We were delighted to welcome our guest from Cook Protocol. The AMA took place on December 7th, 2021 and our guest was @nate2x.
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Gold Rocket | Satoshi Club: We are with you again, our dear Satoshi Clubbers! We are pleased to announce AMA with Cook Protocol.
Paul Mont | Satoshi Club: Today’s guest is @nate2x! Welcome! Great to have you here!
Nate: HI everyone great to be here! Thank you!
Gold Rocket | Satoshi Club: Nice to e-meet you ❤️
Nate: Nice to e-meet you too!
Paul Mont | Satoshi Club: How are you feeling today ? I can tell you we’re super-excited to know more about Cook Protocol! 😁
Nate: I’m doing great. Very excited to share everything that we’ve been working on recently at Cook
Gold Rocket | Satoshi Club: Cook Protocol was our guest on March 17😊
Paul Mont | Satoshi Club: Then it’s a wonderful come back, we need to hear the news!
Gold Rocket | Satoshi Club: https://esatoshi.club/satoshi-club-x-cook-protocol-march-17th/
Nate: Thank you it’s great to be back. We’ve made tremendous progress since we were last here!
Gold Rocket | Satoshi Club: Let’s start! Introduce yourself please. How did you get to be involved in crypto & Cook Protocol. And please remind us of the main milestones that have occurred during this time
Nate: Sure let’s do it
Nate: Hey everyone I’m Nate the CMO of Cook Finance! Just to vie you a bit of background on myself I’ve worked at top companies in the marketing field including Havas Group which is a global ad agency, L’Oreal as a brand maanager and in mobility tech as a marketing director.
Nate: I actually got started in the crypto space a whilel back when I was working on a side project in the blockchain mobility space back in 2018 then early this year I had the opportunity to dive deep into crypto with Cook and it’s been incredible to say the least!
Nate: So just to give a few updates on milesstones Cook has achieved to date here are a few ones…
Cook Avalanche – Launched on 11/30/21
Cook Mainnet – Mainnet Launched on Ethereum 6/30/21
Cook Indexes – ETH: Largecap Crypto, DeFi, NFT, Metaverse, Infrastructure and Derivatives
Cook Indexes – AVAX: Ecosystem, Stablecoin Yield Bearing, Mega Cap Yield Bearing
Cook Chains – Runs on AVAX, ETH and OEC. $COOK is on ETH, BSC, HECO and OEC
Cook Integrations – Integrations with Chainlink, Unstoppable Domains, Huobi, Galaxy.eco
Cook Community – 10K+ $COOK Wallet holders achieved within 3 months of launching
Gold Rocket | Satoshi Club: it’s as incredible as your background👏
Nate: thanks!
Paul Mont | Satoshi Club: Congratulations! These are really outstanding milestones! 🚀
Gold Rocket | Satoshi Club: You have done a lot during this time!!!
Paul Mont | Satoshi Club: What’s even more amazing is how you’ve managed to achieve all these in such a short span of time 🤩
Nate: Yes we’ve been hard at work! thank you thank you!
Gold Rocket | Satoshi Club: Give us a brief introduction to the project. What is the essence of Cook Protocol😊
Nate: Alright sure let’s dig into the good stuff and talk about Cook!
Gold Rocket | Satoshi Club: Perhaps someone has forgotten or there are new Satoshi Clubbers
Nate: So Cook is basically a DeFi Index platform. Our goal is to create a platform in this space that makes it easy for anyone to get into the world of crypto through index investing. Especially foor those who are new to crypto, going through the thousands of tokens and picking individual ones to buy is a daunting task. so we want to make that much simplier and easier for EVERYONE
Nate:
You can check out a picture of the platform here
Paul Mont | Satoshi Club: Love the UI! So sleek! 🔥
Nate: Thank you!
Gold Rocket | Satoshi Club: It looks smart and very convenient
Gold Rocket | Satoshi Club: Thanks for great introduction, we will have several questions selected for the Part 1. Ready to start?
Nate: oh hold on just a sec let me add some more info about the platform
Gold Rocket | Satoshi Club: Of course ❤️
Nate: So Cook was created to take the guesswork out of that and make it easy to just get a basket of cryptos in one single index with broad diversification and exposure. So for example if there’s an area of crypto that you want to et into you can get an index for that like a Metaverse index that is composed of the top projects like SAND, DECENTRALAND, ect. Or the Avalanche Eco system Index that is made up of the top AVAX projects like Trader Joe, Yield Yak, Pangolin, ect.
Nate: The benefits of this platform are that for those who are new to crypto and not quite ready to deal with the high level of volatility associated with holding single asset tokens, they can easily get an index of a basket of tokens. This enables users to still have the upside potential within the crypto market but without the massive ups and downs associated with holding single assets. Additionally passive investments like indexes tend to outperform in the long term vs. just handpicking active individual assets. Also users have self-custody which means you actually own the assets.
Gold Rocket | Satoshi Club: the benefits are obvious! 👏👏👏
Paul Mont | Satoshi Club: I love it @nate2x! Diversification is a pivotal concept in *good* finance and key to build a great portfolio, optimizing the risk/reward ratio!
Paul Mont | Satoshi Club: Can more experienced users build (e.g. customize) their own basket of crypto assets or are these predefined for them?
Nate: Yes in the future experiened users or actually anyone who has an idea for their own index will be able to propose it through our Cook DAO. Then it will go through a Q&A period and voted on. If approved then the Cook team will create and launch it on the platform.
Gold Rocket | Satoshi Club: I like this idea👍
Nate: Yes that’s where we really see unlimited potential in that every single one of you can come up with an index idea. True creativity and ideas come from the community and we can not wait to see what everyone comes up with
Paul Mont | Satoshi Club: Nice! 👏👏
Paul Mont | Satoshi Club: I have so many questions, but some of the topics will also be introduced by our selected community questions so… if you’re ready we can move hop/right onto that section of our AMA 😉
Nate: Yea sure go ahead
Paul Mont | Satoshi Club: Let’s go then! 🚀
Q1 from Telegram User @Jamesxmen
In previous week of Avax Daily report, Cook Protocol took third place for Top TVL(Total Value Locked) gainers within Avalanche ecosystem with 96.68% and Congratulations for that. What were the reasons & habits that you continue to gain a success like that? Actually How much is the TVL within Cook Protocol project presently? In what way did you collect funds for the TVL fund & When will this funds be unlocked? What are the actions & determinations that you will take to keep this hype for a well growth Cook Protocol economy?
Nate: Yes so for the TVL we’ve had an incredible run up recently and we just exceeded $2M. A big reason for the huge increase was that just last week we announced the launch of Cook on Avalanche which was amazing.
So Cook is the first ever DeFi Index platform on Avalanche and so many in the ecosystem are very excited about it. We actually made this announcement when our team was exhibiting at the DCentral Conference in Miami just last week.
It was a fantastic experience to tell so many people first hand about this launch and we got so much good feedback from the community. Also we got the launch covered in CoinDesk which we’re very proud of! https://www.coindesk.com/tech/2021/11/30/cook-finance-launches-defi-index-platform-on-avalanche/.
So all these activities have definitely contributed to the increase in the TVL over the past week. In terms of continued progress we have a lot more in the works and a lot more exciting indexes that will come through that will make the platform even more valuable in the future.
Gold Rocket | Satoshi Club: Your successes are amazing
Nate: thank you!
Paul Mont | Satoshi Club: Amazing!!
Paul Mont | Satoshi Club: What are you most excited about that’s coming down the roadmap for Cook? 🙃
Paul Mont | Satoshi Club: That is, is there a particular feature or service or event that you’re particularly looking forward with great(er) excitement (provided that it’s not a secret you can’t share 😁) ?
Nate: So I’m really excited about the team working on making improvements to the user experience on the platform so even a broader audience can access Cook. Currently its a bit difficult for new people to get into DeFi Indexes and we want to make it easier for as many people as possible so we’re working hard to build out ways to improve the overall user experience and make it as simple as possible.
Gold Rocket | Satoshi Club: which feature are you most proud of?
Nate: The “Issue with Single Token” feature is something we’re really proud of. With this feature anyone can use a single token such as USDC, USDT, AVAX or DAI to get an index. This is a MAJOR improvement in the overall user experience that Cook is the first to launch in the index space
Nate:
Gold Rocket | Satoshi Club: Wow! it is truly grand and unique
Nate: yes because before, if you want to get an index you would actually have to hold all the underlying assets in the index which is quite complex to get done. but with this feature Cook makes it super simple
Gold Rocket | Satoshi Club: Thanks for your answers and clarification ☺️
Paul Mont | Satoshi Club: It’s so ingeniuos @nate2x 🤩🔥
Paul Mont | Satoshi Club: It seems you guys are already well on your way to make UX easiest as possible!
Gold Rocket | Satoshi Club: Are you ready for the next question?
Nate: sure
Q2 from Telegram User @Jmagsss
To guarantee that all of the investor’s funds and safe and secured, Cook Protocol will use the Nexus Mutual insurance and provide fund-specific insurance options to hedge against any risk with the fund investments. Firstly, why have you chosen Nexus Mutual to facilitate and organize your insurance policies and mechanisms? Also, can you please discuss more about these fund-specific insurance options? What will be its structure and who are allowed to purchase them?
Nate: So security is important and all the Cook smart contracts have been audited by 3rd parties such as Certik and Slowmist. To add even another layer of security the team is currently working with protocols in the insurance space to add even more features to the platform. As for fund specific insurance options this is a great idea and we would love for this to be proposed through the DAO to help improve the platform. Its new ideas like this that come from the community that really help improve the overall platform.
Gold Rocket | Satoshi Club: DAO is really a very important tool for the community.
Paul Mont | Satoshi Club: Thank you for taking care of this critical aspect. I’m sure all of Cook Protocol’s users will be relieved to know about the dedication and utmost care you’re putting through into the topic 😉
Paul Mont | Satoshi Club: Are you ready to proceed with the next question or would you like to add something else?
Nate: all good let’s go to the next
Q3 from Telegram User @iceVermithraxx
I understand that cook Protocol relies on a using multiple oracle services and you mentioned one of them which is Price Oracle. Price Oracle is used determine assets valuation and ckTokens. can you elaborate on the working principles of Price Oracle to determine assets valuation and ckTokens price? Can you share some of other Oracle Services Which Cook protocols uses and their features? Lastly, can you give a brief explanation on how Cook Protocol interacts with all this oracle services?
Nate: So Cook actually uses Chainlink for pricing feeds for the indexes. The oracle provide real time price updates so that the Cook platform can show accurate NAV (net asset value) pricing for all the indexes on the platform. Chainlink is a great partner and it was quite quick to roll out the integration with their team as they have so much experience in this space and work with all the top projects. Since pricing is the major component for the platform that’s the main focus of oracles for now. But again if you have an idea to integrate with other oracle services for a new type of index, please go ahead and propose!
Gold Rocket | Satoshi Club: Thanks for your answers ☺️
Paul Mont | Satoshi Club: An opportunity to organizing some interesting brainstorming session with our Satoshi Clubbers:)
Nate: Sure!
Nate: That would be a great idea
Paul Mont | Satoshi Club: And I can assure you have we some great minds at work here 😁
Nate: maybe can start competion for the best index ideas? a lot of interesting things that could be done!
Paul Mont | Satoshi Club: That would be amazing!
Paul Mont | Satoshi Club: We’ll see what we can do! 😉
Paul Mont | Satoshi Club: Time for the next question now! Are you ready?:)
Nate: sure lets go ahead
Q4 from Telegram User @thisistoyin
About your liquidity mining, i understood that
Cook Protocol launched a liquidity mining programs on Ethereum, Binance Smart Chain and Huobi Eco Chain to build up liquidity on the decentralized exchanges on the three blockchains. Can you explain how users can stake the LP tokens on the liquidity mining pool to start earning the $COOK tokens? And why does LP tokens have to be looked for 14 days before the rewards would be distributed evenly?
Does it have to do with the Batch issues Features you introduce so users would be able to save a lot of gas fees?
And i noticed that i couldn’t find links to your liquidity mining pool on your website, would it be possible for you to share the links for us or they aren’t available yet?
Nate: Yes we have great staking and liquidity mining programs on Cook. Especially with Cook on Avalanche. We actually just launched 3 brand new Avalanche indexes that you can earn even more rewards on top of the the yield bearing rewards availalbe in the indexes.
Avalanche Ecosystem Index – Consists of AVA and top 6 avalanche native projects including Trader Joe, Wonderland, BenQi, Pangolin, Yield Yak and Penguin Finance
Yield Bearing Mega Cap Index – Consists of yield bearing wrapped ETH and BTC
Yield Bearing Stablecoin Index – Consists of yield bearing USDC, DAI, USDT and MIM
So actually there is no lock up for some of these new ones if you check them out through the link below. As for more information you can check everything on the Staking and Liquidity mining programs that we just launched with the links below.
Nate: Go here to view: https://app.cook.finance/farm
Go here to learn more: https://cook-protocol.medium.com/cook-launches-new-staking-and-liquidity-mining-programs-on-avalanche-e4b3876df9b6
Nate:
Paul Mont | Satoshi Club: Crystal clear, loved the in-depth answer! Pretty sure @Thisistoyin will be just as satisfied!🔥🔥🔥
Nate: Great!
Paul Mont | Satoshi Club: The next one is about Cook Protocol’s logo 😉
Q5 from Telegram User @ItsMelissa3
A few months ago you made the decision to announce a new logo for Cook Protocol. Can you share with us the meaning behind this new logo? How do you interpret the design of the new logo? Why was the old logo changed? What motivated you to make the decision to improve the Cook brand? You didn’t just change the logo, but also the brand in general, the theme and concept, and the Cook Protocol website was also changed. Can you tell us the reason behind these changes? Why did you decide to keep the same name despite all these changes?
Nate: Yes we created a new logo and its meaning is very important. The old logo was based on the navigational theme which didn’t quite take hold but we couldn’t help but notice the community latched onto the Cooking theme of our name quite easily! So we went with it and did a rebrand to really dive into the cooking theme and create a logo that truly represents what the Cook platform does.
So if you look at the Cook logo the two brackets represent both sides of the Cook platform. On the left side we have those who we like to call the selectors of indexes and on the right side we have those who are the creators of indexes. Then in the middle the two sides come together and the platform “Cooks” up with heat, amazing opportunities for both sides 🙂
Nate:
Paul Mont | Satoshi Club: Beautiful 🤩
Paul Mont | Satoshi Club: Cudos to your designing team! 🥳
Nate: Thank you!
Gold Rocket | Satoshi Club: flexibility and ability to listen to the community is the key to success in crypto👏👏👏
Gold Rocket | Satoshi Club: Thanks for your great answers
Nate: of course!
Paul Mont | Satoshi Club: I concur, great! Thank you very much! This is the last question for this very first part of the AMA, then we’re heading into the LIVE part of the session!
Q6 from Telegram User @Cheriemike
A community of entities holding the COOK token governs the Cook Protocol. These holders have the right to initiate strategies and vote for adjustments on the protocol and these parties will at least hold up to 1% (1,000,000)of COOK total supply before they can submit a governance proposal for changes to be made on the platform.Isn’t this huge?How about users who might be interested to also participate in your governance voting but do not have up to that amount?Shouldn’t you consider having a minimum amount of COOK token for voting?How about those who wish to delegate their votes,how will they do that? Please explain Thanks.
Nate: Yes that’s a great question. So COOK is required to participate in the DAO. This is important to make sure that anyone who makes an official CIP or Cook Improvement Proposal is vested in the the success of Cook. While it may be high for some individuals to send through a CIP, anyone can participate and discuss any topic in the DAO. If there’s enough community support for a new idea there are quite a few COOK holders who meet the minimum requirements for submitting a CIP who are actively participating and it’s very possible that they might just propose an idea that has a lot of community support! So please participate if you have a great idea!
Paul Mont | Satoshi Club: A great opportunity to get involved with an amazing project, Satoshi Clubbers 👆😁
Paul Mont | Satoshi Club: Hopefully great ideas will also be rewarded 😉
Gold Rocket | Satoshi Club: Thanks for your great answers and this amazing first part of AMA
Nate: Sure thing!
Paul Mont | Satoshi Club: Yes! It has been a great time and now we must proceed to interact with our dear users into the live segment.
Paul Mont | Satoshi Club: A flurry of question is about to be unleashed! 🌪 I hope you are you ready @nate2x 😁
Nate: Cook – Links
Twitter – https://twitter.com/cook_finance
Telegram – https://t.me/cook_english
Discord – https://discord.gg/YQtzkrUSuh
Medium – http://cook-protocol.medium.com
Website – https://cook.finance
DAPP – https://app.cook.finance
Farm – https://app.cook.finance/farm
Part 2 — live questions from the Telegram community
Q1 from Telegram User @Ratash97
What are the compatible wallets that cook plateform support so users can get started ?
Nate:
Here are all the compatible wallets that you can use on Cook
Q2 from Telegram User @meml97
I read that 4 days ago, Cook Protocol announced the launching of their New Staking and Liquidity Mining Programs on Avalanche, can you tell us more about this new programs? Why did you decided to launch these two programs on Avalanche? Are there any benefits users get from this Programs being on Avalanche instead of any other chain like BSC or Cardano? Will the rewards for this staking pools be in COOK or will they be in Stablecoins? How many APY % will this staking pool have and can it be adjust if that’s what investors want? Also, once the APY % start to decline because of the amount of index tokens being staked, how do you plan to stabilized the target APY of this pools? What kind of mechanisms will you implement to offer to people pools with a target APY stable and appealing?
Nate: Yes Avalanche is a great Layer 1 with very low gas feeds and fast transaction times so these are two huge benefits for anyone who is looking to get into DeFi Indexes. If you want please read more about it here to learn how to get started with Cook on Avalanche
https://cook-protocol.medium.com/a-defi-index-guide-for-avalanche-576b222bae7e
Q3 from Telegram User @isabella_blackk
Can you talk about the main goal and mission of Cook Protocol that it wants to achieve in today’s market? Where do you see Cook in the future, what makes you believe that Cook can stay in the market for a long time?
Nate: Yes the mission of Cook is to make the world of DeFi Indexes easier for everyone. We want to enable anyone to get into the amazing world of crypto through DeFi Indexes. These indexes make it much easier for any one to get into the space with out having to spend countless hours researching thousands of tokens. Everyday our team is building out new features and improvements to make the platform even better so we believe that we are only just starting a very long journey to build the best in class DeFi Index platform for the world.
Q4 from Telegram User @FORWARD_98
WHILE YOU Build Your Project , Do YOU Take into Account Community feedbacks And Demands? While YOU Build YOUR Project , Do You Take into Account Community Feedbacks And Demands?
Nate: Yes, community participation is so important for Cook. We constantly get feedback from many channels and every bit of it helps make improvements to the platform. Just at DCentral in Miami the team received so much first hand feedback and suggestions for improvements that it was simply amazing to see such great community support. We encourage everyone to participate with Cook in any way possible! We’re all in this together!
Q5 from Telegram User @JaviSuBs
From which devices can we access Cook Finance, is there a mobile application for ANDROID and iOS systems? Or can we only do it from a PC in WEB version?
Nate: Cook is a fully decentralized application so it can be accessed on virtually any device including smartphones, laptops and tablets. It doesn’t matter what OS you use as it works on all types just through the link https://app.cook.finance. Check it out now and if you have any issues or need assistance please join our telegram and our team would be happy to assist you! https://t.me/cook_english
Q6 from Telegram User @Nonerlike
Does your project has features like DAO for community participation? How can a community participate on your project governance?
Nate: Yes there is a Cook DAO and it can be accessed here https://gov.cook.finance/. We encourage you to participate in new discussions and even propose new ideas! It’s people like you in our community who are eager to learn, participate and contribute that make the platform a success!
Q7 from Telegram User @Pratze
Cook Protocol have Cook Indexes and feature name with Mega Cap Yield Bearing, well this is 1st time i hear about this feature, so how this feature work ?
Nate: Yes so for the Mega Cap Yield Bearing index this index is composed of WBTC and WETH with a yield bearing component through Yield Yak to earn APY on those assets. And if you want to earn even more rewards on top of this you can yield farm and earn extra Cook rewards. All the info on yield farming can be found here https://app.cook.finance/farm !
Q8 from Telegram User @Korryl
its give me attention about new staking program from Cook Protocol on Avalanche, so what new innovation that Cook Protocol Build for the stake system ? also do you have article in Cook Protocol about how we stake?
Nate: Yes please read this article below on the just recently launched Cook Staking and Liquidity Mining programs. It contains all the information that you would need. Also you can go to here to see all the info directly. https://app.cook.finance/farm
Staking and Liquidity Mining
Q9 from Telegram User @hmdtadel
Since Cook Protocol is a cross-chain asset management, so can you tell us what chains will be supported first in your platform ? and will you be planning to add more later ??
Nate: Yes we originally launched on Ethereum and now we are also on Avalanche. We are always keeping an eye out on new chains to expand the reach of Cook and have had many layer 1s reach out to us. Our approach is a multi-chain approach so Cook can be accessed by the broadest range of users!
Q10 from Telegram User @burshanggal
What is Cook Protocol’s approach for attracting more new DeFi users?
Nate: Our mission is to make getting into the world of DeFi Indexes easier for everyone. While there are many people in the crypto who are quite experienced in trading we also want to bring in new people who have a desire to get into crypto but just aren’t quite ready to do so because it looks soo complicated and daunting. So we are very focused on improving the platform to make it super simple for anyone to get into the exciting world of DeFi. We’re just getting started and we can’t wait to welcome even more people into our community through our Cook platform!
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of Cook Protocol. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
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