We took part in our last AMA of 2022. This was a great opportunity to talk with our community and answer their burning questions for the final time of the year. During a 12 months in which we achieved so much, we appreciate all the support we’ve received from everyone.
The audio and the transcript is available for your reference.
Happy Holidays and have a great New Year from the whole of Amulet
Audio
Transcript:
Rob – Amulet
Okay, cool. So welcome everyone that’s able to come today. We appreciate it. We’re so close to the end of the year that you’ve been able to make the last one. But we wanted to provide a final opportunity of the year to answer any questions that you may have. I’m joined today with Jimmy and Martin, you should all know Martin/Pinto, the community manager, and Jimmy is in charge of our BD and product. If you want to say hello.
Martin/Pinto – Amulet
Welcome everyone.
Rob – Amulet
I’ll start with before I go into the questions. And it’s just cover something that came up yesterday with one of the community champions and maybe if either of you two want to comment on it, you can do. People were wanting to know why, obviously. Yeah, over the weekend, there was an exploit on Raydium, which we posted about yesterday. And the main concern from some people was that we were telling you that it had been exploited, but we weren’t going to pay out and that wasn’t the case whatsoever! Because we cover Raydium, even though none of our users as I’m aware unless either of you two have other information, no one’s puts a claim through and none of our users have been affected. We were just because we cover for smart contract vulnerability, it was important for us to make you aware that there had been an exploit on Raydium. And therefore it was important that our committee went through the investigation. And obviously, it doesn’t violate the it wasn’t anything to do with the smart contract, which is why that message was relayed to you all yesterday just to really as an education to let you know what is covered and what isn’t covered. And as we go into the new year, we will we will create new content around that. But I hope that clears things that we’ve read. Yeah, it was exploited. But it wasn’t on the smart contract. And that was the reason for the announcement yesterday. It wasn’t an announcement saying “is being exploited but we’re not paying” so sorry for any confusion that may have come from that. And I don’t know if you’d want to add anything about radium there.
Jimmy – Amulet
I think you caught it all. Rob. It was It is a little bit unfortunate that this like event is happening now, but I think the team along with like a bunch of the auditors. Like I know OSAC was was helping them. That was really good. Like there was there was instant response. And I think a lot of folks like started like blacklisting some of the transfer of funds. So overall, like I think it was a really good signal from the industry that we’re more and more prepared to respond to these types of attacks. So happy happy to see that not happy to see that the funds, obviously were exploited. But yeah, like Rob said, if anybody wants to read more about that, we just posted about it yesterday.
Rob – Amulet
For sure and the reason at the end, it says if anyone has any questions is literally for that reason. There’s a reason I force Martin to be online 24 hours a day, seven days a week. And it’s to answer questions for things like this. So
Martin/Pinto – Amulet
always Yeah, always.
Rob – Amulet
So if you do have any, if you do have any further questions about it, feel free to ask an AMA questions now. Or you can reach out to us whenever we’ll reply, what I’ll do is go through the questions in order we’ll try and keep because it’s just the three of us will try and cover as much as we can. Within the half an hour or so we’ll see what we can do. And so I’m going to start with a question that would be repeat to you really, Jimmy, it’s just really whenever we have an update on any further change for the now and in the future. And are investors happy? And I’m gonna pass out to you, Jimmy, because you have more comfort with that side of things.
Jimmy – Amulet
Yep. Yeah, for sure. So I guess this is talking about the future of the business and a little bit to do with, you know, Solana, the TVL here. Like, I think first and foremost, like we’re still quite committed to, like building out in the Solana ecosystem. So expect us to stay for one. But that does call into question like, What are we doing going forward? How are who are we going to partner with and like I think more importantly, folks are wondering like, what chain are we actually going to, to go with so The short answer is, we may end up going everywhere. I won’t say how yet. But the there’s a, there’s a model that like we’re exploring and currently like in development. For that, that’ll allow us to actually move across any chain. And allow users, whether they’re trying to set up a product or users from, from your perspective where you’re interacting with the FBI to use the product. So more on that to come in the next couple of weeks. But that will, that will definitely be like, at that’s our highest priority right now. In terms of the other partners that we’re looking at, we’re definitely making a little bit of a little bit of a pivot. So we’re working together more with auditors. So more on that to come as well. I just don’t want to leak too much. And then our investors happy. They would be happier if we were still in a bull market, as I’m sure everybody on this call. But, yeah, I mean, overall, like they did look at the the team, they look at our product. And they say, Well, okay, guys, just keep on building. Right. Like, so. Everybody’s, that’s the state that everybody’s in. Everyone’s just heads down, and building. And so I don’t think that the outside market conditions are really going to change that. So you know, are we happy with our selves? And like with our with our progress? I think the answer is yes. But we’re obviously still aiming to shoot higher.
Rob – Amulet
Absolutely. Cool. And I just to give another insight there, Rupert sent out a special email to all his all the investors and there was quite positive feedback he gave basically gave a lowdown of what’s been going on over the last year, because we’ve only been around for a year and a month now. Me and you, Jimmy. Got it? Yeah. So so it’s been we’ve had we’ve achieved a lot within within the short space of time, because even though it’s been a year and a month for me and Jimmy, it’s really only been seven, eight months since we actually announced the project. Well, it will be it was today, it was the 25th of April. And that was the time to focus on exactly an anniversary the eight months of industry today, or when we actually announced amulet. So we’ve achieved a lot in that short space of time, including overnight. Well, over the weekend, we got to the 40,000 Twitter followers, which is quite cool. That’s a late latest achievement, because they announced earlier this morning.
Jimmy – Amulet
Yeah, whether two to two downturns, right? One initial downturn closer to April. And now the second one, like just just a month ago. Yeah,
Rob – Amulet
it’s insane, isn’t it? We announced the project a month later, the Luna/Terra situation happens. But I always said that was a positive thing because it shows a proof of concept and proof of work for Amulet. Yeah. And then. And then two weeks after that FTX crashes. So we’ve had an interesting journey along the way, but we were getting through it and we see these challenges, and then we rewrite to overcome them. And I think we’ve done that both times. It’s happened this year, and hopefully it won’t happen two times next year. It won’t happen at all, but it probably will
Martin/Pinto – Amulet
One more thing to add from me to Jimmy as indeed I got a few questions from the community regarding the next chain. The survey first of all, help us a lot and thank you very much everyone who spent the time and and help us to give the indication and also which I didn’t mention before and Jimmy done this today for which I’m thank you for it. As you guys notice the market is currently going on the side move which we taking opportunity to build as much as we can. And this solution which would Jimmy mentioned give us an absolutely amazing opportunity in the near future to be so much more flexible and so much quicker in our action to go on multi chain then this is this is something which which we really looking forward to. Awesome.
Rob – Amulet
Thanks for that, cool. So I guess we actually managed to answer some of the other questions in the process of that so I think it could be good to cover as we talked about those two situations this year. One of numeric ones questions is as there ever been a moment and if we can maybe answer this individually but has there been a moment in the past year that what has been a difficult moment? I guess those two were difficult moments. But has there been a moment that we wanted to throw away amulet meaning as there been a moment that we wanted to give up from my side of things is definitely never been the case. Don’t know if anyone else has ever I’ve not lost belief once even when things have If anything, it’s it’s increased my belief because of things like the USD peg when other cover protocols had that issue of do we pay out and lose credibility? I think it was kind of a good thing for Amulet. So I’ve never been in a situation where I’ve wanted to fail get rid of amulet don’t ever use of.
Martin/Pinto – Amulet
And nothing from me as well, especially seeing how many projects going going bust off market or, or proof of concept didn’t work. In our case, I think every single day I can see a more and more needs of that kind of tools what we are offering because as you can go go see how many of the scams how many of the hacks and everything going going on on the market, then not even for our for a minute, I have a I have a full trust in the in the concept and sync this product being really in use across the chains.
Jimmy – Amulet
Awesome. For me, the moment Rob joined
Rob – Amulet
10 days after you? 10 days of happiness
Jimmy – Amulet
I was like oh, we’re done? No, I’d be shocked. Like if anybody on the team held that view because insurance is one of those, like those businesses that actually for better or worse do better. In in bear markets, and I think some maybe a couple of data points for you guys. Because you’re you’re not going to the events. And maybe you’re not talking to like all the project teams, but two, I guess data points, one from the protocol side, we always have teams that are reaching out saying like, Hey, how can we build, you know, insurance for you know, MeV how do we build an insurance for like this protocol? How do we build it for like a lending market? Right? How do we build it for a permanent loss? Like there’s there’s always like Ideas and Brainstorming and that really accelerated when more and more of these like hacks like came to light and when things started to crash right. So that’s that’s one side of it. And then just on the other side of it investors and folks at events when they hear we’re doing insurance they’re like oh yeah, that’s like that’s really needed almost everybody in the space the moment we say like this is we’re trying to cover like projects in the in the ecosystem. They say yeah, that’s That’s great. When and how can we help so overall it’s really always like really good feedback that that we get so Yeah, nothing quite as extreme as throwing it out. Throwing out amulet that’s, that’s pretty, pretty crazy. I don’t think anybody on the team is thinking
Rob – Amulet
Yeah. leading on to that Meison, Our MOD. He asked the question rich, is that rich kind of links into this? Obviously we’ve had the tough year but where do you where do you see amulet political in five years? Rather than me answering first? Should we? Do you want to start that one, then we’ll get smarter than me.
Jimmy – Amulet
My defi roots, tell me scream to the moon! But recently we’ve been you know what, like, we can’t really comment on the future. Part of it is because we’re working with some more regulatory bodies now. And we’re trying to get in touch with them. So we can’t comment too much about future positioning be because of that. But if that gives you some indication of like, how we’re trying to move and pivot. Hopefully that that helps and gives you a sense of how the handcuffs are on me. But yeah, I mean, will the team still be together and five years? I think so. Will we still be building in five years? and iterating? Yes, I think so. Will we be smarter? Will we have more products? Will we be further? Further along? Will we hit another bull cycle? I think probably yes to all of those things. So I mean, the the future is still bright. And we are definitely in the early innings of of crypto. So for those of you who are still new to the game, welcome to your first cycle. Welcome to your first bear market and heads down, keep building and keep keep paying attention to to the market.
Rob – Amulet
I have to say it seems to be whenever I am in web three, the markets always seem to crash. So I can’t help but feel I’m personally responsible.
Martin/Pinto – Amulet
Same feeling every time.
Rob – Amulet
The one Yeah, the one year, I went back into web two boomed great bull market. That question. The question always reminds me how cheap because when I first got into crypto, actually, the second blockchain company that I worked for was a company called Hero token. And in the job interview, actually said, I’m not going to ask you where you see yourself in five years? Because realistically, none of us know what could happen in two weeks. That’s what he doesn’t know. And probably since that moment, I’ve always lived for the moment. I think in five years time, we will I mean, I think less, I believe a lot of what you basically said there, Jimmy, I think things will happen. And I’ve only got positive things for the future. But I think it’s a difficult one to predict. Because if you look at five years ago, what’s that? 2017 December 2017, that there was another market, then I think there was a crash around that time as well. So and that had come out of the crash from the year before. So yeah, it happens. But you never know what could happen that next year, we’re all expecting a bear market. But you never know something bullish could happen. And you just don’t know what can happen with these things.
Martin/Pinto – Amulet
I think to me, just to wrap it up, as you guys think of a cover most of my point of view as well. It is a team ambitions because you cannot predict what’s happened in the in the market in the five years. But the one thing what you can do is to high high ambitious to keep building because you can do what some project do building something, this is what we done. Let’s run on this hype for the next few years and see how the story will go where what I can see in Amulet. And this is one of the reasons why I joined the team. It’s constantly striving for more new new solutions, new chains, and sharing this this vision of delivering insurance because as we know from from real life, insurance, it’s something what people really need, and people will need because we cannot predict what’s going to happen then, I think the most important in five years, then the people will then our our project will be still looking where else we can go what else we can offer to make the blockchain more safe.
Rob – Amulet
Absolutely. And just move on some of the other questions that we’ve got one from our resident DJ when when the music channels was running. Sambyd Has asked when it will be possible to see what silver slash gold metal bands look like? Reason I’m gonna go to that is because I know, you turned up to the last AMA and I know you took a poll up. And anyone that took the power app from last last AMA, the gift on it is a preview to what our gold metal bands will look like. So that’s all I can give away. I guess a challenge to the community, because I will give out power ups at the end of today is to try and find what that one looks like if you want that preview. There’s also in one blog post that was launched in October. So there’s another clue for you as to what they look like but it doesn’t say that’s what they are. Today, we’ll leave that mystery for you to use your detective work on. Ahead, go back on to some other stuff, which is a bit more of it. Well, well, number one actually linked to that was better last forever. We plan on using the link through your site for the AMA. I will deal with that with Musgat in January for the first one in January, which probably won’t be the first week of January it will probably be the one after. So I will sort that out. So yes, I will plan to use it. But someone’s already brought it to my attention and I will deal with that person directly. Cool. So this question from Alex and Shea is I think it could be a bit of confusion as to what we might actually offer as a vertical. But the question is, how are assets How will assets be protected from inflation and depreciation during periods of a bad market. And so the reason I think there’s confusion is I feel like I don’t know whether they it’s just me. But maybe they think that our cover options protects against market volatility, which obviously they don’t. That’s how I’ve taken that question. I don’t know if he reviewed it. Yeah.
Jimmy – Amulet
I think that that you’ve, you’ve captured exactly Rob, like, we know our products don’t really aren’t designed to protect against like market volatility. But what we do protect against, like smart contract failure in the event that you’re looking to outpace inflation. So, you know, let’s say that you are tinkering around playing with the phi and you you’re trying to get seven 8% returns, just so they can keep pace with inflation, depending on where you are in the world. Yeah, well, we’re there. We want to be there to cover you. And we want to create this like financial safety net, to make sure that if you are, in any case, like trying to outperform the market, that we’re there, right. But that doesn’t mean that our products are designed to outpace inflation, right? That’s not Amulet. Cool.
Rob – Amulet
I guess the, I just wanted to the reason I deliberately asked that was so we could clear that up. And also, because when this gets recap tomorrow, we’ve also got that in writing as well. So go keeping on that theme, OrgaZm. And I deliberately always say his name
If, if tomorrow a smart contract fails, and the depositors money disappears, what firms will be used to pay the coverage? This is about PCR counsellors could be higher than the capabilities of the project. And then amulet will declare bankruptcy. So what they’re asking is, can the coverage that we offer will the pools that will the PCR pool? They will they will be ever Well, they’ve ever been less than the PCR pool for should there be a payout? And I guess, Jimmy, you’re going to be the expert for this one.
Jimmy – Amulet
Yeah. Well, there’ll be less sorry. Can you clarify that last
Rob – Amulet
The way it’s been asked is if do we always have enough money in the pool to cover payouts?
Jimmy – Amulet
Yeah, so the way it’s designed we’re not taking, like an excess amount of risk on any one project, right. So what I mean by that is, let’s say we have assets of like $5, we’re not selling $10 of any one protocol of coverage, right? We’re selling something like two or $3 worth. Alright, so in that way, there’s always enough there should always be theoretically enough funds in the project to cover off all of the assets, the only or to cover off any of the losses and the hacks, the only way that we go bankrupt is everything that we’re covering, every single project that we’re covering actually goes belly up at the same time I kind of like the end of the fae and, and and amulet. So it’s really in the case of like an extinction event, if you will, that that we would get wiped. But otherwise there’s risk controls in place to make sure that we are there to protect the protocols and at the same time keep ourselves safe.
Rob – Amulet
And I guess yeah, thanks for that as before and I guess this one as well though, follows on from orgasm. It’s been we’ve been live on the main net for four months in September. Yeah. Coming about about two months. Three months with a two week pause. But is the project profitable the time is the project that’s very difficult for me to be project profitable at all. So yeah, we we’ve already sold covers and from that there has been there has been profit Islamic, we will come next year if I’m right. Correct me one of you too. If I’m wrong, we should be launching a data page, which will make things like that a lot clearer. But yes, we’ve, we’ve sold the the bit bi weekly report this week. So we’ve sold 640 covers, I think, if I remember right, or approximately around that, in that short space of time. So we are, we’ve been live since September, but we’ll be making that additional money. And obviously, next year was when things are gonna get bigger. The FTX thing happened two weeks, but we’re pretty much two, three weeks after we had launched. And then we paused until it was about 10 days ago. And it’ll be longer than that now, the 29th of November, we came back on. And then obviously, December is a tough time. We’re lucky. We’ve got some still such an active community during this time. But yeah, like the money. Yeah, it’s already started. It’s already working. So we should have a data page, then that then will then create that public but everyone come 2023 I think one
Martin/Pinto – Amulet
one more thing what it’s worth to mention then looking on our our potential customers, then yes, we have our users as a customers but we also have a businesses as a customers, then businesses might need a much larger, larger coverage purchases as well, then just to make sure you guys aware then it is a multi level of the of the of the potential customers for our covers.
Rob – Amulet
Thanks for that. Cool. So Benny Benny, we kind of covered already, Don Cooper, who we all know it well, always comes to every AMA has got a question that I won’t read out loud, because it’s a it’s a personal situation regarding his points. So I’m going to do this publicly a bit like a wedding. And say, Martin, will you please make sure that we consult at dawn Cooper’s points, he has one out of everyone. It’s just unfortunate that his account, probably because he’s so good at the activity. But there just seems to have some issues with your account personally. And it’s not it’s not, it’s not for any fault of your own or any fault of our own. We will try and fix but it’s multiple teams. You know, you’ve got me, you’ve got Martin and Martin will then deal with the developers. So that’s why sometimes there can be issues with points. But we know who you are the Well, I definitely know who you are, we will try and get that sorted before the end of the year, get those points that you well deserve, and get them back to you. If you’re cool, we have sorted that out, Martin.
Martin/Pinto – Amulet
Yeah, just Just to add, we had a good few conversation with the developers regard that your account. And the issue which we highlighted, it was at the very beginning, very beginning situation, which now we trying to resolve. But it’s it’s something what our developers working on, all of those points will be added, I know that you concern about levelling up the points for for gold NFT. But I will make sure in case in case if that affects you, we’ll cover that bit.
Rob – Amulet
And we do we just also just to appreciate that, like you’ve we’ve got a big community and pretty much only Martin and me dealing with it mainly Martin. So this is what I’m then this is why there can sometimes be delays. So it’s nothing, it’s nothing personal. We are always just everyone will, we will try and fix that ever, especially because you are always incredibly supportive. You turn up to everything, you’re always there, and you’re always talking so we do appreciate it. We will we don’t want you to ever feel unjust or that you’re not being rewarded for all the stuff that you’re doing. So we’ll sort that out. If you don’t keep it Don’t you worry. Moving on to the icon, this is just where we kind of covered that. So sticking to Don Cooper is just do well first, let’s wish him a happy 32nd birthday. So happy birthday to you. And the question is I know Jimmy kind of covered this at the beginning. So you know we probably don’t need to answer it is today we have sushi as a blockchain. More news coming so donkey I know you’re super interested in gambling the survey, a lot of people answered that I think it was the most popular one. That wasn’t on the multiple choice. So yeah, that’s part of the conversations that we’re having. So we have about of it and we appreciate all that you do and happy birthday again. We’ll move on to the final two questions from handle and then we will see if anyone’s got a question here. And then we will head off on Merry Christmas and have a great yeah. So the two questions are. Well, I don’t need to get the first question. What do you think is the safest defence On the site, okay, what do you think is the safest place to call on the site for amulet to state funds? Well, what I’ll say there is the APY percentages are based on risk. So we don’t we don’t give advice. But as with in the traditional world, if you see higher expected returns, it’s usually because there’s a higher risk attached. I didn’t have any if you to have is anything different, apart from that from, you?
Martin/Pinto – Amulet
No I would say you, you, you you crack the nut show, it’s exactly what it is, in the in the offering insurance companies, it’s higher reward for the higher risk, just to make sure, then, then the people have have the options to choose.
Jimmy – Amulet
Yeah. That’s right. And it’s based on like our team’s assessment, but obviously, if you have a different view of risk, like, that’s an opportunity, right, that’s an opportunity for you to come in and, and stake funds, where you think it is actually a safer opportunity, and you’re just getting risk for yield.
Rob – Amulet
Absolutely. And the final question, that’s already been an is totally forgotten, because I’ve read it in the top of my head, and then I was gonna ask it differently. And I forgotten what it was. Okay, so it’s just really for you, Jimmy is rubber. So we’ve right now we’ve only got stable, smart contract vulnerability. The final question, though, is, is there any progress on any additional offerings that we’ll be looking at? In terms of in terms of insurance cover, so we’re like, kind of tea cup or wallet covers? The been? The questions more is, do we have any progress on the next product?
Jimmy – Amulet
So we’re working on that. So the new, the new solution that I was, like, kind of hinting at earlier is potentially going to cover a lot more products and a lot more chains. So we’ve, we’re thinking through the way to properly build that, but that’ll that’ll solve a lot. On on our own. And so what we’re doing is we’re also researching the NFT insurance, and researching wherever there’s losses in funds, and we’re trying to figure out like if we can do certain types of insurances, like some things we we can’t do, like we have a lot of people asking us for rug poll insurance. And, you know, that’s simply because somebody can buy the cover, rug, pull and then profit twice from the insurance. So we can’t actually implement that one. Right, but there’s, there’s certain certain ones that we can do and certain ones that we can’t, and for the ones that we can where we’re always like thinking about like how to how to build that out awesome,
Rob – Amulet
cool. So what I’ll do is I mean, it’s highly unlikely because I know pretty much most people in the audience today so I know that their English levels aren’t fantastic for speaking. But if anyone does have a question in the chat feel free to raise your hand at this point. And I definitely promise PikaPika and Feno know that come January I will do another football quiz when you’re both online because because it makes me happy
Martin/Pinto – Amulet
I think you’re not allowed to participate
Rob – Amulet
No I’ll do I mean it’s the ones who are known as a wave picker picker and fan now is do remember just before Portugal when I was trying out the power apps and I did some games just in the channel randomly just disrupt when I just decided to give you more work one day when I decided to play games and pick a pick a one the most but every now and then in the general chat if I see fan now I will always talk football with him so that’s why I said it. Cool. So well we’ll do is we’ll wish everyone I’m gonna I’ve got power apps to the recap blog will be available tomorrow. I’ve got power apps which I’ll put in the general chat at the end of this one it’s a gift again, it’s not as cool as last time but it’s up you’ll see is some one of you have created this GIF, so I decided to use it. Thank you everyone for joining us and for me like to wish everyone a Happy Hanukkah Merry Christmas Happy Kwanzaa. Happy New Year. And thank you for me and yeah, if you do want to say goodbye, you can or if not, we can just end it now!
Martin/Pinto – Amulet
Thank you for for being with us we are continue building we’ll deliver what we promise and thank you very much for for our community champions who are doing absolutely amazing job supporting you guys supporting me creating all of those events and hopefully hopefully we’ll see all together after after New Year as well and Merry Christmas from from from me and as you guys heard from entire team as well
Rob – Amulet
how do you say merry christmas in Polish?
Martin/Pinto – Amulet
wesołych świąt! I will learn in Russians as well just just to make sure
Rob – Amulet
Well Feliz Navidad from Spain and Jimmy is a real Canadian so he doesn’t speak French Okay, cool. I’ve implemented even though it was awesome, thanks everyone again and I’ll drop the POAPs in the next five minutes.
Jimmy – Amulet
Thank you guys. See you soon.