We conducted an AMA with the CryptoBirds community. Highlighting the benefits of Amulet to a new group of web3 enthusiasts. We’ve turned the event into a blog for your reference.
Live AMA with Amulet Protocol ⚡️
💰 Reward : 100$
🎃 Guest : Rob – Marketing lead
⏰ Time : 12 PM UTC
🏟 Venue : https://t.me/cryptobirds1
Segments for the AMA –
1️⃣ Introduction segment
– Host will ask 5 questions from the guest
2️⃣ Twitter segment
– 5 best questions will be asked from here!
3️⃣ Live segment
The chat will be unmuted for 120 seconds and the guest will choose 5 questions to be answered and get rewarded.
⚡️ Note : The usage of bots, multiple accounts, copied questions will lead to disqualification.
About Amulet Protocol:
Amulet is a decentralized insurance platform designed for Rust-based ecosystems, starting with Solana. Amulet has designed an innovative and open insurance model to address common DeFi insurance challenges and create a paradigm shift for the whole sector
Learn more about Amulet Protocol here :
● Website ● Blog ● Litepaper ● LinkedIn
AMA is starting. Chat is closed 🔥
Welcome back everyone!!
I hope you’re ready for another great AMA
❗️Amulet Protocol❗️
Amulet is a decentralized insurance platform designed for Rust-based ecosystems, starting with Solana. Amulet has designed an innovative and open insurance model to address common #DeFi insurance challenges and create a paradigm shift for the whole sector.
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 14:08:57 (25 Aug 2022 at 14:09:01)]:
So, how are you doing today?
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 14:09:26]:
I’m great excited to be here and the meet this incredible community 🙂 hoping everyone is well here too!
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 14:09:50 (25 Aug 2022 at 14:10:01)]:
Yea, we are fine. Looking forward to the AMA 🥂
So, let’s start. Are you ready?
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 14:10:03]:
absolutely!
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 14:11:27]:
First of all, Can you please introduce yourself and team behind Amulet Protocol. Also, Tell us a little about the innovation of Amulet Protocol.
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 14:14:17]:
Of course, I’d love to! So Amulet Protocol is simple, reliable cover for everyone in web3. We’re building on Solana and we’re planning our mainnet launch at the end of September. We’ve arrived due to the amount of DeFi hacks that occur and how little is covered (around 2% in 2021). We will be the first to launch on Solana (we’re also backed by Solana Ventures) and we’re here to stop fraud and to keep your dollar safe! The team consists of Rupert, serial entrepreneur and project lead, Shin, head of technology with a ton of experience, Jimmy doing BD and product, myself in charge of marketing and our newest member Martin who is in charge of community management. Things are going extremely well, we have a team that is performing due to their passion for our project.
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 14:16:49]:
Now, please introduce us to Amulet Protocol, what is its Business model, special Features and how exactly does it work and How do users make the most out of it?
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 14:20:51]:
I’d love to! So what makes Amulet unique is we’ve actually redefined the way cover models are. We’ve created a new approach called PCUV (Price Controlled Underwriting Value) which ensures that when payouts come, the money comes from a yield rather than affecting the stakers themselves. Our model has been highlighted during the recent UST depeg incident. Other big protocols in the space, such as Unslashed and InsurAce covered UST and they faced major payouts. This hurt the stakers (even though they’ve responded well with incentive programs) and our model wouldn’t have created that dilemma. We can protect, payout without hurting our users or those who stake within our platform. We’re also focused on Rust-based ecosystems – Solana being the first, faster transactions and cheaper gas fees. Being the first, it’s a great opportunity. Next year we will also be truly multi-chain – the only way is up! and it’s very very very exciting!
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 14:22:10]:
Thanks for the great introduction and here is the next question
Do you have a native token for Amulet Protocol? also Can you tell us about its allocations, IDOs and everything what we need to know regarding tokenomics. Also, Why are they needed within the platform?
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 14:24:10]:
Not yet, we’re planning on it but we’re yet to finalise the official details. We will launch in September without a native token and then will launch our tokenomics at the best time for us and our community. We will start a bounty program very 🔜 and we’re going to be something a bit different here. NFTs with value (aka for premium discounts etc). That’s the most that I can say without revealing too much now!
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 14:26:14]:
Interesting!
Can you tell us about your Revenue Generation mechanism?
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 14:30:37]:
Indeed, we will be offering cover protection options for a variety of DeFi protocols. It will work similarly to every day protection (think your phone, your house, your car) therefore, there is a premium to pay to protect your assets. The % will vary depending on the risk assessments that we will have undertaken previously before offering protection. So revenue can be generated from the day of mainnet launch
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 14:32:30]:
That’s great 🔥
Lastly, What is the current development status for Amulet Protocol? also Tell us about security measures and How secured is Amulet Protocol?
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 14:35:59]:
Absolutely, so we’re in BUIDL stage! We announced our project at the end of April after we secured $6m in seed funding. We have been building the community that we call the AmuNation! We hoping to have the testnet launch to our community in just over a weeks time! If you want access – you need to join Discord now – discord.gg/AmuletProtocol. The end of September will be mainnet launch and we’re currently undertaking our audit and security assessments with Kudelski Security (we actually confirmed our partnership with them on Tuesday this week!). The report is almost ready and, of course, we care about protecting digital assets, we’re extra vigiliant when it comes to all of our security measures! It’s a very exciting time and security is at the forefront of everything we do
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 14:37:29]:
Wow! 6m$ is a good amount 🙂
Congratulations for this achievement
Looking forward to the updates 🥂
Thanks Rob for answering all the questions 🙂
and That’s for our Introduction segment.
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 14:38:55]:
Let’s move forward to our Twitter Questions section. So, are you ready @overcryptocal ?
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 14:39:07]:
yep 🙂
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 14:39:47]:
On your litepaper, I saw that according to #Amulet’s research,TVL (total value locked )on Solana is growing 5x faster than Eth, as in previous year due to huge loss on Solana how crypto users gonna trust on Solana as well as amulets , what’s your security measures against this?
From @jerii_14
Here is the first question from Twitter!
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 14:43:32]:
I think, if i’m not wrong, this question is more about the issues Solana has had with downtime in the last year. We work very closely with Solana, as mentioned earlier, we’re also backed by their VC. We are building things completely secure and bullet proof and we do have to implement things such as the kill switch. With regards to the outages, it’s not something that concerns us at the moment. We have continguencies in place for events that may never occur, it’s just part of our stringent process while we BUIDL. Along with this, we’re having conversations daily with their team, Martin and Rupert have spent a lot of time in their summer camps in London and Lisbon respectively. We still believe in the opportunity with Solana but also Rust-based ecosystems in general.
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 14:45:23]:
You’re backed by their VC, Great!
The whitepaper mention Amulet will have very high security. It’s being said, is it possible that Amulet can support other blockchain products, not just cryptocurrency, but storage for medical or even national data, etc??
by @muhamma26908108
Make sure to follow Amulet Protocol –
http://www.twitter.com/AmuletProtocol
Also join their Discord –
http://discord.gg/AmuletProtocol
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 14:49:52]:
We are a cover protocol. So security is indeed at the forefront of everything that we do. Just to clear things up, when we launch in September, we will have two offerings – smart contract vulnerability and stablecoin depeg. This would work against a smart contract violation or if a stablecoin loses its peg with the dollar. We are then going to move into other options to protect the metaverse. We need to still work out some fundementals but NFT insurance is something I can definitely reveal that we’re looking seriously at. We will see what options come in the future – it’s got to be right for our users and the protocols and of course, each will be thoroughly investigated through an in-depth risk assessment. There WILL be protocols that fail our risk assessment and we won’t be able to provide cover in this circumstances. This is a real opportunity for mass adoption 🚀
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 14:51:16]:
Okay! Let’s talk more about audit 🙂
On Amulet you dont mention that you have done any internal,external audit of your smart contract, can you give us details if you have done any audit before? And in case you haven’t, would you plan to perform any review of your smart contract in the near future?
by @Atus66661961
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 14:53:30]:
Indeed, so as mentioned earlier, we’re currently having an audit undertaken by Kudelski – https://amulet.org/blog/amulet-protocol-and-kudelski-security-announce-new-strategic-relationship-to-tighten-security-within-web3/
We’re still working with them before we can release information but soooon! This won’t be the only audits that we’re undertaking. We will release all the information when we can but of course, it’s part of our focus to make our product market ready
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 14:55:02]:
Alright we will be waiting for the audit 🙂
I read on one of your socials that Amulet Protocol is based on Solana. Tell us why you chose to release Amulet on SOLANA? What advantages of SOLANA in terms of energy efficiency to the Amulet platform? Can you tell us about the different advantage and benefits that Solana brings to Amulet
by @Ashbennet9
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 14:57:58]:
We chose Solana due to the pace of growth during the DeFi boom. When we analyse that against Ethereum, for example, we see that the transaction speeds are much faster and the gas fees are much cheaper. The technology behind solana and other rust-based ecoystems are so poweful and innovative, it gives us a lot of scope to really be at the forefront of protection for all users within web3
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 14:59:45]:
Yea I agree there, Txns on Solana are faster having low fees.
Will Amulet supports any yield staking and farming in the near future?????
And also,
Have you thought about extending your other chains since Amulet was added to the Solana Chain? Is a Multichain feature planned?
by @prettylady9y
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 15:02:02]:
I’ll keep this short and sweet! Yes we have plans for staking and farming but this will come nearer mainnet launch so i don’t want to reveal too much in case it changes. We hope to be multi-chain come Q1 2023 at the earliest. We have the make sure that the chain is right for us and our users
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 15:04:29]:
Thanks for answering all the Twitter question, Rob 🙂
That’s for our Twitter segment
Now, it’s the time for the most awaiting segment where our community asks you the questions directly.
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 15:06:18]:
So Rob, are you ready for it? 🚀
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 15:06:30]:
absolutely 🙂
Hello🌷🌷 SiR🌹🌷, [25 Aug 2022 at 15:10:54]:
Since NFT is popular nowadays, is there a plan for NFT integration?
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 15:15:30]:
I’m going to start with this question! As I mentioned NFTs twice today. So NFTs are a part of Amulet in general. We will have Amulet NFTs but more gets revealed in about a week! We also will be looking at providing protection for NFTs, we’re still concluding the fundamentals but we’re taking the NFT world very seriously
Neoma Hayes, [25 Aug 2022 at 15:11:00]:
What are the main targeting areas of Amulet Protocol and what are rge main problems you are resolving?
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 15:18:30]:
We’re targeting the millions of hackers and fraudsters out there. We believe that if we’re able to protect the users directly it will eventually deter the bad guys! We want to provide an extra layer of security to give you peace of mind with your digital assets. We have ambitious plans to be the main cover protocol in web3. We want to generate as many users and protect as many as possible. We will provide simple, reliable cover to everyone in web3! that means everyone who wants cover will have that option through Amulet.
কালা মানিক, [25 Aug 2022 at 15:10:55]:
PARTNERS are the most important that strengthen the ecosystems of all projects. Could you tell us about your project partners and the partnership strategy it has adopted?
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 15:21:40]:
We have announced some exciting partnerships in recent weeks and more will be announced soon. The likes of Serum, Tulip and Port have been confirmed and seem extremely invested into our protocol. We have also exciting partnerships like Taksh who are gamifying yields and was founded by a 14 year old genius! We have formed partnerships and each has their own individual purpose for partnering. If you check out: www.amulet.org/blog – you’ll be able to catch up on announced partnerships
𝐒𝐚𝐥𝐚𝐡 𝐌𝐨𝐡𝐚𝐦𝐞𝐝, [25 Aug 2022 at 15:10:57]:
Is your project a community only for English speaking an countries or for users not of other languages?
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 15:26:30]:
Our community is available in more than just English! If you joined our Discord, you’ll notice there is growing communities within the different language channels including Spanish, Russian, Turkish, Vietnamese, Ukrainian and more! We’ve had requests to open channels in Hindi and Kazakh this week! If the community is there, we will open it up so come and join discord!
🤲Im Muslim🤲, [25 Aug 2022 at 15:10:51]:
What do you have?
1️- Telegram Group
2️- YouTube Channel
3️- Medium
4️- Discord
5️- Twitter
6️- Website
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 15:30:30]:
I always like to end AMAs with this one as it gives you the best place to follow us!
1 – Telegram is only an announcement channel: https://t.me/amulet_announcement
2. YouTube – https://www.youtube.com/channel/UCHSHZVTy0c3RcKT9-HdOtjA
3. We host our own blog – amulet.org/blog
4. Discord IS THE PLACE TO BE!!! – Discord.gg/AmuletProtocol
5. Twitter is also SO IMPORTANT! – twitter.com/AmuletProtocol
I hope you ALL check us out and join the AmuNation 🧿
Congratulations all winners 👏👏
Itz Abhi ⚡️ ️️️️️️, [25 Aug 2022 at 15:31:47]:
Thank you so much Rob for answering all the questions and sharing more about Amulet Protocol
It was a pleasure hosting an AMA with you today. @overcryptocal
Overcryptocol | Rob | Amulet, [25 Aug 2022 at 15:31:57]:
Thank you for having me! It was awesome 🙂