Educational task of Satoshi Club drives us to acquaint you with all new projects. We were delighted to welcome our guest from SparkleSwap. The AMA took place on January 8, 2021 and our guest was @JonahGlasgow.
The total reward pool 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 questions from the Telegram&Bitcointalk community
Маry Satoshi CLUB: Hello Satoshi Club! We are happy to announce our AMA session with Coralfarm! Welcome to Satoshi Club😀
Gold Rocket | Satoshi Club: Hello, dear community! Today our guests are @CHRIS_Modz @CT_971 @CRLSwappr!
CRLSwappr: Hello everyone 🙂
Маry Satoshi CLUB: Hello, guys! Happy to see you here! How’s going?😀
Gold Rocket | Satoshi Club: Hello and welcome to Satoshi Club👋
Durrrr (Timal) 🎯: Doing well, thanks for welcoming us 🙏
CRLSwappr: Great, the DEX has its liquidity bootraping pretty well, we are happy about it 🙂
Thank you for the greetings 🙂
Маry Satoshi CLUB: Let’s start our coral AMA🚀
Gold Rocket | Satoshi Club: We are very glad to conducting AMA with Coralfarm!🙌
Маry Satoshi CLUB: Congratulations 👏 Let’s start with introduction 😀 Could you please introduce yourself and tell us more about Coralfarm?😀
Gold Rocket | Satoshi Club: Guys, also tell us a bit about yourself, please, and how you got into crypto and Coralfarm.
CRLSwappr: I’m CRLSwappr, I spend a lot of my time (6years) as a developer in the crypto ecosystem and decided to help building a ecosystem that allows to offer high yield while offseting ecological cost on usages.
Маry Satoshi CLUB: Wow, solid experience 👍
Durrrr (Timal) 🎯: I’m involved in crypto since 2017 and wanted to take part in a Defi project with a real positive impact. I’m handling the marketing aspects of the Coral Dex project. But the biggest part of the job is made by our based dev CRL swappr 😅 as I’m not a code guy
Маry Satoshi CLUB: Did you recognize DeFi potential from the beginning?😀
Durrrr (Timal) 🎯: Yes I’m deep into Defi since last summer and saw the potential of the BSC pretty early regarding the fees for the new entrants
Gold Rocket | Satoshi Club: Friends, you went a good way before you got to Coral👍
CRLSwappr: CoralFarm is all about that entanglement between Defi World and Real World.
Allowing user to have an eco-responsible gateway to DeFi that gives them ways to trade, farm, stake, compounds their earnings in a responsible way.
User & NGOs are at the center of all that, profit are shared between CRL holders and NGO on all the aspects we build (farm, dex, vaults…)
Маry Satoshi CLUB: Great concept 👌
Gold Rocket | Satoshi Club: this is very far-sighted of you! And what can we expect from Coralfarm? What are you planning goals and objectives for yourself?
Durrrr (Timal) 🎯: well the crypto space is evolving very quickly so you always have to stay humble and keep learning. But DeFi is really a big turning point imo
CRLSwappr: In a month, we have continuously delivered, we created the farms, opened some partnership, donated to various NGOs, built various features from community feedback and launched our DEX.
The same pace is expected from us, with the transition from PancakeSwap LP to CRL DEX LP for the farms.
A major interface overhaul is ongoing, as we expend, we want to professionnalise our perception from users as we are not just for farmers, but a solution for better swaps too (lower fees for user).
Automated strategies (vaults) are one of the other big topic we are on this month.
Then a lot will follow thought Q2 and Q3 around our NGO Platform, the implementation of governance and global gamification & NFT programs.
Main goal is to close the year with our yield app ready, an app really easy to use for all users outside of Defi to be able to automate their yielding.
Маry Satoshi CLUB: Great plans! Sure you will reach your goals 😀
Durrrr (Timal) 🎯: The goal is also to have an impact in the charity space in general, to allow NGOs to understand the crypto donations are a real chance today and that many people are looking for a way to fund NGOs without having to convert their cryptos to Fiat. But even in 2021 there is still a lot of educationnal work to do to achieve this goal
Маry Satoshi CLUB: Awesome 👍
Gold Rocket | Satoshi Club: You have a great mission! Thank you very much for sharing this! 👍
Маry Satoshi CLUB: Thank you for your intro, guys! Ready to go to the questions from our community?
Gold Rocket | Satoshi Club: It was a great intro! Ready to jump into community questions? Or do you want to add something? 😃
Durrrr (Timal) 🎯: ready to go ^^
CRLSwappr: We are ready to answer all the questions you guys have for us 😄
Q1 from Telegram user @Winner_don
Apart from making CRL a deflationary token that can be considered as securities, do you have any other reasons why you created this token/Project? What are the real life challenges this project is capable of solving? The real world impacts?
CRLSwappr: Well, as a farm, I can understand this view, but CRL stays a utility token.
The challenge being the utility to not only be offered on the users but also on the real world, the idea is basically this, we use the technologies from DeFi and try to shape it in order for them to be better rewarding for the user and using a portion of the fees perceived to fund NGOs, this is what was done initially, with a main goal to be a place where NGO can just be members of the CRL ecosystem, emit to the governance a funding subscribtion, and automation of funding being then done.
The challenge the project tries to solve is on how we offer a way to yield via DeFi to person that are outside of Defi, this goes to simple user experience usage, and on how to bridge the gap between DeFi world and NGO World, which is done via the developement of the charity platform.
Gold Rocket | Satoshi Club: How do you add value to your ecosystem?
Durrrr (Timal) 🎯: We’re already having real world impacts, even just after a month of activity by funding NGOs with good reputation and who are doing real actions for the environment like plastics waste removals etc
Маry Satoshi CLUB: Fantastic 👍
Gold Rocket | Satoshi Club: I am very impressed that you are green!👏👏👏
Маry Satoshi CLUB: You have an interesting system! Whose idea was it to create it? Is it teamwork after all?
Durrrr (Timal) 🎯: Yes it was a team brainstorming which ended with this idea to use yield farming to funds concrete positive and ecological actions in the real world
CRLSwappr: It clearly is, not only within the team, but the community too.
CRL is not owned by a corp, but it’s a defi project, owned by its users, we are a team to insuflate a movement to the project, and as such we all works well together, but the community has been a big part of this endeavour, they shape many of the decisions
Durrrr (Timal) 🎯: Having such a positive community since the beginning is actually a blessing. Of course users in DeFi are often looking for a quick profit but we were able to infuse something else in this project and in the community vibes
Маry Satoshi CLUB: A lot of people here for a quick profit, you’re right. Thank you for your answers! Ready to proceed?😀
Durrrr (Timal) 🎯: +1
Gold Rocket | Satoshi Club: Btw also we would like to know about your team. Who is on the project team?
CRLSwappr: We are 2 devs, 1 graphical designer, 1 CMO and a CM as full time on this project. With two additionals hiring on going (React Dev and UX Designer).
We have additional ponctual helps to the team via teammembers that have less of a full time aspect to Coral but still give a lot of value via partnership, education to NGOs (which requires sometimes being on place) and higher level strategic decisions.
Gold Rocket | Satoshi Club: Thank you very much for your answers!
Маry Satoshi CLUB: Small and friendly team! 👍
Durrrr (Timal) 🎯: yes, we’re not a lot but we’re dedicated to make this a success and to grow slowly with real products and usecases
Q2 from Telegram User @cryptofollower
As I see you are collecting funds for NGOs into a charity wallet. And there are already two donations. Which currencies do you accept? Is it on your plans to add some of the revenue of coralfarm into this wallet? Also to which NGOs will you give out the money collected here?
CRLSwappr: We accept them all, but they will be converted to BUSD for better transparency. We are glad we already had users anonymously donating to the charity wallet.
In our side, the farms fees are what funds this wallet so far. As of this week, we launched our DEX which gives a new stream of revenue to this wallet.
The idea is that simple, on all revenue stream we offer to users, we take a small fee that is used to funds that charity wallet.
We try to mainly aim at Coral Reef protection NGO (due to the low media coverage they have, we think we can move the things there), but more broadly to ocean protections NGO.
Each new revenue stream = new stream for the charity wallet.
Durrrr (Timal) 🎯: Our original goal was and still is to fund NGO’s related to Coral Reef protection. But in the real world this is not that easy because cryptos still have a bad reputation and some organization are wondering about taxes issues etc. So we reached a lot of NGOs and it was not really easy to educate them about decentralized finance and cryptos donations. However next week we should be able to officially announce a first long term partnership with a Coral Reef NGOs who was very interested about finding new ways of funding and who is actually registering with The Giving Block in order to be able to share a public adress and get access to cryptos donations
Маry Satoshi CLUB: Oh, yes! I can only imagine! But they need to, i think they can find a lot of donators here
Маry Satoshi CLUB: It’s cool👏 Why you choose Coral Reef? Really? I know that there are a lot of problems with them now😀 Who loves diving, guys, confess?😀
CRLSwappr: One of the aspect we are trying to get to life, is the ability to have an implication into adopting real life Coral.
Via buying a NFT, it could give you the “ownership” of a coral, being implented by one of those NGOs, and tranfer of such NFT would also mean the transfer of the ceremonial ownership of this Coral.
I guess that would be something nice, to dive near to a Coral you actually helped to bring out in the seas 😄
Durrrr (Timal) 🎯: well we’re all nerds spending a lot of time in front of our screens but some of us loved to stay connected to the real life and spend some time on diving, surfing etc ^^
definitly and the interest of the binance smart chain is also that you allow people with a small portfolio to participate and for example send 10 or 20$, which is actually not possible on ethereum because of the fees
Маry Satoshi CLUB: Yes, it’s very good idea! I appreciate it!
Gold Rocket | Satoshi Club: Indeed👍 it’s very romantic😊
Маry Satoshi CLUB: I understand you very good😉
Gold Rocket | Satoshi Club: Thanks a lot for the answer! ready for the next question?
Durrrr (Timal) 🎯: that was a choice but we’re doing this project to fight for some ideas too, not only to be focused on profit. That’s also why our community sticked with us this whole time because we think that decentralized finance should not only be about staking, farming, and printing ^^
Gold Rocket | Satoshi Club: Caring for our planet 🌎
Маry Satoshi CLUB: Thank you for your answers, guys! Ready for the next question?😉
Durrrr (Timal) 🎯: yes and caring about educating the charity space about finding new ways of funding. For example the UNICEF is using a crypto fund since 2019 and this should be used a lot of more today. But in the reality there is still a long way to go
CRLSwappr: And that’s the thing.
Basically, you can have exchange swapping done the same way than PancakeSwap, but you could get less fee for users, better reward for LP, and extra money still available to NGO.
I mean, each swap basically smally offset the ecological cost of the swap, and it is for less fees than competition propose. It’s a small change but it create difference.
Q3 from Telegram User @AmirJosh
CoralFarm Finance will also venture on NFT market which allows adoption of coral reefs. With the launch of Coral DEX, do you have plans to also create an NFT marketplace? You started coral reef protection campaign maybe your marketplace and the NFTs to be sold there will focus on nature and donation drives?
Durrrr (Timal) 🎯: great question thanks @amirjosh
CRLSwappr: In the ideal case, we would tightly work together with a marketplace for this.
But the current state made us think that it is indeed up to us to build it.
Right now, we have it in our plans, its a good way to creating funding and the real life adoption model.
What is for sure, is that the website CoralFarm Finance will propose you to buy, sell, transfer the specific NFT that gives specific rights, outside of this, we would love to see it done, yes (basically, any user could create and sell its NFT, part of the proceed goes to NGO which in exchange yield some ceremonial right such as the adoption)
Durrrr (Timal) 🎯: We have also a lot of ideas to connect database from those NGOs to real Coral reef which are replanted into the Ocean but this will ask some real efforts from them to share those datas with us. So as you see we have a lot of long term plans
Маry Satoshi CLUB: Awesome idea! Did you already create some NFTs to show us as example?😉 Yes, that’s interesting!
CRLSwappr: Nothing from the CRL Team yet, for now the community members are the most involved on it right away, and they crafted some NFT to ETH Marketplace, but then is again the whole issue with ETH Price.
In our side, NFT is more of a summer topic (Q2/Q3), while we are still gathering artists together and NGOs, as right now, creating the first bound to them is the first step before improving the relation to make this adoption an available subject.
Durrrr (Timal) 🎯: the community already shared some creations with us but we will focus on this part not before May-June
Маry Satoshi CLUB: I like this! You have talented community!😍
Gold Rocket | Satoshi Club: That’s very beautiful! aww
Durrrr (Timal) 🎯: we’re also in touch with several well known artists from the street art and surf community who offered to do some artistic works for us
Маry Satoshi CLUB: Btw, as i know you can also create NFT on BSC
CRLSwappr: They are the best, that is for sure.
Community Teamwork is crucial in what we do, and are glad to have them onboard on this endeavour.
Durrrr (Timal) 🎯: But again for now we focused on the DEX first and giving a real utility and value to $CRL which is the case now and very involved too!! a real blessing
Gold Rocket | Satoshi Club: Does community activity affect the final product?
CRLSwappr: Clearly yes.
CRL Holders are the ones that own the project. What we are doing is building something that cannot be shut down, and will perpertuously fund NGOs, but CRL Holders are the one that controls its future.
We propose, and work with the community to ensure we all agree on the direction and the fundational layer, creating the yielding opportunities for the users, but then, its mainly the community that get to affect the final product while we are mostly proposing a direction to reach the goal.
Gold Rocket | Satoshi Club: A clear answer! thanks! ready for the next question?🚀
Durrrr (Timal) 🎯: sure go ahead
Q4 from Telegram User @Indomiekuy
i understand CoralFarm is a yield farm project, i also hear about Coral Reef Project do they have connection with CoralFarm since your project name is similar, or do they your partner ? speak of partner, can you explain about who are all of your partner ?
Durrrr (Timal) 🎯: We dont have any connection with a specific entity yet, but we’re building it as we speak right now.
Our first partner will be a US based NGOs pretty well know in the Coral reef protection space for several years now. We’re waiting for them to set everything with the Giving Block first as this will be the easiest way for them to “enter” in the crypto world, as this platform is also providing tax receipt, assistance on setting a wallet etc
Маry Satoshi CLUB: We will wait for the news about it from you!
Durrrr (Timal) 🎯: In the Defi Space we made a few partnerships like with Supra Finance and Jetfuel
Yes we prefer them to confirm it publicly first ^^
Gold Rocket | Satoshi Club: Thank you very much for sharing! 👍
Маry Satoshi CLUB: What do you expect from this partnerships?
Durrrr (Timal) 🎯: We’re looking to grow our community and of course gain more exposure for the project. More volume on our DEX is of course more funds to develop the platform and the Coral ecosystem but at the end more funds too for the NGOs and real world actions. We are still at the very beginning but we have to admit that so far not a lot of people on CT offered to help us a bit and share the project to their community. So having some partnerships with well known projects in the BSC space is still very important for us
Маry Satoshi CLUB: Great mission 🚀 thanks! Ready to jump to the next question or you want to add something?😀
CRLSwappr: Good for the next one 🙂
Q5 from Telegram user @lukacy
The Buying back and burning process is a very good way to maintain the value of the token. In the case of high demand, do you have a mechanism for balancing the process? I noticed you do more of burning than buying back. Will this improve the tokens value better? How?
CRLSwappr: We did bought a lot from the market, and as we continue to get additional fees, we will follow the distribution (part for buyback, rest for NGO).
The fees did stall at a specific level, so it temporarily have halted the process.
Now with the DEX, we also follow the same principle where fees are used to buyback on the market and part goes to NGO.
We also expect the migration from PancakeLP to CRL LP to add new fee giving a huge boost to those buybacks.
Mostly, a fixed number of CRL on which continuous fees helps to buyback and remove (burn) those CRL from the market looks to me like a good incentivisation program.
In case of high demand, a liquidity crisis might happen, market will then adjust to the new prices.
Gold Rocket | Satoshi Club: Sounds good👍 by the way, please share your tokenomics with us
CRLSwappr: We have fixed a maximum of 830 000 CRL, on which half is already in circulation and 43 000 burned (so a maximum of 787 000 CRL so far, will be reduced even more with next burns & buybacks).
Main stream of revenue are with the farms, that allow you to get your LP yielding CRL.
Those CRL is intended to entitle you for the DEX Profit-Sharing aspect.
Holding CRL is getting yourself exposed to the profit on the DEX.
Two stream both have the same system, part is reward for the users, small fee is used for the NGO, and buyback program.
Emission is decreasing, mainly -20% emission every 2 weeks.
It is expected that at some point, buyback from DEX will exceed emited CRL (that’s when CRL goes in a deflationnary model from its inflationist one)
Маry Satoshi CLUB: Do you have min supply? After which you won’t do any burns?
CRLSwappr: No minimum supply were discussed nor planned – I expect there won’t be any. Fees will continuously remove CRL from supply (part burn, so will get it down, part redistributed to holders so holders continues to get new CRL in net amount)
Gold Rocket | Satoshi Club: Thanks for the answers! Are you ready for the final question of this part?😉
CRLSwappr: Please 🙂
Q6 from Telegram user @senewe10
You said that Aggregators prefer to choose Coral Exchange because the costs are lower. Sounds good! But do they really make that statement? If so, where can we find them?
CRLSwappr: Aggregators are automated system, they don’t make “statement” really.
It’s a number game, they will give you the better output for any inputs. We crafted our own numbers to be prioritized on the selection being done.
Our job is to get the integration with them (what this week was mainly about for us, graphql and API for coingecko, cmc and aggregators).
When the integration is done, their own system will just get you the best price.
The DEX, while in its beta and low liquidity stage, already offer better price on some pairs than Pancake (you get more of what you want for the same amount).
As fees are lower in percentage, the bigger the exchange value you want to do, the bigger the money saved is, and therefore, the bigger the output will be.
That’s how we plan to get aggregators choosing Coral Exchange, we will just give more to the users than concurence.
Маry Satoshi CLUB: In general your dex is very similar to Pancake, right?
CRLSwappr: Uniswap, Pancake, it’s the same technical simple solution called AMM.
We just craft it in a way that is better for the LP provider that got more fee for its liquidity, better for the users (that pays less fee), and better for the ecological cost of the swap (as fee are given to NGOs).
But the same technological solution behind.
Our goal is to improve on what exist, shape the usage, open it to more broad audience (out of only the DeFi space).
Маry Satoshi CLUB: Got it! And my last question 😀 is your dex safe? Do you have audit?
CRLSwappr: Millenials will be the largest cohort, with the most amount of money ever managed by a demographic cohort.
Our goal is to help them in what they want (yield), and help them in what they think (we should do a small thing to the earth when able to).
That’s the demographic we are aiming at (it will require a lot of change and UX improvement on existing tech solution)
CRLSwappr: Multiple prior audit, already battle tested with millions, in our case, we have a lower liquidity pools that works as honeypot (therefore the Beta State) while we are conducting additional audits.
Its deemed safe by the differents auditors, but we never lack too many eyes so we works tighly with security expert as we go along.
Маry Satoshi CLUB: Yes, i think you have very well defined your audience!
Gold Rocket | Satoshi Club: you managed to combine technology with ecology! and this is very impressive! 🚀
Part 2 — live questions from the Telegram community
Q1 from Telegram User @cindy_crypto
As I understand you are 5 people who are building this project. Do you hire new teammates?
Durrrr (Timal) 🎯: we dont intend to hire new teammates for now but we have a group a volunteers with active members who want to bring more value to the project on a regular basis
Q2 from Telegram User @cryptofollower
What will happen to the PancakeSwap liquidity after you move Pancake LP to CRL LP?
CRLSwappr: The transition phase from Pancake LP to CRL LP requires to be fair to both farmers, so while Pancake LP reward will gradually slow down during the transition period, the CRL LP reward will go up (as people do the transition, the APY will change and we will adjust to get the CRL LP more rewarding than the Pancake LP, this can take as much as 30 days as our goal is that not one got wrong farming with us – even if arriving late into a Pancake pools).
Q3 from Telegram User @topind7
In what way will your recent partnership with jet fuel finance benefits your project and your users?
Durrrr (Timal) 🎯: this allow us to get more exposure and also to gain in lelegitimacy within the BSC space which is very important for the long term image of the project.
Q4 from Telegram User @alptrader
You said CoralFarm is an entanglement between Defi and Real World. Which entanglement do you solve for users?
CRLSwappr: Real user wants yield, especially millennials, they do not all care about it the specificities and technicities, they just want to see “number goes up”, they are real world.
DeFi can offer the yield (Profit-Sharing on the DEX) they are looking for, that’s where uniting both world is important.
Out of that, we want to have the Coral Reefs and the sea protection NGOs in the loops, they are the real world too, and we seems to be one of the first project to try to bridge all of those together.
Q5 from Telegram User @Brainchest
@CT_971
This is a very important question, by answering it you can convince many people of your honest intentions.
For Donating to Ocean Defenders and other NPOs, you must provide your name, last name, and your full zip code address.
How will you an anonymous project be able to transfer funds? Or you will have to reveal who you are and info can easily be stolen and many will know who YOU are.
Durrrr (Timal) 🎯: Actually this is not true and this is the magic of DeFi and cryptos. You can actually give to a lot of NGOs by using The Giving Block platform AND you can choose to make this donation as an anonymous donator.
That’s how we already managed to give 1500$ to Ocean Defenders (actually 1 ETH is more than that right now) and the same amount to Surfrider Foundation
Q6 from Telegram User @azrayeni
You claimed that you can provide better swaps for users with lower fees. How can you do that and what will be the fees?
CRLSwappr: CRLSwappr: Taking PancakeSwap as an exemple :
On PCS, user pays 0.2% fees, CRL cost 0.196% (on transaction value, the bigger the transaction, the better the fee will be in net amount)
On PCS, LP earn 0.17%, while on CRL, LP earn 0.171%.
On the difference from 0.2% and 0.17%, Pancake keep the change to the treasury, we use that amount to redistribute it to CRL Holders and NGO.
That’s how we can both be one of the cheapest place to trade, and the most rewarding at the same time, we also reward more party (not only LP, but CRL Holders and NGOs)
Q7 from Telegram User @atillayeni
As CRL token is a utility token, when will you launch the governance token and will you create another token for it?
CRLSwappr: The CRL Token will be the governance token. So no new token created for that, we we don’t see the need for it.
The same token should grant you rights and earnings, that’s just the better way to give utility to CRL and value to CRL holders.
Q8 from Telegram User @centoscu
How will you give the ownership of a coral when buying out a NFT?
Durrrr (Timal) 🎯: That’s an interesting point but basically we will work on a system that will allow us to link the NFTs to a specific Coral reef or area based on the datas NGOs would be able to share with us.
This would be a very innovative functionnality in the NFT world so we still have a lot of work to do to make this possible
Q9 from Telegram User @SPAZEEEE
Is your project easy to understand for new users? and does your project have a manual for users.?
CRLSwappr: The easy to understand part, is what the yielding app will be about.
We are not here yet, this is the end-year endeavour, but basically, the idea is not to educate that much (those looking for a documentation will find one), but instead to get the options hidden.
In all, you want an App, that has limited amount of options, you want to stake and to unstake, and everything in the middle is done for you (yielding strategy selection, autocompounding etc… ).
So while it is the main goal to be easy to understand for new users, this stays a topic that is on working, and for now, we are pretty much using the same techs than the one DeFi users are used to, so we get any DeFi user an easy to use platform and expend toward more easy friendly interface along the project evolution.
Q10 from Telegram User @Crsare_Muntaha
What makes investors, customers and users feel safe when working with Coralfarm project?
And how will you get the trust of users?
Durrrr (Timal) 🎯: Well we consistantly delivered for more than a month now, we provided the initial liquidity during a fair launch without any presale nor tokens for the team.
We also made regular donations and will do more in the upcoming weeks. Everyone can verify that part on the blockchain and we think all those details make our community comfy to use the platform and help us to grow on a mid/long term basis
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of Coralfarm. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
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