Poly Network AMA Recap With Cook

The DeFi Index platform, Cook(@cook_finance), was invited to Poly Network (@PolyNetwork2) AMA，taken place on 23 December in the Poly Network Telegram Community. From the Live AMA with Adrian Peng, CEO at Cook, this recap fully grasps the information discussed during the AMA.

GUEST INTRODUCTION

Moderator: Poly Network is a groundbreaking heterogeneous interoperability protocol alliance, which has already integrated Bitcoin, Ethereum, Neo, Ontology, Heco, BSC, OKExChain, Arbitrum, Polygon, Elrond, and Cosmos-SDK, and aims to build the foundation for Next-gen Internet (NGI) by enabling greater integration, cooperation, and innovation. Since the launch, the protocol has reached total trade volume of more than $15 billion USD involving more than 294K cross-chain addresses on different blockchains.

Adrian: Cook is basically a DeFi Index platform. Our goal is to create a platform that makes it easy for anyone to get into the world of crypto through indexes. Especially for those who are new to crypto, going through the thousands of tokens and picking individual ones to buy is challenging. You can check out a view of the platform here and see it live at app.cook.finance
Cook was created to take the guesswork out of picking cryptos and make it easy to just get a basket of cryptos in one single index with broad diversification & exposure. So for example if there’s an area of crypto that you want to get into you can get an index for that like a Metaverse index that is composed of the top projects like SAND, DECENTRALAND, ect. Or the Avalanche Ecosystem Index that is made up of the top AVAX projects like Trader Joe, Yield Yak, Pangolin, ect.

QUESTIONS AND ANSWERS IN LIVE AMA

Q1:So I saw that you recently launched Cook on Avalanche. That’s great! Can you tell us more?

Adrian: We just launched Cook on Avalanche! Cook is the first ever DeFi Index platform on Avalanche which is amazing and so many in the ecosystem are very excited about it. We actually made this announcement when our team was exhibiting at the DCentral Conference in Miami just in the first week of December. It was a great experience to tell so many people first hand about this launch and we got so much good feedback from the community.

Q2:What are the benefits of indexes and what are the ones available on Avalanche?

Adrian: Just like in the traditional finance world indexes provide broad exposure to a basket of assets that over time generally out performs individual asset picking. Currently there are quite a few interesting indexes on Cook within the Avalanche world including these three.

Avalanche Ecosystem Index — Consists of AVA and top 6 avalanche native projects including Trader Joe, Wonderland, BenQi, Pangolin, Yield Yak and Penguin Finance

Yield Bearing Mega Cap Index — Consists of yield bearing wrapped ETH and BTC

Yield Bearing Stablecoin Index — Consists of yield bearing USDC, DAI, USDT and MIM

The Yield Bearing indexes are particularly great because users can generate 2 yields (Yield Yak APR + COOK farming rewards) which can be 80%+

Q3: What utility does the $COOK token have on your platform?

Adrian: The COOK token is a governance token that allows token holders to shape the future of COOK protocol. The token holders can submit proposals and vote to start incentive programs to grow the ecosystem, improve the governance structure, and upgrade the platform. In the future once Cook turns on the platform fee, COOK token stakers can share part of platform revenue as well. You can check https://cook-protocol.medium.com/cook-tokenomics-2-0-944827645580 for more information about Cook tokenomics.

Q4: Why did Cook choose Poly Network among others for partnership?

Adrian: Poly Network is a great platform for bridging tokens across different chains and provides one of the easiest ways to do this for users of Cook. We constantly get asked how to bridge and we always refer to Poly Network as the best solution. Since Cook is a platform built with a focus on multi-chains, Poly Network provides a great fit.

Q5: Any exciting plan for future developments？What shall players expect?

Adrian: We’re all about making the user experience as easy as possible so our focus right now is on improving that experience. We’re working on several new areas that will really make it even easier for a broader audience to get into DeFi Indexes. Additionally to expand reach we’re also looking to launch on additional chains to provide even more access to the Cook platform!

AMA EVENTS TOP QUESTIONS

Note: 15 questions were chosen and answered by the AMA guest during the 3 AMA Events, with a total of $500 AMA Rewards to be distributed.

Q1: I noticed that there are 2 tokens in the Cook protocol, what are the differences between the COOK token and the ckToken? Do the COOK token and ckToken holders have an advantage over each other?

Adrian: COOK token is governance token and COOK holders can use their COOK token to propose and vote to shape the future of Cook Finance. ckToken is basically an index token. Every index has its own ckToken to represent the ownership of the index. Whenever users invest in an index, they get a certain amount of corresponding ckTokens which can be used to redeem the underlying assets of the index in the future.

Q2: Can you elaborate more on ckToken? ckToken is an LP token that represents the ownership percentage of an investment fund. Does this mean we have to invest first to have ckToken? If the ckToken is traded, does this mean there will be transfer of ownership?

Adrian: ckToken is basically an index token. Every index has its own ckToken to represent the ownership of the index. Whenever users invest in an index, they get a certain amount of corresponding ckTokens which can be used to redeem the underlying assets of the index in the future. So when ckToken is transferred, the ownership of corresponding percentage of the index get transferred to the recipient as well

Q3: Cook Protocol have Cook Indexes and feature name with Mega Cap Yield Bearing. How does this feature work ?

Adrian: As I mentioned earlier, yield bearing index will put underlying index collaterals to yield aggregators to generate extra yield for users so that users not only have exposures to index components, but also get returns from yield farming.

Q4: Do you have a Token Burning plan to increase token value and attract investors to invest?

Adrian: Yes, whenever we turn on the platform fee, part of platform fee will be used to buy back & burn COOK.

Q5: I see that Cook offers us many benefits, among them, lower transaction fees, how does your fee sharing system work to end up saving us these costs? Is it available for all blockchain?

Adrian: We developed a feature named batch issue which allows users to pool their funds together when they invest in an index. This allows them to share the gas costs which is especially important for the Cook Platform on Ethereum. But we will make it available for other layer 1s as well

Q6: Can you tell us about your team members? are they qualified and professional in their fields? what are the recruiting qualifications for team members for your extraordinary project?

Adrian: The team behind Cook

Top notch universities like Stanford, UC Berkeley, Carnegie Mellon, Cornell

Top companies like Google, Dropbox, Morgan Stanley, Gemini

The team has both extensive technical development expertise and deep understanding of finance knowledge. And we all truly believe in passive investments like index funds. Our related experiences and having a similar vision for the future of DeFi indexes aligned us to develop Cook Finance, the revolutionary decentralized index funds platform.

The AMA with Cook was pleasantly concluded. We have one more AMA scheduled this week. Please stay tuned!

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