Thanks to all for participating in AMA of ZooDAO hosted by CryptoNationIN. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this AMA recap is for you.
CryptoNationIN – Hello there TrevorZooDAO
A warm welcome to Crypto^^Nation
Trevor – Hi everyone! 🙂
CryptoNationIN – How are things going?
Trevor – Thanks for inviting us ! Glad to be here 😁
CryptoNationIN – It’s pleasure to have you here
Trevor – I am glad to be joining such a great community!
CryptoNationIN – Thanks for the kind words
Let’s get straight into this AMA session
Trevor – Yeah let’s do it! 😉
CryptoNationIN – Starting with Introduction
Please introduce yourself to us.
Trevor – Hi, everyone – I’m excited to be joining the CryptoNation community today! I’m Trevor, the Vision Responsible for ZooDAO. I lead ZooDAO’s development as we create solutions for the community and greater purpose for NFTs. I’m supported by a team of 12, comprised of crypto developers, programmers, finance, marketing, and regulatory experts.
This is our first AMA, and I’m so glad we partnered with CryptoNation to present our solution to the community and provide the opportunity for open exchange.
CryptoNationIN – Good to know
Now, could you please introduce ZooDAO to our community?
Trevor – The concept of ZooDAO is pretty simple, and now we’ve developed it, almost obvious. ZooDAO responds to the challenge of NFT utility. We believe NFTs should have the same potential as other crypto assets to earn NFT holders yield, in a meaningful and engaging environment.
In ZooDAO’s dApp, NFT holders have two options:
- Stake their NFT, earning yield and ZooDAO collectible cards
- Stake their NFT in the Battle Arena, to participate in battles against other eligible NFTs, earning $ZOO and $DAI as a reward.
ZooDAO isn’t exclusively for NFT holders – those who don’t own NFTs are critical to the outcome of NFT battles, as they decide the winner through an open vote, earning $ZOO and $DAI in the process.
ZooDAO bridges the gap between NFTs and DeFi protocols, enabling interoperability between a multitude of NFT projects. The possibilities for growth are limitless with the various yield and gaming strategies embedded in our dApp.
We’re excited to have the community join us as we create greater purpose for NFTs!
CryptoNationIN – Seems quite interesting
With that, please tell us about the tokenomics of ZooDAO token.
Trevor – $ZOO is the utility and governance token of ZooDAO; it enables users to vote in our DAO as well as boost their opportunities to win in NFT Battles. $ZOO holders are also eligible to share in the success of ZooDAO through airdrops and other rewards.
Our Tokenomics are structured to protect the integrity of ZooDAO and its users. Key features to highlight are first, that team tokens are locked for a 12-month period and are vested over 10 months. 48% of our tokens are dedicated to community rewards, 7% are held by the treasury, and 3% are maintained in an insurance fund. Here’s a pie chart to show the full breakdown:
CryptoNationIN – Please tell us about the roadmap of ZooDAO.
Trevor – ZooDAO has come a long way since we started out. One thing that has remained consistent in our approach is our dedication to creating a solution that works for and with the community, with embedded fairness features.
So far, we’ve built out a pretty amazing dApp that integrates 8 amazing NFT projects for NFT battles, and created a solution for both NFT holders and other users to earn passive income on their NFTs.
There’s a few key steps to achieve before we fully launch all the functionalities of ZooDAO. First, we’re doing a full security review, bringing in consultants to undertake a full internal audit before engaging an external auditor to review our smartcontracts and ensure the dApp is secure. Second, we’re preparing for the LBP, which will be a huge opportunity for ZooDAO insiders to support the success of the project.
Looking further into the future, ZooDAO’s success will be dependent on the community. Users will help us determine which NFT projects to integrate, and we’re looking to the community to advocate for ZooDAO further out into the cryptoverse.
Addressing high gas fees is something we’re addressing at the moment; we’re currently in talks with Layer 2 projects to optimize transaction costs and find efficiencies.
Finally, we’ve got some killer features related to yield farming integrations that we’re beginning to develop that we can’t mention today, but would love to share with ZooDAO insiders when we move to the testing phase.
CryptoNationIN – That’s amazing!
Could you please tell us about the projects integrated in ZooDAO?
Trevor – The amazing thing about the cryptospace is first the ability to add together crypto projects like lego blocks and build something even better. We’ve taken this approach to the next level, building partnerships between projects operating in both the DeFi and NFT space.
There are a few key partners who support the project directly through integration. The first is Aragon, our DAO provider – they enable fully decentralized decision making and governance for the project. Chainlink’s VRF enables true randomization of NFT Battles. And yearn.finance is providing us the ability to maximize rewards for the community.
A major milestone for us was being able to reach out to major NFT projects, like Polymorphs, Pudgy Penguins, Cool Cats, Hashmasks and lots more to present our solution to their teams. We’ve had amazingly positive feedback from their teams and communities, as they see an opportunity for ZooDAO to be complimentary to their products. Building those relationships and integrating top-ranked NFTs to ZooDAO is a super exciting on our road to success.
CryptoNationIN – ZooDAO is going to attract more it seems
Q1. In your opinion DEFI is a bubble? If it was a bubble, how would ZooDAO avoid its explosion?
Trevor – This is a great question. We all know how precarious the crypto space is, especially with various trends in emerging regulation, broad speculation and sudden losses affecting average users. We won’t lie to ourselves and pretend the only direction to go in is upwards – a bubble is a real risk to crypto that cannot be resolved easily or with quick fixes.
ZooDAO’s structure makes us comparatively resilient to the large market swings that present a risk to investors. The primary earning mechanism for the community is staking NFTs, which generates rewards in $ZOO, but more importantly in $DAI. As a stablecoin, $DAI is pegged to the US Dollar, providing a backing to rewards which cannot be offered by other types of tokens. In the eventuality of a bubble bursting, 1 $DAI is still worth 1 Dollar. In this sense, the opportunity for loss is minimized for our users.
Paying out rewards in $DAI is a conscious choice by the team to safeguard users no matter what the market conditions. Of course, we also have the risk that should there be a burst, yield generated would be lower – however it would not result in any loss to users.
Q2. Is ZooDAO to you just another company you want to successfuly launch and move to next one or the one you expect to spend the rest of your life building and improving it?
Trevor – A lifetime is a long time indeed! We see ZooDAO as a project governed by the community, and owned by the community. As a DAO, we’re expecting users to make active decisions on the future of the project, looking to the team for support in implementing those changes. We’re confident that future development of the project will continue to meet users needs given the active representation of you, the users in our future.
Importantly, our Tokenomics create pretty clear mechanisms to promote ongoing development of the project. Team members tokens are locked for 12 months, and vest over 10 months – meaning they won’t have access to their tokens until long after the community does. This means the ZooDAO team has a strong interest to build a long-term product and continue to iterate the solution long beyond the next 36 months.
Q3. What is the most outstanding technology that ZooDAO is currently applying? Is ZooDAO afraid that in the future there will be competitors who will surpass ZooDAO ‘s technology?
Trevor – ZooDAO resolves a problem that most users haven’t yet considered exists: what to do with their NFTs in the long-term, and how to continue monetizing them passively. While generating yield on NFTs is being adopted by other projects, we went beyond the basics of generating yield by building gamification into the process. NFT Battles on ZooDAO are certainly far beyond the existing capabilities of other projects in the DeFi and NFT spaces.
ZooDAO has the advantage of being a project built with and for the community. If others want to copy us, they’re free to do so – but there’s no reason to believe that those projects would embed the same decentralization and community participation mechanisms we have built in.
The beauty of the cryptoverse is that information is openly accessible; the arrival of new entrants to the market is a welcome challenge as we continue with our head start, building an amazing solution with a great community to support us.
Q4. Most investors focus only on the short-term price of the token instead of the actual value of the project. So what are the benefits for long-term investors in #ZooDAO project?
Trevor – I love this question, because it highlights the key challenge we continue to face with projects starting up in the crypto space. It’s true, we’re in a market where short-term gains are prioritized over long-term results. But ZooDAO isn’t here to create a short-term solution. Every aspect of our structure, mechanics and strategy focus on creating long-term value for users.
The key to ZooDAO’s long-term utility is that we’re not delivering value only through a token. We deliver value by providing our community the ability to make passive income on their NFTs long-term, with the benefit of earning $ZOO as a reward in the meantime. By focusing on the value we provide to our community, we don’t need to be worried about what the day-to-day price of $ZOO is.
The way this is manifested in our work is by continuously adding new NFT projects from the growing NFT space, to enable new users to participate in NFT Battles and yield farming. Our solution is NFT-agnostic: we’re most concerned with bringing as many NFT projects into our solution as possible, and don’t seek to exclude anyone from earning passive income on their digital assets.
Since $ZOO token supports this mission, it is more likely to gain value steadily, and hold that value over time.
Q5. Most NFTs games currently suffer low player base due to expensive initial cost for a new player to take part in the game, How does is attracting large group of players? can you talk some of its features which make it different from other?
Trevor – ZooDAO NFT Battles are definitely one of the first in the growing NFT gaming space, and are a great opportunity for users to get greater utility out of their NFTs.
We’ve broken down barriers to entry with our NFT Battles through two methods:
- First, NFT battles are open to any of the eligible projects listed on our website. Any NFT project which has robust smartcontracts can be integrated, and the list of our eligible projects is growing weekly. In this sense, we don’t exclude any NFT owners, and create an ever-growing pool of engaged communities to provide our solution to.
- Second, we’re aware that staking NFTs generates gas fees for users, which may discourage them from taking part in battles. To address this, NFT holders staking in our dApp are compensated for gas fees with $ZOO tokens, and are eligible for additional rewards. When we say NFT Battles are no-loss, this includes the cost of staking NFTs in the dApp.
Attracting new players and projects relies on the demand from our community, and engagement of NFT projects. We’ve had strong interest from some NFT projects who are excited that ZooDAO creates an exciting level of utility for their community’s NFTs. We’re continuously building partnerships, and would love to see our community continue to advocate for other NFT projects to be integrated to NFT Battles, not just in our community groups but within the communities of the projects who will join ZooDAO.
Q1. I understand that the difference compared to other NFT projects is to provide a space where players can use their NFTs for certain interactive functions, can you give us some examples of that use and how do users benefit?
Trevor – NFT Battles are a key feature of ZooDAO’s ecosystem; users can wage battle against other eligible NFTs to earn rewards in $ZOO and $DAI. The killer feature of our platform is that NFT Battles are no loss and earn organic yield through Yearn.Finance.
Q2. What are you currently working on to achieve the success of your project in the face of the wide and demanding crypto world?
Trevor – We’re currently working on a robust dApp, that’s fully secure and is able to scale with a large number of NFTs and a large amount of value locked.
Thank you Trevor (Vision Responsible) and Community for participating in the AMA. Have a nice day.