31 Aug 202009:08
AMA
Aluna Social AMA Recap

Aluna Social AMA Recap


Cryptodiffer TeamCryptodiffer Team

Hello, everyone!😁

We are glad to meet here
Alvin Lee, Co-founder and CEO of Aluna Social (@onemanatatime)

Let`s start from the introduction questions!
Q1: Can you introduce yourself to our community?

Alvin LeeAlvin Lee

My name is Alvin Lee, and I am the co-founder of Aluna Social - a gamified social trading platform.

I’ve been in the crypto space since 2013. I started out crypto trading and writing a blog about trading that has seen over 1M views (https://alunacrypto.blogspot.com).
I’m also quite deeply involved on Crypto-Twitter and have about 60K+ followers on Twitter (https://twitter.com/onemanatatime).
done

Cryptodiffer TeamCryptodiffer Team

Q2: Can you briefly tell us what is Aluna Social in 3-5 sentences?

Alvin LeeAlvin Lee

Aluna.Social is our flagship platform. It has 2 main functions:
- To reward top traders financially and reputationally, and
- To enable beginners to learn from and auto-copy the world’s best traders.
The platform is powered by our utility token $ALN, which just got listed on Uniswap and Gate.io last week.

Our vision for Aluna is to gamify finance for the Web 3.0 era, and help traders achieve financial freedom through the cryptocurrency markets.

To do this, we have improved transparency between traders, established a trading community incentivized to share data, and created an environment to leverage positive social feedback loops.

You can try out Aluna for free at https://aluna.social/
done

Cryptodiffer TeamCryptodiffer Team

Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans

Alvin LeeAlvin Lee

We have achieved some incredible milestones in the past 12 months, including:

- Launch of our long awaited Copy Trading and Counter Trading features.
- Integration with 5 exchanges: Binance, Bitfinex, Bittrex, Poloniex and BitMEX.
- Successful Security and Smart Contract Audit by CertiK.
- 20,000+ Platform users.
- Trading volume increase by 50% month-on-month to $10M+ per month.
- AUM has grown 10x over the last 6 months to $10M+.
- 15,000+ Twitter followers and 10,000+ Telegram members
- Our Token Seed Sale and Private Sale were oversubscribed, raising $1 Million.
- Our Public Sale was 20,000% oversubscribed, raising its target $300k.
- $ALN token listing on Gate.io and Uniswap
- Partnerships with some of the industry’s top players: 100x Group, Genesis Block Ventures, DEXTForce Explore, DXdao, DAOMaker, and Gate.io Labs.

We also have ambitious plans for 2021 and beyond!
There is an Airdrop ongoing with 100,000 ALN ($90K+) to give away, which ends on 24th march at 23:59PM. If you haven’t joined it already, you have less than 2 days!

Join here: https://aluna.social/airdrop.
Read more about the Airdrop: https://aluna.medium.com/aluna-social-participation-mining-aln-token-airdrop-campaign-3-88db5fcd3183
$ALN will be listed on DeversiFi today.

DeversiFi (formerly EthFinex) is an L2 exchange built using StarkWare Validium/zk-rollup technology allowing for high-speed, gas-free trading; essentially delivering the experience of a centralised exchange while being able to trade at lightning speed from your choice of wallet.
And this Thursday, we will start our first liquidity mining program which will reward liquidity providers of the ALN/ETH pair on Uniswap.

More details will be shared later today on our Medium, Twitter, and Telegram announcement channel: @aluna_ann.
Following that, we will be launching:

- Trading Competitions
- PRO Subscription and Membership Service
- Additional exchange listing of $ALN token
- BitMEX Copy Trading
- More CEX integrations, including Binance Futures, FTX, Bybit and more…
- Automation via Trading View
- DEX integrations
- Liquidity Mining
- Staking and Holder Benefits
- Governance (Aluna DAO)
- DeFi social trading
- Open Source Front End and Exchange Library
done

Cryptodiffer TeamCryptodiffer Team

Wow!
Thank you for such detailed and interesting answers!
It is time to move to the community questions part.

Cryptodiffer CommunityCryptodiffer Community

The token split is only 15% to purchasers + 10% early adopters which leaves 75% still with Aluna, how can this lead to a DAO, this is far from being decentralized and self-governing?

Alvin LeeAlvin Lee

Actually 25% was sold, 10% for early adopters. The 15% from Ecosystem fund will be distributed to community over 3 years. While the 35% in the treasury will eventually be managed by the community.

We aim to transition from a centrally-governed project to one that is 100% decentralized, community-owned, and self-governed, over the next 3–5 years.

Cryptodiffer CommunityCryptodiffer Community

Do you acknowledge the fact that some traders will even feel insulted by others countertrading them? It's like the ultimate mockery and something that could drive away users, since most traders are unprofitable.

Alvin LeeAlvin Lee

Perhaps they may be. But hopefully, they see it as a learning opportunity to improve themselves!

Cryptodiffer CommunityCryptodiffer Community

How many active users does the platform currently have and how long has it been operational?

Alvin LeeAlvin Lee

We have about 10,000 active users over the past 30 days. Closed Beta was launched some time in later 2019

Cryptodiffer CommunityCryptodiffer Community

How do copiers pay to copy and how are traders paid by copiers currently?

Alvin LeeAlvin Lee

After we launch our subscription plans in Q3, a part of the monthly subscription fees will be added to a Performance Pool, which is then distributed monthly to all profitable traders on Aluna.

The Performance Pool is designed to align incentives between the leader and follower traders, by rewarding profitable traders, and especially the leader traders who also helped their followers earn a profit that month.

When subscriptions go live, users who want to copy others can do so for free up to $50 per trade. Those who want to copy with a higher amount will have to pay for a subscription tier.

Cryptodiffer CommunityCryptodiffer Community

What will motivate people to buy and hold ALN other than hype and future expectation of profit due to others paying more than they paid?

Alvin LeeAlvin Lee

Users will be able to stake ALN to support the ecosystem, get benefits and earn rewards, and participate in decentralized governance.

Here are some benefits for ALN holders and stakers:

Holders who have at least 1,337 ALN in their MetaMask wallet will be able to join the private token-permissioned chat groups on Telegram and Discord.

In addition, holders can get further benefits by staking ALN to:
- Get access to premium features on Aluna.Social and other ALN-powered platforms.
- Get fee discounts and earn airdrop bonuses.
- Earn from the Rewards Pool
- Participate in Governance
- Manage the Treasury

Cryptodiffer CommunityCryptodiffer Community

There are a few copy trading platforms out there, who is your main competitor and what do you like about them? also what sets Aluna apart from the competition? i.e what is your selling point on why should people use Aluna and not another one?

Alvin LeeAlvin Lee

Although Aluna.Social shares some of the characteristics of competitors, Aluna is one of a kind :-)

Here’s what sets Aluna apart from the competition:

1) The concepts of copy-trading, prediction games, and social networks are not new to the crypto space. But Aluna Social has integrated them in a unique way — with a polished UX, adding trust and transparency to trading, as well as gamification mechanics to incentivise users to play games and trade assets in its ecosystem.

2) Aluna is non-custodial — we are not an exchange or brokerage — we do not hold your funds at any point in time.

3) Aluna’s co-founders have been trading Crypto since 2013, and have a deep understanding of the crypto market and the problems faced by crypto traders.

4) Aluna has a unique incentive mechanism that realigns interests between leader traders and followers.

5) Last but not least, we have a live working product. Aluna is the first-to-market social trading terminal with complete transparency, copy trading, gamification and rewards.

Please, come try Aluna.Social copy trading terminal for free and let us know what you think! https://aluna.social

Cryptodiffer CommunityCryptodiffer Community

Q. Could you tell us more about ALUNA SOCIAL revenue model? How does the project ensures that it continues to get funds to run the business?

Alvin LeeAlvin Lee

Our revenue model is split into two streams:
1. Subscription fees for the Aluna.Social trading terminal, and
2. DeFi System fees coming from DeFi social trading.

Cryptodiffer CommunityCryptodiffer Community

how is the best trader determined? Is it through top followers copy trading, or the winning percentage? can everyone become top traders?

Alvin LeeAlvin Lee

Best traders are currently determined by the Sum of PnL%.

In the future we will improve the leaderboard so that you can find the best traders based on 3 important traits: Performance, Consistency, and Risk.

Cryptodiffer CommunityCryptodiffer Community

I read in your medium that Aluna has a unique incentive mechanism that realigns interests between leader traders and followers.

Can you please explain this unique incentive and how it realign the interests of the parties?

Alvin LeeAlvin Lee

https://t.me/c/1496936810/207590

Cryptodiffer CommunityCryptodiffer Community

Is Kyc necessary to be able to enjoy all the features of Aluna.Social? How will our data be protected from data theft?

Alvin LeeAlvin Lee

There is no KYC required on Aluna, because we don't handle your funds.

You will of course need to KYC on the various exchanges that are integrated on Aluna in order to trade on them.

Cryptodiffer CommunityCryptodiffer Community

What actions do you plan to include investors and users in the Aluna system? In which regions will you organize promotional activities in the upcoming period?

Alvin LeeAlvin Lee

We are mostly focused on the English-speaking market, mainly in Western Europe and Asia.

We also want to start building local communities such as Vietnam, Indonesia, China, Korea, Russia, Turkey, and more!

Cryptodiffer CommunityCryptodiffer Community

What security mechanism has Aluna Social set in place to protect users' information and prevent it from being attacked by hackers?

Alvin LeeAlvin Lee

There’s a lot on the line when it comes to security at Aluna.Social and handling our users’ exchange API keys is a huge responsibility. As a result, we take a rigorous approach towards our testing process and security standards.

We conducted the first penetration test before our platform’s Beta release, and are currently in the process of migrating to Google Cloud for greater security, stability and scalability, and conducting another security audit on our trading terminal.

To summarize how we keep your API keys secure: We save and transact users’ keys always encrypted, so even if someone gained access to them, they would be unreadable and useless. Our system automatically decrypts them as required, in a realtime and decentralized manner, using multiple levels of security through a chain-like strategy, and keys are never stored decrypted anywhere at any given moment.

When it comes to smart contracts, we don’t believe in risking millions of dollars on untested and unaudited code, and always make sure everything is going as expected in a test-net environment before releasing to production.

We have completed an audit by CertiK recently and the audit report can be found here: https://github.com/alunacrypto/aluna-smart-contracts/blob/main/AUDIT_CERTIK.pdf

Cryptodiffer CommunityCryptodiffer Community

Can you please tell us the utilities of the ALN token and some of the benefits for its holders? And why do you think Aluna Social need a token to run the platform?

Alvin LeeAlvin Lee

To answer your first question:

ALN token is the utility token at the heart of the Aluna ecosystem. ALN is community-owned and self-governed through the Aluna DAO.

The core functions of the ALN token are to:
1. Bootstrap the ALN community, ecosystem, utility and liquidity.
2. Fuel the incentive and gamification mechanisms of ALN-powered products and services.
3. Coordinate decentralised governance and reward the community of governors.

ALN tokens can be earned as rewards, spent against monthly subscription fees, and used to play prediction games, stake, farm, and govern.

Holders who have at least 1,337 ALN in their MetaMask wallet will be able to join the private token-permissioned chat groups on Telegram and Discord.

Holders can get further benefits by staking ALN to:
- Get access to premium features on Aluna.Social and other ALN-powered platforms
- Get fee discounts and earn airdrop bonuses
- Earn from the Rewards Pool
- Participate in Governance
- Manage the Treasury
And to answer your second:

In the same way that an exchange doesn’t need a token, until Binance popularized it; We need to rethink how tokens can create more value for communities and companies.

As we transition from the Web 2.0 era to the Web 3.0 era, it is naive to think that “all tokens are scams”.

How should a post-Bitcoin world look like for a digital community?

A simplistic way to look at tokens and especially DAOs, is like membership cards/clubs 2.0 for the “Internet of Value”. And especially more recently… you can see the trend of tokens that have actual cash flow, and capture value for token holders.

In the same way, $ALN is designed to capture value created by ALN-powered products or smart contracts.

A properly-designed token economy is extremely effective in bootstrapping, incentivizing, and rewarding a Community — who all share a common interest and vision for a product.

Taking the core functions of ALN into consideration, this makes Aluna Social unique and much more than just a trading platform.

Cryptodiffer CommunityCryptodiffer Community

-So many risk are associated with crypto market trading and most crypto users are afraid of exposure to these risks. How does ALuna Social help reduce these risks for users? Do you have trading strategies for beginners?

Alvin LeeAlvin Lee

There are a lot of people on Twitter, Telegram, Youtube, and Instagram today claiming they are making hundreds and thousands from trading.

There is a lot of noise. But as traders, we really don’t know who to trust. Are they just talking the talk, or can they walk the walk?

We wanted to address this problem, and also make it easier for beginners to find the best crypto traders across all the exchanges. With Aluna Social, beginners can find top traders across various exchanges, all from a single interface, and copy their trades. All the trading data is transparent and trustworthy, helping them make informed trading decisions in a social environment.

We also have guide on our blog for beginners to learn more about crypto trading, such as this ultimate guide: https://blog.aluna.social/how-to-trade-cryptocurrency/2020/03/01/how-to-trade-crypto-bitcoin-altcoins-complete-guide-cryptocurrency-trading/

Cryptodiffer CommunityCryptodiffer Community

What is the function of a multi exchange terminal? how to use?

Alvin LeeAlvin Lee

You can connect and manage multiple exchange accounts from one single place. E.g. BitMEX, Binance, Bitfinex.

After connecting your API keys from the exchanges to Aluna, you can view your aggregated balances in one place, execute orders, and copy other traders.
Our focus is more on DeFi, as we want to bring social and copy trading onto Web3.

That said, we will also be designing some dope NFTs. Keep a lookout for those dropping in a month or two 👀
done

Cryptodiffer TeamCryptodiffer Team

Thanks for your time @onemanatatime
👍🏻
Thank you to everyone who took part!

Alvin LeeAlvin Lee

Welcome thank you for the question
oh BTW, join us on our telegram group at @alunasocial.

And our announcements channel here: @ALUNA_ANN
✌️