AMA with Solv

On the 8th of December, 2021 at 09:00 UTC, Decentralized Club had the honor of hosting Ryan Chow (Co-Founder) from Solv Protocol for an Ask-Me-Anything session on their Telegram page with a community of over 70,000 people. It was hosted by DC Admin, May.

The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.

If you missed this event and would like to know what Solv Protocol is all about, you can find a recap of the interview here. Information here should be researched and should not be taken as investment or financial advice. Also note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.

Segment 1 - Introduction

[May]

Hello, 안녕하세요, नमस्ते, สวัสดี, Selamat!

My name is May and I'll be hosting the AMA with SOLV Protocol.

Today, we have with us a guest from the SOLV Team.

You're welcome to the Decentralized Club and it's an honor to have you here.

[Ryan Chow]

Thanks for the intro and I'm very glad to participate in this AMA!

[May]

It's good to have you here with us.

How's your day going?

[Ryan Chow]

Good!

[May]

Great!

Could you please tell us more about yourself and your job at SOLV?

[Ryan Chow]

Sure

Hello everyone, I'm Ryan, co-founder of Solv Protocol. I’m responsible for our marketing and research team.

[May]

That's great! We're glad you're here to talk about the impressive project that SOLV is.

Let's now take some questions about the project.

[Ryan Chow]

Let’s do it:)

[May]

What is Solv about?

[Ryan Chow]

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 can be fractionalized, thus giving locked-up assets liquidity and making for a wide range of use cases.

https://t.me/decentralized_club/669201

[Ryan Chow]

Solv has completed our Series A funding round, led by Blockchain Capital, Sfermion, and Gumi Cryptos Capital:

https://twitter.com/SolvProtocol/status/1465937264169537537

[May]

Your project is as innovative as it is impressive!

Congratulations on your recently completed funding round as well!

👏🏻👏🏻👏🏻

What is Solv’s milestone?

[Ryan Chow]

Thanks so much!

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.

[May]

Wow! 👏🏻👏🏻👏🏻

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?

[Ryan Chow]

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.

[May]

This is great!

What value do you believe Solv Vouchers can bring to retail investors?

[Ryan Chow]

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.

[May]

Talk about exponential growth!

👏🏻👏🏻👏🏻

Let's talk about your IVOs

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!

[Ryan Chow]

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.

[May]

Insightful!

Could you introduce the rules of IVO for us and how to participate in it?

[Ryan Chow]

Sure

https://t.me/decentralized_club/669233

This chart above 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?

1. There’ll be $350k Solv Vouchers sold on Binance NFT. ($400 per Voucher)

2. 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?

1. Participate in the Gleam campaign.

2. 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.

[May]

👏🏻👏🏻👏🏻

I love the structure you've created around the IVO

Let's quickly take some questions from our Twitter community

Ready?

[Ryan Chow]

Yes!

Segment 2 - Twitter Questions

[May]

It's fascinating to see a product focused on managing and trading financial NFTs. I came across the Vesting Vouchers as well. Can you tell the use of these vouchers on the Solv Protocol platform and their important features?

Twitter Username: @TadesCorner

[Ryan Chow]

For projects, Vouchers could be used to represent lock-up allocation for fundraising, community building, etc. For retail investors, Vouchers are an opportunity for them to enjoy the same rights as private equity investors and will be able to participate directly in Solv’s primary market investment. It will also provide them with great liquidity.

The most significant feature is that it could be split which is also a key attribute to be a financial instrument.

[May]

👏🏻👏🏻👏🏻

I see that SOLV is live on Polygon, and has previously deployed smart contracts on BSC and the Ethereum mainnet. Does this mean that the protocol has omnichain utility already or it will be worked on in the future?

Twitter Username: @SerenayEkraj

[Ryan Chow]

We only support these three chains now, but will definitely deploy on more chains and may cooperate with cross-chain protocols too.

[May]

Good to know!

Last Twitter question

What kind of products can be traded on the Solv Marketplace? Is it like a CEX or DEX for crypto tokens or strictly for NFTs? Are your vouchers the only type of financial NFTs available now?

Twitter Username: @AnthonyUdem

[Ryan Chow]

Now we only have Vesting Vouchers online, and will have more innovative products launched shortly. And it’s DEX only for financial NFTs for now, tokens are actually underlying assets in the financial NFTs.

I can’t say that Voucher is the only one but I’m pretty sure that Voucher is the most suitable one. Because it is based on the ERC-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.

Really nice questions!

[May]

Looking forward to the other ones in the future!

Thank you, we have a great (and inquisitive) community

Let's now take some questions from our website community.

Segment 3 - Website Questions

[May]

What is the Seahorse Initiative and how can projects fundraise via this initiative? Kindly explain the full details, thank you.

Telegram Username: @Dhir007

[Ryan Chow]

It is a program initiated several months ago for projects who joined us in the early stage and we’ll incentivize them and their investors too. Projects coming to use Solv Protocol will issue a Voucher first and sell it to their private/public investors to raise money. Solv will provide them with a strong user base and for the safety of our users, we will make sure that the project is qualified to sell their lock-up allocation on Solv. We’ll launch more products for projects to raise money with better terms.

[May]

Is it similar to a launchpad?

[Ryan Chow]

Yes, for IVO, the initial voucher offering

[May]

That's great!

What are the key abilities of assets attributable to the multi-dimensional form of computational NFTs and their relevance to the growth of Solv?

Telegram Username: @Zindane27

[Ryan Chow]

I am a little confused about this question, if the asset refers to ERC3525 token standard assets which we call Voucher, 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. If you refer to underlying ERC20 assets in Vouchers, there’s no limit for that.

[May]

Impressive answer nonetheless!

I want to know 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?

Telegram Username: @bradsimom

[Ryan Chow]

It will use the smart contract, and the principle is that you put your underlying asset in the Voucher, it is like a box with a lock and it will unlock per the vesting schedule. Transforming is like transforming ERC20 assets.

It does this by having designed and created a new ERC token standard known as a versatile non-fungible token (ERC3525) that is both flexible enough 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.

The UI is very clear and easy to understand, we’ll post a video tutorial very soon, please stay tuned:))

[May]

🥳

We're 70% done with this session but I'm 100% impressed with Solv!

The innovation is outstanding!

Looking forward to more news from your project!

[Ryan Chow]

Thanks so much!

[May]

You're welcome!

It's now time to take questions from our live audience.

Are you ready?

[Ryan Chow]

I’m ready:))

[May]

Awesome!

In this 4th segment, I will open the group for some seconds for the live community to shoot you some pressing questions.

Please pick four original questions to answer.

Try to ignore generic, vague, and copy-paste questions 😊

Ready?

[Ryan Chow]

Go!

[May]

What's your favorite sport?

[Ryan Chow]

Basketball.

[May]

Dear community, please use Mr. Ryan's favorite sport in your questions.

The group will be unmuted shortly.

---Chat was then opened for the live community to send in their questions---

Segment 4 - Live Questions

[May]

As a measure to deter bots and reward hunters, your favorite sport has been included in the questions so you can tell original questions apart!

Please prioritize such questions 🙂

You can pick the best four now 🥳

[Ryan Chow]

No problem!

[May]

🥳🏀

[Realiance]

All project coins have their main utilities & real-life usecase! So, can you tell us What is the main role of your coin is in your ecosystem?

[Ryan Chow]

Of course, the government is the most essential utility. And the $Solv holders will have the right to participate in the quality project’s IVO earlier. We’ll announce more Solv token utilities in the future.

[May]

🥳🏀

[James]

How would an IVO reward early users, how is the IVO designed to benefit both the project and its early users?

Basketball

[Ryan Chow]

Nice question, we will give a whitelist to early users in the community.

https://twitter.com/SolvProtocol/status/1468058537314115589

You could also participate in the Whitelist campaign on Gleam: https://gleam.io/2YjvA/solv-initial-voucher-offering-whitelist-campaign

And IVO actually offers projects a chance to raise funds without the risk of dumping and the cost of doing this compared with the traditional ways like signing SAFT etc is very low. No need to develop their own smart contract and pass an Audit. For investors, the liquidity is actually still there because the voucher is still tradable on the Solv marketplace.

[May]

🥳🏀

[Taiwo Bisayo]

Basketball 🏀

Where will you upload the video tutorials? Is it on YouTube?

How does Solv Protocol enable us to create decentralized financial instruments with NFTs?

[Ryan Chow]

Yes, it should be on Solv's official Youtube channel.

https://www.youtube.com/channel/UCvg0qc_ofV09ibmgwwWh9OA

You could just go to the Solv Dapp and mint a Voucher, which is very easy.

[May]

🥳🏀

[Feray furnense]

When was the EIP proposal submitted and has the liquidity mining rewards been launched??

Why does each of the split NFTs differ in balance??

Basketball

[Ryan Chow]

It has been submitted in September as I remembered, and the liquidity mining has not been launched and the token has not been listed yet. The balance could be different because it is a fractionalized NFT which means that each voucher may contain a different amount of underlying assets.

[May]

Do you have time for one more? :))

[Ryan Chow]

Yes of course!

[May]

🥳🏀

[Dan]

Basketball

Who are the backers and partners of Solv Protocol? How do you assure users you are safe and no rugpull later on? Is smart contract audited?

[Ryan Chow]

1. https://twitter.com/SolvProtocol/status/1465937264169537537

2. 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.

[May]

Aaaaaaand it's a wrap! 🥳

Thank you so much for your time with us today!

Any final remarks for our community?

[Ryan Chow]

Thanks for your work too!! And I'm really glad to share my viewpoints here!

[May]

Thank you for the honor!

Our regards to the rest of the team at the Solv Protocol HQ!

They're all amazing, working together to make this project a success

Until next time, so have a great day

[Ryan Chow]

Have a good day!

[May]

The AMA with Solv Protocol is now over.

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