On the 13th of June, 2021 at 14:00 UTC, Decentralized Club had the honor of hosting Fred Beck (CEO) and Mr. James (COO) from the USDCow Team for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 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 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 USDCow is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity.
Segment 1 - Introduction
Hello everyone. Today we have an AMA with USDCow.
[James] Hey guys. Good to see everyone!
[James] Let’s do it!
We have some guests from USDCow.
You're welcome and it's an honor to have you here.
[James] Thanks for having us
Could you both please tell us more about yourself and your job descriptions at USDCow?
[James] I’m James. The COO of USDCow and I’m in charge of operations and marketing.
I’m Fred Beck, the CEO of USDCOW, responsible for the overall planning of the project
You're welcome Mr. James and Mr. Fred.
Let's go straight to the introductory questions, shall we?
[James] Sure. Let’s do it!
Q1. What is USDCow all about and what are the most significant features of USDCow?
[James] USDCow is a new decentralized algorithmic stable cryptocurrency which propagates nominal exchange-rate information into token supply. It combines the best of AMPL and BASIS by adopting rebase operation and staking with protection mechanisms.
It was created to resist the price volatility of most cryptocurrencies like Bitcoin and Ethereum. Without a central bank system to guarantee the stability of the crypto industry, investors usually get fear of missing out and fear plummeting. Though cryptocurrencies are demonstrated as their low correlation with stocks, currencies, and precious metals. It still shows a high potential to invest. The relatively large fluctuation of crypto assets may limit the widespread adoption of cryptocurrencies. Therefore, we need a stable coin to solve all those above-mentioned problems and has a relatively low correlation with both traditional financial assets and Bitcoins.
I think Low-Volatility, fair volume adjustment, and defense mechanism should be the most significant features of USDCow.
A stable coin! Nice! I love stable coins!
Q2. How does the protocol work? How do you make it stable and what’s the difference between USDCow and AMPL?
[James] Everyone loves it🤩
To achieve low volatility, the rebase operation similar to AMPL is adopted. This means the amount of USDCow in your wallet changes all the time since the total supply changes to keep the price cycle around $1. When Price > $1, wallet balances Increase proportionally. When Price < $1, wallet balances Decrease proportionally.
In addition, we added a protection mechanism compared to AMPL. A threshold price of 0.586 USD is set combining with the rebasing operation. People can only buy but not sell USDCow when the price is below 0.586 USD. In that case, USDCow may never enter a dead spiral, and holders are protected under this defense mechanism.
This is pretty genius!
[James] Holders are protected💪
Stable coins are the shields of bearish markets. I love the defense it gives holders that use USDCow.
[James] Thank you May! Welcome to USDCow Fam!
Q3.How does holding USDCow benefit us in the long term?
[James] We always care about investors' benefits! You can stake USDCow, USDC, USDT, ETH, or WBTC for yield farming. You can also deposit USDCow-USDC pair liquidity tokens to receive a continuous drip of USDCow through Uniswap V2 LP and SushiSwap SLP. As for holding the USDCow, it’s a good way to reduce diversifiable risk.
You will get rewards not only for USDCow but also USDC which is quite attractive.
Like I said, holding stable coins is the ultimate defense against bearish markets.
I see USDCow becoming a household name!
This is amazing! Added USDCow to my "to hold" list now 😁
Q4. Why choose ETH? Have you considered any other chains and how do we know it's safe?
[James] Ethereum as one of the most authoritative chains which own the most users in the crypto industry is our first choice beyond doubt. We think highly of the huge potential behind the ecosystem of Ethereum and the upgrade to Ethereum 2.0. Moreover, we will launch USDCow on other chains in the near future to broaden the usage of it as a stable coin.
As for safety issues, the code is open-sourced. USDCow will be audited by related authorities. We also welcome any reputable auditor to inspect USDCow and let us know so we can post it on social media. In addition, a 48 time-lock will be added on staking contracts and a liquidity pool lock has already been set. Thus, it is safe for us to invest in USDCow😄
Omnichain projects are fast becoming investors' favorites.
Funds are SAFU with USDCow 😁
Q5. When and which CEX will USDCow be listed on and what kind of marketing will be done?
[James] Plenty of CEX have already contacted us to list on their exchanges. We may still focus on DEX listings such as Uniswap SushiSwap or Mdex and pancakeswap after cross-chain launches to reduce the risk of high volatility on CEX.
[James] We have over 100 customer service team members to answer questions for users and we will work hard to continually host marketing events and activities to expand our market share.
We also prepare a series of tutorials, videos, gifs, and articles to make it easier for users to trade and stake.
I believe we will have a good performance then.
It’s also an aspect to guarantee the safety issue!
Yes, I believe so too.
Everyone loves stable coins 😁
Q6. Any other plans for the rest of 2021?
[James] During the year, a team of both professionals and community volunteers will constantly work behind the scenes on updates, partnerships, social media, and more. We will work with marketing professionals, try to involve 5 thousand new members in our telegram group per day, and continually update posts on social media and cryptocurrency forums. We might raise funds for news conferences or other marketing events in the future if it goes well.
This is huge!
We are working really hard to achieve all these above😉
I just want to take time out to appreciate you, Mr. Fred, and the rest of the genius team back at USDCow.
We see your amazing work and your sleepless nights and endless cups of coffee are not in vain 😁
[James] You are so nice😍
Thank you, May
You're welcome 🥰
Ready for the next segment where we take five questions from our Twitter family?
[James] YES! WE ARE READY
Segment 2 - Twitter Questions
1. Where can I buy your tokens right now, what is your current contract and how can I buy them? Will you have any other DeFI features like staking, yield farm, or NFT in the future? Can you share a little about your roadmap?
[James] This session will airdrop for chosen questions right
Yes, after the session.
[James] Good question hah. USDCow is only available on the Ethereum blockchain at present. You need to configure your wallet to use the ETH network and swap for USDCow on an exchange like Uniswap.
We will launch staking and yield farming next week and a new exchange listing will be announced in the following month. You will be able to stake USDCow, USDC, USDT, ETH, or WBTC for yield farming. You can also deposit USDCow-USDC pair liquidity tokens not only for USDCow but also USDC.
To get the latest info about staking releasing, please follow our social media and join our official community☺️
2. Part of your economic model uses a rebase operation, can you explain with details about this rebase, how often is it done, and with what purpose?
[James] Here is the explanation. The protocol automatically adjusts the supply of USDCow across all user wallets based on price. This means the number of USDCow you own changes based on market conditions. When the price is high, wallet balances automatically increase. When the price is low, wallet balances automatically decrease. This supply adjustment operation happens once per day from 09:00:00 am to 10:00:00 am UTC.
In other words, the amount of USDCow in your wallet changes all the time since the total supply changes to keep the price cycle around $1. When Price > $1, wallet balances Increase proportionally. When Price < $1, wallet balances Decrease proportionally.
For now, I think every holder has gained additional coins after rebase since our price keeps rising and is far above 1 dollar.
3. What is the biggest challenge you face currently in terms of becoming a successful project or company?
[James] Awesome question👍🏻
I think that the biggest challenge we face is the high volatility of the cryptocurrency market, but our team members have been deeply involved in the crypto market for more than 8 years. We will make the best response to market volatility and give the best solutions.
Please have faith in it🚀🚀🚀
Yes! We have high hopes 😁
4. You have a lot of similar competitors in the crypto world. Can you indicate the strength of your project to compare with other competitors? What is your most trusted feature?
[James] We do really appreciate AMPL as a stablecoin project and we have some innovations based on them. We value the stable coin track in the cryptocurrency market. The whole market size of the entire cryptocurrencies is over 2.5 trillion U.S. dollars. The most commonly used stable coin USDT has a market value of only more than 60 billion U.S. dollars nowadays. This track has really high potential. We believe that we will have a good performance in the field of stablecoins.
I believe so as well!
5. What are the ways that Project generates profits/revenue to maintain your project and what is its revenue model? How can it benefit win-win to both investors and your project?
[James] As I explained before, the biggest difference is the protection mechanism by adding the threshold price to avoid a death spiral. I still think Low-Volatility, fair volume adjustment, and defense mechanism should be the most significant features of USDCow.
1% of daily mining output will be transferred to the address of the project team as a reward. Though some people might think it’s rare, we aim to make USDCow a top-ranking stable coin and the majority of USDCow comes from mining. As a result, at the time when USDCow reaches a market value of 10 billion USD, we will get an income of 10 million dollars which is quite a lot of revenue. Before that, we would rather try our best to invest more in this project than take profit from it.
Investors can stake USDCow, USDC, USDT, ETH, or WBTC for yield farming. You can also deposit USDCow-USDC pair liquidity tokens to receive a continuous drip of USDCow through Uniswap V2 LP and SushiSwap SLP. As for holding the USDCow, it’s a good way to reduce diversifiable risk.
A win-win situation will be realized in the above ways😊
It's time for our live community to send in their questions.
The group will be opened for a short time with slow mode to prevent spamming.
[James] Okay. Let’s do this!
You will pick five great questions to answer.
Opening the group in five seconds.
---Chat was then opened for the live community to send in their questions---
Segment 3 - Live Questions
You can start here.
[James] Well, so many questions
I’ll pick five
DeFi is not a safe or stable place to save money, because Many projects are rug pulled, exploited, or hacked. How does #USDCow secure the risk of these DeFi problems? What solutions will #USDCow provide in securing DeFi risks to the #USDCow ecosystem itself?
[James] Ownership will be renounced after the launch of staking and yield farming. A 48-hour time-lock will be added on staking contracts and a liquidity lock has already been set. Our team members are both well educated and have a high-level requirement of our product which can be seen from the presents of our official website and content of the contract.
Do you have tutorial videos so we can get to know your project more clearly or do you have a YouTube channel or something? Can you share it with us?
[James] I just saw a question about teaching video
Here is the link
Why should I invest in your token, do you guarantee I'll be profitable?
[James] As you can see from the chart. USDCow just released two days ago and it has a remarkable growth as a stable coin.
Moreover, coins in your wallet are increasing and it is protected by a protection mechanism. Our marketing team will continue to let more people know and invest in USDCow. Therefore it is a good token for investment.
Many projects start but get stuck along the way, could you tell me if you plan to stay active and offer projects and opportunities to the community in the long term?
[James] It depends largely on the probability. We have over 100 customer service team members to answer questions for users and we will work hard to continually host marketing events and activities to expand our market share. We will release it on other chains if it works well and more listings will come soon. So I believe we will have a good performance then.
[James] First of all, the code is open-sourced. USDCow will be audited by related authorities. We also welcome any reputable auditor to inspect USDCow and let us know so we can post it on social media. In addition, a 48-hour time-lock will be added on staking contracts and a liquidity lock has already been set. Thus it's safe for us to invest in USDCow.
I guess it’s the final question...
You answered question one twice 😁
So there's one more question left.
Sorry for that
It shows it's a really good question 🙂
Cooperation and partnership are one of the most important issues to help develop a project. Can you tell us about your existing partnerships, the partnership plans, and what people can gain from these partnerships?
[James] We are cooperating with several private funds now and we are negotiating with two exchanges that have a relatively large scale in the crypto market. So hopefully we will announce our partnership with them soon and holders will get rewards for the pumps😊
Aaaannnndddd we've come to the end of our AMA with USDCow!
Thank you so much for being our guest today at Decentralized Club!
We appreciate you being here.
Any closing remarks?
[James] Thanks for having us here today! Great community.
Thank you too!
[James] I would request all community members to reach out through our social media handles for any updates and any questions that we were unable to answer here.
🔗 Official Links:
Twitter : https://twitter.com/usdcow
Thank you for your hosting😁
Thank you too.
Enjoy the rest of your day. 😁
[James] Have a nice day😁
The group will be open now!