Aladdin DAO x Satoshi Club AMA Recap from 27th of October
Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Aladdin DAO and our guests were @JackGan1234 and @paulnakamoto. The AMA took place on 27 October.
The AMA session was divided into 3 parts with a total crypto reward pool of 500$
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram community
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Aladdin DAO! Welcome to Satoshi Club😀
Our guests today are @shane199
Jonah 🏅🎹 | Satoshi Club: Welcome to Satoshi club guys 👏
Shane: Hello everyone
Mary | Satoshi Club: Welcome to Satoshi Club 👏
Paul Pounendis: 👋
Mary | Satoshi Club: Hello and welcome here 👍
Gary Gan: Hello, I am Gary, nice to meet you all
Paul Pounendis: glad to be here
Mary | Satoshi Club: Happy to e-meet you 😉
Let’s start our AMA 🚀
Could you please introduce yourself and tell us more about Aladdin DAO😀
Shane: I am Shane, one of the contributors of Aladdin DAO,Let me introduce Aladdin DAO for you😊
Mary | Satoshi Club: Sure! Take your time ☺️
Shane: AladdinDAO is a joint effort of dozens of cryptocurrency investment institutions to launch a decentralized asset management marketplace, aiming to change the existing model of venture capital through the mechanism design of cryptoeconomics and decentralized autonomous organization (DAO), incentivize DeFi participants to choose the best liquidity mining projects for community members, and solve the problem of information asymmetry in the DeFi investment field.
and the founding members of AladdinDAO include Polychain, DCG, 1kx, Multicoin Capital, CMS, Nascent, Alameda Research, DeFi Alliance, Robert Leshner, Kain Warwick, Hart Lambur Alex Pack, Ashwin Ramachandran and Sharlyn Wu.
Mary | Satoshi Club: Are you a new project? How long did you develop Aladdin DAO?
Shane: yes,we are new project,we have been prepared for seven months,and our vision is to provide a one-stop shop for liquidity mining services. Using game theory, AladdinDAO builds a win-win marketplace involving DeFi projects, DAOs, and revenue farming participants, with DAOs screening optimal DeFi projects for revenue farming participants while earning governance tokens from DAOs.
Mary | Satoshi Club: Sounds promising 🤗
Jonah 🏅🎹 | Satoshi Club: Yeah.. 👍
Mary | Satoshi Club: Who are in your team? How many team members do you have?
Gary Gan: Our team was build up with many of Defi experts
Shane: AladdinDAO is initially backed by a group of DeFi gurus who are the first “headhunters” of the DAO. These headhunters, fueled by incentives, will build the initial talent structure of the DAO, known as the Boule (committee).
The AladdinDAO Boule serves as a world-class team of experts in the DeFi space, responsible for identifying the most promising DeFi projects and allowing AladdinDAO community members to enjoy the rewards of its liquidity mining program.
Mary | Satoshi Club: Gotcha 👍
Gary Gan: Including many from institutions and individuals like Polychain, DCG, 1kx, Multicoin Capital, CMS, Nascent, Alameda Research, DeFi Alliance, Robert Leshner, Kain Warwick, Hart Lambur Alex Pack, Ashwin Ramachandran and Sharlyn Wu.
Jonah 🏅🎹 | Satoshi Club: How many members does the Boule currently have?
Shane: Currently we have 12 core contributors and over 30 boule members
Jonah 🏅🎹 | Satoshi Club: 👍
Mary | Satoshi Club: Wow! Nice numbers 👍
Thank you for your intro, guys!
We choose 6 questions from our community for the first part of our AMA 🚀 are you ready to answer them?
Shane: yes,we can’t wait to answer them😆
Q1 from Telegram user @Orlemys
“Farm with DeFi Big Brains” is Aladdin DAO’s slogan. Does this mean that this is a protocol meant for crypto/farming experts or does it mean we get a top-notch platform that will raise said big brains? I am new to crypto, so it is important to me to know about these things since I do not wish to invest, and then understand nothing about the platform, so would you elaborate and explain how newbies like me can grow with your project?
Shane: As we said,the essence of AladdinDAO is a group of committee members, identified as DeFi’s first boule. Boule members are nominated by talent hunters and elected via decentralized governance by ALD token holders.
AladdinDAO is a social experiment where the boule members compete to bring the best DeFi yields to the community. Why would they share the best yield farms with the community? Because boule members are rewarded the most when they find DeFi projects that bring the most profits to AladdinDAO’s yield farmers.
Rewards come from ALD tokens generated through the protocol’s liquidity mining program and are measured on a per epoch basis, ensuring that boule members are constantly researching for new quality projects rather than sitting on the returns of their existing finds.Yield farmers could self-allocate any amount they choose to the vetted DeFi projects while also being incentivized with liquidity mining rewards
Mary | Satoshi Club: Is your platform fully live now?
Shane: yes,we are fully live now
Jonah 🏅🎹 | Satoshi Club: So do this prospective boule members undergo any form of screening or verification after nomination before Election is done?
Mary | Satoshi Club: So, can you tell us that your experiment was successful?😀
Paul Pounendis: Yeah!
So the Boule council was released a few weeks ago, and currently we are in our 2nd round of votes.
Mary | Satoshi Club: Cool!👍
Paul Pounendis: In the first round, the Boule council voted for Lemma FInance to be integrated into AladdinDAO. This integration will take a month or so, and then we will see the full product in function!
Users will be able to insert liquidity into Lemma through AladdinDAO dashboard, where other protocols will also be listed.
Mary | Satoshi Club: We will wait for the updates from you! Nice choice from the Boule Council 😀
Jonah 🏅🎹 | Satoshi Club: Eagerly waiting the full product function
Paul Pounendis: So are we 🙂
Q2 from Telegram user @Emidm28
There are two tokens with different functions within the AladdinDAO ecosystem, the first is the ALD token and the second the ALD Plus Token. What are the different use cases for each one? Why are there two tokens within the ecosystem instead of having a single token with both roles? Which of the two tokens has the most important role within the ecosystem? Which token will determine the voting power of each member of the community?
Shane: To become a Boule Plus member,users need to stake 5000ALD token and get one ALD Plus token,the ALD Plus is only one for each address,then people can vote four times each month by holding ALD,and get rewards every two weeks if you made right choice.Holding ALD token don’t have right to vote.So it’s important to join Boule Plus if someone want prove his brain power and getting deeply involved in community governance.
Mary | Satoshi Club: How much is the cost of 1 ALD token?
Paul Pounendis: ALDplus is a permissionless mechanism, it allows any community member to join the vote 2 earn process similar to boule members.
Shane: the price now is about $0.139
Paul Pounendis: Ya so around $700 USD
Mary | Satoshi Club: It’s acceptable 😉
Q3 from Telegram User @JesusFre1tes
One of the most important aspects of a DAO platform is the transparency and trust of the community. What are the tools you have developed within Aladdin DAO to ensure that the votes and decisions of the community are reflective of the majority? Is this model auditable and verifiable in real time? How does Aladdin DAO work with respect to this particular issue? Thank you!
Gary Gan: We are using third party platform Snapshot as our voting platform, every voting process is open and auditable for everyone online.
So, I think every voting we have will be trustworthy and verifiable
Mary | Satoshi Club: So, for now you are pleased with existing system and you won’t change anything, right?
Jonah 🏅🎹 | Satoshi Club: I can see about 6 closed and one active voting
Gary Gan: Yeap
Mary | Satoshi Club: Nice👍
There it is😁
Shane: And we are a DAO, governed by the community, we will continue to improve and do changes maybe,if the community makes good suggestions
Jonah 🏅🎹 | Satoshi Club: I hope to check back one day and see them in 100’s 😁
Mary | Satoshi Club: True DAO👏👏👏
Thank you for your answers, guys! Ready to jump to the next question?😀
Gary Gan: Please
Q4 from Telegram User @Ask4unik
AladinDAO is initially supported by a group of legendary DeFi veterans who acts as the first batch of Talent Hunters for the DAO.Tanlent Hunters can recommend potential Boule candidates for the DAO
Talents Hunters are incentivized to attract talents with best performance records records to fulfill the purpose of the DAO.Each Talent Hunters can invite up to 5Boule members and it can include themselves
My question is,What kind of Talents are these Talents Hunters hunting for?It caught my attention to know that incentives are given to Talents Hunters to attract best performance,are this incentives inform of tokens,NFTs,or $ALD? Each of the initial Talents Hunters can invite up to 5 Boule members,Why the minimum of 5?If more than 5 Boule members are invited does it pose any threat or risk?
Gary Gan: For talent hunters
Of course they are hunting for those who were long digging in DeFi space, having well experiences in here.
Talent hunters will be rewarded in terms of ALD according to the performance of the liquidity pool recommended by whom they introduced.
For having the limit number of Boule Members can be invited by talent hunters, the reason is, to maintain our community’s decentralisation, too many boule members from same or a few sources (talent hunters) will making our Boule more centralised, and also harming benefits of others in our community.
Gary Gan: That is my answer for Q4
Mary | Satoshi Club: Interesting system😀 btw, do you personally know some DeFi talent who you want to join?
Gary Gan: I don’t understand your question😅
Mary | Satoshi Club: Lol, i mean are there any person that you personally would like to hunt?)
Gary Gan: I see, hahaha, that’s Talent hunters’ job, please introducing anyone your know to me
Mary | Satoshi Club: I am thinking about becoming Talent Hunter🤣 we have a lot of Defi projects here)
Q5 from Telegram User @Pavel_Jarosh
As per the presentation of Aladdin project, we can see that you do not create any product or ecosystem itself but plan to reinvest in already started or new projects. That means that the value of Aladdin token will directly depend on success of other projects. Let say your portfolio composes 10 projects, do all of them have the same value over Aladdin token? Meaning if one of these 10 projects dissapears tomorrow Aladdin token will lose 10% of its value? Or you are planning to invest applying more complicated models? Thank you!
Gary Gan: This question had a huge understanding to our basic mechanism. We are not “investing” with user’s asset.
AladdinDAO is a one-stop liquidity mining asset management platform that is strictly selected by DAOs.
Mary | Satoshi Club: So, ALD price doesn’t depend on assets price performance?
Gary Gan: Our Boule Members provide good DeFi project while AladdinDAO provide the investing channel(liquidity pool) to retails
the value of ALD is not simply follow how much our project worthed
Gary Gan: Sorry, I mean projects listed on our dashboard worthed**
the point is
if we keep introducing good projects to our community and retail users, more users was attracted to use our platform, then ALD will be more worthy, more demanded as it’s the only circulation token here.
Mary | Satoshi Club: Where we can currently buy ALD?
Paul Pounendis: Uniswap!
There are several pools available
Jonah 🏅🎹 | Satoshi Club: How many are they?
Gary Gan: For CEX option
There are Mexc and Gate
Paul Pounendis: 4 pools
Mary | Satoshi Club: If i am not going to participate in DAO which benefits will i have by buying and holding ALD?
Shane: Since our Aladdin DAO is a long term project,our benefits are linked to the development of quality projects in the Defi field
Mary | Satoshi Club: Got it 👍 obvious benefits
Shane: If you are optimistic about the development of defi, you can just invest Aladdin DAO,because we can see that its potential value is huge
Mary | Satoshi Club: Ahaha, i am definitely optimist)
Q6 from Telegram user @yellowchamp
I found out that Aladdin Dao has a Bug Bounty Program in which the scope of the bug bounty program is all contracts in the Aladdin Dao V1 contracts and the highest rewards you will give is $500k. So,can you share some other details about this program? How can anyone join this Bounty program? Do we need to have a skills or experience in finding bug to be eligible in this program? As you give the maximum rewards of $500k dollars in finding bug in Aladdin Dao V1 contracts,so how critical and how wide is the Aladdin Dao V1 contracts? Why does the rewards is so big for this Bounty program? Since this Bug Bounty Program is only covers the Aladdin Dao V1 contracts,so is there another bounty Program in the future if ever you will be having a version 2 of Aladdin contracts? Lastly,does this Bounty program is still on going until now in Aladdin Dao network? Thank you
Paul Pounendis: aladdinDAO has a tiered bounty program, in 4 levels.
Critical (9.0–10.0): Up to $500,000
High (7.0–8.9): Up to $20,000
Medium (4.0–6.9): Up to $10,000
Low (0.1–3.9): Up to $2,000
The levels are presented based on the severity of the bug identified, which is determined by core security engineers of aladdinDAO. Anyone has the ability to attempt to identify a bug and apply for a bounty; the scope is based on competence only.
These bounty programs last indefinitely, and for all versions of contracts that are deployed.
Mary | Satoshi Club: Satoshiclubbers, join👍
Thank you, guys for this great first part👏👏👏
Part 2 — live questions from the Telegram community
Q1. from telegram username @Nonerlike
How could I get to know about ALD tokens and maximum supply? Are there any tokenomics available?
Paul Pounendis: Check out this link here https://www.coingecko.com/en/coins/aladdin-dao
Q2. from telegram username @highpee
During the AMA, you said that Boule Members provide DeFi project while AladdjnDAO provide investment channel. I thought Boule members are part of AlladinDAO.. Is there any difference between these two? And how can one become a Boule member?
Paul Pounendis: Boule members choose and vote on new protocols to be integrated on aladdinDAO. they are apart of the DAOm but serve their own unique service. Other members of the DAO, such as the core-contributors, ensure that the DAO is functioning as intended.
Q3. from telegram username @cpytoFs
What is your advantage over other projects? Is it from a security point of view or the technology you are using? Or are there other advantages? What makes you believe that your project is worth choosing?
Shane: AladdinDAO is a true asset management DAO for the community, where all community users have access to prime DeFi assets selected by DeFi masters.
Simply put, AladdinDAO is a one-stop liquidity mining asset management platform that is strictly selected by DAOs. This is the difference between our AladdinDAO and other DAOs, and it is also our original AladdinDAO.
As Kyle Samani, Managing Partner of Multicoin, puts it
“The investment space is one of the most ideal application scenarios for DAO. It makes perfect sense to use DAO to solve the liquidity mining problem. There is a lot of opportunity in the liquidity mining space, but at the same time it is very dangerous for newbies. AladdinDAO is perfect for getting this idea out there and we are very happy to support AladdinDAO from the beginning.”
These are our strengths and innovation points.
Q4. from telegram username @Antonio287
What is the selection Process for any Project for new Integration?
What are things you check through out the selection Process?
Gary Gan: We will have a Boule Research meeting weekly, each Boule members will have a chance to present and introduce a project they recommended, after that we will have a voting process, only projects which fulfill our criteria can be listed on our dashboard
Q5. from telegram username @Ecmq10
🌼Hello AladdinDAO team. According to what I read, one of the requirements to be able to receive the Boule Plus rewards is that users must stake at least 5,000 ALD to get ALD Plus token. Can users unstake their tokens anytime they want? Won’t the tokens remain locked for a specific minimum time? What will happen to a user’s voting power if he unstake his tokens? Will users receive any penalties or will they lose their voting power? Thank you very much!
Paul Pounendis: If a Boule Plus member unstakes their 5000 tokens, they lose any future rewards associated to voting rounds made previously in Boule Plus. They will also lose all future voting power in the Boule Plus. They will still hold all previous tokens already rewarded.
Q6. from telegram username @Robotliker1
Community is very important mostly for a project like Aladdin DAO. Do you have community supporting local community apart from english languages? what are your plans to attract non crypto investors?
Shane: We are a global project and we plan to promote the project in different countries, currently we have communities in USA, Russia, Korea, Indonesia, China, etc. If any of you seeking for cooperate with us to build up community in your country, kindly contact us for further discussion.After that we will continue to do AMAs to various communities, and there will be occasional airdrops to attract non crypto investors.
Q7. from telegram username @Emidm28
You mentioned that the Boule Council is the essence of AladdinDAO. The Council is consisted of top tier DeFi experts who make listing decisions on Liquidity Mining Pool and get rewarded for selecting the right project. Regarding the election of members, how often are elections held? Could a member be expelled if he acts dishonestly? How many members currently make up the Boule Council? How can we increase our chance of being selected?
Paul Pounendis: There are currently 29 Boule Members. To become a member, you must be “head hunted” by a current member. To be a Boule member, you need to knowledgeable about defi; by being apart of Boule Plus, you can learn about DeFi protocols and potentially be scouted by a member!
Q8. from telegram username @Silica432
If I will Join the Aladin DAO Platform , Then Can I earn Passive Income from the Platform , Have you Launched any LIQUIDITY MINING Program or STAKING Program ?
Shane: We have launched some LP mining programs and staking program like Curve,Uniswap ETH/ALD LP,Sushi LP etc.and we are going to launch Lemma.Finance, Ribbon Finance very soon
Q9. from telegram username @surendra040
Can you explain me little how ALADDIN DAO builds a win win marketplace?
Gary Gan: We serve as bridge between two side, which is project team who are seeking for liquidity to pay their developments and Defi Investors who are searching for good investing chance, we match their demand and supply by running the platform. Of course, with the deep study and understanding from our Boule
Q10. from telegram username @Ilydann
as we know, cryptocurrencies still sound foreign to ordinary people. how do you and your team explain to them to be interested in joining your project?
Gary Gan: That is true, so we are working hard to reduce the gap between them and experts investors
Part 3 — Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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