Recap of AMA with Colony on Avalanche India
On the 10th of December 2021 @ 7:30 PM IST, An AMA session was held on Avalanche India official Telegram group with Wessal, CMO Of Colony. Below we present to you an excerpt from AMA with questions and answers. It was wonderful and very informative, Enjoy reading :)
Kuen Shahi | Avalanche
Good evening everyone and ready to enjoy our special AMA tonight with Colony.
Before we get started, please do NOT forget to follow the AMA Rules:
-Join Telegram Colony (https://t.me/colonyavax) & Avalanche India
(https://t.me/avalanche_hi)
-Join Twitter Colony (https://twitter.com/Colonylab) & Avalanche India (https://twitter.com/Avalanche_In)
Wessal | Colony
Hey everyone! It’s such a pleasure to be here among you today! :😊
Introduction
Kuen Shahi | Avalanche
We are so excited to have you here, giving us a chance to learn more about Colony !
Guys unfortunately, Elie will not be able to join us due to come official work
Glad to have you here @W_Err_1 ! Before we dive into the questions, can you briefly introduce yourself to the Avalanche India community, and share some background on Colony?
Wessal | Colony
Of course! It would be my pleasure
I was actually a Sourcing Manager and data analyst in the nuclear field for a while.
As a libertarian I’ve been seduced by the blockchain a few years ago and when I dug deeper into it, well I was here to stay. I started as a simple investor and throughout the years, I became more involved and helped some projects with their market research and building marketing strategies based on that. That’s how I ended up joining Colony’s team. 😊
As for how Colony was born
Not only every member of Colony’s team has been involved in finance or crypto since the very beginning, but they are rather pretty active within the community today, keeping an eye at the innovative emerging projects, but also, facing the constraints of the crypto space.
It’s known that institutional investors and venture capitals dominate early-access deals of emerging projects and leave retail investors the declining action during the public sale rounds. Why are everyday DeFi enthusiasts losing out on wholesale prices and paying the mainstream consumer rate for tokens? We have noticed the lack of community-funded accelerators in the blockchain ecosystem, and we wanted to create a mechanism that puts Community as the beating heart of its strategy.
Our motto is pretty forward “Community at core for a truly decentralized and democratized financial ecosystem.”
You might have guessed it already… projects will thus be provided with an initial community from the get-go. In addition to the funding and the community, there are other critical pillars that condition early-stage projects’ success: community, marketing, tech expertise, momentum, and of course, network. Colony is bound to cover all these elements to bring the right customized support. 🤝
So to put it simply
Colony is a community driven Accelerator, evolving into a DAO, to boost Avalanche’s ecosystem growth 🔺. Powered by a governance token: $CLY.
Our Mission? Deploy capital within Avalanche on early stages projects, provide liquidity to DeFi protocols, maintain an Index on top Avalanche projects, and validate networks through stacking capabilities.
Our open governance mechanism ensures capital is allocated across the Avalanche ecosystem for its sole benefit. The true sustenance and value generated by Colony’s investments is routed back to the Community through airdrops, a buyback mechanism, and staking rewards.
Kuen Shahi | Avalanche
That’s totally incredible knowing about your journey and about Colony
Twitter Questions
And now we will proceed to the second part of the AMA, which is answering questions from the Twitter.
Question #1 by @darkseid89931
What is the basic logic & thought behind the making of this project @Colonylab?
What problem is out in the market which @Colonylab is trying to solve?
And why the name #colony?
Wessal | Colony
Great questions
We are utterly supportive of decentralization and subscribe to the ethos of inclusiveness. We believe that community is the lifeblood of our project, nay, of any project.
Colony’s Ecosystem Farming concept will empower the community to invest in early-stage Avalanche projects for the first time, creating an opportunity that was previously open to VCs and angel investors alone. From the start, governance will be actually given to the community with strong incentives aligned with the long-term growth of the ecosystem. And of course, all the created value will be rerouted back to the community, through: Avalanche staking rewards, Liquidity provider rewards and Tokens via airdrop of early-stage Colony funded projects.
As for the name “Colony”
Since the project is community driven, Colony’s name stands for the incredible work that a community can achieve together (like ants 🐜).
Here’s a fun fact: ant colonies operate without central control. (DAO 😉)
Kuen Shahi | Avalanche
The concept behind the name is amazing so as the project
Question #2 by @yogiyoswa
We know that there are so many projects with layer 1 blockchain and they are still undervalued. Tell Me why $CLY is a good pick as a long term investment and why should I buy more of $CLY.
Wessal | Colony
another great question! 🤗
Community has access to early-stage projects (seed and private rounds tokens) next to big VCs. Community has between its hands the power of voting and the influence once the DAO is effective (sharing deal-flow, projects analysis, capital allocation decision making, etc..).
The users will be able to buy their token CLY on CEX and DEX and then stake them on Colony’s App. Staking the tokens (minimum amount 50 token CLY for 20 days at least) will allow them to access all of the app features. Of course, all the created value will be rerouted back to the Community, through: Avalanche staking rewards, Liquidity provider rewards and Tokens via airdrop of early-stage Colony funded projects.
What the the Community needs to understand is that they will be the ones leading:☝️
🔹Voting:
• Changing the fund Capital allocation.
• Changing the Liquidity Provider program capital allocation.
• Liquidation of token positions.
• Changing index rules, working principles, constituents, etc
🔹Influence:
• Sharing Deal Flow with the Fund Analyst Team.
• Providing Analysis on projects.
• Providing ideas to increase the fund’s participation in the ecosystem.
Kuen Shahi | Avalanche
Question #3 by @capcosmos
I read on your vision that Colony’s long term ambition is to catalyze a “Cambrian Explosion” of previously organizational forms. I’m very curious about the meaning of this ambition. Can you explain what it means and how are you planning to achieve it?
Wessal | Colony
I think this question has been answered to in my last two responses, Colony is all about shifting paradigms and filling the gap that exists in the ecosystem now. Building such an inclusive DAO is a first timer in the entire crypto space! There will be a lot of features in addition to the exciting one to push decentralization even further
all in the name of the community
Kuen Shahi | Avalanche
Question #4 by @Cryptob11946400
As far as i know Colony structure comprises two complimentary pillars and one of those pillars is a DAO. You highlight DAO infrastructure will be implemented progressively via secured structure. Would you kindly provide more details about it?
Wessal | Colony
Interesting question
So, Colony’s mission is to invest across the Avalanche ecosystem, financing early-stage projects, providing liquidity, and supporting existing projects. In addition to investing in early-stage projects, the Accelerator will deploy half of Colony’s capital as follows:
- 10% deployed into layer one (Avax), to validate the network. Colony will diversify this allocation with upcoming subnets.
-10% deployed into an Index (Top 10 marketcap on Avalanche) governed by the community
- 30% deployed as liquidity to power Avalanche DeFi applications.
(These allocation percentage can be changed by the community in the future)
The Accelerator will evolve into a DAO, designed to support the Avalanche network as it evolves into a dominant Layer One technology. The DAO is the beating heart of Colony, empowering its community to allocate capital that powers the growth of the Avalanche ecosystem.
Kuen Shahi | Avalanche
Thanks for such a detailed explanation
Last question of round 2
Question #5 by @unknown6659
What makes your project different from others? Can you tell us some special features?
Wessal | Colony
All of them haha
On a more serious note, CLY toke allows you an exposure to the entire Avalanche ecosystem 🔺
and all the value created from Colony’s investments is routed back to the community
We’re a one of its kind mechanism, it exists nowhere else in the crypto ecosystem :)
so the mechanism as a whole is pretty unique
Kuen Shahi | Avalanche
I guess the community members have got an idea now that Colony is all about its community so on that note I would like you guys to follow Colony on all the socials before be dive into round three
Here we move ahead with round three, were the community members will be asking their question in the group
Time for the community members to share their question
Telegram Questions
THOR dm u first || O3 whale |
Is there any big update coming ahead in future?
Wessal | Colony
we just announced our very first airdrop of Imperium empires! it will happen the 31 of December but people will start staking today (because there is a 20 minimum staking period)
We are thrilled to announce our very first Airdrop Imperium Empires on December, 31st!
20 days stacking snapshot starts in 10 hours (00:00 UTC, December, 11th)
Start staking now to access the airdrop! 🔥
About Imperium Empires: 🪐👽
It’s the world’s First AAA GameFi 2.0 Space Metaverse! 🎮
A game where players command a fleet of spaceships (each of which is an NFT) to conquer regions in the vast metaverse and build their empires!
Kunaal
The crypto market has expanded rapidly, many sectors and new technologies have been incorporated in combination with the traditional one, which are the strongest competitors that CLY has and how can they develop in that regard?
Wessal | Colony
We have no competitors, we are a first of its kind project in the crypto space :)
Hunny
Is the token $CLY used primarily to govern the decentralized Colony Lab? Is $CLY used to vote and decide on the outcome of this project?? Apart from this, Can $CLY be staked within the protocol to provide security/insurance to the protocol/depositors.?
Wessal | Colony
Yes to all that, to govern, to vote and you can stake it!
Samoilova
Due to the many hacking issues nowadays, people are constantly checking the safety and security of any project. How safe is your project? How did you confirm that it was safe?
Wessal | Colony
We’re being audited! and security is our main focus before anything else :) We want to offer the best value proposition to our community
Ole
Where can I get all the latest news? Is there a Twitter / Telegram / Discord community? If yes, there are a lot of fake telegram / Twitter groups, can I share the link here?
Wessal | Colony
Website : https://www.colonylab.io/
Global : https://t.me/colonyavax
Turkey : https://t.me/ColonyTR
Announcement : https://t.me/COLONY_Announcement
Twitter : https://twitter.com/Colonylab
Medium : https://medium.com/@Colonylab
Kuen Shahi | Avalanche
It was a please to have you here :) @W_Err_1
Wessal | Colony
It was a pleasure to be among you today! :)
and would love to see you among our community members to stay tuned on our airdrops and upcoming rewards
About Colony
Colony bridges traditional finance and Defi to empower value creation on the Avalanche network, to be driven by its Community. As Colony has grown behind the scenes, we are thrilled to present and ultimately apply these principles to the Avalanche ecosystem. The IDO is scheduled for Q4 2021.
About Avalanche
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality. Avalanche is blazingly fast, low cost, and eco-friendly. Any smart contract-enabled application can outperform its competition by deploying on Avalanche. Don’t believe it? Try an app on Avalanche today. www.avax.network
