AMA Session with Joseph Kim from AlgoBlocks
Guest : Joseph, Founder of AlgoBlocks
Miranda: Today, we’re honored to have Joseph Kim, Founder of AlgoBlocks, in our community to give us a more intuitive introduction to their unique project.
Hey Joseph, would you like to tell us little bit about yourself?
Joseph: Hi there. I’m Joseph, the founder of AlgoBlocks. I’m happy to connect with the MEXC community today.
I come from a background in both crypto and alternative investments. I was the head of advisory at a leading crypto exchange in Hong Kong and also a fund manager backed by Goldman Sachs and European pension funds in a past life. Being in alternative investments, crypto was always an asset class that fascinated me as it’s how I would want to build financial services, from the ground up.
⚙️ I’m building a solution to enable anyone to use DeFi products seamlessly, easily and intuitively to trade and increase their crypto wealth.
Thank you so much for having me and giving me the opportunity.
Please follow us on our social media channels to get the latest updates and participate in events: https://linktr.ee/algoblocks
Question about the project
Miranda: What is Algoblocks? Can you share with us more in detail?
Joseph: Sure. ✅ We are creating a middleware layer that is augmented by an extremely streamlined and intuitive user interface to enable any user to interact with our wide suite of DeFi products that we help connect to us.
Secondly, one of our strongest value propositions is that ✅ we simplify and streamline the experience of interacting with DeFi products to make trades
In addition, ✅ We will provide unlimited pre-programmed strategies and workflows at your disposal. We also provide a dashboard to consolidate your positions and tokens from various Dexes and products into one unified view — in which you can also interact with your positions.
✅ Lastly, we are built on a sophisticated tech stack that enables liquidity aggregation, faster trading and better pricing.
So how are we different or better?
📝 The breadth of the DeFi products on hand, the range of activities that are supported and the highly streamlined user flows to trade with DeFi products that can be templated and automated are what sets us apart from the other products in the market.
Just one more thing
We believe in creating opportunities for everyone. Hence, 👫 from a business perspective, we invite our users to put together and publish their own user flows to access DeFi products to share with other community members. The publishers will also have a chance to earn from their contribution whenever their template is used by others on Algoblocks.
Miranda: Can you tell us what triggers you to Algoblocks? What are some of the real-world problems/ pain points that Algoblocks aims to solve?
Joseph: Our drive to build this is anchored on 1 major observation and a huge pain point attached to it
Firstly, 💡 we believe DeFi is disruptive to the traditional financial ecosystem as well as crypto. We love to see hundreds of new DeFi projects come out every day to solve a pain point that is not addressed by traditional finance. This is a huge market that has been growing exponentially and will continue to do so
🤯 However, one of the gap that we have identified — and one of the strong drivers for us to create AlgoBlocks is the scalability issue of DeFi projects due to the pain points that the everyday crypto user faces when they try to use these Defi products. Based on our research and discovery, we found that even simple tasks like bridging and staking are intimidating for most crypto users.
We would like to reduce this friction for usage and adoption.
💻 By providing a seamless interface with a smooth middleware that connects with other DeFi projects, we hope to contribute to the growth of the overall DeFi market.
Miranda: Sounds very ambitious👊👊
Joseph: Yes indeed and we like solving huge problems ;)
Miranda: Now can you tell us more about the native token-$ALGOBLK, what’s the role of $ALGOBLK in Algoblocks and its tokenomics?
Joseph: Sure. ALGOBLK token will have several utilities that will be enabled over time.
Initially, ✔️ ALGOBLK token will be used to pay trading fees, deployment of trading strategies (later stage), staking and rewards. Voting ( community users will be voting on which strategies to be deployed based on their performance).
🌎 Later on, our project will enable ALGOBLK to be used as an “Universal Gas Token”. Essentially, you can use our token to pay for transactions on any chain given we will handle having the right gas tokens at the back end. E.g. You wont need a purse full of MATIC, BNB or ETH separately all the time to interact with different chains. We save you from all that hassle.
Miranda: Are there any exciting news or updates with regards to Algoblocks that you would like to share with the users?
Joseph: Sure. We’ve been hacking away night and day and we can share some highlights of what we are doing right now and what we have achieved
🖱 We have completed our clickable demo and we will be showcasing it to our followers on our social media channels within the next 7 days. Stay tuned for our series of announcements where we showcase the potential features and the look and feel of the platform.
🔥 Our community has grown exponentially. As of now, we have roughly 30.4K followers on Twitter, 39k Followers on Telegram, and 17,221 Members on Discord. We hope to grow this to an even higher number, leading up to the TGE and beyond.
🚀 We are also in discussion with various launchpads and exchanges to add more liquidity to the token at launch. We *may* offer our selected group of followers to purchase our tokens before the IDO and IEO. This will be subject to market demand and conditions.
Miranda: Now our 5th Question: If you were to summarize your project in ONE word, what would it be? Why?
Miranda: can you explain why?
Joseph: The reason being, 🧭 Our mission is to make your interaction with a DeFi product or multiple DeFi products, seamless and easy.
Q1. Do you have any plans to attract non-crypto investors to join your project? Because the success of a project attracts more investors who haven’t yet entered the crypto world. What are the plans to raise awareness about your project in the non-crypto space.
We have plans to attract non-crypto investors to use our product. I might have to politely disagree that the success of a project is a factor of attracting not just newbies into the crypto space but also existing crypto investors in the market. We have a plan to strike strategic partnerships with exchanges and various fiat to crypto on ramp providers who are the first vectors that this target market would interact when they first buy crypto. However, our main target market in the first phase would be existing crypto investors who are hesitant to get onto defi products due to the pain points we have identified.
Q2. What was your motive behind making your project? @Xcarnival
This was based on our initial observation in the market. The number of unique wallet addresses that are tied to DeFi activity, according to DeFi pulse was about 3 Million. However, if you compare that to Coinbase, this figure stands at 30+Million. Why is that? We realize that there was a significant pain points for existing crypto users to easily or readily trade in the DeFi space. We wanted to solve these pain points to enable anyone to use DeFi products and make this market grow even faster.
Q3. Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I’d like to know who your ideal consumer is for your product?
Our product’s whole premise is to solve a pain point for the community of crypto users who have difficulties using DeFi products freely and without fear as if they would with tools in the CeFi space.
Unlike other crypto projects or even startup projects who tend to build things first and figure out the product market fit, we actually undertook an intensive 3 week research and discovery phase to: identify our target customer persona, hone the pain points that we are solving and identify features that would solve the problems with the most immediate impact with the MVP version of our product. This was done through over 20+ hours of interviews, workshops and questionnaires to gain valuable insights.
The key target user persona is someone who has been in the crypto space (say 2–3 years) who has heard of DeFi products but is risk-averse or cannot afford the time to learn about the technicalities of using different DeFi products to trade. We want to reduce reduce that friction for these types of users to have a soft entry into the DeFi space.
MEXC trading: https://t.me/MEXCTradeofficial