to actually get started on chain. And so we think that for games that's a big unlock because up until now the way games were doing it is either you first need to fund your wallets before being able to do anything, or games needed to have paymaster accounts where they would just subsidize transaction and gas fees for users. And that's a big risk for them because they can get drained. Right. So instead of doing it, we basically do it as the chain level, where if your app has enough karma and if you do like a nice little onboarding for your users and they get their first karma, then suddenly they're able to transact for free on chain. And so games are definitely like the first kind of target that we see. And more specifically, like casual gaming, mobile gaming, like in message gaming, like the telegram games and so on, this is kind of the target that we have that's kind of the first main use case we see. Second one is you mentioned it as well is social apps. It's the same. You don't want to be paying gas every time you do a like or a reshare or post or anything. But at the same time, if you want to create like a sufficiently decentralized social network, if you Want to mint NFTs to your users, if you want to allow them to send some tokens to each other, then you still need to have gas fees or at least the concept of it. Somewhere here you can abstract it completely and just focus on the core mechanics. And third, and I think we are still exploring that vertical is defi infrastructure. For defi infrastructure, gas fees have been somewhat an issue, but since they went closer to zero, they have been kind of set aside. But there's still a problem with heavy or intensive defi apps. So there is a lot of talks about clobs, for example, on Twitter recently. This is not exactly what we're after because we will need to have extremely low latency and this is not our main focus at the moment. Even if we might get there at some point. This is not the main focus. But for example, for perps trading for gasless Dex, all these kind of small apps that we want to provide for free to users so that they can discover defi without any need to. Oh, first I need to bridge eth. What is eth? Where do I get it? How do I bridge? And so on and so on. If you receive some tokens from a game that you just played and you want to like swap it to something or you receive an nft. Oh, it's a rare nft. You want to sell it on the marketplace. How do you like sell it on the marketplace if you don't have like gas fees to pay for the listing? So this is like all the type of interactions that we want to simplify so that the onboarding gets way easier for people into crypto. Okay.

And you know, like, we have talked a lot about karma as a reputation and governance layer, which is, you know, like a good way to reward meaningful contribution and influence. But Status network also has a core token snt. Right. Which powers a different set of mechanisms in the ecosystem. Can you tell us more about that? Like what kind of features tools are right as holding SNT unlock for users?

Yeah. So the main use case of SMT is really going to be securing the spam protection from the economic standpoint. So if karma was very easy to get and if there was no actual security or like economic security backing it, then the spam protection would not work. You need to have some friction for users to acquire a lot of karma if they want to have a lot of free transactions on the network. And so snt, because it's liquid, because it's available on chain and on centralized exchanges, you can buy it. To make sure that you will participate into the security of the network and for providing security to the network, we basically give you two things. First, we give you karma so you increase your governance power, but you also increase your gasless throughput on the network. And second, we are now exploring to have a system where if you are launching an app on the network and you want to do an airdrop for example, then karma will be a good way to know who to airdrop to. And because in the current setup 35% of karma minting is going to come from SNT staking, then having SNT in your wallets and being able to stake it will already give you exposure to those, to those airdrops and future airdrops. And so there's kind of a whole way to see it where you can have a very passive exposure to the network where you just stick SNT and you do nothing. And this is also a way that we want to allow people to do so. For example, I'm kind of somewhat a dj. I'm just like trying out all the different apps, all the different chains and so on. I bridge everywhere. I have like hundreds of wallets, but I'm like kind of a very small subset of user. Most of the user, they will have one or two wallets. They will not necessarily think about bridging and so on. And if they do, maybe they're not gamers or maybe they're not into social apps, or maybe they're not into DeFi, but they might still want to kind of get access to a network and get exposure to that network. And so basically getting SNT and staking it will be the most passive way to get upside from the network because it will expose you to a basket of assets that are native to the network. You can see it, I think as an index, right? It's kind of an index of the future value of all the on chain activities that is going to happen on the network.

And we have seen how your public funding model creates a more sustainable, community driven alternative to short term grants and even give builders a way to stay independent. Looking ahead, do you see this kind of model eventually replacing VC funding in Web3 altogether? Or do you think it's more Like a complementary system that works alongside it. I love to have your take on this and where this is all heading.

Yeah, so it's funny because I've been flip flopping on VCs for a long time. So in a previous life I was an entrepreneur. I did like three, four different projects in different countries, working with a bunch of different VCs. I raised multiple millions in funding from different VCs and I always had love hate relationship with them because thanks for founding my venture. But at the same time I don't really like the power dynamics between us and I feel that I'm doing all the work and you're just providing capital that is not even yours, that is borrowing from your own LPs. And so yeah, I had that weird relationship. And so at some point I was like, yeah, this shouldn't exist, we should have other ways of funding projects and so on. The reality is that it's, as you mentioned, it's complementary and why? It's because communities that are going through a funding round, yes, they may want to fund a project that is a bit different or that has a higher risk profile, but they will probably not commit the whole house in that project versus VCs. This is their unique business model is that they need to take a shot at unconventional stuff or like risky stuff to make sure that actually provide a superior return to their LPs. And so now, and this is actually something that we've already started as a network, we already started to work with different VCs and different incubators and accelerators. Mostly for that reason is yes, we can provide public funding, but for a specific subset of projects or for projects that are more risky or that are maybe not exactly in the type of candidates for funding that we might have on the network. We want to have a network of VCs and investors and help for the startups and for the projects that come to our chain that we can basically forward the deal flow to. And so if you are VC investor or like incubator accelerator working in the space, feel free to reach out because we are definitely looking for partnerships there where we know that we already started to have very competent founders coming at us and we want to basically funnel that pipeline through with different ways of getting funding. One is of course on the network getting voted on chain from the public funding pool, but another one is getting funded by VCs or other type of venture investments.

Okay, and maybe like for my last question, I was wondering, do you have any current or upcoming events or campaigns that maybe interesting for our audience. Can you share a little bit with us?

Oh yeah. So we have a lot of stuff coming up. So first of all, Status app. So the. The Status Wallet just launched their first campaign. It's fairly basic which just getting people started to reconnect with the brand. So I would definitely advise you to get there. There might be some karma for you in the end. So yeah, go check it out. It's pretty simple, you just need to follow us on Twitter and a bunch of things like that. But that will maybe be a way for you to get your first karma. And this is live now, right? So you should go second. So this livestream is actually the first time we kind of more publicly talk about everything we're building. So thank you for that by the way. But in the future we are going to make a lot of more announcements and we're also going to publish way more our research and everything we've been building behind the scenes for the last year or so. Something very interesting that is going to come up with linear. So I didn't mention that at the beginning, but Status Network is built on the LINEAR stack. The Linear stack, you can basically see it as a competitor to the OP stack. It's a ZKEVM rollup stack that we are collaborating with the LINEAR team on to build more features for them. So one of the features is the gasless module. So being able to make LINEAR fully gasless if they want to. Another one is the yield bearing bridge. So being able to bridge yield bearing assets and found a network with that. Another one is Alt Da. So we're in touch with different DAs to basically have a way for us to post blobs to those DAs instead of to the Ethereum L1. So yeah, we're heavily collaborating with the LINEAR ecosystem and the LINEAR ecosystem is going to have very good news to announce in the coming weeks. I can't say that I'm not allowed to, but you should really check out what's going to come out of that ecosystem. And I'm talking about ecosystem, right, because you can see LINA as a chain, which it has been so far. But with the upcoming announcements that they are going to make, you're going to understand that LINEAR is not just a chain, it's a way larger ecosystem with a lot of ogs organization that are building in that ecosystem. And you can look at ENS. So ENS is also going to launch a linear based L2. We are using it and you'll know that a bunch of other big names are also going to start announcing stuff. So I would definitely look at that during the month of July. That would be a kind of moment. And then for us in October we will start our TVL pre deposits campaign. So how does that work? We'll have three vaults on the L1, an ETH vault, a stablecoin vault and SNT vaults. And users are basically able to deposit any of those tokens into those vaults. All the yield generated by those vaults will basically kickstart the entire public funding flywheel. It will fund the initial liquidity incentives for the dex. It will also fund the operation of the, of the L2. And then so that's in October. Hopefully that, that there will be up for like 3, 4 months maximum. And then Q1 2026 is the moment we launch the mainnet. And so at this moment the first Karma will be dropped. All the TVL that is pre deposited into the L1V will get bridged to the L2. Users will be able to decide where to allocate those funds. And of course the L2 will be fully gasless at this point. Talking about gaslessness, currently as I mentioned, Status Network Testnet is fully gasless but we don't have a spam protection in place. So please don't break our little network for now. But if you want to try it out, please go. It's free, very easy. Everything is in the docs. As I mentioned you can go to Ponzihero XYZ also to just have a taste of what a gasless L2 looks like. But starting in October we will actually launch the fully gasless network. Meaning with the spam protection in place. And this is the moment where we will basically test out all the type of attack vectors and spam that can happen on the chain and we'll make sure that the design is is stable and that will be ready to resilient on mainnet.

I love that. A lot of amazing upcoming events and products. I'm really excited for you guys. Before we wrap up, I just would like to take a few questions from our audience. The first one will be any special wallet to access status.

Any special wallet? Yeah, yeah. So actually in the latest version of Status Network testnet is available. So you can already connect using it. So that's. We were pretty happy with that. But then it's just another network. So as long as you can have custom networks on your wallets, you can basically trade out there. Everyone shits on Metamask. Yeah, okay, I get it. But I've been using it for what 10 years now and it works. I mean, it's just like. It just works. So 10 years. Eight. Yeah, eight years. So it works. So I'm like, yeah, people don't like that choice, but I actually like Metamask. It's okay. Rabi is not bad either. My little favorite, to be honest, is Rainbow. I just love the colors. I love the UX and I love the team too. So yeah, I actually love them. But yeah, any wallet that gets you custom networks will work. So for example, Rainbow sadly doesn't accept custom network. Rnbo, please add Status network. Yay.

Okay, and I have another one here. And we'll wrap up after this one. Any restriction on what types of apps can apply for funding?

No, not at the moment. The goal is to be as large as possible in terms of what we accept. As I mentioned, it's abounding. But in reality it's going to come down to a single address that you post and that address can have an EOA behind, it can have a multisig, it can have a pair like a contract, literally anything but work. So we will accept a very large amount of apps for funding. We might need to do some restriction for if we see obviously scammy thing or spammy things or just fraud or whatever. Of course that will not pass. But yeah, our goal is not to provide very stringent rules around that.

All right, amazing. Seb, that was my last question. Could you please tell us how our audience can keep up with updates on Status Network and if they are interested, how can they contact your team?

Awesome. So the easiest way to be honest is to interact with us on Twitter. I'm spending my life here, so I will be pretty fast to answer you. So either follow me 0x sip or follow the Status Network accounts. It's Status L2. You can also engage with the people at if status. But we're different teams, right? So we will not get the same type of answers from us, from them. If you're a builder, come to our Telegram group. If you want to build with us, you will easily find the link. Actually think it's telegram like t me studycell2 if I'm not mistaken. So you can join us there and then yeah, post like PR to our docs if you have questions. We are like fairly early in terms of we're a small team, right. And we want to build very fast. So we definitely open to any criticism, any feedback, any product requests that you have, any feature that you want to see happening on the network. Please get in touch with us. We'll be super happy to onboard you and to help you with that. And yeah, you can send us emails also, but we don't really look at it. So.

Who is using emails? Anyway, thank you so much for joining us today. I was really happy to have you on our AMA Live show. Really, really appreciate all the insight you have shared with us and we would really love to have you back on the show in the future. And of course, thank you so much to all of our listeners for being here with us. We truly appreciate your time and attention. I hope to see you through the next content graph show. You can always join us on Twitter, YouTube, Instagram, Telegram, our website and podcast and can just search for contentelegraph. Thank you so much and have a good day or have a good night. Bye.

All right. Thank you. Bye.

It.