AlphaGrowth hosts an AMA Twitter space where Taariq Lewis @LewisTaariq, founder of VolumeFi (volume.finance), and Paloma Chain @palomachain attended as a guest. Together with the host Bryan Colligan @bryancolligan, AlphaGrowth’s founder, they discuss VolumeFi Trading Bots and Python SDK for Paloma Chain.
AMA – Ask Me Anything
Software Development Kit (SDK) – brings together a set of tools that facilitate the programming of applications. It enables the use of APIs.
DEX – a decentralized exchange (better known as a DEX) is a peer-to-peer marketplace where transactions occur directly between crypto traders.
BNB (Binance coin) - is the crypto-coin issued by the Binance exchange and trades with a BNB symbol.
NFT - Non-Fungible Token
Coin98 - a crypto super app designed to connect a billion users safely and securely to the crypto world.
DeFi – Decentralized finance (DeFi) is an emerging financial technology based on secure distributed ledgers similar to those used by cryptocurrencies.
CoinGecko – a cryptocurrency ranking website that gives a 360-degree overview of cryptocurrencies.
GRAIN – Paloma’s native Token.
Gas – the fee required to conduct a transaction or execute a contract on a blockchain.
CosmWasm – the Cosmos (Cosm) way of using WebAssembly (Wasm), a contracting platform built specifically for the Cosmos ecosystem.
Arbitrum - a layer 2 solution designed to improve the capabilities of Ethereum smart contracts.
Optimism - a fast, stable, and scalable L2 blockchain built by Ethereum developers, for Ethereum developers.
MEV - a crypto term used to describe the deliberate reordering, inclusion, or exclusion of transactions when producing a new block (to be added to a blockchain) to extract as much profit as possible.
The host, Bryan Colligan, welcomes everyone on the show and introduces Paloma Chain and its founder, Taariq Lewis. Taariq then shares what PalomaSwap is and says that he sees it as fast-growing because they allow anybody to execute private transactions to some of the busiest DEXs. They are continuing to grow– having the major BNB DEXs, major Ethereum ones, and the recent launch of Curve. He says that users can get free GRAINs for every swap.
Taariq then introduced the MetFi token. It’s up 50% on PancakeSwap. He says:
“MetFi has been on a tear. And if you go to the website, you're like, ‘What does this token do?’ It's something about NFTs and it's very degen. Like, if you get in there, it's dark red. The site has dark red cards. If you do not run away, you are not a degen. You are degen if you stay.
Never knew about this token before. Why? Because PalomaSwap essentially gets ideas of all the tokens in the universe. There are so many tokens we don't know about; tokens that are, we don't know what they do but are doing. They're going up in this bear market. And so Paloma is giving me access to all these tokens I've never heard about. ”
Bryan and the host talk about Coin98 and have some questions about it. Taariq then introduces Paloma and says that it will help answer the confusion of when to get in and when to get out. He says Paloma is the protocol that could do the job for users such as moving the tokens into a new position, taking care of the users’ parameters, making sure users are 5%, et cetera. He adds:
“The point is, is that you want a decentralized network to be able to say, listen, you can tell us where you want to go. And while you are out working hard trying to keep your job and not get fired, we will do the job for you. And that's Paloma. Paloma is a bunch of pigeons. If you love birds, there's a Paloma community. The pigeons and the validator set, move transactions for you. You don't have to worry about them stealing your money because they want to get paid in GRAINs. And the more successful they do the job, the more GRAINs they get paid. GRAINs are the gas for Paloma."
Taariq then discusses Trading Bot which can be found on VolumeFi’s GitHub. It’s a Python program that connects to CoinGecko free APIs that will show what are the top performers on PancakeSwap, Uniswap, SushiSwap, and ApeSwap. He says:
“It'll tell you where you go in and it tells you where you get out. However, the goal is you don't wanna worry about that. You don't wanna do that. You just want somebody else to do that for you. And that's what's coming with Paloma. Paloma's gonna say, Hey, you just pick what token you want, pick how much you want to lose, and how much you wanna win. And then let it ride. The validators will take care of it. This is PalomaSwap and this is Paloma.”
Bryan also mentions the Momentum Scanner. Taariq recommends trying it out but warns that it’s still an experiment.
Due to some technical issues, the AMA stopped abruptly, which prompted AlphaGrowth to start another Twitter space to continue the first one. From there, they proceed to continue the discussion from where they left off. Again, Taariq encourages everyone to check out their Github and see the Momentum Trading Bot and the PalomaSwap. Bryan asks if GRAINs are needed to run the bot. Taariq answers not yet and says that the Python SDK they currently have on Paloma allows users to run the bot. The bot can be used through Python SDK on Paloma. He further explains:
“The Paloma mainnet still has to deploy chains and we're gonna do some upgrades. But yes, today, like for example, on the Paloma testnet, you can use this bot today. You can run this bot today to execute those trades. But you may have to know how, and you might have to have some technical scale. But yes, the wild thing is that you can do it widely enough. It is available to date, but for the folks back home who don't wanna have to learn how to use code or CosmWasm or test failures, for now, just use PalomaSwap, have fun, collect some GRAINs, have fun. Remember, first or foremost, have fun, collect some GRAINs, and discover the amazing world of tokens that you didn't know existed.”
Taariq also says that there is currently no web interface for non-Python developers as they are still working on a lot of tooling and says that the PalomaSwap will be the non-Python dev interface. He says they will be releasing more since it’s Arbitrum and Optimism season. He expresses excitement and says they have bots lined up and are in testing.
Bryan asks Taariq what he would say to someone about what he wants if he gets the chance. Taariq replies:
“Get free GRAINs and just use PalomaSwap and get free GRAINs. People will say it's like magic internet beans. You're not sure what they're gonna be used for. You don't know why they're gonna get you in the future, but they cost you nothing. And we say use them, get them, because when they start being used for gas collections, you would love to be able to say, oh yeah, I got those when they were like, not much. And people didn't know what they're gonna be used for. Now everybody uses them. Everybody will want some GRAINs.”
Taariq adds that they are not doing any kickbacks. Users just get the Paloma Foundation has decided to reward. It depends upon the vote of the community. They voted to have 1 million GRAINs released and people collected GRAINs and did some staking. Taariq says that would be the next thing to do: bot, swap, claim, then stake.
Upon asking about the Python SDK, Bryan asks if it’s launched. Taariq says that it is now live, it’s been launched already and it’s published. Users can now use it to execute trades on the BNB chain. He says it’s on testnet, it can be used on the BNB mainnet and Polygon mainnet. Taariq adds:
“Play with the trading bot. See what's out there. It's hard if you don't know what you're gonna trade. But what you wanna see is an opportunity and that free unwarranted open source. No warranty trading bot is how you know what you want to use the Python SDK for because most folks don't know, I didn't know MetFi existed until today. I didn't even know Coin98. And so I am just amazed every day about how much stuff is out there and trending upwards.”
Taariq says to check the trading bot liquidity requirements must mean at least 100K and 24-hour liquidity. He adds they find crypto too hard and the retail gets MEVd out. He shares the protection and benefits of Paloma:
“All the trades that happen on PalomaSwap run through block route and wall chain. We have great MEV partner providers so if you're gonna have fun and play with the new stuff, we wanna make sure you're protected. You're covered. You got Paloma, you got a bloXroute and you got WallChain. So, benefits too, and you get free GRAINs. So, there's a lot of protection going in as well.”
Wrapping it up, Bryan says that they will promote Paloma again with more people at a different time. Taariq agrees and gives a shout-out to Paloma Pigeons, community members, for their support and commitment to the network. He says they would love to come back for another AMA to share some progress and some new stuff coming and again, he encourages everyone to try PalomaSwap.
Stay tuned for more news and updates on the Paloma Chain. Follow us on Twitter @paloma_chain, get on the Discord server (https://discord.com/invite/9AYDBXQYRv), and join the flock. Coo!