Here’s our 168 AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with SolvProtocol 9 December, 2021. This guest star,
- Ryan Chow — Co Founder
QUESTIONS MODERATOR
Could you briefly introduce yourselves as well as Solv?Ryan :
Hello everyone, I’m Ryan, co-founder of Solv Protocol. I’m responsible for our marketing and research team.
Solv is the first Defi platform that focuses solely on the minting, managing, and on-chain transactions of all Financial NFTs. You can think of Financial NFTs as NFTs that represent and certify any type of financial equity.
Our flagship product is the Vesting Voucher. You can conceptualize a Voucher as an NFT container with a set of easily definable unlocking rules. Our Vouchers have the ability to be fractionalized, thus giving locked-up assets liquidity and making for a wide range of use cases.
Solv has completed our Series A funding round, led by Blockchain Capital, Sfermion and Gumi Cryptos Capital:
https://twitter.com/SolvProtocol/status/1465937264169537537
What is Solv’s milestone?Ryan :
Early-stage protocols like ColdStack and Yin love this product for its efficacy in managing lock-up allocations. Seasoned protocols like DODO and Prometeus issued vouchers and used them to incentivize the community to deepen its relationship with the protocol.
The use cases of Vesting Voucher are just out of our grasp, we are reaching for the impossible. Since our main net launch in June, Solv has reached $70 M+ in total value locked (TVL) and boasts 2000 unique Voucher owners!
We have also bought $3 million worth of coverage through Unslashed Finance, $1 million worth of coverage through Tidal Finance.
What makes Solv unique, especially now that there are a lot of On-Chain Liquidity projects popping up. And how can this unique value proposition prove to be a defining solution in DeFi?Ryan :
Since our products are based on the EIP-3525 Token standard, which is our original NFT Standard built for Financial NFTs, our Voucher is the only product of its kind in the industry that has both splitting and multi-attribute description capabilities. Compared with the ERC-20 solution, it has stronger information description capabilities and can meet more complex and diverse business needs at a low cost. And compared with the ERC-721 solution, it has better liquidity.
What value do you believe Solv Vouchers can bring to retail investors?Ryan :
To start, all retail investors can now participate in early investing. This is an Institutional-level investment opportunity for retail investors. Solv Protocol is mainly targeting allocation trading, where retail investors can enjoy low friction, high transparency, fraud-free trading experience, and easily obtain their preferred lock-up allocations.
In addition, we will soon launch liquidity mining rewards, and users who trade Vouchers will get incentives in the form of $SOLV Vouchers.
The Voucher is an excellent opportunity for holders to invest in projects at a discounted price. In July, a 2-year DODO vesting voucher- meaning the DODO tokens locked in the voucher will be released in 2 years was issued on the Solv Marketplace, with a unit price of $0.49633 when the DODO spot price was $1.02. Now, its price is $1.5. So, it’s safe to say that all of the buyers here have enjoyed high returns in a short time.
IVO is a totally new way of issuance. What is the difference between IVO and the previous initial public offering of tokens? Our community members want to know if $SOLV’s IVO is worth getting involved with!Ryan :
An IVO is an Initial Voucher Offering. All users participating in our IVO will enjoy the same rights as private equity investors and will be able to participate directly in Solv’s primary market investment. In this IVO, Solv will publicly sell SOLV Vesting Vouchers, a type of NFT that represents locked-up $SOLV tokens. Solv directly distributes Vouchers to users as an on-chain certificate for locked Tokens.
Could you introduce the rules of IVO for us and how to participate in it?Ryan :
This chart contains the key metrics for Solv IVO
Link: https://solvprotocol.medium.com/announcing-the-solv-ivo-event-5658e0ad6bdd
How to participate in the coming IVO?
1. There’ll be $350k Solv Vouchers sold on Binance NFT. ($400 per Voucher)
2. There’ll be $350k Solv Vouchers which are only purchasable for addresses on the whitelist sold on Solv marketplace (on BSC). And the maximum purchase limit is $400 for each address.
The gleam campaign was closed but guys you could still purchase them on Binance NFT!
QUESTIONS TWITTER
How does Solv simplify Vesting Vouchers keep them safe and run automatically in NFT form? How can ERC-20 Tokens be locked into this vault as a Vesting Voucher? And in what way to release the lock token?Ryan :
This is a deep one, we use our smart contract to accomplish all the functions with the help of ERC3525 token standard. Compared with the ERC-20 solution, it has stronger information description capabilities and can meet more complex and diverse business needs at a low cost. And compared with the ERC-721 solution, it has better liquidity.
You could image a voucher as a box, a container for uderlying asset like ERC20 tokens, the tech team is more professional than me to be honest😂
The tokens will be claimable in accordance with the specific vesting schedule and release to the voucher holders wallet after you have done the “claim” operation. Still using the smart contract.
Based on my research, I learned that you say IVO (Initial Voucher Offering) is an ideal fundraising method for projects of any developmental stage, nonetheless, why does IVO not necessarily take place before IDO? Moreover, How did you manage to create a pre-IDO financing round?Ryan :
It’s best to launch an IVO before IDO of course since the tokens will be circulated in the marketplace at all in a certain period and won’t influence the IDO. Solv IVO will take place on 13th December and it is considered as a pre-sale but in terms of vested tokens.
Solv Protocol have created a token protocol called vNFT, could you explain a little bit about what this protocol is based on? What contributions does this new protocol bring to blockchain that your competitors have not? What are the main flaws you are looking to solve with it?Ryan :
We designed and created a new ERC token standard known as a versatile non-fungible token (ERC3525) that is flexible like the ERC-20, but also non-fungible like the ERC-721, making it a semi-fungible asset. The first ERC3525 token product was created in the form of a Solv Voucher, designed to be used in the form of allocations to grant broader access to private sales while generating much-needed liquidity for projects or investors. This is definitely a contribution which help project teams manage vesting tokens and provide liquidity for investors as well. TBH we think the product is really an achievement, and what we need to enhance is connecting with more partners and strengthen the user base.
Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relationships?Ryan, [09/12/2021 19:54]
Check them here!
Apparently our partners increased our TVL and brings us more users and we usually use their protocols as well!
How will be the process for users if they want to minting NFTs? How much will it cost to minting NFTs of our assets? Will it always be a standard cost or will it change?Ryan :
It’s really easy and the UI is pretty clear, we’ll post a video tutorial very soon:)
Minting process is totally free now, the only cost is gas fee.
QUESTIONS TELEGRAM
What security measures do you put in place to secure both the crypto user privacy and to convince us that your platform well protected?Ryan :
Solv Protocol is designed to protect users’ assets. We work closely with top-notch blockchain security solutions to protect our users’ assets from external and internal risk factors. We are proud to say that our source code has successfully passed the audits by both SlowMist and CertiK, key blockchain security organizations, and is on schedule to be audited by a third security network.
In the pursuit of higher protocol security, Solv has purchased $1million worth of insurance coverage through Tidal Finance and $3 million of insurance coverage through Unslashed. This allows the Solv users to get insured over SC risk. The current plan covers smart contract vulnerabilities deployed on Ethereum and Binance Smart Chain. Needless to say, this is quite momentous as this is the FIRST time Defi insurance is being applied to the NFT sector!
Besides, we are offering a $50,000 bug bounty to incentivize developers and white hats to help us secure our protocol by uncovering its vulnerabilities and shortcomings. And we are pleased to be able to launch this undertaking with Immunefi, which is a leading bug bounty platform experienced in the testing and securing of Defi protocols.
What are your plans for generating long term revenue? What are your plans for business advancement? Can you tell us who your business partners are?Ryan :
Solv will charge 1.5% transaction fee from the successfully transactions on Solv marketplace.
Almost 80% investors only care about immediate benefits rather than the real value of the project in the long-term. How can Your Project convince users invest to your platform in the long-term?Ryan :
We connect high-quality investment firms in the crypto world, wealth advisory platforms, and investors.
The institutions that participated in the seed round of our project include IOSG, Spartan, Hashed, and other well-known institutions.
And there is no token that will be claimable by the investor and the team in the first year starting from the first issuance date. Those tokens will be released in the second and the third year.
The vesting period for the private investors is 3 years and it’s even longer for team members thus the dumping pressure will be very low even in a long period. And we will continue developing innovative products in the future and actually we already have several backup products on the way which are highly admired by investors and partners. We are pretty confident with the capacity of subsequent growth.
In Solv Protocol, Vouchers can be used in NFT lending platforms such as Nftfi, Pawnfi, Taker protocol, and Drops, but will you include this option in the Solv protocol in the future? And what characterizes the Voucher’s potential in the lending scenario?Ryan :
Actually, EIP-3525 is fully compatible with ERC721, we are working on those lending protocols now and will not develop this function of our own probably. In the lending scenario, we provide liquidity to holders with vested tokens which is impossible in the past. This liquidity will help them perfectly solve the shortage of funds under some circumstances.
Do you have any….1. Telegram Group
2. YouTube channel
3. Medium
4. Website
5. Twitter
6. Discord
For this project?
Please share with us link..?
Ryan :
If you don’t want to miss our IVO, you will definitely come to follow Solv Protocol‘s official account:
Twitter： https://twitter.com/SolvProtocol
Telegram: https://t.me/SolvProtocol
Discord: https://discord.gg/kC7RYf2Tm7
Official Website: https://solv.finance/home
Telegram Chat | Twitter | Website | Discord | Medium
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about SolvProtocol.
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