You should not underestimate self-education, especially if there are places like Satoshi Club. We are always happy to help our members. And today we would like to tell you about the AMA session with our friends from Y Financial. The AMA took place on October 13 and our guests were Taz and Ish.

The total reward pool was 1500$ and has been splitted in 3 parts.

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Y Financial:grinning: welcome to Satoshi Club:grinning:

D. | Satoshi Club: hello everyone

Taz: Hey there! Thank you for the opportunity to be here!

Ish: Hey Chaps glad to join you

Mary | Satoshi Club: Guys, please introduce yourself and how did you start with Y Financial project?)

Ish: Hi i head up partnerships and Technical Architecture, we started with Yfinancial after constant requests from less savy crypto colleagues wanting to have exposure to DeFi Assets

Taz: Hi – I’m Taz. I’ve been trading traditional markets and cryptocurrencies for 5+ years now. We started with Y Financial because a lot of our friends were new to the DEFI space and wanted to get in on new projects. However, they had many issues such as too high fees, not knowing what projects to buy in to, how to yield farm, etc. So our team found this issue and created a project on how to tackle all of these issues in order to give a new user the easiest and best experience possible.

D. | Satoshi Club: so you are professional trader?

Taz: I am many things and a professional trader is one of them, yes. I am a cryptocurrency enthusiast who understands how much the world is going to change because of crypto and because of DEFI and smart contracts 🙂

D. | Satoshi Club: jack of all trades 😉

Mary | Satoshi Club: So, your friends will be your first users? Do you involve them into the testing of your platform? Is it already tested, btw?)

Ish: Yes we having been testing internally extensively and early supporters and friends are very excited to join

Taz: Yes our friends were the first users. They have been testing the platform. After all, the best knowledge is the street knowledge 😉 We needed to find out exactly what issues new users have and how to tackle them. The testnet is live and has been tested by many.

Mary | Satoshi Club: Did they give any public feedback?)

Taz: Yes, all of the feedback was positive. They loved the fact that they can stake their tokens without having to go through the staking process. They loved the fact that they received airdrops rather than having to manually harvest. They loved the thought process behind the Y-family days. They loved the platform as a whole and are very excited to see the masses use it.

Mary | Satoshi Club: Thank you:+1: our friends can be our engines)))

D. | Satoshi Club: good into guys, thank you

Q1 from bitcointalk user elissa

What is the YFINANCIAL index tokens and how do I get rewards from them from hodling your own token?

Taz: We call the Yfinancial index tokens the ‘Core4’.
They consist of: Uni, Sushi, YFI, and YFII. We use smaller portions of each of the core4 tokens and implement it into the yfinancial index token.
The reward you receive from holding YFIN is YDOT.
YDOT is our governance token but holding more of it also leads to further rewards.

D. | Satoshi Club: why Y? why not X or Z Financial? ) does Y mean something?

Ish: Y for Yield as thats the key DeFi innovation

D. | Satoshi Club: it’s so obvious)

Mary | Satoshi Club: So, you have 2 tokens. As i know, now your pre-sale is live) which tokens can users buy? YFIN or YDOT?

Taz: In the priv-sale, users can buy our governance token Y.DOT. YFIN is not on the presale as it is pegged to 4 other tokens. There is no way for anybody to buy it at a cheaper than market price during the private sale.

Mary | Satoshi Club: Why did you decide to do pre-sale through dm in tg?)

Taz: We are creating an index token for the people! What use is creating something for the people if we cannot do the pre-sale for the people!

Q2 from bitcointalk user Regard94 @regard94 on Telegram

Y Financial is said to combine four top performing assets within DeFi and Yield Farming to combine them as one index fund. How often are those four assets updated and how are they evaluated?

Ish: They are voted on every 9th day, evaluation is by crowd resesrch and voting crowd consensus mechanism

Taz: Good question! The four tokens are updated through the governance votes. During our Y-family days there will be governance votes where people can decide whether they want to change any of the tokens within the ‘Core4’. They are evaluated in portions. If the token is worth more than x amount we will use 0.01 of it, etc. The ratios are on our paper so you can find them out there 😉

D. | Satoshi Club: you can share link with us?

Taz: Yes 🙂 https://medium.com/@yfinancial/smarter-yield-farming-80afb97c0687

Mary | Satoshi Club: will they be voted by YDOT holders? Right?

Taz: Yes! The more YDOT the user holds, the more their vote matters, and the more airdrop rewards of selected tokens they will receive

Mary | Satoshi Club: And for the first time you selected this four tokens? were you in doubt about the choice, if yes?)

Taz: Yes, we selected the most established tokens within each space. Sushi, and UNI are swap tokens – decentralised exchanges if you want to call it that. YFI and YFII are yield farming tokens. Some people may be in doubt for tokens such as sushi as it has taken such a big price drop. However, it is very cheap right now and it is less likely to go to 0 than other swap tokens

Mary | Satoshi Club: Hahaha, true:joy:

D. | Satoshi Club: sushi has a lot of bagholders already) so no way it will go to zero

Q3 from Telegram user @iulya_i

Your yfin is somehow pegged the the first 4 defi tokens. What happens if DeFi is not popular anymore and those projects fail? To what will be yfin pegged?

Taz: If those DEFI projects are not popular anymore then governance will be able to get rid of them and replace them with other tokens. That is the whole point of governance 🙂 We do not move the direction of the project. The people do.

D. | Satoshi Club: by holders voting?

Taz: Yes, by YDOT voters holding their tokens

Mary | Satoshi Club: So, the voting will be earlier than 9 days?)

Taz: Nope, the voting will be during the y-family day. I do not think the core4 tokens are going to fail in the next 2 weeks so 🙂

Mary | Satoshi Club: Ok, great) btw, which will be the total supply of YDOT tokens?

Taz: The total supply of YDOT tokens will be 12,000,000

Mary | Satoshi Club: And what is the price for pre-sale for 1 token?)

Taz: We do a peg of 1,200 YDOT = 1 ETH

Mary | Satoshi Club: Thank you)

D. | Satoshi Club: will you add liquidity after selling? on uniswap?

Taz: 🙂

Q4 from Telegram Username @AmirJosh

With many Defi projects that turns out to be scam after the tokensale. I failed to find your whitepaper and roadmap in your website and just having a single medium article to read about your project. How will you convince the investors of Y.Finance’s legitimacy with little information available?

Taz: Well first of all the team do not get any unlocked tokens at TGE. Second of all if this project was to be a scam i’m sure we would want to raise much more than what we are raising 🙂 We are looking to grow this platform and ecosystem over a period of time. If we release our roadmap it will ruin a lot of the surprises

Mary | Satoshi Club: Good position) btw, is your sale successful? Do you have any soft or hard cap?)

D. | Satoshi Club: i hope you have good surprises for your community)

Taz: There are also more articles being released and we have a white paper that has not been released yet. Lets be honest now, who here actually reads a 5+ page white paper when they can read a summary of it?

We are currently on priv round3 and are oversubscribed. We are trying to take everybody into consideration but there is a LOT of interest.

Mary | Satoshi Club: I read:joy: last was 67 pages)))

Taz: You have to do it for your job and you are experienced in the crypto space 😉 Our users may not understand it all and just want a quick and easy experience in the DEFI space

https://finance.yahoo.com/news/yfinancial-launching-defis-first-index-123000433.html?guccounter=1 We are also on more than just medium 🙂

Mary | Satoshi Club: You know, i think, this people don’t have to invest) There is one simple word ‘DYOR’, and if you don’t do this you will easily be scammed. I don’t want to tell, that all projects without WP are scams or all projects with it will stay with us:joy: but it is basic things) I saw a lot of projects with anonymous teams which are still with us) But education is the key to safety)))

Taz: Yes. Everybody has to do their own research. There are a lot of very very successful anonymous teams. If you educate yourself enough you will understand how much potential this project has

Mary | Satoshi Club: Yes, you definitely have a field for growth)

Q5 from Telegram Username @dustyllanos

As I noticed, YDOT whales or Big Bag Holders will benefit more of the Shared Governance Rewards. now, How Can A small YDOT holders like me will Benefit from your respective platform?Thank you

Taz: YDOT whales or big bag holders will not benefit more from shared governance rewards. You are given the rewards equally. The more YDOT you hold the more rewards you are given yes but that should motivate you to want to buy more YDOT! Everything in this world .. people benefit more from buying more of the product. You will benefit from the platform because the selected tokens that are airdropped may give you clarity on the DEFI space etc 🙂 E.G – If I was holding 1k YDOT and I received 10 of the airdropped tokens or If I was holding 10k YDOT and I received 100 of the airdropped tokens, it doesn’t matter. It is all percentages 🙂

Mary | Satoshi Club: Nice mathematics))) When you plan your platform to go live? To benefit as soon as possible?:grinning:

D. | Satoshi Club: you think so? i suck at math, thus i trust you :eyes:

Taz: We help the small YDOT holders through reduced gas fees of purchasing YFIN, there are many other ways the small holders will benefit but you will have to wait and see it happen 😉 The platform should go live this month.

Mary | Satoshi Club: As YDOT token holder i will need to deposit tokens to your platform to get airdrop?

Taz: As a YDOT token holder all you have to do is keep the YDOT on our platform and you will receive the airdrop. If you hold YFIN on our platform you will receive YDOT as an airdrop. If you hold YDOT on our platform you receive selected airdropped tokens.

Q6 from Telegram Username @minhtuyen0711

In an article on Medium, Y.Financial mentioned reducing gas fees (only $ 20 -50 instead of $ 200) through the process of swapping multiple times. So can you explain this mechanism in detail?

Taz: Good question! If you wanted to buy all 4 of our core4 tokens. You would have to go through 4 different transactions to buy YFI, YFII, Sushi, and UNI. Each transaction can be very costly if the ethereum blocks are congested. On top of that, your transaction may fail to go through if you have not put enough GAS fees in for the transaction. Through YFIN you pay 1 transaction fee to buy all 4 of these tokens and therefore you save much more on fees which you can use to buy more YFIN or YDOT! We also reduce the gas fees of users because they do not have to go through the process of staking their tokens and paying gas fees to harvest, convert their tokens into LP, etc.

Mary | Satoshi Club: But i buy YFIN, yes? It’s like index for the price of all this four tokens? Or i will really own Sushi, YFI, YFII and UNI? What token exactly i will have on my acc?

Taz: Yes, you buy YFIN. YFIN will be on the platform. You technically own sushi, yfi, yfii, and uni but the token on your account is YFIN.

Part 2 — live questions from the Telegram community

Q1 from Telegram user @eylem201

How I can take part in governance of YFIN? HOW much minimum token required??

Ish: No minimum Ydot 1 token can take part in Governance we want to be inclusive and are seeking to leverage Crowd Inout and research as one of the powerpoint in DeFi

Q2 from Telegram user @Noyon66

Covid-19 has a great negative effect in glibal…Now tell me that Covid-19 can do slow down the YDOT Goal??? If do YDOT can overcome it or how to overcome it???

Ish: Covid has been a real opportunity for us as we are able to tap top finance talent who are workkng remote enabling us to leverage their minds to build upon the Yfinancial stack

Q3 from Telegram user @Brucedt

What kind of problems do #Y Financial aim to solve?

Taz: We aim to solve the issues of paying too much gas fees for swaps.
The issues of impermanent loss during yield farming.
The issues of spending hours on researching a project or a token to then not find any value in the token.
The issues of not knowing what to buy.
The issue of holding your tokens on a platform and they aren’t giving you any value.
There are many issues we are looking to solve 🙂

Q4 from Telegram user @jakjr899

How to buy Ydot in Visa or Master card when this option is open?

Taz: You will not be able to buy YDOT with Visa or Mastercard just yet but that will be something we discuss further down the line 😉

Q5 from Telegram user @HurricaneLad

SMARTER YIELD FARMING?
I can see in your website that you focust in delivering a smarter yield farming.my question is this.What makes your project unique and smarter than others and what are your goals and roadmap so as to acheive and maintain the motto of your project- SMARTER YIELD FARMING

Ish: Leveraging our community for research/voting for our new great DeFi projects/tokens to include in future Indices and airdrops. Our gov design encourages voting for a winning outcome.

Q6 from Telegram user @Abhay9983

What is YFINANCIAL opinion about the market in INDIA? Do you think that you will have possibilities to expand into that region in the near future?

Taz: Well YFINANCIAL is a part of the DEFI space and DEFI is anonymous and can be anywhere in the world. India and other markets have already been tapped into and it is all about getting the platform out there!

Ish: Just to add Indian Market has been left out with access to Index based products in CeFi and Defi via Y• will bridge that.

Q7 from Telegram user @Baby_Crypto

What happens to the YFIN index if the market falls sharply? How quickly can you change the assets included in Core4?

Taz: If the market falls sharply then you can sell your YFIN before this happens. A feature which is part of our roadmap is to implement stop losses on your index token so if it drops more than a certain % in value, it will automatically sell so you do not lose more money. Think of it as a ‘stop loss’

Q8 from Telegram user @niko518

What is Y. Family Days? How is this strategy suitable for the project and how do users benefit?

Taz: Y.Family days are the governance days which means cool airdrops, voting on future decisions of the project, and developing the y.financial ecosystem.

Q9 from Telegram user@xxMaxyxx

Do you have any Coin Burn / BuyBack systems or any Token Burn plans to increase the value of Token & attract Investors to invest?

Taz: This is something that may be suggested via the governance so it will be up to the people to decide. Nothing is off the table for decision making.

Q10 from Telegram user @yadav_199

What will happen if someone buys a lot of YFIN TOKEN? CAN it influence prize of token??

Taz: Buying a lot of YFIN token will not influence the price of YFIN as it is pegged to the ‘Core4’

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Y Financal. They’ve prepared 4 questions for this part. The total reward pool for quiz was 800$.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:

Y Financal Community: https://t.me/Yfinancial

We are pleased to announce our next AMA on October 19th 2020 at 02:00 PM UTC Time: Satoshi Club x Lead Wallet

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Lead Wallet Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.

Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Lead Wallet Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Lead Wallet

For more details:
Lead Wallet – @Leadwallet
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on October 18th 2020 at 04:00 AM UTC Time: Satoshi Club x Yolex.io

⚠️Click to see the hour
⚠️Total Reward pool: $600

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Yolex.io Telegram group

We will have the following structure:

Part 1: 125$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.

Part 2: 125$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Yolex.io Team will select 10 questions and answer them.

Part 3: 350$ – A quiz about Yolex.io

For more details:
Yolex.io – @yolex_io
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

Good vibes only! Satoshi Club always has good vibes, great mood, friendly community and a lot of interesting things. And today we would like to tell you about the AMA session with our friends from VIBE. The AMA took place on October 13 and our guests were @vibehubdev and @VIBEFounder.

The total reward pool was $600 and has been splitted in 3 parts.

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Gold Rocket | Satoshi Club So! Good evening everyone !! We continue our AMA marathon! Our guests today are from VIBE. Welcome to Satoshi Club, @vibehubdev @VIBEFounder!

D. Папа Роуч @VIBEFounder @vibehubdev hello guys!

M.Myers Hello everyone!

A Mack hello everyone…happy to be here…

Gold Rocket | Satoshi Club Thanks for joining. To be begin with, please tell us a few words about yourselves and how did you get to be involved in VIBE.

A Mack long story short..lol…I have a programming background, and game development as well. I also am passionate about blockchain technology, and VIBE was a great opportunity to build express my passions. Along with working with like minded people…

Serg | Satoshi Club Welcome guys!

M.Myers Im passionate about blockchain technology being integrated into gaming. I have a unity game development and front-end dev background! We’re doing our part to lead the charge of the adoption of gaming on the blockchain.

Gold Rocket | Satoshi Club it is very interesting. does this mean you are professional gamers?

A Mack lol i wouldn’t say professional gamers…definitely professional game developers…lol…. im not a newbie tho..lol

D. Папа Роуч Could you tell us about your favorite games?)

Gold Rocket | Satoshi Club You have very beautiful graphics on your site. I am impressed.

A Mack vibe or die and vibeverse…👍🏽

A Mack best crypto related games in my opinion…

Gold Rocket | Satoshi Club how did you come to your project?

A Mack we are the co-founders… and we started this project in 2017, and have been innovating every since…starting with vibenet our layer 2 solution that lets overcome shortcomings of blockchain (performance and scalability) and then the first AAA quality first person shooter game incorporating crypto and our layer 2 solution. Now we have introduced a the next gen of nfts though our vibe nft ecosystem.

Gold Rocket | Satoshi Club Are your games compatible with VR headsets?

M.Myers VIBE OR DIE does not have VR Support but the VIBEVERSE will support VR headsets 👍

Q1 from bitcointalk user tolgaozek @tolgaozek on Telegram

Why is limit 250 USD on “Purchase Digital Assets” of VIBE website.

A Mack that is a third party integration with transak and that is the limits they impose. It is for convenience to purchase with debit cards and directly deposit on platform…Binance is another option that would allow more then 250 usd.

D. Папа Роуч interesting…so there are limits on buying 👀

but i suppose most people prefer buying with crypto?

A Mack yes, correct…that service on the site is fairly new and more for new users who just want to jump in without exchanges or wallets…

for example users that want to purchase a vibe nft without an exchange account…

Gold Rocket | Satoshi Club btw NFT is the hype of today. How did you get the idea to combine them with auctions?

D. Папа Роуч and also, i want to ask – all your NFTs about space? planets, ships etc? aliens?)

A Mack well considering our nft allow multiple owners and multiple collateral, auctions are a good way fairly distribute them. you can do a single bid for sole ownership of participate in bid pool for multi ownership..giving everyone a shot at ownership.

Gold Rocket | Satoshi Club agree with you. it really looks fair.

M.Myers The NFTs we are releasing now are apart of the VIBEVERSE collection. We will have all types of NFTs, 2D Art, 3D models etc.. All NFT’s have the luxury of using the VIBE NFT protocol

Gold Rocket | Satoshi Club Excellent! Can you show us something right now?😉

A Mack sure there is an auction going on right now for space ships…the top bid on the highest ship is 10000 vibe..check it out https://www.vibehub.io/nft/auctions/5f785798caee7f6f4c4212da

Gold Rocket | Satoshi Club Thanks! I’m sure it will be interesting for our community

D. Папа Роуч yes, we have many NFT lovers here)

A Mack I will just add here is a list of all current running aucitons… thank you https://www.vibehub.io/nft/auctions

M.Myers Here is a trailer of the VIBEVERSE! https://www.youtube.com/watch?v=dwt_gLaf0nk

Q2 from bitcointalk user JonahAp @Jonahapagu on Telegram
I see that VIbe’s NFT loan ecosystem has a credit system with credit classes of AAA, A, B, C, D, E, F can you explain how the credit scores of this system is generated and assigned to users..

M.Myers
The VIBE NFT Loan Ecosystem has a credit system for VIBE NFT Owners. All owners start with the ability to take a loan of 50% their VIBE NFT Collateral. For every successful loan VIBE NFT owners complete, their loan amount increases by 5%. A perfect credit score in the VIBE NFT ecosystem is the ability to take loans amounting to 80% of their VIBE NFT’s collateral.
Example:
*User A owns VIBE NFT with 100 VIBE as collateral
*User A takes out the first loan on VIBE NFT for 50 VIBE
*User A pays back the loan to the lender in the required timeframe
On User A next loan, they are able to take a loan for 55% their VIBE NFT Collateral. For each successful loan, their loan amount increases by 5%. Maximum 80%.
Credit System Classes
50% — Class F
55% — Class E
60%- Class D
65%- Class C
70%- Class B
75%- Class A
80%- Class AAA

M.Myers:
The VIBE NFT Loan Ecosystem has a credit system for VIBE NFT Owners. All owners start with the ability to take a loan of 50% their VIBE NFT Collateral. For every successful loan VIBE NFT owners complete, their loan amount increases by 5%. A perfect credit score in the VIBE NFT ecosystem is the ability to take loans amounting to 80% of their VIBE NFT’s collateral.

M.Myers:
Example:
*User A owns VIBE NFT with 100 VIBE as collateral
*User A takes out the first loan on VIBE NFT for 50 VIBE
*User A pays back the loan to the lender in the required timeframe

M.Myers:
On User A next loan, they are able to take a loan for 55% their VIBE NFT Collateral. For each successful loan, their loan amount increases by 5%. Maximum 80%.

M.Myers:
Credit System Classes
50% — Class F
55% — Class E
60%- Class D
65%- Class C
70%- Class B
75%- Class A
80%- Class AAA

Q3 from Telegram user @spacexmarss
You can earn 50% in rewards from fees from a gaming node. But how many gaming nodes are there at the moment? Also, what gaming node has the best roi and what are the reward expectation?

A Mack
We currently have 36 sponsored game nodes…you can see the nodes here https://www.vibehub.io/nodes

M.Myers
Here is a video demo of setting up a game node and covering how easy it is to make revenue off your game node with just a few players! https://www.youtube.com/watch?v=3D3L_SXL6JI

D. Папа Роуч
what exactly do you need to run a node on vibe? hold and stake particular amount of vibe tokens or anything else?
nice! video guide! i like it! )

M.Myers
Its a daily rate. Very cheap, 15 VIBE per day to set up a node 👍 No programming experience required, very easy to set up!

D. Папа Роуч
this is great! convenient for many cryptofans/gamers ! )

Gold Rocket | Satoshi Club
Sorry I couldn’t resist looked at the demo .. it really looks simple

D. Папа Роуч
this is why you must try it)

M.Myers
Yes. We want to make our UI across all games and applications. As easy as possible for our users

Q4 from Telegram Username @yzmoney

Vibe ecosystem consists of auctions, NFT, dApp, , game nodes and virtual wallet. Which one of this is bringing the most revenue to the platform currently? is there any option to stake vibe to earn passive income?

M.Myers
The NFT’s and auctions are presently bringing the most volume to our platform. Yes you can stake your VIBE! By purchasing VIBE NFT’s this stakes your VIBE! 100% of the buying amount is locked up in collateral and by being a VIBE NFT Holder, your collateral increases from earning off the Collateral Distribution Pools, Collateral Commission and Lending your VIBE NFT

Gold Rocket | Satoshi Club
BTW do you promise zero transaction fees? If yes, how do you achieve this?

A Mack
it is zero eth gas fees on vibenet, as it is a layer 2 (sidechain) solution. There are fees in vibe on nft sales which a portion gets added to Collateral Distribution Pools, and then redistributed to all nft holders.

D. Папа Роуч so you already implemented L2 solution?!

A Mack yes our in house solution …It is called VIBENet…you deposit from on-chain and all transactions after are instant and no eth gas fees… and supports multiple blockchains.

Gold Rocket | Satoshi Club Do you know how many users you have?

M.Myers There are 3,000 users with Virtual Wallets on VIBENet 👍😁

Gold Rocket | Satoshi Club Wow! Amazing!

D. Папа Роуч this is really great! at least someone solving eth gas problem and not just talking about it 👍

M.Myers Yes definitely! Our users love it!

Gold Rocket | Satoshi Club I see you have a real support of your ideas

M.Myers Our community is growing stronger by the day 👍 Thank you very much for your kind words.

A Mack sure

D. Папа Роуч we are now part of it)

Q5 from Telegram Username @cengizhantekin

Do you only provide environment for ready games, or do you also have a team for game development?

A Mack We have an in house development team for games, however we are also looking to work with other dev teams as well…if you will allow me to share, this is what the process would look like for new devs… once the vibe sdk is out ,the developers would create an account on the platform, and apply for api credentials that will be used on their game servers. We would then take an image of that game server and turn it into a template that can be deployed in 9 different regions around the world…Typically the developer would assume the cost for infrastructure. However on our platform anyone can sponsor game nodes using that image and place them in any of the regions and they can earn off transactions that happen on those nodes. The game developer will earn off all nodes using their game server image. All the accounting happens real time on every game transaction. so funds are available immediately. The developers have the benefit of also supporting other tokens supported by vibenet, which will grow to include more tokens in the future. Then there are nfts that can be set up as in app purchases or auctioned off and used for gameplay or collectibles and even used between games. NFTs feature multiple ownership and can be backed with collateral with any of the supporting tokens. We are willing to work with devs in the meantime if they would like to integrate…There are many design decisions to take into account like gaming engine, multiplayer architectures (p2p, authoritative, etc..) Which we can help guide in that process…

D. Папа Роуч fantastic! and how many developers do you have now?

M.Myers We have 5 core developers

Gold Rocket | Satoshi Club you thought out all the details well. do you have a good marketer?😉

M.Myers Haha yes! 😊😊

Gold Rocket | Satoshi Club Is your team anonymous? Or are you public figures?

M.Myers We are public 👍

Gold Rocket | Satoshi Club Congratulations! In our time, this is half the success!

Gold Rocket | Satoshi Club Perfectly! We at Satoshi Club really love secrets! Expand your names! 😁

M.Myers Matthew Myers and Alessio Mack

Gold Rocket | Satoshi Club My name is Yaroslava! Nice to meet you! 😁

A Mack nice to meet you!

Gold Rocket | Satoshi Club on this positive note, I propose to move on to the next question. if you don’t mind of course👍

M.Myers Sure 👍

A Mack yes…good vibes!

Q6 from Telegram Username @konditer_rolex

The Collateral Release Option is a very interesting thing. How does it work? Can I get back the amount of tokens I spent? Or if the price of a token, for example, has dropped, I get more tokens back for an amount equivalent to the amount spent on the purchase?

D. Папа Роуч @konditer_rolex one of our biggest NFT lover in Satoshi club btw

Gold Rocket | Satoshi Club yes he is a real collector and supporter

M.Myers After every 90 days from receiving ownership of VIBE NFT for a period of 48 hours. Owners can exercise their Collateral Release Option (CRO). Owners who exercise their CRO receive the collateral that their VIBE NFT is backed with. For Example: If user buys VIBE NFT at Auction for 100 VIBE, User can exercise their CRO and get that 100 VIBE Back, along with any collateral their VIBE NFT has generated in that time! Making buying VIBE NFT’s at auction 100 percent risk free to VIBE NFT owners

Part 2 — live questions from the Telegram community

Q1 from Telegram Username A U R O R A

Why did you choose to build VIBE NFT’s using the VRC-3301 standard instead of the common ERC-721 & ERC-1155 standards?

A Mack The main issue is the current nft standards don’t support multi owners or multi collateral nfts… so the goal is to port our new vrc-3301 to an erc that is erc-1155 /erc-721 backwards compatible. It has to be thouroughly tested and audited before mainnet release. Possibly by end of year, or early Q1. We will also be releasing public node clients for vibenet that will distribute the entire side chain and state.

Q2 from Telegram Username J Mags

Other than $VIBE, $ETH, $BNB, $NEO and $GAS, will there be new and other cryptocurrencies/token than can be used in VIBENet?

M.Myers Yes there will! We plan on adding Bitcoin in the future. Our layer 2 solution VIBENet is interoperable across any blockchain or currency. All of which can be used instantly with no gas fees 👍

Q3 from Telegram Username Hung Nguyễn

What conditions do I need to meet to be able to submit proposals to the community to vote on new protocols of the VIBEVERSE economy, do I need to be able to hold a certain amount of tokens?

M.Myers Any citizen of the VIBEVERSE can submit proposals to the community for voting 👍

Q4 from Telegram Username Para #EndSARS

What’s the role of VIBE Foundry and VIBE Swap within the VIBE Ecosystem? How do I become a lender and generate passive income on VIBE Ecosystem?

A Mack The role of vibe foundry is to provide liquidity for the vibnet native tokens and vibe pair. The first native vibenet token is vibereum , it is a reward token for participation in the vibverse and the vibe nft ecosystem it is also used heavily in the vibeverse game. It is produced by mining activity on the planets in the vibeverse. We will open the liquidity pools to providers shortly after the initial launch. As there is no pre-mine or team reserves. This will allow providers to earn off the fees from these swaps.

Q5 from Telegram Username Narendra Choudhary

What is the most unique thing VIBE brings to the blockchain community? How is it better than other platforms?

M.Myers I think the most unique thing about VIBE and our Ecosystem is that their isn’t a ecosystem like VIBE that we’ve seen! We have a layer 2 solution VIBENet, Games, VIBE NFT’S, VIBE SDK, Game Nodes. We are a one-stop-shop for everything blockchain gaming 👍

Q6 from Telegram Username Johana Carvajal

A game based on the blockchain blockchain is quite innovative, but specifically what are the purposes of $ VIBE and the distribution of its token?

M.Myers In order to participate in the VIBE Ecosystem and enjoy our platform to the fullest, The VIBE token is pivotal to use all its features. The entire VIBE NFT Ecosystem is built where VIBE required. Buying NFTs, taking out loans, lending, collateral accumulation. All of these are done with the VIBE token. VIBE token is also used throughout the ecosystem for various goods and services like playing our crypto fps game VIBE OR DIE! And also VIBENet has network transaction fees that are generated with VIBE!

Q7 from Telegram Username Jupiter

VIBENet Virtual Wallet. I can see from your website that you use virtual wallet. As a crypto fan,I always use trust wallet or metamask .my question is this?. What are the advantages of using VIBENET virtual wallet?Am I really safe with VIBENET?

A Mack You would use your metamask wallet with the VIBENet virtual wallet…think of one as main chain (metamask) and vibenet walleet as side chain. When you want to play games with your tokens or purchase nfts or sponsor nodes, then you will be using your virtual wallets. This allows you to do thousands of transactions on the platform with no eth gas fees and no long confirmation times. VIBENet has been operating for 3 yrs in this space, and is completely transparent, as it has a public ledger of all transactions. That can be seen here. https://www.vibehub.io/explorer

Q8 from Telegram Username Jahidul islam

How is #VIBE development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?😊

M.Myers Our current initiatives are releasing the first phase of the VIBEVERSE which is set to be live this month! And release numerous VIBE NFT Auctions! Then our team will move to the next phase of the VIBEVERSE which is to allow citizens of the VIBEVERSE to mine on their planets for VIBEREUM! Our teams goal is to have this released by the end of 2020 👍

Q9 from Telegram Username Hakeem

Will the VIBE token govern VIBENET as well as VIBEVERSE ecosystem?

M.Myers Yes! The VIBE token will be used to govern the VIBEVERSE, Any citizen of the VIBEVERSE can make proposals to the community and citizens of the VIBEVERSE vote with VIBE!

Q10 from Telegram Username Yasemin

Will the VIBE SDK be completely free and open source for anyone to use and contribute?

A Mack yes the VIBE SDK will be open source, and available to make code contributions. Some of the underlying services do require vibe for example with game nodes or storage, they need to be sponsor as they provide the infrastructure for your game to operate…What is unique about our platform is that cost can be distributed to anyone on the platform, and they can earn fees from transactions on those nodes. In app purchases can be setup as vibe nfts using the existing protocol and marketplace. If any game devs are interested in building on the vibe platform, please contact me directly in our telegram or through our website contact form.

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of VIBE. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:

VIBE: http://vibehub.io

We are pleased to announce our next AMA on October 17th 2020 at 03:00 PM UTC Time: Satoshi Club x acBTC

⚠️Click to see the hour
⚠️Total Reward pool: $1500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join acBTC Telegram group

We will have the following structure:

Part 1: 350$ /12 users – We’ll select 12 questions from the community. A user can post maximum 3 questions. 9 Questions will be selected from our website – please submit your questions in the comments section of this post. 3 Question will be selected from Bitcointalk thread.

Part 2: 350$/15 users – Open chat for 80 seconds. You can post Max 5 questions. acBTC Team will select 15 questions and answer them.

Part 3: 800$ – A quiz about acBTC

For more details:
acBTC – @acbtc_community
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

We are pleased to announce our next AMA on October 15th 2020 at 04:00 PM UTC Time: Satoshi Club x CitrixDeFi

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join CitrixDeFi Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.

Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. CitrixDeFi Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about CitrixDeFi

For more details:
CitrixDeFi – @citrixdefi_chat
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

APY.Finance Satoshi Club AMA Recap from 9 of October

Satoshi hosted an AMA with APY.Finance. This service is a yield farming robo-advisor use smart contracts to continuously route your funds to a portfolio of the latest-and-greatest yield farming strategies.

Our guests: @willshahda CEO & Solidity Engineer

Total Reward pool: $800

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS.

Reward: $150 /6 users

Mary | Satoshi Club: Hello, Satoshiclubbers! We are happy to announce our AMA session with APY Finance 😀 welcome to Satoshi Club😀

D| Satoshi Club: hello Will! Welcome to Satoshi club! )

Mary | Satoshi Club: Ahaha, welcome to Satoshi Club 😀

Will: Hi everyone! Thank you for having me!

Serg | Satoshi Club: As a student, I had a life, now I have almost only work 😁is this a balance?

Will: Close enough 😂

Mary | Satoshi Club: And let’s start with your introduction and how you started with APY.Finance?)

I feel the same balance 😂

D| Satoshi Club: life? what is this? 👀😁

And what is APY.Finance?

Mary | Satoshi Club: Will we find balance with APY.Finance?)))

Will: No. You will only find yield 😁

D| Satoshi Club: Or rebalance

Serg | Satoshi Club: Can we start with the intro? 😁

Will: I’m Will Shahda, the founder of APY.Finance.

I got involved in DeFi back in 2018 because of my interest in stablecoins. While Tether may have been the most popular stablecoin, I found myself drawn to the mechanics behind systems like MakerDAO and Havven (now Synthetix).

In 2019 it became clear to me that DeFi would be the next big thing in crypto. Everyone in the space was product-focused and the projects were delivering real value to users. It was a return to crypto’s roots, the promise of programmable money.

To hone my expertise in DeFi, I started attending as many Ethereum hackathons as possible. I put teams together and executed projects under tight deadlines in the heat of competition. Frequently, we found ourselves winning.

The most recent hackathon I participated in was HackMoney. It was here that the idea for a yield farming robo-advisor, now known as APY.Finance, was born.

Mary | Satoshi Club: Amazing) what will APY.Finance do for me as for an ordinary crypto user?

Serg | Satoshi Club: Maybe it will bring life back 😁 and you will forget about work

Mary | Satoshi Club: Is this possible?)))

Will: As an ordinary crypto user, it will give you easy and frictionless exposure to the entire yield farming industry.

  With a single low-cost deposit, you will start earning a risk-optimized yield that you can rely on for the long term. Liquidity makes all things possible.

Mary | Satoshi Club: It is intriguing) If yes, my lambo will have numbers ‘APY.Finance’😂

D| Satoshi Club: great! it’s like 1inch for DEX?

Will: You can think of it as 1inch for yield farming.

APY does smart routing to a portfolio of yield farming strategies in the same way 1inch does smart routing to many DEXs.

  Where it differs is that APY continually rebalances to seek the greatest risk-adjusted yield. My AirPods are branded APY.

Mary | Satoshi Club: Great👍 I like the idea of your project ☺️

D| Satoshi Club: @madamlobster? I’m ready for the first part! you?)

Mary | Satoshi Club: Also, we have a questions, which we collected from our community) ready Will?)

Will: I’m always ready.

Mary | Satoshi Club: Let’s go 🚀

D| Satoshi Club: Q1 from bitcointalk user pedronino @xaviermaya on Telegram

I have seen that you have a smart contract that will rebalance liquidity to avoid loose of funds or other risks. Does it mean that it will move liquidity from one pool to another? Or how exactly? Speaking of rebalancing.

Will: The system rebalances whenever there is a new allocation of liquidity that would result in a gain of risk-adjusted yield that exceeds the rebalance thresholds for the transaction cost.

When this happens, portions of liquidity are unwound from different strategies in the portfolio to be redeployed in other strategies.

To keep this automation decentralized, a tiny portion of yield gets reserved as an incentive for third parties to call the rebalance function when it becomes available. This is how APY effectively distributes the gas cost of rebalances across the entire userbase.

We are also looking into using Gelato to further optimize gas costs using their decentralized system of collaborative bots.

Mary | Satoshi Club: So, imagine, I am using APY.Finance and… I will deposit funds to your platform, right? And then it will do everything for me? Or i am wrong?

Will: That is exactly right. There is a single place to deposit and you don’t need to worry about a thing from there.

  Our dashboard will provide analytics and transparency for the interested. You will have total insight into the strategies used and how they are being run. We see this as an opportunity to educate people on DeFi.

Mary | Satoshi Club: Yes, because a lot of people are afraid) hard terminology etc. So, I am trying to make thing simple for understanding)

D| Satoshi Club: @willshahda locked total value of your pool now $47,903,417.04 let’s say if i have only 200-300$ is there any point to participate in mining? i mean how much tokens would i earn with that sum?

Mary | Satoshi Club: it’s dust😂 but I also have 200-300$ ) we can unite😂

Will: Sounds like the beginnings of a DAO 👀

Mary | Satoshi Club: Sure😂

D| Satoshi Club: HaHa 🤝

Will: The TVL went far past our data model 😂 The support we received was incredible.

  To figure out how much APY you would earn per day, just take your account value (in this case $200-300) and divide by the TVL (~$48) then multiple by the daily rewards (30k).

  We will continue to revisit the reward emission rate over time as getting feedback from the community and figure out how best to incentivize users in a way that improves the health of the platform.

D| Satoshi Club: Ok, thanks for the answers! 😄

Mary | Satoshi Club: Thank you for your answers) can we go to the second question?)

Will: No problem! Let’s do it.

D| Satoshi Club: Q2 from bitcointalk user Ballantines87 @PaoloMonte87 on Telegram

Will there be an automated notification system in place so that the user is aware in advance and in real-time of the yield farming robo-advisor actions?

Will: You will be able to see when to rebalance is pending, but sometimes a pending rebalance may go through quickly to capture yield opportunity.

Using our dashboard, you will be able to see what actions the platform is taking for each strategy. It will give full transparency into the steps for each strategy and metrics for the strategies.

Will: You will be able to see more real-time than in advance. Space moves very quickly and we don’t want to limit rebalance frequency.

Mary | Satoshi Club: Will you have  mobile app?

Will: A mobile app is not an immediate priority, but we will be looking at our usage statistics to see what devices are most common for our users to better support them. We also will be integrating more wallets, including mobile wallets.

Mary | Satoshi Club: Ok, this will be comfortable for your users)

   Third question?)

Will: I’m ready

D| Satoshi Club: Q3 from tg user @jobel4

APY Finance uses Robo Advisor for yield farming. So what advanced features of Robo Advisor will make yield farming of your platform into a higher level? With the help of Robo Advisor, can we expect a higher ROI from yield Farming? How does Robo Advisor function in APY Finance network?

Will: APY functions as a yield farming robo-advisor to automate the capture of risk-optimized yield.

Users can expect yields that capture the growth of the entire DeFi industry without the huge barrier-to-entry and time commitment they would otherwise have to make.

  Many yield farming projects ignore risk and we think this is a mistake if DeFi is to mature as an industry. Diversification is a huge step forward for risk management and decentralized risk assessments further refine the capacity for APY to generate higher yields at a lower risk.

Mary | Satoshi Club: In which crypto should i deposit funds to your platform to let your robots decide where they will put it?)

Will: We support DAI, USDC, and USDT

D| Satoshi Club: Only stablecoins?

Mary | Satoshi Club: Do you plan to add more currencies?

Will: Yes, for the time being. Stablecoin deposits simplify some of the financial properties of the system. We will need to workshop other assets to decide if they can be supported as a deposit.

Will: That being said, the actual strategies used by APY are not limited to stable-coin strategies.

Mary | Satoshi Club: Got it, thank you)

  Next question knocked, ready?)

Will: Go for it

D| Satoshi Club: Q4 from telegram user @jonahapagu.

Early this month your smart contract was audited by Holborn and they found a gateway which could have triggered a recentracy attack which was fixed by the team I’m interested in knowing what level of damage the exploitation of this gateway would have caused to APY FInance, and how did the team fix the issue.

Will: It was an extremely low threat that was fixed. The reentrancy occurs in an event as opposed to any state change in the code. Exploiting that vulnerability would at best cause an inconsistency in the logs. It would have not been possible to affect any smart contract data.

 In addition, the function in question had a reentrancy guard around it. So it is doubtful that the vulnerability could have been exploited even if it had remained.

Mary | Satoshi Club: Do you have an insurance fund or something like this? If something will go wrong? But I hope it would never

D| Satoshi Club: Btw can I catch a rebalance moment and earn something on it? like pull my liquidity or add more, as it works with elastic supply tokens? I know some people do that kind of stuff. maybe it’s a silly question but I want to ask 😂

Will: We are looking into using insurance as a backstop. We are still figuring out how best to approach this.

Insurance is just a failsafe, however. It is best for nothing to go wrong, to begin with. We take testing very seriously and our contracts have very comprehensive unit and integration testing. Right now, we have about ~99% test coverage for our contracts.

  This type of game ability will not be possible due to the way deposits are batched for deployment to the yield farming portfolio. It is definitely a valid concern.

Mary | Satoshi Club: You are preparing well!

D| Satoshi Club: Good to know! thanks!)

Mary | Satoshi Club: Next question or you want to add something?)

Will: We can move on. Ready for the next one.

D| Satoshi Club: Q5 from tg user @raulsanchez8

You know that many projects remain anonymous in their presales and then they exit scam when it finishes,but I have seen that APY.finance team is fully public and the company is legit and licensed. Did you notice that your presale went better than others only because of being a public team?

Mary | Satoshi Club: Like this question)))

Will: It definitely helps to be a known team and a US-based company. The incentives for the team are fully transparent because we have locked and vested tokens for 4 years and the engineering team can be paid an actual salary. This removes a lot of unknowns for investors and gives people security in the team’s long-term focus on the project.

  A lot of the “fair launches” we’ve seen have turned out to be exit scams. Which in hindsight is far from fair.

Mary | Satoshi Club: You’re right, we also saw a lot. Which license do you have?

Will: Being in the US does present certain restrictions on how we do capital formation due to regulations, but the compliance also makes us trustable.

  We are a Delaware C Corporation. DeFi Labs Inc. for anyone interested in looking it up in the registry.

Mary | Satoshi Club: Yes, USA has a lot of restrictions) I wonder how you even took this risk to register your company there?) Usually, it is some islands or so

Will: We have a good lawyer 😂

D| Satoshi Club: Ha-Ha

Will: We made sure we did things by the book.

Mary | Satoshi Club: Our ‘many thanks’ to your lawyer 👍

 Thank you) and the last question from this part?)

Will: Let’s hear it!

D| Satoshi Club: Q6 from Telegram user @johnny_cash_btc

APY pools liquidity in a single transaction, reducing the transaction fees. That looks nice. What is the reduction in numbers? so, for example, if now I have to provide liquidity and I have to pay 12$, how much will it be with you?

Will: This depends heavily on TVL for the economy of scale and gas fees at any given time. There are also many types of fees you could incur.

If you were yield farming on your own, rebalance fees would be your biggest burden. The savings we provide here are linear with respect to the TVL. Depending on the size of your deposit relative to the TVL, you could easily see a savings of over 99% from what you would have yield farming manually.

 Deposit and withdraw fees also benefit from the economy of scale, but do have a price floor. That being said, they are about 1/10th what you see from platforms that do not batch deposits and withdraws.

Mary | Satoshi Club: So, we will not only earn with your platform but also save our money)

Will: Permissionless yield must be accessible yield!

Mary | Satoshi Club: I have one off-topic question) your APY token hasn’t been launched yet) how can we get it in the future?) I see Public Liquidity Rewards and Community Initiatives)  What does it mean?)

Will: You can begin earning APY with our liquidity mining program. You can read more info here:
 https://medium.com/apy-finance/apy-finance-liquidity-mining-launch-c37f0d2a1172

 We will also have an IDO and exchange listing this month.

Mary | Satoshi Club: In October, right?)

Will: That is correct 😁

Mary | Satoshi Club: And I think Uniswap listing?) Or also CEXs?

Will: We will have a DEX listing and a CEX listing.

Mary | Satoshi Club: Thank you, now I know almost all I wanted))) And the rest, I think, will ask our community in their live questions)

       Ready for them?)

Will: Absolutely

PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.

Reward: $150/10 users

Q1 from Telegram User @Cryptoboye: What is goal Dex and cex listing?

We wanted to pursue multiple channels for token distribution to get it in the hands of a wide variety of users. Therefore have liquidity mining as well.

  We also sought investment from a diverse set of angels and VCs when conducting our raise to make sure no one party had too big a stake in the token allocation

Q2 from Telegram User @noyonvai9: How is APY Finance Lab different from the other DeFi projects?

 APY operates at a higher level of abstraction than other yield farming aggregators. Our focus is on smart routing between yield farming strategies in a balanced portfolio. Other aggregators focus exclusively at low level automation of specific yield farming strategies.

Our focus on risk-management and optimizing for risk-adjusted yield is also unique in the yield farming industry.

Q3 from Telegram User @Jijahid: How’s your feeling when people ask the same question again? I’m a very patient man 😂

Q4 from Telegram User @chelyabinsk_crypto: How do APY Finance secure risks with smart contracts and centralization?

The diversification of our yield farming portfolio is important here. It helps reduce the impact of smart contract risk and centralization risk considerably. A bug or vulnerability will not put the whole liquidity pool at risk.

Q5 from Telegram User @rockmorti: Currently Zero-knowledge, metatransactions and other technologies are the future within Ethereum. What new features do you want to integrate into APY to boost scalability?

For a lot of scaling solutions we need to adopt a wait-and-see approach. Layer 2s like optimistic rollups still require considerable effort to integrate with and we don’t want to invest the manpower there until it becomes worth it.

Q6 from Telegram User @Mujakkir37:  Crypto projects were closed in many countries due to improper regulation and licenses. How does your project solve these problems?

 We’ve been careful about regulation. Many in the crypto industry see themselves as above regulation.

I do believe blockchain technology will have a huge impact on the way civilizations can organize and our capacity to exist as a global community. But in the interim, if you offend the regulators, they can still take you down.

 Q7 from Telegram User @RoZerius: What is your next development plan before 2020 ended?

 The thing we are most excited about is making our strategy portfolio live and continuing to iterate on new strategies to build up the library.

Q8 from Telegram User @Gutike95: What are the parameters that APYFinance RISK MANAGERS study the most? Will they only look at the strategies and smart contracts? Or could they also study which projects are SCAM and which are reliable?

We look at smart contract risk, financial risk, and centralization risk.

 Some of the “soft risks” we have to consider are things like anonymous developers and reputation.

Q9 from Telegram User @BlancaSdF: APY is for whales or users with small amounts like me?

 APY aims to make yield farming more accessible for smaller users. It will be much cheaper to yield farm through APY than if you were to try on your own.

Q10 from Telegram User @Gamora789: What is tokenomics of APY.FINANCE.

 You can read more about our token economics here: https://medium.com/apy-finance/introducing-the-apy-token-edac64d0cf6b

We also have details about our raise in this press release: https://www.coindesk.com/defi-yield-farming-aggregator-apy-finance-raises-3-6m-in-seed-funding

We think governance tokens bring tremendous utility to the table through there ability to influence capital. This article has a compelling argument for governance tokens: https://www.placeholder.vc/blog/2019/2/19/cryptonetwork-governance-as-capital.

Mary | Satoshi Club: Thank you @willshahda for you answers and your time) it was really great AMA👍 Good luck with APY.Finance😀🚀

D| Satoshi Club: @willshahda thank you for your time! great answers! guys don’t forget to join @apyfinancechat

Will: Thank you for having me @madamlobster!

   Yes! Please join https://t.me/apyfinancechat and follow us on Twitter https://twitter.com/apyfinance to stay up-to-date!

PART 3, QUIZ AND INFO

  As usual, for the third part, Satoshi Club Team asked the chat 4 questions about APY.Finance. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 500$ was distributed between the winners.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club

Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish

Telegram Channel: https://t.me/satoshi_club_channel

Website: https://esatoshi.club/

Twitter: https://twitter.com/esatoshiclub 

Our Partners:

APY.Finance Official Community: https://t.me/apyfinancechat

Satoshi
Learn, Earn, Friends
Club

We are pleased to announce our next AMA on October 15th 2020 at 02:00 PM UTC Time: Satoshi Club x Persistence

⚠️Click to see the hour
⚠️Total Reward pool: $500

⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join Persistence Telegram group

We will have the following structure:

Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 4 Questions will be selected from our website – please submit your questions in the comments section of this post. 2 Question will be selected from Bitcointalk thread.

Part 2: 100$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Persistence Team will select 10 questions and answer them.

Part 3: 300$ – A quiz about Persistence

For more details:
Persistence – @PersistenceOneChat
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish

Living by algorithms is hard and boring, but trading by algorithms is useful and easy. And today we would like to tell you about the AMA session with our friends from Autonio. The AMA took place on October 09 and our guests were Ali Raheman and koermiz.

The total reward pool was 1000$ and has been splitted in 3 parts.

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with Autonio :grinning: welcome to Satoshi Club:grinning:

D. | Satoshi Club: hello everyone! hello people from Autonio!

Serg | Satoshi Club: Welcome guys 🙂

Ali Raheman: Hey there! Thanks for having us

koermiz: Hey, good to be here

Mary | Satoshi Club: Could you please tell us about yourself and which way you had to pass to start with Autonio project?):grinning:

Ali Raheman: I’m Ali, I have a background in produc designing, software development, research and project management.
Autonio was founded in 2017 and the first iteration of the the product was a simple tool we made for ousrelves, to automate our crypto trading. Trading with its volitality, FOMO and FUD can be a profitable but uncertain market. So we built a trading platform where you could create your algorithmic trading strategy and deploy it accross different exchanges. So yeah, built an MVP back in 2017, kept working on improving the platform and were able to build a strong core community around the project with minimal resources. It’s been a wild ride for the project and the crypto ecosystem in general 🙂

Mary | Satoshi Club: Great background, and yes, fomo and fud need to be mathematically order)

koermiz: Hey, my name is Tobias. My background is in the field of engineering. I hopped on the Autonio train quite early in my crypto career, and been around since. I got more and more involved over time and am pretty happy about this at this point :sweat_smile:

Mary | Satoshi Club: Great, Tobias) thank you for intro) And, guys, let’s face it, because of the sometimes complicated terminology, not all users can understand what you’re doing. Can you explain in simple words what NIOX Maker, NIOX Terminal, NIOX Exchange and NIOX DAO do. I am sure, that you have a lot of very useful features)

Ali Raheman: NIOX Suite is a toolset Autonio Foundation has been working on since its inception. All the tools you’ve listed above are a part of the NIOX Suite; a toolset that helps you navigate the crypto markets with profitability privacy and ease. The end goal is to build a prosperous community around algorithmic trading, and that’s what these different elements in the suite offers.
A decentralized exchange, an algorithmic trading terminal, a decentralized AI network powered by SingularityNET. The project is transitioning into a decentalized organization and that is what NIOX DAO is all about. while it may seem confusing, we’re building all of this into a simple intuitive UI making it easy for our users to access all platform features including exchange of assets, trading accross different centralized & exchanges, buy/sell trading strategies and a lot more!

Mary | Satoshi Club: Ok, i am a single trader, have some crypto on exchanges. What i will be able to do? Do i need to transfer funds to NIOX or just connect exchanges accs, using API keys?

Ali Raheman: yes, you’ll simply add your exchange API keys and you’ll be all set!

koermiz: Let me talk about the NIOX Maker, while Ali can give you the bigger picture. The NIOX Maker is quite a powerful tool to provide liquidity on orderbook based exchanges. You can set it up quite easily. We have been able to make it work on decentralized exchanges quite early. It has quite an high throughput, with up to 38k orders a day. its also quite easy to use, after you connected it via API to your account on the exchange, you only need to chose your pairing and set refreshtime and a spread.

Mary | Satoshi Club: Thank you, guys, now it’s almost clear) And to make everything clear like a water on Maldives we have some questions from our community)))

Q1 from bitcointalk user Avangator @thebastaboy on Telegram

Looking at your whitepaper I felt a bit confused about what Autonio is ultimately attempting to achieve. Are you mainly focusing on the AI side in bringing autonomous technologies in trading and especially offering them for the DEXes or do you have some plans in becoming a DEX yourself?

Ali Raheman: We do have a 0x based exchange and it fits into the complete decentralized solution we’re looking to offer. In very simple words – we’re building a prosperous community around algorithmic trading. We do this by democratizing access to trading tools and infrastructure.

koermiz: So basically we want to build a prosperous community around algorithmic trading. AI will for sure play an important role embedded in our tools. Our focus always was the decentralized side of trading. And as Ali already mentioned, we already built a ourselves dex :sweat_smile:

Ali Raheman: Regardig Ai – it definitely is an important component to our solution. Traditionally AI tools have been inaccessible to general public, and with singularityNETs decentralized we’re breaking that barrier to entry, enabling all users to utilize the power and opportunity that comes with AI

Mary | Satoshi Club: Can you give a link to it? It’s for erc20 tokens? I mean DEX)

koermiz: https://exchange.autonio.foundation/market/niox/usdt It is not very populated atm, since our focus is on the NIOX Maker.

Mary | Satoshi Club: Now you advertised it in the group with 32k members:joy:

koermiz: hahaha, yeah true

Ali Raheman: We have some exciting news coming up next week regarding the exchange as well! The exchange will be updated and improved significntly over the course of next few months, but like I said, more on the exchange biz next week 😊

Mary | Satoshi Club: Yes, we need a hint) we like to new secrets before they become announcements 😂

D. | Satoshi Club: buy the rumors sell the news )

Ali Raheman: lol, that’s how it goes. In our case though organic growth, adoption is the focus. So it’s less hype, more utility and fundamental adoption, that’s the stuff that excites us

koermiz: I think we should also say that our DEX has market making tools for everyone to use inbuilt.

Ali Raheman: So we recently started working with one of the leading layer 2 protocols i.e. Loopring. We’re working with another layer 2 protocol on some cool collaborations 🙂

koermiz: Would love take the stage here, but we all have to wait until next week :sweat_smile:

Mary | Satoshi Club: Oh, but don’t forget to share this news with our group and of course we will follow your announcements)

Q2 from bitcointalk user george.bend @george_benderos on Telegram

You are capable of doing 85000 orders per day, but how many are done effectively? What is the demand and how many people are using it?

koermiz: basically it can set that amount of bids/asks effectively. With the Taker Module you can even execute this amount of orders at market.

Ali Raheman: Great question. We provide the tools however, trading performance, profitability is attributed to a traders ability to use the tools at his/her disposal.

koermiz: This is very important to notice, there is in general no riskless way of approaching markets.

Mary | Satoshi Club: You mean riskless by trading through API keys?)

koermiz: In our case your API is as safe as your own computer is, since we don’t store the APIs on our side. they remain local on your machine

Mary | Satoshi Club: Ohhh, understand) because actually even APIs without withdraw permissions not totally safe) If you remember VIA and SYS binance pamps)))

koermiz: Yeah, the past sadly showed that

Ali Raheman: In terms of performance history, our tools have been used several times to finish top 3 in binance trading competitions, we’ve generated significant amounts of liquidity on centralized and decentralized exchanges. In weeks to come we will be incentivizing the useage of our tools, rewarding people based on how the utilize our trading tools across different exchanges.

Mary | Satoshi Club: Has anyone ever count how many orders execute on Binance or Uniswap every day, for example? May be you saw statistics?

koermiz: In the first week we got listed on the Loopring DEX some users of our DAO and our trading channel generated a volume of over 50k USD. Best thing about this is, that it was actual tradable volume, so to say, real volume

Ali Raheman: Yeah, as pat of the binance competitions our users have generated and reported between 1-1.2M$ volume by a single user. Note that this was part of a tarding competition so that’s the whole goal of the event

Mary | Satoshi Club: Unbelievable numbers)))

Q3 from Telegram user @pandasbitcoins

Your project was established in crypto in 2017. Please explain how did you survive through all this hard years in crypto and how did your the vision about your project changed from 2017 until today

Ali Raheman: So we raised 55k in an ICO back in 2017, and we still launched the product and the project went viral.
That had a lot to do with the team, our dedication and our passion to build products even in the 2017 vaporware ICO rush. The crypto bull run also had a lot to do with that ofcourse.

Viral growth while was great and exciting was detrimnetal to the overall growth of the project, a lack of financial resources and our unwillingness to dump token in the market clubbed with the fact that others were raising millions of $$, we began to fall behind

Then came the bear market where most shitcoins were weeded out. Only projects with strong teams, and products survived.
As for how we funded the project, we’ve been self funded for the most part with some private investors that have supported us along the way. We have a software develoment firm that has been able to facilitate the development, and here we are 😄 Our vision has remained the same, but we did have to pivot time and again to survive.

It’s worth pointing out that over the past 3 years we have been able to work with amazing people, worked out partnerships with the likes of SNet, KuCoin.. have some influential advisors and recently on-boarded Luke Wagman who was a core member of the Coinmarketcap team

Slow and steady, we’re getting that recognition we deserve

Mary | Satoshi Club: Great resilience, my respect to you)

koermiz: I am quite proud that we are still going, and I am very sure that this will pay off :blush:

Ali Raheman: we have a long way to go still, but we’re all very passionate and realistically optimistic about the future 😄

Mary | Satoshi Club: But i think, now it’s time to earn rewards, am i right?) How do you plan to earn? Fees, sell access to certain functions of the platform?

koermiz: We will introduce our subscription model soon, but for now our tools are free to use, to get more users onboard. So everyone that would like to test our Maker Module, feel free to do so at
http://maker.autonio.foundation/ There will be basically different Tiers that base on a hold to use model

Q4 from Telegram Username @muw_muw

How can users backtest your AI bots before putting the bots into a real action? Do you have some testnet or test platform for this?

Ali Raheman: So we’re in the process of updating our core trading terminal which includes a backtesting tool. With it you can backtest your trading strategy followed by forward testing it with demo balance and finally when you’re happy with the performance you can deploy it on the exchange of choice with live balance.

At the moment our focus as Tobias mentioned is the NIOX Maker. We’re solving a real problem of liquidity with it, and crowd-sourcing market makers by incentivizing them through campaigns such as liquidity mining is the best way forward

Mary | Satoshi Club: So, basically, if i have a bot i can try to test on your terminal, yes?

koermiz: you can test your settings you made within the terminal

Mary | Satoshi Club: Do i need to deposit funds or it is testing tool?

koermiz: There are no funds needed for testing. The module will simply use a demo balance you can determine

Q5 from Telegram Username @jobel4

Autonio Foundation’s vision is to bring together the advanced traders and the novice traders . As a novice trader, how will you manage to teach me some trading strategies? Do you have some tutorial videos or teaching lesson for trading? What will be the task of advanced traders? Are you also open for professional trader?

Ali Raheman: Detailed documentation, tutorials are in the works. The NIOX Maker is designed in a minimalistic way to allow the average user to get started and learn with ease.
Advanced traders are an important part of the ecosystem, average users will be able to copy other traders, buy trading strategies and hire pro traders for portoflio management services, all using smart contracts in a trustless environment.

Mary | Satoshi Club: So, you will have copy trading?

koermiz: This is a planned feature for the future, yes

Mary | Satoshi Club: Good feature) very popular 😉 Waiting for you tutorials, it’s really important to educate newcomers)

Q6 fromTelegram Username @jpsarmah

The Autonio founding team was formed in the Summer of 2017. But your main product NIOX Suite has not yet released its major components NIOX AI and NIOX Wallet. Why is there this delay with the release and when will the product be released for full public use?

koermiz: Although we started in 2017, we started planning on the NIOX Suite quite some time later. Before this it was only the “normal” algorithmic trading terminal. And the ideas grew over time, and the portfolio of possible tools grew.

Ali Raheman: That’s right, and as I mentioned, being self-funded for the most part, we have to focus on improving the fundamental offerings that acts as a gateway to the entire toolset. It’s important to prioritize things that are expected to add the most value and that’s what we’ve been doing 🙂

D. | Satoshi Club: do you have approximate dates, when NIOX wallet will be released?

Ali Raheman: NIOX Suite integrated solution is expected to be released this quarter. That will include wallet functionalities, some AI features. Stay tuned for more on that

koermiz: Although I know what’s coming, I am looking forward to it myself personally :sweat_smile:

Mary | Satoshi Club: Actually i am also very interested in it))) want to add that i like all your answers) thanks) and what do you think about our second part live questions?) 1-2, 100qs?))) 😉What your trading algorithms told you?)))

Ali Raheman: hahaha – let’s see, we’ll answer as many as we can

Part 2 — live questions from the Telegram community

Q1 from Telegram user @jpsarmah

September 2020 saw two major partnerships for Autonio with Loopring and Elrond. Firstly, why did you integrate Loopring Exchange into NIOX Maker and Secondly, why did Autonio migrate to Elrond?

Ali Raheman: Indeed, last month has been important for the project. Loopring is a top tier scaling solution. Liquidity is a major pain point for decentralized exchanges and a barrier to entry and adoption of crypto in general. We’re actively working integrating decentralized exchanges to help further the adoption and growth of the ecosystem and large.
Elrond on the other hand offers highthrough put low cost infrastructure to build decentralized solution, that’s primarily why we chose to port our token and tools on to Elrond. Furthermore these projects have a large userbase exposing our tools to a wider audience .

Q2 from Telegram user @hungnnguyen

What’s the relationship between Autonio and Loopring, are you partners or it’s a parent company?

koermiz: We partnered with Loopring. We integrated their DEX into our Market Maker and plan build some more stuff on their Layer 2 solution.

Q3 from Telegram user @Nickkiii

Do you have plans to launch another Liquidity Mining Campaign? I would love to participate and earn rewards.

Ali Raheman: Yes, we’re actually launching an EarnDrop campaign that will incentivize users to test and trade with NIOX Maker. Based on the useage of the platform, variables such as liquidity, volume, trading duration we will reward users with NIOX tokens. This we believe is a unique and exciting way to promote adoption of our tools and growing our userbase. An official announcemnt on this matter will be released today 🙂

Q4 from Telegram user @kripto_mangunkusumo

Can you elaborate more about The MM bot? what is the advantage and how is its work and function?

koermiz: The Market Maker sets a buy and a sell order around the current price with a pre set spread. The spread percentage determines how far your orders will be away from current price. Your orders stay in the book until they are filled or until the refresh time is over

Q5 from Telegram user @DiegoRME

Can you tell me what are the uses that we can use with the $NIOX token? does it have any special use? how to cover trading fees, withdrawals etc …

Ali Raheman: The NIOX token as the life blood of the NIOX ecosystem, is used to gain access to the trading toolset on a Hold to Use basis, providing easy opt-in/opt-out and a personalized learning curve, with minimal financial implications.
It serves as a governance token, enabling DAO members to participate in the decision making process to further develop the project, while receiving staking rewards for being DAO members, or benefit from zero trading fees on the NIOX Smartdex. Also, it can be used to pay less trading fees on NIOX Smartdex, by normal users.
Further more, it enables the sales of trading strategies, Trading Terminal best practices tutorials, trade coaching and fund distributed trading pools.
The NIOX token is governed by a decreasing inflation rate, issued yearly to the DAO members, proportional with their stake amount.
NIOX, as a token with increased velocity between the Trading toolset and the token economy, provides democratized access for the common crypto user to the Prosperism culture and philosophy, serving the ecosystem as a multipurpose token, ranging from utility to decentralized governance.

Q6 from Telegram user @kun4321

What are the outstanding products of the project? Give some information about NIOX AI (coming soon)

koermiz: Some of the first implementations of AI in our tools will be for example things like Auto-Spread-Calculation for the Market Maker. This way the Module itself can adjust the set spread based on earlier outcomes, so the trader does not have to adjust it by himself

Q7 from Telegram user @armahes

Do you have a global ambassador program or referral reward system? Do I get any benefit from holding in the long-term?

koermiz: We will soon launch an Ambassador Program. Also we will announce a campaign today, that will reward the usage of our NIOX Maker. More on that later today :+1:

Q8 from Telegram user @TVT6VI

If I want to increase the quality of the service as well as the long-term incentives. Does Autonio support or are willing to listen to contributions? Do you have any local ambassadors or referals marketing campaign?

Ali Raheman: As a matter of fact, an ambassador program is in the works and expected to be rolled out in next few weeks. The community is the most critical part of the project and we will be introducing several campaigns to incentivize community participation and engagement

Q9 from Telegram user @melanintrish

Do you plan to add more support for new blockchains and decentralized exchanges?

koermiz: Yes we look into implementing other chains and exchanges in the future. Our plan is to make NIOX a multichain token

Q10 from Telegram user @Vishukijaan

how can we collaborate or help NIOX for the development of the project?How important is the community to the NIOX?

koermiz: Community has always been a key factor for us. We will open source soon, so developers are free to contribute at any time

Part 3 – Quiz Results

In the final part we tested your knowledge in terms of Autonio. They’ve prepared 4 questions for this part. The total reward pool for quiz was 600$.

For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru

Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Twitter: https://twitter.com/realsatoshiclub
Website: https://esatoshi.club/

Our partners:

Autonio Community: https://t.me/Autonio_Foundation

An exciting project led an AMA session in our group on October 5, UniLend is one of the projects on our green list thanks to its great team and renowned management. Our guests were Chandresh Aharwar and Vishal.

The total reward fund was $500 and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.

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PART 1, INTRODUCTION AND COMMUNITY QUESTIONS

Luis Merino | Satoshi Club: Hello SatoshiClubbers! Welcome to another AMA session with Satoshi Club 🙂 Our guests today are from UniLend. @VishalBlockchain, @ChandreshAharwar welcome!

Chandresh Aharwar: Hey Guys. Thanks for Inviting us. Have heard a lot about your community. You guys are just awesome.

Vishal: Hello Guys.

Mary | Satoshi Club: Thank you, you are awesome as well, we heard about your project. Ok, can you give us short intro about yourself and tell us how did you decide to start with UniLend?

Chandresh Aharwar: So, my crypto journey started around mid-2016. I was consulting multiple crypto projects on different fronts. Then, I was leading Strategy & Marketing for Matic Network (Binance IEO Project April 2019) till July.

Me & Our other 2 cofounders who were working on Metatransact.com were discussing about the idea of how all tokens can be welcomed to DeFi & this way idea of Unilend came. When we came across the untapped market is more than 50%, we realized this is the most needed thing currently.

Mary | Satoshi Club: So, i see you are experienced in crypto and understand what are you aiming for.

Chandresh Aharwar: Yeah. https://twitter.com/chandresh1091/status/1259145137881354240?s=19. This tweet thread describes my freaking awesome work at Matic. 😎

Q1 from bitcointalk user elissa

UniLend is bridging that gap by combining the decentralization aspect of enabling any ERC20 to be utilized as collateral for lending & borrowing. What if someone creates a fake or useless token, makes a fake price by giving it some volume on uniswap, and then use it as a collateral. He will be able to dump the rest of his tokens after he borrows the money. Is this possible?

Chandresh Aharwar: So, to tackle this problem, the major change in our protocol as compared to other lending/borrowing protocol is that they have multi pool concept, where as we have single pool concept for deriving the lending borrowing capacity.

So, let’s understand this in more detail. We are building a complete ecosystem (Trading + Lending/Borrowing) Protocol. Each pair will be listed with ETH as a base pair for example. Based on the liquidity available on ETh/XYZ trading pair, lending/borrowing capacity is derived.

So, you will have to provide liquidity for your own lending/borrowing too as you are the only person holding that token. Infact your ETH will be at risk if your airdrop your fake tokens to someone and also all liquidations happen on our own protocol. So, we are not dependent for liquidation on other DEXes. That’s make it to possible to list more tokens.

Mary | Satoshi Club: Yes, i think it has sense, but people are resourceful. Do you see another risks, which can appear?

Chandresh Aharwar: I don’t think so. The major risk is liquidity. We need some decent liquidity to have smooth user experience.

We have already sorted that issues through our seed/private round investors providing liquidity as value add & our partner projects willing to bootstrap liquidity. We expect the complete user experience to be smooth.

Luis Merino | Satoshi Club: So you have your own liquidity?

Chandresh Aharwar: Just like on uniswap & other DEX anyone can provide liquidity. On our platform also it’s totally decentralized.

Luis Merino | Satoshi Club: Can you share with us the amount you raised with the private sell?

Chandresh Aharwar: https://twitter.com/UniLend_Finance/status/1310944899097915394

Mary | Satoshi Club: And when public token distribution?

Chandresh Aharwar: We raised $3.1Mn in seed & Private round from some well-known individual/VC’s in the industry. We got good coverage overall through the Media:

Nasdaq: https://www.nasdaq.com/articles/investors-flock-to-indias-defi-scene-months-after-central-bank-ban-overturned-2020-09-29

Crypto briefing: https://cryptobriefing.com/unilend-finance-which-aims-welcome-every-token-to-defi-raises-3-1m-amid-overwhelming-strategic-investor-support/

Yahoo News: https://sg.news.yahoo.com/investors-flock-india-defi-scene-141728508.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAADQ_gztiwraTIce8SlFTuVL9o50Ousho2laEkqF_sr2Au1GRy7QwzPKWr9PZrv9EZaxzndceRWkiQmwNbAxkuqdxoRYznn-RTVj6vUoyUpN2VpR5ellbooJj-qNn13ECgmg_wyDlR8QEJu1fzDOJJvN4sxUq9Me2QwVao4FseBV7

Coindesk: https://www.coindesk.com/investors-india-defi-scene-central-bank-ban

Coin crunch: https://coincrunch.in/2020/09/29/unilend-finance-raises-3-1m-to-welcome-every-token-to-defi/

Crypto News Hindi ( Local Hindi Blockchain Media also covered): https://cryptonewshindi.com/unilend-raised-1-3million-dollars-in-private-sale/

China News: https://www.chainnews.com/news/424444295531.htm?utm_source=telegram

Q2 from bitcointalk user justgata

I am intrigued by the absence of the project roadmap and technical document, as they are essential to build investor confidence. When will the Unilend whitepaper be available? Have they successfully met all the objectives set for the year? What are the next steps for the future?

Vishal: We have already published our Litepaper and I am sending it here for Satoshi Club Community. https://t.me/Satoshi_club/319256

Chandresh Aharwar: I guess, we have already been releasing updates regularly to the community regarding tech updates also regularly. Have taken the more prominent approach & we are getting ready for the launch too.

Mary | Satoshi Club: Launch, we want launch, when?

Chandresh Aharwar: We also have started drafting our V2 Plans, which will be updated on website also soon (We have new website also launching in upcoming days).

Vishal: And for more news and updates anyone can join our telegram group @UniLendFinance and our official announcement channel @UniLendAnnouncement or Twitter https://twitter.com/UniLend_Finance

Q3 from Telegram user @gruvv

On your platform you will be able to do permission-less listing, lending and borrowing, trading, liquidity, governance, etc. That’s great, but how is UFT integrated in all this? How will you use it?

Chandresh Aharwar: Will be sharing one upcoming announcement here first for you guys.

Firstly, UFT token is used to facilitate governance of the UniLend protocol. A number of factors relating to the proper functioning of the protocol, will be decided by UFT holders via proposals which require majority consensus to be implemented.

Liquidity providers are a key component in ensuring the sustainability of a decentralized finance protocol by facilitating liquidity within the protocol. They will therefore be rewarded with $UFT tokens via liquidity mining, in addition to a percentage of trading fees.

Platform users are the lifeblood of any DeFi product. In a system which aims for maximum decentralization like UniLend, distributing governance power to the users is crucial. Therefore, ecosystem participants who use UniLend for lending, borrowing or trading will be rewarded with governance power in the form of UFT tokens to encourage not only use of the platform’s services, but also to facilitate distributed governance.

Luis Merino | Satoshi Club: Many ways to earn UFT.

Chandresh Aharwar: We want to give more & more control of the community who actually use our Protocol. So, we will reward them through. Liquidity Mining & Yield Farming Both. ❤️

Mary | Satoshi Club: How you will count rewards? Do you already have the numbers?

Chandresh Aharwar: Yeah. But Can’t share. We would like to be competitive in market during the launch.

Mary | Satoshi Club: Do you have competitors on this market? Can you name them? With the same features?

Chandresh Aharwar: Well, tbh we don’t have any competitos currently. But compond, aave, Cream & some more are in same market. But they left $29 Billion for us and we will be adding support to all assets, which they support too.

Out of 7000+ Plus ERC20 assets only around 30 are supported currently. CRO, BNB, HT, OKB, LEO, MATIC, and many, many more well-known tokens are not supported yet.

Vishal:

Q4 from Telegram Username @yzmoney

Unilend is going to have Permissionless listing where Any ERC20 token will be able to list without any entity controlling the listing process. How does Unilend protect users against scam project or rug pulls since anyone can list anything?

Chandresh Aharwar: So, if you are talking about Trading. It’s same as uniswap (Uniswap allows permission-less listing) and for Lending/Borrowing also already explained above.

Mary | Satoshi Club: As i understand that you can only make a warning for some assets?

Chandresh Aharwar: Yeah, that part we will surely do in UI/UX. But, just imagine, you can some coin with you in Binance or on any dex. It’s just sitting there, you can’t do anything, on our platform you might be able to lend & earn some profit all the value addittions of compound, aave & other are getting unlocked for larger number of coins. You can even long/short or implement so many strategies & that’s to coming to larger number of tokens. You might be a holder/follower of some of them which are not supported currently.

Q5 from Telegram Username @Rosane1a8

Any asset can be listed on UniLend platform, but once it does, what trading pairs are created? Is it an automatic feature or the owner has the possibility to decide it?

Chandresh Aharwar: So the base pairs are the part of governance. Initially we will start with ETH as a base pair.

Then based on the community inputs through governance we can have more base pairs like DAI, USDC etc. In case of multiple base pair, user boot strapping the initial liquidity will have a chance which pairs he/she/they want to launch.

Mary | Satoshi Club: And the same for liquidity?

Chandresh Aharwar: Once the pairs are listed, anyone can add the liquidity to the pool. Just like uniswap.

Luis Merino | Satoshi Club: Sounds good. How will governance work? When will the first voting take place? 🙂

Chandresh Aharwar: So, it will be like. Users will be able to put proposal. All UFT token holders vote & if it’s passes it gets implemented, similar like the other governance models are working currently.

Luis Merino | Satoshi Club: Any user can make the proposal? Or do you need to own a minimum of UFT?

Chandresh Aharwar: There is a minimum actually initially. But again, once community takes over. They decide what’s the minimum.

Q6 from Telegram Username @konditer_rolex

On your site, I did not see any promises of fantastic profits. This is good in terms of trust in the project, but still you cannot do without numbers. I would like to know about tokenomics and, of course, how you can calculate the interest rate for any existing token?

Chandresh Aharwar: We don’t want to make any promises if there is already an opportunity to deliver project quickly atleast on Testnet. We are not a project which need a year to deliver our project. So, it’s fine. In terms on tokenomics, we will soon make the announcement before our public distribution.

We will reveal all details before listing UFT. So worries on that front at all.

Mary | Satoshi Club: Testnet already live, right?

Chandresh Aharwar: It’s not revealed yet. We have our UniLend Legion program launching today. Gathering the army of Beta testers already for making sure everything is right.

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PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS

The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.

Q1 from Telegram User @gansoll

What is the coolest function in UniLend?

Vishal: All ERC20 tokens welcome to the DeFi… Lending + Borrowing+ Trading at a single place with governed by $UFT.

Q2 from Telegram User @Tai1304040

Your foundation idea is very new, so it takes a lot of formula and takes a long time to develop. This must have a tricky point for you? Do you agree that the strength of the community will lead your project to grow globally?

Chandresh Aharwar: Yeah. What we are doing is unique & not just a fork of some existing protocol.

So, it took lot of research & hard work from our tech team. Our Co-founders experience of building metatransact.com has also helped a lot in quick execution. Also, I extended Matic community to 100K+. My expertise is coming in to play & we already have hug number of supporters growing daily. We plan to focus on community growth heavily & this will definitely help in overall growth of our platform

Q3 from Telegram User @motngaykoxa

In addition to the lending aspect and the amount of assets supported, what makes Unilend different and superior to its competitors such as Compound, Aave, Maker DAO…?

Vishal: Its already answered above in starting of the AMA I guess.

Q4 from Telegram User @Tani09876

What is the full meaning of UniLend?

Vishal: There is no Full Form but UFT is abbreviated as UniLend Finance Token.

Q5 from Telegram User @Idee01

Regarding UniLend Legion program launching today, how can I apply as a beta tester?

Vishal: For that anyone can join our telegram group @UniLendFinance and our official announcement channel @UniLendAnnouncement or Twitter https://twitter.com/UniLend_Finance

Q6 from Telegram User @Jonahapagu

In what ways will Unilend reward those who provide liquidity for spot trading and Lending of assets on UNILEND..and what strategies do you have to bring in more liquidity to assets listed for spot trading on unilend

Chandresh Aharwar: So, for rewarding the protocol users we have implemented

• Liquidity Mining for liquidity provisioning
• Yield farming for interacting with lending/borrowing

We have already reached out to multiple projects for bootstrapping liquidity of their token. Also multiple of our investors are also helping with Initial liquidity bootstrapping.

We believe that the value additions of our protocol will derive its users & liquidity providers with time.

Q7 from Telegram User @Nickkiii

Does Unilend have any plans to include cross-chain support?

Chandresh Aharwar: Yes. We plan to do this & already talking to multiple teams already.

Q8 from Telegram User @rockmorti

How does Unilend governance work? is it based on 1 token 1 vote? 1 address 1 vote? Can you explain these aspects a bit?

Chandresh Aharwar: It’s based on the number of tokens you hold not on the addresses. So, more token holders will have more power in decisions.

Q9 from Telegram User @Winterkom

What requirements must a token meet to be listed on UniLend? Does it only need to be an ERC-20 token? How would UniLend prevent scam tokens from being listed?

Chandresh Aharwar: Yes, initially as we are launching on ethereum so token have to be ERC20. Once we start supporting more chains, others will also be supported. Also, we will be able to delist/ban some tokens if decided in governance.

Q10 from Telegram User @Maksyrn

Is UniLend collaborating with some already launched projects?

Chandresh Aharwar: Yes. We are already in talks with multiple teams for bootstrapping the initial liquidity. We are also talking to multiple exchanges also for integrations/collaborations /listings. We are also talking to multiple DEX aggregator & Wallets which will support and integrate UniLend. Recently Launched Frontier has already announced they will support with integration on our launch.

Q11 from Telegram @Winterkom

What are the possible ways to get $UFT? Will it be exclusively through Farming? And what are the advantages of being a holder when using the platform?

Chandresh Aharwar: We plan to do our public distribution & listing in next few weeks.

Tune in to our channels for further updates on this, if you want to participate. We also plan to reward our early supporters. There are going to be some added utilities of UFT tokens too, which we plan to announce in future.

Q12 from Telegram @bitboyss

Nowadays there are many useless DeFi projects popping up! Please tell us what makes UniLend Finance trustable as a long term project for users and investors?

Chandresh Aharwar: First of all, we are not at all a copy paste of some other protocol.

What we are building is from scratch & all the team members of UniLend are already well known & well connected in the complete Blockchain & Crypto Industry. What we are building is welcoming every token to Defi. So our value proposition is much larger which covers $29 Billion untapped market.

Q13 from Telegram @BJosefina61

Ethereum 2.0 is getting closer and closer, do you think this will benefit Unilend? or do you work on second layer solutions?

Chandresh Aharwar: Our team is working on some strategies to make sure that the fees on our platform is efficient compared to others. Also if ETH 2.0 comes it will definitely help in driving the adoption of DeFi industry to next level, as high gas fees is a barrier for small users. We will reveal more in future about our Layer 2 strategies. Currently we are watching it closely, how it evolves.

Q14 from Telegram @tungvodoi206

Price affects interest rates and loans. How does Unilend solve this problem? How is collateral guaranteed?

Chandresh Aharwar: In cases of other protocols like compound Aave etc, they are dependant on other DEX like uniswap, kyber etc… For liquidations. Whereas, we are building a complete ecosystem of Trading + Lending/ Borrowing.

So, all liquidations are handled on our own platform (That’s much more safe & secure compared to others in case on black swan event). Users funds are more secure on our platform in high market fluctuations scenario as we will always have liquidity for liquidations.

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PART 3, QUIZ AND INFO

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about UniLend. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.

For more information and future AMAs, join our Social Media channels:

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