NewageSage dropped by to talk to TheDev100x about the exciting stuff they have been working on and to take some questions from the community.
If you would like more information about Bank of Cronos please visit their website at https://bankofcronos.com.
Bank of Cronos Interview
I am going to ask NewageSage a bunch of questions about BOC, and if any of you have any questions I didn’t ask, we will un-mute the chat towards the end to give you a chance to ask!
NewageSage Hello everyone. I’m NewageSage and I would like to thank our host, The Cronicle and TheDev100x for hosting the first ever Bank Of Cronos AMA!
TheDev100x No problem! it’s our honor to have you here today! Our mission is to educate our investors about everything Cronos, and I must say, after reading through your doc’s, I am really intrigued, with that out of the way, can you tell me about your team and and overview of Bank of Cronos?
NewageSage We are Bank Of Cronos, and our team is mostly anonymous, born from the Ethereum DeFi Community. We currently have 7 founding team members but the goal is to have the Bank of Cronos become a Decentralized Autonomous Organization with all decisions formed by community members on our forum and finalized by token holders through snapshot voting.
The Bank of Cronos project aims to be a decentralized reserve currency on Cronos with the aim of becoming a long-term store of value. We are starting with the launch of the BOC treasury this week on Jan 20th and our initial USDC and BOC/USDC LP bonds. The next stages of our project will include other Defi protocols with the aim of further adding revenue to the Bank of Cronos Treasury.
TheDev100x Ahhh very cool. So with Bank of Cronos your aim is to become a store of value, or like a reserve currency for Cronos.
We’ve all seen a huge influx of Olympus OHM type forks, and some have tried different tokenomics or mechanics and have done really well on other blockchains. What makes Bank of Cronos different, and why should investors check it out and invest in it?
NewageSage You bring up an interesting point about the massive amount of Olympus forks that have emerged of late. A lot of people have seen the same song and dance, another Ohm fork. The Bank of Cronos aims to develop and deploy various protocols in an effort to bring in treasury revenue alongside the infamous Olympus-style bonding to make this happen.
For us, the community comes first. Our inception began as members within the DeFi community and when our team came together, we realized that we could offer a new decentralized reserve currency on Cronos. One that is made for the community, by the community, and will continue to develop, progress and prosper as a DAO. Our IPNO was initiated as a means not only for initial price discovery but as a strategy that allowed a fair and communal offering for the community.
TheDev100x That leads me perfectly to my next couple of questions actually…. First… I love your IPNO style of launching. We have all experienced token sales being sniped/etc. but I really like how you structured your sale, by selling bocNFT’s that will then receive the $BOC tokens
I want to ask about your unique selling points with BOC next, but before I do, please tell us about the IPNO sale model, and how it works
NewageSage Our Initial Public NFT Offering (IPNO) is part of our Fair Launch Strategy, and aims to distribute supply of our BOC token as fairly as possible. By participating in the NFT sale, users can reserve a share of the initial BOC token airdrop (January 20th 2022) at a very fair price and in a non-competitive environment. So as of today, our NFT sale is still live for another 4 days and all 3 Tiers of our unique NFts are still available. Each Tier comes with its own allocation of BOC tokens when we launch. The Basic tier NFT allocates holders 10 BOC, the Premier tier NFT allocates 100 BOC, and the Exclusive tier allocates holders 1000 BOC on launch. The funds raised will enable the Bank Of Cronos DAO to bootstrap the initial liquidity pool (set to start at $100 USDC/BOC and LP tokens bonded to the treasury).
TheDev100x I love that, seems to be an ingenious way to launch with erc-721 minting/tx prices so cheap on Cronos. So with that said, reading through your documentation, which is available here (https://bank-of-cronos.gitbook.io/docs/) it seems like your developers have made some advancements that improve on projects of the past.
Can you tell us about the bonds, the gOHM style bonds, and $BOC staking? And basically, how investors that aren’t familiar with Olympus DAO, or other algo stablecoins, can make money using Bank of Cronos
NewageSage The goal for the first phase of the BOC launch is to grow the treasury and its protocol owned liquidity. For this reason the first bonds to go live will be USDC and BOC/USDC LP bonds. The second phase of the Bank Of Cronos bonds will see the introduction of gOHM bonds. We believe the introduction of gOHM in the BOC treasury allows token holders to gain allocation to the ever-growing Olympus Dao treasury. The gOHM bonds will allow users to bridge gOHM tokens from ethereum and sell it to the Bank of Cronos treasury, using similar governance token bonds seen on Olympus DAO, Wonderland Finance, and the Redacted Cartel.
TheDev100x Oh wow, interesting. This is the first i’ve heard of gOHM going live on Cronos.
You mentioned Protocol owned liquidity and your docs also mention PCV, protocol controlled value, can you tell us what that means, and how it improves BOC?
NewageSage The protocol controlled value (PCV) will be the treasury reserves (stablecoins, LP tokens, governance tokens etc) that will back the BOC tokens. This gives each BOC token an intrinsic value. What some ohm forks fail to realize is the importance of growing the PCV and have it growing faster that BOC supply growth (BOC tokens issued to stakers, bonders etc). This will be our first challenge to maintaining low bond discounts.
TheDev100x Could you tell us what the token allocation will be at launch, and what the supply of $BOC will be?
NewageSage The token allocation will depend on the NFT sales on Jan 20th. Currently we have sold 1060 BOC tokens which will be airdropped to NFT holders. We will also use the NFT sale proceeds to bootstrap the initial liquidity pool. We have decided on opening the liquidity pool at $100USDC/BOC so the initial token allocation formula would be below:
Initial Token Supply = NFT sale BOC allocations + (NFT BOC allocations)/20
TheDev100x Exciting so we only have 4 days till launch! In your docs you mentioned you are currently setup using a 7-signer multisig, and will transition to fully autonomous DAO governance, do you have a timeline for that? Will your team complete any audits or KYC in the future?
NewageSage We haven’t set a date for this transition. We want to bootstrap the DAO in the weeks after launch and have community members begin to participate in the protocol initiatives. We want to deploy our first two set of bonds and then the Asteroid Finance protocol to achieve our treasury goals. Once that is complete we will shift focus on transitioning to a fully autonomous DAO.
We currently have KYC and Audits in our roadmaps, scheduled to take place in Q1 2022. These are integral steps for any protocol wanting to ensure investors that their project is sound and comprises members who are trustworthy. We have always wanted to wait to do our KYC post-launch. It mostly has to do with our intention of having all DAO funding allocation agreed and voted on by the community. We believe it is only right to have a snapshot vote before allocation of DAO funds for any Audit or KYC. Each major milestone and progression for Bank Of Cronos must always consider the impact towards developing a fully established DAO.
TheDev100x Fair enough, what is Asteroid Finance?
NewageSage Asteroid Finance will be the second protocol released by the Bank of Cronos DAO. It is an overcollateralized lending protocol that will allow users to lend Cronos tokens as collateral to borrow/mint a USD-pegged stablecoin. The Asteroid Finance protocol is currently undergoing testing and we will have more information to share in the near future. Cronos Mainnet release is set for February 2022. We believe the Asteroid protocol will allow the BOC treasury to earn additional revenue and create the preferred stablecoin for future bonds. The name of the stablecoin has not yet been finalized and may be placed in a snapshot vote for our community to determine. We will be releasing a much more comprehensive look at the extensive functions of this protocol with documentation to help breakdown everything about Asteroid Finance.
TheDev100x 🤯 woah, very cool, I can imagine the synergy the two could offer each other. I am super intrigued!
NewageSage We are very excited as well to be the first to introduce a native stablecoin on the Cronos Network.
TheDev100x With the massive early success that Cronos has achieved so far with user growth and new dApps launching every day, it’s a battle for eyes, what are your plans for marketing and growth?
NewageSage In terms of marketing growth, we want to grow the Bank Of Cronos community and engage with the rest of the cronos projects, #crofam. We are looking to be much more involved in Cronos events and it is ultimately a positive sum game as we need the support of the community to thrive. We want to help other Cronos projects to help grow and prosper collectively.
TheDev100x I am glad to hear that! Cronos is so new, that one of the best things we have at the moment is everyone working together. It’s not like other blockchains where you need to tear down your competitor to do better!
It sounds like you have a really solid business plan, and your team is very competent. I personally can’t wait to hear more about Asteroid Finance, and the other enhancements to BOC. I picked up a bocNFT myself, and can’t wait for launch!
With that said, can you tell our audience how they can take part in your launch, get their own bocNFT and also please leave us with your social media other important links?
NewageSage We’re excited for the community to join us on our launch on Jan 20. Join us on our discord we are always happy to help and it is the best place to reach us. This is an economic experiment, so please invest wisely. DYOR. Learn about existing Ethereum protocols (OlympusDAO, Wonderland Finance, the Redacted Cartel, Abracadabra, Liquity etc.) to gain an appreciation as to where Bank Of Cronos is headed. The early investors of Bank Of Cronos can benefit greatly by participating in our pre-launch.
- Website: bankofcronos.com
- NFT Minting (Live until Jan. 20): nft.bankofcronos.com
- Discord: discord.gg/hGkNku358Q
- Medium: bankofcronos.medium.com
- Docs: bank-of-cronos.gitbook.io/docs
- Twitter: twitter.com/bankofcronos
NewageSage Thank you to everyone who took part in our very first AMA!
I would once again like to thank our hosts, The Cronicle and @TheDev100x. Thank you all for attending, this was a blast! Please hop on over to our Discord and join us as our team will answer all of your queries at: https://discord.gg/hGkNku358Q.
If you ever want to reach out to me directly, follow me on Twitter @newagesageog and send me a DM.