Revolutionizing Crypto Speculation: The Kalyx.io Journey to Cardano Innovation
Feb 21, 2024
Brian, Epoch, Jenny, Lido, Block Jock, Noodz
Experience the thrill of the future as we join forces with the trailblazers from Kalyx.io. In a narrative that's as gripping as the markets themselves, we recount the inception of their Cardano platform, from a mere spark of an idea to its triumphant deployment on the Cardano mainnet. Hear firsthand from our guests how the seamless mesh of front-end finesse and a robust back-end gave rise to a user experience that's not just intuitive but also revolutionary, marking the advent of the first biometrically authenticated DCFD contract through the Flint wallet. And it's not all about bets and wagers; the team's commitment to enriching the Cardano Web3 ecosystem is manifest in their stewardship of the Dionysuspool. Ticker DIO
We pull back the curtain on how the platform serves every investor archetype, be it the sharp-eyed evaluator, the casual enthusiast, or friends seeking a spirited bet over dinner. Our discourse unravels the intricacies of network fees, CFD mechanics, and the ever-important regional trading laws—a treasure trove of insights for those looking to navigate the waters of decentralized finance. Safeguarding your funds with blockchain's immutable ledger, we unveil how CKalyx.io puts your security first. Plus, we address your burning questions, including the nitty-gritty on contract duration flexibility and what the self-funded ethos of Kalyx.io means for you. Join us for a journey that's as informative as it is inspiring, where the stakes are high and the future is now.
Experience the thrill of the future as we join forces with the trailblazers from Kalyx.io. In a narrative that's as gripping as the markets themselves, we recount the inception of their Cardano platform, from a mere spark of an idea to its triumphant deployment on the Cardano mainnet. Hear firsthand from our guests how the seamless mesh of front-end finesse and a robust back-end gave rise to a user experience that's not just intuitive but also revolutionary, marking the advent of the first biometrically authenticated DCFD contract through the Flint wallet. And it's not all about bets and wagers; the team's commitment to enriching the Cardano Web3 ecosystem is manifest in their stewardship of the Dionysuspool. Ticker DIO
We pull back the curtain on how the platform serves every investor archetype, be it the sharp-eyed evaluator, the casual enthusiast, or friends seeking a spirited bet over dinner. Our discourse unravels the intricacies of network fees, CFD mechanics, and the ever-important regional trading laws—a treasure trove of insights for those looking to navigate the waters of decentralized finance. Safeguarding your funds with blockchain's immutable ledger, we unveil how CKalyx.io puts your security first. Plus, we address your burning questions, including the nitty-gritty on contract duration flexibility and what the self-funded ethos of Kalyx.io means for you. Join us for a journey that's as informative as it is inspiring, where the stakes are high and the future is now.
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Speaker 1:
Welcome everybody to Cardano over coffee. We got a great show for you today and remember you can join us live on X Spaces Monday through Friday 9 30 am, eastern Standard Time, 2 30 pm UTC. Running us on today's show is Calix dot IO, where you can place a bet on the future price of Cardano, which pretty much means you can long or short Ada. Listen in to find out what this team has been up to. Oh, snacks, klax has been live since November. I think that's how you pronounce it. You can correct me, sir, if I'm some in saying that wrong. Klax, is that correct? Hello, do you hear me? Yes, sir.
Speaker 2:
So the I would say the original word is Greek and they just call it colleagues, okay.
Speaker 1:
Yeah, I would have never got that. Yeah, so appreciate it. Please, please, introduce yourself. Tell us a little bit about who you are.
Speaker 2:
Yeah, I mean, I'm very simple, right, colleagues?
Speaker 3:
the Calix is the colors, isn't that when you drink from the wine?
Speaker 2:
Yeah, Jack, for the wine that you have enough to distribute between you and your friends, and and have Good dinner and good evening. Yeah, so I would say in in the same Spirit, we also wanted to. We wanted to name the app, as there's a no-brainer, as a Potentially also the place of fun. So, yeah, let's start. So hi everybody. Hello, jenny, mr CoC, I do not know your name, but hero pool, hero earth node.
Speaker 1:
Now yeah, hero, yeah.
Speaker 2:
Epoch pool exodus pool. Thank you very much for the for the first session and for showing us how the, how the Assets fusion on the, on the wallet, should happen across blockchains.
Speaker 2:
I mean, that's something really nice. I hope to have you soon integrated with colleagues as well, because I believe there are some potentials that we can, that we can look towards. And Also to Hello to everybody else who is here. I don't know the plague, jack, demo star, cada and others. Yeah, a Bit of a bit of our team. We are mirror and Igor. I think both of us are here on the on the session. We are located in Switzerland.
Speaker 2:
We are running the Dionysus pool operation, so we started as a stake pool operators of pool Dio, so that one you can, you can also find this up and running and minting as fast as we can. So far is not so hazy. So far it's not so so many blocks minted, but we stay focused because actually we had Not so long time ago we hear the idea how to support the Web3 ecosystem. On Cardano, I would say the environment, the platform, the conditions and everything needed is actually on the place. I would say the journey itself to build Calix and to point it on Mainnet was definitely a good ride and it was a pleasure. First, where you can find us, I would say we do not talk so much on social networks, we just want to provide the information that are necessary to development, to our progress or some significant milestones. If you want to reach to us, you can find us on Twitter and the Dionysus pool. You can also look at the DeFi section on CardanoCube or to new contributors or new projects that were listed to CardanoCube. We are up and running operational on Mainnet, so I hope you will see a green dot signalizing that since you would like to have the, since you would want to receive the service from Calix, you should not be refused. We are also on Reddit, we are on Discord, on Telegram, and we have freshly published a documentation on Git Book. So if you want to dive a little bit deeper, you can go to calixgitbookio and there you will be warmly welcomed and introduced to the Calix project and you can read through main mechanics of Calix. Yeah, the time is flying, so I would like to talk a little bit about what we have done so far. So I will just in one I don't know in five, six steps what has been achieved so far, and then we can go maybe to use case and to introduction of Calix themselves.
Speaker 2:
So at Q123, we finished the conceptual part me and Igor on Calix, on solving, let's say, main routes and main workflows across distributed contracts for future difference. In Q2 last year or end of Q2, we finalized the UI that comprehended all of those flows for makers, takers and for settlements. And of course we wanted to have everything facing blockchain. So setting the contract, updating the contract with day terms, creating a party and counterparty in the contract and then making the settlement and distribution of total value locked to the winner of the contract, all of that we wanted to have positioned on the blockchain. So in July 23, we integrated the OGMIOs and OPTION to have necessary abstraction on side of backend to be able to successfully communicate the blockchain from side of our application or from side of our Calixio portal. And in Q3, we deployed Calix DCFD on Cardano testnet, on the preview version of the testnet, and very quickly later in Q4, we had the deployment on the mainnet with this minimum viable product where you can actually go to calixio, you can connect your wallet, you can either create a contract or you can take one of existing contracts and then you will be actually taken down the road to find out if your assumption in the contract, if your way.
Speaker 2:
Your path you chose was the right one. And just a small hint or a small hint, I don't know if it's it was a place of surprise for me we have signed the first DCFD in December 23, over phase ID. So there was just the convenience that we were testing in a Flint wallet, and they provide a very nice functionality for Apple users. So there we were actually able to step to the contract, not typing our password anymore, but we used biometrics. So that would be it, let's say, to main milestones and to main achievements. And if we talk about the project summary itself, what is Calix? So we designed Calix as the one-stop operation, one-stop shop for contracts for a future difference. If you want to know what our contracts for a future difference. There is a little bit difference between futures and CFDs, but from the, let's say, financial point of view it's not so much of a difference.
Speaker 2:
What we wanted to achieve is that you simply make a bet on Cardano blockchain for the future exchange rate of ADA and you are able to step to the contract betting ADA itself. So it's ADA with ADA at the moment.
Speaker 2:
to the future, I can imagine that we can include Bitcoin, Ethereum or any other native tokens, the popular native tokens on Cardano, ethereum and somewhere else, simply because we are going through the chain of centralized exchanges to find out what is the current exchange rate of the asset that we have in the contract. We have a three steps contract maker, which everything can I interject for a minute?
Speaker 3:
I just want to like okay. So I was like going through your website, right, I'm trying to understand this. I guess you have this you can short the price of data through the smart contracts, right? Yeah you have. You have one right now going on. It has four minutes and 30 seconds left. This short. Can you just kind of like describe to me what I'm looking at? This is 58, a few of two Ada. What's happening here?
Speaker 2:
So there was. So there was a contract maker that actually created a contract for 58 and they longed a position at certain time against the. There is a specific exchange rate right and that exchange rate has been longed by a contract maker. What you can see is the other side of the contract allowing you to short it and here is actually the countdown of, let's say, the period we call time to live for the contract and in this countdown, there that's the period where the counterparty can actually step into the contract. Yeah, so let's say you have 12 hours.
Speaker 3:
I can step in. I have three minutes left to short this contract.
Speaker 2:
You can step it and immediately when that happens, your contract is running because you have the micro market between maker and taker of the contract, and after this contract duration, after the contract period ends which can be, I don't know, additional six hours or whatever then there will be a winner right Based on the exchange rate in the time when the contract ended. And the way how DCFD of Calix works at the moment is that it's actually collateralized up to the maximum, which means the winner takes it all. So if you have, if you see 50 ADA right now and you bet 58 ADA to short because that's the available contract and you win the short, that you will actually income something around 99 ADA because there are still some fees hidden and so on, Transaction fees that have to be delivered to full, full transaction.
Speaker 3:
It specifies a 28 ADA fee. Yeah, so okay.
Speaker 2:
And we were actually quite sad about the situation that's happening on the, let's say on on dexies, sexies and so on, where you simply, if you do not want to have any kind of futures, you simply buy any token or you buy any asset and you expect that the price of that asset will go up.
Speaker 2:
And if it goes up by 10%, wow, you make 10% of your $100 investment, which will end up at 110. So what was actually the collateral you had to bring to the table to win those 10 bucks? It was 100 bucks. Right, with Kalix, we have it upside down. We actually say you know what? We do not work with fractions.
Speaker 2:
It simply winner takes it all, which means that if you have, for example, one position open at the central exchange, which is big, where you are, where you bought your tokens for $1,000, but you want to hedge against the possible loss if the price goes down, you can use Kalix where you will short, let's say, 50 ADA. Or if we have it in dollars, yeah, then you short $50 against the exchange rate that you have available in the time when you stepped to the big contract on sex. And for the case, you know, the exchange rate goes down, you will be still okay because you will have either full or the part of your investment protected by your hedge, yeah. So this is something we wanted to introduce, saying okay, on one side it's win or lose everything, but on the other side you can bring much smaller amount to Kalix to either make this kind of significant win or the significant hedge against the big position you have somewhere on the central exchange.
Speaker 3:
This is really interesting. We're going to find more information about the development of this contract.
Speaker 2:
Well, we did not introduce so much. You know technically how the contract has been made. Simply, I can tell you how it's supposed to work in the future. Yeah, we have at the moment the starting phase where we talk to you and to end users to go and try out Kalix, to simply open a contract with some 15 ADA, 20 ADA, and find out how you like it and if you should put it to your, let's say, Cardano DeFi activities. But in the future we would like to talk with wallet providers and with decentralized exchanges to include the contract maker of Kalix into their portfolio, Because there it will make, I believe, much more sense, because you will have much more throughput across those endpoints of exchanges or wallets, and wallet services providers.
Speaker 3:
So is this wine paper that I find on the website? Is this for all your projects? What is this paper? Wine paper, wine paper, yeah.
Speaker 2:
So in the beginning you will have some information related to our stake pool right, because it was originally, it was dedicated to the stake pool, so there is some information to the pool. And then on page three or four there will be some information regarding Kalix, our first Dapp, and there you will see what are actually steps for, and main rules for, stepping to the contract or for taking already existing contract.
Speaker 3:
Okay, so that's for your knowledge basis. If you want to get more details, than that's the best place to go and get that information I want paper.
Speaker 2:
I would point you to the moment to call x dot get book dot I o, where we have the you know product guides. We have use cases, how to connect the world, how to make a contract, how to take it, what are the winnings and settlements and what are the fees and how fees are organized between the network fees and service fees. Then we have some f a q session and some additional information for developers and so on.
Speaker 3:
But that one is I see and do you have that in a post? I'm gonna go through your post and see if you have that. I'm walking. Okay, cool, awesome. Yeah, because that's a, you know, get a dive a little deeper, interesting stuff, go for here, yeah thank you, thank you very much so we can have a simple, you know like a simple situation for Users.
Speaker 2:
yeah, and for users. I mean the use cases on which we can actually implement. Colleagues, either you can have visionaries, you can have people who like to evaluate. You know assessment experts. You have professional investors and you have friends and family.
Speaker 2:
Yeah so it's, it's already in our new documentation on a good book. Yeah so visionaries Are people who say, well, usually they know what will happen, or they believe that they know what will happen and they are very strong to follow their gut feeling. If they want to create a new contract and they can say, now, you know the bull market has started so I'm definitely longing, the position, colleagues, is the right way for them. Or if you have evaluators who then go, you know, to the list, to the carousel of available contracts, and they select the one that fits their preference is most, I believe we have use case for them as well. Then we were talking about hedging against the big positions that are open on on centralized exchanges. So, professional investors, that's use case.
Speaker 2:
Number three, and last one that I like the most, I have to say, our friends and family tried it many times. You know, with my friends we were in pub and we said you know, in 15 minutes I'd I will go Up. No, it will go down. Okay, let's bet and let's find out. And the one who lost, he needs to pay the beer and the one who wins actually has beer free of charge, plus a doubt of the loser.
Speaker 2:
Yeah, so that was very motivational and we played this game couple times.
Speaker 3:
It was it sounds fun yeah no, for sure. I above any doubt haha.
Speaker 1:
Wait till the DGENs get their hands on it.
Speaker 3:
Yeah, listen, dgens, go check that out. No financial advice.
Speaker 2:
No financial advice? Yeah, of course I advise you all, of course, go to FAQ section and through risks, especially how to handle with these CFDs. There are, as I mentioned, some specifics that are out of normal CFDs and futures market. In specific regions there can be some bands or they can be some limits on trading CFDs. So please be aware I expect that majority of Thank you for making that you know put a good statement on there.
Speaker 2:
Who's listening is from United States anyway. So I hope you do not have any kind of limitations, but be aware in UK and maybe somewhere else the situation can be a little bit different. I also have to wave that actually we are not any kind of custodian of the funds. So whatever TVL has been introduced to the contract from side of maker and from side of taker, we do not see it. It does not go through Calix. That was one of main conditions that we had in the beginning.
Speaker 2:
If we make actually the funds management decentralized or centralized, and we agreed with Igor immediately that all of that needs to go to blockchain. So there I would say the funds are protected with Calix, the same as these are protected on JPEG Store, mintswap I don't want to now forget anybody SundaySwap and WingRiders and all others, jpeg Store and others. So it's really. We worked with the wallet standards so we have them actually implemented on the side of our frontend. So when you connect the wallet, all transactions, all updates or updates let's say the contract updates are happening over your signature. We also successfully finalized tests over hardware wallets, although it was a little bit pain in the butt, if you can imagine, because there was quite a lot of descriptions and a lot of hope overs that had to be approved by hardware wallets. So after you approve like eight times, you will finally reach the question if you want to sign the contract. So that was a little bit annoying, but I would say that's the standard for hardware wallet.
Speaker 2:
So we really wanted to make sure that the solution is robust and it's safe for our users. And I would like to mention one more thing, and that's actually the Calix project is funded by us. It's funded by me and Igor. We did not have any ISPO, we didn't have any external funding, we do not have any third party that would be co-owner of Calix, and so on. So just a message for future investors there will not be so many people you have to talk with, and that's more or less what I wanted to say. So now we have maybe some time, couple of minutes, for questions.
Speaker 1:
I got a question Is 48 hours the longest term of a contract At the moment? Yes, Do you plan on changing that in the future?
Speaker 2:
Yeah, I would like to see, for example, contracts of, let's say, up to half a year. But again, we have to be careful because once the duration is set up it cannot be changed, it cannot be overruled, and we also want to mitigate the situation when customers will call us saying, hey, I bet 200,000 ADA and I will need that money back and good luck with that. So I would like to see maximum half year of the contract because I can imagine that some long term seasonal hedges, some seasonal positions, will be very much in favor of professional investors. I mean, between me and Igor and others, daily uses of card and I do not see any personal use case for that.
Speaker 1:
But if we are talking about professional investors, I can definitely see that I definitely I'm not a professional, but I could definitely see myself using something like this to hedge against the bet.
Speaker 2:
And again another benefit If you decide to open a CFD account and CFD positions right away with your financial services provider, they can actually charge you overnight fee, and you can imagine that overnight fee is actually quite pain in the neck again.
Speaker 3:
Wow, overnight fee.
Speaker 2:
Let's say you have overnight fee $2.00.
Speaker 3:
So that makes a big difference.
Speaker 2:
And the longer you have actually your futures or your CFD position open, the more you have to pay from your basic account. Here you are totally shielded. All your fees you have available on the confirmation page and those are the fees you are stepping with into the contract. There is nothing more, yeah that's a big difference.
Speaker 3:
The fee can vary.
Speaker 2:
Yes, we have two main components. The one is the transaction fee that we have to pay every time we file a transaction on the network and the second one is the service fee, and we agreed on 2% of the service fee minimum to ADA. So if you decide to open contract for 100 ADA, the two ADA will be service fee and approximately 0.3, 0.4 ADA will be your transaction fees. That will make a contract. That will makea transaction and a contract. So we are, I would say, very well optimized on the side of transaction fees.
Speaker 1:
Yeah, that's a lot different than anything I've seen before with something like this, so quite interesting.
Speaker 2:
We were asked, and we were also asked by bigger investors who said I'm not betting 1,000 ADA, I'm betting maybe 100,000, 1 million ADA and so on. Can I have some loyalty token and things like that? Why would I have to pay you 20,000 ADA if I want to open a position? And we actually did not figure it out yet. I would say some kind of loyalty token, something like Bookio made with their Gutenberg or additional services and discounts, like are with the TAP tools and their TAPI coin and so on.
Speaker 1:
All of that actually resonates but we are not decided yet yeah, I think that would be a good idea, especially for people that are making those big bets or big hedges against their bets, right on your platform.
Speaker 2:
And especially if they are regulars, then why not we want to be. Originally, when we actually set up the fee structure, we wanted to pay for development, because $10,000 cannot fix it anymore. If we say, all right, so we have somebody who is regular and there is a kind of loyalty that we can see, that we can track, then why not to step to some loyalty program and to provide some loyalty tokens?
Speaker 1:
Listen and just so everybody knows, if you want to check this out or you want to learn more. They have been on our show in the past. I've actually pinned to the top that podcast if you want to go back and listen to it, if you want to learn more. Also, just the ease of setting up the contracts, and that is really simple. So if you're interested in doing that, I've kind of walked myself through it, but without even really doing much research, so it was really simple. So shout out to you. Jenny, I'm glad that you got the get book, because I was unable to find it.
Speaker 3:
Yes, I just posted it and pinned it up at the top, so for you guys to have your access to it.
Speaker 2:
And I can tell you, actually we have colleagues only in English version, so I was testing it on my mother. We are. I am originally from Czech Republic. My mother has very limited knowledge of English, so I needed to give her a lecture on Kadano, on blockchain and so on and on smart contracts. So she understood it and she said that also, for her, the workflow is intuitive. So we made two, three contracts and in the last one she was very confident about what she was doing and she was also explaining to me what is you doing, why is she doing, and that she has, you know, good handling across this three step of contract making. Yeah, so making was easy because it's just two steps you select the contract, you confirm, that's it. But for contract making, my dear mother also confirmed that it's user friendly.
Speaker 1:
Very much so, so I want to thank you for stopping by. Is there anything that you just want to make sure that we get out there that we didn't talk about, that you want to make users aware of?
Speaker 2:
No, I mean, we have Igor here, so maybe if he would like to give some words, I don't know, but he's only as a listener at the moment.
Speaker 1:
Yeah. I invited him. It's Igor. I invited him earlier. He didn't take it, so I don't know if he was too interested, but I'll try again.
Speaker 2:
Igor T minus one. So Igor actually oversights the Dionysus pool colleagues and the T minus one project, so that's a yeah.
Speaker 1:
T minus one has been on the show also in the past. I think they just did a partnership with my canary member off the top of my head. So shout out to them. I think by five and palm. Yeah, that's it by fire.
Speaker 1:
Thanks for listening to Cardano over coffee and thanks, kalex, for joining us. We look forward to placing some future bets on your protocol. We want to give a big shout out to our monthly podcast supporters. The wizard Tim discover Cardano book dot. Io project. Camo Linda from steak pole ticker M a l? U twisted gears me hon. Enigma. Steak pole ticker one monster. Steak pole ticker M? N? S? T? R E poc sec. And psychos the Cardano card game. We appreciate all your support. If you'd like to have your name or business mentioned in future podcasts or have your logo and links displayed in the description of our podcast, click the support button now.
