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
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
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:
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)
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
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
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
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)
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$.
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.
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.
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?
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:
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).
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.
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 $29 Billion untapped market.
Q13 from Telegram @BJosefina61
Ethereum 2.0 is getting closer and
closer, do you think this will benefit Unilend? or do you work on second layer
solutions?
Chandresh Aharwar: Our team is working on some
strategies to make sure that the fees on our platform is efficient compared to
others. Also if ETH 2.0 comes it will definitely help in driving the adoption
of DeFi industry to next level, as high gas fees is a barrier for small users. We
will reveal more in future about our Layer 2 strategies. Currently we are
watching it closely, how it evolves.
Q14 from Telegram @tungvodoi206
Price affects interest rates and
loans. How does Unilend solve this problem? How is collateral guaranteed?
Chandresh Aharwar: In cases of other protocols like
compound Aave etc, they are dependant on other DEX like uniswap, kyber etc… For
liquidations. Whereas, we are building a complete ecosystem of Trading +
Lending/ Borrowing.
So, all
liquidations are handled on our own platform (That’s much more safe &
secure compared to others in case on black swan event). Users funds are more
secure on our platform in high market fluctuations scenario as we will always
have liquidity for liquidations.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi
Club Team asked the chat 4 questions about UniLend. A link to a
Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$
were distributed between the winners.
For more information and future AMAs, join our Social Media
channels:
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$/15 users – Open chat for 80 seconds. You can post Max 5 questions. Y Financial Team will select 15 questions and answer them.
Part 3: 800$ – A quiz about Y Financial
For more details:
Y Financial – @Yfinancial
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
Today we would like to tell you about the AMA session with our friends from Multiplier that have come to talk about TakoSwap. The AMA took place on September 30 and our guest was D.R.Dudley (Marketing Director).
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.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Good afternoon, Satoshi Club! Today
our guest is Multiplier 😀
@multipliermarketing
welcome to Satoshi Club.
D.R.Dudley | Multiplier.finance: Hello Everyone! Glad to be here.
Mary | Satoshi Club: Can you give us short intro about yourself
and Multiplier project?
Serg | Satoshi Club: And about TakoSwap.
D.R.Dudley | Multiplier.finance: Hello! My name is Dudley and I’m the
Marketing Director of Multiplier Finance.
Multiplier
was established in early 2019 as a licensed crypto lender, we transitioned into
DeFi and officially launched our first DeFi MainNet protocol on 9th September
2020. We will be launching our next DeFi product on 30th September 2020,
TakoSwap. That’s today! we launched 7 hours ago.
Mary | Satoshi Club: So, i think we have a lot of
questions from our community) are you ready to talk about takos?
D.R.Dudley | Multiplier.finance: TAKO u mean. Yes I am.
Q1 from bitcointalk user Cryptosats
The Farm pool of MultiTako Deposit
MXX-TAKO TLP Earn TAKO offers a whopping 129,846.04% APY. How long will this
last and how secure is it to deposit assets into TakoSwap and participate in
these high yield pool?
D.R.Dudley | Multiplier.finance: That’s alright. Basically, the
emission rate gradually drops over time. It is 2000 rewards per block (15
seconds) for these 3 days, before it drops to 1000 and 500 etc.
Luis Merino | Satoshi Club: So block rewards will be divided by 2
each time. Why starting by 2000? Too high.
D.R.Dudley | Multiplier.finance: It only lasts for a few days, so for
the yield farmers out there, start farming TAKO as soon as you can! Again, we
just launched 7 hours ago, so there’s still lots of time.
Q2 from bitcointalk user elissa
You claim that Tako tokens are 100%
distributed to the community, with no team allocation, no pre-mine, and no
initial public sale. Wow, but how do you survive? Cheesy Where do you take
funds to pay salaries and for other expenses?
D.R.Dudley | Multiplier.finance: As per the whitepaper, the core team
is allocated 30% of the MXX tokens, that will be escrowed for 3 years. Our
success, is solely dependent on the success of MXX and the whole Multiplier
ecosystem.
We began as
early CeFi lenders, our funds came from the early success from back then. Just
to touch on that: Multiplier began as a CeFi lender in 2019, and had obtained
the relevant licensing from Hong Kong and Switzerland. We had also formed
notable collaborations such as that with Coinbase Custody and JUMIO.
Mary | Satoshi Club: Do you have a big team?
D.R.Dudley | Multiplier.finance: Well, we have a core team of 8, but
our whole team consists of developers, marketing, business development,
compliance, which would make us just under 20. https://cefi.multiplier.finance/about-us
Mary | Satoshi Club: On which place in your ecosystem TAKO
is? Were you developing it from the beginning or added later?
D.R.Dudley | Multiplier.finance: Multiplier Finance’s vision is to
create a suite of high-value financial products. We view the DEX as a critical
component of our ecosystem.
The
Multiplier Ecosystem currently consists of 3 products each with its own unique
function and purpose – Simplified Stable Bonds (SSB), TakoSwap and Multi-Chain
Mining (going live soon.)
We started
with SSB (audited by CertiK), which mimics a tokenized bonds market. Users have
the flexibility to create their own SSB contracts where they can determine the
tenure and interest rate they want to earn on their underlying assets (up to
1000% yield).
And we just
launched TakoSwap earlier today. And soon, we will launch Multi-Chain Mining.
Multiplier will operate numerous POS (Proof-Of-Stake) validator nodes to secure
those networks. By doing so, we will accept and allow token owners to stake
their token in our mining pool.
Maybe this
will help:
Luis Merino | Satoshi
Club: Looking forward
to the mining launch! Do you have any approximate dates for its launch?
D.R.Dudley |
Multiplier.finance: We
don’t have confirmed dates to announce in regards to the Multi-Chain Mining
launch.
However, we’ve launched SSB on 9th of September. We’ve
launched TakoSwap today, 30th September. It won’t be long before we launch
Multi-Chain Mining. Also, we’ve always delivered way ahead of our roadmap. Stay
tuned in our discord and telegram for our progress.
Q3 from Telegram user
@nerddutch
I have read that you were audited by
Bramah Systems. Where can we see the result of the audit? Also, where there any
third parties who did another audit?
D.R.Dudley | Multiplier.finance: TakoSwap is a fork of UniSwap and
SushiSwap, so it’s actually already pretty safe and secure.
We made some
modifications which decreased the overall complexity by removing non-core
elements of the protocol and thereby reducing the overall attack surface. To
ensure fairness, TakoSwap has also removed the ‘reward multiplier’ and the ‘10%
developer incentive feature’ seen on SushiSwap. So, we did an extra round of
auditing by Bramah Systems.
By the way,
Bramah Systems previously audited dYdX and mStable.
Mary | Satoshi Club: But if something happened, do you
take any responsibility on users funds? (Of course, i hope this won’t happen).
D.R.Dudley | Multiplier.finance: Multiplier only launches DeFi
products that have been audited. Our first product SSB was audited by leading
cybersecurity auditors CertiK, and as mentioned TakoSwap is audited as well.
When we
began as a CeFi lender, we also made sure to form collaborations with reputable
industry leaders, such as Coinbase Custody. Safety and security of users’ funds
are of utmost importance.
Mary | Satoshi Club: Can you tell me what this means?
D.R.Dudley | Multiplier.finance: Hmm. Does anyone else see this? I
actually see it as secured on my end. Maybe I can troubleshoot this issue with
you more in detail after this AMA. Use https://takoswap.org
Q4 from Telegram Username @tungvodoi206
Uniswap became popular and strongly
developed, in addition, Justswap MoonSwap, Shushiswap… are also emerging. So
what do you think TakoSwap stands out and stands out to compete with those
competitors? Is Multiplier’s goal to put Takoswap above them?
D.R.Dudley | Multiplier.finance: As mentioned earlier, TakoSwap is a fork
of Sushiswap and Uniswap.
Multiplier
Finance made modifications which decreased the overall complexity by removing
non-core elements of the protocol and thereby reducing the overall attack
surface. To ensure fairness, TakoSwap has also removed the ‘reward multiplier’
and the ‘10% developer incentive feature’ seen on SushiSwap. I guess you can
also see these as improvements.
Also, we
actually prepared a little comparison chart, as this question is regularly asked.
Luis Merino | Satoshi Club: Really useful chart! Thank you 🙂
D.R.Dudley | Multiplier.finance: By the way, if anybody would like to
have a deeper understanding of some of the answers, you’re welcome to join our
telegram and discord. Our admins are always happy to help
our community.
Q5 from Telegram Username @yzmoney
How do you prevent users from leaving
the liqiudity pool after the initial high APY period? Do you have a guide on
how to stake LP for Tako token?
D.R.Dudley | Multiplier.finance: For some projects out there, users
tend to dump tokens due to the lack of utilisation.
The best solution
is to give users more reasons and motivation to hold onto the token. We have
structured a Multiplier Ecosystem, so that users can have more usage on TAKO
and to even mint other coins from different blockchains. In fact thru TakoSwap,
Uni And sushi token holders have an alternative way to utilise their tokens now
They get to
mint, Uni or Sushi ->Tako —> MXX -> bags of coins.
Q6 from Telegram Username @ireneLSL
There were rumors circulating in
discord group saying Tako uses code from another scam token called POT and
there are no timelock on the smart contract? can you comment on this.
Maybe this
will explain a little bit about that. In summary: We uploaded our Smart
Contract Addresses to our Github for final QA at 6:55 pm UTC+8 29/9/20 (the day
before).
At 11 am
UTC+8 30/9/20, the team realized that there was one wallet address
(0x80E209Bdb5109bd05288409302a5cb01642C5Ec1) that interacted with our Smart
Contract directly before the launch.
This wallet
address was able to farm TAKO tokens prior to our launch. The team decided to
redeploy a new set of Smart Contracts, including new TAKO tokens. This decision
was made to ensure a fair play for all users. Due to this, there was a slight
delay and TakoSwap was launched at 12:07 pm UTC+8 30/9/20.
Mary | Satoshi Club: Rumors not the best way to get info.
D.R.Dudley | Multiplier.finance: We got quite a few users coming in
because of these rumours, and they ended up joining our Multiplier community. So
I guess there’s kind of a silver lining. In regards to the timelock question,
once the governance platform is ready, users may make proposals in regards to
the timelock.
Our team has
been around since 2019, and this isn’t our first DeFi product. As mentioned
earlier, we’ve collaborated with industry leaders such as Coinbase Custody. Also
we made sure to audit all our protocols by leading cybersecurity experts.
PART 2, TELEGRAM COMMUNITY LIVE
QUESTIONS
The
chat was open for 80 seconds; a lot of questions were posted by Satoshi Club
community. Our guest chose some of them.
Q1 from Telegram User @AmirJosh
What is special about Defi platforms
that you transitioned into it? Is it because of the popularity of Defi today
that force Multiplier team to do so or the previous model of your platform
failed?
Kimxx | Mulitplier.finance: Like all businesses, we started of as
CEFI lenders which are regulated in Switzerland and Hong Kong. I could simply
tell you it is a treacherous experience waiting relevant government for
approval paperwork. Like all businesses, to stay competitive, we got to adopt
changes and evolve.
Q2 from Telegram User @huyvo87
After John early redeems his
contract, the contract will be automatically available on the Open Market for
other users to re-acquire. So what the contract has remaining?
Yewnan | Multiplier.Finance:
After a user early-Redeem a SSB
contract, the same contract will be available in the Open-Market for other
users to acquire. The remaining MXX in that SSB contract will remain intact for
the new user. Do take note that when acquiring a contract from the Open Market,
the user does not have to burn Mxx. This will result in a much higher APY for
the user.
Q3 from Telegram User @nyo_cant
You mentioned a collaboration with
Coinbase Custody, which sounds really intriguing. Can you explain a little what
are the main goals of that collaboration? Could it open some doors for MXX, for
instance?
Kimxx | Mulitplier.finance: What I can share is, we have close
relationship with Coinbase Custody, we constantly have discussion on
collaborating. Stay tuned!
Q4 from Telegram User @melanintrish
How can I earn passive income on TakoSwap?
D.R.Dudley | Multiplier.finance: If you know Swaps, then you know it’s
important to start farming early as the reward rate (emission rate) drops
gradually.
Here are
some of the pools and reward ratio that we have on https://takoswap.org.
MultiTako:
TAKO — MXX TLP (Up to 30,000% APY)
MakiRoll:
MXX — ETH TLP (Up to 30,000% APY)
Takoball:
TAKO — ETH TLP (Up to 30,000% APY)
UniSushi:
SUSHI — UNI TLP (Up to 15,000% APY)
Sushi:
SUSHI — ETH TLP (Up to 12,000% APY)
Uni:
UNI — ETH TLP (Up to 12,000% APY)
Sochu:
USDC — ETH UNI-V2 LP (Up to 8,000% APY)
Udon:
USDT — ETH UNI-V2 LP (Up to 8,000% APY)
Q5 from Telegram User @konditer_rolex
Are there penalties for early
redemption of market collateral?
Yewnan | Multiplier.Finance: For a SSB contract, when a user
perform an early-redemption, he has to burn some Mxx.
There is ongoing tokoswap giveaway of
88 winners to get 88$ each. Can you tell us more about this Air drop? And when
this campaign will end.
D.R.Dudley | Multiplier.finance: Our next AMA starts in about 1 hour.
Here are some details of the promotion.
TakoSwap
$10,000 USDT Giveaway
🐙Participate in TakoSwap AMA Sessions on Telegram and stand a
chance to win! Over $10,000 USDT in prizes! 🐙
Website:
https://takoswap.org
Takoswap
Grand Launch AMA: 30th September 2020, 9pm UTC+8
88 lucky winners
shall win $88 USDT each!
Instructions:
1. Follow
https://twitter.com/multipliermxx
2. Tweet [1
good advice on what Multiplier should do next] @MultiplierMXX and
https://t.me/themultiplierio”
Example:
“Multiplier should do a DeFi product on BinanceChain @MultiplierMXX https://t.me/themultiplierio” (Users
may give multiple advice in one tweet.)
3. Post the
link of your tweet in the telegram group https://t.me/themultiplierio.
(Please note
you can only post once, and you may only post within 60 minutes after the AMA
ends.)
How we pick
the winners:
For users that give multiple advice
in one tweet, we’ll choose the best.
We favor advice which are useful and
unique.
Advice that show a deep understanding
of our projects will likely win.
Winners will be contacted via their
twitter accounts. All winners shall be publicly announced on our community
platforms.
Format of our AMA
Introductions
Basic and Obvious questions by Admin
Open up to the floor for questions (5
Minutes)
Commencement of TakoSwap $10,000 USDT
Giveaway – Posting of tweets Link (60 Minutes)
Back to regular Programming.
Thanks and I
hope you all support the spirit of the AMA – to really get to know the projects
we highlight and curate for you.
(We reserve
the right to change these terms without prior notice at any time.)
We will have
more giveaways so do join our community.
Q7 from Telegram User @Nickkiii
Kindly explain how the MultiChain
Mining works?
D.R.Dudley | Multiplier.finance: Multi-chain Mining is one of our
upcoming products due to be launched very soon. Multiplier will operate
numerous POS (Proof-Of-Stake) validator nodes to secure those networks. By
doing so, we will accept and allow token owners to stake their token in our
mining pool.
An example
will be the Cardano stake pool which accepts ADA tokens. Based on each epoch,
our pool will generate a certain ROI. This ROI (ADA rewards) will be used as an
incentive for the MXX holders who have pledged their MXX token to govern the
Multiplier platform. In a way, we are incentivising MXX holders to govern our
platform.
Once you
pledge your MXX to govern, you will automatically be enrolled into the Earn
program, where the Multi-Chain Mining rewards will be fully distributed.
DEFI is
about bringing traditional financial products in a decentralized fashion to the
masses. An emerging trend we foresee is the integration of different
blockchains to create a “Universal Tokenomic”; to be able to use an
ERC20 token to mint bags of coins from other blockchains.
The up-coming
Multi-Chain Mining product is the first protocol which we will design, that
allows our community to govern and earn rewards from our POS staking pool
operation. Our pool will cover promising and prominent projects such as
Cardano, Polkadot, Cosmos, Kava, Kusama, Tezos and many others.
Q8 from Telegram User @finball
Any more efficient ways, small
dolphin player can join the pool? (Without hurting their weekly salaries to gas
fees) I mean budget, under $100.
Yewnan | Multiplier.Finance: Do consider our SSB (Simple Stable
Bonds). It offers a high and stable APY. If you choose 9 months tenure, you get
1000% APY. The beauty of this system is that you do not have to withdraw reguarly.
IN this way, the gas fee is reduced drastically.
Q9 from Telegram User @Trust_Yourself22
How can UNI & SUSHI token holders
have an alternative way of using their coins from Takoswap?
Kimxx | Mulitplier.finance: Simply just need to provide liquidity
in TakoSwap Exchange UNI – SUSHI and will receive UNI – SUSHI TLP token. With
that you can stake in our UNI – SUSHI Pool to mint TAKO! 🐙
Q10 from Telegram User @Ravi2139
You have very interesting project
name #TAKOSWAP, AND I found Tako means Octopus in Japanese, so can you tell us
what inspired team to name project as #TAKOSWAP any interesting story you want
to share with us?
D.R.Dudley | Multiplier.finance: TAKO means Octopus in Japanese. The
octopus has 9 brains, 8 legs with lots of suckers, 3 hearts, blue blood, camouflages
and produces toxic ink. The genius of the ocean!
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi
Club Team asked the chat 4 questions about TakoSwap. A link to
a Quiz form were sent into the chat. Participants had 10 minutes to answer.
300$ were distributed between the winners.
For more information and future AMAs, join our Social Media
channels:
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$/10 users – Open chat for 80 seconds. You can post Max 5 questions. Wootrade Team will select 10 questions and answer them.
Part 3: 300$ – A quiz about Wootrade
For more details:
Wootrade – @wootrade
Satoshi Club – @satoshi_club
Russian – @satoshi_club_ru
Spanish – @satoshi_club_spanish
SatoshI Club present next AMA. Our guests from Plutus project. Interesting fact! ‘Plutus’ is the name for the Greek God of Wealth. Let’s get learn about the project and maybe we can become richer.
Our guest: PlutusTeam
Danial Daychopan | CEO and Founder
A FinTech entrepreneur and an early ambassador of digital currencies. Dan has been immersed by blockchain to deliver innovative payment systems and licensed crypto exchanges since 2013.
Jasper Tay | Co-Founder
Previously a bond trader and a FinTech entrepreneur with nearly a decade in the financial markets. Most recently he launched an all-to-all hedge fund trading platform for credit derivatives.
In this AMA Recap we will try to summaries the most interesting points for you.
Total Reward pool: $1500
Part 1 — introduction and questions from the Telegram & Bitcointalk community.
Mary | Satoshi Club: Hello, Satoshiclubbers once again! Now we are happy to announce our AMA with Plutus! Welcome to Satoshi Club!
D| Satoshi Club: Hello again!
Irina K. | @satoshi_club | Daily Rewards & AMA: Hello everyone 😊 How are feeling @madamlobster @Cool_as_Ice ?
D| Satoshi Club: everything OK)
Mary | Satoshi Club: Great, thank you😂
Serg | Satoshi Club: @PlutusTeam, welcome 🙂
Irina K. | @satoshi_club | Daily Rewards & AMA: It’s been quite a ride today 😊
Serg | Satoshi Club: Indeed 🙂
David Plutus: Hey everyone 👋 The Plutus Team here. We’re joined by Danial Daychopan, our CEO and Founder, and Jasper Tay, our Co-Founder. Thanks for having us!
Serg | Satoshi Club: Very original, I’ve never seen in AMA, 2 persons joining with 1 account 🙂
Irina K. | @satoshi_club | Daily Rewards & AMA: @PlutusTeam welcome guys, glad you took the time to join us
😊 I’m sure there should be a good movie about this somewhere. 2 people, one account, a great AMA
Mary | Satoshi Club: @PlutusTeam you are welcome 👍
D| Satoshi Club: @PlutusTeam hello and welcome to Satoshi club!
Where is the third one? I know you have team of three 😊
David Plutus: We’re happy to be here guys, super excited to get started and share what Plutus is all about!
Our CPO, Minyi, is currently working hard on delivering an excellent customer experience for our token sale – as she always does! A true asset to the team.
Mary | Satoshi Club: Please, tell us about yourself and your way in crypto) also – how did you decide to create Plutus?)
David Plutus -Danial: I first heard about magic internet money at the start of the last decade and I was finally forced to buy my first bunch of Bitcoin for $7 each in 2012 when I had to send survival money to a friend who was stranded abroad in a third world country with limited bank access. The on-boarding process was quite strenuous back then, but I very quickly understood the potential of the underlying technology once the transaction had gone through almost instantly and at no cost.
With a background in payments and an ambition to join the future pioneers that helped make crypto easier for everyday lives, it seemed like a no-brainer to devote all my time to developing tools that make crypto more accessible.
As well as launching one of the first licensed crypto exchanges in the UK, I have also previously run a merchant Bitcoin solution called LazyPay which was operational at brick and mortar stores across the country.
Due to the low merchant adoption caused by friction between the legacy system and Bitcoin in the earlier days of crypto, I was led to create Plutus in 2015, in order to bridge the gap and enable crypto payments at over 60 million retail merchants across the world that accept Visa.
Mary | Satoshi Club: Thank you, Danial) it’s impressive 👍 all story) and Bitcoin for 7$ also😂
D| Satoshi Club: an interesting story from the past. I like it!
David Plutus- Jasper: I’ve been working in the traditional finance sector in a senior role for the past 10 years, I’ve since moved to a full-time position here at Plutus overseeing the day to day operations and governance. 5 years ago, Danial and I set out to achieve one goal; crypto anywhere.
Mary | Satoshi Club: Great, I’m sure your experience will help a lot. Why Plutus, sure you heard this question one million times) but we need to know)))
D| Satoshi Club: I like those kind of stories👀 why you did choose this name or that name for the project.
David Plutus – Danial: For those of you who might not be familiar, here’s an interesting fact! ‘Plutus’ is the name for the Greek God of Wealth.
We’re positive that if he were around today, he’d be an early adopter and HODL for sure.
Irina K. | @satoshi_club | Daily Rewards & AMA: 😀 maybe he is, guiding the Satoshi’s of our time.
David Plutus – Danial: Plutus being the name for the Greek God of Wealth, we felt it would fit well with our product offering, and reflect our combination of the two financial systems
Mary | Satoshi Club: I think he is proud that your project got his name)
D| Satoshi Club: He is looking from the skies and smiling
Mary | Satoshi Club: And I know that he is also waiting for the questions from our community)))
Mary | Satoshi Club: Are you, guys, ready for them?)
David Plutus- Jasper: Absolutely, we can’t wait!
D| Satoshi Club: Q1 from BTT user nyosant, TG user: @nyo_cant
One thing that draws my attention is that Plutus can provide users with an IBAN, so I guess you have a banking license. In which country was it issued? And how can you both act as a bank (and meet regulatory requirements) and having a DEX? How are both things compatible? Thanks!
David Plutus- Jasper: Plutus has partnered with two FCA (UK) regulated banking partners, Contis and Clear Junction, in order to offer our product range and services.
We’ve not yet acquired our personal banking license, that’s penned in for 2022.
We can deliver our services as we’re 100% committed to regulatory compliance at all times, as result we are able to bridge the gap between crypto and decentralized finance.
D| Satoshi Club: and between fiat 🙂 to connect all three things together.
Mary | Satoshi Club: Crypto/fiat) what do you think – who will win? Or both systems will exist?
David Plutus- Jasper: As two early adopters into the crypto space, of course, we both believe the future is bright for crypto. However, we’re confident that fiat and crypto will live in harmony – at least for a little while!
D| Satoshi Club: I think they need each other, for now, at least.
Mary | Satoshi Club: Thank you) and I have a personal question) my country is not EU member, but it’s on the first place for cryptocurrency adoption in the world) I want your card) when it will be possible😉
David Plutus- Jasper: We’ve got international expansion to Asia and Latin America penciled in for 2021, so if you’re based over there we’ll see you next year!
Otherwise, international expansion is one of our major goals, so wherever you are in the world, we’re confident you won’t be without Plutus for too long.
Mary | Satoshi Club: No, Western Europe. Almost all crypto cards are not available for my country 🤦
D| Satoshi Club: You just need to wait..Soon™
Mary | Satoshi Club: Yes, I will😂 this bridge isn’t built yet))) Ok, we can go to the next question and talk about this a bit later if you, guys, want))) I will not abuse my official position😀
D| Satoshi Club: Good idea)
David Plutus – Danial: Happy to, I’d just like to mention one more thing regarding the future of crypto/fiat.
Mary | Satoshi Club: Yes)
David Plutus – Danial: Days are numbered for paper currency, we are moving towards an era of digital currencies issued by central banks around the world.
From my personal assessment, the current financial crisis will pave the way for governments to completely phase out paper fiat currency and replace it with their digital fiat issued on a private blockchain.
I actually welcome that, overnight you will have billions of people who learn about crypto and will then be presented with the centralized Fed Coin for example, or a more superior decentralized version, Bitcoin.
Mary | Satoshi Club: Yes, I hold about the same opinion) I think we don’t have to wait for a long time for this) and your project will help us with this)
So, move to the next question?
D| Satoshi Club: 100% agree with this.
David Plutus – Danial: Sounds great, looking forward to it.
D| Satoshi Club: Q2 from BTT user freelikewindstill, TG username: @astalavistabby
I am using your card in Europe and I receive 3% cashback in PLU for every payment. I am wondering where these funds are coming from? And how much cashback do you give monthly? What is the inflation created by this? Thank you!
speaking of Europe.
David Plutus – Danial: This is from our reward pool of 17.5M PLU.
We released a whitepaper written in 2015 and created the token the following year to incentivize our users for making everyday purchases.
You can check out the Pluton (PLU) longevity calculator here:
Mary | Satoshi Club: Everything is already counted) This fund is just for this 3% reward?
David Plutus – Danial: The 17.5m PLU reward pool is only for the PLU rewards feature which is 3% as standard and the occasional promotional offers where users will be awarded a higher rate.
For example, back in July, we gave 5% for all purchases on Amazon with the Plutus card even for our members on the Starter account which is completely free.
We held this promotion to introduce Amazon as our new Plutus Perks partner where you can unlock additional benefits by staking PLU.
Mary | Satoshi Club: 👍 that’s great)
D| Satoshi Club: Ready for the third question?
Mary | Satoshi Club: I think we have a lot to cover in the next questions, also, about this fund) so, can we move to the next?
David Plutus – Danial: Absolutely, looking forward to it.
D| Satoshi Club: Q3 from Telegram user @bitcoinistic
Your development plans for the future are vast. I am very excited especially the expansion in Asia and Latin America, banking license and big exchanges. In order to achieve this, you need funds. But you are selling the PLU with a big discount. Aren’t you afraid that people will dump the price? I am asking as a hodler.
David Plutus – Danial: Absolutely not, the discounted PLU available in the PlutusDEX token sale is only 0.25% of the total supply.
We’re conducting this sale, and others, to generate liquidity and awareness which, in turn, generates more users thus more revenue.
There are other funding plans from traditional routes for next year, but that’s something to be announced once inked in. As a result, we have a 2-year expansion plan as well as a 5-year plan which VC funding will help us to achieve.
Mary | Satoshi Club: Two days left for sale) how can I buy tokens? Do I need to pass KYC?
David Plutus – Jasper: All the details can be found in our Medium post below. Every participant will receive a 40% bonus to the amount of PLU they purchase.
Yes, for regulatory reasons, all users must pass KYC/ KYB (if applicable) – it’s open worldwide though, with the exception of a handful of countries. So long as your documents are up to scratch, the process is near-instant.
Mary | Satoshi Club: Thank you! We still have time) Ready for 4th question?
David Plutus: Let’s go, we’re ready!
D| Satoshi Club: Q4 from Telegram Username @ShiftyShapes
Hello, why I can top up my Plutus current account with fiat just from the bank account which is under my name. I consider starting receiving my salary in euros, straight to the Plutus from my employer. Otherwise, I am losing quite a decent amount of money on the exchange rates.
David Plutus – Danial: Due to regulatory restrictions for crypto-related services, our users are only able to deposit and withdraw to/from accounts in their own names. Plutus was, and always will be, completely dedicated to the remaining 100% regulatory and legally compliant at all times and will remain to do so. This is crucial when merging the two financial systems; crypto and fiat.
As our services expand, and particularly when we reach our goal of a banking license in 2022, we’ll be able to expand our services to include deposits from external entities (unless the regulatory environment changes before that).
Mary | Satoshi Club: Hope, the regulatory environment will change one day) it’s also near that question we discussed before – crypto/fiat, decentralization/centralization.
By the way, how do you assess your chances of obtaining a banking license?
David Plutus – Danial: It’s a crucial requirement to be cash positive and in revenue, we are building a business model with low CAC and with multiple high sources of revenue to be able to successfully obtain a license by 2022.
Of course, there is a lot of other due diligence and red tape, but those are hurdles we can easily overcome as we have done in the past.
D| Satoshi Club: Btw guys can you give us some more info about your sale?
Mary | Satoshi Club: Yes, how is it moving?))) ‘D. | Satoshi Club’ You want to jump into it? 😉
D| Satoshi Club: Well, I think about it, not sure yet. need more info to decide 🤔
David Plutus – Jasper: Absolutely -PlutusDEX Token Sale Summary
PlutusDEX Sale Starts: Wednesday 7th October
PlutusDEX Sale Ends: Saturday 10th October
Refund Policy End: Monday 12th October
PLU Allocation Revealed: Tuesday 13th October
Refunds Paid: Tuesday 20th October
PLU Received: Monday 14th December
Sale Price: $8.00
Refund Policy: YES
Price Guarantee: $8.00 (minimum rate set for 90-days)
The price of PLU has been determined by calculating the 30-day average between 3rd Sep-2nd Oct. PLU will be available for a public sale at this rate with a 40% bonus applied on top.
The minimum price of PLU is locked at $8 on the PlutusDEX, which means PLU can only be swapped at this rate or higher if the external market forces push the price above this rate.
The price guarantee is in place for 90 days, however, there is a 60-day lock-up of the tokens purchased with the bonus.
All crowd sale participants will receive a 6-months subscription to our Premium Account priced which is ordinarily priced at £/€9.99 per month.
The road map and more details can be viewed on the sale page.
Serg | Satoshi Club: There is a refund policy as well 🤝 how does it work exactly?
David Plutus – Jasper: Participants will have until 23:59 BST on October 12th to cancel their pledged amount. The PLU allocation will then be calculated and announced on October 13th and you will receive your refund within five working days via the same payment method you pledged. This is an additional measure that gives you more flexibility over your purchase.
Mary | Satoshi Club: I like this👍 your community should be happy with these rules)
Should I forward to the next question?)
David Plutus: Definitely, we’re looking forward to it.
Mary | Satoshi Club: Btw, @Cool_as_Ice are you still here or already buying PLU tokens?)
D| Satoshi Club: I will think a bit more and make my decision 😉
Serg | Satoshi Club:
D| Satoshi Club: Q5 from Telegram Username @GoldRocket27
17.15 million Plu is in the reward pool. You say that this pool is designed for more than a hundred years. I have a question: how many addresses are involved in the pool and who has access to these wallets? Will this pool be inherited, or will it cease to exist with the founders? Are you going to live forever? 😉
Serg | Satoshi Club: I already have some
Mary | Satoshi Club: I knew that you will surpass us😂
David Plutus – Danial: There is only one single master wallet for PLU:
It is only accessible by Plutus management and the company lawyers (Bird&Bird) in case something ever happened to the management. We take precautions.
Mary | Satoshi Club: So, funds are safu?)
D| Satoshi Club: This wallet needs more eth for transactions 😉
David Plutus – Jasper: I can confirm they’re very SAFU. They’re stored in deep cold storage.
Mary | Satoshi Club: Great👍 and now we can safely move to the last question from this part, yes?)
David Plutus: Of course.
D| Satoshi Club: Q6 from Telegram Username @PaoloMonte87
Are you planning on expanding to business accounts in the future as well?
David Plutus – Danial: We have seen patterns of users using their Plutus card for business purchases, as well as multiple requests from the community.
It has been discussed internally and we will aim to add it in our road map for release next year.
D| Satoshi Club: can you tell us how many users you have?
David Plutus – Jasper: Specific information is proprietary, but I can reveal that we are still under 50,000 users. 100k users are our next target which we are set to achieve in early next year with the help of tier-one exchange partnerships and cobranded cards with our partners which will reveal Plutus to millions of users.
Mary | Satoshi Club: Great numbers👍
Serg | Satoshi Club: Also with extending to Latin America and Asia.
Mary | Satoshi Club: Very true 🚀 That’s happy continents) they will have Plutus card😉 And services).
Serg | Satoshi Club: @PlutusTeam Would you like to add something before we proceed to part 2? Maybe some interesting info about the sale we didn’t hear yet? Or maybe something we should pay attention to?
David Plutus: Yes, we’d love to add something. Coming up…
Well, there are a few things that are important to note in regards to the token sale:
Price guarantee at $8
The minimum price of PLU will be locked on the PlutusDEX at the sale price for up to 90 days. This means participants will also be able to swap PLU on the PlutusDEX for the same price or higher depending on external market forces. This will be available for 30 days after the token lock-up period has ended.
We are taking on the risk to ensure users are able to use the purchased token on the app and load their account/card for everyday purchases whilst earning 3% in rewards.
Note: Although the price is already locked at this rate on the DEX, there are some swap limits while liquidity remains low, these will be increased periodically with our ultimate aim to see them removed by the end of the year.
Mary | Satoshi Club: We like guarantees)
And now, can we jump into the live questions from our community?)
David Plutus: Absolutely, we can’t wait.
Part 2 — live questions from the Telegram community.
$350/15 users – 10 questions answered in the AMA, 5 questions in an article after AMA.
Q-1 from Telegram User @jpsarmah: Not your keys, not your coins is a well-known quote in crypto. Does Plutus believe the same and how do you act to enable users to have full control of their crypto anytime?
David Plutus: Absolutely, this is one of our core beliefs here at Plutus HQ and that’s reflected in our decentralized, non-custodial approach to crypto. We never touch your crypto funds at any point when you’re using our services. Our exchange is entirely peer to peer.
Q-2 from Telegram User @Gutike95: “On your website they say that “Plutus is better than a bank”? but is it really a fully legal and registered financial institution in the UK? What is your headquarters location? or is it all in the cloud?”
David Plutus – Jasper: Plutus is an all-in-one finance app that is better than a bank!
We have bridged the gap between crypto and traditional neo-banking features such as Sort Code/Account numbers as well as an IBAN for our European based members.
We are only able to do this with the blessing of the FCA and other regulatory bodies in the UK and Europe. Some of our partners include Contis, Clear Junction and Visa.
Q-3 from Telegram User @GoldRocket27: Q-a. I’m interested in the staking program. what is the minimum and what is the maximum amount can be staked? is it true that is 1 PLU ???
Q-b What does the Premium account package include? What is the difference from the usual?
David Plutus: Yes, Plutus Perks is designed to be open and accessible, that’s why the minimum amount of PLU required to access the first perk is 1 PLU. The maximum is 4000, but you can hold as many as you wish of course.
Our Premium users receive access to PLU Rewards and Plutus Perks. PLU Rewards allows our users to earn 3% of the value of their transactions back in Pluton (PLU). In addition to this, Premium users enjoy higher limits and 0 fees when using the PlutusDEX .
Q-4 from Telegram User @bulbul03: The sale in the DEX is for 50.000 PLU. The 40% bonus will come from the 700.000 or the sale is 30.000 and the bonus the remaining 20.000? /// 2- If the sale is oversubscribed, the pledge for more PLU at the same sale price with a 20% bonus in PLU applied, and the load of the account with the remaining balance to receive the 20% bonus in PLU, will come from the 700.000? If yes, there is a specific cap for that?
David Plutus: Ok, so here is the structure:
700K PLU Liquidity fund for short- and long-term development as described here.
300K PLU is available for all five rounds of sale to fund the liquidity program.
50K PLU is the hard cap for the first sale round on our PlutusDEX. If oversubscribed, the 40% bonus will be applied which will result in 70k PLU being paid out.
We have allocated 100k PLU towards oversubscription which will come out of the 700k pool.
After the additional 20k has been issued towards the initial 40% bonus, there is 80k PLU remaining for the follow-up sale. It has been split in two and has different refund/re-pledge options with different caps as follows:
Load your Plutus Current Account with the balance and receive a 20% bonus in PLU.
There is a 50k PLU cap allocated to this option.
Pledge for more PLU at the same sale price with a 20% bonus applied.
There is a hardcap of 25k PLU allocated to this option, once the additional 20% bonus has been applied this will amount to a payout of 30k PLU.
If we go over either of these caps and participants still have a remaining balance, this will be automatically returned via the same payment method we received it in.
It is important to note that if you select the option to load funds to your account then you can start spending and earn 3% back in crypto. Funds derived from the refund to your Plutus account/card with 20% bonus in PLU are not eligible for withdrawals via bank transfer, this restriction has been put in place in order to prevent malicious users gaming the system for the bonus amount, the funds will be available for spending via the Plutus Card only where you can earn additional PLU for your everyday spending.
All PLU tokens acquired from different parts of this sale will have the same lock-up period and benefits as outlined in the sale details of our recent sale announcement.
Q-5 from Telegram User @surendra040: What are the motivations of your projects?Is there any further plans and goals that you would like to share with us in the coming period?
David Plutus: The motivation behind Plutus was realizing the ability to spend your crypto pre-2015.
I founded LazyPay in early 2013, a bitcoin merchant service, but soon realized that merchant adoption is not going to happen unless it’s enforced by the government and the banking system, cash and debit card payments just work fine for every retailer.
As a result, Plutus was first introduced to the community back in 2015 with the concept of bridging the two financial systems, crypto and fiat. in one user-friendly app.
Future goals include co-branded cards, Latin America and Asia launch, and a banking license, among many others.
Q-6 from Telegram User @Kargil1999: What are the various incentives & Caskbacks I can Get while using my Plutus Card?
Why there was a need for a New Crypto Card?
David Plutus: Premium/Pro members will get 3% of every purchase back in crypto (PLU). Staking sufficient PLU will then unlock additional rewards (over 15%) at selected online retailers when you use your Plutus Card.
Most cards on the market are centralized which removes the entire value proposition of crypto, which was designed to empower the user with ownership of their money. We have created a non-custodial card that upkeeps the values of crypto.
Q-7 from Telegram User @MsKiwi206: Finding investors is hard, keeping investors is harder, so what strategy does Plutus have enough to make investors trust and with Plutus project go a long way?
David Plutus: Many of the participants from the current sale participated in our initial sale back in 2016. Over the years we have focused on building a decentralized way of connecting to the neo-banking network, and we have delivered above and beyond all our original whitepaper promises off a very lean budget.
Now that we have built a great product with a strong business model, we can prioritize utility for PLU and scale the business to millions of users.
Q-8 from Telegram User @regard94: Your CEO Eric Benz told in earlier AMAs that Plutus is planning to launch debit cards in the future. Which markets are you targeting initially with the cards and are you eventually planning to launch them globally?
David Plutus: Hey El Padre,
I believe you may have us mixed up, we already have cards landing throughout the UK and EEA. Our CEO is Danial Daychopan, a fintech entrepreneur who has been involved in crypto since 2012.
In regard to your question – we’ll be expanding to Latin America and Asia in 2021.
Q-9 from Telegram User @konditer_rolex: What is the formula for calculating the percentage of remuneration for the cardholder? What is more profitable to buy 10 scooters with different receipts or one Mercedes to receive awards?
David Plutus: Let’s say you spend £50,000 over the course of the year, you would earn 3% of that back in crypto (PLU) which works out to £1,500 in savings. The items do not make a difference.
Whilst the reward rate is currently 3%, this will decrease over time as the number of users on our PlutusDEX increases. This is to keep the supply low and to provide value to users.
Full yellow paper here: https://plutus.it/public/yellow-paper.pdf
Q-10 from Telegram User @bulbul03: PLU token sale is live.
You mention that
Sale Price: $8
Bonus: 40%
Refund Policy: YES
90-day Price Guarantee: YES
Best sale ever: YES
Best project ever: YES
Sale price, Bonus, Refund policy, 90 -day price guarantee is okay for me. But Why do you think its the best sale and best project ever? What is the reason?
David Plutus – Danial: Whilst this is was a tongue-in-cheek marketing tweet, we do believe this is a very strong sale as we have put in place several rare policies to ensure the risk for participants is reduced. This includes structures such as:
Refund Policy = We have given users up to five days to cancel their pledge and will receive a full refund.
Price Guarantee = We have locked in the minimum price of PLU and have given it a floor at the sale price of $8 for up to 90-days so participants can sell their PLU back on the platform to load their account/card until January 8th.
Free Service = All participants will get a 6-month free Premium Account to use the product and earn more rewards.
The team are also huge believers in the product. here are currently two completely different financial systems (legacy fiat and decentralized crypto) – Plutus is bridging this ap but in a way that stays true to the culture of both. On top of this, we have focused on delivering a real product with the potential to earn for every expense rather than over-allocating to marketing in order to provide real substance rather than overhyped vapourware.
Mary | Satoshi Club: Thank you for your answers 👍 Did you choose 5 questions for press-release?)
Serg | Satoshi Club: I think we can choose them later 🙂
David Plutus: The team will reach out to you with these questions and answers as soon as possible.
Thanks again to everyone at Satoshi Club and their welcoming community!
From everyone here at Plutus HQ, we’re truly grateful for your time. Thanks everybody for having us.
All the best, The Plutus Team
Mary | Satoshi Club: Thank you guys👍 It was a great AMA and you have an amazing project! Good luck with Plutus Sale and hope to see you soon at Satoshi Club with more news!
D| Satoshi Club: Thanks guys!
Serg | Satoshi Club: Thank you very much for joining Satoshi Club AMArathon. I think it is a record here 😁
P.S. The AMA was 3 hours 35 min
Part 3 – Quiz Results
In the final part, we tested your knowledge in terms of PLUTUS. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 800$.
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