In this AMA episode, Taariq Lewis @LewisTaariq, CEO of VolumeFi (
volume.finance
), talks about smart TWAP bots following the successful launch and popularity in the last three months. The benefits and how they best work for whales looking to move larger transactions on-chain that require scheduled trades are also discussed.
Paloma V1.10.1 improvements include the introduction of unjail time-out for validators that fail to address underlying Pigeon configuration issues. This incentivizes validators to keep their Pigeons updated which translates to more messages and more revenue. This new feature becomes crucial as the Paloma network wants to build the fastest distributed message-relay system in the crypto ecosystem.
As the Gravity Bridge undergoes testing, fixes for CometBFT mempool issues have been resolved. With additional event-nonce security, the Compass-EVM client enables Pigeons to keep track of fast-moving events and attest to them. Once the Compass-EVM is redeployed, Paloma bots and Curve bots come back online, with solid use cases of the validator set capabilities for computing, power, storage, and network execution.
Taariq welcomes everyone to Volume’s Twitter Spaces. He shares a brief background about Volume.
He adds that Volume uses bots to manage private keys on multiple chains, enable more automation for bots and for the entire crypto community.
Coming from a distributed computing perspective, Taariq emphasizes that Volume strives to give validators more work that smart contract developers will require for true decentralization.
Paloma V1.10.1 introduces the unjail timeout for failing Pigeons. Taariq explains that this new feature is crucial now that Paloma bots have done over $7 million in transactions and moving to build the fastest cross-messaging network.
One of the impediments to effectively relay messages on Paloma has been the use of unjail scripts. Validators who fail to send a message using unjail scripts are automatically brought back online even when issues that caused jailing have not been addressed. This results in unsent messages getting stuck in the queue. The message would be resent again after 30 minutes and another Pigeon would have a chance to pick it up.
The unjail time-out will keep validators jailed for increasing periods until they can address Pigeon configuration issues. Jail times will increase with each attempt, from 30 minutes to 20% of the time of the last jailing until the issues are fixed.
Failure to deliver a relay message means that the network value decreases as each failed message reduces the reliability and effectiveness of the network which directly impacts the value of GRAIN.
Taariq states that good-behaving Pigeons who have the correct configurations will now get more messages and generate more revenue. He expects that some Pigeons might fall off the network because of this change. He encourages validators to use Nodies and has been offering free RPC endpoints to all Paloma validators.
He emphasizes that there will be a ranking on Pigeon performance which will result in revenue. Pigeons that have their module configurations set up correctly will get the most messages and will likely make the most revenue in the system. This means the Paloma Pigeon network becomes a competition for performing well.
As Pigeon Feed gets closer to coming online, preparations are underway to unleash the GRAIN token which users will need to send their messages. The Gravity Bridge is undergoing more testing. Fixes on the upgraded CometBFT mempool issues have been resolved. New changes and upgrades on event nonce on the EVM side, enable Compass to track all transactions, batches, and ERC 20s as they move over the bridge.
As Paloma runs very fast at about one second a block, the event nonce can now track events, so that Pigeons can attest to those events.
Compass EVM will be upgraded and redeployed bringing back Paloma bots and Curve Bots online. Taariq explains that the Volume bots have been created to start flexing the Paloma network to ensure that the network is doing what it does and also able to find a customer base that needs it.
As Paloma and Curve bots are coming back online, Taariq notes that the cross-chain TWAP bot was the most popular during its three-month run on the Paloma network. He explains what cross-chain TWAP means.
Smart TWAP bots have a lot of demand and Taariq assures that Pigeons can handle TWAP messages with speed. The intention is to roll this out further and get more people to use smart TWAP across the different chains supported by Paloma. These are Ethereum, Binance, Optimism, Base, Polygon, and Gnosis.
As bots are nearing relaunch with all the upgrades and improvements, Taariq believes that bots will be pumping more volume transactions because of the high demand.
How does smart TWAP work for whales?
Smart TWAP is the way to go for many folks who want to scale their transaction volume on-chain. There are challenges in executing transactions across chains such as low liquidity, fragmented liquidity, and liquidity on multiple pools and multiple chains. While users may choose aggregation style, Taariq cautions that this is still the centralization of your order into one unit and into one group that will execute it.
Taariq believes that decentralized aggregation or smart TWAP will solve the problem because you don’t have to depend on one company. This is a powerful use case where the Paloma network gets to shine.
Taariq thanks everyone, especially the Volume team who have been working on upgrading and improving Paloma’s modules.
Stay tuned for the next AMA!
To find out more about Volume, check out Volume Finance (
), join the Discord (
), and follow us on Twitter (@Volumefi). Check out Paloma Chain on
(
), follow them on Twitter (@palomachain), and join the flock on Discord (
). Coo!