Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with COLONY 25 November, 2021. This guest star,
- Elie Le Rest — CEO Of Colony
I’m Elie, Colony’s CEO, I’m also partner and Co-founder at ExoAlpha, a Hedge Fund with systematic quantitative strategies; long-short exposure to Bitcoin & Ethereum. I’ve gotten in the crypto space since 2013 for the outstanding technology behind it and throughout the years, I’ve structured several digital assets deals, advised security/utility token projects and private corporate blockchain projects.
My past traditional finance experiences include Asset and Wealth Management in Paris, New York, at big firms like UBS and Credit Agricole. I’ve also built a crypto quantitative arbitrage trading algorithm in 2016. Last year I wanted to get more involved in the ecosystem and wanted to build a community-driven initiative to empower Avalanche’s growth. This is how Colony’s idea was born.
What’s COLONY? Can you provide a simple overview of Colony?
In simple terms, Colony is a community driven Accelerator, evolving into a DAO, to boost Avalanche’s ecosystem growth. Powered by a governance token: $CLY.
Our Mission? Deploy capital within Avalanche on early stages projects, provide liquidity to DeFi protocols, maintain an Index on top Avalanche projects, and validate networks through stacking capabilities.
Our open governance mechanism ensures capital is allocated across the Avalanche ecosystem for its sole benefit. The true sustenance and value generated by Colony’s investments is routed back to the Community through airdrops, a buyback mechanism, and staking rewards.
This a first in the entire crypto space! 🚀🔥
Our Inclusive DAO introduces a new concept: Ecosystem Farming. We’re solely focused on Avalanche and our beating heart is the Community. For the average investor, it seems almost impossible to invest into projects while they are still in their early stages, let alone when they are at the ground-level of development. These types of investments are generally restricted to VCs, angel Investors, and so on. Colony conceptualized a revolutionary approach, in which this gap can be bridged.
What makes COLONY different from other competitors? What are the important points that COLONY wants to solve? What solutions are offered?
As I said this is a first of its kind mechanism in the entire crypto space. We have no competitors within the Avalanche ecosystem. There are slightly similar projects on Ethereum for example, but they are way less inclusive, like the LAO. We are delighted to be the first of its kind community driven fund. 😊
as for our unique features and what we offer! let me explain :)
Traditional Venture Capital firms are highly centralized and only benefit their LPs and are not fully aligned with the long-term growth of the ecosystem due to a mismatch between the fund lifespan and the one of the ecosystem. Colony shifts this paradigm upside down: from the start, governance is given to the community with strong incentives aligned with the long-term growth of the ecosystem.
Community will have access to early-stage projects (seed and private rounds) next to big VCs. And it will have between its hands the power of voting and the influence (sharing deal-flow, projects analysis, capital allocation decision making, etc..). 🤝🙋🏻♀️
The users will be able to buy their token CLY on CEX and DEX and then stake them on Colony’s App. Staking the tokens (minimum amount x token CLY for x days at least) will allow them to access all of the app features. Of course, all the created value will be rerouted back to the Community, through: Avalanche staking rewards, Liquidity provider rewards and Tokens via airdrop of early-stage Colony funded projects. 🔁
What the The Community needs to understand is that they will be the ones leading:
• Changing the fund Capital allocation.
• Changing the Liquidity Provider program capital allocation.
• Liquidation of token positions.
• Changing index rules, working principles, constituents, etc
• Sharing Deal Flow with the Fund Analyst Team.
• Providing Analysis on projects.
• Providing ideas to increase the fund’s participation in the ecosystem.
Could you tell us about COLONY tokenomics and $CLY token use case?
I can highlight again the token utility which can be exploited by those who stake their token. CLY token holders have full governance to determine the distribution and allocation of funds. The holders will receive: Avalanche staking rewards, Liquidity provider rewards and Tokens via airdrop of early-stage Colony funded projects. As for the tokenmetrics there will be an announcement regarding this pretty soon! So stay tuned on our Telegram group and Twitter: 😊 We will be announcing our IDO date too pretty soon!
Who are COLONY current partners and backers?
We raised over one million dollars in seed funding co-led by the Avalanche Foundation itself, GBV Capital, Foresight Ventures.
I’d like really to like to highlight that establishing close ties with the Avalanche Foundation is strategic pillar. Why? Well, Colony will be sharing deal flow with the organization to create a more fertile ground for projects building on Avalanche, while including the community in their development.
Projects will thus be provided with an initial community from the get-go. In addition to funding, there are other critical pillars that condition the success of projects: marketing, tech expertise, community, momentum, and of course, network. Working alongside the Avalanche Foundation and other key players of the ecosystem, Colony will empower projects building on Avalanche to reach their full potential.
Other strategic investors who participated in the Seed Round are Avalaunch, Avatar, Yield Yak, NGC Ventures, Spark Digital Capital, MEXC Global, Synaps and ZBS Capital.
Can you share the COLONY roadmap now? What is coming up in the short term and what are the next steps to be taken in the future?
Colony will hold its public sale beginning of December, and it will release its application’s first features. The IDO will be held on Avalaunch as for the IEO, we’ll make the announcement soon.
In Q1 2022, Colony shall continue empowering selected projects building on Avalanche according to the deployment strategy we talked about earlier (early token investment, liquidity provider, top 10 Avalanche Index, AVAX and subnets validators).
By Q4 2022, Colony will evolve into a DAO model with its own subnet on Avalanche, building new incentive models for Colony Token holders.
You can check our roadmap on our website for more details: https://colonylab.io
One of the attractions of Colony for investors is “AIRDROPS”. Will all of your launchpad participants and investors be guaranteed a fair share of the airdrop? Can you explain the mechanics of your airdrop program?
Stakers as I said will be rewarded with multiple airdrops from projects Colony has invested in. The CLY token is the greatest way to be exposed to one of the fastest growing Blockchain ecosystems (Avalanche) with a revolutionary mechanism. All the details of this feature will be shared soon on our social media 😉
Could you explain to us why the 10% of Colony’s capital will be deployed in AVAX that will be bet? Why will Colony really depend on the projects developed in AVAX? Could it be that the founders of AVAX are advisers to Conoly? or is it for other reasons?
W. :Colony is built to support projects on Avalanche and solely Avalanche. We will empower the ecosystem in many different way.. And if the team chose Avalanche it’s because we’ve been in the crypto space for a long time and we’re aware of what the ecosystem needs. Avalanche was offering services that fill the current gaps and aim beyond that. What struck me and the team the most concerning Avalanche was the technological breakthrough powering the consensus and the subnet customizability built on top, which was the perfect combo: being able to scale with high decentralization. Avalanche is pushing crypto towards the future we all deserve.
COLONY will not only help to finance the new projects on Avalanche but will also contribute to the already established and developed projects. Can you detail how you will collaborate with them? Will they have the same priority within the DAO as the newly launched projects?
Besides helping early stage projects, Colony will even offer liquidity to some protocols and so on. We’re always looking for the best way to support Avalanche projects by helping them build network, financing them, marketing services & more.. Check our website and medium for more information ;) https://medium.com/@Colonylab
How do Colony attract traffic and users from outside of crypto? What marketing plans and events do you have for the community that does not have knowledge of cryptocurrencies but who are lovers of trivia and quizzes, for example?
We want to empower the growth of the avalanche ecosystem; non-crypto users are not really aware of what the avalanche ecosystem is. For now, Colony will attract crypto users. But, very soon, we’ll be able to onboard institutional investors as Colony deploy capital through a regulated framework that we will announce next year. So crypto user first, and non-crypto user second, but we’d like to highlight that we definitely want to contribute to the mainstream adoption!
Nobody can guarantee the security of Smart contract. But Audit play an important role to find out the known bugs of smart contract. Can you tell us describe how strong is your security? Have you done an audit by any third party?
Colony will be fully audited once smart contracts are deployed, we are not there yet but we have all the connections needed to audit our work. We have 3 solidity developers working hard on the application and we can’t wait to share our first look and feel in the coming weeks 😊
How important is the community to Your project? and How can we collaborate or help share token for the development of the project?
Community asks and needs to be at the very heart of the projects. Colony’s Governance allows the community to leverage its knowledge, actions and will. In other words, traditional Venture Capital firms are highly centralized and only benefit their LPs and are not fully aligned with the long-term growth of the ecosystem due to a mismatch between the fund lifespan and the one of the ecosystem. Colony shifts this paradigm upside down: from the start, governance is given to the community with strong incentives aligned with the long-term growth of the ecosystem!
Community is the beating heart of Colony 😊
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about COLONY.
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