We are pleased to announce our next AMA on July 15th, 2022 at 03:00 PM UTC Time: Satoshi Club x Sikka Voice AMA
⚠️Click to see the hour
⚠️Total Reward pool: $500
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Sikka Telegram group
👉 Join Satoshi Club Discord server
We will have the following structure:
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. Sikka Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Sikka
For more details:
Sikka Website – sikka.money
Sikka Telegram – @sikkamoney
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
While making research about Sikka, i came to find out that apart from Sikka and SIKKA stablecoin, there were no DeFi stablecoins that were inclusive to users within the entire spectrum of capital power. I also learnt that Its non-algorithmic architecture protects peg and enables staking rewards and composability with other PoS protocols, which in turn adds utility to SIKKA, as well as other DeFi protocols with low risk and sustainable yields. So, can you please Help in Elaborating more on how these Non-algorithmic Architecture of yours helps in protecting your token to remain pegged as a stable coin? Does this also mean that Sikka would never lose its Peg? As We all Witnessed the Downfall of UST in these current Bear Market? what advantages & benefits does Holding $Sikka gives to its holders?
Taking my time in going through your platform, i noticed that Sikka protocol faces two main liquidity challenges, which is
1. SIKKA stablecoin liquidity
2. MATIC Liquid Staking liquidity. Knowing that Maintaining liquidity for both tokens is important to keep the peg of SIKKA stablecoin with USD and the MATIC Liquid Staking peg with MATIC token. I would Honestly like to know more on how you plan to ensure the stability of the SIKKA stablecoin Liquidity. how did you manage to find solutions to these 2 Liquidity challenges mentioned above? What could be the strategy you’ve adopted for increasing the value of the SIKKAMONEY as well as its Utility and Liquidity in your eco system?
On your medium page you mention that, liquidity staking is the future of proof of stake block chain. PoS provides several benefits over PoW, including quicker validations, reduced operating costs, more throughput, and less environmental impact. Like the benefits of POS over POW, Can you explain to us in details the advantages of liquidity staking and why you think it is the future of proof of stake blockchain? What are benefits it will it offer Sikka users?
I learnt that In order to kick off the launch of the Sikka testnet, Sikka is hosting a gamified giveaway with $5,000 in total prizes. An assortment of challenges rewards you with varying amounts of points which give you greater chances of winning.
Please, Is the giveaway still going on? if yes, when will it be closing? What are the requirements for a player to be eligible to participate? How can a user join the giveaway?
I understand that Sikka announced on the 7th of July 2022, the launch of your Public Testnet App, a live testnet version of the Sikka protocol on your website with features including borrowing, lending, APR calculations, and IKKA rewards. Can you provide more information on the live testnet? Is it still available for users to join? How can we participate in this live version of testing? Can you tell us about the IKKA rewards? How can users earn these rewards? I also noted that users can borrow stable coin without risk of loosing money. What are the kinds of stable coins a user can borrow in the testnets? When is the testnet going to end?
I noted that the SIKKA utilizes a two token system
SIKKA and $IKKA. And also SIKKA plans to add up a DAO which $IKKA token is the Sikka Protocol’s governance token. Can you tell us about your governance protocols and how it works? How are decisions taken and implemented in the SIKKA ecosystem? What are your voting mechanisms? How can a user be a part of the governance team? What are the benefits of being part of the DAO? Does the amount of IKKA a user affects the voting power?
I understand that , the formation of collateralized debt holdings is the basis for the minting procedure for currencies such as DAI, LUSD, and agEUR (CDP). Creating a stablecoin that is linked to the US dollar versus an asset like ETH is equivalent to taking a long position on the price of ETH against the dollar because the value of the debt can fall. If the price of Ethereum declines, the position might be worth less than the amount borrowed being greater than the value of the collateral. This circumstance might cause the debt to become under-collateralized, thus bankrupting the protocol.could you please elaborate on the CDP liquidation mechanism and how it can help avert such occurrence on Sikka?
Hello, the Sikka team.
As I understand from the description of your project, you are currently at the testnet stage. The crypto community is used to the fact that by performing the test, it expects a subsequent reward from the protocol. The so-called retrodrop. Please tell us if you have such activity in your plans? Or maybe you have a direct reward for testnet participants, how can you get it? How long will the testnet last and when is the mainnet scheduled to launch?
Hello, the Sikka team.
One of the directions of your protocol is the remuneration of liquidity providers. This is how most Defi projects work and everyone is already used to it. Just yesterday I read statistics that usually liquidity providers come to the protocol at the earliest stage and on average after 15 days they take out liquidity, receive the maximum amount of remuneration and move on. Customer safety will be a top priority for the Defi sector in the future, in my opinion. How are you going to keep liquidity providers on your protocol? Perhaps some kind of incentive campaign has been developed? Please tell us about it?
Hello, the Sikka team.
As I understand it, you are saying that the $Sikka token will be over-secured by $Matic tokens and will have the equivalent of 1 USD. If there is a de-correlation in relation to USD, then $Sikka will either be additionally released or burned. This is the standard model of an algorithmic stable. Everything is clear here. But there is still a provision variable in your formula. I have a few questions. What is your target in oversupply, 150, 200, 250%? Will it be possible to make a loan of the $Sikka token if the collateral is borderline and the loan will lead to a decrease in the lower margin of the collateral?
I am curious to know more information about your own stable coin, $SIKKA. When there are plenty of popular stable coins such as USDT and BUSD, why did Sikka protocol decide to mint an own stable coin rather than allowing users to utilize an existing coin? What are the usecases of your stable coin on Sikka platform? To use the protocol, is it mandatory to hold a specific amount of $SIKKA? Please explain about the methods of purchasing your stable coin too. I read that $SIKKA is always pegged to 1$. What are the steps you have taken to ensure this value? We all know what happened to $UST. Do you have any plans to prevent $SIKKA from being another $UST? Since $SIKKA is currently unavailable on popular crypto-fiat exchange platforms such as Binance P2P, can we exchange our $SIKKA holdings with USDT or BUSD?
Exploring your token allocations, I noticed that greater portions have been allocated for borrower incentivization and the community fund. There is an allocation of 55% for borrower incentivization. What are the utilities of this allocation? How do borrowers receive incentives? Explain about the available activities and the methods of participating in those activities. The allocation for the community fund is 20% from the total supply. What are the utilities of the community fund? Do you distribute those funds among community members or reserve them to utilize in any unforseen situations? Why did you consider borrower incentivization and community fund are more important than other allocations?
This question is regarding the interconnection between $SIKKA and $IKKA. I read that users can borrow more $SIKKA to earn $IKKA. What is the reward ratio? Let me know about the number of $IKKA I receive when borrowing 1 $SIKKA. Moreover, $IKKA can be used to boost $SIKKA rewards for liquidity pool staking. Please explain this procedure. What is the minimum amount of $IKKA that I need to hold to boost $SIKKA rewards? Are these coins inter-exchangeable? When similar platforms design their dual token modes with a governance token and a reward token, why did you create a governance token and a stable coin?
You said Sikka’s testNet is live and you will like to see your community test it out. How can users participate in carrying out the test, what are the processes involve? What new features are they going to test on? How are you going to incentivize users for the testNet activities, and how is the reward going to be distributed among them? In most cases after the testNet and evaluation of feedbacks, the main Net is released, so after this round of testNet are you going to have another round of testNet I.e testNet 2.0 before the release of mainNet or should users expect the mainNet immediately after this round of testNet? Meanwhile this announcement was made as of 7th of July, is the testing still open?
Sikka is built on POLYGON network. Polygon as we all know is a very great network, we have several other best networks such as BSC,Solana etc. What do you think about cross chain network? is there plan to integrate more networks in the future or you will stick with only polygon? Meanwhile, I saw your strategic partners are polygon and Ankr,what is the extent of your collaboration with ANKR, what value have this formed partnership bring to sikka’s table? How does sikka plan to integrate ANKR’s products and services into its ecosystem?
Sikka revenue pool said contains 2 types of income “liquid staking assets reward APY” and “sikka borrow interest”. Please I would love if you can explain how these 2 income system works, how and through what requirements can users be eligible to receive these income? How will the sikka borrow interest operate? Will there be any collateral means before borrowing? Please give full detakms on these income system. Thanks
I read that The Sikka Revenue Pool contains 2 types of revenue: liquid staking asset reward APY and Sikka loan interest. My question is, Sikka Revenue Pool is distributed back to the liquidity pool to incentivize users to become liquidity providers? What are the strategies you have used to keep users incentivized to participate in Sikka? What benefits will your LPs receive?
From what I understand, SIKKA is backed by MATIC’s OVER collateralizing to ensure stability and ease of use. My question is, why have you chosen the MATIC network to create this over collateralizing system and provide stability to your internal economic model? For the future, do you plan to add other networks to further coin support your Sikka token? What plans do you have going forward to keep your economy stable within Sikka?
Hello Sikka Protocol team. You recently announced that in order to kick off the launch of the Sikka testnet, you’re hosting a gamified giveaway with $5,000 in total prizes. That’s wonderful. Can you please clarify if we still have time to participate in this giveaway? What are the rules and conditions to participate? Are there any exclusion criteria? Can we participate from any country in the world? Is there any way to increase our chance of being one of the winners? What is the deadline to participate in this giveaway? Thank you very much.
Maintaining liquidity for both SIKKA and MATIC is important on your platform to keep the peg of SIKKA stablecoin with USD and the MATIC liquid staking peg with MATIC token. Since these are two main liquidity challenges for Sikka protocol, please explain about the steps you are taking to face them. Did you identify any issues in ensuring liquidity? If yes, what are your solutions for those issues? Currently, we are experiencing a bear market condition with a number of crashes. How does this situation affect the liquidity challenges on Sikka protocol? If you fail to face the challenges, what will be the impacts on the invested funds?
You have created a dual token mode with a USD pegged stable coin, $SIKKA and a governance token, $IKKA. Total supply of $SIKKA has been allocated as 55% for borrower rewards, 20% for community fund, 10% each for staking and LP rewards and the team, and 5% for marketing. However, you have not mentioned about the total supply of $IKKA and its allocations. Please explain the tokenomics of your governance token, $IKKA. When you have a governance token, why did you decide to distribute the rewards with the own stable coin? What are your plans to prevent sell-off situations related to $SIKKA? Are there any vesting periods for reward allocations?
It is clear that Sikka is a cross-chain lending protocol that allows users to borrow $SIKKA stablecoins against staked MATIC assets. My question is, why should we choose Sikka platform when there are plenty of popular platforms that allow users to borrow popular stablecoins? After borrowing $SIKKA on your protocol, can we convert $SIKKA to BUSD/USDT or any fiat currency? What is your policy on collaterals? When using MATIC assets as collaterals, what are the points that we should consider? Please give a brief explanation on your liquidation process too.
Sikka revenue pool contains 2 types of income – liquid staking asset’s reward APY and Sikka borrow interest. Sikka Revenue Pool is distributed back to the liquidity pool to incentivize users to become a liquidity provider.Does that mean users are rewarded for borrowing? Can you expaciate on the Sikka revenue pool and how it works? How long does one have to stake in your liquid staking, before recieving rewards? Kindly explain thanks
From your medium article,I saw that you just launched your public testnet app.Can you tell us what the app is all about?What mechanics about over-collateralization and stable coin borrowing can users learn from this app? What other interesting and unique features about your app that you’ll like us the satoshi Community to know?So far what are some of the feedbacks have you received concerning the app? Thanks
You have a liquidation mechanism which is put in place to ensure SIKKA remain fully backed by MATIC collateral and you said users can liquidate a pool as soon as its collateral ratio drops below 130%. What criteria to do you consider before deciding on a liquidation collateral ratio of 130%, and don’t you think this mark is too high? How are defaulting pools debt externally taken over by stability providers and how are the collaterals redistributed among all the stability providers that salvage a defaulting pool? In addition, you said “the owner of the pool still keeps the full amount of the SIKKA borrowed but loses part of its value”. Can you explain more on this statement? How does a pool owner keep full amount of asset borrowed but will still lose part of its value after such asset has been liquidated?
I will like to learn more about your Sustainable Yield Generation Mechanism which enable SIKKA to produce stable and consistent risk-adjusted reward. I saw that you offer a yield return which can be up to 11.49%. I sample some common stablecoins and apart from the recently launched USDD that promises 30% APY, your SIKKA yield of 11.49%, seems higher than the average APY of USDT (10.7%), USDC (10.3%) and BUSD (9%). Can you explain more on SIKKA revenue pool generation model and how SIKKA will be able to deliver a higher stable return than some of these already established stablecoins? How does your risk-adjusted reward works and how does it provide a better yield return template that make SIKKA a high yield generating asset?
You recently announced that the Lunch of the Testnet App
with features including borrowing, lending, APR calculations, and IKKA rewards , a live Testnet version of the Sikka protocol on its website. And Gamification campaign,Could you please share more details about this event, until when will the Testnet be available? How can we Participate in your public Testnet, what are the requirements, rules for participating? When will the Main net lunch? Can you tell us about the Gamified Giveaway and how we can be part of it Gamification program, what are the rules and tasks to be completed so as to stand a chance to win ? What benefits will you be rewarding users who try the Testnet App? Thank you
You have said that SIKKA will partner with project and liquidity providers in order to provide a secure and reliable way to earn in a competitive ways. Can you tells us more about partnership and the protocols you plan to work with in order for you to be able to deliver appealing incentives and value to users? Do you also plan to partner or engage Kols or community users through bounties and other social tasks that could help to promote the spread and acceptance of SIKKA concept within the polygon network ecosystem and across blockchains communities?
I noticed that SIKKA uses a two token System, which are SIKKA the USD-pegged stable coin backed by MATIC token and IKKA the secondary token issued by SIKKA. What are the Features and utilities of your two tokens? Why did you choose MATIC token to back and provife support for SIKKA token and will you be adding more Network in the future? What are your strategies to increasing your token value, liquidity and utilities? What are the advantages and benefits of holding your token for a long-term?
I understand that Sikka protocol is a protocol that provides security for its stablecoin, Sikka which is backed by overcollaterized MATIC assets. Could you please elaborate more on the SIKKA protocol and its working mechanism? What are the competitive advantages and unique features of SIKKA stable coin compare to others? What are your next major goals and future plans for SIKKA protocol? What are your plans to making your project reliable and Credible for your user and investors? Do you have audit certificates yet ?
Most stable cryptocurrencies use different mechanisms to guarantee their 1:1 parity with the dollar. SIKKA is the number 1 stable coin on the Polygon network according to you, and I would like to know: through what financial mechanisms do you manage to maintain the delicate balance that allows SIKKA to have minimal fluctuations and always remain equivalent to 1 dollar?
Thank you so much!
Among Sikka’s strategic partners, as I read on your website, we have Ankr, a globally distributed node infrastructure. Could you comment on how you are currently working with Ankr, what goals you have proposed to achieve in the short term with this partnership and how your work with this network of nodes will influence our user experience within Sikka?
Thank you so much!
I did not find that you at Sikka made any reference to NFTs at any time, being one of the most volatile topics of recent times in the crypto world. Do you at Sikka have any plans or visions regarding non fungible tokens? How do you expect to get into this technology, or will your project stay away from NFTs?
Thank you!
You did mention that Sikka aims to address security and sustainability by combining the convenience of stablecoin with methods used by traditional finance institutions to bring about the protection of wealth within the ecosystem. I would like to know how you plan to achieve this seeing that there are quite a number of platforms offering users the same thing? What measures would you put in place to ensure that security related issues don’t arise? And what unique features does Sikka has that gives it an edge over other competitors?
After studying your project, I noted that $IKKA is Sikka protocol’s token and it will be used to manage the revenue pool distribution so what are the utilities of $IKKA token? One of the benefits of your token is the ability to earn staking rewards from the revenue pool. Asides staking rewards,what are the other benefits users get to enjoy for holding your token? Talking of your revenue pool, I would like to hear more details about the revenue pool? How does it work? What is the revenue pool comprised of and how are the profits from the revenue calculated and shared?
Greetings to Sikka team, I read on your official website that you encourage your users to become a lender, i.e. to use their money to lend through the name of your company. and as a reward you give them 11.49% of the profit, so how do you guarantee that the money lent by the users will not be lost in case the borrower defaults? If you use another lending system with the users’ money, what will you do with the monetary gap that some borrowers leave when they default?.
I noticed that with Sikka users can borrow against their portfolio of MATIC assets at a low interest,and before they can do that they need to deposit MATIC on the Sikka protocol to borrow $SIKKA.So what is the maximum/minimum amount of $SIKKA users are to borrow in Sikka protocol and will the amount of $MATIC they are to deposit be equivalent to the amount of $SIKKA they are to borrow?Since users are to borrow against their portfolio at what %APR can they do so to get your stablecoin?I also noticed that Sikka have provided VAULTs on it farming page for users to make deposits of $SIKKA.With the many vaults available in Sikka,what variety of platforms are you offering users as they to engage with Sikka’s vaults?When tokens are deposited into any of these vaults,are users rewarded and what is the the annual percent yield (APY) in the vaults?Please share more information on Sikka’s Vaults Thanks.
Many persons believe that Stablecoins are a cornerstone of the crypto industry but following the recent troubles of terraUSD’s (UST) stablecoin,trust in these assets has eroded.So can you tell us the principle Sikka’s stablecoin operate with?What responsible,regulated mechanisms supports your stablecoin $SIKKA?Can you please tell us what is been used in maintaining your peg and also in generating your APYs?Does Sikka have regulators who will ensure that your stablecoin maintain high financial standards and provide appropriate backing and please tell us if SIKKA have a regulated status through any governmental firms/departments?And lastly,will Sikka issue or hold monthly attestations of how $SIKKA is reserve and guarantee that users can always switch between tokens at a 1:1 rate? Please explain Thanks
Sikka accumulates yield from 3 primary sources:Borrow Interest,Liquid Staking Rewards,and Swap Fees from deposits into Liquidity pools on DEXs.So with this accumulated yield,what various usecase scenarios do they cover and how will all three combination maximize potential yields?And what dynamic mechanism will this accumulated yield create to enable Sikka have a sustainable yield production and also in increasing the interest and swap Fees generated from your protocol?And with Liquidity staking rewards,how will this benefit network validators who stake your token and which of your token will this validators stake to keep receiving the staking rewards,is it $SIKKA or $IKKA tokens? Please explain Thanks
Sikka protocol’s lending service offer a unique Liquidation risk reduction feature when users borrow the stablecoin SIKKA by providing overcollateralized liquid staking assets. How does your lending Protocol work to REDUCE LIQUIDATION RISK? Which assets can be used as collateral to borrow SIKKA and how is the collaterization ratio calculated? Lastly what are the difference between $MATIC and $aMATICc collateral withdrawal options?
Sikkamoney revenue pool contains 2 types of income including liquid staking asset’s reward APY and Sikka borrow interest. How is your revenue pool mechanism designed to create sustainable yield generation while boosting yield? What are the percentage (%) of staking yield and borrowing interest? Which other ways are liquidity providers incentivize?
Two quick questions I have while researching about your project: First, Considering the catastrophe of Terra’s $UST and it’s sudden fall in value, how will SIKKA protocol rebase mechanism keep your stablecoin $SIKKA market price equal to the target price to reflect the US Dollar? Secondly from your tokenomics 20% is allocated for community, so how would this allocation be utilized?
According to what I read, SIKKA is the stablecoin minted by the Sikka Protocol. Recently there has been controversial news about other stablecoins, and user concern has grown due to stablecoins that are no longer stable. How do you guarantee that SIKKA will remain stable and that it will maintain its parity with the dollar as time goes by? What makes SIKKA sustainable and safe? Why should users trust SIKKA to be different from other stablecoins that have failed?
When comparing Sikka to other stablecoins you mention that one of the advantages is high yield sustainability. As far as I understand the mean of reaching it is the growing usage and increasing number of transactions. In this case, I would like to know how you would guarantee high yield during unpeak usage periods (let say bear market). Are the primary sources of high yield such as borrow interest, staking rewards and swap fees subject to change that might have negative impact on yield? Thanks!
On Sikka, users can borrow the Sikka stablecoin using liquid staking tokens as collateral. What operations can users do with the Sikka coin?
Sikka is a stable coin and its circulation is backed by collateralized assets. What is the purpose of Sikka and what benefits does it bring to the community?
I have not seen any informative message regarding your roadmap at least till the end of 2022. With current bear market a stablecoin backed with a crypto token (MATIC) must have a longer development plans and a strategy to get a secondary back currency (crypto or real). So, what are your plans for the next 3 months and next 3 years? Are all the risks connected to stablecoins well analyzed? Thanks!
What features will SIKKA have to form the basis of an infinite liquidity pool, where people can borrow at a lower APR than regular stablecoins available on other platforms? What will make SIKKA coins the most reliable in derivatives markets? How do they provide protection against potential default by the counterparty on any of its obligations in a derivative transaction?
In an environment where volatility is very high, we are talking about 50% annualized for bitcoin (BTC) or 70% in the case of ETH today, how powerful is SIKKA in avoiding these strong price swings with its sustainability tool? What are the advantages of the SIKKA stablecoin? How will you make it possible for your stablecoin to function completely differently from another despite representing the same value? How will SIKKA achieve a stable value in such a volatile market?
Researching the Sikka platform I saw that on July 7th they announced the release of the Public Testnet application, a live test version of the Sikka protocol on their website. Can you give us more details about this test? How can we participate in the live test of the Sikka protocol? How long will the live test be available? In addition, I saw that you are organizing a gamified giveaway with $5,000 in total prizes, to kick off the launch of the Sikka testnet. How can I win part of this great prize and what do I have to do to enter this giveaway?
I learnt that SIKKA’s Testnet is Live? Can you please tell the complete information or instructions to join the SIKKA Protocol Testnet. What specific requirement to participate in your Testnet? Will there be rewards or Testnet airdrops for those who will be interested in joining the Testnet? When will the Testnet be finished? When will you move to the mainnet phase?
Sikka revenue pool contains 2 types of income – (1) Liquid staking asset’s reward APY and (2)Sikka borrow interest. Could you please elaborate on these two forms of income? Which has the most potential for profit? How can we contribute to the revenue pool? Please also explain the significance and benefits of joining the SIKKA Protocol pools?
Upon opening the Sikka Testnet App,I found out 3 features that can be performed in your testnet app such as Borrow ,Farming and Govern. So, could you explain more about the method and structure of those said features? How does each feature works and give privileges to users? For Borrowing,do we need to have collateral? For Farming,how much percentage is the APY/APR and what tokens are applicable in farming? With Govern,can you explain more about its purpose and how to be involved? Aside from those features,do you plan to add more features like staking, trading or swapping in the future to give more options to users? As your app is still on testnet,when can we expect the beta version or the final version of your app? For the beta or final version,any updates or upgrade we can expect on Sikka App? Thank you
Currently, Sikka is on their Testnet stage & I have tried it using my Trustwallet. Even though It connected, I couldn’t use the Farming & Staking features on Your Testnet version. Why is that? Could you please guide me to how to do it? Do you have any tutorials about that? However, What kind of benefits & Privileges will you offer to the users of Sikka Testnet version as early users? Please let us know more about your Testnet version & it’s core features? When will you release the Mainnet of Sikka Platform?
Initially Sikka Platform has been developed on Polygon chain & It’s better than Ethereum since the issue of gas fee. So, What is the opinion of Sikka Team about the cross chain interoperability or compatibility? Do you have a plan to intergrate more chains like BSC, Solana, Cardano, Avalanche, Fantom etc..? If yes, How long is it take to deploy Sikka Platform on mentioned above Blockchain ecosystems? Will there be community incentive events along with cross chain integration?
Sikka Platform has partnered with Polygon & Ankr Platforms. I saw only these two platforms. Why is that? Don’t you want to get more partnerships in crypto space? However, considering about your current partnerships, How do they contribute their optimum Subscription towards the Sikka Platform? Eventually, In what way will you achieve both of you & your ultimate goals? Will there be new partnerships within Sikka ecosystem in near future?
does your project work exactly like Luna and ust work?
before releasing mainet definitely have a place to try the features of your project, do you provide this and how can we participate
What networks support Staking Stablecoins and what if it’s multi-network?
I noted that your stablecoin, SIKKA is over collateralized. Compared to fully collateralized and under collateralized assets, what are the benefits of an over collateralized stable coin? Please explain the features of an over collateralized asset and let us know why did you select that collateral type. Does this type help to ensure the pegged value? In addition to popular stablecoins, new platforms also create their own coins. Do you just follow that trend or is there an actual connection between SIKKA stablecoin and the Sikka protocol? Can’t Sikka platform exist and perform its duties without the own stablecoin?
When the value of SIKKA exceeds 1$, the supply will be expanded whereas the supply will be limited when the value reaches 1$. Please elaborate more on this procedure. What are the steps that will be taken to control the supply and what are the expected results? Are you the first stablecoin to introduce this model to ensure the value of a stablecoin? If yes, did you conduct any research to understand whether there are any drawbacks of this mechanism? If you fail to use this method practically, what are your other plans to ensure the value of SIKKA?
Holding $IKKA will give voting power to the users. What are the aspects of voting? Can they vote on any proposal related to the development of the protocol? What is the minimum amount of $IKKA needed to get the voting power? Can users get priority by holding more tokens than others? In addition to the voting power, what are the governance rights one can receive by holding $IKKA?
I found out in one of your event that you were stated that Sikka’s top 3 priority for 2022 are building community, create awareness,dominate Polygon/Ethereum chain. So, firstly with building community,how can anyone in your community or holders become involved and part of your platform?For this,do you have any Ambassador program?While in creating awareness,aside from doing AMA what other activities can we expect you are planning to launch to share more info about Sikka and expand your market? As you want to dominate Polygon/Ethereum chain,so why choose this two networks despite of high gas fee charges of ethereum? Do you have any plan to also connect with BSC or other networks? Lastly,aside this your top priorities what else you want to achieve before the end of 2022 and would you include NFT or any gamify services in Sikka ecosystem? Thank you
You said SIKKA’S MATIC liquid staking features allows users to stake their MATIC while accessing it’s liquidity. When MATIC is staked on SIKKA, users received SIKKA, a liquid, yield – generating stablecoin that not only represents the staked MATIC value and is redeemable at any time but also contains the ever- increasing staking rewards. What is the meaning of SIKKA in English? Is SIKKA a good validator? Does anyone delegate to SIKKA?
As I read on your website, SIKKA is the next generation stable coin backed by the MATIC token. Firstly, is SIKKA an algorithmic stable coin or an over collaterized stable coin? I was wondering; what could be the advantage of being backed by the $MATIC token; how is being backed by $MATIC beneficial to SIKKA? What mechanisms will you be employing to ensure that SIKKA maintains it’s peg value of $1 because the recent saga with Terra’s $UST has caused a lots of doubts in the mind of investors as regarding the credibility of stable coins.
Thanks in Advance!
What will be your priority in these period of time: users or businesses or both. Because since there are many things to do in sikka to enhance the big upgrades and development you will need to equalize both to be successful
As I read through your website and tokenomics, I observed that the SIKKA platform employs a dual token system, speaking of the $SIKKA and $IKKA tokens. My Question; Can you clearly highlight the various utilities of each of these tokens within the $SIKKA platform? As I understand, unlike the $SIKKA token, $IKKA is a more volatile token which implies that the $IKKA token may be prone to dips as well as unfavorable market fluctuations too. I was wondering; How do you aim to make sure that the more volatile $IKKA token will be scarce and also maintain a good price value during unfavorable market fluctuations? Can I stake these tokens; if yes, how does staking of $SIKKA and $IKKA work? What is the minimum amount of stakable tokens? What APY is allocated to staking $SIKKA and $IKKA? In conclusion, what is the benefits of holding these tokens long term.?
The process of borrowing and returning looks quite easy. Is there a specified period of time that a borrower is given before the borrower is expected to repay the loans? Can you also tell us how the increasing the borrowing threshold increases the risk of liquidation? How long does it take before the liquidation happens?
You said SIKKA is a cross – chain lending protocol on polygon that allows user to borrow SIKKA stablecoins against their staked MATIC assets, and earn additional yields from the SIKKA yield – bearing stablecoin in a single debt position against a low interest. What is the current value SIKKA coin Airdrop?
Looking at the $SIKKA price stability mechanism, I understand that the $SIKKA protocol uses a rebase mechanism to keep the market price(mp) of 1SIKKA equal to the target price(tp) of $1. Can you give more details about the rebase mechanism? How does the rebase mechanism work? When experiencing distruptions and the $SIKKA market price(mp) doesn’t perfectly reflect the US dollar, what strategies will be used to bring $SIKKA back to $1 if the price exceeds or goes below the pegged value of 1$ at any point in time? Why is it preferable to choose $SIKKA over flagship stable coins such as $USDT, $USDC and $BUSD?
The word ‘Borrowing Utilization’ is seen in almost all segment of the borrowing interface. What is it and what role does it play during the borrowing and repayment of loans? What assets must be acquired before borrowing is allowed?
During repayment of loans, what are some of the benefits a borrower can have when a loan is fully repay on one transaction as compared to the repayment of loans in little bits till it is fully replayed?
It was mentioned that $SIKKA is a cross-chain lending protocol on polygon that allows users to borrow $SIKKA stablecoins against their staked $MATIC assets and earn additional yields from the $SIKKA yield bearing stablecoin in a single debt position against a low interest. Speaking of the cross-chain functionality, how many chains do you currently support; can you list them out? What other chains do you plan to integrate in future? I had seen on your litepaper that you had compared $SIKKA with other stablecoins such as Fiat based, Collaterized debt position (CDP) and Algorithmic stablecoins. I will like to know about $SIKKA’s basis of comparison with the above listed categories of stablecoin? As compared to Algorithmic, CDP and Fiat-based stablecoins, what distinct features makes $SIKKA a better option.? Convince us that $SIKKA can face the test of time and remain credible
Hello SIKKA team.
I read that the Sikka protocol prefers the two-token system. What are your reasons for choosing the two-token system? Can you talk about the usage areas and features of $SIKKA and $IKKA tokens? Do we need both tokens to invest in the Sikka protocol? Where can we buy these tokens right now? Can you explain the tokonomic structures of $SIKKA and $IKKA tokens? You know, confidence in all stablecoins has been shaken due to the losses suffered by Luna’s stablecoin. For the same reason, projects with stablecoins are also viewed with suspicion. Please explain, how can we be sure that $SIKKA will always be fixed at $1?
Hello SIKKA team.
I see that the Sikka protocol is currently in the testnet phase. What stages has your project achieved so far? What does the testnet phase mean for your project? Were any other testnets made prior to the ongoing testnet? Is this testnet the last testnet? Or will there be other testnets? When will the testnet end? Can anyone join the testnet? Is there a document explaining how to join the testnet? How many people have joined the testnet so far? What kind of feedback did you get from the testnet? Will you have an airdrop reward to users who participate in the testnet? Do you have any important activity going on or starting soon outside of Testnet? Thanks.
As I understand, the basic purpose of the SIKKA protocol is to provide competitive yield in a sustainable way, enabling the majority of users to profit from the increased money velocity of the crypto market. I noted that the primary source of SIKKA base yield will be: Interest on borrowing, Proof-of-stake procedures creating income and Liquidity pool transaction fees. Can you give more information about these primary sources of yield and how each is structured? How much interest does SIKKA charge on borrowing and is this interest fixed or subject to changes? Speaking of the Proof of Stake procedure, how does this generate income? what is the structure of the liquidity pool transaction fees? In conclusion, what will be the various uses of the yields and proceeds generated within the platform? How will these funds be used to further develop the SIKKA platform?
Hello
So my question is wats the minimum amount of coin an individual can borrow, and are they going to be interest on repayment. And will they be like a deadline to repay.
Thanks
Sikka Protocol provides a secure and reliable protocol solution for the Sikka stablecoin. where users can borrow the Sikka stable coin, but I would like to know how these loans work on your platform? What guarantees do these loans provide us? If a user borrows the Sikka coin, what percentage should we pay through this loan and how long is the time established for said loan? and finally, I saw that the Sikka Income Pool contains 2 types of income: the Liquid Participation Asset Reward APY and the Sikka Loan Interest. Can you give a brief explanation of Sikka’s types of income? What benefits can we have from these types of income? Thank you
While reading about this project I saw that the token is a stable coin backed by another coin i.e matic… So in what ways is this project stable coin any different from UST which was backed by the then LUNA(now called LUNC) and what are the mechanism put in place to prevent what happened or something similar that happened to Terra project from happening to yours. Thannk you.
TALKING ABOUT SIKKA PROTOCOL
Hello SIKKA TEAM
@mosesakpah
When I joined your Telegram group bot gave me a message.
“SIKKA PROTOCOL provides a very secure and reliable protocol solution for stablecoin SIKKA. Can you give us detain about the Sikka protocol solutions ?
The Sikka protocol provides two stages. The first stage is based on Users can borrow stablecoin Sikka liquid for staking tokens as collateral. The second stage is based on Users can also supply stablecoin pairs to liquidity provided to yield farm and earn rewards”. Can you tell us more about how Users can borrow stablecoin Sikka liquid for staking tokens as collateral as well as can you tell me how can I be eligible for the farm to earn rewards? What is the total reward? Can you also share the rules for this farm to earn as well?
Also How can I invite my friends to your platforms and what points are given for inviting peoples to your platform?
@mosesakpah
Your mission is to provide a very secure and reliable protocol solution for stablecoin SIKKA,upon studying your SIKKA I discovered out that partly of this mission is already realized since you already have an app that offer from to earn payment in exchange of an items using a crypto currency so as you already have an app,what’s next step we can look forward from SIKKA? Do you have any plan in the future to build something like a crypto currency exchange for people to easy connect with your exchange as well as your app and are you also considering NFT or gaming services to be associated with in SIKKA ? Further explain your farm to earn rewards? Thank you
You highlighted that Sikka intends to bring innovations to the market in order to re-establish trust in stablecoins. What are the tools and resources that Sikka has to be able to achieve this successfully? Regarding this goal, what do you consider to be the main challenges to overcome? What are the barriers that Sikka’s team have to break down to achieve this?
Hello SIKKA
Your stablecoin is showing a lot of potential with the ability to earn through Sikka protocol partners liquidity provider, farming and earning through competitive APY and also when users supply SIKKA and other stablecoin pairs to the liquidity pool enabling then to receive rewards from LP transaction fees and Sikka Revenue Pool.
But your website leaves on IMPORTANT question unanswered………….. Transparency, several stablecoin have been called out for not being transparent with their reserves. For example the stablecoin Tether which left to fines and regulations by the US Government which leads to the question, is Stablecoin SIKKA transparent to the public and has released a report on the current reserves holdings of the company??
I read that in order to participate in #ultiverse whitelist I need to Look for “sheep” in the community and if I find all 20 sheep, I will have an increased chance to get the whitelist.
One sheep will appear on each of the 24 consecutive days and will appear in a different section of the discord each day. In other words, you need to sign in for at least 20 days to collect all 20 sheep.
Can you briefly explain to us newbies how we can go about in this particupation
Sikka as a new promising project plans to be lending protocol for people to get crypto loans and assets.
My questions is since your coin is pegged to the dollar, apart from polygon is there any other bond or assets you are connected to in case if things go south seeing that good number of cypto blockchains lately have challenges keeping up with the pegging with the USD ?
What plans do you have to maintain Sikka being pegged to USD and prevent depegging ?
What is your security structure against potential hacks and phishing that might lead to depegging from the USD ?
You actually built on a strong blockchain that supports stable coins that’s a nice innovation
My last question is what’s the plans of $IKKA and how many $IKKA/$SIKKA do i need to stake and also to be able to be a validator ?
I saw you have launched your testnet on 7th July, how long is it going to last and when will the main launch take place?
Do you have any criteria for one to participate in the testnet and do you have a medium where one can drop he’s observation for an update to be done before the main launch?
Where is your headquarters, can we get a link to read and learn more about your team members.
what is the source of revenue for the project protocol and how are your team members paid from?
what has been the community activities ongoing on your social media platforms???