DeFi is currently on fire and there is a massive upsurge in the number of projects relying on this relatively new term. As a result, there is a lot of diversity around the ecosystem. SyncDAO a platform providing non-custodial solutions enabling users to create unstoppable cash flows from DeFi returns is working on product to capitalise on Defi ecosystem.
The project has completed its Proof of concept and quantstamp audit. They are currently developing their perpetual cashflow vault, affiliate dashboard, governance interface and product usage rewards. They are also preparing up for their IDO and Launchpad Token Generation Event.
SyncDAO will conduct its IDO from 10:00 am UTC to 4:00 pm UTC on 24th November. Also, the platform had opened its whitelist on 20th November from 8:00 am UTC to 24th November 2021 till 6:00 am UTC.
The team is planning to release $150,000 worth of $SDG tokens through the IDO. This amounts to a total of 7,253,384 tokens considering the IDO price as $0.02068. Also, they’ve mentioned the minimum and maximum investment limits per user.
Each user has to make a minimum investment of $300 to enter the IDO. On the other hand, each user can only buy up to $1000 worth of $SDG tokens.
SyncDAO, although doesn’t have a finished product yet, holds strong merit. The project has strong backing from major companies like Master Ventures, MantraDAO and Coinvision. It also has a detailed objective over a long-term plan. TotalKrypto recently interviewed Paul Holland, COO, SyncDAO.
TK: DO of SyncDAO is just around the corner. Are you nervous?
Paul: More excited than nervous, but as we have invested so much of our heart and vision into this project it is like walking to the finish line holding the golden egg. How to take each step decisively, yet with care? To go at the pace of a well-synchronised team, yet present it simply enough that even those new to crypto and DeFi, who have just joined our community, will be able to keep up and play a role in this launch!
TK: Where do you see the scope for improvement in the current DeFi situation?
Paul: The area would be USABILITY. It doesn’t matter how genius a system is or how detailed and well thought out the tokenomics if no one can use it. A well-designed interface should fade into the background and feel natural to interact with. This is going to be a regular part of people’s lives so it needs to be explicit and clear what is going on, feel safe and reliable, give feedback so that the user gets confirmation that their action has registered and provide a transparent channel which displays the financial gains taking place.
TK: What was the triggering point of coming up with SyncDAO and what does it plan to offer users?
Paul: Crypto is already overwhelming for many investors. Becoming technologically literate, juggling the numbers, (many of us are ‘maths averse’), financial planning… and then on top of that having to learn numerous platforms can just be too much and becomes a barrier to entry. We not only wanted to offer the best DeFi returns but to combine all the needed functionality in one platform.
TK: Why did you feel the need for Perpetual Vaults?
Paul: We wanted to design a system that honoured the time, energy and wisdom the community invested into SyncDAO. With the unique architecture of the Perpetual Vault, we are able to have users deposit, mint PVTs (Perpetual Vault Tokens) and then be able to stake those PVTS across the multiple DeFi protocols we will offer inside the SyncDAO interface. We will be giving people the ability to access the best of DeFi in one place with one token, the PVT.
When people wish to exit, rather than withdrawing their capital, they unstake their PVT and swap it on an exchange, meaning the original capital stays in the vault and our TVL, (Total Value Locked) is guaranteed to only ever increase and this provides an unprecedented level of stability and growth.
TK: How do you plan to bridge the education gap between your product and the users?
Paul: We are already running educational sessions weekly in our Discord and we have a partnership with Forwarding protocol to develop a proof of value education rewards system.
The nature of our community is that they are incentivised to assist each other in a peer-to-peer fashion too. This is in the DNA of a DAO where any value added to the community is reflected in the value of the organisation that they are invested in and benefitting from.
TK: Is there going to be any additional charge for converting crypto into fiat money and vice-versa?
Paul: No additional charge from us.
TK: What are the new things in the pipeline?
Paul: While we are currently on Ethereum we are also looking to bridge to a layer 2 solution soon after launch as we are aware that gas fees make Ethereum-based services inaccessible to some users.
We are also building out a mobile experience that includes our Money-Link technology, enabling users to send PVTs in a link to others. This helps onboard new investors, as people who may have never engaged with DeFi before can receive a PVT right in their browser.
In 2022 we will be releasing an NFT-based game, which builds a story around the DeFi experience, thus leveraging the fun and immersive nature of gaming to develop habits that will empower the player for a regenerative financial future.