STRUCT ASC20 — AMA Recap
On February 4, 2024, STRUCT ASC20 hosted a Space on Twitter featuring Jake from the Struct Squad and Charlie, a veteran in the Web3 industry.
Here is the transcription and summary of the Twitter Space:
I. Introduction
1. Guest Introduction
Melissa: Welcome both guests. I am the host of this Space. Could you please greet the online users of our Space and introduce yourselves?
Jake: I am from the Struct Finance team, with 9 years of experience in the cryptocurrency industry, having been in charge of contract business at renowned exchanges such as Binance, Huobi, and Gate. Last year, I joined Struct Finance, mainly responsible for expanding our market reach.
Charlie: I’m an angel investor who invested in Struct Finance as early as 2021. Before investing in Struct Finance, I was the APAC head of Polygon, focusing on ecological growth in the Asia-Pacific region. Since 2017, I have been active in the Polkadot and Web3 ecosystems, working as a simultaneous translator and incubating 6 Polkadot projects, two of which have been launched on Binance. Since March last year, I have started to pay attention to the inscription market and have successfully minted Ordi, with a thorough understanding of the inscription market and its upstream and downstream sectors, both domestically and internationally. I also have experience minting on Avascription, and I think the experience is very smooth.
II. Exploring ASC20
Melissa: Can you introduce Struct Finance and STRUCT ASC20 to us? What are the recent developments at Struct Finance?
Jake: Struct Finance is a DeFi platform dedicated to providing structured financial products tailored to the risk and return profiles of retail and institutional investors. We launched in July 2023 on the Avalanche blockchain, focusing on liquidity solutions and expanding into the derivatives market.
Recently, we have had some significant updates to share with everyone. Two weeks ago, our automated pool product, Auto Pool, in collaboration with Trader Joe, went live. We launched several Vaults, which are mainly one-month terms, offering a fixed return of 10% and a floating return of up to 100%. Each of these Vaults was sold out within three hours of launch, and the recent Total Value Locked (TVL) is close to 4 million USD.
In addition, we have partnered with SlowMist to complete all code audits, ensuring system security. We also collaborated with BugRap on a bug bounty event, encouraging users to discover and report system vulnerabilities to ensure the platform’s safety and stability.
The most exhilarating progress is that we have joined the Avalanche Rush program and received ecological support funds equivalent to 1 million USD, which lays a solid foundation for our future development.
Therefore, we are eager to share these achievements with our community and plan to introduce STRUCT ASC20 inscriptions soon. Struct Finance and Avascriptions are delighted to announce that we have established a strategic partnership, aiming to redefine the landscape of inscriptions on the Avalanche blockchain. This collaboration is a significant milestone, signifying that we are the first Avalanche DeFi project to launch ASC-20 inscriptions on the Avascriptions platform, ushering in a new era of token protocols and market interaction.
STRUCT ASC20 inscriptions are unique to the Avalanche chain, integrating DeFi functionalities. They not only initiate a new chapter in the inscription market but also seamlessly integrate with the Struct Finance ecosystem.
Melissa: As a Web3 OG, how do you see the entire inscription market? Do you have anything to share about the innovative combination of DeFi and inscriptions?
Charlie: Starting from first principles, DeFi opened up a relatively fair way of asset distribution in 2020 through mechanisms such as liquidity pools and Automated Market Makers (AMMs), following the era of ICOs. This model not only facilitated fair distribution of assets but also provided convenience for offering liquidity and performing various forms of Liquid Staking. Particularly this year, Liquid Staking and Restaking have become an important narrative, which is also reflected in Ethereum and other multiple Proof of Stake projects.
Inscriptions represent a breakthrough in asset distribution and the fairing of ecological relationships, essentially rooted in fairness. Initially, many inscriptions had meme attributes. There was no pre-mining by projects, and everyone could interact and inscribe on the chain fairly, especially starting with Bitcoin inscriptions, as well as the sequence numbers for inscriptions on other chains, providing a relatively open and transparent method of issuance.
However, when the technical development of inscriptions began, despite some initial biases among many technical experts and builders thinking that inscriptions lacked application scenarios, especially Bitcoin inscriptions were considered difficult to apply in practical scenarios due to their lack of interactivity, similar to the early methods of trading NFTs. Currently, inscriptions on other chains are attempting to solve the problems of high Gas costs and various limitations of Bitcoin inscriptions, with chains like Solana and Avalanche trying to make breakthroughs and innovations in this area. These attempts attracted a lot of user attention early on, proving the appeal of inscriptions in this domain.
For the integration of inscriptions and DeFi, the core lies in establishing social consensus. The technical aspects of inscriptions and indexing require broad community and social acceptance. Community approval of indexing protocols and indexed assets is based on the assets’ anchoring, including their floor price, trading volume, and potential for future development. Once such consensus is formed, assets with a broad base of holders will have value support, opening up possibilities for future exploration directions such as staking, Liquid Staking, or lending based on these assets. Currently, these are still in the conceptual stage and have not yet formed a broad application scene.
Melissa: Recently, everyone on Twitter has been retweeting #TheThreeStructeteers. What does this mean? Is it hinting at any good news?
Jake: #TheThreeStructeteers represents the well-known “Three Musketeers,” and here it symbolizes the tripartite collaboration between Struct Finance, Trader Joe, and Benqi. In this collaboration, Trader Joe will be responsible for setting up an automated pool (Auto-Pool) between sAVAX and AVAX, and we will create specialized Vaults for this trading pair, designed to provide both fixed and variable returns for DeFi investors. All three parties will provide incentive measures for these newly established Vaults, marking our collaborative attempt in the liquidity staking derivative field and advancing into a new chapter of cooperation.
Melissa: Struct Finance has also recently collaborated with Trader Joe and Avascription. Can you tell us more about the details of this collaboration?
Jake: Our collaboration with Trader Joe Auto-Pool Vaults has deepened our research into liquidity staking derivatives (LSDs) and their solution development, demonstrating Struct Finance’s commitment to meeting community needs and expanding DeFi potential. This partnership is more than just a simple cooperation; it represents a shared vision for the future between both parties. We provide fixed and variable yield products designed according to the risk preferences of DeFi investors. As liquidity providers for Trader Joe, we have simplified the process of liquidity staking.
Avascription, as the main market for ASC-20 inscriptions, stands at the forefront of the inscription technology wave. By facilitating the seamless deployment, transfer, and trading of ASC-20 inscription tokens, Avascription has not only promoted over $2 million in AVAX trading volume but also played a key role in the decentralization of inscription indexing. Through partnerships with leading exchanges like Binance and Bitget, and the upcoming integration with Gate.io, Avascription is driving a more accessible and diverse trading ecosystem.
Struct Finance is committed to unlocking new possibilities for ASC-20 inscriptions. As the first Avalanche-native DeFi protocol to participate in inscriptions, Struct Finance is at the forefront of connecting innovative financial solutions with the active inscription community. This collaboration will provide exclusive rewards and benefits for Struct inscription holders to enhance the Avalanche ecosystem and increase the intrinsic value of ASC.
Melissa: Charlie, I have another question for you as a seasoned investor. Do you think the community will be interested in this innovative way of combining DeFi and inscriptions? Will the community recognize this new type of inscription and reach a consensus?
Charlie: First of all, community consensus comes from multiple factors. Last year, the inscription world showed an attitude against elitism, centralization, and capital concentration, which is fundamentally a narrative. Like the 2021 GameStop event, the standoff between retail investors and large capital became a hot topic, although it also included elites disguised as retail investors. The Dogecoin and GameStop frenzy of 2021 was a manifestation of this sentiment. By 2023, discussions in the inscription field such as “Ordi, rats, sats” became one of the fastest-growing topics in the Bitcoin ecosystem, and this growth did not involve VCs or large institutions.
Over time, especially with the push of multiple public chains like Avalanche, inscriptions gradually transformed from products unrecognized by institutions into widely welcomed asset classes, even likely to be recognized by people outside the circle like NFTs. All of this is fundamentally based on data recorded through on-chain interactions.
Struct’s collaboration with many large institutions and investors capable of bringing consensus is very important in my view. A classic saying in 2023 was: “Don’t be biased, because biases will only slap you in the face.” Especially in a market moving towards a bull market, one should not refuse to accept new things because of prejudice, or you may miss out on important opportunities. Many early industry participants initially overlooked inscriptions until Ordi was listed on Binance, but by that time, the price was already nearing its peak. Although many on-chain inscriptions are questioned, whether they can gain consensus among Web3 industry practitioners remains to be seen. However, it is often in the midst of doubts and disagreements that the best investment opportunities are hidden, which is my reflection after participating in Bitcoin inscription projects.
Melissa: How does the launch of AvaBridge by Avascriptions enhance the practicality of ASC20 Inscriptions? What role do ASC20 inscriptions play in the Struct Finance project?
Jake: AvaBridge is a cross-chain bridge that facilitates the bidirectional conversion between ASC-20 inscriptions and ERC-20 tokens, allowing users to freely convert ASC-20 inscriptions into ERC-20 tokens on Avalanche, or vice versa. This feature 🔄 opens up broader opportunities for the development of ASC-20 inscriptions. By converting to ERC-20 tokens, ASC-20 inscriptions can enter into various crypto sectors such as DeFi, GameFi, and SocialFi. Additionally, this conversion feature can also increase liquidity for decentralized exchanges (DEXs), turning inscriptions into popular and accessible MEME coins, or simplifying their trading processes on exchanges.
As the first Avalanche DeFi project to launch ASC-20 inscriptions on the Avascriptions platform, Struct Finance combines the market and indexing features of Avascriptions with its DeFi innovations to offer users various yield products, while also increasing liquidity. This approach is aligned with our goals of collaboration with ecosystem partners like Benqi, Trader Joe, and GMX. We warmly welcome other inscription projects within the Avalanche ecosystem to join our inscription ecosystem, dedicated to supporting these projects.
Melissa: Regarding STRUCT ASC20, when can one participate? What benefits can users unlock by holding inscriptions in the future?
Jake: Please stay tuned for the start of the minting of STRUCT ASC20; follow our Twitter: https://twitter.com/structasc20 and join our community at https://t.me/structasc20/2, where we will announce the latest developments.
Holders of STRUCT inscriptions will receive exclusive rewards and benefits, marking an important moment of community interaction. Early users will be given incentive rewards. We plan to launch our token in the first quarter of 2024, and inscription holders will thus enjoy the advantages of dual assets: the intrinsic value of the inscriptions themselves and the additional income brought by token airdrops. This initiative aims to fairly reward our community members and enhance the value of inscriptions. In addition, we have introduced an ASC20 category in our leaderboard, which is not only an important basis for the airdrop but also a thank you to everyone for their contributions to the community.
Melissa: What are your expectations for the future of the Avalanche blockchain ecosystem?
Charlie: I must admit that although my activities are competitive with the Avalanche chain, which may displease the Avalanche team, I must say fairly that I hold a positive view of the ASC20 protocol and its platform, Avascriptions. I believe its user experience is superior to other chains, which is an advantage that should not be overlooked. Nevertheless, my current capital, energy, and focus are not on the Avalanche chain, which is a personal choice. However, that does not mean I lack confidence in the Avalanche chain. The founder of Avalanche is a very promising young entrepreneur, and the team includes many real industry veterans and top builders.
Facing the challenges of 2023, the Avalanche chain is in a highly competitive environment. There is Ethereum’s restaking and the construction of new application layers and TVL, as well as challenges from high-performance chains like Solana and Depin, not to mention the Bitcoin second-layer network we are building. The competition is fierce. 2024 will be a year of “another takes the stage as one bows out.” I suggest that everyone pay attention to each chain and realize that many applications are actually multi-chain. There will be much future communication between me and Struct Finance, which the founders also know. We will keep an open mind and continue to follow the developments.
Jake: Avascription’s overall narrative in the inscription field, especially in terms of infrastructure, has developed faster compared to other chains. This progress has not only sparked the potential of inscriptions beyond their meme attributes but also had a positive impact on the DeFi sector, reminding us of the wave of DeFi project development when the second pool opened. Internally, the Avalanche ecosystem is very united, and Struct Finance’s rapid growth is inseparable from Avalanche’s firm support. At the same time, we have close cooperation with multiple projects on the chain, such as Trader Joe and GMX, and we often co-host various events. Our relationship with these partners is not competitive but mutually supportive, moving forward together, committed to promoting the common prosperity of the Avalanche ecosystem. We look forward to collaborating with more projects in the future, building a more active Avalanche ecology, and welcoming an even more brilliant future.
Live Q&A:
ox_Jester: Does the Struct project cross-chain tokens after releasing inscriptions and then use these tokens for DeFi applications? What are the use cases for inscription assets?
Jake: Struct Finance plans to issue its own tokens in the first quarter, one being the Struct Finance token and the other the STRUCT ASC20 inscription. The inscription part will be publicly issued, mainly targeting users of the Avalanche inscription community. Currently, these two are separate asset categories. However, it is worth mentioning that inscription holders will receive our exclusive benefits.
Regarding why we issue inscriptions, we first believe that ASC20 is an asset with innovative potential within the Avalanche ecosystem, representing an independent community. By issuing inscriptions, we aim to further unlock the potential of inscriptions themselves in financial innovation.
Jester: Is there a specific schedule for the issuance of inscriptions?
Jake: We have not yet determined the specific issuance time, but we plan to do so in the near future. Please follow our Struct ASC20 Twitter account, as we will timely update the recent progress.
Moon: Currently, a lot of attention is focused on ETH and Solana. What opportunities are there on Avalanche? The popularity of Avalanche seems not high. How does Struct plan to seize this opportunity?
Jake: Simply put, we are essentially a DeFi project, and the main purpose of this attempt is to unlock the liquidity of inscriptions. Therefore, we plan to collaborate with the inscription community within the market first. If the inscription community on the Avalanche chain has DeFi-related needs, we are willing to provide support. Returning to the inscription market itself, the ASC20 community is quite united. Currently, inscriptions are in a transitional state, extending from memes to application levels, whether it’s foundational lending or second-layer solutions, we have seen an extension from Bitcoin to other ecosystems. We are optimistic about this.
Charlie: The games and other applications on the Avalanche chain are excellent. As an investor, I am very optimistic about this part.
Moon: Struct Finance is deployed on the Avalanche chain. Is there any consideration for cross-chain needs in the future?
Jake: We are currently rooted in Avalanche and will consider subsequent deployment plans based on the project’s own development and liquidity needs. At present, we have no plans to go cross-chain. Thank you for your question.
Closing words:
Finally, I want to remind everyone again that the minting activity for STRUCT ASC20 inscriptions is about to start. Please continue to pay attention and join our community, and remember to prepare your wallet. STRUCT ASC20 inscriptions will not only be tradable but will also become a key token in future airdrop activities. Our tokens will soon be listed on exchanges, and we plan to airdrop tokens to inscription holders. Please look forward to our subsequent updates.
At the same time, I would like to thank everyone who participated in our Space today. I also take this opportunity to wish everyone a happy Chinese New Year in advance, hoping everything goes well in the new year!
About Struct Finance
Struct Finance leads the DeFi revolution, introducing innovative solutions such as Trader Joe Auto-Pools, integrating the advantages of traditional financial mechanisms with decentralized finance.
Website | STRUC ASC20 Twitter | STRUCT ASC20 Community | Discord Community | LinkedIn
