From 8379a026d1415265cf08bdd2cb827320f93d5254 Mon Sep 17 00:00:00 2001 From: George Appiah <48031636+iamGeorgePro@users.noreply.github.com> Date: Fri, 26 Apr 2024 14:42:47 +0000 Subject: [PATCH] Create meeting notes for Sig-economics #15 (#561) * Create 015-2024-04-03.md Signed-off-by: George Appiah <48031636+iamGeorgePro@users.noreply.github.com> * Update 015-2024-04-03.md added transcript to meeting notes Signed-off-by: Drinkwater --------- Signed-off-by: George Appiah <48031636+iamGeorgePro@users.noreply.github.com> Signed-off-by: Drinkwater Co-authored-by: Drinkwater --- sig-economics/meetings/015-2024-04-03.md | 356 +++++++++++++++++++++++ 1 file changed, 356 insertions(+) create mode 100644 sig-economics/meetings/015-2024-04-03.md diff --git a/sig-economics/meetings/015-2024-04-03.md b/sig-economics/meetings/015-2024-04-03.md new file mode 100644 index 00000000..9f1f34cd --- /dev/null +++ b/sig-economics/meetings/015-2024-04-03.md @@ -0,0 +1,356 @@ +# Akash Network - Economics Special Interest Group (SIG) - Meeting #15 + +## Agenda +* Updates since last monthly sig-economics meeting. +* Updates on provider incentives. +- Open discussions on recent proposals and events +* Open up to community for ideas or concerns. + +## Meeting Details + +- Date: Wednesday, April 03, 2024 +- Time: 10:00 AM PT (Pacific Time) +- Recording: Coming Soon +- [Transcript](#transcript) + +## Participants + +- Andrew Gnatyuk +- Cheng Wang +- Maxime Beauchamp +- Nick Merrill +- Robert Koschig +- Rodrigo Rochin +- Scott Hewitson +- Tyler Wright +- Zach Horn + + +## Meeting Notes + +### Scott Hewitson: +- Discussion planned on provider incentives and updates. +- Scott reviews recent community proposals and mentions upcoming events. +- Highlight on proposals including upgrades, IBC channel, open source element rejection, and Q2 events resourcing tour. +- Not much discussion on the praetor proposals on GitHub, but they might go on chain soon. +- Scott invites Cheng to elaborate on specific proposals or topics. + +### Cheng Wang provided an update on provider +- Cheng Wang provided an update on provider incentives: + - Approximately 60% of the initial phase one budget allocated + - Committed pool consists of long contracts with overclock Labs core team and providers + - Resources being brought online include h100s, a100s, a6000s, and 40 90s + - High demand for 40 90s due to inference use cases + - Some budget spent on bolstering storage for AI efforts +- Phase Two: Liquidity pool under construction, specifications being ironed out, launch expected within two weeks +- Process for launching phases: Internally review specs, submit to GitHub for community feedback, then launch on chain +- Phase Three: R&D bucket, potential allocation towards Next Generation chips (e.g., AMD support, Nvidia Blackwell architecture) +- Community engagement encouraged for feedback and questions + +### Scott Question on Provider incentives +- Scott Hewitson inquired about joining the provider incentives pool +- Cheng Wang outlined the process for joining: +- Reach out to Tyler, Hewi, or anyone else in the group +- Contact via email or tweet +- Requirements: high-end server-grade chips, data center level two or higher, configuration and reliability standards +- Scott thanked Cheng for the information and suggested pivoting away from provider incentives discussion + +### Fluctuations in GPU capacities +- Andrew Gnatyuk asked about the fluctuations in GPU capacities +- Tyler Wright explained that maintenance and upgrades to providers are causing the fluctuations +- Maintenance announcements are made in Discord and elsewhere to inform the community +- Emphasis on improving provider stability to minimize downtime during maintenance +- Zach Horn added that despite fluctuations, there's an overall upward trend in GPU capacities +- Current total capacity reached an all-time high of 363 this morning +- Long-term trend is positive despite short-term fluctuations + +### Demand to utilize the network's GPU +- Andrew Gnatyuk asked about demand to utilize the network's GPU capacities +- Cheng Wang mentioned pending partnerships and integrations in the pipeline +- Majority of 49 resources to be absorbed by upcoming integrations +- H100 and A100 resources pending integration with a strategic partner for deployment +- Cheng anticipates resources will be soaked up once integrations complete +- Announcement of partnerships planned as part of marketing campaign upon completion of technical work and testing +- Cheng emphasized the importance of fully tested integrations before announcements to avoid disappointment +- Andrew expressed excitement about upcoming announcements +- Cheng confirmed plans to announce partnerships when fully operational + +### Praetor Acquisition Proposal +- Scott Hewitson asked Cheng Wang about the Praetor acquisition, which has been on GitHub for about a week and will likely go on chain soon +- Cheng Wang explained that the Praetor acquisition is similar to the Cloudmos acquisition from about eight or nine months ago +- The goal is to merge Akash Console and Cloudmos into one native experience for tenants +- Praetor serves as a provider management tool, and there's consideration about merging it into Console as well +- The acquisition aims to accelerate development speed and leverage devops capabilities +- Praetor's team members will join the Akash core team to further accelerate development +- Proposal will be put up on chain today, and Scott suggested encouraging discussion on Discord before finalizing the proposal +- Aim to finalize the proposal by the end of the week + +### Questions on Acquisition +- Andrew Gnatyuk inquired about the fee structure for Praetor now that it's proposed to be integrated into Akash +- Cheng Wang mentioned that the proposed plan is for Praetor to be completely open source, potentially eliminating any fees +- With community backing and funding from the core team, there's less pressure for monetization at this point +- The aim is to make Praetor as easy to use for community members as possible +- Any monetization elements in the future will be thoroughly considered and discussed within the community + +### Coinbase learning rewards proposal +- Scott Hewitson requested an update on the Coinbase Learning Rewards proposal, which passed recently +- Cheng Wang provided details on the proposal: + - Budget allocated: $8 million USD + - Multiple campaigns planned over time, each lasting a few weeks + - First campaign focused on education, potentially including quizzes and staking opportunities + - Subsequent campaigns to be more interactive, involving Akash applications and tools +- Plans to iterate based on campaign performance and user feedback +- Zach Horn emphasized the significant opportunity to reach tens of millions of users through the proposal +- Scott invited questions from the group regarding the Coinbase Learning Rewards + +### Key Performance Indicators (KPIs) for the Coinbase Learning Rewards campaign +- Andrew Gnatyuk inquired about Key Performance Indicators (KPIs) for the Coinbase Learning Rewards campaign and its impact on market volume +- Zach Horn outlined primary KPIs for the campaign: + - Total number of users interacting with campaigns + - Usage metrics: impressions, completion percentage, rewards claimed + - Staking participation rate if staking Quest is live +- Scott Hewitson emphasized that the campaign has a max reward per user and will continue until funds are exhausted +- Cheng Wang highlighted the significance of the campaign: + - First paid awareness campaign in Akash Network history + - Opportunity to reach millions of users on Coinbase, potentially high-value users + - Education about Akash's unique value proposition and intersection with AI and crypto + - Increased access to AKT tokens through Coinbase integration, important for utility and institutional custody +- Andrew Gnatyuk acknowledged the significance of the campaign + +### General discussion on strategies to increase trading volume for Akash +- Andrew Gnatyuk raises concern about trading volume for Akash, aiming for improvement. +- Cheng Wang explains that trading volume cannot be directly influenced and varies based on market dynamics. +- Cheng Wang highlights Akash's historical trading volume, averaging over $10 million daily. +- Cheng Wang discusses the importance of considering trading volume in relation to market depth. +- Cheng Wang expresses skepticism about projects with disproportionately high trading volume compared to market depth. +- Cheng Wang emphasizes Akash Network's mature and decentralized token holder base, indicating organic trading activity. +- Andrew Gnatyuk acknowledges understanding. + +### Action Item: +- Group encourage to have discussions on Discord regarding the Praetor acquisition proposal before finalizing it by the end of the week. + + +# **Transcript** + +_This editable transcript was computer generated and might contain errors. People can also change the text after it was created._ + +Scott Hewitson: All right, gmgm everybody. Is Wednesday April 3rd for this month's installment of Sig economics? Looks like we have a little bit of a light crew today. We'll talk about the last call kind of talked about provider incentives a little bit and the status on that. I know Cheng will talk about that a little bit more as And then just a few questions from the community. I'll take a look at proposals that have gone. I think the last one was in March 6 so Quite a few proposals. We had a suffered upgrade accelerate past. There was IBC channel that the coinbase learning rewards passed + +Scott Hewitson: there was a open source element that was rejected. And then the Q2 events resourcing tour proposal is live. So if you have not voted on that, please do so. Any big discussions? I'd say one of the bigger ones hasn't gotten a lot of chatter, but the pretor open source and pray tour. Proposals on GitHub has not gone on chain yet. We'll probably do that soon. So with that Cheng, do you want to talk about any of those in particular and any order specific order? + +Cheng Wang: Yeah, I guess. Yeah. + +Scott Hewitson: Maybe provider incentives taking you get off. + +Cheng Wang: Provider incentives currently where approximately I want to say 60% allocated as far as the initial phase one budget goes the Faison budget. If you don't recall for anyone reading the transcript or listening to this was the committed pool. So these are long contracts at the overclock Labs core team struck with providers out there. So we're about 60% committed into that and the resources being brought on our h100 that are already on h100 a 100s and a6000 in addition to 40 90s. And so another Toronto of chips are being brought on which are 490s reason for that is because there's a high demand from some of our BD pipeline as far as inference goes in 40 90s seems to be the darling chip for that particular use case. + +Cheng Wang: So yeah, that's where we're currently are. We've spent a little bit also in the committed pool to bolster storage as well because with a lot of these AI efforts Right storage is Paramount just because given the size of the output the data set the models whatever it + +Andrew Gnatyuk: Okay. + +Cheng Wang: I'm always our amount of resistance swords. That's something we're bringing online as well. But that's a drop in the buck here relative to the total cost. So again, we're about 60% into that next phase phase two is the liquidity pool similar to how everyone is familiar with in terms of liquidity pools go so that's still under construction. So we're ironing out the specifications and we'll be launching that soon. So as far as the written spec goes internally will probably get past squared away within the next two weeks or so, of course before anything goes on chain. We're going to submit it into GitHub. + +Cheng Wang: For discussion engaging community and get hopefully some amazing feedback similar to phase one. And so phase two then we'll go on chain Etc rinse and repeat phase three. It's not necessarily chronological per se but I think where appropriate we will put together something and launch that one is a little looser and that it's the R&D bucket. So I would love to allocate towards the Next Generation chips, right? So there's some cool stuff out there as far as + +Cheng Wang: Potentially something with Because I think I correct me from Roma. We do have AMD support that was pushed through a little while ago right that and the Next Generation Blackwell architecture from Nvidia. So that's something really interesting to take a look at and of course after Nvidia GTC the team has really I think Garner a a deep appreciation for just the supply out there what people are looking for how they're using it across the gamut so that's kind of how all the phases shake out currently. I mean if you have any questions guys + +Scott Hewitson: The only thing the question of pose is so we're about 60% committed for that pool for any folks that are wanting to join. is it open? Is what's the process and say hey I fit this category. How can I get in the mix? + +00:05:00 + +Cheng Wang: Yeah. Yeah, I would reach out to pretty much anyone here Tyler specifically you Huey anybody who want to drop a note and say economics wherever you find as easy as to reach us tweet at Greg if that's big enough to get your attention. So the requirements are Pretty straightforward, the high-end resources right server grade chips that we need. Number two is going to be I think at least they disintegrate level two right or higher. And yeah, that's really the basic requirements. And of course there are configuration requirements as Right interconnect stuff, which is obviously related to the chip itself. What's your speed as far as the internet goes and all that and of course reliability up time all those things of course baked into what data center level 2 means we have reach out to us. + +Cheng Wang: Sure. + +Scott Hewitson: Thank you for that. Alright we can pivot away from provider incentives unless anybody has a question. + +Andrew Gnatyuk: + +Andrew Gnatyuk: Yeah. Yeah me again. Hey guys, so I just questions. + +Scott Hewitson: It's new for the first time that again. + +Andrew Gnatyuk: Yeah, yeah. Wow booming with me. + +Andrew Gnatyuk: So one question maybe you can specify this. So I'm just looking on the stats about the GPU capacities and there are big drop downs on the hundred gpus and dropping down and then coming up again. if you can say what is this is all about. + +Scott Hewitson: I go ahead. + +Tyler Wright: What I would say is there's been some maintenance that's been going on and some upgrades to those providers that have been going on that have been affecting the up and down time some folks from the core team as well as the community. They're helping to manage those providers have been doing their best to make announcements and Discord and elsewhere to let the community know when those upgrades and that maintenance is happening and that's what you'll see is when the maintenance is happening for five minutes sometimes maybe an hour those providers will be offline. And then what's the maintenance is done, there's been some feature editions whether it be persistent storage or some other things, but again those providers have been under maintenance which is why you'll see the drop and then coming back online. One of the things that we talked about in six support today. That's a major focal point for the core team and many people in sick providers as well is improving provider stability. + +Tyler Wright: I'm so that some of these things won't happen. So it's maybe as features of being added. It won't be as long as a drop off or there won't be a need for as many of these drop offs. But again, that's just a factor of the network, but pretty consistent behavior and again stuff that's been announced to the community when it's been done. + +Andrew Gnatyuk: We got it. Thanks. + +Zach Horn: Yeah, let me jump in on that point. + +Scott Hewitson: Go ahead Zach. + +Zach Horn: So all the things are tired is saying are definitely correct. there's providers are coming up they're doing maintenance. But ultimately if you look over time, you see this drop over the past couple weeks, peeking around 350 and then it pulls back to 275 And that's the things that Ty is talking about just providers doing maintenance But ultimately it's a good thing, these providers are getting online. they're working through how they're gonna provide on a caution. They're getting more stable over time. We did just hit an all-time high this morning as of right now, we're total capacities at 363 which is technically an all-time high. So the trend is definitely up over time and to Ty's point. It's like I wouldn't worry too much when it drops down and it comes back up and there's gonna be fluctuation, but the long term trend is up. + +Andrew Gnatyuk: Got it. and the follow-up question. so we have an all-time high on the network capacity right for the gpus. Do we have demand to get at least to 60% of this capacities to lead them? + +Cheng Wang: Yeah, so it's definitely incoming so as far as the commitment of the resources go we have a couple of true Partnerships or Integrations right actually impending at this point in time. They're all in the phases of spinning up. So for 49 year resources the vast majority of those will be soaked up via one of these Integrations or Partnerships here. It's just Again part of the testing and it's non-trivial right that amount of technical work to get fun up on to So that should be coming imminently really any day now honestly for the 49 year resources for H 100 and a 100. Those are again pending a particular integration with a strategic partner at this point. And so that's again under testing and there's a whole bunch of things there. I can't say too much about it. But essentially they're a front end or web to front end that essentially gets easy deployment on to a caution or with a caution or + +00:10:00 + +Cheng Wang: the supply backbone for a100 and 100s. And so when that integration completes, obviously it's taking longer than we would ideally right but once those spit out I anticipate that vast majority of these resources will be soaked up far greater than 50% + +Andrew Gnatyuk: Got it. + +Cheng Wang: I'm hoping. + +Andrew Gnatyuk: And if we are talking yeah,… + +Cheng Wang: That weeks. + +Andrew Gnatyuk: yeah, that's + +Cheng Wang: I'm hoping. that's the idea. I can't necessarily promise. I'm not the technical person working on it. But all I do know that there's daily activity in all of those channels with both teams our side and the partner side working on it very very diligently to get this across the line. + +Andrew Gnatyuk: yeah, it is bad enough to promise anything because it's recording and basically we can just point out and say change your promise this yes, I don't promise anything but + +Cheng Wang: I promise my fingers are cross behind my back. + +Andrew Gnatyuk: Yeah, but about Partnerships. you said a few of them are we planning to announce them as part of the marketing campaign or… + +Cheng Wang: Yeah, yes. A hundred percent. + +Andrew Gnatyuk: something like that? + +Cheng Wang: Yeah, we will be announcing those as soon as they are done and completed and running. We don't want to kind of jump the gun if all the technical work isn't complete because that's just like hey cool partnership and then I'll let down right so we definitely want to launch these Partnerships and then make these integration announcements full fully when they're fully tested. And of course we get some initial workloads running and that's when we can let + +Andrew Gnatyuk: No Yeah, that's bad. I mean everybody loved announcement about Something coming up. + +Cheng Wang: exactly + +Andrew Gnatyuk: Yeah, but Thank you for the glorification. + +Cheng Wang: Of course, of course. + +Scott Hewitson: Speaking of providers stability and providers going down back up. This is kind of a natural segue to maybe the discussion about the proposal. That's up. I think Ty dropped it in the chat. Yes. Cheng, could you go a little bit into the idea there the thoughts there it's been on GitHub I think for a week now, so it'll probably go on chainsawat soon. + +Cheng Wang: I'm sorry. Which one is this? + +Scott Hewitson: the prayer tour + +Cheng Wang: I'll pray for excuse me. Yeah, sorry apologies. So the Prater kind of acquisition here it's essentially identical to the thought process behind the cloud most acquisition that occurred about what a year ago at this point in time. + +Cheng Wang: Almost a year ago about I think eight or nine months ago. Wow time flies. So it's really kind of the same idea here where Akash console in the beginning as far as the clients go. There's a cost console multiple clients Cloud most being the native one bring bridging those two things together, which finally I think the merge will be complete at some point in the near future. Then there will be one giant native Akash console experience for tenants, right? that's what cloudmoms is and then for prayer as a provider management tool, I think we're still kind of figuring out to see if it makes sense to kind of merge into console as well. But essentially have a One-Stop shop for both tenants and providers. Obviously, there will be different portals for each and I think you are into both, amazing people to work with and they've been tremendous contributors to the community and this I think just brings that closer and further lines us and we'll be able to come for us. + +Cheng Wang: Between preacher as well, as ocl core team here will be able to really accelerate the development speed of preacher as well as the console in addition to just leveraging some of their devops capabilities as we bring on more resources right via the provider and census in the last stuff. That'll be a tremendous help. I think a lot of value similar to how shimpa has been helping the core team on the provider management side, So it'll be a lot more of that and just involving members of further furthermore within, the core team itself. So that's what we're looking at. So we'll probably put this proposal up on chain today and let her rips and there's no real questions on it thus far at least no opposition. Yeah if there are any questions, please do far away. + +Scott Hewitson: Maybe we can in Discord maybe direct some folks to this and see if we can get some chatter going before we do put it on chain. But yeah, definitely by the end of the week. + +00:15:00 + +Andrew Gnatyuk: yeah, but the question about console even the first Native way when overclock created the council was to I split the web2 users who are using just credit cards and debit cards to pay for the compute and Cloud most for the web free users. As far as I remember. That was the talks when overclock console emerge actually. + +Andrew Gnatyuk: Away,… + +Cheng Wang: Yes, sir. + +Andrew Gnatyuk: one cloudmoss was doing the solution and overclock started to do the console. That's was the basics. the console is for users to pay. We are via the credit card the debit cards Etc and cloudmoss is for basically web free group The users Etc. so now it's not the stuff right or + +Cheng Wang: yeah, yeah, + +Cheng Wang: Yes, I think the updated roadmaps should be published soon. But essentially the user experience will be much more unified than before. So the decision making earlier on is do we have two experiences one to be non-custodial one to be custodial at this point in time? I think it's a lot clearer to have everything be on a single platform and simply based on the users input and choice of whether or not they want to held their own funds or not. It'll drive them towards different workflows. So the portal is all the same. It's gonna be a cost console and then depending on whether a user chooses to pay with, credit card or pay with crypto the path will diverge from there, so it'll be a more unified experience. I think more streamlined and ultimately better, you act as well a little lot less confusing and yeah, I think that that's gonna be the way forward for sure. + +Andrew Gnatyuk: okay also about the brighter so Before Brian was independent it as far as but I know I didn't try to set up my own provider as far as an older took a fee. If you are using their platform this is be still gonna be remained or we just dropping all the stuff and making + +Cheng Wang: I think fee if you took a look at the proposed plan, I'm not sure if it's explicitly called out there my camera call at the moment, but it'll be completely open source. So any sort of fee that is being charged will probably be to at least temporarily reptile because everything's gonna be open source and powered by the community. There's no giant impetus to yet monetization fleshed out for this particular application, right because it is again now at this point in time has the backing the community and community pool and the core team as far as funding and operation goes so that is a lot less challenging now than it would then originally was one is just under pressure team. So yeah. + +Cheng Wang: I don't anticipate not being the way forward. We definitely want to make this as easy to use for her community members as possible and then ultimately whatever modernization elements if any that come through will be, fully thought out and of course vetted through Community discussions as with, all these big things are. Yeah, of course. + +Andrew Gnatyuk: If you got it. Thanks. + +Scott Hewitson: Thank you for that update Cheng, I guess a big thing that passed was the coinbase learning rewards. That was probably I think the largest community pool spend proposal that has hit yet. Are you able to give us an update on that and where it stands maybe some specifics? I know you can't reveal everything but anything that we can let everyone know. + +Cheng Wang: The specifics at this point in time. I don't have too much. Other than that, there will be multiple campaigns for this going forward. It wouldn't be a one and done and the time period will be quite I don't really know what time period is but the guidance that we've been given has been each campaign will probably last a few weeks just depending on kind of the resource. We allocate to it. So the budget that's currently designated is, eight million US dollars worth and so that will be parsed out over the course of at least two to four campaigns is my thought at least two probably more than that definitely more than that because we want to keep these kind of things going over time right continue to educate the user about a costume to expa use this as kind of a marketing another kind of point of amplification for marketing sake. So yeah, the first campaign has already been designed and this is largely + +00:20:00 + +Cheng Wang: To be educational these campaigns following up will be a bit more involved. So potentially interacting with chat Akasha Network as the scxl.com network, image generation detection AI tools that core team in the community has put together. So that'll be probably round two slash three of campaigns and I'm just depending on how those performance of course. We're going to iterate based on the information. We get back in terms of conversion where people seem to respond where people seems not and update our subsequent campaigns with that information. So long story short first one is going to be largely educational read quizzes things like that. Hopefully we can do staking as well as a quest. So whatever you do earn, you can then stake for additional token similar to how a lot of the bounties work with air drops and things like that, right? You've seen, across + +Cheng Wang: Cosmos and other chains, so that's one the second follow-on Campaign largely will of course, they're all educational but can be more interactive as far as using some of the applications. We've built and then from there. we haven't thought about really the third or fourth campaigns yet, but literally based on the information Now we get only learn from the initial campaigns. Of course, we'll share those and calls like this and others. + +Zach Horn: It's worth all the touching on outside of the technicals of literally what these campaigns are going to be the size of the opportunity here. So this proposal it's large right and say million dollars of what was requested. But what we're talking about essentially is reaching tens of millions of users, coinbase obviously has a very large audience that these campaigns do get a high number, users that flow through them and do complete them. So just them in terms of awareness for a cost. This is a huge opportunity just worth underscoring that + +Scott Hewitson: Thank you for that. Does anyone have any questions in regards to the coinbase learning rewards prop at his past? See you later Max. + +Andrew Gnatyuk: And yes, so do we have some fixed apis that are we like looking to reach within with this campaigns and do any of these kpis are I don't know involved with Market volume because it's for cash. It's a bit low right now. and basically what we are giving eight Millions to get the broader audience to use the cash, but basically to trade the cash as well since it's going base, right? So how do we have some of those stuff? I don't know. + +Scott Hewitson: but + +Zach Horn: So primarily what we want to see from this campaign is we want to see the total amount of users that interact with these campaigns. We want usage. So we're going to put these out there. We want people obviously to engage with them to complete the quizzes and to claim their Rewards. If we can get the staking Quest live for this first one. Ideally we want them to flow all the way through the quiz campaigns to the staking Quest and then stake their akt. So in terms of kpis we want to see the total usage. So how many Impressions do these get what is the completion percentage? So of the people that see the campaign and click through it how many actually complete it and claim the reward and then if we can get the staking Quest live we will do a big kpi is gonna be how many of the people that flow through the campaigns end up staking their akt, So in terms of kpis, that's what we want to see primarily a lot of the market stuff is a little bit outside of this but this is as I said before a great Market opportunity to just get in front of a ton of new users and just get awareness for Akash. + +Andrew Gnatyuk: Got it. Okay. + +Scott Hewitson: yeah, I think it's important to note that there's a Max per user. So it's like if you know that the campaign will go until its exhaust until funds are exhausted. That's not like, somebody's doing a little bit and they're getting more everyone's gonna be able to get the same amount it just kind of depends on + +Scott Hewitson: So you never I mean. If price goes up too, it's like you could even squeeze in more folks than what we allocated for. + +Cheng Wang: Yeah, one thing I have to note on the back of the point that the reach here is if you look at historically we've done essentially no true. + +Cheng Wang: Paid awareness campaigns and the entire history of Akash Network. And this is the first time that we'll be doing so and it's on the only I guess truly sanctioned platform right as a public company that coinbase is within crypto as an exchange. So it does a couple things to reach is extremely high here in the orders of potentially millions of users. That's Number two is these are all sensibly high value users or potentially because most of them will be us and definitely KY seed and these are people who are I would think not as read into crypto has So if most of these people may not have interacted with things like defy and stuff like that. Maybe I'm wrong. I don't know how deep the rabbit hole goes within coinbase users. But as far as educating users about a grange sector brand new + +00:25:00 + +Cheng Wang: Can as far as the cost goes and exposing them to AI as the intersection with crypto is going to be another huge potential win for us. So ultimately it's generally like count acquisition is important right people who are interested in college holding a caution / trading Akash, but secondly, it's going to be about just broad awareness in a area that we haven't really reached out to previously and number three is for you have to remember for the utility of Akash Network. + +Cheng Wang: Access to the Token is Paramount, especially now right until I think after credit card payments are spun up access to the Token is hugely important for instance institutionals as well as individuals and teams to be able to use a Cosh Network for its compute resources, right and so coinbase with its integration and its reach and it's I think stature in not just cryptospace but outside of crypto most normies, right? I would say within the US use coinbase. I think having that portal of access into a cost tokens or to use the platform is super beneficial, right and then of course last but not least is going to be the custody component for institutions as well. As super high now with individuals, whoever who have significant, stakes in the caution. They don't want to kind of deal with the Specter of self-custody and stuff like that. The institutional Prime Services is available to them as well. + +Andrew Gnatyuk: You got it. Sounds great. + +Scott Hewitson: Does anyone have any other questions regarding the coinbase learn proposal? And if not, we can open it up to General comments ideas. Anything anyone's working on floor is yours if you want it. + +Andrew Gnatyuk: So just general question again about the trading volume. Do we have some ideas how to increase the trading volume for cash. I mean we are in top 100 on and gecko but I would write in volume is top 500 something at least. + +Cheng Wang: Trading volume isn't something we can really push on our own. I mean some projects I don't know the trade you can't necessarily dream volume. You really have to take with a big grain of salt Andrew. and Yeah. + +Andrew Gnatyuk: Yeah. Yeah, I got that's why it's general question. just to talk about not so specific. + +Cheng Wang: Yeah, I mean in terms of trading volume you look at the history of it over the last I would say even before coinbase listening. I think we were averaging on a daily basis over over 10 million dollars in daily active volume, right or just about there. And so, last couple days I think have been a little bit slower but Overall, I think we've been on average if you take moving averages across a week since maybe beginning of March or something. We've been averaging over 10 million. So that's already a really good feat and one bit of thing one. I think metric that you should definitely take a look for those people looking at markets. Maybe you look at trading volume and depth right? what multiple is your trading volume of your depth and there are some projects out there will have + +Cheng Wang: 20 x the daily trading volume of depth, which is points to me. There's some BS going on in there Exactly or… + +Scott Hewitson: lost Trading + +Cheng Wang: something else. I want to say I don't exactly know. There's some thing that just doesn't sound or look right right. It could be completely above board and that people are just aping into a particular project and just driving volume up and up and up and turn over incredibly high but for projects that have let's say, 500,000 in aggregated debt plus minus two percent and then trading volume is 50 million you're just like + +Cheng Wang: How many times is 500k have to go into 50 million the turnover? Right? it doesn't really quite make sense. And in addition to that you look at the amount of float that is out there and concentration token holders, whatever the case may be. Right? So for a caution Network, we're what three plus years old at this point in time. So our holders Holdings are incredibly decentralized and distributed at this point in time and the markets are quite mature, So trading volume isn't something we can directly control nor that we want to be honest, And so you can kind of rest assure that the activity you do see on a caution network is a hundred percent organic. There's no funny business. it's not being done by us. + +00:30:00 + +Andrew Gnatyuk: got it. Yeah. + +Cheng Wang: Yeah. + +Scott Hewitson: All Does anyone else have anything that else I'd like to add or comment on or pose any questions ideas open to anything? alrighty A little shorter call this month, but that's all right. I think we can close thing or end things now and then, if anyone has any follow-ups or anything they want to talk about please go to Discord and you can ping me or whoever and we can keep the conversation going there. And what that will see everybody next week or next month? Sorry. + +Scott Hewitson: All right. + +Andrew Gnatyuk: And sounds good. + +Cheng Wang: And quicker. + +Andrew Gnatyuk: That sounds good to me. + +Cheng Wang: Thanks everyone. + +Andrew Gnatyuk: You guys next month. + +Rodrigo Rochin: you have to do the + +Cheng Wang: looking forward to see Thanks,… + +Andrew Gnatyuk: Yeah, it's nice to see you. + +Cheng Wang: everyone. + +Zach Horn: Take care guys. + +Andrew Gnatyuk: Bye guys. Bye guys. + +Meeting ended after 00:31:52 👋 +