Part 1: 50$ /5 users – We’ll select 5 questions from the community. A user can post maximum 3 questions. 5 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 50$/5 users – Open chat for 120 seconds. You can post Max 3 questions. LOFI DeFi Spanish Team will select 5 questions and answer them.
Questions must be done in English and Spanish.
For more details: LOFI DeFi Spanish – @lofi_defi Satoshi Club – @satoshi_club Russian – @satoshi_club_ru Spanish – @satoshi_club_spanish
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Baanx and our guests were @SSallouxBXX – representatives of Baanx. The AMA took place on the 8th of September.
The total reward pool was 500$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Website
Gold Rocket | Satoshi Club:
Hello again, dear Satoshi Club! ❤️ We are pleased to announce AMA with Baanx😊
D. | Satoshi Club: Hello, everyone!
Gold Rocket | Satoshi Club: Today our guest is @SSallouxBXX
D. | Satoshi Club: @GoldRocket27
@SSallouxBXX hello and welcome to Satoshi club!
D. | Satoshi Club: How are you doing today? 😊
Gold Rocket | Satoshi Club: Today we are warm and sunny. I enjoy golden autumn 😊
And what about you?
D. | Satoshi Club: Happy for you!
Gold Rocket | Satoshi Club:
Yep😊
D. | Satoshi Club: I have a fantastic mood.
Sean Salloux: Doing great. Keen to answer your questions.
Hello Satoshi Club
D. | Satoshi Club: awesome! let’s start our AMA with a brief intro!
Gold Rocket | Satoshi Club: Nice to e-meet you, @SSallouxBXX
Welcome 🤗
Gold Rocket | Satoshi Club: Let’s start! Introduce yourself, please. How did you get to be involved in crypto & Baanx Tell us please about your position in Baanx.
Sean Salloux: I’ve spent the last 25 years developing fintech products and leading global tech companies at the VP, board, and C-suite levels. Played key roles in developing and launching two unicorns in their early startup phases: Vungle and WorldRemit. Launched the world’s first e-wallet on a credit card back in 1999 for MasterCard and in collaboration with major Korean and Japanese banks. Since then, I’ve launched mobile and digital products for several global financial players including Gemalto, MasterCard, WorldRemit, and others.
I was involved with e-wallets and HSM (Hardware Security Modules that provide the backbone for wallets, multi-psig, etc.) starting back in 1999.
Gold Rocket | Satoshi Club:
Wow! great path for a great man👏👏
D. | Satoshi Club: Agreed!
Gold Rocket | Satoshi Club: Give us a brief introduction to the project. What is the essence of Baanx.
D. | Satoshi Club: @SSallouxBXX could also give us info about Baanx team, who’s behind this project except you?
Sean Salloux: The goal: “Better than a Bank” and “Better than a Banking Platform” naturally makes sense to anyone – and whilst our platform is complicated technically in the backend (integrating into the Fiat Financial World and bridging Crypto / Blockchain) our goal here is to simply be better than banking – free lending is of course better, free-spending of Crypto/Fiat/Stablecoin is better when we give rewards that are bigger than banking, and free remittance beats anything of course.
Our goal is to raise adoption levels and generate revenue from BXX staking, interchange (card scheme rewards), exchange services / add on services, and ensure we do all we can to engage users (through our partners).
Gold Rocket | Satoshi Club: This is really what crypto is missing today. Except for El Salvador, of course, 😁
Sean Salloux: The current team, as well as advisors, are highly experienced Banking, Technical, and FinTech individuals who are all on-board with the same mission. We have a team of Leaders who have over 100 years of Bank and Fintech experience and background in Banking at key institutions such as JP Morgan, Commerzbank, Mastercard, and many others.
Gold Rocket | Satoshi Club:
Is your team anonymous?
Sean Salloux: This is very important when bridging the current banking system with the Crypto as a service.
And thanks for great introduction, we will have several questions selected for the Part 1. Ready to start?
Sean Salloux: Yes.
Ready for your questions.
D. | Satoshi Club:
🚀🚀🚀🚀
D. | Satoshi Club: I have learned that Baanx was established three years ago, back in 2018. Trends and use-cases of cryptocurrencies and smart contracts back then were different compared to what we have today. May I ask during the early stages of your company/group what was your mission and goals for Baanx’s future? Did your initial products, services, and roadmap change as crypto progresses through the years? Why did it take almost three years for you to fully implement working products for Baanx?
Sean Salloux: We launched our first product in 2019- Sep. 2019 we launched one of the world’s first crypto-friendly Visa cards.
We have evolved with the
market by launching additional products and services.
Gold Rocket | Satoshi Club: indeed flexibility in the volatile crypto space is very good quality.
Sean Salloux:
We are now working with DeFis and launching Tezos Crypto Life app later this
month. Tezos is big into NFTs.
Gold Rocket | Satoshi Club:
Very interesting. Please tell us more about this!
Sean Salloux:
Products include:
Full Whitelabel mobile app (wallets, exchanged, text bit & Cards)
Retail end-user IBAN’s
Corporate IBANs & Bank accounts
TextBit (allows users to send crypto via SMS)
BTC Proxy gateway
Fiat on off-ramps
Lending
Wallets
OTC Trading
D. | Satoshi Club:
‘- TextBit (allows users to send crypto via SMS) ‘ – this is what i want to try
it 👀👍
Sean Salloux: And branded & unbranded cards.
Gold Rocket | Satoshi Club: Real Crypto Gentleman’s Kit 😁👍
D. | Satoshi Club: Yeah!
Sean Salloux:
In days we are going live with ‘free’ secured lending – up to 50% LTV on your
crypto when you stake BXX.
Gold Rocket | Satoshi Club: Sounds good.
Sean Salloux:
Everything is customizable for our client’s needs 😃
We can proceed.
D. | Satoshi Club: Let’s do it!
Q2 from Telegram user @DK177 You have mentioned that your card has global cash access. However, it seems that the card supports EUR and GBP only. Does this mean it can be used only in the countries where these currencies are used? Then why do you introduce it as a global card? Do you have any plans to introduce more currencies in the future?
Sean Salloux: It is global because you can use in over 70M places MasterCard and Visa are accepted. The Native currencies are Euro or GBP, but when you spend, there is no FX fee, so it is same as spending in your native currency. Of course, this is customizable for our B2B clients, so they can choose up to 5 ‘native’ currencies. We are rolling USD native cards later this year for a big USA client…
D. | Satoshi Club: Which countries are you supporting now? where people can get and use your card?
Gold Rocket | Satoshi Club: How is it regulated by law? are there any nuances that your users should know
Sean Salloux:
To confirm though, our cards can be used and spent anywhere in the world 😉
D. | Satoshi Club: Nice!!!
Sean Salloux: We have clients in USA, EU, UK, Asia… And they all want something slightly different, but our white-label platform is very flexible.
Gold Rocket | Satoshi Club:
Thanks for clear answer 😊
Ready to proceed to the next question?
Sean Salloux: We are listed on the Temporary Registration regime for crypto asset businesses with the FCA (UK Regulator) and are part of Baanx Group Ltd, operating Fintech services which utilise (EU & UK Regulators) an EMI license and a Credit Broking License. We are UK HQ and based (not offshore like many competitors).
Gold Rocket | Satoshi Club: It is really worthy of respect and trust of your users👏
So do you want to add something? Or we can jump to the next question?
Sean Salloux: Card use is spelled out in the T&C and on our/all our client’s websites too!
And we are the 3rd biggest shareholder (just announced!) in a USA Bank – Maxwell State Bank that is USA regulated.
Maxwell has been FDIC certified since 1943 for insured deposits.
Appreciate for great answers! ready for the next question? 😊
Sean Salloux: We have some big USA and global customers coming out with 4M+ users… and secured lending is powered by BXX. That is why we are expanding into USA with this acquisition/investment.
Gold Rocket | Satoshi Club: Seems to be a successful strategy.
Q3 from Telegram User @Rotoxy I am usually skeptical about emerging coins with high interest rate on staking because it is an easy target for whales. Accordibg to your whitepaper, 18% of your total supply will be distributed to $BXX stakers over a period of 5 years and up to 10% of all network fees will be equally distributed to all loyal token stakers. How are staking exercise done? What are the APY that that you will be able to provide for your stakers? Are there any fees to pay and any penalty for unstaking? Will the staking be done on your platform and will you have provision for yield farming also?
Sean Salloux: This will be adjusted regularly as per market demand. BXX demand is driven by our B2B customer user bases. They will decide additional fees/penalty/etc. Currently, on the Baanx App and all of our B2B customers who are launching lending, want to be very, very, competitive, so fees should below.
And Yes – we are
rewarding BXX long term holders with big % of network fees. We value our
community of BXX holders!
D. | Satoshi Club: Nice APY!
Can you tell us about the initial distribution of $BXX token? Have you had any form of private/public sale? and how people can get your token in current time if they want to invest in it?
Sean Salloux: Indeed 😄
Gold Rocket | Satoshi Club: It is much more profitable than in a regular bank 😁
Sean Salloux:
We did, back in 2018, and a few months ago before our July 2021 listing. We
distributed just over 18M BXX (out of 250M total supply).
Gold Rocket | Satoshi Club:
Got it 👍 Are there any fees to pay and any penalty for unstaking?
Sean Salloux: And we raised over $15M in equity since 2018 too.
Currently, No.
Gold Rocket | Satoshi Club:
Thanks for great answers 😊
Can we proceed to the next question?😊
Sean Salloux: Yes.
D. | Satoshi Club:
🚀🚀🚀
Q4 from Telegram User @NataliyaKil I became interested in the fact that by connecting their bank account to the Baanx application, the users get certain benefits. How can I use this function, how can I connect my bank account and what can I get from this? How will my personal data and specifically my bank account be protected from information leaks or fraudsters?
D. | Satoshi Club: We need to clarify that future users have to pass KYC to be able to use your app? 😊
Sean Salloux: Yes, you will have to pass KYC.
You can transfer/wire funds to the Baanx (or Baanx white-labeled apps) from within the app. We follow UK GDPR regulation, and full info is on the T&C of our website, and the bottom of every B2B corporate that uses our services.
D. | Satoshi Club: Btw, is your app only available on mobile devices? do you work on the desktop version? for PC and laptops
D. | Satoshi Club:
👍 but in the future we can expect to see Baanx on PC? 😉
Sean Salloux: We are mobile-only – but can do a web version if a B2B client wants one…
D. | Satoshi Club: Got it! 😊 thank you! @GoldRocket27 do you have any additional questions? or we can move to the next Q?
Gold Rocket | Satoshi Club:
Thanks for great answers
Sean Salloux: Mobile is integrated into Apple and Google Wallet so most want to use their virtual cards on a mobile…
Thank you for the questions
D. | Satoshi Club: Yes, that makes sense 😄
Gold Rocket | Satoshi Club:
Let’s proceed to the next😁
Q5 from Telegram user @Jonahapagu One of the key features of Baanx as stated on your website is that users can get Instant loan approvals in the click of a button, which they can spend instantly using a virtual card. If this loan approvals are granted instantly, does this mean that the application for loans do not pass through any serious process, what are the requirements for users who want to take loans from BaanX, is there a limit or restriction to how much a user can borrow, and how does a user get issued a virtual Card with which they can instantly spend their loans…
Sean Salloux: You can put your card details into any website you buy from… they are fully functional debit cards!
Gold Rocket | Satoshi Club: Are you using this card? 😁
Sean Salloux: Good questions. As user will have already registered and passed KYC within the app, we can approve a loan instantly, and provide you with a virtual card instantly to spend it on (or a physical card, or both). We can do this, as we lend only up to 50% LTV – meaning if you have $1,000 in BTC in your wallet, you can instantly borrow $500.
Gold Rocket | Satoshi Club: As a user and not a developer, what is it about them that you really love? 😁
D. | Satoshi Club: Good system 👌
Gold Rocket | Satoshi Club: Fair enough.
Sean Salloux: I love the fact I can choose any one of my 5 wallets to spend automatically on my card, and I never have to ‘load’ my crypto card. It is truly seamless bridge between fiat and crypto.
Absolutely.
D. | Satoshi Club: Crypto world will love it!
Gold Rocket | Satoshi Club: I think this is what we all really need now 😁
Great features. Great answers! Thanks 😊 let’s proceed to the next question?
Sean Salloux: And that we don’t charge FX so it is like spending in your native currency, not all those high bank fees. Those fees made me mad enough to found Baanx!
We want to be ‘Better than a Bank’
Yes.
Gold Rocket | Satoshi Club: And the crypto community will thank you for this😁
Q6 from Telegram user @Highpee From your roadmap, you plan to incorporate NFT and GameFi applications into Baanx financial layout. I read that this will allow you to extend your secure lending to NFTs. How will users be able to lend against NFTs and how is your platform going to provide FIAT on/off ramp support to NFT? How will NFT be integrated with your payment process and how will you provide security and insurance for NFT digital assets?
Sean Salloux: We are working with a few NFT companies and platforms, including Tezos, so provide fiat on/off ramps (so users can buy NFT with cards). And for lending, we are looking into ways of pricing them to lend using NFT as collateral. Could be lower LTVs for loans to start, till there is a better real time pricing for NFTs…
Security and insurance –
our cold storage wallets are insured to $700M, and we use multi-sig wallets
(BitGo).
D. | Satoshi Club: When are you approximately planning to launch services with NFTs?
Sean Salloux: Sometime early 2022
D. | Satoshi Club: It would be very interesting to see, some projects use NFTs in very creative ways, I think you one of those 😊
Gold Rocket | Satoshi Club: Great news😁
Sean Salloux: You can build complex DeFi strategies with such tools
Gold Rocket | Satoshi Club: You are incredible! we really like your concept. this is really a mass adoption.
Sean Salloux: Thanks!
Part 2 — live questions from the Telegram community
Q1 from Telegram user@highpee With regards to your CRYPTO LIVE APPLICATION, will it run on Tezos blockchain since Tezos is a main player here? What role is to be played by Tezos and what other financial brands are expected to power the workings of Crypto Life Application? When exactly can we expect its release and when will it be available for usage?
Sean Salloux: You will be able to stake your Tezos XTZ and take out a free secured loan against Tezos. We are working with their dev team. You will be able to use it later this month.
Q2 from Telegram user @Jonahapagu One of the features that interest me about your crypto wallet in Baanx is that they are insured for non fault loss through hacking up to $100 million Provided by BitGo via Lloyd’s Syndicate.. so is non fault loss through hacking the only thing this insurance covers for? What other issues will the insurance be able to cover for, does this insurance apply to users from all regions around the world, what are the details of your insurance partnership with BitGo and for how long will this insurance last….
Sean Salloux: The insurance has gone up from $100 million to $700 million. You can find more info on BitGo’s website. But I can tell you that’s one of the top options that we might have.
Q3 from Telegram user @King_Raja As Bannx is a B2B Company, What main Clients have been Collaborated yet, Can You give us infomation on them? Can we see any new Big clients?
Sean Salloux: Many of our clients like to remain anonymous, but we have 20+ including: Akoin, Stex, and many wallet providers and exchanges.
Q4 from Telegram user @Titanium432 Do you believe Investors are incredibly important to the Baanx Ecosystem . Can you talk about some of your investors and how they helped to accelerate the Baanx platform to next level ?
Sean Salloux: Some of our investors include: Tezos, UK Gov (investors) – British Business Bank invested millions in Baanx, Blockchain Founders Fund (investor, advisor, strategic), BankToTheFuture, Seeders, Monsas (large FX provider), Angel Network, and others.
Q5 from Telegram user @cenkkargin0666 Does BAANX’s acquisition of banks in the USA mean that it will remain a local project in this region? Does BAANX consider reaching different parts of the world and becoming a global project? For example, Asian and African regions may be a fast market, do you have a plan to deliver BAANX to these regions?
Q6 from Telegram user @esrarengizbtc To reduce the $BXX token emission, your investors need to know about your Burn & Buyback plan. Can you explain about your Burn & Buyback plan?
Sean Salloux: We will share 10% of Network fees, and as more people use Baanx platform, more demand for BXX there will be. Take a look at our secure lending amounts:
1000 BXX Tokens – Free Bank Card (physical/virtual depending on location)
5,000 BXX Tokens – Access interest free secured lending up to $5,000, subject to LTV.
100,000 BXX Tokens – Access interest free secured lending up to $100,000, subject to LTV.
BXX is the key component to the infrastructure, you have to stake BXX to use the services, so it will organically drive demand.
Q7 from Telegram user @alptrader Why did you build your project and company on UK and not on offshore like other of your competitors?
Sean Salloux: Many crypto lenders are offshore and unregulated. This can limit their appeal, and excludes many FinTechs from partnering and/or offering their lending services. Baanx, has HQ and is based in the UK. With our USA Bank acquisition/investment (Maxwell Bank is FDIC certified since 1943 for insured deposits) we can securely enter the USA. We have a number of UK and EU licences directly and via regulated partners, and can work with the growing number of financial institutions that want to offer lending services to their corporate, retail, and family office clients- in EU + UK, and now the USA. We have a solid pipeline of over 20+ signed corporate clients we are rolling out on a regular basis.
Our mission here is to be ‘Better than a Bank’.
Q8 from Telegram user @Antoni_azx In your website you mention that users can receive rewards for holding, staking or even SPENDING the BXX token, so this last one is very particular, can you tell us about this feature? Is it a kind of cashback or how does it work?
Sean Salloux: Good spot! We will be lunching a cashback program and other rewards by the end of the year. It’s coming.
Q9 from Telegram user @tatarrama “Immediate loan approvals at the click of a button..” That sounds really good, but is it really that simple? What are your conditions such as collateral etc. for the loan?
Sean Salloux: We will start with BTC; ETH and XTZ (Tezos) as possible loan collateral, and you have to stake BXX tokens at a certain level.
Q10 from Telegram user @sweetdoge Could you please explain some of the key benefits of partnering with Maxwell State Bank and benefits of being 3rd biggest shareholder?
Sean Salloux: The main part here – obtaining access to licences, now we can expand to the US markets with our services: CL card, free secured lending, on/off ramps.
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 DoinGud and our guests were @ManuAlzuru and @igorline . The AMA took place on 6 September
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
Mary
| Satoshi Club: Hello
Satoshi Club! We are happy to announce our AMA session with
DoinGud! Welcome to Satoshi Club😀
D.
| Satoshi Club: today our guests – @ManuAlzuru and
@igorline ! 👋
hey guys!
hope you are doing good
ManuAlzuru🥑
| DoinGud| API3: Actually Igor couldn’t join us
D.
| Satoshi Club: welcome!
😊
ManuAlzuru🥑
| DoinGud| API3: We have @AdrienDLT today with us
Mary
| Satoshi Club: Oh, hope he will be able to join next
time😀
D.
| Satoshi Club: gotcha
Mary
| Satoshi Club: And welcome to Satoshi Club 👏
ManuAlzuru🥑
| DoinGud| API3: who is leading the crypto communications
side of DoinGud
D.
| Satoshi Club: @AdrienDLT
welcome to Satoshi club! 😇
ManuAlzuru🥑
| DoinGud| API3: thanks for having us here
Mary
| Satoshi Club: @AdrienDLT happy to e-meet you 😉
Adrien
| DoinGud: Hi Mary! 👋 Nice to e-meet you
too and thank you for having us here to get to know your community and
introduce DoinGud ✨
Mary
| Satoshi Club: Sure, we are excited about todays AMA
as well 👍
So, let’s start it🚀🚀🚀
Could you please
introduce yourself and tell us more about DoinGud😉
ManuAlzuru🥑
| DoinGud| API3: For sure, DoinGud is a project that has
been inspired by many different experiences that I have lived in my life.
When I was in
high-school and university I was always looking for creative ways for me to
make money and being independent, the easiest way for me was on the internet by
buying and selling stuff that people wanted including collectibles. I became a
mechanical engineer and got hired at a very early age by one of the largest oil
companies in the world, there I understood the value of natural resources and
how we humans don’t care about the environmental impact that we live as the
whole industry is super dirty.
Then, I worked at
several startups that were using the new oil (data) for also exploiting humans.
When I realized that this was happening, I decided to join the crypto movement
and wanted to enable anyone to invest in any type of asset, but I was very
naive as I didn’t know that investment vehicles have a lot of regulations and
that’s when I decided to join the DAO movement.
I’ve been member and
even founding member of multiple DAOs (MetaCartel, TheLAO, Inverse.Finance,
API3) and last year after ETHCC, I got covid and I realized that many
communities needed help and I decided to launch an initiative called
FightPandemics.com for helping connect those in need of help with those who can
provide help.
Over 1800 people from
all over the world contributed time and skills to the project and the idea was
to create a social DAO where the investment was the human and social
contribution, but must people didn’t understand it (99% weren’t crypto native)
and that’s why when we decided to bring financial capital to the equation.
And that’s how DoinGud
came to life 🙂
D.
| Satoshi Club: very nice story about origin of the
project 😊👍
so what are you trying
to achieve and solve with the help of DoinGud?
Adrien
| DoinGud: My name is Adrien, at DoinGud I am head of comms
for crypto-natives. I have a wide professional experience in various positions
including comms, marketing, content creation, tokenomics, UX and front-end
development.
My dedication to
sharing my passion for crypto with the community through writings and events
lead me to where I am today. I just started with a few thousands bucks in
crypto, totally by chance because of a friend (long story… for another time!).
DoinGud’s origin by
Manu above is pretty good 😉 Regarding that, we ran a competition for
the first exhibition we will host on the platform. It’s called Origins and we
recently announced the winners here:
Mary
| Satoshi Club: If you are discribing DoinGud project
to non crypto people what you’re telling? I know we have a lot of newcomers
that learn every day in Satoshi Club, so i will be greatful if you explain 😀
ManuAlzuru🥑
| DoinGud| API3: The main goals that DoinGud has are the
following:
🔹Enabling
creators (who are usually the most altruistic humans) to tokenize their
creations and allocate a percentage of their choice that could be streamed to
social causes that they care about.
🔹Enabling
curators or dot connectors to work together with creators and create narratives
around their creations while supporting social good.
We won’t stop building
until every expression of human creativity makes a positive impact for this
world.
D.
| Satoshi Club: there is a very cool prizes, im envy to
winners 😄
ManuAlzuru🥑
| DoinGud| API3: We want to achieve many things like:
🔹Be a community
owned social media and marketplace where does that contribute to humanity have
a say on the future of the platform.
🔹Normalize
social impact and that it actually becomes an standard.
🔹Creators
should always own their content and their creations in general.
🔹Users of
social media and marketplaces should also own their profile and even their social
graph.
🔹Collectors
should decide where their want their assets to live in (Ethereum, Polygon, xDAI
or any other blockchain)
Mary
| Satoshi Club: Actually xDAI is very early in NFT space😀
first steps, but i am agree with you
Adrien
| DoinGud: I tell them about
1/ the long term
vision: to normalize giving back first in the NFT space and reach out to other
verticals of the crypto space.
And we have a 40+
strong team, made of over 35% women. We will tease our team later today in a
twitter thread actually 😉
ManuAlzuru🥑
| DoinGud| API3: What I did by mentioning was to tell you
that our plan is to start supporting EVM compatible blockchains, but our main
goal is actually to have an interoperable market place
Mary
| Satoshi Club: Wow, big team😀 my additional
thanks for women support😂
I got it, we as early
in NFT space now as we were in DEX space in 2017
Interoperable
marketplace sounds like a dream now, but i am sure everything is possible very
soon
D.
| Satoshi Club: agreed, we a bit ahead of time, but
people working in the right direction 👏
Q1 from Telegram
user @Jmagsss
I
have learned that before DoinGud was created, you and your team was in a
project called “FightPandemics”, which connects communities to raise awareness
and resiliency to future emergencies. The group quickly gained many active
users and received $500K in sponsorship funds, and attracted additional
donations. What made you decide to apply and venture crypto and NFT into your
previous group to create the now we know “DoinGud”? Was the vision and mission
of FightPandemics similar and can still be seen into what DoinGud intends to
do?
ManuAlzuru🥑
| DoinGud| API3: well the idea is to not lock creators,
collectors or anyone into one blockchain. We believe the whole space should be
more fluid
Actually,
FightPandemics is another project that is still alive (fightpandemics.com).
After the Ethereum Community Conference (ETHCC), I got covid and I realized
that many communities needed help. I decided to launch an initiative for
helping connect those in need of help with those who can provide help. Over
1800 people from all over the world contributed time and skills to the project
and the idea was to create a social DAO where the investment was the human and
social contribution, but must people didn’t understand it (99% weren’t crypto
native) and that’s why when we decided to bring financial capital to the
equation and that’s how DoinGud was borned. While we were building
FightPandemics, we realized that the majority of people behind non-profits and
social impact organizations were actually artists and creators in general. For
us it was shocking to see that currently there is no connection between the
creator economy and the social impact economy when the people behind those have
such a big overlap.
The visions of both
projects has always been of creating coordination tools that could help us make
the world a better place.
D.
| Satoshi Club: did you bring a lot of people with you
from FightPandemics project into DoinGud?
Mary
| Satoshi Club: Sometimes i think that if we didn’t have
COVID the industry would move much more slowly
D.
| Satoshi Club: i think we can say so, in some ways 👀
ManuAlzuru🥑
| DoinGud| API3: Initially yes, a lot of people from the
community started to help with DoinGud. Many more didn’t really understand it,
found different jobs (as everything was volunteer based initially) or didn’t
have the right skills for the fast pase of DoinGud.
We found more people
within our networks of DAOs, DeFi and Dapps and decided to bring them onboard.
I completely agree,
COVID accelerated a lot the space and specially NFTs
D.
| Satoshi Club: nice! so now team is more bigger and
more experienced 😉
thank you for answers
guys! ready for the next question? 😇
Q2 from Telegram
user @Jonathantross
In
the digital world, people will be storing their assets on the blockchain of
their choice, but currently, the choice is not so simple. The industry is
moving so quickly, and there are so many options, that people are basically
making bets that whatever choice they make will still be around in 2 years. How
DoinGud platform building a flexible and future-proof infrastructure for the
community and beating all its competitors ? Can you also talk about the future
milestones set for this project ?
ManuAlzuru🥑
| DoinGud| API3: I would say that is definitely more
experienced and obviously we are still looking for more engineers, product
managers, game economist and more.
Mary
| Satoshi Club: Satoshiclubbers, don’t miss your chance
👍
ManuAlzuru🥑
| DoinGud| API3: this is a great question. As I
previously mentioned, our plan is to be a platform easy to use for anyone. Currently,
Ethereum with its high gas prices, it’s leaving a lot of people out that can’t
afford those prices and that’s why we are also starting with a polygon
integration. We understand that creators want to be more inclusive and have
different price models for their audiences. With Polygon the prices could
potentially be a few bucks and still make sense as the transaction cost are
very low.
Our main goal when it
comes to choosing the blockchain, it’s to actually let the collectors decide
where they want their assets to live in. We are starting with Polygon and then
Ethereum and other Ethereum Virtual
Machine compatible chains, but our intention is to become interoperable across
many different chains.
Adrien
| DoinGud: The whole crypto ecosystem is transitioning to a
more “open user experience” where users are the ones choosing what they want to
buy, where from and where to store the items they buy.
DEXs first gave the
power to users to list any token. No gatekeepers nor listing fees like on CEXs.
And recently many added multichain support.
We believe that trend
is setting the tone for the whole blockchain industry and will ripple across
the NFT space too: providing users with the option to use an NFT marketplace on
the chain of their choice, to store their assets (NFTs) on the chain of their
choice too and then use the storage solution of their choice to keep the media
attached to the NFT safe.
In our case, we provide
a permaweb storage solution with Arweave, the “purest” form of long-term
storage, making sure the artwork is super safe.
D.
| Satoshi Club: what is the nearest goals for you? what
are you planning to hit by the end in this year? btw do you have any public roadmap?
Mary
| Satoshi Club: When our dream will become reality?
When you’re planning to go live?
ManuAlzuru🥑
| DoinGud| API3: the nearest goal is to launch our beta
in the upcoming weeks, followed by our token launch
D.
| Satoshi Club: awesome👍
Adrien
| DoinGud: > what are you planning to hit by the end in
this year?
– app launch
– token launch
– staking launch
– dao launch
– more…
We really have a busy
roadmap 😉
ManuAlzuru🥑
| DoinGud| API3: Our Roadmap is not public yet, but
Adrien has been doing a great job for getting things out there.
Mary
| Satoshi Club: Wow, you will have your token? So…
IDO next?
ManuAlzuru🥑
| DoinGud| API3: Here you can see a little bit about our
roadmap :
The initial
contribution mechanic hasn’t been determined yet. It could be a combination of
mechanics:
– Bonding Curve
– IDO
– Dutch Auction
D.
| Satoshi Club: that’s impressive list, hope you will
bring all of this to live as planned 😊
ManuAlzuru🥑
| DoinGud| API3: Obviously we also want to reward our
community as much as we can
We will wait for the
announcement 😃
and early supporters
and collaborators will have a lot of opportunities 🙂
Mary
| Satoshi Club: Oh, it’s always good to be among the
first😉 Thank you for your answers guys! Ready to go to the next
question?
ManuAlzuru🥑
| DoinGud| API3: We have really big names in the space
supporting us with their communities and with their expertiese
for sure 🙂
Q3 from Telegram
user @ysasoma
DoinGud
is a platform that works to empower creators, curators, brands and
organizations to create meaningful impact. All this with the power of automated
collaborative payments. but what tokens are handled in DoinGud, what are the
chains compatible with your platform and I would like to know what you are
doing to expand the possibilities of commerce for your users?
ManuAlzuru🥑
| DoinGud| API3: Creators are the working class of the
internet age but platforms have used creators and extracted all the value that
they produce. Within DoinGud, creators make an statement and a pledge to
humanity by allocating a percentage of their creations to social causes that
they care about. Initially, the creators are going to be onboarded manually but
once the platform is stable anyone can join and be a creator because we all
are.
Creators at the same
time can collaborate and create automated splits so when their assets get sold,
there will be funds streamed to the social causes of the creators choice.
Initially, our
infrastructure will be able to be used without having any blockchain experience
(using their email to sign up and FIAT to pay) or for crypto OGs with metamask
or many other blockchain wallets. We are starting with Polygon and the pieces
will be sold in USDC which is easier to understand by many but we will be
expanding the options as much as we can.
D.
| Satoshi Club: wise move, to start working with
stablecoins from the beginning, people wouldn’t worry about crypto volatility 😊
Mary
| Satoshi Club: As i know if platform accept fiat
payments there will be a lot of restrictions, such as KYC, accepted countries
etc . Am i right?
Adrien
| DoinGud: > what are the chains compatible with your platform
We are initially
launching on Polygon. We plan to support EVM compatible blockchains, our main
goal is actually to have an interoperable marketplace.
> what you are doing
to expand the possibilities of commerce for your users?
Our community is very
varied and diverse. We believe that it is one of the aspects in which DoinGud
has an edge. The NFT space still has a lot of room to grow in non-english
territories.
We are also tapping
into many other verticals where no-one is. The most obvious being our direct
connection to many social causes that we onboarded on the platform. For those
who like giving to social causes via the purchase of an artwork then we are the
go-to platform. It’s all onchain so traceable and provable forever. Collectors
and creators can even showcase causes they supported, creating an incredible
social “giving” reputation layer.
ManuAlzuru🥑
| DoinGud| API3: We have partnered with crypto onramp/off
ramp services and each of them manages their compliance differently, and
depending on the payment provider used, they will have different requirements.
Mary
| Satoshi Club: Gotcha! Thank you for your answers!
Ready to jump to the next question?😃
Adrien
| DoinGud: Exactly. We want to support responsible behavior.
Using stablecoins helps any user to get started without the added complexity of
managing a highly volatile portfolio.
If a user wants to buy
volatile assets, she can do so separately and at an oportune time.
Finally, if the market
crashes, the price of the items listed does not get affected. Which is also a
positive aspect for creators in order to build up a sustainable revenue stream
from their creations.
Q4 from Telegram user
@ItsMelissa3
I
read that you are looking into expanding your Community Leader Program. What
requirements must we meet if we feel that we could represent our local
community and connect creators with your ecosystem? What skills should a
DoinGud leader have? What are you really looking for in the leaders of the
DoinGud community? Are you looking for a person whose native language is
English or can it be from any language? Where can we send our request?
D.
| Satoshi Club: someone wants to join your team 😉
Adrien
| DoinGud: The requirements are to be an active Creator or
Collector who loves sharing her/his passion with others. Our community leaders
represent DoinGud all around the globe and online too so we are building a
tight relationship with every single one of them. We are actually very
interested in potential leaders whose mother tongue is not English. We are also
very interested in potential leaders who represent a minority.
There is a presentation
of some of the DoinGud community leaders in this article. It also contains a
link to the form to apply to become one!
ManuAlzuru🥑
| DoinGud| API3: The main requirements that we have are:
You are:
🔹Art/NFT
enthusiast
🔹Aware of the
latest NFT news
🔹Confident
public speaker
🔹Passionate
about educating & empowering artists
🔹Self-starter
🔹Excited about
creating engaging conversations with your local community regarding NFT uses
🔹Good listener,
able to collect feedback & needs from the community
Must-Have:
🔹Public
speaking experience
🔹Fluent
language skills in English & native city/country language
🔹NFT Knowledge
& experience
🔹Prior
community building experience
🔹Self-starter
Nice to have:
🔹Local
community leader
🔹Connected with
local artist community
Mary
| Satoshi Club: Which regions are you interested mostly
in?
Adrien
| DoinGud: Asia and Latin America 🙂
ManuAlzuru🥑
| DoinGud| API3: major cities in the world for sure
Q5 from Telegram
user @Rotoxy
You
mentioned that brands and communities can open meta-galleries to house their
artists. And these can submit their artwork to a pool. Do you have any
regulations to ensure their is no intellectual theft? Don’t you think artists
with bad intentions can replicate the works of other artists in the
meta-galleries and list on other NFT marketplace, especially if such artworks
have not been minted?
D.
| Satoshi Club: kinda popular problem on NFT space
ManuAlzuru🥑
| DoinGud| API3: In the space many believe that curators
and galleries are the gatekeepers, that is true for the traditional art market.
In the internet era, anyone can curate content and create narratives (even
memes) that can elevate the creations and creators. We believe, that creators,
curators and gallery owners could have a healthier relationship by offering
them the opportunity to align incentives in a transparent way.
Brands, communities,
social causes or even individuals could potentially become a gallery owner and
curator by having a space where they can display the content that they like.
Adrien
| DoinGud: Yes, it’s definitely a good point to
look into intellectual theft. This is already an issue that can be present in
other marketplaces too. It always comes back to the same point where the
community also helps flagging potential issues and where creators build up
their reputation with the relationship they create with the collectors, curators
and fans.
Mary
| Satoshi Club: But will you have any strict
regulations? Or it’s all on community?
ManuAlzuru🥑
| DoinGud| API3: We are initially starting with the
DoinGud as gallery as well
and we will be making
sure that the creations are legit
D.
| Satoshi Club: 👍step by step, gallery first
then marketplace 😉
ManuAlzuru🥑
| DoinGud| API3: then we will have multiple galleries and
they will be curating
Adrien
| DoinGud: There is no hard rule. Nothing is set in stone so
we will iterate on the model if we see there are abuses.
Initially there will be
only one gallery, the DoinGud Gallery, it will be featuring artwork curated by
our network of partners (creators and collectors close to the project) and part
of the DoinGud team. It’s extremely unlikely that an artwork could get listed
if it’s not from the real artist. Much like it would be near impossible to get
a fake artist to list an artwork from someone else on Christie’s 😉
Once we transition to
multiple galleries, we will work closely with the gallery owners to prevent any
malicious actors from listing artwork.
ManuAlzuru🥑
| DoinGud| API3: they will making sure that the creations
are legit
D.
| Satoshi Club: ahh now i got it 😊👍
Mary
| Satoshi Club: It’s clear now! Thank you!
Q6 from Telegram user
@Josegamboac
If
we review multiple releases we see that the creators say they are going to
support a social cause and that’s amazing, but we could do better. What if we
could see that the money is being used as it is intended to be used? Many of us
do not donate due to the lack of transparency that exists. It’s time to build
better systems that give us peace of mind that our money is being used to
create a positive impact. How will Doingud really be a 100% transparent
platform? And how does Doingud handle security?
Adrien
| DoinGud: > What if we could see that the money is being
used as it is intended to be used?
This is a very good
point actually. It’s extremely hard to know if an organization is using the
funds correctly. Right now, we do this by vetting the organizations that we
onboarded. This avoids the biggest pitfalls where people give to causes that
are not even registered and/or have no track record whatsoever.
> How will Doingud
really be a 100% transparent platform?
For any user of the
platform, you can see her/his profile and all the transactions that she/he did
in the past. For instance, one can see every sale a creator made, and for each
sale, what percentage (and how much) went to a social cause (and which). The
same goes for collectors, you can see all of the artworks traded on the
platform along with all the social causes and creators supported.
This will show an
unprecedented level of transparency in the NFT+Giving ecosystem.
> And how does
Doingud handle security?
Everything happens
through Smart Contracts. Meaning that we never hold any of the users’ funds
and/or NFTs. Users are fully in charge of their own money and artwork.
Finally, we have gotten
our code audited by top tier firms in the industry in order to provide the
highest level of security.
ManuAlzuru🥑
| DoinGud| API3: This is a great question. I completely
resonate with the sentiment of not donating because there is lack of
transparency in the ecosystem.
The idea is that the
social causes are registered in the platform and that they receive everything
on-chain so we do know that our money is going where is intended to go as we
are doing KYC and KYB to the organizations that can benefit from the minimum 5%
donated by creators.
Part
2 — live questions from the Telegram community
ManuAlzuru🥑 | DoinGud| API3: Wow, those are a lot of question. If we don’t answer
them here, I invite you to join our telegram group where you’ll be able to ask
all of those and also our discord community calls
ManuAlzuru🥑 | DoinGud| API3: It’s important to mention that we don’t want to
impose algorithms to people, we actually would love that everyone chooses their
own algorithms and that the content in the form of NFT is displayed as people
want to. Obviously, in order to achieve this vision, there is still a lot to
build. Initially, we are definitely going to highlight those that can create
more impact and make the world a better place.
We plan to be a
community owned and manage social media/marketplace and for that we plan to
reward with tokens creators, collectors, curators and social causes that
contribute to humanity.
Our plan is to launch a
DAO and that our platform becomes community owned and governed.
Our token hasn’t been
released and the price isn’t define yet. In few weeks we will be announcing
more information about the token distribution event.
ManuAlzuru🥑 | DoinGud| API3: We have knowledge of tokenomics within the team and
we are also working together with the token engineering commons for making sure
that we have a sustainable ecosystem
We haven’t released the
economic design of our token but we will definitely have staking functions and
many more that we will reward participants
Regarding the question
about competitors, first we don’t believe in competition but rather
collaboration. It’s also important to mention that we have many difference when
it comes to our technology and obviously our intention of doing good for
humanity.
1) Our platform is
initially closed to creators that are working closely with us, but it will be
an open platform for anyone; also, it won’t be needed to have any crypto
knowledge (neither wallets) to open an account and to publish.
2) We are initially
launching on Polygon and will be expanding to other EVM compatible chains. We
believe that we should give the voice to collectors to decide where they want
their asset to be hosted.
3) Our platform allows
collaboration and split of royalties with +30 creators in the primary market
but also in the secondary market
4) There is resilience
when it comes to the data as we plan to be redundant in the way that we store
it by having it on Arweave, IPFS, Filecoin and more to come.
5) every transaction is
completely transparent, including the donations to social causes.
ManuAlzuru🥑 | DoinGud| API3: We are currently around 40 people from over 15
countries. We have within the team English, spanish, French, russsian,
Ukrainian, Hindi and many more languages
The platform will be
hopefully in multiple languages
ManuAlzuru🥑 | DoinGud| API3: We are initially launching with Polygon which is a
PoS mechanism, but we will have in the future multiple EVM compatible chains.
Creators don’t need to
pay for minting. They’ll be able to come to our platform and start using it.
The content only gets minted in the form of NFTs only when the creations get
bought
Btw Agora is going to
be a gallery. You can think of galleries as a publisher or a place for
promoting creations.
We want to enable
independent taste makers, communities, social causes and organizations in
general to be able to launch their own space and obtain slots in the gallery by
staking the $AMOR token.
So you can think of
DoinGud like a meta-gallery or what we call a Gallery of Galleries. There could
galleries focused on curating anime, others on curating creations from artist
in latin-america/africa or anywhere in the world or even creators that are
united for a social cause like fighting for gender inequality.
By having the Gallery
mode, you’ll be able to also access to different sale mechanics and possibly
engage better with the community of supporters, backers and collectors.
ManuAlzuru🥑 | DoinGud| API3: For those that asked about the type of formats
available in the platform:
DoinGud is starting
with images, audio and video as formats. But we want to definitely expand that,
as I mentioned before, we want to enable assets that could potentially live in
the metaverse but also written content that could be owned by its creators.
Our platform will be in
multiple languages as we really want to be a global community where there is no
distinction of language, sex, religion, color or any other characteristic of
humans as long as we are there with the intention of doing what we love while
creating positive impact.
Also, creators will be
able to create without having any crypto experience and without any crypto so
like that it isn’t a barrier of entry for anyone around the world.
We at the same time
will have fiat payment processors so people can buy them using credit cards.
ManuAlzuru🥑 | DoinGud| API3: We are also creating a media arm that is focused on
education and entertainment within our industry. You can check out videos from
top figures in the space within our instagram.
ManuAlzuru🥑 | DoinGud| API3: Many asked again about the transparency part, as you
know the blockchain is transparent when it comes to the tracking of
transactions and provenance.
If you guys check
multiple drops, we see creators say that they are going to support a social
cause and that’s amazing but we could do it better. What if we could see that
the money is actually going to the causes that we care about and that the money
is received and used as intended to be used.
Many of us don’t donate
for the lack of transparency that exist. It’s time to build better systems that
give us the peace of mind that our money is being used for creating positive
impact.
ManuAlzuru🥑 | DoinGud| API3: Some asked about our intentions and I have to say
that what really inspire us is the fact that with blockchain technology we
could create net positive games where many wins and not zero-sum games where
there is a winner and a loser.
I’m Venezuelan and when
I lived there all my assets where expropriated by the government, so for me
property rights and freedom of speech are one of the most important
fundamentals for what we are building here.
ManuAlzuru🥑 | DoinGud| API3: Those that are asking about our discord, join us and
be part of the community https://discord.com/invite/Dsy8MEmBSE.
We have happy hours and also big think
tanks. Everyone that joins early could potentially receive many prizes. So jump
on board and join us!
Here you can find our
other social channels: https://linktr.ee/doingud
Q1 from telegram username @Silica432
When are you planning to release your whitepaper so that user can
get more information about the project and takes benifits from it ?
Adrien | DoinGud:
We have chosen the Litepaper format to get started with sharing deeper insights
about DoinGud. We will be releasing the Litepaper in the coming 10 days 🔥
im really love NFT and its really popular this year,
so can you explain what are the usecase of DoinGud NFT and can we stake it ?
can you share an example of DoinGud NFT?
Adrien | DoinGud:
Staking will be a major use case of our token and will enable many benefits for
users.
These benefits include
launching galleries, launching independent Drops, earning access to exclusive
events, and more:
Your project has made an important alliance with the
Agora platform, which is a huge community of photos that allows participants to
use their art in global talent Awards, so I wonder how Doingud could increase
the visibility and profitability of these artists to achieve arriving faster to
the top? How will DoinGud reward creators?
Adrien | DoinGud:
Yes, that’s right.
We’re super excited to launch a drop with Agora 🙂
The featured artists
are benefiting from our large network and will also have the chance to connect
with incredible collectors and social causes from all around the world. The NFT
community is watching ! 👀
Q4 from telegram username @Carloszamo
🔥 You recently announced a partnership with
Agora, so could you explain to me how Agora will influence the development of
DoinGud? How will this association positively impact your project?
Adrien | DoinGud:
Following up on Agora : this announced Black&White Drop is the first one of
many that we will do together. And the following drops will be in partnership
with highly regarded global organizations.
Q5 from telegram username @Prashantbgmi
I am very excited for the token launch, But I saw
that You are planning to launch it after the app launch,
When its going to launch then?
Adrien | DoinGud:
For legal reasons, we can only say that it will be soon after the app launch.
The app is looking really amazing, our dev team and design team work tirelessly
to deliver a top-quality product.
ManuAlzuru🥑 | DoinGud| API3: We plan first to launch the platform. Show how much
love we have put into it. Enable creators to join us and to start contributing
to the community and then we will launch the token. There will be rewards for
those that contribute value to the organization.
Then we will launch the token that could be potentially used for the following
The main features are:
Q6 from telegram username @BJosefina61
One of the problems with NFTs is that they are not
for everyone because they are very expensive to create and sell; What solution
do you bring to provide this technology to the next billion users?
Adrien | DoinGud:
We are actually doing a lot of work to democratize NFTs and ease every user
into this new digital world. We produce written, visual, audio and videos
content that can be very deep into niche aspects of the space but also fun and
lighter topics to keep up and get introduced to the NFT and crypto community in
an entertaining manner.
Could You please give us an Overview about
“Automated Collaboration payments”?
How will this be an important features?
Adrien | DoinGud:
The automated collaborative payment is a feature that helps creators to team up
seamlessly: once they have created a piece, they can together list it on
DoinGud, and each of them then receive part of the proceeds of the sale
directly into their wallet. It all happens through smart contracts, meaning
that unlike other platforms, there are no intermediaries involved.
The same goes to the
part of the payments that are for Galleries and Social Causes. This funds are
sent directly and automatically to the relevant beneficiaries.
🟣 Could you explain to me how a fair price
is defined for NFTs within DoinGud? Are these prices chosen by the community or
by the project team? Will there be a voting system where users can vote for the
best NFT and auction? Or will the NFTs simply be purchased through a gallery?
Adrien | DoinGud:
Much like the price of any product on Ebay is defined by users of the platform.
Prices of the NFTs on DoinGud will be determined by the users too 🙂
There may be some ways
to show your interest for an NFT. We think of DoinGud as a social network too,
a place for people to connect and interact so you can expect some features to
support this vision!
Q9 from telegram username @rinnguyen
How is Doingud planning to educate users who are not aware of NFT’s
& want to get in this Technolgy?
Adrien | DoinGud:
We have many axis for education actually. These include:
1/ content
1.a written
1.b illustrations
1.c audio
1.d video
2/ events
talks, debates,
workshops and more
Right we have a weekly
schedule with a minimum of 4 events per week!
Q10 from telegram username @Nhairym
What do you think is the reason for this sudden
interest in NFTs, and how have they been able to develop such a dynamic and
productive nature, why has the blockchain adopted and supported them, aiming
quickly to redefine the value of cryptographic culture?
Adrien | DoinGud:
The sudden interest in NFTs has come as the world was in a global crisis where
creators from all over the world had no choice but to explore the possibilities
offered by the digital world. In hindsight, it seemed inevitable 😉
Many creators who made
the leap were not necessary famous prior to this. I think many of them adapted
quickly as they realize it was an once-in-a-lifetime opportunity to bring their
career to the next level. Turn a tragic global story into something positive is
for many the only way to move forward.
We believe this huge
influx of culture within crypto is bringing amazing value to the crypto
industry. This diversity of origins, opinions, tastes and interest is what is
going to make the decentralized space get mass adoption. And DoinGud is part of
this! 🔥
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:
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 Phantom and our guests were @PhantomMr – representatives of Phantom. The AMA took place on the 5th of September.
The total reward pool was 500$ and has been split into 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Website
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Phantom!
Welcome to Satoshi Club😀
Our guest today is @PhantomMr 🚀
Mr Phantom:
🥳
Mary | Satoshi Club: Welcome to Satoshi Club 😀
Andrés M. | Satoshi Club: How are you? We are glad to have you here😁
Mr Phantom: Great!
It’s good to be here!
Mary | Satoshi Club:
And we also to see you here today! 😀
Let’s start our AMA 🚀
Could you please introduce yourself and tell us more about Phantom 😀
Mr Phantom: Sounds good!
Hi all, I am Mr. Phantom, one of the founding members of the Phantom protocol.
I am a veteran in the crypto industry, having been through ups and downs in the industry since 2015. I came from a development and finance background and had worked on various projects including public chains, privacy tokens, cross-border payments, DeFi, NFT and now synthetic assets.
Mary | Satoshi Club: Oh, so if i am also here from 2015 i am veteran 😂 feeling a bit old😂
Mr Phantom:
The reason that attracted me to create Phantom is that the hope to provide
everyone with the chance to access the most profitable and interesting
financial instruments out there in the market, be it derivatives, stocks or
commodities. Additionally, I had been a collector of NFTs and early engagers on
NFT gaming, and it has been my dream to combine defi and NFT together. So now
you have Phantom. And I want to tell you more about it today.
Done 🙂
Oh sorry.
Also about Phantom 🙂
Just saw that part 😛
So Phantom is a cross-chain synthetic asset issuance protocol that enables all DeFi users to participate in multi-market investment in a decentralized manner. Using the Phantom protocol, users can create synthetic assets (pAssets) with collateral on Ethereum, BSC, Conflux, and Heco for exchange or liquidity mining.
pAssets track the price movements of the various physical world or on-chain assets, such as stocks, gold & silver, cryptocurrencies, NFT, etc, allowing investors to trade multi-market assets on a single platform, eliminating the cost and risk of asset transfers.
Phantom’s Conflux mainnet passed code audit by CertiK and was released on August 2, 2021, with a first-day TVL of more than 5 million USD. Its Genesis NFT release was also sold out in 14 minutes.
Ok, now i’m done for sure 🙂 @madamlobster
Andrés M. | Satoshi Club: Why do you consider synthetic assets are so profitable?
Mary | Satoshi Club:
How long did you work on Phantom before it was launched? Who developed it? I
mean – who are in your team😀
Mr Phantom: We’ve been working on the project for about 8+ months before it was launched. The team is very diverse.
Mary | Satoshi Club: As i know yes, but we will let Mr.Phantom confirm this😀
Mr Phantom: They consist of members from US, Singapore, HK and Vietnam
Andrés M. | Satoshi Club: Yes, a hot topic in the market.
Mary | Satoshi Club: Are you public or anonymous?
Mr Phantom: We are actually all veterans of the industry, and our combined experiences include project development, investment, and in areas of DeFi, Public Chains, and privacy tokens. Our members; backgrounds are primarily in finance and technology.
We are mostly anonymous, we tend to call each other Phantom 1 Phantom 2, or sometimes Mr. Phantom, like me :)\
Mary | Satoshi Club: And how many Phantoms currently exist?😂
Mr Phantom: We have about 10 team members currently, half in development and half in community and business.
Mary | Satoshi Club: Quite big team 😉
Mr Phantom:
☺️
Mary | Satoshi Club:
Thank you for your intro, mr.Phantom! We choose 6 questions from our community
for the first part of our AMA 😀
Are you ready to answer them?🚀
Mr Phantom: Sure~
Let’s go
Q1 from Telegram User @UplineStephen Phantom is also launching a Genesis NFT pool where users can join Phantom Mainet Mining Launchpool and mined a minimum of 30,000 $PHM to receive a reward in the form of 200$PHMP token, which is said to be distributed automatically to all participants wallets. May I ask which token is this $PHMP? What is it usecase, and how does it contribute to the growth of Phantom project in addition to the main token which the $PHM?
Mr Phantom: Glad to~
Mary | Satoshi Club:
Two tokens?😀 Interesting
Mr Phantom: Hi, great question! this is a very good usecase.
So let me clarify first!
Phantom has one main token and that is the PHM. we will have IDOs and IEOs in the next several days and its for the PHM!
Andrés M. | Satoshi Club: What are the utilities of each token?
Mr Phantom: So PHMP was only for a very specific usecase scenario: for buying Genesis NFTs during the launchpool mining campaign in August. During this period, Phantom Protocol offered a few NFTs that lets users get bonus rewards on the PHMs they mined, and these NFTs can only be purchased through a special token called PHMP, which was given to users who mined more than 30000 PHMs during the period.
Mary | Satoshi Club: Could you give us more about upcoming IDOs😀 how and where users can participate
Mr Phantom:
So in summary:
PHM is the main token of the Phantom Protocol
PHMP is a special kind of token for a special occasion during August of 2021 🙂
Certainly
Tomorrow we will host IDO on Pentalaunch and Bounce:
Mary | Satoshi Club: Six🤓 i see that you want to give a chance for everyone
Mr Phantom: Definitely~
Mary | Satoshi Club: Btw, as i understand mining process already fonished? Am i right?
Mr Phantom: This mining campaign actually has ended, but you can find all the details on our medium blog: https://phantomdefi.medium.com/
🥳
Andrés M. | Satoshi Club: Thanks for clarifying it.
Mary | Satoshi Club:
Thank you for your answers, mr. Phantom! Ready to proceed?🚀
Mr Phantom: Yep
Q2 from Telegram User @ItsMelissa3 There is something that caught my attention and makes me very curious. A few days ago the Phantom team announced that, starting on September 6th, the Phantom Protocol will kick-off public token offering. The campaign will take place in a total of 7 major public platforms, which include 5 Initial Decentralized Offerings (IDO) and 2 Initial Exchange Offerings (IEO). Why did you decide to launch the token on 7 major platforms? Will the token allocation for each platform be the same? Will any of those 7 platforms have greater benefits than another? For example … even if two users buy the Phantom token on two different platforms, will both have the same benefits?
Mr Phantom: Ready
That’s quite a lot of question marks lol. let me answer them one by one.
Mary | Satoshi Club: Sure, take your time 😀
Mr Phantom:
We want to have the token offering through a
distributed fashion and have as many people from all platforms to
participate, so we picked several different platforms
The token allocation for each platform are mostly in the same range ranging from 50k – 100k, so you if you didn’t get your IDO spot in one platform, don’t worry, there’s another one to go 🙂
Most importantly, the prices and lockup terms on ALL platforms are the same: 0.005 u and NO LOCKUP
So feel free to look around, they are very balanced 🙂
Mary | Satoshi Club: How much was collected? Do that tokens have lock up period?
Andrés M. | Satoshi Club: Let’s join Satoshiclubbers, last call🥳
Mr Phantom: Yes, almost 3 million. The tokens have a 20% initial release, and then 12 month vesting period. Team tokens are locked up for 1 year then 24-month vesting.
Mary | Satoshi Club: Gotcha! Standart practice 👍
Thank you for your answers! Ready to go to the next question?😀
Mr Phantom: Also this whitelist opportunity in this article gives you the biggest allocation, try it out here: https://phantomdefi.medium.com/phantom-protocol-to-launch-public-token-offering-on-7-major-platforms-with-whitelist-airdrop-925d3d492fbe
Yep~
Let’s go.
Q3 from Telegram User @ambbobb Phantom support multi-market synthetic assets expands from crypto to traditional markets like gold and stocks. Phantom itself also exclusively create a type of synthetic asset called pNFTs which are also anchored in the value of real world assets. It was stated that pNFTs can be further used to mint liquid, tradable pNFT tokens. I want to know how many functionality does pNFT possesses in your project? And apart from normal trading, can pNFT tokens be reverse back to pNFT to exchange for the corresponding actual asset when they collected and burned altogether?
Mr Phantom: Great question. let me explain
pNFTs are fractional tokens of NFTs that can be collateralized on the Phantom platform. So in essence, it allows you to trade on a popular NFT with lower prices and therefore more chances to profit
The pNFT mechanism can actually be adapted to traditional assets as well so for a large piece of asset you can dice it up into pieces to be traded on the Phantom platform, and each piece’s price movement is directly related to the overall price expectation of the asset.
Yes, pNFTs do have a chance to be “reversed” back – if all of them are collected and burned they can be used to get the actual asset behind it.
Mary | Satoshi Club: So, using this i will be able to buy, let’s say a fraction of EtherRock?😀
Mr Phantom: So in essence, if you buy all of the pieces, you get the whole 🙂
Yeeeeeeeeeeeeeeeeeep
Mr Phantom: Exactly!
Andrés M. | Satoshi Club:
Interesting concept😃
Mary | Satoshi Club: I was always interested in the process behind fractionalization 😀
Mr Phantom:
😃 it’s the future of the DeFi+NFT evolution
I believe
Mary | Satoshi Club:
Does it mean that before a fraction of some NFT appears on the market this
market buys it? And sell fractions after?
Or how it works 😃
Andrés M. | Satoshi Club: Is highly profitable, allowing everyone to be part 😁
Mr Phantom: It can happen. Initially the faction pieces are traded within the Phantom ecosystem and gradually opened up with other platforms i believe.
Yep, you get another chance to profit on the NFT even if you don’t own it. NFT-derivitive.
Andrés M. | Satoshi Club: 👏
Mary | Satoshi Club:
As i know we already have some markets where we can buy NFT fractions. Is it
possible or may be will be possible in the future that i will buy a fraction on
one market and sell on another if it has better price😃
Mr Phantom: Yes! that is our expectation. This creates an extremely exciting new market
Just like what you have with the derivatives market.
Mary | Satoshi Club: Then the future is bright 🤩
Thank you for your answers! Ready to jump to the next question?
Andrés M. | Satoshi Club:
Yes, very innovative advance😁, like the Satoshi and Bitcoin
Mr Phantom: Let’s do it 🙂
Q4 from Telegram user @Josegamboac Even with advancements in security protocol, the rise of third-party code audits, and the maturation of the crypto space in general, we are still witnessing the loss of millions of funds through hacking, smart contract errors, and theft. As of 2021, approximately $ 300 million in assets have been looted from DeFi platforms. What are the security protocols used by Phantom protocol to make its platform 100% secure? Has your smart contract already been audited? Should we trust phantom as a secure platform?
Mr Phantom: Several things:
We go through audits for our codes. The phantom smart contract has been audited by Certik, and you can find the link on our site
We have a dedicated force committed on enhancing the security of the protocol, and they have been continuously developing the protocol and making it better
Mary | Satoshi Club:
Did you ever think about insurance? May be CertikShield?
Mr Phantom:
finally, we engage with the community to get
our codes better. during the Testnet phase, we offered over 200
participants prizes for bug hunting. We cherish our community and their
help in making Phantom better.
Mr Phantom: Yep it’s in the consideration as one of the solutions.
Andrés M. | Satoshi Club:
You told that your mainnet was audited by Certik, what kind of problems did you
find?
Mr Phantom: Great question.
We have a few findings on the front end level of the protocol, but the essence is strong. The details can be found here on the audit report: https://www.certik.org/projects/phantom
Andrés M. | Satoshi Club: So everything is SAFU right now?😁
Mr Phantom: Hahaha, I believe in that
Although our security guys tell me to constantly be aware and upgrade.
Andrés M. | Satoshi Club:
Thanks for your answers, let’s proceed with the next question!😃
Q5 from Telegram user @Jonahapagu It is stated that Phantom will take a basket of stable coins as collateral to generate synthetic assets which can be linked to real world assets, and after some time it will then introduce more high-quality tokens as collateral…So what stable coins does phantom currently take as collateral, what types of High-Quality tokens do you intend to introduce as collaterals in the future..how will users be able to use these collaterals in the creation of synthetic assets and link them to real world assets, how are these synthetic assets linked to real world assets, is there a mechanism that ties this assets to their real world equivalents, and is it all types of real world assets that can be mimicked in the creation of synthetic asset using phantom or is there a limit or restriction to what real world assets can be linked in Phantom..
Mr Phantom: Whoa 🙂
Ok let me answer them
Right now USDT and their equivalents on the chain that the Phantom Protocol is based on (for example, cUSDT).
In the future as we expand to other platforms there will be BUSD, USDC and others.
High-quality tokens refer to crypto assets that have an established history of market performance, liquidity, and product evolution. This of course includes BTC, ETH, and other major altcoins
Additionally, we look at latest ones that are promising and consider to add them into our basket.
The link between traditional assets and Phantom assets is price. Basically the price of the traditional assets are anchored in the synthetic asset built on Phantom
Thereby users get a chance to profit on the price changes of said traditional assets.
Finally, we want to say that any asset with a transparent pricing has a chance to be synthetized on Phantom Protocol.
Andrés M. | Satoshi Club:
Could you tell us more about the stocks and prediction segment? What stocks can
be found there? Tesla, Amazon?
Mary | Satoshi Club:
Do you interact with your community? Can they make their proposals? If yes,
how?
Mr Phantom: We plan to have major blue chips on the platform. However currently with the market regulation this may take a while and we are likely to have the commodities to be adopted first 🙂
Everyday and all the time. Currently users can proposal through community engagement with CMs
Or email us
We have a team of CMs in the community (you might not see us lol)
Mary | Satoshi Club: Awesome 😎👍
Mr Phantom: But we are always looking and collecting
Mary | Satoshi Club: Community is fuel for every project 🚀
Andrés M. | Satoshi Club: We will be waiting excitedly for that😁
Mary | Satoshi Club:
Thank you for your answers! Ready for the 6th and last question from this part?😃
Andrés M. | Satoshi Club:
🥳🥳
Mr Phantom: Let’s go.
Q6 from Telegram user @Asela1112 Currently BSC $PHM Finance is on Testnet version. When will you go for Phantom Mainnet? I think, the functions like Farming is not working properly, because I try to connect Trust wallet of mine & It said: “the chain is not supported “. Why is that? Are there any security issues on your test net? Can you recommend that the PHM testnet has adequate security to use?
Mr Phantom: Yes, the Testnet is definitely a place for testing and finding new things.
And definitely, bugs and problems can be found.
Currently, the Trust wallet issue is likely due to its’ not on the chain that we are currently adopted to.
It should be resolved in the future and we are fully adopted 🙂
And the problem is noted for sure.
Mary | Satoshi Club: Only he who does nothing is not mistaken😃
But we can test using Metamask?
Mr Phantom: Lol
Mary | Satoshi Club: 😉
Mr Phantom: Yep you definitely can.
Part 2 — live questions from the Telegram community
Q1 from Telegram user@Ratash97 How does phantom protocol provide cross-chain compatibility?
Mr Phantom: We adapt to multiple chains including BSC eth and conflux. The main chains will likely all get our supports 🙂
Q2 from Telegram user @Rissky778 Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Mr Phantom: Phantom feels fast and anonymous 🙂
Q3 from Telegram user @Asat94 Where can we learn more about it? links tutorials, youtube?
Mr Phantom: Oh yes, check out our medium, this place has the most information about everything Phantom: https://phantomdefi.medium.com/
Q4 from Telegram user @Rakshitx5 You have written on your website that Phantom is looking to combine Esports too. So what kind of integration it will be? Will you release blockchain games or anything else?
Mr Phantom:
NFT snapshot offerings in terms of collectibles and trading cards
NFT gamefi applications
NFT character cards 🙂
Q5 from Telegram user @Nonerlike Can I still particiate in your testnet and report bugs if found? ang reward for bug finder or any bug bounty programme available?
Mr Phantom: The previous one has ended, but stay tuned for our upcoming one!
Q6 from Telegram user @Ellen09 Could it be an unbelievable development for Earth that you will make the most noise in 2021?
Mr Phantom: Lol we certainly hope so.
Q7 from Telegram user @Nonerlike What are the stable coins Phantom will take as collateral to generate synthetic assets? Can you name some major crypto currencies and Quality tokens too?
Mr Phantom: USDT, BTC, ETH. Other quality tokens to be announced soon.
Q8 from Telegram user @Saif12123 Sir💖””Will this Coin users be able to exchange tokens freely without the need for a KYC??””🦎
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 Cyclos and our guests
were @Danitoto @secretshardul. The AMA took place on 5 September
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
Mary | Satoshi Club: Hello
Satoshi Club! We are happy to announce our AMA session with Cyclos! Welcome to Satoshi Club😀
Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club, guys
Daniel: glad
to be here
Mary | Satoshi Club: Welcome to Satoshi Club 👏
How’s going?😉
Gold Rocket | Satoshi Club: Nice to e-meet you 😊
Shardul | Cyclos (will not DM): Hello everyone 🤩
Mary | Satoshi Club: So, let’s start 🚀
Welcome here 👍
Gold Rocket | Satoshi Club: Nice to e-meet you at Satoshi Club😊
Let’s start! Introduce
yourself please. How did you get to be involved in crypto & Cyclos
Tell us please about
your position in Cyclos
Daniel:
Sure. Our team was founded in May 2021 when my co-founder (Shardul) and I were
introduced by a mutual acquaintance in the space. Shardul was going from
hackathon to hackathon making very cool web3 apps and I was with Binance
Research at the time. We had an ongoing discussion between the two of us on
where defi is heading and ways we could innovate the existing landscape.
Personally, previous to
Cyclos, I spent two years with Binance Research. While I obviously can’t get
into the specifics, our team handled project related matters. The knowledge I
gained from those two years working with some of the best projects in the space
is what I’m applying to Cyclos.
Mary | Satoshi Club: Also, tell our community what is Cyclos and it’s
goals😃
Gold Rocket | Satoshi Club: you are very passionate about crypto guys 😍
Mary | Satoshi Club: Oh, i can only imagine which experience you got
there😃
Gold Rocket | Satoshi Club: Give us a brief introduction to the project. What
is the essence of Cyclos
Shardul | Cyclos (will not DM): Cyclos is a Uniswap v3 style concentrated liquidity
market maker on Solana. Our unique proposition is that we make liquidity on Serum,
benefiting from ecosystem wide liquidity and order flow. In the case of
Uniswap, their liquidity is siloed
Gold Rocket | Satoshi Club: this is really a very unique solution👏
Btw we would like to
know more about your team. Who is on the project team core?
Daniel:
Myself and Shardul make up the project team core (we are the two founders). We
have 3 other team members at the moment- 2 other devs and 1 bd/marketing
person. I explained a bit about our backgrounds above.
Mary | Satoshi Club: Is Serum your partner?
Daniel:
Serum has assisted us along the way and we work closely with them
Gold Rocket | Satoshi Club: Is your team anonymous? If so, do you plan to step
out of the shadows one day? 😉
Mary | Satoshi Club: Not so big team, but you make big things! And i
believe you can do much more!
Gold Rocket | Satoshi Club: This is a great partner, you’re in luck.😊
Shardul | Cyclos (will not DM): Our team is public and fully transparent, you can
check our names and pics
Mary | Satoshi Club: Rare thing nowadays 😃
Gold Rocket | Satoshi Club: Thanks for your answer. this adds the user trust to
the project
Q1 from Telegram User @DK177
Your IDO is tomorrow! Congratulations. However, I
found this announcement while researching for this AMA. Hope I am not too late.
Can I still apply to get whitelisted? What I can do to increase the chances of
winning a slot in the IDO? Please let me know the minimum and maximum USDC
amounts allocated for a single wallet. In case I miss your IDO, what is the
next event of your token sale?
Shardul | Cyclos (will not DM): In case you miss the IDO, we have a second public
sale event on Gate.io starting at 4AM UTC on September 9th. If you would like
to insure you have a shot at participating in the IEO on Gate, pleae read this
link for more detailed instructions: https://www.gate.io/en/article/22293/?ch=en_sm_0921
Mary | Satoshi Club: But you will have one tomorrow? Is this right?
Shardul | Cyclos (will not DM): Yup, that’s the IDO
Mary | Satoshi Club: Where will it take place?
Shardul | Cyclos (will not DM): IDO- Solanium
ICO- Gate.io
Mary | Satoshi Club: How many people apply for whitelist for the first?😃
I know that Solana projects are on fire now
Daniel:
we’re not sure as that is information only available to Solanium
but it’s near 100,000
Gold Rocket | Satoshi Club: Sounds good
Shardul | Cyclos (will not DM): Well, we have 126,444 people following Cyclos on
Solanium
Mary | Satoshi Club: But Satoshiclubbers still have chance to join
Gate.io ICO😃
Q2 from Telegram user @Emnking
Cyclos as a concentrated liquidity market maker is
built on Solana. How is Cyclos different from other liquidity makers on Solana
like Bonfida and Raydium. These platforms distribute liquidity by spreading
each liquidity providers capital from the price of 0, similar to the same way
Uniswap v2 does. Is Cyclos different from these platforms and what are the ways
Cyclos try to be the best among competitors in this circle?
Shardul | Cyclos (will not DM): The main differentiator is how Cyclos positions
liquidity versus how Raydium and Bonfida position liquidity. To put it simply,
as referenced in the question, Raydium and Bonfida distribute each LP’s
liquidity across a very thin price curve starting from 0 up toward infinity.
This means the actual amount of LP assets which are actively earning LP rewards
is negligible. This is especially counterproductive for assets like stablecoins
which tend to remain within very narrow price margins. With Cyclos, each LP
chooses the price range at which they want their liquidity to be positioned,
allowing for a much greater percentage of their liquidity to be utilized for
trading as the price moves within the LP’s selected range. This option is
superior not only for increasing the rewards LPs receive, but it also allows
traders to execute larger orders with less slippage.
Mary | Satoshi Club: Did someone ever try to implement such system?
Shardul | Cyclos (will not DM): Not yet. Even if someone does, we have the first
mover advantage for concentrated liquidity
Mary | Satoshi Club: Is your AMM working now?
Shardul | Cyclos (will not DM): Our swap is functional, and you can try it out now on https://app.cyclos.io. In the meanwhile we are getting the liquidity zone ready, and building cool features like price charts for traders
Mary | Satoshi Club: It’s cool, you will be first who i will try on
Solana😃
Q3 from Telegram user @Jmagsss
Based on your documents, Cyclos allows liquidity
providers to select the exact price ranges at which their liquidity is active.
What if there is an event of massive price fluctuations and volatility in the
market and the current price of a token that time does not match any of the
Liquidity Providers’ desired price range, does that mean there won’t be any
liquidity available since all of the LP is inactive? Does Cyclos fills up the
gap of any unwanted price range and provide liquidity itself?
Shardul | Cyclos (will not DM): No, because
a. We are providing
liquidity on Serum’s orderbooks, which have multiple sources of liquidity, or
“ecosystem wide” liquidity as it is called.
b. even on uniswap v3,
the data has shown LPs position liquidity at multiple ranges to take advantage
of price swings and profit.
Mary | Satoshi Club: What are your users feedbacks? Are they feeling
comfortable with current system? Users usually vote with money, so, how about
volume on your platform?
Daniel:
Well, we are working on new features as Shardul mentioned, for a better user
experience. I would say we have not been actively promoting the swap until
recently, because there were still minor tweaks being made. However, since
early on we’ve had a lot of traction despite the fact we made no effort to
advertise swap.
Mary | Satoshi Club: Got it! Sure after IDO/ICO things will go faster!
Thank you for your
answers! Ready to jump to the next question?
Daniel:
yes please
Q4 from Telegram user @Josegamboac
Cyclos has several mechanisms built into the utility
that allow token holders to benefit from platform development, similar to CAKE
or QUICK. A portion of the trading fees and earnings from the platform are used
to make buybacks on the open market and burn $ CYS. What are the built-in
utility mechanisms that allow token holders to benefit? What are the
characteristics of $ CYS? Real utility of the token within the Cyclos
ecosystem?
Daniel:
I like the comparison to CAKE and QUICK. Imagine getting in on those projects
this early 🙂
Anyway, the main
utility is CYS token staking: Firstly, any user who uses our swap will be able
to stake CYS tokens for swap fee discounts. This utility will be built in from
the start. Secondly, a portion of the swap fees will be used for open market
buyback of CYS tokens, which are distributed amongst stakers.
Next, we will also
conduct buy and burns: a portion of the
platform profits will be used for buy and burn of CYS tokens, to deflate
supply.
CYS will also serve as
a liquidity mining incentive to help encourage users to come to our platform
and stay for the discounts / rewards from holding the token.
Finally, it will also
be used in our governance, when we launch it.
Mary | Satoshi Club: When do you plan to implement governance? How it
will work?
Gold Rocket | Satoshi Club: good use case
Daniel:
We plan to implement it in December. We will release the details at a later
date.
Q5 from Telegram user @victorogb
The Cyclos project is backed by a formidable group
of investors, offering both technical and financial support. Even as project
development quickens with an anticipated IDO in less than a day, how will
Cyclos effectively manage it’s marketing, promotional and partnership
obligations, what are your plans to attract viable investors and partners whose
ambitions align with your goals and solutions, and how best will you seek the
support and corporation of your community, would you organise programs and
events that promote generate useful engagements and meaningful feedbacks?
Daniel:
This is a multifaceted question. On the question of attracting investors, we
have already done so through our private sale, and believe we’ve put together
an exceptional group that is here to support the project for the long run.
When it comes to
marketing, a big part of that push was bringing on influential opinion leaders
in the space who are very selective with the projects they support, and chose
to work with Cyclos because they recognize the game-changing potential of the
core product. I would say we’ve ticked those boxes at this stage.
Our focus is more so
now on building out a community of core supporters who want to grow with us as
the project gains traction, as well as foster a greater understanding among
hodlers of how using our product can greatly benefit them, compared to other LP
products. Part of this will include the launch of a multi-language based
content campaign, as well as continued grassroots community building.
Mary | Satoshi Club: Can you disclose the names of your private
investors?😃
Gold Rocket | Satoshi Club: are you planning any ambassador program?
Mary | Satoshi Club: And yes, community is the key! Sure you will get
members from Satoshi Club 😀 and don’t forget to share your content
campaign with us! We have a lot of talented people here
Gold Rocket | Satoshi Club: Wow! these are famous influential names😉👍
Mary | Satoshi Club: Familiar names, congratulations 🎊
Q6 from Telegram user @Jonahapagu
It is stated
that Cyclos, has taken what it believes to be the world’s most efficient limit
order system and deployed it on Solana…and Users can concentrate liquidity,
while also constructing individual price curves of their choice, over which
their assets are distributed….so how does this efficient limit order system
work, what are the features of the limit order system that makes Cyclos believe
it is the world’s most efficient limit order system, and how can users
construct individual price curves of their choice using Cyclos.
Mary | Satoshi Club: Partially covered i guess 😀
Daniel:
To be clear- concentrating liquidity by definition is constructing individual
price curves of their own choice. The system is quite simple. LPs select an
asset pair and decide what price range they would like to place their liquidity
along. As long as the price of the base asset is within the range of their
choice, their liquidity will be actively utilized to make markets on Serum.
Each LP’s price curve is placed on top of one another, and rewards are
distributed according to ratio of each LP’s holdings.
When it comes to limit
orders, Cyclos can be utilized to execute range limit orders. However, Cyclos
itself does not execute limit orders. Limit orders are a function of the
underlying orderbook, Serum, to which we are providing liquidity.
Mary | Satoshi Club: That’s clear😃 and i want to ask you my
favourite question 😂 is your platform safe? What about any audits?
Daniel:
We are working with the top auditor in the space- Halborn. Security is our top
priority.
Mary | Satoshi Club: Great! Happy to hear!
Part
2 — live questions from the Telegram community
Q1 from telegram username @doithay1617
Hello
@Danitoto @secretshardul
What does Cyclos think about Hackathons? Has Cyclos
ever participated or organized any Hackathon? And does Cyclos have a plan for a
future hackathon?
Daniel:
We started our project from a Solana Hackathon. In fact, we won several awards
from it. We will also be hosting our own sponsored Hackathons to further
development on the platform.
Q2 from telegram username @Kabirkapoor9
Hello @secretshardul
Can we Expect Cyclos will consider deploying on
other chains too in futurefor diversification purposes? What will be those?
Daniel:
Great question! We will be launching on Solana, but definitely will not rule
out launching on other chains in the future. For right now though, our focus is
on Solana.
Q3 from telegram username @highpee
Hello 🙋♂️
Your protocol appears to be OVER-RELIANT on SERUM
DEX. Why do you prefer to link Serum? What will happen if an unforseen event
impact Serum operation? Will Cyclos still be able to work effectively?
@Danitoto
@secretshardul
Daniel: Raydium, Bonfida and others all rely on Serum.
That is the nature of integrating with a decentralized order book. As mentioned
in the previous answer though, we are exploring a multi-chain future, which
means building and launching our own dex solution on other chains.
Q4 from telegram username @shadnan3
is it global project or a local project? Can anyone
use your project anywhere without any restrictions? thank you sir.
Daniel:
Anyone can use our project from anywhere. It is a decentralized product and we
welcome all users.
Q5 from telegram username @Karry1999
I really
liked your project name “CYCLOS”
Will you tell us what does this name indicates and
why you choose this name for the project ?
Daniel:
Cyclos comes from the Ancient Greek word, kúklos, meaning circle. We chose this
name as it embodies the positive feedback loop the platform encourages by
delivering depth of trading volume. As more LPs contribute depth, over breadth,
more traders can execute bigger, more frequent trades. This, in turn, rewards
the LPs, who then have their liquidity automatically reinvested back into the
order books (a feature unique to our platform). This virtuous cycle will
transform the quality of trading on Solana for all stakeholders involved at
each point in the process by elevating what is possible in terms of both
trading volume and capital efficiency.
Q6 from telegram username @Shaa93
Is Cyclos a combination of Uniswap+Solana+Serum?
Daniel: At a basic level, yes it can be described that
way.
Q7 from telegram username @Kushal85127939
Hello @secretshardul @Danitoto
How much you guys have allocated to Marketing like
Airdrops etc of your total supply? Can we expect Airdrop of Cyclos token in
near future? If yes, please share eligible Criteria for same?
Daniel:
We will not be doing a traditional airdrop, but we will launch liquidity mining
incentives for people that use our platform. There is also always the
possibility we reward early users of our swap 🙂
Q8 from telegram username @messilolz
Sol price is rising in a skyrocket way . Is it why you opt to choose
launch your platform on Solana?
Daniel:
No. We chose to build on Solana all the way back in April. The price of SOL was
a lot lower back then 🙂 We chose Solana because it was the only chain that
supports a decentralized orderbook. It is high throughput and quick time to
finality. Perfect for our product.
Q9. from telegram username @shakil425
Good day sir
🅾️🅾️🅾️🅾️🅾️🅾️🅾️🅾️🅾️🅾️🅾️🅾️🅾️🅾️
Are you planning to promote your project in
countries / regions where English is not good? Do you have a local community
for them to better understand your project 🥀🥀
We also have a Turkish
language group if that is what you are looking for here: https://t.me/cyclosturkiye
We will be launching a
bounty campaign for speakers of other languages than English to translate our
material into tutorials and instructional videos for rewards.
Q10 from telegram username @Rod092317
Where can I receive the most up-to-date information?
Do you have a community on Twitter, Telegram, or Discord? If so, could you
please provide the URL here, as there are many phony telegram/twitter groups?
