We held an AMA in the COTI Discord Channel with our technical team to answer questions about the Treasury.
Here is the full recap:
Nicole:
Hello Everyone, thank you for joining another Treasury AMA. Today we have @apanasenko, our product manager and @Yuval_coti, Server side DEV team lead joining us to answer your questions. I know everyone came prepared with a lot of questions so let’s dive right in!
We will be opening the chat so you can write in your questions.
Community:
Who are the primary competitors to COTI?
Alex:
We are the only known layer 1 network solution based on MultiDAG our main competitors are other layer 1 solutions.
Community:
If I choose leverage staking that is locked for 30 days (for example) and price entry is 0.20$. After the 30 days, if I want to relock my deposit, will the entry price of the deposit stay 0.20$ or will it have a new price entry at the time of my relock? (So will relock affect my Health Factor?)
Yuval:
Relocking will not affect your Health Factor. The health factor depends only on leverage.
Community:
I have a question, many people ask it, Bridge native to erc20 will be open forever or is it open only during 1 day each month?
Alex:
Trustchain bridge to ERC20 will be always open and we are working on improving the current solution to be more stable and enable a more smooth asset transfer between supported networks. We are also working on increasing our interoperability by bridging other networks (stay tuned).
Community:
What is the lowest and the highest max APY possibly happen?
Yuval:
Currently the highest APY stands at 109% but it is really dynamic and relies on Treasury incomes like liquidations and fees + COTI other profit channels.
Community:
When will COTI add more nodes to the mainnet?
Yuval:
We will add another full node VERY soon.
Community:
Can you tell me why my Treasury deposit has been pending for 2 weeks?
Alex:
We had some glitches that were expected to be fixed by now, I would recommend contacting support to review each case based on it’s content.
Community:
Do you have an ETA on when we can expect the next update for the Treasury? Will that update include a visible liquidation timer? Also, when can we expect the Treasury to be added to the COTI mobile app?
Alex:
We have a full Product backlog filled with functionality we wish soon, I can’t commit to the timelines as we are working on many projects in parallel based on our 2022 roadmap. We are constantly gathering feedback from the community and adding new features requests.
Community:
When will the faulty staking entry be “cleaned” from the dashboard?
Alex:
We are gathering information on all users that are affected by this issue and we will issue a fix that will resolve this for the entire treasury user base. Apologies for the inconvenience.
Community:
The stability of the system was suboptimal during the treasury launch. While it’s understandable, to a certain extent, that new systems/networks may be unstable at the beginning, it has hindered several investors from staking early. It would be nice if the team would share a technical postmortem detailing what went wrong and what will be done to prevent such problems from happening again.
Yuval:
We will make effort to release a technical report on what happen ASAP.
Community:
Will the treasury eventually include COTI wrapped BTC, ETH, ADA?
Alex:
We are planning to release multiDAG2.0 that will enable the trust-chain to support assets from outside of COTI’s native network.
Community:
When will the treasury be shown on a mobile app?
Alex:
It’s on our roadmap and we hope to deliver it by the end of the year, but we are currently occupied on business roadmap items that will have a huge impact on our network and its capabilities.
Community:
I have a question: Where do the funds come from for leveraged staking? (Aave or so?)
Yuval:
The multiplier is not funded by any external app. Users that choose to multiply take the risk of being liquidated and have their deposit distributed between the Treasury members and in return getting a larger piece of each distribution
Community:
Which update(s) in 2022 are you personally most excited about? And why? 🙂
Alex:
I think MultiDAG2.0 is a huge game changer that will be a big stepping stone for projects we have lined up.
Community:
What notification mechanisms are planned for notifying investors about deposits that are getting close to liquidation? Currently, there’s a somewhat aggressive session expiry threshold on the Viper Wallet. Logging back in is quite a chore as well. That combination makes it hard to keep watching the more risky deposits. I would prefer the session expiration to be a user defined setting. I for one would set it to something like 24hs, meaning roughly one login session per day. Other types of notification would also be welcome. That could also include: mobile and browser push notifications, email, sms, etc. It should be gradually “louder” as it approaches the danger zone in order to give enough reaction time.
Alex:
We are working on a notification system that will allow users to be informed on their deposit status as we are operating in the crypto currency world. We need to make sure we cover all points related to privacy and security before we proceed. Button line it’s not as simple as adding push notifications as they work today on standard mobile apps.
Community:
Android users here would love to be able to check Treasury from the COTI Pay app, currently not available. Also would like the app session not to expire so early.
Yuval:
Adding the Treasury feature to our mobile apps is already defined and in our roadmap. We will update the community.
Community:
If a company has a crypto wallet and wants to receive its payment not in Euro but in USDT stablecoin how are you going to integrate COTI pay into the payment terminals so that it chooses to receive this payment directly in its crypto wallet ?
Alex:
We have plans to enable this busniess flow in the future and it will be based on supported trustchain assets, the enabler for this flow would be MultiDAG 2.0. Stay tuned.
Community:
Is treasury working on testnet? I tried a few transactions there and they are all pending.
Yuval:
We currently have two environments for treasury, dev and production mainnet. we will add support for testnet environment in the close future.
Community:
We can purchase COTI from inside our Viper Wallet, but currently it’s more expensive than buying it from KuCoin and sending it over to our Viper Wallet. Wouldn’t it make more sense for it to be cheaper to buy COTI directly? Are there any plans to make changes to this to make it more competitive with crypto exchanges?
Alex:
We are working with a third party vendor that provides us fiat onramp “Simplex”, we are aware of the fees that they charge and we are working with them to address this issue.
Community:
There is a lot of confusion about the grace period after HF goes below 1.
1. Is the grace period to add funds 24h?
2. Is it true that the grace period will be abolished? If yes, when?
Alex:
As we published in our everything you need to know article about treasury we have a 24 hour grace period, we mentioned that it will be gradually reduced. Please stay tuned for our news updates. Also we are working on a notification system that will notify you on your deposit status. Keep in mind you need to monitor deposits with multiplier higher than x1 in order to avoid liquidation (“Don’t be like Alex”)
Community:
Can you explain this note? Are there hidden rewards and when will you get them? Note: By claiming your rewards you will forfeit the APY earned on your accumulated rewards.
Alex:
You will forfeit your accumulated rewards if you break your lock period by doing a premature withdrawal, please note that all awards that were accumulated during completed lock periods will not be affected.
Community:
What happens to the suggestions submitted through the online form (COTI Box?)? If we hear no feedback that discourages us from further engagement. Will good suggestions be included in the roadmap?
Alex:
I’m working with support on a solution that will enable me to better interact with your submitted ideas and give you feedback. Currently I review suggestions from the community and they are documented in our development backlog. Please keep those ideas coming and we will set a priority and implement them when possible.
Community:
Are you planning on creating an ADA version of COTI similar to the ERC-20 version? I know a lot of people who would love to store their COTI in ADA wallets that way.
Alex:
We have plans to bridge trustchain with Cardano stay tuned, multiDAG 2.0 will be the enabler.
Community:
I’d like to know why some of us have Treasury deposits pending for weeks?
Yuval:
Currently the Treasury works properly. The problem is a UI problem that will be fixed soon. There are two options:
1) if the deposit is pending since the launch and you do see the transaction of the deposit approved in your wallet then contact us and we will fix it.
2) if there is no transaction matching the deposit in your wallet the transaction itself failed and no funds were lost.
Nicole:
Hello again, this concludes our Treasury AMA. We thank you all for joining. Remember there are a lot of great guides for you to reference, like the Treasury article: https://medium.com/cotinetwork/everything-you-need-to-know-about-the-coti-treasury-b5fd09e1d82a and the FAQ section: https://treasury.coti.io/help We will be posting an AMA recap. Have a great day and STAY COTI!
For all of our updates and to join the conversation, be sure to check out our channels:
Website: https://coti.io
Twitter: https://twitter.com/COTInetwork
Telegram: https://t.me/COTInetwork
Github: https://github.com/coti-io
Discord: https://discord.gg/9tq6CP6XrT
Technical whitepaper: https://coti.io/files/COTI-technical-whitepaper.pdf
