We took part in an “emergency” AMA yesterday. Following the news that Binance had publically declared their intention to buy FTX, and the subsequent market volatiility, we felt the need to hold an AMA with the AmuNation so that they could understand our stance. Since this AMA, CZ tweeted that Binance will no longer be purchasing FTX.
In this AMA, we discussed:
- FTX Situation at the time
- Solana and the $SOL price
- Ride or Die? – We ride with Solana
- Solana Breakpoint and the reason we know Solana will survive
- What happens to Amulet now?
- What happens to Amulet if Solana reaches 0
- The future of amtSOL and aUWT
- Community NFT questions
Audio:
Transcript:
Please be aware that while obvious spelling errors have been fixed, some may have been missed while we keep the transcript as close to the audio as posssible.
AmuNation AMA – Discussing FTX – Binance Situation
SPEAKERS
Rupert – Amulet, Martin/Pinto – Amulet, Rob – Amulet
Rupert – Amulet
Guys, it’s been a while I, I haven’t been on an AMA for a little while. And I wish I was on it under better circumstances. You know, no doubt you have all seen the news, or at least I hope you have seen this. The news, if you haven’t a quick recap is that FTX has been bought by Binance. And the reason that’s been that’s happened is because there was a, it turns out that FTX has been using client funds to trade in the market, they lost some quite a lot, it would seem there’s no official figures just yet. But we’re going to be you know, conservative estimates were put it in the billions of dollars range. And despite the fact that they are, we’re seen as a pretty safe institution with some some good safeguards. And obviously, you know, billionaire, at the top of it all, they were doing some pretty shady stuff in the background. And that’s a big problem. And it’s caused the huge issues for because the whole industry, so if you’ve got funds on FTX, right now, you cannot withdraw them, if you have. So that and there’s a number of people that have been hit with that, including some Well, I would argue some big OG’s that have a lot of knowledge in the industry, certainly a lot more knowledge than I do in the industry, they have, they just did a FTX and have their funds locked up there as well. And Binance have signed a letter of intent to purchase FTX and make the balance sheet holding where I pay and be able to pay everybody out with one has to what their holdings are. But that that deal is not done. It’s gonna take a little bit of due diligence. And if that deal goes through, that’s great, you know, that the CZ jumped in there and, and helped those users and I hope our community here are relatively safe with that. But if you’re not, I mean, our hearts go out to you, you’re being kind of hit with with inside all of this. And then, of course, the big concern from our side, and in fact, the rest of the Solana community. And it’s important to note that obviously, where we are much bigger than just a Solana based protocol, I want to get that one right out there. Now, and we’ll talk a little bit more that in a second. But the big concern is of the FTX and the Alameda research trading firm, that us as well are a big part of Solana’s success and a big part of the big Solana holders. So you know, if they. whatever happens, there is a case here to say that, you know, in order to make these client accounts hold, they’re gonna have to sell all the assets that they have, they have a huge amount sold. So that’s one thing. If CZ gets a hold of it, and he decides for whatever reason that he doesn’t want to sell it, then he has a bit controlling power in a chain that has he’s had a pretty acrimonious relationship with over the last few years. And, and so, in short, you know, we could see, we could definitely see the price of SOL being going down. And that’s obviously what’s the knee jerk reaction of last 24 hours or so we’ve seen a huge shock to the sell price. But, and there’s a big buck to this, just because the price of an asset changes does not mean that the team and the ecosystem behind it changes. It just means that you know, there are people selling that asset. And does the Solana ecosystem work? Yes. Are the builders still there? Yes. Are we still committed to the chain? Yes, we are. Are we still committed to our multi chain future if you read any of our documentation, you’ll you’ll see that we’ve always been focused on you know, some of the rust ecosystem but obviously with some of the new languages coming in from kind of Aptos and three, we’re also kind of including those into the the overall weaker system as well. But are we committed to our multitude of future? Yes, we certainly are. And we, as a business will certainly walk right through this. And I hope you saw our tweet that we put out earlier. Rob, who is sadly a little bit ill today did an excellent job composing that tweetstorm for us to find out. And it’s very true. Every everything in there is we want to believe and rely on so with that being said, I think that’s it’s a relatively good synopsis. Pinto.
Martin/Pinto – Amulet
Sorry can you can you repeat, it was just something?
Rupert – Amulet
Is it a relatively good synopsis of the of the scenario and our positioning?
Martin/Pinto – Amulet
Yeah, yeah. Yeah, for sure. I fully, fully, fully agree, as well. And I think that’s covered some of the questions which we had on our channels this morning, especially a bit of multi chain, then that is very good. Then you then you mentioned as well, then yeah.
Rupert – Amulet
Shall we flip into into the into those questions, then. And let’s go one, one by one and if i’ve answered them already, then then we can move on. But yeah, let’s fire away!
Martin/Pinto – Amulet
I will go through it. As at this minute. We have two questions. First one is for from “Name”. Let me just read it. What happens to the project? If the price and demand of Solana drops? Will it interfere, interfere with the project in any way, and it will be any changes? You partly answered that question, Rupert already, but
Rupert – Amulet
I’ll reiterate. Yeah, I’ll go over and reiterate. So does the price of Solana interfere with the project? Well, in the short answer is no. But the long answer is sort of. And let me let me explain it. So obviously, as you know, all of our assets are derived in solar one one way or another. So amtSOL one to one backed by Sol, and aUWT, our underwriting token is backed by amtSOL at moment, and we were due to take in stSOL and mSOL. Now, the price dropping means that those assets are dropping in their USD value as well. But it doesn’t mean that anything has changed if if we have ensured a an cover contract. For 1 aUWT, we still pay out 1 aUWT, all of the actual assets that we are deriving our contracts by are all identical, and they haven’t changed at all. So just like one BTC equals one BTC one SOL or is equal to one SOL and one aUWT equals one aUWT and one amtSOL always equals one amtSOL. So all of that is is the same. The underlying values behind it are dropping. And of course, we always in crypto, we always refer back to what is the USD price? They’re technically yes, our TVL overall, because we refer to our TVL as $1 price has dropped below the actual assets in there haven’t dropped as much. And once they have been withdrawals over the over the period. We are Yeah, we will absolutely recover from this. I have no kind of concerns. There’ll be other liquid state assets that you’ll be able to deposit soon. I think what it’s done for us it’s highlighted are the need for us to accelerate our multi chain future. We have got all of those conversations going at the moment with the various different other chains that are out there. And yeah, we are very soon to be announcing which net the next chain will be. And the sort of development timeline. There is. So there’s a lot that there are opportunities along with the negatives.
Martin/Pinto – Amulet
Yes. That is actually a really, really well answered then. I think we have a very similar question. Just ask now. But let me read. I think you already answered but let me read it because of this unstable situation with Solana do plan to accelerate the transition to cross support, which I do understand it is a question Do we want to go on multi chain with you I believe just answer.
Rupert – Amulet
Yes. Yeah. No, I did. And that is Yeah, absolutely. multitude has always been our focus in it. The way I kind of described that multi chain future is that if you look at something like cloud services now the biggest provider in cloud services is AWS, there are 33% or of the overall market. And he got people like Microsoft as your and Google Cloud and a whole bunch of other smaller providers in there. I believe that the the overall kind of multi sheet feature would look something similar to that. So you will have a big chain. Right now that looks like Ethereum. But then you’ll also have these other chains that have other Yoker necessities to build and operate them on, on all of them. And of course, it will require cover/insurance across everything. I mean, if anything, that the last two days have shown us is that the requirement for define the requirement for transparency and how funds are moved around? And the the requirement for ensuring those assets should the worst happen?
Martin/Pinto – Amulet
Perfect, perfect. I think. I think we have two more question. Right? We have a question from “USERNAME”. Really cool user name. Let me just read it tomorrow, they will be nearly 51 million SOL out of staking a few hours ago, they were 47 million SOL now almost 51, this increase probability indicates that move validators have decided to remove the tokens from the network. What do you think about it?
Rupert – Amulet
Well, they, I would agree with that. I think that that is true. And I think it’s, you’ve always got to remain remember that on any side of a trade there are, there’s a buyer and a seller, right. So if somebody is removing soul, and they are selling that, then there’s always somebody on the other side buying that in order for the the sale to go through it is a two sided marketplace. So I’m more interested in like, who’s actually buying it. Because last, I believe are in the in the system, they’re the ones who are believing it’s gonna go up, or they need it for some other reason with inside their business model, right. So there is a just the fact that people are moving out and selling it doesn’t concern me, obviously, that will have a price impact. So when we look at these, these assets being unstable and being sold, that puts a lot of buy pressure, sorry, sell pressure on the on the price, but you know, tick today isn’t as a good example. So yesterday, we saw the price drop, what about 30/36%, or give or take, it has been trying to push below the $17 mark all day, today, and it’s had some very fierce resistance. Now given that, you know, a lot of investors out there in Solana bought their first salon or at four cents, and then they rebuilt in very large quantities at 22 cents, like they could go a long, long way down and still be making an incredible return on their investment. The The point I’m trying to make about this is that there is still a huge amount of support, not just in terms of like trading support, but there’s support in the ecosystem. For the product manager, we actually you know, what’s so sad about this whole scenario is that we came away from Solana breakpoint this week, and I hope you saw some of my tweets and messages about what we were doing that but it was incredibly positive, and over 4000 people in one location, which is a pinprick on the size there that have the kind of global Solana kind of enthusiasm, or, you know, group behind people. Everybody that was extremely bullish on the chain and what was most interesting so we actually, we officially kind of started our journey at Solana breakpoint last year here at Lisbon. And we were able to you know, we get in a year we’ve obviously developed our product development, the ammunition we developed out you know, something that will work for the very long term. And we’re not the only ones you know, there are many others who have also gone through that scenario that I’ve just started a year ago. And then the their combined with the people that have been there for two years or three years. We are seeing this huge thrust and excitement around the salon network because it operates like no other ecosystem. Now, I know I’m going on a bit of a Solana rant here and I’m gonna sound like a bit of a soul Maxi, I’m not a really and I I personally like Solana, but I’m not tied to it in any way, shape or form. It is a blockchain in and of itself. What I know differs between this blockchain and others is how we organise ourselves. So what you may not know, is that as a defy project on Solana, we have a telegram group that connects us to all the other defy projects that are on Solana. So if we want to talk to radio or we want to talk to Orca, it’s literally a telegram message away. And we are right there. And we’re talking to them. Now what the benefit of that is, and it might sound Oh, well, Solana is very centralised. We know we’ve had a whole bunch of young kind of concerns about how centralised network is, I don’t think it’s centralised. I think it’s particularly well organised. The we’re able to talk and discuss as a group as of what sort of direction and I can tell you put I think there’s been a huge amount of chat on that group this morning, last night, the past 48 hours really, about what the scenarios have been going on. And at no point has anyone in that group suggested that they’re going to be building on something else by the end of the week. And that’s what what fills me with with hope. Now, again, most of the folks in that group have got multi chain strategies. And most of the folks in that group have been looking at the newer chains coming out. But that is not to say that they’ll be dropping any of their support or slight adoration for this long and that work.
Martin/Pinto – Amulet
Perfect. Thankyou. Thank you. But I so someone was trying to get on the stage with the question, but I think it was a last minute changing heart then if you if you want to request again, please raise your hand. In the meantime, let me go to the next next question. The team recently returned from Lisbon, have you managed to conclude any interesting partnerships? And also a second part of that question is are you planning to promote the NFT? Collection? Do you want to repeat go through both question or you want me to cover?
Rupert – Amulet
I’ll do the first one. You did a second one in terms of the NFT collection. Alright. The so have we create a concluded was the question how we concluded any?
Martin/Pinto – Amulet
Yes, I think interesting partnerships,
Rupert – Amulet
I think, conclude. Not quite. And our reason for being is that when you’re at these events, there’s lots of noise going on. It’s great opportunity to meet the projects. But actually the real deal is done the week after when you have your phone call with them. So that’s our process. We go in, we meet people we put a face to the day. We talked about the project, we talk about how we could partner, and then we follow up the week after so concluded No, but have we generated a whole bunch of partnerships? Yes. And they will all go through this. There’s no There’s no doubt in my mind. If I have a telegram full of brand new groups that Hakon and the BD team here at amulet have been putting together for us to to complete on it. I would caveat that typically, those partnerships should carry through in a week. But everybody in this ecosystem is reeling a little bit. So we’re, it will take probably a little bit longer while we’re all working out what our next plans are. But in any case, we have those partnerships ready to go.
Martin/Pinto – Amulet
Perfect. Thank you very much. And yes, I can I can I can back this up after those few days of conversation. I would say it’s almost a few 100 of contacts, then the next week, it will be the crucial to start follow up of them.
Rupert – Amulet
How’s your voice doing?
Martin/Pinto – Amulet
It started recovering, it started recovering. I started to feel a little bit better than Yes. Coming back to reality after after this amazing event. And as you mentioned, it was extremely intensive I did manage to speak with with so many so many people so many different projects, then I’m very confident very quickly we start getting results of that, as all of us put extra efforts to make sure then amulet is a visible brand on that. On that event. And as you probably saw on our first promo video, we have been visible with our tents down the road. Let me go through to the second part of the question. Are you planning to promote the NFT collection? Yes, we do planning to focus on NFT especially after last week, our first AirDrop to our Le contributors this this part of our community are with us for a long time supporting us greatly. And yes, last Friday, celebrate our our breakpoint amulet visit we did send a first AirDrop to have our omnibus the plan of promoting is, next month we try we will present the the schedule of our platform where you will be able to see the use case for those NFTs, I think this is the most important part for us to show you guys then it’s not only NFT it’s not only to buy and sell, it’s more how you will be able to use it, how you will be able to benefit from it, then more information will be will be shared at the end of the month. And hopefully we’ll be able to start showing you the platform and and the use case of that NFT. Is it anything? Rupert, what do you want to add to it?
Rupert – Amulet
No, not at all. I mean, the only thing I would actually yes, yes. So there is something, the one thing I would say is we’re going to promote these these NFT’s of course we are. But remember the utility that is involved with these, these these NFT’s they are really worthwhile to hold on to that for the long term as opposed to just just getting rid, if you want to get rid of them. No problem, you know that that that that really has no issue or bearing on us. But they have a huge amount of value. And that value will bring build as time goes on. So that’s my that’s my recommendation on the on the me bears out of the metaverse shall I say, and I’m certainly going to keep hold of mine. I’m very excited about the other ones that are coming out. And I’m also excited to kind of see everybody else’s once they are released. I don’t know. Again, I’m not sure how I fail you guys are with NFT project. But we don’t see all the bears until they’re minted, like whether it’s all generated by the system. So like, we want to see your bears like we want to I kinda know the few in the group here today, which is really cool. Yeah, we want to we’ll probably have to set up a meta bear channel, I suspect Yes.
Martin/Pinto – Amulet
This way I just actually preparing the announcement about this, then soon, all of all of our early contributors will be able to, to share the pictures and we do some of that even better based on that as well. Then those those information should be shared this evening. Cool.
Rupert – Amulet
Quite like Yann’s MetaBear. He’s got the the kind of green face and and grey grey top he’s got a little pink tummy, I can see there, it’s looking pretty cool.
Martin/Pinto – Amulet
Yes. Some of them. They are indeed amazing. And just to confirm Roper awards, we have not select which of them we want as a team. As Rob really wants my my AmuBear from from a long time, and I will not give it away. Right. Everything is tight. With that with the time as I can see the questions are coming. Let me jump to the next one. The next question
Rupert – Amulet
is kin raising his hand? Is that something I can see there?
Martin/Pinto – Amulet
Let me let me have a look as I’m just juggling between the two. Yes, let me let me try to let him on the stage. Rob, are you able to let Kim Gary on the stage? Right. Now there is from some reason it’s not allowed me to do it. Invite sent. In the meantime, when Rob will try figure it out how to how to let can Gary on the stage. Let me just go to the next question. Just to make sure we we are going smooth right but the question is for imagine Are there any offline events planning to community in the near future? I think this is something what I can what I can cover at the minute, not from from my end, as obviously we asked from so many different locations. Then we obviously focusing to make sure that everyone from our community is able to to join to win the reward and take participate. But obviously if if it’s an option like breakpoint, we are more than welcome to see to see our community. It was actually two people from our community in Lisbon with we have a honour to chat and and meet face to face.
Rupert – Amulet
Awesome. I didn’t I didn’t know there were there were anybody in Lisbon, I would have loved to have met you. The I will say this just to help on that Pinto. Like if anybody wants to. This is a group review you’d like to sort of a an emanation community evening, then we’d obviously have be happily support that. So we’d send you the files to get printed banners in your location. If it’s, if it’s difficult for us to send them physically to you. We can send out some files to get the T shirts printed in your location. Again, if it’s difficult for us to send them to you. I know we have a huge issue sending to our Ukrainian and Russian friends right now, for obvious reasons. But yeah, we want to support you if the if there is a group of you guys wanted to get together and and talk about defy and everything crypto, that we will have the support from our end.
Martin/Pinto – Amulet
And from mine. And if you guys have any ideas, how you how you’re saying that or you have friends in around your location, let me know we can definitely help you to arrange that even if me overall joining remotely. But I’m think we can find a way how to how to arrange that. Right. So let’s go to the next question. From KinGeri. You said that the ambassador programme will be launched very soon. Who received the increased priority as the selection stage? Rapidly want me to answer that question?
Rupert – Amulet
Oh, yeah, that’s all you buddy. Yes.
Martin/Pinto – Amulet
In that we actually had a good few conference call, just to make sure that our our ambassador programme will be ready. We have most of our details, how the programme will be operated, how we select the people and how we reward the people. The final stage for us, it’s to build the mechanism of the of the calculation of your potential reward. What that mean, we want to make sure then as ambassadorial who perform bring our new customer, bring your friends, we want you to receive some reward. But obviously that required, traceability, then at will be integrated with our our platform staking platform for our NFT. For full tracking, then all of the details how the ambassador programme will be mostly shared at the end of the month. Referring to the second part of the question, we don’t want to add the minute prior prior to prioritise who we want to be as ambassador, then our application form will be shared across the community. All of the criteria which we want to focus on as well will be also shared in that application just to make sure that everyone is able to apply, everyone is able to share with with us the skills and our application process will be as transparent as possible. Right. Next question. The question is from “USERNAME”. There was a big problem on Solana what the situation with amulet protocol team, I think that has been fully, fully covered by by Rupert at the beginning of the call in case if you just join us, more than happy to follow you with you after after the call to share those details with Rupert shared the beginning of the call.
Rob – Amulet
Right. I’ve got it recorded. So I’ll have something out for my end as well.
Martin/Pinto – Amulet
Perfect then in the internal announcement channel, you also follow up will be available. Right. Next question is from KinGeri. Again, and earlier you said that you plan to launch the token in the first half of 2023? It is a very difficult market right now. Have you plans changed? Rupert, I will leave this with you.
Rupert – Amulet
I thought you’d pass this on over to me. In short, Yes, plans have changed. I don’t know when exactly the AMT token will be launched. Now this provides a number of different issues. Yes, obviously rewarding. Our community for big loyal to us. That’s one big thing. There’s also the bigger concern for me is actually how we operate a governance proposal with inside our system. If you read that read our documents, when there’s a claim that comes in, we agree, then the community agrees or disagrees. And if we’re both in agreement to the claim being paid out, we pay out if we’re both in disagreement, we don’t pay out the claim. And if there’s an imbalance of of decision in that we then bring in a third party down now, all of that needs to be really operated and quite stringent manage, because obviously, if we just run that discord vote, which we can, and we have in the past, it could be manipulated. If we just do a if we do a shadow token, we must have our shadow taken out and tokenomics kind of sorted for that as well. And maybe their shadow take them to economics are slightly different to what our AMT tokenonomics should be. So there’s a number of challenges with not launching a token. And that’s compounded by there are a number of challenges with logic a token. Personally, from a business standpoint, I do not believe it is a good time to launch a token in the early part of next year. It is very difficult to tell, though, is you look at a magic ball. And nobody can say what’s going to happen next year. I mean, look, nobody last week knew that the whole industry was going to take a dive this week. But it has and that is crypto in it changes extremely quickly. What we need to focus on is being more solid is being whatever we do, making sure that we have a robust system that works for us as a business and is not exploitable by others. So yeah. In short, I don’t have an answer for exactly when it’s going to be released. I can say, as always, you guys will be the first to know, there is no question about that. And, you know, we don’t want people in this community that are just doing work for free that we don’t see that as fair, everybody should be rewarded for their, their hard efforts, and work. And if it’s helping the protocol, then you will be rewarded. accordingly. We need many more people than just our small team. And we truly appreciate everybody else’s help inside this effect.
Martin/Pinto – Amulet
Thank you very much, Rupert. Next question is I believe for me, you guys keeping me very busy today. The question “what the difference between what is the difference between early contributor and contributor role will be? that in the nutshell, we gave a thing it’s almost almost five months for ally contributors to to be built. They received the first reward from from us last week, which has been the airdrop of our our NFT MetaBears and also visibility of the of the platform at test net a little bit earlier than the rest of the community. We do want to continue that approach, then our early contributors will see the information or or changes on our platform a little bit earlier just to just to reward them for being with us so long. And also we do create, as I mentioned already, our platform of of the reward calculation and contribute le contributor role will have the highest, let’s call it a multiplier in that that platform contributor role haven’t been yet officially confirmed or announced that was only for me to give a small heads up. But all of the details will be shared at the end of the next week. Also with the ad and date for for early contributor role, then I think the most important at the minute is it does, it is still a time to get a contributor role. And I will spend extra time to make sure that all of those reviews will be done. Right And next question just discussion on the time is from Oberlin is how long will the bounty programme last will there’ll be difference between the NFT for the contributor role and the gold NFT from the bounty programme, then Rupert are more than happy to answer that question again.
Rupert – Amulet
Yeah, you take those I can see the next one coming up is definitely for me
Martin/Pinto – Amulet
Oh perfect. Well, then the first part of the question, how long will the bounty programme last? We don’t have official end date of that programme. But we currently working on some major changes in that programme. We don’t want to share yet until make the final final twitches and final agreement. But I can say it very soon we’ll be we’ll be change. Blocking on the announcement. As soon as we have the confirmation of those changes, and we implement them, you will be first to know redact the second part of the question will there will be a difference between NFT for the contributor role and gold NFT No, but NFT on which we AirDrop to our worldly contributors and NFT would you have on our ammunition platform, they are exactly same nfts they are from exactly same number of total nfts which we which we announced alongside the different is the number of nfts Would you hold on your wallet will also contribute to your to your reward calculation then more than FTEs you have a better reward your your received. And also, as I think Rupert mentioned multiple times the gold NFT will will you would give you that biggest, biggest reward reward from from holding that NFT This is the reason why we have only 88 of them, then they will give you a really big reward on our our platform, but obviously that more information will be shared share soon. Right at the next question, I think it is it is to you Rupert, it is from “USERNAME” What will happen to the project if there is no Solana, if it depreciates It is seriously losing value at the moment currently worth $17 And, and falling.
Rupert – Amulet
Yeah, so one good thing is since you’ve you’ve written that on my screen here, it’s about $18 right now, but it’s good book is good because if there is no Solana, will the project still exist categorically Yes, 100% There is nothing to stop us as a company existing and doing what we do. How we operate on chain will have to change if there was no Solana at all, we’d obviously operate on a different chain. We have said all along we are a multi chain strategy, we expect to be a multi chain strategy forever. We I explained at the top of the hour what my kind of belief on how that multi chain structure looks. And yeah, going forward, you know, we are obviously accelerating plans at the moment to have a secondary chain operational, that should be touching a lot of word right now should be done by before the end of the year. So we’ll be announcing which chain we’ll be if you’ve got any thoughts or ideas, by all means, tell us if there are areas that you want us to cover. If there are holes and gaps and you want insurance specifically on a specific chain, let us know like we are happy to listen to what our community say and be directed by that. There are obviously technical difficulties with certain chains you know, that were written in Rust, or going to a rust base chain makes it easier for us to go into a move base chain or an EVM base chain for example. But there’s plenty of options out there for all languages and I truly believe in the technical team here at amulet, it’s very easy for us to to develop our own. So if if there is no Solana as in there is no chaining, that the price goes to zero. There’s nobody validating there’s no nodes. There’s no operational chain, will we still exists? Yes. Do we believe that that will happen right now? I don’t believe that that will happen. I do believe that the price could go very low. But I believe there is a very strong community behind Solana once you get to succeed as a project as a as a blockchain, not as a tradable asset, which is two very different things. In this industry. Obviously it has To make a better price, it was worthwhile for people to run a node and another node are quite expensive to run. They cost about $3,000 a month from memory to run, so, yes, there are there are financial implications to this but in my opinion is that we will so Alana has seen storms before they will see storms again. This one is another one that will pass Perfect,
Martin/Pinto – Amulet
Thank you. I think Sorry, I was I was checking the channel with the questions we actually have one or two new ones. This is actually a very very good one being a bunny again, why the bird choose as NFT does this animal inspire you in somehow or it’s the some other motive behind it? I will leave this fully with you Rupert.
Rupert – Amulet
As it’s really interesting, actually, so obviously, you know that I am metabear that’s by my handle on Twitter and, and also on telegram if you can find me there. I use fours instead of the A’s because if that was the easiest handle that I could get, and the why, why did I choose MetaBear Well, I and my name is Rupert, as you also know. And in the UK there is a programme called Rupert the Bear now my brothers were given a choice as to what they would call me when I was born. And they were watching Rupert the bear at the time, and they chose Rupert so my family is known as the bears. So yes, I have a keen affinity to bears I suppose it is a little bit sycophantic. The fact that I now have meta bear and now all of you guys also have metal bears, but I suppose in a nice way, that means that we’re all family which is which is pretty cool. I actually have a tattoo of a bear on my arm if you meet me in real life. I may even get a meta bear next to it. But there is a Yeah, there was there was a clean relationship between me and a bear. And and the PFP that I have in mind is my unique meta bear. This one is also quite special to me because it’s eating a unicorn. And the reason for that is a very deep story in my past where I used to have a business called fat unicorn and that was the logo that unicorn was the logo for fat unicorn and I when that went down it was not of my choosing it was it was a it was a business that I very much regret losing and and so the bear eating the unicorn is is kind of a phoenix from the fire it is our it is the writing so it provides bears provide me with a lot of power. I hope they provide you with a lot of power and hopefully a lot of wealth in the future too.
Martin/Pinto – Amulet
I need to say I think this is this is my favourite answer in any of the amas and it’s adding this this extra kind of smile when you’re looking at at your wallet and you saying the awareness D it’s giving you the story behind not only the there’s a there’s a really cool story behind it.
Rupert – Amulet
Yeah, that’s actually something we should definitely do is is in our we’ve got the art channel but we’ve also you know, why don’t we should encourage people to have their own backstories behind each bear. And yeah, I’d love to I’d love to hear how like I can see like orgasms bear. Here he’s got a little orange eyepatch. Like how did he get his orange eyepatch? I want to know I want to know the story behind that
Martin/Pinto – Amulet
Cool idea for sure for sure for sure. Yeah, right I think the next question it is it is to answer for me I believe it is from “USERNAME” I’m really sorry if I if I read incorrectly if I pronounce it incorrectly your User Name please approve all pending rewards amulet app, I’m fully aware sometimes you guys are waiting a little bit of time to approve some of the tasks and the reason of it is we have extremely high number of of action by you guys on our platforms it is it is going into 1000s in 24 hours. And some part of that process it is a manual process to prevent mostly to prevent any boat integration as we want to send our our rewards to to true users to true people in our community who spend time spend effort and energy to to support us. Then we put in extra code to make sure will filter all of those actions. But unfortunately some of them required at a time as you as you are aware, a manual check is taking a little bit of time than our our dev team doing best possible. And yes, indeed, sometimes we are delighted with it. But please don’t worry, we will follow up and you will receive those those points. Right. Our next question is from DonKuper. It’s all good. But why don’t you use the bounty programme and check the points of the aUWT stake for three weeks? Don’t check because the team promised to do it. They just ignore. I think we had a few conversations regarding that. And this is something what I mentioned before, it is a very manual check. As we want to make sure that people who staking our aUWT will get the reward. We had a few bots trying to run on our platform, then that increased the time when we complete our checks. But if you if you if you stake with us, you definitely get your reward.
Rupert – Amulet
Yeah, 100% I back that one up like the Yeah, we are sorry, if we miss things. And you know, it takes us longer and you know, we do what appreciate what 100% Everything the community does for us, I would only just say, Keep on hassling us keep yo nudging us, you will get these, these points, if you’re if you’re deserving of them. That’s that’s 100% the way it should be. And, and beyond that, you know, thank you for staking aUWT, we can’t run as a business without it. And we want to reward that aUWT as well. So that is hopefully the third best scenario for
Martin/Pinto – Amulet
and from my point as well, in all of those, those cases, we do record all of the requests as well, just to make sure if we have any delay from our from our bounty programme devs, we we do follow follow them up just to just to get this in this process much quicker, we put the extra efforts to try to improve the process, then we implement a batch runs, then you guys know then Wednesday and Friday, it’s the it’s the day when we run in our batch. And we recently implement the tickets, one, just to make sure that everything is recorded, even if the ticket is close. We do have the archived and we can always refer to as well. Right.
Rupert – Amulet
So just one more follow up on that on that again, because I know it’s important to everybody. There is more integrations coming. So yes, while this manual process right now, it won’t be manual forever. And that we are automating a lot of these processes in the background.
Martin/Pinto – Amulet
Right, okay, then next one is from “USERNAME”. How do you see the amulet protocol in a few years? Want to understand the ambitions? Love that question? I will leave it with you Rupert.
Rupert – Amulet
I mean, honestly, my focus for this business is to make us the largest insurance protocol in the world. That’s it, that we that is our full ambition. And when we talk about protocol, we’re talking more than just web 3, we’re talking bigger than Allianz bigger than that Suisse but bigger than Munich and the reason why we’re gonna do those, we have a huge opportunity ahead of us right now to corner the market of web3e and make us as large as possible, because insurance is ultra necessary DeFi insurance is ultra necessary transparency and looking after people’s funds is ultra necessary we have seen that play out and people can not ignore this you know, the and if we become large enough as a platform, if we do our job correctly, if we have the great the right support behind us over the next few years, we will become so large that the big players in the traditional industry cannot avoid us. They can’t just by us they have to either partner or work with us in some other way and that is exactly what we are looking to do. So initially the way that it works is we we start by issuing insurance then we become large enough that we can reinsure other insurance protocols. And then we become large enough from there that we have to partner or or or rely firms have to partner with us. But yeah, the the opportunity for insurance is by far and away the largest opportunity out there in probably across all industries right now.
Martin/Pinto – Amulet
Perfect. Thank you, I think we have a we have a time for those two remaining questions. It’s a one again, from DonKuper, a lot of problems with the bounty programme. How do you think to enter the market, then? I think we respond partly in your previous question regarding the bounty. This is a completely different platform, to our our domination as, hopefully you experience our test net when extremely well and smooth, we transition to the, to the main net without any any major issues, it was extremely smooth transition. And as far as I know, we didn’t have any, any bugs or any issues. And I need to say a big thank you to our entire team, especially the developer team who made that transition exceptionally, exceptionally well, our bounty programme, it’s run on completely different platform, it’s managed by a different team than we shouldn’t connect them together, it is our marketing marketing team, what we including me what we what we managing bounty programme, it is changing, it is changing significantly, it will be looked completely different in the in the upcoming weeks. As I mentioned before, and I think on my site, it is just just to highlight the scale, we went from few 100 users to 200,000 option in in around weeks, then the community response was was absolutely amazing, which, as I mentioned before, caused us a few issues to be as efficient as you guys want. We working on it, we improve significantly nodes of our processes, and the new upcoming changes will improve this even farther. Right. Let me go to I think last question. Rupert, do you know do we have six more minutes?
Rupert – Amulet
Yeah, I can I can chat. Just a quick follow up to the Don’s last message, I know you you mentioned that you’ve had a lot of issues with it with the Badger programme and obviously Martin/Pinto has mentioned that you have added that there are separate platforms you might be questioning now why they’re separate platforms and the reason for that is we keep its security we keep on chain data and kind of marketing data separate and, and also that the actions that happened in the bounty programme are controlled by the marketing team. So that’s why it’s it’s separated out like that. Yeah, I just wanted to make that little bit clearer.
Martin/Pinto – Amulet
Perfect, thankyou Rupert. Right as we have five minutes then I will go quickly with with with the remaining 3 questions next one is for “USERNAME”. Can I become an early contributor with without 2k messages? Yes, you can. What we reward them with warding contribution into the project then every single user can offer the project something else some of the people have absolutely amazing skills with creating the artwork. We share soon what one of our team members create for our our tent to promote amulet which was absolutely outstanding. And some of the people really enjoy chatting on the general chat or our our language chat, then it’s a multiple way we we not only look on the messages we look how you how you help us to promote and how you help us how you help the community, then yes, messages are not the keypad. The keypad is how you contribute into the community. Just conscious with the time we have two more question. We have another one from DonKuper. I and I understand that aUWT is tied to the to SOL. But Will there be more blockchain that won’t be tied to one understand is it anymore blockchain what will be tied to aUWT besides SOL?
Rupert – Amulet
If I understand the question correctly, will we reiterate integrating another blockchain? Yes. Will we be integrating other assets that are not sold by Instant aUWT. 99% Sure. Yes. The reason why there was one person question over that because there is a technicality element to that that I would need to check with chin that we’re going to definitely take it into aUWT, or if we’re going to take it into a underwriting assets that is not that is that is built on a an alternative chain. So that that is the short answer. To that they are basically yes, there is going to be alternative assets that we will be using to underwrite our cover policies with.
Martin/Pinto – Amulet
Perfect. Thank you, Rupert. And just to wrap up, we have a last question from our channel. And then if any of you guys wants to join us on stage and ask your question, let us know. Hopefully we’ll be able to, to approve that. Let me just go to the last question, which is from imagine, at the moment, we have very modest reward in the roulette bounty programme. Other ideas to increase the probability of falling out or adding new rewards I need to say from my personal experience, I love this Roulette is adding this extra trail when you’re when you’re waiting for the for the results, we constantly looking on changing, changing the probability of the rewards and also planning for for some some changes as as as as the reward increasing or adding more points, or possible NFT as well. As I mentioned we going through the transition to some changes in our in our platform then that that will follow as well then you think I cannot answer 100% Now how it looked like but yes, some changes will be in it. and probability one it is change every few days just to make sure then we can encourage you guys to to have those rewards. And also we’re giving away those extra spins as well then a handful some giveaways on the general channels as we are adding them besides our our opponents. Right, I think that set off our our question from the channel, is it anyone who wants to join us on stage and maybe ask the question like, and see anyone raising
Rupert – Amulet
anybody at all? Raise your hand?
Martin/Pinto – Amulet
Rupert is with us! Then you can ask all of those hard questions. Just just to
Rupert – Amulet
Ask me something really hard to come up to stage and ask you something really hard. No, okay, well, I’m gonna take the silences. You’re perfectly happy with everything that we’ve said today, which is good.
Martin/Pinto – Amulet
If you guys have any questions, outside of this ama event about the situation what is currently on the market, let me know. And I’ll make sure I will ideally even pass this to Rupert to make sure you get a full detail respond to what we’re doing, how we’re doing and what we’re planning to do. I think that’s it from me, I will leave the stage for you.
Rupert – Amulet
Thank you very much chap. I want to thank you all for coming on, especially such such short notice. I know we had cancelled our ama this week, and we did this one impromptu this afternoon to address any fears or concerns. I do hope all of you, your funds are savvy and that you have been impacted by the situation on FTX. And if you are a supporter of this along the chain, you continue to be a supporter, supporter, the salon chain, much as I am as well. Thank you very much for joining us. I hope the next time we talk in a couple of weeks, I guess, will be much, much better scenario. Keep safe, speak to you soon. Thank you.
Martin/Pinto – Amulet
Thank you very much, everyone.