we hosted an amazing AMA with Solv Protocol the 17th november
Q1. Could you briefly introduce yourself as well as Solv Protocol ?
Hello everyone, I’m Ryan, co-founder of Solv Protocol. I’m responsible for our marketing and research team. Solv is the first Defi platform that focuses solely on the minting, managing, and on-chain transactions of all Financial NFTs. You can think of Financial NFTs as NFTs that represent and certify any type of financial equity.
Our flagship product is the Vesting Voucher. You can conceptualize a Voucher as an NFT container with a set of easily definable unlocking rules. Our Vouchers have the ability to be fractionalized, thus giving locked-up assets liquidity and making for a wide range of use cases.
The institutions that participated in our seed round include IOSG, Spartan, Hashed, and other well-known institutions. Our private round investors include Sfermion(Lead), Blockchain Capital(Lead), Jumptrading, CMSHoldings, Apollo, The Lao, Defi Alliance, and Gumi Crypto. The vesting period of the IVO is much shorter than the private round fundraising.
Solv has completed our Series A funding round, led by Blockchain Capital, Sfermion and Gumi Cryptos Capital:
https://twitter.com/SolvProtocol/status/1465937264169537537
Solv Protocol – Vesting Voucher
Q2.What is Solv’s milestone?
Early-stage protocols like ColdStack and Yin love this product for its efficacy in managing lock-up allocations. Seasoned protocols like DODO and Prometeus issued vouchers and used them to incentivize the community to deepen its relationship with the protocol.
The use cases of Vesting Voucher are just out of our grasp, we are reaching for the impossible. Since our main net launch in June, Solv has reached $70 M+ in total value locked (TVL) and boasts 2000 unique Voucher owners!
We have also bought $3 million worth of coverage through Unslashed Finance, $1 million worth of coverage through Tidal Finance.
Q3.What makes Solv unique, especially now that there are a lot of On-Chain Liquidity projects popping up. And how can this unique value proposition prove to be a defining solution in DeFi?
Since our products are based on the EIP-3525 Token standard, which is our original NFT Standard built for Financial NFTs, our Voucher is the only product of its kind in the industry that has both splitting and multi-attribute description capabilities. Compared with the ERC-20 solution, it has stronger information description capabilities and can meet more complex and diverse business needs at a low cost. And compared with the ERC-721 solution, it has better liquidity.
Q4.What value do you believe Solv Vouchers can bring to retail investors?
To start, all retail investors can now participate in early investing. This is an Institutional-level investment opportunity for retail investors. Solv Protocol is mainly targeting allocation trading, where retail investors can enjoy low friction, high transparency, fraud-free trading experience, and easily obtain their preferred lock-up allocations. In addition, we will soon launch liquidity mining rewards, and users who trade Vouchers will get incentives in the form of $SOLV Vouchers.
The Voucher is an excellent opportunity for holders to invest in projects at a discounted price. In July, a 2-year DODO vesting voucher- meaning the DODO tokens locked in the voucher will be released in 2 years was issued on the Solv Marketplace, with a unit price of $0.49633 when the DODO spot price was $1.02. Now, its price is $1.5. So, it’s safe to say that all of the buyers here have enjoyed high returns in a short time
Q5.IVO is a totally new way of issuance. What is the difference between IVO and the previous initial public offering of tokens? Our community members want to know if $SOLV’s IVO is worth getting involved with!
An IVO is an Initial Voucher Offering. All users participating in our IVO will enjoy the same rights as private equity investors and will be able to participate directly in Solv’s primary market investment. In this IVO, Solv will publicly sell SOLV Vesting Vouchers, a type of NFT that represents locked-up $SOLV tokens. Solv directly distributes Vouchers to users as an on-chain certificate for locked Tokens.
Q6.Could you introduce the rules of IVO for us and how to participate in it?
This chart contains the key metrics for Solv IVO
Link: https://solvprotocol.medium.com/announcing-the-solv-ivo-event-5658e0ad6bdd
How to participate in the coming IVO?
- There’ll be $350k Solv Vouchers sold on Binance NFT. ($400 per Voucher)
- There’ll be $350k Solv Vouchers which are only purchasable for addresses on the whitelist sold on Solv marketplace (on BSC). And the maximum purchase limit is $400 for each address.
How to get your address added to the whitelist?
- Participate in the Gleam campaign.
- Participate in the activities held by Solv partners
Whitelist campaign on Gleam: https://gleam.io/2YjvA/solv-initial-voucher-offering-whitelist-campaign
Please note that the addresses which are successfully added to the whitelisted need to pass the KYC. And it should be FCFS.
If you don’t want to miss our IVO, you will definitely come to our follow our official account:
Twitter： https://twitter.com/SolvProtocol
Telegram: https://t.me/SolvProtocol
Discord：https://discord.com/channels/866371345247502366/866371345247502369
Website : https://solv.finance/home
Whitelist campaign on Gleam: https://gleam.io/2YjvA/solv-initial-voucher-offering-whitelist-campaign
And here we will put best questions from our members and SolvProtocol fans:
Q1.Hackers and Scammers are very much active. Can you please give some information about the Security system of your project @SolvProtocol? How safe is your project especially for long term investors? How will you protect your investors?
Ryan:- Solv Protocol is designed to protect users’ assets. We work closely with top-notch blockchain security solutions to protect our users’ assets from external and internal risk factors. We are proud to say that our source code has successfully passed the audits by both SlowMist and CertiK, key blockchain security organizations, and is on schedule to be audited by a third security network.
In the pursuit of higher protocol security, Solv has purchased $1million worth of insurance coverage through Tidal Finance and $3 million of insurance coverage through Unslashed. This allows the Solv users to get insured over SC risk. The current plan covers smart contract vulnerabilities deployed on Ethereum and Binance Smart Chain. Needless to say, this is quite momentous as this is the FIRST time Defi insurance is being applied to the NFT sector!
Besides, we are offering a $50,000 bug bounty to incentivize developers and white hats to help us secure our protocol by uncovering its vulnerabilities and shortcomings. And we are pleased to be able to launch this undertaking with Immunefi, which is a leading bug bounty platform experienced in the testing and securing of Defi protocols.
Q2) The Solv team has invented a new token protocol called vNFT. Could you tell us a little more about it? What prompted you to develop this new token protocol? What can this vNFT do for you that other token protocols haven’t been able to do?
Ryan:
Solv is a pioneer in the world of Financial NFTs and Defi. We designed and created a new ERC token standard known as a versatile non-fungible token (ERC3525) that is flexible like the ERC-20, but also non-fungible like the ERC-721, making it a semi-fungible asset. The first ERC3525 token product was created in the form of a Solv Voucher, designed to be used in the form of allocations to grant broader access to private sales while generating much-needed liquidity for projects or investors.
Q3) What values do you believe Solv Vouchers can bring to retail investors? And Why did you decide to adopt Solv Vouchers?
Ryan:
The explosion of NFT artwork and Gamefi has given many people the mindset that art and games are the right paths for NFT development, naturally tying NFT to art, collectibles, cards, and scarcity.
But the value of NFT does not depend on NFT itself, the application scene will empower NFT value, NFT value can be redefined.
Many people currently understand the financialization of NFT as simply UniSwap v3. UniSwap v3 uses NFT to act as an LP token, which uses the ERC721 standard.
Solv Protocol aims to bring the primary market into the DeFi space through NFT. We launched the Vesting Voucher to address the trust gap that exists between investors and project parties. This product is built on the new NFT standard ERC3525 Vesting Voucher protocol and is better suited for financial protocol-related descriptions.
Q4) Can you tell us about Solv IVO in simple sentences? I noticed that IVO is similar to Coinlist, can you talk about the differences between Coinlist and IVO? What is the relationship between Solv IVO and Vesting Voucher?
Ryan:
First of all, we are a decentralized platform, coinlist is a centralized platform. Vouchers bought from Solv can be traded immediately and can be transferred, split and merged. Also, you can perform all these operations to this Voucher before you release the token. The most important point is that participating in IVO activities at Solv gives you access to our future rewards for user rewards.
After months of hard work in developing products and onboarding partners, Solv is reaching an exciting milestone. We are pleased to announce our Initial Voucher Offering (IVO) event which starts on December 13th 13:00 UTC, 2021 on both the Binance NFT and Solv Marketplace (on BSC).
1,000,000 $SOLV tokens (1% of the total supply) will be minted into vouchers and listed in the IVO. We will issue $350K worth of vouchers on each platform with the same price of $0.7 for each $SOLV token.
All $SOLV tokens locked inside vouchers will be unlocked linearly for 6 months from the public sale date (No later than Q3, 2022). We must emphasize that all investors’ tokens and team tokens are locked and none of them are unlocked in the first year after the public sale date.
You can participate in the IVO by purchasing vouchers on Binance NFT. If you get whitelisted, you can also buy vouchers on our marketplace.
Q5) What is the relationship between DODO’s vesting voucher and Solv Vouchers ?What are the methods of obtaining a Solv voucher. Is it transferable from one individual to another
Ryan:
The two Vouchers represent different assets, Solv Vouchers are the Vouchers of the projects we work with on our platform, DODO vesting vouchers are locked in DODO token and are 50% off the spot token price. You can buy our products on Solv Protocol’s official website, and the products can be traded on Opensea. vesting vouchers are tradable and transferable.
Q6)As described in the ERC-721 NFT Standard, NFTs are used to identify something or someone in a unique way, which is not natural for many financial scenarios. How has Solv Protocol solved this limitation? How have you made your NFTs much more suitable for financial scenarios?
Solv is the first Defi platform that focuses solely on the minting, managing, and on-chain transactions of all Financial NFTs.
We’ll help projects manage their vesting tokens and provide great liquidity for investors. We’ll reduce the risk of being scammed on the OTC market.
We’ll help build a long-term relationship for communities and projects etc… So much we could do to solve problems in Defi space. With our unique token standard(ERC-3525) which is compatible with ERC721, we make everything ever simple than before.
With our unique token standard(ERC-3525) which is compatible with ERC721, we could integrate with most of the NFT projects as long as we see the value of collaboration. For example, Solv vouchers could be lent on taker protocol in the near future. I should say the capacities will beyond your expectations because it would solve most problems for most projects.
Q7) Could you explain how SOLV’s mechanism for creating and transforming NFTs works? What kind of technologies or strategies are applied here to support various types of NFTs? How easy are the tools to use for users new to the intricacies of blockchain?
Solv is a pioneer in the world of Financial NFTs and Defi. We designed and created a new ERC token standard known as a versatile non-fungible token (ERC3525) that is flexible like the ERC-20, but also non-fungible like the ERC-721, making it a semi-fungible asset. The first ERC3525 token product was created in the form of a Solv Voucher, designed to be used in the form of allocations to grant broader access to private sales while generating much-needed liquidity for projects or investors.
Q8) Solv has created the concept of Vauchers as a new digital asset type, can you explain what type of digital assets are and with what protocols are compatible? What DeFi activities can be done with this asset and why is it better than conventional tokens?
Imagine a non-fungible token (NFT). This token is programmed in such a manner that it can function as a safe box or a “container.” And you can securely lock or release your ERC-20 token asset in or from this safe box in accordance with a rule designed to fit your needs. Such a safe box is called a “Vesting Voucher.” (Think “safe box” as a voucher used for validating tokens vested in it.)
Once the rule is set that governs how many tokens there are and how and when they should be released, the “safe box” Voucher containing those vested tokens must execute that rule. The idea is that by coding self-operating Vouchers, Solv hereby created a permissionless and trustless lock-up allocation service that will immensely benefit the asset holders.
Here I want to mention one thing: maneuverability. Right now, Solv supports three types of release: block-by-block or linear release, one-time release, and periodic release. Beyond those, we also customize rules to cater to more sophisticated needs (such as using the oracle network for powering hybrid smart contracts).
One of the main goals of Vesting Vouchers is to completely upgrade allocations management experience with more even asset liquidity. And the following three characteristics of Vouchers will make sure the goal is met:
(1) Vesting Vouchers are transferrable. Thanks to their NFT-ness, anybody who owns a Voucher automatically has a right to its underlying tokens, as well as the right to retrieve them.
(2) Vesting Vouchers are tradable. All Vouchers are tradable on the DeFi marketplace such as OpenSea. It’s also entirely possible to put them up as the loan collateral (NFTfi or Taker) or a group of vouchers packaged and issued as ERC-20 tokens on derivatives platforms such as Unicly and DoDo.
(3) Vesting Vouchers are fractionalizable. Thanks to Solv Protocol’s original token standard with the feature of splitting and combining, Vouchers are supported by ERC-721 compliant infrastructures and are completely fractionalizable.
Q9) REVENUE IS AN 👈 IMPORTANT
aspect for all projects to survive and maintain the project/company. How have you been able to build a complete project and what is the way to generate profit/revenue of the token? What is the income model?👈
Solv will charge 1.5% transaction fee from the successfully transactions on Solv marketplace. And we are focusing on the coming IVO on 13th December. Please note the recent ANNs in Solv communities and social medias.
Q10) Can you give an overview of your Tokenomics, and token usage? And can you explain how your Tokenomics is distributed? How many tokens will be minted? How many tokens will the team lock up? 💕💓
And this was the end of our AMA with Solv protocol.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Twitter： https://twitter.com/SolvProtocol
Discord：https://discord.com/channels/866371345247502366/866371345247502369
Website : https://solv.finance/home
Medium;- https://solvprotocol.medium.com/
github :- https://github.com/solv-finance