Matic News Exploring AMA with Pegasus DAO
We recently were asked to do an AMA with Matic News Exploring. It was a wonderful experience and a deep-dive on our long-term visions:
Let’s start with your and your team’s introduction! Which are your past experiences and roles? How many members currently work on PegasusDao?
We are a group of 8 people with a diverse set of skills and backgrounds.
We have an attorney, a Ph.D. student in data science for talent management, 2 full-stack devs who have been employed at top tech firms, a smart contract dev who has deployed massive projects in the space, and a group of DeFi veterans that have had skin in the game anywhere from 4–7 years.
In regard to the innovation of our staking and bonding models in the near future, we are contracting math experts fluid in the DAO space to improve and solve many of the current shortfalls of OHM forks. Lastly, we have contracted marketing experts from Google and Facebook to manage ads in the near future. Given marketing is a key determinant to DAOs success, we are proud to have experienced professionals in and around our team.
Oh, that’s a good size to start a project as team size and most important as background skills.
Nice to see about these marketing plans, a key part to growth a project.
It takes a village! We are lucky to have so many valuable members on board.
Indeed, [a] team i[s] everything in a project, especially in the long run.
Out of curiosity, why did you choose this name? Is there any backup story?
The name originated from our love of Greek Mythology. One of our founder's favorite films, growing up, was the Black Stallion. He thought of a way to meld the beautiful and majestic portrayal of a stallion with the Greek thematics that were circulating from the onset of Olympus.
Nice idea, it’s honestly a very good character, especially for future marketing.😁
What is Pegasus, please give us a brief introduction!
We set out to build a community-driven fund that puts its users first and opens a window of opportunity to the generational wealth creation that DeFi presents. PegasusDAO’s vision is to build an investment fund protocol that invests a portion of its Treasury in high-yielding strategies and returns value to our token holders. In addition to this traditional vision, we want to use part of the treasury to also enable financial literacy across the broader crypto community. We all know that DeFi and DAOs come with a steep learning curve. One of our core visions at PegasusDAO is to not only flatten this curve but be the go-to repository for all things DAO and personal finance. Some concrete directions we want to take were detailed in our recent Medium article!
Which are the use cases of $SUS ?
Our reserve currency is called $SUS, a free-floating currency that’s backed by the assets that are held in the PegasusDAO Treasury (USDC). The protocol is always backed by 1 USDC, so the price of $SUS will never trade below $1. Similar to the the popular Olympus framework, staking and bonding have been implemented to ensure parabolic growth in Treasury assets alongside $SUS supply.
KEY QUESTION: Please introduce us [to] your “yield farming” system.
We are in touch with a couple of Dexes on Cronos to work on a partnership primarily aimed at yield farming. Ideally, what we would want is additional incentives to vSUS (staked SUS) in return for farming, providing liquidity in these DEXes. All our founders are well averse to degen farming in DeFi and we plan to not just stick to Cronos chain for farming but go multi-chain as well!
Thanks for the further explanation, I especially like the last part! This means that you can totally understand the community. Indeed we all come from the bsc times (since pancake in my case) and this new model are very interesting for a future development of the Defi.
Which is the starting emission rate, Will it change in the next future?
This will be decided based on the treasury balance after the LP build-up period, which it should be. We do not want to mint what we cannot back. A lot of OHM forks are dead in the water for this exact reason. We are aware of this and plan to control the APY accordingly. And to the second question, yes, absolutely, APY will be controlled based on the treasury balance.
Staying true to the ethos of OHM, SUS is a community-backed currency. If we have a great community, we will have a great treasury balance and hence more power to mint — high APYs!
I totally confirm, that the race does not have the highest APR% but it’s to have something “sustainable”. This is the key to a successful model, together with a really strong community in all situations. This is the key element in all AMAs.
Next is tokenomics! Which is yours and why did you choose it?
We will be starting at roughly lesser than 100k initial supply. We’ve raised a total of $465k of which $65k was contributed by the founders. Coming to the tokenomics, the emission of tokens follows policy variables similar to the OG OHM forks. We’ve studied the emissions of OHM, TIME and a few other popular forks and performed simulations as to what possible policy variables are possible. We believe this makes us better prepared for the launch of bonding staking compared to other OHM forks!
Looking forward to see it working and in 2/3 weeks write a small review, very curious about it. 😁
Besides this, how is revenue being generated for the project itself that could be used on future development?
Revenue is being generated from yield farming with the treasury as well as through onboarding new capital from a previously untapped market segment that we hope to gain through substantial marketing. In the end, how bond tax is allocated will be shaped by the community.
Thanks for the further explanation about your concept, revenues are the main point for a long term sustainability project. Talking about the security side, the clichè question that we ask in all AMAs: are there any audits or KYC planned?
The contracts are forks of OHM primarily which have been thoroughly audited. We do plan to change some policy variables but these do not cause any security issues currently. Having said that, yes, we do plan to have audits performed once we launch our dApp.
Regarding KYC, we’ve already provided our details to AssureDefi who KYC-ed us. Some of the founders do plan to doxx themselves sometime soon!
Thanks for the explanation about the code, looking forward to share here the next audit report.
For the KYC you can find the link guys on their Medium.
About the marketing side, are there any contest currently available? Or which are your marketing plans?
There are several contests ongoing currently!
1. We have a 200 USDC giveaway planned to increase our community on discord, twitter and up our meme game a bit. https://mobile.twitter.com/pegasusdaofi/status/1473928319473233921
2. We have an educational video making contest ongoing where the winners get 50 SUS and also a chance to join our team to lead the educational creative content we plan to create to fulfill our vision of enabling literacy across the crypto space. https://pegasusdao.medium.com/pegasusdao-video-contest-c62af7f72b3e
3. We also frequently have quizzes on our discord about mythology. We plan to have more of these too!
We will have a lot more of these as we try to grow our community. So please make sure you are subscribed to our Discord, Twitter and Medium.
Noice, I love these community initiatives. They are usually the best way to find whom really cares about the project to develop further strategies.
Talking about the future, do you have a road map or long-term plans that you can share with us?
Yes, our recent Medium article details our roadmap and how we want to generate a self-sufficient ecosystem. The broad outline is here. We have a lot of things to look forward to in the next year!
- Development and Treasury
- Re-design Staking, Bonding page, Bonding page
- Additional utility for vSUS in Cronos ecosystem
- Community NFTs and staking incentives with NFTs.
- Treasury diversification into yield-bearing assets.
- Audits and Partnerships
- Upgrading to Olympus v2 and offering more interesting bond mechanics
- Creating bounties for strategy proposals and rewarding the community who actively participate in policy discussions.
Educational vision road map
Creating a Medium repository on DeFI including the advantages and disadvantages of DeFi, how to get onboarded safely and confidently, what is staking and how LP pairs work, how to value a project and evaluate its risk, how a DAO works in layman’s terms, and how to manage a portfolio with various degrees of risk tolerance.
Repository of partnerships for broader financial advice including personal savings, credit, stocks, bonds, real estate — to DeFi and crypto more specifically. There is a wealth of high-quality financial education content creators on YouTube, Twitter, TikTok, and Instagram which we wish to connect users with based on their needs and financial goals. Our community can help recommend content to absorb for investors of all ages, levels and socioeconomic backgrounds and manage what content and partnerships are added to the repository.
A PegasusDAO MasterClass-style educational offering, covering topics requested by the community more in-depth, to be posted monthly in our repository. Think of this as an audio podcast where you can engage talk with just a few founders or with partners that we bring into the class.
Looking forward to see the roadmap get completed step by step, very curious about the PegasusDAO Masterclass. There is a big necessity of educational contents in crypto. Especially in Defi.
And the last question will regarding your opinion: What do you think about the Cronos network?
We love Cronos Network not only because of the low fees and fast transactions compared to ETH network, but also because it gives the people who use crypto.com a low entry barrier to DeFi. Our mission is to help reduce that entry barrier even more by providing educational content about DeFi and decentralized protocols in general. We have for example written an extensive guide that explains the different ways of how to onboard on Cronos Chain. People can either use centralized exchanges or in case they want to avoid KYC there are plenty of options to use decentralized bridges to move funds over.
Totally agree with you, also when cronos will go live after the beta we will see a big growth imho of users and a general improvement of the chain. It’s very simple to bridge from polygon to cronos. Simple and cheap, for instance with EvoDefi.
Following this we fielded a number of wonderful questions from a community of over 6,000 people, detailed here!
1. Could you explain the reasons why you decided to create the Pegasusdao.finance project in the Cronos chain? Did the development of Cronos by the Crypto.com team have an impact on your decision? How will you benefit from Crypto.com’s Defi products and technological infrastructure?
Pegasus: The Cronos chain is a part of the crypto.com ecosystem — and with a user base of over 10 million we are targeting a previously untapped market segment. Our target market is not just the typical DeFi degen who wants to shill their latest find, but also the boomer/millennial/gen-Z’er with little to no experience in the crypto space that wants to actually educate themselves and get involved in a movement that we believe to be the future of banking and money. Our partnerships are focused on bringing in new capital and new money from such individuals into PegasusDAO — and this expansive approach is what separates us from the rest. Many DAOs focus on strengthening their internal communities only, whereas we believe that a volume-based approach targeting new growth is paramount, supported by outbound influencer marketing. On-ramping an entirely new generation of investors is vital to our success, and we will still retain community support and literacy for experienced investors as well. Crypto.com’s ecosystems and product offering are essential to our long term vision towards cross generational financial literacy.
2. One of the main problems that I see with DeFi 2.0 is that they create great liquidity but only related to the native token. Does PegasusDao intend to create liquidity in the future to be able to trade other cryptocurrencies and tokens?
Pegasus: Yes, Protocol Owned Liquidity is something that has been pioneered by OHM. Sticking to the same ethos, we do plan to have our own liquidity across multiple chains. We also plan to have our own Swap page if we do end up owning enough liquidity to have a DEX.
3. $SUS, a free-floating currency that’s backed by the assets that are held in the PegasusDAO Treasury (USDC). The protocol is always backed by 1 USDC, so the price of $SUS will never trade below $1.
Why did u decide to make $SUS a stable Coin?
How will this affect the project??
Pegasus: $SUS is not a stable coin. However, it WILL always be backed by atleast 1 USDC. The price depends on the amount of treasury, number of people staked and the interest in the open market.
4. In a Medium article I read “PegasusDAO’s vision is to build an investment fund protocol that invests a portion of its Treasury in high-yielding strategies and returns value to our token holders” Can you give us more details about what portion of the Treasury will be used for investments, what types of investments and on what platforms?
Pegasus: All of that will be decided by the DAO. What we as Defi expert can do however is to give suggestions to the community to the best of our knowledge. Ideally we would put the the treasury funds into work in low risk farming pairs like WBTC, ETH, CRO and stable pairs.
5. All of that will be decided by the DAO. What we as Defi expert can do however is to give suggestions to the community to the best of our knowledge. Ideally we would put the the treasury funds into work in low risk farming pairs like WBTC, ETH, CRO and stable pairs.
Pegasus: Yes, we plan to have liquidity added on other DEXes and eventually also go multi-chain.
6. There is a common challenge across all of DeFi that has plagued almost every project thus far, the ability to attract and maintain high levels of liquidity. Without liquidity all projects die. Most of OHM forks recently cant solve that problem.
Does the Pegasus DAO Protocol can solve that problem? If so, how protocol solve that problem?
Pegasus: We have dedicated 250k USDC from raised IDO funds to be allocated towards marketing. We feel that most OHM forks fall short in their initial marketing push as well as their long term marketing funnel. The APY’s and bonding rates are far too high to sustain in an environment where price continually faces sell pressure. We’re taking a more unconventional marketing approach where we are targeting smaller retail investors through advertising mediums like Tiktok, Instagram, Facebook and influencer marketing.
7. Where do you see Pegasus in a year’s time? 2 years? 10 years?
Pegasus: In one year, Pegasus will be providing a strong educational foundation for the crypto community through DAO education and literacy with the beginning of our roll out through the Pegasus Educational Platform for DAO’s, appealing to investors young and old.
In two years, we aim to pair with larger exchanges and formulate a philanthropic approach by giving back to the underprivileged and socioeconomically disadvantaged communities that don’t have access to crypto education. We want the world to understand what we believe is the future of crypto.
In ten years, we aim to have a crypto institute in the educational space, with degrees and specializations available in DAO’s and crypto — taking individuals from newbies to an advanced understanding, with courses and offerings being taught by the OG teachers, mentors and innovators across the latest blockchains and emerging trends. Crypto.com provides a great opportunity as a long-term player and given their involvement with popular culture — their network and resources are invaluable to our growth and development as we expand educationally, as this is the focus in both the short and long term for our DAO.
Thank you so much, and we look forward to taking to the skies with you soon.
Fly High (🦄,🦄)