AMA with Umoja Protocol
On the 6th of March,2024 at 12PM UTC, Decentralized club had the honor of hosting Robby(CEO) of UMOJA PROTOCOL for an Ask-Me-Anything session in their Telegram page with a community of over 100,000 people. It was hosted by DC Host, Ella.
The session was divided into three segments. Introductions were made in Segment 1. questions from the Twitter Community were answered in Segment 2, and live question from the community members in attendance were answered in Segment3.
If you missed this event and would like to know what UMOJA PROTOCOL is all about, you can find a recap of the interview here. Information here should be researched and should not taken as an 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]
[Ella]
Hello!
[Robby ]
Hey hey
[Ella]
Hi COMMUNITY people,
What's up, GUYSS Hope you all are doing well!
Let me introduce myself to the community
Hi Guest!
My name is Ella and I will be hosting an AMA Session of Umoja Protocol here.
Let's welcome our guest Robby for today's AMA
You’re welcome to Decentralized Club! It’s our pleasure to have you!
[Robby]
Hey guys great to be here with you
[Ella]
How are you?
How's your day going so far?
[Robby]
Doing well hbu
[Ella]
yaa i am also doing good!
Would you kindly introduce yourself to the Community?
[Robby]
@robtg4 - been in crypto since 2011x started my career at Goldman Sachs and was former head of impact at ConsenSys
Now founder of Umoja 👌🏾
Short and sweet lol
[Ella]
cooool!
let me give you an overview of this AMA
AMA is divided into three segments:
Segment 1️ : Introduction Questions with the Project team
Segment 2️ : 5 best Question from Twitter Gets Answered
Segment 3️ :Live Telegram Questions,Best 5 Telegram questions get answered.
[Ella]
if you are ready! Let's get started!
[Robby]
Let’s do it 🙌🏾
[Ella]
😍
cool
starting with the 1st question
Q1.Can you give us the overview of Umoja protocol? what was the idea behind Umoja protocol?
[Robby]
Umoja is the world's first smart money protocol. 🤓🔥
We empower anyone to create 'smart money' by embedding automated investment strategies into digital assets, enabling tokens to trade themselves, protect against market volatility, and optimize yields. Now your money can work for you - literally.
[Ella]
when you are done kindly send✅
[Robby]
✅
[Ella]
Q2. What characteristics make this platform easy to use? In what ways would utilizing your product assist the user above the current market project?
[Robby]
There are various ways Umoja can be used
[Ella]
go ahead please! 😊
[Robby]
For example, you can use it to eliminate your crypto risk and 30 seconds more affordably and flexibly than any crypto put option in the market
Soon you’ll be able to go long on cryptos in the same way - all with zero liquidation risk
Or you can use these primitives and make new tokens
[Ella]
Zero liquidiation risk that's a great thing to know!
[Robby]
Like BTC with no downside or high yield stablecoins
Yes the possibilities are endless. In beta, we are starting with synthetic put and call options that are 30x more liquid than any options in crypto. But much more to come. These primitives called “Synths” make asset management strategies composable
✅
[Ella]
Q3. What are the coverage does Umoja protocol covers? can you give a little brief about all?
[Robby]
Could you clarify?
[Ella]
Coverage as in the terms coverage
perpetual coverage , dynamic coverage
[Robby]
So this is a question based on a specific Synth - Synthetic Options
[Ella]
okayy! can you give us a little brief
[Robby]
Because we can replicate pretty much any asset management strategy using underlying futures trading, we can also make such strategies very flexible
In the context of options - this means unlimited term and strike flexibility
By “coverage” you are referring to our synthetic put options - which protect people from crypto losses
[Ella]
That's a nice way people can protect themselves from the huge crypto losses
[Robby]
✅
[Ella]
How can we acquire $UMJA token? What are the advantages?
[Robby]
$UMJA will only exist starting TGE in June 2024. It does not exist in beta version of the protocol to prove that it will make the protocol more secure and has actual utility.
The utility of the UMJA token is as follows
1. Governance - we use vetokenomics so that only participants of protocol can govern and get additional rewards
2. Insurance - People can stake the insurance pool of the protocol to protect it and all users from black swan events
3. Discounts - anyone who holds the token while accessing synths get a fee discount
✅
ALSO you can become airdrop eligible
By using the protocol between now and June
We have 50M tokens reserved for the community and early adopters as well as 150M for stakers
[Ella]
Community set the timer for june 2024 to get the UMJA token🥳
Community people grab it asap😍
moving on the last question from this segment
What are the major milestones Umoja protocol has achieved so far?What are your further plans for your project?
[Robby]
Gotta use the protocol at umoja.xyz lol
[Robby]
1. Raised $4M+ from tier 1 VCs like Coinbase Ventures, Blockchain Founders Fund, Mercy Corps Ventures, Orange DAO, Quantstamp, Avalanche Blizzard and a host of other T1 VCs
2. Already have nearly $1M notional go through protocol not only 3 weeks since launch
3. Have some MAJOR partnerships with other networks and protocols coming down the line
4. Already been covered by many media outlets - see here
Recent Press 📖
Digital Journal, (https://www.digitaljournal.com/pr/news/accesswire/umoja-beta-live-bringing-simplified-1193947100.html) Yahoo Finance, (https://finance.yahoo.com/news/umoja-beta-live-bringing-simplified-150000982.html?fr=sycsrp_catchall) Crypto Daily, (https://cryptodaily.co.uk/2024/02/why-is-hedging-important-for-crypto-a-deep-dive-in-the-wake-of-umojas-beta-launch) CoinSpeaker, (https://www.coinspeaker.com/umoja-beta-crypto-hedging-solution/) The Defiant, (https://thedefiant.io/umoja-beta-is-live-bringing-simplified-access-to-crypto-hedging) Blockchain Reporter, (https://blockchainreporter.net/umoja-announces-beta-launch-offering-simplified-hedging-solutions-for-digital-assets/) CoinmarketCap, (https://coinmarketcap.com/headlines/news/umoja-beta-is-live-bringing-simplified-access-to-crypto-hedging/) Benzinga, (https://www.benzinga.com/pressreleases/24/02/37097244/umoja-beta-is-live-bringing-simplified-access-to-crypto-hedging) Bitcoin.com, (https://news.bitcoin.com/umoja-launches-beta-hedging-service-to-bolster-crypto-investment-safety/) Hackernoo (https://hackernoon.com/the-dawn-of-accessible-crypto-hedging-how-umoja-is-changing-the-game-in-defi)
✅
[Ella]
😍😍Amazinggg
with this we have came to an end of segment 1
Moving on to the 2nd segment! We will take questions from our twitter community☺️
Let's take questions from our Twitter community!
[Ella]
guest are you ready to answer more😜
[Robby]
Yep let’s do it 👌🏾
[Ella]
cool let's start with the 1st question
1) With the increasing regulatory scrutiny on cryptocurrencies and decentralized finance, how does Umoja navigate the legal landscape and ensure compliance with relevant laws and regulations? @humaira1650
[Robby]
An excellent question
Umoja maintains compliance globally by ensuring that we have the legal entities necessary to shield ourselves from regulatory environments that are not crypto friendly. This means having offshore entities that manage the DAO, such as the Umoja foundation.
It also means having high collateral maintenance and auditing standards
As well as a legal framework for interacting with the protocol
And of course a legal opinion on the securities status of our token
i could go much more in depth on this- but typing it would take a while 😅
✅
[Ella]
if you want to go in little deep you can we have time☺️
or should i move with next ?
[Robby]
lol are you going to send another “I’m waiting” meme 👀👀🤣
[Ella]
hahhaahh! 😂
😂possible i will🤣
[Robby]
Yeah then let’s move on lol
[Ella]
okaayyy😂😂
2) Before you conduct your token launch, will you also be conducting any major community event such as airdrop campaigns? If so, would you please discuss with us your airdrop events if there are any ongoing right now? How can we be part of it? @Grace434284
[Robby]
There will be a 50M token airdrop immediately after TGE
You can only be eligible by using the protocol before June
And your eligibility score matters 👀👀
To become eligible - create a hedge on umoja.xyz
We will have synthetic call options next week to go long to 🔥
We will have synthetic call options next week to go long to 🔥
And with this market - that’s like printing money. But this is not investment advice lol
Both synthetic put and call options will be our base primitives moving forward. Afterwards we are launching something MASSIVE
…BTC’s first high yield stablecoin 🔥
[Ella]
Mark the the calendar for june audience and do create a hedge for the airdrop🤩
[Robby]
That will happen before TGE and the
Airdrop
A hedge or call - calls will be available next week
✅
[Ella]
okaaaay! Audience keep a note of all these! so that you guyss don't miss the opportunity
moving on the 3rd
3) "What are the advantages of Your project?" I believe security is one of the most important to consider before investing in a Project. So, can you tell us what are the security measures does have done so far? Have you done your audit? @Nyguyen243
[Robby]
We have done our first audit with Quantstamp and have two more we will do before official v1 launch after beta
Additionally, for all Synths that use CEX based strategies, we use off-exchange settlement providers like cefu and copper.co
This means that even with synths that rely on CEXs, your money never touches the exchange itself
Lastly we also have an insurance pool to protect the protocol from black swan events
Which people can stake to earn an APY
This is what REAL staking should be about
Making the protocol more financially fit - just like AAVE
✅
[Ella]
4) Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I'd like to know who your ideal consumer is for your product?@Muhamodbillal
[Robby]
We went through 4 product iterations to get to where we are now
And we constantly take in user feedback from our community
It’s ESSENTIAL
the ideal user of umoja falls into three camps
1. DEGENs that want to automate their risk protection and investment strategies without worry
2. CRYPTO HEDGE FUNDS / ORGS that want to minimize management hassle of their funds
3. DEVELOPERS that want to create smart money that anyone can use without needing to know how to trade and be financially witty
✅
[Ella]
cooool! it's amazing you take feedbacks from the community
😍
5) Could you provide insights into the different categories of Hedging Funds within Umoja and how they cater to the diverse needs of investors, particularly in terms of term coverage, perpetual coverage, and dynamic coverage? @Jayyj101
[Robby]
So this question is a bit deprecated as we are now updating our narrative to smart money rather than just focusing on hedging.
The initial thought was to hedge any DeFi risks - from crypto specific ones to protocol ones. But now we have evolved beyond that vision
✅
[Ella]
cool! With this we have came to an end of 2nd segment also
Time to take up some questions for segment 3 from our live audience! Guys get readyyy to shoot your questions😉
Will be posting some rules for the live audience then will start!
{Dear guest,
Please pick five original questions to answer.
Try to ignore generic, vague, and copy-paste questions 😊
Dear community, as a measure to deter bots and reward hunters, please include the guest’s full name in your questions so the guest can tell original questions apart!
DO NOT TAG THE GUEST}
AMA Rules for the community
🚨DC AMA Rules🚨
1️ : Post your best questions first. Community members are allowed a maximum of three(3) questions per session but do not repeat questions from the same account. People who break this rule will be disqualified even if the excess questions are deleted. WE ARE WATCHING 🙄
2️ : Post only original questions. Members with stolen questions from DC or other AMAs will be disqualified and banned.
3️ : There will be slow mode to prevent spamming.
4️ : Join the guest and host (DC) Telegram and Twitter pages to be eligible for rewards. Check pinned post during AMA for details.
5️ : Don't tag the guest in your question or your question will be deleted.
6️ : Winners should text from their winner accounts only, to claim rewards withing 24 hours.
Excuse like restricted or banned account and forgot to text in 24 hours because of some reason wont work.
7️ : You can only win once in one segment no matter how many times your questions were picked.
8️ : Telegram username should be present in your Telegram Account, otherwise you will be considered as DISQUALIFIED.
9️ : Follow all the special instructions the host gives before the live session. Pay attention.
Join Đecentralized Člub Discord: https://discord.gg/ac5G5h0Bz
Please join our courtroom for disputes and to report copied questions and cheaters with relevant proof.
https://t.me/DC_Court
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TRY OTHER GROUPS IF YOU CAN'T COMPLY.
THANK YOU.
The group will be unmuted shortly 😊
Woaaaah! we have got a lot's of question for our live audience
Guest! Hope you are ready to answer the best 5 questions from these
Kindly go ahead! 🤩
[Robby]
Ok answering now
Q1.
Is your platform suitable for crypto beginners? Or does it only limited for professional users?@Messinjnrz
Ans The platform can be used by anyone. This is one of our biggest competitive advantages. We simplify extremely complex as it management strategies in an interface that almost looks like Unisswap.
Of course, if you are a professional, traitor, you can now implement your strategies a lot easier. Additionally, you don’t have to deal with some of the native risks associated with trading.
Go to umoja.xyz to check it out
Q2. What is your strongest advantage that you think will make your team leading the market? @Yashar1Gisele
Ans Our strongest advantages are that we can effectively automate any asset management strategy that is useful to the world. For example, with our synthetic options, we provide the most cost-effective affordable, simple use and flexible options in all of crypto. No options, exchange or market caner compared to what we’re able to do for people in these markets, and this is just the beginning for us.
Additionally, we have amazing UX that is always improving based off of community feedback. The ability to make investment strategies disposable into assets completely transforms our understanding of what money should be. Before money was only something used to be transferred or saved. Now money is something that works for us and automatically creates wealth just by us having it.
Q3. you explained there would be a 50 million token airdrop immediately after TGE. My question is, is the Airdrop still going on? If yes, can we participate in the Airdrop event? and where can we get information about the Airdrop?@Efri14
Ans 3
Yes, the AirDrop is still going on and will continue all the way until June 2024. The only way to participate in the airdrop is to use the protocol. More information will be shared across our KOL network and on our blogs as well.
Q4. How does Umoja Protocol embed automated investment strategies into digital assets? @Yinknes
Ans 4
Once you’re able to tokenize an investment strategy, you can now embed it within another token. Imagine that you want to have bitcoin, but you also don’t want to lose money if Bitcoin loses value. What you would do is you would take a investment strategy that perpetually hedges against bitcoin losing value, and you would put it in a bitcoin itself. We allow something like that. We allow you to merge normal assets with strategies so that you have self executing and self sustaining money.
Q5. How does the #UmojaProtocol team intend to maintain the token's relevance and longevity in a landscape filled with swift developments and market volatility? What is the project's strategy for anticipating and adjusting to evolving changes and trends in the crypto and meme space?@Tajong12
Ans5. This is an interesting question. The fact of the matter is is that token value is very important to a protocol, though I do think that the overall ecosystem obsess is too much on token value, and is part of the reason why the crypto community is so greedy.
However, to the question, our protocol takes into consideration supply and demand dynamics. We have inflation sinks like staking that ensure that circulating supplies limited. We also make sure that staking rewards are very high, but also don’t cause too much inflation by redistributing revenues. Lastly, when it comes to relevance, we focus on launching automated asset management strategies and partnerships that create a great deal of attention on our easy to market to the public.
There’s are other tools we use but that’s a longer answer
[Ella]
cooool! With this we have come to an end of this amazing session!
[Robby]
Thanks for having me 🔥 go become airdrop eligible at umoja.xyz
[Ella]
thankyou for choosing Decentralized club! we go to know a lot about UMOJA Project!
Cheers to you and to your team to make it a success🥂
AMA WRAP UP!