This week’s AMA episode drops an amazing surprise for the Paloma community. The host, Taariq Lewis @LewisTaariq, CEO of VolumeFi (
volume.finance
) announces Paloma’s $1000 Sweepstakes! A thousand dollars will be given away for every 100 bots created by users on Paloma.
Twenty-seven bots are now live and running on Paloma. Zhibai Zhang @FieldTheory, DeFi Strategist joins in the conversation and shares an overview of Paloma’s most popular bots, the TWAP and Momentum bots. He also introduces the newest addition, the Curve Lending bot.
Continuing upgrades and new releases on the Paloma network are also discussed paving the way for GRAIN to fly cross-chain.
Taariq welcomes everyone to Volume’s weekly update on the Paloma network. He shares a brief about Volume:
He adds that the Volume team behind the Paloma protocol is passionate about AI, data mining, machine learning, statistics, and Golang. These tools enable more useful automation for the community.
He thanks all validators who run servers to keep the Paloma network live and running. While relaying messages across blockchains remains a key function, Paloma also boasts of the successful launch of multiple bots for crypto trading.
The Paloma network is live on the mainnet with 30 active validators. There are a total of 27 Paloma bots to date, with more coming soon. The transaction volume for bots climbed to over $16 million since the launch last August.
Taariq shares his appreciation to validators for a great job and stresses that the focus is to ensure that Pigeons can make a profitable business out of relaying messages to other chains by charging their own fees.
Taariq states that the Gravity Bridge on Paloma is currently on release 1.8.0 and will be upgraded to 1.8.2 to fix the issues and reduce jailing. He assures that the team is relentless in continuously upgrading the system and focus. The issue for relaying has been identified and resolved on testnet. Relaying will be restored on the mainnet by Monday.
Taariq also mentions that the team has been able to decrease RPC calls. He explains that RPC calls are a necessary part of Gravity to monitor the chains to see when bridging needs to occur. He points out that the goal is to get the GRAIN token ready for deployment and execution across chains.
Once the GRAIN is listed for trading, the community will launch pools, and validators who have been collecting GRAIN rewards can trade them for money and get exit liquidity. He stresses the importance of increasing usage:
Taariq announces the big reveal. Paloma will be giving away ONE THOUSAND DOLLARS for every 100 bots created on Paloma by users!
The sweepstakes is open to validators as well. Every validator can win a thousand dollars for the 100th bot that is created.
The rules will be published on the website,
palomabot.ai
. Those who can enter must be 18 years or older. US residents must provide proof of identity to receive the money, net of tax. Taariq maintains that this is not a token sale. Paloma is not trading tokens. There is no purchase required, he assures.
The winning address will be announced on Volume’s Telegram and Discord on Twitter.
FieldTheory discusses the most popular Paloma bots and their functionalities.
He explains that all bots are deployed on Ethereum and Binance Smart Chain. As most bots are built on top of DEXs, they are available on Curve, Uniswap V2 on Ethereum, and PancakeSwap on Binance Smart Chain.
The most popular bot is the TWAP (time-weighted average price) bot. It is an execution bot best used for larger trades. The TWAP bot breaks down the transaction into multiple smaller trades at the user’s preferred time intervals. TWAP helps avoid slippage by smoothing out the price impact giving the user a much better execution price. FieldTheory expounds:
Paloma’s TWAP bot is available on Uniswap V2, Curve, and PancakeSwap. He explains the process:
The second most popular bot is the Momentum bot. With the thousands of tokens in crypto space, the Momentum bot keeps track of tokens with the highest short-term returns. He discusses how it works:
There are 27 Paloma bots in total, and more will be launched soon. He announces that Paloma bots will be expanding over to lending as well.
FieldTheory invites the public to check out and try Paloma bots. Paloma will continue to create more bots to provide automated solutions to all types of user needs.
Taariq chimes in on the usefulness of bots in crypto trading and the chance to win Paloma’s $1000 Sweepstakes:
He emphasizes that there are more DEXs coming and deployment to more chains.
Taariq thanks FieldTheory, the Paloma community, and everyone who tuned in.
He invites everyone to come and try Paloma bots and join in the $1,000 sweepstakes. There is no need to buy tokens, no trading necessary, no purchase necessary, he assures.
Paloma’s $ 1,000 sweepstakes will be shared more widely next week to invite more people to use Paloma.
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!