Sikka Protocol AMA RECAP
Hello Everyone ! Welcome to our 18th AMA (Ask Me Anything) with Sikka. On 13 of July 2022, CryptoSpartans had a live AMA session with Raja . In case you missed it here is the recap.
AMA Summary:
Segment 1: Questions for Sikka Team
Segment 2: Twitter Round Question
Segment 3: Live Q&A.
The transcript has been edited for clarity.
Segment 1: Questions for Sikka Team.
Priyank Gupta l HOST
- Can you please introduce Sikka Protocol to the community ?
Raja l Sikka
Sure! Sikka Protocol is a secure and reliable protocol solution for our stablecoin: Sikka.
Users can borrow our stablecoin Sikka using liquid staking tokens as collateral.
Users can also supply stablecoin pairs to liquidity providers to yield farm and earn rewards.
Lucifer Morningstar l HOST
2. How Sikka is different from other stablecoins ?
Raja l Sikka
Sikka is a permissionless and over-collateralized stablecoin backed by liquid staking MATIC, while other stablecoin might be under-collateralized, algorithmic and even commodity-backed.
Priyank Gupta l HOST
3. Sikka utilizes a Two token System, what is it ?
Raja l Sikka.
Yes, we offer both SIKKA and IKKA.
SIKKA is our over-collateralied MATIC-backed stablecoin.
IKKA is our governance token and captures the fee revenue generated by the system, by borrowing SIKKA you’ll also be earning IKKA which you can then use to boost SIKKA rewards for liquidity pool staking.
Segment 2: Twitter Round Question:
- @FRE_MOTIOON : With $SIKKA being the USD-Pegged stable coin,it raises concern when we regard the just recent crash of the LUNA-UST token,how will the team ensure that what happened with LUNA doesn’t occur with the SIKKA project?
Raja l Sikka
We totally understand the current concerns regarding stablecoins but fortunately not all stablecoins are the same. UST was an algorithmic stablecoin with no backing/collateral while SIKKA is an over-collateralized stablecoin with fixed collateral ratios and automatic liquidations. This allows us to steadily maintain the peg and be ready for every situation.
2. @herbertchandl18 : Can you tell us some of the remarkable ways to earn more #SIKKA in your platform? What are the benefits of buying your tokens especially now that we are in bear market? What are the advantages of holding #SIKKA for a long time?
Raja l Sikka
Apart from the advantage of having a stable peg enabled by our smart contracts and collateral ratios you will also be able to earn rewards by providing liquidity to liquidity pools where you’ll get rewards based on transaction fees and from the Sikka Revenue Pool.
Inside the Sikka Revenue Pool there’s two types of income — Liquid Staking asset’s rewards APY and Sikka Borrow Interest.
3. @DarkSky303 : Collaboration is one of the important aspects of a project to its huge success. So do you have plans to work with multiple projects in the near future? If so, can you tell us your future plans regarding this matter?
Raja l Sikka
I totally agree. We’re currently talking with several well-known projects and partners to better promote SIKKA to an even bigger audience. Our aim is to provide our solutions to a wider-range of niche areas inside web3 while also creating an organic community focused on the users and providing them with a 24/7 bespoke support.
4. @gujar_devesh : As we all know, a strong community not only brings interesting ideas to the project but also attracts larger partners. So how is Crypto your planning to expand its community? While building your project, do you take into account community feedbacks and demands?
Raja l Sikka
The crypto community is our main focus, it’s filled with people that we totally love and show us constant support.
We let our community and supporters suggest ideas and new utilities, I believe that everyone should have a voice inside SIKKA!
5. @LinhNguy1369 : In an environment where volatility is very high, we are talking about 50% annualized for bitcoin (BTC) or 70% in the case of ETH today, how powerful is SIKKA to avoid these strong price variations with its sustainability tool?
Raja l Sikka
This is one of the reasons why we pay utmost attention to our collateral and collateral ratio, which is 130%. Being over-collateralized will keep our peg fixed and stable hence providing users with stability and security while being permissionless.
Segment 3: Live Q&A
- @meditutrt : IS This Your project only for elite investors, how about others with small funds, is it open to everyone?
Ans : It is open to everyone! Our goal is to make it open and useful for everyone! We are also permissionless!
2. @mopkk88888 : Is your project a commiunity only for Engilish speaiking an countries or for users not of other langiuages ?
Ans : Our team is made of professionals from different countries, currently we have English and Indonesia channels but we are always open to open more if the community demands it!
3. @noboday_m : What are Sikka Protocol’s approaches for marketing?
Do you have any active airdrop or ambassador programs? Or can we hope in the future?
Ans : Our approach to marketing is quite straight-forward, we are focused on creating valuable content to better inform our community in a transparent way about who we are, what are our goals and where we’re going! Currently we don’t have an ambassadors program but we do have a SIKKA Angels program! You can join our Telegram and ask our mods about more info on that!
4. @alifbro34 : Can you list 1–3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
Ans. : Over-collateralization, 130% collateral, our strict collateral ratio, the ability to earn our governance tokens through borrowing SIKKA. I must say that I’m truly proud of what we are building and the whole internal ecosystem that we will be providing to our dear users very soon!
Thank you everyone once again for participating in this exciting community AMA! It was our pleasure to host AMA with Sikka Protocol
