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 interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club:
Hello, Satoshi Club! We are happy to announce our AMA session with DeFiat! @quantsoldier @GramCustodian @stupid_defiat welcome to Satoshi Club😀
QuantSoldier:
Hey guys! DFT is ready to go, excited to do this AMA with you guys!
Mary | Satoshi Club:
You are welcome 😃
stupid [ DeFiat ]:
Hey guys
Gold Rocket | Satoshi Club:
Hi everyone, welcome to another episode of our AMA series
Our AMA today is with DeFiat
Gold Rocket | Satoshi Club:
@quantsoldier @GramCustodian @stupid_defiat
hi there!
Mary | Satoshi Club:
Hi, happy to see you here)
Gold Rocket | Satoshi Club:
Welcome guys and thanks for joining us.
Gram Custodian:
Hi everyone thanks for having us!
Mary | Satoshi Club:
So, if you all are here with us could you please introduce yourself and tell how did you start with DeFiat project?)
stupid [ DeFiat ]:
Let’s start with our new recruit: @GramCustodian ?
Mary | Satoshi Club: Let’s start😃
QuantSoldier: 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.
Gram Custodian: 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
Mary | Satoshi Club:
Yes, this space definitely needs ‘good guys’)))
stupid [ DeFiat ]:
I am “stupid” (yes…) 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
Mary | Satoshi Club:
Team grows)))
QuantSoldier:
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.
Mary | Satoshi Club:
“Stupid” and dev, it’s not possible 😂
Gram Custodian:
many hands make (lighter) work 😉
stupid [ DeFiat ]:
I’ll get into the details of why 2ND is unique “as a farming coin” later in the convo.
(trust me @madamlobster … it’s possible… when you see the code of these rugpulls sometimes… you wonder)
Mary | Satoshi Club:
Agriculture?😉
Mary | Satoshi Club:
I need to start learn this😂 but yes, may be you are right) i see a lot of mmm… liers in crypto and not all of them were clever)
Mary | Satoshi Club:
Thank you, guys, for your intros👍 i think we can start with questions from our Satoshiclubbers) Ready😃?
stupid [ DeFiat ]:
Yes
QuantSoldier:
yeah lets do it!
Gram Custodian:
ready!
Q1 from Telegram User @Tommyramble
You’ve recently 2ND chance project. Could you share how many people are using it?
stupid [ DeFiat ]
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
Mary | Satoshi Club
Ok, great)
Not bad numbers)
stupid [ DeFiat ]
The more rugged tokens we will add, the more users will be able to participate.
We have a growing list of tokens to add… and maybe … will announce the next cohort today during the AMA 😉
Mary | Satoshi Club
Can you share which rugged tokens i can change now?
Gram Custodian
right now we have 12 tokens, but we are already doing the due diligence for new ones, these will be added very soon…
stupid [ DeFiat ]
quite good numbers.
And you don’t need rugged coins to participate.
Buying and farming 2ND is as good as it gets now
QuantSoldier
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.
Mary | Satoshi Club
If I don’t know the CORE mechanism) can you explain, please)
Gold Rocket | Satoshi Club
Thanks for sharing.
QuantSoldier
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)
stupid [ DeFiat ]
(NUGS was removed as we saw people minting it)
Gram Custodian
CYCL was a big one this past week so we decided it would be fun to add that one at the last minute!
Mary | Satoshi Club
Yes, that’s fun) more people will come because I think a lot of them could already forget about their tokens.
stupid [ DeFiat ]
One of the unique features of 2ND is its DYNAMIC trading fee
Gold Rocket | Satoshi Club
Do you want to add something or we can proceed?
stupid [ DeFiat ]
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
2ND “counts” the volume of each TX and adapts the fee accordingly, every 20 transactions.
So if the volumes drop, the fees rise, making sure that the APY for markers remains solid
Mary | Satoshi Club
Yes, it’s a good mechanism) I see more and more projects using something like this)
Gold Rocket | Satoshi Club
It really matters
stupid [ DeFiat ]
Yes. Farming is about getting traction. Traction comes from rewards.
We did not want to fall into a vicious circle
stupid [ DeFiat ]
2ND has even more innovative features… we’ll get to these later on the swaps, right?
Gold Rocket | Satoshi Club
Sure!
Gram Custodian
One of the reasons I was brought on board was to really expand the awareness of DeFiat and the 2nd. this space has such a short attention span, so while our story and what we offer is compelling it’s all about focusing on how our products offer long term value to our community
Mary | Satoshi Club
Yes) I think we can jump to the next question and discuss more there)
stupid [ DeFiat ]
Let’s go
Q2 from Telegram @occupyingmars
Farming my scam and rugged tokens 😀 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
Mary | Satoshi Club
For example, if I have HERO tokens, what should I do)
Gold Rocket | Satoshi Club
Provocative question😉
QuantSoldier
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.
stupid [ DeFiat ]
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… and sometimes come with insane ideas -> This idea was a hallmark of genius
Gram Custodian
These guys really are best in class in what they do from a dev and front-end standpoint.
Mary | Satoshi Club
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?)
Gram Custodian
It’s a challenge sometimes to do things a bit differently. You see projects that go full hype for their raise and launch and then… 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
stupid [ DeFiat ]
@GramCustodian Explain to her how to recycle her HERO tokens 😊
stupid [ DeFiat ]
It’s literally 3 steps
Gram Custodian
first you go to the second chance dashboard at defiat.net
Mary | Satoshi Club
😃 yes)
Gram Custodian
connect your web3 wallet, metamask etc. and you will have the ability to swap your rugged HERO token for 2nd
Mary | Satoshi Club
Easy)
Gram Custodian
2nd tokens are swapped at a ratio proportional to the overall supply that you own of the rugged token
AND…
there is a great boost feature to reward DFT holders
whereby you can earn a “boost” of up to 200% (3x) 2nd
there is also this unique mechanism in the code that will prevent whaling into 2nd
Mary | Satoshi Club
If i hold DFT, right?)
Gram Custodian
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
Gold Rocket | Satoshi Club
Btw, what meaning do you put into this name DeFiat?
stupid [ DeFiat ]
I’ll get into what happens under the hood when you swap on the dashboard: https://defiat.net/dashboard/secondchance
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.
The small FEE is sent to Uniswap, pumping a bit the ETH reserves on the token pair (hence price goes up)
The BURN is a 0.1% of the Uniswap supply burn, reducing the token supply, hence pumping the price too.
The burn is special, as it’s a % of the supply.
So let’s say people start to dump 2ND -> reserves of 2ND on the Uniswap contract increase… and the burn becomes more potent.
At one moment, the Burn will overcompensate the issuance of 2ND and the token will switch to a deflationary mode!!!
stupid [ DeFiat ]
Because we already have a great community. DFT price held very well during the DeFi winter, staying in the $2 range (yes… it jumped to $20 in the early days).
So we have a good project, legit, and cool products to add to it that will give value not only to 2ND… but to DFT.
@quantsoldier : tell us about our “name”
QuantSoldier
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.
Mary | Satoshi Club
Btw, what that first 100 users did with their 2nd tokens?) Did they sell?
Gram Custodian
marketing guy….just going to drop this nugget here. 2nd mcap is around $100k atm 🙂
Gold Rocket | Satoshi Club
It really was not an easy year. thanks for the answer👍
Mary | Satoshi Club
👍 incredible)
stupid [ DeFiat ]
Hard to say. Some sold, smarter ones farmed… others held
QuantSoldier
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 😉
Gold Rocket | Satoshi Club
I am sure that you are the best in your direction
stupid [ DeFiat ]
Yeah, $100k mcap… 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
stupid [ DeFiat ]
We have seen people BUYING these coins now to benefit from the swap and the farming APYs
Mary | Satoshi Club
Wow, nice pump))) guys, i need to check my wallet for that rugged tokens😂
Gold Rocket | Satoshi Club
I have a whole graveyard of rugged coins 😁
QuantSoldier
We just got some news about KORE, maybe we should add that one? @stupid @GramCustodian
Mary | Satoshi Club
But i will do this after AMA) hope, you will have x2 in mcap in the next days)
Oops
stupid [ DeFiat ]
Should we add this to the LIST ??!
Mary | Satoshi Club
Of course, you are a good guys, so, definitely YES👍
Gram Custodian
I mean Mary says yes so…
stupid [ DeFiat ]
Apparently KORE had a “rug function” loophole and activated it.
These rugs are a plague…
So breaking news -> among a list that @GramCustodian will share later… we’ll add KORE today !!
Gram Custodian
yes. we have a surprise for you all to share before we wrap up
Mary | Satoshi Club
That’s great👍 Sure, it will help a lot of users👍🚀
stupid [ DeFiat ]
“Make DeFi Great Again” right ? 😂
Mary | Satoshi Club
That was fast🚀
Gold Rocket | Satoshi Club
thanks for sharing!
Mary | Satoshi Club
Yes😂
Mary | Satoshi Club
So, guys, ready to move to the third question?)
Gram Custodian
let’s do it!
QuantSoldier
Yeah, let’s hear it!
Q3 from Telegram user @rosemarypratt
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?
stupid [ DeFiat ]
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… and we cannot remove it!
Gram Custodian
like a jimmy john’s commercial. freaky fast
Mary | Satoshi Club
I know, that it’s my common question🤦, but what about your smart contracts audit? Did you have it?)
QuantSoldier
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.
Mary | Satoshi Club
I even can’t imagine how many users were affected by this rugg, this KORE was overshilled everywhere 😳
stupid [ DeFiat ]
Audits…
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.
We had Defiat farms audited. It helped a bit.
2ND code is a spin-off of our Farms and some external (already audited) code.
We spent weeks TESTING the contract and we believe that these heavy beta testing phases are worth any audit.
stupid [ DeFiat ]
It’s like LIQ… I love the guys, but if you are a solidity dev and cannot LOCK your tokens or liquidity by design… find another job.
Gram Custodian
stupid truth bombs
Mary | Satoshi Club
I understand, that has sense)
stupid [ DeFiat ]
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.
Code Is Law
Mary | Satoshi Club
10000 will be distributed to testers and liquidity providers? Which testers?
QuantSoldier
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.
stupid [ DeFiat ]
Inflation is compensated by the BURN mechanism I explained above.
Most swap show limited inflation actually. And the more people swap… the more 2ND in the wild… the stronger the burn…
It’s self regulating.
Now if you want a number, I personally doubt that 2ND will pass the 70,000 max supply.
QuantSoldier
The testers and liquidity providers are all DeFiat community members, we haven’t brought in any external organizations to bootstrap 2nd.
Mary | Satoshi Club
We’ll see, but yes, your mechanism seems to be perfectly self regulating)
Mary | Satoshi Club
Got it, thank you 👍
Gram Custodian
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’ll
announce rules and criteria Monday as well). We hope everyone can incorporate 2nd and DFT into their memes and we can’t wait for all the creativity around rugged tokens!
Mary | Satoshi Club
Satoshiclubbers, it’s your chance to join this amazing community 👍 Join here @defiat_crypto
stupid [ DeFiat ]
One important thing too: like any farming tokens, the DeFiat “team” takes a small fee on rewards.
Except… (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.
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.
Gram Custodian
also one last surprise for you all 🙂
Mary | Satoshi Club
[В ответ на Gram Custodian]
Sure, you will get a lot of new members👍😉
Mary | Satoshi Club
Oh😂 it’s cosmic speed🚀🚀🚀
Gram Custodian
we don’t mess around 🙂
Mary | Satoshi Club
$ KORE holders will not even have time to get upset)
stupid [ DeFiat ]
Our lead designer is a modern Michelangelo… just faster.
Gram Custodian
yes all credit to our graphical wizard
Mary | Satoshi Club
It’s really great 😊
stupid [ DeFiat ]
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.
2ND is a cool project, DeFiat is equally cool.
And again, it’s a fantastic community full of helpful and genuinely nice people.
So if you are tired of the saltiness, the sourness, crypto-bullying… consider Defiat.
Q4 from Telegram user @kafeinen
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?
QuantSoldier
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.
Mary | Satoshi Club
I think this question was partially covered before)
Gold Rocket | Satoshi Club
yes. but maybe our guests want to add something?
Mary | Satoshi Club
I am counting now😂
1% of total or sirculation supply?
QuantSoldier
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 😉
stupid [ DeFiat ]
RUG has 1M circ.
You hold 1% -> 10k tokens, and DFT -> You make 30 2ND. That’s $150 today
Mary | Satoshi Club
So, if user had 120 000 kore
Mary | Satoshi Club
He will get 10 2nd
stupid [ DeFiat ]
Yes. And if you have more… you get more.
Max convertible per swap is 2%.
This user will have to make multiple swaps, pays a small ETH fee (0.02EHT) and incurring a burn
We encourage people to hold DFT. It’s a low key commitment as you can sell right after.
Besides, keep in mind our buubacks strategy and the price resilience of DFT -> not a bad move
Mary | Satoshi Club
Before rugg dump the price of 1 KORE was around 110$. So, this guy (theoretically) had 13 200 000$.
stupid [ DeFiat ]
$50 yeah. BEERS ON US tonight 😉
stupid [ DeFiat ]
Today’s price is ZERO 😉
So, this guy (theoretically) had 00 000 000$.
Mary | Satoshi Club
[В ответ на stupid [ DeFiat ]]
Yes, that’s right 😂
Mary | Satoshi Club
Just some minutes and all goes to ZERO🤦
stupid [ DeFiat ]
Anything is better than zero 😊
Gram Custodian
high quality beers i may add 😉
Gold Rocket | Satoshi Club
Sure😉
Mary | Satoshi Club
Thank you, guys, it’s really very interesting to have this conversation here, i think it’s the most dynamic AMA i ever had)
Q5 from telegram user @Antoine_dje
How can I get from one governance level to another? Should I stake more coins or what
QuantSoldier
I like the convo, let us know if we need to get through some questions to get to the giveaways 🙂
Mary | Satoshi Club
You will have live questions part also😂
stupid [ DeFiat ]
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.
Your voting power depends on many parameters -> @quantsoldier pls add details
Mary | Satoshi Club
Do you have any articles or faq about governance?)
QuantSoldier
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 but we are planning to make a switch to https://snapshot.page 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.
QuantSoldier
^without spending a massive amount of gas and saving our users gas.
Mary | Satoshi Club
Did you already have votings?
stupid [ DeFiat ]
Working on that. It’s actually simple and straghtforward
-> You go to to the DeFiat dashboard, look at the votes… click and vote.
Probably easier (and more honest) than for irl voting 😉
Gram Custodian
yes several!
Mary | Satoshi Club
Great, so it works👍
Oh, irl voting is a big headache)
Gram Custodian
votes we’ve recently held
front end user interface is one of the best i’ve ever used
try it out!
Mary | Satoshi Club
I think i should 😉👍
Mary | Satoshi Club
i think this question is clear now) can we go to the last question from this part?) Or you want to add something?)
QuantSoldier
I think we covered all bases here! Lets move on
Q6 from telegram user @Marizzanini
Why you don’t have a vesting period at all for your funds?
QuantSoldier
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.
stupid [ DeFiat ]
Regarding the rest of the funds, we want to keep some for marketing and operational spending (paying our mods, our MEME contests etc…)
It’s basically a trade off between REACTIVITY and LOCKS.
So it’s something we’ll have to decide with the community. ie. VOTES
Mary | Satoshi Club
Btw, how many team members do you have?)
stupid [ DeFiat ]
4 founders
2 marketing
3 mods
2 writers
Mary | Satoshi Club
Decentralised governance)
Mary | Satoshi Club
[В ответ на stupid [ DeFiat ]]
Wow, no so small team👍
stupid [ DeFiat ]
This one very very legitimate question. Thanks @Marizzanini
stupid [ DeFiat ]
4 of them take ZERO salary… 😉
Mary | Satoshi Club
You mean, founders?)
stupid [ DeFiat ]
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.
Part 2 — live questions from the Telegram community
Q1 from telegram user @Nickkiii
Do you have any guidelines on how to to swap my rugged tokens?
Gram Custodian
https://defiat.medium.com/today-is-your-2nd-chance-full-tutorial-507c36d332da
Q2 from telegram user @lahkoklu
DeFiat is ongoing by farming how do you work and follow DeFiat to do farming with 2ND Chance with DeFiat?
stupid [ DeFiat ]
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
we also have PARTNERS using our farming technology, like XMM, where you farm their tokens and get XMM rewards.
This ecosystem of partners is expanding as people realize the potential of our tech
-> 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.
Q3 from telegram user @Winterkom
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?
QuantSoldier
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!
Mary | Satoshi Club
Yes😂 everyone wants to know more about DeFiat 😉
Q4 from telegram user@Splendicity
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
stupid [ DeFiat ]
DeFiat means more than Destroy fiat
It also means DeFi@
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.
Q5 from telegram user@Sicxa
Are there any new partnerships and interesting upcoming use-cases?
DeFiat
QuantSoldier
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).
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
Gram Custodian
yes, in addition to all of the rugged coins we will be adding to the 2nd platform we also have a “staking as a service” product coming out soon called AnyStake.
Q6 from telegram user @BboyForteVZLA
Why did you decide to choose the ETHEREUM ERC-20 network? What benefits can a network with gas congestion bring you?
stupid [ DeFiat ]
ETH has some issues, but comes with advantages: massive user bases, lots of liquidity…
DOT and the other clones (TRON) are cool but don’t have the same ecosystem.
Q7 from telegram user @BERTA2020
Can I vote with more coins than $DFT? or is it only available to vote with $DFT?
stupid [ DeFiat ]
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 😉
Q8 from telegram user @CElllIFE
Will the number of DFT tokens always be limited?
Gram Custodian
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!
Q9 from telegram user @jpsarmah
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?
stupid [ DeFiat ]
2ND is more than a swapped token.
It’s literally AS GOOD if not better than any farming token.
The DeCore, EnCore, UniCore, or even CORE all use the same logic
The idea was not to swap rugged coins for a useless token -> 2ND is a solid DeFi farming project.
I 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.
So you don’t even need to have been rugged to participate. 2ND in itself is a very solid DeFi project 😊
Q10 from telegram user @justgata
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?
QuantSoldier
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!
Q11 from telegram user @leixagarcia
How does DeFiat deal with security? Have you done the respective audits with reliable companies?
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
testers 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.
Q12 from telegram user @jpsarmah
How will AnyStake be your main DeFi offering and will it be launched on Nov or Dec 2020?
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.
Q13 from telegram user @Bethel8
How can community members of Satoshi group contribute to the success of Defiat and it’s ecosystem?
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
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.
Q14 from telegram user @cengizhantekin
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?
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.
Q15 from telegram user @Khan662
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?
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.
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of DeFiat. They’ve prepared 4 questions for this part. The total reward pool for quiz was 1000$.
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