Latest / The Paul Barron Crypto Show / XRP DeFi Season Coming To Polygon🔥Flare + SparkDEX INTERVIEW

Transcript

XRP DeFi Season Coming To Polygon🔥Flare + SparkDEX INTERVIEW · The Paul Barron Crypto Show

0:00
Speaker 1: Today let's dive into a little bit around where DeFi
0:02
Speaker 1: is going and also it might be connecting over to
0:05
Speaker 1: something that you guys have asked about, and that is
0:07
Speaker 1: Flair and spark Deex. My name is Paul Bara. Welcome
0:10
Speaker 1: back into the show. Let's get into it today. I
0:13
Speaker 1: do want to thank our sponsor and that's Uphold. If
0:14
Speaker 1: this is a place where you guys want to get
0:16
Speaker 1: into crypto, Uphold has a feature first of all that
0:20
Speaker 1: allows you to do staking. And the other thing that
0:23
Speaker 1: you can do here, of course is get into new
0:25
Speaker 1: discovery of tokens. So as they list new tokens available
0:29
Speaker 1: for purchase, you'll get notifications via Uphold. You'll be able
0:33
Speaker 1: to get out early and get access to those lots
0:36
Speaker 1: of opportunity here. And of course you can also earn
0:39
Speaker 1: up to four and a half percent there even on
0:41
Speaker 1: your US dollar balance. So check out Uphold use our
0:43
Speaker 1: link down below. I wanted to showcase that we do
0:47
Speaker 1: read our comments over on the show, and obviously Flair
0:51
Speaker 1: has been a big one and you can kind of
0:54
Speaker 1: see guys, yes, you've been asking about it. So we thought, well,
0:57
Speaker 1: let's dive a little bit deeper and get into that
1:00
Speaker 1: if you look at some of the activity on Flair
1:02
Speaker 1: in general, just total value locked right there, you can
1:04
Speaker 1: kind of see the explosion that is starting to happen there.
1:08
Speaker 1: So I wanted to bring on Alexi coming in from
1:11
Speaker 1: Spark des Hey, Alexi, how are you today?
1:14
Speaker 2: Great? Thank you for having me, Paul excited to be here.
1:16
Speaker 1: Excellent. So let's get into a little bit about what
1:18
Speaker 1: Spark dex is doing. Obviously, you guys are starting to
1:22
Speaker 1: move consistently up in terms of users, total volumes climbing,
1:27
Speaker 1: total tvls climbing. Everything's looking good here in terms of
1:30
Speaker 1: the platform itself, give us kind of a rundown on
1:33
Speaker 1: what you guys are attempting to do.
1:35
Speaker 3: What we're aiming to do is essentially be a one
1:38
Speaker 3: stop DeFi hub for users where they won't need to
1:42
Speaker 3: leave our platform to interact with a variety of different
1:46
Speaker 3: protocols and different products as well. So just being that
1:49
Speaker 3: one stop shop. Obviously, Spark decks, we're a dex. That's
1:54
Speaker 3: the four throst most important thing that we're doing. That's
1:58
Speaker 3: kind of the engine of any chain, to be honest.
2:02
Speaker 3: But that's not just where we're also stopping. You know,
2:04
Speaker 3: we're looking to provide perpetuals. So we're looking to provide
2:07
Speaker 3: different strategies, lending markets, so have all this integrate into
2:12
Speaker 3: one place, just making it really easy and simple for
2:16
Speaker 3: any user to come and interact.
2:17
Speaker 1: And I think a lot of dexters are kind of
2:19
Speaker 1: going in this direction. Obviously, there's a relationship between you
2:21
Speaker 1: guys and quick Swap. Explain that relationship and how it
2:26
Speaker 1: kind of connects, because if you look over on the
2:27
Speaker 1: quick Swap Paige, the thing that caught my attention was
2:30
Speaker 1: obviously the partnerships there with Flair and you guys now
2:34
Speaker 1: with quick Swap. Explain how this all comes together.
2:38
Speaker 2: Yeah, sure things.
2:38
Speaker 3: So look, I also had BD over on the quick
2:42
Speaker 3: Swap front. What we did there was a community governance
2:46
Speaker 3: vote where we kind of did this subdow model at
2:50
Speaker 3: quick Swap and essentially, you know, I was having conversations
2:54
Speaker 3: with the Flair team early days and they wanted a trustworthy,
2:59
Speaker 3: docks known team to lead their essentially native decks on
3:05
Speaker 3: their platform. And what I offered to them was, hey,
3:08
Speaker 3: look I can put together a dev team for you
3:11
Speaker 3: guys and Tyler back to quick Swap where the Flare
3:15
Speaker 3: network will also appear on the quick Swap drop down
3:18
Speaker 3: network menu.
3:19
Speaker 2: And would have access to all of the.
3:22
Speaker 3: Quick Swap technology BD connections that we had built up
3:25
Speaker 3: over the last roughly five years. So what we also
3:28
Speaker 3: done there as well, and that's vice versus any technology
3:31
Speaker 3: that spark dex builds out, quick Swap would have access
3:34
Speaker 3: to any technology or BD connections that quick Swap builds out,
3:38
Speaker 3: Spark decks would have access to.
3:41
Speaker 2: And what we're also.
3:42
Speaker 3: Done to keep the community happy and incentivised as well
3:45
Speaker 3: is two percent of the Spark tokens will be giving
3:48
Speaker 3: one hundred percent to the quickswap community.
3:51
Speaker 1: Okay, So the way I read that is there is
3:53
Speaker 1: connectivity obviously with Flair. That means via Flair through Spark
3:58
Speaker 1: Decks obviously tying in. So what you guys are doing
4:01
Speaker 1: with quick Swap, I was looking at Flair's platform here
4:05
Speaker 1: in terms of how they generate, so in terms of
4:07
Speaker 1: minting the f assets, which is what you're talking about
4:09
Speaker 1: right now, that capacity in itself, I said, The way
4:14
Speaker 1: it looks is this is going to give access to
4:16
Speaker 1: any of the f assets access into quick swap obviously
4:20
Speaker 1: that being Polygon, So explain to me what the bigger
4:24
Speaker 1: picture is here with that, what are you guys looking
4:26
Speaker 1: to try to achieve with these kind of connectivities.
4:30
Speaker 3: So I think you're going to eventually see F assets
4:33
Speaker 3: in general, whether that's XRP, BTC, DOGE, all these different
4:38
Speaker 3: assets that they're looking to bring on chain via ftsos
4:42
Speaker 3: and their acets, right, etc. I think you're going to
4:44
Speaker 3: see that penetrate into multiple different ecosystems, So not just
4:49
Speaker 3: quick shop a polygon. I mean, is that going to
4:52
Speaker 3: happen then? I think there's a fantastic chance of that
4:54
Speaker 3: happening there. But I also think you're going to see
4:57
Speaker 3: that happen across of a variety of different ecosystems, Change
5:00
Speaker 3: and potentially AVAX Arbitrum base. So the opportunity for F assets,
5:06
Speaker 3: I would say, especially around XP penetrating to all these
5:11
Speaker 3: different ecosystems is massive.
5:13
Speaker 1: Yeah, yeah, well that would be huge, that's for sure.
5:16
Speaker 1: Point is it gives it XRP and other assets access
5:20
Speaker 1: to our whole new ecosystem of DeFi. Obviously what we're
5:24
Speaker 1: seeing in terms of revenue in the DeFi ecosystems and
5:29
Speaker 1: the ability to actually get staking going on this. Can
5:33
Speaker 1: you explain to me how and how you guys vision
5:37
Speaker 1: staking and the yields coming into staking actually working.
5:41
Speaker 2: With building on Flair.
5:42
Speaker 3: One of the things I'm obviously most excited about is
5:45
Speaker 3: the opportunity for XRP to come on chain and to
5:49
Speaker 3: utilize it in a real way. I'm a big yield guy, right,
5:52
Speaker 3: so I love all the assets that I personally own.
5:55
Speaker 2: I love to generate a yield on. I'm not a trader.
5:57
Speaker 2: I'm a horrible trader, A suck at it.
6:00
Speaker 3: Avoid it like DC and into different assets and then
6:03
Speaker 3: you know, if possible, generating a yield onto it with XRP.
6:08
Speaker 3: And I think a few of the different f assets
6:11
Speaker 3: that the Flare ecosystem in general is going after is
6:16
Speaker 3: a massive community and a massive FDV that there isn't
6:22
Speaker 3: really a utility for XRP.
6:26
Speaker 2: There isn't a simple easy way.
6:28
Speaker 3: For most people that OREWN and hold XRP to generate
6:32
Speaker 3: a yield on or to put that asset to work,
6:35
Speaker 3: to bring that on chain and to utilize and to
6:37
Speaker 3: interact with different protocols in a meaningful way. And what
6:41
Speaker 3: Flair is trying to do is obviously address this massive
6:45
Speaker 3: market opportunity.
6:46
Speaker 2: And I think they're doing this in a very in
6:50
Speaker 2: a great way. And it's not just Flair, it's a bunch.
6:53
Speaker 3: Of different protocols that are building out a plethora of
6:56
Speaker 3: different utilities for XRP and all these different assets. As
7:01
Speaker 3: an example, you know, I'll give a big shout out
7:04
Speaker 3: to the Firelight team. I give a big shout out
7:07
Speaker 3: to Alumni and to Stratus and Spectra, all these different
7:11
Speaker 3: protocols that are simplifying and building out ways that this
7:16
Speaker 3: massive community XRP. And last time I checked, I think
7:20
Speaker 3: the FDV of XRP was something in the realm of
7:23
Speaker 3: one hundred and fifty billion dollars.
7:25
Speaker 2: Right, that's a huge market opportunity, and.
7:28
Speaker 3: Most of that XP you know, it can't be put
7:31
Speaker 3: to where people are just simply holding it and hoping
7:34
Speaker 3: that the price go up, and that's it. Imagine if
7:37
Speaker 3: you know you could obviously earn ascid appreciation on it,
7:41
Speaker 3: and you're generating a five six percent yield that you
7:46
Speaker 3: could possibly retire and pay all your income and expenses off.
7:49
Speaker 2: I think that's a massive opportunity.
7:52
Speaker 1: Yeah, it's actually around three hundred billion, But the point
7:54
Speaker 1: being is that you've got an opportunity here that's even bigger.
7:59
Speaker 1: And if you look and I mean, you know, you
8:01
Speaker 1: look at doppera finance. I mean, they've obviously been out
8:03
Speaker 1: there with the XRP vault. They're starting to yield even
8:06
Speaker 1: though there's they've gone on a record saying that there's
8:08
Speaker 1: even greater yields available for this. So it definitely is
8:12
Speaker 1: something I think we are going to see going forward.
8:14
Speaker 1: What kind of what what do you think is going
8:17
Speaker 1: to play out when it comes to ap wise, because
8:20
Speaker 1: right now we haven't seen a real aggressive DeFi play.
8:25
Speaker 1: What do you think is going to play out? Because
8:27
Speaker 1: some of these numbers that you guys are showing, even
8:29
Speaker 1: within your own ecosystem right now, are pretty pretty dramatic.
8:32
Speaker 3: Yeah, well it's pretty crazy. I want to kind of
8:36
Speaker 3: be realistic, Kia, and you know, not throughout any crazy numbers. Look,
8:42
Speaker 3: you know, some of the opportunities find on some of
8:47
Speaker 3: the opportunities that you'll see at the moment. As an
8:50
Speaker 3: example in spot dex is, you know, twenty thirty staple coins.
8:54
Speaker 3: I don't think that those types of yields are going
8:57
Speaker 3: to last and remain forever. I do see that coming
9:01
Speaker 3: down to a more realistic market range of ten to
9:05
Speaker 3: fifteen percent that you tend to find out there I.
9:08
Speaker 2: Think for XRP. Look, and obviously this is dependent upon
9:12
Speaker 2: the amount of risk that you're willing to take. Like
9:15
Speaker 2: for sure, the more risk, the higher the yield.
9:19
Speaker 3: I think a reasonable number to expect in this relatively
9:22
Speaker 3: safe way would be in that five to ten percent range. Now,
9:27
Speaker 3: look bringing early days your XRP perhaps to the spark X.
9:32
Speaker 2: Yeah, you might be able to make maybe ten to
9:35
Speaker 2: twenty percent. How long will that last. I don't want
9:38
Speaker 2: to mislead.
9:39
Speaker 3: Or make any promises to your audience, but I think
9:42
Speaker 3: the opportunity is at the start for those people that
9:44
Speaker 3: are willing to take a little bit of extra risk
9:46
Speaker 3: and try out a new technology.
9:49
Speaker 2: First, of course, you're going to be rewarded in a
9:51
Speaker 2: greater way.
9:52
Speaker 1: Yeah, for sure. Well, I think there are going to
9:55
Speaker 1: be some competition points out there. If you look at
9:57
Speaker 1: just what my eye is doing, you know, this's a
9:59
Speaker 1: good example. There were just XRPUSDC on a lock up
10:02
Speaker 1: there on pretty significant amounts. But we're starting to see
10:06
Speaker 1: more of this, and I think DeFi in general, especially
10:09
Speaker 1: because that has not been talked about much within the
10:12
Speaker 1: XRP ecosystem, there is a huge opportunity going forward here,
10:17
Speaker 1: So I'm really kind of excited that you guys are
10:20
Speaker 1: going that direction. But at the same time, you look
10:23
Speaker 1: at this compared to someone like say Piercys, this of
10:27
Speaker 1: course being backed by Ripple, How would that compare the
10:32
Speaker 1: strategy that seems to be going through through Flair, Spark
10:35
Speaker 1: Dex possibly going into integration with quick Swap. How do
10:40
Speaker 1: you feel like that lines up against something that is
10:43
Speaker 1: backed by Ripple and you know, has a little bit
10:46
Speaker 1: more you know, I will say safe feeling may not
10:50
Speaker 1: necessarily be safe, but safe feeling in comparison to what
10:53
Speaker 1: you guys are.
10:54
Speaker 3: Doing, I'm going to look. I think it's free market.
10:57
Speaker 3: I think the more opportunities the better. I think on
11:00
Speaker 3: Ripple's Ledger, for example, they're a VM chain, you're going
11:03
Speaker 3: to find certain protocols and opportunities that are secluded and
11:07
Speaker 3: only belong on their chain. And then on Flair you're
11:10
Speaker 3: going to see other opportunities and protocols that will only
11:13
Speaker 3: belong on Flare. As you said before, you corrected me, right,
11:17
Speaker 3: not one hundred and fifty billion FDV three hundred billion,
11:20
Speaker 3: which is massive. So the marketplace is huge, and I
11:25
Speaker 3: think the opportunities out there a huge as well, and
11:30
Speaker 3: different ecosystems, there will be different opportunities, different protocols, different
11:34
Speaker 3: teams working and building on them, and perhaps you'll see
11:37
Speaker 3: specific niches as well appear on these two different ecosystems.
11:42
Speaker 3: So in terms of do I think one is better
11:47
Speaker 3: or more trustworthy than the other, No, I think the
11:50
Speaker 3: community should play around and try both.
11:53
Speaker 1: Yeah, well, I mean that's a strategy I do. Is
11:56
Speaker 1: you know, I look at all the DeFi opportunities in
11:59
Speaker 1: an asset, and then I start splitting them up, knowing
12:02
Speaker 1: that there may be some that I'm going to deal
12:04
Speaker 1: with some issues on, but it starts to diversify the
12:08
Speaker 1: opportunity if you've got enough of any single asset out
12:11
Speaker 1: there to go get these yields for sure. So that
12:14
Speaker 1: is one that really makes sense to me, at least
12:17
Speaker 1: when I'm doing again, not financial advice for you guys
12:19
Speaker 1: out there listening, but the situation right now for you
12:22
Speaker 1: guys in terms of the development of what you're doing
12:24
Speaker 1: right now you say BD, you mean business development. What
12:28
Speaker 1: kind of connections would that bring to possibly flare and
12:32
Speaker 1: obviously through that meaning a lot of the XRP holders
12:35
Speaker 1: in terms of advantages you know.
12:37
Speaker 3: I'm sure most of your community would have probably seen
12:39
Speaker 3: recently the announcement done with Vivo as an example, which
12:43
Speaker 3: is going to bring one hundred million dollars of XP
12:47
Speaker 3: on chain onto Flare crypto dot com. So users well
12:52
Speaker 3: have the opportunity that are taking their XRP with Crypto
12:56
Speaker 3: dot Com to generate yield and on the back end
12:59
Speaker 3: that's going to be happy through the Flair ecosystem. So
13:02
Speaker 3: when it comes to BD, these institutional and not just institutional,
13:08
Speaker 3: but also on the protocol level, So having connections and
13:11
Speaker 3: being able to get different protocols to build utilities on
13:17
Speaker 3: chain in a verifiable way, being able to put assets
13:22
Speaker 3: to work that are generating a real revenue rather than
13:26
Speaker 3: not just being paid some kind of inflationary token.
13:29
Speaker 2: I think that's super important.
13:31
Speaker 1: Yeah, for sure. Listen, I mean we got to do
13:34
Speaker 1: our due diligence here. Obviously, you guys had a security
13:37
Speaker 1: update that you did and there was an attempt on
13:40
Speaker 1: an exploit for spark dex perpetuals. First of all, explain
13:45
Speaker 1: to me how you caught it, and then what is
13:48
Speaker 1: your security protocols to be able to avoid these kind
13:51
Speaker 1: of things in the future. I guess you can't really
13:54
Speaker 1: avoid attempts, but the point being of dealing with them.
13:57
Speaker 2: This is Web three. This is a relatively new technology
14:03
Speaker 2: and area, so you know, these things are always going
14:05
Speaker 2: to happen. I mean recently you.
14:06
Speaker 3: Have with GMx, which I would say is a fairly
14:11
Speaker 3: battle tested and well utilized protocol out there. So these
14:15
Speaker 3: things are always can happen across multiple different protocols. Obviously,
14:19
Speaker 3: we have certain security measures in place. Some I can say,
14:23
Speaker 3: some I can't say for obvious reasons. But we do
14:26
Speaker 3: have a lot of different monitoring services. As an example,
14:30
Speaker 3: in this case, hyper Native, which is a protocol that
14:33
Speaker 3: monitors on chain activity.
14:35
Speaker 2: They send a.
14:37
Speaker 3: Learn to our dev team and our deftin also has
14:39
Speaker 3: their own monitoring tools as well that they have in place,
14:43
Speaker 3: so we use multiple different monitoring services. Within the first minute,
14:50
Speaker 3: we were able to pause the protocol. And when we
14:53
Speaker 3: pause the protocol, we also managed to actually seize the.
14:58
Speaker 2: Hackers funds in the this case as well, so no
15:01
Speaker 2: funds were lost.
15:02
Speaker 3: We actually ended up taking funds off the hacker that
15:07
Speaker 3: attempted to exploit this product. Look, you know this was
15:11
Speaker 3: a rare case, obviously, you know, shout out to the
15:14
Speaker 3: dev team that did an amazing job. Definitely an elements
15:17
Speaker 3: of luck here as well. I'm not going to pretend
15:20
Speaker 3: that this was just you know, one hundred percent the
15:23
Speaker 3: amazing work of the dev team. Definitely they did a
15:25
Speaker 3: great job. Definitely a shout out to Hyperative this monitoring tool.
15:30
Speaker 3: And look, you can also use some of these tools
15:31
Speaker 3: also the user base level as well. So it's such
15:35
Speaker 3: as protocols that can engage and utilize these different monitoring services.
15:41
Speaker 2: Though I would.
15:42
Speaker 3: Highly suggest and you know, tell any protocol out there
15:50
Speaker 3: if they're not using one of these services, they absolutely
15:52
Speaker 3: should be, because yeah, within the first minute, we're able.
15:55
Speaker 2: To essentially pause the protocol.
15:57
Speaker 3: So look, it's a sad thing that happens unfortunately with
16:00
Speaker 3: any new emerging technology.
16:02
Speaker 1: Hey, listen, I'm excited about this. Last question I have
16:04
Speaker 1: for you is when does all this happen? Is this
16:07
Speaker 1: something soon? Is it in process?
16:09
Speaker 2: Now?
16:10
Speaker 1: What can you tell me on timeline?
16:12
Speaker 2: Look, it's relatively soon.
16:13
Speaker 3: You know, whenever it comes to anything dev related, it's
16:17
Speaker 3: always hard to put a timeline out there. The amount
16:20
Speaker 3: of times you know, I've been working with dev teams
16:22
Speaker 3: or protocols where they say, hey, one month and three months.
16:24
Speaker 2: Later it's still one month. Yeah.
16:26
Speaker 3: You know, if you speak to any realistic team out there,
16:28
Speaker 3: essentially every single team will save this to you. But
16:31
Speaker 3: in this case, we're expecting the next four to six
16:33
Speaker 3: weeks for the Flair team to finish the hackathon that
16:37
Speaker 3: they're engaging with. When it comes to the f assets,
16:40
Speaker 3: super super excited for this.
16:43
Speaker 2: I know that a lot of different protocols and teams
16:46
Speaker 2: are waiting for f assets.
16:48
Speaker 3: The first one that's going to be coming out is XRP,
16:51
Speaker 3: so it's home in the next four to six weeks.
16:54
Speaker 2: That's it's live on chain.
16:57
Speaker 3: And then we've got a lot of different protocols that
16:59
Speaker 3: will actually be watching different stuff all based around this.
17:03
Speaker 2: So I'm going to say roughly four to six weeks,
17:05
Speaker 2: but don't be surprised if there's a couple of weeks
17:08
Speaker 2: of delays there as well.
17:08
Speaker 1: All right, well, we'll be watching very closely because I
17:11
Speaker 1: think this will definitely open up some opportunities out there
17:14
Speaker 1: for XRP holders, but I think also just for crypto
17:18
Speaker 1: investors that are trying to explore DeFi in general, because
17:21
Speaker 1: a lot of people are starting to look at this now.
17:23
Speaker 1: It is a definite advantage. If you're not already doing that, guys,
17:28
Speaker 1: we'll probably give you guys a video on that in
17:30
Speaker 1: terms of a DeFi strategy coming up soon.
17:33
Speaker 2: So Alexei saks much man.
17:35
Speaker 3: It's a massive amount of TV that's just simply waiting
17:38
Speaker 3: to be unlocked and utilized.
17:39
Speaker 2: In the room.
17:40
Speaker 3: Makes sure way on chain and we're here for it
17:42
Speaker 3: and that's what we're building around and Dominie teams man.
17:45
Speaker 2: Thank you appreciate you having me on. You take care
17:47
Speaker 2: all right, guys.
17:48
Speaker 1: If you are not part of our Diamond Circle, this
17:50
Speaker 1: is a great place for you to get additional content
17:52
Speaker 1: from us. It's kind of our own personal email list
17:55
Speaker 1: that works with you guys on any times we're dropping
17:58
Speaker 1: additional research, all that kind of cool stuff and we
18:00
Speaker 1: keep you up today what's going on in the Marcus
18:02
Speaker 1: So join that. It's a free list, very easy to
18:05
Speaker 1: get in and of course follow me out there on
18:07
Speaker 1: X at Paul Baron. We'll catch you next time right
18:09
Speaker 1: here on the Paul Baron Show.