In a groundbreaking move that's set to shake up the world of DeFi in the Middle East, Takadao, one of our portfolio companies, is gearing up for a token airdrop, in preparation for the launch of their web3 shariah-compliant insurance DAO in 2025.
In preparation for this event, Adaverse has been providing token mentorship and Web3 acceleration support to Takadao. This includes developing an effective Token Design Framework (TDF) to optimize allocations, vesting schedules, as well as more general support with the token's purpose, utility, and governance.
Founded by the Sharene Lee and Morrad Irsane, Takadao is poised to revolutionize the insurance landscape for the global Muslim community and beyond.
In an exclusive interview with Adaverse, Sharene shares insights into the company's traction, community-building strategies, and the innovative approach to bringing Sharia-compliant insurance to the blockchain. As the crypto world eagerly anticipates this disruptive entry into the $2 trillion Islamic finance market, we dive into Takadao's journey and future plans.
Adaverse: The Takadao community is one of the most exciting in Saudi Arabia. Share some insights into your traction so far in building it.
Sharene Lee: While our product is pre-launch, we've made significant progress in building our community and establishing partnerships. Our airdrop campaign aims to generate early community interest and traction for our insurance DAO protocol, which requires a minimum of $1 million to launch.
We've grown our community to about 20,000-25,000 members across various platforms, despite limited engagement opportunities during our two-year development phase. To educate and engage potential users, we've implemented initiatives like Learn and Earn courses and our Takatalks podcast.
On the fundraising front, we've secured notable investors such as Tim Draper, you guys - Adaverse, Istari Ventures, and Wahed Ventures, aligning with our target audience in Islamic finance. We've also partnered with several startups in the Shariah-compliant DeFi space.
We've formed strategic partnerships with major Web3 players, including joining the Circle Alliance and the Chainlink Build program.
In about a week, we'll be launching our first live DAO on Testnet, The LifeDAO, which is a life insurance alternative powered by our technology. This launch is the focus of our current airdrop campaign.
Adaverse: Why launch the airdrop now? What's the strategy behind it?
Sharene Lee: The airdrop is part of our strategy to build a community around Takadao's mutual protection DAOs. We're launching our first DAO, The LifeDAO, on Testnet soon, with a full launch early next year. To make these tDAOs effective, we need a strong community.
The token airdrop serves multiple purposes:
It gives the community ownership and a voice in the ecosystem.
It provides an incentive for people to join and stay engaged.
It allows us to fairly and transparently rank contributions on-chain.
We're allocating 4.5% of the total token supply for airdrops, with 3% for community airdrops and 1.5% for ecosystem incentives in this initial round. This approach aligns with our mission to give ownership back to the community and drive the ecosystem forward together.
Adaverse: What is the legal status of cryptocurrencies and tokens in Saudi Arabia? Are there any limitations on airdrops?
Sharene Lee: In Saudi Arabia, cryptocurrencies are not recognized as legal tender; only the Saudi Riyal is permitted for transactions. However, the stance on tokens is less clear. Tokens are accepted in games and for real-world assets, with the Saudi Central Bank even tokenizing bank deposits. Our token is a utility token for our ecosystem, not intended as currency. While it may have value if people want to buy it, it's not designed as money. Regarding airdrops, there are no specific regulations, but it's advisable to proceed cautiously given the unclear legal landscape.
Adaverse: What are your plans for the airdrop? Is it revenue-generating?
Sharene Lee: The airdrop isn't revenue-generating, but it's designed to build our community. Here's how it works:
Participants complete quests to prove they're active community members.
The crucial step is joining our first tDao, The LifeDAO, or referring others to join.
The Lifedao launches on January 1st, 2025.
The actual airdrop occurs in Q1 2025, with token amounts based on quest points earned.
After the airdrop, our future plans include:
Generating traction for The LifeDAO and subsequent tDAOs.
Earning revenue through protocol fees from tDAOs using our technology.
Sharing 35% of revenue with token holders (25% through buy back, and burn; 10% through rePool staking).
Listing on a centralized exchange in Q2 2025 to provide liquidity for token holders.
On the topic of token utility, these include:
Paying tDAO membership fees with boosted benefits
Staking for yield derived from our revenue
We believe this approach will create a sustainable ecosystem benefiting both the company and token holders.
Adaverse: Can you tell us about the global reach of your product and why you chose to focus on Saudi Arabia?
Sharene Lee: Our product has always been designed with a global perspective, aiming to provide access to insurance where it's currently unavailable. In many developed countries, we take insurance for granted, but in most parts of the world, people are uninsured. It's either too expensive or simply not an option. To put it into perspective, more than half of the world's population - approximately 4 billion people - lack medical insurance. These are alarming statistics.
Our initial focus was on the Sharia-compliant or Sharia-sensitive market, catering to the Muslim community. This community is a global diaspora of about two billion people spread across every continent and country.
The decision to brand ourselves as a Saudi company was deliberate for several reasons:
As founders, we chose to live in the Middle East, so it makes sense to base our operations where we reside and in a country that’s afforded us many opportunities.
Saudi Arabia, home to Mecca and Medina, is widely regarded as the spiritual center of the Muslim world. It's where many influential scholars are based and where Muslims from around the world visit for Umrah and Hajj pilgrimages.
Lastly, let's be frank - Saudi Arabia has significant capital. The country's financial resources make it an attractive base for many businesses, including ours.
Our goal is to start with this community but ultimately provide global access to insurance for those who currently lack it.
To learn more, visit: https://takadao.io/airdrop
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