We were delighted to welcome our guest from Etna. The AMA took place on June 24th, 2021 and our guest was @ETNAowner .
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 Etna! Welcome to Satoshi Club😀
Andrés M. | Satoshi Club: @ETNAowner welcome to Satoshi Club!
Shola || I Will Never PM You First: Hello ladies and gentlemen, I am glad to be here
Маry Satoshi CLUB: Hello, welcome here 👍
Shola || I Will Never PM You First: Thanks for having me
Маry Satoshi CLUB: How are you today?
Shola || I Will Never PM You First: Doing great, excited about the future :)How about you?
Маry Satoshi CLUB: I am fine, looking forward today’s AMA 🚀
Andrés M. | Satoshi Club: We are excited as well for this AMA session😃
Маry Satoshi CLUB: Let’s start it🚀
Shola || I Will Never PM You First: I just wonder when platforms like yours will migrate to AMAs on voice chats
Shola || I Will Never PM You First: that will be an interesting approach 🙂
Shola || I Will Never PM You First: sure
Маry Satoshi CLUB: We are thinking about this, but let’s see😀
Маry Satoshi CLUB: Shola, could you please introduce yourself and tell us more about Etna?😀
Shola || I Will Never PM You First: will gladly… My name is Shola, I am the co-founders of ETNA Network.
My background is in applied sciences, I have master’s degrees in both Mechatronics engineering and Mathematics. I live in the United States.
I got into crypto full-time in late 2016, initially just as a trader. After about a year of trading, I decided to start working on some of my innovative ideas.
3 plus years later, here I am, building ETNA Network up from the ground.
Маry Satoshi CLUB: So, you were working on Etna for three years? Were you alone or you had a team of like-minded people?
Shola || I Will Never PM You First: Simply put, ETNA Network is a Blockchain project focused on developing an ecosystem for interconnected crypto products, mainly in DeFi, gaming and NFT. Our mission is to develop a user-centered, one stop ecosystem for all things crypto. A platform where even the inexperienced can easily interact with blockchain/crypto products/techs such as lending and borrowing, NFT marketplace/tools and a blockchain gaming infrastructure.
Link to website: https://www.etna.network/
Link to whitepaper: https://www.etna.network/assets/ETNA.pdf
Shola || I Will Never PM You First: No, the journey started in March 2021,
ETNA Network launched on the Binance Smart Chain in March of 2021. The launch combined the rebranding of a gaming/NFT project and the expansion into DeFi type features.
We were able to launch on BSC starting with a successful IDO on the 20th-21st of March 2021.
Since then, the project has attracted the support of numerous community members and we have deployed two main products as will be described below.
Shola || I Will Never PM You First: Before then, I was more of focused on research and development of the ideas surrounding ETNA
Маry Satoshi CLUB: You had rebrand? Did you rebrand your previous project or how you did it? Can you explain, please?😀
Shola || I Will Never PM You First: Sure, the parent project started in Sep. 2020. It was a project that was focused on just gaming and NFTs. When we came up with the idea of developing a platform that integrates gaming and NFT to DeFi, we decided to give it a more befitting name and one that encompasses all the features
Andrés M. | Satoshi Club: It’s an honor to have you here Shola, great background
Маry Satoshi CLUB: It was a good decision 👍
Andrés M. | Satoshi Club: Then how did you choose the name and current logo?
Маry Satoshi CLUB: Why Etna?😀
Shola || I Will Never PM You First: As some of us here know, we are actually the first project that has been able to integrate the use of NFT as collateral for loans, the motivation is the development of a lending and borrowing platform that accepts all types of digital assets
Andrés M. | Satoshi Club: NFT with real usecases, that’s great👏
Shola || I Will Never PM You First: As our ideas were motivated from Greek mythology, it was a no brainer to keep that lineage
Shola || I Will Never PM You First: Also, the game been developed is also motivated by greek mythology as we will all see when it goes live
Маry Satoshi CLUB: So, no one will stand on your way😀
Shola || I Will Never PM You First: exactly 🙂
Маry Satoshi CLUB: We will talk about this a bit later, when you will answer the questions from our community 😉 btw, are you ready for them?
Shola || I Will Never PM You First: sure
Andrés M. | Satoshi Club: Let’s go
Q1 from Telegram User @giovannialc
I understand that when making a loan, interest will be charged using any token, but using the ETNA token interest will not be charged, why does this happen, what kind of benefits will they have when making loans in ETNA token not to proceed to collect said interest? Will the $ ETNA token be acquired through loans or through some kind of sale? Will they have a white list and what should be done to be inside?
Shola || I Will Never PM You First: correct, users can use any of the supported tokens/coins as collateral for loans and interests are charged in what ever asset that the user borrows except when ETNA or ETNA’s NFTs are used as collateral. We value our supporters and holders of our assets hence it was logical to make this exception for them
Shola || I Will Never PM You First: So as you can see, holders of ETNA and NFTs can take interest-free loans forever :). Again first of its kind in the crypto space
Маry Satoshi CLUB: Which coins do you currently support?
Shola || I Will Never PM You First: BNB, ETNA, BUSD, USDT, DAI, ETH and BTC. All on BSC
Маry Satoshi CLUB: Do you have any statistics how many loans were already taken?
Shola || I Will Never PM You First: we plan to integrate more soon though
Andrés M. | Satoshi Club: Which benefits will you provide for long term holders?
Маry Satoshi CLUB: Cool👍
Shola || I Will Never PM You First: yes, you can see that on the platform at http://debank.etna.network/
Shola || I Will Never PM You First: But so far, we have had over $150k in loans and about $55k in loans that are still active
Andrés M. | Satoshi Club: Why only BSC? Do you plan to include more chains?
Маry Satoshi CLUB: Nice numbers 👍
Shola || I Will Never PM You First: As ETNA is a multi usecase token, holding ETNA and our NFTs has much value. The more people use the features we have, the scarcer the tokens get hence growth in price
Shola || I Will Never PM You First: it was best to go with BSC first, we are currently working on deploying on other chains like Polygon. our NFT marketplace will be deployed there soon
Shola || I Will Never PM You First: As a matter of fact, in the not so distant future, ETNA will be a multi chain platform, it will be compatible with all the major chain.
Маry Satoshi CLUB: Awesome! I see you prepared a lot of news for your supporters 😀
Andrés M. | Satoshi Club: Nice job💪
Shola || I Will Never PM You First: thanks, this is actually just the beginning 🙂
Andrés M. | Satoshi Club: Thanks for your answers, ready for the next question?
Shola || I Will Never PM You First: yes
Q2 from Telegram User @DK177
You have mentioned that ETNA is the first hybrid liquidity protocol with BBT trading feature. Can you please explain how this model differs from traditional platforms? Further, did you examine possible challenges associated with this concept? For example, did you identify any risks unique to BBT trading? Since you do not have a previous model to follow, are there any plans to face this kind of challenges? How can we rely on a new concept?
Shola || I Will Never PM You First: Yes, the hybrid liquidity protocol uses a Broker-Buyer type trading mechanism where the rewards paid out to such trades is a function of the trade…. hence a proof of efficiency consensus mechanism
Andrés M. | Satoshi Club: Btw, do you have some staking/farming programs?
Shola || I Will Never PM You First: this is not entirely a new concept, but our approach is new. As you have seen from other features that have been launched, ETNA is not a project that follow or copy other projects, we build from scratch and with the vast experience our developers have, we ensure that our features are optimally developed and secured
Shola || I Will Never PM You First: yes we do, DeBank which can be accessed at http://debank.etna.network/ has both staking and farming. To stake, you simply deposit your assets and you and done. To farm, you have to STAKE Pancakeswap LP tokens in the LIQUIDITY-EARN feature within DeBank
Andrés M. | Satoshi Club: Excellent info, another green reason to invest😃
Маry Satoshi CLUB: Do you plan to add more platforms for staking?
Shola || I Will Never PM You First: exactly
Shola || I Will Never PM You First: yes, we are actually developing our Mobile wallet as we speak. It will be a user-friendly mobile wallet like trust wallet but in addition, it will have DeBank and our NFT marketplace embedded
Маry Satoshi CLUB: Super! When do you plan to launch it?😀
Shola || I Will Never PM You First: Also, users can actually login to DeBank right from trust wallet and can also access it from any mobile wallet that is compatible with wallet connect
Shola || I Will Never PM You First: in couple of months, from the rate of development, I think beta version will be ready in Sep. this year
Маry Satoshi CLUB: We will follow your updates 👍 and definitely will try it!
Маry Satoshi CLUB: Thank you for your answers! Ready to proceed?
Shola || I Will Never PM You First: yes
Q3 from Telegram User @Jonahapagu
For the first quarter of 2022 ETNA plans to Integrate banking services and the issuance of Debit cards and inline with this, there is a planned Application for Crypto and Banking License in Q2 of 2021, so what kinds of banking services will ETN integrate to its platform, in what regions or country will ETNA be applying for Licences, and what forms of services will this licenses cover for….
Shola || I Will Never PM You First: User of ETNA in licensed region will be able to open an actual bank account from ETNA platform, they will also be able to apply for a debit card with which one can spend crypto directly. Users will also be able to do fiat to crypto type transactions
Shola || I Will Never PM You First: We are focused on EU for now, so we will be starting with European countries
Andrés M. | Satoshi Club: Please, share us your roadmap to check what else is coming😃
Маry Satoshi CLUB: Did you already apply for license?
Shola || I Will Never PM You First: sure, here you go https://www.etna.network/#milestones but there is actually more than is stated
Shola || I Will Never PM You First: yes, we have applied for the first one. We are processing the second
Маry Satoshi CLUB: Wish you good luck! Sure everything will go as you are planning!
Andrés M. | Satoshi Club: Thanks for share it
Shola || I Will Never PM You First: ‘Thank you
Маry Satoshi CLUB: Thank you for your answers! Ready to go to the next question?
Shola || I Will Never PM You First: sure
Q4 from Telegram user @yusbe22
Regarding the security of ETNA and the users will use some type of KYC or verification for the users who want to be part of the project in order to avoid losses in terms of finances or token, the smart contracts will be audited in some way to make transactions somewhat cleaner? What do you plan to do so that users feel satisfied by participating in the investment of the token and DEX exchange?
Shola || I Will Never PM You First: How many users actually understand the report of an Audit? I will say only 1%. Auditing is not a way of validating that the application is safe. Instead, we do our due diligence and follow best practices while building
Маry Satoshi CLUB: So, you think that Uniswap, 1inch, which passed several audits are wrong?
Shola || I Will Never PM You First: Having said that, we are are not going to Audit at this time because we intend to protect our IP. but not at the expense of users, we have been making sure that our features are secured
Andrés M. | Satoshi Club: How can you assure that to users?
Shola || I Will Never PM You First: nope, their model is different than our. Did Binance exchange do audits and are people using it and do people trust it?
Andrés M. | Satoshi Club: Good point🤔
Shola || I Will Never PM You First: Did Celsius Network present their code and are people using this platforms?
Маry Satoshi CLUB: So, you can give your users 100% guarantee or may be you have any insurance cover if something will go wrong?
Shola || I Will Never PM You First: Integrity and trust gets built over time with track record and we will surely get there
Shola || I Will Never PM You First: Even a airline company or your conventional banks cannot give you 100% guaranty
Shola || I Will Never PM You First: instead I can give you 100% guaranty that we will do 100% of what we can do to make it safe and secured
Andrés M. | Satoshi Club: That’s we want to know, thanks😃
Shola || I Will Never PM You First: And so far, we have kept to this promise, no one has lost anything while using our features
Маry Satoshi CLUB: Look, let’s talk about Kucoin, they also don’t give any audits. But they recovered users losses. Can you promise that you will recover at least part of losses if force majeure will happen?
Shola || I Will Never PM You First: Yes we have security mechanisms in place to ensure that funds can be recovered in any of such events
Маry Satoshi CLUB: That’s great!😀
Andrés M. | Satoshi Club: Thanks for the clarification Shola, would you like to add something before the next question?
Shola || I Will Never PM You First: Not at this time
Q5 from Telegram user @Asela1112
Focusing on tokenomics, $ETNA allocated for various purposes such as staking, BBT market place, presale etc. What are the utilized usecases of $ETNA? $ETNA was built on binance smart chain. Most tokens integrate burning mechanism to secure their investors. But ETNA platform has not been deployed any burning process. Don’t you think, it is much better if you burnt some $ETNA after your presale or $ETNA would be a deflationary token? What about the governance of $ETNA? will there be any ownership renouncement in future or do you expect to involve in some critical stages on ETNA platform?
Shola || I Will Never PM You First: To start, I will like to make this clear, there will be ZERO burning of tokens, Instead we have structured our platform and the utility mechanism for ETNA in such a way that the supply decreases over time. For example, just in 2 months of launching the NFT market, over 700k ETNA have been locked up. All the features leads to lockup of certain amount of tokens. In addition, fees are collected which can easily be burned but instead, they will be used as additional rewards for users in the future
Shola || I Will Never PM You First: Also, periodically, we could do buybacks if the need warrants
Andrés M. | Satoshi Club: Those tokens will be unlocked? Btw, currently what are the ways to buy your tokens?
Маry Satoshi CLUB: You were first 😂
Shola || I Will Never PM You First: No, only if NFTs are sold then a tiny fraction is unlocked but just imagine when the marketplace is fully functional with more features, there will be over 5m tokens locked up of which over 10% is charged as fees
Маry Satoshi CLUB: Yes, this would be awesome 👏
Маry Satoshi CLUB: Shola, thank you for your answers! Ready to go to the 6th and last question from this part?🚀
Shola || I Will Never PM You First: Yes and it is underestimated right now
Shola || I Will Never PM You First: sure
Q6 from Telegram user @NataliyaKil
Currently, there are over 30 NFTs trading on the ETNA Network marketplace, these NFTs comprises of game characters, weapons, secret passages, creatures. Can we see these NFTs, what role they play in the upcoming game and how they will be used? Are there any levels for the characters, do they evolve, are there any improvements for the weapons? And when are you planning to launch the game? Will it be possible to test the game before the main launch?
Shola || I Will Never PM You First:
With all the NFT game assets having their unique features and use in the game, they all have valuable usecase on the game as we will see when we release more info about the game
Shola || I Will Never PM You First: Just to add, we actually have an ongoing auction that is already at 19,900 ETNA. you can find it at: https://nft.etna.network/auction.html
Andrés M. | Satoshi Club: Great opportunity Satoshiclubbers, let’s check it🥳
Маry Satoshi CLUB: Btw, i liked your NFTs! They look incredible!
Shola || I Will Never PM You First: Yes, the winner of the auction is guaranteed to make 2-5x after the auction
Part 2 — live questions from the Telegram community
Q1 from Telegram User @highpee
I read that you will have 100 FACELESS CHARACTERS but I can see that only one of these characters is listed for auction on the marketplace. How about the REMAINING 99 characters? How will users be able to get it and what is the benefit of owning your Alpha Faceless Character NFT?
Shola || I Will Never PM You First: Yes the remaining 99 will be listed on the marketplace at a higher price hence the winner of the auction makes the most profit. When the character is integrated, holders will get 10-20 times more royalty than holders of NFTs with more supply
Q2 from Telegram User @cryptofollower
As Etna you have a marketplace of your own. Also today Binance NFT marketplace is opened. Do you plan to list your NFT’s there?
Shola || I Will Never PM You First: As i imagine, binance marketplace will support all NFTs on binance smart chain in the near future. also, we hope that at some point we could partner with binance and also whitelist some of the NFTs on binance to be accepted as collateral on our lending platform
Q3 from Telegram User @id_Qi86
Hi sir, one thing I’ve been asking myself 👏👏
Newcomers are buying and holding cryptocurrencies which have gained a foothold because they are shared by old people. That’s why it’s growing day by day such as $BTC, $ETH, $BNB..etc. How can ETNA attract new people? And Is $ETNA will surely keep them? 💯
Shola || I Will Never PM You First: We have been focused on building for a while now. As we speak, ETNA has been 90-99% product and almost zero hype. we plan to start creating some audience by advertising and also listing on exchanges. In addition we plan to start having AMAs on YouTube in addition to this type of AMA
Q4 from Telegram User @Tony253210
I’m very interesting in your Debank s product where an nft can be used as collateral to do lending and borrowing, so can you please explain us how this will work considering that lending and borrowing are typically a service destined to Fungible token and Stablecoins?
Shola || I Will Never PM You First: yes, you are right but we have been able to develop an intrinsic value lock-in mechanism that allow our users to use NFTs as collaterals for such loans. to be clear, you can borrow using NFT as collateral but you cannot borrow NFT itself
Q5 from Telegram User @NSZR1
On your whitepaper it says that you are the first lending platform that has a leveraging feature for interest reduction and an interest-free loans for users that uses native ETNA tokens as collateral. When applying for a loan, normally the person requesting it must pay an interest from time to time, and in this way, the person or institution that lends it ends up generating an income, I would like to know, being interest-free loans one of the attractions that your platform offers, how do you plan to generate income from these so that you can use them to evolve this project in the future?
Shola || I Will Never PM You First: All loans are interest-charged except loans in which the collateral used is ETNA or our native NFT. we are still able to generate income by leveraging the opportunity cost of such user not taking the loan. This cost is more for the platform longterm than if we take interest for such loans
Q6 from Telegram User @Asela1112
Hello Shola 🙋♂️
@ETNAowner
In your Roadmap Q4 2021, total quarter is allocated based on NFTs launching programmes. NFT marketplace version 2.0 with P2P trading option & sub market place will release in Q4. Why does it needs a new version for NFT market place? Can you tell us, in which way this sub market place will affect on the NFT artists? And also ETNA will deploy NFT cross-chain mechanism & NFT based synthetic commodities and applications in Q4. Which blockchain systems, will ETNA NFTs be supported in future? Will you consider the governance of the NFT artists in cross chain mechanism? What kind of apllications & synthetic assets do you expect to deploy in ETNA NFTs market place? Please give us a clarified explanation about Q4 Roadmap 2021.
Shola || I Will Never PM You First: we have more features that will be added. For example, any user will be able to deploy their NFT and list it for sale on the marketplace in V2. lots of questions here, i will be open to having a voicechat session after this. If you have more question please attend the voice session in @ETNAnetwork
Q7 from Telegram User @JoanaZ
➡️➡️ A good phrase says: Team work makes the dream work, so reading your website I didn’t see any particular partner, so don’t you have partnerships yet ? If you have someones, can you mention them?
Shola || I Will Never PM You First: no partner yet but we are in discussion with a couple of. One of these is Polygon
Q8 from Telegram User @Rod092317
The project will fail if sufficient marketing and finance are not invested. How will you persuade us that you have the marketing clout and capital to propel the idea to the top?
Shola || I Will Never PM You First: Marketing and listing on exchanges is important for the success of a project, you are right. We are focused on these two component going forward
Q9 from Telegram User @atillayeni
Why didn’t you just launch a defi lending and borrowing platform but decide to build a gaming and NFT platform? Why this choice?
Shola || I Will Never PM You First: A platform for all things defi, NFT and gaming. where users with zero experience don’t have to go through many platform for their needs. This is the future. Do you ever wonder why it seems that Binance is doing virtually every type of blockchain application? soon they will go into gaming also.
Q10 from Telegram User @ethcypherpunk
In the end we as part of SatoshiClub are very interested in how the projects decentralize everything around us; is ETNA decentralized or does it allow for governance? What issues do you plan to leave power in the hands of the community?
Shola || I Will Never PM You First: Power in the hands of the community is good hence decentralized and adoption/meeting some required regulatory checks and balances is also good hence centralized. As such, ETNA is a hybrid, everything is a compromise of another. Etna seeks a balance between decentralization and meeting the required regulations to be at the forefront in the crypto space. Just like great companies like binance, as you can see, binance have both decentralized and centralized applications. This is why it remains the largest platform known today
Part 3 – Quiz Results
In the final part we tested your knowledge in terms of Etna. They’ve prepared 4 questions for this part. The total reward pool for quiz was 300$.
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