Amulet AMA Recap

Amulet AMA Recap
Np @deniscryptodiffer thankyou for having me and great to be part of the community!
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
Denis (CryptoDiffer)
Our team has prepared some questions for you to start with: Let`s start with the introduction ! Q1: Can you introduce yourself to our community?
Sure I'm Rupert, Project Lead on Amulet. I'm a serial entrepreneur and have been in and around start-ups for 15+ years. I've built all sorts of businesses in the past in AdTech and MedTech ending up in FinTech and crypto in 2017 I bought my first BTC in 2016 and have been riding the wave ever since. The team and I have been building Amulet since 2021 😄
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
Denis (CryptoDiffer)
Q2: Can you introduce Amulet to us?
Amulet is a DeFi insurance protocol built for Rust-based ecosystem. We are starting on Solana and then will expand out onto other chains from there in the future. We are here to help people protect themselves in web3 and beyond by providing insurance that is relevant to them. Our initial two products that we are going to release are ‘smart contract’ and ‘stable coin de-peg’ risk insurance. As a protocol we are the base layer to be able to build tons of different products in the future so watch this space!
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
Denis (CryptoDiffer)
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Great question! The official start date for the project was Solana Breakpoint in November of 2021. Before the end of Q1 2022 we had deployed our test net and have been building on this ever since. We came out of stealth about 3 months ago and announced the end of our first raise at a similar time. Right now we are going through the process of smart contract audit and hope to open up our dapp to the Amulet community in August ahead of our official planned launch in September. Quick plug, to gain access early on join the amulet community here https://discord.gg/amuletprotocol
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
Denis (CryptoDiffer)
Thank you for such detailed and interesting answers! It is time to move to the community questions part. Let's remind AMA rules to the community😊 ❗️ AMA structure and rules: 👥 - Community questions part starts after the guest/guests finishes/finish answering the introduction questions asked by the moderator. Moderator unmutes the chat to allow up to 100 messages and mute it. - Each person is allowed to write only one message containing 2 questions, violators will be disqualified from participating in the reward distribution. - Copy-pasted questions from previous AMAs are strictly forbidden, violators will be disqualified from participating in the reward distribution. - All questions&concerns regarding AMA members should send in dm to @cryptodiffer_admin - Important, please don`t write to other CryptoDiffer team members, they won`t be able to help you. - Winners are chosen by Guests. I will open the chat at 11:09 UTC, check exact time on time.is Chat is muted! Thank you for your questions, everyone! Rupert Barksfield|Project Lead at Amulet|@MET4BE4R,please choose the questions you like and answer them! If you wish to have additional rounds, just let me know
Amulet AMA Recap
On Your Litepaper, I Read the Term " Protocol Controlled Underwriting Capacity" ( PCUC), Can You Tell us more about this?
thanks awesome question its what makes Amulet Special (amongst other things) Enabled by Solana we have designed Protocol-Controlled Underwriting (PCU). The PCU utilses a proof of stake validator and other methods to generate yields. These Yeilds are tokenised into our future yield pool creating layers of protection between a claim and your staked assets. Meaning: we can always payout claims for policy holders whilst generating significant yields for stakers.
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
*The hype around NFT is getting redundant lately. *The market situation is currently unstable and highly volatile With the listed conditions above how does CRYPTO AMULET plan to survive this intense condition and successfully build a project that stands out ? @MET4BE4R
Totally agree, this isnt our first rodeo and i lived through the last crypto winter so i have a idea what we are in for. We anticipated this happening and thats why we raised the amount we did in order to carry on building throughout. the best bit about insruance in defi is its the most undervalued sector and has the highest growth potential many huge companies today were built in recessions and down markets so we are just getting back to basices and building 😀
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
Hello @MET4BE4 I'll like to learn more about Amulet, what competitive advantages do you have, what makes you unique and why should i choose Amulet Can you kindly share your whitepaper here please and why do you choose to start out on Solana?
great we'd like to share! Checkout amulet.org on there front and centre you'll find the link to our lite paper https://files.amulet.org/public/AmuletLitepaper.pdf Why Solana? Two reason: 1) Solana has been growing at 5x the rate of the Ethereum system at the same stage in its lifecycle, and as there were no native insurance protocols built on Solana for Solana it seemed like an awesome opportunity to be the first, along with that we loved the products and the ecosystem that had already been developed. 2) Solana operates a Proof of Stake and we run one of the validators for this chain that is core to our unique structure I'm keen to point out tho we are multichain and will be announcing our second chain in the future we have 2 products initially which are fairly standrad in the space Smart Contract Risk When you stake /invest on protocols in the Defi space then your tokens are no longer in your wallet. These are prime targets for hackers who will try and exploit the smart contracts that these protocols have built in order to steal those assets. Our insurance covers this risk, repaying stolen funds. Stable Coin de-peg risk Not all stable coins are built the same, some are backed 1:1 with the underlying currency, some are leveraged, and some are algorithmic. When these mechanisms break or faulter the token will 'de peg' from the underlying asset. We insure for this event repaying lost funds. In the future: We are working on some cool stuff for the future, including NFT fraud and GameFi asset risk and beyond
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
How do You decide that which types of Risk will be Insured and offer that services to Users/Platforms? Who Decided that?
We looked at what was being offered initially and how insurance in the defi space was being done to make our first assesment. Since we came out of stealth we have had HUGE demand from the various rust ecosystems to help them provide insurance services and so demand will drive our future products.
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
I could see that they focused on offering DeFi products on the Solana network, but why specifically this network? Could it be that it is more vulnerable than the other networks? or is it because this network would be the pioneers in this field?
see my other anser above on why Solana. but to eliviate fears no. We dont see any more or less vulnerabilities on solana than any other. Right now we are the first defi insurance protocol on solana so this is another big point as being first chain movers!
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
What is PCU (Protocol-Controlled Underwriting) all about and What's it importance? @MET4BE4R
see my other answer above its the core of what we do 🙂
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
In your Lightpaper, You have compared the growth of Solana and Ethereum, Why do you think that Solana growth has been impressive after the presence of Defi?
in general the main reason driving the growth of solana is its speed and cheap gas prices. Along with this the foundation behind solana has an impressive marketing operation driving its growth.
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
Why Amulet Protocol is using tokens that are Developed by Marinate finance and Lido Finance? What is the main reason behind this?
We dont 'use them' so to speak but if you have stSOL and mSOL you can stake into our protocol. One of the benefits of solana is its liquid staking community, meaning you can stake with marinade and lido if you want and then use these liquid tokens to earn more inside amulet. you can also just come straight to Amulet 😜
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
Currently in how many countries Amulet protocol is providing insurance and how are you dealing with government regulations for providing insurance?
Technically as a protocol we are not providing insurance but the connection between policy holders and underwriting funds. this is an important distingtion as it means we operate in the un-regulated space. Now whilst this is case right now we are fully expecting to be regulated in the future and have built this into our plans for the future from september our current product works anywhere for anyone
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
Amulet Protocol is an Insurance Platform, what insurance does Amulet Protocol cover? Are health insurance, life insurance, education insurance also included in the Amulet Protocol? and in the case of insurance claims, what needs to be prepared? because usually insurance claims have complicated procedures
i've mentioned above our two products we are releasing initially smart contract, and stable coin de-peg cover. Regulated larger more traditional insruance in the real world are somthing we are looking at but given the opportunity in Web3 are a few years away. re claims we it depends on the product. Stable coin de-pegs are automatically paid out with no claims process required Smart contract risk you have to submit evidense to our platform and we asses the claim. After we have assed it our commmunity asses our report and we both vote. Both in agreement = payout Both in disagreemetn = no payout If there is an imbalence in agreement we bring in a 3rd party DAO to make the judgement
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
On many Insurance Platform, We have seen the Problem that arises at the time of Claiming the cost after Any Incidents, How will you Provide a Transparent gateway to users for this?
Totally agree, see our claims process above about the different ways this happens. In terms of transparency, everything form the evidence to the voting results are held on chain and we have built dashboards around them for easy viewing.
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
hello mate , can you tell us about the design of an innovative and open insurance model on the Amulet Protocol platform with Decentralized Insurance? will after Solana add another blockchain in Amulet Protocol? @MET4BE4R
I'm sorry i dont really understand the question. Hopefully my answers above show that we are innovative and how we are building out on solana 😀
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
What issues do you see with Existing Insurance Protocols? Which are the main Protocols that You are Competing with? Can You Tell about them?
there are about 20 or so existing protocols out there. great round up of them here: https://defillama.com/protocols/Insurance the main issue with all insurance defi or otherwise comes down to the underwriting capital and how it is paid out during claims: All traditional and defi insurance protocols attack staked / invested funds in order to pay out claims, this diminishes returns and impacts relationships creating an unsustainable model. Amulets unique structure enables us to pay out claims without impacting staked capital creating a sustainable model.
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
Does Amulet's fuse protection apply to NFTs? My NFT assets are very valuable and I would like to secure them for the future. How do I do this in Amulet?
not yet.... but watch this space, as somone who had a bunch of NFT's stolen yesterday 😡this is a subject that is close to my heart! ❤️ @buyhighselllowgetrekt the CAP program was designed so that we or a protocol can increase the amount of cover they have available. Lets say we start working with Raydium, and we provide smart contract insurance for them but we quickly hit the maximum policy capicity we can sell. Raydium can encourage their community to stake specifically into the Raydium policy on Amulet increasing the capicty for that protocol and not others on the platform We introduced this as it was a key feature other had asked for on competing platforms. re Capital and Risk Management its a big subject so would encourage you to join the amulet community and ask Jimmy in there 😁 https://discord.gg/amuletprotocol
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
I have a little bit confusing is that which type of insurance is their can be done ✅ by the user's in your platform ?
hopefully the answers above have answered this one otherwise see you in the amulet community for future AMA's 😉
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
I understand that different assets have different level of risk and risk types. Now can you tell us if you have a model to determine the level of risk associated with each asset and how much a user have to pay as insurance premium for these assets.?
its less about the asset and more about the protocol. Using the Raydium example above the complexity of their smart contracts and how many there are derives the cost of the premium. on average premiums are about 2-3%
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
✅Amulet is the first Rust based insurance protocol of the world, that's impressive, but are you only able to provide your services to rust- based projects or solidity project are welcome too?
thanks! we are built on rust but yes very much able to insure solidity based products too. more on this in the future 😉
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
Like you mention on your site, AMULET offer insurance to crypto assets. Can you tell us some the RISK TYPES you offer insurance to. Also, do you currently have terms and conditions for each insurance package you offer
i think i've answerd above on the types of insurance. re terms yes, on every single policy there is terms and conditions and they are very important to read!
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
In 2021 alone, the crypto space has lost about 1 billion dollars worth of assets to hacks and smart contract failures, which is why I'm strongly optimistic that Crypto risk coverages will grow exponentially. So can you tell us about your insurance packages? How cheap and affordable are your covers? Will it be affordable for everyone or not everybody will be able to afford it?
your totally right, the real figure is neare to 12bn 🙀 the products we are covering are above it is designed to be for everyone everywhere and will only cost a few % per year of cover
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
As you are Covering various risk types, There will be many new Projects that are coming without the compliance and that are prone to be hacked, Will you offer your services to them as well or you will be selective in this?
We need each new project to have a minimum of 10mTVL and been audited by at least one smart contract audit firm *thats reputable. However we are working on a product for the future that will enable to inssure any new project in the space
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
I read that this Amulet controlled subscription model has the potential to be scalable and sustainable, but really what features will it offer that other insurance protocols in all of DeFi don't?
key thing: we payout insurance claims from yield rather than intial staked principle Stakers = protected Policy holders = always paid
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
In Traditional world also, These Insurance Companies works, How does Blockchain based Insurance Companies differs from Traditional company? Can You tell the main Difference?
we are the first protocol to actually build in a proof of stake validator generating a consistent yield. its this yield that pays out claims and so for the first time in 300+ years we've built somthing different to a traditional insurance model.
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
In what way does Amulet's Yield Backed Claim Pool (YBCP) affect the Protocol-Controlled Underwriting Capacity (PCUP)? In otherwords, is there a direct relationship between Amulet's YBCP and the PCUC? How so? Finally, how will the income in the Treasury Pool be allocated?
the YBCP is one part of the system that is PCUV so yes they are intrisically linked, think of the YBCP as a cog in the engine. Treasury pool will be filled to provide more capicity on policies intiially. Once filled rewards a shares with stakers and AMT token holders
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
Capital Management, Capital and User Acquisition, Network Building and Claims Processing are some of the notable challenges with existing decentralized insurance protocols that hinders the growth and sustainability of the protocol. Tell us how well prepared is Amulet to face and solve these existing challenges.
holy smokes big question!! Capital Management - detailed in our lite paper, any more questions on this on join the community and hit up Jimmy! Capital and User Acquisition, Network Building - this is my area of speciality. Capital is generated through building relationships with funds both crypto/dao and tradfi funds. User aquisition is through creating B2B relationships and then doing cross channel marketing (much like this AMA) to generate interst. Claims Processing - we have spoken about above. Overwhlmingly tho the way we tackle all of these is TEAM. Along with me i'm backed by the most impressive team i've ever had the good fortune to work with. Jimmy - Product - 6+ years as an actuary at Willis Towers Watson, Deutsche Bank, Manulife and Canada Life Shin - Tech - Dev lead at Citi Bank, Dev lead at IBM Security Labs Singapore 10+ years in tech and financial industry Rob - Marketing - 4+ years crypto and fintech marketing and community managment. beyond the core team we have an army of engineers and support too and we are growing hiring the best talent from around the world
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
What is PCUV? What are the primary functions of the PCUV? And how important is the PCUV to the Amulet ecosystem?
hopefully this is explained above no list just yet, this will all be revealed in the coming future. In the short term please check out the community tho 😉
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
☮️ With regards to the underwriting structure on Amulet, is there a limitation to the number of pools that users can choose to underwrite? Better put, can users underwrite as many pools as they can manage? Finally, can you share some details about Amulet's Cover Acceleration Program?
hopefully the CAP answer above is good enough. Re underwriting pools, no there is currently no limit, however there is a general pool that balences equially for those who want to stake and forget 😃
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
SIR , COULD YOU GIVE US THE SPECIFIC DATE OR TIME OF THE APP LAUNCH THAT WHEN THE APP IS LAUNCHING AND IN FIRST TIME HOW MANY COUNTRIES DID THE APP IS LAUNCHING ?
SIR, THE APP WILL BE LAUNCHING IN SEPTEMBER EXACT DATE TBC 🤪
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
How does Amulet solve the challenges of existing decentralized insurance protocols which confines the sustainability and growth of the protocol? @MET4BE4R
i think i've answered this one above, if you need more detail join the amulet community https://discord.gg/amuletprotocol and ask me more there 😉
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
There could be many Reasons of Capital Loss of an Individual, Why do You think that Amulet Protocol will be able to solve this issue? Do you think there is a Market for this?
We currenlty only solve it in 2 ways with our 2 launch products for sure there is a market as we get asked every day to cover protocols 100% check out amulet.org for our list of partners and investors already. we are lucky to have huge support and friends already in the industry and now looking to expand upon this.
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
You point out that Amulet intends to create numerous metaverse-oriented insurance products, such as those focused on GameFi, cyber security, NFT, and virtual property, but really how will it offer this security or capital support to investors in NFT games and Metaverses?
GameFi we are working with a few games yet to be released where we cover the potential loss or damage of in game assets When it comes to NFT insurance we have a few products we are working on, all will be revealed in the community 😉
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
In most DEFI Insurance Protocols Users has to do Lot of PAPER WORK and KYC due to Which New Crypto Users Could Not Join, So Is AMULET Platforms also Provides Services to Experienced Crypto Users also ?
Amulet is for everyone. there is no KYC on our platform right now.
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
Is Amulet confident that it can reimburse any incident that might happen? How do you put a reserve behind it? What are your plans for live age factors that might apply to your capital?
1st question: yes 2nd: the yield of the staked capital, dao reserves, and premium pool collectively all pay out ahead of staked assets. the protocol wont allow us to sell more than what we have capicty for
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
🏹🏹🏹Will you turn to other alternative chains after Solana? Which chains do you have plans to support? Will you choose according to the orientation of the Defi protocols or are your targets for other chains clear?
the focus will be where we can drive the most benefit, if they have alot of defi TVL that will be the big driver
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
What plans do the Amulet team have for the "bear market" of the current market? Does the bear market have advantages for the Amulet?
build build build!!
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
What strategies will Amulet use to simplify and satisfy various product claims? How will the claim process of Amulet be different?
hopefully this is answered above?
META🐻 | Rupert | Amulet.org | Never will ask for $$
META🐻 | Rupert | Amulet.org | Never will ask for $$
Amulet AMA Recap
Denis (CryptoDiffer)
Thanks for your time