Decentralized Club Ama with Tribe3.
On the 9|02|2023 Decentralized Club had the honor of hosting Tribe3 for an Ask-Me-Anything session on their Telegram page with a community of over 60,000 people. It was hosted by Auria
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 questions from the community members in attendance were answered in Segment 3.
If you missed this event and would like to know what Tribe3 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.
I’m Auria, your host for this AMA session.
For today’s AMA session, we have invited the Joseph and Dri from Tribe3 to help us learn more about this awesome project.
Let us all give a warm virtual welcome to our guest , @hxhbbdkan , @Dridrileng 👏
Hi Auria, nice to meet you!
we are speaking here
nice to be here and meet the community members!
It’s pleasure to have you here with us.
Before we dive into the project, we will love to know about your role and day to day work experience in project
sure no problem
I am Jo from the Tribe3 team handling mainly the marketing and BD side of things in Tribe3. Recently it’s been excited and also busy as we are rolling out our testnet to all the public.
We do see many users feedback on our product and also the demand in the market. Really excited to share more later
Thanks for introducing yourself
as you already know, this AMA will have 3 segments.
And in the last (3rd) live segment , I will unmute the chat to allow questions from our dear Community!
So let’s start our AMA with basic introduction segment.
Here’s the first one for you
Q1: What is Tribe3?
Tribe3 is a gamified NFT futures exchange where users can trade NFT perpetual futures with leverage, engage in NFT tribe battles against others in the community and win in-game items to create personalized NFT avatars.
We have 3 main features, Trade NFT perpetual futures with leverage (a low-cost and capital efficient way for NFT lovers, traders to speculate/hedge), Engage in tribe battles against others in the community, Earn in-game items based on trading behavior to build personalized NFT avatars.
That’s a brief introduction of Tribe3 👍
Q2: What is NFT Futures? How does it work? Why do we need NFT Futures?
Futures at its core are really side bet contracts that allow different parties to bet on the price direction of an underlying asset.
Imagine a side between a BAYC holder vs someone who think BAYC will go to 0, they can set up a side bet where if the floor price of BAYC goes up by 1 ETH, then the holder will gain 1ETH (at the expense of the non-believer) and vice versa.
Then a futures exchange basically facilitates these side bets in a standardized manner at a much bigger scale. In this context, whenever a user “long” 1 BAYC contract, it is basically like the example we just mentioned, he will make gains as the price of BAYC goes up
So how does it work:
Long and short a contract and have a side bet with other traders or the system. You can bet on prices going up and down, not just diamond hand-holding one NFT but also bet with leverage like what you do in crypto trading.
On top of that, our platform only charges a relatively low fee on each trade which is much lower than the open platform fees like Opensea and LooksRare. There’s also no royalty involved because there’s no underlying NFT transaction. That actually gives traders more flexibility to get exposure in the NFT market.
But why do we need NFT futures?
As a long time retail trader in stocks, crypto and NFT, the Tribe3 team experienced many pain points in NFT trading.
1. Firstly There’s no way for us to hedge/short.
2. Secondly, The ticket size is really high for something like BAYC, Punks
3. Lastly There’s no leverage available.
But with Tribe3, you can earn money even if you are not an NFT holder and you can even long & short with leverages. Feel excited right!?
Q3: Who are the Investor and the team?
Our founder is with experience from investment banking and capital markets at Citibank New York and Hong Kong, private equity investments at EQT Partners and also is a crypto and NFT trader. The Tribe3 team actually are all over the world in North Asia, SEA and also Europe with background and experiences in large companies like Google, Uber and also Web3 experience in web3, NFT projects and also crypto exchange like Huobi Global.
Regarding the investors side, we are currently backed by The Spartan Group, IVC, Newman Capital and some OGs from different communities and NFT spaces. With the strong network and support from our investors, we are ready to bring disruption to the ecosystem and bring the best to our users. 👍
Q4: What are the new feature — referral system, tribe3 point and avatar.
As I mentioned earlier before, we are not a single layer platform only providing trading services. We added a few new features to our platform, some for rewarding early adopters, some for adding social elements to our platform.
The first feature is the referral system, Tribe3 designed a referral system with different tiers. We allow users to invite friends and family to join our platform and earn rewards for doing so. They can simply put the referral code on Tribe3 platform and send your referral code to frens.
For rewarding and marketing purposes, we will launch a one on one NFT avatar. Users can create and customize a unique avatar on Tribe3 platform. Your customized NFT avatar that represents your identity, style, preference and community allegiance as an NFT trader. There will be more to sneak peek and announce very soon. Personally, I am very excited to this as well as our community would definitely love it.
Getting more Tribe3 points will give you advantages in the ecosystem. Also, more Tribe3 points will give you greater rewards in the future, including token airdrop and Tribe3 NFT avatar. 👍
Moving on to our last question of this segment
Q5: What is the roadmap of the project, where are we?
After digesting tons of feedback from the community, we are very excited to announce that we have already opened our testnet to the public and started a new round of trading competition this Monday, lasting till 19 Feb.
Because our platform is a multi-layer platform. There’s trading, there is NFT avatar, there’s also Tribe battle. So we’re looking to focus on trading at the moment.
We are targeting to have the mainnet launch in later Q1 this year and also NFT avatar launch in Q2. On Tribe battle side, that will probably come a little later, probably in Q3. So that’s sort of like the near-term roadmap of the project.
Prior to mainnet launch, which is now and coming weeks, we are also focusing on user education, marketing as well as collaborations with other protocols in the NFTFi ecosystem and different NFT communities. We aim to bring our product to more users so as to solve some of the pain points in the market. 👍
That’s wraps up the first part of the Ama session.Thanks Jo for your Answers!
thanks Auria. Always great to introduce what we are building to more people
Here’s the first interesting question from twitter
Q1: I read about “Liquidation Mechanism”, When the collateral ratio of a position falls below the collateral ratio maintenance requirement (i.e. 10%), the position will be liquidated automatically. So, how do liquidation work? What should I do to avoid Liquidation? @luckluckan1
First, thanks luckluckan1 for the question.
When a position’s collateral ratio falls below the collateral ratio maintenance requirement (i.e. 10%), such position will be liquidated automatically by liquidation bots. Hence it’s very important to make sure your position is above the maintenance level.
To minimise your liquidation risk, you should:
1. Choose an appropriate leverage level — the higher the leverage, the more likely a position will be liquidated, especially in a volatile market
2. Do your own research before trading — understand the risk associated with the trade (e.g. underlying collection, collateral pledged, leverage applied etc.)
3. Monitor your collateral ratio closely — cut loss or increase margin when the collateral ratio approaches maintenance collateral ratio (i.e. 10%)
On the other hand, we are also developing different features to let users to to be more aware of their existing positions. For example, a liquidation alert and notification will be helpful to notify users before liquidation actually happens. Hope that’s helpful to luckluckan1’s question! 👍
a minute for the community to digest
encourage everyone to experience it on testnet lol
you wont want to face it when you are trading on mainnet 🤣
Q2: According to the project’s roadmap- what are your most important next priorities? @Daviddaniel158
thanks for the question
Here are the coming things we will do and focus:
1. Mainnet launch
2. NFT avatar
3. Referral Campaign
Mainnet launch will be the next big thing for Tribe3. Our team are very excited for the launch of mainnet. The next thing after mainnet would be our avatar, at the same time, we will have our Tribe3 referral campaign along the side. Do keep an eye on @Tribe3Official Twitter for the details to be announced!!
When everything is moving smoothly, tribe battle — a social and gamified element will also be added to the platform for different community holder to compete on. 👍
Q3: I read that in tribe3 we will find a “A social future + gamified NFT DEX”, but really, what social and gaming characteristics will they have, if the products are for trading futures? Or is it that in the future they will launch new products? @Gutike95s
As introduced earlier, Tribe3 is a product with three layers — trading NFT futures, socialised with NFT Avatar and gamification via Battle. All layers are in the Tribe3 ecosystem so there will not be any new products at the current plan.
Regarding the social characteristics, we have already launched the features of user profile and referral program.
Like a mini Twitter, users can build their own profile on Tribe3 and also follow each other on Tribe3 by simply clicking the “Follow” button. You can track the trading activities of other users on Tribe3 and also see their position on the leaderboard.
Also, from the beginning of our testnet launch, there is already a “Chat” section under each trading pair, where users can chat with each other there.
In early Q2 this year as said, we are also looking to launch our NFT avatar so every user can have their own avatar and also get NFT items while trading and getting Tribe3 points.
Re. the gamification part, we are looking to launch battle feature in Q3 this year. Stay tuned for more details!
Q4 : What is the concept of leverage, collateral ratio, and liquidation in Tribe3’s NFT futures exchange and how do they affect a user’s ability to trade and manage risk when opening leveraged positions? @johnclark_0
In short, Leverage allows you to trade with more notional amount than the amount of collateral pledged. For example, if you wish to open a position with notional amount of 50 TETH and use a leverage of 5x, the amount of required collateral will be 10 TETH. At Tribe3, users can open positions with up to 5x initial leverage (i.e. an initial requirement in collateral ratio of 20%).
While leverage enables you to open a large position with relatively small amount of collateral, it also increases the risk of your liquidation. Liquidation is a key part of leveraged trading so we have an entire section about liquidation in detail. If the collateral ratio falls to 10%, your position may be liquidated.
Feel free to go to our gitbook to learn more. https://Tribe3.gitbook.io/Tribe3/ 👍
Moving on to our last question of Twitter segment
We have been putting user experience as our first priority when designing our product. Our founder and team are experienced derivative traders, they understand well what element trading platforms are needed and should have. As the first product in the market integrating NFT futures trading, social and gamification elements, It is believed that Tribe3 will be the next game changing game in the community. 👍
Thank you for answer all the Twitter question. That’s so informative for our community
What sort of protection mechanism does Tribe offer for its users? What happens if someone manipulates the floor price of NFT?
In Tribe3’s trading system — the futures price is based on a virtual automated market maker system (much like Uniswap’s AMM, but on a virtual ledger), so the price goes up as users long, and the price goes down as users short, in this case, if a user wants to push up or down the VAMM price, the user will actually have to enter into a big position to do so and take a lot of risk.
The Oracle price is based on a time weighted average (TWAP) collection floor price (on a rolling 6-hour basis in 10 seconds increments) from open marketplace API data (e.g. Opeasea, Looksrare, x2y2), and we use the oracle price for funding rate calculations (and in very rare cases for liquidation purposes). For a user to manipulate the oracle price meaningfully, the user will have to manipulate the collection floor price for a long time and incur significant cost in the open marketplaces (like opensea, blur).
Eventually — as other platforms gain high volume, we will move the oracle price towards a more transaction / market-based oracle price. Once Tribe3 gains more traction itself and reached a certain scale and user retention — it is our goal to migrate towards an offchain orderbook onchain settlement system.
hope it answers!
Who are the target users for tribe3? How does tribe3 plan to expand to different groups of users?
First group that we target is definitely the native NFT community. So people who already have been trading NFTs or in possession of a couple of NFTs. Many of them have been hoping to get exposure to top NFT collections but they have been priced out at the moment. Plus, from our observation, many NFT collectors actually have a diamond hand portfolio and would like to hedge their positions from time to time. Currently, there’s no way for you to do that. So that’s only the first layer of users will be from the native NFT community.
The extension of that would be the NFT curious crypto traders. If you guys remember in the NFT community, when APE coin first came out, the market cap of APE coin itself was over 30 billion dollars which at that point entire NFT spot market was only 10 billion, which means one APE coin market cap on the FTV basis which is fully diluted value basis is three times the size of the whole NFT market. Now that’s suggesting to the Tribe3 team that there were a lot of crypto traders and institutional traders that came in and speculated on APE coin prices at that moment. So we think that there’s a lot of potential and liquidity that’s locked up right now in the crypto trader space and these are active traders that would love to trade against the NFT community. Currently they just don’t have the right tools to do it.
NFT in itself is not a vehicle or not an instrument that they’re used to trading given that it is not a operationally / capitally efficient trading vehicle. By introducing futures into the equation, they are able to finally have something that is native to the crypto traders themselves. I think many of them won’t hesitate to jump in right away.
Do you have a AUDIT certificates?
are you working to AUDIT your project, so that the security of the project becomes more secure and reliable?
Code audit is current in progress. We will share before the mainnet launch. That’s a must-do thing for all the protocols and we are not the exception. So we will share once completed and before mainnet. As said earlier, we always put users experience as our top priority
What can you tell in detail about the future privileges for early participants?
One privilege will definitely be some special rewards on the NFT avatar side to reward our early supporters. Also in the future, early supporters can have a higher chance or whitelist to participate in all our exclusive campaigns.
While Tribe3 points system is already live, early supporters are the first ones to experience the feature and earn some Tribe3 points. With Tribe3 points, you can redeem NFT items to customize your NFT avatar and of course with a higher chance to receive Tribe3 token airdrop.
As said, currently, there is a trading competition on-going and it’s a perfect way for early participants to earn rewards and points. Some of our early participants already enjoyed the benefits of getting extra TETH to join the competition to increase their chance of winning. In the future, we will still be having different campaigns and privileges for all our users and early supporters, stay tuned!
Partnership is always an important factor for every project. So who is your partner? What are the benefits you get from those relatiionships?please tell me this question now?
We have been partnering with NFTGo, Spicyest, SodiumFi, DTTD, CrossSpace, Moonbirds Dynasty and more. Our partnerships include protocols in the NFTFi space, social-fi and also other NFT communities. These partnerships can not only help us reaching out to more users, but very importantly there could be tech integration which could help us to provide a better user experience for our users. Going forward, we will still be looking to partner with different protocols, trader groups and NFT communities.
Stay tuned and we do have one exciting partnership to announce in a couple of weeks. 👍
Alright that’s a wrap.
Thanks for joining us today
thanks for hosting and inviting us!
thanks everyone for reading the message
can i have last word lol
Great session it was
Thanks for DC for hosting and everyone dropping by to learn more about Tribe3. Again, i think the best way for everyone to understand is to experience it.
This is the public testnet on-going right now. Winners can get USDT and Tribe3 points.
After trying out testnet, you will know the fun of longing and shorting NFTs!! Hope everyone loves it!
Best of luck to the whole team
IMPORTANT LINKS :
Telegram Group (Newly Open — Join now):