Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Phala Network Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Phala Network
For more details:
Phala Network – @phalanetwork
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Orion Protocol Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Orion Protocol
For more details:
Orion Protocol – @orionprotocol
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. NEWV.FINANCE Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about NEWV.FINANCE
For more details:
NEWV.FINANCE – @newvfinance
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. DxSALE Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about DxSALE
For more details:
DxSALE – @dxsale
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Hello, Satoshi clubbers Another AMA took place in
Satoshi Club and we would like to introduce to you the AMA session with our
friends from XDEFI and our guest was Turbulence Wang. The AMA took place on 17th
March.
The AMA session was divided into 3 parts with a total
crypto reward pool of 500$
In this AMA Recap we will
try to summarise the most interesting points for you.
Part
1 — introduction and questions from the Telegram community
Turbulence
Wang: I’m glad to share ideas from our project, xDeFi.com
We established a series
of protocols, all built over xDEX, our multi-asset AMM DEX which support LP
farming.
Thank you for the intro
@ciupidos
Today I will give a brief
introduction about what’s new on xDEX, in a couple of minutes 🙂
Mary
| Satoshi Club: Hello, guys! Happy to see you all here!
Let’s start our AMA 🚀
D. | Satoshi Club:
awesome 👍
Mary
| Satoshi Club: Sure! But let’s start with introduction 😀
Keep this deck for a
quick review or as a reminder for later reference
Mary
| Satoshi Club:Guys, please, introduce yourself and tell
us more about XDEFI 🔥
Turbulence Wang:
The first thing many
blockchain users may wonder is – Do we really need one more DEX? Uniswap and
1inch are the 2 most successful DEXes product on Ethereum blockchain. The
answer is yes, we still need multi-asset AMM DEX in the first place.
Mary
| Satoshi Club: Great! This intro will be awesome 🚀
Turbulence
Wang: Imagine you want to trade UNI for Sushi, UNI will
only give you a multi-hop choice which caused doubled gas consumption in this
transaction.
In Multi-Asset AMM DEXes,
multi-asset pools are still portfolios which provide liquidity simultaneously.
In conventional stock
market, ETF funds are usually composed by stocks in the same industry or in the
same style, like Bluechips, Growth, Pinkslip etc.
xDEX pools support pools
using 2 templates
Template A,
Altcoin-ETH-DAI-XDEX=32%:32%:32:4%
Template B, you can see
DEXes/NFTs/Aggregators/StableCoins/Lendings coins along circles and along axis.
Along the circles we have ETF funds of different marketcap, Along the axes we
have ETF funds of different industry.
Thus we call this
multi-asset DEX as spider net topology, Instead of star like topology of
Uniswap, trading routes are shortened.
Turbulence Wang:
One more important
progress we’ve made is pool deduplcation for multi-asset pool model. You can
check Kyber / Balancer pools , many different pools have similar tokens, so the
liquidity is fragmented into different pools. User experience is degraded for
slippage is higher if we do no pool dedup.
Mary
| Satoshi Club: Impressive!
Turbulence
Wang: Certainly, pool dedup work is by default done by
Uniswap. So xDEX is featured with: Shortened routes, together with pool
deduplication.
Once liquidity is merged
rather than fragmented, you can see the overall Turn Over Ratio (Daily Exchange
Volume / Total Value Locked) is higher. For some certain pools in
Kyber/Balancer, this index shows a pretty good liquidity. In most pools, this
index falls much lower than Uniswap.
Another way to optimize
slippage is constraining asset weights.
We’ve observed that many
pools in Balancer is 98%:2% which almost provide no liquidity.
Keeping the weights
balanced in the first hand could enhance the turnover ratio, and one step
further, if weights ratio are integers, we adjusted the code by a little so
that solidity codes will be executed with lower gas amount.
Finally, we think
1inch.exchange understand traders very well – They do abstractions for
different trading scenarios, to save gas for users, or to give users chances to
trade under lowest slippage.
xDEX tackled crypto
trading scenarios case by case, and optimize certain scenarios for altcoin
traders:
D.
| Satoshi Club:[ 👍 Sticker ]
Turbulence
Wang: Alt/Mainstream, Alt/Alt scenarios are optimized in
their own scenarios.
ETH/DAI trading remains
the same as ordinary DEXes
So If you still have
questions about in what aspects xDEX differs from other DEXes, plz save this
table:
Here are some hints about
how a solidity programmer or a scientist to save gas in their works
xDEX will keep
permissionless and trustless.
… and also enhance user
experience.
We cherish our core
users, especially for traders. Here is a diagram depicting the interactions
between different user groups. As we can see, altcoin traders, portfolio
holders, token issuers and DAO participants are all welcomed in this ecosystem.
Anyone familiar with DeFi
farming will digest this diagram in 10 sec 🙂
Here are some statistics,
dirty data removed. More than 10k old addresses experience our products.
Mary
| Satoshi Club: Wow, excellent introduction 👏👏👏
Thank you for this!
D.
| Satoshi Club: thank you! i think this is the most
impressive intro we ever had in Satoshi Club 😄
Turbulence
Wang: We will launch on Ethereum blockchain first. Some of
our testnet users complain about gas consumptions on ETH… They urged us to
deploy our projects on EVM chains like BSC.
Yes, we’ve already got a
plan, stay tuned for the official announcements.
Turbulence Wang:
We won’t issue more
tokens but will use cross-chain bridge solutions.
D.
| Satoshi Club: this is will be a very nice upgrade 👍
Turbulence Wang:
And one more thing… plz play around on our multi vesting tool,
xHalfLife Protocol is
already used in our financing activities. All investors have 80% tokens vested
in smart contract, and this part will be unlocked block by block. The speed is
exponentially decaying.
Mary
| Satoshi Club: Thanks! A lot of useful info!
Turbulence
Wang: Different from all other competitors, xHalfLife is
repetitively refundable.
Mary
| Satoshi Club: We will have question about xHalfLife
from our member later😉
Turbulence Wang:Plz play around on halflife.kovan.xdefi.com ( so you won’t spend true gas :):):) )
Turbulence
Wang: Sure. Sablier Protocol is adopted by Sushi and
Vesper, but think about a refundable money stream!
We’ve still got tons of
work to do in the next 6 months, but xDEX, xHalfLife will launch soon.
Mary
| Satoshi Club: We definitely will wait for the launch!
Turbulence
Wang: If anyone is interested in any part about our
projects, ask us anything here & now , anything on twitter and discord 🙂
OK we can start Q&A
now 🙂 I’m happy to have this chance sharing our ideas.
@madamlobster
@Cool_as_Ice
Mary
| Satoshi Club: Let’s go 🚀 and thank you for intro one more
time 👏
Q1 from Telegram
User @Korryl
I read that the protocol
stack of xDeFi was launched on the Ethereum Kovan testnet and now already
finish. Can you share the detail of xDeFi test in Kovan testnet, is it success
with no bug? What are your plans after successfully carrying out this test,
will there be further tests with more activity reward to user or xDeFi will
launching immediately?
Turbulence
Wang: In 2 rounds of Kovan testnets we collected many
around 80 bugs, less in contracts, much in frontend.
Mary
| Satoshi Club: But this round is still alive, right?
Turbulence
Wang: After 2nd testnet ended at Mar.10.2021, we tested our
projects 3 more rounds to tackle problems.
Our code auditors put
their effort mainly on Solidity contracts, we still have more to fix and
cooperate with our auditors to give out their final opinions.
Thank you.
As soon as we are given a
final opinion of “low risk” for our newest version we will launch our
projects.
Mary
| Satoshi Club: But do you have approximate dates?
Turbulence
Wang: No 2nd round is ended. Team tested products for 3
more rounds for our own usage
in 1-2 weeks 🙂
Mary
| Satoshi Club: Wow, almost here🚀
Thank you for your
answers! Ready to proceed?
Turbulence
Wang: Cool
Q2 from Telegram
user @Antoni_azx
XDefi smart contracts has
passed two auditions, one by Certik and one by SlowMist, so it seems that
everything is safe and bug-fixed, but what can you tell us about the security
protocol of the platform itself? How is the whole infrastructure safe from
scammers and hackers?
Turbulence
Wang: Nice questions. We will launch xDEX protocols
(including swap, liquidity, pool proxies), FarmMaster protocol (tokens farmed
will be minted) and xHalfLife(vesting), the 3 most important part in our
product.
CertiK and Slowmist give
the audit opinions protocol by protocol.
Mary
| Satoshi Club: So, they audited everything?
Turbulence
Wang: Yes composability sometimes causes risk — Think about
Furucombo, Sushi repurchase and Balancer farming. All we can do is testing the
behaviours under different corner cases.
Protocol by protocol
D.
| Satoshi Club: will you do another audits before the
launch of mainnet?
Turbulence
Wang: Everything always kept opensourced on
https://github.com/xdefilab
Mary
| Satoshi Club: Yes, i remember this accidents
Turbulence
Wang: Slowmist and CertiK tracked our newer versions,
responsible for newest version
If onchain version
different from the version they’ve audited, they will give alarms on their
homepage to make sure the users are using a safe product.
Check their homepage to
make sure Our newest verion == Version Audited
Mary
| Satoshi Club: So, they are tracking projects they were
auditing?
Turbulence
Wang: They are working on the diff right now. As long as we
have a newer version, we will cooperate with them to review the differences in
codes
Mary
| Satoshi Club: Gotcha! Thank you!
Ready to jump to the next
question?😀
D.
| Satoshi Club: got it, good to know such nuances 👌
Turbulence
Wang: This working standard is recommended by all of our
auditors.
D.
| Satoshi Club: thank you for the answer! let’s proceed
to the third question 😊
Q3 from Telegram
user @garrinepotter
Tell us about the
economic model of the XDEX token. Distribution, blocking and, of course,
inflation of 19%. Why is inflation so high and what measures are provided to
reduce it?
Turbulence
Wang:Good question, I happened to organize the detailed
info after our seed round investment closed
From our BP deck
Take a closer look but
there is a newer version in our Discord.
0.58M Kovan Testnet Round
1, Round2, and Invitation Airdrop
0.1M BSC Grant Event Airdrop
0.225M PentaLaunch IDO
1.5M Initial Uniswap
Liquidity
0.9M Other Initial
Liquidity
8.5M Continuous
Financing, DAO, and Introducing new partners, Multi-Sig
Mary
| Satoshi Club: When you plan to close seed round?
Turbulence
Wang: Already closed, raised about 90M USD 🙂
not a huge one :):):)
Mary
| Satoshi Club: Wow! Congratulations!
Turbulence
Wang: Total: 100M tokens + 19M tokens per year for Farming
D.
| Satoshi Club: haha nice joke 😁😉
Turbulence
Wang: 75M + 19M per year are rewarded to LP farming!
And , information fully
disclosed ( even including our multi-sig account!)
Interesting part is :
36.6M TVL Milestones
–
0.3M TVL Milestone 1 (TVL 1M)
–
0.3M TVL Milestone 2 (TVL 10M)
–
0.9M TVL Milestone 3 (TVL 100M)
–
2.7M TVL Milestone 4 (TVL 1B)
–
8.1M TVL Milestone 5 (TVL 10B)
–
24.3M TVL Milestone 6 (TVL 100B)
Mary
| Satoshi Club: Your plans are as huge as amount you
raised😉
D.
| Satoshi Club: so total supply of token is infinite? if
im not mistaken
Turbulence
Wang: 1M-10M easy, 100M-1B a little bit harder, 10B-100B
DeFi #1
Inflation rate close to
Ethereum and Filecoin – 19%
D.
| Satoshi Club: got it
Mary
| Satoshi Club: Thank you for answers! Are you ready for
the next question?
Turbulence
Wang: Eth about 40M in CEX/DEX es, 5M mined per year, 12%
inflation. This morning Filecoin announces a halving, 368K per day over 700M
which is also 10-20% inflation. An open system will always welcome the new
comers, as long as crypto world grows 30-70% per year. Under 20% is safe.
Mary
| Satoshi Club: Nice math😀
Turbulence
Wang: Much more tokenomics design principles here, hope
this to be helpful for others who is designing one
https://xdefilab.medium.com/on-design-of-tokenomics-pow-cryptocurrencies-de-fi-tokens-and-xdex-80c71f665dee
Hope I didn’t do it wrong
in several seconds lol
We discussed 10+ Pow/DeFi
tokenomics!
Mary
| Satoshi Club: No, i got it😂 btw, can you tell
is it possible that you will also change your tokenomics?
Turbulence
Wang: Plz take a quick review 🙂
Turbulence
Wang: Tiny adjustments will be done within these 3 parts
1.5M Initial Uniswap
Liquidity
0.9M Other Initial
Liquidity
8.5M Continuous
Financing, DAO, and Introducing new partners, Multi-Sig
But numbers won’t vary
too much, 8.5M part will used for 2 more rounds of continuous financing . About
1.5+0.9 will be responsible for initial liquidity
9.6M Stage 1 + 9.6M Stage
2 + 9.6M Stage 3 + 9.6M Stage 4 + 19M per year for liquidity farming (38.4M +
19M per year)
0.58M Kovan Testnet Round
1, Round2, and Invitation Airdrop
0.1M BSC Grant Event Airdrop
0.225M PentaLaunch IDO
Mary
| Satoshi Club: With this numbers i need more time😂
Turbulence
Wang: These will remain unchanged … The reason we won’t
modify these parts : We’ve already tested the economic system robustness in 1st
round of testnet.
Mary
| Satoshi Club: But i am sure you prepared perfectly 😀
Turbulence
Wang: Yes we do. We make assumptions, we prove some in
Testnet activities.
Vesting helps so much in
keeping the price go smoothly — But our vesting period is much shorter than
Sushi farming / Filecoin mining
Mary
| Satoshi Club: I wish you that everything went as
planned and tested!🚀👏
Turbulence
Wang: Thank you!
Q4 from Telegram user
@Highpee
There is an initiative
you borrowed from Half life principle of radioactive elements which you called
xHalfLife. You said xHalfLife is a better alternative to token vesting as it
will offer effective and equity distribution of tokens which can be helpful in
case of emergency which require emergency withdrawal. What model will xHalfLife
be using to offer a slow at the same time fast method of unlocking equity which
users can use to improve their lives? How are users funds categorised into
delayed income and recorded income and for what purpose is this division?
Mary
| Satoshi Club: Where we will be able to trade your
tokens?
Turbulence
Wang: Uniswap, and our own xDEX.
Mary
| Satoshi Club: 👍
Turbulence
Wang: Professional question.
The reasons we choose
Halflife: 1. Half-life means (faster in
the early stage, later in the latter stages). Instead of 1-time linear vesting
used in payroll, Half-life is designed for stock/share/token vesting.
Stocks/Shares/Tokens are to be expected to goes higher right? In the latter
stage, the token price also goes up too. As long as the incentives are not
stablecoins, you can expect the exact value this halflife is emitting is
smooth.
Less amount emitting with
a higher price = stable in value.
Hope I made this clear.
Mary
| Satoshi Club: So, you’re sure that token price will
only get go higher?😀
Turbulence
Wang: 2. xHalfLife stream is refundable, it’s very
different from 1-time linear stream. Project founders incentivized colleages
repetitively. Halflife pattern is the only way to save tons of gas, or you will
create many streams. If you adjust linear streams as refundable, keeping track
on history is much more expensive.
Mary
| Satoshi Club: Ok, it needs more time than some seconds
which i have now😂
but as i see the timeframe is from 2020, right?
D.
| Satoshi Club: will you planning to add any deflationary
mechanism? token burning is a kinda popular strategy nowadays 🔥 😇
Turbulence
Wang: If token issues have strong token management and
strong execution power, it will. Please take a look at $NVDA and $MSFT. KEEPING
REPURCHASE is the vital part, and halflife is only a tool.
Turbulence
Wang: KEEPING REPURCHASE means the BUSINESS is a
continuously profitable one… DEX is.
Mary
| Satoshi Club: Got it! Will go through this article one
more time after AMA! Thank you!
Turbulence
Wang: We started to opensource our projects since Sep 2020,
and I took some time working on Medium
Woo a tricky one. We
don’t want to make obstacles for the new comers, a tiny inflation is good for
me by now 🙂 Burning strategy is cool, if our operating revenue is sufficient
we will consider burn the 8.5M part
We always reward our
liquidity providers ( this part causes a 19% inflation, don’t be startled).
Those tokens are not for
our team — for expanding the whole ecosystem.
8.5M part, in our
original plan there will be 2 more rounds of private placement.
Mary
| Satoshi Club: Yes, you have a good incentives for your
liquidity providers😀
Turbulence
Wang: If 1 round is enough, we shall consider token burning
strategy ( in case token hodlers are afraid of dumping)
Keeping faith is as
important as incentivizing
Thank you for suggestions
🙂
D.
| Satoshi Club: you are welcome! thank you for the great
answers! 😄
and the next question…
Q5 from Telegram
user @h1drX
The AMMs have found a
niche in the DeFi space for their simplicity and ease of use, but can you tell
us the formula of the protocol that xDefi uses? That is, Uniswap uses x · y =
k, where x is the amount of one token in the liquidity pool, and y is the
amount of the other. In this formula, k is a fixed constant. What is the
protocol adapted to xDefi and why did you design it that way?
Turbulence
Wang: x^a*y^b*z^c = k is a natural expansion for Uniswap
model, and the smart ones will notice this is exactly the Balancer
model(Dec.2019, Beta Testing). We respect their efforts on expand the AMM
borders. I love their products too! These codes can be found in BAL repo and
our repo, we think the math model is good enough, but there’s clearly much
space to optimize if c/a is decimal or a large integer. As I mentioned
according to the deck, c/a will be “small integers”, saving gas, and
reducing slippage.
Hope I made this clear 🙂
We respect all the works that Uniswap and Balancer achieved, they are pioneers.
Mary
| Satoshi Club: Who made all this math?😀
You?
D.
| Satoshi Club: i hope techies happy with that answer 😄
Turbulence
Wang: No, the first one made it clear is Fernado Martellini
@ BalancerLabs 🙂
Mary
| Satoshi Club: I am really interested how many talented
persons in your team)
Turbulence
Wang: A very natural expansion on Uniswap and the idea is
super cool
Mary
| Satoshi Club: I mean all math for XDEFI😉
Turbulence
Wang: Gas saving part, me and our CTO 🙂
Mary
| Satoshi Club: Applouds 👏
Turbulence
Wang: Tokenomics part by me and all the things packed up by
CTO … He’s familiar with EOS/Solidity/Substrate dev
We solve very special
topics that other teams won’t meet… like gas saving on xHalfLife. Generally
speaking, functions like sqrt(x) given
by Uniswap and x to the a th power x^a given by Balancer has almost no space to
optimize.. These are basic functions. Gnosis team and OpenZeppellin team also
spend huge amount of time working on solidity math libraries.
Mary
| Satoshi Club: It’s one of the most professional done
tokenomics i have ever seen 😉
And just one 6th question
from this part left 😉
ready?
Turbulence
Wang: I’m OK with the next one 🙂
Q6 from Telegram
user @yellowchamp
One of your Long-term
topic is an xNFTEX in which NFT traded through AMM. So, can you tell us how
does xNFTEX works? As NFT traded through AMM, what underlying risk we can
expect from it? In other way, what advantage when NFT traded through AMM in
XDefi platform?Thank you
I shared very limited
ideas about NFT liquidity. In the medium article, I mentioned several projects:
1. Unisocks: Socks
auctioning at a Uniswap bonding curve. $100K per pair of socks to redeem this
is INSANE!
D.
| Satoshi Club: haha yeah 😄
Mary
| Satoshi Club: Ok, let’s go from this side😂 you’re great in
math and another complex things😉
Explain in simple words
how this will work😀
For example, Mary want to
sell NFT
Turbulence
Wang: 2. NFTX: A very active project cooperating with Axie
NFTs and …. the famous HashMask project. HashMask are opened from Gatchas
randomly, but in NFTX, HashMasks are repacked to Gatchas, and the price is
still… 1.7ETH. About 800 Hashmask repacked Gatchas, all at 1.7ETH. NFTX shows
a potential power in providing NFT liquidity
Think about a token
issued with 0 digit in decimal … Theoretically, easy for Uniswap
and technically, a little
bit harder for us but still OK
A concept is given in
https://xdefilab.medium.com/on-knapsack-problems-auction-mechanisms-and-nft-standards-39438d48898d
and I will copy a chapter here in this
in this tg channel
4 A Liquidity Design
Proposed by xDeFiLabs
After referring to
UniSocks, Perpetual Protocol, NFTX, and other projects, xDeFiLabs proposed a
demo of the NFT Gatcha first-time auction system based on vAMM:
4.1 Mathematical model:
(vaE+ aE) * (aG+vaG) = C
4.2 Uniswap-style pool
setup:
One side is the Ethereum
pool, with Etherum amount aE.
There is also a number of
virtual Ethereum of amount vaE.
On the other side is the
NFT list. The composition of the list is {sold NFTs (wish list)}, and {unsold
NFTs}. The length of the list is determined when initialized. {unsold NFTs}
amount aG participates in the calculation, and the initial status of {sold NFTs
(wish list)} is the empty set.
There is also a vaG
parameter, the number of virtual Gatchas.
C is the constant
product.
4.3 Bonding Curve
If a pool is initiated in
the way that 4.1 and 4.2 proposed, gatcha price will go up (increasing marginal
cost). Considering a relatively fair auction, the price of the last Gatcha in
the pool will not be too expensive.
4.4 An Example:
Gatcha ask and bid prices
will be discrete:
Ask price:
C/(aG+vaG-1)-C/(aG+vaG)
Bid price:
C/(aG+vaG)-C/(aG+vaG+1)
With some initial
parameters setup:
1st Gatcha price fp=
~0.25ETH
Highest Gatcha price hp =
~1ETH
Initial aE = 0
Initial aG = 100
Virtual amount parameters
will be deducted as:
vaG = sqrt(ep/sp) *
Initial aG — Initial aG = 100
vE = (Initial aG +vaG)*fp
= 50
C = vaE * (Initial aG
+vaG) = 10000
Each time a Gatcha is
bough from, or sold back to this pool, ask and bid price will shift
accordingly.
4.5 Smart Contract
Structure:
A A pool of ETH
B An ordered dictionary
of ERC721, which records sold/unsold Gatcha status
C Parameters
D Contract calculating
ask/bid logic, refer to Uniswap
E The confidential
contracts and necessary random number generators.
F A front-end displaying
necessary information.
The long-tail liquidity
of the NFT marketplace will be stimulated, instead of an “Art Hype”, this setup
is close to the logic of Italian art collectors to trade any possible
combination of the collection in their community.
Okay a little bit
verbose. The most important part is 4.5.E The confidential contracts and
necessary random number generators. For example.. I’m a MTG fans (Magic the
Gathering), if I want to exchange a planeswalker “Jace Beleren” out,
I won’t be happy to receive an ordinary card. Maybe I’m happy with another card
of extreme scarcity “Garruk”
How can we keep some of
the information on NFT to be confidential, and other info revealed?
D.
| Satoshi Club: yes, how?
Turbulence
Wang: NFTX and Muse gave out simple answers. We will keep
research on that.
Through another NFT
standard, maybe
NFT has to reveal some of
their information partially, to ensure “rare card for rare card”
This must be ensured. in
NFTX the information is manually collected.
Mary
| Satoshi Club: Oh, i am starting to understand 😂
Turbulence
Wang: We’re working on this one…
D.
| Satoshi Club: so you are working on a new NFT standard?
😉
Turbulence
Wang: Rare card for rare card, you’ll get a market with
higher liquidity since “NFTs are classified by their levels of value”
Mary
| Satoshi Club: In simple words it means that i will be
able to exchange one class nft for another with the same class, right?
Turbulence
Wang: Not now, we get tons of work to do on xDEX🤣
xNFTEX is really about a concept now. We collected some information about
trading platforms, different standards on NFTs, and other technical topics like
“order preserving encryption on solidity”
Right.
D.
| Satoshi Club: [ 👍 Sticker ]
Turbulence
Wang: Search “order preserving encryption on
solidity” and Google gave me nothin😅 have to seek cooperation with other
teams working on privacy stuff
😅
Mary
| Satoshi Club: This it what i have not seen yet, but i
don’t have doubts that we will see with your help!
Turbulence
Wang: Will keep research on that!
Mary
| Satoshi Club: Give some topics to be covered for Google
😂
Turbulence
Wang: 😂
Mary
| Satoshi Club: Thank you for your answers! It was really
great!
D.
| Satoshi Club: indeed!
i think now it’s time for
the second part of AMA😇
Mary
| Satoshi Club: I think a small storm from our users
won’t scare you😂
Turbulence
Wang: I feel happy to have this chance sharing our ideas
Turbulence
Wang: It’s Okay 🤣
Mary
| Satoshi Club: 👍
D.
| Satoshi Club: @tturbulence_xDeFiLabs big thank you for
answers in part 1! we will open chat for 2 minutes, after chat will be closed –
you can start select questions from Satoshi Сlub members!
PART 1. Introduction of SuperBid project and community questions.
Hello, Satoshi clubbers and guests of this site. We are happy to present you with a project full of beauty, celebrities, and money.
SuperBid.io is an innovative social-auction app that connects influencers with their fans. With SuperBid, users have the opportunity to participate in thousands of auctions set up by influencers. We plan to integrate the SUPERBID token in our app!
Through our platform influencers, celebrities, and content creators will be able to easily auction off virtual and physical goods, for example: – “Bid For An Hour Of Playing Fortnite With Your Favorite Twitch Streamer” – “Bid For A Video Editing Course On YouTube With Your Favorite Streamer” – “Bid For The Streamer To Review Your Profile”
Mary | Satoshi Club – @madamlobster and Gold Rocket | Satoshi Club – @GoldRocket27
The Representative of the project:
Max-@maxxxcap
Sun Tzu-@Alkaph
Jacob Rylko- @JacobRylko
Wojtek- @wojsec
Natalia Janoszek
Introduction of SuperBid project.
Mary | satoshi club:
Hello, satoshi club! We are happy to announce our ama session with superbid.io! Welcome to satoshi club😀
Gold rocket | satoshi club:
Hello, dear satoshi clubbers!
We conclude our today’s exciting ama marathon series with superbid.io.
Today our guests are @kin_now, @Wojtek, and @jacobrylko!
Kin now:
Hi everyone!
Mary | satoshi club:
Hello, kin! Welcome here 👍
Jacob rylko:
Hello everyone!
Kin now:
Could you add @maxxxcap an admin?
Mary | satoshi club:
Sure!
Kin now:
The whole Superbid team is here 🙂
Max:
Here! Hello everyone. Thanks @madamlobster
Mary | satoshi club:
That’s nice 🚀 we can go now🔥
Max:
Let’s do it!
Gold rocket | satoshi club:
Welcome to satoshi club, @kin_now, @Wojtek, @maxxxcap and @jacobrylko😊
Max:
Thanks, we also have our CEO here, Patrick.
Mary | satoshi club:
Guys, could you please introduce yourself and tell us more about superbid.io
Max:
Of course. My name is max, operations lead for the Superbid team. I am here with Patrick, our CEO, Waytek, our CTO, Kinga, our CMO, and Jacob, our marketing manager.
Our project was founded by Wojtek and Patrick. Wojciech, our CTO, built the first social network in Poland backed by intel capital, available before Facebook (over 2 million users). He also built modasphere.com (the solution used by H&M and over 100 talent agencies, acquired in 2015). He is now the CTO at venture devs (over 150 developers) and a member of the Forbes special technology counsel. Patrick, our CEO, is president of escape velocity (a space technology company also based in Poland), and is on the executive board of venture devs. The two entrepreneurs decided to start a social media / influencer-based crypto project – Superbid.
Essentially, Superbid is an application that allows influencers across the globe to connect with their fans and run auctions as well as raffles
The goods/services which an influencer can auction off are pretty much limitless. If Justin Bieber ends up becoming an influencer on the app, he can auction or raffle off his favorite hat. If Snoop Dogg uses the app, he can auction off his bong. If Kim Kardashian uses the app, she can auction off her jewelry! Or, if you were Natalia janoszek (our first influencer and promoter), you can auction off your dress!!! This is actually happening upon app launch, by the way. And we’ll have many more 🙂 these are just a few examples. You might be thinking, well what about me? I’m not a celebrity and people aren’t going to buy my bong for $100,000. Our platform will be open to new influencers joining after launch – it will create a new revenue stream for influencers who have maybe a small following on YouTube or Instagram. Influencers will be able to think of creative ways to attract their audience and will be searchable on the app.
Max:
Initially, the app will contain several predetermined influencers, but we would absolutely be expanding as we collect data on our user experience. We want this app to be accessible to all. We will be translating to different languages, starting with English. There should be no nationality barriers once we have multiple languages available on the app.
Our CEO, Patrick, is also a member of Eban – Eban is Europe’s leading early-stage investor network. Just wanted to throw that out there 🙂
Mary | satoshi club:
And of course, thank you for the intro! You gathered a lot of great people in the project 🔥
Gold rocket | satoshi club:
Excellent background friendly team and a good idea that’s what business needs! 🚀🚀🚀
Mary | satoshi club:
Why blockchain, Max? 😉
Max:
Why blockchain. Excellent question. We have tons of good ideas about how we want to fully utilize the capabilities of blockchain to boost efficiency on our app. To start, the $Superbid token will be used to power the financial ecosystem of the fully blockchain integrated version of our app. What does this mean? Our initial concept and idea is this (it could change as we progress) – transactions on the final version of the app will be conducted with Superbid “points” which can be purchased on the app. Our idea is to peg the value of “points” to a percentage of the Superbid token itself. Points will be used for bidding on auctions and raffles within the app. The reason why we want to utilize points is to attract the mainstream – instead of requiring extensive knowledge of how to acquire cryptocurrencies in general, we want a user to be able to purchase “point” packages with their credit cards. For example, i can sign up for a $10 package which will get me 100 “points”, or a 50$ package which might get me 600 “points”. Our idea is points will be associated with the token supply itself. Our app will be the perfect application of blockchain considering the number of users that we want to attract and the amount of transactions that will be conducted in micropayments out to auctioneers/influencers when a bid is placed or raffle made.
So, in summary, here’s the deal: in the initial version of the app, the users and influencers will absolutely not have to know anything about blockchain. It will simply be users connecting credit cards in a very simple way. Eventually, once we have data on the product and user experience after a few months of it running, we will integrate with blockchain
Any further integration we will have to figure out and pick the right blockchain for it
In order to combat high fees and slow transaction times, as we mentioned in the initial planning document, we will consider leveraging more efficient blockchains as well as layer 2 ethereum solutions like matic
Mary | satoshi club:
Got it, it makes sense 😀
Max:
Oh, and the first functionality which will be accesible on the app is going to be NFT auctions and raffles. We are working with artists and collectors now and have already accumulated over $250k worth of artwork which we will convert to digital art and auction off on the platform.
Jacob rylko:
Surprise! 👀
Gold rocket | satoshi club:
Awesome 😊😁
Welcome to satoshi club👋
Mary | satoshi club:
Wow! This is super!
Max:
Yes. We are very excited. While our roadmap says may for alpha version product launch, we might be able to get this done much. Much. Sooner….👀
Gold rocket | satoshi club:
Thanks a lot for the clarification! Are you ready for community questions?
Max:
Obviously, NFT creation will be powered by blockchain. Yes, let’s go.
Mary | satoshi club:
@alkaph welcome to satoshi club 😀
Sun tzu:
Hello everyone!
We have these paintings in our safe..
Gold rocket | satoshi club:
So! Let’s go!!!🚀🚀🚀
Mary | satoshi club:
We have questions about NFTs from our users, btw😉
Preselected questions about the SuperBid DeFi project.
Gold rocket | satoshi club:
Q1 from telegram user @ainiesol
What is the most ambitious goal of the project? I would appreciate it if you could share with us any upcoming updates? What should the community look for?
Max:
Great question. We love this one because we are trying to be the most engaging and interactive crypto community in the world. Already we have set our sites very high. As you may know, we have Natalia janoszek (also known as nj) as our first celebrity who will be promoting the platform and spinning up auctions on the app. We have connections to snoop dogg’s management team and are reaching out to them for a potential collab. So maybe that bong… You might actually be able to see when we release the app 🙂
Here is some info on our current celeb, Natalia.
Mary | satoshi club:
She is awesome 🤩
Gold rocket | satoshi club:
We are looking forward to releasing the application.👍
Max:
We are thinking the main influencer “categories” will be catered towards gamers, music, and modeling/fashion. We are considering referral programs that will allow users to refer their friends and favorite influencers to join the app. In the near term, if anyone has any influencer that you’d like us to connect with and potentially develop a partnership with, do not hesitate to reach out to me directly!
Max:
It’s important to note that venture devs has created applications for very big time names and companies. Music.com and trubify just to name 2
Max:
We are going to be potentially forming partnerships here if it makes sense for both groups, at this point we would be able to attract many more artists and celebrities
Mary | satoshi club:
Btw, as i understand i already can download your app, right?
Max:
No, not yet. Check out our roadmap! It shows all the details there. @kin_now will post the link to our roadmap 🙂
We will be on the app store within the coming months. Details tba. Also, we are trying to build a partnership with ghost gaming.
Gold rocket | satoshi club:
You have big plans for 2021
Sun tzu:
Rocket plans and space conquest of every planet…
Mary | satoshi club:
Btw, will you have some services like cameo provide?😉
Max:
There is a potential connection which we have and would be very beneficial for both Superbid and ghost gaming to collaborate. They have plenty of gamers that could use our app to make money and auction of experiences such as an hour of playing Fortnite, etc… You get the point
Yes, of course. This app will be so much more than a cameo. Much more functionality, and powered by a crypto oriented financial system
For those of you that don’t know, cameo, which teams with celebrities to create birthday greetings and other personalized videos for customers, is planning to raise around $100 million at a $1 billion valuation, Bloomberg reported. In 2019, the Chicago-based company was valued at $300 million with a funding round, according to pitchbook data
Our market cap is approx. $3m
We have so much room to grow.
Gold rocket | satoshi club:
This is really impressive guys.👏
Mary | satoshi club:
Gotcha 👍 yes, the cameo is a very cool thing, so you guys will rock with this🔥
Max:
By the way, Natalia is actually a member of our team. She is our promotional lead and will be reaching out to her connections to bring on more celebrities in the near term
Mary | satoshi club:
And this will help a lot for mass adoption!
Max:
So overall, we are setting our sights very high and reaching far, seeking connections in the music, modelling, gaming, sports, esports and fashion industries
Gold rocket | satoshi club:
And it’s amazing how versatile your team is!👍
Max:
Yes, 🙂 Thank you
Mary | satoshi club:
Thank you for your answers! Ready to proceed? 🎉
Max:
Yes, let’s go 🙂
Gold rocket | satoshi club:
Q2 from telegram user @antoni_azx
Researching on your website and the published docs came to the conclusion that there’s not much information about the Superbid token itself, can you share with us the actual value of this token and how can the users trade it? Why did you choose the ERC-20 protocol instead of another more profitable?
Wojtek:
The token will be integrated with our app in various ways.
(which we’re still solidifying btw)
One way will be for our raffle’s functionality – in order to buy a raffle ticket to participate in an influencer-led raffle – your credit card purchases will be converted to tokens.
This will be done in the background without user intervention, so from the user’s perspective, it will be a regular purchase with a credit card. This way we can expect higher adoption due to the low barrier of entry.
Another way would be for users and/or influencers having to hold a given number of tokens (also purchased via cc), in order to be more visible on the platform or to have more functionality.
Mary | satoshi club:
Btw, if you will work with credit cards does this mean that some countries will be restricted from using your app?
Wojtek:
This way we’ll have this ‘hold’ mechanics which causes tokens to be taken off the market and kept inside the app by users who want the extra features.
@madamlobster we’ll have crypto payments too of course, using some global provider.
And we chose ERC-20 because it’s the most adopted platform right now – we plan to provide some liquidity on various other platforms such as BSC, Polkadot, Cardano, and layer 2 solutions on Ethereum. But this will be liquidity moved over from Ethereum so current holders won’t be negatively affected.
Max:
Perfect answers @wojsec. Thanks
Wojtek:
@goldrocket27 that’s it for this question, thanks 🙂
And here’s an update we sent to our community some time ago.
Gold rocket | satoshi club:
Many thanks! Do you want to add something or we can proceed to the next question😁🚀
Wojtek:
Let’s proceed please, thanks.
Gold rocket | satoshi club:
Q3 from telegram user @arisabela
86% of young people post social media content for money. That’s a huge truth, and many of them take it very seriously as a job, it’s also true that many of them are minor-aged, so is there any age restriction to make auctions and use Superbid financial features? Or is everyone welcome?
Max:
We will have to obey various regulations in different countries in order to be present in the app store.
So while we are removing the barrier of a user needing to understand crypto when we first launch, we still must comply with these regulations in order to function.
Gold rocket | satoshi club:
Yes, your position is clear to me!👍
Mary | satoshi club:
Of course! Also, will you have any KYC verification for some actions?
Max:
Most likely yes. In order to pay money out to the influencers, it’s mandatory for any app to have KYC.
90% of Instagram influencers are aged 18 and up, so we don’t see this as a major limitation in terms of market reach and capture.
Mary | satoshi club:
Sure! 😉 Thank you for your answers! Ready to go to the next question?
Max:
Also, for experiences that are won (things like a day in the life or a free flight to a dream destination), the user must undergo KYC verification. Yes 🙂
Gold rocket | satoshi club:
Q4 from telegram user @yellowchamp
One of the common solutions, in order to expand growth, awareness, and knowledge of Superbid, is launching a large-scale influencer and new user bonus promotion once the platform launches. I believe that Superbid platform is already live in the market, so can you tell us more about the promotional bonus for new users on your platform? Do you have a referral program for users that want to invite their family, friends, or colleagues to join in Superbid? And can you explain more about the large-scale influencer event that your platform launched? Who is considering participating in this event? Thank you
Max:
Great, great question. Yes, we do have promotional bosses for new users in the platform lined up. We also will incorporate a referral program as you mention in order to expand our market
With regard to the large-scale influencer event that we launched, Natalia will not only be bringing new starts onto the team but has also been posting Superbid oriented stories to her Instagram nearly every day
She will start by spreading awareness through her social channels. Her Instagram has over 300k followers alone
As we gain traction and build more partnerships, you will see new influencers from the gaming, modeling, and music industries join the team for long term collaborations
Our strategy with them will be similar so that by the time we launch the app, we will have spread awareness to millions of people and have a following in the hundreds of thousands (we hope 🙂 )
Mary | satoshi club:
That’s great! We will have the opportunity to invite all our friends, and also earn😉
Max:
Yes, for sure 🙂
Mary | satoshi club:
Which amount of users is your first goal? 😀 Did you set such goals for yourself?
Max:
Well, considering we already have 800 members on our telegram who have joined over the past 3 weeks… I can’t imagine what will happen once we actually launch the app. Our initial token launch was completely stealth. All of this growth completely organic.
And not to mention we are a team that has not been in the crypto mainstream until now
Mary | satoshi club:
Sure! But you’re gaining attention fast🔥
Max:
Yes, that is our goal
Wojtek:
Keep in mind that this project is based on influencers.
So, our user acquisition is leveraging network effects from influencers who already have huge followings.
Gold rocket | satoshi club:
Great strategy! Thanks for the answers! Ready to continue with questions?
Wojtek:
This way we don’t have to acquire users one by one – we wholesale them in via the influencer partnerships we establish.
Mary | satoshi club:
Sure, I understand 👏
Max:
Going back on the cameo example, cameo has 15k plus celebrities on their app. And they don’t offer nearly what we plan to…
Wojtek:
So marketing is a lot less expensive than with some companies that target users directly with marketing.
Max:
15k plus celebrities will attract how many users… I don’t know exactly. You decide 🙂But let me tell you, If Snoop Dogg’s bong is auctioned off through Superbid Its going to be a tough competition, but I’m winning.🙂
Gold rocket | satoshi club:
You are definitely an ambitious project !!!🚀🚀🚀
Wojtek:
@goldrocket27 next question, please 🙂
Mary | satoshi club:
Haha, if yes 😂 But I am sure you will find a way to his bong😉
Max:
Hahaha yes, absolutely. In order to survive in crypto, we must be this. We are a non-stop active team, with members based in EU and us. Covering all time zones
Gold rocket | satoshi club:
Now will be your favorite question, though partially answered. But you can add something 😁😍
Q5 from telegram user @mihaipisica
Recently you made an official announcement that your first celebrity who joins the Superbid team is Natalia janoszek! Can you be kind and tell us about Natalia’s involvement in the Superbid expansion and further steps related to your promotion? Is her role just for marketing or is she an investor also in your project?
Max:
Yes, great question. We love questions about Natalia because she’s a rockstar (literally). Natalia is indeed an investor. She will not only be assisting us with promotions in the short term but will be on the team as a long-term partner with an official role.
Some of the things she will do:
Build connections with other potential promoters, facilitate connections with these people and the team
Develop strategies to promote the project
Liaise with marketing to understand promotion goals
Take a part in the development of promotional and marketing policies
Social media posts (frequent, on Instagram, Twitter, etc.)
Wojtek:
She’s also literally on our telegram channel and posting news from the backstage of when she’s filming movies etc 🙂So she’s not just a promotor but an actual long-term team member for us.
Max:
Yes, she’s awesome. A huge supporter of us in general. She has a massive following in Asia as she was a star in a Bollywood movie.
Yes, we would love to share more details. Can we do that now?
Gold rocket | satoshi club:
Do it immediately !!!😁🚀
Mary | satoshi club:
Sure! Not can, but need to share😂🔥
Max:
Hahah let’s go!
So, our founders Wojtek and Patrick wanted to find a way to market in the most decentralized way that we could think of – bringing the power of spreading awareness to the people… We are doing an 11 eth total challenge to grow, and picking one winner 🙂
You guys better think about what you like me to cook for the dinner with the winner😎
Gold rocket | satoshi club:
Satoshi clubbers! Do you hear that ??? It’s impossible to believe 😁👍don’t waste this opportunity !!!
Mary | satoshi club:
Oh, sure guys have started to look for recipes👍🔥 Thanks, guys! It’s an unbelievable surprise for our club💃💃💃
Max:
You are very welcome. Thanks, Natalia for jumping in ❤️
Mary | satoshi club:
Natalia, thank you for visiting us!
Gold rocket | satoshi club:
Guys! You shine like rock stars today !!!🎉🎉🎉
Jacob rylko:
Some say the Superbid is the project of this decade, we have to 😁
Mary | satoshi club:
And I also want to remind you that just one 6th and last question left for this part😉 Ready for it?
https://youtu.be/FiXjWVTt6dU
Max:
One last video ^
Max:
Okay, we’re ready!
Wojtek:
@madamlobster let’s go!
Mary | satoshi club:
See you🤩
Mary | satoshi club:
Thank you one more time!
Gold rocket | satoshi club:
We were happy to have you here today! You are incredible❤️
https://youtu.be/1ylua45xYK4
Natalia janoszek:
Here is a little preview of what we’re shooting right now and you’re the first one to see it. I’m back to work and wish U a great Sunday!❤️
Gold rocket | satoshi club:
Let’s go🚀Love you ❣️
Q6 from telegram user @lzamg
There are plans to integrate NFT auctions for 09.2021, based on the Superbid roadmap. Can you explain more about how is that going to work? Will the NFTs be made for influencers through the Superbid platform? Can creators and artists start auctions on Superbid to sell their NFTs?
Max:
Yes, NFTs will be able to be made by influencers through Superbid platform. Users will also be able to create their own NFTs for auctioning or raffling them off on the platform. Absolutely, creators and artists will be able to start their own auctions to sell these digital items
Mary | satoshi club:
Guys, will we have NFTs from Natalia?😀
Wojtek:
We also plan to speed up the development of this feature so we’ll try to get it out sooner than 09.2021.
Max:
1000000%
Wojtek:
Plus we plan to bundle NFTs with some physical items being auctioned off.
Max:
Yep
Wojtek:
Natalia will auction off her dress from Cannes for example, and there will be an NFT attached to the physical item auctioned off too (once we have NFTs integrated).
Wojtek:
So literally every physical item or experience may have an accompanying NFT.
Mary | satoshi club:
It’s really so attractive concept 👏
Max:
Definitely.
Mary | satoshi club:
Can’t imagine what it will be if more influencers will join😀
Wojtek:
I can – 🚀🚀🌕
Max:
We are also planning on signing deals with big crypto influencers, so we will be able to attract this market as well.
Mary | satoshi club:
Why moon? Maybe Mars?😉
Wojtek:
That’s the next step, one by one!!
Max:
We are bridging the gap between the crypto world and the real world (not that crypto isn’t real… You get my point 🙂
Mary | satoshi club:
Sure, I got it and that’s right 😀
Wojtek:
Every day we’re making another step, working around the clock, so we’ll get to alpha Centauri eventually too 🙂
Mary | satoshi club:
Guys, you brought so much energy and beauty to satoshi club 😀 and we want to share some of our energy with you also😀
We will have the live part now and you can feel a bit stormy for 120 seconds 😂
Wojtek:
Bring it on!! 🙂
Gold rocket | satoshi club:
Get ready for Niagara falls from questions !!!!
Wojtek:
We’re ready 🙂
Mary | satoshi club:
Let’s go 🚀
PART 2.Questions about the SuperBid project from the live chat of the telegram community.
In this part, we open a chat for the crypto community for 120 seconds. Then the guests from the SuperBid crypto project choose the top 10 questions. The 10 crypto enthusiasts have earned cryptocurrency in the sum of 100$.
Q – 1 from a telegram user @Khur_eshi_Abr_aam
Can you tell us the reason why are you burning over 86% of $SUPERBID tokens with a total supply, 674 million? Why did you burn this many tokens? So only 14 % will be left after burning, do you have a plan to add additional tokens in the future?
max:
Yes, we realized quickly after launch that this would be the best option for our community. in fact, the main reason why we did this was due to community feedback. we are very open to this. burning 86% of the supply gave our community confidence in the team, that we were serious about it. the only reason we started with a high supply of tokens is that we did not know how much the project would grow and change as we progressed. there will most likely be future burns as well. we do not plan on adding additional tokens.
Q – 2 from a telegram user @Giniwhite
Is superbid a recommended platform for small influencers? Is there the possibility of growing in SuperBid as in other apps like TikTok or Instagram?
Kin Now:
Yes definitely, it all depends on the creativity of the influencer and what they offer as part of the auction. In our application, you will be able to browse through various auctions, so everyone will be able to promote here, regardless of their reach.
Q – 3 from a telegram user @Indomiekuy
Can you share with us how does your auction system work and what is the connection your auction with $SUPERBID token? how do I as a new user of your platform can participate in your bid, what are the criteria and requirements?
Wojtek:
As a new user of the platform you’ll be basically using a Credit Card for participating in auctions just like you would with ebay. Same thing with raffles which we also plan to support – you’ll just be buying a ‘raffle’ (lottery) ticket with a Credit Card. This way user adoption is seamless and they don’t need to know anything about crypto.
We will be converting raffle tickets to the SUPERBID token by buying it off the market most probably, and then for auctions, users will be able to buy tokens in-app in order to be more visible, have direct contact with influencers, or other benefits of holding tokens. The same thing with influencers – if they hold tokens they will have more visibility and their auctions will be promoted.
.Q – 4 from a telegram user @highpee
Hello 👋
You will be creating a platform for CELEBRITY and INFLUENCERS to auction goods and services and this is great as it will allow their fans to get this material at a lower price. But can an ordinary user (not a celeb) uses your platform to auction belongings also? Or are you only available for TOP CELEBRITIES?
Kin Now:
Any user will be able to create auctions. Only our communication and promotion is currently based on influencers and celebrities.
Q – 5 from a telegram user @imrealsatoshi
Do you support staking Superbid tokens?
Wojtek:
Not right now Satoshi, but we’re actually working on some kind of staking / farming solution so please stay tuned.
Q – 6 from a telegram user @Karoceh
Talking about social media content on apps, we certainly have to be careful at this point. especially relating to personal data. How will SuperBid take care of user privacy? are you concerned about this problem?
Jacob Rylko:
Definitely. We are perfectly aware of the problem with personal data being hacked/shared, as this is one of the biggest concerns of our times. What you can expect from us is that we will do our best using our resources to protect those data and value user’s privacy. This is top priority. No excuses.
Q – 7 from a telegram user @alaskasb
Apart from influencers, what benefits does SuperBid offer its users?
max:
great question. we are thinking about incorporating some cool features such as gamifying the app. For example, if you hold a certain amount of points and for a certain amount of time, you might be placed in a higher bracket which could give you bonus points or priority in making bids (as a user) / being seen by fans (as an influencer). We like to think of this kind of as a google ad network where the higher bracket which you are in, the higher likelihood you have of winning an auction or going viral within the app, if you are an influencer. We will counter this by allowing users to participate in raffles and perhaps have separate benefits for the “micro” influencers or people that simply want to try out the app just to see if they have potential in growing their following on social media. we are not going to limit the app to certain influencers only. mainly, users will be able to connect with their favorite stars and feel much closer to them than they would otherwise… if I’m a super fan of Justin Bieber, wouldn’t I want to participate in a raffle for his hat? these are the kinds of questions that a user will be asking herself when the app is launched.
Q – 8 from a telegram user @Boylut
You said SuperBid project is based on influencers, hope these won’t have any negative impact on the project in the long run as most influencers usually dump the portion of the token being allocated to them on the community?
Wojtek:
We plan to burn part of the tokens, so the selling pressure on the market will be less than what the buying pressure was. Plus as I mentioned in my answer above there will be a number of holding mechanics in the app which will result in tokens being stored in the app.
Q – 9 from a telegram user @cindy_crypto
Which influencers are your main target? Instagram, Twitter, or youtube influencers?
Wojtek:
We’re aiming at Modelling, Gaming and Music as the first targets. Most of those will be from Twitch, Instagram and Youtube (and from our potential partner trubify.com – which is an app that our company VentureDevs built and we’re talking to the founder about a partnership.
Q -10 from a telegram user @Korryl
I read from a user from your telegram that Superbid will give a big prize for competition with total of 10 ETH for the winner from your community. can you tell me about the detail how do i possible to join that competition? does everyone have the same chance of winning or it’s a random winner? is this some kind of airdrop?
In the final part, we tested the knowledge in terms of the SuperBid.io project. They’ve prepared 4 questions for this part, so everyone could be a part and answer. Participants had 10 minutes to answer. 300$ was distributed between the winners.
Hello, Satoshi clubbers Another AMA took place in
Satoshi Club and we would like to introduce to you the AMA session with our
friends from SIL Finance and our guest was @lianana one of the co-founder of SIL
Finance. The AMA took place on 18th March.
The AMA session was divided into 3 parts with a total
crypto reward pool of 500$
In this AMA Recap we will try to summarise the most
interesting points for you.
Part 1 — introduction and
questions from the Telegram community
Gold
Rocket | Satoshi Club: Good evening, dear community!
Let’s start our today’s
series of AMA marathons with SIL Finance.
D.
| Satoshi Club: good day Satoshi Club! 🙌 let’s welcoming
our today’s guest – @lianana ! welcome to Satoshi Club!
how are you doing?
liana: Hey
@Cool_as_Ice
Gold
Rocket | Satoshi Club:Welcome to Satoshi Club, @lianana 😊
Thanks for joining😊
liana: cool,
yes thank you very much, this is Vincent from Sil.Finance team
D.
| Satoshi Club: good to have you here Vincent 👍
Gold
Rocket | Satoshi Club: To begin with, please tell us a few
words about yourselves and how did you get to be involved in crypto & SIL
Finance?😊
liana: It’s
been so nice to joine Satoshi Club for a event
Sure, I mostly represent
the tech team
D.
| Satoshi Club: thank you! 😊 we are very glad that you are here ☺️
liana:
I’ve
been a serial entrepreneur that mostly focuses on fundamental technology, ex
BitMart co-founder and ex Ethereum dev.
D.
| Satoshi Club: that’s a huge experience
Gold
Rocket | Satoshi Club: Nice background
liana: I’m
one of the collective founder of three
Please allow me to
introduce our team
D.
| Satoshi Club: yes. please! 😊
liana: Let’s
begin with another two co-founders
We have the Big Orange,
he is an early adopter in the crypto space since 2013, and is a well-known
community leader in China, a.k.a KOL.
He has so many fans that
I’ve to mute most of them, or my phone gonna blow, and he has good
relationships with many awesome and well-known exchanges.
Mr.Da, he’s an
operational pro guy, ex okex, helped various projects up to their tracks.
D.
| Satoshi Club: haha popular guy 😁
liana: we
three are the collective founder of SIl.Finance
D.
| Satoshi Club: nice! so you know each other for a long
time?
Gold
Rocket | Satoshi Club: cool team! 😉
liana: yeah,
we been through last bull market together
the Big Orange was in
crypto since 2013
I was Ethereum dev since
2016
D.
| Satoshi Club: old crypto buddies 😉
Gold
Rocket | Satoshi Club: Yes, this is more than a crypto
friendship 😁🚀
These are the crypto brothers 😉
liana: Also,
we have Alex and Alvin with us, they are in charge of global marketing
strategies and business developments
we each excel in our own
realms, and now we made a team
D.
| Satoshi Club: awesome! so what exactly are you building
in SIL? could you represent your project? 😊
liana: Alex
Joined crypto industry since 2017, worked as senior executive in some
successful crypto projects, former okex senior global manager. Alvin has a
background of TRON Foundation ecosystem building and product lead, Abra CeFi
product lead, and Paxful product lead. Been advising projects like top 30
exchange, cloud mining as well. He resonated with SIL’s approch in DeFi and
have been building sil.finance with the rest of the team.
Gold
Rocket | Satoshi Club: Can you tell us all more about the
project, the idea, how it started? And especially why is it needed?
liana: Sure
SIL is a decentralized
passive investment platform based on smart contracts, focusing on providing
users with DeFi synthetic
financial services. It is a strategic financial tool that helps individuals
arbitrage in the DeFi
market. It is also a liquidity constructor and income aggregator, a derivative
tool
that hedges your funds to
meet a macro financialplan.
SIL provides dual token
liquidity for many swaps, automated LP pairing, and automated compound
interest. According to factors such as annualized rate of return, safety
factor, financial management cycle, etc., it automatically selects and
configures products that best meet the interests of users, allowing complex
liquidity mining becomes extremely simple.
The mining revenue will
be distributed to all users in proportion, there is no middleman, no
commission. The platform is jointly built by cryptocurrency participants from
all over the world, and the management of the platform is entrusted to all SIL
holders.
Gold
Rocket | Satoshi Club: Thanks for great intro!
D. | Satoshi Club: wow, what a complex product 👀 sounds cool 😄
liana: hold
on, a long one
SIL features a three-tier
architecture: SILMaster, MatchPair and StakeGatling. SILMaster is the entry
management contract, processing transactions and the distribution of SIL Token.
MatchPair is responsible for matching. The matching queue adopts a
first-in-last-out model to ensure that users who recharge first are matched
first. When the matching party withdraws funds, the queue adopts the
last-in-first-out model. It also ensures that users with priority recharge are
in a relatively safe queue position. StakeGatling is responsible for
collateralizing the matched LP to the mining contract. And then according to
the configuration strategy, it will automatically roll out the profit, CLAIM
income and convert the income of CLAIM into LP through Swap/Mint, and
re-mortgage to obtain income to ensure the maximum benefit.
From the beginning, SIL
Finance has been focusing on transaction-based liquidity pools. But there is a
well-known function or we call that defect in the pool based on token exchange
(LP), which is, impermanence loss (IL). That usually surprises new players and
is rejected by experienced players. It is difficult for an ordinary player to
control the whole surface. In order to minimize volatility preferences, SIL
introduced a smart contract-based matching engine that provides two additional
solutions for current LP players, and both only require players to provide a
single-side token.
As a pioneer project of
the DeFi aggregator track, SIL built itself upon Ethereum, and strives to
develop the ecology, to make DeFi simpler, to create more value for users, so
that more people can access and participate in DEFI with inclusive financial
realizations.
The whole project starts from where UniSwap gets hot and SushiSwap came in bound, we are all early adopters of UNI and SUSHI, and we played a lot in DeFi, but soon we find the issue that not everyone has both sides of the tokens of the pair, e.g., the Big Orange found that, the fans in his group, they usually have one side of the tokens, and they tried to find the opposite users in that group, so they could make a match, like I have ETH and John.Doe have USDT, we all don’t want to lose our positions, so why not let’s make a team and get into UNI or SUSHI together, and split the profit later.
Gold
Rocket | Satoshi Club: You did a good job on the concept👍
liana: It’s
around September 2020, where we find the idea that make a one-sided liquidity
pool maybe a practical idea, soon we sit down and brain-stormed the prototype,
and during our development, we recruited a few test users from our community,
they give us a lot of feedbacks, mostly importantly, they give us the idea that
if we can reduce the IL(Impermanent Loss), they will really like our product.
Guys you can check our site, https://sil.finance , there are two modes there,
one is just one-sided composition, another is IL reduction mode, this is the
strength from the community, really impressive, besides that, we did a lot of
code improvements and other security stuffs, this is how we get here today.
We intended to make
Sil.Finance an easy entry-level product for the beginners in the crypto space,
and let users make more profits than their own.
thank you @GoldRocket27
D.
| Satoshi Club: thank you! for awesome intro and
representation of SIL! our community have lots of questions about all aspects
of your project 😉
so let’s open the first part of AMA and hear them?
Gold
Rocket | Satoshi Club: It is very good that you are trying
to bring mass adoption closer! The crypto world is penetrating more and more
into the lives of ordinary people. They don’t want to study technology. They
need to press a button and get the result 😁
liana: yeah, let’s go ahead
D.
| Satoshi Club: that’s true 😆
let’s go!
Q1 from Telegram
user @NataliyaKil
I noticed the name of
your project: “Sister in law”. Recently, projects with the names of vegetables,
fruits and animals often come to AMA in Satoshi Club …. Seeing you, I wondered
what the name of your project means, how did you come to this? After all, Sister
in law is one of the family members, and I assume that your project is a kind
of family business and family values
are important to you? Please share this information with us.
liana: Indeed
That’s correct, the SIL
concept comes from the abbreviation of Sister in Law, which is a meme to YFI.
It’s a meme, it’s like a family.
We see that YFI, YFII,
etc, hey we tried to by family
Gold
Rocket | Satoshi Club: What other relatives do you have in
your family? 😁
liana: We liked the idea of YFI, you can see that
have the same token amount as YFI, lol
Wow, you hit the spot,
there are sisters in the family, and they would be represented to you as NFT
the NFT would be launched
real soon after our product launch
You gonna see all the sisters, lol
Gold
Rocket | Satoshi Club: Satoshi Clubbers will be happy to
meet all of them ❤️
liana:
Yeah, sure, and the NFT token is actually playable
Talking about artists, we
happened to have an artist on the team, and we’ve already planned this thing
for a month, there will be Sisters Series Buff/Debuff cards incoming. Soon we
will deliver a very interesting series of NFT tokens that were just issued by
us, which will correspond to individual matching-pair tokens(ETH, SUSHI, etc),
and having our Sisters(SIL comes from Sister in Law) series to represent the
card faces.
D.
| Satoshi Club: we have a question about your NFTs, but
it’s the last one, so we can talk about NFTs a bit later 😉
liana: cool
let me hold on for a
minute, lol
D.
| Satoshi Club: haha 😄
Gold
Rocket | Satoshi Club: [ 👍 Sticker ]
liana:
Yeah, let’s go with the next question
D. | Satoshi Club: thank you for the answer! now we know the origins of your project’s name 😇
Q2 from Telegram
User @h1drX
When YearnFinance emerged
it revolutionized the liquidity pools, through vaults, being a much more
complex protocol, now, SIL Finance will revolutionize the simple vaults of
YearnFinance, through dual vaults being a very new protocol and in beta phase.
What exactly are the investment options available to investors who fund the
dual vault? What are the advantages over YearnFinance simple vaults?
liana:
We love YFI but we have very different mining models
The SIL is actually built
on UniSwap and SushiSwap right now, and will compat other future pools in the
future if we need to
The SIL bring
single-sided mining pool to the mass, which is also very different from Bancor
v2.1’s BNT and Andre Cronje’s SIL
Andre Cronje’s SushiSwap
V2 Single Sided Exposure and Impermanent Loss mitigation actually
From the SIL team’s view,
there is a big difference among them, which is that SIL is not a match taker in
the mining pool. In BNT’s example, ETH/BNT is a synthetic pair, since it’s not
every day’s requirement, people trade on ETH/BNT pair mostly when they want to
mitigate the Impermanent Loss. and the BNT is minted drastically depends on how
much ETH user put into, it’s a dynamic balance, maybe too dynamic. The
circulation of BNT is very hard to manage and calculate.
Gold
Rocket | Satoshi Club: Which model would you recommend to
me as your sister-in-law 😁😁😁
liana:
The SIL won’t be the match taker, means SIL is generated from regular trading
pairs like ETH/USDT, which is a daily normal needs, we build our Impermanent
Loss mitigation solution on top of the original AMM protocol, not on an elastic
circulating model. We think then the SIL token will be more stable and
manageable by all users including the development team.
I recommend you can try
out our IL mitigation mode with single side of token, and own compound
interests and SIL
SIL Vault Liquidity
Mining profits include:
1. Commission on
underlying swapping fees
2. Correspondent LP
stacking gain (transitive, will sell automatically by SIL Finance for principal
roll-up)
3. SIL tokens generated
from single-side pairing During mining, 0.5 percent of (principal + profit)
will be subtracted to purchase SIL, which will then re-enter the minting pool.
SIL token itself is also a community governance voting tool. SIL is initiated
by the community and for the community.
D.
| Satoshi Club: so people will able to get your token
through farming? what will be the model of distribution?
liana:
That’s correct, the token will be minted out near-linear fashion in total 6
months
every pool has a weight
of the total production of SIL
currently we only have 1x
pools, later we would had multi-x pool like SIL/USDT, stay tuned
D.
| Satoshi Club: nice! will your farming pools also have
some creative names? like ‘stepbro’ pool etc?😁
liana:
Very nice advice, yeah, we didn’t thought about it, actually we could implement
it
Now we have pool names
corresponding to the LP type and assets types
Now I think that’s quite
boring already
D.
| Satoshi Club: im glad to help 😇
Gold
Rocket | Satoshi Club: Satoshi Club is always a brainstorm😁🚀
liana: 👌
D.
| Satoshi Club: thank you for detailed answers! let’s
proceed to the next question?
liana: sure
Q3 from Telegram user @meml97
I read on your medium
article about SIL Finance, that one of the features your ecosystem have, is
something called “Matryoshka Mechanism”, which you said is based on the LP
matching mechanism. Can you tell us more about this feature and why is it
called that way? Because, as far as I know a Matryoshka is a russian doll that
is hollow and can have other dolls inside with the same characteristic. So, on
what will this Mechanism be similar to this russian doll?
Gold
Rocket | Satoshi Club: Nice one 😉
liana:
It means chain of embedding, which in SIL is translated to chain of profits
let’s revisit the profit
list again
SIL Vault Liquidity Mining profits include:
1. Commission on
underlying swapping fees
2. Correspondent LP
stacking gain (transitive, will sell automatically by SIL Finance for principal
roll-up)
3. SIL token gain
You see, users get chains
of profits, way more than just providing liquidity on the Uni or Sushi directly
Gold
Rocket | Satoshi Club: Please share your tokenomics with us
by the way 😊
liana:
Consider SIL as smooth alternative to underlying pools
The community will share
68% percentage of the total tokens from directly mining, that will be a lot
15% is allocated to
Governance Treasury, which would help to cover emergency situations when
something really unexpected happens
D. | Satoshi Club:
liana: The
SIL dev team share 17% of total tokens, since SIL have various institutional
partners and strategic partners, some of
our shares where used to working them on some incoming events
We just have plans that
we would be on Dora Factory’s bonding curve
check it out when time is right
Gold
Rocket | Satoshi Club: Thank you very much for the
information!
liana:
SIL tokens generated from single-side pairing During mining, 0.5 percent of
(principal + profit) will be subtracted to purchase SIL, which will then
re-enter the minting pool. SIL token itself is also a community governance
voting tool. SIL is initiated by the community and for the community.
Gold
Rocket | Satoshi Club: We are looking forward to news🚀
liana: Thank you
Gold
Rocket | Satoshi Club: Ready to proceed to the next
question?
liana:
let’s proceed
D. | Satoshi Club: let’s do this! 🚀
Q4 from Telegram
user @mctrho
SIL Finance is a very new
project that is currently in beta phase, in fact, on the SIL Finance web
platform there is a warning of this. Suppose I decide to make an investment
today, is it possible that I could lose the invested funds? What do I risk when
using SIL Finance in beta?
liana:
In beta means our innovation hasn’t stop after launch, there still so many
things to do
at the launch, we
intended to only launch the Normal Mode mentioned above
In this mode, each side
of assets will bear there own profit/loss and there will be no Impermanent Loss
Mitigation
Users most fully aware
how Impermanent Loss works before trying to put funds into the pool
Which means, if you put
one side of asset into a pool, if the price fluctuate dramatically, and if you
are token-count minded(token holders), you may experience token loss when you
withdraw
But if you are fiat-value
minded, that’s would be fine
D.
| Satoshi Club: when do you planning to go out of beta
version?
liana:
when IL mitigation and NFT launched
Gold
Rocket | Satoshi Club: You must admit that in our time,
security is a very important issue. what measures have you already foreseen and
are planning? and did you audit smart contracts? if so, are you ready to share
with us 😉
liana:
Yes, cybersecurity and crypto-security always happens in the crypto space, we
did lots of smart contract security talks with auditing firms(slowMist and
Certik), and simulate various possible security breaches and did various
guarding gates and algorithms to prevent possible events like impersonation,
flash-loan attacks, MITM attacks, and we do not allow random contract to call
our contract directly.
D.
| Satoshi Club: do you have any refund system for users,
in case of hack or any other attack?
liana:
The SlowMist audit was conducted at Jan this year
The Certik audit is
currently in process
Also, Sil.Finance smart
contract will allocate 15% of tokens as Governance Treasury, which would help
to cover emergency situations when something really unexpected happens.
And we have some
emergency handles that could help us to pause the contract immediately
D.
| Satoshi Club: gotcha 👍
Gold
Rocket | Satoshi Club: Thank you very much for taking care
of your members. And also that you share this information with us!👍
liana:
But the process will require our multi-sign wallet to initiate
Gold
Rocket | Satoshi Club: Ready to the next question 😉
liana:
The SlowMist audit id is: 0X002101050003 , feel free to check it out on their
website
Gold
Rocket | Satoshi Club:👍
liana: ready
Q5 from Telegram
user @Brainchest
I read in a white paper
that you plan to start using Pay Pal or Matrix Port in DeFi. Tell me what
application scenarios you see? Agree, there are already too many farming pools
that offer to farm in the same way, so innovative, slightly crazy ideas are needed.
Buying crypto for farming in Silo finance using PayPal, or maybe you make an
innovative pool of Ether\ Dollars in a PayPal account?
liana:
That’s a analogy
to the Paypal or Matrix
Port
That means we want be the
entry to funds management in the DeFi space
we have crazy ideas, the
NFT part
D.
| Satoshi Club: so you don’t plan to work with PayPal?😄
liana:
we have innovative ideas, the IL mitigation method
Yeah I think we could try
D.
| Satoshi Club: imagine pool – ETH/PayPal 😁
liana:
That would be something real innovative, maybe SEC wanna talk to us then
ETH/PAPL, wow
D.
| Satoshi Club: yep, that would be for sure, an
innovative idea 😁
Gold
Rocket | Satoshi Club: I want to ask a question not a topic
😁 Like real SIL.
We’ve already figured out that you care about your community. Tell us a bit
about the airdrop and distribution system. I saw on your twitter it works.
liana:
The payment system need something that doesn’t fluctuate too much
The airdrop, yes that’s
incoming, and there will be SIL NFT airdrop too
Gold
Rocket | Satoshi Club: how can we join?
liana:
what distribution system you mentioned
it will be rolled out,
but we can’t tell yet, we try to surprise users
not to share how it works
at this time
Gold
Rocket | Satoshi Club: Look forward to😊🚀
D.
| Satoshi Club: awesome! and now we can talk about NFTs 😇
Gold
Rocket | Satoshi Club: I have one more question sorry😁
liana:
yeah right
carry on
liana:
let me scroll it up
Gold
Rocket | Satoshi Club:
Tell us about this
exciting event, it will be very soon🚀🚀🚀
liana:
yeah, right, the contract will be open for deposit in 51 mins later, wow, I’m
excited
which means the mining
will be open in 51 mins
Gold
Rocket | Satoshi Club: We share your excitement! 😁🚀🚀🚀And
we wish you good luck!
liana:
thank you~
Gold
Rocket | Satoshi Club: Ready for the next question or want
to add something?😊
liana:
Just be fully aware how IL works before consider entry, it’s really really
important, and matters to you, that’s what I have to remind every user that
want to try our your first axe
Just be fully aware how
IL works before consider entry, it’s really really important, and matters to
you, that’s what I have to remind every user that want to try our your first
axe
Just be fully aware how
IL works before consider entry, it’s really really important, and matters to
you, that’s what I have to remind every user that want to try our your first
axe
3 times, to make it
important
Gold
Rocket | Satoshi Club: Thanks ☺️👍
@Cool_as_Ice shoot please🚀🚀🚀
D.
| Satoshi Club: now everyone should be aware of 😁
Q6 from Telegram
user @yellowchamp
SIL.Finance (Sister in
Law) is a crypto project that is introducing a smart contract-based pairing
engine that will provide two additional revenue streams for liquidity
providers.Thus, in your twitter account you posted that SIL Finance NFTs will
be out soon. So can you give us a brief overview regarding the other venture of
your platform which is the NFT? As far as I know many platforms nowadays are
also taking NFT in their platform, so what is the unique idea or features that
SIL Finance NFT will offer in the market? Do you plan to build your own NFT
Marketplace for SIL Finance in the future? Thank you
liana:
We have an artist on the team, and we’ve already planned this thing for a
month, there will be Sisters Series Buff/Debuff cards incoming. Soon we will
deliver a very interesting series of NFT tokens that were just issued by us,
which will correspond to individual matching-pair tokens(ETH, SUSHI, etc), and
having our Sisters(SIL comes from Sister in Law) series to represent the card
faces.
We call them Buff /
Debuff cards since if you hold them in your wallet and deposit into mining
pools, it will effectively adjust the mining speed for yourself or someone else
that you specified the address in the UI, if it’s a Debuff card.
If you have played the
Mario Kart, you may remember planting bananas on the track in order to slow
down other players if they happened to step on the bananas. The SIL NFT Debuff
cards are quite like that, just be caution don’t use Debuff cards on yourself,
lol.
D.
| Satoshi Club: wow, this is nice, so your NFTs will be
not just a collectibles 👍
liana:
There will be pool cards, token wildcard cards, and maybe even the legendary
Vitalik card which will apply to all ETH mining pools
collectible +
accel/retard on SIL token production
you have NFTs, you are
unique in the Sil.Finance App
Gold
Rocket | Satoshi Club:Are there any ready-made NFTs? can
you show us something today?🙏
liana:
you mean you want our artist’s draft?
Gold
Rocket | Satoshi Club: if possible🙈
liana:
I guess I could share one, maybe
Gold
Rocket | Satoshi Club: It would be very interesting😁
liana:
Gold
Rocket | Satoshi Club: Wow! This is really unreal cool👍
liana:
maybe too bizarre?
D.
| Satoshi Club: cyberpunk-ish
Gold
Rocket | Satoshi Club: I like it very much❤️
liana:
Our artist have some strange love maybe, I don’t know..
glad you like it
Gold
Rocket | Satoshi Club: Thank you very much for your
answers! Ready for a storm of questions? It will be unforgettable! I promise! 😁
liana:
glad you like it too
D. | Satoshi Club: @lianana we will open chat for 2 minutes, after chat will be closed – you can start select questions from Satoshi Сlub members! 😉
liana: Yeah, let me feel it
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Kushal85127939
Hello @lianana
Could you please give us an overview of
your roadmap? Which events you think will give boost to SIL finance?
Liana: Starting at the
beginning of S4 of 2020, the SIL project begins with a first line of code of
single-sided mining-making, and at the mid of S4, testnet is alive. At end of
S4, the Impermanent Loss mitigation mode is ready, the first security audience is conducted by
SlowMist, recruited seed users to test drive the product, also the community
bootstrap, marketing bootstrap, and ready for launch. Since S1 of 2021, we find
that the existing solution for mining-making is not very cost effective(gas
fees), so we did way more emulations of transactions, including implementing
more security practices, and improved the codes way more than we would have
imagined.
On the road ahead, Integrated DeFi loan settlement,
DeFi+CeFi arbitrage strategy, L2 Integration, CompDelegator that mixes user’s
assets for the larger profits, so many aspects to be considered and
implemented.
Q2 from Telegram user @AmirJosh
Can you explain how the partnership of
Sil_Finance and the famous cryptocurrency wallet provider imToken brings
innovation to DeFi 2.0 and the next era of digital lending? Are you
collaborating on building new product or lending platform with imToken?
Liana: Yes we’ve been
partnered with Imtoken already, they officially support our token and DeFi
entrence, no lending yet
Q3 from Telegram user @RosemaryBianco
Did you really like the AMA at Satoshi
club?
Liana: Yeah, I really
like it, so vivid and so amazing
Q4
from Telegram user @Xusuo
On your medium there is notes SIL Finance
A revolutionary #DeFi project that fills the gap of #YFI & #YFII. Could u
please explain what are the gap ? and what are your team already contribute to
DEFI world from SIL Finance project?
Liana:
The gaps
Q5 from Telegram user @My1queen
I read about SIL platform that allows
revenue generated from mining to be distributed to user’s in proportion. what
does this mean. Will certain categories users get different % of this revenue.
@lianana
Liana: That means how
much token you put into the pool, how much you will share the minted SIL, the
share of minted out SIL is based on your assets poportion
Q6 from Telegram user @JuanSB07
How does Sil Finance plan to expand and
attract more people to your project? Do you have a marketing strategy?
Liana: The Sil.Finance
product faces global users equally while supporting various languages, the
community already have English, Chinese and Vietnamese versions, there will be
more incoming. Eventually SIL wants to be the ultimate entrance for token
mining for every users in the DeFi space regardless of experiences.
Q7 from Telegram user @Izamg
I read that SIL Finance not only gives
flexibility when providing assets, but also is able to take the LP tokens
earned and stake them in another protocol based on the user’s interest. Can you
explain more about this feature? Are those other protocols selected by SIL
Finance or the user? @lianana
Liana:
Yes, we may select more pools with great profits, but
we have voting systems. it will be totally governed by written rules.
Sil.finance ecosystem is made up of voting proposals from SIL token holders. If
the proposal passes the requirement of quorum (1 % staking tokens at governance
structure), and also wins the majority of support (50 % of the votes), and the
total staking of winning party should exceed 4 % of the total supply, then it
can be executed with a 6-person multi-signature wallet. Any revision must have
approvals from at least 4 out of 6 wallet signatures. These signature holders
will be voted by SIL holders initially and may be subject to change according
to future governance voting.
Q8
from Telegram user @Shaa93
I think I will buy SIL! Where I can buy
$SIL? And update about news of Sil Finance?
Liana: Since all the tokens are minted out, there will be very few sil tokens at early stage, please mine than buy
Q9 from Telegram user @ronaldo_super
What is the difference between the
Governance Treasury of yours and SAFU from Binance?
Liana: Kind of like the
SAFU, but it may cover more aspects then just covering the safety issues, like
further project developments or large events or contract upgrades, but we need
users to vote in order to use the money in the Governance Treasury
Q10 from Telegram user @costurera3000
🟪 If two users who want to
participate in mining to earn interest, but who have different tokens, are
united through the SIL LP Grouping to participate jointly, the users will each
receive an equal part of interest, or the percentage of interest varies
according to the token they provided?
Liana: Depends which side
you are on, the share is among that side of the poll, not the total pool, which
means if you have ETH and he have USDT, although you both have equally valued
tokens, but the ETH side’s share is among the ETH side of the pool
Part 3 – Quiz Results
As
usual, for the third part, Satoshi Club Team asked the chat 4 questions about
the crypto project. A link to a Quiz form was sent into the chat.
For more
information and future AMAs, join our Social Media channels:
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. FuguSwap Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about FuguSwap
For more details:
FuguSwap – @fuguswap
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Educational task of Satoshi Club drives us to acquaint you with all new projects. We were delighted to welcome our guest from Cook Protocol. The AMA took place on March 17th, 2021 and our guest was @kp_cook.
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Маry
Satoshi CLUB: Hello Satoshi Club! We are happy to
announce our AMA session with Cook Protocol!
Welcome to Satoshi Club😀
K
P: Hi
everyone! This is Kun from cook protocol! Happy to be here
Gold
Rocket | Satoshi Club: Welcome to Satoshi Club @kp_cook!😊
K
P: Thank you!
Маry
Satoshi CLUB: Hello! Welcome here! What
will we cook today?😀
Gold
Rocket | Satoshi Club: Thanks for joining! Therefore, we expect from you interesting facts
about Cook Protocol.😉 To begin with, please tell us a few words about yourselves
and how did you get to be involved in crypto & Cook Protocol?
K
P: Sure. So I am the strategy lead of Cook
Protocol. I have done 8 years of technical product management before joining
cook protocol
Маry
Satoshi CLUB: When did you start with Cook Protocol?😀
K
P: I got involved in crypto in 2017 more
like an investor. Then I started to dig deeper into crypto and totally fell in
love with the industry. At the time I did not find any good solution to help
manage my crypto asset
Маry
Satoshi CLUB: Yes, it’s not always easy
Gold
Rocket | Satoshi Club: then you are a real crypto fan😁
K
P: I totally am 😃 To
answer your question and continue my story. Then a group of friends and also
crypto investors came together to brainstorm and to create an asset management
tool to help retail investors like us to better manage their assets. It’s
about 2020 when we decided to launch Cook Protocol. I joined Cook Protocol
around May/June ish last year
Gold
Rocket | Satoshi Club: What is your role in the project? And
also tell us a little about the team. How many people? perform what functions?😊
Маry
Satoshi CLUB: Sure, you choose right time 😀
K
P: Sure. I am more on the
business/marketing side. But you know it’s startup. So the founding team really
has no clear definition of roles. We all need to do a little bit of everything,
BD, marketing, technical, product management to name a few. Our
core team is mainly located in Silicon Valley and has pretty good backgrounds.
I graduate from Stanford University. The others graduate from UC Berkeley,
Carnegie Mellon. Several engineers from Google, YouTube and Dropbox
Маry
Satoshi CLUB: Really experienced team👍
K
P: We have expanded pretty quickly in the
last few months. We are bout 15 people now. No longer Silicon Valley only.
Globally distributed in Europe, Asia, Middle East, America. About 8 countries
Gold
Rocket | Satoshi Club: You have a great team of like-minded
people !!👍 Thank you very much for sharing! Ready to jump on to
community questions, or would you like to add something? 😊
K
P: We have quite some engineers on the team
and then also teams working on the BD and marketing on the English speaking
community. Since our core team, although all based in the Bay Area now, is from
China originally, we have marketing/Bd team in China as well
Gold
Rocket | Satoshi Club: By the way, what markets besides Asian
are you also targeting?
K
P: So we are targeting China since we are
native in Chinese and understand the Chinese culture. But then I actually lived way more time
outside of China. Grew up in Argentina and then came to states for uni. So
we are global citizens and target a lot of regions as well. The main focus is
the English speaking community, mainly Europe/America and then the Chinese
speaking community in China. Done with my answer
Gold
Rocket | Satoshi Club: Thanks 😊
K
P: Yes, I am ready. Finished with the
introduction!. We are a global project
Gold
Rocket | Satoshi Club: Thank you very much for the great intro.👏
Q1 from Telegram user @Pratze
Cook Protocol will getting closer to
have an IDO on the cross-chain platform Poolz. and you already announce that
you are opening the whitelisting for IDO. so how do we possible to become of
one of your whitelist? what is the requirement ? beside IDO, is there any other
way to get your token?
K
P: Thank you for the question. So
the whitelisting rule for Poolz is listed on the medium article. bear
with me one sec. trying to find the link
here you go. the rules and requirements are explained
here, copying from the medium article
1. Follow Poolz on Twitter
2. Follow Cook Protocol on Twitter
3. Retweet the pinned tweet with a quote
and tag 2 friends on the Poolz & COOK protocol Twitter account
Make sure to include cashtags $POOLZ and
$COOK.
Link to pinned tweet: add link
4. Join Cook Protocol’s Telegram group
and Cook Protocol’s Announcement Channel
5. Fill the whitelist form here
6. COOk IDO staking page link
we will also do IDOs on other platforms
which are to be announced shortly
Маry
Satoshi CLUB: How many people already filled thx form?😉
K
P: quite a bit I bet. Actually I don’t have
access to the data. Poolz people are managing the form. but from the reaction of our community,
we can tell quite a bit
Маry
Satoshi CLUB: Oh, got it! 👍 Sure, they will
manage everything in the best way!
Gold
Rocket | Satoshi Club: we will be glad if you can share with us
whenever possible.
K
P: other than IDOs. you can also get our tokens by doing
some tasks or participate in programs that will be announced in our community.
so join our telegram to stay tuned
yeah, totally. will announce as soon as it is ready. Join
Satoshi Clubbers🚀🚀
Маry
Satoshi CLUB: Thank you for your answers! Ready to
proceed?
K
P: Yes. Let’s proceed!
Q2 from Telegram User @Xusuo
Could you please tell us what problem
that people usually get from investment that Cook Protocol aims to solve? and
what is the potential risk that Cook Protocol have for now and how do you plan
to solve that problem?
K
P: Great question! So what we found out is, although DeFi
is pretty hot, it’s very hard for retail investors to benefit from it because
of several reasons. A lot of DeFi concepts are very technical and difficult to
grasp if one does not have technical background
Маry
Satoshi CLUB: That’s true 😂 Also,
the gas fees are outrageously high on Ethereum, which make it very unfriendly
to retail investors. In addition, we also feel that a lot of the current products
do not have a very intuitive UI and user-centric UX
Gold
Rocket | Satoshi Club: we understand you very well😁🙈
K
P: Also, a huge portion of global audience
does not speak English at all, so they cannot understand the latest and
greatest in DeFi. Or use some of the products actually
Gold
Rocket | Satoshi Club: I really liked the interface. It is
quite intuitive and uncomplicated for the user!
K
P: So how we intend to solve the problem is
to build a cross-chain asset management platform that is user-friendly. There
are three points I will elaborate
Gold
Rocket | Satoshi Club: Are there any features that you are most
proud of?
K
P: Yes, we are right now almost at the end
of development of an index product, which basically encompasses all the top 10
major cryptocurrencies. So people can buy the index fund, which is like buying the
underlying tokens. But at the same time, we are working on yield-optimized
index, which means that while you can the index, the tokens that you bought
will be used to do yield farming or lending to maximize returns on your capital
Gold
Rocket | Satoshi Club: Looking forward to hearing more🚀
K
P: So the three points that I have are
cross-chain, usability and high capital efficiency
Маry
Satoshi CLUB: And they are really important in assets
management!
K
P: High capital efficiency, I sort of
touched the point on the answer above: the fact that your capital will be used
in multiple places to maximize your earnings. For cross-chain, we are actively
developing on Ethereum and Huobi Eco chain
Маry
Satoshi CLUB: Just two or it’s for the beginning?
K
P: Just the beginning. Focus now. So we
announced yesterday that we got investment from OKEx
We are thrilled to announce that @BlockDreamFund, an investment institution under @OKEx, strategically invests in @cook_finance.
so OKExchain is a place that we are
targeting as well, we will become first mover in their DeFi ecosystem, while we
are more like a early mover in Huobi Eco
So Ethereum, due to its high gas fees, a
lot of the operations cannot be carried out. It’s like 5000 dollars to set up a
fund, which is like crazy!!
So we intend to do only index fund at the
beginning
On Ethereum to minimize gas fees
Маry
Satoshi CLUB: It’s unbelievable 🤦
K
P: And then on Huobi Eco chain, we will do
index fund but also more advanced actively managed fund because of the
significantly lower gas fees
Gold
Rocket | Satoshi Club: I read that you are also concerned about
the IP protection
K P:
yes, we are concerned about IP protection for fund
managers
Маry
Satoshi CLUB: they just started to form their
ecosystem 😉
K P:
yes. so that’s why their investment strategies can
be private while what they did in term of asset allocations are publicly
available. and then we will also have some presence in BSC. Polkadot
is an interesting place however, their parachain is just getting ready and the
DeFi ecosystem is not very mature yet .the other three chains I mentioned, Huobi Eco,
BSC and OKExchain, they are all EVM compatible
Маry
Satoshi CLUB: Oh, BSC is hot now🔥
K P:
it’s relatively easy for us to migrate. but
Polkadot might need quite some extra work. so that’s why we are
having it more in the back burner
plus we are like at the top stack of the
DeFi lego
so the underlying protocols, like lending
and DEX need to be ready, for us to come into play .we need to interact
with them. so this is the cross-chain part. for the usability
part. we will have a super user-friendly and intuitive UI/UX. we have UX
advisors from top notch companies that have designed products used by a lot of
consumers. they are really expert in user experience, top notch company
like Amazon, at the backend we will do all the complexed technical heavy lifting
work to connect with all these protocols, but on the frontend,
it will be very straight-forward UI/UX for people who are not very technical to
interact with
Gold
Rocket | Satoshi Club: thank you very much for such
a detailed answer! Ready to proceed?😊
K P:
sure
but one last thing. I think the second
part of the question is about risks .I will briefly touch the point. so that we
can move forward. the biggest risk
we se is the high gas fees on ethereum , which render a lot of the operations unusable
Q3 from Telegram User @yellowchamp
In your Roadmap, I see that you will
release Columbus Version Integration Testing in 2nd quarter this year and you
will also release Magellan Version release in Ethereum mainnet this coming 4th
quarter of this year also. So, can you give a little spoiler about the
difference between Columbus and Magellan Version that you are going to release
this year? Why do you need two version and why do you choose to name this
Spanish native as Cook Protocol version? By the way, can you clearly explain
what version in your platform is Columbus and Magellan
K P:
the name explanation first
so we are named Cook Protocol to reference
Captain Cook
in the geographic
discovery era in the 1500s and 1600s, a lot of captains will set sails to
India/Southeast Asia/China and if they bring back spice, chinaware, silk etc,
they will become super rich
K P:
so that’s why they invented the crowdfunding in
1500s. they got money from citizens and then go out on sails. If they come
back. The original investors will make a huge fortune like 100X or 1000X
returns. this kind of crowdfunding behavior starts to get more and more
standardized. and then eventually evolved into Amsterdam Stock of Exchanges
Маry
Satoshi CLUB: Great story!
K P:
which is the starting point of the modern financial
system. so that’s the reason why we have this name to demonstrate our vision
that DeFi will go on the similar path and evolve into a big decentralized
financial system
Маry
Satoshi CLUB: It makes sense 🙂
Gold
Rocket | Satoshi Club: I really like the philosophy
of your project! 🚀
K P:
back to the point of differences, so for Columbus,
we are mainly focused on Ethereum and HECO. We will do some index products
mainly. and for Magellan, we will start to open up functionality for fund
managers to set up their funds. and then expand to other chains like
OKExchain, BSC and potentially Polkadot depending on how mature their ecosystem
becomes. that’s it, my answer to the 3rd question
Gold
Rocket | Satoshi Club: Thanks a lot! We are all a
bit of a pioneer in the crypto sea and everything dreams of being realized!
Ready for the next question? 😊
K P:
any other follow-up questions or should
we proceed to the following question?
Q4 from Telegram user @Derazy
Can you elaborate more about ckToken?
you mentioned a ckToken is an LP token that represents the ownership percentage
of an investment fund. Does this mean we have to invest first to have ckToken?
and if the ck token is traded, does this mean there will be a transfer of
ownership?
K P:
ckToken is a LP token, it’s like your ownership of
the fund that you invest in. and sure, you need to invest first to get the
LP token. so we foresee two scenarios. for funds that are very popular and have quite
some liquidity. then there will be trading happening, maybe even Uniswap trading
pair and then for funds that are not that popular. liquidity is not
enough. then their LP token holders might only be able to claim the
underlying assets from funds. buying
and selling those LP tokens might not be very straightforward. if you trade ckToken, it means transfer of
ownership for sure
yeah, that’s my answer
Маry
Satoshi CLUB: As continuation to all previous
questions i want to ask – which features of Cook Protocol can ordinary users
use?
K P:
so the first feature we will launch is index
feature. ordinary users will be able to use it .on HECO and Ethereum. we will
launch more features later. like the yield-optimized index and more
actively managed funds,
in later versions of our product release
Маry
Satoshi CLUB: So, let’s say we will use Columbus,
right?🙂
K P:
yes
Gold
Rocket | Satoshi Club: Share with us please your
tokenomics btw
K P:
sure
so we use price-based unlocking mechanism. when price
hits certain point, certain percentage of the tokens get unlocked
Gold
Rocket | Satoshi Club: yes .. that sounds good! 😊 Are you planning a staking program?
K P: yes, we will launch liquidity mining program and some other incentive program once we are listed on Uniswap
here is a file that explains our tokenomics
in more details
for the sake of time, I would not go into
too much details
Маry
Satoshi CLUB: Thanks, we will definitely dive
deeper in it after AMA!
Gold
Rocket | Satoshi Club: Oh … This file has an
answer to my question 😁 thanks
Gold
Rocket | Satoshi Club: thanks! ready for the next
question? or want to add something?😊
K P:
ready
Q5 from Telegram User @AugusS7
One of the characteristics of Cook
Finance is that it has three different oracles, such as “Chainlink, Band
Protocol, Uniswap Oracle”, but could you explain why so many oracles are
required? Could it be that by joining the services of the three, it is possible
to avoid data concession problems with blockchain?
K P:
yes. sorry my computer screen froze a little bit. I just got
the question. we are planning to have decentralized oracle services so that we do
not have single point of failure. say if one oracle malfunctions or got
manipulated somehow, we can still use other oracle services to determine that
something abnormal happened. also we are not limited by three. three is
just an example given in the white paper. but decentralization
is the point that we want to illustrateto minimize over-dependency on one
particular oracle service
done with my answer
Gold
Rocket | Satoshi Club: great answer! 🚀
Маry
Satoshi CLUB: Didn’t you think about your own
oracles creation?
K P:
that’s the place we don’t want to put too much
focus on since we only have so much resources. Don’t want to spread too thin.
We need to focus more on creating valuable investment services for investors
Маry
Satoshi CLUB: Understand 🙂
Gold
Rocket | Satoshi Club: Please share with the
Satoshi Clubbers your plans for the future, tell us what you have in the
roadmap? 😊 please
K P:
sure
it’s gonna be exciting time. we plan to
list on Uniswap pretty soon like in a few weeks .we announced Poolz
IDO already
will announce more soon and we will
have some quite interesting campaign launched next week
Маry
Satoshi CLUB: Can you give us a hint?😀
K P:
it’s about NFT
Маry
Satoshi CLUB: Oh, that’s my favourite 😂😂😂
K P:
on the product side. we are moving pretty
aggresively
Маry
Satoshi CLUB: Sure, now is the best time to move!
World should know about Cook Protocol 🎉
K P:
being audited by Slowmist on our index product
currently
Gold
Rocket | Satoshi Club: Good mooooning Cook Protocol🚀🚀🚀😁
K P:
will finish the frontend of our index product UI
pretty soon
Маry
Satoshi CLUB: Nice choice 🚀
K P:
planning to launch index products on HECO and
Ethereum probably around the beginning of April. right after Uniswap
listing
within 1-2 weeks gap
marketing is on
full steam
for both English speaking community and in
China
Маry
Satoshi CLUB: A lot of events 👏👏👏
K P:
yeah
Маry
Satoshi CLUB: We will follow your announcements!
K P:
and we will do liquidity mining for sure to
bootstrap our ecosystem and products
Маry
Satoshi CLUB: Thank you for your answers! Ready for
the 6th and last question from this part? Really? It’s a great
to join from the beginning!
It strikes me that one of the features
of the token is that holders can choose the rates they want, the most logical
thing is that users will go for almost free rates, my question is how is the
Cook protocol going to be sustained ? Only with mining ?
K P:
not entirely sure if I got the question right
so the rates refer to the fees that they
pay?
Маry
Satoshi CLUB:
Where you are planning to be profited from?
K P:
I see. the revenue model
Gold
Rocket | Satoshi Club: where is the finance for the
development of the project .. is it possible to understand that?
K P:
so first of all, fund managers will collect fees
from investors for the services that they rendered. Cook Protocol will
take certain percentage of the fees off the management fees that fund managers
can collect
Маry
Satoshi CLUB: Which fees will you have?
K P:
so we intend to become a platform, so on our
platform investors can send their funds to a smart contract that will be
managed by professional fund managers. for them to use our platform, we will charge
fees. for the fund managers side, since they will earn money by helping
investors manage their funds, they will collect management fees. certain
percentage of the management fees will be shared with Cook Protocol platform for
the usage of our platform
Маry
Satoshi CLUB: Good structure 👍
K P:
so we provide a platform where fund managers can
get liquidity from investors and advanced trading tools
Маry
Satoshi CLUB: Everyone will be in profit😉
K P:
yeah, it’s a typical marketplace design, where we
charge the supply side not the demand side suppliers are fund
managers for providing the service
Gold
Rocket | Satoshi Club: win-win!
K P:
demand is the investors that demand investment
service
Yeah
and usually a good marketplace always
starts with the supply side first and then demand side will come after
Маry
Satoshi CLUB: That’s right ☺️
K P:
so that’s why we care a lot about our ecosystem of
fund managers and will do a lot of curations to ensure quality
Маry
Satoshi CLUB: Thank you for your answers 👍
K P:
yeah that’s my answer
Маry Satoshi CLUB: I know that our members are waiting for the live part to ask questions 🙂
Part 2 — live questions from the Telegram community
Q1 from Telegram User@JuanSB07
Cook Protocol offers ease and convenience to
attract investors to its platform. What are the different investment options /
plans that you offer? Are they really provided by fund managers and are they
transparent?
K P:So we plan to do three
phases. At phase 1, we will mostly create investment strategies on our own.
Phase 2 we will curate and select high quality fund managers. phase 3 we will open
up to everyone. It will be more like free market economy at that point
Q2 from
Telegram User@Rmitch
Have you
thought about your crypto life? Is it better than a traditional business?
K P:I would say we are still
in the early days of crypto. I like to read history. Although I am not old
enough to live those days, but it’s little bit like internet in the 90s. A lot
of hype and a lot of over-promises on things that they could not do in 90s but
they could totally do in 2010s and a lot of massive funding. So I would say
definitely it’s fun to live on the edge and upgrade fast
Q3 from
Telegram User@JoanaZ
⭕️Speak
us a little bit about security, considering that Cook Protocol was made to
attract huge investors, do you have the enough resources to guard those funds?
K P:for fund security, we have
different measures in place. First of all, fund managers do not have withdrawal
access. They can only allocate funds. Also they need to whitelist the protocols
that they will interact ahead of time before anyone invests. After if they want
to modify their access, they have to go through a DAO voting. In addition, we
will also require COOK tokens staking from fund managers, if they mal-behave,
their tokens will get slashed. Lastly, we will have insurance to help mitigate
risks
Q4 from
Telegram User@K2ice
Security is a difficult thing in DeFi as there
have been many different attacks like security, liquidity, and strategic
attacks. How much do you prioritize security at Cook protocol and how difficult
do you think it will be to attack Cook protocol?
K P:this is about coding
security compared to fund security that I answered in the last question. So
security is the topmost priority for us. We have an awesome team from Google,
Youtube and Dropbox. So we have high coding standards. We use battle-proven
framework like OpenZeppelin. And we perform robust unit and integration
testing. Finally, we also do audit with the industry leading audit firms like
CertiK and SlowMist
Q5 from
Telegram User@Garrinepotter
The Cook Protocol
ecosystem has two different levels of governance, please tell us about them
K P:one is on the Protocol
level and COOK tokens will be used to manage protocol level governance. Then
ckTokens are LP tokens and fund-specific, therefore they will be used for
fund-level governance
Q6 from
Telegram User@Joshblaze
On what exchanges are you currently trading
K P:we are not listed yet. But
will be on Uniswap first and some other DEXes on HECO and BSC
Q7 from
Telegram User@imrealsatoshi
How many tokens will you support for to asset
management?
K P:the specific number of
tokens have not been determined yet, but we will initially only include the
major tokens to ensure security. Later on, we plan to add smaller market cap
tokens to add more potential returns given higher risks
Q8 from
Telegram User@KhaleesiTheCryptoLady
What task do we need to do and which
programs we should participate for us to
get Cook tokens?
@kp_cook
K P:we will launch a meme
contest in our community pretty soon, like today or within a day. So that’s one
example of programs. But join our telegram to learn more
https://t.me/cook_english
Q9 from
Telegram User@BlancaSdF
“IP protection: No need to open-source
investment strategies”
Can you better explain this feature? I did not
understand very well what exactly this refers to
K P:so the code will be
open-source and everyone can read it and fork the codebase. However how the
investment strategies that each individual fund manager adopts is kept private
to themselves. Their asset allocations and transaction history will be
traceable on the blockchain. But the why part of their asset allocation
philosophy will not be published
Q10 from
Telegram User@surendra040
Hello!
@kp_cook
Cook protocol announced a recent strategic
partnership with DUCKDAO, tell us please about background of Duckdao, is it
similar to project cook protocol and
what benefits would be gained from this partnership.
K P: sure. So duckDAO is a community based accelerator program for crypto projects. They are very well connected in the industry and have incubated quite some successful projects. What we gained from the partnership is their advice on marketing and overall strategies. Also, they introduced to quite some strategic partners. So far, we have announced duckDAO, Velas, Poolz strategic partnerships. They all add a lot of value to our project. And we will have many more to be announced in the upcoming few weeks.
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of Cook Protocol. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Genesis Shards Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Genesis Shards
For more details:
Genesis Shards – @genshardsANN
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
