SolanaDaily hosts SolStreet #Defi #Solana #Blockchain #SolStreetFinance
SolanaDaily – Admin: Hello and welcome, @Jason_SolStreet How are you today? 😀
@Jason_SolStreet: I’m great, thanks for asking. Ready when you are 🙂
SolanaDaily – Admin: Let’s go then!
Q1: Can you give us a short introduction to what SolStreet is?
@Jason_SolStreet: The team at SolStreet has significant experience in traditional finance, and we’ve been frustrated by the incredibly slow rate of modernization in the sector, as well as the added cost burdens (for both investors and fund managers) introduced by heavy – but arguably necessary – regulatory requirements. On top of this, incentives for fund managers in the traditional space mean that fund managers aren’t actually aiming to generate the greatest returns, they’re just looking to maximise their own fee income. All of this leads to a bad deal for investors, and also makes it very difficult for new, talented fund managers to get a start and grow their AUM.
SolStreet is a marketplace for funds that allows anybody to launch a decentralized investment fund to market at near-zero cost. The protocol caters fairly to the interests of both investors and fund managers, and all activity is verifiably on-chain. Trading makes use of the deep liquidity of the Serum DEX, and the high-performance offered by the Solana blockchain means the project can cater to fund managers operating strategies not possible on chains like Ethereum, such as HFT strategies.
Q2: Can you share with us a little bit about the team behind this project? How confident are you in this fast-paced competitive crypto industry?
@Jason_SolStreet: SolStreet is being built from the ground up by a talented team led by 0xab – the recent winners of the Solana Season Hackathon’s Orca prize with their innovative arbitrage bot, Orca Arb.
The team has received strategic seed investment and incubation from Invictus Capital (www.invictuscapital.com). Invictus – with around $150 million in AUM and a community of over 20,000 investors – is a pioneer in cryptocurrency and blockchain-based asset management and has helped incubate the project with assistance from their internal teams.
Invictus’ vision and mission align perfectly with SolStreet and the company will be amongst the first users of the platform. The team’s expertise goes beyond just operating investment funds, and extends into making successful seed investments into groundbreaking disruptors in finance and tech, including Quantfury and Syntropy.
The synergistic relationship of proven and robust Solana developers partnered with asset management expertise is an exciting prospect for SolStreet, and makes for a good marriage between concept and infrastructure.
Q3: Now, let’s talk a little bit about the competitors. Since there are some similar products that are in the same area as you guys. So what differentiates SolStreet from SolRise?
@Jason_SolStreet: Good question, and one that we are quite confident on. I think our key differentiator is that we have a wealth of experience in the team in both the traditional and crypto fund management spaces, something that the SolRise founders lack. Over and above this, we believe our tokenomic model is superior, and will be able to generate organic growth for the platform long into the future, whilst still rewarding early investors heavily. Other projects may prove to be short-lived. As an indication of our confidence, team and pre-sale tokens are subject to quite long vesting schedules (around 3 to 4 years).
Other competitors on other chains will suffer from fragmented liquidity, without the power of the Serum DEX, as well as poor blockchain performance, where Solana is the clear winner in the high-performance blockchain space.
SolanaDaily – Admin: That’s a fine response. And that’s what I think your project is gonna be big then 🚀🚀🚀
Q4: Speaking of tokenomics, please explain to us your tokenomics & the token distribution model.
@Jason_SolStreet: This is where it gets a bit complicated, but I’m certain that the time we’ve spent on designing the tokenomic incentives for the protocol will help drive its success.
STRT tokens are governance tokens firstly, but they also entitle users to a share of protocol revenue if you choose to stake your STRT.
The most important part of the tokenomics is that the best-performing funds receive STRT tokens as part of a performance mining program that pays out STRT, these are split between investors and the fund manager. This will boost the returns available to investors and attract investors to the platform, as well as incentivizing investors to invest in the best-performing funds. Both of these influences should help grow the value of assets on the platform.
Initially, these rewards come from new token issuance, but after 2 years these rewards come from the protocol treasury buying STRT from the open market and distributing it to the funds in a buy-and-distribute process (with rewards dynamically shared between STRT stakers and performance mining). This means token supply is capped at 100 million STRT (50 million set aside for the initial 2 years of performance mining), with its value backed by protocol cashflows. The treasury gets the money to perform these purchases from protocol fees (10% of all performance fees generated by the platform’s fund managers).
I suggest checking out our Litepaper on docs.SolStreet.finance if you’d like to learn more.
SolanaDaily – Admin: Very detailed, I’m sure the community would love to check it out!
@Jason_SolStreet: Yup, it’s a bit to take in, but we believe these incentives are really powerful! In a nutshell, value is derived from protocol revenues (10% of performance fees generated by fund managers) while supply is fixed.
Q5: Now, one of the most important questions: Where can we buy $STRT? Does it get audited?
@Jason_SolStreet: Currently, STRT tokens are not available for purchase anywhere. These tokens will only be available once we’ve launched our product on Main Net – which we’re expecting around the end of the year.
However, it is possible to earn STRT tokens by competing in our Money Never Sleeps series of trading competitions (https://medium.com/@SolStreet-Finance/solstreet-finance-announces-money-never-sleeps-a-12-week-series-of-trading-competitions-c719a13fc17e). 1% of the STRT supply is up for grabs (est. $600k). These are free to enter and are conducted on the Solana DevNet, so real money isn’t at stake.
We recently finished the first competition, Wolf of SolStreet, where over 12,000 funds competed! Registrations for the second competition (Good Fill Hunting) which is set to begin 30 August can be done here: https://t.co/4UMrRH4ruu
Prizes will be available to the top 500 investors in a few categories (TBD).
Regarding audits, our Devnet competitions are designed to provide a solid testing ground for the protocol to iron out any bugs, but we do intend to get a 3rd-party audit on our code done prior to the launch on mainnet. It’s super important to ensure that our code is safe prior to invite investors and fund managers to trust the protocol with their hard-earned money.
By launching our token only after we have a working product on MainNet, we again show how confident we are in our project.
SolanaDaily – Admin: That’s a strong fact right here, great!👏🏾👏🏾👏🏾
Q6: Now, let’s talk a bit about your achievements. We saw you mentioned the ALPHA competition. Please explain to us what is it and what did you learn from it.
@Jason_SolStreet: As mentioned above, our Alpha competitions entail a 3-part series of trading competitions (Money Never Sleeps). Monday saw the first, Wolf of SolStreet, end and we’re busy tallying up the leaderboard before announcing the winners.
We learnt a lot through the process! The whole purpose of these competitions is to engage with our community during the relatively early stages of development so that we prioritize our feature rollout correctly, and don’t waste valuable time building features nobody actually cares about.
Many of these features were obvious, even before the competition, but some things that have come up are great ideas that had not been considered, and we look forward to getting more feedback over the coming competitions, as well as implementing many of the feature requests while the competition series is still ongoing.
We also, unfortunately, became familiar with some of the limitations of the Solana DevNet – but we’re confident that on MainNet many of these issues will fall away.
Q7: Then, what would you do to improve your product? What can we expect about the launch phases and the goals for each of them?
@Jason_SolStreet: So currently our main priority is to build out features and improve the quality of the platform in the lead-up to the mainnet launch. After that, we’ll have our token genesis event. We expect these to be complete late-2021 or early-2022.
Beyond that our roadmap includes the launch of a governance portal for token holders, and the integration with other projects to offer important features like money markets to enable margin trading and leverage (initially leverage will be supported via the BULL and BEAR tokens on the Serum DEX). Our ideal partner for this would probably be Mango.Markets. Alternatively, we may choose to develop this functionality in-house.
Our roadmap is quite fluid at this early stage and we wouldn’t be surprised to see priorities shift or change.
Q8: Now, to keep in touch. Where can we find out more about SolStreet.Finance on social media?
@Jason_SolStreet: Website: SolStreet.finance
The team is pretty active on our Discord, so feel free to pop in and join the community, and learn more about the project.
SolanaDaily – Admin: Time for wrapping up, any last words you would like to say to our community? @Jason_SolStreet
@Jason_SolStreet: Thanks for joining today everyone, it was fun answering all of your questions and teaching you a bit about our exciting protocol.
Don’t forget to sign up for the Good Fill Hunting paper trading competition starting 30 August (https://t.co/4UMrRH4ruu) where you can win some STRT tokens!
If you have unanswered questions, feel free to come join our Discord and chat directly to the team!
SolanaDaily – Admin: It was a pleasure having you guys @Jason_SolStreet 🔥🔥🔥
Thank you so much for spending time with our community & all the very best for SolStreet.Finance 🚀🚀🚀
Personally, I’m ready to ape in lol 😂
@Jason_SolStreet: Thank you! 🙂