Amulet Protocol expands DeFi and restaking on Solana

0:01I'm ashon Addison from the Crypto Coin Show and today on blockchain interviews with Andrew sazanov Business Development and marketing lead at amulet here with us to discuss all things defi risk U the latest in the salon of blockchain staking and raking as well excited to dive into all those topics and more thank you so much Andrew for coming

0:24today thank you very much for the warm intro Ashton I really appreciate the opportunity to speak to today and yeah really excited to share more about what we are building in amulet and Ford layer and yeah thanks thank you for having me you're very welcome and I've been following amulet for a few years and I know this Salon ecosystem has grown significantly since the platform

0:49started and from what I understand it really originally started out as risk management and insurance but has now grown out to a fullon defi hub staking reaking and the like can you talk a little bit about high level on what is amulet now in this latest V3 version that the team has released for sure yeah yeah let me give you a quick overview and let's look

1:16back into ml V1 and V2 so our listeners understand the context and rationale between behind V3 and V2 and V1 so ulet is one of the OG projects in salana ecosystem we launched in 2022 and as the first and only defined trans platform on salana and we offered protection against risk like smart contract risk and hacks and since then

1:46we've evolved into V2 version because we saw that there is a fragmented user experience in ml V1 where users need to go to ulet to buy the insurance and go to another platform to hunt for yield so the user experience wasn't the best and we realized we realized that issue and we actually combined yield with Insurance in one place so we

2:19with the introduction of V2 where we expanded also into different layers and blockchains like op Layer Two On ethereum optimism polygon Z KVM and of course eum mayet to offer this unique service I would say and features to broader audience VII audiance and we took a step further with amulet V3 where

2:47we realize realize that current current narrative in whole crypto space is that everything is fragmented everything is fragmented like you can look at the layer twos liquidity is fragmented look at the defi there is no solutions that are unifying services in one place so that's we what we are trying to do in

3:16M V V3 we are building a def unified D5 Hub on salana which is putting all def5 services in one place MH that's great and I think it's a great path to go on because yes there are people that need insurance and to mitigate risk definitely especially when they're looking at more speculative assets and new assets that are that

3:43are just coming out as opposed to stock market that's been around for decades but there's still so many people as well that need to look into just defi in general or just looking for yield more so than insurance and then yeah hey let's get the insurance as well but to have it one spot it only makes sense I feel like it's a logical step to grow the audience even

4:07bigger yep exactly so can you explain what exactly is in the in the V3 in the defi Hub you're able to you know stake lend borrow what exactly are the things that you can do with your assets there absolutely so for now is it just first release of the3 and we introduced liquid staking liquidity provision or liquidity

4:40mining if you like and of course yield aggregator with buil-in protection and we also provide coverages for different protocols on salana currently we listed about 30 plus protocols that you can buy coverage on H yeah and of course and of course we are excited to introduce more features in the upcoming months and one

5:08of the features will be as you mentioned reaking borrowing and Landing leverage farming and yeah I will keep some some some things to for ourselves since yeah I would not reveal all Alpha there's a lot coming that's that's really exciting to hear I

5:35think it's a great step in the right direction now for there's a lot of people that are holding Soul on salana and they're they're probably not even staking it or doing anything with defi because they're you know maybe they're afraid to touch it or maybe they just don't know what are the options out there could you explain a little bit more about if I was a basic user that

5:57just had the sole token in a in a mobile mile or extension wallet how what exactly do I need to do I go to amulet and I can just oneclick stake it and get a certain yield or like how easy are you making it for new users that aren't interacting with smart contracts like this yet so yeah you can come to amulet deposit your salana and receive The Empty Soul

6:27It's representing your ownership of in the staking pool and yeah use this Mt soul in different yield strategies on other def protocols or directly on amulet but yeah let's dive deep into how the like staking works for those of us who are not really familiar familiar with soul staking so Souls involves delegating like St taking involves delegating your tokens

6:57to validators and help to help to secure the salana network so you still maintain the ownership of your tokens while you're delegating but you're you're transferring the trust to the validator to verify the transactions so as as everybody knows salana works on the proof of stake system where validators with more

7:25tokens they have larger influence in validating the transactions and in amot we are like streamlining this mechanism for users since you can just come click one button and receive receive your Empty Soul and go to enjoy staking staking rewards with other

7:56rewards using your MP so yeah I think on amulet it's really straightforward and simple especially for users who are not very familiar with defi so you need to just click one button and yeah enjoy this these ju yields on salana great thanks for explaining that Andrew and now when you receive the antio is that and you're able to use it

8:25inside of the D Hub the defi Hub even more is that where the re staking versus staking gets involved maybe you can explain a little bit if so you know what is staking what is reaking what can you do with these derivative assets for sure yeah So currently you can use Empty Soul in liquidity mining so you provide the liquidity U in defi Hub ml defi Hub but

8:55also yeah as you mentioned we are very excited to in roduce reaking of Empty Soul once for layer will be will be launched and reaking basically leverages already stake assets to provide additional security for the network and it allows users to further SEC secure the network here we talking about ethereum or salana

9:26To use their stack assets and get rewarded for it so we are we will definitely enable a reaking of Empty Soul in fourth layer it's interesting how it works so you stake Soul you're getting antio when your soul is delegated and then also you can stake the antio again and then that actually makes the salon Network

9:56even more secure because you're double staking is that correct so in forl we are taking a bit different approach than for example I layer on ethereum since Fort layer is application Centric we staking layer on salana so it's designed to enhance the security of salana DFS by merging risk pulling and reaking and risk pooling spreads the

10:25risks across multiple participants while risk risk taking is used to bolster the security and grow the asset pool so to summarize it basically we are focusing more on the risk management rather than cryptoeconomic risks like igen layer is focusing on okay and with Fort Lair is that something separate from amulet or is it

10:52an app on it yeah so amlet is a sub project of sorry for there is a sub project of amulet and it was designed to better capture this reaking meta on Salan that is currently growing and of course all the all the stakeholders of amulet ecosystem will

11:23be will be like I would say rewarded and Al also it will be very beneficial for all the stakeholders of ml ecosystem mhm yeah I think reaking and igen lay as we've seen has been a growing value proposition there's billions getting locked into reaking to help secure the networks so I feel like

11:50extending this further into salana and staking more different types of assets and derivatives it only makes sense so looking forward to seeing how it plays out and now you mentioned there about Fort lir and reaking the derivative assets it helps grow de apps or decentralized applications on salana so would that help secure the network for you know

12:14dex's other or just amulet itself or you know what inside Salona is actually being secured when you're mistaking these tokens MH so currently or our restating solution will be used primarily for protecting for protecting apps against various risks within

12:44the app like hack ha operational risks and potentially Market risks so we are not protecting I would say the cryptoeconomic risks like i l is doing because it's not needed on salana salana has the different tax Tech if you in comparison to ethereum U it's monolitic black blockchain ra

13:13rather than modular blockchain so we are focusing on the apps we are focusing on the security of the apps and of the and risk management of the apps so actually what is secur is to simply answer your answers smart contract risks and operational risks yeah I feel like the way that amulet started out focusing on risks

13:44specifically and insurance and protecting and mitigating losses is what the backbone of most you know defi hubs should be because you know you're playing with speculative assets compared to something that's been around for decades or centuries that you should be understanding the risks more so how much how much of a focus moving forward you know is on that risk

14:09mitigation and also the insurance part which was you know the V1 of amulet versus all of the other defi functionality that continues to grow and expand and build derivatives from so since our beginnings our primary goal and our like mission was always to keep defi safe and also provide this like secure and simple environment for all users in defi

14:41space so I think for us it's it's in our roots that we will definitely expand these risk management features and built and protection further within within our U ulet ecosystem and our Hub so yeah it's it's our core core feature and we definitely be

15:10expanding it in for different for different use cases and now salana itself the value locked grew significantly since since last year but I feel like over the since since the spring of the Bitcoin alltime High you know Bitcoin sort of Acts a little bit as a gatekeeper of growth for other platforms and the whole blockchain ecosystem when it's going

15:36down or going sideways what have you seen being deep in the salana ecosystem in terms of growth over the past few quarters and this year do you think that it's fa favored over other blockchains or do you see the ecosystem continuing to grow strong despite you know Bitcoin going sideways at the moment I think that current SL ecosystem is definitely growing and we saw like

16:06Big demand for deepen projects for also U like in general defi but of course Mee meme I would say this cycle is a meme cycle so there are more projects building some de D projects or meme projects but in general I think the at Community was was and is looking for def5 Solutions

16:40and yeah you metioned Bitcoin I think there is a strong correlation between these communities and the interest in salana like in the interest on bitcoin is very strong and we expect a significant inflow of assets from from BTC to salana and this is actually what we are doing in Fort layer we are we are we will enable

17:09reaing for BDC assets bridge to salana so in general I think the salana salana E ecosystem will be growing and there is a very good opportunity for BTC BTC related projects coming to salana yeah I'm glad you mentioned that because I've also seen throughout the summer despite Bitcoin consolidating

17:38since the April all-time high an influx of Bitcoin staking Bitcoin defi which can also be bridged more easily to salana more than ever as the technology continues to evolve I feel like that's something that amulet should probably latch on to because there's compared to ethereum ien layer that's already been staking billions the market cap of Bitcoin is even bigger and

18:04a lot of people haven't really got into defi because of the infrastructure still growing on bitcoin but I feel like it's very promising yep that's awesome and one other thing you mentioned there about the communities and the narratives on Salona and people who have been in the space have seen it more often and it's becoming more mainstream Is MeMe

18:27coin communities or Community Based projects those also can get involved in Defi and they can have strong standing tokens that are now reaching over a billion dollar market cap which is crazy to think of a few years ago but it's become reality is amulet dealing with or looking at at all the mcoin based communities and also inserting those types of assets into the

18:54platform so to start with I think that this type we can describe as a meme cycle as I mentioned before and mem coins are indeed becoming a Gateway for retail users to enter the web free space and while ulet currently doesn't offer the direct protection for the meme coins we are definitely looking into the mem coin communities and that's why we

19:22recently listed pump. fun on amulet so users can buy coverages against smart contract risks and yeah I think for all of us as you mentioned the biggest challenge would be to like make this smooth transition between mem coins to defi to convert these users from only mcoin traders to defi users and I think if we can

19:53accomplish this we will be definitely being one of the leading leading defi protocols on salana yeah yeah looking forward to seeing that and I could see how people that are trading meme coins a lot of traders that are trading mem coins what I've seen is you know the contract has been around for a very short amount of time and sometimes it

20:19lasts a lot of times it doesn't last I feel like insurance or protection or risk mitigation in those types of scenarios maybe there's even a premium on it because you're paying more because it's more risky of course than salana token itself but there I could definitely see a market for it yeah I totally agree yeah we are we are definitely looking into it right now

20:41so yeah very very very excited yeah topic very cool and you know I'm optimistic but I feel like Bitcoin is can only consolidate for so many months it's already been through the entire summer of 2024 I feel like heading towards the election now in the end of 2024 bitcoin's looking for a next leg up and I feel like salana and

21:09the other assets will hopefully pull up to the upside with it are you optimistic or you know what do you think about the growth of salana ecosystem specifically where amulet is moving towards the end of this year and into next year MH so yeah as I mentioned I'm very optimistic for the future of salana

21:39because mainly because of the community so I think that salana has the strongest Community I've ever seen because I used to build projects on evm chains and I didn't see such Community it's like a tribe you know and yeah I'm really optimistic about that and definitely one of the goal for salana is open up to open up the

22:08doors for other communities to grow this community so and regarding the rest of the year we've got for amlet we've got some exciting things lineing up and we'll be expanding Lucas taking strategies introducing more features like reaking pools liquid reaking launching a swap and within ulet V3 and of course we are

22:41constantly working on new Partnerships token listings we recently were listed on goex one of the leading Korean exchanges and yeah also excited to for the four layer launch and of course yeah you'll be working through the bare Market bull market it doesn't matter as you might know like amulet

23:10Experiened the dark darkest time of salana so for us it's despite the market we are Al Al always building and delivering products it's very cool and great to hear about that Korean exchange I know the Korean blockchain southeast Asia overall has been very hot I saw something about amulet also joining in Singapore and these

23:37other Salon of conferences what are you most looking forward to with the communities and inperson communities as well I feel like are even more important to be able to see people's faces yeah we are very excited to participate in Sal breakpoint really looking forward to meet lots of flow partners and Community in Singapore our team is will be will be

24:05there and yeah if you are around just yeah stop me and let's talk I would be very very happy to talk with you guys sounds great Andrew and for those that are tuning in virtually or you know maybe won't run into in Singapore where's the best place to learn more about amulets defi Hub and also the community aspect where are the main communities where they can go and talk

24:32to others for sure so I think I would I'd recommend you to join our Discord community and of course follow us on Twitter to stay up to date and yeah I think the best place for all all of it is just visit our website.org and you will find everything you need sounds I appreciate your insights into

25:01salana defi defi Hub staking and raking I'm looking forward to the next updates for Fort Lair and for amulet all the best to you and your team moving forward and let's definitely follow up in the near future thank you very much for having me