We are pleased to announce our next AMA on December 7th 2021 at 03:00 PM UTC Time: Satoshi Club x Cook Protocol
⚠️Click to see the hour
⚠️Total Reward pool: $500
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Cook Protocol Telegram group
We will have the following structure:
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Cook Protocol Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Cook Protocol
For more details:
Cook Protocol Website – cook.finance
Cook Protocol Telegram – @cook_english
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
DeFi is so popular that many platforms are competing with each other..when blockchain projects started building protocols & applications to support DeFi. So, what is Cook Protocol strategy to attract more new users in the DeFi world?
The main source of trouble at DeFi is the vulnerability of smart contracts, which has led to the loss of funds, are there any special steps that Cook Protocol has taken to avoid this incident in the future?
What does the Cook Protocol name stand for? There are interesting stories behind every successful project, and of course you have to work hard ever day. Can you share one of these interesting stories with us?
COOK Protocol Finance- We understand Cook Protocol works by Index Managers setting up Smart Contracts and Configure Parameter like investment strategies and Management fee; and Investors can deposit Cryptocurrencies into a smart Contract to receive a corresponding amount of CkTokens to represent partial ownership of the index. Could you please explain to us how many pieces or number or amount of for instance, Cryptocurrency ‘A’ that would be deposited to correspond the amount of CkTokens in view of the fact that price values of each different Cryptocurrencies differs substantially from the other? Thanks
COOK PROTOCOL FINANCE – (Control), it caught my attention to know that Cook Protocol is managed by a decentralized community of COOK token holders and their delegates, who propose and vote on upgrade to the protocol; and party with at least 1% of COOK total supply can submit a governance proposal for changes on the platform with at least 5% of COOK total supply required to vote to decide whether to pass the proposal. Could you please detail us about these delegates who would propose and vote on upgrade? How does these delegates emerges under your ecosystem? Also, what is the minimum COOK token a party would hold that amounts to 1% of COOK total supply to be able to submit a governance proposal for changes on the platform? Thanks
COOK Protocol Finance- (Proposal for Changes)-How often can these changes be permitted to take place under your platform to curtail any abuse or arbitrariness in changes under your platform? How do I possess COOK Tokens at this initial stage? Can one use another platforms native Token to exchange or Swap for COOK Tokens or could it just be purchased at the blockchain and at how much USDT per 1 COOK Tokens? Thanks
From my research ,I understand that $COOK is a governance token that can be used to create proposals on COOK governance platform and cast votes on proposals.And also ,Once users get the LP tokens, they can just stake the LP tokens on the liquidity mining pool to start earning COOK tokens.can you elaborate on the staking protocol of the LP token?,what are the policies set in place to ensure that an investor with large amount of cook token doesn’t have excessive influence on voting and the creation of proposals,so that everyone can take part in the decision making process on the cook platform?
I learnt that cook finance announced a new partnership with pledge finance to bring real world assets to the crypto world.That in the near future ,cook platform will incorporate functionality from from pledge’s unique approach to crypto-asset lending through non-crypto assets.can you tell us how much you have achieved in synergizing the crypto assets and the traditional assets?,can you elaborate on the functionality you intend to incorporate from the pledge finance approach to crypto-assets lending through non-crypto assets to cook finance?
Unlike any other project’s token vesting system, Cook Finance’s is built different. Most of the time, the vesting period of most project are determined by time and schedule. However, Cook Finance’s token unlocking mechanism will be determined by time and the token’s price. Can you please explain to us how will this feature work? At what price will trigger the unlocking of the tokens allotted for your investors and wallets? What if the target price of unlocking cannot be reached, is there a backup plan for this?
To guarantee that all of the investor’s funds and safe and secured, Cook Protocol will use the Nexus Mutual insurance and provide fund-specific insurance options to hedge against any risk with the fund investments. Firstly, why have you chosen Nexus Mutual to facilitate and organize your insurance policies and mechanisms? Also, can you please discuss more about these fund-specific insurance options? What will be its structure and who are allowed to purchase them?
By the nature of Cook Protocol’s project concept, clearly oracle services is one of the key features the platform needs. Price oracles are used to determine asset valuation and ckToken prices in Cook Finance’s platform. By this, I’ve learnt that your project will be using multiple oracle services such as Chainlink, Band Protocol and Uniswap Oracle. Can you please explain to us why does Cook Finance needs three different oracle providers on its products? How does each oracle is used? Is it really necessary to utilize this many oracles in one project?
Traditional Asset management markets are opaque in revenue, profit and risk information and they are usually limited to wealthy private and institutional clients due to inherent structural inefficiencies and hefty fee structure, in order to tackle these issues, cook finance introduced a “cross-chain decentralized asset management platform” for ordinary investors. Can you elaborate more on cook finance decentralized assets management platform? What are the features of this platform? What are requirements for ordinary investors to access the decentralized assets management platform? Lastly, what are the benefits that cross-chain decentralized assets management platform will offer to it ordinary investors?
I understand that cook Protocol relies on a using multiple oracle services and you mentioned one of them which is Price Oracle. Price Oracle is used determine assets valuation and ckTokens. can you elaborate on the working principles of Price Oracle to determine assets valuation and ckTokens price? Can you share some of other Oracle Services Which Cook protocols uses and their features? Lastly, can you give a brief explanation on how Cook Protocol interacts with all this oracle services?
I made note of one of the features of cook protocol platform which is the Flash loan and A flash Loan is a Loan that is only legitimate within one Blockchain. in line with this, Fund managers and investors can propose to enable Flash Loan service of their funds. Can you elaborate more on flash loan service, its features and how it works? How can fund managers and investor propose to be enable Flash loan service of their funds? What are the requirements for their Proposals to be accepted? Lastly, what are the benefits which investors and funds managers will get when their funds get enable for Flash Loan services?
About your liquidity mining, i understood that
Cook Protocol launched a liquidity mining programs on Ethereum, Binance Smart Chain and Huobi Eco Chain to build up liquidity on the decentralized exchanges on the three blockchains. Can you explain how users can stake the LP tokens on the liquidity mining pool to start earning the $COOK tokens? And why does LP tokens have to be looked for 14 days before the rewards would be distributed evenly?
Does it have to do with the Batch issues Features you introduce so users would be able to save a lot of gas fees?
And i noticed that i couldn’t find links to your liquidity mining pool on your website, would it be possible for you to share the links for us or they aren’t available yet?
On your website, i saw that LEDGIS(LED coin) is listed on CoinMarketCap, renowned site where you can check the price and trading volume of more than 5,000 cryptocurrencies around the world, and i also learnt that your technology is recognized by the Korean Government for providing services to the Korean Government. So, do you plan on Expanding
Your technological breakthrough to the rest of the World? And what Advantages would LEDGIS bring to the table for anyone that is willing to also Participate? cuz i believe other Government agencies would also want to take part in your technology?
About your leverage Index system, i understand that cook Protocol also offers Users the ability to purchase leveraged index that Leverage and deleverage a collateralized debt position for a major cryptocurrency like Bitcoin or Ethereum. Please can you Explain to some of your users with little knowledge of how Crypto works the Use Cases of how the Leverage and deleverage index functions with regards to Cook protocol, in what functions does a user make use of your leverage Index? What is so Special about the Leverage & Deleverage Index?
A few days ago, the Cook Finance team shared with the entire community the launch of the new staking and liquidity mining features on the Avalanche platform. What motivated you to launch this program on Avalanche? In which token are the rewards of this program distributed? I read that Cook introduced three new Avalanche indexes, and all three indexes are included in the staking program. How long will the ehe index staking program last? And when can we withdraw our rewards? How much will the APY be?
A few months ago you made the decision to announce a new logo for Cook Protocol. Can you share with us the meaning behind this new logo? How do you interpret the design of the new logo? Why was the old logo changed? What motivated you to make the decision to improve the Cook brand? You didn’t just change the logo, but also the brand in general, the theme and concept, and the Cook Protocol website was also changed. Can you tell us the reason behind these changes? Why did you decide to keep the same name despite all these changes?
Cook protocol is great project. Do you have any youtube channel, facebook group,etc other link in cook protocol project? If so, share
It caught my attention that one of Cook Protocol’s outstanding features is something called “Batch Issue” that will help investors handle the high gas fees and save a lot of money in the process. So, with that in mind, can you tell us more about this feature? How will it exactly work to help investors saving on gas fees? What do users need to do if they want to take advantage of this useful feature of Cook Protocol? Do they need to pay for it or manually activated or is it already incorporated into Cook Protocol’s services?
A community of entities holding the COOK token governs the Cook Protocol. These holders have the right to initiate strategies and vote for adjustments on the protocol and these party will at least hold up to 1% (1,000,000)of COOK total supply before they can submit a governance proposal for changes to be made on the platform.Isn’t this huge?How about users who might be interested to also participate in your governance voting but do not have up to that amount?Shouldn’t you consider having a minimum amount of COOK token for voting?How about those who wish to delegate their votes,how will they do that? Please explain Thanks.
I noticed that Cook Protocol platform is focused on 2 audiences The Investors and Asset Managers.So can you tell us why you decided to create a platform that will fix the needs of both parties?For investors,can you mention the varieties of assets management sevices they can explore?And for assets managers,what advanced trading tools and liquidizied indexes will you provide for them that will grant them access to leveraged diversification?How will the 3 pillars of interoperability,usability and capital efficiency maximize returns and utility to investors and asset managers? Please explain Thanks
Your rewards are primarily in COOK tokens and for the Stablecoin and Mega Cap Indexes with additional rewards from Yield Yak. The current APY on the Stablecoin Index is around 324% and on Mega Cap Index is around 415%.Can you tell us about the functions of yeild yak ? What’s it’s utility and value in cook?Since the current APY on the stable coin index is Around 324% and on mega cap index is around 415%, what’s the current APY for the Avalanche ecosystem index?
I read that 4 days ago, Cook Protocol announced the launching of their New Staking and Liquidity Mining Programs on Avalanche, can you tell us more about this new programs? Why did you decided to launch these two programs on Avalanche? Are there any benefits users get from this Programs being on Avalanche instead of any other chain like BSC or Cardano? Will the rewards for this staking pools be in COOK or will they be in Stablecoins? How many APY % will this staking pool have and can it be adjust if that’s what investors want? Also, once the APY % start to decline because of the amount of index tokens being staked, how do you plan to stabilized the target APY of this pools? What kind of mechanisms will you implement to offer to people pools with a target APY stable and appealing?
You mentioned that your ecosystem have 2 levels of governance which are Protocol $ Fund Governance.Please explain more on these two governance?To participate in any of these governance will there also be an amount (min/max) of either COOK or ckTokens users have to hold?Is there any difference between this two governance and the one that requires users to hold 1%of COOK before they can submit their proposal for changes on your platform? Please explain Thanks
When it comes to NFTs, we all know that they have gained a lot of popularity this year and have become a really big part of the crypto world, and of course I saw that Cook Protocol plans to integrate NFTs into it’s ecosystem anytime in the near future, as you want to launch NFT related campaigns and future COOK NFTs that will potentially have even more utilities. So, having that in mind, can you tell us more about this future related to NFTs that awaits for us on Cook Portocol? On what will we be able to use Cook Protocol’s NFTs and what kind of potential new utilities do you plan to add to your NFTs? When are you planing to release the first NFT campaign? How can we get one when the time comes?
One of the liquidity mining pairs that is in the Cook Protocol platform is the CLI/ETH liquidity mining which allows holders of CLI and ETH to earn rewards for providing liquidity to the CLI/ETH pair. This liquidity mining pair had about 2000% APR and 25 million $COOK tokens was set aside to be shared as liquidity rewards but I learnt that the distribution of the rewards for this liquidity mining pair stopped on the 7th of November 2021. Can you give more information about this? Why did you decide to stop distributing rewards for this mining pair? Are there any plans to resume/continue the distribution of rewards for this mining pair?
They have been creating new features for Cook. It’s quite fun as I think these features will add a lot of value for users. One feature is the performance index, I am very excited about this feature as well. What is the Cook Performance Index? How does this performance index work? What are the advantages of Cook’s performance index?
Cook has just launched the DAO. It’s great because this was part of their original plan and we included it in their whitepaper. For Cook as a DeFi protocol, it is very important that the community get involved with Cook. So they wanted to get the community involved asap, starting with the DAO release. What kind of DAO will be developed in Cook? What are the characteristics of this DAO? Requirements to access Cook’s DAO? In which decisions can the community participate?
this year the market was quite volatile. Even recently, in early summer, with the market going down, Cook still launched His Mainnet and continued development throughout the year. How Cook works so that the bear market does not have a big impact on the platform? How does Cook protect himself from this? What are Cook’s tools to avoid market effects?
A new feature that I am personally excited about about Cook is the Yield Index, which deposits the underlying component of a fund into other yield-generating protocols for additional return, but this feature will be released on other chains as well. What is the performance index? How does this index work? What are the advantages of Cook’s performance index?
Indexes are highly useful investing tools, however, there could be a great risk or a loss of assets if one of them drops in value. What does Cook Protocol do to prevent this? Do you have smart mechanisms in place for this? Or can we place custom rules for the index ourselves? Please explain how it would work.
-I learnt that the Cook Improvement Proposal (CIP) is a document based proposal to create new functionality on the Cook platform or modify existing parts of the Cook platform. The CIP proposal process largely follows the same process as Ethereum’s Improvement Proposal (EIP). Can you mention the scenarios where a CIP can be created in the Cook Governance Process 1.0?
-I found out that the current governance process is called Cook Governance Process 1.0. Does this mean that there will be other versions (some sort of updates) of the cook governance model in future? If yes, can you mention some of the scenarios that you are planning to add to the CIP in the new/upgraded versions of your governance model?
I learnt that users/holders of the $COOK token can stake their $COOK tokens for super high yield in the different pools available. Can you give some information about this? Will the APY of the pools available be fixed or will they depend on some market factors? Will users earn their yield in $COOK tokens or other cryptocurrencies? I also learnt that users can get a free Cook NFT when they stake their $COOK tokens. Can you give more details about this? Is there a minimum number of $COOK tokens that users must stake to be eligible to receive the free Cook NFTs? Can you mention the use cases of these Cook NFTs in the Cook Protocol ecosystem?
I read about your COOK token on one of your Medium articles, and you mentioned the areas of demand of the token, where NFTs stood out. I’d like to know in which ways NFTs could be implemented on Cook Protocol? How are indexes and NFTs similar? How will you unite them seamlessly? Also, when can we expect them?
I found out Cook Protocol is aware about its project security. We are also agree that security is significant to a successful project. Moreover, Cook Protocol adopted OpenZeppelin contract architecture for ERC-20 smart contract development. So far, how does OpenZeppelin contract secure the whole ecosystem include its code security for Cook Protocol? If its possible, are you going to add more contract architecture model for higher security level? If so, would you mention which model? Thank you.
A concern about the insurance of investor’s fund, where Cook Protocol manage to use Nexus Mutual in order to insure entire protocol. What is Nexus Mutual? how do they work and why Cook Protocol chose it as the insurance for investor’s fund? In addition, please describe more about the insurance options and what are the security level they provide to the investor’s fund? Thank you.
As a measure to ensure that investors funds are secure and free from hacker’s attack,cook protocol team has a proven track record of delivering “high quality code”, adopted the industry standard “open zeppelin contract architecture for ERC-20 smart contract” they will also conduct “comprehensive functional and integration test”, “professional third-party audit”. In addition to the above,they said they will use what is called “NEXUS MUTUAL”to insure the entire protocol are met and also will provide fund specific “insurance options”that investors can choose from to purchase a hedge against any risk.can you please tell us what is Nexus mutual?,what are it’s features that will insure the entire security protocols are met? And also brief us on the types of insurance options availabe that investors can choose from? Are there requirements that investors must meet to choose from any fund specific insurance options?
How does Cook work for both index selectors and index builders, tell us what tools and products are offered for different types of users and how do you enhance their experience?
Due to the interest of their investors at heart,cook protocol has made transactions and investment cheaper and affordable for it’s investors.normally on other platforms acquiring and transferring multiple ERC-20 token requires paying transaction fees on transfer of each token, with cook protocol users only need to pay transaction fee on a single transaction for the underlying assets they represent thereby saving on gas cost, users are also permitted to share the gas fee incurred during investment by pooling the assets into one fund. My question is,how much is the gas fee that cook protocol charge for every single transaction? Will this payment method remain in the long run or will it change as cook protocol expands in growth and activities? How many users will you permit to team up and share a gas fee for transaction? Can you allow up to 10-20 users for a single transaction?
At this moment the world of decentralized finance is very wide and competitive and every new project tries to bring something new to revolutionize this industry, why did you decide to focus on DeFi for this project? What features does Cook Finance have that are able to revolutionize or bring something new to this industry?
Is there a reason why you decided to name your project “Cook” – some sort of pun or something based on the philosophy of the application? Besides the website, on what other devices can we use Cook? Do you currently have a mobile application or is it included in your future plans? How optimized and simplified is Cook so that using it is fast and easy compared to other wallets?
I see that Cook offers us many benefits, among them, lower transaction fees, how does your fee sharing system work to end up saving us these costs? Is it available for all blockchain? I see it as necessary for blockchains with high fees like Ethereum, are you working on adding more compatibility with other blockchains in addition to the ones you currently have?
Who are the users you are looking to attract to use Cook? Do you need to have a lot of DeFi experience to use Cook or is it simplified for novice users as well? What strategies do you have in mind to attract the most users and help generate DeFi adoption?
I see you recently launched new liquidity mining and staking programs on Avalanche, great! Do you have more programs planned on other blockchains like Solana or others? Currently where can we buy $COOK and which blockchain is it based on? Which blockchains does it have compatibility and operability with?
According to your whitepaper, the main problem that the traditional asset management markets are opaque in revenue, profit, and risk information and is typically limited to big and wealthy entities. However, Cook Protocol, with the vision to bring Finance to the masses, how can you make Finance and Asset Management closer and familiar to the masses specifically to small entities and individuals? How can you provide the high quality necessities of tools in investors and individuals?
In the whole overview of Cook Protocol, it shows that Fund Managers contributes alot of help in the betterment of the investments of investors that regularize the ecosystem of COOK Protocol. Fund Managers earn by managing the allocation of funds by implementing a strategy. So how does a user apply as a Fund Manager? What qualifications are you searching for in a Fund Manager? Do users are required to get a fund manager or is it completely optional and by choice?
I understand that $COOK is the governance token of COOK PROTOCOL and it allows users to shape the future of Cook Protocol in their hands. It can also be used as payment of platform fees. How about the ckTokens? What is the utility of this token and what role does it play in Cook Protocol’s Ecosystem? Are both of these tokens stakeable? What importance do these tokens make that may cause user benefit?
Users Can enter to the DeFi easily through the Cook Protocol since you provide a cross chain system for the users. Tell me, How will you mange the assets of investors while augment the investments with a considerable profits? Will investors be able to put their money with a trustworthy & transparent environment? And also the indexes will have own their smart contracts. How do you recommend their smart contracts? Will you check them before provide to the investors that they are safe?
Your Current Roadmap will last from 2021, Q4 & it is not updated beyond the 2021. What are the main features & events that you will excite on to do in future? Can you give us a sneak peek about the 2022 year, In which manner will the Cook Protocol platform provide efficient & prominent DeFi indexes within next year? Can you bring another mass adoption for the cKTOKEN within 2022?
Cook Finance is excited to launch new staking and liquidity mining features on the Avalanche platform. Cook introduced three new Avalanche indexes after considering all governance proposals made by the community members and these include the: Avalanche Ecosystem Index, Avalanche Stablecoin Yield Farming Index and Avalanche Mega Cap Yield Farming Index. Can you please elaborate to us this three new Avalanche indexes? And along with the three indexes, Cook will also provide COOK token liquidity mining and staking rewards. Can you elaborate more about the vesting period.
I would like to discuss about the Cook Protocol governance. As you mentioned, A party with 1% of total supply of $ckTOKEN will be wanted to submit a governance proposal. So Does this mean that the governance will be controlled by the $cKTOKEN holders? How many percentage of total supply of $cKTOKEN will it be needed to approve the proposals? So Do you renounce the ownership in Some time or already did you renounce? On What kind of events & operations can the community take the decisions within the Cook Protocol ecosystem?
Emphasising on the two tokens used within Cook Protocol’s ecosystem which are ckToken and COOK token, with major difference been that ckTokens are LP tokens, issued as a representation of ownership percentage of a fund, whereas COOK tokens are the main platform tokens that issue governance rights to holders. Been that these tokens with their varied functions would hold some form of value, may we know if Cook Protocol would permit a direct swap or exchange between both tokens on the platform, and how does the Protocol represent these ownership percentages through the ckToken? Also, just like COOK tokens, can ckTokens be tradable? If they are, how can investors possibly determine their value?
In an effort to improve supply of COOK tokens, Cool Protocol shall implement a range of fees which would be in direct correlation with expected platform growth overtime. Some of these fees would include; Transaction, Liquidity Mining, and marketing/promotional Fees. Can you briefly elaborate on planned structure of these fees, and how would the protocol effectively utilise accrued revenue from these various fees? Also since a greater proportion of the fees are borne by the investor, how would Cook Protocol ensure that these fees are fair and moderate, and investors and traders are properly compensated/incentivised for their various platform activities?
One of your platform features is lower gas fees. Thank you for paying attention to reduce the extra costs of users. However, you have mentioned that users have to share gas fees with other guests to lower high transaction costs. What do you mean by “sharing the fee”? Does this mean that the guests will be paying a part of our gas fees? What do they get from paying others’ fees? Should we repay them for sharing the fee? Can you clearly explain how does this procedure work and what will happen if guests refuse to share our fees? Moreover, to what extent do you lower the fee? Will it be nearly 50% compared to other platforms or a small amount such as 1% – 2% when compared to the gas fee of similar platforms?
You have mentioned that your own token, $COOK is required to participate in the governance process including making suggestions and voting on updates. I could not find what is the minimum amount of $COOK that each user should hold to participate in these activities. On the other hand, if a user wishes to use your platform without participating in the governance process, should he purchase and hold a specific amount of $COOK? In addition to aforesaid utilities, what type of active and passive income opportunities are attached to your governance token? You have not indicated about any other tokens except the governance token. Does your plarform work with a single token? Is there a special reason for that?
Explaining about the security measures, you have stated that Cook team uses high standards for coding and regularly utilizes third party audits to ensure code quality. Can you name some third party audits you have conducted? Where are the reports available? Although your fund managers only have the trading access, can’t they get the withdrawal access if there are security holes in individual accounts? Thus, please explain how should the users keep their accounts safe. Up to now, have you faced any security threats? If there are some experiences, can you explain how did you overcome them?
What are the indices that have the greatest impact on the stability and development of a decentralized financial project and what are the variations that we must take into account for a good reading and interpretation of the data, CEX can be associated with its protocol, which COOK considers to be the 3 fastest growing cryptocurrencies?
What are the complications that a new participant in Defi may face with the use of COOK? How is your communication process with those communities that do not dominate English and their native language, until now they have active local communities, how important is the community on your platform?
Why should we choose COOK as a financial protocol, how can we differentiate it from other projects, how does it stimulate and promote mass adoption and how do you plan to maintain or improve the value of your token?
You have indicated the unlimited three category of Indexes which are Basket, Yield & Growth. Can you define them to us with some examples? What are the importance & purposes of these categories? How will the risk appetite affect on the indexes mentioned above? We are also looking for some profits by investing on DeFi products. What is the suitable category from above categories for a retail investors like us with a minimum 200$ investment?
In previous week of Avax Daily report, Cook Protocol took third place for Top TVL(Total Value Locked) gainers within Avalanche ecosystem with 96.68% and Congratulations for that. What were the reasons & habits that you continue to gain a success like that? Actually How much is the TVL within Cook Protocol project presently? In what way did you collect funds for the TVL fund & When will this funds be unlocked? What are the actions & determinations that you will take to keep this hype for a well growth Cook Protocol economy?
Can users connect the trust wallet to the Cook Finance DeFi applications because the Network of Cook Finance was developed on Avalanche network? If yes, Which currencies should I store in my Trust wallet? After connecting the wallet will it draw my savings automatically, Will you lock them ?