The Baking Sheet - Issue #165
Tezos Transcending: Bridging Gold, Art, and Scalability in the Blockchain Revolution
Welcome to this week's edition of The Baking Sheet, where the world of Tezos unfolds in all its intricate detail.
First on our list, we delve into Youves' groundbreaking unveiling of the uXAU, a gold price tracker token on Tezos. This isn't just a new token; it's a bridge between the traditional finance realm and the burgeoning digital frontier. With its decentralized exposure to the gold market and a unique reward system, it's a testament to the innovative spirit of blockchain technology.
But the innovation doesn't stop there. Teia is set to redefine the art platform landscape with the introduction of the TEIA token, marking the dawn of a community-owned art platform on Tezos. This initiative is a testament to the power of decentralized governance and the potential of blockchain to democratize industries.
In a significant technical leap, Tezos has achieved a staggering 1 million transactions per second, setting a new benchmark in blockchain scalability. This breakthrough, powered by Smart Rollups and a custom data-availability solution, is a game-changer for the blockchain community.
For those looking to connect and collaborate, the upcoming San Francisco Tezos Meetup is an event not to be missed. With Tezos co-founder, Arthur Breitman, in attendance, it promises to be a melting pot of ideas and discussions.
In a blend of tradition and technology, La Poste Group and Nomadic Labs are gearing up to launch the NFTimbre platform, a haven for stamp collectors in the digital age. For developers and enthusiasts, our sections on Tezos development and the TzKT Explorer offer insights into the latest tools and features in the Tezos ecosystem.
Lastly, tune into TezTalks Radio for an enlightening conversation with Ryan Tanaka about the Teia DAO and its vision for a community-powered art platform.
Dive in, explore, and let's journey together through the ever-evolving world of Tezos.
Youves Unveils Gold Tracker Token uXAU on Tezos Mainnet: What You Need to Know
Why it matters: Youves' latest offering, uXAU, isn't just another crypto token. It represents a significant step in merging traditional finance with the digital world, showcasing the evolving landscape of blockchain technology.
Innovation in action: Embodying the saying, "Talking is silver, but building is golden," Youves has rolled out uXAU, the first gold price tracker token on Tezos. This token provides its holders and minters with a decentralized exposure to the gold market.
Behind the scenes: The uXAU engine is powered by a price feed from oracles developed with Acurast.io, ensuring the token's value remains tethered to the real-time price of gold.
Standing out: uXAU is the inaugural non-crypto synthetic asset on the Youves platform, offering a unique opportunity for users to diversify their portfolios and hedge against crypto market volatility.
Further Innovations and Rewards:
Exposure and Rewards: uXAU not only allows holders and minters to gain exposure to gold at competitive borrowing rates but also rewards minters with YOU tokens based on their activity.
Target Flat Curve: A notable innovation is the uXAU/uUSD Target Flat Curve. This differs from the conventional Youves flat-curve as it concentrates liquidity around the global price of gold (XAU). The off-chain price of a troy ounce of gold is provided by oracles built on the robust technology of Acurast and serves as the focal point of the Target Flat Curve contract.
Interest and Rewards Mechanism: The uXAU/uUSD Target Flat curve benefits from interest rate payments from the uXAU engine. Liquidity providers for this pool not only receive these interest payments but also earn rewards from swap fees, mirroring the mechanism of the yyXTZ pool.
The gold market, symbolized by XAU/USD, reflects the behavior of the forex market. This poses challenges during weekends and public holidays when obtaining gold price feeds is problematic. As a result, certain uXAU operations, reliant on these feeds, are halted during these periods.
Benefits for users:
Minters: Those bearish on gold can mint and sell uXAU, crafting a synthetic gold tracker. This strategy allows them to potentially capitalize on falling gold prices.
Liquidity Providers: Users adding liquidity to the uXAU/uUSD pool can benefit in two ways: earning rewards from trades on this pairing and enjoying the asset interest rate from the uXAU engine.
What's next: Youves' uXAU launch underscores the boundless potential of blockchain technology. As the crypto domain continues its growth, such pioneering steps hint at a bright future. For further details or inquiries, Youves has channels open on Discord and Telegram.
Teia Announces TEIA Token Distribution: A New Era for Community-Owned Art Platforms on Tezos
Why it matters: Teia's introduction of the TEIA token is a monumental stride towards creating the first open-sourced, fully community-owned art platform on Tezos. This move not only democratizes the art platform but also empowers its community with governance capabilities.
The Launch: After extensive planning and development, Teia is set to distribute its Governance Tokens, marking a significant milestone in its journey. These tokens, symbolized as $TEIA, will be the lifeblood of the Teia DAO (Decentralized Autonomous Organization).
Design Matters: The community-selected logo for $TEIA, designed by Julio Glatt, showcases a geometric shadow of a 3D 'T', emphasizing the token's identity and significance.
Distribution Dynamics: The Token Drop event, spanning from August 20th to November 20th, 2023, will see the first batch of TEIA DAO tokens being distributed to community members. The official claim page is teia.art/claim, and users are urged to be cautious of scams and only use this specific URL.
Engaged with hicetnunc or Teia contracts for over 14 days before July 31st, 2023.
Held hDAO Tokens until at least April 22nd, 2023.
Actively contributed to Teia as a volunteer.
Power to the People: TEIA tokens grant holders voting rights, enabling them to participate in pivotal decision-making processes. This includes setting up and voting on DAO proposals concerning the Teia DAO LLC or engaging in on-chain community polling.
DAO Dynamics: The Teia DAO's structure ensures collective ownership and decision-making, eliminating centralized control. The token distribution is designed to reward active participants in the ecosystem, ensuring a fair distribution of voting power.
Claiming Your Tokens:
Sync your wallet on Teia.art.
Navigate to teia.art/claim.
Thoroughly read and accept the legal disclaimer.
Click on "Claim TEIA DAO tokens" and confirm the operation with your wallet.
Upon claiming your tokens, you become an integral part of the Teia DAO. Post the token claim period, the DAO building process will advance, with the DAO contracts being deployed for members to set up and vote on proposals. Eventually, the legal ownership of Teia DAO will transition to all TEIA holders, making the DAO's decisions legally binding.
A Call to Developers: Teia is on the lookout for volunteer developers skilled in frontend code. The aim is to enhance the user interface for DAO voting tools and related pages. Interested individuals can connect on Teia's Discord or via email.
In Conclusion: Once the DAO launch concludes and the legalities are settled, Teia's vision of a fully community-owned marketplace on the Tezos blockchain will be realized, marking a historic moment in the crypto-art world.
Tezos Hits 1 Million TPS: A Deep Dive
Why it matters: In a significant stride for blockchain technology, Nomadic Labs has showcased Tezos' capability to handle a whopping 1 million transactions per second (TPS) using Smart Rollups and a custom data-availability solution. This breakthrough could redefine scalability standards in the blockchain world.
The Big Picture: Smart Rollups, introduced to the Tezos Mainnet in March, are proving to be revolutionary. They allow for custom rollup solutions using any WASM-compatible language and play a pivotal role in scaling the Tezos network for billions of users. The visualization of this achievement is equally impressive. A series of 5-megapixel images change every 15 seconds, each representing 15 million transactions, effectively demonstrating the 1 million TPS rate. Realism and verifiability are at the forefront. The demo is designed to be as close to real-world scenarios as possible, with every transaction individually signed and checked.
Between the lines: Data bottlenecks are a challenge. The demo's transactions equate to about 16 gigabytes of data over two minutes. To address this, Nomadic Labs employed Data Availability Committees (DACs), allowing efficient representation of the data in just 8,000 Layer 1 messages. The future looks even brighter. While 1 million TPS is a landmark achievement, Tezos co-founder, Arthur Breitman, hinted at further scaling possibilities in his recent keynote.
Smart Rollups: Introduced to Tezos Mainnet in March, allowing custom solutions using any WASM-compatible language.
Visualization: A series of 5-megapixel images change every 15 seconds, each representing 15 million transactions.
Data Bottlenecks: Addressed using Data Availability Committees (DACs).
Future Potential: Tezos co-founder hinted at further scaling possibilities beyond the current 1 million TPS.
Go Deeper: The visualization setup, a pivotal part of the demonstration, was crafted by Elevated Labs. For those keen on the nitty-gritty, the technical details were unveiled at the recent TezDev developer conference in Paris. Additionally, Trilitech’s Emma Turner and Nomadic Labs’ Thomas Letan provided attendees with an exclusive sneak peek of the demo. For a firsthand experience, you can watch their presentation and the demo preview here.
The bottom line: Tezos' achievement sets a new benchmark in blockchain scalability. With continued innovation and a commitment to transparency, the future of blockchain technology looks promising.
This Week in the Tezos Ecosystem
San Francisco Tezos Meetup: A Gathering in the Heart of Tech
San Francisco is no stranger to tech meetups, but the upcoming Tezos gathering promises to be a standout event. On August 30, 2023, the Bay Area will play host to a vibrant community of Tezos enthusiasts, all converging at the Edge & Node House of Web3.
Date and Time: Wednesday, August 30, 2023, from 6:30 pm to 9:30 pm PDT
Location: Edge & Node House of Web3, 103 Montgomery Street, San Francisco, CA 94129, United States
The San Francisco Tezos Meetup is more than just a gathering. It's an opportunity. Whether you're a developer just dipping your toes into the world of Tezos or a seasoned aficionado of the blockchain, this event is tailored for you.
The highlight of the evening will be the presence of Tezos co-founder, Arthur Breitman. This informal gathering is designed to foster discussions around Blockchain, Tezos, and the rapidly evolving world of Web3. Attendees will have the unique chance to:
Connect: Engage with like-minded peers, share experiences, and build potential collaborations.
Learn: Dive deep into the world of Tezos, understand its nuances, and explore the broader landscape of Web3 technologies.
Build: If you're working on a project or even just conceptualizing one, this is the perfect platform to gain insights, seek feedback, and even find collaborators.
In the ever-evolving realm of blockchain technology, community events like these play a pivotal role in shaping the future. They offer a space for innovation, discussion, and growth.
Ready to be a part of this exciting meetup? Confirm your attendance by RSVPing here. See you there!
NFTimbre Platform: A Fusion of Tradition and Tech by La Poste and Nomadic Labs
XTZ.news reports, the La Poste Group and Nomadic Labs are set to launch the NFTimbre platform, marking a new era for stamp collectors. This innovative venture, operating on the Tezos blockchain, will introduce the world to its first-ever NFT stamp on September 18, 2023.
Launch Date: September 18, 2023
Initial Offering: 100,000 NFT stamps
Price: 8 euros per NFT stamp
Designer: Renowned French artist Faunesque (Phil Constentinesco)
Platform Insights and Offerings: The NFTimbre platform has generated significant buzz, with Nomadic Labs' tweet hinting at the imminent sale of the debut NFT stamp. La Boulange, an independent baker on Tezos, revealed insights into the platform, including its current lack of direct wallet connection, such as Temple/Kukai. However, users can utilize the platform's custodial services for now.
The platform's roadmap is ambitious, with the first NFT stamp's launch followed by regular unveilings of new NFT stamps. A dedicated mobile application is also under development, with a projected launch in December 2024.
This Week in Tezos Development
Marigold has unveiled the pure-Ligo version of the Checker library, a versatile tool designed for the creation of synthetic tokens, including stablecoins. These tokens can be minted in a permissionless manner by depositing collateral.
Key Points to Note:
Functionality: Checker supports various collaterals, decentralized rate adaptation, a built-in CFMM with rewards for liquidity providers, protection against oracle manipulation, and a batched auction mechanism for liquidations.
Stablecoins Explained: In DeFi, stablecoins are tokens pegged to real-world assets, like the USD or gold. They can be fiat-backed, where real assets are held as collateral, or crypto-backed, where cryptocurrencies are used as collateral. The challenge lies in maintaining the peg as market values fluctuate.
Checker's Uniqueness: Checker is a "robocoin" that automatically adapts its interest rate based on market conditions. It can even reach negative rates. It also features a sophisticated mechanism for liquidation auctions.
Project Cleanup: The original Checker was written in OCaml and transpiled in Cameligo. Marigold has simplified the build process, removing the dependency on OCaml and using Python for a more streamlined experience. They've also introduced interactive tutorials via Jupyter notebooks.
Impact on Ligo: Checker, being a large Ligo codebase, has helped identify and rectify some of the compiler’s limitations. Feedback from the Checker project has been invaluable for Ligo's development.
Future Plans: Marigold aims to make Checker more user-friendly and trustworthy. They plan to extend the PyTezos objects for Checker-specific information and add comprehensive unit and integration tests. Checker's versatility makes it suitable for various projects, from Forex-like DEX to synthetic commodities assets.
Tezos Profiles on TzKT | Baking Bad
TzKT Explorer has rolled out profile customization for NFT artists, contract holders, and more within the Tezos community. This feature allows users to verify their Tezos account on TzKT and personalize their public profiles with names, logos, and social links.
Key Points to Note:
Log in to TzKT.Profiles by connecting your tz-wallet and authorizing via a welcome message. Note: Only addresses with a non-zero balance can be authorized.
Select your public profile, click Edit, and fill out the required fields: logo, name, and at least one verification link. Additional details like a description, Telegram, and Facebook can also be added.
Updates are subject to moderation, which can take up to 72 hours. Once approved, the TzKT profile will reflect the changes.
Editing Smart Contract Profiles:
Connect a wallet that originated the smart contract.
Find the desired contract under 'Originated contracts' and edit as needed. The process mirrors that of regular profile editing.
Granting Profile Access:
Navigate to your profile page → Settings tab → click 'Add account' → input a valid address.
Warning: The added account can modify your TzKT Profile information at any time.
Reach out via Telegram, Discord, or Email to verify and update baker information. TzKT also offers a baker insurance program for interested parties.
Listing Tezos DAPP:
TzKT features a DAPP list. To get your Tezos DAPP listed, fill out the provided form.
Deleting Account Data:
Navigate to your profile page → Settings tab → click 'Remove account'.
Danger: This action is irreversible. All TzKT profile data will be erased, necessitating re-verification for future use.
Queries and Support:
For further questions, consult the FAQ or reach out on Twitter, Discord, or Telegram.
TzKT aims to streamline the process of adding and verifying data for Tezos accounts, enhancing the user experience. Stay tuned for more updates!
TezTalks Radio 63: Building the Teia Community | Ryan Tanaka
In this week's episode, we are diving into the Teia DAO, a community powered art platform on the Tezos Blockchain, with one of its founding members, Ryan Tanaka.