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Nirvana x Satoshi Club AMA Recap from the 4th of April

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 Nirvana and our guest was . The AMA took place on the 4th of April.

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&WebSite

Jonah 🏅🎹 | Satoshi Club

Hello Dear Satoshi Clubbers welcome to our AMA session with Nirvana

Our guest today is @Sid_Nirvana

Pavel P

Let’s meet and greet our guest!

Jonah 🏅🎹 | Satoshi Club

Hello welcome to Satoshi club

Sid Nirvana

Hello & namaste cryptomonks!

Very honored & happy to be here.

Pavel P

Welcome to Satoshi Club!

Jonah 🏅🎹 | Satoshi Club

Hello Glad to have you here

How are you doing?

Pavel P

So as we are!

Sid Nirvana

Couldn’t be better. Beautiful day here. And days away from shipping Nirvana — which has been a long dream

Pavel P

It is great when dreams come true!

Sid Nirvana

What’s good @Jonahapagu ?

Jonah 🏅🎹 | Satoshi Club

A dream is about to come true for you

Let’s start our AMA

Sid Nirvana

And hopefully for everyone else, too! This is really a community-first protocol, and we couldn’t be happier to do an AMA like this.

Jonah 🏅🎹 | Satoshi Club

Let’s get started with an introduction Can you please introduce yourself to us, how you got into crypto and how Nirvana started?

Sid Nirvana

Absolutely — hi everyone, I’m Sid, the Lama of Nirvana & core dev.

I’ve been working in & around crypto projects for years. It started with building tools for friends & degens, and then evolved into building teams to create DeFi protocols.

I found a home on Solana because of the rich developer community & creative energy.

The team behind Nirvana is really a supergroup of other DeFi founders & Solana engineers.

This is a passion project to make a truly durable, sustainable, and decentralized store of value.

Jonah 🏅🎹 | Satoshi Club

This must be an impressive Team

Pavel P

How many team members are currently working on Nirvana?

Sid Nirvana

We’re up to 10 — but about to start hiring

Sid Nirvana

It takes a village, you know.

Pavel P

Nice! So what makes Nirvana special?

Jonah 🏅🎹 | Satoshi Club

Great opportunity for more people to join

Pavel P


Sid Nirvana

So glad you asked

Let’s start with its values:

– sustainability

– universality

– fairness

Nirvana is really a response to the boom & busts, the rugs & scams, and the fear around centralization.

What we are building is a durable & lasting place to deposit money, watch it appreciate, and transfer value.

Sid Nirvana

Nirvana is an economic environment unto itself.

It has 2 tokens, representing the 2 forces needed to generate wealth:

– NIRV: a stable token

– ANA: a volatile token

These two tokens are intimately connected with each other, and play off each other.

ANA is a store of “wealth” — it is volatile, has risk & has reward

NIRV is a store “value” — it is superstable, ultra-low-risk. The same value today as tomorrow.

Jonah 🏅🎹 | Satoshi Club

This is Exciting because almost Everyone in this space has had concerns around rugs, scams, centralisation and so on

Sid Nirvana

One thing that makes Nirvana special is that all of this is grounded in actual value.

The protocol builds *on top* of stablecoins.

Rather than creating tokens that have no intrinsic value.


So many people (everyone?) have been burned recently from Ponzi house-of-cards.

Jonah 🏅🎹 | Satoshi Club

I agree with you..

Sid Nirvana

Nirvana is designed explicitly to avoid this kind of *hyper-inflation* that leads to assets suddenly losing 98% of their value.

The faster something goes up, the faster it falls . . .

We can start with one key feature of Nirvana:

The rising floor price.

ANA (the volatile token) has a minimum price it can trade down to. And this minimum price rises with adoption of the protocol.

Jonah 🏅🎹 | Satoshi Club


Sid Nirvana

Say, for example, ANA is trading at $9 ond the floor is $6. That means, if you decide to buy ANA, you *know* that your max loss is $3 (or 33%).

And your max upside is unbounded.

This introduces systemic risk-asymmetry. You always know your max loss with ANA

Moreover, if demand for ANA increases, the protocol is able to raise the floor price.

Sid Nirvana

This sounds crazy and too good to be true — but it’s actually very straight-forward

Pavel P

Sounds so thrilling!

Sid Nirvana

The protocol is built *on top* of stablecoins.

Jonah 🏅🎹 | Satoshi Club

Yeah sounds so good to be true

Sid Nirvana

And depends on the existence of stablecoins.

Jonah 🏅🎹 | Satoshi Club

This eliminates a lot of risks

Sid Nirvana

It’s this simple: as more people buy ANA, more stablecoins go into the reserves.

These are permanently held in the protocol’s AMM.

The protocol always sets asid enough stablecoins to support the floor for *every* ANA token.

With enough ANA purchases, more stablecoins can be saved per ANA token, thereby raising the floor.

It’s all algorithmic & automatic.

The magic is in the fact that the protocol owns this ilquidity in a trustless AMM.

Jonah 🏅🎹 | Satoshi Club

Thank you for the great introduction

We will like to proceed to our community questions now, are you ready for them?

Sid Nirvana


Pavel P

Q1 From Telegram User @thisistoyin

On visiting your websites, I encountered a welcome note which displayed “Pre-commitment period now open!”

& Pre-commit your launch investment and earn up to 15% prANA rewards! And I understand that this pre-commit period will be open until 11:59p UTC on 5 April 2022. Well, As a beginner in cryptocurrency who doesn’t wanna miss out on any Available opportunity to Earn, but before going further into these commitment and receiving the prANA reward, I’m Curious to know, can you please enlighten us a little bit about the Use of these Commitment to your platform? And after your explanations, should incase we choose to commit, how do we go about it? Is there a minimum or maximum amount for these commitments? And could you also state the Benefits of these PrANA rewards token we are going to receive?

Sid Nirvana

Great question. And true — there is a special reward period going on.

Let’s take this in phases: starting with the way the reward tokens work.

Committing to the protocol means you promise to spend $ during the launch auction

when you commit, you put up 1% of your total commit as “earnest money”

So, if you commit $1000, then $10 goes into escrow.

If you hit your commitment target — spending the money during the launch auction — you get your escrow back.

And you also get hefty rewards.

Let’s talk about the *prANA* token.

Jonah 🏅🎹 | Satoshi Club


Sid Nirvana

prANA or “pre-ANA” is best thought of as an option to buy ANA at its current floor price.

Sid Nirvana

Back to our example, say ANA is trading at $9 but the floor is $6. Then if I gave you a prANA token, you could make a $3 profit!

Spend $6 to execute the option, and get a $9 token.

The rewards for commiting are paid out in these prANA options, giving you access to ANA at its cheapest price.

Sid Nirvana

Continuing with your question: There are no min or maxes to commit. It’s totally open.

Jonah 🏅🎹 | Satoshi Club

This gives room for all players

Sid Nirvana

Truth be told, this is our way making *you* the VC. We are self-bootstrapping with no outside investment, and want to reward early adopters directly.

Jonah 🏅🎹 | Satoshi Club

This is Impressive

Pavel P

Really community oriented behaviour!

Sid Nirvana

If you like what you see, and want to hold ANA, doing the committment is a way to lock in big kickback rewards

Jonah 🏅🎹 | Satoshi Club

Thank you for your clear answers on this one

Are you ready for the next question now?

Sid Nirvana

bring it!

Pavel P

Q2 From Telegram User @Neilselin

The Nirvana protocol sells time-released ANA in a money market. It accepts various difference tokens in exchange for time-released ANA contracts with various different maturity lengths.could you elaborate on the different maturity lengths of the time-release ANA? what are the requirements to acquire the time-release ANA?Are the token that can be used for the exchange for time-release ANA in limited number?What are the utilities of the time-released ANA contracts?

Sid Nirvana

Ah — this is Nirvana 201

So, the main way to acquire ANA is through buying it on the protocol’s AMM. Spot price, instant delivery. Simple enough.

The second way to get ANA is through executing those prANA options. The ANA goes right into your wallet.

Jonah 🏅🎹 | Satoshi Club

And no limits as well??

Sid Nirvana

That’s right. There is price-impact from your order size, of course — but no hard limits.

But — for more exotic speculators — you can buy a “bond” of ANA. Or what we like to call “time-released ANA”

These contracts can be 3-day, 5-day, or 10-day. And cover a wide variety of tokens. The relative discounts for each of these is market driven.

For those who have seen these kinds of “bonds” before, we have developed a different algorithm for pricing them, so that they track the spot price accurately. But we don’t need to get into the weeds here.

Jonah 🏅🎹 | Satoshi Club

What examples of Tokens does the contract cover?

Sid Nirvana

One important thing to point out: trANA is not necessary. It is just there for speculators who want to take on risk.

At launch, we are focusing on Solana: Hubble USDH, Synthetify xUSD.

Also USDC.

Next up will be FRAX, UST, and Solana’s UXD.

Nirvana aims to be *universal*.

I think this would be a good time to discuss: what problem does Nirvana solve?

Why are we doing this?

Stablecoins have 3 fundamental issues:

– Fragmentation. USDC & USDT are different tokens — though with the same purpose.

– Fragility: If a token loses its peg, cataclysmic failures follow. Stablecoins must be solid or they are not worthwhile.

– Security: Stablecoins depend on programs, which can be exploited or regulated.

Nirvana addresses all three of these, creating a “superstable” token.

It collects up & de-frags stablecoin liquidity into a single reserve.

Its own stablecoin NIRV is backed by a diverse basket, and so holds its peg even when others fail.

Sid Nirvana

It is de-risking through diversification.

Pavel P

A reason for SatoshiClubbers to analyze Nirvana attentively. it looks to become a treasure!

Jonah 🏅🎹 | Satoshi Club

Nirvana is indeed stacked with a lot of exciting stuffs

Thank you for your great responses so far

Ready now for the next question?

Sid Nirvana

bring it

Pavel P

Q3 From Telegram User @sunny_steel

As far as I understand, with the options of permanent rising floor that guarantees NIRV token will never sell below a certain price and simultaneous NIRV staking options the benefits for stakers look obvious — their investments will provide more value over tome with 100% guarantee. What are the staking options offered by Nirvana? Will you try to set a higher entrance level or users can stake even 1 NIRV? Does your staking foresee any Airdrops in future? Thanks!

Sid Nirvana

Great question about the tokenomics!

Let’s start with the basics:

NIRV is stable

ANA is volatile.

Yin & yang.

NIRV is not staked, but ANA is.

Since ANA is the volatile, risky asset.

Staking ANA rewards you with prANA (pre-ANA, options to buy ANA at the floor)

Think of NIRV like DAI. It is *borrowed*, using ANA as collateral.

NIRV is not staked, but it is yours to *spend*

You can even use NIRV to lever up your ANA, by buying more

The neat thing about NIRV loans is that they are risk-free. No chance of liquidation.

The reason here is simple, and it comes back to the floor price of ANA:

your NIRV loan is equivalent to the floor price of your ANA collateral

Since ANA cannot go beneath the floor,

your NIRV debt can never exceed the value of your collateral

So you can never be liquidated!

Moreover, your ANA is accruing yield. So your loan has a “negative interest rate”

And that’s staking!

Jonah 🏅🎹 | Satoshi Club


So In other words every holder is a staker?

Sid Nirvana

Not necessarily . . .

Staking is always a decision you make when deploying your assets

You can, of course, send your ANA elsewhere.

You could lend it, farm it, deposit it in an AMM as a liquidity provider.

Or you can stake it on Nirvana itself.

It’s up to the market to decide.

One key thing Nirvana offers natively is: NIRV loans

If you use your ANA as collateral on Nirvana, you can draft out NIRV borrow.

Jonah 🏅🎹 | Satoshi Club


Sid Nirvana

At the floor price

So, say ANA is trading at $20 and the floor is $10.

You buy an ANA, stake it, and take out a NIRV loan.

Now you have $20 in ANA, and $10 in NIRV. $30 in total value!

Pavel P

How can you keep such financial model work for Nirvana itself?

You give back much more than you receive as liquidity

Sid Nirvana

It’s good to be skeptical

The economics work because you are *locking* away your ANA, and your NIRV loan is *strictly less* than the collateral you post.

So your NIRV loan is backed by ANA, which is in turn backed by stablecoins

Jonah 🏅🎹 | Satoshi Club

Thank you for your Answers

Ready for the next question now?

Sid Nirvana

yes indeed

Pavel P

Q4 From Telegram User @Rozielyna

Nirvana is set to launch on AcceleRaytor for $prANA, one of the 3 tokens in the Nirvana Protocol, along with $NIRV and $ANA. And the AcceleRaytor Raise will be $prANA AcceleRaytor Public Raise and $prANA IDO on Raydium. Can you tell us more about the $prANA public raise and IDO ? How does it work? What will be the total supply for each of them and the price for the token on Public raise and IDO ? What are the requirements/ how can users be eligible to participate in the public raise and IDO?

Sid Nirvana

The Raydium AcceleRaytor will release 125k prANA tokens at $2 each.

This is a very small distribution — and its purpose is just to get prANA to the people

This is not a “raise” or IDO in any traditional sense

Nirvana has no protocol token! And no “team allocation”

It is just a protocol that produces a reserve and gives it back in the form of NIRV & ANA

Jonah 🏅🎹 | Satoshi Club

When is the date for this?

Sid Nirvana

We are VC-less. Not releasing a token with a special supply and vesting schedule.

Sid Nirvana


Jonah 🏅🎹 | Satoshi Club

Oh it’s here already

Pavel P

So, you are in the right time here!

Sid Nirvana

Alright — I think we’re coming up on the hour — and I want to respect all your time.

Do we have any other questions? This has been fun!

Jonah 🏅🎹 | Satoshi Club


Let’s proceed to the next one

Pavel P

Q5 From Telegram User @rotoxy

Since your protocol has no pre-allocation of token to team, marketing, development or any purpose, you said that fees will be essential to ensure your protocol can continue to run. I saw different types of fees such as trading fees, contract purchase fees, NIRV loan origination fees, NIRV stability fees, and ecosystem growth fees. Can you tell us at what point of protocol usage when these fees will be demanded from users and how they are going to be used to scale the health of your protocol? Don’t you think too many fees may have effect on users because I saw that you charge as high as 20% for NIRV stability fees? Where will the proceeds from these fees be kept and will there be a DAO to review fees or determine how and when fees-generated revenue will be used?

Sid Nirvana

Great point.

Typically, protocol’s will fund themselves by issuing a token.

And then the insiders (VCs & founders) will sell the token to the community.

Since there has to be some other side to the trade, the community ends up paying for this.

Nirvana wants to go a different way.

It is “tokenless” — so it does not require funny secondary markets.

Instead, this fee oriented approach means that the protocol only funds itself if the market *uses* the protocol

This goes back to our principal of fairness

There should be no compensation if there is no demand for the protocol.

We believe that an honest, transparent fee structure is actually better for the users and the community.

And it means everything scales together.

Pavel P

100% agree!

Sid Nirvana

Less adoption = les fee revenue, and so there is no overly dilutive “death spiral” that can make protocols collapse

Happy to answer questions about fees in more detail in our Discord about the specifics

Pavel P

This has been so detailed so far!

Jonah 🏅🎹 | Satoshi Club

You’ve provided impressive answers so far

Sid Nirvana

you’re too kind

Jonah 🏅🎹 | Satoshi Club

Right now we have one question left for this part

Pavel P

Q6 From Telegram User @Highpee

Although I am yet to see your full roadmap, I went through your protocol available resources and I am yet to see any NFT related application and Metaverse related features in your present protocol design. Can you share the roles NFT will be expected to play in Nirvana, considering that NFTs is a popular blockchain topic at the moment? Do you plans gamification and since you already have the MetaStablecoin, are there plans to enter the metaverse? Lastly, can you share your roadmap and some of the events you have lined up for the rest of the year?

Sid Nirvana

NFTs are on the roadmap.

As you can see, Nirvana loves to rethink things from the ground up.

Super secret plans that I can’t share now

Jonah 🏅🎹 | Satoshi Club


Do you have any planned activity that you can share?

Sid Nirvana

Nothing yet. But let’s just say they will have true, valuable utility with the protocol.

We are starting the enlightened cryptomonk revolution.

Pavel P

Before we proceed to LIVE part please share your official links with our community

Sid Nirvana

We have an active community ready to answer questions!

Pavel P

Thank you!

Jonah 🏅🎹 | Satoshi Club

Thank you for your answers in this first part of our AMA

Pavel P

So, we are ready to proceed to LIVE questions from our community!

Pavel P

Get ready for some action now!

Jonah 🏅🎹 | Satoshi Club

Are you ready for the storm ?

Pavel P

We will open chat for 120 sec

Sid Nirvana

let’s do this!

Pavel P

Once we close it back please choose 10 questions to answer

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Karoceh

You mentioned pre-ANA is best thought of as an option to buy ANA at its current floor price. But what is the plans to encourage pre-ANA holder to keep their ANA? Have you anticipated massive ANA sales if traders want to chase short profits??

Sid Nirvana
ANA is not just for selling!
You can also lock ANA to mint NIRV — which is more value. Especially if you bought ANA at the floor price.
This 2-token system balances the sell-pressure for ANA, giving people another use case for it.

Q2 from Telegram user @Ravan_since_1996

Has Nirvana partnered with any other project yet? Or have thought of partnering with any project in the future?

Sid Nirvana

Yes! Raydium and Hubble are official. We are in talks with several lending and perpetual dexes. We are also going to work with Terra to bring massive UST into the solana ecosystem.

Q3 from Telegram user @Aiza32

Nirvana introduced a new concept that I never saw before in a Stablecoin, the “Metastable” coin, can you explain us exactly how works the collaterizaton mechanism of the ANA token? How is possible to this coin have a limited downside considering the current market situation?

Sid Nirvana
ANA has a firm floor made of diversified stablecoins.
These provide backing for the token. ANA is “partially collateralized” in this sense, that its price can go up, but can only go down so far.
It is “metastable” because it is beyond stable

Q4 from Telegram user @Savitasapra3

What makes $NIRV token more stable in comparision to other stable coin or tokens such as USDC, USDT, DAI, etc which are currently having large market share in stable Coins or Tokens?

Sid Nirvana

NIRV is superstable through diversification
If a single stablecoin loses its peg, NIRV’s diversified backing absorbs that shock
Holding NIRV de-risks your exposure to individual stablecoins.

Q5 from Telegram user @Manugotsuka

I realized that Nirvana use a similar mechanics of a rebase token, but I’m not really sure, so can we consider you a rebase token? If not what are the elements that make you differ from a rebase token?

Sid Nirvana

It is actually not a “rebase” token.
Rebase tokens emit more of the same token to depress the price, and reward early adopters. This is a form of price control through dilution.
Nirvana rewards stakers with “options” (prANA). It does not emit ANA or NIRV.
Staking ANA does not reward you with more ANA — that pattern leads to house-of-cards ponzi dynamics.
Nirvana is built for long-term sustainability.

Q6 from Telegram user @MCBTrade

Could the concept of a “superstable” token be a revolution for the future of DeFi? Could you tell us about the adoption level of this model in crypto?

Sid Nirvana
We think so! This is a 2nd-generation project. It could only come after the first wave of stablecoins appeared.
So, many stablecoins are all competing with each other, and fragmenting liquidity.
Nirvana’s mission is to unite them all. We are all one in Nirvana. Ommmmm.
It makes for a token that is stronger through diversification.

Q7 from Telegram user @jameslekan664

It was stated that Nirvana provides limited DOWNSIDE but unlimited UPSIDE. I believe DOWNSIDE means negative consequences while UPSIDE means positive effects. I would like to know; what exact DOWNSIDES will the Nirvana platform put a limit to and what UPSIDES does the Nirvana platform hold for users?. What major edge does Nirvana have over other similar platforms to improve the overall user experience and ensure user retention?

Sid Nirvana
That’s right. What this is about is risk.
ANA can only fall to floor, but it can rise indefinitely.
And the floor rises with adoption.

Q8 from Telegram user @Josegamboac

What type of Staking is developed in Nirvana? How does it work? What kind of rewards can be obtained through the Nirvana staking system? Who can participate in the Nirvana Staking system?

Sid Nirvana
Staking is unique on Nirvana
You stake ANA to be rewarded with prANA (pre-ANA) — an option to buy ANA at the floor price.
This way of rewarding with options is a new approach to sustainable APYs

Q9 from Telegram user @Einsteinyl

Can you explain more detail about how to earn prANA reward from Nirvana? What are the requirement?

Sid Nirvana

Simply stake your ANA! prANA is emitted continuously to ANA stakers.

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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