DAOventures with Alvin Foo, Victor Lee, and Ravneet Kaur
DAOventures is a decentralized finance (DeFi) technology protocol focused on simplifying DeFi investing. They do this by focusing on the key differentiators that focused on investor’s needs; security, compliance, simplicity and risk management.
Ravneet: Really good! Exactly one min past midnight here, so why don’t you guess? 😄 I’m in Australia
Alvin: We are well and good ! Already loaded up with buckets of coffee.
Eric: So please introduce yourselves to us. We wanna know about your background and how you discovered crytpto.
Alvin: I’m based in Shanghai. Hi everybody, I’m Alvin Foo, co-founder of DAOventures. I was previously heading up Interpublic Group’s digital agency Reprise in China and also worked at Google and Nokia. My co-founder, Victor who is unable to join us and I are both avid crypto lovers having discovered it in the early days of bitcoin. We were determined to get into the space having incubated BItcurate, a crypto analytic startup together in 2018 and pivoted to DAOventures in 2020.
My twitter: https://twitter.com/alvinfoo
Ravneet: I’m Ravneet Kaur, Partner & CMO at DAOventures.
I’m Ex-HubSpotter, my background is mainly in tech, growth hacking, marketing and building digital marketing/sales infrastructures. I also run a podcast on the side called @BitcoinPanjab 🙂
My Twitter: https://twitter.com/RavneetKaurTech
Ravneet: I discovered crypto in 2017 just before the big bitcoin 20k boom! Geez, 20k seems so little now!
Eric: hope it goes back to that so i can buy more! So tell us what is DAOVentures?
Alvin: DAOventures is a decentralized finance (DeFi) technology protocol aiming to simplify DeFi investing by focusing on core investor’s needs such as: security, compliance, simplicity and risk management. We are our own customer and we wanted to really make DeFi more simpler.
Ravneet: Our mission is to make DeFi simpler, more accessible, and inclusive. We want to create a simpler, more accessible, and more open world that is permissionless, inclusive and guided by our DNA of continuous learning, integrity and transparency.
Alvin: Our mission is to go from trading initiated by the traders to fully automated where the machine can help to setup and trade automatically. But we will start from simpler products such as automated yield farming based on risk profile; low, medium and high.
We are determined to solve the problem of crypto customers trying to get into DeFi and show DeFi is the next path in the crypto 3.0.
Ravneet: In simple words, it’s bringing automation to complexity!
Eric: That's very interesting. What defi apps will you guys cover initially?
Ravneet: We have had a such an amazing response! That’s an Alvin question!
Alvin: Robo advisor and automated money manager.
Eric: Will these be powered by AI or thru a DAO?
Alvin: The recommendation engine and automated money manager will be powered by AI. It will run its algorithm to select the best investment strategies
Eric: So what is the token at the center of this? Can we know what its called, how much is the supply and waht does it do?
Ravneet: DVG governance token is an erc-20 token. It will be used for governance, voting, passing consensus, approval etc. DVG token can also be used for additional usage such as profit-sharing with DAO community, staking returns and utility factors such as reducing gas-fees for paying for smart contract deployment. Total supply is 76 million.
Eric: So how big is the team now?
Alvin: $DVG holders can benefit from a range of staking incentives that will reward them for their efforts, including pool-specific rewards, reduced transaction fees and profit sharing.
For more information on the DVG token utility, overall token allocation and more, please read our tokenomics doc: https://docs.google.com/presentation/d/1eqC-vY6ZX9S-A7_Gb3nYVpKKL_VSX2AKq9xrg_oTl14/edit#slide=id.g8cfad2f7bc_0_192
Ravneet: 6 people in total! All full time and fully decentralized!
Eric: Nice. Are there any important dates coming up soon that people should know about?
Alvin: We are adding more people and in the process of hiring key leaders.
Ravneet: Right now there’s only big date and big event that we are working towards. That’s on the 15th of February.
Eric: What is the big event?
Ravneet: $DVG IDO on Polkastarter
Alvin: And listing on Uniswap on the same day.
Eric: Nice! Awesome place to do a public sale.
Alvin: Exciting times ahead.
Ravneet: So exciting! We’ve had quite the feedbaack and response from the community. 130,000 whitelist applications in 4 days!
Eric: I bet, the product is very useful and the team looks great.
Q: Which notable funds are supporting DAOVentures? Are there some traditional funds involved as well?
Ravneet: Some of the investors include Moonrock Capital, GBV Capital, Astronaut Capital, X21 Digital, Plutus VC, Magnus Capital, Ascensive Asset Management and more. 🙂
Q: How tight actually is your platform security and what is your audit process in order to protect investors — especially the users of DAOVentures application?
Alvin: We’re currently auditing code as we speak! We have engaged zokyo.io who are the main auditors for a lot of credible ICOs!
We will also be auditing our code each time we do an update.
Because no room for errors.
Q: Is there any reward mechanism for holding DVG tokens? Can you tell me how you manage liquidity control?
Alvin: We charge a 1% admin fee on staking and 10% commission on profit made from the investment. For long term stakers, they will be rewarded with DVG tokens, the longer u hold the more u get.
Alvin: Our 3 main products are:
1/ Yield Farming: allows the users to generate a yield by simply choosing a portfolio. Furthermore, users can choose from a wide variety of different yield farming strategies pertaining from low-risk + low-reward to high-risk + high-reward.
2/ Automated DeFi Manager: simple and basic way that deploys user’s cryptocurrency to the best yield aggregator through stablecoins like USDT, USDC, DAI, TUSD, etc.
3/ Lending or Borrowing and AMM: with the rise of the DeFi market, Uniswap has reached extreme trading volumes that have exceeded various centralized exchanges. So DAOventures will be tapping into these platforms in the near future.
Q: Can you indicate a feature that you like best about your platform so that it can compete with other competitors? What are you most confident about for your platform?
Alvin: Our main differentiators are:
1. Simplicity. Many of the current DeFi solutions are developed by very advanced smart contract developers. UX is a main concern for many crypto-users who wanted to get into DeFi investments. Usability is a main concern.
2. Trust and Security. As many of the DeFi protocols are shipping products and test-in-production, this has bugs and loopholes. Resulting in potential price oracle/flash loan attacks etc. This is our upmost priority to ensure any smart contract deployment we do, our investor’s money comes to our mind.
3. Localization. We know that many regional countries especially in Asia have yet to adopt to DeFi and require more local adoptions. This includes usability, onboarding, web3 wallet, cheaper gas fees via paying with DVG token and local languages regionally.
Some of the key features:
1/ A Easy Way to the DeFi Space: by simply clicking on the dashboard, you will be able to explore and evaluate the various DeFi assets available on the market. The simple design of the platform will also let you check historical returns and more!
2/ Non-custody and Self-approval: DAOventures will not hold onto the user’s capital. The platform enables self-custody for all users. So this means that users can interact and approve ‘smart contracts’ independently. Users have full control over their money.
3/ Performance and Optimization: all the investments on the platform are transparent on the blockchain. Users can also monitor their capital 24/7 by reviewing and optimizing their portfolio.
Q: App of DAOventures connects only with Metamask now. What other wallets will you add? How will manage your strategy over there?
Alvin: At the current moment, we have only implemented Metamask. But we will be implementing more suites of web3 wallet to encourage participations from more DeFi users.
Q: Do you think @VenturesDao system is enough secure ? How safe is your system in securing funds and user data?
Alvin: We are using several methods to secure our platform:
1. We are currently using Zokyo.io and they are also our partner in the security audit.
2. We will be also using a 3rd party developer to look at our smart contract regularly, i.e. monthly routine to spot developer mistakes & potential bugs.
3. We will also be doing unit testing before we deploy the smart contract to mainnet.
4. We intend to launch white-hat bounty for our smart contracts through Github.
Security is out utmost priority and top of our mind. We invest our own $$ and have “skin in the game”. We intend to use this mindset and actual investing our own $ to give a peace of mind to the DAOventures investors.
Q: What are your plans for global expansion, are you only focused on the current market? Or focus on building and developing or acquiring customers and users, or partnerships? Can you explain this?
Ravneet: We want to build products where for existing problems and use cases, no matter where they are in the world (ofcourse abiding with regulations where needed). Our goal is to focus on China & India first, partnering up with communities to drive education and adoption.
Q: Does the name DAOVENTURES’ have any meanings? What makes you to select such a name? Also Can you explain how is your Tokenomics Distribution? How many tokens Will be minted? And How many tokens Will be locked by the team?
Ravneet: DAOventures stands for Decentralised Autonomous Organisation. The founders Victor & Alvin, chose this name in 2018 without knowing what they were going to do with it.
Q: As a community based project, how can I donate my quota for your success? Do you have a Global Ambassador Program or a Referral Rewards System?
Ravneet: Look out for more info on this in future 😄
Q: What are your major goals to achieve in the next 1–3 years? What are your plans to expand and gain more adoption? How do you elevate crypto participants’ understanding about project?
Ravneet: We plan to invest a lot in the education and our youtube channel. We have such hired a defi analyst so we can also provide insightful content so the community can get more understanding about defi and our products.
Q: ❓ What is your strategy for building a strong community? Do you agree that the power of the community will lead DAOventures to develop globally? What services do you provide to the community?
Ravneet: By involving our community in every step of the way! Which is why our token is a governance token because we want community participation and believe this will in result build a strong community.
Ravneet: Guys so many good questions Guys! Wish we could answer them all 😄
Eric: Haha. Please invite them to where they can follow DAOventures please.
Ravneet: Ofcourse! Give us a follow on twitter if you want to follow our journey and stay connected: https://twitter.com/VenturesDao
Alvin: Smart questions!! Hope we were able to provide better clarity to our project. Pls follow our official channel as per above.
Eric: Thanks everyone!