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 Nirvana and our guest was . The AMA took place on the 4th of April.<\/p>\n\n\n\n
The AMA session was divided into 3 parts with a total crypto reward pool of $500<\/p>\n\n\n\n
In this AMA Recap, we will try to summarise the most interesting points for you.<\/p>\n\n\n\n
Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Hello Dear Satoshi Clubbers welcome to our AMA session with\nNirvana<\/p>\n\n\n\n Our guest today is @Sid_Nirvana <\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Let’s meet and greet our guest! <\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Hello welcome to Satoshi club<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n Hello & namaste cryptomonks!<\/p>\n\n\n\n Very honored & happy to be here.<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Welcome to Satoshi Club!<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Hello Glad to have you here <\/p>\n\n\n\n How are you doing?<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n So as we are! <\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n Couldn’t be better. \nBeautiful day here. And days away\nfrom shipping Nirvana – which has been a long dream<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n It is great when dreams come true! <\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n What’s good @Jonahapagu ?<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n A dream is about to come true for you <\/p>\n\n\n\n Let’s start our AMA <\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n And hopefully for everyone else, too! This is really a community-first protocol,\nand we couldn’t be happier to do an AMA like this.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Let’s get started with an introduction Can you please\nintroduce yourself to us, how you got into crypto and how Nirvana started?<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n Absolutely – hi everyone, I’m Sid, the Lama of Nirvana &\ncore dev.<\/p>\n\n\n\n I’ve been working in & around crypto projects for\nyears. It started with building tools\nfor friends & degens, and then evolved into building teams to create DeFi\nprotocols.<\/p>\n\n\n\n I found a home on Solana because of the rich developer\ncommunity & creative energy.<\/p>\n\n\n\n The team behind Nirvana is really a supergroup of other DeFi\nfounders & Solana engineers.<\/p>\n\n\n\n This is a passion project to make a truly durable,\nsustainable, and decentralized store of value.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n This must be an impressive Team<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n How many team members are currently working on Nirvana?<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n We’re up to 10 – but about to start hiring <\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n It takes a village, you know.<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Nice! So what makes Nirvana special?<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Great opportunity for more people to join <\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Absolutely!<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n So glad you asked <\/p>\n\n\n\n Let’s start with its values:<\/p>\n\n\n\n – sustainability<\/p>\n\n\n\n – universality<\/p>\n\n\n\n – fairness<\/p>\n\n\n\n Nirvana is really a response to the boom & busts, the\nrugs & scams, and the fear around centralization.<\/p>\n\n\n\n What we are building is a durable & lasting place to\ndeposit money, watch it appreciate, and transfer value.<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n Nirvana is an economic environment unto itself.<\/p>\n\n\n\n It has 2 tokens, representing the 2 forces needed to\ngenerate wealth:<\/p>\n\n\n\n – NIRV: a stable token<\/p>\n\n\n\n – ANA: a volatile token<\/p>\n\n\n\n These two tokens are intimately connected with each other,\nand play off each other.<\/p>\n\n\n\n ANA is a store of “wealth” — it is volatile, has\nrisk & has reward<\/p>\n\n\n\n NIRV is a store “value” — it is superstable,\nultra-low-risk. The same value today as\ntomorrow.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n This is Exciting because \nalmost Everyone in this space has had concerns around rugs, scams,\ncentralisation and so on<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n One thing that makes Nirvana special is that all of this is\ngrounded in actual value.<\/p>\n\n\n\n The protocol builds *on top* of stablecoins.<\/p>\n\n\n\n Rather than creating tokens that have no intrinsic value.<\/p>\n\n\n\n Totally.<\/p>\n\n\n\n So many people (everyone?) have been burned recently from\nPonzi house-of-cards.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n I agree with you..<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n Nirvana is designed explicitly to avoid this kind of\n*hyper-inflation* that leads to assets suddenly losing 98% of their value.<\/p>\n\n\n\n The faster something goes up, the faster it falls . . .<\/p>\n\n\n\n We can start with one key feature of Nirvana:<\/p>\n\n\n\n The rising floor price.<\/p>\n\n\n\n ANA (the volatile token) has a minimum price it can trade\ndown to. And this minimum price rises\nwith adoption of the protocol.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Interesting<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n Say, for example, ANA is trading at $9 ond the floor is\n$6. That means, if you decide to buy\nANA, you *know* that your max loss is $3 (or 33%).<\/p>\n\n\n\n And your max upside is unbounded.<\/p>\n\n\n\n This introduces systemic risk-asymmetry. You always know your max loss with ANA<\/p>\n\n\n\n Moreover, if demand for ANA increases, the protocol is able\nto raise the floor price.<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n This sounds crazy and too good to be true — but it’s\nactually very straight-forward<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Sounds so thrilling!<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n The protocol is built *on top* of stablecoins.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Yeah sounds so good to be true<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n And depends on the existence of stablecoins.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n This eliminates a lot of risks <\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n It’s this simple: as more people buy ANA, more stablecoins\ngo into the reserves.<\/p>\n\n\n\n These are permanently held in the protocol’s AMM.<\/p>\n\n\n\n The protocol always sets asid enough stablecoins to support\nthe floor for *every* ANA token.<\/p>\n\n\n\n With enough ANA purchases, more stablecoins can be saved per\nANA token, thereby raising the floor.<\/p>\n\n\n\n It’s all algorithmic & automatic.<\/p>\n\n\n\n The magic is in the fact that the protocol owns this\nilquidity in a trustless AMM.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for the great introduction <\/p>\n\n\n\n We will like to proceed to our community questions now, are\nyou ready for them?<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n Shoot!<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Q1 From Telegram User @thisistoyin<\/em><\/p>\n\n\n\n On visiting your websites, I encountered a welcome note which displayed \u201cPre-commitment period now open!\u201d<\/em><\/p>\n\n\n\n & Pre-commit your launch investment and earn up to 15% prANA rewards! And I understand that this pre-commit period will be open until 11:59p UTC on 5 April 2022. Well, As a beginner in cryptocurrency who doesn\u2019t wanna miss out on any Available opportunity to Earn, but before going further into these commitment and receiving the prANA reward, I\u2019m Curious to know, can you please enlighten us a little bit about the Use of these Commitment to your platform? And after your explanations, should incase we choose to commit, how do we go about it? Is there a minimum or maximum amount for these commitments? And could you also state the Benefits of these PrANA rewards token we are going to receive?<\/em><\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n Great question. And\ntrue – there is a special reward period going on.<\/p>\n\n\n\n Let’s take this in phases: starting with the way the reward\ntokens work.<\/p>\n\n\n\n Committing to the protocol means you promise to spend $\nduring the launch auction<\/p>\n\n\n\n when you commit, you put up 1% of your total commit as\n“earnest money”<\/p>\n\n\n\n So, if you commit $1000, then $10 goes into escrow.<\/p>\n\n\n\n If you hit your commitment target — spending the money\nduring the launch auction — you get your escrow back.<\/p>\n\n\n\n And you also get hefty rewards.<\/p>\n\n\n\n Let’s talk about the *prANA* token.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Awesome <\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n prANA or “pre-ANA” is best thought of as an option\nto buy ANA at its current floor price.<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n Back to our example, say ANA is trading at $9 but the floor\nis $6. Then if I gave you a prANA token,\nyou could make a $3 profit!<\/p>\n\n\n\n Spend $6 to execute the option, and get a $9 token.<\/p>\n\n\n\n The rewards for commiting are paid out in these prANA\noptions, giving you access to ANA at its cheapest price.<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n Continuing with your question: There are no min or maxes to\ncommit. It’s totally open.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n This gives room for all players <\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n Truth be told, this is our way making *you* the VC. We are self-bootstrapping with no outside\ninvestment, and want to reward early adopters directly.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n This is Impressive<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Really community oriented behaviour! <\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n If you like what you see, and want to hold ANA, doing the\ncommittment is a way to lock in big kickback rewards<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for your clear answers on this one <\/p>\n\n\n\n Are you ready for the next question now?<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n bring it!<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Q2 From Telegram User @Neilselin<\/em><\/p>\n\n\n\n The Nirvana protocol sells time-released ANA in a money market. It accepts various difference tokens in exchange for time-released ANA contracts with various different maturity lengths.could you elaborate on the different maturity lengths of the time-release ANA? what are the requirements to acquire the time-release ANA?Are the token that can be used for the exchange for time-release ANA in limited number?What are the utilities of the time-released ANA contracts?<\/em><\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n Ah – this is Nirvana 201<\/p>\n\n\n\n So, the main way to acquire ANA is through buying it on the\nprotocol’s AMM. Spot price, instant\ndelivery. Simple enough.<\/p>\n\n\n\n The second way to get ANA is through executing those prANA\noptions. The ANA goes right into your\nwallet.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n And no limits as well??<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n That’s right. There\nis price-impact from your order size, of course — but no hard limits.<\/p>\n\n\n\n But – for more exotic speculators – you can buy a\n“bond” of ANA. Or what we like to call “time-released ANA”<\/p>\n\n\n\n These contracts can be 3-day, 5-day, or 10-day. And cover a wide variety of tokens. The relative discounts for each of these is\nmarket driven.<\/p>\n\n\n\n For those who have seen these kinds of “bonds”\nbefore, we have developed a different algorithm for pricing them, so that they\ntrack the spot price accurately. But we\ndon’t need to get into the weeds here.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n What examples of Tokens does the contract cover?<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n One important thing to point out: trANA is not\nnecessary. It is just there for\nspeculators who want to take on risk.<\/p>\n\n\n\n At launch, we are focusing on Solana: Hubble USDH, Synthetify\nxUSD.<\/p>\n\n\n\n Also USDC.<\/p>\n\n\n\n Next up will be FRAX, UST, and Solana’s UXD.<\/p>\n\n\n\n Nirvana aims to be *universal*.<\/p>\n\n\n\n I think this would be a good time to discuss: what problem\ndoes Nirvana solve?<\/p>\n\n\n\n Why are we doing this?<\/p>\n\n\n\n Stablecoins have 3 fundamental issues:<\/p>\n\n\n\n – Fragmentation. USDC\n& USDT are different tokens — though with the same purpose.<\/p>\n\n\n\n – Fragility: If a token loses its peg, cataclysmic failures\nfollow. Stablecoins must be solid or\nthey are not worthwhile.<\/p>\n\n\n\n – Security: Stablecoins depend on programs, which can be\nexploited or regulated.<\/p>\n\n\n\n Nirvana addresses all three of these, creating a\n“superstable” token.<\/p>\n\n\n\n It collects up & de-frags stablecoin liquidity into a\nsingle reserve.<\/p>\n\n\n\n Its own stablecoin NIRV is backed by a diverse basket, and\nso holds its peg even when others fail.<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n It is de-risking through diversification.<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n A reason for SatoshiClubbers to analyze Nirvana attentively.\nit looks to become a treasure! <\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Nirvana is indeed stacked with a lot of exciting stuffs<\/p>\n\n\n\n Thank you for your great responses so far<\/p>\n\n\n\n Ready now for the next question?<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n bring it<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Q3 From Telegram User @sunny_steel<\/em><\/p>\n\n\n\n As far as I understand, with the options of permanent rising floor that guarantees NIRV token will never sell below a certain price and simultaneous NIRV staking options the benefits for stakers look obvious \u2013 their investments will provide more value over tome with 100% guarantee. What are the staking options offered by Nirvana? Will you try to set a higher entrance level or users can stake even 1 NIRV? Does your staking foresee any Airdrops in future? Thanks!<\/em><\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n Great question about the tokenomics!<\/p>\n\n\n\n Let’s start with the basics:<\/p>\n\n\n\n NIRV is stable<\/p>\n\n\n\n ANA is volatile.<\/p>\n\n\n\n Yin & yang.<\/p>\n\n\n\n NIRV is not staked, but ANA is.<\/p>\n\n\n\n Since ANA is the volatile, risky asset.<\/p>\n\n\n\n Staking ANA rewards you with prANA (pre-ANA, options to buy\nANA at the floor)<\/p>\n\n\n\n Think of NIRV like DAI. \nIt is *borrowed*, using ANA as collateral.<\/p>\n\n\n\n NIRV is not staked, but it is yours to *spend*<\/p>\n\n\n\n You can even use NIRV to lever up your ANA, by buying more <\/p>\n\n\n\n The neat thing about NIRV loans is that they are\nrisk-free. No chance of liquidation.<\/p>\n\n\n\n The reason here is simple, and it comes back to the floor\nprice of ANA:<\/p>\n\n\n\n your NIRV loan is equivalent to the floor price of your ANA\ncollateral<\/p>\n\n\n\n Since ANA cannot go beneath the floor,<\/p>\n\n\n\n your NIRV debt can never exceed the value of your collateral<\/p>\n\n\n\n So you can never be liquidated!<\/p>\n\n\n\n Moreover, your ANA is accruing yield. So your loan has a “negative interest\nrate”<\/p>\n\n\n\n And that’s staking!<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Insane <\/p>\n\n\n\n So In other words every holder is a staker?<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n Not necessarily . . .<\/p>\n\n\n\n Staking is always a decision you make when deploying your\nassets<\/p>\n\n\n\n You can, of course, send your ANA elsewhere.<\/p>\n\n\n\n You could lend it, farm it, deposit it in an AMM as a\nliquidity provider.<\/p>\n\n\n\n Or you can stake it on Nirvana itself.<\/p>\n\n\n\n It’s up to the market to decide.<\/p>\n\n\n\n One key thing Nirvana offers natively is: NIRV loans<\/p>\n\n\n\n If you use your ANA as collateral on Nirvana, you can draft\nout NIRV borrow.<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Awesome <\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n At the floor price<\/p>\n\n\n\n So, say ANA is trading at $20 and the floor is $10.<\/p>\n\n\n\n You buy an ANA, stake it, and take out a NIRV loan.<\/p>\n\n\n\n Now you have $20 in ANA, and $10 in NIRV. $30 in total value!<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n How can you keep such financial model work for Nirvana\nitself?<\/p>\n\n\n\n You give back much more than you receive as liquidity<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n It’s good to be skeptical<\/p>\n\n\n\n The economics work because you are *locking* away your ANA,\nand your NIRV loan is *strictly less* than the collateral you post.<\/p>\n\n\n\n So your NIRV loan is backed by ANA, which is in turn backed\nby stablecoins<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n Thank you for your Answers <\/p>\n\n\n\n Ready for the next question now?<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n yes indeed<\/p>\n\n\n\n Pavel P<\/strong><\/p>\n\n\n\n Q4 From Telegram User @Rozielyna<\/em><\/p>\n\n\n\n Nirvana is set to launch on AcceleRaytor for $prANA, one of the 3 tokens in the Nirvana Protocol, along with $NIRV and $ANA. And the AcceleRaytor Raise will be $prANA AcceleRaytor Public Raise and $prANA IDO on Raydium. Can you tell us more about the $prANA public raise and IDO ? How does it work? What will be the total supply for each of them and the price for the token on Public raise and IDO ? What are the requirements\/ how can users be eligible to participate in the public raise and IDO?<\/em><\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n The Raydium AcceleRaytor will release 125k prANA tokens at\n$2 each.<\/p>\n\n\n\n This is a very small distribution – and its purpose is just\nto get prANA to the people<\/p>\n\n\n\n This is not a “raise” or IDO in any traditional\nsense<\/p>\n\n\n\n Nirvana has no protocol token! And no “team allocation”<\/p>\n\n\n\n It is just a protocol that produces a reserve and gives it\nback in the form of NIRV & ANA<\/p>\n\n\n\n Jonah <\/strong>🏅🎹<\/strong>\n| Satoshi Club<\/strong><\/p>\n\n\n\n When is the date for this?<\/p>\n\n\n\n Sid Nirvana<\/strong><\/p>\n\n\n\n We are VC-less. Not\nreleasing a token with a special supply and vesting schedule.<\/p>\n\n\n\n