Welcome everybody to this AMA.
Today's AMA is with Minclub, a project that we're excited to share with you all.
And we will be discussing Minclub, their platform, their work and their work with Surdik as well.
So I'll bring up today's guest if you just want to unmute yourself and introduce yourself a bit to the audience.
Oh, hello. Can you hear me?
Awesome, awesome. Hi, my name is Yong Hui, co-founder and designer of Mint Club.
Thank you so much for inviting me here. I'm so excited of today's sessions.
No worries, excited to hear from you.
So could you just give us a brief introduction to Mint Club, what your platform is, what problems you're solving.
And yeah, let's start with that.
Awesome, awesome. Sure, sure.
So Mint Club is essentially all in one place for bonding curve-backed tokens or NFTs.
So you can set any ERC-20 tokens you like as a basis set of your bonding curve tokens.
Like, for example, you can create like, yeah, I'm not going to create Surdik tokens.
But maybe I can say like a Project 7 token, like by setting my favorite like Mint tokens as a basis set or a token as a basis set.
And then I can even design my own bonding curve for my Project 7 tokens by setting a flexible creator royalties and even launching an L-drop.
I mean, you can literally tap into a bunch of handy tools for as a token or NFT creator.
Like, we really want to establish an advanced bonding curve system on many crypto sectors such as like social file, community, DAO, gamify, even meme coins, you know, like we can think of like a bonding curve-backed DeFi system by using Mint Club.
So, yeah, we aim, we really want to create like a highly advanced bonding curve system for many normal users, not just like a crypto highly expert people.
Could you explain a little bit about the bonding curve mechanism and how the sort of average, not super advanced user can benefit from this?
Right, right. So when you actually think about like launching your own token, when you think about it, many people misunderstand about it, like, you know, it's like sort of like those kind of jobs only for like developers or at least the people who are highly expert in the smart contract, right?
But actually, it's because mostly because of the liquidity pool, because like when you create your token, you have to actually form a liquidity pool on Uniswap or PancakeSwap based on your chain that you choose.
That's very complicated process actually to do that.
Also, if you want to make some interface with using your token, like, you know, like setting up the airdrop or make them purchase or, you know, something do with it, you also need some developer to create some interfaces, right?
But by using bonding curve system, first of all, like you don't need to create a liquidity pool manually, because bonding curve makes tokens like having own automated liquidity pool based on the token demands.
So, for example, if I launch my Project 7 token in a bonding curve system, and if you purchase 100 Project 7 tokens, then bonding curve calculates the amount of the kind of pay the tokens, which is which is called a spacer set.
Like, say I set the basis set as a token, for example.
So if you purchase 100 Project 7 tokens, then bonding curve calculates like the amount of the eight tokens that you have to pay in to get the Project 7 tokens and you pay that eight tokens, then bonding curve take that eight tokens into the bonding curve liquidity pool.
And it also means 100 Project 7 tokens newly to you.
But when you sell out the Project 7 tokens, then bonding curve also calculates the amount of the eight tokens to be back to you and then take the Project 7 tokens back and then send them to the burn address.
So literally reducing the circulation supply of the Project 7.
So, yeah, this this sounds like a very complicated system, but actually it's very simple and very intuitive system to make you no need to worry about,
like manual liquidity pool creation to make your tokens tradable.
For sure, I think that was a good explanation.
So what are some of the sort of downstream effects from making from making this this process much simpler?
What do you what do you think this will unlock for for, you know, NFT DeFi users?
Like union downside of the like, yeah, you're making creating a liquidity pool very easy or almost, you know, like not a technical challenge.
So what what do you think the the second order effects here will be like?
Yeah. Yeah. Yeah. So basically, this is going to extend the target user of tokenization.
Like so far, you know, for example, making mean coin, you know, like usually mean coins are quite risky.
Right. So like some small.
So even like anonymous people like usually create mean coin project and then kind of raise the tensions.
Right. It's because mostly because of the liquidity pool operations, you know, they have very highly technical way of running the liquidity pool strategy.
And also make it like as decentralized as possible by using those, like, you know, smart contract functions, features like, you know, kind of burning out the the LP tokens to show the commitment of the community, sort of like that.
They can practice is quite highly technical.
But by using this mentality system, you can create a mean coin highly decentralized way, but without any technical background, because first of all, you don't need to create or you need to operate those very complicated,
leaky pool strategy because bonding curve operates automatically by based on the tokens demand.
So when when people love your beam coin and purchase more than the bonding curve increases automatically because people keep purchasing and then those paid out tokens coming through into your political pool and those LP tokens even not exist there.
So you don't need to even burn them out to make, you know, commitment of your, you know, for the community because bonding curve only can control those political pool.
Not other people, even the token creator cannot touch that. That's that's the fun that'll and also like a minica provides that very easy token purchase and selling interfaces.
So whenever you create a token or NFT in the middle, you will have your own token page.
Like, for example, when I when I when I create the project seven NFT backed by bonding curve, then I will have mint dot club slash NFT slash project seven that my own URL and in that own URL.
People can intuitively purchase the project seven entities or sell for seven and I can even create my own aircraft and that will appear on my project seven token page.
Even I can lock on my own tokens like to show my commitment in a smart contract that will be also visible in the token page.
So, yeah, everything kind of lowering the barriers for people who has lots of knowledge, like many not much knowledge is and like followers of doing something but not technically background for that can utilize these tools for your tokenization.
For sure. It sounds like a very comprehensive sort of all in one dashboard with a lot of different action already.
So what inspired the creation of this? What were you trying to use the existing tools to deploy a mean coin or a project and then realize that the tools out there were coming up short and you really wanted a project like like the one you've created.
Yeah. Tell me a bit about the story behind Mint Club.
So it's actually began with my personal experiences about all the coins and stuff.
You know, like I personally, I'm not really, first of all, good at trading and I'm kind of maybe myself like a decent, like I kind of apron a lot, especially the main points.
And then sometimes I started to think that, like, what if people like me, like, you know, who has lots of ideas and kind of highly motivated to do something?
Can easily create those, you know, tokens or entities.
If I have some ability to to raise the community tensions regardless of the technical backgrounds, I can even run my own method project, which was really cool, you know.
So that was kind of my motivation to to begin with it.
And then my co-founder found out the bonding system really long time ago, like maybe about two years ago at the time.
But it was not a mainstream at the time.
And then it started to have some bonding back platforms, like Big Cloud, probably like almost two years ago.
It was kind of a shopping event, you know, because there was kind of first ever major level of the platform that uses bonding.
But people even did not know the bonding mechanism at the time because there was a site for, you know, kind of a social fight platform, not just for the bonding protocol.
So at the time, we thought that maybe we can make some bonding as a protocol, not just for the closed platform.
Because when you make when you make your account key token a bit at a time, you cannot even export it out to trade in other platforms because there was a closed platform.
But when it comes to the advanced bonding curve ecosystem, you have to be able to pull out those tokens that can be tradable or applicable in any other platforms like Uniswap or, you know, other DeFi protocols.
Because that's kind of the beauty of the decentralized platform, right?
So, yeah, that's why we started to think about to create the bonding curve system as a protocol, not just closed platform like Big Cloud or FenceTech, those kind of steps.
That's why, yeah, we start to make this kind of advanced system like Mint Club provides bonding curve token NFT equations on multiple, multiple chains like Ethereum, Optimism, Arbitrum, many L2 and L1 chains, more than eight chains probably.
And you can set any EIC-20 token as a basis set by drawing your own bonding curve, which gives a lot of flexibility, right?
So this is more like an advanced protocol rather than the closed platform for bonding curve.
I think when it comes to thinking about the bonding curve-backed platform, you can only find the kind of closed system like Big Cloud or FenceTech.
You cannot see any kind of open platform as a protocol.
So this can be kind of your first options to think of.
Yeah, absolutely. And openness is such a core value in the space.
So when it comes to, you mentioned the different chains that are supported, how's that sort of cross-chain environment?
What are some of the sort of current opportunities as well as challenges that you see there when it comes to choosing a chain or choosing multiple chains?
So first of all, the creator is quite important, one side for Mint Cloud, right?
So it is important to support as many chains as we can because they all have different unique selling points, also advantages of using it.
But I think the transaction fee is kind of one of the most important important factors when they choose the chain.
Also, the base users numbers, number of the base users.
So, for example, currently, arbitrary and base chains are kind of most popular in Mint Cloud because of the low transactions cost and also fast transaction speed.
But also, arbitrary and base nowadays have lots of kind of real users who, especially in the social side of the web3 industry.
Like, for example, have you heard about Farkasr, right?
I'm a heavy user in Farkasr and then there are a lot of people using base chain in Farkasr.
So when we start to talk about Mint Club in Farkasr, naturally base chain becomes kind of mainstream for them.
So interestingly, yesterday, the number of the transactions spiked up more than 7,000 percent in the base chain because of that.
So this is kind of one of the examples.
So because of that, you know, there are a lot of different factors of the creator to choose the chain.
So as a tool to provide, we need to support as many as chains we can so that our creator has more options to choose for their own token economy.
Absolutely. I think your users across different chains will thank you for that.
So when it comes to security and sort of building insecure practices into the development process, what what did you consider there?
Yeah. How did you how did you ensure the security of the platform from the very beginning, basically?
I see. I see. That's that's very important question, especially for strategic followers.
We have two actually simple rules to enhance our security level.
Number one, like we want to minimize the failing point as much as possible.
Like, for example, we're not a fan of creating upgradeable contracts for our protocol.
Like many, many protocols that kind of has, I mean, you know, I mean, wallet that can control about the functionality of the protocol.
And also they can upgrade the contract by adding something or changing something.
Which is kind of cool to do that, because then you can accept many demands or something like that you missed in the beginning and then now the changes.
So you have to add it. Then upgradeable contract is very beneficial for that.
But to do that, you kind of give up the security level.
So there are a lot of cases in actually in this world that because of the upgradeable contract kind of leaked out or that mean keys leaked out some agenda or, you know, sort of like that.
So we are not fan of a good contract. So we try to avoid it as much as possible.
So basically, mint class protocol is not upgradeable.
So once it deployed and then that's it, we cannot touch it except for a very small number of the parameters that we set, but which is kind of not not critical for the core of the protocol.
So the core functions are not touchable once it deployed. That's kind of our number one rule.
Number two, making code or functionality as simple as possible.
This is our number two rule. Like many protocols has very complicated features in general, mostly marketing purposes, probably, or just in case thing, you know, like when when you add this feature, probably someday that can be useful or not.
Some sort of like that, but those things kind of actually increase the security level, too, sorry, decrease the security level, too, because sometimes you can you can expect some failing point that you never actually anticipated in the beginning.
So so our rule is actually to make code as simple as possible and the functionality minimize the functionalities, too.
So I think those two rules makes our security level quite enhanced compared to other protocol.
And also for this Mint Club version two protocol, we've run a community audit with more than 15 smart contract developers before we get into the strategic audit.
So this was really helpful to it because, you know, before the strategic audit, we wanted to prepare as much as possible to make all the functionality kind of kind of taking the failing points or potentially kind of leakage parts of that sort of like that.
And then we could get also strategic body, which is quite very intensive.
So, you know, by this two steps way of the audit process that enhanced a lot of our security level, I think.
Yeah, absolutely. I think that's a very I appreciate the discussion and your explanation of upgradable contracts.
I think your community can rest assured that you know what you're doing and have considered the the implications of of the choices that you've made.
And another one of those choices, if people head over to the Skynet page for Mint Club, which if you go to Skynet dot CERTIC dot com and then just search Mint Club, you'll find it.
You also have a you underwents KYC gold verification.
Could you just talk a little bit about that process and and why you chose to do that?
That that was actually quite impressive.
We didn't know about this actually before the KYC process,
because, you know, like many projects are anonymous in the in this world.
Right. Like I kind of understand why they chose anonymous anonymity for the those protocol, because it's very scary word.
You know, like there can be lots of problems in your in your in your protocol.
So even though they don't need they don't they didn't want to rock or something, sometimes something happening and they have to be responsible for.
So lots of project tools, anonymity, anonymity for that project.
But I think the KYC process by CERTIC can change this kind of trend.
Like lots of people, especially the token creators, they they kind of they use their their thing to to tokenize something.
Right. And then they're not anonymous, usually the token creators.
But if the protocol is built by someone's non anonymously, then how can they trust those platform?
Right. They cannot find that some some some hidden risk for those their own token asset, which is really important part.
So, yeah, I think the CERTIC KYC is really a super cool process to minimize these points.
So, like, first of all, CERTIC kind of promoted this KYC process for many projects.
Right. So once they kind of get through it, then they gives us a benefit for kind of kind of presenting their token project for protocol sort of like that, which is really cool.
You know, so you use these as a kind of kind of carrots for the rabbit.
So more promoting to use that.
And the KYC interview ran by the KYC inspector, I think.
I don't know the exact title, but I think it was KYC inspector.
The interview questions were very thorough and very detailed, though.
So I feel like, you know, I was kind of interviewed by some some some FBI agent.
Right. So it was quite interesting process for me, myself.
And then after that very intensive process, and they think that the all the co-founders are doxed out and the publicly.
And also we try to minimize the failing point as possible, you know, like, you know, not upgrade the contract.
And also, you know, we put a lot of efforts on it and then the inspector could also understood our understand our efforts to do that.
So, yeah, at the end, we were able to get the gold batch of the KYC.
And then, yeah, I think this is kind of beneficial for the token creators or holders of those tokens or NFTs to choose Mint Club as a backbone platform to run their own community or Meme Point or whatever their own social projects on top of the ecosystem.
Yeah, absolutely. I think, yeah, you hit on a key point where there is a there is a role for, you know, decentralized or anonymous or pseudo anonymous founders in crypto.
That's definitely been a part of crypto since the very beginning with Satoshi Nakamoto.
But now that we're in this sort of new phase of of DeFi, where, you know, people are deploying projects that attract millions of dollars very quickly overnight, sometimes in the middle of the market.
And then users really do need a reason to to see that a project is, you know, transparent, willing to stand behind its project.
And and it's funny that you mentioned that it felt like you were being interviewed by an FBI agent because, yeah, our KYC interviewers are, you know, former law enforcement intelligence sort of professional.
So it is a very comprehensive process. All the data is obviously kept extremely private.
But then, yeah, you get that gold badge to show to your community, hey, I'm legit.
I'm standing. This is my project. I'm associating myself with it.
And and we're happy to do so. So it really does raise the level of transparency and integrity in Web 3, which I think is super important.
So, yeah, congratulations on the on the KYC gold badge.
Thank you. Now, let's get into.
So you've got the Mint token. How is this involved in the platform and and what functionality does it grant to users of Mint Club?
All right. So first of all, Mint Club is kind of a multi chain basis.
Right. So, you know, when there's no cross chain mechanisms, those tokens are created in the different chains are not connected each other.
Right. So it is kind of important to have platform tokens to kind of combine those multi chain ecosystem into one valuation kind of vehicle.
So that's the nature of the platform tokens. So we do have platform tokens, but very unique system.
When I'm saying platform tokens, not a token, it means that we have multiple platform tokens and then that they are
generated by setting Mint token as a basis.
So we run three platform tokens at the moment.
They are all bonding curve back to tokens to created from the Mint Club version one protocol.
And by setting Mint token as a basis set for those bonding curve of the platform tokens.
And we have three platform tokens, which are, first of all, the Mint DAO token, which is our governance token and also grant token, which is our ecosystem fund token.
And lastly, our creator token, which is for the token creator to use to utilize our premium features for their presence or utilization of the interface.
Those three platform tokens are generated generated from the Mint Club version one protocol as a bonding curve token.
And they all have a Mint token as a basis set.
So literally all the valuations are connected to Mint token, because first of all, whenever there are more people to to jump into the governance system, right, then they need Mint DAO token.
And to have Mint DAO token, then you need Mint token to purchase Mint DAO tokens.
So Mint token goes into the bonding curve, liquidity pool of Mint DAO tokens.
Other tokens too, like when you want to use our premium features and you need creator token, which is one of the platform tokens, and also you need Mint tokens to purchase those creator token.
So this is how a multi-chain ecosystem can be combined into one kind of vehicle to create the one valuations that is connected to the platform's growth.
This is kind of our platform token strategy.
Cool, cool. OK, that'll be very helpful for everyone who wants to get involved in Mint Club and start using the platform.
So you've got a pretty thorough understanding of the Web3 space from everything you've discussed today.
So I'd love to hear some of the just some of your insights on on building in Web3 right now, you know, the state of the industry, the coming year or two in the industry,
as well as the medium to longer term plan for the Mint Club platform, too.
Yeah, just feel free to share whatever thoughts you like with the audience.
I'm sure they'd love to hear.
That's that's really a great question, actually, because personally, I think that we're kind of in between phase one and phase two of Web3 Spears.
So phase one used to be just for kind of what can I say, like big project basis era.
I mean, so first of all, a bunch of the main nets and kind of a big size of the protocols or just platforms that,
you know, funded by a bunch of the very fancy PCs and stuff.
Right. And then people kind of have been many holders of those assets in for kind of listing them into kind of major exchanges.
They were the only one of the major reports at the time. That's kind of called as phase one.
Now we're in the beginning of the phase two in the phase two.
I mean, still listing, you know, tokens in centralized chains are still important.
KPI for most of token assets. But more important KPI for them is actually to have their own functionality for their token economy.
Right. So we're kind of in the beginning of this era, too.
This is not just for the big companies to to meet this guy like this era, like, for example.
So after the big boom of the I.T. back to 90 something. Right.
And then more than 90 percent of the of them gone. And then after, you know, very tough period, everyone went through.
And suddenly the major Internet platforms kind of became giants.
Like, you know, the Facebook or the Web two platforms form in that period.
That's all based on the actual functionality. I think we're kind of in the beginning of that.
But Web three is quite, quite different to Web two when it comes to how it works about those kind of functionality.
In Web two, the major goal is to contain any as many as people into their basket and kind of close it so that their activity is only happening in their platform.
And then the valuation is kept into there. Right. But in Web three, the most important part is the decentralization.
I mean, when people whenever people talk about decentralization, people think people just think about like kind of like political or spiritual part of it, you know, like, oh, decentralization is like, you know, kind of giving power back to the users or whatever.
But when I say decentralization is about functionality, like when you create a token set at some point that becomes transferable, transferable a set in many other platforms.
That's kind of nature of Web three. Like, that's supposed to be something more fractionalized of your things into multiple places.
Imagine if you create a Twitter account, but they can be also easily adapted to Facebook or or TikTok like that.
Right. If if there's some kind of protocol that can be shared, those, you know, those post contents or your accounts or sort of like that.
Web three is like that. Right. Which is impossible in Web two. I think we're in the beginning of that era.
And imagine if there is a bonding or advanced bonding curve ecosystem for them, you know.
So whenever people do some social activities on the Web three and they want to tokenize something, they need an F.T.
They need token, but it's not something that you need.
You need some some some advanced developers or some advanced level of the smart contract or the key for creations are very complicated.
Versus the Mint Club that has all in one things in the one platform, but also those are all ERC 20 token form, ERC 115 token form.
So which is completely transferable is other platforms which will be really beneficial for those sectors.
So I think, yeah, we're in the very beginning of the second phase of the crypto world, especially social social factor is very important.
I think it's kind of getting far bigger than now in in the midterm when it comes to the social fire or, you know, community fight out those kind of sectors.
And whenever they think about the tokenization, I believe or I want to I want to make Mint Club as a kind of backbone for their token launching system compared to those, you know, like the manually liquid creation process.
For example, Uniswap or sort of sort of like that.
Well, we don't want to like directly compete with them, but I think this can be the another major option for them so that they can have benefits from it.
And even you can create the Uniswap actually external LP, even though you have a bonding curve pool in Mint Club, then there is even arbitrage arbitrage transactions between two pools because bonding curve pool can be a backbone of those token valuation
because there's always a lot of locked up based tokens in the political pool.
Right. Then those Uniswap pool, like as a external LP, works as a arbitrage pool between those two different pools, which is kind of cool because then that tokens can be extended to multiple, multiple platforms without any barriers.
So, yeah, so, yeah, we believe that the bonding curve can become another mainstream in the phase two.
I'm not talking about new meta.
I mean, I don't like that word because I'm the one who always like, you know, kind of get late to be in the meta.
But I believe that the bonding curve can give a lot of benefits for those the second phase of this social sector in the web three.
Absolutely. Absolutely. I think you've recapped the the journey of the Internet very comprehensively.
And it's exciting to be it's exciting to be at this at this new time when when people can build and and aren't locked into Web 2 platforms, as you mentioned, but instead have these open, decentralized, permissionless platforms that can work with each other, build on top of each other and build, build brand new things and put new technology to use in really exciting ways.
And Mint Club is one of those projects.
So we're absolutely very happy to be working with you.
Very happy to have you on today.
I encourage everybody to check out Mint Club's Skynet page where you'll get a very comprehensive view of the platform's security.
You'll be able to see that gold KYC badge.
You'll be able to read the audit report and and get a full view of that as well as plenty of other metrics.
So any final words you'd like to leave the audience with today?
Yeah, it was a very pleasure.
Like it was really great time for me to be in this space, especially the as you mentioned, the 30 Skynet is amazing platform.
Like, you know, when you just go to the Skynet and then just type Mint Club, you can get the the score, the security score instantly.
And the most cool part is that the that score changes, right?
So you can actually kind of monitor the activities of the project, which is really interesting part.
So, yeah, I strongly recommend for you to do that and constantly monitor the score.
And also the listeners, if you're thinking about kind of tokenization of your thing, but you want to start a very simple way,
you don't need to think about very complicated tools or, you know, big funds to create the manual,
the capable, you know, usually this is the most painful part because you need to actually have a lot of tokens to do that.
Yeah. So if you want to discover that or just visit Mint Club, you will see the new world of the tokenizations because very easy.
A lot of people that are jumping in it. It's very easy, very simple to launch your token or NFT by using bonding curve system.
And it's very fun to get around with your holders or your followers or your friends.
Yeah. So just check Mint that club, please.
Awesome. I look forward to watching the growth of your platform.
And and, yeah, just where where the space takes you and where everyone builds with Mint Club.
So, yeah, thanks again for coming on today.
Thank you, everyone, for joining us. Check out those links.
Check out Skynet. Check out Mint Club. And we look forward to seeing everybody back next time.
Thanks, everyone. Thank you. Bye bye.