{"id":12822,"date":"2021-09-26T01:34:01","date_gmt":"2021-09-25T22:34:01","guid":{"rendered":"https:\/\/esatoshi.club\/?p=12822"},"modified":"2021-09-26T01:50:01","modified_gmt":"2021-09-25T22:50:01","slug":"waggle-network-x-satoshi-club-ama-recap-from-23rd-of-september","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2021\/09\/26\/waggle-network-x-satoshi-club-ama-recap-from-23rd-of-september\/","title":{"rendered":"Waggle Network x Satoshi Club AMA Recap from 23rd of September"},"content":{"rendered":"\n

Welcome to another episode of our AMA\nseries. Today we are glad to tell you about the AMA session with our friends\nfrom Waggle Network<\/a>, the\nCross-chain Marketplace Protocol for Vested Tokens. They bring the opportunity\nto invest in primary market deals to retail investors like yourself. The AMA took place on September 23 and our\nguest was @pattypus<\/a>, Ops Lead for\nWaggle Network.<\/p>\n\n\n\n

The total reward pool was 500$ and was\ndivided into three parts. In this AMA Recap we will try to summarize some of\nthe most interesting points for you.<\/p>\n\n\n\n

\n\n\n\n

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS <\/strong><\/p>\n\n\n\n

Andr\u00e9s M. | Satoshi Club: <\/strong>Hello dear community, another AMA session\nright now. Let’s talk about an incredible project, Waggle.<\/p>\n\n\n\n

Jonah | Satoshi Club:<\/strong> @pattypus welcome to Satoshi Club.<\/p>\n\n\n\n

PS |Waggle:<\/strong> Hey everyone! Thanks for having me.<\/p>\n\n\n\n

Andr\u00e9s M. | Satoshi Club: <\/strong>Let’s begin the AMA with a short\nintroduction about you, what is your position into Waggle project?<\/p>\n\n\n\n

PS |Waggle: <\/strong>I’m the Ops Lead for Waggle Network. I help the team\nmanage the day-to-day operations and keep things live on Waggle.<\/p>\n\n\n\n

Andr\u00e9s M. | Satoshi Club: <\/strong>So, what is the essence of Waggle? What\nare the main products and benefits do you offer?<\/p>\n\n\n\n

PS |Waggle: <\/strong>thanks for the question! we are building a marketplace\nfor everyone to buy vesting tokens. I’m pretty sure some of you have always\ndreamt of entering private sales of the projects you like, but can never do so\nbecause they are exclusively accessible only to the bigger investors like VCs\nand angels. With Waggle, we are bringing these deals to you. We find projects\nwho want to raise community rounds after IDO to fund their development, and get\nthem to sell locked tokens to you guys at a discounted price to the market.<\/p>\n\n\n\n

Q1 from Telegram User @splend6ty<\/strong><\/p>\n\n\n\n

I read from your medium that with WAGGLE\u2019s strong deal flows and strict due diligence procedure, WAGGLE are planning to provide the retail investors curated opportunities to purchase vested tokens previously inaccessible to them. My question, when will you provide this curated opportunity to the retail investors? What will be the requirements for the retail investors to be able to access and purchase the vested token that was previously inaccessible? How long can a retail investor continue to invest with WAGGLE before gaining access to this opportunity?<\/em><\/p>\n\n\n\n

PS |Waggle: <\/strong>Retail investors have to go through KYC (but only once!\nWe are partnering with Synaps, you guys should be familiar with how effective\ntheir KYC solution is). To participate, you just have to stake our tokens on our\nplatform in any period you like. We will be offering 90\/180\/270\/360 days\nlock-up with different set of APR. Your staked amount will be aggregated and\nthe sum will determine your participation allocation for the deals on Waggle\nMarket. Upon locking in your tokens on our protocol, you will gain access to\nopportunities on Waggle Market. Do note that if you withdraw prematurely,\nyou’ll forfeit your staking rewards and face potential penalties!<\/p>\n\n\n\n

Andr\u00e9s M. | Satoshi Club: <\/strong>For example, what is the APR for 360 days\nstaking?<\/p>\n\n\n\n

PS |Waggle: <\/strong>Great\nquestion – keep your eyes peeled for our announcement on our staking programme\ncloser to launch… We are going live in October on Solanium! 👀\nWe can expect competitive APR, for 360 days we’ll definitely make up for the\nilliquidity with an additional premium in double digit.<\/p>\n\n\n\n

Andr\u00e9s M. | Satoshi\nClub: <\/strong>Btw, could you give us a little explanation about what vested tokens\nmeans?<\/p>\n\n\n\n

PS |Waggle: <\/strong>for\nthose unfamiliar with vesting, projects often raise funds by selling vesting\ntokens which unlock and release to investors in trenches. This is to minimise\nprice depression from increase in circulation in the token’s economy.<\/p>\n\n\n\n

Q2 from Telegram User\n@Manugotsuka<\/strong><\/p>\n\n\n\n

Congratulations for raise more than $3.0 Million to build your multichain marketplace for strategic token sales, can you give us a little overview about what do you want to do with that money? How do you plan to build this new platform?<\/em><\/p>\n\n\n\n

PS |Waggle: <\/strong>Thanks\n@manugotsuka, we will be allocating the funds to operations which includes\nmarketing, legal, partnerships, hiring of non-tech executives, and also on\nplatform development. If you take a look at our roadmap, you will see our\nambitions to revolutionise the way vesting tokens are traded in the crypto\nworld! These dreams require a lot of resources and we are thankful for our\nbackers.<\/p>\n\n\n\n

Jonah | Satoshi Club:\n<\/strong>Great can you give examples of Backers of your project?<\/p>\n\n\n\n

PS |Waggle: <\/strong>https:\/\/medium.com\/@wagglenetwork?p=3e2291643ce3<\/a>\nGive the article some claps, will ya? Over here, you can find an article on our\nbackers… Some common names you probably will recognise – Spark Digital, GBV,\nSkyvision, AU21.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Q3 from Telegram User\n@KathDM<\/strong><\/p>\n\n\n\n

We know that including\nthe community in the governance of the project is beneficial as it adds value\nto the community\u2019s opinions and suggestions. Will the Waggle team accept the\ncommunity to participate in the selection process for projects to be launched\non the Waggle platform? Will your governance system allow the community to vote\nfor each project in a transparent and secure way?<\/em><\/p>\n\n\n\n

PS |Waggle: <\/strong>Waggle\nteam will allow community to participate in the selection process for projects\nto be featured on Waggle Market. Voting is done in a hybrid manner, votes are\ncasted on chain and then saved on a centralised database. This is analogous to\nsnapshots for airdrops. The vote-weight of a user is based on the amount of\ntokens the user has (regardless if staked) at the time of casting the vote. We\nwill slowly convert this to fully decentralized application with on-chain\nvoting. The reason behind releasing a semi-decentralized solution first, is\nbecause we want to capture community engagement as soon as possible!<\/p>\n\n\n\n

Andr\u00e9s M. | Satoshi\nClub: <\/strong>What are the main usecases of the token?<\/p>\n\n\n\n

PS |Waggle: <\/strong>The\nprimary utility is tiered participation, staking rewards (as your stake\nqualifies you for fee distribution), and lastly governance!<\/p>\n\n\n\n

Jonah | Satoshi Club:\n<\/strong>If the vote weight is dependent on amount of tokens user holds… do you\nhave a limit or a way of ensuring that those with the bigger wallets are not\nthe sole decision makers here sidelining the small holders?<\/p>\n\n\n\n

PS |Waggle: <\/strong>in\nthe spirit of decentralisation, we won’t hold veto power to negate votes bigger\nwallets but if the intention is malicious, we will hold follow-up vote sessions\nwithin the community with higher weightage to smaller wallets. This can be\ngreatly discussed later on!<\/p>\n\n\n\n

Q4 From Telegram User\n@Asela1112<\/strong><\/p>\n\n\n\n

I noticed, you are going to implement on chain trading of locked tokens via NFT among $WAG token holders in Q1-2022 according your Roadmap. Actually How will this feature get in to work? I meant, in which manner will we trade locked tokens via NFT since the tokens are locked already? What is the point of NFTs that take place on trading here? Will users be able to trade tokens or NFTs through this feature? Please explain this feature which is scheduled to implement in throughout the first Quarter of 2022?<\/em><\/p>\n\n\n\n

PS |Waggle: <\/strong>The\nNFT is financial by nature and will carry the rights to the vesting tokens upon\nrelease. You are essentially exchanging something similar to an IOU but for\nvesting tokens in the form of NFT. You can sell the NFT to another user via\nWaggle Market at a fair value determined by market forces. The NFT will\nrepresent a vesting position and owner of the NFT will receive tokens when they\nvest.<\/p>\n\n\n\n

Andr\u00e9s M. | Satoshi\nClub: <\/strong>Could you share us your roadmap? What is the greatest event coming\nfor next quarter?<\/p>\n\n\n\n

PS |Waggle: <\/strong>Other\nthan enabling the p2p trading via NFT on Waggle Market (think of a DEX for\nLocked Tokens), we are also looking to build vaults for you guys to stake\nWaggle tokens and earn from a basket of tokens that previously raised funds\nthrough Waggle Market.<\/p>\n\n\n\n

Q5 From Telegram User\n@DK177<\/strong><\/p>\n\n\n\n

It caught my attention\nthat you have four investment tiers, Mini bee, Worker, Drone bee and Queen bee.\nHowever, you have not provided information on the minimum investment amount and\nthe time frame relevant to each tier. Can you please share these details with\nus? By the way, whale activities has become a major threat to fresh projects.\nBy introducting this type of tiers, don\u2019t you encourage them? For example, if a\nwhale invest as a queen bee and withdraw all his funds after a particular time,\nit may create a sell-off situation and there will be a negative impact on small\ninvestors who hold their funds as mini bees. Therefore, how do you assure that\nsmall investors will not be discriminated in Waggle?<\/em><\/p>\n\n\n\n

PS |Waggle:<\/strong> The\nstaking requirement for each tier will be revealed shortly! We will also\nregularly assess the requirements as token price moves. We want to keep the\nparticipation accessible and fair to all supporters of Waggle.<\/p>\n\n\n\n

If you noticed, we didn’t give the highest tier unlimited\naccess to our deals. They are still capped at an amount. This is to make sure\nthat whales leave some opportunities behind for the rest! That being said, it’s\nalso first-come-first-serve when it comes to the deals. I’m sure the whales\ndon’t usually have the fastest fingers!<\/p>\n\n\n\n

We are also mitigating the possibility of such situation. Therefore,\nwe actually have a fixed period of time users have to lock in. If they withdraw\ntheir staked tokens, they will forfeit their staking rewards. We are going to\nbuild a really inclusive platform for all. <\/p>\n\n\n\n

Q6 from Telegram User\n@Jmagsss<\/strong><\/p>\n\n\n\n

The mode and basis of\npurchase of tokens within the Waggle Market will be a first-come-first-serve\nbasis. Oftentimes, platforms that utilizes this approach basis are full of bots\nand automated buyers that take advantage of the sale, leaving some potential\ninvestors behind and with minimal token allocation. Do you have any means of\neradicating and avoiding bots and bot-usage within the Waggle Market? How would\nyou ensure that each interested investors will be given the chance to buy new\ntokens with their desired amount and quantity? Will there be a minimum and\nmaximum limit buy for each user in the Waggle Market?<\/em><\/p>\n\n\n\n

PS |Waggle: <\/strong>We\nare very well aware of this. We have anti-bots measures put in place and we\nwon’t go into details so people can’t figure out how to circumvent it… But\nrest assured that we our anti-bot measures will only improve with time.<\/p>\n\n\n\n

And yes you are right! There is a maximum buy per user on\nWaggle Market, which is determined by your tier. The more you stake, the higher\nyour tier is, the more you can buy off Waggle Market. This makes it expensive\nfor botters as well, so this is an additional layer of anti-bot on top of\ntechnical solutions developed by our team.<\/p>\n\n\n\n

Andr\u00e9s M. | Satoshi\nClub: <\/strong>Would you like to share with us useful links to join your communities\nbefore we open the gates?<\/p>\n\n\n\n

PS |Waggle: <\/strong>definitely!\nJoin us at @wagglenetwork and follow us on Twitter at https:\/\/twitter.com\/wagglenetwork<\/a><\/p>\n\n\n\n

\n\n\n\n

PART 2, TELEGRAM COMMUNITY LIVE\nQUESTIONS<\/strong><\/p>\n\n\n\n

The chat was open for 120 seconds; a\nlot of questions were posted by Satoshi Club community. Our guest chose some of\nthem. <\/p>\n\n\n\n

Q1 from\nTelegram user @jirencrypto<\/strong><\/p>\n\n\n\n

You\nmention that you have an investment committee, what is the function of this\ncommittee? How many people are on the committee? Does the community have the\nopportunity to belong to this committee?<\/em><\/p>\n\n\n\n

PS |Waggle: <\/strong>The\ncommittee will serve as an additional layer of due diligence to vet projects\nthat will come onto Waggle. Currently, the IC is in-house but we are looking to\nopen it up to the community in future in the spirit of decentralisation. The\ncommunity has the opportunity to enter the committee and be rewarded with WAG\ntokens, so do keep a look out for the chance!<\/p>\n\n\n\n

Q2 from\nTelegram user @alberto_vzla<\/strong><\/p>\n\n\n\n

Burning tokens\nis one of the pillars that guarantee a certain degree of valuation in a token\nand strengthens its value in the market. When will you develop a token burning\nplan to keep your token always above the red candles of the market?<\/em><\/p>\n\n\n\n

PS |Waggle: <\/strong>For\ntoken burning to be effective, we have to be extremely tactful with the\ntimeline and the disclosure. We have token burning plans made, but we will only\nannounce it nearer to the dates to optimise the effect of token burning news.\nWe have timed it according to the token release schedule to counter any\npotential inflationary pressure from increase in circulation.<\/p>\n\n\n\n

Q3 from\nTelegram user<\/strong> @Gayampath<\/strong><\/p>\n\n\n\n

Do you have AUDIT\ncredentials or are you working to AUDIT your project, to make it more secure\nand reliable?<\/em><\/p>\n\n\n\n

PS |Waggle: <\/strong>Yes\nwe are working with CertiK right now! Once the report is out, we will work on\nthe gaps found from the audit to make the platform a more secured environment\nto transact on.<\/p>\n\n\n\n

Q4 from\nTelegram user @DK177<\/strong><\/em><\/p>\n\n\n\n

In your\nMedium, I noticed that you have launched an airdrop event for the community.\nWhen I access the form, it asked me to complete 8 tasks.  Are all tasks compulsory?  You have mentioned that 16,000 $WAG will be\ndistributed among 1,000 lucky winners. If I become a winner, do I get 16 $WAG\nalthough I skip some tasks? To increase my winning chances,  can I participate in your airdrop multiple times\nwith different accounts?  <\/em><\/p>\n\n\n\n

PS |Waggle:<\/strong> You\nhave to complete all the tasks to be eligible. Do not participate with multiple\naccounts or we may have to void all entries. We want to keep the campaign fair\nfor all, hope you understand!<\/strong><\/p>\n\n\n\n

Q5 from\nTelegram user @habibi_ve<\/strong><\/p>\n\n\n\n

One of the\ntools you provide is Waggle Dashboard, can you tell us a little bit about its\nfunction? What kind of information will it provide? What benefits will it\nprovide to users?<\/em><\/p>\n\n\n\n

PS |Waggle: <\/strong>Waggle\nDashboard is an all-in-one dashboard you can use to view all your crypto\nholdings on the chains that we support (currently SPL, ERC, and BSC). As we\nextend to other chains, you will see your assets on those chains as well. It’s\npart of our mission to deliver top-notch user experience to our community. We\nhope to create a convenient platform for all to better manage your crypto\nassets! On top of that, it’ll also be the portal for you to manage your stakes\nand farming positions in future.<\/strong><\/p>\n\n\n\n

Q6 from\nTelegram user @highpee<\/strong><\/p>\n\n\n\n

Your project is currently being built for BSC, Solana and Ethereum. However, you have only announced SOLANIUM (a Solana based launchpad) as your IDO PARTNER. When will PUBLIC OFFERING on Solana take place and what are the procedure? Is this the only IDO that is planned or are there plans to organise multiple IDO especially for other network?<\/em><\/p>\n\n\n\n

PS |Waggle: <\/strong>As\nour tokens are SPL-native, we will only consider the best IDO platform in the\nSolana ecosystem, and that’s Solanium. We will not be conducting IDO on other\nplatforms, but we are looking at an IEO with gate.io. Expect the public\noffering on the first week of October! 👀<\/strong><\/p>\n\n\n\n

Q7 from\nTelegram user @KevSalom<\/strong><\/p>\n\n\n\n

You\nmention that you want to help the community to participate in reliable first\nlevel projects, how can you guarantee that it is a reliable project and not a\nScam one? What kind of aspects do you take into account to verify this? What\nare your methods or processes for choosing a project?<\/em><\/p>\n\n\n\n

PS |Waggle:<\/strong> We\nhave 3 layers of due diligence. Portal > Investment Committee > Community\n<\/p>\n\n\n\n

Waggle Portal – this is a form that project fills up when\nthey apply to list on Waggle. The form will automatically generate a scorecard\nwhich then the portal will filter these projects based on the score attained.<\/p>\n\n\n\n

Investment Committee – the IC will review the scorecards of\nprojects that passes Waggle Portal and fact-check the inputs of the form. They\nwill also qualitatively assess and leave reviews on the projects.<\/p>\n\n\n\n

Community – the community will then be presented with the\nreviews and will vote yay\/nay. You guys will be the guardian of protocol at the\nend of the day!<\/p>\n\n\n\n

Q8 from\nTelegram user @leixagarcia<\/strong><\/p>\n\n\n\n

I\nunderstand that the Waggle team will provide a scorecard to facilitate the\nevaluation of the Waggle community, can you tell us about how this scorecard\nwill work? What criteria will be evaluated on it? Will these criteria have a\nspecific weighting?<\/em><\/p>\n\n\n\n

PS |Waggle: <\/strong>There\nare 9 metrics which projects will be evaluated on.<\/p>\n\n\n\n

  1. Team<\/li>
  2. Technical Breakthrough<\/li>
  3. Market Making<\/li>
  4. Community<\/li>
  5. Tokenomics<\/li>
  6. Investors & Advisors<\/li>
  7. Project Information<\/li>
  8. Seller’s Credibility<\/li><\/ol>\n\n\n\n

    Q9 from\nTelegram user @cryptoflower13<\/strong><\/p>\n\n\n\n

    On your\nwebsite you talk about Waggle coming in to redesign the fundraising landscape,\ncan you tell us about this new design? How do you plan to restructure this\nprocess? What are the improvements and innovations to be included?<\/em><\/p>\n\n\n\n

    PS |Waggle: <\/strong>Currently,\nfundraising scene is opaque and exclusive. We believe in providing that\nopportunity for all investors to have an exposure to primary investments. Most\nof the significant gains (in terms of multiples) in each cryptocurrency market\ncycle are made in exclusive funding rounds, but members of the public often do\nnot have access to these opportunities. Waggle is here to level the playing\nfield for you.<\/strong><\/p>\n\n\n\n

    Q10 from\nTelegram user Miriam<\/strong><\/p>\n\n\n\n

    To gain\nearly access to promising crypto projects on Waggle, users are allowed to stake\nwhat minimum of $WAG tokens? How will you mitigate immediate sell-offs and\nrug-pulls after token launches? What avenue of benefits will project selected\nby Waggle have access to? Thanks<\/em><\/p>\n\n\n\n

    PS |Waggle: <\/strong>We\nwill regularly adjust the token requirement, but we will keep in mind to make\nit accessible to most users. While project teams have to be legally bound when\nworking with us, the vesting token transfer is also facilitated by smart\ncontract. These are just features put in place for additional security on a\nalready stringent control over the quality of projects. We will also have an\ninsurance reserve to mitigate any of such rug-pull risks. For projects that\nlist on Waggle, they are able to raise funds from their loyal community on a\nsafe and secured platform unlike their OTC alternatives, and they are also able\nto engage their community by providing them exclusive opportunities to invest\nin their protocol\/project at a favorable price in exchange for lock-ups.\nOverall, it’s a course of action that will reinforce their camaraderie with\ntheir community.<\/p>\n\n\n\n

    \n\n\n\n

    PART 3, QUIZ AND INFO<\/strong><\/p>\n\n\n\n

    As usual, for the third part, Satoshi\nClub Team asked the chat 4 questions about Waggle Network. A link to a Quiz\nform was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed\nbetween the winners. <\/p>\n\n\n\n

    For more information and future AMAs, join our Social Media\nchannels: <\/strong><\/p>\n\n\n\n