0x499 With INK Finance AMA Recap
What do 2nd generation DAO tools look like?
DATE: 1 PM | Aug. 23 | 2022 UTC+8
Theme: What do 2nd generation DAO tools look like？
Host | Q1: Welcome to today’s 0x499 Community AMA with Camille a founder of Ink Finance! Hi Camille, we’re happy to have you today. Please introduce and tell us more about yourself & Ink Finance to us?
Speaker 🅥 | Camille: Good evening everyone. My name is Camille. I’m a co-founder and the head of BD at Ink Finance. Prior to Ink Finance, I served in a blockchain incubator called Longhash 2018. I am also a blockchain & fintech Youtuber.
Ink Finance is a multi-chain infrastructure for financial-minded DAOs to construct and operate via a no-code experience, we allow them to issue, settle, and clear Non-fungible Financial Products, through a transparent and accountable process. As a Web3 SaaS, Ink Finance enables DAOs to establish their governance economy and competence and to empower their growth via financial products.
Our team consists of Tony Tang who is the founder and CEO of INK. Tony is a Wall- Street veteran and fintech venture investor.
Our financial architect is Dan. Dan is an enterprise architect who comes with a wealth of experience working at many big financial institutions such as Fidelity & Pearson.
We currently have about 20 people on our team including our extremely strong developer core who have extensive experience in developing layer one-public chain and professional experience in both the Web2 and Web3 worlds.
We are backed by our lead investor Republic Crypto & soon thereafter were followed by DHVC, Axia8, Krypital group, GSR, Bella Protocol, Solv Protocol, Lucid Blue, LD capital, and Redline DAO in seed & anchor round last year.
In the current round, we are being backed by Alliance DAO, W3B, Draper Dragon Digital, Colony Labs, and Revere.
Because we are a multi-chain facility, layer 1 foundation players like Avalanches’ Blizzard and Polygon have become big investors.
Even prominent DAO users like Mirror world & Solv Protocol have got some skin in the game with us as well.
Host | Q2: What do you see as the pain points of DAO tools in terms of current development?
Speaker 🅥 | Camille: Current DAO tools only support either proposing and voting or investment. These first-generation tools often moved to social platforms like Discord or Telegram to execute their financial decisions and even had to move into other DAO tools to complete transactions. First-generation DAOs look for separate standalone parts and try to piece them together! This is not an optimal nor efficient solution; it is clunky and simply does not work!
Host | Q3: Why does Ink Finance call itself the second generation DAO tool, and how does it help DAOs operate better?
Speaker 🅥 | Camille: INK integrates everything from governance economy, and community management, to financial management all within one management structure.
What sets Ink Finance apart as the 2nd generation of DAO tools is INK solves the 1st generation DAO tools dilemmas by vertically integrating all our products into a one-stop service.
Host | Q4: Ink Finance on the market? What are the advantages of Ink Finance?
Speaker 🅥 | Camille: To the first question: yes and no. Most existing DAO tools are merely the implementations of certain functions that INK has. I have seen one or two all-in-one DAO infra, but I doubt they can achieve professional financial functions as INK can.
INK has a long list of advantages:
🔹 INK is a dynamic multichain operation where you can govern your DAO on one chain and get liquidity on other chains
🔹 Comprehensive Protection for DAOs from Sybil attack & whale manipulation: Ink Finance has various levels of ID verification. We are in partnership with Humanode the first crypto-biometric network and integrate with social media to make sure the key managers in your DAO are trustworthy
🔹 INK also incorporates a badge function, so your DAO can customize which hierarchy of members to participate in governance
🔹 INK provides DAOS efficient governance capital: we allow DAOs to use their own token as its governing power, and INK’s staking mechanism empowers the DAO’s token to gain more value while governing. This benefits QUILL holders mutually also
🔹 INK is a smart contract factory. DAOs can produce & operate their smart contracts independently with INK. Each DAO will have its own unique sets of smart contracts and can be adjusted with different regulatory requirements too
🔹 INK provides complete on-chain analytics and risk management. With most other DAO tools providing basic proposals, votes, and maybe transaction services; INK goes steps further providing DAO managers the ability to view all analytics & feedback from their DAO members. INK’s on-chain risk management can also protect DAO members through strict risk management regulations.
Host | Q5: What is the Ink Finance roadmap and how far is the development progress?
Speaker 🅥 | Camille: We want INK integrated adoption amongst top-tier metaverse and GameFi DAOs. We aim to reach and help serve 1 million players and their guilds by the end of the year helping them tap VC and venture capital as well to support their decentralization process. At the end of this month, our product will be on Avax, Ethereum, and Solana for the open beta test. The end of September we aim to be on at least 5 more EVM networks.
Host | Q6: Who are Ink Finance’s customers as Web3 SaaS? How to price and charge?
Speaker 🅥 | Camille:
INK is currently focused on the following markets:
🔹 Metaverse & Gamefi Ecosystems: Ink Finance can help Game ecosystems & guilds build up DAOs with different hierarchical levels & financialize their NFTs (such as gaming equipment, avatars, etc);
🔹 Angel & Venture: Whether you are a traditional VC, angel investor, or a crypto fund manager, with Ink Finance’s DAO tool, you can democratize your investment and fundraising under dynamically changing regulatory requirements
🔹 Crypto Asset Management: CeFi-based or DeFi crypto funds can use Ink Finance to conduct crypto asset management
🔹 Real-world Fintech: INK’s DAO tools enable real-world assets to be traded on STO exchanges
🔹 Liquidity Providers will be able to expand and reach more NFT-backed & structured products
🔹 Retail Investors.
The native token of Ink Finance is QUILL. Quill is a turn-on key for every DAO who wants to use INK’s platform. So DAOs need to buy or rent a certain amount of QUILLs to stake in our engine to start their governance. We will also charge DAOs when they are making financing deals on chain.
Host | Q7: How can ordinary users participate in Ink Finance？ How do they benefit from Ink Finance?
Speaker 🅥 | Camille: Assume that the ordinary users, in your terms, are retail users. I would suggest they be QUILL holders for long-term value. QUILL tokens are the only keys for DAOs to use INK, therefore, the circulation of QUILL will be less and less. If you want to be a holder of QUILL, please follow us on Twitter and discord, and join INKER DAO to earn scores for QUILL airdrops.
Host | Q8: What is the relationship between INKR DAO and Ink Finance? What is INKR for?
Speaker 🅥 | Camille: INKER DAO is a self-organized community to promote Ink Finance. The community members can earn INKR Scores to be in the Whitelist.
As I mentioned earlier, QUILL is the native token of Ink Finance. Once you have INKR scores, you can either convert them to QUILL airdrop at a certain ratio (to be determined) after TGE and also have the access to the whitelist of QUILL token’s public sale.
INKR is NOT a transferable token. It is the SBT provided by Ink Finance’s protocol. When the standard SBT is available, all INKR scores can be converted to SBTs.
About Ink Finance
Ink Finance is a one-stop financial management toolset that empowers DAOs with governance economy, asset or credit financing, investment management, and fiscal control, integrated via a plug-and-play framework. It aims to establish a gold standard for DAO financial management that can reshape financial organizations of the Web3 era.