Namada Community Bonfire Sept 25 2025

[fading finch]

👋

hello!

[tardy portal]

Hi !

[slow atlas]

hi all!

[shadow terrace]

hiiii

[fading finch]

hey hey! so good news

[pliant rapids]

gm

[fading finch]

currently it takes ~20 mins to deposit USDC from Base to Namada

kinda shit, but not the worst, because payments take like ~1.5 mins to complete and don't require the user do anything

we think we have a path to get USDC deposits on slow finality chains like Base down from 20 mins to like 2 mins

unrelated, Solana is mostly working (but not in https://usdc.delivery yet)

the transactions are "gasless"
ie. the user only needs USDC to deposit USDC to Namada
they don't need to have any of the native gas token (eg. ETH, MATIC, AVAX). it's built into the flow of https://usdc.delivery, you can try it now

this is for all the evm chains except Unichain

i'm working on the deck for Namada (with a use-case framing), targeting Monday to get a draft of it circulating for feedback

[pliant rapids]

it's exciting to have usdc capabilities, personally more exited (not mutually exclusive ofc) about getting all tokens bridgeable between evm with eureka. I understand we have that in the works too?

[fading finch]

good question, @shadow terrace do you have an update about this?

[pliant rapids]

it's unfortunate we can only use the capabilities you guys leverage for usdc, but I understand it's a proprietary circle thing?

[fading finch]

yes, because USDC has a centralized issuer, and the issuer has a permissionless protocol (permissionless, but they can censor)

[midnight furnace]

Hi

[fading finch]

we're using cctp, Circle's smart contracts, and Noble's cctp module

you deposit USDC to a burn contract on Base, Circle's watcher sees it and publishes an attestation (you can see it with an API they provide), and the attestation can be used on destination chain (Noble) to mint the USDC

[slow atlas]

I'm keeping a close eye on your progress. I tested this a couple of days ago. Cool. How are things with reverse transactions, from Namada? Are there any technical difficulties? Or have they simply not implemented it yet?

[fading finch]

currently we can only deposit to Namada on mainnet. we have payments leaving Housefire only, because the thing we need (Orbiter) is only live on Noble's testnet

Noble is gearing up for their mainnet upgrade, which will unlock what we need to make USDC payments from Namada to any chain with native USDC (via Noble)

last i heard, Noble's mainnet upgrade will be the week of Oct 6. i'm supposed to have a call with them next week, i can get an update then

i'm seeing the signs in their github repos

[shadow terrace]

Yes, the update is that we need the mainnet upgrade to v201.0.X for IBC eureka to be enabled. There are now other logistical reasons that this is being delayed, but I think by sometime next week, we can go ahead and coordinate this upgrade.

Sry for the delay! But in the next mainnet upgrade, we should be able to activate tons of nice improvements and features

[pliant rapids]

so any usdc payment to any chain out of namada via your solution would bridge via noble as an intermediary chain?

[fading finch]

yes

we have a testnet PoC between Sepolia < > Housefire, i'll see if we can get that hosted. it's more of a user interface than a tool

and the payments are made directly from the shielded pool, @slow atlas 😊

it takes ~20 seconds to construct the transaction, then the user signs
in total from beginning to end it's 90 seconds

[midnight furnace]

Do we have these features listed on GitHub/milestone?

Is there news about the new namadillo?

[fading finch]

@shadow terrace

[shadow terrace]

Yes, everything is on github as usual in some place and is certainly in the commit graph of main and the relevant tags. These things are also included in my weekly-ish updates

[midnight furnace]

Are we waiting for the Heliax infrastructure to be ready?

[shadow terrace]

I think we are mostly ready to deploy that as well, might be waiting for one last thing. We also want to set up a new domain at elast to start where a user can either use the current or the new Namadillo, just to help ease the transition

[shadow terrace]

Yes, but this should be done soon and is in progress

[midnight furnace]

Gavin, can you remind me when you will re-evaluate the delegation? What was it called? Spotlight?

[lilac bison]

👋 🛡️ 👋

[midnight furnace]

You can still get my domain. (please take it, I don't wanna pay for it 🤣)

[lilac bison]

Updating folks in our neck of the woods

[midnight furnace]

But I also don't want to free it up, I'm scared about people misuse and using it maliciously against other site.

[frail dirge]

👋

[fading finch]

it was supposed to open earlier in September, but we're late. i'll make a post about this--we (Luminara) need more time to focus on the PGF proposals that have been evolving

[midnight furnace]

Copy that!

Will we also have the Anoma delegation program 3?

[fading finch]

with Borderless we've been focused on private USDC end-users, but in parallel Veil is focusing on router-level integrations

and there's a decent amount of interest from large projects 🔥 it kind of sells itself, because it's a new feature and a revenue source

i think if we can get fee revenue capture/distribution design right, there will be a tipping point where growth could be exponential

[pliant rapids]

borderless is a term you coined for this project? wen discord 🙂

[fading finch]

we see it as a core Namada project 🙂

[shadow terrace]

thx, lets chat in dms again abt it

[fading finch]

we want to showcase it with a reliable, useful app. but it should be open sourced as a reference implementation--we don't want to be competing with developers

we're also exploring how Namada could use USDN to generate yield. so users could have USDC held as USDN while in the shielded pool, and then sent as USDC after coming out

Namada could capture a proportion of this yield

it'd be complementary to having an entry/exit fee for the shielded pool
bc with entry/exit fee, we only capture value when assets are coming/going, but with USDN we can generate value when at rest

[lilac bison]

Curious on details when they are avail

[fading finch]

we need to wrap our heads around how routers will operate, in order to balance how long assets would be at rest (if at all) with privacy. composability as well, including fee revenue distribution composability

[slow atlas]

How will this be implemented? Will Shielded Pool withdraw funds to USDN?

[fading finch]

there's some info here https://www.noble.xyz/usdn

i imagine the user would see the option to use a Namada vault (with a notice that they would be exposed to USDN for duration). Namada would swap USDC into USDN and deposit it into the Noble vault, distributing USDN yield to depositors. when a depositor withdraws, the USDN is converted back to USDC and sent to the destination (which could be back to the shielded pool, if they just want to exit the vault)

Noble has a built-in swap module between USDC and USDN

cc @slow atlas

[slow atlas]

How difficult will it be to add a deposit/withdrawal fee to the pool? @shadow terrace

[fading finch]

https://github.com/namada-net/namada/pull/4726

there are two kinds of fee capture:

1. protocol level: a) entering and b) exiting shielded pool
2. transactional level

[shadow terrace]

we're working on this from a frontend standpoint and a separate backend standpoint

[lilac bison]

Namada vaults could have a "setup" fee in NAM ?

[fading finch]

in my mind, if USDN can earn ~4%, Namada could offer a split to the user getting privacy. for example, Namada could take 1% and user takes 3%

imo, value accrual to NAM is simple: buy NAM with revenue

protocol could do this automatically

[slow atlas]

Very cool. The addition of the USDN partially offsets the fees. Will we remove the pool incentives in the form of inflation of NAM altogether?

[fading finch]

Railgun captures $500k/mo. imagine if Namada did this and bought 500k of NAM every month

[fading finch]

great Q! i think the incentives could be useful for bootstrapping new assets in the pool

but i think we should do this when it makes sense to do it

i think USDC will find PMF very quickly, which will give us runway to expand to USDT, ETH, BTC, etc

we're at time--thanks for joining! pretty excited to be advancing this, it's pretty wild

[tired kiln]

thanks Gavin for everything you are doing for Namada

[lilac bison]

What benefits will make users choose Namada over railgun? Key question

[slow atlas]

By the way, I came across a bridge that simply forwards USDC between networks. (https://bridg.sh/) I think it uses the same mechanism from Circle. I suppose this feature could be integrated into usdc.delivery, simply forwarding USDC between networks, to increase its audience reach. It costs nothing, but it provides additional functionality, and users can be attracted to shielded payments.

[lilac bison]

Any updates on the mobile wallets teams? I still think having these features integrated into mobile will benefit the eco