Full Sail Focus | Episode 7 ⛵⚓

The Spaces focused on Full Sale’s latest product updates, liquidity strategies, and token economics on Sui. Trevon (Head of Marketing) previewed an auto-rebalance feature for LPs and highlighted unusually high yields, including an Eka pool reported at 681% APR and an average APR around 55%. Uber shared a practical LP approach using narrow, out-of-range bands to accumulate Eka without adding Sui, and emphasized improving veSALE attractiveness by lifting voter APRs toward ~40%+. Akshay Gupta detailed why Full Sale’s dynamic fee model delivers top-tier fee-to-TVL efficiency (ranked near # 3 globally), with elastic emissions that adjust to TVL and predicted volumes. He outlined vaults (no performance fees), delegated vaults and voting, and security practices (audits, insurance, curated listings). A Q&A clarified OSale option-token redemption and upcoming UX simplifications to show cash yields and one-click choices for USDC, SALE, or lock. The team discussed the “flywheel” target for veSALE APRs (69% with $5M TVL in SUI/USDC), partnerships (e.g., Manifest), analytics dashboards, content and education plans, and a broader roadmap extending Full Sale’s model to other fee-generating vaults.

Full Sail Twitter Space — Product Updates, LP Strategies, Tokenomics, and Community Q&A

Participants and roles (derived from intros and context)

• Trevon (Head of Marketing, host/moderator)
• Uber (community LP strategist/power user)
• Akshay “Glupta” (co-founder/lead product + tokenomics; sometimes referred to as Gupta/Klupta)
• Bonnie (co-founder/marketing/storytelling; Akshay’s partner)
• Bard/Barbar (content creator; Full Sail’s video/creative collaborator)
• Alex (community leader/event organizer; Estonia conference host)
• DarkSide (community member; LP learner; Q&A participant)

Highlights and Announcements

• Auto-rebalance for LPs
  • Status: Done, on staging; dev shipping within hours to a day (Akshay). Trevon tested with Akshay; described as smooth and simple.
  • Goal: Greatly reduce friction and fear around LP management; enable one-click position re-centering versus manual withdraw/swap/deposit loops.
• Vaults (auto LP management)
  • Timeline: ~1 week for first release (Akshay, Bonnie).
  • No performance fees at launch to maximize net APR for depositors; later, Full Sail may use its dynamic fees to optimize vault IL profile and net returns uniquely.
  • Roadmap: Delegated vaults (crowdsourced pro LP managers; users keep custody, managers only adjust ranges); emissions can later be directed directly to high-performing vaults.
• Estimated APR and UX simplification
  • APR displays will default to “cash today” yields (i.e., oSALE-adjusted) with a simple toggle to show “locked” yields.
  • OSALE mechanics will be abstracted to reduce confusion (one-click choices: take USDC, take SALE, or lock to double).
• KPI Dashboard & Analytics
  • Location: fullsale.finance > “Study” > KPI Dashboard (Trevon). Team’s data analyst has published fee/TVL and other efficiency stats.
• Curated Listings & New Pools
  • Full Sail lists pools selectively (no permissionless free-for-all); they stage, verify configs, then public list, then enable gauge emissions.
  • Alpha: Manifest deposited liquidity; UI exposure and gauge process to follow. Team coordinating carefully (Uber, Akshay).
• Treasury voting abstention
  • For the last two epochs, Treasury did not vote to return more rewards to the community and improve veSALE APR sentiment while TVL is shallow (Akshay).

Platform Performance, Metrics, and Competitive Positioning

• Fee-to-TVL efficiency
  • Team claims Full Sail is top-3 globally by fee/TVL efficiency; on blue-chip pairs, they may be No.1 (Akshay).
  • Other highly efficient competitors noted: Meteora and Pump Swap (mean-coin heavy flows). Full Sail emphasizes blue-chip comparables for a fair benchmark.
  • Akshay asserts Full Sail’s fee/TVL is higher than many leading DEXes and even above certain centralized-like venues (e.g., HyperLiquid) on this metric.
• Drivers of efficiency
  • Dynamic fees that adapt to volatility and trade size; shallow pools presently amplify fee/TVL.
  • Curated listings reduce “wasted” capital across countless illiquid/rug-risk pools—focus on high-quality, high-turnover pairs.
• Emissions elasticity and profitability
  • Emissions respond to observed profitability and forecast volume via the weekly prediction market; this aligns emissions with fee generation rather than chasing TVL.
  • Example: WBTC/USDC showed ~206% locked APR. If a whale adds $1M, APR dips immediately but rebounds partially by next epoch (profitability component) and fully the following epoch (improved volume predictions), assuming volumes actually increase.
• Concrete pool stats mentioned by speakers
  • EKA pool APR cited as ~681%; platform-wide average APR ~55% (Trevon).
  • ~65,000 EKA/day distributed on average (Trevon)
  • Uber: personal EKA LP strategy yielded ~15 EKA/day; also stacking Ocean bonus next to it. Volatility compensated by rewards.
  • Uber’s voting returns previously ~40.91% (veSALE side); Trevon humorously reported getting 0% one epoch (missed voting window).

Liquidity Provisioning Strategies and Tools

• Strategy: Out-of-range, single-sided deposits near current price (Uber)
  • Uber places EKA-only liquidity slightly out of range (~7% above current) to avoid adding SUI.
  • As price enters the band, fees accrue; if price exits down, LP ends up back in EKA + earned fees; if up, EKA converts to SUI—targeting directional DCA while farming.
  • Advantage: Accumulates EKA in chop; smooths execution if you plan to DCA out of EKA without hitting the orderbook and causing price impact.
• Range selection and risk
  • Many users using ~30% bands; Uber uses tighter ranges (7%) for precision with active management.
  • Auto-rebalance reduces cognitive/operational load; manual rebalancers and SDK users currently capture outsized alpha but this will compress as UX gets easier and TVL scales.
• Education push
  • Trevon to produce auto-rebalance walkthroughs and masterclass content on YouTube; more threads with Uber and HyperMassive covering LP strategies.
  • Potential contributions from strategy educators (e.g., “Green Cup,” “snuggle strategies,” etc.).

Tokenomics: veSALE, oSALE, Prediction Market, and the Flywheel

• The oSALE mechanism
  • LP rewards accrue as oSALE (option tokens). Exercise at a 50% “strike”: pay $0.50 USDC to receive $1.00 in SALE—netting $0.50 profit if taking “cash today.”
  • UX improvement: “Use flash loan” toggle allows exercising without bringing external USDC; proceeds net of the 50% strike are delivered.
  • Alternative: Lock oSALE to double the SALE received (foregoing immediate cash), compounding long-term exposure and boosting effective APR considerably.
• veSALE and APR targets
  • Goal: Make veSALE “sexy” (Uber) by raising voter APRs sustainably (targeting ~40%+ and, with sufficient TVL, ~69% APR from fees alone).
  • Treasury abstention temporarily boosts community share.
  • Buyback program exists; 5% of fees flow to an insurance fund; audits by Asymptotic and Mission Labs; ~80–90% test coverage; active monitoring.
• Elastic emissions and price floor logic (Akshay)
  • Emissions respond to TVL and realized/prognosed volumes, not vice versa. As TVL increases and volumes/fees follow, emissions scale up—re-stabilizing APRs in 1–2 epochs.
  • Example scenario: SUI–USDC with $5M TVL can generate ~$69K fees (periodicity implied by discussion of APR; team frames it as enough to sustain the protocol without external incentives). This implies ~69% APR in cash to veSALE voters (inclusive of Treasury voting), creating a strong “fundamental” price floor: if SALE price dips, APR (in %) rises, attracting buyers.
  • Scaling to $10M: Relationship largely linear up to ~$10M TVL (then diminishing returns as trade-size distribution saturates). If APR is very high (e.g., 140%), buy-pressure can lift SALE price, naturally tempering the % APR while still increasing absolute value accrual.
• Prediction market governance (weekly)
  • Voters predict pool volumes; emission weights are set via “wisdom of the crowds,” improving capital efficiency and reducing inflation vs. blindly subsidizing pools.
  • Planned: Delegated voting and leaderboards (human and AI strategies). Users can delegate to top predictors and share in outperformance while reducing friction.

Roadmap and UX: What’s imminent

• Shipping now/next few days
  • Auto-rebalance live; public release imminent (Akshay in transit update; Trevon tested; video coming).
  • Estimated APR display with simple toggles (cash vs. locked), removal of oSALE complexity from user flow.
• ~1 week
  • Vaults (no performance fees); then delegated vaults and later vault-targeted emissions.
• Near term
  • Delegated voting + leaderboards; more analytics surfaced publicly; potential permissionless pool creation with permissioned gauges; richer partner incentives display.

Security, Risk, and Sustainability

• Security posture
  • Audited by Asymptotic and Mission Labs; bug bounty and automated monitoring in place; quick response to Sui ecosystem security requirements due to high test coverage.
  • 5% of protocol fees route to an insurance fund.
• Capital efficiency philosophy
  • Avoid idle/wasted TVL. Team called out examples elsewhere (e.g., hundreds of millions earning minimal fees) as counter to user interests.
  • Curated listings reduce rug/scam risk and operational burden versus open flood of low-quality pools.
• Scam warning
  • Team noticed scam emails targeting community; reiterated vigilance.

Partnerships, Ecosystem, and Listings

• Partners and content
  • Axel: collaborative video with founder Keith; Bard leads creative.
  • Manifest: liquidity deposited; listing/gauge steps pending UI exposure and due diligence.
• EKA ecosystem
  • EKA highlighted across Sui; speakers mention EKA-related cross-chain progress (ETH/BTC live; Solana testnet soon), aligning with liquidity growth tailwinds.

Community and Culture Notes

• Estonia conference (Dec 4–5)
  • Alex hosting regulators and policymakers; invited Full Sail team to participate, including speaking slots.
• Community shout-outs
  • Trevon and Bonnie thanked long-time Sui community members; emphasized transparency, humor, and education-first approach.
• Content pipeline
  • Bard teased Halloween-timed parody; family-friendly cameos; more Full Sail educational content rolling out.

Q&A and Clarifications

• Q (DarkSide): Confusion redeeming oSALE; why do I “pay” USDC to claim SALE?
  • A (Akshay): oSALE is an option. To “cash today,” exercise at 50% strike: pay $0.50 to receive $1 in SALE (net $0.50 in value). Flash loan toggle removes the need to source USDC; proceeds are netted out automatically.
  • UX fix: Soon the interface will just show three clear options—take USDC, take SALE, or lock to double—without exposing option-token internals.
• Q: 24h volume reset timing
  • A: Intended to be trailing 24h, not midnight resets; Akshay will confirm with dev and align UI accordingly.
• Voter education
  • Bonnie explained prediction markets (e.g., Polymarket) and “wisdom of the crowds” as the rationale for Full Sail’s weekly volume predictions directing emissions.

Action Items and Next Steps (Team)

• Ship auto-rebalance publicly; Trevon to publish tutorial video.
• Roll out simplified APR displays and oSALE abstraction.
• Launch fee-free vaults; iterate toward delegated vaults and emissions-to-vaults.
• Publish more analytics highlights (fee/TVL, profitability vs. peers) via KPI dashboard and threads.
• Expand educational content (LP strategies with Uber/HyperMassive; masterclasses; governance guides).
• Continue curated listings; formalize Manifest pool UI and gauge; pursue partner pools with strong fee/TVL.

Why this matters now

• Full Sail’s fee/TVL efficiency and dynamic-fee AMM architecture are producing outsized returns at low TVL—early LPs and veSALE voters can capture above-market yields while the product-market-fit push (UX, vaults, delegation) lowers friction for mainstream liquidity.
• Elastic emissions, curated pools, strong audits/coverage, and insurance collectively target sustainable, risk-aware growth rather than short-term “ponzinomics.”
• As TVL grows (e.g., SUI–USDC to $5–10M), the model anticipates self-sustaining veSALE APRs (e.g., ~69%+ from trading fees) and a reinforcing flywheel (LPs farm, lock to veSALE, APR strengthens, price floor forms, more TVL arrives, etc.).