If you’ve spent any time investigating crypto exchanges you may have come across Aluna.Social. It’s an interesting case, because it isn’t truly an exchange, and doesn’t fit neatly into any specific box as a platform.
You see, not only is it a crypto trading terminal, it’s also partially a social network. And because it makes sense to combine the two it’s also partially a social trading platform, which is how it bills itself. And finally it’s also a trade automation terminal. Yeah, there’s a lot going on at Aluna Social.
At its heart however, it’s a social trading platform that’s focused on crypto and looking to offer crypto traders a new trading experience. Like many decentralized exchanges it is completely transparent, although it isn’t truly decentralized. But the founders of the platform hope that by keeping it transparent the users of the platform, that is the traders, can make better decisions that lead to improved performance.
Another aspect of the platform that definitely needs to be mentioned is the FUN. Aluna Social makes use of gamification in trading through their native ALN token, making trading even more fun and exciting.
Let’s have a look at all the features and the inner workings to give you a better idea of what Aluna Social is, and how it functions.
How Aluna Social Works
One of the core designs of Aluna is to simplify crypto trading. One way it does this is through it’s social trading mechanisms that allow traders to “put their money where their mouth is.” One of the problems with crypto up until now has been the presence of shills who can recommend buying or selling specific coins without actually buying or selling themselves.
Aluna’s social platform does away with the shill by publishing every users transaction history. But they remain private by keeping wallet balances hidden. This means traders are able to verify that anything being promoted by another user on the platform is also being traded by that user. This is one part of the transparency that allows users to make better decisions.
In addition to providing unprecedented transparency, Aluna also innovates with its multi-exchange trading terminal, allowing its users to trade across any of the supported cryptocurrency exchanges while still maintaining full control over their crypto holdings. In short, Aluna combines an innovative transparency with complete user control over their own funds.
Aluna Social Features
Let’s have a deeper look into all the social features traders can take advantage of when using Aluna Social.
Multi-exchange Trading Terminal
One of the most frustrating aspects of cryptocurrency trading is the need to maintain numerous accounts across a variety of exchanges in order to have access to all the different coins, tokens, and trading pairs. With Aluna Social that frustration is a thing of the past. Aluna allows users to connect to their various exchange accounts via an API key, and then manage all the various accounts from one dedicated trading terminal.
In addition to allowing trades on any connected exchange Aluna also pulls in all the performance data, allowing traders to track their entire portfolio’s performance across multiple exchanges.
Trader Social Network
The social network for crypto traders is one of the most innovative features included with Aluna. The biggest difference seen in Aluna versus traditional social networks like Facebook is that with Aluna not only can users post their opinions, but the platform tracks all users’ trading activity and makes it publicly available.
In this way anyone in the social network can compare the words of other users with their actions. Those who are promoting a coin, but not trading that coin themselves, probably shouldn’t be listened to very closely. Aluna calls this mechanism a proof of performance.
Automated Copy Trading
There are two primary ways to automate trading when using the Aluna terminal.
- The social network created on the Aluna platform makes copy trading and counter-trading very easy to undertake. Any trader on Aluna is able to designate a specific amount of cryptocurrency to automatically copy the trades of any other trader on the platform. Or they can choose to take the opposite position from any other trader on the platform.
- For those traders with more experience and technical know-how it’s also possible to automate trading using algorithmic strategies, or custom made trading bots. These algorithmic trading bots can also be copied by other traders. Future plans of Aluna include the creation of a platform where users are able to create their own trading strategies and bots.
Monthly Trading Competitions
Who doesn’t love a little bit of competition? Aluna has created a mechanism they call ROI (Return on Investment) Farming, in which the top traders on the platform are rewarded for their skill with ALN tokens. This is made possible by the cross-exchange leader board on the platform, which ranks every Aluna trader based on their ROI and performance in trading.
On a monthly and annual basis the top traders on the leader board are rewarded for their performance with ALN tokens. This effectively works as a performance incentive for traders. It is also a great mechanism to induce traders to share their trades on the social network.
Aluna plans on adding a PRO subscription to the platform that will deliver enhanced benefits to those traders willing to pay a monthly fee to access such features. Aluna plans on transferring up to 50% of these monthly fees to a Performance Pool, which will then also be used to reward the top traders on the leader board each month.
Gamification is an important concept at Aluna, and one which the platform plans on using extensively. Currently there are plans in the works for three different prediction games on the Aluna platform.
Binary Outcome – These will be games that involve a question that has two mutually exclusive answers. An example of this would be the question “Will Bitcoin trade above $65,000 before the end of the year?” Traders can put up a specific amount of crypto and answer either ‘Yes’ or ‘No’. Those with a correct answer will receive a payout, while those who are wrong will lose the coins that were put up in the contest.
Social Trading – These games allow traders to make prediction bets without fully exposing themselves to a negative outcome. This mechanism will allow traders to wager on the outcome of the trades of others without fully copying the trades, thus lowering the risk exposure.
Leaderboard Games – These will involve betting on the traders that will appear at the top of the leader board each week or month. This allows users to give feedback on results such as performance (overall percentage gain), risk (drawdown, risk-to-reward ratio) and consistency (percentage of profitable days over the period). Displaying the winners and losers, including the most and least wagered profiles, will paint a useful picture of the community by using the leader board as a filter that sorts through traders’ ideas, styles and risk management.
The Aluna Team
The Aluna team remains quite small, and as of July 2021 they listed 12 full-time employees: 7 developers, 3 designers, and 2 marketing and business development experts.
All of this was originally conceived of by two co-founders: Alvin Lee and Henrique Matias.
Alvin Lee – Alvin is a tech visionary and has been trading crypto since 2013. He is a KOL in the community with a decade of digital marketing experience. He remains as the CEO of Aluna.
Henrique Matias – Henrique started writing algorithms for crypto trading in 2014, participated in the first Solidity workshops, and was one of the first developers to work on Ethfinex (now DeversiFi). He remains with Aluna as the COO.
Anderson Arboelya – Anderson is a self-taught full stack developer with over 15 years of experience architecting high-performance applications and making code flow with the rhythm. He is also the CTO of Aluna.
Many of the features on the Aluna platform are tied tightly to its native ALN token. This token is an ERC-20 token built on Ethereum, and it was created with a capped total supply of 100 million tokens, which have all been minted at the token generation event.
The ALN token was conceived to provide utility to the platform in four ways:
- Protocol Mining: The active participants on the platform, and all liquidity mining is rewarded with the ALN tokens that were allocated to the Ecosystem Fund.
- Staking: Like many other protocols, Aluna has created a staking mechanism for the ALN tokens. Users who stake ALN will be eligible to receive a range of benefits, which will be determined by the amount staked. The staking rewards could include the obvious token rewards, but also reductions in fees, or other premium features.
- Payments: When paying in ALN users will be able to take advantage of discounted prices for upgraded platform features.
- Governance: The ALN token is featured in governance participation, which will be discussed in greater detail in the following section of this review.
The 100 million token supply was distributed as follows:
- 49% is kept in the project’s governable treasury.
- 15% is set aside for the project team and advisors.
- 15% was crowd-sold during a public token sale.
- 21% was allocated Ecosystem Fund that’s used for airdrops and rewards.
There is also a burn mechanism built into the protocol that will reduce the total supply of ALN over time. This should support the price and make the token more attractive to investors.
The ALN Token Performance
In March 2021 Aluna conducted a crowd sale of its ALN token, selling tokens for just $0.10 each. Immediately following the token sale the price of ALN shot up, hitting an all-time high of $1.84 on March 17, 2021. Hopefully those early investors got out then, because that level didn’t last long, and by June 11, 2021 the price of 1 ALN token was below $0.10.
The token price continued declining, nearly hitting $0.04 in mid-July 2021. Since then price has come back and as of early September 2021 ALN is trading at $0.1194, putting those early investors back in profits.
Those interested in purchasing some ALN tokens have limited choices. The token is currently listed on Gate.io, Uniswap v2, SushiSwap, and Quikswap. Gate.io has USDT and ETH pairs , while Sushiswap has a WETH pairing, and Uniswap has both WETH and USDT pairs.
The Aluna project is currently still being run in a centralized manner, like a traditional startup, but once the platform gains enough traction there are plans to transition to a fully decentralized platform. This will be achieved through the creation of a decentralized autonomous organization (DAO), which will be known as the Aluna DAO. The whitepaper lays out the transition to the DAO, which is expected to take place gradually over the course of three years.
The first version of the DAO will allow users to stake ALN in order to submit governance proposals, as well as allowing others to stake their ALN to vote on those proposals. This will allow the platform users to be an integral part of the platform development almost from the beginning.
In July 2021 Aluna held its first Discord meeting of token holders to vote on a proposal in connection with abuses encountered during an airdrop event. As a result, the project held its first governance vote on Snapshot.
Current Status and Roadmap
Here is the platform’s vision, as stated on their roadmap:
“Our vision is to improve transparency between traders, establish a trading community incentivized to share data, to create an environment where traders can leverage positive social feedback loops and improve their overall performance.”
Currently, Aluna has already implemented in beta the multi-exchange trading terminal and copy trading functionalities. It has on-boarded five major cryptocurrency exchanges: Bitfinex, Binance, Bitmex, Bittrex and Poloniex.
There are a number of items highlighted for a 2021 implementation that remain to be addressed. These include the creation of the Aluna DAO, the creation of PRO Plans, and distribution of PRO subscription proceeds to top traders, as well as staking and holding benefits, and the creation of the Performance and Rewards pools.
The roadmap for 2022 is even more exciting and includes all the following new features:
- Platform Improvements
- Automation via TradingView
- Strategy Backtester
- Telegram Trading
- Market Screener
- Advanced Trading Tools
- Token Implementations
- DeFi Social Trading
- Web3 Prediction Games
The one-stop shop type solution being provided by Aluna Social to its users is an excellent innovation for the widely diverse crypto ecosystem. Aluna helps simplify the trader’s life by aggregating a variety of exchanges, and hopefully in the future the platform can also include other DeFi protocols, thus making a true one-stop shop for crypto trading and investment.
Additionally, the social aspect of the platform makes it an excellent choice for retail traders who can benefit greatly from the combined and crowd sourced knowledge of the entire community. Professional traders aren’t left out either. They can enjoy a seamless trading experience that spans several major exchanges, plus earn ALN tokens for using the platform and for providing others with their knowledge and strong trading performance.
If you haven’t been over to have a look at Aluna.Social and give it a try yet we would definitely recommend that you do. We think you’ll really enjoy the innovative trading experience being provided.
If you’re interested in learning more about Aluna.Social you can have a look at their whitepaper here.
Warning ⚡️: Trading Bots and/or Copy Trading do NOT guarantee profit. Always exercise risk management
Crowd-Sourcing Potential Trades
ALN Tokens Distributed as Rewards
Limited Number of Integrated Exchanges