Tidal x Im Community AMA Recap
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🐋 TELEGRAM AMA: Im Community & Tidal Finance 🐋
⏰ AMA Timing : 30 March 2021 l 02:00 PM UTC
Venue For AMA : https://t.me/imcommunityitw
🎁 Reward Pool 50$
Bà Tân | : Welcome @draykh from Tidal Finance
D.R. : I am ready!
Bà Tân | : Welcome everyone. Today Im Community will host AMA with Tidal Finance.
Today our guest is: @draykh from Tidal Finance.
Bà Tân | : Please introduce yourself a bit: @draykh
D.R. : srue
sure
Hi everybody, I am a CTO of Tidal. I’ve been in FinTech for over 20 years working in the financial markets, electronic and cryptocurrency trading. I am a computer scientist by training, I’ve built multiple trading systems in FX, Equities and Crypto markets. Designed and build financial products like ETFs and CFDs. I worked with companies like BlackRock, BNY Mellon, FTSE and Galaxy Digital. I’ve been in crypto since 2016, building aggregation trading systems and asset tokenization platforms. And now I am excited to be working with Chad building next chapter in DeFi world.
Bà Tân | : Thanks for the introduction🥰👏
Bà Tân | : Today’s AMA will have 2 sessions
Sessions 1: The chat will be muted & the team will introduce themselves then we will ask some introduction questions to the team Tidal Finance
Sessions 2: The conversation will open to the community questions and the 5 best questions will be selected
Bà Tân | : Rules to follow AMA : ⤵️
▫️ Join : Telegram group Tidal Global Community (https://t.me/TidalGlobal) , Tidal Announcements Channel (https://t.me/tidalann) and IM Community (https://t.me/imcommunityitw) , Channel Im community
(https://t.me/imcommunityit)▫️Follow: Twitter Tidal Finance (https://twitter.com/tidaldefi) and IM Community (https://twitter.com/IM_Communityitw)
Web & Community:
🌐https://tidal.finance/
D.R. : sure, it’s my pleasure
Bà Tân | : Start session 1 AMA
Bà Tân | : Question1. So, firstly Can you guys introduce yourself and also please tell us how did the name Tidal Finance came into being for this project? @draykh
@draykh Please say “Done” when you have finished the question, thank you.
D.R. : sure
I think I already introduced myself, about the name, we just like it :)
it’s a cool name
done
Bà Tân | : Question2. What are the best features that distinguish you from other projects and what competitive advantages do you have?
D.R. : Our design allows for LPs to stake their capital on multiple protocols. This approach creates an ecosystem where LPs can generate attractive returns while coverage buyers do not have to pay high prices for the coverage they seek. While high leverage usually means high risk, to guaranty availability of reserves to cover all potential claims Tidal has a unique multi-tier design of reserve management.
Our design allows for LPs to stake their capital on multiple protocols. This approach creates an ecosystem where LPs can generate attractive returns while coverage buyers do not have to pay high prices for the coverage they seek. While high leverage usually means high risk, to guaranty availability of reserves to cover all potential claims Tidal has a unique multi-tier design of reserve management.
Our unique Guarantor concept is at the core of this design. It is very difficult to estimate risk for DeFi projects, especially new protocols. Our Guarantor program allows new teams to stake their own capital to provide first level of capital required to make payouts in case of a hack. New protocol teams take higher risk upfront and are further incentivized to make their products safer. Guarantors also make money by receive portion of coverage fees collected in our protocol.
We also have a Tidal staking pool where token holders can stake their tokens and collect portion of premiums and token rewards. This staking pool is the third tier in our multi-tier system.
done
Bà Tân | : Question3. From the perspective of investment how is Tidal beneficial to its long term token holders?
D.R. : I can’t really speak about investing. Our governance token is an integral part of the Tidal design. Our token holders will be able to vote on approving coverage claims and other DAO initiatives. Tokens holders will be able to stake their tokens to receive rewards, etc.
We are building a completely decentralized ecosystem govern by the token holders.
Our focus is on creating a protocol that people want to use, we think the rest will take care of itself.
Done
Bà Tân | : Question 4. What is Tidal Finance gunning for further in 2021 ?
D.R. : sure
We are moving forward with our road map in a very rapid manner. On tech side we will be releasing our testnet version is a couple of day, probably next week. After that we are planning an audit and after audit is done and we satisfied with the results we’ll be going live in about 45–60 days.
Done
Bà Tân | : End of session 1
Bà Tân | : Rules to follow AMA : ⤵️
▫️ Join : Telegram group Tidal Global Community (https://t.me/TidalGlobal) , Tidal Announcements Channel (https://t.me/tidalann) and IM Community (https://t.me/imcommunityitw) , Channel Im community
(https://t.me/imcommunityit)▫️Follow: Twitter Tidal Finance (https://twitter.com/tidaldefi) and IM Community (https://twitter.com/IM_Communityitw)
Web & Community:
🌐https://tidal.finance/
Bà Tân | : We will move on to session 2
Bà Tân | : Sessions 2: The conversation will open to the community questions and the 5 best questions will be selected
🍀Jőhn L🍀 : i really love it
Go Go
Bà Tân | : Those who haven’t joined @TidalGlobal group will not be eligible for AMA rewards, make sure you did.
🍀Jőhn L🍀 : Perfect guys
Bà Tân | : @draykh Pick the 5 best questions and answer it for session 3.
Q1. What problems is your project trying to solve to make it easier for crypto users? Please tell us what the development roadmap looks like right now. What will happen this year and in the future?
D.R. : Tidal is building an insurance product for the DeFi world. As we all know, many DeFi projects have been hacked over the last few month. As a result many investors hesitate to participate in this space as it is very difficult to assess the risk of any individual project. Tidal is building an insurance product, a protocol that will allows DeFi participants to make their investments safer. Our goal is to make investing in DeFi projects easier and more secure for regular investors.
Q2. Most DeFi projects especially those ones offering yield farming are driven up by hype and scarcity, so when the hype dies the project dies. What’s the key to sustaining Your Project yield farming ?
D.R. : We believe there is a real need for insurance line product in DeFi space. As DeFi grows more and more investors will look for ways to secure their assets. Our goal is to build a long lasting product with real utility and growing user base.
Q3. 〽️ I think one of the most important things about insurance is knowing how much coverage it will provide in the event of a loss, so can you explain what elements are taken into account when deciding how much to cover me? What variables are the most important for this calculation?
D.R. : Our customers can buy coverage in 1 week increments. We are selling this coverage in a way of a token. this coverage token has a notional value and a premium. for instance I can buy 100 dollar coverage for 10 cents. which means if there is a hack i can file a claim and receive 100 dollars payout and it would cost me 10 cents to buy this coverage for a week.
Q4. Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the token on the leading exchanges?
D.R. : We have a marketing team that is responsible for making Tidal project known, but I am not involved in that part of the business.
Q5. So, do you have any plans to burn tokens in the future to reduce the token supply and increase its investment attractiveness?
D.R. : We do, small part of the premiums collected in our protocol will go to our Treasury wallet. This wallet will be used as a last tier of capital reserves. From time to time, when Treasury wallet has excess capital system will be able to use to buy Tidal tokens on the open market and burn them.
Q6. Who do you think your strongest partner is and why? What is your future partnership? What are the strengths of your project?
D.R. : Tidal has build in design to attract partners to participate in our eco-system. It is very difficult to estimate risks for DeFi projects, especially new projects. Our Guarantor program specifically designed to allow new project teams to guarantee their protocols. We are talking to a number of such projects and will be adding their protocols to our system.
🍀Jőhn L🍀 : awesome
D.R. : thanks
Bà Tân | : Thanks for the useful information from @draykh
Bà Tân | : For questions that have not been answered today, you can send them to @TidalGlobal l for answers.
sure
Bà Tân | : End of session 2
Bà Tân | : Allright, I declare the Im Community AMA with Tidal Finance has ended
Thanks to @draykh | Tidal Finance has joined us and provided us with Tidal Finance information, we hope that this knowledge makes us understand more about https://tidal.finance/
To the members, thank you for following this event to the end. winners will be announced soon.
🍀Jőhn L🍀 : thank for coming here today @draykh
D.R. : Thank you very much for giving me an opportunity to speak to your community. there ware many great questions there.
