A new day and new guests at Satoshi Club with an incredibly interesting history of development and their way to success. And today we would like to tell you about the AMA session with our friends from Absorber Protocol. The AMA took place on January 16 and our guests were Son GokuBg – developer of the ABS token contract and presale contract and Blockchain World – a member of Absorber Protocol who seen the ups, the downs, the scams, the newer rugs, and the development and empty promises that happened through time.
The total reward pool was 600$ and has been splitted in 3 parts.
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram
Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Absorber Protocol! Welcome to Satoshi Club😀
D. | Satoshi Club:
Hello all!
D. | Satoshi Club:
@BitBlockchain @SonGokuBg @Lightxz @InvestigatorConnor hello guys!
Son GokuBg:
Hello
Blockchain World:
Hi everyone
D. | Satoshi Club:
Hey hey, welcome to Satoshi club!
Mary | Satoshi Club:
Hello, guys!
Mary | Satoshi Club:
Happy to see you here😀
Blockchain World:
Thank you, good to be here 😉
Mary | Satoshi Club:
@Lightxz @InvestigatorConnor should join Satoshi Club group and i will be able to add them as admins😎
Mary | Satoshi Club:
How are you today?😀
D. | Satoshi Club:
Meanwhile, we can begin with a small intro? 😉
D. | Satoshi Club:
@BitBlockchain @SonGokuBg please guys introduce yourselves and Absorber Protocol 😇
Blockchain World:
Doing alright, focusing in ways to improve the quality of life of this cracked up society that seems like in a neverending vacuum of bad news lately
Mary | Satoshi Club:
Of course! We want to know as much as possible about Absorber Protocol and our today’s guests😀
D. | Satoshi Club:
This is an ambitious task ☺️
Son GokuBg:
I am the developer of the ABS token contract and presale contract. I like to make my contracts as decentralized as possible.
Blockchain World:
I have been in the crypto space since early 2017, seen the ups, the downs, the scams, the newer rugs, and the development and empty promises that happened through time.
Mary | Satoshi Club:
Thank you for making our lives decentralized 😉
Mary | Satoshi Club:
Yes, we all have seen a lot of scams and rugs and I think this has to be stopped one day.
Mary | Satoshi Club:
Whos idea was to create Absorber Protocol?
Blockchain World:
Absorber Protocol strives to offer a stressless way to generate passive income through time, with several balanced economical methods that most projects are afraid to use because of the limitations that will offer for the creators.
Mary | Satoshi Club:
It’s a very interesting concept!
Mary | Satoshi Club:
And you accept limitations for yourself as creators, right?)
Blockchain World:
Yes, as investors ourselves since years ago, it’s unpleasant and stressful at times to see that (for example) there are minted new tokens that dilute the value of your tokens, the thing that was a no-no for Absorber Ecosystem.
Blockchain World:
This obviously by design limits the possible allocated funds for development, which naturally ends up making the project community-driven.
Blockchain World:
On the positive side offers the guarantee of a deflationary unit of value, while at the same time offering the possibility to earn income on your investment without doing anything.
Blockchain World:
In more details…The Absorber protocol is designed to absorb and lock a portion of the circulating supply every single transaction.
Although absorption is volume-based, it is also weight-based. This means it works on a compounding curve, exponentially absorbing the number of tokens in circulation relative to Absorber’s balance which is ever-growing. Every purchase or trade of $ABS creates upwards price pressure.
In the future, there will be a DAO, and the holders of the token will be able to govern it through voting. This will achieve full decentralization according to the originally laid out plans.
Our official community Links :
Official Links:
▪️Website: https://absorber.finance/
▪️Telegram: https://t.me/AbsorberProtocol
▪️Absorber Trading : https://t.me/absorberprice
▪️Discord:
https://discord.gg/MK4s9vDGEY
▪️Twitter: https://twitter.com/DeFi_Absorber
▪️Medium: https://medium.com/@absorberprotocol
D. | Satoshi Club:
👍
D. | Satoshi Club:
Thank you for intro! are you ready to start our AMA session?
Blockchain World:
Anytime.
Blockchain World:
D. | Satoshi Club:
Let’s do it 😁
Q1 from Telegram user @sirdefi
There is no information from the Absorber Protocol team on their website. This makes anyone doubt your promise to be the savior of the sins of DeFi. How long do you plan to remain anonymous?
Blockchain World:
Good question, not for a long time, since the code itself gives more warranty and safety than personal identity, for the moment I don’t feel ready to be a public figure, since I don’t have social networks updated and all things associated with it, it might probably take a couple of months, as I’m focusing in offering what matters most, which is a bug-free code thanks to @SonGokuBg and I’m focusing with the little funds available to bring the best results for the ecosystem, you know that one cannot work 24/7 and in crypto space-time is very important, minutes = days.
D. | Satoshi Club:
Okay, you all anons for us, but do you know each other in real life? or you are anons to each other as well?
Mary | Satoshi Club:
So, we should trust code😀 it’s logical. But if I am not tech how i can check this?😀
Blockchain World:
One very good way to know it is to see the Holders list in etherscan, the Liquidity Locked for 1 year, and pay attention to the % amount of locked liquidity in uniswap vs the total ever-existing tokens – the already burnt tokens, this will show a very impressive image worthy more than knowing I’m not Charlie Lee.
Son GokuBg:
Well the project is running from long time without problems.
Mary | Satoshi Club:
Yes, it also a way😉 btw, did you make your contract audit?
Blockchain World:
I personally know Devs that work for several government entities that have checkpoints, no paid audit atm, the code is easy to read, the complex functions that would put it in danger are non-existent and unnecessary here, and the function that would allow minting of new tokens or other dangerous things cannot be found into the smart contract code.
Mary | Satoshi Club:
Got it😀 thank you!
Mary | Satoshi Club:
Ready to proceed?😀
Blockchain World:
As previously stated, all these expenses end up by the community being dumped on wondering why price keep on dropping, anyone who is willing to audit can do it and benefit the community as a whole, nowadays most people are chasing the fastest horse, i did that too and got rug pulled several times.
Blockchain World:
I’m ready
Q2 from Telegram user @Winterkom
– What is the advantage of the partnership between Ethanol and Absorber? Why did the Absorber team decide to reward the ENOL holders?
Blockchain World:
The Advantage is to reduce gas fees, the only issue of the Absorber Protocol, community complains that the gas fees are high, and indeed they are cancer for the whole ethereum ecosystem, and since the Absorber Design is such to reward into the smart contract code, the transaction cost generally more than average projects, which on the positive side gives the incentive to hold, and not scalp,
So by being associated with Ethanol some of the gas fees can be redeemed, for more information you can check them out anytime.
Mary | Satoshi Club:
Do you have numbers?) How many fees already have been redeemed?
Blockchain World:
Since Sharing is caring, usually the ones who have less are the ones who give more, through the partnership, in order to benefit ethanol community as well, we considered it was the right thing to do (don’t to other what you wouldn’t like them to do to yourself)
Blockchain World:
Since it works on an individual wallet, we haven’t built a method to compute it yet.
Mary | Satoshi Club:
Oh, i see😀
Mary | Satoshi Club:
Can you show us on a simple example how this works?
Blockchain World:
Bear in mind that we are under 500k mcap, and no inflationary ever, as i said several times without desire to repeat myself, the funds are tiny, and we are working, on a slower pace, but working to keep building, take into consideration that because the presalers were rushing (as usually happen with the so called investors who want 10x in a day) they forced us to close presale early and not much eth was raised, basically, we are just like 25% above presale price atm, but the floor price have increased massively since then.
Mary | Satoshi Club:
Really? Did you close earlier? How much was raised?😀
Blockchain World:
This is the link to register your wallet to be eligible
https://ethanoltoken.com/app2/register.php?ref=0xB74C715AcA985298B8cED39d7455159367fE7203
After your registered, you need to buy at least 0.1 Ethanol tokens, and keep it in your wallet.
After that just simply buy ABS and you will be airdropped back the fees.
Blockchain World:
349 ETH
https://absorberprotocol.medium.com/ace-absorber-creation-event-9c65bf2b12d0
Mary | Satoshi Club:
Fees will be airdropped back in ETH or ABS?
Mary | Satoshi Club:
🚀🚀🚀
Blockchain World:
The Ethanol Protocol is in charge of that, ABS cant be airdropped since never can be printed more, actually with each sale occurring some portion of ABS gets burned forever, ever-decreasing the total amount of ABS in circulation, while rewarding all token holder proportionally to their holdings.
Mary | Satoshi Club:
Thanks! 👍
Mary | Satoshi Club:
Ready to proceed?😀
Blockchain World:
Of course.
Q3 from Telegram user @AmirJosh
The Absorber Protocol automatically manages the claiming process on farming and liquidity providers so participants will pay no gas fees to receive rewards. How will this be possible when Absorber token $ABS is based on Ethereum?
Blockchain World:
It’s a unique concept I know, we actually got copied by several projects, but it’s all hard wired into the smartcontract, that’s the reason why with each buy, the gas fees are higher than average, but not something outrageous unless theres 300 to 600 gwei gas price.
Blockchain World:
Bear in mind, it’s 100% working product, it’s not something in the future, “will be” doesn’t apply here, no empty promises, everything I say it’s in the now, not in the future.
Blockchain World:
For example gas costs now is this.
🚥Ethereum Gas Prices
🛴 Safe Low: 35 Gwei < 30mins
🚗 Normal: 41 GWei <5 min
🏍 Fast: 48 GWei <1 min
🏎 Fastest: 56 GWei 1-2 Blocks
Earn Interest on your Crypto🔥
Mary | Satoshi Club:
Oh, it’s pretty low now😂
Blockchain World:
It costs around 23 USD worth of eth to buy any amount of ABS, when you sell, a 2% of it gets added back to liquidity and locked for 1 year, automatically, all in the smart contract.
Blockchain World:
In a few words, it’s a smart mixture between CORE + RFI, with simpler and cleaner code.
Blockchain World:
That’s how the floor price increases everytime a sell occurs.
Mary | Satoshi Club:
Understand 😄 but look, if in the future problems with gas will be resolved what will happen to $ABS? Will we still need it?
Blockchain World:
That means even if all the tokens holder would sell ABS and 99% of ABS be in uniswap, there would still be lots of ETH in liquidity and price would never drop to 0, add that to the above fscts that it’s not inflationary.
Blockchain World:
ABS doesn’t fix gass issues, ABS its passive staking rewards, one of the safest there is in the crypto space, for all the reasons mentioned.
Blockchain World:
It is indeed a new concept and it requires some DYOR, in order to understand the massive benefits of it, we are looking to migrate to l2 eventually.
Blockchain World:
Where obviously gas costs will be close to nothing.
Mary | Satoshi Club:
Everything seems complex😉
D. | Satoshi Club:
In the future you see that other project somehow can integrate your protocol? is it possible?
Mary | Satoshi Club:
👍
Blockchain World:
Well, because I’m explaining technical details, but tale as example yield farming.
Blockchain World:
In yield farming you need to stake, unstable, claim, all these actions costs gas, besides that the token is locked for certain period of time… Correct?
Mary | Satoshi Club:
Yes)
Mary | Satoshi Club:
I did it and i can confirm 😂
Blockchain World:
In ABS you do yield farming without any of that, without staking costs, without claiming costs, without unstacking costs, without locking time, all is done in real-time automatically in your wallet you can hold ABS in your ledger and increase your amount every day.
Mary | Satoshi Club:
It’s really easy 😉
Blockchain World:
All that with the actual price of a presale, but unless it jumps 10x people is affraid to investigate, to buy, because people generally are a bunch of famous, without offense.
Mary | Satoshi Club:
And what about this?😄
Blockchain World:
Who is smart enough will find sincerity in my words and something else.
Mary | Satoshi Club:
😄
Blockchain World:
It is, actually very simple, since it’s not a working product yet we wouldn’t like to make empty promises like most projects but we are looking to give real world utility to the token beside association with other projects.
D. | Satoshi Club:
Understood👌 thank you for answer! ready for the next question?
Blockchain World:
Anytime.
Q4 from Telegram user @antoni_azx
The deflating circulating supply based on Absorber Core’s gravity. I’ve been thinking a lot about it and couldn’t totally understand that about your tokenomics, how do you explain it to the not so experts?
Blockchain World:
Core gravity is the burn wallet that holds a certain % of the MAX ABS SUPPLY.
Lets say if the actual (weight) size of the burn wallet it’s 20% the ratio of burning is higher compared with 15%
So when let’s say days ago when the burn wallet had 15% of the total supply burned, for each sale, the burn was smaller compared with now, It an acceleration process based on how many tokens are burnt now, other people call it compounding.
I want to make sure you understand, if you dont please let me know
Mary | Satoshi Club, [16.01.21 14:09]
I think I almost understand, but I am that kind of person, who needs to make everything by own hands to understand fully 😂
Blockchain World:
You’re welcome anytime, all of you are.
D. | Satoshi Club:
@antoni_azx do you understand this? let me know in PM 😉😄
Mary | Satoshi Club:
So, let’s go to the next question) if Antoni will reply we can go back to this😉
D. | Satoshi Club:
😄
D. | Satoshi Club:
Thank you for explanation 🤝
Q5 from Telegram user @KathDM
By having $ABS, we also have the ability to participate in governance, allowing us to decide how the protocol functions and what its direction should be. What percentage of Absorber Protocol belongs to the community? Is it Absorber Protocol 100% community owned? In case the developers and the team behind Absorber protocol do not agree with a decision made by the community, what would you do?
D. | Satoshi Club:
@antoni_azx
Blockchain World:
There are 28k tokens to be unlocked in around 78 days that we wish to be designated for the DAO, the community consensus decides the path, but in the case of a whale attack, we will protect it with identity consensus rather than token volume vote as usually happens in most projects, only if the cases were to occur, if not, and its the community will to drive the project certain way, we will respect that no matter what.
Blockchain World:
Awesome, glad to know that.
Mary | Satoshi Club:
How voting will happen?
Blockchain World:
Through a Decentralized Autonomous Organization (DAO) that is to be built in the near future, we are looking for the perfect way to do it and learning from the failures of other projects, also thinking of the potential flaws as mentioned above.
Mary | Satoshi Club:
That’s clear👍 do you have any timeframes when it will be implemented?
Blockchain World:
Probably around 90 days, to work around the same pace as the tokens unlock time, but it also depends on the community, what would be the incentive for us to do everything with the community doing nothing? We are focusing on bringing together a community of smart good willing people, to make something of great value, as SNX started back in the day, and now are in the top 20
I can say I’m very thankful that we have great community members volutarying, understanding the depths of the projects that joined the community decision-making board, which any of you can join as well, which obviously eventually will receive benefits as well for their hard work.
Mary | Satoshi Club:
Yes, I remember haven😂
Mary | Satoshi Club:
So, let’s wait for what will happen next to Absorber Protocol 👍 we will follow your news!
Mary | Satoshi Club:
Ready for the 6th and last question from this part?
Blockchain World:
Of course.
Q6 from Telegram user @yellowchamp
According to your website, Absorber welcomes whale orders in either direction because it will always have an ever-increasing, sustainable minimum market cap (SMMC). So do you think it will not affect the price of the $ABS in an exchange? Do you think big investors will not take advantage of this strategy of yours? Do you also consider small investors in your platform? What if these whale orders will sell their orders at the same time especially when price is high and it will suddenly dump the price after whale orders selling, what steps or solution are you preparing to face this in the future?
Blockchain World:
I guess no other project does better than us on that since at buying and selling there’s a fee (the fee that is the building block of the automatic yield farming mechanism of the Absorber Protocol) as mentioned above, there is a % of eth and abs that get added back to liquidity once every sell occurs, that’s how the price floor increases, meaning that there will always be worth more the token than before that whale having bought:
Scenario 1: the price is 1 USD and a whale or a couple of whales buy and pump price goes whatever price, let’s say 2.5 USD
When they buy, a certain percentage of their holding gets distributed among all the token holders automatically through the smart contract.
When they sell what they bought, they add back liquidity, so the end price will not be any more than 1 USD, rather be higher than 1 USD, from 1.01 to whatever, based on the metrics of how much they buy obviously.
Mary | Satoshi Club:
Haha, this is a real surprise for some manipulators😂😂😂
Blockchain World:
Scenario 2, a whale buy, then somebody else buys, then whale sells, happens the same as above, the only thing is that the one who is left buying above the whale his entry was not good, we cant do nothing there, he still gets rewards from the sell of the whale but his entry price is higher.
D. | Satoshi Club:
Nicely done, cool mechanism👍
Blockchain World:
At the end of the day, this is trading, theres no other better existent mathematical mechanism in the world, not even in the stock market.
Blockchain World:
If there is, please let me know, I’m serious.
Mary | Satoshi Club:
Sure, we will👍
Part 2 — live questions from the Telegram community
Q1 from Telegram user @stargateeatlantis
I want to try your project but what is the minimum tokens limit?
Blockchain World:
No minimum limit, maybe because of the gas it won’t be feasible to buy 1 ABS since the transaction fee is around 20 USD.
Q2 from Telegram user @alptrader
How generating passive income system works can you explain?
Blockchain World:
I explained above I will go there and tag you.
Q3 from Telegram user @KevSalom
🔥 Claim fees are one of the most annoying headaches when we invest in DeFi. You promise zero claim fees, that’s awesome! Please explain to us how you really do this, I want to finish convincing myself that it’s real.
Blockchain World:
That happens because of the smart contract code, you can just try to buy some keep it in your wallet, and see its value increasing automatically, no time-locked, no need to spend anything else on gas unless you sell, it works flawlessly since inception, you can check the code anytime.
Q4 from Telegram user @adamlike
Can I buy Absorber token, through which payment system?
Blockchain World:
Absorber can be bought only through Uniswap atm, since the Liquidity is added there, and because of the mechanism it’s not much incentive to be listed on centralized exchanges unless there’s an agreement of the exchanges to respect real-time rewards for their users based on the protocol criteria.
Q5 from Telegram user @dumpspump
Did you build Absorber project from scratch or is this project a fork?
Blockchain World:
It’s a mixture of CORE + RFI with simplified code, cleaned and lighter, I guess there’s no scratch code anymore in crypto.
Q6 from Telegram user @Chinthaka93
You have mentioned that “The protocol is designed to absorb and lock a portion of the circulating supply every single transaction”. Could you please explain how are you going to lock a portion of the circulating supply?
Blockchain World:
This is done automatically by the code, no human interaction on that, ETH, and ABS have added back to liquidity automatically in Uniswap.
Q7 from Telegram user @KhaleesiTheCryptoLady
🔥What can you say to the victims of rug pulls particularly in Uniswap? How can we assure that you won’t be one of those rug pulls?
Blockchain World:
Look at the code, look at the token holders, at the whales, there’s no possible way, not even remotely, that this project can rug, all its design is against rug and against high-risk trading, its a slow growth token, the sky is the limit, and the floor is always higher.
Q8 from Telegram user @Ayh406
Very new projects are starting well and being abandoned. How will you be able to maintain your position in the market?
Blockchain World:
Through actions like these, we need quality community, not apes who invest and chase 1 day moons, people who want to be here long term and make a living out of this while teaching the whole world the benefits of this unique concept, many people are without a job and without an income, they end trapped in scams losing all their savings, we want to help them, we want a better world, and that’s why we coded this.
Q9 from Telegram user @btcltcrich
Many of the Core $ABS benefits, such as:
✅ No Contract Interaction
✅ No Claim Fees. Period.
✅ Deflationary
✅ Passive Yield Farming
✅ Self-Sustaining
✅ Democratic & Modifiable
✅ Contract-Owned Liquidity
Of all these benefits, aren’t there any benefits to income $ABS revenue? Examples such as staking programs.
Blockchain World:
All these are benefits to income ABS revenue, they are an automatic staking program, just buy, send to your ledger, and see it growing, nothing else.
Q10 from Telegram user @ronaldo_super
🔥 Can you list 3 good stuff your system has?
Blockchain World:
Gasless rewards, ever-increasing floor price, deflationary token.
Part 3 – Quiz Results
In the final part, we tested your knowledge in terms of Absorber Protocol. They’ve prepared 4 questions for this part. The total reward pool for quiz was 600$.
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