coinwire.com hosts an AMA with Ink Protocol. #InkProtocol #Terra #TerraLUNADaily #AMA
Cryptodaily Admin: Hello everyone! Welcome back to another AMA with TerraLUNADaily! I’m Daley and will be your host for today. I’m also joined by Mr. Dofamingo Smile from INK Protocol
Mr. Dofamingo Smile: Hello from INK protocol!
Cryptodaily Admin: Hey man! What’s up! How are you doing man?
Mr. Dofamingo Smile: Thank you for having us! I am doing great. How about yourself?
Cryptodaily Admin: I’m doing well, thanks for asking! INK protocol sure is a surprise, I mean at first, I thought you guys are a tattoo-related project
Mr. Dofamingo Smile: hahaha
Cryptodaily Admin: It gives the vibe you know. And yeah, are you ready for the AMA?
Mr. Dofamingo Smile: Super excited for this
Q1: Could you tell us a little bit about yourself and your team? What are your past experiences?
Mr. Dofamingo Smile: We are currently in stealth mode, but INK protocol, its community and growth should speak to our experiences and skills. We are a small but amazing team of seven based in Asia. We come from a diverse background in tech, blockchain, finance, banking, design and marketing. We look to continue building INK into one of the best savings protocols on Terra!
Cryptodaily Admin: Building on Terra cannot be more fit. So you’re “currently” in stealth, that means sometimes in the future, you’ll show yourself to the world?
Mr. Dofamingo Smile: Agree, Terra is a great home for many world-changing protocols. Yes, hopefully in the next 3-4 months.
Q2: What is Ink Protocol? Please walk us through what you offer to the users? Why did you and your team decide to build Ink Protocol
Mr. Dofamingo Smile: INK protocol is the first decentralized no-loss prize savings game on the Terra blockchain that lets you win by saving.
This can be a mouthful haha.
Our vision is to generate prosperity on a global scale by becoming a safe and fun place for anyone to earn high yields. What we offer, at the moment, in simpler terms is a “no-loss lottery” that has zero-downside and unlimited upside.
1. Users deposit their UST into the protocol.
2. The deposited UST is used to get yield from Anchor Protocol.
3. The interest that is accrued on Anchor Protocol is then pooled into INK Protocol as prizes.
4. Every week, the protocol picks 10 winners randomly to get a portion of the total deposit yield as prizes.
We like to replicate real-world financial products and rebuild them to be 10x better. In this case it is the prize-linked savings product. We also wanted INK to be the first protocol new-to-defi users interact with, we believe that this would help accelerate the mass adoption of Defi.
Cryptodaily Admin: I mean even the concept of no-loss lottery is overwhelming to me, but it can be done, however, with the no-loss, comes the possibly no-win either since you draw lucky people to win. But when you win, I mean hoho
Mr. Dofamingo Smile: You still have all your UST if you don’t win. You are already a winner if you save 🙂
Q3: Is Ink Protocol audited by any third parties? How can you assure the safety of investors?
Mr. Dofamingo Smile: Yes, we have been audited by OAK security and only work with top-tier platforms and partners like Anchor protocol. In the future, we plan to do a second audit along with introducing things like insurance on deposits. We are also vetted and backed by a qualified sponsor and VC. INK takes all the necessary security measures to make the protocol a safe and fun place for investors
Cryptodaily Admin: What about in case of an Anchor Protocol breach? I guess that’s why you’re introducing insurance on deposits later?
Mr. Dofamingo Smile: Definitely.
Q4: What’s the biggest jackpot you’ve given out?
Mr. Dofamingo Smile: The occurrence for this would be very rare. Since launch we have paid out over 140,000 UST in prizes. The biggest jackpot given so far was last week’s 29,000 UST, distributed among seven parties and three individual winners.
Today’s prize draw of 28,000 UST is happening in the next 2-3 hours!
Cryptodaily Admin: Let me get this straight, If I only deposit let’s say 2,000 UST in INK, I can possibly win 28k?
Mr. Dofamingo Smile: 28,000 UST is split into 10 prizes. And you don’t need to deposit that much, some users have won with considerably less.
Cryptodaily Admin: Still, that’s a lot for someone with a considerable less amount
Mr. Dofamingo Smile: Life changing prizes are what we are about!
Q5: If I put my funds into Ink Protocol’s saving vault, I won’t generate any profits but rather chances to win the jackpot. So why shouldn’t I just put my funds into other Staking/Yield Farming protocols instead of Ink?
Mr. Dofamingo Smile: That is entirely up to your personal desires and the amount of risk you want to take. Staking can be boring over time and users end up doing risky things with their stakes through borrowing and leveraging. Yield farming, even though it can provide high yields, has the risk of impermanent loss and over time, decreasing returns to mention a few risks. INK wants to be a fun and safe place for people around the world to earn high yields. The safe part is that with your UST you don’t deal with any of the risky things that comes with borrowing, leveraging, yield-farming and you get your returns in UST. The fun part is you participate in the weekly prize draw entertainment game.
Having said that, in the coming two to three weeks, we look to launch a new feature that lets you earn deposits on interest. We are quite confident this will put us in a similar tier with Anchor protocol.
Imagine earning top of the market, stable yield as well as participating in the unlimited upside weekly game.
Q6: The problem is that the more funds you have in store, the better chances you have to win the jackpot. So how can we compete against “whales”?
Mr. Dofamingo Smile: It is true that whales do have an advantage, but that’s it. It is worth mentioning that whale’s do contribute to the prize pool far more than smaller deposits. INK’s recent one prize per one wallet upgrade prevents whales from winning multiple prizes. Even though whales have a higher chance, the amount they win is much smaller proportional to their deposits. We still see prize winners win with less than 100 UST in deposits. In the last prize draw a user with only 101 UST won 2,761 UST in prizes (that is 27x return).
Again, it is a game of luck.
Cryptodaily Admin: So 1 wallet can only win once in every month or every 3 months?
Mr. Dofamingo Smile: One wallet gets one chance to win one of the ten prizes weekly.
Q7: Why did you choose Terra and how can Ink help to attract new users to Terra?
Mr. Dofamingo Smile: We believe Terra is the best place for builders. Anchor protocol enables us to build INK, it would be very difficult to start something like this on other chains. We are also an avid believer of UST over other stablecoins. We are doing our part in attracting new users to Terra. INK has received great support from the Chinese community that came from other chains; with UST being their first token purchase and INK being their first protocol to engage with. We are also attracting entirely new to crypto users. We see a lot of users just trying to figure out the basics like how to create Terra wallets, leaving some spare UST for gas fees, etc. And we are there to educate and support them to fully realize the value of not just INK but the entire Terra ecosystem.
As we continue growth and as infrastructure on things like wallet creations, crypto on-ramp, etc becomes more user friendly we hope INK will be one of the key drivers to help accelerate the mass adoption of UST!!!
Q8: What can we expect in the next 3 months and in 2022 as a whole?
Mr. Dofamingo Smile: There are a lot of things that are not mentioned in the roadmap, yet. Simply because we don’t like to over promise on things when it has not been finalized. In the immediate two to three weeks we look to launch the interest on deposits feature. And to mention a few we have plans to further enhance the UX while working with other partners within Terra to integrate their tokens as rewards. We look to further open source our projects for other builders to come and build on INK. By the end of 2022, we look to raise funding to continue development and launch our own native token, take INK cross-chain, and integrate LUNA and our Terra Tigers NFT into the protocol.
We have a big ambition for INK and we hope the community is ready to be part of it in the long run!
Q9: Where can we find out more about Ink Protocol?
Mr. Dofamingo Smile: Thank you for asking this. Best way to learn more about INK is to go to our website, read documentations, and join our community. Would it be okay for me to share the official links here?
Cryptodaily Admin: That is what this question is for! Go ahead and send it away!
Mr. Dofamingo Smile: Here you go!
Cryptodaily Admin: With this we are now at the end of our AMA session with INK Protocol🔥🔥🔥
Time for wrapping up, any last words you would like to say to our community?
Thank you so much for having us. We hope you win today’s prize!
Mr. Dofamingo Smile: May the odds forever be in your favor!
Cryptodaily Admin: Thank you so much for being here with us! We wish you the best 😁 Take care!
Mr. Dofamingo Smile: All the best.