To celebrate NEOPIN joining the Innovation Programme of Abu Dhabi Investment Office (ADIO) 🇦🇪 and the launch of NEOPIN Membership Season 1 💎, we held an exciting AMA session with our CBO Stefan Kim on the NEOPIN Official English Telegram Group on July 14, 2023, at 7 AM UTC. Here’s a recap for those who couldn’t participate in the AMA.
TL;DR
- NEOPIN is the sole DeFi protocol to enter ADGM (Abu Dhabi Global Market) — a financial free zone located in the capital city of the UAE
- Leveraging the support of multiple UAE government agencies, NEOPIN strives to serve as a pivotal link between TradFi and Web3
- NEOPIN will work closely with the local UAE regulators and policymakers to build the world-first DeFi regulations
- The team is preparing a major protocol update in the second half of this year to drive the value appreciation of the token and the protocol, and will provide strong incentives for holding NPTs
- The NEOPIN platform acts as a layer 0 solution, connecting and aggregating mainnets of various major blockchains
- The NEOPIN Membership Season 1 reward will be announced at the end of the season, and the team is preparing to meet users’ expectations
Pre-collected Q&A
Q1. Please briefly introduce NEOPIN’s global business expansion following the announcement of NEOPIN joining the Innovation Programme of Abu Dhabi Investment Office (ADIO).
Since last year, NEOPIN has been expanding its operations into ADGM (Abu Dhabi Global Market), a financial free zone located in the capital city of the United Arab Emirates (UAE), Abu Dhabi. In ADGM, NEOPIN is making significant strides in preparing for various business ventures.
ADGM is a privileged zone where both virtual assets and traditional financial institutions from around the world converge to foster active collaboration.
As the sole DeFi protocol to enter ADGM, NEOPIN is dedicated to intensive discussions, product planning, and development efforts aimed at bridging the gap between TradFi and Web3. Leveraging the support of multiple UAE government agencies, NEOPIN strives to serve as a pivotal link between the two realms.
I can’t share more details here, but here’s a hint: NEOPIN is building a similar strategy to Ripple (XRP) in terms of business, product development, and collaboration. I hope you can understand that “NEOPIN is the Ripple of Korea”.
Q2. What is the relationship of Abu Dhabi Investment Office (ADIO) to Neopin?
The parent company of NEOPIN is getting all the A to Z support from ADIO while settling in the capital of the United Arab Emirates.
Not only for financial support, we are working very closely with the local regulators and policymakers to build the world-first DeFi regulations by leveraging our NEOPIN platform and its unique CeDeFi protocols.
In addition to attracting investment, we have decided to co-create DeFi legislation with the local government and utilize NEOPIN’s CeDeFi protocol design model as the foundation for this new legislation, which will be used to foster the next generation of innovative financial environments in Abu Dhabi and the UAE and to regulate web3 companies.
Due to the fact that our protocol is a DeFi protocol designed from the ground up with a regulatory-ready structure and the team’s expertise, we were selected to be the first example and foundation for the design of this legislation.
Q3. You mentioned that the conditions for the second card announcement have improved compared to before. What aspects have improved, and will NEOPIN receive a larger investment amount compared to the other 30 projects?
While it is challenging to provide specific details in this public setting, I can share that NEOPIN has received robust support from various government agencies, not only in terms of financial assistance but also through invaluable support that is difficult to quantify.
To shed light on the context, let me provide further insights into Abu Dhabi. It is a highly competitive market known for its stringent entry barriers and complexities, especially for financial firms.
Unlike Dubai, which is renowned for its tourism, Abu Dhabi, as the capital, holds the majority of the UAE’s wealth. When we initially explored this market last year, there were very few cases of web3 companies entering this region.
NEOPIN was designed from the beginning as a protocol that aligns with the regulatory environment, and the team’s exceptional capabilities and extensive experience in blockchain technology have garnered positive evaluations from regulatory authorities and institutions.
The selection of NEOPIN for ADIO’s Innovation Programme signifies the culmination of our efforts and marks the commencement of our significant foray into the global market.
Q4. What are the key advantages of the CeDeFi protocol, and how does it aim to bridge the gap between centralized finance (CeFi) and decentralized finance (DeFi)?
CeDeFi protocol aims to solve existing problems by leveraging the strengths of both CeFi and DeFi, offering a regulatory complying, stable and secure environment that is also transparent, accessible, innovative, and flexible.
Meaning it is built for protecting its users and protocol itself from bad actors in web3 space, potential hacking. At the same time, the protocol runs on public blockchain networks so that it maintains its transparency in terms of secure protocol asset operations.
On top of that, users can manage their assets themselves by using NEOPIN’s non-custodial wallet so that they don’t need to worry about lost control of their assets.
Q5. I appreciate the quality of the NEOPIN wallet and services, but the lack of utility for the NEOPIN token makes it challenging to expect significant value growth. Are there any plans or roadmaps from the team to enhance token utility and address this concern?
We have been focusing our effort on building a comprehensive tokenomics and ecosystem that can circulate effectively, launching various DeFi protocols under the platform.
With the recent release of Liquid Staking, many pieces are falling into place, and we are preparing a major protocol update in the second half of this year to drive the value appreciation of the token and the protocol.
We are actively working on innovative protocols that will provide strong incentives for holding NPTs. Please stay tuned as we strive to meet your expectations.
Q6. How does Neopin handle and avoid the security and liquidity risks in the DeFi field, such as contract vulnerabilities, network attacks, over-authorization, and liquidation caused by the black swan incident?
Our protocol has a centralized layer on top of the DeFi protocols so it makes it possible to protect our protocol assets including smart contracts, blockchain nodes and algorithms.
In plain English, It’s like having a gatekeeper while exploring the web3 world.
Q7. If you are going into DeFi, shouldn’t there be a mainnet where NPT is used as gas fees? What are the plans for developing a mainnet?
With our seven years of experience and expertise in operating blockchain networks, the NEOPIN team has a profound understanding and high technical proficiency in mainnet development, surpassing other web3 teams.
However, it is important to note that the blockchain scene already boasts a significant number of operational mainnets, and Ethereum has implemented layer 2 and layer 3 solutions that effectively alleviate congestion on the mainnet by distributing transactions across sub-chains.
As such, we are developing the NEOPIN platform with a concept protocol that acts as a layer 0 solution, connecting and aggregating the mainnets of various major blockchains.
Q8. After the NEOPIN Membership Season 1 is over, will there be a second season?
There will be a sequel season after the first one of course. We’ll announce more details later on our community channels so stay tuned!
Q9. Any news on upcoming exchange listings?
We are actively discussing with various global CEXs regarding additional listings. However, due to the current decrease in overall market liquidity, we will make sure to promptly inform our community of any positive developments at the right time.
Q10. When can we expect the announcement of the last card to be revealed?
It’s hard to say exactly when, but we expect to announce the 3rd card sometime this year. The closer we get to getting the 3rd card, the more important this becomes and the more impactful it will be for our community, so there’s a lot of preparation going on under the surface.
I know that developers and holders alike are exhausted after the last market cycle. Having lived through the last two cycles, I can tell you that there are always cycles in all markets, not just crypto, and in between those cycles, if you do your research on good teams and projects, you’ll find hidden gems.
The web3 industry is also about the people behind the fancy technology, and in the end, it’s the builders and community members doing the real work that create the most value. We hope to see more of you in the NEOPIN community.
Live Q&A
Q1. Will the total amount of Membership Season 1 rewards be announced during the middle of Season 1?
Season 1 rewards will be announced at the end of the season. Please bear with us as we prepare to meet your expectations.
Q2. The issue volume continues to increase, which seems to be linked to a drop in price. Please give us your opinion on incineration or issuance.
Please refer to my answer for Q5. All members of the NEOPIN dev team are working hard for this so that we don’t let our users down.
Q3. I’m curious about the achievements you have accomplished since being appointed as CBO.
While there have been various accomplishments, I believe the most remarkable achievements have been obtained recently in Abu Dhabi. Of course, it’s not just my personal achievement but a collective accomplishment of the entire NEOPIN team.
Q4. Can you tell us whether there are significant advantages of holding the NEOPIN tokens?
Certainly. Please refer to the response to Q5 for further details on this matter. We will continue to share additional information with the community in the future.
Q5. When joining the Finschia validator, did you obtain the minimum required amount of Finschia tokens by directly purchasing them from the market?
In the process of expanding into new networks, if a specific quantity is required, we secure the necessary amount using the profits generated from our existing node validator. Unlike immature projects, we strictly adhere to the principle of not self-liquidating company assets.
Check out the Liquid Staking Products on NEOPIN!
🥇 ETH Liquid Staking ▶️ 5% APY
🥈 KLAY Liquid Staking ▶️ 4.9% APY
🥉 Polygon coming soon!
*The displayed APYs are estimated and should not be considered guaranteed rates of return.
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