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GAINS Associates

Spice — Telegram QUIZ & AMA — December 12

On Saturday, December 12, we had the pleasure to welcome to our Telegram chat:

Rick Mortensen, BD & Partnerships Lead,
Prince Valium, Comms Lead.

We asked them questions about the development of Spice.

Some sentences have been slightly edited for readability but the meaning has been conserved.


SCIFI is an index token, curated to give exposure to vetted small and mid cap projects.

SCIFI is the collateralized index, while SPICE is the governance token enabling the DAO.

Spice plans additional index products as well as distribution partnerships.

Spice has some big names on its Galactic Council such as GAINS Associates & Scott Melker.


Q — Alex Raffin from GAINS: Please tell us about yourselves: What did you do before crypto, how did you get into crypto and did you have any other venture in crypto previous to being involved with Spice?

A — Rick Mortensen from Spice: Hey everyone, Rick here, I lead business development and partnership at SPICE and SCIFI. I have been in the broader crypto ecosystem full-time since 2017. I have a background in finance and I am a huge believer in index products as a gateway for investors. The reason why I joined the spaceship to build SCIFI.

A — Prince Valium from Spice: I got into crypto in 2017. To be completely honest with you, I was one of the poor devils who jumped on the train way too late during the hype. Before entering the space, I was working in online marketing and had a client from the crypto space. Before that, I spent 10 years building and scaling tech ventures in different industries.


Q — Alex Raffin from GAINS: What’s Spice about in a few simple sentences?

A — Rick Mortensen from Spice: SCIFI is an index token, curated by industry experts that gives exposure to vetted small and mid-cap projects. SCIFI is 100% collateralized by these tokens. We believe it’s super hard to pick those. Hence, we are creating a product people can get exposure to in this part of the market. SCIFI is governed by SPICE token holders.

SPICE is a governance token. 2.5% of SPICE is always included in SCIFI. Hence, there is a demand for SPICE, impacting token economics. At the same time, this enables us to make SCIFI without any fees. Everybody benefits, SCIFI investors and SPICE holders. SPICE is supported by the senators, a group of the most recognized KOLs in the industry.

Q — Alex Raffin from GAINS: Is it a decentralized fund?

A — Prince Valium from Spice: Yes, exactly. There is a degree of centralization in the start, as with every project, just to get it going. The target is to develop a community-driven fund that is supported by leading experts in the space. We are really looking forward to seeing how it unfolds and which decisions the DAO will take.

Q — Alex Raffin from GAINS: Makes sense. That’s usually how things go: centralized start evolving into decentralization/DAO.

A — Rick Mortensen from Spice: Yes, good learnings in the past. Can’t start off with a DAO from day one. Huge security issues but also the product won’t develop fast enough.

Q — Alex Raffin from GAINS: What is the token use case and what parameters will holders be able to vote on?

A — Prince Valium from Spice: We envision that the SPICE DAO will have the power to vote on 3 core topics: The composition of the Galactic Council, the SCIFI index as well as any other indices to be launched in the future, and finally how to employ the project treasury. The role of the DAO will likely also evolve over time as learnings are made and input from the community leveraged.

A — Rick Mortensen from Spice: Tokenomics are very straight-forward with SPICE:

SCIFI does not charge fees but always contains 2.5% of SPICE. The bigger SCIFI grows the more demand for SPICE and hence a value increase.

Q — Twitter user Alicewonder1202: The tokens $SCIFI and $SPICE are both part of the platform. What are the differences between the two and why are both necessary?

A — Prince Valium from Spice: Exactly, SCIFI and SPICE are comparable to an ETF and shares in the ETFs of the issuing organization. SCIFI is the collateralized index, while SPICE is the governance token enabling the DAO. In the future, there will likely be more index products coming out that the DAO can decide about and shape.

Q — Twitter user AndryZara: In the event of a sharp drop in one of the investment assets in your SCI Finance basket, how quickly will it be replaced? How flexible are your tools to make these decisions quickly?

A — Rick Mortensen from Spice: In principle, we are rebalancing the basket on a monthly basis. Exclusion from tokens though can be executed without obeying strict timeframes and rapidly, requiring multisig approval from different stakeholders.

Q — Telegram user Capital Goods: Who can buy $SPICE to control $SCIFI?

A — Prince Valium from Spice: Anyone! SPICE will be available on ERC20 DEXs and can be accessed freely.

Q — Telegram user Hey Alya: I’m curious about why you named your whitepaper darkpaper?

A — Prince Valium from Spice: It’s just a play on words and we felt that it falls nicely in line with the space narrative. 😉

Q — Telegram user Emi 💌: SCIFI is a community-driven project that will be fully governed by the holders of the $SPICE token. Will holders be able to vote on all SCIFI parameters or will there be some parameters that will be maintained by developers?

A — Prince Valium from Spice: No, not all parameters will be up for a vote. That would not be in the interest of the SPICE DAO. Some things pertaining to the basic functioning of the product and security should be a prerequisite. However, the DAO will have far-reaching powers regarding the design of future indices, the composition of the council, and what to do with the treasury.


Q — Alex Raffin from GAINS: How many people are on the team? For how long have you been working on Spice?

A — Rick Mortensen from Spice: SPICE is not only on the product level decentralized but also in the people behind it. Now, to be fair, still centralized in its structure, we are two good handful of people who dedicate full time or a meaningful amount of their time to it. We set this up though to transform into a DAO soon. So I expect the community to take over different roles we are currently managing from the core team.

Q — Telegram user John Coman: How can people become members of the Galactic Council? You have some rather big names out there such as GAINS Associates & Scott Melker.

A — Prince Valium from Spice: We initially install the Council. The members are chosen for their expertise in the space and their reach. In the future, we envision this process to be DAO driven so that the community has a say in this. Generally, anyone can become a council member, but the DAO will decide on their value add to the project.

A — Rick Mortensen from Spice: Mission control helped to onboard the first Senators to the ship. Over time, we are decentralizing the selection process and handing over this to the SPICE token holders.


Q — Alex Raffin from GAINS: Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?

A — Rick Mortensen from Spice: Yes, we closed a private sale. These tokens were distributed after the public sale, the Big Bang. The Big Bang was a DEX listing on Uniswap. All raised funds from the Big Bang were used to mint SPICE (buy the underlying constitutes).

Check out the Big Bang mechanism, it’s pretty novel. We are creating liquidity boosts which are limit orders. We expect to create solid price floors with these.

Q — Twitter user @KathDM3: Since SCIFI does not accrue fees or charge management fees, what is the source of income for SCIFI?

A — Rick Mortensen from Spice: SCIFI is the first product of SPICE. SPICE holders benefit from the growth of SCIFI as SPICE is part of the SCIFI constitutes. The source of income is the token value appreciation instead of charging SCIFI holders a management fee and by this offering a great product.

Business Development

Q — Alex Raffin from GAINS: What stage is the project/product at?

A — Prince Valium from Spice: The product is finished, tested, audited, and live. As Rick mentioned, the funds raised from the public sale were used to buy the underlying assets, thereby minting $SCIFI. The SCIFI token went live after the public sale.

A — Rick Mortensen from Spice: Check out the audit here.

Q — Telegram user Suga: What milestones would you like to achieve with Spice and what are you focusing on in the coming year?

A — Rick Mortensen from Spice: In 2021, we plan additional index products as well as distribution partnerships.

Thanks for your time and for giving us more details about SCIFI guys! I really like the idea of having access, without any fee, to a fund with picks from industry experts. If you don’t have much time but want low/mid caps exposure, it’s pretty cool :) Is there anything else you’d like to say? Where can we follow you? — Alex Raffin from GAINS

This was a lot of fun! Thank you so much for having us here and we are super psyched to have you and Lotfi on board as senators!! — Prince Valium from Spice

Try looking into that place where you dare not look! You’ll find me there, staring out at you! Keep up to date with all the upcoming mission-critical information for SCIFI Finance: Telegram chat, Twitter, Medium and Website. #TheSpiceMustFlow — Rick Mortensen from Spice

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