Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Waggle Network, the Cross-chain Marketplace Protocol for Vested Tokens. They bring the opportunity to invest in primary market deals to retail investors like yourself. The AMA took place on September 23 and our guest was @pattypus, Ops Lead for Waggle Network.
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 COMMUNITY QUESTIONS
Andrés M. | Satoshi Club: Hello dear community, another AMA session right now. Let’s talk about an incredible project, Waggle.
Jonah | Satoshi Club: @pattypus welcome to Satoshi Club.
PS |Waggle: Hey everyone! Thanks for having me.
Andrés M. | Satoshi Club: Let’s begin the AMA with a short introduction about you, what is your position into Waggle project?
PS |Waggle: I’m the Ops Lead for Waggle Network. I help the team manage the day-to-day operations and keep things live on Waggle.
Andrés M. | Satoshi Club: So, what is the essence of Waggle? What are the main products and benefits do you offer?
PS |Waggle: thanks for the question! we are building a marketplace for everyone to buy vesting tokens. I’m pretty sure some of you have always dreamt of entering private sales of the projects you like, but can never do so because they are exclusively accessible only to the bigger investors like VCs and angels. With Waggle, we are bringing these deals to you. We find projects who want to raise community rounds after IDO to fund their development, and get them to sell locked tokens to you guys at a discounted price to the market.
Q1 from Telegram User @splend6ty
I read from your medium that with WAGGLE’s strong deal flows and strict due diligence procedure, WAGGLE are planning to provide the retail investors curated opportunities to purchase vested tokens previously inaccessible to them. My question, when will you provide this curated opportunity to the retail investors? What will be the requirements for the retail investors to be able to access and purchase the vested token that was previously inaccessible? How long can a retail investor continue to invest with WAGGLE before gaining access to this opportunity?
PS |Waggle: Retail investors have to go through KYC (but only once! We are partnering with Synaps, you guys should be familiar with how effective their KYC solution is). To participate, you just have to stake our tokens on our platform in any period you like. We will be offering 90/180/270/360 days lock-up with different set of APR. Your staked amount will be aggregated and the sum will determine your participation allocation for the deals on Waggle Market. Upon locking in your tokens on our protocol, you will gain access to opportunities on Waggle Market. Do note that if you withdraw prematurely, you’ll forfeit your staking rewards and face potential penalties!
Andrés M. | Satoshi Club: For example, what is the APR for 360 days staking?
PS |Waggle: Great question – keep your eyes peeled for our announcement on our staking programme closer to launch… We are going live in October on Solanium! 👀 We can expect competitive APR, for 360 days we’ll definitely make up for the illiquidity with an additional premium in double digit.
Andrés M. | Satoshi Club: Btw, could you give us a little explanation about what vested tokens means?
PS |Waggle: for those unfamiliar with vesting, projects often raise funds by selling vesting tokens which unlock and release to investors in trenches. This is to minimise price depression from increase in circulation in the token’s economy.
Q2 from Telegram User @Manugotsuka
Congratulations for raise more than $3.0 Million to build your multichain marketplace for strategic token sales, can you give us a little overview about what do you want to do with that money? How do you plan to build this new platform?
PS |Waggle: Thanks @manugotsuka, we will be allocating the funds to operations which includes marketing, legal, partnerships, hiring of non-tech executives, and also on platform development. If you take a look at our roadmap, you will see our ambitions to revolutionise the way vesting tokens are traded in the crypto world! These dreams require a lot of resources and we are thankful for our backers.
Jonah | Satoshi Club: Great can you give examples of Backers of your project?
PS |Waggle: https://medium.com/@wagglenetwork?p=3e2291643ce3 Give the article some claps, will ya? Over here, you can find an article on our backers… Some common names you probably will recognise – Spark Digital, GBV, Skyvision, AU21.
Q3 from Telegram User @KathDM
We know that including the community in the governance of the project is beneficial as it adds value to the community’s opinions and suggestions. Will the Waggle team accept the community to participate in the selection process for projects to be launched on the Waggle platform? Will your governance system allow the community to vote for each project in a transparent and secure way?
PS |Waggle: Waggle team will allow community to participate in the selection process for projects to be featured on Waggle Market. Voting is done in a hybrid manner, votes are casted on chain and then saved on a centralised database. This is analogous to snapshots for airdrops. The vote-weight of a user is based on the amount of tokens the user has (regardless if staked) at the time of casting the vote. We will slowly convert this to fully decentralized application with on-chain voting. The reason behind releasing a semi-decentralized solution first, is because we want to capture community engagement as soon as possible!
Andrés M. | Satoshi Club: What are the main usecases of the token?
PS |Waggle: The primary utility is tiered participation, staking rewards (as your stake qualifies you for fee distribution), and lastly governance!
Jonah | Satoshi Club: If the vote weight is dependent on amount of tokens user holds… do you have a limit or a way of ensuring that those with the bigger wallets are not the sole decision makers here sidelining the small holders?
PS |Waggle: in the spirit of decentralisation, we won’t hold veto power to negate votes bigger wallets but if the intention is malicious, we will hold follow-up vote sessions within the community with higher weightage to smaller wallets. This can be greatly discussed later on!
Q4 From Telegram User @Asela1112
I noticed, you are going to implement on chain trading of locked tokens via NFT among $WAG token holders in Q1-2022 according your Roadmap. Actually How will this feature get in to work? I meant, in which manner will we trade locked tokens via NFT since the tokens are locked already? What is the point of NFTs that take place on trading here? Will users be able to trade tokens or NFTs through this feature? Please explain this feature which is scheduled to implement in throughout the first Quarter of 2022?
PS |Waggle: The NFT is financial by nature and will carry the rights to the vesting tokens upon release. You are essentially exchanging something similar to an IOU but for vesting tokens in the form of NFT. You can sell the NFT to another user via Waggle Market at a fair value determined by market forces. The NFT will represent a vesting position and owner of the NFT will receive tokens when they vest.
Andrés M. | Satoshi Club: Could you share us your roadmap? What is the greatest event coming for next quarter?
PS |Waggle: Other than enabling the p2p trading via NFT on Waggle Market (think of a DEX for Locked Tokens), we are also looking to build vaults for you guys to stake Waggle tokens and earn from a basket of tokens that previously raised funds through Waggle Market.
Q5 From Telegram User @DK177
It caught my attention that you have four investment tiers, Mini bee, Worker, Drone bee and Queen bee. However, you have not provided information on the minimum investment amount and the time frame relevant to each tier. Can you please share these details with us? By the way, whale activities has become a major threat to fresh projects. By introducting this type of tiers, don’t you encourage them? For example, if a whale invest as a queen bee and withdraw all his funds after a particular time, it may create a sell-off situation and there will be a negative impact on small investors who hold their funds as mini bees. Therefore, how do you assure that small investors will not be discriminated in Waggle?
PS |Waggle: The staking requirement for each tier will be revealed shortly! We will also regularly assess the requirements as token price moves. We want to keep the participation accessible and fair to all supporters of Waggle.
If you noticed, we didn’t give the highest tier unlimited access to our deals. They are still capped at an amount. This is to make sure that whales leave some opportunities behind for the rest! That being said, it’s also first-come-first-serve when it comes to the deals. I’m sure the whales don’t usually have the fastest fingers!
We are also mitigating the possibility of such situation. Therefore, we actually have a fixed period of time users have to lock in. If they withdraw their staked tokens, they will forfeit their staking rewards. We are going to build a really inclusive platform for all.
Q6 from Telegram User @Jmagsss
The mode and basis of purchase of tokens within the Waggle Market will be a first-come-first-serve basis. Oftentimes, platforms that utilizes this approach basis are full of bots and automated buyers that take advantage of the sale, leaving some potential investors behind and with minimal token allocation. Do you have any means of eradicating and avoiding bots and bot-usage within the Waggle Market? How would you ensure that each interested investors will be given the chance to buy new tokens with their desired amount and quantity? Will there be a minimum and maximum limit buy for each user in the Waggle Market?
PS |Waggle: We are very well aware of this. We have anti-bots measures put in place and we won’t go into details so people can’t figure out how to circumvent it… But rest assured that we our anti-bot measures will only improve with time.
And yes you are right! There is a maximum buy per user on Waggle Market, which is determined by your tier. The more you stake, the higher your tier is, the more you can buy off Waggle Market. This makes it expensive for botters as well, so this is an additional layer of anti-bot on top of technical solutions developed by our team.
Andrés M. | Satoshi Club: Would you like to share with us useful links to join your communities before we open the gates?
PS |Waggle: definitely! Join us at @wagglenetwork and follow us on Twitter at https://twitter.com/wagglenetwork
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.
Q1 from Telegram user @jirencrypto
You mention that you have an investment committee, what is the function of this committee? How many people are on the committee? Does the community have the opportunity to belong to this committee?
PS |Waggle: The committee will serve as an additional layer of due diligence to vet projects that will come onto Waggle. Currently, the IC is in-house but we are looking to open it up to the community in future in the spirit of decentralisation. The community has the opportunity to enter the committee and be rewarded with WAG tokens, so do keep a look out for the chance!
Q2 from Telegram user @alberto_vzla
Burning tokens is one of the pillars that guarantee a certain degree of valuation in a token and strengthens its value in the market. When will you develop a token burning plan to keep your token always above the red candles of the market?
PS |Waggle: For token burning to be effective, we have to be extremely tactful with the timeline and the disclosure. We have token burning plans made, but we will only announce it nearer to the dates to optimise the effect of token burning news. We have timed it according to the token release schedule to counter any potential inflationary pressure from increase in circulation.
Q3 from Telegram user @Gayampath
Do you have AUDIT credentials or are you working to AUDIT your project, to make it more secure and reliable?
PS |Waggle: Yes we are working with CertiK right now! Once the report is out, we will work on the gaps found from the audit to make the platform a more secured environment to transact on.
Q4 from Telegram user @DK177
In your Medium, I noticed that you have launched an airdrop event for the community. When I access the form, it asked me to complete 8 tasks. Are all tasks compulsory? You have mentioned that 16,000 $WAG will be distributed among 1,000 lucky winners. If I become a winner, do I get 16 $WAG although I skip some tasks? To increase my winning chances, can I participate in your airdrop multiple times with different accounts?
PS |Waggle: You have to complete all the tasks to be eligible. Do not participate with multiple accounts or we may have to void all entries. We want to keep the campaign fair for all, hope you understand!
Q5 from Telegram user @habibi_ve
One of the tools you provide is Waggle Dashboard, can you tell us a little bit about its function? What kind of information will it provide? What benefits will it provide to users?
PS |Waggle: Waggle Dashboard is an all-in-one dashboard you can use to view all your crypto holdings on the chains that we support (currently SPL, ERC, and BSC). As we extend to other chains, you will see your assets on those chains as well. It’s part of our mission to deliver top-notch user experience to our community. We hope to create a convenient platform for all to better manage your crypto assets! On top of that, it’ll also be the portal for you to manage your stakes and farming positions in future.
Q6 from Telegram user @highpee
Your project is currently being built for BSC, Solana and Ethereum. However, you have only announced SOLANIUM (a Solana based launchpad) as your IDO PARTNER. When will PUBLIC OFFERING on Solana take place and what are the procedure? Is this the only IDO that is planned or are there plans to organise multiple IDO especially for other network?
PS |Waggle: As our tokens are SPL-native, we will only consider the best IDO platform in the Solana ecosystem, and that’s Solanium. We will not be conducting IDO on other platforms, but we are looking at an IEO with gate.io. Expect the public offering on the first week of October! 👀
Q7 from Telegram user @KevSalom
You mention that you want to help the community to participate in reliable first level projects, how can you guarantee that it is a reliable project and not a Scam one? What kind of aspects do you take into account to verify this? What are your methods or processes for choosing a project?
PS |Waggle: We have 3 layers of due diligence. Portal > Investment Committee > Community
Waggle Portal – this is a form that project fills up when they apply to list on Waggle. The form will automatically generate a scorecard which then the portal will filter these projects based on the score attained.
Investment Committee – the IC will review the scorecards of projects that passes Waggle Portal and fact-check the inputs of the form. They will also qualitatively assess and leave reviews on the projects.
Community – the community will then be presented with the reviews and will vote yay/nay. You guys will be the guardian of protocol at the end of the day!
Q8 from Telegram user @leixagarcia
I understand that the Waggle team will provide a scorecard to facilitate the evaluation of the Waggle community, can you tell us about how this scorecard will work? What criteria will be evaluated on it? Will these criteria have a specific weighting?
PS |Waggle: There are 9 metrics which projects will be evaluated on.
- Team
- Technical Breakthrough
- Market Making
- Community
- Tokenomics
- Investors & Advisors
- Project Information
- Seller’s Credibility
Q9 from Telegram user @cryptoflower13
On your website you talk about Waggle coming in to redesign the fundraising landscape, can you tell us about this new design? How do you plan to restructure this process? What are the improvements and innovations to be included?
PS |Waggle: Currently, fundraising scene is opaque and exclusive. We believe in providing that opportunity for all investors to have an exposure to primary investments. Most of the significant gains (in terms of multiples) in each cryptocurrency market cycle are made in exclusive funding rounds, but members of the public often do not have access to these opportunities. Waggle is here to level the playing field for you.
Q10 from Telegram user Miriam
To gain early access to promising crypto projects on Waggle, users are allowed to stake what minimum of $WAG tokens? How will you mitigate immediate sell-offs and rug-pulls after token launches? What avenue of benefits will project selected by Waggle have access to? Thanks
PS |Waggle: We will regularly adjust the token requirement, but we will keep in mind to make it accessible to most users. While project teams have to be legally bound when working with us, the vesting token transfer is also facilitated by smart contract. These are just features put in place for additional security on a already stringent control over the quality of projects. We will also have an insurance reserve to mitigate any of such rug-pull risks. For projects that list on Waggle, they are able to raise funds from their loyal community on a safe and secured platform unlike their OTC alternatives, and they are also able to engage their community by providing them exclusive opportunities to invest in their protocol/project at a favorable price in exchange for lock-ups. Overall, it’s a course of action that will reinforce their camaraderie with their community.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Waggle Network. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
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