lokcMINT & DuckDDuckDao AMA Recap — TheBlockMint
The BlockMint hosted an AMA session with DuckDAO on Jan 18th, 2021 12PM EST
Here is the link for that AMA in our Telegram group.
Below is a transcript of the AMA:
Lukas | DuckDao — hello and nice to be here 😊
Ken | DuckDao — Hey guys, thanks for hosting us
Pep — For full transparency, I would like any newcomers in the community to be aware that The BlockMint is a Proud Partner of DuckDAO. We started working with them earlier last year and have been impressed with their tremendous growth and speed of their execution. Hopefully through this AMA, our TBM community will be able to see what we saw in them earlier on.
First off, please introduce yourself to our community
Lukas | DuckDao — Lukas here, im one the founders of DuckDAO and joined the Crypto Space in late 2016.
Pep — ooh good timing!
Ken | DuckDao — Hey @itizwhatitiZzzz thank you for the opportunity to talk about DuckDAO. So i am Ken, i bought the frist bitcoin directly from Sathosi Nakamoto :))
Lukas | DuckDao — lol
Pep — lol
Lukas | DuckDao — and i wrote the whitepaper
Pep — i think i know who he is btw
Ken | DuckDao — No serious
Pep — this should be interesting
Ken | DuckDao — So, i am in the space now since 2014, so really early on and was always interested in Blockchain and especially also new projects. But we got tired of VCs duming on retail, thats why we wanted this movment and give the power back to the people
Pep — oh ok…so meaning you were in early on. That would have been awesome to be in that early.
All of us are extremely excited to have you here with us so I’d like to get started with the questions right away. We will start with the questions that were reposted on Twitter. After those are addressed, we will un-mute the chat for the TG community. We will mute again so you have a chance to respond.
Pep — 1.How/why did you choose the name “DuckDAO ”?
Ken | DuckDao — DAO was clear as we have an access DAO Structure. Duck was just the name of our previous community group.
Pep — 2.The Ethereum blockchain is having Congestion problems with the transaction speed and high gas fees, but why does DDIM still use the Eth blockchain? Do you have any plans to launch your main-net or convert to other blockchains in the future?
Lukas | DuckDao — i can answer this one
Yes we are looking into different solutions, one is Polkadot. We are still in the research phase which is the best solution for our ecosystem.
but we are very open for that
Pep — that’s good to know…the gas fees 🤬🤬🤬
Lukas | DuckDao — yeah, agreed
Pep- 3.What is the real goal that DUCK DAO is pursuing? How does the community help you achieve that goal?
Lukas | DuckDao — We want to provide crypto investors with the ability to access early-stage investments, similar to those available only to big VCs.
its a longer process, but eventually we get there and already show some proof of concept here
Pep — That’s awesome….I get what you mean when you say “who will win, 1000 ducks or 1 VC”?
Lukas | DuckDao — We work to provide support to our community, and the community responds in kind. They buy the DDIM token to gain access to private deals, and help us reach critical marketing mass with incubation projects. It’s a mutually beneficial relationship.
Pep — Its perfect…and it helps all of us little guys who didn’t know satoshi personally.
Lukas | DuckDao — haha
thats the plan
Pep — 4. Due to such positive price action with DDIM the spread between the tiers has become quite hard to obtain. To go from the beach club to the gentleman’s club is a huge financial step. Are there any plans to add more tiers to make climbing the ladder more incentivizing?
Ken | DuckDao — We have no plans to add more tiers at the moment. We feel that changing the structure will be detrimental to the value of DDIM.
Because if we make a middle tier now, the higher groups might start selling, and this is also what we don’t really would like to see, and i think the token holders don’t too.
Instead, we developed different products that will help users gain access to projects later in the fundraising cycle. Farmcubations for now, but there may be other products later on.
Pep — Yeah I would have to agree with that. Wel thought out..good job!
you know everyone’s ears just perked up when you said “new products”
Pep — 5.What are your major goals to achieve in the next 3–4 years? What are your plans to expand and gain more adoption?
Lukas | DuckDao — that is a good question
Growth is the main DuckDAO, hopefully reaching 1 million users four years from now.
Pep — wow 1 million?
Lukas | DuckDao — 10 million
This is a big and lofty goal, but we believe it is possible, especially with so many people coming into crypto during each bull run. Our plans to achieve this are simple, do great work, show people that you care, and earn their trust, one project at a time
Pep — What is the main use of $DDIM and $DUCK
Ken | DuckDao — DDIM is the decentralized VC access tokens for early investing opportunities.
DUCK token is the token for passive income with farming and later stage contribution in new projects with farmcubations.
Soon we will have a huge announcement that will increase the utility of both tokens in a big way.
Pep — ok so completely different functions
Ken | DuckDao — absolutely
Pep — The farming platform and farmubucation has been a success. Will DuckDAO consider expanding the platform to offer lending/borrowing of assets?
Lukas | DuckDao — We might start lending / borrowing we might start soon but together with a partner. It hasn’t been finally decided yet. Lending and borrowing is growing in DeFi and it is a super interesting product, but it is also important to do it right. We don’t want to focus on building our own product, instead we want to partner with an experienced partner.
we always try to improve and learn
Pep — that’s perfect. You help build someone else who’s perfected the formula
Pep — Most users were not able to get into the farmcubations as they literally ran out in seconds. This timeframe implies that there are bots being used and creates an unfair advantage thus unusable for the average user.
Ken | DuckDao — There was an issue with one of the farmcubations where one smart guy used a script. We addressed this already and it did not happen again in the latest farmcubation.
But yeah, it still sold out quickly, because the demand was just huge. We are actively discussing new mechanisms that can make our farmcubations even better in the future.
Pep — OK so there was an issue but its been resolved.
Good to know
And yeah you’ll learn more as you go along
Members have to keep in mind you guys are at the beginning…so much growth ahead
Pep — Can you give an overview of $DDIM Token tokenomics?
Lukas | DuckDao — sure, one second
Can be found in the yellow paper on our website.
there you have all the info
Pep — oh perfect..thanks for sharing that
Pep — Will the design of the token rise and fall with the success of the platform, does it include any scarce paths, such as equity, storage or burning?
Lukas | DuckDao — There is a burn mechanism for the DDIM/ETH pool on the Duckfarm. But the main purpose of the DDIM is to get access into our inner circle. Then you need to hold it in your wallet, it is basically like a staking for group access.
Pep — I love the design of your DuckDao Hunters Season 1 cards, are there plans to collaborate with NFT artists for Season 2 design? For example, a different artist for every Tier, to further distinguish them from the other Tiers?
Lukas | DuckDao — yeah that was alot of fun
Yes, we will have the same artist for Season 2 as well, but with some technical support and some really cool new features. You will have to wait and see, as we don’t want to reveal too much at this point.
but big improvements coming
Pep — Suspense
All good….makes it more fun 🥰🥰
Pep — Can you tell us what other features/use cases will be added to the $DUCK token in the near future?
Ken | DuckDao — We can’t really share the details of our plans at this moment, but we are continuously brainstorming and developing new features and use cases for the DUCK token.
Once they are finished and well tested we are happy to announce them. We believe in the long-term potential of DUCK and developing new features and products based on DUCK is a priority for one of our internal teams.
Pep — perfect….I think that’s what most people want to hear. That you’re constantly improving and looking at new opportunities vs. lagging behind.
The one thing that has been most impressive to me is the pace at which Ducks Move. Ahead of everyone!
Pep — 13.@Coin98Analytics listed $DUCK as the #1 amongst Top10 WETH Yield farming pools by return. Impressive I must say. What makes $DUCK soar high to the top that other competition can’t possibly achieve or have not yet achieve.
Lukas | DuckDao — We are not sure where @Coin98Analytics gets their data from, but this ranking was completely false. We have a peak week mechanism for all DuckFARM pairs, lasting one week and providing anywhere between 1500–2000% APY. There are three peak weeks in the first year of every pool. Outside of the peak week the APY for a pair floats around 55% to 70%.
because we really want to focus on longterm vested intrest
Pep — Oh ok….thanks for clarifying that
Lukas | DuckDao — you are welcome 😊
Pep — Duckdao’s newest incubator projects are very successful, so in the future do you have plans to partner with larger partners to support more startups? What are the partners that Duckdao will prioritize cooperation with?
Lukas | DuckDao — we are always looking for bridges to the right people
Blockmint was a good example for something like that
the most important thing i feel like is
if you have the same morals and ethics you can go far
This is key!
Lukas | DuckDao — exactly
Pep — How do I become one of the Ducks? What requirements does DuckDAO have for startups when they enroll in DuckDAO incubation program?
Lukas | DuckDao — Becoming a duck is easy. You just have to buy enough DDIM to get into the private group of your choosing and register with our bot on Telegram.
However, for startups looking to become a part of the DuckDAO incubation program, the process is a lot stricter. We are looking for teams with interesting concepts and ideas, people who are willing to listen to advice related to tokenomics, partnerships, and marketing, and are ready to launch their product in the next 2–3 months.
Pep — that’s good for members to even know what you guys are looking at when selecting new projects
Pep — In the long run, why should we trust and follow you and your project? How do you raise awareness and elimination of the doubts of investors / partners / customers?
Ken | DuckDao — We are active almost 24/7 on Telegram, regularly publish educational content, organize AMAs, and confidently provide support for any and all issues related to our tokens or partners.
We are here for the community and the community is here for us.
Lukas | DuckDao — quack
Ken | DuckDao — Trust is the most important element for us, but we don’t feel a need to convince anybody that they should trust us. We have a solid track-record and a pristine reputation, and this speaks more about who we are, than anything we can ever say.
Pep — Agree. Solid foundation!
And extremely active TG/Twitter community.
So we know you guys are there for us!
Pep — Finding investors is hard, keeping investors is harder, so what strategy does DuckDao have enough to make investors trust and with DuckDao project go a long way?
Lukas | DuckDao — It’s very simple. We show up, we do good work, we produce results for our investors.
We are individually spending anywhere between 60–80 hours every week talking with potential incubation projects, partners, and stakeholders. The community notices the developments and stays with us. The most important marketing we get is word of mouth. As long as we keep our community happy, we will grow.
Pep — simple formula but not everyone follows. You guys prove that it works!
I can see that….every time I look up seems like there’s something new. Amazing speed of tasks becoming accomplished!
Lukas | DuckDao — thank you 😊
Pep — ok…so i’m going to unmute….we’re gonna be flooded….I will remute and let you guys take a second to respond any questions that you think are important.
Read community questions and their answers here https://t.me/TheBlockMint/261525
Ken | DuckDao — Thanks a lot for hosting us
That was really pleasure
Pep — Perfect!
Lukas | DuckDao — thank you guys
Pep — The Pleasure was ours
Lukas | DuckDao — was cool to be here and awesome questions
I would love to reply all questions, but it is just impossible
Pep — Thank you so much for your time..I know you have a lot more to do and a jam packed schedule.
Pep — I’ll post your telegram and twitter links so everyone has access