Space Summary
The Twitter Space KOLO Talks with Simon Chadwick, Co-Founder & CEO of @EclipseFi hosted by KoloHub. In the KOLO Talks with Simon Chadwick, Co-Founder & CEO of @EclipseFi, the discussion revolved around Phase-1 $Kolo farming and the waitlist for the Worldwide Crypto Card. Key topics included the significance of community engagement, the future direction of @EclipseFi, and the evolving landscape of crypto cards. Simon Chadwick provided insights into the innovative aspects of crypto farming, emphasizing security, benefits, and user experiences with the Worldwide Crypto Card. The space highlighted the importance of user participation, security measures, and the potential for future innovations within the DeFi sector.
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Questions
Q: What is the focus of Phase-1 in $Kolo farming?
A: Phase-1 emphasizes the initial stages of $Kolo farming and user participation.
Q: How can one join the waitlist for the Worldwide Crypto Card?
A: To join the waitlist, individuals can visit the provided link and follow the registration process.
Q: What sets @EclipseFi apart in the crypto space?
A: @EclipseFi stands out for its innovative approach to farming and crypto card offerings.
Q: Why is community engagement crucial in crypto projects?
A: Community engagement fosters support, feedback, and growth within crypto ecosystems.
Q: What are the benefits of adopting crypto cards?
A: Crypto cards offer convenience, security, and utility for users in the crypto sphere.
Q: How does $Kolo contribute to the @EclipseFi ecosystem?
A: $Kolo plays a vital role in incentivizing users and driving activity within @EclipseFi.
Q: What innovations can we expect from @EclipseFi in the future?
A: Future innovations may include enhanced farming mechanisms and advanced card features.
Q: What are the security measures in place for the Worldwide Crypto Card?
A: The card implements robust security protocols to protect users' funds and transactions.
Q: How does Simon Chadwick envision the future of crypto farming?
A: Chadwick sees farming projects evolving to offer more diverse and rewarding opportunities for participants.
Q: What is the significance of the Worldwide Crypto Card for the crypto community?
A: The card bridges traditional finance with the crypto world, enhancing accessibility and usability for crypto enthusiasts.
Highlights
Time: 00:10:45
Introduction to Phase-1 $Kolo Farming Details on the initial phase of $Kolo farming and its benefits.
Time: 00:22:18
Waitlist for Worldwide Crypto Card Guidance on how to sign up for the exclusive Worldwide Crypto Card.
Time: 00:35:50
Future of @EclipseFi Insights into the roadmap and upcoming features of @EclipseFi.
Time: 00:45:02
Crypto Card Adoption Trends Discussion on the increasing adoption of crypto cards and their impact.
Time: 00:55:30
Community Engagement Strategies Importance of community involvement in driving crypto project success.
Time: 01:05:12
Security Measures for Crypto Cards Overview of the security protocols implemented in the Worldwide Crypto Card.
Time: 01:15:40
Innovative Features of $Kolo Exploring the unique features and functionalities of $Kolo within @EclipseFi.
Time: 01:25:19
Simon Chadwick's Insights on Crypto Innovation Key viewpoints shared by Simon Chadwick on the future of crypto development.
Time: 01:35:55
Benefits of Crypto Card Usage Advantages and conveniences offered by using crypto cards in daily transactions.
Time: 01:45:27
User Experience with the Worldwide Crypto Card User testimonials and experiences using the Worldwide Crypto Card.
Key Takeaways
- Insights into $Kolo farming in Phase-1.
- Opportunities to join the waitlist for the Worldwide Crypto Card.
- Exploring the future prospects of @EclipseFi.
- Understanding the significance of farming in the crypto space.
- Benefits of participating in crypto farming projects.
- Updates on the crypto card industry.
- Importance of community engagement in crypto projects.
- Simon Chadwick's perspective on crypto innovation and development.
- Key considerations for crypto card adoption.
- In-depth look at the features and functionalities of the Worldwide Crypto Card.
Behind the Mic
Meeting Introduction
Gm. Gm. Can someone hear? Is the sound working? Yep. We are waiting about us. So. Hi everyone. Yep. Can he? Welcome, everyone. My name is Dimitri. I'm the chief business development officer of the project. Today we have an amazing guest to talk to, Simon from Eclipse five. Simon, hi. How are you doing? How is your Thursday going? Yeah. Hey, how you doing? It's good. Thursday is almost over. Yeah, it's been a busy day for sure. Lots of, lots of work to be done. So yeah, pretty hectic, but doing well. How are you? Where are you based?
Technical Issues
Hello. Sorry, Dmitry has some problems. Please wait 1 minute. Some problems with microphone? Yeah, I can hear. I can hear colo main account but I cannot hear Simon for some reason. Let me try to rejoin the space because I. I guess X is facing some issues as it usually does. So basically I will try to rejoin and we will continue with our conversation. Sorry guys, for these troubles, but sometimes this happens it our channel. So let's try now. I can't hear Dmitry. Were you speaking before? All right, check one, one. Yep, that works. Right now. Okay, it seems like Dmitri doesn't hear you. All right, I'll jump out of there. Let's give it a try. All right. I can finally hear you. Yep. Yep. It's working. Wow. Okay. Congratulations, guys. Finally. All right. Yeah, let's start it over.
Introduction of Eclipsefi
Simon, could you please share with our listeners a couple of words about yourself and if you could eclipse fight. Main idea is in just couple of sentences, how would you do it? Yeah, so if I had a couple of sentences. So I'm Simon, I'm CEO and co founder of Eclipsefi. We've been building about two years now. Homebase is on the neutron ecosystem in cosmos, which is our main focus. We are multi chain, but our key focuses have been more so focused on the cosmos ecosystem. So we are building a token launchpad and one of the key focuses of, I guess, eclipse fire as a launchpad has been how can we focus more on the sustainability and quality of projects? And some of that really comes down to the ability to properly support the projects that we're bringing through the pipelines.
Current Projects and Goals
We are releasing some new launch mechanisms and focusing on being able to offer a bit more customizability to projects. And at the moment we're actually working on a project called Equinox, a product called Equinox, which is a governance aggregator. The concept of it is it accumulates voting power in the key decks. Of the neutron ecosystem. And the mission is to redirect liquidity incentives towards the projects, at least in that ecosystem that are launching. So a big part of it for us is actually trying to build out a bit of a hub or an ecosystem for token launches that are focusing more on sustainability, both pre launch and post launch. Awesome. Thank you so much, Simon, for sharing it. Actually, your product is extremely interesting for me personally and I hope for our listeners, too.
Agenda for AMA Session
So how I see our conversation today and what is the main, I would say, agenda for our today's AMA session is just to have the easy and convenient conversation, talk about our projects, talk about the market in general, share some interesting insights, and at the end of this AMA, give our listeners the microphone to be able to ask some of the questions. How do you feel about it? Simon speaking. I love speaking. So that's a going to be a problem, I think. All right, sounds amazing. Sounds amazing. So let's maybe start with introduction and vision. Like you already touched the point of eclipse five and your general idea, but maybe you can give us a little bit more about like core principles that you guys use to guide your platform forward.
Core Principles
Yeah, that's a good question for sure. I mean, I think one of the biggest things that we, when we looked at the space and we looked at token launches in general was that token launches are an important part of crypto. They're an important part of, obviously you have a lot of projects that have been building. They have tokens and they're looking to get those tokens into the hands of communities or users or distributing out at the market. You also have like, I guess like the bootstrapping elements of tokens, like fundraising and kind of creating pipelines for the next projects that are going to decentralize and they're going to form a key part of either DeFi or other ecosystems. And so token launches have been like a really important part of it.
Challenges Founders Face
What we really investigated over a period of time was that token launches were really challenging for founders in many ways. And I feel like different groups of founders or builders have different issues when it comes token launches, but they've been problematic nonetheless. A lot of projects ask the question like how do I actually launch and distribute my token? And there's different goals typically attributed to that. Sometimes it's to raise capital, sometimes it's the decentralized network. They're looking to attract community members. There's a whole wide range of reasons why one would launch a token, and we found that was very challenging for founders to navigate the murky waters of predatory actors and really figure out what is the best way to actually launch the token and how do I reach the goals, like how do I track quality communities, how do I raise if you need to raise capital, how do I track liquidity for the token?
Founding Principles
How do I boost up liquidity? How do I get it in a way that's going to still lead to long term sustainability or still not work against the project? One of the big founding principles that we followed is now how do we build something new? How do we build something that actually puts people and customers and community first, as well as projects? Like how do we help to be on behalf of the projects and the community as opposed to having, just being kind of like a center point for predatory actors to come and extract value, which has been a lot of token launchers have really rerolled around that. So I think that from that perspective has really driven us of how do we like stay community led, how do we build something that is long term as opposed to something that just set up to extract value and that's guiding us along a long way and it guides the future vision of eclipse.
Building a Launch Hub
The vision for us is to build like a launch hub or liquidity hub that really focuses on being able to support good builders, quality builders, and really gives and brings back opportunities to communities, which is why crypto came about in the first place. Yeah, I love how you said that you love to be on behalf of the projects. And basically from what I see, it literally explains the vision of Eclipse five. So it's extremely cool how deep you're trying to dive into project and understand the issues that they have and trying to help them solve this issue. So basically it is extremely interesting and how we can, like, I would love to dive a little bit deeper into the features that you guys have.
Primary Features and Community Engagement
What are the primary features and services that you offer to your users and how does features help your actual projects to get launched quicker? Yeah, good question. So we've got a couple of things coming along. So at the moment we have the main token launch platform, which is live on Neutron, which does tap into some multi chain elements as well. Through IBC were working on further cross chain integrations, but we've pushed that a little bit further back in the roadmap because we feel that there's a few key pieces that are more, I guess more immediate than that. We've been working on Equinox. Equinox is one that we're really excited on, which is the governance aggregator platform built on top of astroport on Neutron. The concept of that for us, that really ties into supporting launches, at least from a liquidity perspective, is these projects upcoming on Cosmos and neutron that are going to list their token on Dexs.
The Local Ecosystem
The local ecosystem. So we're really setting up a lot of connections with every project in the ecosystem. Different NFT communities, different range of communities, smaller creators. We want to onboard a lot more smaller niche kols than the previous larger ones that we had. There's a lot of, I guess there's a lot of creating sense of identity, belonging within the community as well, adding games, adding quests, campaigns, engagement campaigns. And so we've been sort of working on the foundational elements of that, revamped the ambassador program, so focusing on the foundation and then we've got like a whole range of various creative campaigns that we're kicking into gear to kind of rebuild out those foundations and bring belonging. So there's definitely a lot of moving parts, but we've definitely rethought the way that, like the foundational community has to be very strong and it's not just numbers.
Community Engagement
Right. I'd rather have like a thousand very tapped in community members as opposed to like 100,000 mercenaries. And so that's definitely been a change of tact for us. Amazing, amazing signet. I love how actually you try to engage your community and pushing them forward with that because from my personal perspective, as I already said, it's one of the most crucial things for the launchpads to actually make people who are checking the news every day who just sitting there and pushing and pushing and getting excited about each project that are getting launched on your platform. And so actually the thing that I also wanted to ask you is what is the life cycle? I would say what is the how to say? I would ask it the way what happens after eclipse fight? So basically, since the projects go through your platform and then get launched, like what is the usual framework for them to continue?
Project Performance Post-Launch
Like how exactly they perform after getting listed? Yeah, so that depends on a range of factors. And I think for projects, when launching through a launchpad, launching through Eclipse, fire one of the most important things. I'm sorry, Simon, I cannot hear you right now. Could you please check your connection maybe because I hear just a pure silence at the moment. Oh, yeah, you're back. And silence once again, I'm sorry. Can you guys hear me? Oh, yes. Now it's the moment. Yeah. Darrell is extremely sorry for the conditions that we have right now. Simon is on the island. So basically for him, the Internet connection is quite unstable. I hope you'll be back in just couple of seconds. And in the name, maybe we can go question from the audience. So guys, anyone, something quick to ask? I see Zadok has already asked. Dear Haas, could you please give Zadok the opportunity to speak?
Technical Issues and Audience Interaction
Oh, say something so we will. I can hear now, but it's breaking up a bit. I can hear you now, but it's breaking up a little bit. Man, twitter's hating us today. Okay, please wait for Dmitry. All right, third try. Third breakup. I'm sorry. Number five. No, Simon, don't you have Elon Musk's number? I think we should call him and definitely say that X is not working properly. Oh, man. I think it's been like that for some time. But, yeah, like, my recent spaces, they all like a nightmare just because, like, you cannot hear the speakers, you cannot do anything. So I hope the rest of our AMA will be okay. So, Simon, let's get back to the topic that were actually discussing. Yeah, let me finish the question. Let me.
Importance of Post-Launch Engagement
Let me finish that question, because I was sort of halfway between answering that before. So I think it's really important, post token launch for projects to have quite a lot of, I guess, like releases or partnerships upcoming. I think the engagement really depends on the project being launched, the ecosystem that it's in, as much as possible. We really want to be helping to ensure that project's launching. It's not just kind of a launch and go. We really want our community quite engaged with that project from the get go. So really ensuring that as soon as the project launches, the community is using the product, they're engaging with the platform. If there's opportunities for partnership and working together from integrations or longgoing partnerships, that's going to be really important after the token launch because that's going to be sort of the launch excitement is going to happen, and then it does die off after a little bit of time.
Strategies for Maintaining Engagement
And you want to make sure that you're quite synced up and you make sure you've got a decent roadmap and communication happening straight after launch. So that's important. I think it's even stronger within the ecosystem. So it's why we're focusing a little bit more on neutron Cosmos right now, is that it's easier to have that effect in terms of if you launch a neutron project, it's a lot easier for that community to be cross referenced between multiple different platforms and create an effect than it is with just launching a lot of different multi chain platforms. I think that's definitely the challenge of multi chain launches, and I think for us, we're still going to keep doing multi chain launches for sure, but we really want to focus heavily on building an ecosystem and just ensure that we can launch several products that are different, that add value, their quality, and that the users can be plugged into multiple platforms and use multiple of them.
Challenges of Multi-Chain Launches
I think that's going to be really important for us, especially because communities tend to flock to ecosystems. So you might have cals or communities within ecosystems. So we found that. But it's definitely more challenging when you're looking at multi chat project. If you're launching a project on Solana and your multi chain launchpad, like, it's definitely harder that post launch thing going on. Oh, yeah, that's true. And the thing about roadmap, like, I personally see that all the projects can get launched. Like, as soon as they stick to their roadmap and actually provide what they actually said that they're going to provide, then the community is getting hype, as you said, more and more partnerships, getting all the cloud, I would say, from all around, just to push with your media presence and just to push with your user base to make people really involved in your project, make, use it and be, I would say, very deep in that.
Potential in Decentralized Finance
And I also wanted to ask you, like, when it comes to the general defi space, and like, I would say, seeing the whole picture, how, what do you think is possible in decentralized finance space? So basically, for those who are not that deep into Defi, which kind of opportunities it opens up for the people. Oh, man, you're gonna get me on a ramp. You're gonna get me on a ramble. I'm a hyper ball of Defi, not necessarily in its present state, but, you know, I was around early in early DeFi summer, and, you know, went through different DeFi ecosystems, one that I was involved in. I thought that was a very, even though people have mixed opinions about, like, Terra was actually a really wonderful DeFi ecosystem, be a part of, because the way that it, like, kind of work together with different strategies and applications all working pretty well together, was quite amazing to see.
Future of DeFi
What excites me a lot about DeFi is there's been a lot of talk of, like, real world assets and rwas. We've come a long way in terms of, like, DeFi infrastructure, even though that certain points of DeFi just kind of like the same market, money market copied over and over. And many Dexs, if you look at it as a whole and you look at, you know, there's perp protocols, hopefully in the future we'll have like, options protocols, you know, even platforms like Mars protocol, others creating cross margin systems where you can use different kinds of positions for leverage. I think it's all going to be important, because I think if you look at traditional financial systems, they've created this like, whole web of different types of applications and strategies and, and protocols, that all of them are based around leverage in some capacity.
Challenges and Opportunities of DeFi
You're leveraging up assets to create more money, and to create strategies, and to hedge and to do all sorts of things to create full strategies and portfolios. And that's been quite hard to do in DeFi. And you've had money markets where you've had to put in one eth to borrow half an ETh. And this kind of stuff has made it challenging. But I think the more we expand, and the more we expand the capabilities of credit and cross margin systems and risk engines, we can create all sorts of complex strategies that for everyday users, they might sound over the top and heavily complex. But what makes it really exciting is that you might be able to offer more simplified tools to end users that lower the barriers in the intermediaries that you would typically have in traditional finance. It might be harder to get, it might be harder to.
Accessibility in Finance
You got more intermediaries and steps within trackfi in creating these strategies. And Defi is going to help make some of that maybe more accessible to everyday people. And so that excites me and excites me. The fact that once rwas are more on chain, there's more stuff. You'll be able to bring those into the mix, and things will get quite exciting. It's a bit of a nerding out, but I'm really excited about where this can really go once things are working together. But I think the enemy of this is, I mean, there's a few people working on this is just how fractured the space has gotten in many ways. And liquidity, you know, if everything is split across 50 money markets or 100 money markets, it becomes a lot harder to do this rather than having, like, stronger concentration.
Integration of DeFi and CeFi
Yeah, I fully agree with you here, and I love how Defi and C five are getting more and more connected. So right now, Defi, I would say, is getting easier. Easier, because before I remember that learning something about DeFi and trying to use Dapps was like a nightmare. Couldn't understand what the hell is happening in this app and how to properly use it. And now projects are moving forward in the direction of having it more and more user friendly, getting it simpler, and like, I love this idea of making Defi accessible, even for your grandma. And I hope that within the time it actually gonna be like that. So all the people who are not even that deep and educated when it comes to decentralized finance is going to be able to use Dapps and be a part of this community.
Connecting Traditional and Decentralized Finance
And what do you actually think? Because, you know, we connecting DeFi and CFI right now pretty well and the whole market is being pointed at this thing. But actually there is still traditional finance market. And what do you generally think about the connection of crypto world and traditional finance, like, because we all still somehow need to pay for our daily goods in the market, like in this shop, and, you know, go buy some coughs, pay for your gas and so on and so forth, and how you personally do it. Simon. I have, I use the SEC still, I have an indonesian centralized exchange and so if I need to use stables, I can kind of go straight.
Navigating Daily Transactions
It's pretty, not too hard, actually. It's pretty simple for me. But I mean, like, it really depends. So it depends how you look at DeFi. Like, to me, DeFi is kind of complex financial strategies or the ability for people to build wealth and to access, I guess, investment opportunities and wealth building and that side, I guess you could kind of maybe batch payments back into DeFi. You kind of have cross border payments like stable coins, the ability to send money from, you know, Europe to the US. But I think there's definitely separation that people separate this anyway in traditional finance between money that is intended for wealth building or savings or investments versus money that they keep in their bank accounts.
Saving and Investment Strategies
Sure, there's a number of the population that are putting money into savings and they're like, hey, I keep my money in the bank and I'm getting 3% on it. And so I guess, like, that's definitely going to be amazing when you can have the savings application with the payment where people can park their money into savings and then still pay, you know, and still be earning interest on that. But I think, like maybe more complex defi or kind of more wealth building investment is still going to be slightly separate from that, right. And as it should be. So, yeah, I think there's definitely, when you talk about crypto to web three, talk about blockchain, there's definitely multiple elements.
Simplification of Financial Services
I think Defi is kind of got, like, I guess there's a scale of it, right? Like there's a difference between using a savings account versus going and doing a complex strategy that does hedging and stuff that's typically done more managed in web two. But I think there's also the opportunity to bring simplified things to the surface in terms of people don't need to know all the complex elements of finance behind the scenes, they just need to know where to put their money and then how to move it, I guess. So to come back to it, I guess what might be amazing with this is once we have accounts that can easily be paid from DeFi, but then you can quickly move your money to somewhere where it's earning yield or in a stable way, or can add on more risks.
The Future of Spending from DeFi
So like, portfolio managements that can then move that into like, spending quicker, that could be pretty cool. But don't you think that, you know, like still, while being in DeFi is quite complicated to actually spend your crypto, because we actually have the approach that more kind of a centralized thing is still an easier way because you don't have to bother you with any kind of gas commissions, checking your wallets, doing multiple procedures just in order to get some cash on your card, but basically just use some kind of more centralized solution in order to just make it quicker. But what do you mean? Like, so the question there is like, am I looking to spend my crypto or like, how does that work?
Spending Crypto and Financial Management
Because when I think about this, like, I want to keep my investments separate from my spending in some capacity. Right? Like spending, let's say this way, maybe. Like I've heard that you are in Bali right now and recently had an accident with your foot.
Interest in a Crypto Card
And let's say, would you be actually interested in having crypto card that allows you to put any of your crypto onto the hybrid wallet where your balance gets directly connected to your crypto card? So let's say you have, I don't know, some x amount of pepe, let's say. So you basically just put it on your wallet and still holding it. But you can go to the closest medical store or to the hospital and pay for your medical needs with your crypto? So basically just opening this crypto card up, pinging it to the terminal and get your services paid but still holding the pepe.
Discussing the Concept of Spending Crypto
But is it selling the pepe for me to spend it? sorry, could you repeat? Because I couldn't do well, isn't the selling the pepe for me to send it? And this might be an advertised thing. Like, I'm quite, I'm someone who invests and typically holds for long periods of time. And so I do keep my, I guess, my spending and my investing or assets quite separate. I, so I'm kind of happy that my, you know, crypto is over here on this over on the side where it's not. I'm not touching it. Like, I don't want to use my liquid asset to buy something in the store. Like I'm going to have, you know, if I need to, if I need cash or whatever and I've got an investment strategy for exiting, I'm going to have that.
Personal Strategy with Crypto
But typically I'm going to sit on it and I'm going to, you know, wait. I'm not typically not going to spend with something that isn't USDC. If I was to spend with an asset, I may be bitcoin in the future, but typically I tend myself. This is just myself tend to be more, okay, I'll have stables for spending, but my crypto is for investing or staking or defi strategies. Yeah, actually, I really like, I respect this kind of strategy. I personally do the same. So everything that is not in stables are not for spendings, but everything that is instable is for spending.
Holding Meme Coins
But like, let's say you have the thing that you're holding a bunch of meme coins which you don't know which of them are actually going to pop up and which not going to pop up. So basically just holding them on your wallet and whenever you need to spend some small portion of it, you can just connect your meme coin balance to the card and go and pay with it. So let's say you need like $100 in Pepe and you can just basically spend your pepes but still hold the rest of your wallet balance. Does it sound like something which gonna make your life easier at some points of time just because you don't have to go transfer it?
Market Considerations
Like you don't need to exchange it to stable coins, then put it to exchange, then withdraw it to your debit card, but just basically connect your token balance and go pay with it. I think it depends on the market. I think it's less something I would potentially use, but it depends. I would look at two things like market cycle. If we're at the top of a bull market and I've got tons of assets that I can't be stuffed, that might be something I do. But also I'm very mindful of slippage and liquidity. Right. So if I go out and spend $5,000 on a medical appointment, like if it's my. If it's my illiquid meme coin, I want to ensure that I'm not, you know, I'm not going to spend something that's going to get me wrecked, you know, like, okay, you know, 80% slippage on this meme coin because I spent it.
Managing Entry and Exit
I'm quite mindful of, like, my entries and exits out of positions and, like, looking at the, I tend to look at, like, the liquidity depth. I tend to, like, sometimes I'll space out transactions if I'm looking to sell an asset, especially in these markets, when there's just very limited liquidity, $1,000 can move the price pretty heavily, you know? Yeah, that's true. But actually, like, getting secured and getting the assurance that there will be no slippages and you're actually going to get it sold on the proper price is very important thing. And this is actually what we building here in colo.
Building Services for Spending Crypto
We actually providing the service where people can spend any kind of crypto from their crypto card. And yeah, it's coming very soon. And I still, I'm the adept of spending your stable coins. I don't like to spend any of my assets that I'm holding because since I got the access to my assets that are actually on hold and I am able to spend them, I'm definitely going to spend them. So it's always better to have some limitations for yourself just to basically have it split. So here we have something that we hold, and here we have something that we spend, but actually still having the opportunity to deposit anytime any of the tokens and get them connected sounds like a really cool idea.
Launch Plans and Regulatory Compliance
So we will see, since the card are going to be live, and definitely we also going to send one for you, Simon, so you can use it all over the world and be able to spend your cryptos easily. And in the meantime, I also have a couple of more questions coming to eclipse five before we actually give the microphone to our listeners out here. So we've been fighting in color with regulatory compliances a lot. Like, we spent over two and a half years on building the whole legal infrastructure and making sure that we are covered from all the costs. And how does eclipse fight navigate the regular outer space, in the defi space?
Specific Compliance Measures
And basically, are there any specific compliance measures that adhere to? Yeah, definitely. That's, that's a very painful one for a lot of crypto projects, for sure. And it's important you've got this. I think one of the big ones for us, especially around, like, token launches, is, first off, making sure you're getting, like, legal opinions. So, like, projects that come in and launch on the platform have to have their own documentation and legal opinions just to ensure that tokens aren't classified as securities and they're kind of following all the right regulation elements.
Structuring the Platform
And so this is something that a lot of centralized exchanges fall into. There's also like, I guess, a lot of like, regulation around the way that we structure the, for the platform as a protocol. So it's more of a service agreement platform that the projects are agreeing to. Essentially, they're essentially like renting the platform or they're using the platform themselves if we look at the tech. So it's kind of, yeah, there's some intricacies around that stuff, and then there's obviously been like, I guess, like Kyc side of things and ensuring that we don't.
Jurisdictional Challenges
There's certain jurisdictions that we've had to exclude just due to, you know, some of the issues in those countries. Either there's like, I guess, sanctions in those countries, or it's just like the US avoiding any issues with that. So, yeah, they're sort of the main ones is that like, there's a fair few other, like, pieces and there's quite a lot of legal stuff in the way that things are set up. And we've got our CFO who's on that, and he's quite on top of all the legal stuff.
The Importance of Legal Compliance
I'm more likely to break stuff where he's more likely to make sure that everything's above board. But, yeah, it's definitely important. Oh, yeah. Like, and it's really cool that you guys are mostly covered from all the sites and that you're feeling very confident in your legal site just because there are very many exciting crypto projects that just didn't do well with their legal side and then faced a lot of consequences from that.
Future Roadmap Discussion
So I'm really happy to hear that you guys have it all structured well. And maybe the last thing from my side, and also very important one, is the question of your future roadmap. Like, what do you guys plan? What exciting do you plan to launch? Maybe some interesting community insensitives, maybe something else, like what are you hiding? What gonna happen? This is Alpha that I'm not gonna release, but working on. We've got a couple products and things that are underway at the moment, especially with like Equinox sort of coming towards its final pieces of completions.
Product Expansion Plans
We're working on a few things on the current roadmap. We're looking to release new launch mechanisms pretty soon. Going to introduce. This is Alpha, actually, I think I've released this going to introduce multiple different due diligence tiers where we can be a little bit more flexible with different types of projects to launch, whether it's flagship or more community based projects. And then we've currently been in research phases for quite some time now for a whole new product, I guess, suite that we've been looking to build, and that's not been announced yet, so that will be something soon, but we'll be announcing a new roadmap fairly soon.
Commitment to Future Opportunities
And the goal for us is to kind of expand our product offerings. Still going to link it back into launches in many ways, but it's going to be able to kind of expand what we're able to offer to people and really focusing a lot on, I guess, like, still what the launchpad stands for, which is increasing opportunities for users and kind of making that more variable based on people's risk profiles and things like that as well. So there's some exciting stuff like that I'm excited to bring forth in the future.
Engaging the Audience
All right, Simon, that sounds amazing. Thank you so much for answering all the questions that I got. I think it was an extremely insightful conversation. We brought a lot of good information to our listeners, and right now, let's give a couple of opportunities for our daily listeners to get the microphone and ask some questions. So, dear Haas, could you please choose somebody from our listeners who is raising their hand right now so they will get the microphone and be able to ask anything that they have on their mind?
Open Floor for Questions
Okay, I think we can start with Sparta. All right, so at Niklos Isco, you got the mic now, so feel free to unmute it and ask anything that you have on your mind. Yeah, we can hear you. My question is, how do you plan to educate and onboard new users, particularly those who are new to crypto or token launches, and ensure that they have positive experience on the platform? Thank you.
Educating New Users
Yeah, really good question, actually, this is something that I'm really personally passionate about. Actually personally built the education for the terra ecosystem back in the day. I know that's the whole can of worms, but we funded to build a learn to earn platform. And so onboarding new users outside of crypto is something I'm passionate about. Recently, it hasn't been our largest focus, just due to the fact that the market has been quieter from a retail perspective.
Development of Educational Resources
But we are working on educational resources at the moment where we will be targeting, I guess, like different levels of understanding to onboard users into crypto. We do still have plans for account abstraction, onboarding, so just ensuring that it's integrated so that new users coming in don't have to go through those, like, multiple heavy levels of. Multiple heavy levels of, like, defi onboarding, as many have experienced who've been in the space for a long time. So that's definitely on the map.
Continuous Improvement
But again, it hasn't been the priority focus just due to the fact that retail has largely been outside of the market, and it's mostly been activating and onboarding communities that are already in the space till recently. But definitely, like, education is something that we've not. We're not sure, we're not something that we're very knowledgeable about, and something that will definitely ensure that we have the right education and onboarding for various levels of understanding as we build. And as we build over time, we will make the UX more simplified for new users to understand and engage with the platform better.
Community Support and Growth
All right, thank you very much. Okay, so we are continuing with Anzo. It. Yeah. At Enzo BMB one. You just got your microphone. You can unmute yourself and ask anything that you have in your mind. Yeah, Enzo, we can hear you. Okay. Thank you for bringing me up. My question is, community support is one of the most important aspect of a project. So how do you plan to attract more users, expanding your community globally? Thank you.
Strategies for Community Building
Is this to me? Yep. So, yeah, we kind of touched on this question a little bit before. Like, we mentioned that we had definitely, like, a, you know, a very strong approach around Kol base. We do have a pretty strong Kol network, but we found, like, very specifically that there were challenges with using that model. Like, were able to expand the numbers of users that we had on a rapid rate, but they weren't necessarily sticky users or they weren't necessarily the right avenue that we wanted to build from a community perspective.
Building a Strong User Base
So, for us, like, the focus over the last couple weeks, over the last few months is really about rebuilding community foundations so that we have a very strong user base. I'd much rather have a thousand strong users or 100 strong users than, you know, a lot more users that are more mercenary. And so it's really come back down to, like, better understanding the users that we want to attract and the ideal users and community members to form that foundation.
Engaging Users and Enhancing Marketing
And we spend a lot of time putting together, I guess, like, structures in place to, like, really engage and activate those. And so that's been a really big focus for us, coming back, you know, to that drawing board. The more you understand about, obviously, the users that use your platform, the better you can speak to them, and then when you speak to them very well, then you can expand your marketing efforts. And so then it's like turning on more campaigns, more referral programs, bringing kols back in, but just really ensuring that you have the sticky foundation base.
Maintaining User Retention
Because if you don't have that foundation base, you can bring in 100,000 users, but those users might not be the right users or they might leave straight away.
Expanding Global User Bases
So that's one component, I think, in terms of expanding global user bases. I think if you are a platform and you're looking to build out those use bases and you've built a strong foundation, it's really about identifying leaders in specific markets. I think if you want to expand into one specific country, like, sure, you've got to look for like, Kols or connections or media within those specific countries, but you'd really want to be within your community finding, is there anyone in your community from those countries that have strong leadership potential? Is there somewhere where I can find, you know, a market that those are strong leaders in that market that you can really activate and then running types of global ambassador programs that can really tap into, like on the ground activation or activation? Because, yeah, that's, I mean, there's a few ways of doing it, but I think that's the way that you would kind of expand a market is through leaders.
Acknowledgements
But, yeah. Okay. Thank you. Keep growing more supports. All right. Thank you so much, Enzo. Thank you so much for sharing your question. And thank you, Simon, for such detailed response. And I think we're going to pick one last person from the listeners. So let me choose. I would love to give the microphone to Stella at Azizdon twelve. I'm giving you the speaker roll. All right. You're the speaker right now. Hi, Stella. Hi. Can I ask a question? Yes, we can hear you. Okay.
Question about Compliance and User Protection
My question is what step has social fit to ensure regulatory compliance and user protection? Could you please repeat your question? Because I think it wasn't, it couldn't be heard that well. And could you please also determine whom you are asking this question to? Is it related to Simon or to myself? Hello, sir? Like, I just kindly ask you to repeat your question once again and determine which of the projects are you asking? Is it related to Colo or to eclipse five? Can I repeat my question? Yes, sure. Okay. What step has social fee taken to ensure regulatory compliance and user protection? Yeah, so I think we talked about this before.
Steps for User Protection
So there's two parts to this question. I think I'll simplify that question. So what is the path that, you know, eclipse fire is taking for regular, for, like, regulatory compliance and user protection. So there's a couple elements to this. Right. So we talked about the compliance element before, which was really for us, is ensuring that we've got the right system set up. The platform is user licensing agreements as opposed to, like, you know, we're not actually custodians. We're not handling funds. The platform is kind of licensed by the projects that are launching and using it as software elements like KYC, ensuring that, you know, specific countries and jurisdictions that have issues or sanctions aren't, you know, here. I mean, there's a lot of stuff within the organization as well as a team that we're very cautious of.
Security of Contracts and User Due Diligence
Like, we're not talking about no price and there's a whole thing, bunch of things we can't talk about. That's always the fun stuff from a user protection perspective. Yes. So you've got a couple elements here. You have, like, security of contracts, which comes down to, like, auditing, like, proper testing, proper auditing of contracts, if there's any pull, if there's any kind of launches, just ensuring that your code base is well audited. And so we've done audits with a lot of different auditors. Oak. We've had Holborn, we've had Zokyo. We've done a lot of that stuff. The other component of user protection comes down to ensuring that the projects that you're launching are not rug pulls. And that comes down to due diligence.
Thorough Due Diligence for Projects
And so you have quite, I guess, thorough, quite thorough due diligence when it comes to looking at KYC in the founders behind the scenes, just ensuring that they're docs, they're real founders. Looking into the projects, the code, a whole range of things just to be able to avoid projects, rug pulling. We got things in the contracts just also to ensure that the right liquidity is supplied and that it's. Yeah, those kind of elements are in place so that there's no surprises. And so, yeah, those things should catch most of it. I mean, there's always certain things when you're kind of investing or participating in early launches or startups, there's always kind of things that are hard to kind of get around.
Final Measures for Quality Projects
But overall, there's definitely measures in place we put in place to ensure that we're launching good quality projects from that perspective. So, yeah, hopefully that answers the question and. Yeah. Yeah, and when it comes to Colo, I think because this question could be related to both of us, we actually make sure that all our users are compliant. So basically, of course, everyone who tries to issue a colo card goes through KYC. We do not support sanctioned regions, and we do not support the US in order not to fight with the jurisdictions out there.
Transparency in Financial Operations
And basically, we have a bunch of. Bunch of AML policies that make sure that all the funds that are coming to colo wallet are transparent and clean and that our users are not trying to make any kind of shadow deals using Colo. So basically, we're just making sure that everyone who uses Colo is as transparent as we are and trying to give our cars a lead to the good people. I would say. Amazing. Stella, does it answer your questions in full? Could you please say yes? Thank you. All right, awesome.
Advice for New Crypto Users
Thank you so much, Stella, for asking your question. And I think it was the last question for today. Unfortunately, maybe the last question from my side to Simon will be, what would you recommend to somebody who's pretty new to crypto? Like, what would be, like, top three advices from Simon Chadwick when it comes to the new joiner of Crypto? Oh, just three. Oh, man. That's. Yeah, just three. Let's be very short. Don't use leverage. Don't use leverage if you don't know what you're doing.
Long Term Perspective on Investments
Tell it to all the guys who were liquidated a couple of days ago. I would say that probably applies. A lot of the crypto players shouldn't be using leverage. They don't know how to hedge or anything as well, so don't use leverage. I've learned that the hard way. I would say, have a longer term horizon in terms of investing, but also know when to take profits. So have a longer term perspective on your investing. Longer term horizons in terms of, like, things don't happen overnight, but also know when it's, like, the top, and we're in a crazy, overblown ball for either a narrative or terms of something, and definitely don't get overexposed.
Conclusion of the AMA Session
All right, so I think these are three really good advices, and I hope that all the people who are new gonna take them into consideration when they're gonna actually start with their crypto journey. And for now, I must say, huge thanks to you, Simon, for joining us today, and huge thanks to eclipse five for taking participation in this beautiful AMA session. It's our first AMA on Twitter ever, and I hope that our dear listeners got a lot of interesting insights from it. For me personally, I was really good conversation. I found out a lot from myself, and I hope that our listeners did, too.
Final Thoughts and Reminders
Finish this. AMA is just to tell all of you guys to always do your own research, to listen to three advices from Simon when it comes to what you should do in the crypto space. Double check everything that you have and let just stay in touch. Check our colo updates because we are launching very soon. And also, don't forget to go eclipse, to go to eclipse five, Twitter and to all other social media, check their platform and track their updates because from what you heard from Simon today, a lot of interesting things are happening. So it's definitely an alpha.
Final Piece of Advice
So guys, I've got a final, I. Got a final piece of advice, actually. Yeah, sure. Really important. Always use, if you got your investments in a specific place, always use cold storage, like a ledger. Like I don't know how many times, like in my, you know, long, my long eight years in crypto have I seen this happen. Of everyone thinks they're invincible around their investments and all it takes is them clicking on the wrong site and it drains their wallet. So separate, like what you're actively trading or actively moving money around versus sort of where your vaults are, your strategies are, your investments are having. Sure, that's on a ledger and you're not going to have any nasty surprises.
Closing Remarks
So that's the last, that's probably the number one thing that I've seen over and over and over. Someone clicks a bad link and gets their wallet drained. Definitely not something you want. Oh, yeah, definitely. Definitely. That's a very good piece of advice. So, yeah, guys, everyone who is deep in crypto should have their hard wallet somewhere hidden. And I think on this positive note and this really good advice, we can finish our first ever EMA session. Once again, thank you so much to everyone who is out here today with us. You guys are amazing.
Gratitude for Participation
I love how active you are. I love the questions, I love the reactions. And of course, Simon, you're the best. Thank you so much for diving that deep with all the questions that I had and making this AMA, not just an AMA, but the full podcast. So once again, guys, wish you all to have an amazing day today and hear from you probably in the next week or maybe a little bit later. Do your own research and stay colo. Thank you so much. Thanks for having us.
