AMARush Recap: KarmaDAO
In order to connect Avaxholics with Avalanche-based projects, Avaxholic honorably represents AMA Rush Campaign. This is a big chance for Avaxholics to directly interact with and understand deeper about Avalanche projects, whether top tier projects or newcomers. For the next AMA, we’re proud to have KarmaDAO as our guest.
“Avaxholic — together we BUIDL”. Besides updating news, we’re upgrading more about data analytics — real time data and research about projects to help investors always be confident when investing in the Avalanche Ecosystem.
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Avaxholic: Before we start, can you introduce a bit about your team and KarmaDao
Mr.Kizzy | KarmaDAO: well, Im kizzy and I made KarmaDAO to give back to the community, provide new wealth creation, and most of all to provide a safe place for investors to put their money
Avaxholic: Wealth creation and safe place for investors. Interesting. We’ll explore more to know how KarmaDAO make this come true!
Let’s get to the 1st question
1. Is there any special idea or story behind the name “Karma”? Can you share with us, if any?
Mr.Kizzy | KarmaDAO: well, the the story behind karma? “What goes around comes around!” I believe by providing the community with a genuine project wtih good intentions, but also tapering APY as we scale into bigger dynamics, This will provide long Gevity for the project and community! equal opportunities to make it!
Avaxholic: I see. Let’s dig deeper into the features of KarmaDAO to understand how this works.
So for the 2nd question
2. Why is KARMA backed by MIM? How is the mechanism different and better than stablecoins?
Mr.Kizzy | KarmaDAO: Mim is a stable coin, but In the future we will use use snapshot to vote as a community to determine where to strategically place our investments :D
Avaxholic: Then why MIM but not other stable coins? Can you share more about the reasons behind?
Mr.Kizzy | KarmaDAO: MIM is one of the biggest coins, “per volume” that is currently used on the avax network, This provides the treasury with stability. Which is one thing that is very important to us. So we decided to use MIM because its very well known and safe to back with
Avaxholic: Gotcha! For the 3rd question
3. What is the KarmaDAO’s feature that is considered as the magnet for users?
Mr.Kizzy | KarmaDAO: Great, sustainable APY with a doxrd dev that will do his best to lead, and guide the project! This, as well as a lottery that rewards stakers by including them into our weekly raffle
Avaxholic: Can you briefly explain more about how KarmaDAO ensures sustainable APY?
Mr.Kizzy | KarmaDAO: of course, we plan to ensure stability through tapering down our APY, as well as providing Burn/buy backs to help deal with any inflation issues we may have. Other DAO’s were rewarding with unrealistic 5 day ROI, which drained their treasuries and caused huge sell offs
Avaxholic: Do you think that tapering down APY will make your project less attractive to users, compared to other high APY ones?
Mr.Kizzy | KarmaDAO: well, we believe that the stability is what people are looking for. With so many DAO’s failing due to these issues (to much APY/sell Offs) we think that people are looking for a safe project, that they can invest for long term
Avaxholic: As an holder, I like this answer
Now, we’ll learn more about the other half that you mentioned: the weekly raffle
4. Can you explain more about the Lotto Inspired Game UI? It sounds indeed interesting.
Mr.Kizzy | KarmaDAO: The lottery Game Ui is being created! It will provide users with a Raffle-like Game that will dispense the results of each weekly lottery! this will reveal the wallet number and each person’s specific winnings :D
Avaxholic: Cool! Has this feature been available yet?
Mr.Kizzy | KarmaDAO: the lottery is available for stakers, the game UI aspect is under development and should see it within the next month !
Avaxholic: Nicee! Hope to hear from you soon
Last question
5. What is the main reason that you think KarmaDao would be a model for how economies should be run in the future?
Mr.Kizzy | KarmaDAO: well, I think taking the power out of centralized banks, and in to the hands of the people who invest their money into them, will be the future of banking economics! fast transactions, cheap gas fees, and a reliable network for people to use effectively
Avaxholic: Yeah Ikr. That’s the vision we all want to head to.
And that’s also the end of our first part
Thank you for spending time with us today Mr @Yungkizzy
We expect to see spectacular development in KarmaDAO soon :D
Mr.Kizzy | KarmaDAO: no problem! thank everyone for your time :D hope everyone has a great day!
FOLLOW US AND JOIN OUR COMMUNITY WILL BE THE BIGGEST SUPPORT FOR US. THANK YOU FOR READING THIS ARTICLE.
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