AMA with our Cook CTO
We recently held an AMA with Cage, our Cook CTO. Below you’ll be able to read through a recap of the AMA which also includes several of the questions that we received from the community!
Hey Cage! Welcome to the AMA! How have you been?
Hi everyone and Harry! Thanks for joining this AMA! I’m doing well
So, how was your summer?
It was great, I spent a lot of time developing and researching. I also played a lot of tennis. I was planning to go surfing, but it turned out that DeFi is so much fun to work on that I stayed at home most of the time!
So what is new on the development side at Cook?
Haha a LOT. We’ve been very busy building new features for Cook. It’s quite fun as I think that these features will add a lot of value for users.
One product feature that we are building is issuance with a single token. This one is really good. So how it will work is that users will be able to use Eth to issue and receive any of the index token on the Cook platform. It’s a bit similar to batch issue, but you don’t have to wait, the users can issue index tokens any time they want.
To give you an example for the EDI index that has several DeFi assets like Uniswap, Chainlink and several others you can just issue EDI with Eth and get the EDI ckToken which represents all the assets in the index. This is a very unique feature that will make it much easier to get ckTokens.
Another feature is the yield bearing index, which is in the testing stage now. I’m pretty excited about this feature too!
I saw that you recently integrated with Chainlink can you tell us more about that?
Sure, we use Chainlink pricing feeds. This makes it easy to get the latest pricing for the assets that are issued when users transact on Cook. Chainlink is a very well known partner and we are glad to use their oracles in our platform to ensure accurate pricing.
From the product side it was very straightforward to integrate with Chainlink and we were able to do this very quickly. And with Chainlink integration, we can easily avoid sandwich attacks when trading with DEX in our smart contracts.
So, Polygon is becoming very popular across defi and people in the community are excited about this. When do you think we’ll be able to use Polygon to access Cook?
Right, Polygon is very popular now and many protocols are building partnerships with Polygon. Even big ones like Coinbase recently announced partnerships. That really shows how useful Polygon has become in the industry.
For Cook we also want to provide the benefits of Polygon to our users. Currently we are close to finishing development of this integration. We are just running some final tests and hope to complete and launch it soon!
There was a really great video from Altcoin Daily. For anyone in our audience who didn’t see it you can check it out here https://www.youtube.com/watch?v=YHNNt4auSnk&t=544s What did you think about this video?
Right! Altcoin Daily is great! They featured us in their videos a while ago so it was so great to be in another one of their videos. I thought they did a really nice job of sharing so many of our new product updates. We worked really hard on launching all these new features so I was very happy to see them talking about many of them! If anyone here has not seen this video you should watch it!
Cook recently launched a DAO. Can you tell us more about that?
My pleasure. We just launched the DAO. (I’m personally very excited about it). It is great because this was part of our original plan and we included this in our whitepaper. For Cook as a DeFi protocol, it’s very important to have the community involved with Cook. So we wanted to get the community involved as soon as we can, starting with the launch of the DAO.
There are actually many good discussions on the DAO and I am very happy to see that so many people in our community have participated. If there are people who are attending this AMA now please participate in our DAO! Share your ideas and we can work to implement them on the product side! This is very exciting for not only me but also the future of Cook!
Everyone can help to improve the platform!
How can Cook live in a bear and bull market like last time and how to build up belief for the long term?
This is a great question! Right now the market can go up and down quite a bit. But we are not concerned about that. We are very focused on building a great platform.
You will see that this year the market was quite volatile. Even just recently back in the beginning of the summer with the bear market we still launched our Mainnet and continued development throughout the year.
All you need to do is follow us and you will see month after month our progress on developing a great product. So if you just watch us you will see how we keep developing!
For now, is there a ranking system among professional traders so that users can review and decide accordingly? If so, what data was used to determine the ranking?
This is a really great idea! We don’t have this feature but when the platform is open to professionals for index creation you can start a topic discussion for this in our DAO and if a proposal is created and passed, your idea can be added to the Cook platform!
Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
Yes, our platform is audited with different protocols such as Slowmist and Certik. Security is one of the highest priorities when we develop the platform. A smart contract won’t be deployed unless all tests are passed.
One of the main focuses of Cook is to help to reduce barriers to crypto adoption. To help people on Cook, you will be providing Index-based and actively-managed options. Can you tell me more about these two options?
The token itself is a governance/utility token, as you see, with the recently launched DAO, Cook tokens can be used to propose and vote. In the future there will be more and more Cook token usage, please stay tuned. You can buy Cook on uniswap or other CEXes such as gate.io right now to participate in governance.
Index-based is more of a passive management strategy as the components and allocation will be changed upon conditions matched. For actively-managed indexes, there will be an index manager.
The mechanism to deposit into Index-based and actively-managed indexes are actually the same, you issue the cktoken with the batch issue feature, the single token issue feature or the underlying component. ckToken is more like a receipt for your deposit and index managers will allocate depositor’s assets. Once depositors want to get the assets back, they just simply redeem with the receipt (cktoken)
Awesome Cage! We will not disturb you anymore, you can go back to coding! Thanks for joining!
Thanks everyone for joining the AMA!