BlockTalks x Amulet AMA Transcript!
We recently hosted an AMA with Amulet on January 8th at 12.30 PM UTC. Many of you might have participated, or many of you might not. But we ensure no one misses out on the knowledge shared by Garnet Leon, Community Lead at Amulet. So here we are up with the AMA transcript; for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce Amulet to our community in layman’s terms?
Ans — Definitely, Let me introduce our project Amulet!
Amulet V2 is the FIRST yield protocol with built-in protection for Web3 users to Earn Safely. We offer a whole new experience, combining yield and shield in one user-friendly Web3 platform.
What we offer:
Curated Yield Opportunities:
- These are carefully chosen yield opportunities with embedded protection. Users can access high APY by pre-mining $AMULET tokens.
- Users also benefit from detailed strategy analyses and risk evaluations for each vault.
Built-in Protection:
- This includes the Amulet Safety Fund, supported by 10 million AMULET tokens, for asset protection.
- It employs parametric risk management to monitor assets in real-time, detecting security incidents through LP token price comparisons with predefined triggers.
- In the event of a security incident, the protection facilitates rapid response, assisting users in promptly retrieving their assets.
Lucrative Incentives:
- Users can earn crystals through various incentive channels within AmuVerse. These crystals qualify for AMULET token airdrops during TGE.
- Engaging in the Discord community allows users to earn more Crystals through discussing products and leveling up.
Q2. What are the advantages of Amulet to the other alternatives in the field?
Ans — We do have multiple advantages compared to the other alternatives in Web3 yield space:
Here is why we stand out🫡:
- Backed by top-tier VC firms like Gumi Crypto Capital, Animoca Brands, NGC Ventures, and Solana Eco Fund.
- Enhanced yield strategies while mitigating the risks
- Transparent and comprehensive analysis of the risks in the yield.
- Built-in and streamlined coverage for digital assets protection.
- Deep DeFi insurance development experience since Amulet V1 is the FIRST and ONLY DeFi insurance protocol on Solana and we’ve been building it over the last 2 years.
Q3. What are the major milestones Amulet achieved so far & what are in the future pipeline?
Ans — 2023 has been a memorable year for us, here are several milestones we’ve achieved:
- We kicked off the Beta Version of Amulet V2.
- The initial design and development of the product were successful, earning recognition from many DeFi-savvy users.
- We initiated the pre-mining of $AMULET.
- We launched our new loyalty program, AmuVerse.
The major upcoming milestones in our roadmap include:
- Completing the security audit for the formal launch.
- Achieving the formal launch of Amulet V2 in Q1 2024.
- The TGE of $AMULET and its listing on major exchanges.
- Expanding to more yield strategies and additional networks like Arbitrum, and other mainstream Layer 2 chains.
- Placing more focus on partnership development and user acquisition.
Questions Asked on 𝕏 for Amulet Team!!
Q1. I can see that there are more than two dozen ecosystem partners shown on your website. Could you specify some of the crucial partners and explain their involvement with Amulet?
Ans — Thanks for that excellent question. Indeed, we have a multitude of partnerships, and there are even more than those listed on our landing page. Our partners mainly fall into the following categories:
- Investors and Advisors: Our backers are all reputable and influential. These investors have provided us with a wealth of business consultancy and collaboration resources, such as those from the Solana Eco Fund.
- Infrastructure Integration: As the FIRST and ONLY DeFi insurance protocol on Solana, Amulet V1 has an inseparable connection with the Solana ecosystem. Moreover, this week we are launching the Amulet V2 Yield Vault on the Solana network. Users can stake SOL to earn additional yields.
- Digital Assets Coverage Products: We offer insurance products for major yield protocols in the Solana ecosystem, such as Jito and Marinade. Additionally, we provide a broader range of insurance services for crypto asset custody and protocol auditors like Cobo and FYEO.
- Blockchain technology associations: engaging in the exchange of cutting-edge technology and recruiting talent for our team’s growth.
Q2. How does AmuShield’s 24/7 live monitoring contribute to risk management in decentralized finance (DeFi) within the Web3 landscape, and what specific aspects of asset tracking does it cover in real time?
Ans — Thanks for this insightful question about AmuShield’s role in risk management within the Web3 landscape.
AmuShield plays a crucial role in managing risks by offering round-the-clock monitoring. This continuous monitoring is essential for detecting and addressing potential threats swiftly.
- Monitoring Protocol Stability: It keeps a constant eye on the health of underlying protocols, looking for signs of potential risks like vulnerabilities in smart contracts or issues with liquidity.
- Tracking Operational Risks: It is adept at spotting risky activities such as unusual withdrawals from protocols.
- Streamlined assets coverage and claim processing: After AmuShield receives the LP token price triggers, the compensation plan will be initiated promptly and there is a transparent and fast claim process.
How can it do that?
AmuShield’s effectiveness in risk monitoring stems from Amulet’s innovative approach of tracking LP token prices. If these prices fall below a certain safe threshold, it signals a compromise in the protocol’s integrity.
Q3. Regarding the referral program in AmuVerse, could you provide details on the structure of Crystal rewards? How are these rewards calculated, and are there any limits or tiers based on the number or type of referrals?
Ans — We do have a lot of incentive programs within our loyalty platform, AmuVerse, there are no limits or tiers based on the referrals, you can earn Crystals which will be used for Airdrop in the future.
How to get Crystals?
Refer to Earn
- Refer others to follow Twitter and join Discord to earn crystals.
- Refer others to stake and you earn crystals. The more the referee stakes, the more you earn
Stake to Earn
- Stake continuously to earn crystals, the more you stake, the more you earn.
Task to earn
- Participate in Campaigns and complete tasks on Galxe to earn points and crystals.
Community Rewards
- Talk to Earn: Be active on Discord to level up and obtain roles to earn crystals
- Participate to Earn: Join community events like community quiz contests to earn more crystals
Lucky Draw (Coming with Formal Launch in the near future)
- Finish the Galxe tasks and get mystery boxes to win huge crystals prizes
Q4. Amulet was Solana’s first DeFi insurance project at the beginning, but since then until today, are you still only in the Solana ecosystem? Have you expanded into new ecosystems that offer more opportunities?
Ans — Thanks for that question, although we are from Solana as the first DeFi insurance Protocol, our scope is not only Solana.
- Our goal is to encompass the entire Web3 industry. Therefore, we have expanded beyond deploying our products solely on Solana. Our ecosystem has now extended to Ethereum, Polygon zkEVM, and Optimism.
- We are also planning to deploy on more Layer 2 ecosystems, including Arbitrum, X1, and Starknet, so stay tuned.
Q5. I read that Amulet’s strategies simultaneously generate yield from market opportunities while safeguarding deposited assets with built-in protection through AmuShield. How true is this? And how is this achieved?
Ans — Thanks for this good question. Amulet V2 indeed offers risk protection for assets deposited on its platform, and here’s how this is structured:
- Embedded Asset Coverage: We offer dynamic asset protection to our users. This is achieved through an embedded coverage system, designed to compensate users in the event of a security breach.
- Amulet Safety Fund (ASF): We have established the ASF, which includes a reserve of $10 million, backed by $AMULET tokens. This fund serves as the primary source for providing asset protection.
- Utilization of Protection Fees: The fees collected for protection are added to the ASF, enhancing its capacity to underwrite and cover risks.
- Future Collaborations for Enhanced Safety: Looking ahead, we plan to collaborate with other Web3 insurance protocols. These partnerships aim to act as co-insurers or re-insurers, further strengthening the ASF and the overall safety net for our users.
Questions Asked by our BlockTalks Community Members during live Session to Amulet Team!!
Q1. 17-point risk inspection checklist” that is mentioned on medium article which is awesome. Could you elaborate how risk perception has changed with Amulet V2?
Ans — Let me answer this question first.
- Our risk profile is developed based on our many years of industry experience and insights from developing DeFi insurance products. It includes a comprehensive analysis of various types of risks, including Security Risk, Market Risk, and Operational Risk, providing users with a thorough and transparent analysis.
- In these analyses, we have carefully selected risks that can be objectively analyzed with data support, without any subjective intentions influencing these facts. This ensures that the risk analyses we provide to users are completely fair, just, and transparent. This approach is a result of our years of experience in the DeFi security industry and incorporates feedback from numerous savvy users.
Q2. Can you give an overview of your Tokenomics and the UTILITY of Token?
Ans —
Thanks for this question about our Tokenomics.
- 1 billion $AMULET tokens total.
- 25% for business & community incentives, the rest for fundraising, liquidity, and team.
- Here is a detailed diagram for AMULET token distribution
Token Utility
Governance via veAMULET
- Stake $AMULET for veAMULET, proportional to stake amount and duration.
- Vote with veAMULET on product updates, feature changes, and profit sharing.
- Amulet Yield Booster Voting
Incentives:
- Earn $AMULET through staking and enhance rewards allocation through veAMULET.
- Participate in governance for additional rewards.
- Profit-sharing plans align user benefits with protocol growth like Lucky Draw.
Q3. How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto projects?
Ans — Amulet is invested by top-tier VC firms like gumi Crypto Capital, Animoca Brands, NGC Ventures, and Solana Eco Fund. You can also check our investors on our landing page.
Our tech team is experienced and with robust smart contract developing knowledge and sufficient security expertise, we have team members from IBM, and Microsoft, and also advisors from WTW which is a decent traditional insurance institution.
We have a strong BD & Marketing team, and most of them are experienced since they are veterans of Web3, for example, one of our team is from Binance.
Q4. What measures does Amulet have in place to ensure that the insurance pool is sufficiently funded and able to meet the needs of its users?
Ans — Amulet implements several robust measures to ensure that its insurance pool is sufficiently funded and capable of meeting the needs of its users:
- Diversified Risk Pooling: Amulet employs a strategy of diversifying its insurance pool across various types of risks and assets. This approach helps to spread out potential liabilities, reducing the impact of a single large claim on the pool.
- Dynamic Pricing Models: The platform utilizes advanced algorithms for dynamic pricing. This means insurance premiums are adjusted based on current market conditions and risk assessments, ensuring the pool remains financially healthy and can cover claims.
- Capital Reserves and Reinsurance: Amulet maintains a reserve of capital to cover claims, which is the Amulet Safety Fund backed by 10M AMULET tokens.
- Governance and User Participation: Amulet leverages decentralized governance, allowing token holders and users to participate in decision-making processes. This includes decisions on premium rates, types of coverages offered, and managing the overall health of the pool.
By combining these strategies, Amulet aims to maintain a robust and resilient protection fund pool, ready to support its users in times of need.
Here are some important links to Amulet 👇🏻
✅ Website: amulet.org
✅ Telegram: t.me/amulet_announcement
✅ 𝕏: twitter.com/amuletprotocol
✅ Whitepaper: docs.amulet.org/amulet-v2/
