Picasso Network Intro to LFG

Picasso Network

Author: Hi everyone, I’m Agustin Cortes from Picasso Network / Composable Finance. Excited to post this intro to LFG.

The journey of the Picasso Network has a vast history across various ecosystems but always had the foundational goal around interoperability. Picasso is focused on creating an IBC network hub of connected chains. The focus of expanding IBC is based on creating a trust minimized connection allowing the transfer of assets and data. .

0- Expanding IBC Everywhere & Our Restaking Layer

Picasso was the first to connect an ecosystem outside of Cosmos via IBC. . Our next steps in our roadmap are to connect Ethereum and Solana to IBC, which are in testnet. IBC moves billions of volume in a monthly basis and we believe that bringing cross-chain liquidity into Solana will expand DeFi growth exponentially.

However, due to Solana not generating state headers which are necessary for IBC integration, Picasso has implemented a restaking layer to augment economic security of the necessary state verifications of SOL IBC. You can view the restaking layer similarly to Eigen Layer as protocols such as roll ups, and decentralized sequencers, will be able to bootstrap their security through restaking and Actively Validated Services (AVS). The first AVS of this staking layer will be connecting to Solana via IBC.

Picasso network is powered by our PICA token which accrues value through bridging fees, restaking, and by revenue sharing with stakers.

MANTIS Games for Restaking Liquidity:

We created an incentivizing game called The MANTIS Games to boost liquidity on the restaking layer.

In the restaking layer there is a Team Staking Competition, where teams compete to attract the highest amount of assets restaked into the restaking layer, with a 17.5m PICA reward allocation for participants. Users can stake SOL LSDs such as JitoSOL, mSOL, bSOL, and LST into the restaking layer to expand the TVL. Additionally, users will learn dual yield as they generate yield from their LST alongside with yield from the restaking layer.

Detailed IBC Overview:
The Inter-Blockchain Communication Protocol (IBC) is a protocol designed to facilitate the authentication and transportation of data between two blockchains. It operates with a minimal set of functions DeFined in the Interchain Standards (ICS). Importantly, IBC does not limit the network topology or consensus algorithm of the blockchains it connects, making it versatile and adaptable for use with a wide range of blockchains and state machines. You can read more about IBC here.

Growth

Here are our stats of activity and volume between our connected chains in production (Cosmos chains <> Polkadot chains)

For our Restaking Layer we have a current TVL of over $11.5m in less than a month’s time frame.

Why Jupiter LFG?

  1. Our vision has always been to connect major chains to IBC and Solana was always a priority chain to add. We’ve connected deeply with the builder ecosystem and have brought innovative tech to the L1, which we believe will progress the ecosystem entirely.

  2. Our restaking layer will be a huge product area of focus. We’ve seen the capabilities of Eigen Layer and leveraging the security of Ethereum and we can now do it with the security of Solana. On top of that, Solana has more throughput capabilities that can take new protocols to levels we haven’t seen before.

  3. We predict Solana DeFi volume will be one of our highest due to the growing ecosystem and the low fees users benefit from. As the DeFi capabilities expand, bringing new liquidity will boost the potential DeFi plays and strategies for users.

  4. We are committed to the long-term success of the Solana ecosystem and recognize the pivotal role the Jupiter team has played in developing a product that will remain essential. The LFG tool is instrumental in strengthening collaborations and fostering growth within the ecosystem by enhancing complementary products and expanding opportunities for all involved.

In conclusion, we believe that we can be more integrated into the Jupiter ecosystem and product stack as we expand our restaking layer and bring in new liquidity cross-chain via IBC. Solana DeFi is happening!

Leadership Team

Henry Love:| Board Member and the Executive Director

Henry is a seasoned Founder and Executive. Prior to joining the Composable Foundation, Henry held the position of Managing Partner and the Head of US operation for Fundamental Labs, a leading crypto-focused venture fund based in Singapore. Before joining Fundamental Labs, Henry co-founded a crypto corporate venture studio, YGC, and its spin out company Executive Council Network (ECN). He joined the crypto industry by stepping in as the Chief Investment Officer at a crypto-focused family office who pioneered the industry after leaving Facebook as a top performer in the marketing, e-commerce, & strategy division.

Twitter: https://twitter.com/henrylove0

Brainjar: Founder and Research Director

Omar is a seasoned researcher and innovator in the blockchain industry. His deep understanding of the space complemented by an encompassing perspective on the vision of cross-chain DeFi has established him as a thought leader and valuable pioneer. His current focus entails the investigation and research of blockchain infrastructure and trends, providing valuable insights that guide Composable’s development. Brainjar writes about the R&D at Composable on Twitter and Medium.

Twitter: https://twitter.com/0xbrainjar

Blas Rodriquez: CTO

Blas has 8 years of experience as a Software Engineer. He started his blockchain experience at LayerTwo, moving to Consensys where he worked on building zk-rollups. Blas has expertise in building high performance systems and working with different blockchains like Solana, Ethereum, and Bitcoin. He holds a Bachelor’s Degree in Science and a Masters Degree in Finance. In his role at Composable, Blas oversees the Research and Engineering departments with the critical responsibility of creating the technology strategy behind Composable’s products.

Twitter: https://twitter.com/blasrodri

Ahmad Wehbix: COO

Ahmad has 11 years of experience and spent most of his career advising institutions on strategy, operations, and organizational topics. Ahmad is focused on the operational side of Composable and holds a B.B.A. in Entrepreneurial Studies and an MBA from INSEAD. At McKinsey & Company, he helped organizations design and orchestrate ecosystems at scale. At Composable, Ahmad is responsible for overseeing the day-to-day operations and ensuring that business processes are efficient, effective, and aligned with the overall strategy

Twitter: https://twitter.com/wehbix

Miguel Santefé: Co-Founder & Head of Design

Miguel started his career in technology consultancy. Given his passion for aesthetics and design, he became an entrepreneur founding a creative consultancy company. Since then, he obtained 7 years of experience in creative direction. He has been in crypto since 2014 and has been designing applications since 2018. Previous to joining Composable, he led the creative strategy at various DeFi projects. Miguel has a background in IT Engineering and Computer Science, which enables him to turn complex and tech-heavy concepts into seamless and user-friendly experiences.

Twitter: https://twitter.com/miguelsantafe

Joseph DeTommasso: Head of Strategy

Joe possesses extensive experience in both the crypto and traditional finance (TradFi) sectors, having contributed to the Bitcoin network as an independent node operator in 2011 and working with top hedge funds where he was focused on statistical arbitrage between international ETFs. Joe worked with leading crypto funds like FalconX and CMS Holdings, managing relationships and strategic partnerships with trading partners and liquidity providers. At Composable, Joe focuses on tokenomics, driving strategic direction and goals, and crafting plans to achieve business objectives.

Twitter: https://twitter.com/__Swurve__

Partnerships in the Solana ecosystem:

Meteora:

https://x.com/Picasso_Network/status/1757506709000434074?s=20

MarginFi:

https://x.com/Picasso_Network/status/1752801497824293215?s=20

Solend:

https://x.com/Picasso_Network/status/1752414144618226168?s=20

Raydium

https://x.com/Picasso_Network/status/1757104016616575485?s=20

Rome Protocol:

https://x.com/Picasso_Network/status/1757846075501637935?s=20

Kamino

https://x.com/Picasso_Network/status/1755671038686306371?s=20

Orca:

https://x.com/Picasso_Network/status/1754557476085854220?s=20

Edgevana:

https://twitter.com/Picasso_Network/status/1753876302170595483/

We will be available here on this forum post, and in Discord to answer any questions. You can also reach out to us on

Twitter: https://twitter.com/Picasso_Network

Telegram: https://twitter.com/Picasso_Network

Discord: Composable Finance

Website: https://picasso.xyz

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Thanks for bringing restaking meta to Solana. Great stuff, looking forward for this

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really excited for what Picasso is bringing to Solana. the partnerships are exciting

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Hey guys, just one curiosity here (great proposal btw) - how close are we to an IBC connection between SOL and other IBC connected chains? Once you connect one, is it easy to connect all? Where do the modifications to allow for this to happen need to take place? In the Solana framework? Cosmos framework? Or IBC framework? That’s all, thanks!

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Hey appreciate the detailed questions.

We are aiming to have Solana IBC live in Q1. We’ll be announcing more details soon so keep an eye for that.

As for the connections, once we connect one chain it gets added to the Picasso network, hence all the chains. The modifications are added to Cosmos chain which orchestrates the IBC hub.

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Thank you @macjcian, it’s going to be very exciting to expand this

thank you for the replay Zhenghua🫡

Trying to understand how Picasso’s interoperable solutions differ from Wormhole’s Gateway and what are the advantages over the gateway.

Wormhole Gateway is an application-specific blockchain powered by the Cosmos SDK. Through Gateway, Cosmos can access seamless cross-chain liquidity and message routing with one simple IBC integration.

absolutely no. I was once a senior contributor to this project which started on Kusama which is Polkadot’s canary net. Too many red flags with this team. starting here.

https://x.com/zachxbt/status/1494766254242123788?s=46&t=0zB1P43y5Y8Q4zDpQU6sMw

then their CTO quits and soon after the chief security officer. their posts were deleted after being threatened with lawsuits by Composable Fi legal. I managed to save the CSO’s tweet.

https://x.com/usafmike/status/1700133663390699661?s=46&t=0zB1P43y5Y8Q4zDpQU6sMw

then recently they stole rewards owed to Kusama crowdloan participants via “governance”. millions of dollars worth of rewards. Mind you this team didn’t TGE until well after their initial Kusama lease ended. it was a bear and many people walked away for awhile and weren’t checking in regularly. In fact many people with Picasso grew frustrated and didn’t even realize they finally did their TGE.

On Polkadot, this team has yet to TGE their LAYR token despite actively using the chain. over 2 yrs ago we locked DOT for 2 yrs for an airdrop of LAYR. we still haven’t seen it nor any idea when we’ll receive our rewards.

this team is cancer and should never be allowed on LFG. everyone in Polkadot hates them at this point for their scammy ways.

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Hey great question. Picasso’s interoperability is built around IBC which is the most trust minimized mechanism for cross-chain communication. With over $100 B in volume and no exploit it’s battle tested and capable of expansion. IBC relies on proofs from light clients to verify state changes so it would take a 51% attack on a chain to break the integrity of the connection. On the other hand, Wormhole has its own committee of validators that approve the transactions. This puts higher risk of hack as there is more of a centralized point of attack.

TLDR: IBC is the most secure and trust minimized interoperable solution.

still unclear as to what you’re even proposing here other than a sales pitch about your so-called restaking. Brainjar has always been good at spinning ideas and pitching them as bullish as possible. Remember Marmite Toast, who was the #2 guy? Remember how bullish he was on all the early AMAs and just then vanished w/o a word? Only to be reborn again on Camelot over on Arbitrum as Sir Iron Boots?

You guys have a habit of narrative drifting.

Remember originally you were going to copy Ohm’s model when it was super popular. you wrote blogs about it and how great it was and how you were going to implement it for Picasso and pablo. remember the $chaos token? all built around OHM.

Then you were all about the bribe wars, and even spun up Bribe protocol in your incubator. Brainjar talked it up several times. Held AMAs with the head of Bribe… Then they rugged and you tried to disavow even being tied to them. Same with Instrumental Finance which also just up and rugged overnight. that was a key project ya’ll incubated and kept close ties to.

Then you pivoted to IBC.

Now you’re grabbing onto the restaking models and trying to get into Solana which was never a priority until it made a roaring comeback.

so, again, other than a bullish sounding post about your grand plans for restaking on solana, what is it you’re trying to do with LFG?

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Hi MikeAF,

First of all, I want to say thank you for your contribution as a Composable Ambassador early on. The early support from community members like yourself has been a crucial part of how Composable / Picasso arrived where we are today. We’ve made more progress in the last 12 months under my leadership than ever before. I’ve guided us down the path of using restaking to secure our Solana IBC connection. This idea has expanded over the last 6 months and the community has also voiced to us that they are excited about this new direction that we took on.

Now, let me clarify some of your feedback with facts so that we are all on the same page. I’d encourage everyone who still has any questions to go and verify what I say here through on-chain activity, through our blogs, timeline and etc.

  • ZachXBT - one of our core contributors / co-founders Omar was accused by Zach on certain wrong doing with no on-chain evidence or facts. It’s a rare case where Zach used anecdotal notes with no sufficient information to arrive at a conclusion. Within those allegations, one of them was the Bribe project that failed. I have informed Zach that he doesn’t have sufficient information and corrected him. Since then he has deleted all his tweets and indirectly admitted that he doesn’t have enough information.
    https://x.com/henrylove0/status/1700146243895230611?s=46&t=NIYvWBvaanYEfNkLXPtPUw

  • CTO Karel quit and brought a few team members with him to build Union.Build. You can see that Union is building a similar technology that Composable is building. Legally I won’t be able to comment further than that, but every person should be able to see what happened here. A team left a company to build a similar technology / product that they were building before at their previous company.

  • No rewards were “stolen” from Kusama Crowloans. The TGE of Picasso token was December 2022. You can check many tweets and communication across all our social channels to encourage crowdloaners to claim PICA. We all know that most airdrops / incentives plans, if not claimed within 2-4 weeks, they are removed.
    PICA crowdloaners had almost TWO years of claiming window. A community member proposed to move the remaining unclaimed crowdloan rewards to treasury to be better utilized. This was not done by the team. The entire process is on OpenGov and enough community members decided that it was the best decision for the Picasso community. We believe we are being more than fair to our community members and this is way beyond the industry expectation.

  • The LAYR token TGE is being planned for later this year. Please follow us closely as we finalize our plans and roadmap.

With all due respect, we are the #1 team expanding proof-based interoperability in the entire industry. Since Q1 2023, after the departure of the previous CTO, we launched 3 IBC connections connecting Polkadot / Kusama / Cosmos. We then launched ETH IBC testnet at Cosmoverse. You can find it here - first and only in-production cross-ecosystem IBC (trustless.zone) between Cosmos <> Polkadot <> Kusama and soon to Ethereum & Solana.

This has been celebrated by

Cosmos (https://x.com/cosmos/status/1709614024336286092?s=46&t=_1XioldpY-LoNGariZuw3A) Informal Systems (https://x.com/informalinc/status/1747363176063357388?s=20) and many other ecosystem leaders.

I appreciate that you’ve been following us along and thank you for your critical feedback. We are taking them into consideration as we improve our roadmap, our vision and how we can better support our community in the future.

Solana & Ethereum IBC will soon be reality. Trust-minimized, Proof-Based Bridging is the gold standard for cross-ecosystem activity, and we have been leading the industry since 2021. Restaking is a critical component to secure the future of inteoperability, and we will bring it to many ecosystems starting with Solana & SOL IBC.

We are here to stay. We hope you will continue to support us. All feedback welcome. Reach me here:

https://twitter.com/henrylove0

https://www.linkedin.com/in/henryyelove/

Henry Love - Executive Director of Composable Foundation (Picasso)

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Zach didn’t get everything right, but what he did uncover was an undeniable fact that brainjar himself admitted to which was he was fined for FRAUD by the SEC. That isn’t up for debate. So I see you addressed the loser allegations Zach made but not the one that wasn’t up for debate. The one that set the stage for the circumstantial evidence Zach introduced around some other projects Brainjar was involved with prior to Composable.

what also isn’t up for debate is the rugging and involvement of Bribe and Instrumental. I can bring an army of Polkadot people to back this who were also once bullish on Composable Finance. Brainjar tried to distance himself but we were all there. So the gaslighting around those didn’t work. I was also in the Composable Labs discord. So, again you can’t gaslight me about what was real and what wasn’t.

sir, shall we share the votes in the PICA reward stealing? a “community member”. come on.

Loaning KSM in return for rewards were not to be subject to being confiscated. that wasn’t part of the deal. Once people who had their rewards stolen found out, because they had like 1 day prior to the execution of the vote to claim, ONE day, they introduced proposals to reverse the decision which they stood no chance to win because they had no PICA to vote in favor of at that point. Just funny the timing when PICA pumped and then conveniently a random “community member” introduced this proposal. I’m not a coincidence believer.

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This is an exciting proposal for what it can bring for the solana blockchain, I hope people give adequate time to understand the potential.

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Thank you for showcasing your support. We agree that bringing cross-chain liquidity via IBC and leveraging Solana’s security for a restaking layer will be great steps forward for the ecosystem.

I’m sorry but I have heard too many allegations against your team and previous work on multiple threads, groups, chats and chains.

Due to this, I don’t think this is a good project to fund.

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Mike,

I will respect your feedback, but I will not respect your lies / misinformation.

What Omar has done prior to Composable has nothing to do with Composable. Please do your own research and make sure you understand the difference between settlement and “fined for fraud”. The settlement was minimal of $25K and completed. Again, this has NOTHING to do with Composable back then because it happened prior in 2016 as Composable was founded on 2021, and it has NOTHING to do with Composable today, 02/20/2024.

“Bring my army of Polkadot people who were once bullish on Composable”

Again, thank you for your early support. Our vision remained the same since the beginning. If along the way, we lost your trust, we hope to earn it back with the progress that we are making now. Please judge us by the progress we are making today and not by what happened 8 years ago, 5 years ago or even 3 years ago.

Again, the last part is a lie.

Please check all social channels on Twitter and discord for repeated messaging around claiming for nearly 2 years.

The community voting was up for weeks.

Governance with tokens held by community members is what this industry is built on. We have been transparent since the beginning.

I understand your frustration that you or your “army” did not claim the tokens, but please refrain from spreading misinformation. I will respond every time and correct you with facts here or anywhere.

All other feedback is welcome. Especially if you think if there’s a way that we can improve our work as the leading IBC interoperability protocol.

Best,

Henry

Inconvenient truths aren’t lies henry. You founder is a fraudster.

His past is relevant. In fact IIRC he’s only in crypto because he was barred from doing anything w securities no? as part of the settlement? Its been awhile so maybe I’m wrong. I don’t think i am tho cuz that was one of Karel’s allegations that Omar was in violation of that.

He’s not, nor is any project he’s involved with worthy of this platform.

Did you delete the AMAs w Bribe when they were a key component of Composables roadmap? I haven’t bothered looking knowing how Brainjar likes deleting things.

The kusama drama only stands to further highlight the general lack of integrity by your team. You can spin it however you want. You can’t gaslight me nor any other prominent member of the Dot eco.

For the record i claimed all of my rewards so trying to spin it like I was affected is a no go. I’m just deeply offended for the community that was rugged of their rightful rewards for helping you secure a lease.

Rewards that you could have easily airdropped wo the claims function or just simply vested them & linearly unlocked them. But again, brainjar talks about user abstraction yet you couldn’t make users getting rewards the easiest least intrusive way possible.

You set up claims long after your 1st lease ran out, in the middle of a bear, & people generally didn’t pay that much attention. Your communication around the governance was subpar at best.

There’s 0 reasons for anyone to trust a single thing that comes out of your or anyone at CF’s mouth.

Thanks Mike.

Everyone is entitled to their own opinions, but facts are indisputable. I have clarified all the facts above.

Here are some other facts:

Kusama is an ecosystem to test launch before launching on Polkadot. Most projects have abandoned the Kusama project. Picasso is the most valuable “Kusama borned” project in the history of Dotsama ecosystem.

We not only did not abandon the Kusama ecosystem, we connected Kusama and Polkadot and Cosmos ecosystem. Web3 Foundation (Polkadot) has given us a grant for our efforts. We are excited to continue to support the DotSama ecosystem in the future and community member like yourself who followed us from the DotSama ecosystem.

https://twitter.com/polkadot/status/1703802043968659718?s=46&t=_1XioldpY-LoNGariZuw3A

Trust is one of those things that take a long time to build, and can be broken very easily. Clearly along the way, we’ve lost that trust with you.

We hope that from here on, we can prove to not just you, but any community member that has lost faith in Composable in the past, to believe in our mission and our team again with the execution & products that we are shipping.

I will put my professional reputation on the line to continue to defend our work with facts and transparency.

Here’s our latest work:

Restaking:

https://x.com/Picasso_Network/status/1760055980845641960?s=20

Binance Research Report:
https://x.com/Picasso_Network/status/1759945005374812374?s=20

Solana IBC update:
https://x.com/Picasso_Network/status/1758579506703409332?s=20

Onwards.

Henry

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Thanks for your patience in answering this.

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