CryptoBooster X SyncDAO AMA Recap on July 27th


Part 1 — introduction and questions from the Twitter retweet

Brynn025| CryptoBooster:

Hello, everyone! We are happy to announce our AMA session with Syncdao! Welcome to Multi-Chain Booter Community.

Now let’s get going.😃😃🔥🔥🌪🌪🙌🙌

A pleasure to have you here Gentlemen @paulfholland @kevinmendoza.

paulfholland | SyncDAO:

Great to be here!

Brynn025| CryptoBooster:

Now there’s a lot of people with questions for Syncdao, would you please introduce yourself before the chat and share a quick overview of Syncdao?

paulfholland | SyncDAO:

I’m the COO at SyncDAO. I’ve been involved in the crypto space for the last 4 years and love the difference that crypto and DeFi are able to make to people and financial systems all over the world.

Before crypto, I ran my own businesses in Importing, telecommunications, and mainly marketing.

I’m born and bred in New Zealand. I spent 15 years living in Australia and Asia but returned to NZ last year to be closer to family.

kevinmendoza | SyncDAO:

Kevin Mendoza here — Community and Product Champion for SyncDAO.

Long time crypto enthusiast and tech geek since 2013. Built my own crypto resort in Thailand and have worked on several blockchain projects in the creative industry. I love SyncDAO because it’s bringing DeFi to everyone in an understandable way and with lots of integrity in the crypto verse.

paulfholland | SyncDAO:

I’ll give you a summary of SyncDAO.

SyncDAO is building a non-custodial solution that enables users to create unstoppable cashflows from DeFi returns. Users want income producing crypto assets.

Perpetual Vaults will create unstoppable income streams for users when they deposit stablecoins.

A Perpetual Vault has the ability to aggregate high DeFi APYs by having multiple strategies generating income/yields. Similar to Yearn Vaults V2, however with a key difference; once stablecoins are deposited into a Perpetual Vault, the user will NOT be able to withdraw their initial stablecoins.

Instead, they are issued with a PVT (Perpetual Vault Token) as a receipt of their deposit. Holding this PVT token gives them the right to their percentage of the income generated. PVTs are transferable and can be sold.

Perpetual Vaults are governed by SyncDAO’s Token holders, the strategies are changed through proposal and voting processes. As well as new vault strategies to be proposed and implemented.

The governance token is called SyncDAO Governance Token or SDG. The ticker will be SDG.

SDG will need to be distributed to different groups of token holders and will have different vesting schedules.

SDG token holders will be able to vote on proposals through a governance interface.

We also have affiliates who, along with SyncDAO, will be rewarded with income/yields for getting users to use the Perpetual Vault products. They will be able to generate a unique url to direct users to sign up from that will reward the affiliate 10% of the income/yield generated.

All of this will come together under app.syncdao.com user interface for the Perpetual Vault users, affiliates and governors.

Perpetual Vaults creating eternal cash flows create an easy entry point for new users, a giant leap forward in rewarding those introducing new users to the ecosystem and in turn gives us a protocol whose TVL (total value locked) can only go up.

That’s about it.

Brynn025| CryptoBooster:

Wow very impressive information, Let us know more about Syncdao. We must look forward to his great vision and future.

It is amazing, it is our honour to have an AMA with such a great project. Thanks for your kind introduction, now let’s move on.

Let’s go to the Twitter Questions! We have 5 twitter questions for you, are you ready?

kevinmendoza | SyncDAO:

Let’s go!

Brynn025| CryptoBooster:

5 users questions from Twitter have been selected.

Q1. How do you ensure the safety of users’ funds? What kind of sending algorithm is used, and how safe is this algorithm? Can it withstand hacker attacks? @Aalon32990019

kevinmendoza | SyncDAO:

Our smart contracts will be fully audited before the product goes live to ensure there are no vulnerabilities. As the vault is perpetual, we are here for the long term so security is very important to us. We will be very thorough with having the contracts audited.

Furthermore, custody of the PVTs (Perpetual Vault Tokens) will be non-custodial, so you will have the asset in your own wallet.

Not sure what you mean about the sending algorithm, but it is an ERC-20 based token.

Brynn025| CryptoBooster:

I think it asks what kind of algorithm your project uses to ensure safety.

Thank you for this great reply.

Let’s move to the next Twitter question.

Q2. How is the current project progress? When do you plan to go public? How should users participate in the first IDO?@Ulrica54492291

paulfholland | SyncDAO:

We have had a lot of progress over the last quarter. Here’s some highlights.

  • updated the SyncDAO brand - launched a new website at syncdao.com - created all new resources - increased our tech capability as we keep building the Perpetual Vaults - worked out a killer edge for the mobile experience - secured 2 top tier Launchpads for our TGE - put final tweaks on the tokenomics - brought quality investors into our final presale - continued to expand the team, & - kicked off the marketing of our social channels

In terms of when we go public, right now we can’t publicize our launch date due to the contracts we have with the launchpads.

They need us to hit certain social metrics to then announce them and our date. We want it to be as soon as possible though, so not too long to wait.

You can help us with this by joining our Telegram, Twitter, and DIscord to help us hit the social targets

https://syncdao.com/telegram https://syncdao.com/twitter https://syncdao.com/discord

In terms of participating in the IDO, the Boosters admins are going to investigate putting a pool together for you to participate.

Otherwise you can follow our channels and be informed when the time comes for IDO with our launchpads.

Brynn025| CryptoBooster:

I believe that many people will understand how to participate and understand the development of the project.

Let’s go for another one.

Q3. At present, the NFT track is extremely hot, and the chain games led by Axie have a lot of room for appreciation. Has the project considered issuing its own NFT? @kangkan61270989

kevinmendoza | SyncDAO:

At this stage, we do not have plans to release an NFT. We have had discussions around this but we didn’t see a way that it would truly add value to the project at this point.

I love NFT’s though, and we’ve had some pretty cool interaction in our Telegram group with people animating GIFs and stickers for the SyncDAO community!

Brynn025| CryptoBooster:

It is true that the current NFT track is very popular, but other tracks still have great value. We also hope that #SyncDAO can achieve better development in its own field and better serve users.

kevinmendoza | SyncDAO:

Sure. We’re open to the possibilities that the crypto and DeFi community can bring.

Brynn025| CryptoBooster:

Next is the fourth tweet question, which is a great question.🔥

Q4. A strong community not only brings interesting ideas to the project but also attracts larger partners. So how #SyncDAO planning to build its community? And is there a plan to recruit people with Blockchain experience to the #SyncDAO team? @Ojanaloveferi

paulfholland | SyncDAO:

Community is super important to us.

Right now, we are conducting bi-monthly AMA sessions in our Discord community channel, as well as having several affiliate engagement competitions in the pipeline.

Through our affiliate layer earning never-ending returns from user deposits.

We incentivize active participation in the sharing of crypto and DeFi to new users.

kevinmendoza | SyncDAO:

Our next AMA in Discord is this Friday actually! Come join the conversation. 🙂 In the longer term though, we also see our Perpetual Vaults as a product that could be licensed for use by financial advisors. We realise that this is a long way from happening yet, but we are a long-term project, so we are starting to look into what would be required to make this happen. We believe this is the future and also how true mass adoption of DeFi will occur over time.

paulfholland | SyncDAO:

In terms of recruiting, we are always interested to hear from people who may be interested in joining the team.

We don’t have any positions right now, but as the DAO grows we believe SyncDAO will attract great talent.

If you are interested, you can DM me or @kevinmendoza or send an email to hello@syncdao.com

Brynn025| CryptoBooster:

Thanks,I believe that more talents will enter the project in the future, I am also very interested in it.

Next is the last twitter question.👉

Q5. I see that $SDG has no actual intrinsic value on your official website. What is the meaning of its appearance? When will it work? @Xavier01513221

paulfholland | SyncDAO:

No governance token has any inherent value: they are designed to allow token holders to participate in the governance of their ecosystem.

SDG (SyncDAO Governance Token) is our governance token that gives token holders voting rights within the ecosystem.

SDG holders can submit proposals, vote, and direct the development of the vault strategies and DAO, making this project truly decentralized.

kevinmendoza | SyncDAO:

Also, if you look at other similar yield-generating projects with governance tokens, like AAVE and Yearn Finance, well, they started with governance tokens with zero instrinsic value… and look how much AAVE and YFI have grown.

They’re really good examples in DeFi where a strong community can provide support and boost the products, the ecosystem, and the holistic value.

paulfholland | SyncDAO:

All of these tokens start teh same and it is the strength of the community that is important to them

Brynn025| CryptoBooster:

Thank you very much, this is some important information for all of us, looking forward to the future of #SyncDAO.💪🏽💪🏽

Now let’s move on to the next part of the AMA

Part 2 — live questions from the Telegram community

Q1 from telegram username @Cr77777700

In your view how has the trajectory of yield farming and yield aggregating platforms changed in the past year?

paulfholland | SyncDAO:

This is a cool quesiton, how have we seen the trasjectory of yield farming change over the last year.

It’s been exciting to watch. Originally we had just Compound for example as a leader in teh space and they were producing returns purely on lending and borrowing.

Then there was an explosiogn of lening/borrowing platforms.

Liquidity pools have grown massively and then we saw the aggregators like Yearn come into the market, running multiple strategies to produce the best returns

This is where we see the oportunitiy now and why we are building as a DAO.

The ability to aggregate across different strategies create massive opportunities and at SyncDAO, the holders oof SDG token will be able to vote on the strategies the perpetual vaults use to generate their returns.

kevinmendoza | SyncDAO:

I’ll jump in with one word: stablecoins! It’s great to see that new crypto users can have a relatively safe/low risk introduction to crypto, rather than the rollercoaster of volatility from the previous decade.

paulfholland | SyncDAO:

It is an exciting time and I think we will see even more innovation, even in the CeFi world.

Stablecoins are an amazing tool and they have exploded too.

I’m loving that we are starting to see more stable coins in different currencies start to get traction.

Something that can be an issue is the currency risk with moving money form your local currency into digital USD to earn yield.

If the exchange rate goes against you, it could wipe out your returns if you have to move back to your local currency.

More stable coins in different currencies solve this.

Q2 from telegram username @CarolFiore1996

Is SyncDAO a global project? Is there a plan to cover Korean, European and African communities? will you launch multiple language lines for non-native English speakers?

kevinmendoza | SyncDAO:

YES! It’s global! That’s the beauty of DeFi. Anyone can participate.

Also, on the education side, the core team members of SyncDAO are all crypto educators in their own right. We’ve been running our own programs, courses and events for the past decade — check our profiles.

We absolutely love sharing the possibilities that crypto/DeFi bring to the world, so the more people we can educate and encourage to adopt crypto, the better for the ecosystem as a whole.

On top of this, SyncDAO also has an Affiliate layer that enables people to earn an endless income for educating others and sharing SyncDAO. This is actually what we’ll be talking about in our AMA this Friday.

Q3 from telegram username @DaciaKnudsen

User experience is a very important issue in most projects. Does SyncDAO focus on this? What has SyncDAO done to bring the best user experience, especially to new users?

paulfholland | SyncDAO:

User experience is really important to us.

Before we started building SyncDAO, we ran training in Australia and had over 7000 people come to the trainings to learn about crypto for the first time

We saw first had the challenges associated with getting started, downloading wallets, learning about seed phrases and sending transactions so we really understand those challenges

We have been working really hard on creating an easy to use interface

In terms of our affiliate layer and introducing people, we have some super cool tech that will literally allow you to refer someone by sending them 1 link, that actually contains money for them!!

Q4 from telegram username @malala889

Crypto market is in a recent bear market and in this scenario, it is very hard for investors to trust and invest on any project. How do you see these challenges and why should we invest in your project?

kevinmendoza | SyncDAO:

Being in a bear or bull market is relative to a person’s perspective and timeline, so we’re more focused on the long-term aspects of what a Perpetual Vault can do for cash flow and stable returns in DeFi for people.

Perpetual Vaults (and other products we have in the pipeline) aim to move past whether the market is bearish or bullish, and simply focus on making returns regardless of the conditions.

paulfholland | SyncDAO:

We think we are actually a great project for a bear market as our vaults allow you to continuously be dollar-cost averaging into crypto assets so you will be stocked up and ready for the next bull run.

Q5 from telegram username @YenGrisham

How revenue is generated to sustain the project, and What plans do you have to attract more users in the future?

paulfholland | SyncDAO:

Here we go, the last one.

The returns from the vaults are split 3 ways

85% to the user (they experience this as 100% of the quoted yield), 10% to the affiliate who referred the user & 5% to SyncDAO, so the DAO will have that 5% of the returns flowing to the treasury.

kevinmendoza | SyncDAO:

Also, here’s an architecture diagram!

paulfholland | SyncDAO:

This provides funds the DAO can use for growth, rewards etc. The possibilities are endless and the community can propose and vote on them.

Thanks for posting that @kevinmendoza.

That diagram is a great illustration of how the whole architecture works in a nontechnical way.

kevinmendoza | SyncDAO:

Just wanted to say thanks for everyone’s patience as we scan through these questions. As I mentioned before, I’ll spend some time this week to answer what I can in our channels. 🙂

Part 3 — Quiz Results

Q1.What is the governance token for SyncDAO?(c)

a. PVT b. SDO c. SDG d. SYNC

Q2.What is the main product of SyncDAO and what does it do?(b)

a. Crypto Vaults that have high APYs. b. Perpetual Vaults that allow users to deposit crypto assets and earn DeFi returns endlessly. c. Bitcoin Smart Contracts that earn stablecoins. d. Smart Vaults that pay users to vote on DeFi protocols.

Q3. How will returns be paid in the first Perpetual Vault?(d)

a. BTC b. Altcoins c. SDG d. Stablecoins

Q4.What do users deposit into Perpetual Vaults and what do they get as proof of deposit?(a)

a. Deposit Stablecoins and receive PVT b. Deposit SDG and receive PVT c. Deposit crypto and receive SDG d. Deposit Stablecoins and receive DOGE

Q5. What does SyncDAO NOT do to protect users’ deposits and the decentralized ecosystem?(c)

a. Audit smart contracts before they go live. b. Store PVTs non-custodial in users’ wallets. c. Trade user’s funds to generate even higher returns. d. Operate as a DAO and give SDG holders power to vote on the vault strategies and the DAO.

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