Interest in SyncDAO has been steadily growing, with new members in the community joining every day. With all the material and resources available online; on our website, in Discord channels, Telegram chats, and Medium articles, we thought it would be a great idea to compile a quick snapshot so that anyone new to the project can catch up quickly.
Here are the Top 10 questions we get asked about SyncDAO, answered on one page for your convenience!
1. When is the launch? When is the IDO? When can I deposit?
The answer is… soon! Before the end of 2021 is as specific as we can be for now, yet stayed tuned to our community channels as there’s more specific announcements coming soon!
We know many people are excited about the potential of SyncDAO and want a solid date, but in building new technology and ensuring it’s safe and stable for everyone to use, we are more focused on doing things right rather than rushing a launch.
Rushing invites errors. Patience invites stability. Our main product is Perpetual Vaults, i.e., Forever Money — and we literally mean FOREVER! We’re in this for the long term and that requires bringing our A-game. If you’re part of the community and have ideas to get things done faster, ideas to help grow the community, or to connect us to people that can help, then we encourage you to reach out and get involved! Many hands make light work — and this initiative is the essence of great decentralized communities. 😉
In saying that, one great thing that’s happening is that the core components of SyncDAO — the Perpetual Vaults, the liquidity pool to sell PVTs (initially on Uniswap), and voting mechanisms (for SDG voting in the DAO) will be launching at the same time — meaning users can deposit, earn, trade, and propose improvements to the strategies from the launch day!
2. What is a Perpetual Vault?
In its simplest definition, a Perpetual Vault is a way for people to deposit once and earn interest endlessly on their crypto assets, using income-generating strategies in DeFi. You can read a simple outline here.
SyncDAO will initially launch a stablecoin vault that leverages the speed and flexibility of blockchain technology to create a solid foundation in the crypto world for users (old and new) to generate long term cash flow. It’s evolving personal finance from a traditional system where your money is simply a passenger on the corporate banking train, to a system where you become the driver of your financial future.
Future developments in the pipeline include multiple vault options for different income-generating strategies, different coins for payment streams, automatic compounding, and more as technology evolves.
3. How does a Perpetual Vault work?
A User deposits crypto assets into the Perpetual Vault. In exchange for this capital, the user receives Perpetual Vault Tokens (PVTs) which acts as a receipt and an entry ticket into a Perpetual Vault (PV). 1 PVT = $1. The user can then stake their PVT in a PV of assets that their capital is now part of to receive returns. These returns are generated through various strategies in DeFi such as lending, staking, and liquidity providing.
You can see this process described in the image below — or read a deeper explanation here.
4. What can I deposit?
The first version of the SyncDAO Perpetual Vault functions as follows for a user:
- Deposit stablecoins, receive PVT
- Stake PVT to receive a cash flow of stablecoins
- The interest generated will be allocated as such:
- 80% available to be sent to your nominated address as cash flow;
- 20% reinvested and compounding in your PVT wallet so that the capital and cash flow are ever-growing
Future versions will include other crypto assets, and different ratios for compounding and distributing income streams.
5. Where to sell PVT?
PVTs can be sold on a DEX (Decentralized Exchange). On launch date, there will be a pool on Uniswap, with other DEXes to follow as the market grows.
6. How secure is it?
Our MVP (Minimum Viable Product) previously developed has been audited and verified by Quantstamp. Our Perpetual Vaults contracts will be fully audited before the vaults go live and we will have ongoing checks to ensure our vaults remain safe for people to use.
7. Is SyncDAO decentralized?
Not only does SyncDAO provide access to DeFi instruments for users, we also have plans for incremental decentralization as a DAO. A Decentralized Autonomous Organisation is a new form of blockchain-powered organization. It’s not controlled by one person or group of people, but instead by the members or governors of the DAO. For SyncDAO, these are the SDG (SyncDAO Governance) token holders. DAOs make decisions collectively to further the community’s goals through consensus rather than having any single person in charge. The future is #bossless and SyncDAO is gradually and safely transitioning power and control to the community!
8. How can SyncDAO sustain forever money?
Our DAO governance structure relies on the diversity of proposals, of engagement, and voting to fuel a constantly evolving guardianship of the Perpetual Vaults. The promise of forever money behind what we do is made possible by the role of community — to know together we can innovate solutions throughout time, implementing whatever changes might be proposed and voted in as they arise.
You might also be interested in this article where we talked about how we think about Forever Money and how the DAO will maintain quality APYs in the Vaults.
9. Why include an affiliate program?
At SyncDAO we’ve thought a lot about what it takes for someone to get started investing in crypto and Defi, and we know that for many people there’s a bit of a learning curve. And while it’s clear that the rate of Defi user adoption is increasing, we also know that a lot of people will want help to get started and set up securely. This is why we created a simple single-tier affiliate reward as a way to support those creators, educators, organizations and influencers that want to share Perpetual Vaults and help new users get started. We see it as one part of building a community committed to offering decentralized customer support. More on how it works here
10. Any plans to recruit people with blockchain experience to the SyncDAO team?
We are always interested to hear from people who may be interested in joining the team. Reach out and ask if we have any publicly listed positions at the moment — as the DAO grows we know SyncDAO will continually attract great talent. If you are keen to be part of our vision, DM or send an email to hello@syncdao.com with your ideas and experience!
If you’d like to know more about SyncDAO you can check out the website at syncdao.com
You can join the conversation on one of our channels
syncdao.com/discord
syncdao.com/telegram
syncdao.com/medium
syncdao.com/facebook
syncdao.com/twitter
Or check out more in depth details about the project;
syncdao.com/deck
syncdao.com/litepaper
syncdao.com/tokenomics
You can verify the token address on https://etherscan.io/token/0xcf8829ae9384540c886a151fac3a865794cb9a01 and on the official SyncDAO website https://syncdao.com/how-to-buy-sdg-syncdao-governance-token/
