Arbitrum Twitter Spaces with Good Entry Labs

In Arbitrum’s Twitter Spaces which took place on October 24, 2023, Ana from Arbitrum hosted Masterbean aka Masterbean from Good Entry to discuss Good Entry Labs, the V2 launch, the community drive on Arbitrum, and more! Read our notes below to learn more.

Background

Ana (Host) – Community Manager at Arbitrum Foundation

Masterbean (Guest) – Co-founder of Good Entry

Arbitrum – Arbitrum is a technology suite designed to scale Ethereum

Offchain Labs – Building Arbitrum for Secure, Limitless Ethereum dApps

Good Entry – a cutting-edge decentralized liquidity provider (LP) derivatives market designed to offer protection for users engaged in trading or yield-generation activities

Arbitrum Updates and Good Entry Labs

Ana discusses new developments in the Arbitrum ecosystem. She mentions that Etherscan now supports Arbitrum Sepolia and that the Arbitrum Goreli will be deprecated on November 18, 2023.
Ana shares that the Arbitrum Foundation’s grants program phase one is live and that the community can become Arbitrum ambassadors. She talks about the active Arbitrum DAO and its various initiatives, including the second round of the Arbitrum Security Council elections and its own grants program.
Masterbean gives a shoutout to various friends and supporters in the Arbitrum community. He recounts his previous experience in the DeFi sector, highlighting his role in several projects. Masterbean highlights the importance of community in driving a project, explaining that Good Entry Labs has found a degree of product-market fit on Arbitrum.
Masterbean explains that Good Entry Labs aims to bring positivity into a bad market, focusing mainly on retail day traders. He says the project aims to serve retail traders who are usually not the focus of many platforms.
Masterbean talks about their flagship product, Protected Perpetuals, which allows users to take long or short positions without losing money if the trade goes against them. Instead, they lose only a small funding rate. Masterbean recognizes that while there’s demand for this product, they are still working to improve it and address technical challenges.
Masterbean explains that they are not fully community-owned but are community-driven. They never conducted a pre-round funding, which gave them flexibility in their growth approach. They are planning a Token Generation event in November. Community input helps them identify gaps and make adjustments.
Masterbean highlights their belief in transparency, which the community reciprocates by pointing out areas for improvement. Their main focus was to provide an easy-to-use, low-risk day trading product that avoids complicated option terminology, helping many users make money.
Masterbean shares a personal experience from CoinDCX India where a community member expressed gratitude for helping him avoid permanent financial loss and actually make money from trading.
Masterbean discusses their token model and aims to unify stakeholders for collective building, similar to platforms like Arbitrum. Community involvement and feedback are crucial for their continued development.
Masterbean talks about the idea behind Good, reflecting on his own experience of building, failing, and learning. He believes in creating a system where most people win, whether they are trading or providing liquidity. The community is actively involved in helping the project grow, even during steps like the Arbitrum phase.
Masterbean highlights the importance of optimism and finding good in every situation, stating that this mindset has value in itself and contributes to personal happiness.

Good Entry Labs: Community Focus and V2 Launch on Arbitrum

Masterbean explains that one community member has made more videos about their project than their own marketing team. Another community member simplifies their documentation to offer practical trading examples. Masterbean appreciates this because it provides valuable real-world examples for traders. Masterbean mentions they are a salesperson and not a daily trader, but finds the community support extremely helpful.
Ana discusses Good Entry’s upcoming Token Generation Event (TGE) and asks for more details.
Masterbean says Good Entry’s TGE will likely launch on Arbitrum the week of November 27, 2023. They have opted for a first-come, first-serve public sale with no prior VC rounds to keep the terms straightforward for everyone.
Masterbean says that bringing in VCs would complicate matters due to differing expectations and the need for vesting. They aim for a token that is fully unlocked so that it’s more palatable for traders.
Masterbean says that once the token is live, they plan to involve the community in governance, similar to what Arbitrum has done. They differentiate between the token and their platform’s core product, viewing each as a separate entity. Masterbean says they are inspired by Arbitrum’s commitment to community involvement in governance and aspire to achieve something similar with Good Entry Labs.
Masterbean explains that Good Entry V1 was like launching the iPhone in a world of clunky smartphones. Good Entry removed complexities and offered a one-click experience. However, P&L calculations weren’t always accurate due to swapping and slippage on Uniswap V3.
In Good Entry V2, they removed non-functional components and simplified the trading experience. Now there’s only one choice when you log in and one choice when you short. The new V2 offers no upfront premium, no price liquidation risk, and more leverage ranging from 10x to 1000x.
Masterbean says that V2’s tighter pricing makes it feel like you’re trading options like Spot, and users are automatically protected from risks. It is user-friendly, and you don’t need to know about options trading to use it.
Masterbean says that V2 is more collaborative than V1. They can work with more teams and direct liquidity into partner AMMs like Camelot. They embrace the spirit of collaboration and have a multi-layered rewards system for liquidity providers.
Masterbean expects an incredible boost for Arbitrum in January 2024, positioning V2 to benefit from it. He stresses that V2 will correct the challenges users face in V1.
Masterbean says that they chose Arbitrum because of its strong and sticky DeFi community. He argues against chasing every new blockchain, saying it doesn’t solve underlying problems. Being successful on one chain is essential before going multi-chain.
Masterbean says it’s crucial to focus on the community and ecosystem that matter the most, stating that their priority is to serve loyal users in the Arbitrum ecosystem.

Good Entry: Community & Governance

Ana asks about the best way for the community to stay updated and involved with Good Entry. Masterbean says that Twitter is one avenue, but prefers Discord for more direct and meaningful engagement. He says that he personally answers questions under the handle MasterBean on Discord and discusses various topics such as bugs, partnerships, and governance.
Masterbean says that their token model is unique. He says that their team has locked up half of their token allocation, representing 11% of the total, as a governance voting power. This action is intended to establish trust with the community and ensure decentralized governance.
Masterbean highlights that their system is currently undergoing stress tests, which have identified areas that need improvement. He mentions that the community is actively involved in governance and can suggest ways to improve the platform.
Masterbean explains they conduct team calls on Discord where the community can actively engage with them biweekly, contributing to a vibrant experience.
Masterbean encourages community members to be vocal on platforms like Twitter and relates a story about meeting coinflipcanada who became actively involved in a project called GMX through similar means. He mentions GMX as an inspiration for Good Entry.

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Show Information

Medium: Twitter (Audio)
Show: Arbitrum Twitter Space
Show Title: Arbitrum <> Goodentry Labs
Show Date: October 24, 2023