How Parcl is Bringing the Real Estate Markets Onchain | Trevor & Jason

Transcript

when we first started this journey there was a couple issues when we started in the US with us housing data the first issue was the lag nature of it um and then there the fragmentation and you saw the fragmentation based on the official accounts published by the government vers Nar vers Zillow just simple things like how many homes are on the market right now there are huge discrepancies between these sources so that was clue number one that nobody knew what they were talking about uh and then as we started to get involved in this process we realized another thing most folks were bricked out of semi good housing data you know these these deals for the

from these vendors were measured in hundreds of thousands of dollars the polygon Community grants program was launched with 1 billion tokens All For polygon Builders season one is live right now and features 35 million in madic to support the next generation of polygon products bill on polygon these grants are for you join the aggregated future today by applying at polygon.net platform that has a novel consensus protocol subnet infrastructure and the hyper SDK toolkit which allows web free developers to easily launch custom powerful blockchain Solutions you can start building today by checking out the link below nothing said on zerx Research is a recommendation to buy or sell Securities

or tokens this podcast is for informational purposes only and any views expressed by anyone on the show are solely our opinions not Financial advice bachio Ryan and our guest May hold positions in the company's funds or projects discussed what's up guys welcome back to another episode of zerox research today I'm joined by Danny from the blockworks research team as well as Jason and Trevor from parcel thank you for joining us Jason Trevor thanks for having us before we get started um do you guys want to share a little bit about what you're building over at parcel yeah totally um so parcel is is an ecosystem uh that's composed of a decentralized trading application called The parcel

protocol where users can get leverage long and short uh real estate price movements um today focused on uh US cities and neighborhoods will be expanding internationally um hopefully in July if not early August um underpinning the The Exchange is um a blockchain protocol built on salana uh in addition and and really the the key Moe is uh the data is provided by parcel Labs which is a parcel's data effort um and it provides real-time real estate indexes that are the reference price for

the speculation that occurs on the parcel platform I want to get more into the data side a bit later but I think my first question to you guys is going to be what inspired parcel as far as I understand neither of your backgrounds are in real estate so I like looking over your blog and over your work I mean parcel's great but I won't understand why yeah totally yeah and there's a uh there's a third co-founder uh Kellen um who who's not here but the uh the initial how and why we started so so um Kellen and I used to work together at a hedge fund uh trading and investing in technology stocks uh long and short uh and I focused mainly on internet

software and payments um and uh during covid there was a a huge spike in real estate volatility we were looking for ways in which to get uh to basically play place a bet uh on real estate price movements the the obvious one at the time was to Long Miami and short New York um and really we didn't want to have to like go buy a house and you know there's a lot of like Legacy ways in which to gain real estate exposure and so we started looking into it and we were pretty surprised there's no betting Market or derivatives market for Real Estate um and then uh you know that was like the the root problem um and then

how did we go about solving it um that's when uh i l Jason and Jason and I went to high school together he was at Microsoft focusing on on data uh big data so the the first problem of parcel was that there were no real-time real estate price fees uh the case Shiller is and I know you'll you'll touch on this but just for reference the K Shiller is like the main USA price feed updates once a month on a two-month lag you know this day and age that's not good enough to create a product on um so that was the the first thing that that we had to understand if we could do that and we did uh and then how do we uh as a team

uh make an exchange in which to uh enable users to uh place money behind their Viewpoint so that's you know at the same time def5 summer was you know just occurred we're pretty familiar with blockchain um and uh we eventually evolved into a Perpetual futures um architecture which is a good architecture for something like this uh it's it's kind of resembles a derivative but there's no deliverable because it's an index uh and so yeah that that's basically was the vision there's been a lot of iteration over the course of the three and a half years we've built parcel but uh by and large uh the vision

has been unchanged that's cool I um I want to start off mainly with the purp STX protocol the real estate pers protocol um so we've had some attempts at real estate onchain I think the big one apart from parcel um is realy which hasn't done particularly well and it's like kind of similar to other assets that people have tried to bring on chain like non-f financialized assets not like trafi Securities equities y bonds Etc how do you see real estate being adopted on chain what is like the curve over there how how long do you think it'll

take uh that's a good question I think it's important to separate uh the various use cases so I think a few of the earlier attempts in both in blockchain and traditional uh ways have been to fractionalized real estate that's like been the fractionalized and in the blockchain world it's tokenized but you're basically tokenizing a fraction of it so same concept buy a house put it on chain buy a house put it in a LLC split it up um for for you know we we weren't as as as partial we weren't really interested in that um just

intuitively uh I think the the main reason um that it's it's been difficult to do that there's kind of the the struct there's two structur there's like the structural of the actual product which is in order to uh get a breath of product you need to buy a house or a property um which requires capital and then um you need time to close that deal so it's naturally has headwinds to scale right you have limited capital and you have limited time how how many deals can be done in in one year two years five years like a couple thousand in five

years or something like that so you know you're limited by those um those issues and then uh for more free flowing Capital it is it is intriguing over the longer term uh and that brings me to the second point which is there's just a lot of Legacy infrastructure that would need to be bypass to create a fluid Market on chain Deeds Insurance uh you know the list goes on uh mortgages uh risk U underwriting mortgages so you know there there's a lot of Legacy things that may have been put in place to protect people um you know it's done done an okay job but those things need to happen before you

can actually have um tokenized Homes at scale on on on chain or elsewhere yeah I Trevor I think you made great points about differentiating what you guys are building at parcel versus other attempts to really just bring assets on chain um I think that's a great point to make I think going back to kind of the discussion around usage of the platform and and maybe where it's going um there there is maybe a little bit of a fundamental question on like what is true adoption look like you mentioned the case Schiller um you know price feeds and I think there's a question there that you know Futures contracts for those have existed for maybe 15 years um but they haven't

really seen any adoption is you know is there a reason a good reason to believe that you know institutions funds Traders would be interested in parcel price feeds over those like has that industry not expanded Beyond like the 20 cities they offer today for a good reason or you know there just wasn't enough interest or you know the existing firms just didn't feel like building that out further curious you know any thoughts in this area you have yeah that's also a great question um it's largely TBD um because uh so a parcel is uh geofence in the US because there's no regulation we could follow and we and we will

open access to the US when something is available for us to follow from a regulatory standpoint so that's one so there's no like true glimpse into what uh and and by the way we offer only US cities today uh uh over time you know over you know technically or like theoretically this is probably like the most mismatch it'll ever be right will offer International Cities next which get closer to the user and then hopefully we can get some regulation in which we could follow and so in both instances we're getting closer to a potential user right either people who are more interested in their regions

or people or overseas or or us people um with respect to the uh the K Shiller Futures it it it is uncertain as to why I I think so much happens in two months right uh we are used to you know in crypto we're used to 247 trading in markets uh you have SPO like spies and like like you have Futures like mini Futures that trade basically 247 they open on Sunday night right like so and then you to manage risk so the instrument itself just isn't great um and to that extent I

think it it limits adoption just given there's other ways to express a macro bet if um you're two months behind so that that's one um you know we're pretty encouraged with the volumes to date particularly versus the the cas Shiller Futures you know we we do a lot more volume than that um and you know novel product over close to two and a half billion in volume this year um and then like I said I think hopefully there's like a clearer path both International and the US uh within the next year that makes sense one thing you touched up on there is regulation and I I'm cognizant that

we like we shouldn't get too into it but I kind of want to understand how um how you view that changing and how that would be helpful to you obviously it would help with inflows because you can allow Americans to trade on it but how do you view that over the next let's say two years three years maybe yeah uh so I have no specific Insight but I will say we've been following regulation for quite some time um and it was very very adversarial last year and the year before there's definitely a shift that that's my only Alp it's not even Alpha

but it's like very obvious that there's a shift in Washington um to somehow create uh guard rails in crypto create some sort of framework the you know the potential VP is is pretty forward on this I think uh the Republican candidate also is at least open to exploring ways to get this into the us at least that's what's been communicated so and then you also behind that kind of have other people because they don't want to lose political power following suit and it's becoming more of a bipartisan issue which is very good at least from a progress standpoint so momentum is there uh how it actually you know DC is sluggish in term there's no

like true speed um but uh momentum is positive and then basically it's like how how does it look on the other side uh but you know over the we've been doing this for like four years this is the most aggressive they've been which is promising yeah the the crypto focused Outlook has definitely shifted recently which is promising for the industry for sure um I think touching back on on customers like future customers um you know if you're expanding the markets going internationally um looking toad user who do you guys really see as the like key customers for the the trading product itself you know I think there a

great example in terms of you know really being able to like hedge an existing real estate portfolio for example but um is that the only you know sort of example or are there other bigger um or big you know potential customers that you're thinking of here yeah one of our so it deres off of this basically off the top umbrella that that I'll mention here it's like real estate's the biggest Market in the world and there's no liquid derivatives Market unlike every other commodity Market or or stock market or bond market like there's no liquid way to get exposure so part of our uh just general thesis is like the question is

should that exist and then from there who uses it there the use cases are really vast right like and you can't I can't or we can't predict exactly who will find utility in using parcel to Express a bet uh you know it the retail user is priced out of homes so they get exposure through parcel uh their renters they hedge their future rents with parcel um there's regular way speculators who just want to play trends like a hedge fund uh it's uh on the institutional side um it's it's hedging is a large potential Market given

there's no way to short real estate everyone is just long real estate um there's various ways to try to uh whether like through interest rate swaps or uh or REITs but REITs are really kind of asset classes in themselves versus specific cities and neighborhoods so uh shorting is where I would imagine the the vast uh institutional demand is sourced from uh and then uh We've uh recently rolled out rental markets it kind of opens up an Avenue for for those um funds because a lot of uh institutional investors are focused on cash flow management so they they can um ensure that like basically their their

capital is acting accordingly to plan and then if it's not they have some protection so rental markets uh we think um speak more to institutions of course really institutions aren't dabbling in blockchain just yet and that's why regulation is is very important I it's hard to see and go speak to the biggest Real Estate Investors in the world and be like but we're geofence in the US by the way you know it's like oh but uh you know so it's just like you need to be there when that opens and then I think of all the the real estate applications um you know this is something that at least speaks to them what they do and how to um

provide a utility to them that uh isn't available even in even in the real world yeah that that's a great point I guess Thinking Beyond just the customer base on the on the product side of things I mean you you guys are looking at multiple things coming here in the future um foreign markets Forex Trading to go alongside that potentially as well um are there other plans to expand maybe even Beyond real estate I mean we we we've seen the rental markets as well that's a good call out from you um do you guys have other things in the pipeline either real estate or non-real estate related um to kind of further expand that product offering in the immediate term uh it's it's going to be Focus so real estate is

such a such a large Market opportunity and we've you know that that's why we're we're here is to is to attack that um and there's a lot of regions a lot of types of products so the derivative products can be so there the the cities in the US currently available the accompany rental the accompanying rental markets there's um International markets on the come in the future there's probably some ways to create like some specific indexes like coastal cities or Coastal uh more for insurance purposes you know something like that uh in the immediate term um

from a foreign uh exchange perspective we're really going to be so the the partial exchange is BAS on usdc and there's really not a liquid FX market and and adding FX will create some sort of complexities that we haven't we initially thought they wouldn't be too complex but there's some edge cases where it can be exploited so what we're going to be focusing on from an foreign or International markets are those uh regions that are pegged to the dollar so like Dubai uh it it basically has a flat rate it's it's a multiple one but it's flat Hong Kong is largely pegged um and so we'll try to find those our data team is is amazing and uh can

spit up markets now with with pretty good efficiency so we'll continue to attack that we will uh soon we're planning to offer U token perss um such like salana like the majors um Salon Bitcoin East so that people can cross margin uh their uh real estate uh Bets with um more volatile assets and then that also kind of gets us closer to another set of customers which is like truly crypto natives that that may not want to part ways or you know and it gets them it's a top of funnel for for parcel um and an interest driver so that's the call it 3Q early 4q um road

map from there you know space moves fast but yeah that's kind of what that's basically what we could see right now yeah now great points and I think I mean there's thousands of cities to go after so you've got plenty of room to kind of expand into for sure hey guys permissionless the event for crypto natives is heading west of Salt Lake City and we're bringing the biggest names in crypto together for an incredible C Miss event join me in the rest of blockworks on October 9th to hear for more than 200 Industry Titans including Nick white from Celestia Fe from Igan and keone from monac the conversations at permission list will be covering the hottest themes in crypto including modularity reaking the Bitcoin

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developer come join us in Salt Lake City team up with fellow devs and build the multi-chain future polygon Labs is developing the next generation of open- source ZK Tech to aggregate crypto liquidity and user bases empowering developers to grow in a unified web of interoperable chains with the a layer the AG layer is a machine for Network effect don't worry about boost wrapping liquidity just build anywhere in the a layer to tap the liquidity and users everywhere to support the aggregated future and boost scrap quality project the polygon Community grants program was launched with 1 billion tokens All For polygon Builders season one of the community grants program is live right now and features 35 million in madic to support the next generation of polygon projects for Builders on polygon or

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communicate and how developers can easily build cross chain applications out of the box build anything you want any way you want on the eco-friendly blockchain designed for web fre death check it out by clicking the link below um one thing I feel like it's overlooked but we've mentioned it throughout is the data side can you share a bit about what that exactly is and then maybe we can kind of dive more into it sure I'm happy to take this one on um so uh to a couple of Trevor's points we geofence outside of the US um we're replacing uh a lagged uh Legacy index uh and as a big uh part of that effort you

know we have to establish Trust trust um trust in the Index Trust in the Data Trust in our insights um and so taking what was wrong with housing data from the top um uh when we first started this journey there was a couple issues when we started in the US with us housing data um the first issue was the lag nature of it um and then there the fragmentation and you saw the fragmentation based on the official counts published by the government vers Nar vers Zillow just simple things like how many homes are on the market right now there are huge discrepancies between these sources so that was clue number

one that nobody knew what they were talking about uh and then as we started to get involved in this process we realized another thing most folks were bricked out of semi good housing data you know these these deals for the from these vendors were measured in hundreds of thousand of dollars um and we spoke with many of these teams um to understand what the current state was uh and so it was at that point um we realized that we had to rebuild this from the ground up nobody has all the information it's scattered all across um these various uh sources um and um we had to do so in an efficient way to make it accessible um to partial ecosystem uh

users um and so fast forward to today we accumulate information from about 5,000 sources um and with the the recent um uh um legal rulings that are coming out I particularly around Nar um I imagine that that fragmentation will only increase and there'll be less centralization of where um the housing information actually lives which is great for us because we spend time on the technology to ingest from 5,000 sources and create clean signals in the housing market um uh today um so going back to Trevor's point we're geofence outside the US and we had to build trust we we kept producing content uh content

that nobody else could produce because we had information that nobody else had while we were simultaneously working with us partners who trade homes thousands of homes um and this included the government this included large hedge funds um uh and this included um investors who are using our housing data as signals uh to trade against the stock market futures inputs to the housing market you know Lumber uh Etc um and so um uh we can establish those relationships early with data um and then as regulation becomes more clear um with respect to what's possible in the

US regarding the exchange we've been cultivating these relationships with folks for a while now on who would likely be first First Institutional participants in the exchange and we've already been seating these discussions with many of these teams who need I mean they need this I mean look at um Open Door in the fall of 22 they were Overexposed in Phoenix um and they doubled down right as mortgage rates uh shot up unexpectedly and they got hammered and they got hammered because they had no explicit way of controlling their risk for all the inventory that they held in those specific markets and that's exactly what the partial exchange offer is the ability to do that whether it be the rental operators whether it be the

flippers and this can span mom and popop operators who are going to feel it the most um all the way up to the largest um hedge funds in the world perfect wow you um answered like four of my upcoming questions so I'm going to go immediately I guess on the more deeper side I kind of want to understand what's the um the data versus trading side obviously they're complimentary to each other but how do you guys view the opportunity like on each side um how does that how do you see like because obviously the data side's I think a little bit easier to scale but curious to hear what you guys think of that I'll add one thing on the data side

as it pertains to Traders um sophisticated Traders need high quality information and we are breaking down the barriers to access that high quality information both in our price point and over time the integration of the parcel token with access to the data the parcel token is the greatest way for us to efficiently deliver the highest quality housing information in the world to Traders so as the exchange grows more sophisticated Traders will get involved and they are going to have a need and this is already happening we have many users who are staking parcel tokens to get access to the API today now granted it's a little bit of a you know some manual efforts involved with navigating

these different technology ecosystems but we are actively working on making that a seamless experience uh so for my take it doesn't matter if you're a hedge fund trading homes in the housing market or you are a Trader on our platform at the end of the day high quality inputs to your decision-making process are pertinent you have to have it um and so it's great on both sides because um you know web 2 Traders if you will who are trading physical properties they get more comfort and familiarity with what we're doing as a partial ecosystem they are the first people that need an explicit mechanism to short or control their risk on the partial exchange on the other end as more partial exchange

users come uh into the system and they grow in their level of sophistication or maybe they already are a sophisticated Trader they are going to have an immediate need for higher quality inputs to make better decision making so these things go hand inand um and it's a you know a medium long-term road map that we have outlined based on regulatory complexity um and things along those lines but from the data side we're focused on creating the highest quality data that is transparent accessible and building a community around developers um to to to reduce the barriers to entry to getting to to getting cooking appreciate the overview there Jason I think um it also definitely sounds like focus on the data as well is really like

what enables the kind of trading experience um going forward so um it's a great point to make the other question I'd have related to the data is um I've seen some of the things around anomaly detection um some different deep Dives and research reports is that something that you guys as well are looking to expand further like as more of a like data and Research Services kind of platform offering for you know the Traders and people that are interested in these types of things like as they are trading to kind of build their thesis and ideas yeah that's a great question um so with respect to our original content um we let the Data Drive the story um and so we typically will start very top of funnel we will look for signals across the country with

respect to where things are out of skew and then we will let that lead to the next level to understand where are different things happening within the housing market um uh knowing that we're the only ones capable of doing this type of analysis and then we produced that as our own content to create value for the entire ecosystem um with respect to data and content generation for um more you know for very specific types of analysis create an open source Community we're very focused on open source research on an easy to use SDK um we're starting with python developers is that's where typically a lot of this type of analytics um and data science will begin

but over time we'll expand that out um and we release all of our um notebooks that we use to create our own content to inspire the next person so it's a longwind way of saying um our goal is to help others do the analysis themselves create content understand the housing market differently and we do that by putting our best foot forward with our own open source work yeah just just add on to that point Danny basically provide the best data and and a a very seamless way to access it and then the idea there is it develop anyone can can go and create content because they can use the API and then it's not

incumbent upon us to to do everything and that's the ecosystem same thing uh basically enable enable data enable a platform to express views on the data and and then how people use you know that's our mission that that's our Our intention and and nor star and then how people choose to use it um is is somewhat out of our control you know but we can see green shoots of of certain things um and then a lot of it has to be bootstrapped the the team does a great job with with content showing what the art of the possible uh and then you know once we get into critical mass you the

API has been out you know only for a few months um has been for for data has has seen some good traction and and use cases and you know that's exciting and then a lot of the parcel uh trading platform people are using the the data to to to get trading insights in the future it's possible you know us or someone else creates like a Bloomberg style dashboard to kind of I think that's kind of what you're talking about Danny um that's possible the question is do does parcel need to make that uh or does a user want to make that um or you know kind of like a dune situation so um yeah I I think that's

kind of where we're headed yeah so so build the Great tools you know make the great the data product a fantastic offering and and lead people to it rather than you know build out you know a research Suite or um more of a data platform in terms of delivering you know exactly because you don't it's both are so vast like as I mentioned on the the use cases for uh the the trading platform like there's a lot of potential use cases um the same with data it's just data so the use cases can be governments schools big operators small Realtors Traders on partial like you know and then if if we plan our stake in

the ground and say this is what we're going to build then you could be completely off in One Direction whereas you're enabling people to do that and then if it's super super super compelling then you know we can consider it but at this point it's kind of creating an ecosystem that people can build on top of yeah great answer and I think I mean I think that sort of spirit really I mean aligns with kind of the decentralized kind of you know ethos and fundamentals of what people in these types of communities tend to be after so it makes sense I um I want to understand how the token ties into the two products and if you guys are planning on tying that in a bit I guess making it more

integral in the future yeah so the parcel token for context was it so it was three months to the day U uh or the the initial distribution from partial limited uh and was gotten into the hands of the core Community the three pillars are um for for initial utility are governance uh and so governing the certain aspects of the parcel protocol including which markets will be rolled out um in the future uh access to parcel Labs data so if you stake X you can have API access um

obviously want that to be a compelling uh use case so um you know that's something that is is you know the team is is driving home and uh the third is ongoing incentiv so you own the token take the token and participate in uh incentives programs like points you get a boost um yeah so I you know generally speaking I think those are um relatively good utilities over time I think there's ways to continue to create value particularly on access to the API hardening that uh and enabling people to to use

parcel the the protocol uh there's ways to create um value in open sourcing items in the on the blockchain side as well as the API there's been several um other projects buying the token requiring the token staking it uh to either enhance or enable um parts of their own products that that's I mean we we love to see that uh and and what we want to do is drive more of that activity so um that's what we'll be focusing on in in the next you know for for the for the foreseeable future to to continue to to add value to the the

partial token I'm glad you mentioned the points program um I'm curious just in terms of the the interest and and usage of the platform over the past six months or so um you know I think if you look back to um the token announcement sometime in February there was a massive increase in tvl to the platform in activity and then when you look at the the token launch itself in April there was a massive decrease following that I think you know this is something we see with a lot of protocols people get excited about about a token and they they go and they use it and they want to you know earn some earn some cash for their activities or you know basically liquidity Farm the thing um do you guys have any thoughts about kind of how that went any you know would

you do it differently design the pr program in a different way or some different mechanisms that You' thought of kind of after the fact or you know was it as good as you could have hoped for yeah that's a good question so a I think uh in terms of happy when when we went with the points program I think we were on the earlier side and now it's basically yeah know it it wasn't like the earliest but on the earlier side um which is good because it's not like hyper hyper dilutive and now it's really really table Stakes to to have points um so happy about that there were a few bad behavior yeah designing points is is a

very there wasn't there was two things that we we wanted right at at first and we we weren't thinking like so far it was like yes it was a good design but we're like all right let's see like what happens you kind of that was the the idea uh when we put it out in December um it it went super viral basically uh given we had made some go to market changes and had people like um you know organically accelerating momentum uh and then there were some bad behaviors we saw a lot of self-referrals open interest was something that we were um uh rewarding and it became toxic because

people would just open two positions on this in the same Market long and short so that's called delta neutral uh the team did a a really good job at addressing those things and going back and setting the precedent that that's not allowed anymore but giving points um for them so in the past so uh and then most recently we we moved away from open interest into trading fee generation basically like trading volume in short uh I think that is healthier um and then in terms of activity yeah huge amount of activity we're kind of pre right now we're pre like announcing token drop levels roughly uh you know

but at the same time this is like hundred hundreds of x's greater than last year so it's like you know in in terms of where we are that's kind of the point is to get eyes on on the protocol have an active community that can help you grow and improve and give feedback and we can hear it so it's like pretty much all we could ask for in that regard and and well ahead of expectations most recently for the second distribution we we in uh included like time based staking which I think was good just given some of the behavior around airdrops generally like it's kind of it became like a mimetic uh reaction

basically from us on um so trying to figure out ways to because now it's not just parcel limited and the parcel team and investors it's everyone now who owns parcel is is a is a uh a stake like a a as a stakeholder so it's incumbent upon us to try to create good tokenomics to enable them to to continue to to prosper and create uh minimal um damage so it it's a lot of thinking about the game theory uh for points and then drops and figuring out how to do it in a way that is beneficial for the ecosystem at large

I'm happy you gave an honor answerer Trevor and you didn't just say oh I think we did very well that was it and you like every other week there's like uh oh like you know this this you know they're exploiting this and this and this it's like you know you don't think about there's so many edge cases and it's so uh it's become very very industrialized so it's like if it may go unnoticed for a little bit and then one day this mis uh MISD design or you know something gets exploited and then it's in a telegram chat it's on Twitter it's getting retweeted and then everyone is doing it and then it's then it's overly exploited and then you have to do

something right so yeah it's just you got to think you were someone said nicely to us who who's a a participant it's like you are the game designer you know so you're designing the game how do you design it and you need to think through these things and if there's something that's not working you have to fix it as well that makes sense um one thing you mentioned was that you have 100 extra volumes that you did compared to last year and that's something I want to ask about you guys have been building on salana for quite some time now and I want to first of all I want to ask about like how it's changed since you guys initially started building and if you had any doubts in I guess like

throughout 20 late 2022 early 2023 because I'm like kind of I can't imagine what it must have been like especially like early 2023 but how's that been uh Solana specifically Solana specifically and how did environment has changed I guess because now it's the darling of CT yeah yeah yeah it it's been a ride I will say so we the the choice to go on salana was made around this time in 2021 so maybe salana was like $7 or something it was not like a it wasn't hot but it it fundamentally it had the things that I think you would want it's one layer it's

scalable it's cheap um and that's good and right because on salana what happens is because it's so cheap you get a lot of activity on nfts and meme coin like that wouldn't happen uh as as U uh pervasively on E because it's it's not it's not a penny to trade so you you wouldn't flip and you know you have to and same thing with airdrops like you need to think about if you want to sell your airdrop for more than then you got you know so but on Solana it's like yeah half of a sent so whatever um so that is one of the emerging you know so

during the times of the FTX that was we were on our way back from Lisbon BL point and that happened it was it was bad um and then it was just kind of like very dire uh you know it's like de Gods left you know and whatever they are who they are had a lot of respect for them but like they were a big player at the time and they were like the number one nft project so um and then uh yeah it just you know we had to consider all options for survival we were uh there was a guy um in Australia who in July came to us who was like I love the product here's

what's wrong with it like I want to put in x amount like a lot of of dollars and we're kind of like okay you know if if we want to port to another chain we're just going to create the same flawed product on another chain we won't make any progress on our on our actual product and the biggest issues aside from our issues we like I can't get money out of the bank like I can't even get it to coinbase you know it's not like oh is it evm is it Solana this is a normal trapy hedge fund guy like the issues are much larger than evm versus Soul so so what we did was just double down on the issues tried to fix

it team did a great job executed and then I don't know why but Solana kind of came back we we had a good product at that time and then um you know jto had a a great air drop drove interest in in points in yada yada and drove really it was driving liquidity back to Solana and then trust back to Solana because it's kind of like a for it's it's got we' forgotten about it but it during like bad times it was like soan always goes down and you know I can't trust it and you know there was all these things because when the price is bad you look for every every reason why it's bad um and then back to the point I just mentioned now it's like a fight for

attention but it it doesn't you just have to keep building and like whatever happens happens but yeah those things come and go nfts were were one large flux uh and meme coins now you know millions of meme coins a month just get created um but the the the teams keep building Solana has really strong teams and they're not overly it's not overly abundant uh with teams because it's a hard programming language and if you were building here you you know these people have stuck around so yeah that that's my answer on yeah that was a great great look back over the years I guess looking forward

or even just recently um you know we've I think we've talked about and touched on a few of these things but there's been a lot of interesting releases and announcements from you guys um the rental price feed talking about Forex and trading you know different International markets as well is there any any other teasers that you guys have or you know when it comes to some of these releases is there anything you guys are most excited about um that you really want to emphasize yeah on the I I'll speak from the protocol side and Jason have some stuff on partial outside but yeah I kind of spoiled it earlier uh in terms of all this stuff I mean you know when you think about it like these are pretty interesting things like rental feeds are the first of its kind more or less Dubai

will be the first tradeable like Market in Dubai then we'll have Hong Kong we'll continue to roll those out so I don't want those to get diluted um we're going to start exploring different types of collateral um in order that's probably the biggest or right now adding new [Music] feeds is just regular business like that's not that we can do that quickly um and again the team to add a new market now we become very very efficient so uh in terms of rollouts like International tokens very excited about both of those more structural or like architectural trying to find ways to integrate more collateral such that we

can um Ju Just offer users more of what they want so it's just like step by step um and yeah those are the main things um for partial protocol over the next call it three to six months and Jason if you want to jump in with anything exciting on the data side as well if you want to highlight yeah um so the next couple weeks we'll be focused about enriching our unit level information uh the ads there will be owner indexing so can see the mom and pop portfolios the institutional portfolios um whether they're on the rental market the listing Market the sales Market um rental and listing markets will be the most forward-looking

indicator with respect to um what these portfolios are doing and what the markets will be doing uh from there um we will be naming the top 25 institutional portfolios so folks can simplify understanding what's happening within housing and then thematically across the whole way huge effort with respect to community building um so we'll be doing Discord sessions we'll be doing um May X isn't a really good platform for doing like screen share type um data science work um but we'll be a lot more deliberate with respect to hosting you know office hours um in helping Empower other builders to go build different applications and we've

already seen a wide swwa of applications being built um um directly off the API that were unexpected um and so I'm looking forward to community uh continuing to um bring people in and because people have all sorts of cool ideas um so the goal is really let them get to it as efficiently and as fast as possible to test whether or not it's a you know there's something there perfect I um really excited to see what you guys cook up over the next say few years I um I want to thank you both for joining hopping on and talking about parcel and what you guys are going to be cooking up um Danny do you have anything else you want to

say yeah just same from here really appreciate appreciate you guys coming on and give us a little more background and some insight into what you're doing awesome thank you all appreciate it thank you both are you currently building on polygon or interested in migrating season one of the polygon Community grants program is live right now and features 35 million in madic to support the next generation of polygon projects builders on polygon these GRS are for you join the aggregated future today by applying at polygon.net [Music]