We are pleased to announce our next AMA on March 23rd 2021 at 12:00 PM UTC Time: Satoshi Club x DefiDollar
⚠️Click to see the hour
⚠️Total Reward pool: $500
⚠️Requirements:
👉 Join Satoshi Club Telegram group
👉 Join DefiDollar Telegram group
We will have the following structure:
Part 1: 100$ /6 users – We’ll select 6 questions from the community. A user can post maximum 3 questions. 6 Questions will be selected from our website – please submit your questions in the comments section of this post.
Part 2: 100$/10 users – Open chat for 120 seconds. You can post Max 3 questions. DefiDollar Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about DefiDollar
For more details:
DefiDollar – @defidollar_community
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Maintaining a stable currency is almost impossible since there will always be minimal rises and falls but they will exist. What if DUSD trades below parity or above parity?
taking into account that the peak will contain the respective LP tokens of the protocol it supports. It will be possible to modify / add / remove peaks from the protocol based on community deliberations. Contracts are being drafted so that modifications can be made to add other spikes like Aave, Uniswap?
Peak refers to a yield generation protocol in which the underlying stablecoins are deposited. I understand that your system will start with support for 2 peaks, could you explain these 2 peaks further?
I understand that you are also planning to introduce a stake mechanism for increased pin security. What will be possible to coin after the entry of the 2 peaks that they intend to insert between their chains?
DUSD is a stablecoin that is guaranteed by Curve Finance liquidity provider (LP) tokens. Do you use chain link oracles for your stability mechanism?
DefiDollar (DUSD) is a stablecoin index that uses Defi primitives to stay close to the dollar mark and subsidize the collateral ratio. Our vision behind DUSD is to provide an avenue to diversify your position in crypto-dollars; For what purpose will DUSD trade the markets? Are they the solution for tether plug failure?
Taking as a reference point notably DUSD takes advantage of the Curve to handle the logic around the integration with the loan protocols and the token exchanges; Do you need to add these ingredients for the stability of DUSD?
The protocol will have no opinions on whether centralized currencies can be used as an underlying asset. Is there a substantial potential for risk diversification?
It is very common to see Dai, sUSD, bUSD giving 30% + APR but only for a few hours. Does DefiDollar have the ability to capture momentary spikes?
I understand that currencies such as Dai, sUSD and others can be obtained from the tap links below the input amount box. Do you have an app for this? Could you elaborate a bit on what the dark mode they offer consists of?
There may be a situation that causes one of the underlying stablecoins to break its parity. How does the backup system work against this parity, can you explain?
In the event of a failure of the parity of the underlying assets of the stablecoin, stakeholders act as buyers of last resort in the DUSD system. What do stakers get for taking this risk?
Valley refers to the DUSD participation system. If the underlying stablecoins fall below their $ 1 parity, the DUSD system will have insufficient collateral. What participation mechanism does DUSD implement to offset this risk?
This is the core contract of the entire DUSD system and is in charge of the actual DUSD minting / redeeming operations, pulling Oracle prices, distributing the proceeds of the protocol to DUSD bettors, you can explain what it consists of. the fourth component?
The possibility of assigning weights to the assets deposited at each peak could be explored (for example, 60% of the pool and 20% of the susdV2 pool and 20% in Aave). Will the contracts for each peak be executed separately?
DefiDollar is very good and its apy is amazing, but the only lack that I think that you have is that you’re dependent of the Ethereum Network, and that means huges fees, so do you have plans to Cross Chain your token?
What are the main advantages that investors get in choosing DefiDollar? How does the team give investors confidence, given their fear of RugPulls, and the sheer number of new projects an IDO or IEO can easily undertake?
The integration of the $DUSD token on the Playcent Network allows it to gain utility as an official currency in the Playcent network and also becomes a Medium of Exchange for Premium merchandise.
My Question Is About DUSD.
HiSo what will make DUSD special and different from other Stablecoins competitors in the future, because they have done a good job in this matter?
Who will be the main users of DUSD (defidollar)? Collateralized by liquidity provider Curve Finance (LP) tokens and using chain of oracles for stabilization what will power the Dusd ecosystem?
For users, stable coin will be a safe haven when the market fluctuates, so what other possibilities besides this usefulness Dusd will have? Can you recommend us the DFD Liquidity Mining, how to get Dusd stable around $1 price?
What kind of risk management strategy has DefiDollar put together for its users? How will the team handle any loss that might happen due to vulnerabilities or bugs in the DefiDollar smart contracts?
DEFI DOLLER app is realy a useful app. But my question is can i use the app in all kind of device from anywhere of the world? Can use it both pc and mobile, android and ios?
How can you ensure us that your security is strong enough as you are a new company? Did DefiDollar audited by any third party?
DUSD is the first stablecoin to be added to playcent. It is a great achievement. What do you think how much it will help DUSD to become successful?
Can you explain what do you mean when you say that DeFiDollar is “Curvy”? can you give us more details about your collaterization mechanism?
What is the difference between DUSD and Tether USDT? If currently USDT is the most similar currency to the dollar like DUSD, what can DUSD have before tether?
Can you give us a proper guidelines how can we stake Sushi LP tokens in the DEFI DOLLER app?
Is there a way a user can purchase $DUSD using their own native currency?
Many things can make a project strong like the community, the quality of the project,its investors. What make DefiDollar strong? What will you do to make it more stronger?
As we knew about high fee from eth network ,
Do you have a plan to bridge @defidollar
to other network ?
The Ethereum Network has so many cool Stablecoins like USDT and DAI, so can you tell us what are your strategies to gain the users trust and obtain more $DUSD holders?
Can you explain what do you mean when you say that DeFiDollar is “Curvy”? can you give us more details about your collaterization mechanism?
How is DefiDollar (DUSD) different from other Stablecoins like Tether (usdt), DAI or Usdc? Out of the many choices for stablecoins today, why should i choose use Dusd, when compared to the billions of dollars traded daily versus usdt?
DefiDollar with it’s native token DUSD uses Defi primitives to stay near the dollar mark which is essentially achieved by leveraging curve to handle the logic around integrating with lending protocols and token swaps and also a staking mechanism for additional peg safety. Do you think the above listed primitives are enough to withstand a sharp volatility in DUSD stability to the fiat USD?
There are numerous projects with stable coins pegged to a host of internationally traded currencies around the world with most stable coins pegged against the USD. Most of these stable coins have proved to be immensely successful with adoption, use and other intricate features. On adoption and acceptance amongst the DeFi space, how does DefiDollar tend to weather this storm and compete favourable over the next couple of months/years?
DefiDollar (DUSD) is a stablecoin that uses DeFi primitives to stay close to the dollar mark. My question is, how are they different from other stablecoins like USDT or BUSD? We know that in general terms it is difficult to adapt this type of coins to a performance generation model since their price does not fluctuate over time, what benefits does the DUSD offer?
What are the ways or alternatives that your DUSD stablecoin offers to diversify the trends of stable tokens and protect against an event where the underlying stablecoins such as USDT or DAI deviate from their parity? As the DUSD token is backed by Curve Finance LP tokens, what benefits does this offer in terms of security or other features that other stablecoins do not offer?
DUSD is built with modularity in mind. It is very easy to integrate with DUSD smart contracts. How does this help drive wider adoption of the DefiDollar protocol? I read that DefiDollar handles the concept of meta-assets backed by other stablecoins. What networks and stable currencies back the DUSD? What are the smart contracts that are possible to merge into your protocols?
Unlike other stablecoins, the DeFiDollar protocol doesn’t charge a separated fee for minting $ DUSD but it does charges a 0.1% fee regardless of what’s redeemed in, otherwise there’s several additions in your FAQ about redeeming yUSD or yCRV that may charge extra fees, can you clarify the fees system on your protocol and how do you allow them to be conveniently low?
The stablecoin $ DUSD aims to be collateralized enough, can you explain the mechanism by which it remains stable against the Dollar? How is this stablecoin able to avoid the fluctuations of the secondary market?
What is the stabilization mechanism when the DeFi Dollar is below $1?
What is the stabilization mechanism when DeFi Dollar exceeds $1?
For a few months, many multi-chain projects have been enabled, what is DefiDollar’s participation in the cross-chain ecosystem and what future is expected of this new functionality?
We would like to know, why did you decide to create DefiDollar? What problems are you looking to solve with it? and because they consider that their stablecoin should be chosen, instead of for example Tether
You can tell us what you think are the essential components that achieve greater security of stability of your DUSD currency.
I read that the mechanism for distributing the cultivated tokens is currently under active discussion. I would like to know if they will carry out some type of event where the community can choose between the different preferences that DEFIDOLLAR has in discussion or if they have any means where the community can contribute ideas for said mechanism
one of the things that gives more security to users who want to participate in a project are inspections, I read that in the audits carried out several problems were found, can you tell us a little about this, give us your opinion regarding this issue and if Do you consider that these errors could cause some kind of damage to the image of the project?
I read your Whitepaper and in one part says that DefiDollar is “Curvy”, I really don’t understand this so can you tell us what do you mean with that?
I found information that your future products will include Interest bearing Bitcoin (ibBTC) on Ethereum, which you are developing in conjunction with the Badger DAO.Tell us more about the new Bitcoin storage standard for earning interest.And maybe share some more interesting developments
Many questions they’re asking is about the Projects Strength, but I think it’s important also to know their weakness, so may I know if you have weaknesses? If so, how are you trying to solve and improve it? Also are there any risks in using DefiDollar?
What is the role of the community in decisions regarding Liquidity mining reward distributions? Is DUSD currently employing a government DAO system or how will the decision-making look like in the future?
I saw DUSD has a native staking mechanism to offset the risk of DUSD system becoming under-collareralized, can you explain what are the main features that allow this stablecoin staking and how can the stakers get profits from it?
DefiDollar has been live since August 27, 2020 and in just a short span a lot has happened. So can you tell us some of the milestones you’ve achieved now so far and share here what are the milestones you want to achieve more? Also may we know what are the products and services currently the team is actively working on?
DUSD is a stablecoin that is collateralized by Curve Finance liquidity provider (LP) tokens and there are 4 components to the DUSD system, the Peaks, Base, Streams and Valley. So can you make us understand how they works in your platform and explain also the role of each components?
DefiDollar is very good and its apy is amazing, but the only lack that I think that you have is that you’re dependent of the Ethereum Network, and that means huges fees, so do you have plans to Cross Chain your token?
The Ethereum Network has so many cool Stablecoins like USDT and DAI, so can you tell us what are your strategies to gain the users trust and obtain more $DUSD holders?
DefiDollar is a fully Defi Project that work with other defi projects like curve, Uniswap, balancer, etc. But I read somewhere that after offer your services to Defi, you also have planned get an impact on Cefi, so can you explain us more about it?
I consider that DefiDollar has an exaggeratedly high APY within its App, in “Savings” we find approximately 57.356% (Sampled of the last 24 hours), and in stakeout one of 14.998% (Sampled of the last 24 hours). So how do they manage to deliver such a high APY? How does DefiDollar really support itself financially to offer this large percentage to users? How can users trust DeFiDollar?
In DefiDollar an exit fee of 0.5% is applied during withdrawal. But this varies as it is according to the current APY and they have different equilibrium times. My question is, does the price of the exit fee really change? If it is currently at 0.5%, how can users know what the next cost will be? Does the cost usually decrease or increase?
Currently the DefiDollar is a beta experiment, but what are the requirements that DefiDollar needs to advance to the launch of the official platform or app? What are the differences between DefiDollar beta and its next official application? In how long would you consider that you would be ready to launch it?
what would motivate me as a user of cryptocurrencies to decide to use DUSD as my main USD stablecoin? Existing so many others, like USDT, with bigger volume and trading pairs, what would incline the decision for DUSD, how can you advantage them?
Would you explain what is the function of a stablecoin aggregator in the ecosystem of DefiDollar, focusing on how it works and what potential risks of the user are being diminished by the use of it?
I read on your website: “Considering the current APY the breakeven time is approximately 6 days 13 hours”. What kind of time period is this and what is it for? And why exactly 6 days 13 hours and how was it calculated?
Most recently, the listing manager from Bitmart made you an offer to get listed and promote the market with Bitmart. How often do you receive such offers, how carefully do you check them, and at the moment the offers of which exchanges are you currently considering?
In the DefiDollar app website, it is stated that “DefiDollar is already audited. However, it is still in experiment in Beta,use at your own risk.” So,even if it is audited how can we not trust this app? As it is still experiment in Beta, when can we expect it to be upgraded and using it will not be so risky to traders and users? Can you tell us what are the possible risk when using this app,since it is still in Beta version? Thank you
DefiDollar support the implementation of EIP-1559 to improve the user experience of Ethereum network transactions. Can you explain more about the EIP-1559? How it is being implemented in DefiDollar network? Since it improves the user experience of Ethereum network transactions,is EIP-1559 can help also to lower the gas fee transaction especially to ethereum or ERC-20 tokens that being exist is DefiDollar app? Thank you
You have product name with Defidollar Saving Account, could you please explain to us how we possible to get profit with stablecoin using ‘Defidollar Saving Account’? How the system works?
Defidollar is a stablecoin project. Usually stablecoins have problem with low circulating supply and inflation matter, so can you explain what are Defidollar’s team strategy to prevent that kind of problem?
As far as I know, the goal of your campaign was to build an index for hedging the risks associated with different types of stablecoins. How do you assess the results of your work at this stage?Did you manage to create a stablecoin aggregator that allows you to diversify risks?
One of the primary target users of DefiDollar (DUSD) are crypto investors who wants to diversify and de-risk their stablecoin holdings. What is the highest possible profit an investor can get with your designed bussiness model?
I see that Defidollar also have joint liquidity mining, how many pool do you have ? can you explain how is the calculation reward that user will get from your pool ?
The ibDUSD presents a powerful savings account built on top of the core DefiDollar protocol. DefiDollar also offers an staking program, why do users stake their DUSD when they can just put it on ibDUSD? What is more lucrative between the two?
How do you convince user that Defidollar platform is secure to keep and invest their money? what actions have been taken by your team to increase safety from hack issue ?
I wonder why DefiDollar had no NFT related services. Do you consider adding the NFTs to your possible products because of its continuesly growing popularity?
You have started a Cover Protocol for DUSD insurance. Is this because you recognize that DefiDolar is vulnerable? In any case, thank you, you have done everything possible to minimize the risks (Cover Protocol, Bug bounty).
Tell me, will you develop other types of insurance? For example, insurance against losses in SushiSwap DFD / ETH pool, if Ether price will fall dramatically. Or a loss of profit, if the pool made less than the planned percentage of profit in a month/week/year. Naturally, depending on the variables (profit %/invested amount/day/month/year…), the cost of insurance will depend.
1. Hello Sir. Recently I have heard of a friend of mine, which is a member of your community and Satoshi Club, that you are looking to expand your team to take your DeFi protocol to the next level and make your smart contracts more robust and secure and for that, you are hiring Senior Solidity Engineer. As I know, Satoshi Club has some great devs here and properly myself I’m interested in it. Can I ask and are you kind to reveal some of your requirements about candidates, skills & qualifications required and what responsibilities and benefits are waiting for us? Thanks 🙂
2. Usually people want to withdraw their crypto trading in stablecoin so that the bear run or downfall won’t affect their profits. regarding this, does DUSD is a stable coin itself or is it like a group of stable coins offered together in like a basket kind of? I read on your medium that DUSD becomes the first stablecoin to be added to Playcent, will it be added somewhere else in the near future? And who do you expect to be the primary users of DUSD?
3. In November 2020 you launched Interest bearing DUSD (ibDUSD), which presents powerful savings account built on top of the core DefiDollar protocol. What I’m confused about it are his functionalities. It says users deposit DUSD to the ibDUSD contract and they get ibDUSD in return, but as I see on your site, the protocol rewards that accumulate on the DUSD LP capital are: DUSD redeem fee — 0.1% and the ibDUSD redemption fee — 0.5%. Can you make clear please how is protocol income being generated from ALL DUSD?
In the Docs section of your site, I came across this: “These docs are a work in progress. A few particulars may be pending updates. Please reach out to the team on Discord for clarifications.”
What kind of documentation is currently being finalized and why did you choose a channel in Discord for communication, and not in Telegram?
Hi. Was AMA (Defi Dollar) group created with the same or similar principles as the original BTC creator Mnr. Satoshi? Did you have to get legal advice in order to use the name ” Satoshi” in order not to be sude by anyone? Tx for answering