We took part in our bi-weekly AmuNation AMA this week (23rd May) to answer some burning questions from our incredible community. This was an online event through Discord and was attended by 90+ members.
We issued POAPs to those attending and we discussed:
- amtSOL, aUWT and how we can pay for claims
- How do we work out APY for protocols
- Ambassador Program update
- NFT supply and information
- A new product launch coming
The audio and transcript are here for your reference.
POAP:
Audio:
Transcript:
Please note that the transcript will have spelling and grammatical errors to keep it as close to the audio as possible.
Rob – Amulet
So just in case it is just me, I’m gonna have to keep talking otherwise the robot will stop. The robot will stop recording. So Martin’s is unable to join us today now, so I’m glad you’re able to because I thought it might have been just a monologue of me!
Rupert – Amulet
Amen. Can you hear me now? Yeah, can there we go massive system working last night, I was always planning on coming into my, my Discord login wasn’t working for some reason. That’s probably why!
Rob – Amulet
I just thought maybe because I knew from the meeting earlier that you had quite a few meetings today. So I thought maybe you might have ended up being a little bit too, too busy
Rupert – Amulet
for meetings. But this one was also one of those meetings that I had booked in. So I’ve got a hard stop at half past. So let’s crack on.
Rob – Amulet
Perfect, we can just go straight into it. But the bad news is we can’t start the Solana POAPs on this one only because they can activate it for us. But as many of you are aware the majority of our community, Russia and Ukraine, and there are issues with Revv.gg who sets up the Solana ones, they block they blocked quite a few countries for use. So there’s working with them. I’ve gotten a call with them again this week. So I should have a solution so that we can do that. And you can all access them by time with the next one. And yeah, I’ll go into the questions we’ve got the first question I’ll answer anyway, because it would have been aimed at Martin. It’s about the ambassador programme. I’ve had the question is just about how they’re selected and have people have been spoken to. So I’ve asked Martin for a little update there. For you guys all there’s going to be more clarity on the first well around the beginning of June. So there should be a new channel. There should be much more progress on this. But the first candidates have been spoken to but that doesn’t mean that your application meet you unsuccessful, it means that the first round and the prioritised ones, that process has started with Martin. And he’s still just finalising some things before he gets to that next stage. But if you weren’t one of those people that were contacted, it doesn’t mean that you’re not going to be contacted. He’s still working through them. I think we’re a little bit overwhelmed with how many people actually applied. But I guess that shows how much you read pretty well how much you appreciate what we’re doing and what we’re trying to do with web three cover. So we’re really appreciative of all those applications. It just means there is a slight, longer delay. But but very, very shortly, you’ll get further finalisation details within the next week or so let me see if he added anything else to that because he was still typing as I was inviting the thing. So just to give you a bit of an update on the ambassador programme in general, the first participants have been spared to do and that process is still ongoing. And the list is not yet complete. So there could be new ambassador spots based on the initial success as well. All training or support is still being worked on it will be provided to those that are contacted with minimum tasks and monthly review to be part of that ambassadorial programme, because that will be explained in a bit more detail in the next week or so. And yeah, that will start around the first of June. We’ll start with a separate chat for ambassadors, how that role entails and what the review process will entail as well. So some exciting stuff coming very, very close to there. So yeah, we appreciate that question. And now to get to the main supply of the questions from today. I’ll try I think we could probably get them in a good quick time today anyway, but it just be me in you. So the first one is kind of a bit of an Ambien. I’ve not really got much to update on this side. I knew you were involved. So the first question is, can we have more information about the incubation programme if he OB and the reason this question has come up? Is it then if you remember pre FTX collapse? Pre Solana, great point you did a Twitter space with them. We did all about crypto security and the services. So I think I think really what this question is is what is our background with Huobi? And is there any news upcoming identity from your latest chats with them?
Rupert – Amulet
No, there’s no there’s no update with why we on this the I mean, we were not actually part of the incubation programme and haven’t intended on being part of that. We are quite close with the team there we we know them very well.
Rob – Amulet
All right. The one the investors list to think on they?
Rupert – Amulet
Nope they won’t be or not one of our investors some are but they’re private investors rather than from the company. But they the only connection is that they have to work there. But it’s not connected to the company at all. So I’m not certain I’d want them to be. That’s not saying that I wouldn’t. But I’m not. I think I’d want to consider that in the future. But we haven’t got that as a issue to consider right now. When we started working with them, they were independent. And now of course, they’re owned by Justin son, and basically very close to the to the Tron network. And, you know, not that there’s anything bad with that, of course, it’s a very impressive blockchain and what they’re doing over there, but they do skirt the edges of year kind of regulatory boundaries. And so, as we look at ourselves, as we go forward, we need to think a little bit more, we need, we need to be careful of that, like, you have FTX has taught us anything, is that we need to be careful of everybody that we talk to. So yeah, there’s no, there’s no real update on that. I’m afraid we were never part of it. I haven’t intended on being part of it.
Rob – Amulet
I feel that clears up. And I know the person that’s mainly contributes with the questions today, they’re just one of the best researchers within the community. So they do look at everything. And that kind of links on to what the next question is. Because they were researching about cap, just for their general knowledge, and they came across something within our documentation that says uncapped pool is coming. I think the best way to handle this question is, just to give you a bit of an update that you will probably be aware of, I didn’t actually mention this to you, we put it in the court. So last week, we had a mystery event on the Friday, and you had to crack a few codes. And one of the codes was, and I know because I gave the code. But we took away the date was new product incoming very soon. And that’s one of the reasons I’m a bit quiet on Discord this week, because I’m looking at some stuff to go over a new product to give you the details would be totally unfair. Now we’re working on all the behind the scenes things. But you guys will always be the first to know, and there’s going to be a big hoo ha around it. And I think that’s really we can’t really give the details on that product yet, just that it is expected in the beginning, well within the next month. And there’ll be a big hoo ha without that done, if you want to add anything now at all, without revealing too much.
Rupert – Amulet
Yeah, absolutely. So when you’re talking about the cap product, I’m assuming they’re referring to the capital acceleration product, which effectively is already live capital acceleration is when you’re able to stake into the individual policy pools. So when you take AWT and stake it behind radium, for example, you are accelerating the capacity you’re growing there, that capacity. So that’s what the cap was about. And then, in addition to that, it would be on radium to loan us or give us some re tokens to incentivize community members to stake more into their protocol and therefore increase their their area, their capacity. Now all of that functionality is already built, it’s built on day one. The reason why we haven’t started taking those those tokens right now is really just down to our overall staking capacity. So there’s not enough incentive for radium at the moment to do a programme like that we have talked to them about that. We’ve talked to all of our protocols about that and their interest, I can tell you that much from their, from their side in order to to run that forward. However, yeah, we haven’t. We haven’t started that just yet until we get our overall assets under management kind of greater, which there is a huge amount coming very, very shortly. I’ve been talking about this for months now. But I am so close to the finish line on this massive deal that we’re doing. And you’ll see that TVL number jumped up quite dramatically. The the bear market has not helped along with the SEC and a number of other factors. But we’ll do all of the barriers to break that down. With regards to other new products. However, Rob is correct within the next month. In fact we’re targeting even sooner than the next month. So within the next couple of weeks, ideally, there is a massive new product. It is one that you’ve all asked for. is a game changer on Solana. It has as wicked yields, which I know everybody likes. And yeah, we were really excited for this one to be coming out. And yeah, we’ve got a date that we would like to release it. We’re not saying it yet, because we’re waiting for an audit of the smart contracts right now. And that might mean that it takes longer, because we’re not going to release a product that hasn’t been audited properly. So as with everything that we do, we like to do it properly, as opposed to rush it. I know, that means you have to wait more. But bear with us, it will always come out. In the end, I’m like, I’m in the first place that you guys are here. And we’re an insurance product. We’re not sexy, we’re not fast. But the point is that, you know, insurance is massively undervalued. And over time, we aren’t going to own a huge section of the of the crypto industry. And that will benefit everybody on this call, who is who is investing their time into us. So thank you. Awesome.
Rob – Amulet
I’m going back to the existing products. I’ve got a couple of questions that they kind of would be more more appropriate version and Jamie, but hopefully you can have a go in simplistic terms. I’m going to link them both together. So one came from the American one came from Understairs. Yeah. And it’s basically an understanding of if that when a payout comes in, where does that money come from? So do we will we always have enough money to pay out the amtSOL Well, where is the money? Basically, the two main questions are is what happens when there’s a payout? So obviously, yeah, and the second question is, how, where do we get the money to pay to pay out for the current APY that we have?
Rupert – Amulet
Yeah, no, that’s, that’s fair enough questions. And it’s all very easy to, to explain. So where if there’s a claim, where does the money come from? Well, you got to remember that we are a two sided platform, there are people that stake on the one side, and there is people that he take out policies on the other side, and I suspect with most of the community, in order to get more rewards, you’ve been staking and taking out your policies in order to build up your point. And thank you that’s really valuable to us. And it shows the demand and the ecosystem, which is important. Now, the capital that gets staked inside the protocol goes first goes into our liquid staking pool, which creates amtSOL. So you take so you stake that in and it creates amtSOL if you go straight into aUWT, the same process happens, it just happens in the background. So SOL comes in that gets staked into amtSOL, amtSOL is put into a validator and that generates a yield that generates 6% yield on that, that state so and then, when you stake amtSOL into AUWT, or you go directly into that, you that’s when your capital is staked for underwriting. Now, there is the potential when you stake your capital into underwriting that your cash can be used to pay out on claims. But the way that the other protocol is designed is that we lower down the risk that actually the only thing you are risking is that original yield from the from the from the validator, so that six or 7% that you’re generating is really what you’re risking, in terms of what could be paid out. If a if a potentially there’s a hack and I a policy gets gets taken out. Now, the way in which that works is through one through leverage to through the amount of protocols that we have, and then three through how that capacity, how that capital is distributed across those protocols. Now, if you take your aUWT, and stake that directly into one protocol, you have increased the risk by the factor of how many protocols we are managing. So let’s say we’ve got I think is about 10. How many principles we’ve got on the on the app at the moment represents the theme. Wow. If so you’re 15 Sol you’re increasing. Let’s say you took you had 100 aUWT and you state that all into raydium, your your risk of you’re underage underwriting capital being attacked is 15 times greater than leaving it in the basic underwriting pool ie you just leave it in auwt and let the algorithm decide where the capacity should be going towards. Now, yes, your yield is much, much higher, but you have to take on the risk. They’re on whether or not let’s say you staked it into radium. you’re staking that radium won’t be hacked. That’s effectively what’s what’s doing that. So that’s where the capital comes from, to to underwrite policies. Now, let’s look at the reverse. How, when you undertake your capital, and we’ve already got policies sold, how did how is it that we have are able to underwrite those policies? Well, you’ll come to find and there’s some members of the community who have actually found this because they had a, they staked in a huge amount, and they unstacked a huge amount, that there is a minimum capital requirement. And what that minimum capital requirement is it basically says, if we’ve sold a policy this month, for one au Wt, we must have that 1 auwt inside our pool, you might have staked 10. And they might be in other pools with inside the protocol. But if if, if, if one of your 10 is staked in this one is required by the critical underwriting pool, you will only be able to withdraw nine aUWT until that policy expires in which case you can undertake the rest of it as well. And that’s really how we are we we get around that fact there was always a minimum capital requirement based on the amount of sales. But the way we kind of loosen this up and create flex and flow with inside the system is by having quite short policies. That’s one way of doing it. They’re also they’re all quite small at the moment the policies that we’re selling, because we really don’t have very much capacity available. And again, all of this is designed and run by the algorithm. The background I Case in point that our code our code base for amulet was it doesn’t look much on the front end is actually 44,000 lines of code long, like it is the serious amount of work that has gone into the financial functionality and the financial engineering into this in order to create a fully functional insurance company with very few people. And that’s exactly what we’ve done. I think that’s explained both parts of the question, is that right, Rob?
Rob – Amulet
Yeah. Yeah, I would say I would say absolutely has. Yeah, no, perfect. Cool. So I’ll have a couple more questions. There should be a bit simpler, actually. So a bit richer. So we’ve got a question about how I owe you pick who we follow on Twitter. For me, it just depends. It’s all about Will there be potential? Is there any clues in who I might follow on Twitter? Now there could potentially be, it will be mainly mainly based on whether there could be chats for them for potential collaboration. But there’s not as much for process into it, as you might think, which is why I prefer the lower following, which is why it’s mainly our partners that are followed or potential people that we’re speaking to, rather than just anybody and everybody and as well, the team. But yeah, so it can also be you know, also I know I have on my phone, I think you have it as well, everyone you found. So there could also be a case where we also might follow someone by mistake. So just if it is always going to be huge for process into that. Next into it, is there about metabolic NFT. Yes. So the first question, I’ve never thought about this. I don’t know if you have real we’ve ever spoken about it. I’ve always just assumed they would stay on Solana, but reverse potentially go multi chain in the future. Could that change? Any site? Is there any? I mean, I don’t think we’ve discussed it, but you might change my methods would be on cross chain as well on any of the chains. I guess it would have to be.
Rupert – Amulet
Yeah, if we if we go cross chain, we will obviously make sure that the whole system operates well across the chain. Initially, we’re just looking at individual products we’re going to do on alternative chains. Excuse me. Mrs. B has not realised I’m in the meeting. We Yeah, yeah. So initially we’re looking at an individual product that we’re going to put across cross chain. But the Yeah, if we if we do do the whole protocol, cross chain yes at costs that matter bears are a core functionality of what we do. So yeah, we will always make
Rob – Amulet
it would it be fair to let only this a lot of people have the utility
Rupert – Amulet
will either bridge them or or, or move them into something that’s a cross chain NFT or something to that effect. But, you know, at the moment, there’s nothing to worry about.
Rob – Amulet
And the other question is about the supply. Now one of the main is because obviously right now it’s 8888888, and 88, which obviously all together that makes 9864, which isn’t as attractive as a number. I think that we will always just be a, we will always be from a marketing perspective, it will always be the HA HA Tete a Tete a Tete, which is also similar to what Annette Manchester United, most recent NFT collection, they have 7777 devils, and then a variety of different digital collectibles, but they don’t just add it all together with the devils in the keys. They do just even they don’t just put the total so they keep the round numbers, as per each type of NFT that they have. So with the
Rupert – Amulet
how many devils Do you own
Rob – Amulet
2
Rupert – Amulet
We have 8 minutes left
Rob – Amulet
I have all there collectables! The next? Well, there’s only two more questions really. So I can one is about would we be listed on coin list? If I mean, we’re always open to be listed and other things. Especially if it I mean, obviously our coins not out yet. But we love listing. So that’s one I’ve not been aware of. I know you’ve asked it because neon who we’ve done some promotions within the past are on there. I’ll look into it. And if you have any suggestions of anywhere else you feel we should be listed just to be found as well. Then do always reach out and let us know. And the final question is about whether snapshots are taken in amulet, for example. Are there any snapshots taken of users who have staked solidly into amulet, such as the amount of soul they’ve staked? And if they if these snapshots are being taken? What’s the purpose behind them?
Rupert – Amulet
I’m not sure how I answer this one. Not necessarily the correct way. But let me let me. Let me let me try in what way by way through this? Do we take snapshots in the typical form of of a snapshot as in like we take a picture today of a how many people have have staked? No, we don’t do that, per se. However, in the backend of our system, we do have a way of tracking every single wallet and how much that wallet has staked and how many premiums they’ve they’ve taken out. I mean, this is all on chain data that isn’t this is nothing new. But we do we do monitor for that this? And good question, why do we do this? Well, we are a token based protocol. And we do want to reward loyalty. And in short, your loyalty will be rewarded based on the amount of actions that you take with inside the protocol. And you will soon be able to see on your own dashboard as soon as that gets released as to how much action you have taken which be useful. But in the future, more loyalty, which means tickets in our practical, you know, the the more lower you are, the more tickets we’re going to drop you and ultimately, the you know, we’re going to do that AirDrop at the right time. So ideally, you know in the next Bull Run, which I suspect is in 2024 We might be lucky there might be something this year and but it will come as soon as we start doing our TGE everybody be be notified among explain how many tokens people have been AirDrop but yeah, a lot is in short, we’ve been extraordinarily generous with in our backend systems since day one and Yeah, certainly there’s some names on this call that are going to be doing particularly well. Awesome.
Rob – Amulet
Cool. So I know we’re quite pressed for time but we’ll mats are still just open it up for the final five minutes in case anyone has I know a for finance who usually comes up isn’t here. So I don’t know if we’ll get anyone there coming up and but if anyone has a question, feel free to raise your hand But good audience the big big Miko audience again guys I guess it’s because it’s the two best looking members of the team always that even though we’re not on camera they just sense it.
Rupert – Amulet
Face they love the PFP Yeah, thanks everybody really appreciate it as always big things coming in the next couple of weeks and beyond that I’m very, very excited. So stay tuned. You know keeping the discord keep an eye on everything. And when the drop happens, you guys are going to do well. All right. Thanks very much