Crypto Sumatra AMA Recap With Cook Protocol
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Time : May 21st/ 2pm UTC / 21.00 WIB
Venue : Crypto Sumatra Community Telegram Group
Speaker : Harry Chawla (Community Manager)
Introduction
Q1. Could you give us a short introduction about you and how you get into Cook Protocol?
I am the Community manager at Cook Protocol. I am basically in charge of looking at the industry and thinking what the company will need to do to stay relevant and grow in the industry.
Q2. Can you please briefly describe what is Cook Protocol and how it works?
So, Cook Protocol is a decentralized asset management platform built for ordinary investors and professional asset managers to unlock an entirely new universe of DeFi innovations.
The product that we have envisioned is a trustless, transparent, and well-incentivized platform that provides investors with a selection of investment choices and fund managers with access to highly liquidized funds.
we are a platform and our users are investors and asset managers. By talking to our users, we discovered that a lot of them wanna get into DeFi but do not know how. So that’s the reason why we decided to create a platform that will help investors to participate in the DeFi revolution. Basically, they can choose any investment strategy they like and deposit their crypto assets into the selected smart contract. Then for asset managers, since DeFi is so new, a lot of them do not have access to liquidity and there is not a lot of investment tools out there. So our platform helps them bridge the liquidity gap.
Q3. And What are the advantages of Cook Protocol project?
Our main focus is to create a decentralized asset management platform for the spot market, and then tap into more advanced markets such as derivatives, margin trading and loans.
for asset managers, since DeFi is so new, a lot of them do not have access to liquidity and there is not a lot of investment tools out there. So our platform helps them bridge the liquidity gap.
Q4. Please tell us some progress & achievement from Cook Protocol Roadmap..
We have developed a centralized asset management platform called binves.com and we had a 5M USD asset under management and different asset allocation strategies in different verticals such as DeFi. Then the platform evolved into something bigger and more decentralized, Cook Protoco
You can check out our roadmap here: https://www.cook.finance#roadmap
We have just launched our Test-net recently, that’s open for users to go and explore!
Q5. By the way, how many people/backers are there in Cook Protocol team?
We are Silicon Valley veterans representing the best companies in the world like Google, Youtube and Dropbox and then also from top universities in the states like Stanford, UC Berkeley and Carnegie Mellon, located across the globe!
Q6. Could you please share us flash info about Cook Protocol tokenomic?
10 billion COOK tokens will be minted at genesis. The token allocation is as follows:
60% to the COOK community treasury with a six-year vesting schedule.
6,000,000,000 COOK
10% to community incentive & Airdrop. 1,000,000,000 COOK
10% to early community investors with a price-based and time-based unlocking schedule. 1,000,000,000
10% to business and media partners. 1,000,000,000 COOK
10% to team members, advisors and future employees with a price-based unlocking schedule after 90 days cliff. 1,000,000,000 COOK
Twitter Question
Q1. A total Supply of 10 billion of $cook but I wonder how the tokens spilted through eth and bsc chain ? so in future is cook can join more blockchain like matic or sol ?
We currently have a circulating supply of 400M, we have weekly unlocks that are unlocked via a price-vesting system, which releases the token only when the decided price target is met, Cook is a cross chain platform that’s what makes it special! We are always looking into new choices so maybe some day :)
Q2. I see the Cook Protocol focus on developing index funds as the main product. Why did you prioritize Index? How do you see the potential of Index funds on defi?
I think most people don’t realize how big DEFI can be, it could be worth a trillion market cap in itself in future, Index funds will be a way for retail and institutional investors to enter in the market in a way that’s
Q.3 Can you please explain about the main function of ck token? Why should we choose CkToken rather than other? And how we can get benefit from ck token
A ckToken is an ERC-20 token that represents the ownership percentage of an investment fund. ckTokens can be redeemed for the underlying assets or traded at any time.
These are different to the COOK tokens, which are a governance token used to propose and vote to make changes to Cook Protocol.
The token utility includes:
- community and protocol governance
- pay platform fees
- receive platform revenue
- staking to initialise funds
Q4. I honestly think everyone just want to ride the rave of the moment DeFi, not that they truly have any value to add. How can we trust $COOK as regards this, that you’re truly adding value?
I don’t think anyone can forecast or predict the future. But we do have our vision and beliefs based on our industry experience and observations. We think although there is a bubble in DeFi, the Gamestop and Robinhood incident that happened was a clear indication that we cannot depend on centralized organizations. In the centralized system, there are and will always be monopolies that can block anyone at their wish. So I would say token prices might rise and drop but good companies will stay for a long time and make real contributions to our society.
Q5. Can you reveal some of your partners that you already established and how they are helping you to get real world adoption?
We have recently partnered with velva, duck Dao and unifarm.
Each of them has been a great help in assisting us towards mainstream adoption.
LIVE QUESTIONS
Q1. BSC is really in trending now because it has low gas fee and high transaction speed. Have you any plan to move on BSC?
We are a cross chain project and has staking available right now on BSC if you want to join :)
Q2. Demand — which is important for investors. How will demand of Your token increase in the future? What should you do to increase token demand???????????
We are tapping a very potential niche that hasn’t been explored yet :) Lot of demand to be seen once our main-net goes live.
Q3. You have a lot of events in coming days , however what challenges have you faced so far and achievement done till now?
Gas fees are a problem right now but since we are a cross chain platform, that helps a bit!
Q4. What are the long term visions of your project? why you choose blockchain and what problems do you intend to solve?
We are very dedicated with our aim, and hope in long term we will make defi easily accesible to many of future retail and insitituional investors
Q5. Does your project support staking program?if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
Any number of tokens can be staked and we have a very good APY :) have a look on our website, cook.finance
This is the end of live segment, and almost the end of this AMA session with Cook Protocol.
Thank you for spending your valuable time with us here. We wish all the best for Cook Protocol!
For further information about Cook Protocol can be found on :
Website : https://www.cook.finance/
Whitepaper : https://www.cook.finance/whitepaper/
Telegram : https://t.me/cook_english
Twitter : https://twitter.com/cook_finance
Github : https://github.com/CookFinance
