{"id":2719,"date":"2020-10-31T10:51:00","date_gmt":"2020-10-31T08:51:00","guid":{"rendered":"https:\/\/esatoshi.club\/?p=2719"},"modified":"2021-03-26T13:16:12","modified_gmt":"2021-03-26T11:16:12","slug":"ama-satoshi-club-x-defiat-october-31st-2","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2020\/10\/31\/ama-satoshi-club-x-defiat-october-31st-2\/","title":{"rendered":"AMA Satoshi Club x DeFiat, October 31st"},"content":{"rendered":"\n

Today we would like to tell you about the AMA session with our friends from DeFiat. The AMA took place on October 31 and our guests were @quantsoldier @GramCustodian @stupid_defiat.<\/p>\n\n\n\n

The total reward pool was $1500 and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.<\/p>\n\n\n\n

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS<\/strong><\/h2>\n\n\n\n

Mary | Satoshi Club: <\/strong>
Hello, Satoshi Club! We are happy to announce our AMA session with DeFiat! @quantsoldier @GramCustodian @stupid_defiat welcome to Satoshi Club😀<\/p>\n\n\n\n

QuantSoldier<\/strong>:
Hey guys! DFT is ready to go, excited to do this AMA with you guys!<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>
You are welcome 😃<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>:
Hey guys<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>:
Hi everyone, welcome to another episode of our AMA series
Our AMA today is with DeFiat<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>:
@quantsoldier @GramCustodian @stupid_defiat
hi there!<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>
Hi, happy to see you here)<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>:
Welcome guys and thanks for joining us.<\/p>\n\n\n\n

Gram Custodian<\/strong>:
Hi everyone thanks for having us!<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>
So, if you all are here with us could you please introduce yourself and tell how did you start with DeFiat project?)<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>:
Let’s start with our new recruit: @GramCustodian ?<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong> Let’s start😃<\/p>\n\n\n\n

QuantSoldier<\/strong>: Hi again Satoshi Club, I am QuantSoldier and I work on DeFiat’s frontend and smart contracts. We started DeFiat after seeing so many rug pulls in the DeFi space. Our goal was to become the “good guys” of DeFi. DeFiat is a platform for a variety of DeFi services and we want to continue expanding our offerings.<\/p>\n\n\n\n

Gram Custodian:<\/strong> Hey there, so I started as as an advisor to the project back when we were first tossing ideas around, more recently (Monday) I joined more formally to help with marketing. So I come to the team as both a community member interested and now most recently as a team member<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>
Yes, this space definitely needs ‘good guys’)))<\/p>\n\n\n\n

stupid [ DeFiat ]:<\/strong>
I am “stupid” (yes\u2026) the solidity dev. As Quant said, 2ND is a new product into the DeFiat ecosystem, targeting rugpulls and trying to help people who got scammed.
Gram was instrumental in the concept refining and promotion. We are glad he’s here<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>
Team grows)))<\/p>\n\n\n\n

QuantSoldier:<\/strong>
We also wanted to create something more sustainable than the many farming food coins we saw getting so much traction in the space. DeFiat is deflationary by design and has cyclical tokenomics built into the token to return rewards to stakers.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>
“Stupid” and dev, it’s not possible 😂<\/p>\n\n\n\n

Gram Custodian:<\/strong>
many hands make (lighter) work \ud83d\ude09<\/p>\n\n\n\n

stupid [ DeFiat ]:<\/strong>
I’ll get into the details of why 2ND is unique “as a farming coin” later in the convo.
(trust me @madamlobster \u2026 it’s possible\u2026 when you see the code of these rugpulls sometimes\u2026 you wonder)<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>
Agriculture?😉<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>
I need to start learn this😂 but yes, may be you are right) i see a lot of mmm\u2026 liers in crypto and not all of them were clever)<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>
Thank you, guys, for your intros👍 i think we can start with questions from our Satoshiclubbers) Ready😃?<\/p>\n\n\n\n

stupid [ DeFiat ]:<\/strong>
Yes<\/p>\n\n\n\n

QuantSoldier:<\/strong>
yeah lets do it!<\/p>\n\n\n\n

Gram Custodian:<\/strong>
ready!<\/p>\n\n\n\n

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

You’ve recently 2ND chance project. Could you share how many people are using it?<\/em><\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Great question.
We launched yesterday with a limited amount of rugs to swap. We have close to 100 holders and 2000 tx
Every tx feeds our 2ND farm -> APY is ridiculously high now as the nb of farms\/activity is still low<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Ok, great)
Not bad numbers)<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
The more rugged tokens we will add, the more users will be able to participate.
We have a growing list of tokens to add\u2026 and maybe \u2026 will announce the next cohort today during the AMA 😉<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Can you share which rugged tokens i can change now?<\/p>\n\n\n\n

Gram Custodian<\/strong>
right now we have 12 tokens, but we are already doing the due diligence for new ones, these will be added very soon\u2026<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
quite good numbers.
And you don’t need rugged coins to participate.
Buying and farming 2ND is as good as it gets now<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

QuantSoldier<\/strong>
2nd allows users to “recycle” their rugged coins and convert them into the 2nd token. Users can use the 2nd token to stake and earn these transaction fees. The mechanism is similar to CORE. There are some embedded features like eth fees and token burns to keep the model sustainable.<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
If I don’t know the CORE mechanism) can you explain, please)<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>
Thanks for sharing.<\/p>\n\n\n\n

QuantSoldier<\/strong>
CORE has a similar mechanism for farming, users stake the Uniswap liquidity tokens (UNI-V2) to earn transaction fees. Each transfer of 2ND generates a variable fee that fluctuates between .8 and 3.2% to market buy 2nd and reward the stakers in the Rug Sanctuary (the name of our staking pool :p)<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
(NUGS was removed as we saw people minting it)<\/p>\n\n\n\n

Gram Custodian<\/strong>
CYCL was a big one this past week so we decided it would be fun to add that one at the last minute!<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Yes, that’s fun) more people will come because I think a lot of them could already forget about their tokens.<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
One of the unique features of 2ND is its DYNAMIC trading fee<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>
Do you want to add something or we can proceed?<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
A few words about our Dynamic fee:
most tokens have a fixed one based on trading volume. So when the trading volume drops, fee drops, and people leave the project. It’s not bringing a good APY anymore<\/p>\n\n\n\n

2ND “counts” the volume of each TX and adapts the fee accordingly, every 20 transactions.
\nSo if the volumes drop, the fees rise, making sure that the APY for markers remains solid<\/p>\n\n\n\n

Mary | Satoshi Club
<\/strong>Yes, it’s a good mechanism) I see more and more projects using something like this)<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>
It really matters<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Yes. Farming is about getting traction. Traction comes from rewards.
We did not want to fall into a vicious circle <\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
2ND has even more innovative features\u2026 we’ll get to these later on the swaps, right?<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>
Sure!<\/p>\n\n\n\n

Gram Custodian
O<\/strong>ne of the reasons I was brought on board was to really expand the awareness of DeFiat and the <\/strong>2nd. this space has such a short attention span, so while our story and what we offer is compelling it\u2019s all about focusing on how our products offer long term value to our community<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Yes) I think we can jump to the next question and discuss more there)<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Let’s go<\/p>\n\n\n\n

Q2 from Telegram @occupyingmars<\/em><\/strong>
Farming my scam and rugged tokens \ud83d\ude00 that is insane and genius at the same time. A real bomb. How did you come up with this idea and how can I put to work my shitcoins<\/em><\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
For example, if I have HERO tokens, what should I do)<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>
Provocative question😉<\/p>\n\n\n\n

QuantSoldier<\/strong>
The main idea came out of discussions with our community. We really value community collaboration at DeFiat and want to offer services that our users both value and use. This was a no-brainer for us as it aligned with our mission and was easily implementable in our robust platform.<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
We thought it was so brilliant we could “not do it”
Our community really impresses us every day. They are the nicest more open I’ve seen in a long time. It’s a very cool and open group.
They help us a lot with testing\u2026 and sometimes come with insane ideas -> This idea was a hallmark of genius<\/p>\n\n\n\n

Gram Custodian<\/strong>
These guys really are best in class in what they do from a dev and front-end standpoint.<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Yes, I saw some projects in the past that tried to monetize scam tokens, but that was different and as I know they failed. It was ‘before DeFi’ era). So, I have a HERO. What I need to do first?) <\/p>\n\n\n\n

Gram Custodian<\/strong>
It\u2019s a challenge sometimes to do things a bit differently. You see projects that go full hype for their raise and launch and then\u2026 nothing. We want to have very intention growth and we believe offering unique features and products that give back to the DeFi community should always be at the center of why we do what we do<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
@GramCustodian Explain to her how to recycle her HERO tokens 😊<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
It’s literally 3 steps<\/p>\n\n\n\n

Gram Custodian<\/strong>
first you go to the second chance dashboard at defiat.net<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
😃 yes)<\/p>\n\n\n\n

Gram Custodian<\/strong>
connect your web3 wallet, metamask etc. and you will have the ability to swap your rugged HERO token for 2nd<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Easy)<\/p>\n\n\n\n

Gram Custodian<\/strong>
2nd tokens are swapped at a ratio proportional to the overall supply that you own of the rugged token
AND\u2026
there is a great boost feature to reward DFT holders
whereby you can earn a \u201cboost\u201d of up to 200% (3x) 2nd
there is also this unique mechanism in the code that will prevent whaling into 2nd<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
If i hold DFT, right?)<\/p>\n\n\n\n

Gram Custodian<\/strong>
yes all you need to do is simply hold DFT in the same wallet you use to swap your rugged tokens to 2nd chance tokens<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>
Btw, what meaning do you put into this name DeFiat?<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
I’ll get into what happens under the hood when you swap on the dashboard: https:\/\/defiat.net\/dashboard\/secondchance<\/a><\/p>\n\n\n\n

Each swap comes with a tiny fee (dynamic, I think it’s 0.02 ETH now) and besides converting your “shitcoins” to new farmable and unriggable 2ND tokens, it also does a little magic burn.<\/p>\n\n\n\n

The small FEE is sent to Uniswap, pumping a bit the ETH reserves on the token pair (hence price goes up)
\nThe BURN is a 0.1% of the Uniswap supply burn, reducing the token supply, hence pumping the price too.<\/p>\n\n\n\n

The burn is special, as it’s a % of the supply.
\nSo let’s say people start to dump 2ND -> reserves of 2ND on the Uniswap contract increase\u2026 and the burn becomes more potent.<\/p>\n\n\n\n

At one moment, the Burn will overcompensate the issuance of 2ND and the token will switch to a deflationary mode!!!<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Because we already have a great community. DFT price held very well during the DeFi winter, staying in the $2 range (yes\u2026 it jumped to $20 in the early days).<\/p>\n\n\n\n

So we have a good project, legit, and cool products to add to it that will give value not only to 2ND\u2026 but to DFT.<\/p>\n\n\n\n

@quantsoldier : tell us about our “name”<\/p>\n\n\n\n

QuantSoldier<\/strong>
DeFiat was a name we came up with after seeing so much fiscal destruction this year. It has been the year of central bank dominance, money printing, and currency debasement. This is no way to run a monetary system. DeFiat is a governed, decentralized platform that is run by the holders. It is exactly the opposite of fiat currency and we strive to be better than anything a government could issue.<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Btw, what that first 100 users did with their 2nd tokens?) Did they sell?<\/p>\n\n\n\n

Gram Custodian<\/strong>
marketing guy\u2026.just going to drop this nugget here. 2nd mcap is around $100k atm \ud83d\ude42<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>
It really was not an easy year. thanks for the answer👍<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
👍 incredible)<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Hard to say. Some sold, smarter ones farmed\u2026 others held<\/p>\n\n\n\n

QuantSoldier<\/strong>
Well the iniital price of 2nd, based on our locked liquidity, was $1.90 and the current price is around $5, so I think we had more buyers \ud83d\ude09<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>
I am sure that you are the best in your direction<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Yeah, $100k mcap\u2026 it’s ridiculous.
And at the current price, trading rugged shitcoins is a SURE WIN. You cannot lose money if you have 0.1% or around that of a rugged coins<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
We have seen people BUYING these coins now to benefit from the swap and the farming APYs<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Wow, nice pump))) guys, i need to check my wallet for that rugged tokens😂<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>
I have a whole graveyard of rugged coins 😁<\/p>\n\n\n\n

QuantSoldier<\/strong>
We just got some news about KORE, maybe we should add that one? @stupid @GramCustodian<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
But i will do this after AMA) hope, you will have x2 in mcap in the next days)
Oops<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Should we add this to the LIST ??!<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Of course, you are a good guys, so, definitely YES👍<\/p>\n\n\n\n

Gram Custodian<\/strong>
I mean Mary says yes so\u2026<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Apparently KORE had a “rug function” loophole and activated it.
These rugs are a plague\u2026
So breaking news -> among a list that @GramCustodian will share later\u2026 we’ll add KORE today !!<\/p>\n\n\n\n

Gram Custodian<\/strong>
yes. we have a surprise for you all to share before we wrap up<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
That’s great👍 Sure, it will help a lot of users👍🚀<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
“Make DeFi Great Again” right ? 😂<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
That was fast🚀<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>
thanks for sharing!<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Yes😂<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
So, guys, ready to move to the third question?)<\/p>\n\n\n\n

Gram Custodian<\/strong>
let\u2019s do it!<\/p>\n\n\n\n

QuantSoldier<\/strong>
Yeah, let’s hear it!<\/p>\n\n\n\n

Q3 from Telegram user @rosemarypratt<\/strong>
The initial supply of second tokens will be 30.000. How much will be the maximum supply and in how much time they will be released? What will be the inflation?<\/em><\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
So in a couple hours, KORE users will be able to trade their tokens for 2ND.
And 2ND is truly UNRUGGABLE by design. The Liquidity stays on the contract\u2026 and we cannot remove it!<\/p>\n\n\n\n

Gram Custodian<\/strong>
like a jimmy john\u2019s commercial. freaky fast<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
I know, that it’s my common question🤦, but what about your smart contracts audit? Did you have it?)<\/p>\n\n\n\n

QuantSoldier<\/strong>
The initial supply of 2ND is 20.000. 10.000 2ND (+50ETH) was added as permenately locked liquidity and another 10.000 will be distributed to testers and locked liquidity providers. For each rugged coin we add, there can be a maximum of 3.000 2ND minted (if everyone had full DFT boost and 100% of the token is recycled), but we think more realistically 1.000 2nd will be minted for each rug we add.<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
I even can’t imagine how many users were affected by this rugg, this KORE was overshilled everywhere 😳<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Audits\u2026
99% of Audits have proven to be scams tbh. Audited tokens rug all the time or crash.
Besides Hacken or Quantstamp, not a lot of audit firms are legit imho.<\/p>\n\n\n\n

We had Defiat farms audited. It helped a bit.
2ND code is a spin-off of our Farms and some external (already audited) code.<\/p>\n\n\n\n

We spent weeks TESTING the contract and we believe that these heavy beta testing phases are worth any audit.<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
It’s like LIQ\u2026 I love the guys, but if you are a solidity dev and cannot LOCK your tokens or liquidity by design\u2026 find another job.<\/p>\n\n\n\n

Gram Custodian<\/strong>
stupid truth bombs<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
I understand, that has sense)<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
We try to make our code as simple and readable as possible. I encourage people to look at our Team tokens lock for DFT for instance.
Anybody, even a non dev can understand the logic. And we added comments to help people see that this is a REAL time-lock.<\/p>\n\n\n\n

Code Is Law<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
10000 will be distributed to testers and liquidity providers? Which testers?<\/p>\n\n\n\n

QuantSoldier<\/strong>
Inflation is controlled via the ETH fee and token burn on swaps. This makes sure that price is kept in sync with the total supply of 2nd. When staking, a 10% fee is applied on withdrawal that is permenetaly locked as liquidity. This ensures users are compensated for their deposits while in the pool and when leaving, the token is given an additional liquidity net.<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Inflation is compensated by the BURN mechanism I explained above.
Most swap show limited inflation actually. And the more people swap\u2026 the more 2ND in the wild\u2026 the stronger the burn\u2026
It’s self regulating.<\/p>\n\n\n\n

Now if you want a number, I personally doubt that 2ND will pass the 70,000 max supply.<\/p>\n\n\n\n

QuantSoldier<\/strong>
The testers and liquidity providers are all DeFiat community members, we haven’t brought in any external organizations to bootstrap 2nd.<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
We’ll see, but yes, your mechanism seems to be perfectly self regulating)<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Got it, thank you 👍<\/p>\n\n\n\n

Gram Custodian<\/strong>
Before our time is up, I wanted to let everyone know we will have some exciting things upcoming to engage with the DeFi community. starting Monday we will have a 1 week meme contest (we\u2019ll
announce rules and criteria Monday as well). We hope everyone can incorporate 2nd and DFT into their memes and we can\u2019t wait for all the creativity around rugged tokens!<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Satoshiclubbers, it’s your chance to join this amazing community 👍 Join here @defiat_crypto<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
One important thing too: like any farming tokens, the DeFiat “team” takes a small fee on rewards.
Except\u2026 (hence “teams” between quotes), the team is the Defiat community here -> Periodically, we take these rewards and BUYBACK DFT on the market with them
We bought back close to 1ETH yesterday if I remember correctly.<\/p>\n\n\n\n

We are also looking at using some of the rugged tokens in the contract and swap them for 2ND. Reinjecting value and allowing people to benefit from the price impact.<\/p>\n\n\n\n

Gram Custodian<\/strong>
also one last surprise for you all \ud83d\ude42<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
[\u0412 \u043e\u0442\u0432\u0435\u0442 \u043d\u0430 Gram Custodian]
Sure, you will get a lot of new members👍😉<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n
\"\"<\/figure>\n\n\n\n

Mary | Satoshi Club<\/strong>
Oh😂 it’s cosmic speed🚀🚀🚀<\/p>\n\n\n\n

Gram Custodian<\/strong>
we don\u2019t mess around \ud83d\ude42<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
$ KORE holders will not even have time to get upset)<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Our lead designer is a modern Michelangelo\u2026 just faster.<\/p>\n\n\n\n

Gram Custodian<\/strong>
yes all credit to our graphical wizard<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
It’s really great 😊<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
We are a cool community. I think this should be the bottom line.
Ask our members.
Some got tokens stuck, we helped them in PM, we try to keep GIVING to the community.<\/p>\n\n\n\n

2ND is a cool project, DeFiat is equally cool.<\/p>\n\n\n\n

And again, it’s a fantastic community full of helpful and genuinely nice people.<\/p>\n\n\n\n

So if you are tired of the saltiness, the sourness, crypto-bullying\u2026 consider Defiat.<\/p>\n\n\n\n

Q4 from Telegram user @kafeinen<\/strong>
I have to hold 200 DFT to get the maximum boost. What do you mean by that? Does it mean that I will mine tokens and get bigger rewards?<\/em><\/p>\n\n\n\n

QuantSoldier<\/strong>
So lets says you own 1% of KORE supply. If you recycled into 2ND without holding any DFT, you would receive 10 2ND. If you held 200 DFT, you would receive 30 2ND.<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
I think this question was partially covered before)<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>
yes. but maybe our guests want to add something?<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
I am counting now😂<\/p>\n\n\n\n

1% of total or sirculation supply?<\/p>\n\n\n\n

QuantSoldier<\/strong>
1% of the TOTAL supply.
We call the totalSupply() method on the given rug coin to get this number for the solidity devs out there \ud83d\ude09<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
RUG has 1M circ.
You hold 1% -> 10k tokens, and DFT -> You make 30 2ND. That’s $150 today<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
So, if user had 120 000 kore<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
He will get 10 2nd<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Yes. And if you have more\u2026 you get more.
Max convertible per swap is 2%.
This user will have to make multiple swaps, pays a small ETH fee (0.02EHT) and incurring a burn<\/p>\n\n\n\n

We encourage people to hold DFT. It’s a low key commitment as you can sell right after.
\nBesides, keep in mind our buubacks strategy and the price resilience of DFT -> not a bad move<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Before rugg dump the price of 1 KORE was around 110$. So, this guy (theoretically) had 13 200 000$.<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
$50 yeah. BEERS ON US tonight 😉<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Today’s price is ZERO 😉
So, this guy (theoretically) had 00 000 000$.<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
[\u0412 \u043e\u0442\u0432\u0435\u0442 \u043d\u0430 stupid [ DeFiat ]]
Yes, that’s right 😂<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Just some minutes and all goes to ZERO🤦<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Anything is better than zero 😊<\/p>\n\n\n\n

Gram Custodian<\/strong>
high quality beers i may add \ud83d\ude09<\/p>\n\n\n\n

Gold Rocket | Satoshi Club<\/strong>
Sure😉<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Thank you, guys, it’s really very interesting to have this conversation here, i think it’s the most dynamic AMA i ever had)<\/p>\n\n\n\n

Q5 from telegram user @Antoine_dje<\/strong>
How can I get from one governance level to another? Should I stake more coins or what<\/em><\/p>\n\n\n\n

QuantSoldier<\/strong>
I like the convo, let us know if we need to get through some questions to get to the giveaways \ud83d\ude42<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
You will have live questions part also😂<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Governance levels on DFT are reserved for the gov board and middle-man contracts.
DFT’s governance allows the creation of one-use voting contracts built specifically.<\/p>\n\n\n\n

Your voting power depends on many parameters -> @quantsoldier pls add details<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Do you have any articles or faq about governance?)<\/p>\n\n\n\n

QuantSoldier<\/strong>
DeFiat voting power is granted based on DFT holdings and staked DFT. Currently, we run our governance through our own website at https:\/\/defiat.net\/dashboard\/proposals<\/a> but we are planning to make a switch to https:\/\/snapshot.page<\/a> for a more robust and balanced solution. This allows us to give everyone who is a holder or staker in the DeFiat network the proper voting power.<\/p>\n\n\n\n

QuantSoldier<\/strong>
^without spending a massive amount of gas and saving our users gas.<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Did you already have votings?<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Working on that. It’s actually simple and straghtforward
-> You go to to the DeFiat dashboard, look at the votes\u2026 click and vote. <\/p>\n\n\n\n

Probably easier (and more honest) than for irl voting 😉<\/p>\n\n\n\n

Gram Custodian
<\/strong> yes several!<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Great, so it works👍
Oh, irl voting is a big headache)<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Gram Custodian<\/strong>
votes we\u2019ve recently held
front end user interface is one of the best i\u2019ve ever used
try it out!<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
I think i should 😉👍<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
i think this question is clear now) can we go to the last question from this part?) Or you want to add something?)<\/p>\n\n\n\n

QuantSoldier<\/strong>
I think we covered all bases here! Lets move on<\/p>\n\n\n\n

Q6 from telegram user @Marizzanini<\/strong>
Why you don’t have a vesting period at all for your funds?<\/em><\/p>\n\n\n\n

QuantSoldier<\/strong>
Team tokens are vested over 10 months, with a 50% at 4months and a 50% at 10months. We also have 50K DFT allocated for a DAO powered by DFT governance.<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
Regarding the rest of the funds, we want to keep some for marketing and operational spending (paying our mods, our MEME contests etc\u2026)
It’s basically a trade off between REACTIVITY and LOCKS.
So it’s something we’ll have to decide with the community. ie. VOTES<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Btw, how many team members do you have?)<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
4 founders
2 marketing
3 mods
2 writers<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Decentralised governance)<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
[\u0412 \u043e\u0442\u0432\u0435\u0442 \u043d\u0430 stupid [ DeFiat ]]
Wow, no so small team👍<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
This one very very legitimate question. Thanks @Marizzanini<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
4 of them take ZERO salary\u2026 😉<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
You mean, founders?)<\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
yes. We have vested tokens. I think 1st vesting is a couple thousands in 1 month. I need to check that.
The rest in 10 months.<\/p>\n\n\n\n

Part 2 \u2014 live questions from the Telegram community<\/strong><\/h2>\n\n\n\n

Q1 from telegram user <\/strong> @Nickkiii <\/strong> <\/em><\/p>\n\n\n\n

Do you have any guidelines on how to to swap my rugged tokens?<\/em><\/p>\n\n\n\n

Q2 from telegram user @lahkoklu<\/strong><\/em><\/p>\n\n\n\n

DeFiat is ongoing by farming how do you work and follow DeFiat to do farming with 2ND Chance with DeFiat?<\/em><\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>

You can farm Defiat in our farms
DFT, or the DFT LP token -> you get DFT
You can also Farm 2ND (LP tokens) separately and get 2ND<\/p>\n\n\n\n

we also have PARTNERS using our farming technology, like XMM, where you farm their tokens and get XMM rewards.
\nThis ecosystem of partners is expanding as people realize the potential of our tech<\/p>\n\n\n\n

-> It takes minutes for a project to setup a DeFiat farm. They get “operator” rights and manage a time based rewards distribution for their users.<\/p>\n\n\n\n

Q3 from telegram user @Winterkom<\/strong><\/em><\/p>\n\n\n\n

DeFiat has a token with a deflationary mechanism, can you explain a little more about it? How will the total supply of $DFT be reduced? Will it be by burning the tokens?<\/em><\/p>\n\n\n\n

QuantSoldier<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

On every transfer of DFT (whether its a trade or send), charges a burn and fee of 0.1% (currently). This fee is used to send rewards back to the DFT staking pools. We started at 500K total supply of DFT and you can see on the DFT dashboard how much has been burned since!<\/p>\n\n\n\n

Mary | Satoshi Club<\/strong>
Yes😂 everyone wants to know more about DeFiat 😉<\/p>\n\n\n\n

Q4 from telegram user@Splendicity<\/strong><\/em><\/p>\n\n\n\n

Your name is De-Fiat,in other words, Destroy Fiat.How do you aim to achieve this,since there are many projects out there, claiming to Destroy fiat, but were less successful<\/em><\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
DeFiat means more than Destroy fiat
It also means DeFi@<\/p>\n\n\n\n

The goal of DeFiat is not to replace fiat. It’s to provide a sustainable, healthy DeFi environement for users, even if they don’t have any technical skills.<\/p>\n\n\n\n

Q5 from telegram user<\/strong><\/em>@Sicxa<\/em><\/strong><\/p>\n\n\n\n

Are there any new partnerships and interesting upcoming use-cases?
DeFiat<\/em><\/p>\n\n\n\n

QuantSoldier<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n


Currently, we are partnered with Momentum (XMM) to offer them staking services with our farming protocol. We have several other ERC20 in our DM’s, including LimitSwap (LIMIT) which has an active proposal out right now to partner with us (https:\/\/snapshot.page\/#\/limitswap\/proposal\/QmSUuDPpkvDR43x1fK5zFbWhGjX8w67yp3WkYZveiUgJgo<\/a>).<\/p>\n\n\n\n

If there are any other token owners out there, we would love to bring you onboard to our farming services!. You guys can see more here: https:\/\/defiat.net\/dashboard\/partners<\/a><\/p>\n\n\n\n

Gram Custodian<\/strong>
yes, in addition to all of the rugged coins we will be adding to the 2nd platform we also have a \u201cstaking as a service\u201d product coming out soon called AnyStake.<\/p>\n\n\n\n

Q6 from telegram user<\/strong><\/em> @BboyForteVZLA<\/em><\/strong><\/p>\n\n\n\n

Why did you decide to choose the ETHEREUM ERC-20 network? What benefits can a network with gas congestion bring you?<\/em><\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
ETH has some issues, but comes with advantages: massive user bases, lots of liquidity\u2026<\/p>\n\n\n\n

DOT and the other clones (TRON) are cool but don’t have the same ecosystem.<\/p>\n\n\n\n

Q7 from telegram user<\/strong><\/em> @BERTA2020<\/em><\/strong><\/p>\n\n\n\n

Can I vote with more coins than $DFT? or is it only available to vote with $DFT?<\/em><\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
You need DFT. Either holding, or staked.
Voting doesn’t cost any DFT. We just take your balances to get your voting power.
And sometimes, voting grants you a reward 😉<\/p>\n\n\n\n

Q8 from telegram user<\/strong><\/em> @CElllIFE<\/em><\/strong><\/p>\n\n\n\n

Will the number of DFT tokens always be limited?<\/p>\n\n\n\n

Gram Custodian<\/strong>
DFT has a mint cap which means more tokens can never be minted after genesis. it also has an integrated burn feature for each tx of DFT therefore reducing the supply forever!<\/p>\n\n\n\n

Q9 from telegram user<\/strong><\/em> @jpsarmah<\/em><\/strong><\/p>\n\n\n\n

Throughout this AMA, the main highlight has been the wonderful ability to swap rug tokens into 2ND Chance token. But besides this main feature, what are the other strengths and value proposition of the 2ND Chance token?<\/em><\/p>\n\n\n\n

stupid [ DeFiat ]<\/strong>
2ND is more than a swapped token.<\/p>\n\n\n\n

It’s literally AS GOOD if not better than any farming token.
\nThe DeCore, EnCore, UniCore, or even CORE all use the same logic<\/p>\n\n\n\n

The idea was not to swap rugged coins for a useless token -> 2ND is a solid DeFi farming project.
\nI personally BOUGHT 1ETH of 2nd at launch to test the farming live, and the APYs have been insane thanks to the token-mechanisms of 2ND.<\/p>\n\n\n\n

So you don’t even need to have been rugged to participate. 2ND in itself is a very solid DeFi project 😊<\/p>\n\n\n\n

Q10 from telegram user<\/strong><\/em> @justgata<\/em><\/strong><\/p>\n\n\n\n

The DeFiat platform has three main components, one of them is the DeFiat Points (DFTP) that are a secondary ERC-20 token. How can users access this token and how can it be obtained? How does DeFiat benefit its most loyal and loyal users? Will these users have access to any discounts or more special rates?<\/em><\/p>\n\n\n\n

QuantSoldier<\/strong>
DFTP is the loyalty token that is distributed to users when they transact DFT or farm it in the Points Palace. Currently, every transfer of 100 DFT or more will mint 1 DFTP. Holding DFTP gives a user access to discounts which reduce the burn and fee amount charged on each transfer of DFT. You can view you current discount and upgrade your discount level on the DeFiat dashboard. We plan to expand the use case for DFTP in the coming months, but want to have a complete plan for this which includes upgrading our governance protocol. Great question!<\/p>\n\n\n\n

Q11 from telegram user<\/strong><\/em> @leixagarcia<\/strong><\/em> <\/p>\n\n\n\n

How does DeFiat deal with security? Have you done the respective audits with reliable companies?<\/em><\/p>\n\n\n\n

The DeFiat team does extensive testing on our products before launch. We have run a public beta testing session for each piece of DeFiat through our Discord channel. We had external
\ntesters go through the initial network infrastructure, farming, proposal, and 2ND contracts on Rinkeby. In addition to this, we had Hacken audit our farming contracts and built the 2ND contracts on top of well tested infrastructure that the team worked on for another project.<\/p>\n\n\n\n

Q12 from telegram user<\/strong><\/em> @jpsarmah <\/em><\/strong><\/p>\n\n\n\n

How will AnyStake be your main DeFi offering and will it be launched on Nov or Dec 2020?<\/em><\/p>\n\n\n\n

We intend to have AnyStake be one of our main DeFi services because it can encompass the largest audience. AnyStake will allow users to stake any ERC20 and earn a rate of return. The teams is finalizing the tokenomics of the system in order to make sure that it can remain sustainable as we contrite to develop our frontend. We have some good base contracts to work with, so we will launch it when we are sure of the security and happy with user experience AnyStake offers.<\/p>\n\n\n\n

Q13 from telegram user<\/strong><\/em> @Bethel8 <\/em><\/strong><\/p>\n\n\n\n

How can community members of Satoshi group contribute to the success of Defiat and it’s ecosystem?<\/em><\/p>\n\n\n\n

The DeFiat community is growing everyday and the easiest thing any Satoshi club member can do is join our telegram and say hello! https:\/\/t.me\/defiat_crypto<\/a><\/p>\n\n\n\n

Our community is full of great people and is one of the best in the space. We have more details like our other socials, contracts, and additional details there.<\/p>\n\n\n\n

Q14 from telegram user<\/strong><\/em> @cengizhantekin <\/em><\/strong><\/p>\n\n\n\n

The DeFiat team has over “40 years” of industry experience. Is this a company intiative or do you have an elder statesman in the team?<\/em><\/p>\n\n\n\n

Between the 4 founders, we do have 40 years of respective industry experience; comprised of web, blockchain, and marketing experience. The founders have experience at some of the top Fortune 500 companies. Other team members are fantastic as well, helping us manage the community and market\/develop the product. <\/p>\n\n\n\n

Q15 from telegram user<\/strong> @Khan662<\/strong> <\/em><\/p>\n\n\n\n

Most investors simply focus on the price of the TOKEN in the short term, and not on the real value of the project. Can you tell us about the motivation and advantages of token investors in the long term?<\/em><\/p>\n\n\n\n

DeFiat has never been about the price. The team has been fascinated by the emergence of DeFi technologies and wanted to create a malleable, governed platform for all kinds of DeFi services. The DFT token serves as the base and we build more features on top of it. Long term investors in DeFiat see this. 2ND and AnyStake are just the beginning of what DeFiat has in store.<\/p>\n\n\n\n

Part 3 \u2013 Quiz Results<\/strong><\/h2>\n\n\n\n

In the final part we tested your knowledge in terms of DeFiat. They\u2019ve prepared 4 questions for this part. The total reward pool for quiz was 1000$.<\/p>\n\n\n\n

For more information and future AMAs, join our Social Media channels:
<\/strong>
English Telegram group: https:\/\/t.me\/Satoshi_club<\/a>
Russian Telegram group: https:\/\/t.me\/satoshi_club_ru<\/a><\/p>\n\n\n\n

Spanish Telegram group: https:\/\/t.me\/satoshi_club_spanish<\/a>
Telegram Channel: https:\/\/t.me\/satoshi_club_channel<\/a>
Twitter: https:\/\/twitter.com\/realsatoshiclub<\/a>
Website: https:\/\/esatoshi.club\/<\/a><\/p>\n\n\n\n

Our partners:<\/strong> DeFiat https:\/\/defiat.net\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Today we would like to tell you about the AMA session with our friends from DeFiat. The AMA took place on October 31 and our guests were @quantsoldier @GramCustodian @stupid_defiat. The total reward pool was $1500 and was divided into three parts. In this AMA Recap we will try to summarize some of the most […]<\/p>\n","protected":false},"author":34,"featured_media":0,"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\/2719"}],"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\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/comments?post=2719"}],"version-history":[{"count":37,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/2719\/revisions"}],"predecessor-version":[{"id":7416,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/posts\/2719\/revisions\/7416"}],"wp:attachment":[{"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/media?parent=2719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/categories?post=2719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/satoshi-club.esipick.com\/index.php\/wp-json\/wp\/v2\/tags?post=2719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}

Gram Custodian<\/strong>
 https:\/\/defiat.medium.com\/today-is-your-2nd-chance-full-tutorial-507c36d332da<\/a><\/p>\n\n\n\n