1.Could you please introduce yourself and tell us how you get involved in Crypto?
My name is Luke Montaine.
I currently serve as the Chief Strategy Officer of SATO Token and the CEO of Roadman Investments Corp. (A public company listed on the Toronto Venture Exchange, Canada).
I studied economics at the University of British Columbia in Canada and I have been involved in the capital markets for over 15 years in various capacities and I organized fundraising for many venture capital and private equity situations.
We have always been very interested in cryptocurrency. Especially recently since there were lots of institutional players joining this space. For example, Elon Musk and Tesla, Cathie Wood and Ark Investment, Grayscale and their Bitcoin Trust. We think it’s time for us to get into the space as well, hence we made 2 investments in blockchain powered businesses.
One is a tokenized e-Commerce loyalty platform called “iCashRewards” with over 500 top brands in the world. Their loyalty points can be redeemed as SATO.
The second investment we have made is a new NFT art exchange called “The Art of Teaswap.” There will be over 100 artists joining the TSA platform including a world rewarded artist from China, Cao Jun, and the other one from the UK, Sir Peter Blake, the godfather of pop artists. SATO will also be one of the payment choices on TeaSwap.
2.Could you please introduce SATO in a simple way to the Community?
SATO is an algorithmic rebasing token that is based on the Amplforth algorithm but with cross-chain function and layer2 solution. SATO is neither fiat backed or collateral based. It is purely algorithmic and relies on market forces of supply and demand to maintain its price.
Every day there will be supply adjustments depending on the price of $SATO. These adjustments are called rebases.
For example: when the price of the token goes above 1 dollar, the total amount of the token increases. (expansion) when the price of SATO is blow 1 dollar, the total amount of the token decreases (contraction).
Although the total amount of token changes, the overall percentage of the network owned by a user remains the same. Also, as more people join the network, the total market cap of the SATO token increases.
3.Why did you choose the name SatoToken? Does it have special meaning and is there any story behind this name?
The name SATO is actually short for Super Algorithmic Token and it’s named after Satoshi Nakamoto, the creator of bitcoin.
When Satoshi created bitcoin, part of bitcoin’s vision was to become an everyday currency that people use for reward points, donation tokens, currency for a game, or even micropayments for adult sites.
However, because of the volatility of bitcoin, it’s very hard to use bitcoin under these circumstances. Hence there is a need for a more stable token which doesn’t fluctuate too much.
We think SATO is such a token that will be stabled at around 1 dollar and can be used by all these use cases Satoshi envisioned. We name the token after Satoshi to pay our respect to him/her/them.
4.How can someone get SATO right now and which exchanges SATO will be listed?
Not only is SATO being airdropped to Badger, Ampl and Gitcoin community, (the 2nd round of airdrop ends on April 25th) it’s also being farmed on various exchanges.For example, LavaSwap on Huobi Heco Chain, BurgerSwap on Binance Smart Chain and Cex such as VirgoX and Layer 2 AMM exchange SwapAll.
For example, on SwapAll, right now you can use USDT, ETH and SAP(utility token of SwapAll) to mine SATO. Also, the liquidity pool farming has started on April 15 so if you are not participating yet, make sure to check it out on SwapAll.
here is the link for the swapall amm exchange btw.
there is over 7 million funds farming SATO on SwapAll right now. The APY is close to 1000% so make sure you go and farm SATO if you haven’t done so.
5.Did you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
SATO is a joint venture between SwapAll AMM Exchange and Roadman Investment Corp. There hasn’t been any fund raising for the project, instead, all of the development costs were covered by the 2 parties. It’s very much like the relationship between Tether(usdt) and Bitfinex, but when it comes to the token itself, SATO’s price is determined by the supply and demand of the mar-ket, instead of backed by fiat money like Tether does.
We are not going to do any public raising for the token because we think the best way to attract users is to give everyone equal chances in obtaining the token. With airdrop and liquidity pool farming, everyone gets the token at the same rate. It’s not like ICO when the venture capital has much cheaper prices when they invest in a project, which is not fair to the secondary market investors.
Our goal is to attract more users to use SATO, when there is more adoption, the SATO tokens are more valuable. Our team’s reserve is only 5% (250,000) of the total supply of SATO. 1% of Team’s 250,000 will be released on every inflation day, and not released on deflation days.
6.What is the token use case and how does it capture the value of the ecosystem you’re building?
As the first rebasing stable coin backed by a public listed company, SATO already has been used in the iCash reward system, which allows customers to redeem their loyalty points into SATO. In addition, on the TeaSwap NFT platform, SATO will be one of the payment methods as well.
In the future, SATO will be used on derivatives such as insurance contracts, leverage contracts, futures, as well as lending. In addition, Roadman will push forward the mainstream adoption for SATO as well, enabling more businesses to use SATO as a form of payment method.
If people have paid attention to the recent news about the first bitcoin ETF in North America, they should know it’s issued in Canada where SATO’s core team is located. I am not sure but there is a possibility that SATO may become the first regulated stablecoin by the government in the world.
7.A lot of stablecoins are very centralized and some of the other algorithmic stablecoins are very complex to understand. How is SATO different from the traditional model of stablecoin?
USDT, USDC, BUSD are centralized. They are backed by a 3rd party, for example Tether for USDT. If there is anything going wrong with Tether the company, USDT will be at risk.
DAI is a decentralized Stablecoin, but it depends on the ETH cap or asset value. I don’t think DAI can support the demand of the Defi space.
Amplforth is one of the earliest algorithmic stablecoins. Its biggest advantage is that its algorithm is very elegant and simple, and its game theory is very clear. Through a simple rebase model, the price of this currency can be stabilized around one dollar.
SATO uses the AMPL algorithm but has also made some innovations. including the cross-chain rebasing system, Layer 2 solution and a better oracle. In addition to these technological innovations, I also want to mention there is no private sale for SATO token, no pre-mining, and the core team only possesses a very small part of the tokens (5%).
End of AMA Summary, Thanks SATO & SWAPALL for trusting and organizing AMA with us !!.