AMA with EncryptClub [English Ver.]
Chinese and Global Largest Altcoin Community&KOL Aggregator and Rating Agency.
We get full aware of cryptocurrency market risk from the drawdown days ago. However, the restoration of confidence in other financial markets have made today’s crypto world full of passion again. ETH reached $360 just now, and UNI, the leader of the Defi projects , also gained nearly 40% increase in two days. It seems the bull market has not gone yet and can still be rescued. Today we will conduct AMA with Doki Doki, a Japan-based NFT project deeply immersed in the two-dimensional culture , to see to what extent they can do during this special period.
We are glad to invite Rei, the CEO of the Doki Doki project, to our community and introduce us in detail the original intention of the Doki Doki project and the outlook for the future.
Good evening, Rei, welcome to our AMA. Would you please give us a self-introduction?
Self-introduction: Hi all, I am Rei, CEO and co-founder of Doki Doki Finance. Due to potential regulation and legal concerns which may affect the future operation of our protocol, I cannot disclose any personal information about myself. However, I can share some general background information, so hopefully people can have an idea. I am a math and business graduate, and a crypto currency enthusiast since early 2017. Professionally, I have 7 years of experience working in various roles at different Fortune500 financial institutions, ranging from commodity trading to blockchain researcher at an exchange. Prior to Doki Doki Finance, our team designed and built an algorithmic trading bot.
2, Several questions about Doki Doki
Q1：Rei, could you briefly introduce what Doki Doki project is?
A1: Sure, happy to do so. Doki Doki Finance — is a DeFi ecosystem project with 90s Retro Japan aesthetics and 100% original code. Our vision is to create a fair and sustainable protocol through carefully designed Tokenomics and build innovative products which add continuous value. In addition, we place high importance on the visual aspects of our product, as we believe that brand recognition and identity is essential in attracting and maintaining a dedicated community and user-base. Our debut product is DStake, which is created to distribute our ecosystem token, $DOKI. I can’t provide all the details yet, but our next product will involve NFT integration.
Q2：Asians in the 1980s and 1990s were greatly influenced by Japanese animation culture. Will Doki Doki use this influence to promote projects? If yes, what will be the promotion form?
A2: Yes! The inspiration and theme of Doki Doki Finance is 1980s and 1990s retro Japanese anime and culture. At first, I chose this kind of style because personally I love it, since it reminds me of the anime I used to watch, and pixel games I used to play during my childhood years. After we released our website and started to share it, our community grew from 0 to over 11000 in under three weeks. Reading some of the comments from our community members, it is clear that many of them were attracted to our project because of our design. Luckily, it seems that many people in the current crypto community also grew up in the same era, and have the same nostalgic feelings as I do. Seeing the overwhelming positive feedback about our design, we will definitely continue to incorporate more 1980s and 1990s Japanese culture elements into the design of our future products.
Q3: Doki Doki is a very practical project, but the design style of the project is very two-dimensional. Why did you design Doki Doki in this style? And what is the meaning of Doki Doki?
A3: Doki Doki Finance is a practical project, because financial services and products are very practical in nature. From a purely functional perspective, some products we plan to build such as DSwap, DBank, and DCover, intend to replicate the function of legacy financial services (Exchange, Banking, Insurance), through the use of smart contracts on the blockchain. Of course, being on the blockchain by itself has many advantages already such as transparency, censorship resistant, and permissionless. However, I think that traditional finance can be a little boring and rigid at times, because of all the paperwork, accounting, and bureaucracy. With DeFi, I saw the opportunity to change that. Through visual design, we can and make finance fun and exciting, like a video game, while still keeping it functional, practical and user-friendly. Doki doki” = Japanese expression for sound of heart beating quickly, usually with anticipation or excitement. We chose this name because we want to develop exciting and stylish products that will incite a “Doki Doki” feeling for the end-user.
Q4：From the white paper, we learned that Doki Doki has a very fair currency issuance mechanism. Rei would you please introduce to us why Doki Doki focuses on the fairness of token release? And how does Doki Doki implement fair currency issuance?
A4: Of course. Our philosophy is simple: to build a fair, sustainable, and truly decentralized DeFi ecosystem. And that begins with the fair launch and distribution of $DOKI.
Our initial token supply is 3500, of which 500 is reserved for Uniswap Liquidity, and the remaining 3000 $DOKI are distributed evenly to 200 white-listed members of our community. There are no private discounted sales, no private token allocations, and no team token allocation. Our early community members were given equal opportunities to get white listed via various contests and FCFS forms (a speed quiz contest).
Unlike $SUSHI, $DOKI is not a farming token with unlimited supply. The total and maximum supply of $DOKI will be only 50,000. DStake, our first product, will distribute the remaining $DOKI via staking in four different pools. The total amount distributed by each pool is halved every two weeks. This mechanism is similar to the halvening of Bitcoin, but implemented via smart contracts on Ethereum. It will take roughly 5–6 months for most of the supply (99%) to be distributed, and the idea is to release various novel DeFi products during this period, adding utility to $DOKI and creating sustained value for our community.
• DOKI-ETH Pool : A high risk and high reward pool in which users stake $DOKI / $ETH Uniswap LP tokens to earn more $DOKI.
• DOKI Pool: A medium risk and medium reward pool in which users stake $DOKI to earn more $DOKI.
• $WBTC Pool: A low risk and low reward pool in which users stake $WBTC to earn a small amount of $DOKI.
• $WETH Pool: A low risk and low reward pool in which users stake $WETH to earn a small amount of $DOKI.
The reward structure is a model of risk vs return, carefully balanced based on the amount of risk taken, and investment into the Doki Doki Finance ecosystem.
Here, we have a visualization of the distribution. I hope this makes it easier to understand.
To prove our long-term dedication to the project, team tokens (6%) are linearly vested for 6 months, controlled by the smart contracts.
Q5：Doki Doki’s community culture is very interesting. I am very optimistic about the follow-up community’s promotion of the project. How your community help the project grow?
A5: It is often said that in Crypto, community is the foundation for future success. Thus from the very beginning, we took a very community driven approach with our project by letting members voice their concerns and vote on various important decisions. We have made several changes from design, pool rewards, and even product release schedule based on our community feedback. The community has also been absolutely phenomenal in helping with marketing and promotion.
For example, we have extremely dedicated members, whom single handedly brought in hundreds of new users to our channel. We have also been absolutely blown-away by the quality of submissions to our meme (art contest). Seeing how quickly our community grew, a few dedicated members have also kindly volunteered to help with moderation. They are doing a fantastic job and I am very grateful because it frees up a lot of time for us to build the products. We owe a big part of our current success to our community, and moving forward, we will definitely stick with our community driven approach.
Because crypto is a global phenomenon, we have attracted members of different countries, ethnicities, age groups, and backgrounds. It has been very interesting to grow, manage, and see the interactions of such a diverse group. Although sometimes I get a headache from getting DM from hundreds of members each day, interacting with the community is still one of my favorite parts of building and growing Doki Doki Finance.