Waggle AMA Summary Recap with Shin Chan Community
We held a live AMA with Operations Lead, Peterson from Waggle on 4th October 9:00 PM (UTC+8). Here’s the recap for those who missed it.
Serene | Shin Chan: Before we start our AMA today, can you give a brief background of you and your team?
Peterson | Waggle: I am the ops lead of Waggle Network!
Alongside the co-founders, I am behind Waggle, the permissionless marketplace built for multi-chain token pools and auctions.
We are here to enable projects to raise capital post-IDO on a decentralized environment based on Solana.
The founders are industry leaders in the crypto scene — they worked in VCs, advised projects independently, and are leaders in the community they are involved in!
We are all committed to building a future that is decentralized, efficient, and empowering.
Serene | Shin Chan: Any latest/ update news about Waggle Network you would like to share with our community?😀
Peterson | Waggle: We are going live on 8 Oct. 2021, on Raydium and gate.io shortly after our launch on Solanium…
Are you guys ready? 🐝
AMA Twitter Section Begins:
Q1: I saw that many projects were unstable for a short period of time. At first, they started with hard work & good attention, after a few months later they didn’t pay attention to this project. Then it ended there. how do #wagglenetwork plan to survive in the market?
Peterson | Waggle: The beauty of Waggle is in our business model. We actually thrive well in bear market because we provide a solution to projects when times are tough.
In bear market, we save projects who need liquidity by helping them to raise from their long-term supporters.
While buying demand may fall during bear market, we have seen whale activities (and also institutional investors) looking to enter long positions at discount, and we are here to match the supply and demand.
In short, we are still value-adding in bear market as we aim to be the saving grace for distressed projects.
Q2: The cryptocurrency marketplace is a quickly environment; how adaptable is your project in terms of changing swiftly and keeping up with technological trends? What is your long-term goal for the modeling industry, wherein your Project is involved.
Peterson | Waggle: We remain agile and also receptive to community suggestions. Our executive team is also very involved in crypto and will always be ready to changes.
On top of that, as we aim to scale by going onto more chains down the route, we remain relevant and agnostic to any shift in trends. Being able to plug into any chain allow us to serve the ecosystem that needs us.
In the long-run, contingent to our regulations and licensing, we are looking to open up the opportunities to accredited investors looking to buy into primary assets in the crypto market.
Q3: Where did you get the name for the project and what does Waggle mean? How did you come up with this name for your project and what are your goals and objectives for building this project?
Peterson | Waggle: Thank you for this interesting question!
Waggle is the dance bees do during pollination. Just like pollination, we will be the bees that will bring deals (honey) from flowers (projects) to the hive (community). This act of Waggling inspired our creators and therefore became the theme of our project.
We will work as hard as bees to bring the honey to our Waggle community. 💪
Q4: I understand Waggle Network offers tokens anonymously to its community. How does the community judge that the token is good or not? And what about the security system at Waggle? Since it is offered anonymously does that guarantee its security?
Peterson | Waggle: In our governance system, we seek to empower the Waggle community by allowing the community to vote for the projects they want to be featured on Waggle Market. The Waggle community will evaluate the projects based on our Waggle rubrics.
The distribution of tokens are also facilitated by smart contracts and our codes have been audited by CertiK. We are also putting in place SAFU funds to protect against rug pulls (we always prepare for contingency!), and any repercussions will never reach our token holders or users.
Those are the safety features put in place, but we are very confident of our due diligence procedures which the community will also be heavily involved in!
You guys are all our Wonder Wagglers 😎
Q5: It is critical for users to understand that the projects posted on Waggle are of high quality. So, could you describe how the listing process works? What are the criteria you use to evaluate the projects? Is it possible for the community to have a say in this decision?
Peterson | Waggle: We just projects based on several metrics:
Background and crypto experience of founders.
Number of full time staffs
2. Technical Breakthrough: How revolutionary and practical is the idea i.e. is there a product-market fit?
3. Market Making: Who are the market makers? On CEX, DEX or both?
Community Strength (Discord, Telegram, Twitter)
Regional Exposure (eg.APAC, Oceania, EU, etc.)
5. Tokenomics: Are the tokenomics designed to be value creating and retaining for the protocol?
6. Investors & Advisors: What are the profiles of the investors? Are the backers known to be value-adding?
7. Project Information:
Token Utility — are there strong incentives to utilise the tokens?
Project Roadmap — are they realistic and progressive?
Partnerships (With other projects, VCs, Exchanges)
8. Seller’s Credibility:
Reputation in the space — any poor records or red flags?
Are the distributed tokens connected to their address?
All token holders will have the power to elect projects to be featured on Waggle Market. This sets up multi-layer of due diligence for our deals and ensure the quality of the projects we work with.
Live AMA Begins:
Q6: What are you planning to do for low liquidity, which is one of the most serious issues with the DeFi? Is there a liquidity provider scheme in place at your company? What are the key features for servicers?
Could you update me on the project’s situation? And who do you want to be your future revenue partners?
Peterson | Waggle: Could you update me on the project’s situation? And who do you want to be your future revenue partners?
We do not need liquidity provision per se, think of our service model as a ‘launchpad’ for tokens that are already listed and trading!
For our revenue partners, we look for projects that are in the market. They are our clients who will list on Waggle Market for you guys to participate in their Community Round, in which the platform will charge a 5% fee off their raise proceeds.
Q7: Does the Waggle Network have an ambassador program for the community and where can I update the news about the Waggle Network is there any social media to follow?
Peterson | Waggle:
Subscribe to our social media channels to stay tuned! We are launching our ambassador program after our IDO!
Q8: How can is #Waggle get users to bet and hold the native token for predetermined periods of time to reduce volatility, what strategies can they apply to achieve this and if not, how would it affect it?
Peterson | Waggle: Thanks for the question, after IDO we are launching our staking programme which will incentivise you guys to hold and stake our native tokens. Going forward, we are introducing vaults with strategies voted by our community, and these vaults will offer more sophisticated farming/staking strategies coupled with the tokens of projects which have listed on our Waggle Market.
Q9: Waggle Network is holding an IDO on SOLANIUM. Unfortunately I have no guaranteed allocation on SOLANIUM, Would you holding an IDO on another launchpad like RedKite or BSC Starter? If yes, please share with us the details?
Peterson | Waggle: We are conducting an IEO-equivalent event on gate.io!
Q10: I know that you are expecting a great outcome for the project, as well as for $WAG tokens. May I know then what significance does holding $WAG can give for holders/ investors? What promising impact can you give to us and in the industry?
Peterson | Waggle: The Waggle (WAG) token is the utility token for the Waggle Market Platform and accrues value via:
Long-term holding incentives — holders who lock the token will receive % of platform fees and tiered participation opportunities for fundraising rounds conducted on Waggle Market
WAG token holders can participate in project evaluation & votes to decide which projects on Waggle Market will be featured
Incentives to provide liquidity for WAG tokens on-exchange
WAG tokens are lockable on our protocol for a selectable locktime, with a maximum locktime of 1 year. By locking WAG tokens in the staking contract, the user will receive WAG balance.
The amount of the WAG balance is based on the amount of WAG tokens locked by the user, and the time period the user will lock their WAG tokens for. The WAG payout balance linearly decreases with a shorter time period of lock. The WAG tokens locked can not be withdrawn before the timelock has expired. However, it is possible to extend the timelock or increase the amount of staked WAG tokens.
WAG token qualifies the user for fee distribution, voting rights and exclusive fundraising round access. Users will have to stake a designated amount of tokens to unlock a proportionate amount of locked tokens they can purchase off Waggle Market.
Q11: I read there are 3 main features in Waggle project : Waggle market, Waggle dashboard and seller portal. Can you elaborate one by one the advantages from each features?
Peterson | Waggle: Thanks for pointing this out!
Projects and their respective team members go through strict due diligence by Waggle’s Due Diligence Committee (DDC) to ensure credibility of the counterparties.
For sellers that are keen to unlock further liquidity for operational purposes, we have a Seller Portal which project teams can access to offer their tokens anonymously to the entire Waggle community. Privacy of our sellers is our top priority on the sellers’ end.
Your go-to wallet dashboard that displays your complete secondary and primary market holdings. Users can manage their crypto investments, all on one page.
Waggle Seller Portal
This is a portal designed for project team to list on Waggle Market efficiently. Over here, they work with a back-end interface that helps them design vesting schedules and facilitate token transfer in a secured and user-friendly manner.
Something additional that’s coming up in future…
Waggle will eventually deploy vaults which the community can deposit their WAG tokens to harvest from a basket of tokens from projects which have previously listed on Waggle Market.
Q12: Waggle has a 9-step rubric that the
Due Diligence Team reviews before registering a project. How does it work to ensure safety and quality to decide if a project is legit or a scam? How does the community participate in the due diligence structure and governance system?
Peterson | Waggle: In our governance system, we seek to empower the Waggle community by allowing the community to vote for the projects they want to be featured on Waggle Market. The Waggle community will evaluate the projects based on our Waggle rubrics (see below).
The first phase of the Governance will be a mix between a centralized solution and blockchain voting. There will be a centralized application, where users can sign with their wallet and cast a vote. Votes are aggregated in the database of the application.
We will slowly convert this to fully decentralized application with on-chain voting. By releasing a semi-decentralized solution first, we will capture community engagement at launch. The vote-weight of a user is based on the amount of WAG tokens the user has at the time of casting the vote.
Q13: I Found that Waggle is backed by a portfolio of renowned investors Like
GBV, SVC, Genesis Block Capital, Pragma Ventures, Basics Capital, Bixin Ventures,and Many More ,Can you tell me What role they had Played in the Rapid Growth of Waggle Network ?
Peterson | Waggle: We were extremely selective with our backers because they are the people who will be involved in bringing projects into our deal pipeline.
We have secured investment from some of the most experienced players in crypto, each renowned for their portfolio investments, extensive communities and/or operational value-adds to Waggle. With combined portfolios amounting to thousands of projects invested, Waggle’s financial supporters represent exceptional leaders in the digital landscape who can bolster our pipeline down the route to bring high-quality deals to our Waggle community. 👍
Q15: Knowing that you support project improvement..
So my question is How does the “WaggleNetwork” support a project’s success, scale-up, and access to liquidity.??
Peterson | Waggle: For Project Teams, Waggle…
- unlocks liquidity from locked tokens before they vest to further fund project development
- unlocks liquidity without depressing price as transactions will occur off-exchange
- Raises funds in a more secured and fairer environment as compared to other post-IDO fundraising alternatives e.g. OTC deals
- empowers project’s community with vesting holdings — community and fans will become long term holders of the project’s tokens
Q16: In the Roadmap Section , You have Said that in “Q1 2022” , You are Planning to” Implement on-chain trading of locked tokens via NFT among Waggle token holders” , Will you Please Describe In Brief How this Feature will Work ?
Peterson | Waggle: Currently, only projects can be sellers on Waggle Market. Going forward in 2022, we aim to build a trading place for our Waggle users to list their financial NFT which entitles the holders to the vesting tokens.
To put it simply, community members can trade the financial NFT that holds the right to the vesting tokens as they unlock, passing them on to another user, with the transaction facilitated by Waggle.