02 Sep 202022:08
HaloDAO AMA Recap
Myko (CryptoDiffer)Hello, everyone!😁
We are glad to meet here:
Musashi Bunny, Chief Protocol Contributor
Hachiman Bunny, CTO
Musashi BunnyHi everyone
Hachiman Bunnyhello :)
Myko (CryptoDiffer)Welcome Musashi and Hachiman, thank you for taking your time today!
Our team has prepared 3 questions for you to start with
are you ready to start?
Musashi Bunnyready when you are sir
Let`s start with the introduction !
Q1: Can you introduce yourself to our community?
Hachiman Bunnysure i can go first
Myko (CryptoDiffer)as you wish
Hachiman BunnyHi everyone, Hachiman here. I'm the CTO and cofounder of HaloDAO. previously i was a senior engineer at consensys where i built stablecoins, decentralised identity and loyalty systems on the blockchain
I also advise development banks and startups on overall DLT product and strat. On the community side i help run https://www.blockdevs.asia/ where we teach developers to build dApps.
Musashi BunnyI'm Musashi otherwise known as Jun Yong, Chief Protocol Contributor. I came into the DeFi space from ConsenSys. Working on Fintech and Luxury projects, notably LVMH Aura. We started initially from migrant workers and their financial exclusion. As we did our investigation, we realised the problem to be solved is expanding local currency access in crypto.
Currently the only stablecoin projects that have been successful is USD. We intend to widen that for all jurisdictions as part of the next phase of crypto expansion.
Myko (CryptoDiffer)Wow! Thanks for your answers!
Let's move on to the project itself
Q2: Can you introduce HaloDAO to us?
HaloDAO allows anyone to swap, lend/borrow and receive yield in local asset backed stablecoins wherever they are in the world by building a stablecoin marketplace protocol that bridges traditional finance and decentralised finance
We do this by building a stablecoin optimized Automated Market Maker (AMM), to facilitate efficient, on demand currency exchange and a stablecoin specific lending market that provides high interest yields on local currencies
hope that intros halodao well :)
Myko (CryptoDiffer)Okie! Sure, now let's talk about the plan realisation
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Hachiman Bunnysure thing
this is our roadmap right now
so upcoming is our IDO and "v0" launch
when we say v0, we mean we will kick off a liquidity mining event that will allow stablecoin LPs to earn and vest HALO tokens
we will also have some basic governance up
late august, we target to launch the first version of our full AMM and Lending Market
that will enable what we like to call "local currency farming"
thats the immediate milestones for now. previously we have finished our seed funding
Musashi BunnyTo add on, we're also incubating ecosystem projects such as this wallet
The purpose is to start building projects that support building exclusive liquiity
to make our protocol defensible in the long term
I will open the chat at 10: 14 UTC, check exact time on time.is
Chat is muted! Thank you for your questions, everyone!
@mrhachiman @icecreamscoop please choose the questions you like and answer them! If you wish to have additional rounds, just let me know
Musashi BunnyThanks for the questions
we're currently looking at them and preparing our responses
Musashi Bunny@cruickshankreva thanks for the question on LPOP
the LPOP is our community token as part of our pre-IDO launch
So as you participate in our community, you can more and more of them
HALO is our governance token and RNBW is our vesting token
to be clear
Cryptodiffer Community1. The HaloDao ecosystem has a governance system. Can you explain how the system works in respect to the person in charge of the governance system; what the governance system is built around; requirements to be eligible for being authorized and the kind of decisions that users can vote on concerning the HaloDao project?
2. As part of your Ecosystem Development Strategy, the HaloDao team is currently developing funnels for 'Exclusive Liquidity Provision' for their Protocol. Can you shed more light on the Exclusive Liquidity Provision?
Hachiman Bunny@K2ice thanks for the question.
1. Governance will be built using Optimistic Voting meaning that we will have off chain voting and on chain execution. Even if governance is on ethereum, you wont need to spend gas to do it while staying decentralised
2. We will be releasing an enterprise sdk that wraps our defi primitives so that enterprises may use DeFi and gain yield in the same way that any user does - this creates exclusive liquidity for HaloDAO and allows us not to go after the same TVL everyone else is
Cryptodiffer CommunityHi 🖐️ @mrhachiman
Now as an investor am majorly concerned about two things before I can use HALODAO
1.✨HOW TRUSTWORTHY IS HALODAO, how do you secured investors privacy and funds. Have you pass an AUDITs
2.✨ I WANT TO KNOW IF AM ELIGIBLE TO USE HALODAO. IS IT GLOBAL and DECENTRALIZED , is HALODAO usable by EVERYONE. ?????????
Hachiman Bunnygreat question @Eminet001 and an important one
1. we ofc start with following professional development and quality assurance cycles from initial product scoping to implementation. however after that, we also have 2 round of external paid audits by reputable firms before launching any product. we are also looking into capping total liquidity deposits from launch until the protocol is battle tested and we will also be launching bug bounty programs and applying for insurance protocols to cover halodao's smart contracts. That being said, DeFi is inherently an untested space and the risk is compounded by code being open sourced in open execution environments which is very different from traditional systems, so you should calculate your own risk when using DeFi in general. the industry will mature over time, but it is still new :)
Cryptodiffer CommunityWhy do you think that demand & use of HaloDAO will increase in Future & all governments & Enterprises will adopt & done partnerships with HaloDAO Blockchain Project?
Musashi BunnySo we are seeing three driving factors in adoption in the market.
1. The first is that there is more e-money issuers emerging and CBDCs. An example is xSGD from xfers. So we see that that the next phase of crypto expansion has to be via these local asset stables. The challenge is that they arent enough use cases for them and deep liquidity networks. Which is what we're targeting.
Moving fiat to crypto is exciting because there is ~$95.7 trillion out there. The winning protocol is going to the be the one that can convert this and make it sticky.
Local asset backed stables are likely to be the most successful - see USDC. As the capital is located onshore and no capital flight. So regulators see them more favorably.
2. In enterprises - the rise of Tesla, Palantir, Microstrategy accepting bitcoin in their treasury is a good step of further institutionalisation. We also see like DBS bank is Singapore launching securities products on the blockchain.This makes us bullish for the future
So right now, we're working with more ramps and enterprises to work on this.
3. For consumers, we need to help them gain access to this disruptive technology via nondisruptive adoption. this means letting them trade crypto and access dEfi via our ecosystem projects. where they see fewer things and access defi in their local currency
Cryptodiffer CommunityBeing a stablecoin marketplace protocol that aims to bridge the gap between traditional and decentralized finance, what ways would HaloDao use to achieve global adoption for its stablecoin like USDT?
Hachiman Bunnysure, good one @Abdullah_Alabi.
we aim to achieve global adoption by
1. capturing money flows from enterprise and the biggest defi market makers (who are our investors) in a way that other protocols don't do at all. we also are launching our own consumer wallet with experienced team members who have built very well known app businesses that you may recognise
2. we make the protocol such that it incentivises and captures the liquidity for regional stablecoins which will enable 3 main use cases of Shopping, Spending and Saving permissionlessly and cross border whereas now you cannot do it cheaply
Cryptodiffer CommunityDo you have any plan to attract non crypto users toward your project , If yes then Education is very important for non crypto users to understand project and blockchain, What are your plan to increase awareness and education ?
Musashi BunnyThis is a great question. 🙂 @btcsatoshii so the biggest blocker for mass adoption is that defi is moving too rapidly. So to go fast, the superior strategy is go slow.
How we go slow is that we do what people are most familiar with. One of our upcoming ecosystem projects is our wallet. This wallet is different in that it only allows users to interact with our Protocol. Whereas other wallets show many protocols.
This allows users to on-ramps their fiat to crypto easily and have a robinhood like easy trading experience and revolut-like easy fx swap experience.
As this wallet for example brings in liquidity and only shows our Protocol, it allows users to provide 'exclusive liquidity' to us. These users are likely not the sophisticated defi natives like those in this group.
How we know this works is that we've actually worked with migrant workers from the Philippines and Indonesia for almost a year learning their behaviours
Cryptodiffer CommunityWho is HaloDAO 's biggest rival? In the future, does HaloDAO have a plan to beat your rival or cooperate with them? I think that will be a huge step forward for HaloDAO
Hachiman Bunnyhi @GoldiePfeifer. well there is one other company building a stablecoin optimised AMM, however DeFi is not a zero sum game. we can cooperate with them and work together to mutually build liquidity because liquidity as we all know in defi is superfluid unlike traditional finance where it is only locked in one place. so if you lock your liquidity in halodao, it can still be used elsewhere. and vice versa. other than that, we don't compete for DeFi TVL. we build our own TVL for consumer and enterprise use cases as institutional demand is growing
Cryptodiffer CommunityWhat features or improvements are you planning to add to your products in the near future?
Hachiman BunnyThanks @cudanginh. after building the foundational money lego of swapping (via stablecoin AMM) and lending (stablecoin Lending Market) we can do all sorts of cool things - and other teams can too.
one example would be self repaying loans in local stablecoins
Cryptodiffer CommunityCould you please elaborate more about your tokenomics? What’s the total supply and what kind of plans do you have regarding the token unlocks in the future?
Musashi Bunny@poncudon we will be releasing our tokenomics next week. join our community channels https://linktr.ee/halodaoofficial as we progressively release it
Cryptodiffer CommunityHow can developers & technical people contribute to HaloDAO and how do you make plan to get them involved?
Hachiman Bunnythanks @Wasmrazy721 yes! are you a developer/technical person? please join our channels and would love to chat w you about any ideas you might have https://linktr.ee/halodaoofficial. whether its consumer facing or protocol level, halodao will be playing on all those spaces as we build :) we ofc have a portion of our treasury for grants and contributions
Cryptodiffer CommunityNowaday DeFi is changing our relationship with money, investing, credit and debt ? How does #HaloDAO help in this case ?
Hachiman Bunnyexactly @NathalieRomano! love this view. our goal is to bring defi to the real world and not to just make another abstract protocol. we will be launching consumer facing businesses along the product categories of Shopping, Spending and Saving that will all mix in cool DeFi twists to them (like earning yield on your idle funds in ewallets for example, self repaying loans and other cool things)
Cryptodiffer CommunityWhat has the HaloDAO team done to make this project full of innovation, inspiration, compared to what it was in the beginning to become what it is today?
Musashi BunnyThanks for the question @CristinHitt - so we began by investigating how to do our model from a centralised view. And the answer was it takes too long and costs far too much.
Along the way we went from money issuer model (centralised) -> synthetic issuance -> defi AMM+Lending market.
The open defi model gives our community the ability to leverage global liquidity networks where we can deploy quicker and cheaper.
We've had to iterate rapidly and thankfully we must highlight our top investors like QCP and GBV, which has deep experience in market making fundflows have given us very good strategic input.
We're just at the beginning now and there's much more to do in our future. where we hope you can be part of it.
More info on our product can be found here: https://docs.halodao.com
Cryptodiffer CommunityI've seen a lot of projects launched with inexperienced team members, and some of them didn't go well due to easily avoidable errors.. So how do you respond to this?
And are projects like "HaloDao" the same as other projects..??
Hachiman Bunnyimportant question @Velora08 i agree with this criteria.
our team, im happy to say is well versed and well experienced in building financial products. A lot of us are ex ConsenSys and we have built enterprise stablecoin projects for governments and banks in the Asia Pacific. of course, we are not perfect and we might miss things but we make sure that we audit everything that we launch and follow professional development best practices.
hope that answers your question :)
Cryptodiffer CommunityI love this project is placing importance on the community aspect. It’s something that I think is lacking in a lot of projects. How can us early investors really help HALODAO grow before it launches? From providing liquidity to general participation, what different roles are there when it goes live?
Musashi BunnyHi 幸运- 感谢你是我们的福星 🙂
We know that a Protocol's strength isnt just the core team. There is so much to do and community efforts can help alot. It's the community that makes it successful. So we've got an early contributor form for us to receive your suggestions on how you'd like to contribute. From there we move forward to make arrangements.
We see commuunity support value in different ways. From building on top of us, to asking questions and participating. Each interaction with our Protocol helps us become better
Cryptodiffer CommunityEven in the midst of the many problems associated with the Ethereum network like the scalability issues, high gas costs and so on, HaloDao still choose to build its token on the ERC-20 blockchain ecosystem. Why do you think this decision is the best and will there be future integration of the token on other blockchains?
Hachiman Bunnyi like this one @Cryptogeria
so we fully intend and will launch cross chain pretty quickly after each development milestone. but one thing to keep in mind is that if you want your token supply to stay intact across several chains, you cannot deploy mirror copies of it - or else the total supply has to be manually enforced. so what we need to do is first
1. launch on Ethereum because all bridges come from there
2. get listed on bridges
3. use the bridge to send our token's liquidity rewards across to other chains
4. launch on those other chains
gas efficient chains are ofc important, so we will laucnh on them asap
hope that gives some insight to our thinking :)
Cryptodiffer CommunityDeFi is one of the hottest topics in the blockchain field. Can you share HaloDAO opinion about DeFi with us?
Do you think DeFi will destroy the existing financial system?
What's your project Approach towards DeFi?
Musashi BunnyWe firmly believe that the existing financial system will not be destroyed but rather it will see itself integrated into the DeFi ecosystem.
Banks will always have a part to play as trusted custodians. Their relationship with deposits is likely to evolve as they become asset backed stablecoin minters or curators for the average consumer to access DeFi.
At the same time, it is not easy driving Innovation at banks. So in this equation for money flows, we find partners that can support the on/off ramps and we start our ecosystem product strategy by supporting this.
As part of this thesis, we see ourselves more as the DeFi project that will connect traditional finance and DeFi becoming that crucial infrastructure layer.
thanks @brownblaster for the great question.
Cryptodiffer CommunityHow does your anti-price dump mechanic work? This means i'm not free to sell whenever i want? Doesn't sound very attractive to me tbh
Hachiman Bunny@janberisikbaby good q. we actually don't have a lockup on our tokens after farming. you get rewarded for holding longer, but you are free to sell when you want to. we saw that vesting periods were not so beneficial because it creates sell pressure at the end of vesting anyway. read more here https://docs.halodao.com/products/rainbow-pool/how-vesting-works
Cryptodiffer CommunityProbably some projects will not be able to continue their development and will be left unfinished. Thanks to what Features can HaloDAO be a long-term project?
Musashi BunnyHi @nikbecola you're absolutely right. Right now we have a bull run and there's an IDO happening perhaps everyday. vesting is short. So community members are fair to ask if we are in it for the long term
So - our view is that to maintain long term value for our community and make this durable. We're focused on developing our ecosystem product suite. These products are launch separately from the Protocol
You can find out more information by following us in our telegram community chat - https://t.me/HaloDAO
Hachiman Bunnywe're coming to the end, unfortunately we can't answer every question. but if you'd like to join our channels and ask during our community calls, happy to chat https://t.me/HaloDAO :)
Myko (CryptoDiffer)thank you a lot for an AMA!
we were pleased to host this event!
Hachiman Bunnythanks for having us @mykocryptodiffer !
Musashi Bunnyhope everyone didnt get a brain freeze
see you again soon 🙂