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Lost Worlds AMA #1 — Project Overview with Quaison (Co-Founder & CEO) (Recap)
On 3/22/2022 at 6:00 a.m. (PST), an AMA session was held on Avalaunch with special guest, Quaison, Co-Founder & CEO, Lost Worlds. Below we present to you an excerpt from AMA with questions and answers.
Dave Donnenfeld | Avalaunch
Hello and welcome Avalaunch faithful to an AMA that takes place from a special venue — the Avalanche Summit in Barcelona! So far so great and it is definitely passing the vibe test with flying colors. Today, we are stoked to have a very special guest from a genuinely exciting project — LOST WORLDS. Can you say geo-location based NFTs minting? I think you can. Without further ado, let me welcome Quaison Carter, the man that makes Lost Worlds go. @Quaison , you good to go?
Quaison |Lost Worlds
Yo Yo! How is everyone?! Q here.
Its a pleasure to be here and answer all the communities questions
Dave Donnenfeld | Avalaunch
Good to have you Quaison. Appreciate your time today. Let’s get into it….Can you please introduce yourself, who you are, what your role is and perhaps how you got involved in crypto?
Quaison |Lost Worlds
Hi everyone, my name is Quaison (Kwaysun) one of the founders of Lost Worlds as well its CEO. I’ve been in involced with crypto since 2013, but my main background is actually in Digital Production and Advertising. I cut my teeth as a producer and strategist at some of the top agencies in the world, working on brands like, Coca Cola, Macys, Procter and Gamble.
Like many of us, I was introduced to crypto by a friend who was geeking out and going deep in the space and eventually I got ropped in. ts been no looking back ever since. I’ve worked behind the scenes on a number of DeFi projects, while still keeping day job, which was also as an educator at General Assembly and NYU, helping people to understand the importance of Blockchain technology and its impact on our day to day.
Dave Donnenfeld | Avalaunch
Appreciated. For those watching on, the summit connection is a little touch and go but we’ll get through it.
How does Lost Worlds work? What are its pillars and differentiating factors?
Quaison |Lost Worlds
Lost Worlds is a composite of Web3 and Web2 infrastructure that allows NFTs to be geographically bounded to physical locations. Its a marketplace and platform where creators can use location as means of digital expression, and scarcity. This is simply one dynamic of our primary focus which is to create new and novel ways to drive real world utility for NFTs.
Dave Donnenfeld | Avalaunch
Lost Worlds seems to evoke quite a unique idea. Can you tell us a little bit about how the concept of bridging NFTs to real-life experiences of NFT discovery and minting came about?
Quaison |Lost Worlds
We really felt it was an inevitability. The idea of a “metaverse” where we all put on a Oculus, bootup into The Matrix, and live in a digital utopia is something that’s not realistic, or near term.
That said, we are at a place where we can start bringing more crypto focused digital interactions into our physical reality. We really wanted to be at the forefront of this idea of real world utility for NFTs. And location based NFTs is the first application that achieves this aim.
Dave Donnenfeld | Avalaunch
Agreed although I can’t hate on an oculus. This is more melding and practical by a good stretch, kudos to you all for tackling it.
NFT minting across various geo-locations is of course a core constituent of Lost Worlds. Do you envision potential challenges arising in relation to user-adoption, whereby people might feel restricted in accessing and making use of the platform? How do you ensure that users don’t feel left out because of the need to travel to particular locations to access an NFT or a collection of NFTs?
Quaison |Lost Worlds
In the near term, this is actually a feature not bug, for the user. When you mint a pfp project like Hoppers, or Chikn, the total supply, and rarity are forms of scarcity, you’re restricted in what/how many NFTs you can mint because of this. Location Based NFTs are simply another form of scarcity and rarity. That said, you can purchase and collect any NFT minted from a location, by other explorers via our secondary marketplace. That NFT is still proof that someone travelled to mint.
Additionally, in our future we have a number of new primitives to the space that actually solve for the desire to experience geo-location based NFTs no matter where you are. Currently our NFTs are bound to a physical location. In the future we will have NFT drops that generate based on your location. Meaning there will always be something near you to mint, but it could also change based on where you are. We call it Location Generative NFTs.
Dave Donnenfeld | Avalaunch
Lost Protocol is a set of tools that gives builders and creators the freedom to build their own GameFi, DeFi, and NFT Experiences. Can you describe the structural nature of this protocol and how it aims to fuel Lost Worlds’ mission?
Quaison |Lost Worlds
In short we wanted to build an open protocol that anyone could build on top of.
When building the app, we realized really quickly that we could wrap all of our tooling into an SDK and APIs that allows others to plug in and build their own World. The Lost Protocol is a heiarchery of tooling and governance that allows creators, and explorers to build on and grow the lost worlds ecosystem.
The most important pieces are the Project Builder and the DAO
The project builder contains what we call The Lost Tower which is a templatized launcher for creating your own location based NFT experiences.
The DAO is the heart of our ecosystem. Creators who build a project would have to push a proposal to the DAO, stakers on our platform are the gatekeepers of quality and demand for what projects are allowed to drop on the app. A portion of the minting fees from each project would also be passed back into the treasury, which will also be passed back to the stakers of the ecosystem, either through LOST rewards or directly in AVAX. In short its a closed loop system where creators and explorers are connected and help each other grow.
Dave Donnenfeld | Avalaunch
The name Lost Tower resonated with me for reasons I’d rather not get into 😁 Great answer actually — With a secondary marketplace available among the already known platforms like OpenSea, how do you ensure adoption and scalability for this integral part that makes up the Lost Worlds ecosystem?
Quaison |Lost Worlds
Its a good question, we don’t see ourselves as a competitor to secondary marketplaces like OpenSea, Kalao or NFTrade, we are a primary marketplace that supplements their supply in fact. We are lego block within the NFT ecosystem for all to build on. To that end we’ve been working closely with other marketplaces to see how we can integrate and open our offering into the larger ecosystem.
Dave Donnenfeld | Avalaunch
That’s going to be one big ass lego in due course. LOST is the token behind the economy of Lost Worlds. Where does the utility come from? How does the token contribute to the ecosystem? Can users access the platform without holding the token?
Quaison |Lost Worlds
The LOST token at its inception is an access token. Depending on how much you stake the more access to the platform you will have. This includes being able to mint projects, earn rewards and to have a say about the future of the platform. We use a tiered Bronze, Silver, Gold staking system as foundation so that we can layer on utility as the project grows.
Bronze (staking 10 LOST) — Access to the application and marketplace and “bronze level” projects
Silver (stake 100 LOST) — You are able to earn rewards, and Silver Level Achievements (including Higher LOST rewards) (i.e., if you are staking less than 100 LOST you won’t be able to earn minter rewards or dividends, but you will be able to earn bronze achievements)
Gold (Stake 1,000 LOST) — Gold Level Achievements (and highest LOST Rewards), Access to Community (future DAO which controls what projects are on the platform). Early access to new features and releases.
We are keeping it simple to start so we can layer on utility with data behind it. This includes the possibility of sharing platform revenues with Gold Tier stakers incentivizing them to vote and support quality projects that will mint.
Also note some projects may be “sponsored” (or free) depending on mint
Dave Donnenfeld | Avalaunch
So the access sets us up and the earning and status knocks it down. Well done. I’m presaged that a bit — How does the earning mechanism work? Are there limitations in the earning potential without the use of the geo-location feature?
Quaison |Lost Worlds
Yea exactly, you can consider us an “Explore to Earn” platform. By going to different locations and minting NFTs you are earning rewards. We are converting the energy of travel and movement into value. The more value you attain, the more access and opportunity you are given.
We have a number of rewards that will be live with the first NFT drops. Below are the ways you will inititally be able to earn (with more to come).
Minter Rewards — you mint on our App, you earn LOST
Minter Dividends — These in essence are location based reflections. The earlier you are to a minting location, the more rewards you can earn
Minter Royalties — If you mint and sell your NFT on the marketplace, you can (depending on the project) earn royalties from the secondary sales.
Achievements — By completing certains tasks and objectives (like collecting certain rarities and locations from different projects and creators), you can earn a big LOST reward, rare NFTs and potentially more
I’m sure you can think of 100 other ways we can add more rewards to the platform
Dave Donnenfeld | Avalaunch
There’s no shortage of ways this could be spun once it’s up and running. Pretty robust for sure. Having looked at the Roadmap, an interesting feature becomes obvious, which I’d like to discuss briefly, namely the notion of multiple projects becoming available at launch. What can you tell us about these projects, what’s the bigger picture behind this strategy?
@shahi297 save us!
Lovish Shahi | Avalaunch
We are launching with two native projects and following up with a third shortly after. The focus is on small locations as well as global access for everyone.
1. Continents NFT — A Global Minting Experience — is project that will allow you to mint NFTs based on the continent you reside. After you mint can buy or sell them on the marketplace, if you collect all 7 Continents you are able to burn them for a super Rare “World” NFT plus LOST rewards. Antartica will be only available to whitelisted people, who own earn a the explorer role in our Discord and or own one of the top tier Avax NFT projects (Apas, Apes, Chikn, etc… more on this soon)
https://lostworldsnfts.medium.com/introducing-continents-nft-24e30705701a
2. Portals — Its an experience that is focused on talking about what will happen to our world if we don’t take care of it. We dropped 6 locations across the globe of famous landmarks from Paris, New York, Singapore, Berlin, Turkey and San Francisco with NFTs of alternative realities of what could happen to that landmark if we don’t care of our world. Its a really cool concept and the NFTs are beautiful
https://lostworldsnfts.medium.com/portals-nft-on-lost-worlds-ea51d0fa5caa
Dave Donnenfeld | Avalaunch
Well said. Give that answer a pat on the back.
Impressive roadmap. A long time in the making
What are your plans for scalability, and what does security look like on Lost Worlds?
Quaison |Lost Worlds
We chose Avalanche for a specific reason…For both security and scalability; the opportunity that subnets provide open up an entire world where Lost Worlds can become “multidimensional”.
I don’t want to share too much alpha there yet, because first thing first is to get the core application right, but we are excited to watch projects we know well, like the swimmer network on Crabada closely.
Dave Donnenfeld | Avalaunch
You have chosen wisely. 😁
And our final question before we move on to the twitter portion of our program. At this point, our global community leader, @shahi297 will be taking the reins. You may feel safe with him. Quaison, I will be seeing you around here shortly. As for the final question on this leg of the journey — What do you see as the major milestone in the life of Lost Worlds? What are you most excited about to see in the next few months?
Quaison |Lost Worlds
The most exciting thing we are ready for is pushing out product
We are here at Avalanche Summit deploying our soft launch (I’m sitting next to the devs right now as they are pushing a live link out in the next hour or so) 😬 so right now its working through bugs and engaging with the other projects IRL. It’s an exciting time 😅.
After that though, obviously our IDO, but once we are launched, we have ton of features to roll out including location bounties, location generative and more! We are reaching the stage in crypto where mass adoption is on our doorstep, and bridging crypto experiences with real world use is a challenge we are excited to take on.
Lovish Shahi | Avalaunch
Ahan nicely done!
Hi Quaison , love to see you here , Lost Worlds is one of my favorites, I’m glad you came 🙂
Twitter Questions
@Wilson81947694 — Who is LostWorlds main target audience?
Quaison |Lost Worlds
To begin with the Avalanche Community. Its important for us to really build the core, the hot coal of our community and audience. They will tell us how/why and sometimes why we should be building. I can give you a marketing thesis on who our core customer is, but it wont be real, just theorhetical until the product is live and we get real users using it.
@Erul1122 — Is there a plan for Lost Worlds to migrate to their own subnet and use $LOST as the primary token to bring more utility for the native token ?
Quaison |Lost Worlds
Its 100 percent in our sites, but like I said above, one step at a time.
Subnets haven’t really been battle tested. The same can be said about the Lost Worlds protocol. Once we both mature a bit, we can finally go on some dates, maybe even get married 😂
@QuNguyn61793298 — Do you already have plans for other interfaces with other companies?
Quaison |Lost Worlds
We’ve already have relationships with most of the native Avalanche projects in the space. They are all excited to deploy and have their own drops on the Lost Worlds application. I think you guys will be happy and excited with some announcements incoming for collabs.
@nicole_binuya — Who is LostWorlds ‘s biggest rival? In the future, does LostWorlds have a plan to beat your rival or cooperate with them?
Quaison |Lost Worlds
Honestly, there are bunch of potential competitors some direct, some indirect, none of them in the Avalanche ecosystem, and none of them as tied deeply into the Avax community. We see our selves as a legoblock of not only the NFT ecosystem, but also, the avalanche Ecosystem. So we are always collaborative and open with all projects. Because our focus is on building.
@Balma322 — People still don’t have much idea of how NFTs work and how to acquire them, are #LOSTWORLDS product designed to be beginner-friendly in the NFT world?
Quaison |Lost Worlds
This is a great question. Its real challenge. One we focus on everyday. In addition to just the friction of NFTs minting and crypto in general, there’s the friction of the mobile experience for crypto. We are working on many design update and UI improvements once we start getting real user feedback that will allow us to become as user friendly as metamask/trust wallet allows 😂
Telegram Questions
@pearlene_welker
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??
Quaison |Lost Worlds
Yes, we are working actively on this. We’ve partnered with a number of projects and communities from countries across the world to develop their own location based projects for their communities.
@Alfredoswift1999
My question . Project names always attract attention and one wonders why they were chosen. How did you decide your project name? what is the meaning and importance of this name that defines your project in one word?
Quaison |Lost Worlds
The idea behind the name is that right now you could be standing under an NFT and its in a world that you had no idea was there. It was Lost to you, until now.
The best way to get involved with our community. is on either discord.gg/lostworlds or on our twitters https://twitter.com/lostworldsnft and https://twitter.com/portals_nft we are doing a number of whitelist for projects coming up, that you can only do through there.
@Veolamathis84
Can you please share about your burn system and buyback system? How does burn work for your token?
Quaison |Lost Worlds
Part of what we plant to do with protocal fees and revenues accrued is to lock them into very very longterm treasuries. We also will be distributing a portion of the Avax revenue we earn back to the Stakers of the platform who lock for x period of time (tbd).
@CathrineSanderson
Currently, a lot of people are looking at NFT, Metaverse & Games? What do you think your offering has that will make it stand out?
Quaison |Lost Worlds
Its funny, we are a mix of all three, while being differentiated in each category. Whether we are bridging the metaverse and the real world, creating scavenger hunts and geocaching games, as well as most importantly location based NFTs
@norafatehi03330
Sir, i am eagerly want to know about your IDO preparation. Can you explain your IDO plan? And share with us total token supply and platform link where we can buy your token?
Quaison |Lost Worlds
regarding our token supply and what we are focused on here. I will say because we are focused on building utility, we made sure that our initial circulating supply was low so its could be focused on app usage. We also worked with our private investors and advisors to have a longer lockup so they could support our long term vision.
Lovish Shahi | Avalaunch
Very much appreciate your time here today and the thoughtful answers :))
It’s been impressive and a breeze to go through.
On a final note — you have been an exceptional guest. Highly thoughtful answers and cleanly shared information. We’re happy to be hosting your IDO and wish you all the success we imagine you having. Very much appreciate your time today and look forward to your launch and beyond!
Quaison |Lost Worlds
Im happy to be apart of this chat. Im excited for the future of what location based NFTs can do, and I am most excited about working with Avalaunch. I hope you all will support us on our journey. 🙏🏾
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Lost Worlds x Avalaunch: IDO Announcement
We are producing this sale live from the Avalanche Summit in Barcelona, Spain! Given that the Avalaunch team is live, in person, with the Lost Worlds team, we will be producing uniquely rich content from the Summit all week long. NFT location mints from Avalanche’s top 34 projects. Follow along all week as we uncover Lost World’s limitless possibilities.
The bridge between the metaverse and the “real” world remains elusive. Is it an extended reality, a new one entirely or just an alternative environment to fritter away some time? In lockstep with the metaverse is the NFT. The unique asset has captured imagination, made us reconsider the value of digital art while both suffering and enjoying some truly wild speculation. Thus far, what is largely held as self-evident is that these building blocks are here to stay and that a gamified future is unfolding before our eyes.
As the metaverse combines the mentioned elements and moves forward, we are on the way towards something meaningful that will meld its way into our existence. Still, the direct nexus between the “real world” and these nascent universes remains few, but its promise continues to loom. Virtual lands are bought and sold, metaverse businesses are sprouting up, NFTs are minted at Mach V speeds while game play continues to demonstrate its earning power. With each passing iteration it adds definition, rendering the overall experience more personalized as it saunters more deeply into the virtual realities where we will slowly take residence.
The few that can truly straddle the real and virtual worlds are poised for adoption at a date still to be determined but those that can will have an appreciable head start. Here to leverage that head start comes Avalaunch’s next IDO: Lost Worlds.
Project Overview
Lost Worlds is a 1st of its kind NFT platform experience where NFTs are geographically bound to real world locations for collectors to discover and mint.
The platform gives creators, brands and players the ability to use geo-location as a medium, merging the physical and Web3 world providing a new layer of scarcity and utility in how we evaluate and value people’s experience with NFTs. In short, Lost Worlds brings NFTs into the real world.
This utility also creates “work” and “value” within the ecosystem, where one must either travel, or be within a specified region to mint a desired NFT. This constraint opens up opportunities to layer on DeFi incentives and components to reward the energy of creating, minting and the buying/selling of location based NFTs. This means creators can submit any form of NFT, from a 1 of 1, event based music drop, location-based scavenger hunts, games, or ideas yet to be scene in our space.
What separates Lost Worlds from other NFT platforms is its focus on Location Based NFTs and rewards for both creators and collectors. Lost Worlds aims to become a lego block of the NFT landscape, providing a differentiated layer of service and utility for users to interact with Web3 primitives. At a high level, Lost Worlds aims to:
- Advance NFTs so as to be a part of the human experience, with value and utility that interacts with daily life.
- Function as a platform that acts as a bridge for new users, creators, and brands looking to engage with the Web3 space.
- Further location based technology in crypto that is emerging in the web2 and web3 space.
- Create a sustainable NFT ecosystem inspiring people to collaborate and foster digital and real world connections.
Location Based NFTs
Geographically Bound Digital Assets:
- Lost World expands the way NFTs can be experienced; rewarding creators, explorers and collectors for using the platform.
- In order to access locations to mint all users need is a mobile device and to stake the LOST token.
- The greater the stake the more utility and rewards can be derived.
- NFTs obtained from a given location give the owner the rights to sell or trade their NFT on the marketplace.
Initial Deployment
- On-chain location capture and metadata handling.
- Robust location spoofing mechanisms that are hidden from the client.
- Decentralized infrastructure when available.
- Ability to buy and sell NFTs on the secondary marketplace.
For Projects & Creators
- Latitude and longitude of NFT and project drops
- Total NFT supply
- Media Type of NFT
- NFT cost, i.e. a flat fee or a set bonding curve related to the total supply
- Reward incentives and achievement unlocks.
The LOST Token
LOST is the native token of the Lost Worlds platform, serving as a reward mechanism and access token for participants. At launch users can:
- Stake LOST to Access Tiered Location Based NFT projects
- Stake LOST to Unlock Features and Rewards
- Stake LOST for Staking Rewards
- Use LOST for Community Access and future say in projects that get deployed on the platform
Lost Worlds uses a tiered staking system of Bronze, Silver, and Gold as a foundation to access the platform as we grow and continue to roll out more features and utility.
When you deposit your LOST into the staking contract there will be cooldown period where a fee in LOST will be taken and redistributed to stakers, based on when you unstake. The fee begins at 15%, and reduces to 0% over 15 days. Meaning if you stake for longer than 15 days you will incur no fee.
LOST Utility
Staking LOST is key to being able to utilize the full benefit of the platform. As more features are implemeneted, the way we in which users are able to use their LOST tokens to access location based NFTs will grow. Some examples:
- Minting Discounts for staking LOST
- Bounties — use LOST to have someone mint at a location you’re not in
- Location Based Staking
- Buy NFTs directly with LOST
- Submit Projects to the DAO with LOST
- Sharing Mint (AVAX & LOST) Revenues with Gold Stakers
LOST Rewards
50% of the total LOST token supply is allocated for the community via staking, the ecosystem fund and platform rewards. Platform Rewards are core rewards mechanism for people exploring and using the dApp. Platform Rewards are subject to change but slated for distribution as follows:
- Minting Rewards: 50%
- Minting Dividends: 20%
- LOST Achievements: 30%
Earning LOST
Users will be rewarded LOST tokens for traveling, minting, buying/selling, and completing challenges. Below is a brief overview of the different types of rewards.
Minter Rewards
Travel to a location and mint an NFT to earn Minter Rewards. The amount of rewards per mint can be seen on both the Location Card and Location Landing Page.
Mint Dividends
Varying per project. a percentage of initial minting at a given location drop are eligible for Mint Dividend which allows them to earn LOST on every mint after their own until a location reaches full mint. Future dividends are transferable.
The Mint Dividends tab shows you the locations you have active Mint Dividends for (based on NFTs Minted in your Collection), and how much Mint Dividends are remaining for each location.
Achievements
All Platform & Project achievements contain Non-Tradable NFT badges. Project Achievements can also contain rare NFTs & LOST tokens.
The Achievements tab shows the various achievements related to the Platform, as well as the NFTs within your Collection.
Minter Royalties
When an NFT is minted from a location, a royalty is created that can be only be activated once it is sold. Any time the NFT is traded in the marketplace afterward, owners will be paid a royalty payout.
The Future of Lost Worlds
Lost Worlds proposes a closed loop economy that rewards both creators and explorers for their commitment to grow and develop the Lost Ecosystem.
- The DAO/Treasury is the central governance system of the Lost Ecosystem. The DAO has voting rights on which projects are deployed onto the platform, as well as ownership of the treasury, which can be used to boost rewards across the platform and its various projects.
- Explorers must stake LOST in order to gain tiered access to the platform. Depending on the amount of LOST staked, Explorers can participate in different projects and aspects of the platform, including voting rights to the DAO.
- Creators can utilize the Lost Worlds Protocol in order to build their own location based GameFi, DeFi, and NFT experiences. In order to submit a project, these creators must pay a fee in LOST, which is deposited into the DAOs Treasury
Lost Worlds: LINKS & TEAM
Website | Gitbook | Twitter | Medium | Discord | Marketplace
Partners & Backers
“We’ve simply been impressed with Lost Worlds as a team in their development and commitment to building Location Based NFTs… We’ve watched their product growth from beta to alpha and now mainnet launch. They are bringing to the space exciting new developments in the NFT space with radically new primitives that could drive new types of adoption and growth for real world uses for NFTs. We can expect to see a lot of creative exploration with these types of digital assets, and from the Lost Worlds team in the future. This is going to be big!” ~ AVentures DAO
Closing Thoughts
The Lost Worlds mainnet, launch and listing has been a long time coming. This execute team and the rest are a group of professionals that Avalaunch met more than six months ago. It has been an impressive and enduring work in progress. Geo-location and NFTs are certainly a compelling combination but executing on it is another story. The Lost Worlds team has come a very long way and the project was always very well considered. It is now becoming a living, breathing reality and one that we should all have high hopes for.
“It’s safe to say Avalaunch is a vital part of the bedrock of the Avalanche Community. We’ve been working on our product for almost a year and the Avalaunch leadership and team has been there, lock and step, helping us navigate the crazy world of crypto. If someone were to ask me “What would you do differently in your process of launching a crypto startup?” there’d be a laundry list of things, but working with Avalaunch is a choice we would make 1,000 times again and again” ~ Quaison Carter, CEO Lost Worlds
Funding Numbers:
Total Supply: 50M LOST
- Private: 5,750,000 LOST at .35 USD — 2.1625M USD
- Marketing Partners: 333,333K LOST at .45–150K USD
- Public IDO: 2M LOST at .55 USD — 1.1M USD
- Hard Cap: $3,262,500 USD
Supply Breakdown & Vesting:
Total Supply: 50,000,000 LOST
- Platform Rewards Incentives: 10M LOST (20%)
- Team: 8.5M LOST (17%)
- Staking Rewards: 7.5M LOST (15%)
- Ecosystem Fund: 7M LOST (14%)
- Private Round Funding: 5.75M LOST (11.5%)
- Liquidity: 2.5M LOST (5%)
- Public Sale: 2M LOST (4%)
- Future Partnerships: 2M LOST (4%)
- Developer Bounty/Audits: 1.5M LOST (3%)
- Advisory: 1.25M LOST (2.5%)
- Marketing: 916.667K LOST (1.83%)
- Airdrops: 500K LOST (1%)
- Marketing Partners: 333,333K LOST (.67%)
- Professional Services: 250K LOST (.50%)
Vesting:
- Platform Rewards Incentives: Contingent upon project participation. Emissions will be determined as projects onboard following mainnet, slated for April 5th.
- Team: 12-month cliff, linear vesting over 24 months
- Staking Rewards: Following mainnet, staking emissions will begin linear daily vesting for 59 months.
- Ecosystem Fund: 30-day cliff, released monthly for 59 months.
- Private Round Funding: 10% at TGE, 90-day cliff, daily linear vesting for 18 months.
- Liquidity: 100% unlocked, discretionary deployment.
- Public Sale: 25% at TGE, 30-day cliff, weekly vesting for 12 weeks.
- Future Partnerships: 90-day cliff, released quarterly for 2 years.
- Developer Bounty/Audits: 30-day cliff, released quarterly for 2 years.
- Advisory: 12-month cliff, linear vesting over 24 months.
- Marketing: 90-day cliff, released quarterly for 2 years.
- Airdrops: 7-day cliff, 15% release followed by a quarterly release over 2 years.
- Marketing Partners: 12% at TGE, 18-months daily linear vesting.
- Professional Services: 10% at TGE, 90-day cliff, daily linear vesting for 18 months.
Other:
- Initial Circulating Supply: 1.140M LOST (excluding liquidity tokens)
- Initial Market Cap: 627K USD
- Initial Liquidity: Contingent upon listing plans to be finalized
The Lost Worlds IDO on Avalaunch
- 2M LOST at .55 USD (Total Supply: 50M LOST)
- Sale Size: $1,100,000 USD
Registration Schedule:
- Registration Opens: March 22 at 3 p.m. (UTC)
- Registration Closes: March 25 at 6 a.m. (UTC)
Sale Schedule:
- Validator Round Begins: March 28 at 6:00 a.m. (UTC)
- Validator Round Closes: March 28 at 3:00 p.m. (UTC)
- Staking Round Begins: March 28 at 3:30 p.m. (UTC)
- Staking Round Closes: March 29 at 6:00 a.m. (UTC)
IDO Recap
- Total LOST for sale: 2M
- Price: $.55
- Size: $1,100,000
- Vesting — 25% at TGE, 30-day cliff, weekly vesting for 12 weeks
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Avalaunch Integrates Coinbase Wallet
In an ongoing effort to create ease-of-use and accessibility for crypto users of all levels of experience, Avalaunch is happy to support the Coinbase wallet.
The Coinbase Wallet is a self-custody wallet that gives users control of their crypto, allowing private keys to be stored directly on personal devices. The message for users is they are in complete control of their digital assets.
Many of us are familiar with the refrain “not your keys, not your coins,” and the implication with that is—when an exchange or third party holds an individual’s crypto, that person relinquishes some control while taking on potential, avoidable risk.
Avalaunch believes that having ownership and custody of one’s digital assets is an inalienable, self-evident right that is too often overlooked in a centralized world. We are happy to provide the popular option of the Coinbase wallet and look forward to future integrations.
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Fief AMA #2 — Technical Deep Dive with 0xLongshanks & Galahad (Co-Founders)(Recap)
On 3/11/2022 at 12:00 p.m. (PST), an AMA session was held on Avalaunch with special guests 0xLongshanks and Galahad, Fief Co-Founders. Below we present to you an excerpt from AMA with questions and answers.
Dave Donnenfeld | Avalaunch
Welcome to Part II of our AMAs with the Fief Guild. Today, we are joined by a couple of visionary, heavy-on-the-grey-matter, crypto savvy, blockchain tough gentlemen in @galahadfief and @longshanks0x. Welcome and good to have you both here. We appreciate the time with our community.
Sir Galahad | Fief
Splendid! Thanks!
0xLongshanks | Fief
Thanks for having us!
Dave Donnenfeld | Avalaunch
Our pleasure. Let’s get right into it. To kick-start why don’t we begin with the intros? Please, tell us a little bit about yourself, your background, and what led you to the crypto sphere as a whole?
0xLongshanks | Fief
I have a decade of experience in early stage venture creation and investments. Was naturally drawn to the excitement of the crypto industry and have held roles specifically within NFT industry since early 2018 as both an operator and investor across multiple entities, primarily within the Ethereum ecosystem. I am currently leading Guild and Game development at Fief.
Sir Galahad | Fief
Me … nutshell …. Decade of software engineering leadership, focused on financial markets and crypto. Veteran of several startups and household name Big Tech goliaths. Currently leading operations and overseeing protocol development at Fief.
Dave Donnenfeld | Avalaunch
NFTs since early 2018? That’s before anyone knew what the word fungible meant 😁
Impressive as well. Well suited for a Guild.
Can you tell us about your team? How big is the development team and are there plans for further expansion?
0xLongshanks | Fief
cryptokitties opened pandoras box 😉
We have a team of more than 20 individuals currently across engineering, biz dev, marketing and art. We will continue to expand our team, especially as we ramp up our protocol development and continue to accelerate Blood and Coin, our internal guild game and the reason why we’re all here today.
Dave Donnenfeld | Avalaunch
I think this is a far bigger outfit than most people realize at first glance. It was a dozen when I first encountered you all but that was some time ago.
which leads me to…How long has the development phase been going on for, and how many iterations did it take you before arriving at Fief as it’s known today?
0xLongshanks | Fief
Yeah we’re growing fast! Hiring actively so anyone interested in guilds and the metaverse, keep an eye out!
as for the development question … Galahad and I have been discussing concepts around Fief for around a year and the guild has been in development since late last year. We’ve gone through a few iterations to reach the current version of Fief you see today, as we’ve increasingly embraced gaming systems versus traditional crypto or DeFi for our tokenomics.
Dave Donnenfeld | Avalaunch
Will keep that eye out. I’ve seen it continually evolving at a rapid pace even leading up to this offering. Well done. Can you give us a high-level overview of the features users are expected to find within the marketplace or any other element that makes Fief unique?
0xLongshanks | Fief
Sure — the Fief Marketplace is being designed to support both internal and external assets. We are entirely focused on internal assets (IGMs, Blood and Coin NFTs, etc.) to start and will eventually expand to whitelist select third-party projects.
Over time, we hope to make the Fief Marketplace into the premier NFT gaming/GameFi marketplace on Avalanche and beyond. We aim to tailor the user and third-party project experience to best fit the emerging metaverse and how assets are used in-game.
The Fief Marketplace launches in its initial form next week with the IGM sale and we’ll accelerate development on top of that moving forward.
One very unique feature of the Fief Marketplace is the fee-share. Both primary and secondary sales have a fee share associated with them that is paid out to the Merchants, one of the five factions of Fief.
Fees are funneled through our FIEF token via a buyback program we will be launching as soon as post WOOD IDO.
So, you can see how engaging this can become at scale when we have our own game assets and those of third-party whitelisted partners driving transaction volume on a marketplace built on top of a low-fee network like Avalanche.
Dave Donnenfeld | Avalaunch
Can you comment on the Library architecture? Where does the information flow come from, and how does this whole Fief structure plug into the guild?
0xLongshanks | Fief
Great question, we’re very excited about the Library and what it can bring to the guild.
The Fief Library is being built as a global codex for NFT gaming and GameFi. We totally appreciate how difficult it is to navigate this new industry and are hoping to build up the Library into a trusted source of information, including game guides, news and more.
We want the Fief Library to be a no-cost on ramp for individuals to join the guild by contributing to content in return for NFTs that plug into the global fee flow. However, there is definitely a quality filter associated with the content we put out via the Library so potential creators need to bring their A game!
GameFi + P2E Knowledge Base — The Fief Library
Picking a hero in DeFiKingdoms is an in depth process that changes depending on your game involvement. This article…
Dave Donnenfeld | Avalaunch
I encourage anyone to go through their Docs as they are hugely informative. It is remarkably well thought out and the complexity is not gratuitous in any way.
Blood and Coin was recently introduced as the first guild game. Are we to expect future game developments or is this more like a stepping stone to forge the necessary relationships to increase the dynamic game environment available on the platform?
0xLongshanks | Fief
We are serious about building internal games and experiences that plug into our tokenomics and faction system. We are choosing to really lean into the lore-driven strategy economic game approach, as we see it as a fantastic fit for DeFi concepts and on-chain assets.
With Blood and Coin, we are able to also build a substantial asset hierarchy that enables us to train all protocols that we develop for third-party asset integration.
This is where the Fief Wood (WOOD) comes in, the token we have the exciting opportunity to release through Avalaunch. WOOD is 1 of 5 core Resources that will be essential in game actions performed in Blood and Coin.
Users who hold at least 3000 WOOD when we launch Crafting in April (current goal) will be able to make some of the first Blood and Coin NFTs. These NFTs will be available to sell on any secondary marketplace and eventually directly through the Fief Marketplace.
Once Fief is able to bring all the trading activity to our internal protocols, Blood and Coin will become a massive fee reward generator that will fuel our Faction reward system. So users who are participating in the Avalaunch IDO are among some of the first to engage in this exciting economic strategy game system.
Dave Donnenfeld | Avalaunch
Appreciate this very much. I think it’s challenging for users to see the full application of WOOD in terms of its utility and potential value as a resource. It really is plug and play, very much lowering the normal entry fees associated with successful games and guilds. Kudos for that.
What parts of Fief live on-chain, and conversely, off-chain? Can you talk about the thinking around this and how the end result services the vision?
0xLongshanks | Fief
Yes WOOD is a fantastic on ramp to join into the guild. I measure guild membership as anyone who is able to participate in the global fee share and owning a future Blood and Coin NFT is a fantastic way to get started down that path. You can read more about these concepts, including building your Character, in our docs.
Given that our IGMs are out of the price range for some users, we hope to create affordable means to join the guild and crafting into it via WOOD is a great way!
We are taking a hybrid approach here to create an internal system that is capable of onboarding millions, as the technical barriers are still fairly high in web 3, especially for gamers.
That being said, we will be utilizing a number of off-chain mechanics for Blood and Coin game actions with token output settlement on-chain. This means users will conduct their game actions off chain and mint the outputted fungible or NFT (depending on the action) to the Avalanche network.
This will feed into our protocols, all of which will be on-chain so those who are more comfortable with DeFi and related systems can take things a step further.
We believe this combo will result in a fantastic UX that welcomes all levels of guild members.
Dave Donnenfeld | Avalaunch
Which part of the development was the most challenging and how did this affect the vision of the project? Would any of the challenges have been eased if you were building on a different blockchain?
0xLongshanks | Fief
Great q …as with any new project or startup, getting all the necessary framework into place for future scalability is a challenge. This is especially the case for Fief as we hope to have substantial flexibility moving forward to integrate and launch new protocols & guild experiences. We have needed to be extra diligent in our early architecture decisions, especially given the fact that we hope to onboard third party projects & their assets across various protocols.
Regarding blockchain decisions, not necessarily. It’s always easiest to build on Ethereum mainnet as it has the most tooling and established testnets, but c-chain being EVM compatible hasn’t made our lives too difficult!
Dave Donnenfeld | Avalaunch
Well stated. What has developing on Avalanche been like for you? What has been your impression of the developer community?
0xLongshanks | Fief
Developing on Avalanche has been a solid experience so far! The development community seems to be very well connected & helpful, and we’re excited to see the emergence of more NFT gaming on the network.
What I think is equally important is the NFT/gaming community, which has been very strong despite its relative small size to date. We can tell that Ava Labs is serious about gaming and we’re excited to play a pivotal role in the network’s growth for this segment.
Twitter Questions
@avaxsummit who asks — 200 days after purchasing IGM NFT, FIEF will finish spreading, and then will we be able to continue the game without renewing the IGM NFT we purchased?
0xLongshanks | Fief
IGMs, which go on sale next week, output FIEF over 200 days. This reward is separate from any perks that the IGMs will give related to Blood and Coin, such as Faction NFT/Item drops and more.
So after the 200 days, IGMs still have utility.
A reminder: IGMs are different from Fief Wood. IGMs come at a lot higher price point and have different global utility within our ecosystem.
As I mentioned before, owning WOOD is a fantastic way to get started in the guild without needing to buy in higher. So if you’re looking to try your hand at crafting while joining our discord to talk with other guild members, WOOD is a great option!
@Cryptob11940274 — Will the number of factions increase in number if the game is updated?
0xLongshanks | Fief
There is no current plan to increase the core faction numbers, as they connect to the broader guild economics.
@Metetelli11 — Will a user be able to receive multiple and different IGM NFT’s? Also, after winning $FIEF with NFT’s in the long run, will we be able to sell them out of the game?
0xLongshanks | Fief
Yes, a user can purchase as many types of IGM NFTs as they would like. We have a limited supply of each faction/rarity combination so I would recommend reading our documentation prior to the IGM sale next week if you are interested in participating.
Regarding the second part of that question, FIEF (which is our global guild utility token) is distributed directly from the IGMs for 200 days. These are fungible tokens on the Avalanche network so anyone who holds them can sell them on Trader Joe (there’s a ~$4M pool there)
We will also be launching a pool for Fief Wood (WOOD), which again is entirely isolated to the Blood and Coin experience. We will also eventually release our own internal guild exchange where Resource tokens like WOOD can be traded actively with rewards going to our Bishop Faction.
This may seem like a lot so really recommend reading our docs and joining our Discord to learn!
@godisblockchain — Is $Wood token something that can be used in just one game or all of your games?
0xLongshanks | Fief
Fief Wood is specific to Blood and Coin. We haven’t announced any other games or related experiences as Blood and Coin will be our primary focus for the foreseeable future.
@Jordan58016764 — How does WOOD work in the game…once I craft an item what does that do for me?
0xLongshanks | Fief
WOOD is a fungible ERC-20 token that can be used to craft Earthly Items. These Items can then be equipped by your Character to complete additional Game Actions, such as Resource Gathering or Crafting, or you can sell the Item on the open market as it is an NFT.
Whenever you craft an Item with a Resource, such as WOOD, it will be totally consumed and removed from circulation. This acts as a massive deflationary mechanism to offset any Resource Gathering activity moving forward.
So if everyone crafts items with their WOOD in April, the initial supply should drop greatly!
Telegram Questions
What is your strongest advantage that you think will make your team leading the market?
0xLongshanks | Fief
We have a heavy focus on protocol development versus scholarship programs (which are often the focus of game guilds). This allows us to scale faster and focus on assets not logistics
Your project name seems to be very interesting. Does it have any story behind it? Can you share us with the inspiron for approaching to this name?
0xLongshanks | Fief
Yes our name is based on the traditional concepts of Fief and Fiefdom, which is a play on the current state of the economic models in the metaverse.
Smitty Werben Man Jensen | ZoanLab
According to the roadmap, what is your most important next priority?
0xLongshanks | Fief
The release of the IGM NFTs next week!
Which market, partners and community are you presently focusing on collaborating with at the moment?
0xLongshanks | Fief
We are entirely focused on the Avalanche community and all of its users currently.
Lovish Shahi| Avalaunch
I guess we are done with all 🙂
Congratulations and On behalf of us all, many thanks.
On a final note — you have been an exceptional guest. Highly thoughtful answers and cleanly shared information. We’re happy to be hosting your IDO and wish you all the success we imagine you having. Very much appreciate your time today and look forward to your launch and beyond!
0xLongshanks | Fief
that should be 5! Great AMA, appreciate you all taking the time to learn and looking forward to having you all craft some wooden items with your WOOD!
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Fief AMA #1 — Project Overview with Coop (Digital Marketing) (Recap)
On 3/10/2022 at 12:00 p.m. (PST), an AMA session was held on Avalaunch with special guest Coop, Fief’s digital marketing lead. Below we present to you an excerpt from AMA with questions and answers.
Dave Donnenfeld | Avalaunch
Hello and welcome everyone to our AMA with Fief Guild. Avalaunch is exciting to be launching a guild project and this is certainly one of the more comprehensive and thought out projects you will encounter. Therefore, it is incumbent upon us to ask some questions, and there’s no one better to answer them than today’s guest, @coop_x Over a recovering e-commerce entrepreneur and digital market SME. Welcome Coop, good to have you here today.
Coop | Fief
Hey, thanks!
Dave Donnenfeld | Avalaunch
Our pleasure to have you…First thing first. Please tell us a little bit about yourself: who you are and how did you end up where you are today?
Coop | Fief
You sort of mentioned this but I’ve spent the last 10 years in digital marketing, for tech and then ecommerce. Ended up starting my own ecomm company in 2017.
Also got into crypto around 2017, at first just holding ETH. When DeFi summer kicked off I got more involved, eventually found my way to Avalanche in 2021.
I joined the Pangolin team and pretty quickly saw that GameFi and the Metaverse were going to be the next big thing.
I’ve been a gamer my whole life. Playing starcraft, quake, GoldenEye, diablo, I think I played nearly every game in the 90s.
Spent my teenage years in MMORPGs, thinking about getting my next tier piece in WoW instead of paying attention in high school.
So when I met Longshanks and Gallahad, I realized I finally had an amazing opportunity to work in gaming and that the founders have incredible vision for the future of gaming, so I joined the team.
Dave Donnenfeld | Avalaunch
Some solid training grounds for your current line of work 😁
Why focus on building a “guild” and how does this serve the vision of the project?
Coop | Fief
Good q, and yeah I’ve got tons of training lol.
We set out to structure Fief as a guild in order to best onboard and serve gamers. We believe that NFT gaming and GameFi are markets that are just now getting started, and user onboarding from all walks of life will be essential moving forward.
That means, we want to bring in everyone from traditional gamers (specifically focused on strategy gamers) to more crypto native users who will benefit from our decentralized protocols.
With our guild approach, we have a lot of lateral flexibility to introduce value additive experiences to Fief. The first of which is Blood and Coin, our first internal strategy game that is built on top of our Guild Faction system.
Dave Donnenfeld | Avalaunch
Can you give us a higher-level overview of Fief structure? How does this structure support the economic gaming and the decentralized protocol concept aimed at fueling the metaverse asset utility?
Coop | Fief
Yeah, a a good way to understand the Fief structure is through the two types of assets we aim to integrate into our protocols:
Internal Assets — These are assets created for the strategy games we develop internal to Fief, such as Blood and Coin. These assets serve as the bedrock by which transaction volume is generated, producing primary rewards for our guild members. Fief Wood is an example (the Avalaunch resource).
External Assets — Third-party assets, including things like in-game currencies and related NFTs. These assets can be brought by users, guilds and metaverse projects to Fief to be used in our protocols. A clear-cut example is the Fief Marketplace, which will eventually whitelist metaverse projects to accept their assets.
between these two we aim to create a productive internal economy, then take that over with third party assets.
Dave Donnenfeld | Avalaunch
With so many blockchain-driven guilds, gamefi and metaverses available in the space, how do you envision to keep these competitors at bay, what are the key factors that make Fief unique?
Coop | Fief
The emerging metaverse is bringing about a new wave of economic models that require a dedicated focus and expertise to navigate.
The biggest difference for Fief as a guild, is that instead of running play-to-earn programs (“scholar” programs), we are focused on how the Fief protocols can directly plug into the economies of third-party projects. Following the initial phases focused entirely on internal guild activities and Fief: Blood and Coin, we will begin whitelisting projects and their assets to be used in our internal protocols.
Coming back to the idea that we’re not just acquiring assets or working assets like traditional guilds, we’re building the protocols that third parties will use for all their GameFi needs over time.
Dave Donnenfeld | Avalaunch
As a guild aiming to create a central economy for all the various metaverses on an asset-basis, what are your plans for incentivising users to part-take in the economy?
Coop | Fief
We have introduced a five faction system internal to the guild, where each faction is segmented into specific metaverse asset categories.
With this approach, users can align with the factions that fit their asset interests.
As an example, if a user is bullish on metaverse NFTs and the growing transaction volume associated with them, they would join the Merchant Faction, which receives the bulk of the fee rewards from trading activity on the Fief Marketplace.
It’s important to note that each Faction will also benefit from the internal game activity of Blood and Coin, providing two clear paths towards rewards over time.
and that internal game again comes back to jumpstarting productivity before we move into third party assets.
Dave Donnenfeld | Avalaunch
and on a side note it is interesting that you are more resource/tool oriented than not. Removes a lot of the hiccups in managing humans 😁
Coop | Fief
Right, we see most traditional guilds at this point as extremely inefficient because they’re essentially managing a bunch of low cost employees. That is the opposite of what we want.
Dave Donnenfeld | Avalaunch
Can you explain the fee structure, in particular the Initial Guild Membership (IGM) concept?
Coop | Fief
Each Fief protocol (the marketplace for example) will fall within a specific faction: Merchant, Farmer, Craftsman, Alchemist and Bishop.
Within each Faction will be a highly competitive, NFT-based weighted scoring system where users must collect internal Fief Faction NFTs (currently from Blood and Coin) to earn a portion of the fees generated by activities on each protocol.
The more rare/higher the rating the NFTs a user collects, the more rewards they will receive over time. This is what is being fleshed out with the initial release of Blood and Coin, using our own internal game assets as a training ground for what will be a much more global system.
In regards to the actual mechanisms of fee rewards, we leverage a Fief Token (FIEF) buyback and redistributed approach. This way, we are funneling all fee action through our core guild utility token. This utility token is primarily distributed (65% of the supply) by Initial Guild Membership (IGM) NFTs, which will be on sale starting next week (March 15th).
IGMs will also feed into the weighted scoring system, so the more IGMs you hold of a particular faction, the more rewards you’ll receive from faction-based transaction fees.
I think of the IGMs as your main ticket to guild membership, a huge chunk of our rewards will go back to these NFT holders over time.
Dave Donnenfeld | Avalaunch
And well done I must say. FIEF is the utility token behind the Fief guild. However its scope expands beyond that of mere utility and into a reward economy. Can you explain this structure to us, and how token holders will be able to derive utility and game access?
Coop | Fief
Like you said, the Fief Token (“FIEF”) is a utility and reward currency that ties into the productivity of Fief’s decentralized protocols. So FIEF is the main game currency for Fief: Blood and Coin, in addition to all future Fief game titles.
As the primary game currency of Blood and Coin, FIEF will have substantial utility across all layers of game interaction.
FIEF will be used for the following, all of which can be seen in our docs under game activity:Resource Gathering — FIEF must be staked to gather resources in Blood and Coin. All staked Fief will be consumed in order to claim the desired resources.
Item Crafting — a FIEF fee is required to craft an item. The more FIEF paid, the faster an item is crafted.
Item Conjuring — a FIEF fee is required to conjure an item. The more FIEF paid, the faster an item is conjured.
Importing / Exporting — FIEF must be staked to accrue resources or items from import/export activity. All staked Fief will be consumed in order to claim the desired resources.
Taxing — FIEF must be staked in order to earn a portion of the global fees generated from all factions.
and we should probably take this chance to say that FIEF is NOT the token being launched with Avalaunch, that’s $WOOD and it’s the main resource token for the beginnings of Blood and Coin :).
Dave Donnenfeld | Avalaunch
Can you expound on the strategic positioning of Blood and Coin — Fief’s first guild game and how it aims to achieve the guild objectives?
Coop | Fief
Fief: Blood and Coin was designed to achieve the following guild objectives:
Productive State
Faction Balance
Protocol Refinement
FIEF Utility
IGM RewardsLet me expand on these in a second.
Productive State — Transform the guild’s economy into a self-sufficient system where primary reward generation can be achieved through our own actions, reducing the reliance on third party projects and shielding us from macro trends.
Faction Balance — Full scale protocol development for implementation with third-party assets will take significant time. This will result in some factions seeing their protocols or sources of reward generation come online before others, resulting in the potential for serious reward imbalances. Through Blood and Coin, each faction will have equal access to rewards with the ability for the Fief team to adjust meta to further balance when needed.
Protocol Refinement — With an internal abundance of assets and user interactions, we are better able to refine the protocols we are developing for application to integrated third-party assets.
FIEF Utility — Each layer of interaction in Blood and Coin will require FIEF. Through this baseline utility, the guild can establish immediate demand and sinks for FIEF.
IGM Rewards — With a focus on internal faction productivity, the guild is able to reward IGM holders with periodic drops of first-party faction assets, including fungible resources and NFT items.
It’s really an amazing tool to kickstart everything the guild aims to be for NFT gaming.
Dave Donnenfeld | Avalaunch
The Productive State is impressive as you don’t hear of guilds achieving any real level of autonomy.
In its simplistic form, Fief can be divided into three main phases: guild, core protocols/games and the metaverse. What metrics will you use to measure this success?
Coop | Fief
Largely two main metrics, but outside of this there is a lot of narrative that you need to keep an eye on that isn’t just metric based.
User count — how many users are participating in our guild and hold our assets (FIEF, Blood and Coin assets, IGMs, etc.)
Transaction Volume — how much capital is being moved throughout the guild and its various protocols, as this will be the main driver of reward generation for guild members.
Dave Donnenfeld | Avalaunch
I’m sure this will come up again with our community but…What can you tell us about the future of Fief? Are there any collaborations or alliances that you are able to share with us?
Coop | Fief
We are pushing hard currently on two major fronts:
Delivering the initial mechanisms and reward generating experiences for each of the five Fief Factions.
Establishing collaborations across the Avalanche ecosystem with third-party metaverse projects, to not only support the growth of the larger community but to begin setting the stage for the integration of third-party assets into the guild.
We’re already deeply engrained in the Avalanche gamefi ecosystem between our connections from our previous work and the excitement that Fief has driven already. We’re set up nicely to execute on both of these fronts.
Dave Donnenfeld | Avalaunch
Appreciate that. And our final question before we move on to the Twitter portion of the program — What part of the Fief ecosystem are you particularly excited about? Are there any features that you think have the most potential?
Coop | Fief
For me it’s actually the first protocol we’re launching, the marketplace. If you look at NFT marketplaces now, they’re all focused on PFP and art, they provide very little value on the GameFi and metaverse asset front.
There is so much to learn about a gamefi asset before making a purchase, simply showing its picture is not going to cut it.
I know when I’ve looked at recent tokenomics games on Avalanche it’s a huge learning process to figure out what you’re buying and why. The resources are split all over the place. I think of our marketplace as the one stop to figure it all out and make a purchase.
And secondarily, the Fief Library is kind of my baby. Love how active people are in posting great guides and info.
Twitter Questions
@Ahmetogrtm asks — Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project?
Coop | Fief
Absolutely. We have a suggestions channel in Discord that has been hugely helpful. We believe in taking feedback and moving quickly, which many have likely noticed with our changes in strategy up to our launch.
I think it’s most important when it comes to what all we do with the community. The library itself really came from community feedback.
@Bambang97516553 somewhat vaguely inquires — What is the current development of your project in terms of NFT?
Coop | Fief
The NFTs and marketplace are in user testing now, we’re essentially ready to go but wanted to wait out this week to launch with the macro environment being what it is.
@ANDRIAN240900 wants to know — Can you be more specific about the tasks the user has to do? How much does the user earn for each task and do you plan to pay with your token or will it be another token?
Coop | Fief
oh I have a great table for this, one min
This is every action a user will take in the game depending on which Faction they align with.
There’s a lot in there, but that’s what we aim to be for GameFi assets, nearly everything they need to make smart decisions, trade, optimize yield, all of it built for gamers.
and for anyone thinking “where are all these games that you’ll be building for” they’re coming. Between recent announcement and Avalanche summit, pretty soon AVAX will be a gaming powerhouse.
@AmaPemburu — Can you tell us about your current partners in the ecosystem and your plans for additional partnerships?
Coop | Fief
Partners is a pretty loose term in crypto so idk who to include and who not to honestly.
We’ve worked with nearly every game on Avalanche already in some capacity, from co-marketing to guides. We haven’t asked much of them yet, drops for our guild members, but we’re building these relationships in prep for our protocol launches.
We’ve also taken NFT pre-purchases from most major protocols across Avalanche.
@DhoniMeiu — I’m just an investor but not a gamer, how can I benefit from this IDO since $WOOD is just an in-game resource with uncapped supply?
Coop | Fief
Early on, $WOOD might be scarce due to the fact that only Farmers can actually create it. So there may be a trading opportunity.
But honestly, If you don’t want to participate in the game I don’t think it’s really for you. This is not the core asset of FIEF for speculating on.
Telegram Questions
Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project?
Coop | Fief
I like this one.
Yeah, we’re very satisfied. Especially on the pivots and innovations we’ve introduced along the way. I think to Dave’s point, we’ve adjusted a lot in a short period of time and each adjustment has put us into a better position.
This space is not for the slow or feint of heart.
What is the most ambitious goal of your project? Could share with us any Upcoming Updates?
Coop | Fief
I think our overall goal is super ambitious. The be THE platform to do anything with gamefi and metaverse assets, buy, trade, loan, stake, anything you need in the metaverse economy.
Do you have any plans to attract non-crypto investors to join your project? Because the success of a project attracts more investors who haven’t yet entered the crypto world. What are the plans to raise awareness about your project in the non-crypto space.
Coop | Fief
This one is a really important part of why we see GameFi and the Metaverse as onboarding the next billion users.
We ourselves are focusing on making protocols that are built for gamers, which in some way means making it easy. But we also are extremely keen to find and partner with the games that will do this for us.
We believe a handful or maybe many games will do this, and we want to be their number one partner.
Do you have Whitepaper if yes, please share it with as secondly do you have plans for pre-sale? Now where can we Join it?
Coop | Fief
Our docs are great: https://docs.fief.finance/ and it’s really important that people actually read them for our project. This isn’t a fork that you can just grasp in a quick look, it takes some time.
ah I think the second part said something like We launched $FIEF with Rocket Joe, so we’re whitelisted there and you can buy FIEF there.
Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to your platform and keep them long term.
Coop | Fief
this is another good one as the marketer It always feels important.
There’s a really awesome part to Fief in that a lot of our growth is going to be built off helping games grow and building up our network. We give games some marketing, a place to host guides, and for their assets. In exchange, they direct their players to us.
This is a key that most guilds ignore by focusing on one single game. They aren’t able to continually build on that community.
By avoiding the scholarship model, we’ll be able to network with significantly more projects to build both ourselves and those games.
Dave Donnenfeld | Avalaunch
Coop it has been a pleasure having you here today. Look forward to you all continuing to evolve the ever evolving organism that is Fief and achieving great success with it. Appreciate your time here today and on behalf of our community, many thanks.
Coop | Fief
whew, what an AMA
Thanks for having me everyone.
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Fief Guild x Avalaunch: IDO Announcement
The rise of the guild is something that few saw coming. As “play to earn” evolved with “gamefi” and attendant innovations, we have quickly arrived at both milestones and inflection points.
At the highest level, the metaverse has begun to rethink the concept of work. There is widespread news on players of popular games supporting themselves through the pandemic via gameplay and more recently, social media has seen boasts of select players quitting their “normal” jobs. Additionally, the space, though rife with competition, has yielded somewhat to cooperation as roles in a larger economy have defined themselves and paid dividends.
Guilds have captured much attention through their collective earning power by aggregating and inserting the skills and specialties of individuals into decentralized autonomous organizations, bound through the singular purpose of optimizing earning power. With this have come anticipated challenges — who determines strategy? Is it a passive land grab group that is intent to sit on given assets or trading an NFT market, a hybrid of both, a static strategy or one that evolves — and on it goes. These growing pains are the signals of success though and not surprisingly, managing the humans has become the weak link in the chain.
To address these pain points, comes an ever evolving guild; one with its finger on the pulse of GameFi and wholly aware that the metaverse will not be about chain dominance but connectivity and interoperability. It is mobile, market savvy, having assembled some of the brightest minds in the space that are here to empower but here to empower through their human resources and tools…and Avalaunch is proud to announce them as our next IDO — Fief Guild.
Project Overview
Avalaunch has partnered with Fief Guild, to introduce the first Resource token for the guild’s upcoming economic strategy game: Blood and Coin.
Fief is the first economic guild of the metaverse with the primary objective to build decentralized protocols and game systems that plug into popular metaverse projects.
To kickstart Fief, the guild is creating its first game title: Fief: Blood and Coin, an economic strategy game that bridges on- and off-chain mechanics to deliver a highly rewarding user experience, built on top of the Fief protocols. In time, Fief will expand the utility of these protocols to plug directly into third-party project economies.
The Avalaunch IDO will signify the initial release of Fief Wood (WOOD), the first of five core resources that underpin Blood and Coin’s economic gameplay. Fief Wood will be heavily used in the crafting Game Action, allowing Guild Members to create a variety of functional Fief Item NFTs.
Fief Resources
Fief Resources are fungible tokens that facilitate the Game Actions performed across each Faction-based protocol in Blood and Coin.
Core Resources, such as Fief Wood, are acquired through Resource Gathering via the Farmer Faction. Fief Guild will also distribute these tokens via special drops to IGM holders and through special events, such as the Avalaunch sale or quests. Core Resources can then be used to do the following:
- Craft Earthy Items via the Craftsman Faction.
- Conjure Mystic Items via the Alchemist Faction.
- Add liquidity to the Fief Exchange or trade via the Bishop Faction.
Item Crafting/Conjuring will often require Guild Members to combine multiple Resources to create their desired output. The full list of Core Resources will be unveiled over the coming weeks, with planned distributions for IGM holders and more.
Fief Wood Economics
The Avalaunch sale represents the initial minting event for Fief Wood, affording Avalaunch participants the opportunity to be among the first holders of the unique Resource token.
Fief Wood, similar to the other core Resource tokens, is primarily produced via the Farmer Faction’s Resource Gathering system. This system, which leverages off-chain staking mechanisms, is ad hoc, meaning new supply is minted whenever a Guild Member Gathers Fief Wood instead of more traditional per-block mechanisms found in the industry.
As with all Fief Resource tokens, Fief Wood is totally consumed upon use in Crafting and related Game Actions. This provides a total sink for the token, which will also be freely traded on decentralized exchanges and eventually the Fief Resource Exchange (owned by the Bishops).
Following this initial minting event, Gathering Fief Wood will require staking with the Farmer Faction. This process will require specific Wood Gathering Items and the Fief Token (FIEF) to complete. With Gathering, the required FIEF will be consumed as a fee reward for the Faction and broader Guild.
To make up for the lost fee share from Avalaunch release, 10% of the proceeds from the launch (up to $150,000) will be used to re-purchase FIEF off the open market for future reward to the Farmer Faction in return for this initial demand for Fief Wood.
Fief Wood Utility
Prior to the commencement of the first season of Blood and Coin, which will pit all five Fief Factions against one another as they strive for economic dominance, Guild Members will be able to leverage Fief Wood to craft a variety of Items they can equip to advance within the City of Vitruvia.
The initial items available for Crafting will be:
- Common Wooden Axe — Wood Gathering (Farmer); Crafting Cost: 3000 WOOD
- Common Wooden Mallet — Wood Item Crafting (Craftsman); Crafting Cost: 3000 WOOD
- Common Wooden Cart — Wood Vesting (Farmer); Crafting Cost: 9000 WOOD
- Common Wooden Work Bench — Wood Item Vesting (Craftsman); Crafting Cost: 9000 WOOD
- Gathering Items determine how much of a Resource a Guild Member can harvest in a single Game Action.
- Crafting Items determine what rating of Item a Guild Member can build in a single Game Action.
- Vesting Items determine the cool down speed to claim and mint the output Resource/Item to the Avalanche network.
Therefore, these four items (in addition to others introduced shortly thereafter), will serve as the first steps towards the initial Faction-based economic systems — adding additional exclusivity to the Avalaunch release. Note, each of these items can be equipped by all Guild members, regardless of which Faction they join.
As an additional perk to initial WOOD holders, there will be no requirement to hold a Crafting Item to build the first 4 Wooden Items.
One Tree Planted
Fief Guild has partnered with One Tree Planted, a 501(c)(3) charity with a mission to help global reforestation efforts, to denote a portion of the Fief Wood sale proceeds to support the environment.
For each wallet that purchases WOOD in the Avalaunch sale, Fief will donate to have a tree planted via One Tree Planted’s reforestation program. You read that right…purchase digital WOOD and plant IRL trees.
Partners & Backers
Links & Team:
Website | Twitter | Medium | Discord |Docs
Galahad — Decade of software engineering leadership, focused on financial markets and crypto. Veteran of several startups and household name Big Tech goliaths. Currently leading operations and overseeing protocol development at Fief.
0xLongshanks — Decade of experience in early stage venture creation and investments. Held roles within NFT industry since early 2018 as both an operator and investor across multiple entities, primarily within the Ethereum ecosystem. Currently leading Guild and Game development at Fief.
Leo — Spent a decade in traditional software before moving into DeFi projects. Worked on multiple Avalanche projects throughout 2021, most notably as the COO of Pangolin Exchange. Currently focused on growing the GameFi and Metaverse ecosystem.
Coop — Over a decade in digital marketing, and an e-commerce entrepreneur. Started crypto in 2017, joined Pangolin on Avalanche in 2021.
Marvin — Self taught illustrator. Worked in communication and marketing until 2021. Started crypto journey in the Avalanche ecosystem. Learning everyday from the greatests minds out there (and from Twitter threads). Passionate about cinema.
Development — currently there are more than a dozen engineers dedicated to the project.
“It has been fantastic to work with Avalaunch on such a unique token launch,” said 0xLongshanks, Fief co-founder and Fief: Blood and Coin co-creator. “Their expertise and industry-leading platform has helped pave a new and exciting path for users to join our budding game economy.”
Closing Thoughts
We believe the future of GameFi resides in the power of cooperation more than competition. The ability for groups to convene and combine resources in order to extract, create and realize value is potent and the rise of the Guild is validating this premise. Fief is an organic project with an ever growing community, founded by savvy gaming and crypto veterans. Their Discord is chockful of human resources and their tool based approach is empowering to individuals and removes much of the difficulty in managing a large group of individuals who may have conflicting ideologies.
The Fief Wood IDO On Avalaunch
The Avalaunch sale represents the initial minting event for Fief Wood, affording Avalaunch participants the opportunity to be the first holders of the unique resource token. This is an exclusive offer to the Avalaunch community with 100% of the circulating supply (excluding liquidity) will be purchased and owned by the Avalaunch community.
- Initial Price — $0.01
- Initial Supply — 155,000,000
- IDO: 150M WOOD
- Sale Size: 1.5M USD
- Total Supply — Uncapped; minted ad hoc through Resource Gathering
- Initial Liquidity — 5,000,000 (added to WOOD-AVAX Trader Joe pool upon launch)
A pool will be opened on Trader Joe where trading will commence for the 45 days leading up to the crafting events. This is intended for all users to be able to craft items in Blood and Coin. To that end, participants in the IDO will also receive a FIEF airdrop in order to be able to craft an item. The process will be as follows:
Process
- User purchases Fief Wood (WOOD) allocation through Avalaunch and receive a complimentary drop of FIEF token upon completion of the sale.
- Fief Wood can be held by the user for 45 days prior to the launch of the Fief Crafting system where the user can spend their WOOD (and dropped FIEF) to craft 1 of 4 initial items:
- Common Wooden Axe — Wood Gathering (Farmer)
— Crafting Cost: 3000 WOOD - Common Wooden Mallet — Wood Item Crafting (Craftsman);
— Crafting Cost: 3000 WOOD - Common Wooden Cart — Wood Vesting (Farmer);
— Crafting Cost: 9000 WOOD - Common Wooden Work Bench — Wood Item Vesting (Craftsman)
— Crafting Cost: 9000 WOOD - The amount of FIEF dropped to each user will allow them to craft an item in 7 days. Users can purchase more FIEF off the open market to craft an item faster (up to 1 day).
- Users will not need a crafting item (Mallet) or vesting item (Bench) to complete the first crafting action — This is a perk to early wood holders.
- Users will be able to trade WOOD any time for AVAX via a dedicated pool on Trader Joe. Pool will be started at an $0.01/WOOD ratio.
- 10% of the proceeds from the launch will be used to re-purchase FIEF off the open market for future reward to the Farmer Faction in return for this initial demand for Fief Wood.
Registration Schedule:
Registration Opens: March 10th at 3:00 p.m. (UTC)
Registration Closes: March 12th at 6:00 a.m. (UTC)Sale Schedule:
Validator Round Begins: March 14th at 6:00 a.m. (UTC)
Validator Round Closes: March 14th at 3:00 p.m. (UTC)
Staking Round Begins: March 14th at 3:30 p.m. (UTC)
Staking Round Closes: March 15th at 6:00 a.m. (UTC)
IDO Recap:
Total WOOD for sale: 150M
Fief Airdrop: Per participant
Price: $.01
Size: 1,500,000 USD
Vesting — 100% unlocked -
Degis AMA #2 — Technical Deep Dive with Eric (CTO) , Serlin (Chief Data Scientist) & Theo (Core…
On 3/4/2022 at 4:30 p.m. (PST), an AMA session was held on Avalaunch with special guests Eric, Serlin and Theo — Degis’ Chief Technology Officer, Chief Data Scientist and Core Smart Contract Developer, respectively. Below we present to you an excerpt from AMA with questions and answers.
Dave Donnenfeld | Avalaunch
The first AMA with the Degis Project was so enlightening and inspired, we had to do it again. In keeping with “one good turn deserves another,” let us commence with part II, the sequel AMA with a focus on tech. Today, we are joined by @liyang_ust , the CTO from Degis and an ICPC gold medalist who is humbly known as THEO . Lastly, there is a surprise guest in Serllin and he will contribute where he sees fit. So let us dispense with the pleasantries and get into it with our all star cast. Thank you all for being here.
Can you please introduce yourselves: who you are and how did you get into your current positions?
Eric Lee| Degis
Hello everyone. Nice to be here! I am Eric, CTO from Degis.
I have 3 years of development experience in blockchain and previously a C++ developer.
I am in charge of product logic implementation and smart contact development.
I have been participating in Degis since its early time last year. Together with other founders and core members, we decided to start this project. At that time, I got to be in charge of technical part because of my developer experience.
THEO DING| Degis
Hi guys, I’m Theo, I used to be a computer vision algorithm researcher and now a core smart contract developer at DEGIS.
I got the ICPC Gold Medal in college and I have 5 years of work experience. I joined Degis last year through the recommendation of professor Chen.
Serllin| Degis
Hi guys, this is Serllin from Degis team, and I am in charge of data analysis & monitor behind protection products, also assist in front & back-end development.
I used to work in quantitative companies, doing long-short trading strategies in futures & options market, and we also traded crypto assets, just from that time, I started to know DeFi, it has been three years.
I am also one of the first members in Degis, and I was responsible for data analysis, back-end monitoring and docking from the very beginning.
Dave Donnenfeld | Avalaunch
Appreciate your respective backgrounds. It is quite an impressive team to be sure. Please describe for us the high-level organization of your team? How many are there in total, what their expertise lies in, and how does this orchestration work to hit all of the specific areas required for running the protection/insurance model that Degis proposes?
Eric Lee| Degis
We have 12 people in total and three main departments: development, marketing and product & operation.
Our development department consists of smart contract developers and web developers, focusing on smart contracts and the web interface.
Community management and business promotion are done by the marketing team.
The product&operation team is for designing products, tokenomics, and daily operations.We are closely working together to build our products!
Dave Donnenfeld | Avalaunch
Good deal. How many in-house developers are currently working on Degis, and are there any future plans for extending the team?
Eric Lee| Degis
Currently we have 4 developers in our team mainly for smart contract, web interface and data processing.
Definitely, we are trying to expand our development team. We welcome those developers with passion, talent and experience. If you are interested in joining us, feel free to contact us.
Dave Donnenfeld | Avalaunch
How long has the beta product been in development for? What were the most challenging aspects throughout the building phase, and how have these roadblocks been overcome?
Eric Lee| Degis
Actually, this version has been in development for over 6 months.
Our model for building protections is very different so we spent a lot of time designing the implementation logic.
Especially for flight delay protection: a product connecting real world event with on-chain protection.
Also, we spent much time implementing our lucky box & purchase incentive system to share the income with holders in a more interesting way.
Our products highly rely on the data from oracles so we had many communications with different oracles and build our own oracle node. Hopefully we overcome these difficulties and get the product now.
Dave Donnenfeld | Avalaunch
This has been a long time coming. In crypto, people tend not to bother gauging the maturity of a project and what has gone on behind the scenes. Even the difference between one working product vs. the next and how intensive it may or may not be. We’ve known you for many months now and the amount of progress you’ve made has been impressive.
As I understand, the testnet released earlier this month is a full simulation of the mainnet. What can you tell us about the testnet progress so far? Are there any outstanding figures you’d like to discuss i.e. the number of participants etc?
THEO DING| Degis
Degis successfully held the second phase of the testnet event last month, around 200,000 unique addresses participated in the test. Over 50,000 addresses hold DEG in the test.
We have received a lot of praise and suggestions from our participants.
Dave Donnenfeld | Avalaunch
Super impressive numbers for a testnet and 50,000 addresses is amazing.
The way in which Degis brings this new protocol infrastructure is via smart contract insurance and an alliance with several security providers. Who are these providers, and how will the structure from a technical perspective look like when translating it into a user-friendly environment?
THEO DING| Degis
Our smart contract insurance will not be built on a mutual with many users but come from several security providers and project teams.
We think that when a new project goes online, the team is responsible for the security protection for their users (if they are not planning for a rug&pull).
We will build an alliance that consists of several projects and security audit companies. Every new member who wants to join need to stake part of their native tokens. The joining needs approval from most of the previous members of this alliance together with an audit certification.
Once some security issues happen, the payoff will have 1) the project tokens 2) other project tokens in the alliance 3) DEG tokens. Of course, most of the payoff will be in the first form.
We want to move the security responsibility from users to projects and make it a new standard for users to choose good projects.
Dave Donnenfeld | Avalaunch
Thanks for that Theo and it’s great you’re building a consortium/alliance of security partners.
From the protocol protection standpoint, Degis goes beyond the typical token protection and introduces the model for NFTs. Can you tell us why you devised the NFT model and how do you see this play out in the long-term, what benefits might this present now and in the future?
THEO DING| Degis
NFTs behave like a unique certification and is very useful for representing a “right” for someone. So it is natural to bring NFT into this protection area because every policy you have bought is a “right” of you.
Currently NFT has few standards and is used for many different types of protocols. So in a long term, we want to expand the NFT usage in protection area and make a new standard/template. A special NFT standard would help more future projects to easily integrate with protection projects like us.
Dave Donnenfeld | Avalaunch
Are there plans for extending the full version of Degis into a mobile application, if so when would this be expected?
THEO DING| Degis
Yes, we know that more people are using mobile devices now and it definitely is on our to-do list.
Actually, Degis’s current website is mobile compatible, so users can operate on their mobile phones.Meanwhile, our priority is to make sure that Degis can run smoothly for some time and then make all of our designed products online. So it may need more time before you see a mobile app.
Finally, no matter you are using a browser from a desktop or mobile phone, keep your wallet safe!
Dave Donnenfeld | Avalaunch
Thanks again Theo. So Degis decided to take on the notion of user participation through liquidity incentives, purchase incentives and governance. Can you tell us how the interplay between these different areas are designed to keep the users at the core of the protocol, and what implications this may hold for future expansion?
Serllin| Degis
thanks for the question, as one next-generation all-in-all protection platform, we have adopted unique & novel ways to engage users.
As you can see, they can not only be rewarded for providing liquidity, but also for buying policies, to enjoy the various benefits offered by Degis. Our basic idea is that, to give every user a sense of engagement, ownership and belonging.
For the future, we would like to extend this design, through diversified measures, like, treasure box, to enrich our platform, so that users would like to play, and to stay here with Degis together.
Dave Donnenfeld | Avalaunch
What technical challenges do you see for the future expansion of the protocol into the different blockchains?
Serllin| Degis
Currently, most of public chains are designed on EVM, which means we don’t need to do too many code adjustments or changes upon our current work.
But indeed, there are few technical problems to face, for example, the claim for protection results needs to be built on the oracle service, and some public chains have not built strong oracle ecosystem.
Then, we need to implement that ourselves, like build it within Degis. This is one problem that we have to face and solve when doing the cross-chain.
Dave Donnenfeld | Avalaunch
What can you tell us about the upcoming milestones, and are there any major partnerships or announcements that the team is looking to onboard or add to the future plans of Degis?
Serllin| Degis
As we posted in the roadmap, after “Naughty Price” which has been designed already, we are now focusing on impermanent loss protection, which will be live in Q2 this year.
Also we will have smart contract protection and an all-in-one meta market this year, for meta market, it means we are going to aggregate all protection services from all chains.
And we have already reached an agreement for this with several protocols, like solace, Etherisc, we are strategic partnerships now and are aiming this goal together.
Dave Donnenfeld | Avalaunch
Final question from us — How has building in the Avalanche community been for the team? Were there any certain benefits that you feel would not have otherwise been available from a technical perspective?
Serllin| Degis
Sure, building on Avalanche is very exciting, whether from technical perspective or not.
The most outstanding things are, the high speed & low cost of transaction confirmation, which allows us to better design protection products, help users to settle down immediately at a relatively low price.
Avalanche achieves finality over 100 times faster than the current version of Ethereum, thanks to this, we design out more user-friendly products, to lighten the next-generation on-chain protection service.
Dave Donnenfeld | Avalaunch
Well done Team Degis
You have performed admirably and we are ready to move on to the twitter portion of our program
Twitter Questions
@metonyacoin1 — Will Degis have passive income mechanisms such as flexible or locked staking and farming on their listed tokens?
Eric Lee| Degis
Yes. Staking will be online soon after the product is online.
You can stake DEG with flexible or locked period for future reward.
@natadmay3422 — I would like to know who you consider to be ideal consumer for your product?
THEO DING| Degis
First of all Degis welcomes every on-chain user, we don’t own the platform, Degis belongs to everyone who participates.
In addition, we are aiming to build one next generation of all-in-one decentralized protection platform, so people with protection needs are more than welcome to come here.
@Ahmetogrtm who asks — What is your most distinctive feature as Degis and the one you are most excited to offer?
Serllin| Degis
Good question, and that would be our smart contract protection product. We are going to have a model totally different from existing things.
We will adopt a new way to integrate different protocols into one protection pool, to make us protect each other through this new kind of design. more details will be announced gradually in the coming days, please stay tuned!
@waybesuricata — The Degis project has received serious investment and attracted very strong partners. So, why doesn’t the team use their own ID, but the NFT ID? Can you explain this briefly?
Eric Lee| Degis
Thanks for the question.
We are serious for building products and not meant to be anonymous.
It’s just because we are more comfortable to use NFT as our IDs in this virtual world.As the question mentioned, we have many investors and partners and they are not cooperating with a team without knowing who they are.
Sure, thanks for this question, we have prepared official documentation, which you can find on our official website, or just visit https://docs.degis.io/
@Fiosandra1 — In terms of learning more about the project, are there videos or social media pages we can learn from?
THEO DING| Degis
We also have a variety of promotional videos that will be released in the near future, so please stay tuned!
Also we are regularly publishing some feature articles of our project from the medium channel( https://degis.medium.com/).
Telegram Questions
If $DEG is planned to be used as a governance token, could you elaborate in what decisions the governance power will be given to the holders which encourages them to hold $DEG for long term?
Eric Lee| Degis
There will be a governance system for DEG holders after our product runs smoothly for some time.
And we have designed another governance token generated from DEG.
The decisions may include: adding new tokens for token price insurance, adding a brand new protection product, changing some policy parameters in the smart contracts, and changing some tokenomics parameters.
“Where I can get the latest updates or more information about the project?”
Serllin| Degis
Firstly, thanks for the question. You may get the latest information about our project by following our official channels, including but not limited to Twitter, discord, etc.
Generally, we will post the latest news there, and, through our medium channel, you can get more specific descriptions of our projects.
Token Burn and Buyback program play an important role in increasing Token value Do you have a token burn or buyback program plan to attract investors?
Eric Lee| Degis
Yes we know many projects have a buy back and burn mechanism for their token price.
We also have some designs for keeping our token’s value.
That will be achieved by the lucky box part.
We will share the major part of the income of Degis to our token holders.
“What is the most ambitious goal of your project? Could share with us any Upcoming Updates?”
Serllin| Degis
Our most ambitious goal, is to build the all-in-one protection platform, i.e. the meta market we mentioned in our roadmap. Which means, We are going to aggregate all protection services from all chains.
And we have already reached an agreement for this with several protocols, like solace, Etherisc, we are strategic partnerships now and are aiming this goal together. We are planning to achieve that till the end of this year.
Do you allow suggestions and feedback from the community? Are we allowed in decision making, do you put community into consideration?
THEO DING| Degis
Yes, we welcome feedback from the community, in fact, we received a lot of suggestions from the community during the testnet.
Further, when our project is stable, we will give more power to the community(DEG holders) to directly participate in the governance. And finally, we will hand over the authority of Degis to community management.
Dave Donnenfeld | Avalaunch
Thank you Degis. You all were great. Very much appreciated having the opportunity to get to know all of you and I think you’re going to make some waves in the space. Look very much forward to your mainnet launch and all the good things that lie ahead. @liyang_ust Serllin and THEO you all have been rock stars here today. On behalf of the Avalaunch community, we thank you.
Eric Lee| Degis
Thanks everyone! Nice to be here with you.
Serllin| Degis
thanks you all guys, happy to be here
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Degis AMA #1 — Project Overview with Andy (CEO) & Oliver (CFO) (Recap)
On 3/2/2022 at 4:30 p.m. (PST), an AMA session was held on Avalaunch with special guests Andy (CEO) & Oliver (CFO), from Degis. Below we present to you an excerpt from AMA with questions and answers.
Dave Donnenfeld | Avalaunch
Once again, it’s on. Today we are elated to host another outstanding AMA with the good people from the Degis Project. The Degis Project is one that Avalaunch has a long history with and to be candid, never have we seen an initiative gain so much momentum in a short period of time. This speaks to the importance of the initiative and the hard work of the team. To think of things like impermanent loss protection coming to Avalanche, it’s hard not to get goosebumps. At any rate, let us welcome @oliveryoung to kick things off and @AndyDegis will be joining later on as well. Welcome Oliver, how are you today?
Oliver Young | Degis
Hello everyone, really nice to meet you all!
Really excited today to see our project start registration!
Dave Donnenfeld | Avalaunch
Good to have you of course and registration is well underway. Much hype. To get everyone acquainted, could you give us an introduction about yourself, who you are, what’s your background, education, and how did you end up with this career?
Oliver Young | Degis
I studied in HKUST and leanred Mathematics and Physics.
Then I worked in tranditional fiance as an analysy, and started doing research on DeFi and blockchain since 2020.
In July 2021, I joined Degis team and became a builder in Web3.0
Dave Donnenfeld | Avalaunch
Thank you for that.
Given your background, you are well suited for the industry.
Let’s dig in to Degis a little — Degis is known as a DeFi protection protocol that encompasses a matrix of products. Can you expand on this matrix for us please?
Oliver Young | Degis
NP. In our whitepaper, we propose four types of protection in DeFi. Token model, NFT model, Meta model and DAO model, which describe different protection mechanisms.
Specifically, we have token price protection, impermanent loss and smart contract protection.
And will continue deveop more kinds of protection in the future.
Dave Donnenfeld | Avalaunch
That’s fascinating actually and a big departure from what you normally see in the realm of blockchain/crypto insurance.
To focus — One of the mechanisms called Token Price Insurance supposedly covers both upside and downside risk. Can you elaborate on this structure and how it may work to reduce this dual risk for crypto users?
Oliver Young | Degis
High volatility has always been one of the reasons that keeps users from getting in blockchain, DeFi and GameFi projects.
Users are facing many problems like: assets liquidated, price dropping sharply after attack, missing good investment opportunities.
Degis creates a token price protection. If the price of subject matter goes above or below a certain price, the protection will trigger payouts.
ake the assets liquidated problem as an example, Andy stakes $100 worth of Etherum to get 80 DAI. He is worried about 20% decreasing to cause assets liquidated. He can buy a ETH price protection whose trigger price is 20% lower than the current price.
If his assets are liquidated, he will get payout and keep some property at last.
Give another example, Andy likes GameFi a lot, and he buys many props in one project. But he is afraid that the project might be hacked and he lose all his money.
He can buy token price protection of this project at a low trigger price, since the token price of the project are very likely to decrease a lot after hacking. If that happens, it will trigger payout, and Andy can save his assets.
Dave Donnenfeld | Avalaunch
That’s pretty clear and the big takeaway is the ability to hedge your own positions with an insurance product. That’s very inventive.
And I also realized that Andy can be saved.
Being an agnostic token insurance provider which specifically targets Avalanches’ beaconing ecosystem, one may say that Degis has somewhat of a competitive advantage in this space alone. With a myriad of tokens available in the ecosystem, I’m curious about what factors are at play to determine which tokens you provide an insurance for?
Oliver Young | Degis
Of course we will do AVAX protection first :), then we will build our protection related to our partners. At last, the decison right will be given to our community.
Dave Donnenfeld | Avalaunch
Short and sweet. Thank you — As a native crypto insurance provider on the Avalanche blockchain, one has to ask at some point if there are any future plans to extend into different ecosystems, and if so how will you expect to be dealing with existing DeFi insurance protocols?
Oliver Young | Degis
Our goal is to be universal. But all starts from avalanche. We will focus on avalanche for a long period of time. After everything is mature, we may extend into different ecosystems.
Dave Donnenfeld | Avalaunch
Protecting peoples’ funds, inadvertently means that you as a provider yourself would have to have pretty tight regulatory as well as security system/s in place. What does this infrastructure look like?
Oliver Young | Degis
Just now I mentioned our 4 types of protection model. Token model, NFT model, Meta model and DAO model. We develop the token model and NFT model at first.
Token price protection is an example of the token model. Creators stake 1 USDC to mint one protection token which is a ERC20, they can sell it in the AMM pool, or be LP of the AMM pool. If the event corresponding to the protection happens, the staked USDC will be paid to protection holders. This mechanism makes sure that every protection is 100% backed by assets and both sellers and buyers can trade at a fair market price.
As for the NFT model, LP is acting as a seller here. They stake their USDC in the protection pool, and the pool will cover some similar events. Our actuarial model will pricing different protection and create profits for LPs. The pool will not sell protection when the potential total payout exceeds TVL. So every protection is also 100% backed.
Dave Donnenfeld | Avalaunch
I think so. The NFT of a pool payout not exceed 100% rings obvious otherwise you might need additional insurance 😀but the LP as seller is fascinating.
Can you describe to us the protection buying process? Other than having a range of crypto assets to choose from, are there any other factors relevant, and what are the requirements for taking out this insurance? How much of an upside/downside protection will this provide?
Oliver Young | Degis
For token price protection, you can choose the crypto asset, trigger price and above or below. Then you can buy the protection in the AMM pool.
All users can create, buy and sell protection in the AMM pool. Later, we will give more convenience to our token holders. They can mint at a lower mortgage rate if they hold DEG tokens.
The trigger price we officially set will be plus or minus 20%, but later users can use DEG to open protection at different trigger prices. Users are free to choose the trigger price and protection amount according to their needs.
Dave Donnenfeld | Avalaunch
Well stated. What are the use-cases of the native token that drives the Degis ecosystem?
Oliver Young | Degis
The basic utilities of DEG token are insurance income sharing & governance.
Regarding income sharing, the treasury box is specially designed for DEG holders to share profits from the insurance pools while having fun with the lottery.
For the governance part, DEG is not only used for simply voting but can also be staked to create veDEG tokens to decide insurance pool liquidity shares which will come soon. As the project develops, we will continue to empower DEG tokens.
Dave Donnenfeld | Avalaunch
Who are you looking next at to form collaboration or partnerships with, and how will these relationships help achieve the high-level goal that Degis is after?
Oliver Young | Degis
We will announce our partnership with trader joe soon. And will build collaboration or partnership with Pangolin and Benqi. As a protection provider in eco, we want to build strong partnership with all the projects and provide our services to all users.
Dave Donnenfeld | Avalaunch
Look forward to it as I know you’ve already gained some real traction inside Avalanche.
What was the reason behind providing this solution on the Avalanche blockchain? Were there any immediate advantages other than perhaps being the first of its kind at least on this chain?
Oliver Young | Degis
Special thanks to Avalaunch! You have always been one of our strongest partners and helpers.
Thanks to the unique 3 built-in blockchains, Avalanche is the most suitable chain to build a protection protocol.
For now, it has fast transaction speed, large capacity, and low gas. But I want to talk more about the future.
C chain is compatible with multiple virtual machines including EVM, which can support Degis to establish our Meta model protection. In the meta-model, we want to aggregate all protection protocols on multiple chains. Multiple virtual machines can help us to achieve our ambition.
X chain supports multiple assets including some real-world resources. This will help us develop diversified kinds of protection in the future, especially those related to the real world.
P chain supports activating subnets. This can help us to develop transactions between businesses, like cooperating with traditional insurance companies. Also, the subnet can help to cope with possible regulations.
So we firmly believe that we can grow together with Avalanche, and fully utilize its market and technical advantages!
Dave Donnenfeld | Avalaunch
Appreciate that and the compliments. You all have been great to work with. Final question before we move on to the Twitterverse…
How would you envision the next 2–3 years of Degis to be like? What would be the ideal milestones reached?
Oliver Young | Degis
The roadmap describe our goal in 2022.
For further time, we will build our meta market and protection aggregator in 2 years.
Our final goal is to integrate traditional insurance with blockchain in the future
Dave Donnenfeld | Avalaunch
Well done Oliver. Thank you for all this information and insight.
Oliver Young | Degis
Thanks! Really honor to chat here!
Twitter Questions
@mast__balak who asks — I tried your testnet but I think there is so much difference in working on testnet and mainnet? My question is when we see Degis on mainnet? Also what new features we expect from the team on the mainnet?
Oliver Young | Degis
Thanks for your question. Yup. The team is continuing to build our project. If you participate in Testnet both phase 1 and phase 2. You could already find much difference.
I think you will see a much more improvement in our mainnet. The launch time of mainnet will be around early April.
Dave Donnenfeld | Avalaunch
On a personal note, I’ve seen your testnet and think it’s pretty close to mainnet material. Not sure I’ve seen a project mature as quickly as Degis.
That’s pretty soon. Didn’t mean to ask the next question prematurely.
@AndikaA25245812 Do you plan to increase the utility of DEG?
Oliver Young | Degis
Of course. DEG token is critical to our ecosystem and we will do all our efforts to make it stronger. Not only simple profit sharing, DEG will also be cleverly used in each protection products. You can expect that.
Dave Donnenfeld | Avalaunch
Expectations are high as it is. Looking forward to that
@BoycaIsBack — Where do you see Degis go in the next 5 to 10 years
Oliver Young | Degis
I think in long term, we will provide more protection related to the real world. And become a true worldwide protection project with the growth of Web3.0
Dave Donnenfeld | Avalaunch
@AndyDegis in the building. He had to tear himself away in order to be here and certainly, better late than never. How are you Andy?
Andy | Degis
Doing good! Hey everyone, this is Andy, CEO of Degis. Pleasure to connect with all of you here
Dave Donnenfeld | Avalaunch
Good to have you — I’m sure @OliverYoung wouldn’t mind if you fielded a question or two and very much appreciate your time.
@waybesuricata asking — Looking at your roadmap, we see that the Impermanent Loss Protection feature is planned for March-May 2022. Can you give information about this feature?
Andy | Degis
Yeah thanks for the question from @waybesuricata! Impermanent loss protection is our major focus in Q2, serving as a powerful weapon to insure against the risk of IL loss for liquidity providers.
Basically you just need one click to buy insurance for your position on DEX!
@Lopyou54804819 You have an impressive set of advisors on your website, many of whom are team members on Avalanche. Can you explain the respective implications of these advisors?
Andy | Degis
Our advisors is consisted of DeFi OGs, legal and academic professionals. We take their advice from different aspects, which also leads to our innovation in products as well as efficiency in execution.
Also our investors are helping a lot. Special thanks to all our investors, advisors and partners!
Dave Donnenfeld | Avalaunch
Your advisors are an amazing group. Not just the gratuitous group you often see. I don’t know who all has been formally announced and who all is still to be announced but it is worth a look for sure.
This has been a confidence inspiring AMA. Don’t sleep on Degis.
Telegram Questions
How will your “incentive lending and Liquidity pools” different from all the others at the moment? What ideas do you have to make these pools more attractive than others?
⭕️ At the moment we see lots of Defi project why people choose Project DEGIS?
Andy | Degis
@Iqballeo08 Thanks for the question. Degis is an insurance protocol that servers to protect other protocols and bring safety for users in the DeFi space. Our buyer incentive is an amazing innovation on how we incentive insurance buyers to participate in the ecosystem. Also want to mention that we use AMM pools for liquidity aggregation!
Almost 80% investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Andy | Degis
This is a critical one. When we on-board investors, we make sure they are bring value as long as they are long term holders. Also, we set the locking period to 12 month to make sure they are in the game for long.
hi @OliverYoung You mentioned on Medium Degis “Reward Most Loyal DEG Holders”, so Can you explain How will DEG Holders redeem their Rewards? Will the prize be sent automatically to the holder’s address? and is there a minimum and maximum limit for DEG holders to get this great Prize?
Andy | Degis
Also a good one @jlaudybell We make sure all DEG holders can share the insurance pool income by staking DEG tokens. Also, lucky tickets are the ones that can boost your APR and there are even surprises waiting for you!
On your website you don’t mention that you have done any internal or external audit of your smart contract, so can you give us details if you have done any audit before? And in case you haven’t, would you plan to perform any review of your smart contract in the near future?
Andy | Degis
You are very sharp on the auditing part. We have been collaborating with slowmist since Jan and auditing report will be ready soon.
Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
Andy | Degis
@Leola_fenner_2001 Community is the most important thing that we value. Degis is built by all of our community members and we will do listen to their opinion for sure. That’s also why we are keep making innovation. It’s all because of amazing communities and we will keep growing with them!
Yeah finally! again, thanks so much for the passion here!
Dave Donnenfeld | Avalaunch
Boom! You’ve done it. You ran the gauntlet. @AndyDegis thanks for coming on and tackling some questions.
Good to have you and @OliverYoung very much appreciate your time here today.
I am honored to see how quickly Degis has progressed and you two deserve to take a bow, along with the rest of the team. Honored to be hosting your IDO and look forward to our future together. Many thanks.
Andy | Degis
Yeah thanks a lot to Avalaunch team and the amazing community here!
-
Degis X Avalaunch: IDO Announcement
Few would disagree that navigating the landscape of crypto can be perilous. The mention of risk is more than commonplace and rightly so. An important word that is rarely uttered is protection. Avalanche, despite its historic advances at breakneck speed, is an ecosystem of projects that remain largely unprotected.
Though insurance on the blockchain is commonplace enough, existing protocols often lack needed liquidity concentration and truly automated claims processing. As pundits have pointed out, many blockchain insurers, despite conveying otherwise, essentially secure a brick in the building but not the building itself. The truly staggering spate of hacks and exploits that have plagued DeFi have continually slowed the path to adoption and the likelihood of costly human error being remedied is nil — especially given the speed of development. However, there is a simple solution and that would be the accessible provision of insurance. Cryptocurrencies are volatile, risk is inherent and protocols can get exploited. Risk appetite is individual but collectively, the need for adequate coverage remains a gaping hole in a growing asset class.
Given the proliferation of DeFi protocols and the billions in TVL that have been secured in recent months, a decentralized insurance market dedicated to Avalanche projects seems a given but thus far, has not arrived. Until now.
Though it is a familiar refrain for Avalaunch, we must state that yet another long rooted relationship is ready to bear fruit and we are proud to announce Project Degis as our next IDO.
Project Overview
Welcome to the first decentralized Insurance Market built on Avalanche. The traditional insurance industry seems obtuse almost by design given the cumbersome purchasing procedures and protracted claiming processes. As an effect, many would be users are left out in the cold, claiming that insurance is more trouble than its worth. Even the most optimistic might characterize it as a “necessary evil” but in the realm of finance, it is an absolute necessity. Still, it is not readily accessible to many individuals, particularly in poorer regions of the world and the de facto coverage for many is the belief and hope that the institutions they interact with have adequate coverage to keep them safe. While Europe, America and Hong Kong have well-developed insurance markets, insurance systems in Africa and Southeast Asia, for example, have no accessibility to insurance protections.
Enter the Blockchain
Our next generation infrastructure can provide a permissionless and trustworthy platform on which everyone can buy insurance products to protect themselves from associated risks.
Given the growth of DeFi and the attendant “smart” money that has begun dipping their proverbial toe in the water, it is incumbent upon developers to provide coverage for crypto assets. Degis sees the challenge and raises some appreciable improvements.
A few limitations:
- Insurable DeFi protocols are very limited.
- AAVE and Compound being the most covered.
- Users should not be limited to those protocols.
Insuring platforms tend to set several pools for different products which:
- Separates and fragments capital liquidity.
- Utilizes manual claiming processes, for most insurance protocols.
- Can be very cumbersome and time-consuming.
There are some obvious pain points in traditional insurance and in blockchain, these obstacles are more pronounced. For a deeper dive into these mentioned limitations, please refer to this article. The Degis Project has identified these shortcomings and aims to fill the gap of existing protection protocols with their next generation insurance platform.
Degis: A Next Gen Insurer
Degis comes from the word “egis” , meaning shield in Greek. Debuting and built on Avalanche, their mission is to become a comprehensive, universal blockchain protection platform with a broader mission to redefine existing blockchain protection ecosystems. The pillars for Degis are protecting, earning and playing while mitigating against risks and uncertainties.
Built on Avalanche, Degis is designed to keep assets free from every crypto risk, building a shield for the decentralized world.
As a new protection ecosystem, the Degis Protocol departs from traditional insurance in that it is inclusive — allowing anyone with blockchain access to purchase the product. Prima facie, this may not seem groundbreaking but for those who hail from countries where insurance markets are grossly underserved, it is a welcome arrival. Much like crypto in economies with unstable native currencies, the ability to protect assets can similarly represent a safe haven in challenged economies.
Product
- Every insurance product on Degis will be backed in the form of NFT.
- The NFT stores all the information of the policy and the user’s data.
- NFTs are minted and sent to the buyer’s wallet upon order submission.
- The NFT will be burnt when the insurance expires.
Users may opt to keep the unexpired NFT in exchange for:
- Future discounts for other Degis designs in the future.
The Naughty Price — Building an Avalanche Protection Ecosystem
The Naughty Price is the next generation of token price protection. The product will cover BTC, ETH, AVAX as well as major Avalanche project tokens to lower risk for the Avalanche ecosystem. Currently, most insurance protocols focus on covering smart contract flaws and protocol hacks. On Degis, the Naughty Price covers token price fluctuation, capable of reaching a much broader market.
In the Naughty Price system, there are three main roles:
- Creator, provider as well as buyers and sellers.
- Creator deposits USDC into the right policy pool to receive naughty tokens.
- Provider deposits USDC into the policy pool to provide liquidity to receive:
—LP tokens as rewards.
—LP tokens can be staked for mining DEG (Degis token).
In the graph below, AVAX30L tokens are protection covering AVAX where the creator can sell naughty tokens to the left policy pool before the expiration date.
The left policy pool is an AMM-based capital aggregation pool where trades between buyers and sellers (naughty tokens and USDC) transpire. When the naughty token hits its expiry date, the payout is determined by the token price.
Providers can only deposit USDC into the right policy pool, and the protocol will mint fractional amounts of naughty tokens with 1:1 ratio. At any time, providers can redeem their capital based on the current exchange ratio. At the initial phase, Degis will cover BTC, ETH, AVAX and Avalanche major projects’ tokens with a goal towards covering the entire Avalanche ecosystem.
To further accommodate new entrants, Degis will develop:
- An innovative protection for Impermanent Loss.
- Smart Contract Protection — Protect user from smart contract hacks.
- Meta Market — A protection aggregator, all-in-one protection market.
Degis focus on wider coverage areas, capital liquidity aggregation, instant payouts and great inclusion portends a robust suite of products that reimagine traditional insurance. By establishing on-chain and off-chain protection upon launch, Degis will debut Naughty Price followed by broader community initiatives.
Degis — Links & Team
Announcements | Telegram (Discussion) | Twitter | Medium | Discord | Website
Partners & Backers:
“We are excited to back Andy and team as they build one of the leading protection platforms on Avalanche. As the ecosystem continues to expand, Degis fills a need to provide protection to the range of projects in the Avalanche space.” Leslie, Co-founder of GBV
Closing Thoughts
Like Degis, we believe that the future of insurance will be built on-chain. In terms of positioning, Avalaunch feels that the market is ripe for a comprehensive solution. There have been numerous projects that have attempted to insurance provision but have suffered from inexperienced teams, poor execution and frankly, thinner efforts. As more and more TVL enters the Avalaunch ecosystem, the need for a protection platform done right is great. Unlike existing protocols, both Degis and Avalaunch believe that the new form of protection should not only protect users for their on-chain assets, but also assets off-chain.
“Cooperating with Avalaunch has been an amazing journey. We were impressed with how professional the team is in launching new projects. They enable projects to smoothly move from very beginning to a successful launch. The launch preparation process is also very efficient. In the meantime, Avalaunch team brings a lot passionate contributors who are aligned with the long-term goal of degis development and the growth of avalanche ecosystem to the project. We are excited to work with avalaunch, a road to a successful launch.” Andrew, Head of BD, Degis.
Funding Numbers
- Total Supply: 100M DEG
- Seed: 16M DEG — 3,200,000 USD
- *ECO Grant: 5M DEG — 500,000 USD
- Private: 3M DEG — 1,500,000 USD
- Public IDO: 2M DEG — 1,200,000 USD
- Raise: USD 6,400,000
*This ecosystem grant was funded by Avatar and Ava Labs to foster and expedite the development of the Degis Project.
Supply — Breakdown & Vesting:
Total Supply: 100,000,000 DEG
- User Incentives: 40M DEG (40%)
- Investors: 24M DEG (24%)
—Seed: 16M DEG
—ECO Grant: 5M DEG
—Strategic: 3M DEG
—IDO (Avalaunch only): 2M DEG (2%) - Team: 12M DEG (12%)
- Growth Fund: 12M DEG (12%)
- Reserves: 5M DEG (5%)
- Advisory: 3M DEG (3%)
- DEX Liquidity: 2M DEG (2%)
Vesting Following TGE:
- User Incentives: Contingent upon user participation on the Degis platform
- Investors:
—Seed: 10% at TGE, 12-month cliff post mainnet, quarterly release
—ECO Grant: 12-month cliff post mainnet, quarterly release
—Strategic: 12.5% at TGE, 12-month cliff post mainnet, quarterly release
—IDO: 50% at TGE, no cliff, 5% weekly release - Team: 15-month cliff following mainnet, quarterly release
- Growth Fund: 16.7% at TGE, released quarterly over 2 years
- Reserves: Community governed unlocks
- Advisory: 15-month cliff following mainnet, quarterly release
- DEX Liquidity: 100% unlocked
Other:
- Initial Circulating Supply: 4.975M DEG (excluding liquidity tokens)
- Initial Market Cap: US 2.985M USD (excluding liquidity tokens)
The Degis IDO on Avalaunch
- 2M DEG at USD 0.60 — USD 1,200,000 (Total Supply: 100M Degis)
- Sale Size: USD 1,200,000
Registration Schedule:
- Registration Opens: March 2nd at 3:00 p.m. (UTC)
- Registration Closes: March 5th at 6:00 a.m. (UTC)
Sale Schedule:
- Validator Round Begins: March 7th at 6:00 a.m. (UTC)
- Validator Round Closes: March 7th at 3:00 p.m. (UTC)
- Staking Round Begins: March 7th at 3:30 p.m. (UTC)
- Staking Round Closes: March 8th at 6:00 a.m. (UTC)
IDO Recap
- Total DEG for sale: 2M
- Price: $.60
- Size: 1,200,000 USD
- Vesting — 50% at TGE, no cliff, 5% weekly release
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Dexalot AMA #2 — Technical Deep Dive with M. Nihat Gurmen (CEO) & Cengiz Dincoglu (CTO)(Recap)
On 2/21/2022 at 12:00 p.m. (PST), an AMA session was held on Avalaunch with special guests M. Nihat Gurmen (CEO) & Cengiz Dincoglu (CTO) , Team Dexalot. Below we present to you an excerpt from AMA with questions and answers.
Dave Donnenfeld | Avalaunch
Our first AMA with Dexalot was so darn good, we had to do it again. We…had….to. Had we not, I’d feel irresponsible for denying our information hungry community what they deserve. Alas, we are here and joined once more by the @the_axol0tl and our friendly neighborhood @hydrofoilracer. They are long time friends and workmates who have joined forces in creating their magnum opus that is Dexalot. Gentlemen, good to have you here again today and welcome.
How is everyone doing?
Quicksilver| Dexalot
Doing great, nice to be back 🙂
The Axolotl| Dexalot
Doing great!
Dave Donnenfeld | Avalaunch
Good to have you both back.
Let’s get it started — Given the exposure you’ve been getting, I’m sure you’ve done this numerous times already but once more, could you please introduce yourselves and how you got to be where you are today?
The Axolotl| Dexalot
We feel very energized with the interest we have seen so far!
Sure.. let me start.
Hello Everyone. Thanks for having us here again. I am one of the co-founders of the Dexalot project. I have a PhD in Chemical Engineering. I am coming from a corporate background in the Oil & Gas sector.
I always inclined to do projects that have programming, innovation and collaboration in my corporrate and academic life.
Crypto ended up combining all of that for me again. So, I jumped into Avalanche and Dexalot with both feet.
Quicksilver| Dexalot
I am the CTO and the other co-founder of this project.
I have worked in Wall Street for almost 20 years building electronic trading systems on the IT side and I have also held a quant position at JPMorgan’s Statistical Arbitrage Trading Desk.
This is my 5th trading system in the last 20 years.
I left WallStreet 3 years ago as I didn’t see the upside for myself and kitesurfed and hydrofoil raced for almost 2 years while keeping my entrepreneurial aspirations alive with a few non-crypto projects.
Dave Donnenfeld | Avalaunch
An introduction that never fails to impress. Thank you for that. Many people might be curious about the Dexalot team, how many people are behind it, and how many are developers dedicated to work on the exchange?
The Axolotl| Dexalot
We have about 16 people if we count all full-time and part-time people including visual designer, community admins, social media team.
4 out of the 16 are at the executive level. Including Cengiz and I, the core team has 6 developers.
and yes, co-founders code in this project.
Additionally, we work with a group for additional project-based engagements. They have built a monitoring application to detect malicious actors and behaviors on Dexalot.
We are very excited to introduce this montioring app in the near future…
Dave Donnenfeld | Avalaunch
How does having such a varied team provide you with the tool set required to run something as complicated as a DEX? Is the entire framework developed from the ground up, or is this based on a whitelabel solution structure?
Quicksilver| Dexalot
We built everything from scratch.
They include smart contracts, frontend, backend, database and market makers.
Having personally built multiple custom trading systems in the past makes a tremendous difference in the end result. From the start, I pretty much had the end state architecture in my mind, but we got there gradually , re-confirming the architecture based on the needs at the time.
In a way we evolved into our current state. We are in a good state but we have a lot more in out plate to do…
Dave Donnenfeld | Avalaunch
An exchange that aims to change the game from the centralization perspective is quite a statement. What does the architecture look like?
Quicksilver| Dexalot
In a nutshell, because all trading activity is on chain, all you need is a frontend and our smart contracts.
But we have a very complex backend that supports all the bells and whistles needed to give the CEX experience in the frontend like candle charts, orderbook aggregation, historical transactions etc.
We have a relational database, a blockchain indexer, in-memory database with a pub-sub mechanism, web-socket and REST api endpoints to achieve the features we are providing.
Dave Donnenfeld | Avalaunch
Having looked at the anatomy of the exchange, market and limit order functionalities are available. Will futures be part of the architecture?
The Axolotl| Dexalot
In the near term, the answer is no. Derivatives are classified as securities in the US, we are staying away from regulated securities for the moment.
However, we have expertise in derivatives within the team and will keep all such products in mind for the future and depending on changes to regulations.
There are many other cool ideas that we’ve brainstormed on and we’ll reveal them over time.
Dave Donnenfeld | Avalaunch
How does Dexalot deal with privacy concerns? How is this system analogous to centralized exchanges but still maintaining the make-up of a decentralized platform?
Quicksilver| Dexalot
All the backend components are somewhat centralized BUT they serve complementary functions.
Even if the entire backend crashes, user funds are on chain under their own custody. They can technically withdraw their asset without even needing our frontend directly from snowtrace.
Dave Donnenfeld | Avalaunch
With over $15M in the total volume locked, safety and security must not be taken lightly. Have there been any smart-contract audits, what about penetrance tests? What are your plans for the continued due diligence?
The Axolotl| Dexalot
We fully agree that security is of paramount importance.
To this end we tried our best to use well-audited libraries of OpenZeppelin to build on at the smart contracts level.
We also did two private security audits and three public security audits by Hacken. We plan to trigger a security audit whenever an update is done for smart contracts.
Additionally, we did extensive hardening at the infrastructure level to increase the resilience of Dexalot in this age of distributed attacks and scanners, etc.
We will soon announce a bounty program as well to encourage community members skilled in security to contribute to the project.
Dave Donnenfeld | Avalaunch
In the lightpaper, the roadmap indicates that the next developmental milestone is a subnet on Avalanche. What were the core reasons for this, and how do you see this play an advantage in user adoption?
Quicksilver| Dexalot
2 words:
Gas & Speed
We will be focusing on the Subnet because we can control the gas cost better and will have tremendous speed improvement in addition to giving us much needed flexibility to deliver additional features.
Dave Donnenfeld | Avalaunch
Boom
Just like that
Is there a mobile app on the way? If so, will this be a full featured app or will these be added in phases?
Quicksilver| Dexalot
Our website is already compatible with mobile phones
Simply login through MetaMask and app.dexalot.com to start trading today.
But we don’t have a dedicated native mobile apps.Dave Donnenfeld | Avalaunch
final question for this section but save your denouement for later please. What does the support structure look like, and what’s the expected response time?
The Axolotl| Dexalot
We various ways for users to reach out for support. We have multiple channels: TG, Discord, email.
The turnaround time for TG and Discord should be in the order of minutes and email can take longer.
Our email support queue has automated acknowledgment for every email received. Then one of our staff picks up from the queue and tries to resolve it. If a legitimate bug has been reported then we may not be able to have a resolution quickly as it involves coding, testing, etc.
Certainly depending priority we fast track certain bugs as fast as possible.
Dave Donnenfeld | Avalaunch
Thank you for your resolve and determination in navigating the first leg of this journey. You are appreciated. Now, we must move on to where few dare to go (much like your journey as a DEX) and that of course is the Twitterverse.
Twitter Questions
@Sayangk34486540 who asks — Is your project only for elite investors, what about others with small funds, is it open to everyone?
The Axolotl| Dexalot
Absolutely not. The whole crypto experiment is about people taking control of their own assets and removing middle layers to do transactions more and more peer to peer.
From that perspective, Dexalot follows the same model. It is non-custodial, trustless and everything is transparently on-chain.
Moreover, the on-chain order book allows programmatic interaction for any builder so it is very inclusive.
@PiloT9804 inquires — I see you’re on Beta mode- is it safe to Trade on Dexalot? And when will more token pairs be available for trading?
Quicksilver| Dexalot
Fair concern. Our code was built from scratch.
Therefore, we wanted to make sure the project gives a heads up to the users via a beta designation. However, we did a lengthy fuji testnet period.
Currently, we have more than 0.5M transactions on it. The mainnet has been used to log 115k transactions with real assets.
We also have our contracts audited 5 times so far. Therefore, we believe it has a good track record. In the next few months we will gradually increase our pairs.
@alialicinar3 — Are you considering new features such as staking and lending other than swap?
The Axolotl| Dexalot
For our own token there will be a staking feature. We hope to bring it to the market shortly after our TGE.
However, we do not have any plans to introduce any staking and lending protocols for other assets in the short term.
@A9R8VI Within Dexalot, “All orders and canceled orders placed on Dexalot are recorded directly onto the blockchain and displayed on the central limit order book” So up to how many days of data & history will be Recorded on Dexalot?
Quicksilver| Dexalot
We index everything that happens on chain to our database for quick access and display.
A trader’s entire history can be retrieved from the frontend with a few clicks. We had our US customers in mind, when it is time to do their taxes along with other features that require historical data.(Like charts)
@AndikaA25245812 — The concept of Dexalot is an innovative one, providing a service which the community has been looking to get on DEX for quite some time. Do you have plans of integrating other chains in the future, like lets say, the BSC?
The Axolotl| Dexalot
Currently, we have no plans for that. But if our community prefers us to be multichain then we will put this in our list to do for sure.
Telegram Questions
What is the most ambitious goal of your project? Could share with us any Upcoming Updates?
Quicksilver| Dexalot
The whole project is quite ambitious 🙂 but I would say Dexalot Discovery is the next one coming into the mainnet with our own ALOT token this week where we will be providing a solution to the crypto world a safe & fair initial price discovery process removing the arbitrage bots’ speed out of the question that is an important factor in the current process.
Since NFT is popular nowadays, is there a plan for NFT integration?
Quicksilver| Dexalot
We don’t plan on integration for NFT because there are already a few good applications that are out there that serve this purpose. As we believe in decentralization, we also believe in the decentralization of responsibilities among different projects and yet keeping a tight partnership with them.
Do you have any plans to attract non-crypto investors to join your project? Because the success of a project attracts more investors who haven’t yet entered the crypto world. What are the plans to raise awareness about your project in the non-crypto space.
The Axolotl| Dexalot
Yes, actually we have plans for attracting non-crypto investors into the crypto world. We have included people in our a team seasoned in tradfi and we are using their expertise to achieve that.
A common problem is that nowadays most investors are only interested in initial profits and ignore long-term benefits! So can you give them some reasons why they should buy and hold your tokens in the long term?
Quicksilver| Dexalot
Well we are truly in this business to make our product to go to DEX. WE have a sound revenue model, very good technology and with the introduction of the subnets, we can truly deliver CEX experience (speed/cost) with the full security advantages of DEX
Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
The Axolotl| Dexalot
Yes, governance is central to our project’s goals. We will have an on-chain governance feature coming in Q2 later this year.
Dave Donnenfeld | Avalaunch
Once again, it’s been a pleasure having you both. Your presence is very much appreciated and your dedication to Daddy Avalanche and its denizens is laudable. We are proud of our integration and to be hosting your sale; having had a working relationship for some six months now. It has been a long time coming.
@the_axol0tl and @hydrofoilracer and @FireStorlvl are absolute rock stars. Your contributions are something we all look forward to.
The Axolotl| Dexalot
Thank you very much everyone.
Quicksilver| Dexalot
Thank you very much and has been a pleasure as always
