Jc: Hi @akshaynexus
Welcome to @amaroom, Thanks for joining us. Let's start this session
Akshay: Hi, thanks for the welcome, glad to be here
Could you give us a little introduction about yourself, how you came into the crypto space?
Akshay: I started working in the blockchain space at the end of 2017, mostly worked on custom bitcoin core forks until 2019, after which I diverted my time to getting more experience and working on solidity and ethereum dapp development. I’ve been a lead dev at multiple projects as a freelancer from 2018 to the start of 2020.
Jc: Relay3r.network is a fork of Keep3r right?
So what is the main difference here?
Could you explain it briefly?
Akshay: The main differences of relayer compared to keep3r network is mainly these 3 additions/changes:
- Ability to transfer relayer rights to a new user from the current address.
- Ability to approve contracts to transfer relayer rights to other addresses.
- Modifiable bonding, unbonding, liquidity bonding delay, and liquidity fee.
The first one is useful to transfer over relayer rights to a new hot wallet, which is recommended on a relayer setup
Jc: What is the main attractive feature of relay3r?
Why should people prefer relay3r over keep3r?
Akshay: The main difference is the flexibility relay3r provides over keep3r as a user that is executing jobs. Along with a simpler flow to set up the env needed to execute available jobs.
Jc: Could you tell us some details about the upcoming liquidity mining and also the road map of relay3r?
Akshay: The liquidity mining program will be live in approximately 20 hours, which will reward users with rlr upon depositing uniswap or moonswap lp tokens. A total of 8.9k RLR is split between both pools and will last for a month as per current vote results on the snapshot
Relayer plans to progress with the following upgrades soon:
- Make it simpler for new users to become a relayer
- Allow ui to show data for different addrs than your own wallet
- Setting owner of the rlr contract to governance once finalized
Jc: I will unmute the channel now to let the members ask few questions
Q: Relayer Network ($RLR) is an improved fork of Keep3r Network, is it appropriate to say that you are trying to compete with Keep3r or trying to compliment them? Do you have plans of adding some high profile jobs that Keep3r overlooked?
A: At the current stage relayer is a competitor to the keeper. I have added custom jobs like the coreflasharb job which another project has since forked and redeployed later. There are talks with other projects which require relayers to execute harvest or earn periodically to compound the returns on the yield.
Q: What is the plan to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year $RLR?
A: The upcoming liquidity mining rewards program will allow for liquidity expansion while rewarding lp token stakes with rlr.
Q: I have a question regarding the tokenomics, please explain to us what role does $RLR token play in the ecosystem? what benefits holding $RLR for the long-term?
A: RLR is required to incentivize relayers for spending eth on gas to execute jobs.If you have >=200 rlr bonded you get an approximately 25% bonus on top of the gas cost paid in rlr to your bonds on job execution.
Q: How much funds will be allocated for the Liquidity pool? Most of the new projects are going to lock these liquidity pools to make the investors believe Are $RLR also going to that or any other plan for that?
A: All of the liquidity in rlr currently are in a timelock contract and will stay there unless another migration happens.
Q: Experts believe the on-chain governance model is ideal because it addresses the problems of off-chain governance such as unclear decision making and lack of oversight. Why did the Relayer network opt for off-chain governance?
A: Gas costs make governance proposal actions less likely to happen given the user isn't incentivized to vote,off-chain governance allows users to govern the protocol with no extra cost.
Q: — What earning opportunities are available on Relayer Network? I heard you offer more flexibility. So, how does it boost my earning capacity?
- Why is $RLR total supply unlimited?
A: There are 3 available jobs on relayer, more will be deployed as soon as its ready. The flexibility part is explained already here.
Q: How much can an individual job pay for us? Do you have any types of bonuses for some specific jobs — what those could be and how much the bonus can be?
A: This depends on the job contract, but most of the time it pays the equivalent of gas spent in rlr tokens, if you have less than 200 rlr bonded and are executing jobs it isn't profitable to run if the payout is in only rlr tokens.
Q: Can EOA accounts be rewarded with RLR for calling a transaction or sending a signed TX on behalf of a third party? What role does gasUsed play in rewarding?
A: proxy contracts which is an active relayer can also execute jobs, although no one has done it yet,gasused is used to payout the reward for executing jobs if the payout is in rlr tokens which the majority of current jobs are.
Q: I have been doing jobs on Keep3r but want more flexibility, can you tell me the advantages Relay3r network has over Keep3r. Can I have an improved experience on Relay3r?
A: Keep3r currently is dominated by one large keeper doing most of the jobs, outbidding the rest of the keepers via gas price increase.Relay3r has a far less competitive amount of relayers in the network currently. You can also make use of the transfer relayer rights function to transfer relayer rights and its associated bonds to a new address for flexibility. Bonding and unbonding delays can be modified if the majority of users do vote to increase or decrease the delays.
Q: Andre (Keep3r) is currently overbusy with several projects he’s handling at the same time thereby making him lack behind in the aspects of adding more jobs. Do you have the intention of utilizing this opportunity to overtake him? Shouldn’t you consider hiring devs with the sole responsibility of finding & adding jobs that will pay the most out to your users
A: No, the main aim of the protocol is to facilitate a market for projects to add jobs to, while I've done the majority of the jobs so far this isn't the aim, ie to have the most jobs rather give projects more advanced alternative to keep3r.
Q: What are the ways that RLR generates profits/revenue to maintain your project and what is its revenue model? How can it make benefit win-win to both investor and your project?
A: Liquidity added to a job is given to the governance address which helps the project fund itself, along with the devfund allocation in rlr tokens which help fund the project
Jc: Thanks for answering all our questions patiently
We are all excited about the upcoming liquidity mining
Aksha: you’re welcome
Jc: Please join @relay3r to learn more about them
And you go through their website also
We all wish good luck to you
I will definitely participate in the liquidity mining program