This is the transcript and the audio from the Amu-Nation community AMA dated 21st June 2022.
We’ve also included a community survey which we would love for you to fill out – This can be found at the end of the transcript.
Rupert – Amulet
Morning everybody.
Rob – Amulet
Good Day, How are you?
Rupert – Amulet
I’m alright. I’m alright. I’m a little bit on the tired side.
Rob – Amulet
I’m a little bit on the migraine side. So I think it’s it’s testing today
Rupert – Amulet
It’s hitting the whole team we Yeah, I took the overnight flight from San Francisco last night and just arrived in New York. I’m actually in the back of the cab on the on the way to our office for today. Yeah, so if I get cut off, you’ll, you’ll know why. today. Okay, cool.
Rob – Amulet
Ok Cool, What I’ll do is just send a message in the group to say that say that we’re here. I realised that I didn’t do it as an event this time on Discord, and I should have done that.
Rupert – Amulet
Oh, yeah. Yeah, that definitely helps. I’m not sure that Jimmy is gonna make it he is the messages I’ve sent to him this morning haven’t delivered yet. So I think he’s still stuck on his plane.
Rob – Amulet
Well, we had we had, we had a more in depth one last week. And we do have one coming that we can’t announce yet. So it’s okay. If this one ends up I guess being a bit a bit a bit briefer than two weeks ago. should just go go straight into it if that’s okay with you.
Rupert – Amulet
But yeah, sure. Have you mentioned that in the General Channel as well? Yeah,
Rob – Amulet
I should have done I do also have included has not worked very well, because I just send the previous message. So once that can do give it one more second.
Rupert – Amulet
I think most people like to listen to it anyway. And
Rob – Amulet
I’ve got good questions. I’ve got a couple of questions that I have, even though. Yeah, a couple of come on on Twitter. How’s it gone on yours? Has the thread disappeared on on your site to have a thread in the discord group? I think it may. It’s here. Here we go. There were no recent messages. Okay, so I’ve got it. Yeah. What i’ll do, I’ve got a couple of questions on Twitter. I’ve got I’ve got one or two questions here. And I’ve also got another submitted question. And I guess it’ll mainly be for use you answering if that was okay. And obviously Shin because Shin is here
Rupert – Amulet
as well, so we can both tackle them. So yeah, fire away!
Rob – Amulet
says so the first one, which I think is very relevant with the way the market is at the moment. But it’s What plans does the team have for the bear market? But ill put that to you Ru,.
Rupert – Amulet
Oh, yeah, sorry, really build their build. So the advantage of a bear market is that there is less kind of focus and pressure on like, you’re gonna launch a token, there’s less of the open, you’ve got to, you know, live up to the kind of the standards of, you know, the delivering half cut products, and you’re just getting them out there, which so it’s really, I’ve said it before, and I’ll say it again, it’s actually we’ll be looking forward to the bear market coming. We expected it to come. We have been prepared for it as a team. And our finances have been prepared for it from the from, from day one. So yeah, we were gonna be carrying on building obviously, I’ve said here before that are going to be released in September, all things being well. And, yeah. For that, to that we’ve got some huge demand on the buy side of our product. So that’s been people buying policies, we’ve been approached multiple times from multiple different sources. And, yeah, we’re very excited to kind of get those up and going. I mean, even though it’s a bear market, we should still hit or exceed our initial expectations, which we set out in November of last year.
Rob – Amulet
Yeah. Makes sense. I completely agree with that as well. I guess that kind of leads on to seeing as that was the previous 12 months. I lead on to the next question, which is what are our most important and immediate goals for our projects in the next 12 months? Basically, it’s like just to mention it is do we have that? Do we have to be necessarily KPIs that we’re focused on?
Rupert – Amulet
So, in short, KPIs, we’re not sharing those just yet. Because you want to get system operational and drive the numbers from the system to give them just jumping out the cab, literally, if you ask that question. So we try to do two things at once.
Rob – Amulet
That’s okay. Well, I guess I was already saved. Okay, now you carry on you say?
Rupert – Amulet
So. In short, we’ll be sharing those in the future sharing Yeah, where were we getting to? I mean, ultimately, you know, as a business, KPIs are driven much around our revenue, our profit, and, you know, the traction that we’ve got growing through the product. So that’s where we’re really going to be coming from there’s going to be TVL, and it’s going to be
Rob – Amulet
Yeah. I was gonna say signals can a little bit. So I’ll also add to that from say, the marketing perspective is that obviously, we’re also working out a plan for when that launch comes through. So all our KPIs, I guess, when it comes to our KPIs, it will always be to those end targets that you just mentioned, of revenue, TVL and basically being being a successful protocol. Yeah we can hear you better now.
Rupert – Amulet
So the other thing that we need to look at over the next 12 months is really what our net deliverables will be. So we’d be so focused on heads down on getting the product out and operational and smart now that, you know, we haven’t even finished the roadmap of exactly what the next robot is going to be. I’d be very pleased to say that Shin has been working on that in the in the background, and over the next few weeks, we’ll be able to update that and give that to her. I’m pretty excited to be able to really see not just the next 12 months, but hopefully the next year or so about the, you know, the way the products going and what we’re going to be delivering
Rob – Amulet
Makes sense. Have you? Do you have anything to add to that seeing as you’re doing it in the background Shin?
Shin – Amulet
Yeah, just a little bit. So I mean, due to changes of the market, so we have been realigning also by I mean, keep adjusting our product to fix, basically, based on the unpress precedented events we have seen. So to make it more robust. So that’s why we are consolidating a little bit on the priorities. But in the coming weeks, we definitely going to release the detailed plan for the next. I mean for the coming years.
Rob – Amulet
Awesome. I guess it kind of links on to the next question we got on that trip. Let’s say what you said Shin? Well, it’s all to do with the same thing. It’s are we planning to be multi chain? Or are we just gonna stay on Solana? And I’m gonna leave that seeing as you met Solana, your were with Solana yesterday, Rupert I’ll hand it over to you.
Rupert – Amulet
So yes, so in short, we’ve always been a multi chain solution. There’s no question about that. From day one, we’ve always expected to be that way. We started with Solana because it’s the fastest growing of the rust ecosystem and the rust ecosystem really were focused as a business. You know, as many other things going forward in terms of the fast TPS rate, and, you know, very, very tiny transaction fee as well. But in short, you know, we are starting with Solana, and then very quickly growing to alternative chains in the future, which next which chain that will be next? I don’t know right now. But we are talking to most of them. And they’re saying, Well, yeah, which ones we go to and and also that kind of keeping a keen eye on what’s coming out when in development and where defi protocols seem to be migrating towards, because that’s really going to be making that main decision. Is there a market for us to go to that next chain? We don’t want to just pick one based on the fact that we like the team or anything. We haven’t got any products on that on ensure there’s no point in us working on it.
Rob – Amulet
Absolutely. Cool. Okay, make sense. I have one final question that I think is very, very relevant to the situation in general, and it’s with the recent UST Depeg, which we’ve talked about a lot recently. and also the wonder of magic internet money recently. Over the last couple of days, I think you mentioned that on Discord Rupert as well on Saturday. Are we still planning on doing a stable coin cover? Or has it put us off the idea?
Rupert – Amulet
Yeah. I’d say yes, that we are still looking at doing Stablecoin cover. We are putting very different parameters around it, we’ve seen some massive payout from the likes of InsurAce and Unslashed and, and others on the UST Depeg that happened believe that InsurAce are probably gonna be paying out for magic internet money as well, though, I don’t know the ins and outs of the mapping. I posted the other day, and then very quickly got sidetracked with other stuff. So I’ve not been fully on the on the system. But yeah, yeah, our intention is to be able to ensure these things that are, there is a risk of, you know, bad things happening when at the end of the day, that’s what cover is therefore, but equally, you know, we have to be extremely careful about what products and the risks that we want to take or provide back to the States because, you know, there’s no point in having a protection system that just continually pays out from stake is capital. Even though we’ve got all of the protections in place, you know, that it’s still not going to be worthwhile for some state documents with us. So we have to be super, super careful about what we decide to do. And we do it but that job is actually more Jimmy’s question. So he would be the one to answer it. But Shin, have you got any more insight on that?
Shin – Amulet
Right, yeah, so DePeg is definitely on the list. Because I mean, seems like there will be increasing demand from the market given that I mean, they’re like just a few DePeg events happens recently. But on the other side, I mean, Rupert’s right on we do need to be extremely careful. So we are doing right now is we are reassessing our pricing model. Also, we are doing the stress test, make sure that it’s I mean, we when we list like a stable coin, we are able to cover the risk as well as I mean, give a reasonable price to I mean to dwell balance it to be reasonable products, okay, for production, as well as make profit for the protocol.
Rob – Amulet
I guess these these types of situations, it just helps us with the with the quality, when we actually release the product, I think these type of situations, my personal opinion, are positive when we’re at the stage that we’re at, because it allows us to learn and basically ensure that what we do when we release it is going to be bad going back with focusing on all those risks and what other companies have done during these type of times.
Rupert – Amulet
Totally, right, entirely right chap. Yeah, it is about you know, being keeping relevant and also providing products that was the flip side of this, there’s no point in selling a stable coin depeg cover, if we can’t sell it cheap enough for people to be worthwhile and buy it, we’re selling it and 15% of net then you got to put in $100,000 You have to spend you know 10 $15,000 on ensuring that you need to make sure that that stable coin is yielding more than 15% and on whatever platform that it’s being staked into right. So that that’s a bit of a tall order. So we have to be very careful about the pricing of our product as well. Equally, you know, along with the rest so it’s not a straightforward answer. But aside from Are we still intending on doing it? Yes.
Rob – Amulet
I think that makes sense. We can also put that I guess next time we’ve got a we’ve got Jimmy Jimmy with us as well because he will be one of the experts. Okay, cool. So they were pretty much the main questions that we had today. Obviously it’s it’s real pretty busy as well. So I guess it’s a good time to probably wrap up it will get recapped and everything will be put into a blog post by the morning. And that says anything even if you will Shin wants to add at the end of this? The only thing I’d like to to add is about, you know, what can we do? To further make our community better. So what I’ve noticed over the last few weeks, the announcement of going out. And we’ve, we’ve now call, you know, a handful of like really dedicated and good community members. But what I’m going to do I want to I want to grow that and I want to know, like, what keeps you interested in a product? What keeps you interested in a project? Why would you want to work? We do better to engage our community. So that’s my current question. About amas is my question going back to the community? And let us know because we want this is this is not here just for us. This is here for you as well. And we want to make it as close as possible. I think, What could be a good idea here to following on from this AMA, and the recap coming tomorrow is may be included into this. Then, when we released the recap, we can our create a survey, an open survey for the community there, and then reply anonymously. So I’ll include that in to the recap tomorrow
Rupert – Amulet
Yes good call chap. And yeah, we’ll take it from there.
Rob – Amulet
Anything from your side Shin?
Shin – Amulet
No all good.
Rob – Amulet
Awesome. Okay, cool. So we’ll leave it that. I’ll get up at the recap out and tomorrow morning along with a survey. Yeah, I know everyone’s busy or tired like me with a migraine. I hope you enjoy the rest of your day and continue to to have a great one. Guys, cheers. Thank you. Thanks.
Amu-Nation Community Survey
As mentioned in this AMA, we’ve put a question back at you. We want to continue growing and improving our community so we need your help. Please feel free to access this survey here: Amu-Nation Community Survey