On 27th August 2020, our SVP, Head of Marketing, Maggie Ng had a Live AMA session with Soravis Srinawakoon, CEO & Co-Founder of Band Protocol.
Maggie: Hello everyone, thank you for joining the Band Protocol and Crypto.com Live Video AMA today. My name is Maggie, I’m SVP of Marketing at Crypto.com and I will be your host for today's livestream.
We recently have invited quite a few DeFi projects to chat with us. The one we can’t really miss out would be Band Protocol.
Joining us is Soravis Srinawakoon, CEO & Co-Founder of Band Protocol. We have collected a lot of questions from the community through our (Crypto.com’s) twitter. Soravis has selected 20 or so to address at today’s AMA. If your question was featured in the Q&A session then you may have won a share of a $300 USD BAND prize pool, which will be directly distributed to your Crypto.com App account.
Now without further ado, I give the word to you, Soravis.
Soravis: Hi guys! Thank you Maggie and the team and hi everyone.
And thank you to everyone participating. So as for a quick introduction, my name is Soravis, I’m the CEO of Band Protocol.
As for a quick background about myself, I'm an engineer by training. I especially enjoyed doing computer science at Stanford Grad. I did data management for my major also at Stanford before I sort of left management consulting at BCG where I was for two years.
I think around 2013 that's when i think i came across bitcoin along with my two other co-founders who studied at MIT. We got a free airdrop back in the day created by some of the Bitcoin OGs at MIT and that’s really when we became really interested in cryptocurrencies. I started to invest on the side when I was working at BCG and then we left our full time jobs in early 2017 to pursue blockchain careers full time.
That’s when we started to understand and work with a lot of smart contracts, stablecoins, betting applications, you know? And every time we tried to build these things, smart contracts for decentralized applications we had been running into oracle problems and that’s why we started Band Protocol, which is essentially a cross-chain oracle solution. We connect smart contracts, external data and API so that smart contracts can have much more use cases that connect to real-world information.
The Band Protocol & BandChain
1. How does Band Protocol's oracle design bring more use-cases to blockchains? Can it process data beyond DeFi such as real-world events?
Soravis: Sure. I think previously in 2017 blockchain use cases were fairly limited to basic token transfer. All of the computation was happening within the on-chain data and that’s why you didn’t see many use cases back in the day. There is no adoption. People are not using it for many different cases at all.
Right now, fast forward to 2020 we are seeing many more use cases obviously around DeFi ranging from stablecoin lending to derivatives to swap trading, you know, all these applications that essentially require accessing data outside of their blockchain. Previously if your project doesn’t have an oracle, the project would need to rebuild and factor in this new key part of the infrastructure themselves. It takes a lot of time and effort to make sure it is fully decentralized and make sure it is fully secure. If all of the information that powers your application is incorrect, your whole smart contract is incorrect. That’s why oracles like us really helped to expand the use cases of the blockchain, including all of these new categories that make up DeFi, so we’re pretty excited to see what will come as we find more use cases.
2. How does BAND stand out from other oracle networks?
Soravis: Sure. I think we are starting to see a lot more competition now than before. Before it used to be Chainlink and Band Protocol, and now I think there are at least 3 or 4 others who have launched their oracles as well. This is good. I think it’s really healthy for the industry.
For us, how we really try to differentiate ourselves is that we built our own oracle based on Cosmos SDK, essentially building our blockchain based on Cosmos. That has allowed us a couple of benefits as opposed to say, Ethereum based oracles or any oracles based on one certain network
The first point is obviously scalability. You know how congested the Ethereum network is. It’s really expensive to process any computation there because all. All of the computation, data sourcing, data aggregating happens on BandChain.
That allows us to be completely independent of any blockchain that we want to submit data to. This allows us to query data lets say, in less than 5 seconds. That is a significant improvement from Ethereum for example, and cost is also a byproduct of that. It becomes much cheaper because we don’t need to deal with other transactions that do not relate to us.
The third part is around flexibility. We built the oracle to be super customizable, so that any dApp developers who want curait data can simply write a script to carry any data they want from a public endpoint. You can customize your data sources, you can customize the number of validators, you can customize how you want to aggregate this data into the final result. As far as custom usage goes, this is quite far as to what you’re seeing in other oracles in the sense that most of those data providers have a fixed set of requirements that they will process if you want to add a new data source or new data you need to manually coordinate to make that happen, whereas for us, you don’t have to do that.
And then the last part which is really important to me is decentralization. The fact that all of our validators need to stake BAND tokens. They have incentive at a protocol level to act in a good manner, meaning they provide the right data, respond to queries and make sure all of the data input is correct because it’s in their best interest to actually be a good actor as they have a lot of skin in the game, and in return they can earn more BAND. So I think these are a couple components where we really differentiate from other competitors at the moment.
3. Could you please explain what is the role of BandChain Node in the Band Protocol platform ecosystem? Also, Is there any chance regular users like me become nodes? What are the requirements?
Soravis: BandChain Nodes have two jobs. One is to produce blocks and essentially verify transactions, just like a miner on Ethereum, and then the second part is to provide the oracle service, so responding to any date query request from anyone who submitted that transaction. They then have the job of essentially fetching that data, reporting that data and then run the oracle script that we have here on BandChain.
These are the primary jobs of BandChain Nodes right now and anyone can become a BandChain Node. The BandChain is fully public and permissionless and this is one of our key strengths as well. We don’t require a team's permission to operate a node as long as obviously, you’ve got BAND tokens to stake. Right now in terms of requirement, there are no minimum requirements. Anyone can write a BandChain Node, so anyone in our community can spin up AWS Architecture or Google Cloud.
But of course you need to be careful because you need to act in a good nature. There are penalties if you don’t act in a good manner. If you have downtime, if you double-sign, there is a risk that your BAND will get slashed, and there have been incidents where this has already happened. But that’s a good thing because again, all of these economic incentives are designed to make sure BandChain is secure and decentralized at the same time.
4. How does BAND handle cross-chain issues like slow transaction speed and high fees? What kind of Real-World Data and APIs can BAND connect to smart Contract?
Soravis: Right now, in terms of architecture we are able to connect to any public API. That means any open API. Our validators can carry those endpoints easily, so right now there is no problem with that. So far it has been sufficient given that there’s a lot more data sources that serve the data that we need, so that’s the current state of things now.
The next phase is basically that we will allow our validators to query data from a private API as well, so people for example, let say Bloomberg, provide data behind a paywall that you need to pay to access like Bloomberg Terminal. We will be working with a lot of these private companies to essentially open up these APIs so that validators on top of BandChain can also gain access to these sort of data points in a trustless manner while being right there. They themselves are being compensated for that job, so that’s something that we’ve been implementing and we’re really excited that in the near future that should go live and that we will be able to support a lot of these data points for our partners that already use oracle.
5. What was the main reason BAND Protocol chose to use Cosmos SDK? What is the benefit for using their SDK over other blockchain SDKs?
Soravis: I think without going into the deep technical details, as of 2018 to mid 2019 I believe Cosmos SDK was quite ready to deploy in the sense that it is quite robust and has become production ready. That dictated a lot of our decisions because obviously we don’t want to depend on other projects, you know, on some project that is not live, or cannot be used yet. That means our timelines begin to depend on other projects. So that’s one big consideration.
Secondly, I think it also allows us to customize a lot of our own requirements because we build our own oracle script on top of the blockchain. We choose solutions that allow us to easily customize without having to depend on a separate project.
And finally, I think a lot of projects were using Cosmos SDK as well. You have Binance Chain using it, you have Terra from Korea. A lot of prominent projects are already using Cosmos SDK, not to mention hundreds of projects using tender mint, so there is a network effect from that ecosystem as well. So that is why we’re using Cosmos SDK.
6. What programming languages can developers build Dapps on Band Protocol? Why should developers choose Band Protocol?
Soravis: In terms of programming languages, again we are really flexible. Anyone can use any language on any blockchain. We aim to be cross-compatible. That means even though all of the computation takes place on the BandChain, the final results of that data, plus the verification can be sent to any destination blockchain, including Ethereum, Solana, Polkadot, etc. We want to be part of them. We want to integrate with all of them so that, let's say I want to build on Ethereum because they have a bank ecosystem, they can still use Band Protocol and they can deduce solidity to do that.
If they choose to build really scalable applications with Polkadot, you can also choose the protocol oracle data as well, so we are really blockchain agnostic. We aim to support any languages and any app on any blockchain.
As for why they would want to choose us, I touched on that briefly. We are able to scale quite a bit faster than many other oracles. We are the cheaper alternative. So if you want to build a really scalable lending protocol or professional swap on Solana then you need data about every 5 seconds or even every second. How you’re going to get that from other oracles based on those attributes alone becomes a big problem. It’s almost impossible. And that's why with our scalability we are able to serve all of the different requirements.
And again, in 2020 flexibility is important. You start to see many more use cases. Use cases that are not just defined by cryptocurrency prices. For example we have been getting requests like the results of the Indian Cricket League, right, so you know really specific. Really niche. Flexibility can allow that to happen.
And of course I come back to decentralization which is a big component for me.
7. The community of any project is its greatest asset. How can I support the BAND ecosystem? How do I contribute to BAND Protocol community projects and events? Or do you have plans for the BAND Protocol DeFi event for your communities?
Soravis: In terms of our communities, we usually separate them into two separate groups. One is the more technical side. You know, the developers who either run BandChain Nodes or work on something on the chain, or contribute to the ecosystem. We maintain a pretty active Discord channel where our core Band team maintains constant communication. We talk a lot. Almost every day. If there are some problems, if some nodes are down, people help each other and that’s something we’re quite proud of and really happy to see. Everyone has helped to discover bugs, even though they have been minor. It really shows the strength of the community and so Discord is our main channel for technical questions especially those to do with staking validators.
The other part is the general communities that support us on Twitter, Reddit and Telegram. We actually have a pretty large community now called Band Jedi which is pretty great, and we see a growing number of communities who join us and really champion us in their social media. Unfortunately because of COVID-19 we haven’t been able to have a physical event, but we believe that in the near future, when things are going back to normal, we are going to be reaching out to these Jedi communities to host local events. I think that is definitely on the card and we have been planning some of this event already.
The BAND Token
8. What sort of utilities does the BAND token itself have, and what kind of incentives or streams of revenues can the BAND token holders have?
Soravis: So in terms of incentive, if you stake BAND tokens either as a regular token holder on behalf of validators or you know, running validators yourself, you essentially earn BAND tokens via 2 methods. One is the Block reward, essentially you get some block rewards for producing the block.The second way is that you earn the query fee, so every single time people carry the data on BandChain they pay a fee in BAND tokens and these tokens essentially get distributed back to all of the token holders who stake the token.
So apart from inflation from the block reward you also earn this portion as well and that means the inventive is really clear if you own a lot of BAND tokens you’ll want to stake the token to secure the network, act in a good manner, supply the right data, and drive adoption for BAND protocol, and in exchange for that there will be more value flow through the network due to more data being carried, more revenue being generated, and this revenue essentially is the on-chain cash flow that happened through BAND Protocol, so we flow back to the other stakers who have provided the security and ability to do the job on the network itself.
9. Token burn is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project have a plan about token burn?
Soravis: Yeah, so as you mentioned, token burns have always been a hot topic in the space. Apart from obviously the regulatory concern, we’ve been talking with a lot of regulators as well regarding that. We have been researching and quite publicly have talked about this a couple times as well that we also explore some token burn mechanisms.
I think it is a great incentive for the network and also controlling the overall cost of the network. If there is a lot of usage people tend to bid the price of gas up on Ethereum, so a token burn has some of the mechanisms to avoid that.
If you have been following Ethereum communities there is a big proposal EIP155 that is directly related to token burn through network activities and usages to avoid congestion. We have been following that and I think that if that is implemented in the future and we see a good result then we would follow suit for sure. We think there is a great amount of designs yet to be considered and frankly speaking at this point in time it’s probably not an immediate need for us, but once we actually see use cases and people successfully implementing some of this, we’re probably going to be implementing some variation of this.
10. Why about 90% of Band Protocol is held by 5-6 portfolios and how anyone who is willing to invest can do so, given that if these portfolios decide to sell, the price will collapse to almost zero, if not detrimental generally.
Soravis: I think this is really easy. It’s actually quite a misconception that people misunderstand.The fact is right now we exist on both ERC-20 on Ethereum and also as the BAND native token on BandChain. Over 90% are actually on the BAND Native address. Only 10% are on the ERC-20 version. The reason why we need an ERC-20 version is because we need to interact with some of this DeFi on top of Ethereum, paying for fees and the oracle as well, so that is why we maintain the two versions.
Because we maintain the two versions, most newcomers look at Etherscan and then 90% of these tokens are essentially locked tokens and that’s why it looks so concerning although it’s not quite the case. Those are locked and actually exist on the BandChain itself, so I don’t think we have a big concern at all. If you look at the number of addresses it has actually been increasing significantly. Last year we were only at 500 and now we are up to 15,000 addresses across ERC-20 and the BandChain. It’s fairly distributed.
One of the bigger metrics for me is that since we are approved, you can look at the number of BAND being staked at the moment and that gives you quite a good indication that is actually circulating right at this moment in time. Right now we have almost 85% of the token being staked and that means they cannot be moved, they cannot be sold, and if they want to do that they have to wait for the 21-day unbonding period, similar to Cosmos, so if anyone chooses to unstake their tokens, you also see that movement 21 days ahead. So I think the risk of being dumped on by a whale or a large player is really marginal and not likely to happen. Of course as a team we are really long term and we’re being really careful in managing this for sure.
BAND & DeFi
11. How is BAND planning to solve the key issues in a DeFi ecosystem? DeFi is one of the hottest topics in the blockchain space right now. Can you share your opinions on DeFi with us? Do you think that DeFi will disrupt the existing financial system? What is Your approach towards the DeFi sector?
Soravis: Well, I think that is a lot to unpack.I think that DeFi is quite a vast word now. You know? It has spanned from stablecoins and Maker DAO, to lending protocols like Compound to Synthetics, and we’re going to see many more categories. A lot more of these categories are coming to market.
To me, I think some of these actually have some large potential to, not replace the current financial system, but to complement it, to offer an alternative solution because what the heart of DeFi ultimately is, is to create traditional finance on the blockchain at a lower cost and through a trustless system in which anyone around the world thanks to the internet can interact with the system without having to worry about KYC or their economic status because if you’re a bank, you have a cost per person to serve and that’s why you have a lot of underbanked people especially in developing countries, so for me I’m quite bullish that this new infrastructure will help address a lot of these users, as well as creating a trusted system in which anyone can interact with.
Now for me, what are the priorities? I think there are two things here that a lot of us in the ecosystem are driving for. One is of course user friendliness. How do we make this much more friendly for regular users to interact with. I think a lot of players are doing that, Huawei for example recently acquired a banking license and that’s really good news because that allows them to operate almost like a bank.
The second part is security, and this is where we really optimize and what we really shoot for. In a trusted system, you obviously don’t want to trust anyone and because now we have billions of dollars logged into this contract security is obviously our number one priority here. Smart contract bugs are one thing, oracle risk is another. This is why BAND’s oracle is really important to the whole DeFi ecosystem because essentially an oracle like us provides security to the DeFi space. If we provided the wrong information, billions of dollars can be lost and that’s why you can see that the perceived value right now of the whole oracle industry is actually significantly higher than DeFi itself.
If you look at Chainlink alone, the entire market cap is more than most of the other DeFi projects combined and that’s because again, oracle provides security to DeFi and naturally that’s why they command a high market cap. Our priority is obviously that we want to drive adoption of this and therefore we need to increase the securities of this system. That’s going to be the focus over the next coming years, how do we optimize our oracle, how do we optimize security especially in regard to the growing category of DeFi and this growing number of use cases for the blockchain. But yeah, we’re really excited to drive this adoption.
And if the fight is to scale to real applications, things like oracle need to be 100% bulletproof.
12. I’ve seen BAND detailing DeFi use cases on the website. What would you say is the most promising DeFi application for BAND Protocol at the moment?
Soravis: I think of course the lending protocol is number one right now by far. If you look at the general utilization rate in terms of total value, lending is obviously number one and I think we are looking to support that for sure. But the next big thing we are excited about has two parts. One is DEXs, these decentralized exchanges, whether it be spot trading or perpetual swap trading. Many of these are picking up in terms of volume of trades. Some of these will also require oracle. If you look at Bancor, you know they are also coming out with reduced impernant loss with oracles. Some of these DEXs also require oracle in the front end to maximize their ability to maintain their own architectures and bring their data on-chain. We are quite bullish. If you look at the trade volume of perpetual swap, it’s insane. And a lot of those are going to hit the market fairly soon. I’m fairly sure that there is going to be a real fit in the market there.
So that’s the first part, secondly, which is more longer term that I am quite bullish on is derivative or you know synthetic tokens. Tokens that are able to essentially mirror or replicate a real world asset, whether that asset be a real estate stock or other commodities. This now allows global communities to trade this asset in a seamless manner and at a cheaper cost. Oracle is going to be a really big part of this component. I think we are seeing a lot more use cases. We see at least four or five projects in stealth mode that are working on this. Some of them are also quite prominent in the sense that they also partner with banks in order to onboard users and to be able to gain more mainstream users to use these applications. So yeah, I’m quite bullish that by the end of the year we should see some of these come to production and hopefully we’ll see much more use cases other than blending protocols.
13. DeFi is growing so fast on Ethereum, how can Band Protocol support the demand from DeFi?
14. If a hacker maliciously manipulates external data, how can you verify the reliability of the data?
Soravis: This is a hard problem because there is no 100% correct answer. If you say Bitcoin is $11,200, and I say it is $500,000, which is the correct price? It actually can’t be 100% verifiable to be correct because it’s simply not mathematically verifiable. But you can be close to that. I think you can be 99% sure.
How we do that is essentially again, because we have staking, that means we allow all of this economic incentive for all the stakeholders within our ecosystem. If they want to manipulate the data you need to collude with over 50%, in fact on our network about 70% in order to manipulate the data. It would be so incredibly expensive to do this and compared to the benefit that they would receive from manipulating such data it would be quite poor.
Our staking mechanics allow them to have the right economic incentive to be a good actor right now and in the future. Of course we are also exploring direct slashing for this and that might include direct collateral on-chain, to put something on-chain as collateral similar to some other oracles right now and some other mechanisms. All of these have different tradeoffs. If you introduce some of this, yes there may be some real mechanics to enforce the integrity of the data, but it also introduces delays in the system which may be overkill for these purposes, or if you require collateral in the form of that particular token you also limit your data feed into that particular asset, let’s say crypto. You cannot put say, Apple stock as collateral on-chain. You now, we are still researching and hopefully in the future we may implement that, but for now, at least in the short term our economic incentives work.
15. Many people think that BAND is a direct competitor to LINK (Chainlink). Do you think that there's a possibility for both to coexist together and expand the DeFi community further? The current market attitude towards DeFi reminds me of the ICO days in 2017 and I hope that DeFi continues to be a huge selling point in the cryptocurrency space.
Soravis: Regarding the question about direct competitors, again we are really friendly. We see it as a healthy thing for the industry. I don’t think having one solution is healthy for any industry of blockchain or not blockchain. You see that across every side of every industry.
As DeFi continues to grow, security will continue to be our number one priority. That means if you have billions of dollars locked up in your contract and you have one oracle securing everything for that it doesn’t make a lot of sense for you to outsource all of your security to one company. I think it makes sense that as you grow and have billions of dollars to be responsible for, we could use multiple oracles to sort of cross check the data to make sure we can get it as close to 100% secure as possible. That’s why for me with a lending protocol with billions of dollars I can see multiple oracles actually coexisting to provide the security guarantee. For a protocol of lower value like a bidding application, sure you may only have one because it doesn’t make sense since each transaction is really small in terms of value.
There is room for both options for sure. I think as the industry continues to develop, a lot of our communities will start to demand more decentralization from the protocol itself, and that's why you see all these governance tokens, so that it is placed in the hands of the communities instead of the developers. I think that as we continue to do that we are going to continue to see much more decentralization when it comes to oracles as well.
To answer your second question that was based around the comparison between the ICO boom in 2017 and the DeFi boom currently ongoing. Are we going to see a crazy run like 2017 where the market is irrational? Probably. It might go up much higher and correct in the long term but at the very least, this is the time to start seeing the actual protocol being used.
Compound is a good example. They were being used even before the launch of COM token. Does the COM token help to accelerate their usages? Sure. It does attract people farming it, it does attract short-term speculators, but at the fundamental level there are people that use this protocol to begin with. So I think it will survive through this boom and this buzz. There are going to be more opportunistic players coming in, those may not survive, so again you need to be cautious in terms of determining who is actually in it for the long term versus the short term.
Project Development Roadmap
16. What are the great achievements that BAND Protocol has achieved so far?
Soravis: I think number one for us is creating a product that people actually want to use. I think that is really rare to find in crypto. I think we are at the stage where we can proudly say that when we talk with our partners, or integrate with other projects around the world, we can say that there is real demand for oracle solutions.
But it wasn’t always this easy. The first time we launched, we launched on Ethereum and that wasn’t so successful. But we adapt really fast, we take a lot of feedback from our community and our partners and our private investors to start to integrate really fast and build a brand new product to solve the same problems, but in a better manner. Then you actually start to see the product and the market fit when you talk to people that actually want to use your product. I think we are at that stage, so I think that’s the biggest achievement so far.
As a byproduct of that, we have started to have much more global awareness and people start to recognize that this is a real project that is being used. You know getting listed on Coinbase Pro really thrust us into the global scheme of things, especially in the west where we were usually lacking awareness to begin with because we were really asian focused. So I think that these are some of the biggest achievements so far and I think in the coming months adoption is going to be one of our biggest priorities.
17. How do you see the future of cryptocurrencies? And what is your role in this future?
Soravis: That’s a very open-ended question! I think for me, cryptocurrency will play quite an important role as an alternative investment and you know, a new asset class, Bitcoin for example, is something that can be divided into small values for people who seek alternative investment. Others want to seek an alternative to gold. Smart contracts like Ethereum and DeFi will come to compliment these financial institutions given that we now have a different asset class, we also need different architecture to handle that correctly and I do think that in the future you’re going to start seeing these two worlds merge towards each other.
Like I said before, Huawei acquired a banking licence. You will also start to see the banks coming into crypto, whether that be by investment or building their own exchanges and DeFi. We’ve actually been seeing some of those examples as well. I think that all eyes are on this new digital asset class. I think it will be super popular and people will eventually use it like a regular investment process. It just takes time for all of these players to catch up and build the infrastructure and it takes years for regulators to catch up, but I’m bullish that in the next 5 to 10 years this is going to become quite a normal scene in our lives.
18. What is the Band roadmap for this year 2020-2021 about DeFi?
Soravis: Well we have four months or so left in 2020 and they start to go really fast when you just work at home or at an office without the need to travel. Adoption is our number one priority for the rest of the year and actually into 2021. We want to make sure that our partners can use our oracle in a secure and safe manner. So that is always going to be one of our number one priorities.
You’re going to start seeing more adoption across different landscapes of these DeFi categories, and it’s a really exciting time because you’re starting to see a lot of these layer one solutions coming to market. You know, Polkadot is coming, Solana has just hit the market, Cellos, a lot of these different blockchains are coming to market and everyone will try to fight for that share of their use cases and we’ll be there to support everybody. That's going to be the biggest roadmap in terms of adoption and integration of security mechanisms into BandChain. I think that next year in 2021, one of our priorities is going to be to upgrade the BandChain to support more categories of data, more premium API, more private data, more research for better ways to implement economic incentives, looking for ways to continuously optimise our protocol.
We recently hired a new guy as well, he has done a lot of math competitions, like Olympian Math and he’s ranked 4th in the world, so he is going to be here to research a lot of these economic incentives and doing a lot of other deep level research, so we’re really excited for that.
Maggie: Many thanks to Soravis for your insights and time today, and a big thanks also to our community for your participation in the event! For the questions that were addressed during the AMA, you will share a pool of $300 USD in BAND and the prize will be distributed directly to your Crypto.com App within 2 weeks’ time. Before our closure, Soravis, is there anything else that you would like to share with our viewers today?
Soravis: Yes, so thanks again for tuning in . It was a pleasure to be here with you all. As you know, BAND Protocol is still really young. We are actually less than one year old when it comes to actually launching fully on our mainnet. Next month is actually our anniversary, so I’m really excited.
BAND is our baby. We are really long-term focused. We are here to drive adoption and to actually move this industry forward. So we really appreciate and are very humbled by all of the support in what I would call our early success. Right now I think there is a lot more room to grow. There are a lot of reasons to believe we are early in DeFi in general and oracles in general and so we need all of your support, whether you’re a developer or a community member, join us. We are here to help and interact with you guys.
I guess the last thing is that, you know, the market is picking up and there will be a lot of noise just like in 2017. So my takeaway is to really focus on the people who you know continue to build and deliver, especially during the bear market. There will be so many noises and so many new projects coming out changing DeFi or oracle or whatnot. But you should really be focusing on the people that have stuck in here for the long term and really believe in what they are doing and I think Band is one of them. So please if you can support us, that would be great. You know we will try our best and continue to deliver the best product possible.
Maggie: In the meantime, please follow @BandProtocol and @cryptocom Twitter to stay informed about upcoming events and updates. Until next time!