AMA with Zoodao
On the 13th of November, 2021 at 16:00 UTC, Decentralized Club had the honor of hosting Trevor from ZooDAO for an Ask-Me-Anything session on their Telegram page with a community of over 70,000 people. It was hosted by DC Host, Alvis.
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 ZooDAO 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
Hello, 大家好, नमस्ते, สวัสดี, Selamat!
I am Alviss, your host for the ZooDao AMA.
I'll be interviewing a guest from the ZooDao Team today.
Hi everyone! Thanks for inviting us today!
Hello Mr. Trevor
How are you doing today?
Doing great! Thanks for asking!
Glad to be here! 😊
You're welcome to the Decentralized Club and it's great to have you with us.
Let's get right into it, shall we?
Let's do it!
First of all, Can you tell us about ZooDao and the inspiration that got it started?
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 a greater purpose for NFTs!
Great answer! Your incentives for holders are impressive!
What innovative solution is ZooDao bringing to topple its competitors with similar offerings in GameFi and the NFT sector?
The reason we’re so confident in ZooDAO’s success is the fact that we’ve come up with a product that answers a very real challenge that nobody seems to really be addressing. Not enough people are thinking about what to do with their NFTs in the long term. Sure, yield farming on NFTs exists – but we’ve built out a solution that is engaging for users through gamification.
We’ve managed to build the bridges between DeFi and NFTs, bringing along some super exciting projects – like Cryptopunks, CryptoKitties, BAYC, and tons more. Our platform is inclusive, enabling both NFT holders and NFT enthusiasts to earn rewards and have fun in the process. Most importantly, our NFT Battles are no-loss, meaning nobody leaves the Battle Arena with less than they came with.
We’re aware that ZooDAO is ahead of the trend here – and we’d like to bring the whole community along with us. We’d also love the community to bring other NFT projects on board and share the opportunity for NFT holders to earn from their digital assets.
I'm sure the community would love that
Could you talk about the distinguishing features of ZooDao?
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. Our dApp enables a huge number of opportunities for users to earn rewards – which include collectible NFT cards from the four elements (earth, water, air, and fire) and varying levels of rarity.
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.
High gas fees are 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.
Could you briefly talk about how users can get passive income on ZooDAO?
NFTs deserve to do more than sit in your wallet, gathering dust. So far, existing solutions haven’t fully provided enough options to NFT holders to monetize their NFTs long-term.
ZooDAO provides two opportunities for NFT holders to earn passive income:
1) Through yield farming in our dApp
2) Through NFT Battles
Leaving your NFT in the Battle Arena allows them to be re-enrolled in battles in each round, continuing to generate rewards in $ZOO and $DAI. Every battle is an opportunity to earn.
Can you talk about your native token and the utilities?
$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 12 months 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: https://zoodao.com/token
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.
What major news should we still look forward to from ZooDao by the end of the year?
We’ve got a few more integrations to announce in the upcoming weeks 😉 Stay tuned for those announcements and be sure to welcome the communities of the NFT projects we’re integrating!
We’ll be announcing the first opportunities for the community to get their hands on $ZOO tokens in the next few weeks; announcements will be on Twitter so keep an eye out.
I wish we could share more at this stage but unfortunately, we’ve got a lot under wraps to ensure we have the full range of exciting features and rewards available first to ZooDAO Insiders.
That's lovely. Already so much to digest at this stage
Very impressive answers! Lion ZooDao is a solid project as it is!
We're now going to be taking questions from our Twitter community
Are you ready sir?
Segment 2 - Twitter Questions
If users who hold $ZOO take an active role in deciding its future does that mean that later holders would play a reduced role?
Twitter Username: @EscobarDeFi
This is a great question. The short answer is No.
Future participants are just as important to ZooDAO as those who arrive in the project early on. Early engagement will enable us to bridge more NFTs into the ZooDAO ecosystem, as users advocate for other NFT projects to join our Battle mechanism.
The distinguishing factor between early arrivals (yourselves) and those who arrive later is that you’ll have more opportunities to earn rewards in $ZOO, $DAI, and with ZooDAO’s collectible NFT cards. $ZOO tokens serve as a utility in our DAO, but also have the ability to influence the outcome of NFT Battles. Early users will likely hold larger amounts of $ZOO, enabling greater chances of success in battle.
In terms of the DAO and our future development, all users are on a level playing field in deciding what ZooDAO looks like in the long term. Votes submitted to the DAO are decided on by any user holding $ZOO, through a democratic process.
We’re excited to have a robust community function that allows users to participate actively in deciding our future; it promotes trust and gives users every possible opportunity to continue earning passive income on their NFTs.
What strategy will be used to introduce your project to crypto and non-crypto people? What would be the 3 important things about your project everybody should know?
Twitter Username: @ahmedal96467085
I’ll keep this answer short:
Our greatest advantage is NFT Battles. We’re the first to gamify NFTs from a wide range of projects to generate rewards for users.
Our greatest weakness is not knowing whether NFT owners care enough about the value of their NFT to want to continue monetizing it. It sounds crazy, but there’s a chance that some NFT owners are perfectly satisfied with owning an NFT and not continuing to monetize it. To respond to this challenge, there’s a certain level of education needed to bring NFT holders to ZooDAO and demonstrate how much better things are when you earn passive income from an illiquid asset.
I'd love to see how this unfolds.
Do you have an AUDIT certificate or are you working to AUDIT your project, so that the security of the project becomes more secure and reliable?
Twitter Username: @Mon56678867
We’re very aware that in providing a service to the community, we’re also requesting the community place their trust in us.
Simply requesting you place your trust in us isn’t enough. Members of our team have also been victims of various scams, hacks, and rugpulls – we know it feels terrible and erodes trust in the community. That’s why in the next stage of our Roadmap, we’re opening our code to an external auditor for a full audit of our smart contracts and dApp backend. Only with an external audit do we have the right to request your trust in us.
Whether you entrust us with your NFTs or simply participate in the DAO and dApp as a voter, we’ve created mechanisms to safeguard your trust. We recently published a full article on Medium about the mechanisms built into ZooDAO that guarantee fairness– like integrating Aragon to build out our Decentralized Autonomous Organization, involving the community in decisions on its future – or integrating Chainlink’s VRF to guarantee impartial outcomes of NFT Battles.
Safety involves the community as much as it does the team and structure of ZooDAO; we’re always looking to improve and hope the community remains an active part of our journey.
Let's now quickly take some questions from the website.
Segment 3 - Website Questions
Considering the steady and organic growth of the crypto space and the abysmal growth of the NFT space, I would like to get some hard information about what mechanisms you will implement to generate more value for users in your ecosystem?
Telegram Username: @Pirry05Universe
A harsh but true reality.
The NFT space seems to be quite hung up on just creating new NFT projects, without much consideration as to how we first, sustain growth long-term, and second, build solutions towards greater interoperability and future use cases of NFTs.
We’re addressing this challenge head-on, by bridging the divide between NFTs and DeFi, by enabling users to leverage their NFTs to earn rewards in $ZOO and $DAI. NFTs should have greater utility than just being digital pictures – they have the potential to create even more exciting use-cases but not without a clear roadmap towards monetizing those that already exist.
A critical theme of our project is interoperability and inclusivity. We break down the barriers between NFT projects, allowing a broad range of NFTs to be battled in our Arena, creating interoperability. By proving that NFTs aren’t standalone projects, we’re contributing to the overall growth of the space and projecting opportunities for new features of NFTs in the not-so-far future.
I read about the NFT battles on your platform. But is it necessary to hold your own NFTs to participate or can the users use NFTs from third parties? How do the NFT battles work? Will the holder have full control of the NFTs? How are the rewards calculated and distributed?
Telegram Username: @albertjaison
The wonderful thing about ZooDAO is that we’re project-agnostic.
This means that we can integrate any NFT project that has robust smart contracts and can be made interoperable with our platform. So far, we’ve integrated 8 massive projects: Cryptokitties, Polymorphs, Cryptopunks, Hasmasks, Meebits, Cool Cats, Pudgy Penguins, and BAYC.
We’re also looking to add more and hear from the communities of other NFT projects if they’d like to be included in ZooDAO battles.
Of course, NFT holders maintain full control of their NFTs. When staking in our dApp, your NFT is locked for the duration of the battle to enable us to generate rewards, however, after the battle is complete the user may un-stake and collect rewards. Finally, rewards are paid out at varying intervals – I won’t get into the entire breakdown here, but we’ve published a full Medium article on how NFT Battles work: https://medium.com/@ZooDAO/zoodao-nft-battles-explained-ebd865a087cf
Final website question.
In ZooDAO’s NFT Battle, what will be the criteria for judging what NFT will be crowned as the winner? Will it be based on popularity votes by the community?
Telegram Username: @Jmagsss
We firmly believe in the fairness of opportunity — the principle that users should be able to interact within the ZooDAO ecosystem on equal terms, with a level playing field. This means that everyone should have the same opportunities to win in NFT Battles.
In Stages 2 of battles, the weight of each vote reduces over time, as we get closer to the end of the voting period. This prevents last-minute sniping, and whales from manipulating the outcome of the battle by reducing the value of a vote cast on the last day of voting by 30%.
In Stage 4, the votes are tallied and transparently displayed to players- who can then continue to vote using $ZOO tokens to further influence the odds of winning. Again, votes are weighted to encourage early voting and prevent last-minute sniping from disrupting the balance of odds.
Most importantly, the number of votes aggregated in Stages 2 and 4 does NOT determine the winner. The mechanism isn’t like elections, in which whoever has the most votes automatically wins. Votes simply determine the ODDS – the relative probability – of winning.
Aggregated votes are submitted to Chainlink’s Verifiable Random Function (VRF), which then uses the votes to weigh the probability of winning for each NFT and return a winner.
These mechanisms are in place to safeguard the outcome and promote fair play.
We go into full details of these mechanisms in our Fairness article on Medium:
So many wonderful answers, I'm sure the community is satisfied with them all.
Thanks for the kind words!
Now it's time for the live questions segment
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 😊
Before that, community, please follow
Yes, let's go! 🙂
Okay. As a measure to deter bots and reward hunters, could you please pick one emoji that will be included in the questions so you can tell original questions apart?
---Chat was then opened for the live community to send in their questions---
Segment 4 - Live Questions
Please pick four questions now.
What are the benefits of the four card elements on your platform, how to get the cards? And how much do you get when you get the card? 🧛♂️
Hi Nana, thanks for your question.
The four-element cards are going to be airdrop to users that participate in the yield farming of the ZOO-DAI pool and NFT staking pool.
In fact, we would like to make it an additional incentive for people farming in our dApp.
The main benefits of the cards are the scarcity and the fact that they will be eligible in the NFT Battles.
Meaning that you won't necessarily have to stake an expensive NFT but also have a fair chance to participate against others.
🧛 What token utilities does your token have?
Do you support staking and farming and will there be coin buyback?
Hello Dan! Thanks for your question.
As mentioned on our website, $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. As the token has a deflationary mechanism, the more battles will take place, the more $ZOO will burn, which makes scarcity super important.
Can you tell me a little bit about how the #VRFChainlink for fair play works? because achieving justice is very difficult.🧛♂️
Hi Vior! Good question.
Chainlink’s VRF integration guarantees fair play, providing cryptographically-secure randomness within our NFT battle mechanism.
In fact, users do not systematically win if they have got more DAI than their opponent but rather more chances to win.
Essentially, Chainlink VRF works like a Roulette where if you have 50 DAI and have 50 DAI staked, the Roulette's result is going to be 50% black or 50% red.
🧛♂️ Kindly tell us How much of the rewards generated through ZooDAO's dApp are distributed to community members and also tell how are proposals submitted to the DAO decided?
Hello Ajju, a nice question as well.
Rewards are generated through Yearn.Finance.
In fact, the DAI that was used in the votes will generate yield in Yearn and will be distributed to Winners of the NFT that have won.
Please kindly refer to our Battle Guide (page 8 of the Litepaper), in case you are interested to have a full picture: https://zoodao.com/docs/ZooDAO-Litepaper.pdf
Furthermore, people holding $ZOO will be able to propose changes to our battles, thanks to Aragon's infrastructure.
Passed votes will trigger ZooDAO's smart contracts which make our dApp fully customizable.
With that, we've come to the end of this AMA
Thank you so much for taking time out to talk with us today.
Thanks again for this amazing opportunity!
We know the community asked a ton of amazing and relevant questions on Twitter; we would have loved to answer every question but didn’t have time.
For those questions not selected, we’ll be announcing an AMA on our Twitter, with some pretty exciting rewards for great questions. Stay tuned - we’ll announce it on Twitter in the next few weeks!
Any closing remarks for our community?
This was a great AMA, thanks a lot Alviss for hosting it.
In case you are creating an NFT project with amazing art, feel free to send us a message on Twitter as we are considering applications to include new projects in our Battles!
For all the people that are interested in hearing about our development and news, feel free to follow our Twitter: https://twitter.com/ZooDAO_
See you really soon all!
Our warm regards to the rest of the team at the HQ working to make ZooDao a success!
Until next time, do enjoy the rest of your day.
The AMA with ZooDao is now over.