Selected questions and answers from the AMA
1. Joseph, would you like to say hello and introduce yourself?
👋 Hi there. I’m Joseph, the founder of AlgoBlocks. I’m happy to connect with the Poolz community today.
🏦 I come from a background in both crypto and alternative investments. I was the head of advisory at a leading crypto exchange in Hong Kong and also a fund manager backed by Goldman Sachs and European pension funds in a past life. Being in alternative investments, crypto was always an asset class that fascinated me as it’s how I would want to build financial services, from the ground up.
⚙️ I’m building a solution to enable anyone to use DeFi products seamlessly, easily and intuitively to trade and increase their crypto wealth.
2. What is Algoblocks? Can you share with us more in detail?
✅ We are creating a middleware layer that is augmented by an extremely streamlined and intuitive user interface to enable any user to interact with our wide suite of DeFi products that we help connect to us.
✅ We simplify and streamline the experience of interacting with DeFi products to make trades
✅ We will provide unlimited pre-programmed strategies and workflows at your disposal. We also provide a dashboard to consolidate your positions and tokens from various Dexes and products into one unified view – in which you can also interact with your positions.
✅ Lastly, we are built on a sophisticated tech stack that enables liquidity aggregation, faster trading and better pricing.
📝 The breadth of the DeFi products on hand, the range of activities that are supported and the highly streamlined user flows to trade with DeFi products that can be templated and automated are what sets us apart from the other products in the market.
👫 From a business perspective, we invite our users to put together and publish their own user flows to access DeFi products to share with other community members. The publishers will also have a chance to earn from their contribution whenever their template is used by others on Algoblocks.
3. What triggers you to Algoblocks? What are some of the real-world problems/ pain points that Algoblocks aims to solve?
💡 We believe DeFi is disruptive to the traditional financial ecosystem as well as crypto. We love to see hundreds of new DeFi projects come out every day to solve a pain point that is not addressed by traditional finance.
However, one of the gap that we have identified – and one of the strong drivers for us to create AlgoBlocks is the scalability issue of DeFi projects due to the pain points that the everyday crypto user faces when they try to use these Defi products. Based on our research and discovery, we found that even simple tasks like bridging and staking are intimidating for most crypto users. We would like to reduce this friction for usage and adoption.
💻 By providing a seamless interface with a smooth middleware that connects with other DeFi projects, we hope to contribute to the growth of the overall DeFi market.
4. What are the main product features of AlgoBlocks?
One of the core goal of AlgoBlocks is to provide an avenue to discover, invest, manage and automate DeFi investments with personalised signals and strategies in one place.
The platform will embrace cross-chain services to bring various blockchains in one platform. It aims to support a flexible integration with the largest number of supported products in the market.
As an all-in-one DeFi management platform, AlgoBlocks aims to simplify the process of interacting with multiple DeFi protocols across different blockchains. Here are the summary of product features that AlgoBlocks will offer to DeFi users:
– All In one DeFi Dashboard, connect the wallet to view your DeFi portfolio.
– Intelligent and personalized signals system.
– Curated one-click investment option or DIY your own pre-programmed trade.
– Marketplace, visit the marketplace to find curated DeFi Investment recommendations.
– Swap Assets, access multiple DEXes on a single page.
– Comprehensive Dapp and DEX search engine, from DEXes to NFTs.
– DeFi education portal with a gamified system to encourage DeFi newbies to learn DeFi concepts and earn NFTs.
5. Are there any exciting news or updates with regards to Algoblocks that you would like to share with the users?
AlgoBlocks raised $1.9 MM in its strategic and private funding, thanks to the addition of investors Draper Dragon and Kyber Ventures.
The total funding goal is to reach $2.3 Mil through raising an additional $400K in the public round through 3 market leading launchpads, KrystalGo, Decubate and poolz
Public round fundraising with KrystalGo Launchpads will be launched on April 07 2022 follow by Decubate and poolz. After the public round fundraising, it will be a simultaneous listing on MEXC and BitMart on April 19, 2022, 10:00 UTC.
Community and socials growing rapidly, followers grew more than 100K+ on telegram and 50K on Twitter within 3 months.
Besides this – we also have several accretive strategic partnerships and potential investment conversations that will positively shape AlgoBlocks and we will share those in due time if you follow our social channels.
6. What is the role of $ALGOBLK in Algoblocks? Would you tell us more about its tokenomics?
Initially,the ✔️ ALGOBLK token will be used to pay trading fees, deployment of trading strategies (later stage), staking and rewards. Voting ( community users will be voting on which strategies to be deployed based on their performance).
Reduce Trading Fees: Get 25% off trading fees by paying with ALGOBLK tokens
Stake to Trade Free: Stake 1:1 value tokens to trade commission free up to the staked amount and also earn inflation interest
Stake to get platform benefits: Stake ALGOBLKS to get auto stablecoin switching service
Stake to keep your strategy private: Keep your AlgoBlocks private by staking at least USD 300+ worth of ALGOBLK tokens
Later on, our project will enable ALGOBLK to be used as an “Universal Gas Token”. Essentially, you can use our token to pay for transactions on any chain given we will handle having the right gas tokens at the back end. E.g. You wont need a purse full of MATIC, BNB or ETH separately all the time to interact with different chains. We save you from all that hassle.
7. Any toughest challenges over project development? and how do your team address them?
One of the biggest challenges for any startup is to determine the core MVP feature to get to a product market fit (“PMF”). Many startups fall into the trap of trying to develop too many features from day 1.
We are going to develop and release limited features as fast and soon as possible to gauge market feedback and iterate. We have mapped out development cycles in different phases to release a limited set of features each time. Our initial feature is to provide the user with the basic functionalities of engaging in DeFi – 1. Connecting wallet(s), 2. Signals to let us know what to trade 3. A smart dashboard to let us know our positions and PnL. 4. Basic but optimized trade flows of swapping, staking and adding liquidity (one asset contribution).
Our development schedule was informed by a structured and professional software development research process called the research and discovery phase. It’s a process common in software engineering where you research, plan and determine the persona of the end-user, take on in-depth interviews and surveys and validate initial theses. We spent over 20 days, speaking to at least 250 select users with a team of consultants to refine our assumptions before writing a single line of code.
8. Who are the AlgoBlocks target users?
The DeFi Newbie, users that have touch base on crypto (Mostly CEX) but not familiar with DeFi investment or the concept of DeFi in general. Other products focus on either professional or experienced DeFi users or those who are more DeFi Hobbyists.
9. Can you use one sentence to summarize AlgoBlocks?
One-Liner: Cross-chain, DeFi aggregation and automation platform to enable anyone to onboard onto DeFi.
🌎 Website: www.algoblocks.io
📌 Twitter: https://twitter.com/Algoblockstrade
📎 Whitepaper: https://algoblocks.gitbook.io/algoblocks/
👥 Telegram Group: https://t.me/algoblockss
🗣 Telegram Channel: https://t.me/algoblocks
✍🏻 Medium: https://medium.com/@algoblocks
🎮 Discord: https://discord.com/invite/k7PJtznppk
💼 LinkedIn: https://www.linkedin.com/company/algoblockstrade/