{"id":2070,"date":"2020-10-04T11:16:40","date_gmt":"2020-10-04T08:16:40","guid":{"rendered":"https:\/\/esatoshi.club\/?p=2070"},"modified":"2020-10-04T11:16:43","modified_gmt":"2020-10-04T08:16:43","slug":"fact-x-satoshi-club-ama-recap-from-1st-of-october","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2020\/10\/04\/fact-x-satoshi-club-ama-recap-from-1st-of-october\/","title":{"rendered":"FACT x Satoshi Club AMA Recap from 1st of October"},"content":{"rendered":"\n

A new month begins and at satoshi club\nwe continue to educate our community and giving great rewards for it. So, today\nwe would like to tell you about the AMA session with our friends from FACT<\/a>.\nThe AMA took place on October 1st and our guest was Chris Fletcher.<\/p>\n\n\n\n

The total reward fund was $500 and was\ndivided into three parts. In this AMA Recap we will try to summarize some of\nthe most interesting points for you.<\/p>\n\n\n\n

\n\n\n\n

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS<\/strong><\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Hello, Satoshi Club 😀 We are happy to announce that today we have FACT\nfinance as our guest @Chrisfletcher<\/a>\nwelcome to Satoshi Club!!<\/p>\n\n\n\n

Chris: <\/strong>Hi everyone, glad to be here today to\nanswer your questions.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Tell us some interesting facts about\nyourself) And, of course, how did you start your journey with FACT finance?<\/p>\n\n\n\n

Chris: <\/strong>My name is Chris, i’ve started the\nCrypto in 2016 as a normal trader and as an entrepreneur it sparked in my mind\nto pick a Professional team and make something to add value to the Defi world.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Good, when this idea about FACT came\nto you? Was it yours?<\/p>\n\n\n\n

Chris: <\/strong>Early in July when i was confused\nabout the Variable APY and interest rate loans that i’m taking from other\nprojects. then i asked myself why there’s no project that have clear 0%\ninterest rate and why the staking is only for staking. <\/p>\n\n\n\n

So i came up\nwith FACT to offer bother services. the 0% interest loans and the staking users\nwill be having more than one revenue stream. Yes, the initial idea is mine and\nit was modified and developed over the time, for example we’re working on YFACT\nwhich will empower FACT holder and i’m going to explain how later on.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>Thank you for intro Chris!  i think we can star with questions from our\ncommunity.<\/p>\n\n\n\n

Q1 from bitcointalk user let098765<\/strong><\/p>\n\n\n\n

If FACT Loans Interest Rate Is 0%,\nhow will you earn profit from your customer? Is there any hidden or additional\ncharges in making a loan with Fact?<\/em><\/p>\n\n\n\n

Chris: <\/strong>it’s not a hidden fee it’s a fixed\nprocessing fee explained in the website and the whitepaper. This fee will be\nfully distributed on the Liquidity providers (staking users) and this is the\nsecond revenue steam for the LP.<\/p>\n\n\n\n

In return\nthe borrower will be incentivized by paying off the loan in FACT or in the\ninitial collateral which is DAI. So it’s always a winning deal for them by\nsecuring their collateral back if FACT value has decreased.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>And what about your profits? Will it\nbe enough for team?<\/p>\n\n\n\n

Chris: <\/strong>It was when the Team’s wallet was\n1.35M FACT but we’ve had a meeting discussing how to preserve the FACT value\nans we’ve taken an important decision to burn 90% of the available tokens and\nit took place bringing the Max supply from 16M FACT to less than 3M FACT. It’s\na motivation for all the team to keep working hard to maximize the value of\nFACT. Also it was effective bringing the price from almost $0.5 to over $2 once\nwe’ve announced the burning.<\/p>\n\n\n\n

D. | Satoshi Club: <\/strong>For example, if I\u2019m a newbie in\ncrypto and not good at finance, all those rates\/loans etc. would you still\nrecommended me use your service?<\/p>\n\n\n\n

Chris: <\/strong>If you have the opportunity to borrow\nany commodity and you’ll be a 100% in profits i believe that everyone will\nchose borrowing rather than Buying FACT. <\/p>\n\n\n\n

Why you’ll\nbe always in profits from borrowing:<\/p>\n\n\n\n

  1. 1-FACT value increased in this case\nyou can keep your borrowed FACT and don’t pay off your loan (we will liquidate\nyour collateral once it exceeds the collateral value) this will increase the\ndemand.<\/li>
  2. 2- if FACT value decreased during the\n6 month you can pay off your FACT amount borrowed and take back your full\ncollateral so you’ve secured yourself.<\/li><\/ol>\n\n\n\n

    Q2 from bitcointalk user linderm\n@nata_jakarta<\/strong><\/p>\n\n\n\n

    I want to stake in FACT Lending Pool.\nWhat will be the revenue from it and what are the conditions?<\/em><\/p>\n\n\n\n

    Chris: <\/strong>Actually you have 3 revenue steams by\nentering the FLP. <\/p>\n\n\n\n

    1-the fixed\nrewards from the staking rewards wallet which is 350K FACT dedicated to the FLP\nthe APY is 57.5% per year (no locks as you can unstake anytime).<\/p>\n\n\n\n

    2-the 2%\nprocessing fee which will be distributed on the staking users (Liquidity\nproviders).<\/p>\n\n\n\n

    3-the LP\ntokens to use it later on for farming YFACT which is going to be released by\nend of October.<\/p>\n\n\n\n

    Mary | Satoshi Club: <\/strong>And now, as i see, your app in beta\nstage, yes? So, i can’t\nborrow now? Or can?<\/p>\n\n\n\n

    Chris: <\/strong>Yes, the bonus pool which was\nreleased a few days ago is dedicated for staking only and the smart contract is\naudited. All the smart contracts will be audited again by Open Zepplin team for\nFACT V2.<\/p>\n\n\n\n

    FLP will be\nlive on the 10th October and the loans will follow a few days after.<\/p>\n\n\n\n

    Q3 from Telegram user @abedmahmud<\/strong><\/p>\n\n\n\n

    According to your whitepaper, FACT is\na decentralized finance ecosystem that allows users to borrow FACT directly\nfrom the liquidity pool by paying a one-time processing fee to the pool\nparticipants. But what happens when the demand is bigger than the pool? people\nwouldn’t be able to borrow?<\/em><\/p>\n\n\n\n

    Chris: <\/strong>Loans won’t be available once the\npool reaches 25% of the FLP liquidity.<\/p>\n\n\n\n

    Mary | Satoshi Club: <\/strong>Btw, can you tell us more about loan\nliquidation? When it happens?<\/p>\n\n\n\n

    Chris: <\/strong>Good question. Liquidation will be\nfully automated. i’ve had a meeting yesterday with Chainlink to use their services\nto detect the FACT value versus DAI (the collateral) once the FACT value\nexceeds the DAI value that you’ve deposited the loan will be liquidated\nautomatically from the market by buying FACT with the same liquidated DAI and\nit will be added back to the FLP automatically. <\/p>\n\n\n\n

    Unlike other\nliquidation systems which is offering the liquidated loans on a discount. 🙂<\/em><\/p>\n\n\n\n

    Mary | Satoshi Club: <\/strong>So, you have an agreement with\nChainlink?<\/p>\n\n\n\n

    Chris: <\/strong>Yes. they’re the most trused when it\ncomes to the price determination.<\/p>\n\n\n\n

    Q4 from Telegram Username @konditer_rolex<\/strong><\/p>\n\n\n\n

    You have a very unusual token burning\nprogram. This is napalm, I would say. How is it possible to burn 90% of the\ntokens? Is it about a total supply? Or is it a specially created fund to\nsupport liquidity? Then what part of the total supply?<\/em><\/p>\n\n\n\n

    Chris: <\/strong>Refer to FACTNOMICS on the website.\nThe initial one was 16M FACT. we’ve burned the wallets that is available and no\none owns it like the liquidity pool (5.5) wallet and the staking rewards which\nwas 7M alone. what we can’t burn is the circ supply because it’s owned by FACT\nholders.  also the marketing wallet after\ncreating a pool on burning or not burning it and the FACT holders have chosen\nnot to burn it as this is our marketing funds for getting listed on new\nexchanges and for the marketing campaigns which is activated from day one.<\/p>\n\n\n\n

    Mary | Satoshi Club: <\/strong>You have bounty campaigns?  They are live now?<\/p>\n\n\n\n

    Chris: <\/strong>Yes we have a wallet for security and\nbounty program this Wallet was 150K FACT and after burning it’s only 15K FACT\naround $25K and i’d be happy if anyone can detect any bug on the website or the\nsmart contract. we’ll have a poll to decide how much would they take from this\nwallet. 🙂<\/p>\n\n\n\n

    Q5 from Telegram Username @Tony253210<\/strong><\/p>\n\n\n\n

    Sometimes be eligible to use a loan\nis very hard, so can How FACT solves this? What are the guidelines to get\naccess to a loan? Also there exist a borrow limit per user?<\/em><\/p>\n\n\n\n

    Chris:<\/strong> There are no restrictions on the\nloans all you need to do is deposit collateral in DAI. you’ll be eligible for\nup to 80% collateral factor loan.<\/p>\n\n\n\n

    D. | Satoshi Club: <\/strong>Do you accept only DAI? i cannot use\nany other stablecoin?<\/p>\n\n\n\n

    Chris: <\/strong>Yes the plan is to use the most\nstable token which is DAI.<\/p>\n\n\n\n

    Q6 from Telegram Username @Jonahapagu<\/strong><\/p>\n\n\n\n

    In One of your early articles in a\nsolution tagged as \u201cnew revenue stream\u201d it was stated that liquidity providers\nare not eligible for staking rewards as long as they\u2019re participating in the\nliquidity pool \u2026 Yet another of your article states that By staking FACT,\nyou\u2019ll be automatically recognized as a Liquidity Provider and you will receive\na share of the 2% fixed borrowing fee and also a part of the tokens (7 million\nFACT) allocated for staking rewards can you help clarify what is meant on this\ntwo articles as this appears contradictory to me\u2026 Who are the liquidity providers\nand who are the stakers?<\/em><\/p>\n\n\n\n

    Link to\nearly Article: https:\/\/medium.com\/@fact.finance0\/financial-active-collateral-token-redefining-defi-loans-and-staking-2097e369335b<\/a>\n<\/p>\n\n\n\n

    Chris: <\/strong>Bonus pool is for Staking only as\nit’s highly rewarded already 0.15% daily and a 5% bonus every 30 days on your\nFACT amount. The one in the article is referring to the FLP (minimum amount to\nenter this pool is 500 FACT) >> 3 revenue streams.<\/p>\n\n\n\n

    Mary | Satoshi Club: <\/strong>So, that’s different pools) Ok, and\nwhere can i get 500 FACT now? Which exchanges?<\/p>\n\n\n\n

    Chris: <\/strong>We’re listed on Uniswap, Hotbit and\nmore exchanges are coming in October including (Probit and Kucoin).<\/p>\n\n\n\n

    Mary | Satoshi Club: <\/strong>So, Probit will be soon) Don’t you\nafraid to list on Kucoin?<\/p>\n\n\n\n

    Chris: <\/strong>They’re fixing what happened. i\nbelieve they won’t lose their reputation adding to that we’ve created a poll to\nthe users on the Telegram group asking if they want to change the plans and\nseems like everyone likes Kucoin still.<\/p>\n\n\n\n

    D. | Satoshi Club: <\/strong>What fees for withdrawal on Hotbit?\nthat exchange has crazy withdrawal’s fee sometime.<\/p>\n\n\n\n

    Chris: <\/strong>It was 29FACT and they’ve reduced it\nto only 1.2FACT once we launched the bonus pool.<\/p>\n\n\n\n

    \n\n\n\n

    PART 2, TELEGRAM COMMUNITY LIVE\nQUESTIONS<\/strong><\/p>\n\n\n\n

    The\nchat was open for 80 seconds; a lot of questions were posted by Satoshi Club\ncommunity. Our guest chose some of them. <\/p>\n\n\n\n

    Q1 from Telegram User @bitboyss<\/strong><\/p>\n\n\n\n

    How did FACT liquidity\npool and tx fees design differ from other projects? And what is the maximum\nFACT amount that a borrower can get from a loan?<\/em><\/p>\n\n\n\n

    Chris: <\/strong>Liquidity pool tx fees are determined\nby the network based on a lot of factors not controlled by us. there’s no\nlimits since you have the DAI collateral and you will be eligible for 80%\ncollateral factor to borrow FACT since the pool has more than 25% FACT tokens\nto lend.<\/p>\n\n\n\n

    Q2 from Telegram User @GoldRocket27<\/strong><\/p>\n\n\n\n

    What is the difference between FACT\nand YFACT tokens? Why do you need two tokens and what functions do they have?<\/em><\/p>\n\n\n\n

    Chris:<\/strong> YFACT as a project came up after\nlaunching fact to empower the FACT holders. let’s say we need one more revenue\nfor fact holders which is Yield Farming we will need a long process to get\nlisted on any other YF protocols but we’ve decided to launch YFACT and it will\nhave its own DEX and Yield farming pools.<\/p>\n\n\n\n

    Q3 from Telegram User @Manugotsuka<\/strong><\/p>\n\n\n\n

    How many control i have of my funds?\nCan i move my staked funds without limit? Fact can be considered a fully non –\ncustodial platform?<\/em><\/p>\n\n\n\n

    Chris: <\/strong>You can unstake your FACT anytime without\nany restrictions the same condition is applied to the loans as well.<\/p>\n\n\n\n

    Q4 from Telegram User @Sefirot998<\/strong><\/p>\n\n\n\n

    I understand that if current supply\nis 3,082,428. Are you planning to do a Token burn soon?<\/em><\/p>\n\n\n\n

    Chris: <\/strong>We’ve done all the burning so far.\nBut once we get listed on Kucoin we’ll have another poll asking the community\nif they want to burn a percentages of the marketing wallet.<\/p>\n\n\n\n

    Q5 from Telegram User @atusxzx<\/strong><\/p>\n\n\n\n

    Defi is a very hot keyword at the\nmoment, many projects have started cooperating with DeFi platforms. So is FACT\nplanning to cooperate with DeFi projects and develop towards DeFi in the\nfuture?<\/em><\/p>\n\n\n\n

    Chris: <\/strong>Yes we’re already making partnerships\nwith other Defi projects since it will add value to FACT.<\/p>\n\n\n\n

    Q6 from Telegram User @Nickkiii<\/strong><\/p>\n\n\n\n

    I Missed the FACT bonus Pool staking\nin September, when is the FLP Launch and how do I participate?<\/em><\/p>\n\n\n\n

    Chris: <\/strong>Sometimes you’ll find a room to enter\nthe bonus pool if you keep your eyes on. on the 10th October you’ll be able to\nstake your FACT with minimum of 500FACT for the FLP.<\/p>\n\n\n\n

    Q7 from Telegram User @araceley<\/strong><\/p>\n\n\n\n

    What is the difference and\nrelationship between YFACT and FACT?<\/em><\/p>\n\n\n\n

    Chris: <\/strong>Once you enter the FLP you’ll receive\nLP tokens and you can use it for YFACT farming later on.<\/p>\n\n\n\n

    Q8 from Telegram User @Rivaills14<\/strong><\/p>\n\n\n\n

    What a special for your security? And\nwhat make you confident is safe? I think security its important, please tell us\nabout security of xhumanity?<\/em><\/p>\n\n\n\n

    Chris: <\/strong>Functionality wise we are carrying out\nour own unit testing then the security comes to make the smart contract audit\nto maximize the security of the smart contracts this is what makes me confident\nbefore deploying any smart contract.<\/p>\n\n\n\n

    Q9 from Telegram User<\/strong> @konditer_rolex<\/strong><\/p>\n\n\n\n

    Why did you abandon the more familiar\npractice of charging interest on loans? Perhaps the interest rate would bring\nmore income to the platform.<\/em><\/p>\n\n\n\n

    Chris: <\/strong>The 0% interest rate will bring\nenough borrowers and this will affect the users to provide more liquidity since\nthey’re taking the 2% processing fees and it will increase the FACT demand.<\/p>\n\n\n\n

    Q10 from Telegram User @cengizhantekin<\/strong><\/p>\n\n\n\n

    You say that there are two revenue\nstreams for liquidity providers. What are these streams and what is the ROI for\neach?<\/em><\/p>\n\n\n\n

    Chris: <\/strong>FLP staking rewards are 57.5% APY +\nthe 2% processing fee distribution on the LPs + the LP to farm YFACT.<\/p>\n\n\n\n

    \n\n\n\n

    PART 3, QUIZ AND INFO<\/strong><\/p>\n\n\n\n

    As usual, for the third part, Satoshi\nClub Team asked the chat 4 questions about FACT. A link to a\nQuiz form were sent into the chat. Participants had 10 minutes to answer. 300$\nwere distributed between the winners.<\/p>\n\n\n\n

    For more information and future AMAs, join our Social Media\nchannels: <\/strong><\/p>\n\n\n\n

    English Telegram\ngroup: https:\/\/t.me\/Satoshi_club<\/a>\n<\/p>\n\n\n\n

    Russian Telegram\ngroup: https:\/\/t.me\/satoshi_club_ru<\/a>\n<\/p>\n\n\n\n

    Spanish Telegram\ngroup: https:\/\/t.me\/satoshi_club_spanish<\/a>\n<\/p>\n\n\n\n

    Telegram Channel:\nhttps:\/\/t.me\/satoshi_club_channel<\/a>\n<\/p>\n\n\n\n

    Website: https:\/\/esatoshi.club\/<\/a><\/p>\n\n\n\n

    Twitter:\nhttps:\/\/twitter.com\/esatoshiclub<\/a>  <\/p>\n\n\n\n

    Our Partners: <\/strong><\/p>\n\n\n\n

    FACT DEFI –\nOfficial Community: https:\/\/t.me\/factfinance<\/a>\n<\/p>\n","protected":false},"excerpt":{"rendered":"

    A new month begins and at satoshi club we continue to educate our community and giving great rewards for it. So, today we would like to tell you about the AMA session with our friends from FACT. The AMA took place on October 1st and our guest was Chris Fletcher. The total reward fund was […]<\/p>\n","protected":false},"author":4,"featured_media":2071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"_links":{"self":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/2070"}],"collection":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/comments?post=2070"}],"version-history":[{"count":1,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/2070\/revisions"}],"predecessor-version":[{"id":2072,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/2070\/revisions\/2072"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media\/2071"}],"wp:attachment":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media?parent=2070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/categories?post=2070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/tags?post=2070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}