AMA Recap: SuiPad
Date: February 2nd, 2023
Host: Skinny G
Guest: Joe Wan- CEO & Co-Founder
Hello, Raccoon family and crypto enthusiasts!
We recently hosted an AMA with SuiPad. Here’s the AMA transcript for those who missed the live session. We sincerely hope you have as much fun reading it as we did while running the AMA!
Introductory Questions
SkinnyG | DeFiRaccoons: Hope you are all ready #raccoonfam! Today we’re having another educational AMA with Joe Wan from SuiPad! As you know there will be 2 parts, the muted part where me and Joe will be talking about SuiPad in general as well as the latest news and updates! Then we’ll unmute an have the community ask questions and some winners will be chosen. We’ll also choose some twitter questions while we’re at it. A total prizepool of $100 (2 live chat and 2 twitter qs will be winning $25 each).
So Joe, without further ado, can you please briefly tell us who you are and what your role at SuiPad entails?
Joe Wan | SuiPad: I’m Joe, The co-founder & CEO of SuiPad. As a business builder, my role is mainly focused on Business Development, Financing, Fundraising, Marketing, and leading the whole team at SuiPad.
SkinnyG | DeFiRaccoons: A very important role indeed! Do you originally come from a background in Business and finance before making the transition into web3?
Joe Wan | SuiPad: Yes, I’m a business builder and have been building a few traditional businesses prior to getting into web3.
SkinnyG | DeFiRaccoons: Fantastic so we can see you are well versed in building successful businesses! Moving onto SuiPad, could you give the raccoons the infamous elevator pitch on what SuiPad stands for and what its purpose is in this crypto space?
Joe Wan | SuiPad: SuiPad is the first IDO Launchpad on the world’s fastest blockchain — Sui Network. We aim to become the №1 Go-to launchpad on Sui that will onboard hundreds of tier-1 projects and millions of users in long term.
SkinnyG | DeFiRaccoons: Sui does seem to be a very promising L1! Being the first IDO will be a massive step for bringing more projects onto Sui for sure!
Can you tell us about who’s on the team at SuiPad? Our community loves to know who is on team as this is the group of people who drive a project to success!
Joe Wan | SuiPad: Me and my co-founder Daffy were working in several CEXs (Phemex, Digifinex, XT exchange) prior to building SuiPad. Our role was Listing Manager and basically, our bread and butter were to source tier-1 projects for token listing and IEO launches. In total, we have helped more than 100 projects to raise millions through launchpads.
Our team is well-connected with incubators, accelerators, top VCs, marketing agencies, market makers, and CEXs. While our CTO David Tilser is the Head of Blockchain in Cleevio, and he has built multiple dapps including successful launchpads on other chains.
SkinnyG | DeFiRaccoons: So the team at SuiPad aren’t here to play around I see! Great to see teams which consist of experienced team members. If I may ask what brought you to moving away from CEXs?
Joe Wan | SuiPad: Me and Daffy are entrepreneurs by nature, I guess it’s in our DNA that we love to build businesses so after having enough experience with CEXs launchpads, we are here to build SuiPad :)
SkinnyG | DeFiRaccoons: Love to hear it, especially after the past year and CEXs proving to cause more harm than good for the industry I guess it was a perfect time to make the transition also.
So Joe, while looking into SuiPad I was actually introduced to Sui itself. It does seem to be a very promising L1 in the future as it has great tech backing it. Could you elaborate to us here at DeFi Raccoons as to why you have chosen to build a launchpad on Sui? Also if you have some alpha or news on the Sui ecosystem and what is being built on it could you also share that with us?
Joe Wan | SuiPad: Sui chain is known to be the best chain for NFT gaming and metaverse thanks to its incredibly fast speed, high scalability, and low latency, it enables each successful transaction to almost instantly get a certificate of finality. As we are mega bullish on the future Web3 gaming and metaverse, we believe that Sui chain is the best chain to onboard billions of users from Web2 to Web3. And by building a launchpad on Sui, we will be the onboarding layer for both projects and users.
As for the alpha or news on Sui ecosystem, tho it’s still quite early for the ecosystem, we have seen many great projects start to build on Sui, our partners like Sui Name Services (the domain services on Sui), Cosmocadia (NFT gaming), Aftermath (on-chain DEX with CEX features) and many others are already showing a good sign that Sui chain is positioning very well to attract the top talents in Web3 to build on the chain. We will release more info about our official partners in Sui in near future, so be sure to follow our social channels :)
SkinnyG | DeFiRaccoons: If I for example would like to make the transition to Sui and start looking at what the ecosystem has to offer, what wallet would I need to use in order to do so? Or does metamask and the current cold wallets support what is being built on Sui?
Joe Wan | SuiPad: Metamask hasn't announced if they are integrating Sui chain, so for now It is advisable to use Sui Wallet, Ethos, Suiet, and Onekey as these are our trusted partners :)
SkinnyG | DeFiRaccoons: Will need to get myself a Sui wallet after the session for sure!
While looking more in depth at SuiPad I see that you have introduced something quite interesting for IDOs, called SuiPad shield. Could you please go into detail about SuiPad shield and how it will change the future of IDOs?
Joe Wan | SuiPad: As we can see from the past two years, IDO launchpads are doing very well in bull market but have yet to show strength in bear market. Many of the IDO failed and the project token price falls below the IDO price after a few days of listing. This actually hurt the IDO participants.
That is why we are introducing SuiPad Shield, the Insurance protocol which users can purchase to get their capital covered. The insurance fee will be sent to the SuiPad Shield Pool. The SuiPad Shield Pool will then cover any potential loss of the user’s principal capital for the next 7 days — on the 7th day since the IDO launch if the average peak price of the project tokens is lower than the IDO price, the SuiPad Shield Pool will cover the differences to the user, so the user’s principal capital is well protected. If the insurance pool is not sufficient to cover, SuiPad will use the fund's escrow from IDO to cover the difference
We want to make sure user’s principal capital is well protected.
SkinnyG | DeFiRaccoons: That was huge issue which I noticed during 2021, projects and influencers would create massive hype surrounding an IDO and getting lots of users to buy into the project once it has launched only for whales and other users to tank the price. With regards to the insurance pool, is it an additional cost which participants need to pay before taking part in the IDO?
Joe Wan | SuiPad: Yes the insurance fee is 15% of the allocation size, to keep your peace of mind :) We keep our insurance feature optional so users can choose whether they want to get covered.
Eg: if your allocation size is 300usdc, the insurance is 45usdc to protect your capital :)
SkinnyG | DeFiRaccoons: That really does make a big difference by bringing peace of mind to participants during the bear market for sure! To be honest I would gladly pay the 45usdc to help me sleep and night and not watch charts 24/7.
While on the topic of IDOs could you explain how the process works? Is any new project allowed to launch a token on SuiPad?
Joe Wan | SuiPad: Our selection criteria are rigorous and thorough, and will only select projects with the highest potential with the most innovative teams.
These are criteria that we look at:
- Team experience and market knowledge
- Backers
- Go-to-market strategy
- Social channels
- Community engagement
- Product innovation
- Tokenomics
- Utilities
- Security
- Roadmap
The whole due diligence process will be done by SuiPad council, a team made up of SuiPad team members, VCs, and analysts.
SkinnyG | DeFiRaccoons: So from what I can see you are trying to prevent users from being exposed to possible rugs right? Would the SuiPad council consist of external parties as well?
Joe Wan | SuiPad: That’s right, SuiPad council does consist of various third parties like VCs, MystenLabs, and analysts that we carefully choose so we will make a balanced and fair decision.
SkinnyG | DeFiRaccoons: Very nice to see that multiple different viewpoints will be involved in the council, just helps to add that extra layer of trust for us all! I see that you are planning on launching a token $SUIP. As you will be having a TGE for $SUIP in the future could you give the Raccoon family some information on the tokenomics that will be available during the TGE as well as briefly explain the benefits and utilities that the holders of $SUIP can expect?
Joe Wan | SuiPad: We will launch an IDO for our native tokens $SUIP on SuiPad at the initial market cap of $606,000 with FDV as low as $6mil, with a vesting schedule of more than one year for private investors. (more info here: https://docs.suipad.xyz/)
$SUIP stakers can participate in all the IDOs on SuiPad, and can collectively decide the future of SuiPad by governance voting. And we have an Alpha here for DefiRaccoons: We have plans to launch SuiPad Academy in Q3 which is a coding boot camp that promises to turn anyone into a Sui Developer via our 10 weeks coding program. $SUIP tokens will be used as the currency for the boot camp fees. We haven’t announced this as we are still structuring it :)
SkinnyG | DeFiRaccoons: Can definitely count me in for that bootcamp for sure! With reference to the $SUIP stakers is there a specific threshold of tokens a user needs to have staked before they are allowed to participate in the IDOs? Or can any holder who stakes their tokens be involved in the IDO?
Joe Wan | SuiPad: We have a fair tiering system that let stakers get allocations based on how much $SUIP tokens they stake on SuiPad. More info about the tiering system will be announced once our $SUIP IDO is near!
SkinnyG | DeFiRaccoons: Will start getting myself ready for that!
While going through your website I see that SuiPad has two other divisions, namely Sui Tank and Sui Ventures. Could you please give the Raccoon Family an explanation of what services you offer at them and how a project goes about joining your Incubator programme?
Joe Wan | SuiPad: SuiPad Ventures is the investment arm of SuiPad and will operate similarly to how other VCs do. We will invest in promising projects as early as the pre-seed round together with our VC connections but of course, the due diligence will be even stricter. Any projects can apply to SuiPad Ventures.
SuiTank is the Shark Tank equivalent pitching show but in Web3. How it works is we will invite promising projects and VC panelists onto SuiTank show, and the project owners will pitch within 3 minutes and VCs will start to drill into details right on the spot the VC will decide whether or not they will invest in them.
SkinnyG | DeFiRaccoons: So you and Daffy really are entrepreneurs! I’m a big fan of shark tank, what’s the chances you start a TV show ?
Joe Wan | SuiPad: That's always our ultimate goal! You never know if one day we will air the show on TV :)
SkinnyG | DeFiRaccoons: I think that would be amazing and honestly I’d love to come onto it if it does come into fruition.
What partnerships do you currently have, and what value do they bring to the project both short-term and long-term? Have you gone through any pre-seed or series A fund raising yet?
Joe Wan | SuiPad: As a Launchpad, the partnership is one of the most important elements for our long-term success. We have partnered with most of the project's building on Sui : wallets, NFT gaming, DeFi, Dex, SocialFi, as well as top CEXs, Security service providers, Market makers, top VCs, and even other Launchpads for deal flow sharing. We are raising Seed and private round now, and are already in talks with many VCs, but what is more important for us is to choose the best-suited VCs that can add value to our ecosystem, and we are carefully evaluating it.
SkinnyG | DeFiRaccoons: Look forward to hearing the news when you do choose the right VC Joe, it is a very important decision to make! What are the major milestones you’re planning to achieve in 2023? Can you tell us more about your roadmap?
Joe Wan | SuiPad: In 2023 we want to launch a successful IDO for $SUIP and top projects and Sui, to air our SuiTank show, to launch INO (Initial NFT Offering) Launchpad, and to launch SuiPad Academy. All these will be spread out strategically in terms of the timeline so that we focus on one thing at a time and make sure every product that we launch will be successful.
Feel free to follow us on Twitter and Discord to get the latest updates! We are rewarding early loyal community with lots of perks. :)
SkinnyG | DeFiRaccoons: So 2023 is going to be a MASSIVE year for SuiPad, we here at DeFi Raccoons will be watching closely as you are bringing something special that the industry needs!
Twitter Questions
Q1: Popular launchpads such as MakerDao or Polkastarter are known for offering their services to multiple chains. Considering this, would SuiPad evaluate the possibility of extending to other ecosystems in the future besides Sui? Why or why not? What is your vision?
Joe Wan | SuiPad: For now we want to stick with Sui chain as we truly believe in Sui vision in long term. Also, MystenLabs team has been giving a lot of support and assistance to us and our ecosystem, so we would rather attract and convince projects on other chains to build on Sui, instead of us moving to other chains.
Q2: Regarding SuiTank, How does the interaction between entrepreneurs and crypto tycoons shape the future of crypto projects and investments? How important is identifying and addressing weaknesses and faults in a project during pitch meetings?
Joe Wan | SuiPad: The project owners (entrepreneurs) will be given 5 minutes to pitch their project, and then VC will start to ask questions related to their product innovation, their tokenomics, their team background, etc. This will be useful for our audience to study how each VC study a project and what criteria they are looking at. And SuiTank is more into education than anything else
Q3: What is the role of governance in the functioning of SuiPad Shield and how does it ensure the decentralization and transparency of the insurance process?
Joe Wan | SuiPad: The SuiPad Shield wallet address will be public and everyone can track and trace the transaction. Whenever anyone feels that the insurance pool is not being used accurately, $SUIP token holders can create a proposal under our governance page and raise the issue. Of course, in terms of security, we use a cold wallet to hold the insurance funds.
Q4: Currently, many launchpads now use a strict tier/hierarchical approach to control IDO events and ensure fair allocation for its users. Will a tier system also be incorporated on the SuiPad? If yes, could you discuss the tier system?
Joe Wan | SuiPad: Yeah, we have a tiering system that decides the allocation size based on the number of tokens staked in our platform. For now, we are carefully assigning the weightage for each tier with our advisors but you can expect the more $SUIP tokens you stake, the more allocation you get. The confirmed weightage will be announced once our IDO is near.
Q5: Knowing that there are currently multiple “Launchpad” platforms in the crypto space where there are “latent risks in project fundraising”, therefore, how will SuiPad differentiate itself from these and how will it ensure that projects can take full control of their fundraising?
Joe Wan | SuiPad: We have strict criteria to onboard projects onto our launchpads, one of the clauses is SuiPad will hold escrow the funds for 7 days, to make sure there is no rug pull/hit & run situation so we can protect our IDO participants.
Live Audience Questions
Q1: Where can I currently buy $SUIP token?
Joe Wan | SuiPad: $SUIP tokens are not available anywhere right now. If anyone offers you to buy $SUIP tokens, it is 100% scam! Keep an eye on our Twitter and Discord for IDO announcements. Stay safe!
Q2: Do you allow suggestions and feedback from the community? Are we allowed in decision making, do you put the community into consideration??
Joe Wan | SuiPad: Yes definitely. The community is at our core. We will have a governance voting function where $SUIP stakers can create proposals and vote. As you can see from our tokenomics, we allocated 20% $SUIP in DAO treasury and the community can decide how we use this 20%.
Q3: Can you please tell us what is the competitive advantage of your $SUIP project?
Joe Wan | SuiPad: We set ourselves very differently from other launchpads. First, we have an insurance protocol that covers your capital next, we have SuiTank which will help us gain lots of exposure and attention. Then, we will have SuiPad Academy add utilities to our $SUIP tokens because the boot camp fees are all in $SUIP currency.
Q4: In the SuiPad roadmap there is an item referring to a “Founders Pass NFT Collection”. Can you tell us about them? What are your plans with this collection of NFTs? What important role will they play in the project? What will be the benefits for the users who decide to buy them?
Joe Wan | SuiPad: Yeah, Our Founder Pass NFT collection will be released sometime in Q3 and it is for users to participate in our INO Launchpad, separately from IDO. On top of that, Pass stakers will enjoy zero fees when they trade NFT on our marketplace.
Q5: How can we trust your project and believe you are not a SCAM project? Are there so many rage-pulling and exit SCAMs happening these days?
Joe Wan | SuiPad: I agree with you that there are many scams out there. That is why we are here not just to launch projects but also to act as an educational medium via our SuiTank and SuiPad Academy. You should always look at different metrics to make sure the project is not a scam. Study their founding team background (LinkedIn or other professional socials), backers, VCs that back them, and their product, and talk to the team and test their knowledge in whatever they're building.
SuiPad
Discord: discord.gg/suipad
Twitter: https://twitter.com/SuiPadxyz
Website: https://suipad.xyz/
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